Federal Reserve Bulletin, 1967-03

FEDERAL RESERVE BULLETIN MARCH 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 3 VOLUME 53 MARCH 1967 341 Consumer Instalment Credit 353 Staff Economic Studies: Summary 355 Treasury and Federal Reserve Foreign Exchange Operations 367 Statement to Congress 373 Law Department 388 Announcements 390 National Summary of Business Conditions 392 Guide to Tabular Presentation 393 Financial and Business Statistics, U.S. 471 International Financial Statistics 491 Board of Governors and Staff 492 Open Market Committee and Staff; Federal Advisory Council 493 Federal Reserve Banks and Branches 494 Federal Reserve Board Publications 497 Index to Statistical Tables Inside back cover Map of Federal Reserve System EDITORIAL COMMITTEE Charles Molony 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

Consumer Instalment Credit CONSUMER INSTALMENT CREDIT has continued to grow this past year, but at a sharply reduced rate. To a large extent the pattern of credit use has paralleled developments in consumption expenditures. Sluggishness in spending for automobiles and other durable goods has, for example, been translated into reduced de­ mands for credit. Moreover, the timing of changes in spending and credit has been broadly similar. As early as the first quarter of 1966 there were indications that the use of credit had slowed, and the signs became more positive as the year progressed. In the second quarter, credit extensions turned down for the first time in this long expansion period, and after a brief spurt in the summer, they slackened noticeably further in the final months of the year. Much of the slack in consumer credit and much of the uneven­ ness in its growth pattern during 1966 was traceable to the auto sector. But personal loan volume also slackened, particularly to­ ward the end of the year, and so did repair and modernization credit. The only substantial increase reported for 1966 was in the other consumer goods category—probably a reflection of the spreading use of revolving credit. The leveling off in credit extensions was a key element in the instalment credit picture last year. With repayments continuing to advance—although at a slightly slower rate than earlier—the gap between extensions and repayments tended to narrow as the year wore on. The net result was a slowdown in instalment credit growth. By December growth had slowed to a seasonally adjusted annual rate of $3.9 billion, less than half that of a year earlier. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

342 FEDERAL RESERVE BULLETIN • MARCH 1967 1 | With EXTENSIONS leveling off and REPAYMENTS continuing to rise For 1966 as a whole, the increase in instalment credit amounted to $6.1 billion, sharply less than the record $8 billion total that consumers added to their instalment debt in 1965. Last year’s rise was a little less than 9 per cent, compared with 13 per cent in 1965 and 10 per cent or more in each of the years since the cyclical low in 1961. So far in 1967 the expansion pace has continued slow. Indeed, the seasonally adjusted increase in credit outstanding for January was $280 million, the smallest monthly increase in more than 4 years. February data are fragmentary, but the tempo of the credit expansion does not appear to have picked up. Auto sales have declined further and are running far behind the record levels of early 1966. At the same time, sales of furniture, appliances, and other household goods have been spotty at best. FACTORS IN THE The slowdown in the instalment credit expansion has resulted to SLOWDOWN an important extent from a tapering off in demands for credit. And credit demands, as noted earlier, have been closely associated with developments in consumer spending. Thus, the very marked slow­ down in instalment credit growth in the spring and fall quarters of 1966 came at a time of relative weakness in consumer expendi­ tures. When spending picked up, particularly during the summer months, the use of credit also increased. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT 343 In 1965 instalment credit grew very fast, mainly because of high and rising incomes and strong demand for consumer durable goods. Purchases of automobiles rose sharply early in the year and while they eased in the second quarter, they bounced back to new highs in the last half. Meanwhile, purchases of furniture and ap­ pliances rose steadily throughout that year. In part, therefore, the slowdown in 1966 may have been a reaction to the exceptionally strong pace of the year before. Movements in both spending and instalment credit have con­ INCREASES IN CONSUMER: tinued to parallel changes in disposable personal income. The In- Spendcome ing Debt principal exception was in the final quarter of 1966 when in­ come continued strongly upward while spending and credit slack­ Billions of dollars—annual rates ened. As a consequence, the saving rate moved up sharply in that 1965 QI 6.6 10.1 7.4 quarter to one of the highest levels in the expansion period. Slower Q2 7.8 7.9 8.0 Q3 15,2 8.2 8.3 growth in instalment debt was an important factor in the higher Q4 9.9 10.2 7.8 over-all personal saving rate, in that increases in debt subtract 1966 QI 9.0 10.4 7.1 from, and decreases add to, the difference between income and Q2 4.8 4.5 6.3 Q3 7.9 9.8 6.6 Q4 10.6 4.2 4.6 spending. The slowdown in consumer borrowing has also reflected the Seasonally adjusted. Data relate to disposable personal income, total generally tighter monetary conditions that prevailed during much consumption expenditures, and con­ sumer instalment debt. of last year. As consumer credit lenders saw their own funds become more limited and more costly, they adopted increasingly restrictive lending policies. In most instances, restrictiveness simply meant greater selectivity in granting loans. In the case of new-car loans, for example, the typical maximum maturity remained at 36 months, but fewer customers were able to obtain those terms. Some banks began limiting loans to deposit customers only, or to persons living in the immediate trading area. A number of banks and finance companies cut back on the retail paper pur­ chased from auto dealers, in an effort to secure greater control over lending standards. In many instances there were correspond­ ing reductions in the wholesale financing of dealer inventories—or floor-plan loans as they are called. Availability of funds became a problem for some lenders. This was partly because banks were less active than usual in their role as suppliers of funds to other credit grantors. Finance companies, in particular, turned increasingly to the commercial paper market in 1966 as a source of short-term money. AUTO CREDIT The impact of the slowdown in credit extensions this past year is best illustrated in the auto sector. In 1965 both auto extensions and repayments were in a vigorous uptrend, and net increases in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

344 FEDERAL RESERVE BULLETIN ■ MARCH 1967 auto debt averaged over $300 million per month. But in 1966, with extensions flattening out and repayments continuing to move up, the average dropped to $175 million per month. Indeed, in the fourth quarter, it was down to $135 million. The increase in auto credit outstanding for the year as a whole was $2.1 billion, the smallest since 1961. Changes in auto credit are closely associated with changes in unit sales of autos. But the volume of auto credit also depends on the proportion of cars sold on credit, the average size of instalment contracts, and the length of contracts. During the earlier years of the expansion, these influences consistently provided an upward thrust to the volume of auto extensions, but last year their effect not only was less clear but was also diminished by offsetting trends. Unit sales of both new and used autos declined from their 1965 levels, and terms on auto contracts stiffened. In the meantime, the average size of the contract moved up further, as did the propor­ tion of cars bought on credit. The net result of this interaction— with declining auto sales providing the biggest impact—was a rise of only 2 per cent in auto extensions. In 1965 they had increased more than 14 per cent. 2 | Sign of STIFFER DOWNPAYMENTS in 1966: fewer loans in excess of dealer invoice 1964 1965 1866 Data plotted are for contracts where loan is in excess of dealer cost (invoice for new cars and wholesale value of used cars). In general, a decline in the proportion of such contracts im­ plies a larger average downpayment. Figures are for sales finance companies, seasonally adjusted. Latest figures plotted, December 1966. Auto sales and contract terms. The decline in auto sales in 1966 was the first, on an annual basis, in this expansion period. Newcar sales (including imports) totaled 9.0 million, down 3 per cent from the 9.3 million sold in 1965. The decline for used cars (as re­ ported by franchised new-car dealers) was half a million units, or 5 per cent. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT 345 The terms on which consumers obtained auto credit became in­ creasingly restrictive as 1966 wore on. The proportion of newcar contracts written for 36 months had been rising steadily by 2 or 3 points a year from 1961 through 1965, but in 1966 there SHIFT TO was little further change and even a slight downturn. Buyers of MORE EXPENSIVE CARS used cars also found it more difficult to get the longer maturities. (In per cent) Major sales finance companies reported a sizable decline, particu­ Price range 1965 1966 larly during the spring and summer months, in used-car contracts $2,000 or less 5.6 2.9 2,001-2,500 42.1 36.9 in the over-30-months category. 2,501-3,000 37.7 42.5 3,001-3,500 6.8 8.9 3,501 and over 7.8 8.8 Lenders also tightened up on downpayment requirements. Con­ 100.0 100,0 tracts calling for loans in excess of the dealer invoice on the car declined in relative importance over the year—reversing an up­ Data relate to new cats and are for first half of year. Department of Commerce data. ward trend that had persisted since early 1965. A similar stiffening occurred in downpayment requirements for used cars, although the shift came somewhat later in the year. For additional discus­ sion of maturity and downpayment developments, see the article on pages 204-10 of the Bulletin for February 1967. Average note. In 1966 the average note on new cars rose about $80 and on used cars about $50. Much of the rise in the new-car note reflected the trend of recent years away from compact cars toward larger cars and more optional equipment. For used cars, it reflected their younger average age and correspondingly higher average sale price. An additional factor in the size of an instalment contract is the amount of the finance charge. Last year finance charges tended to grow more or less in line with increases in the general level of market rates of interest. Some offset—just how much is not known—was provided by the shift to more restrictive terms, be­ cause finance charges typically decrease as maturities shorten and downpayments become larger. The average new-car note was relatively stable in the first part of 1966 but rose appreciably in early summer as dealers sought to reduce their inventories of 1966 model cars. Another spurt oc­ curred after introduction of the more costly 1967 models. Al­ though much of the $60 to $70 increase in list prices announced by the manufacturers reflected quality improvements, the net effect was to raise the average instalment contract by about that amount. Credit sales. The proportion of new cars bought on credit in­ creased about 3 percentage points in 1966, the largest rise since 1962. Along with this increase came a rather abrupt shift in sea­ sonal pattern which saw credit financing involved in nearly 4 out of every 5 new cars sold last June and July. This proportion was Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

346 FEDERAL RESERVE BULLETIN • MARCH 1967 considerably higher than during the same 2 months in other recent years and reflected in part the earlier model-changeover and in part the vigorous campaign to reduce auto stocks. Credit users are typically attracted into the market in these circumstances. OTHER The irregular growth pattern of consumer borrowing this past year INSTALMENT was not confined to the auto sector. Instalment credit extensions CREDIT for the purchase of other consumer goods also slowed in the second quarter and faded noticeably in the fourth. But for the year as a whole, these extensions were still up almost 10 per cent, a much more vigorous showing than for any other major type of credit. Revolving credit was of course a factor. But in addition, the de­ mand for color television sets continued strong as did that for air conditioners during the protracted heat wave last summer. The purchase of such big-ticket items often involves use of credit. 3 | Slowdown in CONSUMER BORROWING affects all types of credit Personal loans continued to increase in 1966, but the advance over 1965 was less than 4 per cent and the smallest in 4 years. This slowdown in personal loans has come at a time when demand re­ mains strong for consumer services. There are a number of reasons for this development, but the increased use of credit cards to fi­ nance travel and vacations is probably one of the more important. On balance there has been a shift away from the personal loan category to other consumer goods credit. Repair and modernization loans moved more or less in line with seasonal expectations during the first 9 months of 1966 but dropped off in the last quarter to the lowest level since late 1962. Some observers expected that, with mortgage funds in short supply, people would turn to home improvements in lieu of purchasing new ones, but consumer credit figures showed little evidence of this. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT 347 DEBT REPAYMENT _ , . , , . , Debt repayments continued to grow during 1966 but at a slower rate than in other recent years. In all, consumers paid $72.8 billion toward retirement of debt last year, equivalent to 14.4 per cent of their disposable personal incomes. Commonly used as a measure of the ability and willingness of consumers to incur more debt, this repayments ratio has been relatively stable since the first quarter of 1965. For some years prior to that, however, repay­ ments had tended to run ahead of income and the ratio had ad­ vanced, on the average, by about 1 percentage point over each 5year interval. The ratio edged down in the final quarter of 1966, the first such decline since mid-1961. 4 | REPAYMENTS RATIO edged down in final quarter of 1966 ©53*1 15 Since the consumer credit mechanism reaches into mass markets that include marginal as well as good credit risks, there is always the expectation that a certain percentage of borrowers will be­ come delinquent or default on their payments. Changes in delin­ quency rates are watched closely, therefore, for signs of increased difficulty in collections. There had been a slight worsening in de­ linquency rates at banks in 1964 and 1965, but the situation more or less stabilized in 1966, due perhaps to the more restrictive lend­ ing practices that were followed. The experience of credit unions this past year has been similarly favorable; their delinquency rates in most months have remained close to 1965 levels. But personal bankruptcies kept rising at a rapid rate. The num­ ber filed increased by over 13,000 last year, and the total for the year was more than triple that of a decade ago. Bankruptcy is often thought of as a procedure used primarily by businesses, whereas in fact it is used far more often by individuals. Moreover, the nonbusiness share of total bankruptcies continues to grow. In 1956 it was 85 per cent; last year it was 91 per cent. Some of the growth in bankruptcies is probably due simply to greater awareness of the availability of bankruptcy procedures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

348 FEDERAL RESERVE BULLETIN • MARCH 1967 Some of it probably reflects the rapid growth in consumer indebt­ edness since World War II. Although bankruptcies have risen in every year since the war, except for 1952, the rate of increase has varied with the state of the economy. As might be expected, growth Delinquency rates at BANKS and at CREDIT UNIONS show little change from a year earlier, but PERSONAL BANKRUPTCIES are up Data from American Bankers Assn., Bureau of Federal Credit Unions, and Administrative Office, U.S. Courts—not adjusted for seasonal variation. has been largest in periods of recession. Even with the rapid in­ crease in personal bankruptcies, the number being filed is very small in relation to the millions of consumer instalment credit con­ tracts outstanding. NEW CREDIT PLANS The growth of consumer credit over the years has been a natural accompaniment of the increase in consumer ownership of automo­ biles and other goods, as well as the spreading use of personal loans to finance travel, education, and similar service expenditures. By Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT 349 the same token, growth has been possible only as a result of ex­ pansion in institutional facilities and arrangements for extending credit. One of the most dramatic recent developments has been the sharp growth in credit card banking. Several hundred banks across the nation are now offering their own cards, designed primarily to finance local retail markets. In addition, some banks have launched programs for franchising or interchanging their cards with other banks to permit use on a regional and national basis. The plans are basically of two types: charge-account and check­ credit. Under the charge-account plan, customers use their bank credit cards to make purchases at any participating store. The bank is responsible for monthly billing, and participating stores usually pay a membership fee and take a small discount on sales made under the plan. Check-credit plans permit customers to draw checks up to a prearranged limit, with monthly payments based either on the amount actually owed or on the total credit line. In some cases, the card affords both options—obtaining cash ad­ vances and charging purchases. Repayment procedures are those found in most revolving credit plans and stipulate the payment of a service charge unless the account is settled in full by a specified date. Bank credit-card plans were first introduced in the early 1950’s, but they met with only brief success. There was a resurgence in the late 1950’s, but again interest soon died down. Most of the banks that inaugurated plans during this period continued to maintain them, but very few additional banks entered the field. Recently, however, there has been a strong revival of interest. It is estimated that during the past 12 months more than 1,000 banks have begun to offer credit-card services. The rapid growth of bank credit cards has important impli­ cations for the banking system, the consumer credit markets, and the stores and the people they service. A major impact of the cards may be to extend the scope of expenditures made on credit, as well as to alter the pattern of consumer spending and saving. Their use may also have broad implications for flows of funds through the economy. Increased use of the cards could lead to a reduction in coin and currency needs, and in the volume of transactions handled by personal check. From the standpoint of retailing, the cards make it possible for small-volume merchants—who would ordinarily find it too costly to maintain their own credit facilities—to offer credit through bank plans. Problems associated with the cards include Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

350 FEDERAL RESERVE BULLETIN • MARCH 1967 sizable startup costs, unauthorized use of lost or stolen cards, and some loss of control over individual customer accounts. As announced by the Board on March 1 (page 388) the Federal Reserve System is undertaking a study of recent developments in the bank credit-card and check-credit fields. The study will assemble information on the nature of the various plans now in use and assess their implication for developments in consumer credit and for bank competition, bank supervision, and the banking structure. CREDIT GRANTORS The shares of total instalment credit held by various lenders re­ flect in part the general competitive positions of the institutions themselves in obtaining and lending funds. They also reflect the way in which the structure of credit demands has changed over time. Lenders prominent in auto credit, and more recently in re­ volving credit, have tended to improve their market position in recent years. In 1966, changes in ownership of instalment credit for the most part followed trends over a longer period. The share of sales finance companies continued to decline, that of credit unions and banks to rise. Commercial banks. Banks increased their holdings of auto credit to 57 per cent of the total, up 1 percentage point from 1965. They also became more important in the financing of furniture, ap­ pliances, television, and other home goods; at the end of the year they held 26 per cent of such credit, a rise of 2 percentage points. Much of the growth came late in the year and was probably associ­ ated with increased use of bank credit cards. Personal loans are an important part of the consumer portfolio of the banks, but their one-third share of this business has shown little change in recent years. Meanwhile, their share of repair and modernization loans declined slightly last year, but with 68 per cent of the total, banks continue to be the major source of this kind of credit. Finance companies. Consumer finance companies have most of their assets in the form of personal loans, and they continue to rank second only to commercial banks in their share of this market. The proportion of total instalment credit accounted for by consumer finance companies has ranged between 8 and 9 per cent for the past decade. Sales finance companies have moved prominently into financing of boats, mobile homes, and household durables—their share of this market having risen from 15 to 25 per cent over the past decade. They have also expanded their personal loan portfolios and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT 351 now account for 13 per cent of such credit, compared with 8 per cent in 1956. Meanwhile, however, their share of the auto financ­ ing business declined from slightly over half to less than a third. As already noted, the finance companies turned increasingly to the commercial paper market in 1966 as funds from the usual bank sources became more restricted and more costly. Their net short-term borrowings in the open market were $3.4 billion larger than in 1965, but the amount they owed banks showed only a small rise. This reversed the pattern of 1965, when the finance companies relied very heavily on banks as suppliers of consumer credit funds. Finance companies turned increasingly to the COMMERCIAL PAPER 6 MARKET in 1966 Much of the $3.4 billion increase in short-term finance company paper was accounted for by the large companies, which tradi­ tionally place their notes directly with corporate and other inves­ tors. But the smaller finance companies were also very active in the market as they increased their placements through regular com­ mercial paper dealers. Problems of availability of funds, at least from the usual bank sources, were apparently felt more by the small companies than the large. Credit unions. Credit unions continued to improve their position in 1966. They were the only holder group that increased its pene­ tration in every major type of instalment credit. Credit unions ap­ parently were not so much affected as other lenders last year by the problem of limited funds. To a considerable extent they were able to maintain their rate of lending to members by drawing down other assets, particularly balances at savings and loan associations. Borrowing from banks is usually not an important source of funds for credit unions, except for occasional seasonal needs. Interest rates. As the restrictive tone became more apparent in the money markets last year and as the cost of funds to the lenders themselves increased, charges on consumer loans tended to rise as Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

352 FEDERAL RESERVE BULLETIN • MARCH 1967 well. Only fragmentary data are available in this area, but it ap­ pears that rates were increased on most types of consumer loans. A major exception was where lenders were already charging the legal maximum. An important characteristic of consumer rates is that they usually respond more slowly to market forces than do rates on business and other types of loans. The relative profitability of con­ sumer loans is sometimes cited as the reason. In any event, where increases in consumer rates were imposed last year, they tended to lag behind the general increases in market rates of interest. Banks were among the lenders that saw the cost of their own funds rise in 1966. They increased the rates paid on time deposits of both individuals and businesses and, in turn, assessed higher charges on loans to retailers, finance companies, and other con­ sumer lending institutions. Rates quoted in the commercial paper market also moved steadily upward during much of the year. The rate for directly placed finance company paper with ma­ turities of 3 to 6 months stood at 4.25 per cent in June 1965. By January 1966 it had advanced to 4.82 and thereafter kept rising until November, at which time the average quotation was 5.88 per cent. Rates on paper that the smaller finance companies place through dealers moved up in similar fashion but, as is typical, at a slightly higher level. Meanwhile, costs of longer-term credit—an important source of current operating funds for consumer finance companies—also went up. In early 1967 several of the large finance companies announced rate reductions on some of their directly placed paper. The rates posted were down by Vs to 14 of a percentage point and repre­ sented the first significant break in the rate structure for this type of paper since the middle of October. More recently, these and other money market rates have eased further. There is less evidence on the easing in consumer lending stand­ ards, but here too the signs are beginning to mount. Interest charges on consumer loans appear to be holding firm, but down­ payment requirements are a little less rigid than earlier, and there has been a recent tendency toward longer average maturities in the auto contracts written by sales finance companies. In the related area of wholesale financing of autos, the finance subsidiaries of the large auto companies and some banks have posted rate re­ ductions in the interest charged auto dealers for floor-plan Ioans. There are also reports that banks have eased their policies on loans to new customers and to borrowers outside their service area. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Staff Economic Studies The research staffs of the Board of Gover­ In all cases the analyses and conclusions nors of the Federal Reserve System and of set forth are those of the authors and do the Federal Reserve Banks undertake studies not necessarily indicate concurrence by the that cover a wide range of economic and Board of Governors, by the Federal Reserve financial subjects, and other staff members Banks, or by members of their staffs. prepare papers related to such subjects. In Single copies of the full text of each of some instances the Board finances similar the studies or papers that are summarized studies by members of the academic pro­ below are available in mimeographed form. fession. The list of Federal Reserve Board publica­ From time to time the results of studies tions at the back of each Bulletin includes that are of general interest to the economics a separate section entitled “Staff Economic profession and to others are summarized— Studies" that enumerates the studies for or they may be printed in full—in this sec­ which copies are currently available in that tion of the Bulletin. form. Study Summary INVESTMENT BY MANUFACTURING FIRMS: A QUARTERLY TIME SERIES ANALYSIS OF INDUSTRY DATA Robert W. Resek—University of Illinois This paper was prepared and published under a grant from the Social Science Research Council in con­ nection with a study of the impact of monetary policy being sponsored by the Board of Governors of the Federal Reserve System. It was published in The Review of Economics and Statistics, Vol. XLVIII, No. 3, August 1966. Theories in great variety have been ad­ a general neoclassical investment model. vanced in explaining investment behavior. The accelerator operates through expected Three principal types of explanation can output or changes in output. This study be distinguished—cost of funds, price vari­ attempts to find the empirical importance ations, and acceleration effect. The cost of of each of these types of variation. funds is important in its effect on the im­ Empirical work on investment is seriously plicit interest cost and on the timing of hampered by the distributed lag which exists investment. The price variations include the between the need for new capital goods and effect of the price of output, wage rate, and the realization of the investment. Indeed it price of capital, all of which operate through is generally necessary to simultaneously 353 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

354 FEDERAL .RESERVE BULLETIN • MARCH 1967 estimate both the lag and the coefficients of sidered here was debt less funds all divided the real economic variables. This problem by assets. At relatively low levels this vari­ is particularly troublesome, because one able should have a small effect but at a quickly uses up the available data in any higher level it should play a major role. such procedure. The distributed lag from For this reason it enters the model in a investment anticipations to realizations nonlinear fashion. found by Almon was assumed to hold ex­ The entire analysis was performed on actly for the entire investment process. This time series for 13 different manufacturing procedure leaves all the data for use in industries. The key variable for explaining finding the importance of real economic investment is output or the change in out­ variables and makes use of a lag which is put. Price variation did not prove to be probably as accurate as one found in any significant. All of the other variables are simultaneous procedure. important but play a quantitatively much There are several possible variables af­ smaller role. Stock market price indices fecting the cost of funds. The interest rate were employed to represent expected profits on industrial bonds indicates the implicit or expected output and provided signifi­ rate of interest for firms which do not have cant coefficients. The flow of funds-debtsubstantial amounts of internal debt. It has asset variable worked reasonably well and been shown theoretically by Duesenberry its success is one primary gain from pre­ that, as the amount of debt rises relative to vious models. Finally, the interest rate took assets, the ability to borrow will decrease on a very significant negative coefficient in and the cost of funds to the firm will rise. nearly all cases—a result which is expected Since in any year the internal funds may be by theory but not generally true in empirical used to decrease debt, the variable con­ models. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Treasury and Federal Reserve Foreign Exchange Operations This tenth joint interim report reflects Coombs, Vice President in charge of the the Treasury—Federal Reserve policy of Foreign Department of the Federal Reserve making available additional information on Bank of New York, and Special Manager, foreign exchange operations from time to System Open Market Account. It covers time. The Federal Reserve Bank of New the period September 1966—early March York acts as agent for both the Treasury 1967. Previous reports were published in and the Federal Open Market Committee the Federal Reserve Bulletin for Sep­ of the Federal Reserve System in the con­ tember 1962, and in the March and Septem­ duct of foreign exchange operations. ber issues for each of the years 1963, 1964, This report was prepared by Charles A. 1965, and 1966. During the period September 1966 through central bank during the period have also early March 1967, all outstanding draw­ been paid off. ings on the Federal Reserve swap network Since the inception of the Federal Reserve —both by foreign central banks and by the swap network nearly 5 years ago, total draw­ Federal Reserve—were repaid and the $4.5 ings on the network have amounted to $7.7 billion of credit lines available under the billion, of which 91.3 per cent was repaid network have thus been restored to a fully within 6 months and 98.5 per cent within available standby basis (see Table 1). 9 months, while no drawing has been out­ Federal Reserve drawings of $235 million standing for so long as a year. Nor has there outstanding as of the end of August 1966 been any instance of unduly protracted use were fully liquidated, while subsequent of other comparable central bank credit Federal Reserve drawings of $100 million arrangements. The assurance of such integ­ on the Bank of Italy and $140 million on rity in the use of central bank credit facili­ the German Federal Bank were also repaid ties has been the foundation on which the by early 1967. Federal Reserve swap network and related By early March 1967, the Bank of Eng­ credit arrangements have been built up into land had completely liquidated its swap a solid defense line against international cur­ drawings on the Federal Reserve, which had rency speculation. reached a peak of $450 million last July, Another significant development during while also fully repaying further special the period under review was the joint en­ credits in sizable amount received during deavor of the Federal Reserve and several the height of the sterling crisis from both the other central banks, together with the BIS, Federal Reserve and the U.S. Treasury. to minimize a potentially severe strain on the Drawings on the Federal Reserve of $233 Euro-dollar market toward the close of million by the Bank for International Settle­ 1966. The Euro-dollar market, which has ments (BIS) and a small amount by another become a multibillion dollar operation, 355 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

356 FEDERAL RESERVE BULLETIN • MARCH 1967 functions as a truly international money pared to enter into swaps over the year-end market and consequently cannot rely, as can with Swiss commercial banks. Under these a national money market, on the support of swap contracts, the Swiss National Bank any single central bank to relieve temporary bought spot dollars against a forward resale stringencies or knots in the market. contract. The dollars so acquired were im­ mediately channeled back into the Euro­ TABLE 1 dollar market, either directly or via the BIS, FEDERAL RESERVE RECIPROCAL CURRENCY thus preventing an abrupt contraction in the ARRANGEMENTS AND COMMITMENTS, supply of Euro-dollars. The volume of such FEBRUARY 28, 1967 operations by the Swiss National Bank (In millions of dollars equivalent) reached the record total of nearly $400 mil­ Amount of System com­ lion during December. In addition, the Institution facility mitments Swiss National Bank placed in the Euro­ dollar market $75 million, which it had pur­ Austrian National Bank 100 National Bank of Belgium 150 chased outright in November. Bank of Canada 500 Bank of England 1,350 Second, the BIS, with the agreement of the Federal Reserve, began drawing upon a Bank of France 100 German Federal Bank 400 $200 million swap line with the System for Bank of Italy 600 ( Bank of Japan 450 the express purpose of channeling these dol­ lars into the Euro-dollar market to counter Netherlands Bank 150 Bank of Sweden 100 year-end strains. During December the BIS Swiss National Bank 200 Bank for International employed in such operations the full $200 Settlements MOO million facility while also shifting $75 mil­ lion of its own investment funds into the Total 4,500 0 Euro-dollar market. These operations by the 1 Half is available in Swiss francs and half in other European BIS supplemented its normal participation currencies. in the Euro-dollar market. Third, the New York Reserve Bank, act­ There is a great deal that the central ing for both Federal Reserve and Treasury banks whose nationals use the Euro-dollar accounts, immediately moved into the ster­ market can do in an ad hoc, informal way, ling market, where spot rates were begin­ however, to alleviate undesirable strains on ning to sag as a result of the competitive the market. Such a seasonal stringency in pull on British funds by the Euro-dollar the Euro-dollar market appeared on Novem­ market, and executed a total of $88 million ber 29, 1966, when year-end window­ of 1-month swap contracts, thereby helping dressing activities abruptly pushed the 1-month Euro-dollar rate from 6V2 per cent to insulate sterling from the year-end strain. to 7% per cent, while rates for other matu­ During the closing weeks of the year, the rities reacted sympathetically. On the very Netherlands Bank also rechanneled some same day, concerted action to deal with the funds into the Euro-dollar market, while the situation was taken by several central banks German Federal Bank and the Bank of Italy and the BIS. took action to reduce the pullback of Euro­ First, the Swiss National Bank announced dollar placements by their banks. As a re­ that, as in previous years, it would be pre­ sult of these coordinated actions, the 1- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 357 month Euro-dollar rate fell back to 6% per ert a useful stabilizing influence in a badly cent by December 12, 1966, and rates tend­ demoralized market. But as confidence re­ ed to soften further during the remainder of mained at a low ebb and the competitive the month as the Euro-dollar market re­ pull of other markets for short-term funds mained adequately supplied with funds. By became even stronger, no significant amount thus averting an abrupt rise in Euro-dollar of short covering developed, and sterling rates toward the end of the year, such cen­ was subject to pressure through most of tral bank operations may also have facili­ August. tated to some extent the general easing of More generally, the world economy was credit internationally during recent months. confronted in the late summer of 1966 with seriously strained credit conditions in many STERLING national money markets. These tensions in During the past 6 months, sterling has domestic markets were naturally aggravated staged a strong recovery from the severe by widespread anxiety as to whether the crisis of last summer. This has reflected a British Government’s battle to defend ster­ gradual strengthening of confidence in the ling would succeed. Against this background pound, with consequent short covering. The of dangerous unsettlement in the financial easing of credit conditions internationally markets, the Federal Reserve announced on has also contributed to a reversal of earlier September 13 a generalized increase in its drains of short-term funds out of sterling to swap facilities from $2.8 billion to $4.5 bil­ other markets. More fundamental has been lion, including a $600 million rise to $1,350 the remarkable achievement of the British million in the line with the Bank of England. Government in securing public acceptance The Bank of England simultaneously an­ of perhaps the most drastic stabilization pro­ nounced that it had arranged additional fa­ gram ever to be put forward by a democratic cilities with other central banks. Initial wire­ government in peace time. service reports of these large increases in The wage-price freeze and other measures international credit facilities were necessar­ announced by Prime Minister Wilson on ily cryptic, and the market—unclear about July 20 were so severe, in fact, that the mar­ their implications—responded with some ket initially was skeptical of their political nervous selling. In order to maintain orderly feasibility, and selling pressure on the pound conditions and prevent any slippage in quo­ continued unabated. In order to demonstrate tations, the Federal Reserve Bank of New U.S. Government support of the British York again entered the sterling market, Government’s defense of sterling, the New making moderate purchases for both Fed­ York Reserve Bank, acting for both Federal eral Reserve and Treasury account, with the Reserve and Treasury accounts, moved into rate at about $2.7877. As it became clear the market immediately following Prime to the market that the increased central bank Minister Wilson’s announcement with mas­ credit facilities did not reflect an exhaustion sive bids for sterling to all major New York of existing credit lines but were rather de­ dealers and, despite continuing selling pres­ signed to provide a broad margin of safety sure, drove the rate up sharply to more than against unforeseeable contingencies, senti­ $2.79. These operations were sustained for ment in the sterling market began to im­ 3 days in sizable volume and seemed to ex- prove. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

358 FEDERAL RESERVE BULLETIN • MARCH 1967 Moreover, during the course of Septem­ ing in the discount for 1-month sterling, ber, the British trade unions endorsed the and, with U.S. money rates continuing to Prime Minister’s call for wage restraint, and decline, incentives developed to move pri­ there was increasing evidence that the July vate funds from the United States into U.K. 20 measures were beginning to take hold. money market instruments. Such flows, By the end of the month the spot rate was while desirable from the point of view of up to $2.7910 and sterling was in good de­ sterling, would have had adverse conse­ mand as the oversold position of the market quences for the U.S. balance of payments. began to be reflected in a covering of short In order to avoid such a development, while positions. For the first time in 4 months, the at the same time bolstering sagging spot Bank of England was able to forego net re­ quotations for sterling, the Federal Reserve course to central bank assistance. Bank of New York, in consultation with the In succeeding weeks sterling continued to Bank of England, engaged in market swaps improve as further covering of short posi­ for the Federal Reserve and the Treasury, tions was encouraged by better trade figures purchasing $88 million of spot sterling as well as by the November 10 announce­ against sales for delivery in January 1967. ment that Britain would initiate top-level These operations complemented the coordi­ discussions aimed at membership in the nated action being taken by several other Common Market. Also, during this period central banks and the BIS to relieve poten­ interest rates on dollar investments receded tially disruptive year-end pressures in the from their August-September highs, and the Euro-dollar market. drain on sterling from this source came to During December, therefore, sterling was an end, In October and November, the Bank well insulated by concerted central bank ac­ of England added $120 million to U.K. re­ tion designed to cushion year-end short­ serves, while making a start on repaying term capital flows, and occasional interven­ central bank assistance. tion by the Bank of England in defense of This pattern of gradual recovery was in­ the pound was only moderate. The an­ terrupted briefly at the end of November nouncement that Britain’s seasonally ad­ justed trade balance had moved into surplus and in early December, both because of the in November for the first time in the post­ mounting tensions surrounding Britain’s im­ war period helped generate new demand for passe with Rhodesia and because of the sterling, and as the year drew to a close, usual year-end window-dressing prepara­ there was additional buying of sterling when tions of commercial banks in several conti­ some British corporations repatriated profits nental centers. Such year-end window dress­ for the year-end. On balance, the Bank of ing led to large flows of funds across the England had a small reserve gain from ex­ exchanges, most notably outflows from Lon­ change operations in December, even after don on a short-term covered basis—either further repayments of short-term central directly to countries repatriating funds or to bank credits. an increasingly stringent Euro-dollar mar­ After the turn of the year, the progressive ket. relaxation of monetary restraint in the These covered outflows from London in United States, Germany, and other coun­ turn brought about an appreciable narrow­ tries—combined with reflows of funds from Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 359 the Continent—resulted in a sharp decline in (that is, a maximum of $50 million), by the Euro-dollar rates. Yields on British local­ Federal Reserve. After rising to a peak dur­ authority deposits also declined, but more ing the midsummer months, such special slowly, so that for the first time in a year a credits declined to $175 million at the end significant incentive developed to shift funds of September and to $160 million at the from Euro-dollars to local-authority sterling year-end, and were fully liquidated during deposits. The Bank of England on January January 1967. During the height of the 26 reduced its discount rate from the crisis crisis, the Bank of England also secured level of 7 per cent to 616 per cent. Central credit assistance from other central banks banks in several other financial centers also with repayments being subsequently effected. cut their discount rates, but the general low­ ering of interest rates left those in Britain GERMAN MARK still relatively attractive and short-term in­ The German balance of payments swung vestment funds continued to be drawn to into sizable surplus in the second half of London. 1966. Official gold and convertible currency In addition, demand for sterling reflected reserves rose by $578 million in the 6-month the underlying improvement in the U.K. period, resulting in a net reserve gain of payments position and the beginning of the $419 million for the year as against a loss period of seasonal strength, including in of $617 million in 1965. The swing was particular substantial buying for oil royalty largely related to cyclical factors. The Ger­ payments. Moreover, as confidence recov­ man economy, which had been overheated ered still further, foreigners continued re­ through most of 1965 and early 1966, building their sterling balances. As dollars cooled off considerably in the second half flowed back to the Bank of England, the of last year. With domestic pressures easing, bank continued its practice of devoting the the growth of German imports slowed and bulk of such receipts to repayment of cen­ exports began to rise sharply. The resultant tral bank debt while adding only modest improvement on trade account was the ma­ amounts to its reserves. jor force behind the re-emergence of a pay­ As sterling moved through crisis to con­ ments surplus, as other current-account valescence, the Bank of England made ex­ items continued in deficit and the capital tensive use of the network of central bank accounts were about in balance. credit facilities of various types that have Starting late last year, monetary measures been constructed during the past 5 years. In were taken to bring about renewed expan­ the case of the Federal Reserve swap line, sion in the German economy. After reducing Bank of England drawings rose to a peak reserve requirements in December, the Ger­ of $450 million at the end of July 1966, de­ man Federal Bank in January and February clined to $400 million by the end of Septem­ cut its discount rate in two steps from 5 per ber and to $350 million at the year-end, cent to 4 per cent per annum and further and were paid off completely by early March lowered commercial bank reserve require­ 1967. In addition to drawings on the Fed­ ments. eral Reserve swap line, the Bank of England The balance of payments surplus was re­ made use of sizable special credits provided flected during the period under review not by the U.S. Treasury and, to a lesser extent only in rising official reserves but also in a Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

360 FEDERAL RESERVE BULLETIN • MARCH 1967 strengthening of the German mark. After man Federal Bank—to repay by mid-Februfluctuating slightly above par ($0.2500) in ary its $140 million mark swap drawing. September, the spot rate advanced in Octo­ Nevertheless, the mark remained strong in ber to about $0.2515 as the trade surplus the exchange market, as the German trade widened. The tightening domestic money account continued in heavy surplus. With market, coupled with the onset of the usual the re-emergence of a German payments year-end liquidity pressures, prompted Ger­ surplus, the U.S. Treasury was unable to man banks during November and Decem­ make further progress in reducing its in­ ber to repatriate funds normally held abroad debtedness in mark-denominated securities in foreign currency assets. Despite the re­ issued to the German authorities. The over­ laxation of reserve requirements in Ger­ all amount outstanding remained at $351 many, these demands carried the mark rate million at the end of February, compared even higher, and as it approached its upper with $602 million at the beginning of 1966. limit of $0.2518%, the German Federal Bank made very large purchases of dollars. SWISS FRANC Under the circumstances, the Federal Re­ In April the Swiss franc began to strengthen serve acted in cooperation with the German after having declined steadily during the authorities in December to alleviate the ex­ first quarter of 1966, and by early May it change market pressures resulting from had reached its effective ceiling of these flows of funds. In order to meet the $0.23171^. The franc remained at its ceil­ demand for marks that spilled over into the ing in subsequent weeks as a result of re­ New York market, the Federal Reserve sold payments of Swiss franc borrowings by $28.7 million equivalent of marks from its foreigners, attributable to a tightening of balances early in December. When the mar­ the domestic money and capital markets, ket began bidding strongly for marks on a and later because of capital repatriations in 1-month swap basis shortly before Christ­ connection with midyear liquidity needs. mas, the System shifted its intervention and Consequently, the Swiss National Bank pur­ sold $17.5 million equivalent of marks spot chased $200 million outright, and effected against repurchase 1 month later. In addi­ an additional $82 million in short-term tion, the System absorbed $155 million of swaps with Swiss commercial banks to help the dollar gains of the German Federal provide for their temporary midyear re­ Bank, using $ 15 million of marks previously quirements. held outright and $140 million of marks In July, tensions associated with the pres­ drawn under the swap arrangement with the sures on sterling dominated the foreign ex­ German central bank. change markets and the usual seasonal out­ After the year-end, there was a substan­ flow of funds was converted into an actual tial reflow of funds out of Germany. In ad­ inflow of $69 million. Accordingly, the dition to using existing mark balances, the Federal Reserve drew $75 million of francs Federal Reserve was able to acquire suffi­ from the Swiss National Bank and another cient marks—from the maturing 1-month $75 million of francs from the BIS, using swaps, from purchases in the New York these funds to absorb uncovered dollars market, from Spain following its drawing of from the Swiss central bank. In late July, marks from the IMF, and through the Ger­ however, Swiss francs gradually came on Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 361 offer as the pressures on sterling began to somewhat less attractive. Consequently, subside and high interest rates abroad gave while the Federal Reserve was able to re­ rise to extensive capital outflows. In early duce its swap drawing from the Swiss Na­ autumn, with funds continuing to move out tional Bank by $5 million to $10 million of Switzerland, the spot rate declined to equivalent with francs purchased in New $0.230514 and the Swiss National Bank York, the $75 million drawn from the BIS began selling dollars to the market. In addi­ in July remained outstanding. The U.S. au­ tion, there were relatively heavy official re­ thorities therefore decided to use some of quirements for dollars between September their sterling balances to enter into a $75 and November. The consequent reduction million equivalent sterling-Swiss franc swap in its dollar holdings led the Swiss National with the BIS, half each for the System and Bank to buy $60 million against Swiss the Treasury accounts. The Federal Reserve francs from the Federal Reserve during this then purchased the Treasury’s share of the period. The System used the Swiss francs swap proceeds and thus acquired sufficient so acquired to reduce its swap drawings Swiss francs to liquidate completely its $75 from the Swiss National Bank to $15 mil­ million Swiss franc drawing from the BIS. lion equivalent. Finally, at the end of February, the Federal In November the Swiss commercial banks Reserve repaid its remaining $10 million began to repatriate large amounts of funds drawing from the Swiss National Bank with in connection with heavy year-end require­ francs purchased from that bank. ments and when the spot rate moved to its ceiling, the Swiss National Bank purchased ITALIAN LIRA $75 million in the market. Then, at the end Italy registered a substantial balance of pay­ of the month, the Swiss National Bank— ments surplus during 1966, although on a as it had done in previous years—an­ decidedly smaller scale than in 1965. At nounced that it would buy dollars from the first, reserve gains were moderate as Italian Swiss commercial banks on a short-term commercial banks made large short-term basis and the spot rate immediately receded investments in the Euro-dollar market. from the ceiling. The swaps eventually About midyear, however, Italian payments reached a record level of $398 million. In moved into a period of seasonal strength, order to prevent these movements of funds and there were short-term capital inflows from putting pressure on the Euro-currency resulting from growing speculation against markets, the Swiss National Bank, as usual, sterling. Moreover, by then most Italian rechanneled the dollars so acquired into the banks had eliminated any net liability posi­ Euro-dollar market. tion vis-a-vis foreigners, and the Bank of After the year-end the Swiss franc eased Italy was no longer prepared to shift dollars further, and during January and February abroad through short-term swaps with those the spot rate was generally under $0.2310. banks at preferential rates. Consequently, Aside from the unwinding of the December there was a marked rise in Italian official market swaps, however, outflows of funds reserves, and the Federal Reserve reacti­ from Switzerland were smaller than usual vated its swap facility with the Bank of because lower interest rates in other coun­ Italy, in July and August drawing lire to tries made short-term investments abroad absorb a total of $225 million from the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

362 FEDERAL RESERVE BULLETIN • MARCH 1967 Italian authorities. These drawings were re­ possible the liquidation of System lira com­ paid on August 22, when the U.S. Treasury mitments, Italy’s over-all reserve position drew $250 million of lire from the IMF strengthened over the year as a whole. In and sold the lire to the System. Using the particular, Italy’s creditor position in the remaining $25 million of lire, plus some IMF increased by some $336 million. In balances, the System reduced to $14 million view of the substantial surplus in their pay­ equivalent a sterling-lira swap with the BIS ments position, the Italian authorities at the (originally $50 million at its inception in year-end purchased $60 million of gold February 1966 but reduced to $40 million from the U.S. Treasury in order to replenish equivalent during the spring). their gold holdings. Beginning in January, While these operations were under way, however, Italy’s foreign exchange require­ large amounts of dollars continued to flow ments increased, partly for seasonal reasons. into official Italian reserves during August. As a result, the Italian lira remained below Accordingly, in early September the System par and Italian official dollar holdings de­ again used its swap line, drawing lire to clined by about $200 million in January absorb $100 million from the Italian au­ and February. thorities. Shortly thereafter, however, Italian Federal Reserve and Treasury technical reserves began to decline, as strong seasonal forward commitments in Italian lire, under­ inflows subsided, as a tighter Euro-dollar taken in 1965, were rolled over periodically market exerted a renewed pull on Italian during the course of 1966. bank funds, and as the Italian authorities DUTCH GUILDER prepaid $145 million of postwar debt to the United States. Against this background, the The Netherlands money market tightened System in late September purchased $13.9 around midyear and as mounting tensions in million of lire from the Bank of Italy and, the sterling market led to additional inflows adding some lire on hand, unwound its re­ of funds, Dutch official reserves rose sharp­ maining $14 million equivalent sterling-lira ly. The Federal Reserve accordingly reacti­ swap with the BIS. vated its swap facility with the Netherlands In succeeding months, dollars were gen­ Bank—drawing a total of $65 million of erally in demand in Italy in response to con­ guilders which it used, together with $2.5 version of lira borrowings by foreign firms million of guilder balances, to absorb dollars and outflows to the Euro-dollar market; as from that bank. a result, lira quotations eased steadily, fall­ By mid-August, however, the Dutch ing below par by mid-January. Offerings of money market had eased, and as increas­ lire in the market were sizable, and between ingly attractive interest rates on dollar in­ October and January the Federal Reserve vestments were exerting a pull on Dutch purchased sufficient lire in New York to funds, the spot guilder rate began to decline, repay in full its $100 million equivalent falling below par by mid-September. In swap drawing from the Bank of Italy. The order to moderate the decline, the Nether­ $600 million swap facility was thus fully lands Bank sold some dollars to the market restored to a standby basis. and later bought $10 million from the Although the turn in Italy’s balance of Federal Reserve against guilders. The Sys­ payments in late 1966 was sufficient to make tem in turn used the guilders to reduce its Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS .... ......363 swap commitment to $55 million equivalent BELGIAN FRANC as of September 16. During the early summer of 1966 Belgium’s During the fall the guilder moved back trade and service accounts moved into sur­ above par and subsequently fluctuated with­ plus, and the Belgian franc began to in a narrow range during the remaining strengthen. By late July the Belgian franc weeks of 1966 as the Netherlands trade had reached its ceiling and the National account was seasonally strong and the Bank of Belgium began buying fairly sizable money market in Amsterdam firmed. Dur­ amounts of dollars. In order to absorb some ing this period the Netherlands Bank inter­ of these gains, the Federal Reserve in early vened only sporadically and then mainly to August drew $30 million of francs under relieve money market pressures, which were the $50 million standby portion of the re­ particularly strong in early November and ciprocal swap arrangement with the Na­ again in mid-December. In so doing, it used tional Bank. the technique of market swaps—buying dol­ Belgium’s current account swung into lars spot from Dutch commercial banks and deficit later in August, and the National selling them forward (in this instance for Bank then started supplying foreign ex­ 1967 delivery). To help moderate year-end change to the market, covering these losses pressures in the Euro-currency markets, the by purchasing dollars from the Federal Re­ Netherlands Bank reinvested its December serve against Belgian francs. By late Sep­ dollar purchases in the Euro-dollar market. tember, such purchases totaled $30 million, At the end of 1966 foreign currency re­ and the System had fully repaid its swap quirements of the Dutch Government led drawing from the National Bank. the Netherlands Bank to buy $20 million During the early fall the Belgian franc against guilders from the Federal Reserve, drifted somewhat below par as a result of and the Federal Reserve immediately used a continued deterioration in the trade ac­ the guilders to reduce its swap commitment count, and in November the Begian central with that bank to $35 million equivalent. bank again began to lose dollars. Because Then, in January, there was a flow of funds of these market losses, and exchange re­ from the Netherlands into sterling (through quirements of the Belgian Treasury, the dollars), and the central bank provided National Bank again needed dollars in the some support for the guilder. These dollar last few weeks of 1966. The bank bought losses, coupled with the conversion into dol­ $30 million from the U.S. Treasury against lars of the guilder portion of Spain’s multi­ Belgian francs, which the Treasury used to currency drawing from the IMF, reduced build up a balance for future contingencies. the Netherlands Bank’s dollar holdings, and Thus, by the end of 1966 the Treasury had the bank purchased $35 million from the a fully covered position in Belgian francs, Federal Reserve against guilders. The Sys­ since its franc balances matched its Belgian tem in turn repaid the remainder of its out­ franc-denominated bond indebtedness. standing guilder swap drawing, restoring the During the first 2 months of 1967 there $150 million arrangement fully to a stand­ was an improvement in the Belgian current by basis. There were no further Federal account, and the franc moved somewhat Reserve or Treasury operations in guilders above par after mid-January. Tighter Bel­ during the period covered by this report. gian money market conditions associated Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

364 FEDERAL RESERVE BULLETIN • MARCH 1967 with a large Belgian Government bond flo­ was no significant selling pressure, however, tation contributed to the rise in the rate, but and there was little net change in official at no time were there any significant pres­ Canadian gold and foreign exchange re­ sures in the market, and at the end of Feb­ serves during the final quarter. (Late in ruary Belgian official reserves were virtually the year the U.S. Treasury purchased $17 unchanged. million of Canadian dollars from the Bank of Canada for resale to IMF members hav­ CANADIAN DOLLAR ing repurchase obligations to the Fund. Ear­ Although there were some large capital lier in 1966 the U.S. Treasury had drawn a total of $400 million equivalent of Cana­ flows to Canada during the first half of 1966, seasonal weakness in the trade and dian dollars from the IMF for sale to Fund tourist accounts early in the year and sizable members meeting repayment obligations.) covered conversions of domestic time de­ Seasonal factors continued to run against posits into U.S. dollar investments by Cana­ Canada in early 1967. With an easing in dian banks accounts for net Canadian monetary conditions in the United States, demand for foreign exchange. During the however, there was a revival of Canadian summer months the Canadian dollar borrowing in New York and some repatria­ strengthened, but official gold and exchange tion of Canadian funds from the Euro­ reserves continued to decline as Canadian dollar market. As a result, the spot Cana­ authorities purchased from U.S. residents dian dollar rose sharply during January. nearly $141 million of Canadian Govern­ Once the borrowings in New York were ment debt and some $25 million of Inter­ completed, however, the spot rate tended to national Bank for Reconstruction and De­ ease, and through mid-February it traded velopment (IBRD) bonds to adjust their just above par in a quiet and balanced mar­ total official reserve holdings to levels mu­ ket. At the end of the month there was a tually agreed upon with the United States. flurry of selling when the Royal Commission Including those purchases and a $47 mil­ on Taxation made its report, and the spot lion gold payment to the IMF in connection rate eased just below par. with Canada’s quota increase, Canadian INTERNATIONAL MONETARY FUND gold and foreign exchange reserves fell $420 million during the first 9 months of 1966. The United States continued the practice During the fourth quarter the spot rate initiated in February 1964 of drawing cur­ for Canadian dollars declined as there were rencies from the IMF for sale to countries few new Canadian securities offerings in making repayments to the Fund. During the New York, and Canada’s balance of pay­ period under review, takedowns were made ments again entered a period of seasonal under the drawing of $100 million of Cana­ weakness. By early November spot quota­ dian dollars arranged on August 18, and the tions had fallen below the $0.9250 parity, United States arranged an additional “tech­ and they remained below par in the remain­ nical” drawing for $30 million equivalent ing weeks of the year when there were large of German marks. financial outflows associated with dividend U.S. drawings from the Fund—both reg­ payments to nonresidents and year-end re­ ular and technical—between February 1964 patriations of funds by foreigners. There and February 1967 totaled $1,640 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 365 During the same period other countries drew sales have risen and hoarding demand has dollars from the Fund, thereby reducing the declined. Fund’s holdings of dollars and reducing this South Africa, the world’s leading gold country’s repayment obligation. Conse­ producer, had a payments surplus for the quently, on February 28, 1967, net indebt­ first half of the year and on balance ab­ edness of the United States to the IMF was sorbed into its own reserves slightly more $933.5 million. than $200 million of gold from new pro­ The general Fund quota increase of 25 duction in 1966. In addition, the Soviet per cent adopted in 1964 by the Governors Union apparently sold no gold in 1966 for of the Fund was ratified by two more mem­ the first time in recent years. Commercial bers during the period, bringing the number and artistic use of gold continued to rise, of ratifications to 92; Fund resources were but private hoarding demand moderated. thereby increased to over $20.9 billion. As Tight monetary conditions in many coun­ indicated in previous reports, a member tries increased the yields on alternative in­ must pay its quota increase to the Fund vestments and undoubtedly cut down on partly in its own currency and partly in speculative buying. On the other hand, spec­ gold. The quota increase arrangement pro­ ulative demand was encouraged by several vides that the Fund will deposit a total of up factors during the year—the Vietnam con­ to $350 million of gold with the Federal flict, the Rhodesian situation, and the re­ Reserve Bank of New York and the Bank peated intimations on the part of French of England to compensate for any losses officials that the price of gold should per­ arising from other members’ gold subscrip­ haps be raised. In addition, the sterling tion payments to the Fund. As of February crisis during the summer led to strong de­ 28, 1967, the Federal Reserve Bank of New mand and a firm price throughout the third York held for U.S. Treasury account $213.4 quarter. million of gold so deposited by the IMF. TABLE 2 GOLD MARKET U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES ANI D Early estimates suggest that official gold re­ INTERNATIONAL INSTITUTIONS, 19661 serves of the noncommunist world declined (In millions of dollars at $35 per fine troy ounce; somewhat over the course of 1966. Although U.S. net sales (—), net purchases (+;)) private hoarding demand evidently declined Country First Third Fourth Year half quarter quarter somewhat, industrial and artistic use again rose, and with new gold supplies off sharply, Canada + 150.0 + 50.0 _ +200.0 total demand exceeded the volume of gold France -323.5 -277.3 —. -600.8 Italy — -60.0 - 60.0 coming on to the market. This imbalance Switzerland + 18.0 - 20.0 - 2.0 was reflected in higher prices on the London United Kingdom - 26.2 + 126,0 -20.1 + 79.8 gold market and in the activity of the cen­ All other - 19.5 - 22.0 - 5.9 - 47.6 tral bank gold pool, which for the first time Net sales -201.2 -143.3 -86.0 -430.6 since its inception closed the year with a net drain on its resources. In the past 5 1 Not reflected in this table are U.S. monetary gold transac­ tions with foreign countries mitigated through special deposits months, however, the supply-demand rela­ by the IMF. tionship has improved, as South African Note.—Because of rounding, figures do not necessarily add to totals. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

366 FEDERAL RESERVE BULLETIN • MARCH 1967 During the period under review, the Lon­ sanctions might be applied to South Africa don gold price backed away from the high in connection with the Rhodesian situation. of $35.1940 reached in August and Sep­ As a result, the price rose to $35.1971 to­ tember and dipped below $35.15 on several ward the end of December. Thereafter, the occasions in October and early November. market eased once again in early 1967, al­ Demand was diminishing as the pressures though there were brief flurries of demand on sterling eased, and at the same time the in response to renewed French official dis­ volume of South African supplies was pick­ cussion of the role of gold in world mone­ ing up rapidly following an adverse swing tary arrangements. The lifting of restrictions in South Africa’s payments position. Never­ on French gold trading in Paris was taken theless, with the approach of the year-end, in stride both in the London market and demand became very strong once again, in­ elsewhere on the continent, and at the end fluenced partly by heightened tensions in the of February the London fixing price had Middle East and by rumors that economic fallen to $35.1486. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Statement to Congress On behalf of the Board of Governors, bility requirements specified in the statute. let me express our appreciation, Mr. Chair­ In such cases, the Act authorizes the Reserve man, for the actions you have taken to as­ Banks to extend the credit, but the rate of sure prompt consideration of three of the interest must be one-half of 1 per cent higher Board’s legislative proposals. Two of the than the regular discount rate applicable to three bills you have introduced and sched­ advances secured by “eligible paper.” Natur­ uled for this morning’s hearing are identical ally, member banks wish to borrow at the with drafts submitted by the Board and regular discount rate rather than a rate onepassed by the Senate in the last Congress. half of 1 per cent higher, and consequently These are S. 966, which would modernize the question repeatedly arises whether paper the laws relating to borrowings by member offered as collateral for such advances actu­ banks from the Federal Reserve Banks, and ally does comply with the eligibility tests. S. 965, which would facilitate Federal Re­ Under the Federal Reserve Act as origi­ serve operations in foreign currencies by nally enacted members banks could borrow permitting investment of such currencies in from the Reserve Banks only by discount­ obligations of foreign governments. The ing eligible paper, consisting essentially of third bill, S. 714, incorporates another of “notes, drafts, and bills of exchange arising the Board’s recommendations—also passed out of actual commercial transactions; that by the Senate in 1965—concerning loans by is, notes, drafts, and bills of exchange issued member banks to their executive officers, as or drawn for agricultural, industrial, or com­ well as other provisions relating to Federal mercial purposes, or the proceeds of which credit unions. have been used, or are to be used, for such purposes.” Paper eligible for discounting was also generally restricted to that having ADVANCES BY FEDERAL RESERVE a maturity at the time of discount of not BANKS (S. 966) more than 90 days. The statutory require­ S. 966 would eliminate provisions of the ments as to eligibility for discount have re­ Federal Reserve Act that now require im­ mained substantially unchanged since 1913. position of a “penalty” rate of interest where The limitations in the Act were imposed on a member bank borrows from a Reserve the assumption that the legitimate needs of Bank on collateral other than U.S. obli­ the economy for bank credit would always gations, and the security—even though it be exactly reflected in the volume of these is fully acceptable to the Reserve Bank— short-term, self-liquidating loans. Thus an does not meet obsolete and complex eligi- automatic control mechanism over discount­ ing was provided, insuring (it was thought) Note.-—Statement of J. L. Robertson, Vice Chair­ man, Board of Governors of the Federal Reserve that the amount of reserves created in the System, before the Subcommittee on Financial In­ process would vary directly with the needs stitutions of the Senate Banking and Currency Com­ mittee, on S. 714, S. 965, and S. 966, March 14, 1967. of the economy. 367 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

368 FEDERAL RESERVE BULLETIN • MARCH 1967 This concept was found inadequate rela­ ciety. For example, farmers today make tive to needs as early as 1916, at which time much greater use of expensive equipment; Federal Reserve Banks were authorized to a modern combine represents a big invest­ make advances to member banks on their ment and requires longer-term financing. promissory notes secured by direct obli­ In filling these needs, member banks make gations of the United States. Again in 1932 many loans that are as sound and acceptable conditions made it necessary to relax further as short-term commercial loans but that are the narrow restrictions on discounting. At not eligible as collateral for Federal Reserve that time section 10(b) was added to the credit at the usual discount rate. In other Act, making it possible for member banks words, credit needs now exceed the supply of to borrow on their own notes secured to the short-term, self-liquidating loans classified satisfaction of the Reserve Bank, but only as “eligible” and vary for the most part in­ at a rate of interest at least 1 per cent above dependently of changes in that supply. Ex­ “the regular” discount rate. In 1935 this perience has also demonstrated that the mandatory differential was reduced to one- provision of a given type of collateral does half of 1 per cent, which is the requirement not necessarily indicate the use to which the in the present law. member bank will put the credit. Both substantive and operational prob­ Aside from these substantive shortcom­ lems have developed in the implementation ings the eligible paper concept poses practi­ of the so-called “eligible paper” concept. As cal problems for the Reserve Banks, for the economy has grown, increasing needs for member banks, and perhaps to a certain ex­ bank credit have developed that are wider tent for banking customers. The Reserve in scope and longer in duration than those Bank must analyze each instrument pre­ which may be satisfied within the definition sented to it, not only for its soundness and of eligibility. These are largely the result of acceptability, but also for its eligibility under the growing capital investment needs of a the narrow and complex standards specified mechanized agricultural and industrial so­ by the Federal Reserve Act. The member Table 1 Eligible Paper Presented by Member Banks as Collateral for Borrowing at Federal Reserve Banks, 1959-66 All member banks Reserve city banks Country banks Year Nu o m f b er am Fa o c u e n t Num of b er Num of b er am Fa o c u e n t Num of b er Num of b er am Fa o c u e n t Num of b er pieces (m d i o ll l i l o a n rs s ) of banks pieces (m d i o ll l i l o a n rs s ) of banks pieces (m d i o ll l i l o a n rs s ) of banks 1959............................................. 527 153.0 13 355 82 3 8 172 70 7 5 I960,........................................... 1,006 673.0 21 448 241.3 9 558 431.7 12 1961............................................. 123 5.4 5 5 4 2 1 118 1.2 4 1962............................................. 397 71.3 7 131 56.9 3 266 14.4 4 1963............................................. 277 133.7 8 223 133.4 5 54 .3 3 1964............................................. 841 248.6 20 271 239.3 8 570 9.3 12 1965....................... 18,343 7,186.4 40 11,934 7,064 9 21 6,409 121 5 19 1966.............................................. 24;345 20,085.2 82 16,606 19,630.4 43 7,739 454.8 39 Source.—Federal Reserve Banks. Note.—Eligible paper is counted in this table only when it is initially analyzed. If paper is left at the Reserve Bank and is offered as collateral again without requiring further analysis, it does not enter into these totals a second time. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 369 bank also must make this analysis when it obligations—that is, holdings not needed as contemplates borrowing on the security of security for public deposits—has led in the commercial paper, and may at times, de­ past several years to a dramatic increase pending on the extent to which it must use in borrowing on the basis of eligible paper. eligible paper to obtain Federal Reserve The face amount of eligible paper analyzed credit, tailor its lending practices to these at the Federal Reserve’s discount window standards. When a member bank finds it increased from about $250 million in 1964 necessary to so alter its lending policy, hard­ to more than $20 billion in 1966. The num­ ship—or at least inconvenience—can result ber of pieces of eligible paper analyzed in­ for some of its creditworthy borrowers. creased from 833 in 1964 to 24,345 in These problems did not cause any great 1966. The number of banks using this paper difficulties for Reserve Banks or member is still small, but also is increasing rapidly banks in the immediate postwar years, (from 20 in 1964 to 82 in 1966). Over-all largely because banks then held ample sup­ use of the window has shown no such dra­ plies of U.S. Government securities. For two matic increases, but it has remained fairly decades, the bulk of the credit provided substantial and has grown in the past several through the discount window has been col­ years. The above and other data for the last lateralized by such securities. However, in 8 years are shown in Tables 1 and 2. recent years non-Federal debt has increased These increases have resulted in an in­ far more rapidly than Federal debt, and bank creasing administrative burden for member portfolios have reflected this development. banks and Reserve Banks for the reasons Furthermore, bank holdings of Government cited earlier. And if this rate of increase con­ securities available for use as collateral at tinues it is only a matter of time before banks the discount window have been curtailed by begin to face shortages of eligible paper, the rise in the level of public deposits that which represents only a small fraction of typically must be secured by a pledge of their total loans. these same assets. In sum, we feel that all relevant factors The declining supply of free Government argue for elimination of the eligibility stand­ ards. It would do away with what are today Table 2 artificial limitations, originally imposed for Member Banks Borrowing One or More Times reasons that in the light of history have from Federal Reserve During Years 1959-66 proven not valid or workable, and would Number of banks Borrowing banks as per­ thus bring the operation of the discount borrowing centage of total in class— Dec. 31 mechanism more into line with current Year realities. It would also relieve the member me A m ll b er Re c s i e ty rve Country me A m ll b er Re c s i e ty rve Country banks and the Reserve Banks of an unneces­ 1959......... 1,911 238 1,673 30.7 81.2 28,2 sary administrative burden, and would en­ 1960......... 1,903 207 1,696 30.8 86.2 28.6 1961.......... 1,268 161 1,107 20.7 71.6 18.8 able them to serve the needs of the financial 1962.......... 1,102 150 952 18.2 68.2 16.4 system and the economy more effectively, 1963......... 1,222 168 1,054 20.0 78.1 17.9 1964......... 1,232 158 1,074 19.8 76.0 17.9 1965......... 1,157 161 996 18.6 83.0 16.5 without being confined by outmoded limita­ 1966......... 1,614 166 1,448 26.3 86.5 24.3 tions. The Board, therefore, strongly urges Source.—Federal Reserve Banks. approval of this bill. Note.—Includes borrowing on all types of collateral. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

370 FEDERAL RESERVE BULLETIN • MARCH 1967 INVESTMENT OF FOREIGN CURRENCIES other hand, a foreign central bank may— HELD BY FEDERAL RESERVE (S. 965) and generally does—-invest its excess dollar As a part of its efforts to safeguard the balances in interest-bearing securities of the value of the dollar in international exchange U.S. Government. markets, the Federal Reserve System has S. 965 would authorize the Federal Re­ entered into reciprocal currency agree­ serve to buy and sell securities of a foreign ments—the so-called “swap arrange­ government or monetary authority that have ments”—with a number of central banks in maturities of not more than 12 months and other countries. Under these arrangements, are payable in a convertible currency. This the Federal Reserve can obtain a stated would insure that any foreign currencies we amount of foreign currency in exchange for acquire in excess of current operating needs a corresponding amount of dollars. In the may be safely and conveniently invested in event of a drawing—which may be initiated income-producing securities. For this reason, by either party—the balances acquired have the Board recommends enactment of this to be repaid at the same exchange rate, thus bill. protecting each party against any loss from currency devaluation. The currencies ac­ LOANS TO EXECUTIVE quired may be sold to smooth out abrupt OFFICERS (S. 714) changes in exchange rates or to prevent Section 22(g) of the Federal Reserve Act fluctuations in U.S. gold reserves or dollar prohibits a member bank of the Federal Re­ liabilities due to temporary forces acting in serve System from making a loan of more the exchange markets. than $2,500 to any of its executive officers, A drawing by one party under one of and loans up to $2,500 may be made only these arrangements puts currencies into the with the prior approval of a majority of hands of the other party. Balances so ac­ the bank’s board of directors. The section quired may be invested at a preagreed rate further requires every executive officer to of interest (the same for both parties). Pres­ file a written report with his board of di­ ent law, however, needlessly restricts the rectors regarding any loan obtained by him means available to us to invest such bal­ from another bank. ances. Under the Federal Reserve Act idle The underlying purpose of these restric­ balances of foreign currencies held by the tions is unquestionably sound. However, System may be invested in short-term com­ they seem unrealistically severe in the light mercial paper in the foreign country or of changes in economic conditions that have placed in an interest-bearing time account taken place since they were enacted in 1933 with the same or some other foreign bank. and 1935. The President’s Committee on Fi­ In most countries, however, there is a scar­ nancial Institutions in 1963 recognized the city of commercial paper for investment, and desirability of increasing the $2,500 ceiling in some countries time deposit facilities are on the amount that an executive officer may not conveniently available. Present law con­ borrow from his own bank. In addition, it tains no authority for the investment of such would seem appropriate to provide a con­ idle funds in obligations of foreign govern­ siderably higher ceiling on a mortgage loan ments, such as foreign treasury bills. On the covering the purchase of an executive Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 371 officer’s home. Under present law, such an would require only that the officer report the officer is compelled to obtain home mortgage borrowings to his board of directors. Finally, financing from another financial institution. reports of borrowings from other banks The first section of S. 714 would amend would be required only where they exceed in section 22(g) so as (1) to raise the “gen­ the aggregate the applicable ceiling ($5,000 eral” loan ceiling from $2,500 to $5,000, or $30,000, depending on the purpose of and (2) to permit executive officers to the loan) on borrowing from his own bank. borrow up to $30,000 from their own banks The Board believes that these liberalizing on home mortgage loans. Member banks amendments would be consistent with the would be prohibited from making such loans basic purposes of present law and that such on terms more favorable than those extended liberalization is desirable. Accordingly, the to other borrowers. Instead of requiring Board recommends their enactment. Since prior approval of such loans by the board of the provisions of section 2 of S. 714 do not directors of the officer’s bank—a time-con­ relate to the Board’s area of responsibility, suming formality that is unnecessary in view we have no comments with respect to that of the other safeguards provided—the bill section. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material RESERVES OF MEMBER BANKS (iii) 1616 per cent of its net demand deposits. (b) Currency and coin.-—The amount of a member The Board of Governors has amended section bank’s currency and coin shall be counted as reserves 204.5 of Regulation D so as to reduce in two equal in determining compliance with the reserve require­ steps, from 4 to 3 per cent, the reserve require­ ments of paragraph (a) of this section. ments against savings deposits, Christmas and va­ ORDER UNDER SECTION 4 OF cation club accounts, and the first $5 million of BANK HOLDING COMPANY ACT other time deposits at each member bank. Text The Board of Governors issued the following of the amended section is as follows: Order approving the request by a bank holding SUPPLEMENT TO REGULATION D company for determination that the proposed ex­ Section 204.5.—Supplement panded activities of a subsidiary nonbanking or­ (a) Reserve percentages.—Pursuant to the provi­ ganization are not prohibited. The Board’s Order, sions of section 19 of the Federal Reserve Act and accompanied by the Hearing Examiner’s Report § 204.2(a) and subject to paragraph (b) of this sec­ tion, the Board of Governors of the Federal Reserve and Recommended Decision, reads as follows: System hereby prescribes the following reserve bal­ ances which each member bank of the Federal Re­ THE FIRST VIRGINIA CORPORATION, serve System is required to maintain on deposit with ARLINGTON, VIRGINIA the Federal Reserve bank of its district: (1) If not in a reserve city— In the matter of the application of The First (i) 4 per cent of the following deposits until the opening of business on March 2, 1967, 395 per cent of Virginia Corporation, Arlington, Virginia, pur­ such deposits from March 2, 1967, to March 15, 1967, suant to section 4(c)(8) of the Bank Holding inclusive, and 3 per cent of such deposits thereafter: (A) savings deposits and (B) time deposits, open Company Act of 1956 for a determination re the account, that constitute deposits of individuals, such as expansion of the activities of First Virginia Life Christmas club accounts and vacation club accounts, Insurance Agency, Inc., (formerly Mt. Vernon In­ that are made under written contracts providing that no withdrawal shall be made until a certain number surance Agency, Inc.) DOCKET NO. BHC-80. of periodic deposits have been made during a period of not less than 3 months; plus Order Granting Determination (ii) 4 per cent of its other time deposits up to $5 million until the opening of business on March 2, The First Virginia Corporation, Arlington, Vir­ 1967, 316 per cent of such deposits from March 2. 1967, to March 15, 1967, inclusive, and 3 per cent of ginia, a bank holding company within the meaning such deposits thereafter; plus 6 per cent of such de­ of section 2(a) of the Bank Holding Company posits in excess of $5 million; plus Act of 1956 (12 U.S.C. 1841(a) as amended by (iii) 12 per cent of its net demand deposits. (2) If in a reserve city (except as to any bank Public Law 89-485), filed a request for a determi­ located in such a city which is permitted by the Board nation by the Board of Governors of the Federal of Governors of the Federal Reserve System, pursuant to § 204.2(a)(2), to maintain the reserves specified in Reserve System that the proposed expanded activi­ subparagraph (1) of this paragraph)— ties of its subsidiary, First Virginia Life Insurance (i) 4 per cent of the following deposits until the Agency, Inc., are of the kind described in section opening of business on March 2, 1967, 395 per cent of such deposits from March 2, 1967, to March 15, 1967, 4(c)(8) of the Act (12 U.S.C. 1843(c)(8) and inclusive, and 3 per cent of such deposits thereafter: section 222.5(b) of the Board’s Regulation Y (12 (A) savings deposits and (B) time deposits, open ac­ count, that constitute deposits of individuals, such as CFR 222.5(b) so as to make it unnecessary for Christmas club accounts and vacation club accounts, the prohibitions of section 4(a) of the Act with that are made under written contracts providing that respect to shares in nonbanking companies to apply no withdrawal shall be made until a certain number of periodic deposits have been made during a period of in order to carry out the purpose of the Act. not less than 3 months; plus Pursuant to the requirements of section 4(c)(8) (ii) 4 per cent of its other time deposits up to $5 million until the opening of business on March 2, of the Act and in accordance with the provisions 1967, 3‘/2 per cent of such deposits from March 2, of section 222.5(b) and 222.7(a) of the Board’s 1967, to March 15, 1967, inclusive, and 3 per cent of Regulation Y (12 CFR 222.5(b), 222.7(a)), a such deposits thereafter; plus 6 per cent of such de­ posits in excess of $5 million; plus hearing was held on this matter on November 1, 373 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

374 FEDERAL RESERVE BULLETIN • MARCH 1967 1966. The Hearing Examiner filed his Report and a determination that the proposed nonbanking Recommended Decision on January 18, 1967, a subsidiary is, in language of the section: copy of which is appended hereto, wherein he “* * * [a] company all the activities of which are of a recommended that the request be granted. The financial, fiduciary, or insurance nature in which the filing of exceptions to the aforesaid Report and Board after due notice of hearing, and on the basis of the record made at such hearing, by order has de­ Recommended Decision having been waived, the termined to be so closely related to the business of Board hereby adopts the findings of fact, conclu­ banking or managing or controlling banks to be a proper incident thereto and as to make it unnecessary sions of law, and recommendations embodied for the prohibitions of this section to apply in order therein, and on the basis thereof and of the entire to carry out the purposes of this chapter.” record, On November 1, 1966, following publication in It is hereby ordered, that the proposed ex­ the Federal Register of a Notice of Request and panded activities of First Virginia Life Insurance Order for Hearing (31 F.R. 13402, October 15, Agency, Inc., are determined to be so closely re­ 1966), as prescribed by Part 263 of the Board’s lated to the business of banking or of managing or Rules of Practice (12 CFR Part 263), the hearing controlling banks as to be a proper incident thereto required by section 4(c)(8) of the Act was held and as to make it unnecessary for the prohibitions before the undersigned, a duly designated Hearing of section 4(a) of the Bank Holding Company Examiner. The Applicant and the Board were Act to apply in order to carry out the purposes of represented by counsel. Board counsel appeared the Act; provided, however, that this determi­ in a non-adversary capacity (Tr. 2). nation is subject to revocation if the facts upon The Notice of Request and Order for Hearing which it is based should cease to obtain in any gave notice that any person desiring to give testi­ material respect. mony in this proceeding should file on or before Dated at Washington, D.C., this 13th day of October 28, 1966, a written request with the Secre­ February, 1967. tary of the Board, directly or through the Federal Reserve Bank of Richmond, Virginia. The record By order of the Board of Governors. contains no such written request. Voting for this action; Chairman Martin, and Gover­ nors Shepardson, Mitchell, Daane, Maisel, and Brim­ Based upon the evidence adduced at the hear­ mer. Absent and not voting: Governor Robertson. ing, both oral and documentary, the Applicant’s (Signed) Merritt Sherman, brief in support of its proposed findings of fact Secretary. and conclusions of law, and the written comments [seal] of Board counsel, the findings of fact and con­ clusions of law of the Examiner, and reasons in support thereof, follow: 1 Hearing Examiner’s Report and findings of fact Recommended decision 1. The First Virginia Corporation (Applicant), The First Virginia Corporation, a bank holding a Virginia corporation, was organized in 1949. company under the Bank Holding Company Act Prior to April 1959, it was in the general insurance of 1956, as amended, 12 U.S.C. 1841 et seq. agency business as a wholly owned subsidiary of (1966), proposes to organize the First Virginia Old Dominion Bank. At that time it effected a Life Insurance Company, as a wholly-owned, non­ statutory reorganization by which it became the banking subsidiary, which will issue and under­ parent of the bank and adopted its present form write credit life, and accident and health insurance of organization. Pursuant to the requirements of to borrowers of its banking affiliates. Accordingly, the Bank Holding Company Act of 1956 (the it has applied to the Board of Governors of the Federal Reserve System, pursuant to section 1 Applicant’s proposed Findings of Fact Nos. 1 4(c)(8) of the Act, 12 U.S.C. 1843(c)(8) for through 21, inclusive, are adopted without change. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 375 Act), it registered as a bank holding company and Plan of Reorganization whereby the credit with the Board of Governors of the Federal Re­ life insurance business presently owned by Mount serve System (the Board) in January 1957. It Vernon will, through a merger or purchase of presently holds controlling stock interest in twelve assets, be transferred to First Virginia Life which commercial banks in the state of Virginia and in will, simultaneously with or immediately before five non-banking subsidiaries, one of which is First the transfer, become a life insurance company and Virginia Life Insurance Agency, Inc. (Tr. 7). On cease to be an insurance agency. Under the Plan, August 31, 1966, the Applicant had total assets the liquid assets of Mount Vernon in excess of the (adjusted for the then pending acquisition of $1.5 million in capital required by the Insurance Staunton Industrial Bank) of $26,512,934, and Department of the State Corporation Commission total capital accounts of $18,351,266, consisting of Virginia to be retained as capital of the re­ of common stock of $5,133,479 and combined sur­ sulting insurance company, will be transferred to plus accounts of $13,212,787. (Tr. 66) the Applicant. Prior to the transfer, the ordinary 2. First Virginia Life Insurance Agency, Inc. life insurance business presently on the books of (First Virginia Life) was organized under the Mount Vernon will be sold or otherwise disposed laws of Virginia in March 1959 as Mount Vernon of so that the Applicant and its subsidiary will at Insurance Agency, Inc. At that time Applicant ap­ no time be engaged in any business other than that plied to the Board under section 4(c)(6) of the of underwriting credit life and credit health and Act (now section 4(c)(8)) for permission to accident insurance. In consideration of its acquisi­ acquire the shares of and to operate this company tion of the credit life insurance business and other as a wholly owned credit life insurance agency assets of Mount Vernon, the Applicant will issue subsidiary. By order entered October 15, 1959 its preferred and common stock to the present (45 F. R. Bull. 1247), the Board determined that shareholders of Mount Vernon at the rate of one the proposed activities of the company were as share of 5% cumulative convertible preferred described in section 4(c)(6) of the Act so as to stock and one-third share of common stock for make enforcement of the divestiture provisions in each share of Mount Vernon presently held by section 4 of the Act unnecessary. Since that time them. Mount Vernon will thereafter cease to exist. the agency has, in accordance with that order, (Tr. 14, 66; App. Exhibit 1) limited itself solely to the solicitation and sale 5. The State Corporation Commission of Vir­ of credit life, health and accident insurance on ginia, the chartering authority of that State, has borrowers of several of the banks affiliated with informed the Applicant that First Virginia Life the Applicant. (TR. 8, 25) could amend its Articles of Incorporation so as 3. Mount Vernon National Life Insurance to increase its powers and become an insurance Company (Mount Vernon) was formed in 1964 company. (App. Exhibit 3) The Bureau of In­ and began business in March of that year. As of surance of the State Corporation Commission has August 1966, it had produced approximately $34 stated that it will recommend to the State Corpo­ million in life insurance, of which over $28 ration Commission that the latter approve the million was credit life insurance originating with proposed transaction, as it is required to do the banking subsidiaries of the Applicant. The under section 38.1-38 of the Code of Virginia; company has not sold any credit life insurance and that upon compliance with certain provisions through any banks other than Applicant’s subsid­ of the state insurance laws, along with the Com­ iary banks and all of its credit life insurance mission’s requirements regarding capital, sur­ business, including its total disability coverage plus and management of the proposed company, presently in force, is on borrowers of those banks. it will recommend to the Commission that it issue (Tr. 58-59) It is a publicly held company, its First Virginia Life a license to transact its pro­ 550,000 shares being held by about 4500 stock­ posed business. (App. Exhibit 5) holders. It does, however, have some directors 6. Credit life coverage insures policyholding and shareholders in common with those of Appli­ creditors against loss in case of the death of a cant. (Tr. 9, 70) borrower. The amount of credit life insurance sold 4. The Applicant, Mount Vernon, and First never exceeds the amount of the loan. Under the Virginia Life have entered into an Agreement policies presently written by Mount Vernon and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

376 FEDERAL RESERVE BULLETIN • MARCH 1967 offered through Applicant’s banks, no separate surance on loans under 5 years’ duration is written application for insurance, and no evidence of under the provisions of Article 5.1 of Chapter 9 insurability, is required unless the amount of the of Title 38.1 of the Code of Virginia, 1950, as Ioan is between $7,500 and $10,000 (the maxi­ amended. (Section 38.1-482.1 to 482.16) These mum benefit permitted under Virginia law) and provisions are similar to the Model Credit Life the borrower is under the age of 61 years, or un­ Insurance Act which has been adopted in most less the loan is between $5,000 and $7,500 and the states. When the term of the loan exceeds sixty borrower is between 61 and 66 years of age. months, the coverage is written under section In event of death, the balance due on the obligation 38.1-480, but only a regular life agent can write is paid to the creditor-beneficary; that is, the bank, this type of coverage. (Tr. 34) and the payment must be applied against the 10. The Banks, their borrowers, and depositors debtor’s obligation. Collateral held by the creditor benefit from the availability of credit life and dis­ bank as additional security is turned over to the ability coverage, since many loans could not be estate of the deceased borrower, the title being granted if they were not covered by insurance. It free and clear of all liens. (Tr. 33) provides protection for the great majority of 7. Decreasing term insurance is written in con­ borrowers at a standard rate regardless of age nection with loans that are to be repaid in equal or insurability, with maximum convenience, and weekly, semimonthly or monthly instalments. The without the danger of a possible adverse effect amount of coverage decreases as the periodic upon the borrower’s estate. (Tr. 33-34, 36-38) The instalments are paid, and cannot, under Virginia borrowing business of Applicant’s affiliated banks law, exceed the amount of indebtedness at any is largely “Consumer” oriented—that is, a sub­ time. Level term insurance is written in connection stantial portion of the borrowing customers are with loans which are to be repaid in one sum at salaried individuals as opposed to corporations or the end of a fixed period. The single master policy other business customers. This makes credit life provides for either type of coverage, and, in either and disability insurance of substantial importance case, the borrower receives a certificate of in­ to the banking operations conducted by Applicant, surance stating the principal provisions of the from the standpoints of both safety and income. group insurance policy under which he is insured. (Tr. 14) More decreasing term insurance, by far, is sold 11. Credit insurance premium rates are strictly to borrowers from the Applicant’s banks than level regulated by the Insurance Department of the State term coverage. (Tr. 34-35) Corporation Commission of Virginia. These rates 8. Total disability benefits (i.e., credit accident are in line with those approved by the regulatory and sickness insurance) is written only in con­ authorities of most of the states. (Tr. 44, 52, 54) nection with loans repayable in equal instalments. Under Virginia law, the creditor cannot require It is, in effect, an additional benefit rider to credit the borrower to purchase participation in the group life insurance and can be written only on loans policy offered by the creditor, but must permit on which credit life is written. If the borrower him to substitute an existing policy, or to purchase becomes totally disabled, as defined in the contract, comparable coverage elsewhere. (Tr. 16, 25: Code and such disability continues for at least 60 days, of Virginia § 38.1-482) However, ordinary life the borrower is entitled to benefits beginning with agents do not offer comparable coverage and offer the 31st day of total disability. The monthly bene­ alternate forms of life insurance only in larger fit is the lesser of the monthly instalment due on amounts, and for longer terms, than the majority the loan or $250. Since the volume of this in­ of credit transactions require. (Tr. 43) As a prac­ surance produced by Applicant’s banks is relatively tical matter, therefore, alternate coverage is small at this time, this coverage is reinsured 100% available to the borrower only at higher cost than with Continental Casualty Company of Chicago, the credit insurance available through the group Illinois. This arrangement is expected to be con­ plan. tinued until the company is able to write sufficient 12. Credit life insurance, or comparable cover­ volume to produce a broad experience base and age, may be required by the loan officer in some to support a claim department staff. (Tr. 35) instances if the borrower has no other collateral 9. In Virginia, credit life and total disability in­ and the loan cannot otherwise be made. In the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 377 most instances, such life insurance is not required its own life insurance company, Applicant would of borrowers by Applicant’s banks; however, be able to provide its banks and borrowers with most borrowers who are made aware of the exist­ faster, more economical and more direct claim ence of this coverage desire to purchase it. During service. (Tr. 40-41, 47) the month of September 1966, this coverage was 15. The premium rates charged to borrowers purchased by 82.5% of the “direct” loan custo­ for credit life insurance are regulated by the In­ mers of Old Dominion Bank; by 79% of the surance Department of the State Corporation “direct” loan customers of Falls Church Bank; Commission of Virginia, but are established in and by 82% of the “direct” loan customers of the first instance by the insurance company actu­ Mount Vernon National Bank and Trust Company. aries. The policies issued to the banks require the These figures are representative of the usual rate full premium to be collected from the customer at which this coverage is sold. (Tr. 15-16, 18-20) and establish the amount of the premium. If 13. At the present time and for a number of the insurer itself were owned by Applicant, the years past, it has been customary for commercial latter would be in a position to reduce premium banks operating in Virginia, the Distrist of Colum­ costs to the customer should competitive condi­ bia and most of the nation to make credit life in­ tions or the best interest of the banks or their surance programs available to their borrowers. borrowers require it. (Tr. 51) This practice and custom is known to and coun­ 16. Licensed agents are generally required to tenanced by the banking and insurance regulatory write credit life insurance under Virginia law but officials of Virginia and by Federal bank super­ under the procedures utilized by Applicant and its visory authorities. It has been expressly authorized subsidiary banks, no agency relationship is estab­ by the Board with respect to the operations now lished. The banks are deemed by law to be the conducted by First Virginia Life. (Tr. 13; 45 F. R. policy-holders, and they do not, in turn, sell insur­ Bull. 1247 (1959)) ance policies to the borrowers, but issue certificates 14. As compensation for expenses incurred in evidencing the coverage and benefits accruing to the administration of credit insurance programs, them under the bank’s policy. The existence of a banks, as group policyholders, are entitled to life insurance agency, therefore, is not required in participate in certain retrospective rate credits or order to provide the benefits of credit life insur­ rate adjustments which may be realized by their ance to the borrowers of the Applicant’s banks. insurers due to favorable mortality experience. (Tr. 40, 48) Traditionally, commercial banks have the lowest 17. Under the present agency arrangement used mortality losses for all types of lending institutions. by the Applicant, First Virginia Life receives a However, some lending credit insurance companies substantial amount of commission income. If the have made it a practice to pool, or average, the proposed combination of this agency with Mount loss experience of all lending institutions when de­ Vernon is accomplished, the agency itself will dis­ termining premium refunds or adjustments, thus appear and commissions and premium adjust­ penalizing commercial banks by requiring them to ments can be paid directly to the creditor banks, share in the more adverse loss experience of other thereby increasing their income. (Tr. 17, 41) lenders. In addition, the practices of other types of 18. The balance sheet of Mount Vernon, on lending institutions sometimes result in the im­ a pro forma basis as of August 31, 1966, shows position by insurance companies of underwriting total capital shares and surplus of $762,061, and and benefit limitations, such as “suicide clauses” total liabilities, including life reserves, of $414,­ and “pre-existing condition” exemptions, upon all 412. If the acquisition had been effective on that of their creditor policyholders that are neither date, the amount of assets required to be re­ appropriate nor necessary for commercial banks tained in First Virginia Life under section 38.1-88 and their borrowers. Ownership of its own life and 38.1-90 of the Code of Virginia would have insurance company would shield Applicant’s banks been $1,214,412. The balance of the assets and their borrowers from these practices, and of the company would have been transferred to would enable the Applicant to provide its custo­ the Applicant. If such transfer had taken place mers with the most favorable insurance program on that date, the balance sheet of First Virginia possible. In addition, through the ownership of (Corporation only) would have shown total assets Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

378 FEDERAL RESERVE BULLETIN • MARCH 1967 of $31,641,414, and total capital accounts of $23,­ operating gain during the first half of the 1967 479,746, consisting of preferred stock of $5,225,­ fiscal year. (Tr. 65) 000, common stock of $5,312,646 and combined 21. The proposed Articles of Incorporation of surplus accounts of $12,942,100, based on the net Applicant's insurance company subsidiary (to be assets of Mount Vernon and not reflecting any called First Virginia Life Insurance Company) in­ clude the power to write all types of life insurance. proceeds which might be received upon disposition Counsel for Applicant stated that these powers of the ordinary life insurance. In addition, Appli­ were identical to those now possessed by Mount cant has agreed with the Insurance Department Vernon, and that similar corporate powers were of the State Corporation Commission, that it will desired for the resulting company for certain leave additional assets in the amount of $285,588, technical reasons having to do with the insurance so that the company will have a total capital of and merger laws of Virginia and the Federal tax $1,500,000. In the absence of an abnormally high laws; and further, that it was the feeling of Appli­ amount of claims, or a substantial increase in cant that, should it desire to discontinue the premium volume requiring large increases in re­ underwriting of credit life insurance some time in serves, it is not anticipated that additional contri­ the future, the fact that its subsidiary had limited butions to Mount Vernon’s capital will be required powers might adversely affect its ability to ne­ in the future. (Tr. 66-67) gotiate the sale of the company as a whole. The 19. The annual reports of the company, which record includes a letter addressed to the Board were filed with the Insurance Department of Vir­ by the president of the Applicant stating that the ginia for 1964 and 1965, show cumulative operat­ proposed insurance company subsidiary’s activ­ ing losses of $74,966 applicable to its credit life ities will be restricted to the writing of credit life insurance operations. For the eight months ended insurance and credit health and acident insurance, August 31, 1966, the company realized an operat­ and the same restriction is included in the resolu­ ing gain of $27,339, resulting in a net cumulative tions of the Applicant’s Board of Directors ap­ operating loss of $47,627 to date. It is normal for proving the transaction. Counsel has stated that an insurance company to sustain operating losses Applicant will make any other representations and in its early years because of the necessity of estab­ submit any other evidence which the Board may lishing the required life insurance reserves. Be­ require in order to assure itself that the company’s cause of the relatively short term of a credit life business will be so restricted. The record shows insurance policy and its constantly declining no intention on the part of the Applicant, which amount, the initial reserves are released over a will control the operation of the proposed in­ period of a few years. In subsequent years, the surance company, to engage in any aspect of the initial reserves released are netted against reserves insurance business other than credit life and dis­ set up for new policies written, resulting in a ability, or to in any way evade the restrictions smaller net charge to operating income. Mount imposed by the Act and the Board’s Regulation Y. Vernon has discontinued its ordinary life opera­ The Board has supervisory and examining powers tions, and substantial increases in credit life re­ over the Applicant so that it can reassure itself at serves are not expected in the future. (Tr. 59-60) any time that the holding company is not exceed­ 20. If Mount Vernon had conducted only a ing its authorized activities through the subsidiary. credit life insurance business with paid-in capital DISCUSSION of $800,000 (the minimum required by Virginia law), it would have shown operating losses totaling Section 4(a) of the Act prohibits a bank holding $72,671 for 1964 and 1965, and an operating gain company from acquiring or retaining ownership of $34,732 for 1966, or a cumulative net operat­ of any company which is not a bank. Section ing loss from the inception of the company to 4(c)(8) exempts from the prohibitions of section August 31, 1966, or $37,939. Assuming approxi­ 4(a) a company all the activities of which are of mately the same volume of premiums written and an insurance nature and which are so closely re­ the same ratio of claims to earned premiums, the lated to the business of banking or of managing company should eliminate its cumulative net or controlling banks as to be a proper incident operating loss and start to show a cumulative net thereto and as to make it unnecessary for the pro- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

379 LAW DEPARTMENT banking subsidiary of such company, may, as a hibitions of the section to apply in order to carry closely related and proper incident of its bank­ out the purposes of the Act. The legislative purpose underlying the prohibi­ ing business sell as agent or underwriter credit life, health and accident insurance to borrowers tions of section 4(a) of the Act was summarized of its affiliated banks. See First Oklahoma Ban­ by the Senate Committee on Banking and Cur­ rency in Senate Report No. 1095, 84th Congress, corporation, 51 F. R. Bull. 676 (1965) and cases cited therein. Thus, where as here, an applicant 2nd Session as follows: demonstrates that its nonbanking subsidiary will Your committee holds the opinion that bank holding have the experience and resources adequate to companies should confine their activities to the control and management of banks and activities closely related maintain a successful credit insurance program to banking. They should not combine management and that it will be conducted in a manner con­ and control of banking activities with management and control of nonbanking activities. The divestment re­ sistent with the fiduciary role of its affiliated quirements in this bill are designed to remove the banks, while, at the same time, providing a needed danger that a bank holding company might misuse or service not otherwise available to the borrowing abuse the resources of a bank it controls in order to gain an advantage in the operation of the nonbanking public, it is clear that the exemption should be activities it controls. allowed as in harmony with the purposes of the On the other hand, Congress felt that appro­ Act. priate exceptions should be made in order to en­ The applicant, in its brief, has advanced a num­ able bank holding companies to retain ownership ber of persuasive reasons why it should be al­ and control of nonbanking assets where such re­ lowed the requested exemption, notwithstanding tention would not violate the purposes of the Act. that the corporate powers of its proposed subsid­ Accordingly, it authorized the various exceptions iary would permit it to do business as a general found under section 4(c) of the Act, which in­ life insurance company. Such general insurance clude, among others, all activities of a bank hold­ activity could hardly be said to be either “closely ing company of an insurance nature so closely re­ related” or “a proper incident” to the business of lated to the business of banking as to be a proper banking or managing or controlling banks within incident thereto. the meaning of section 4(c)(8) of the Act. As The record shows that the Applicant, with the noted, however, the Applicant has given the Board approval of the Board, has operated a credit life written assurance that its subsidiary will only sell and disability insurance agency through a non­ and underwrite credit life, health and accident banking subsidiary, Mount Vernon Life Insurance insurance. A similar assurance was accepted in Agency, Inc., since 1959. The First Virginia Cor­ Oklahoma Bancorporation, Inc., supra, and on poration, Docket Nos. BHC-49 and 50, 45 F. R. authority of that case, may be accepted here. If Bull. 1247 (1959). The Applicant now proposes the Applicant, through its proposed subsidiary, to replace its insurance agency with a general should conduct a general life insurance business, life insurance company to be known as First Vir­ or even should it pursue the sale of credit life, ginia Life Insurance Company, which will acquire health and accident insurance as an end in itself, the credit life and disability insurance business of or as a routine requirement for the use of money, Mount Vernon National Life Insurance Company, the Board has adequate authority under section an independent company and its current under­ 222.5(b) of Regulation Y, which directs that in­ writer of credit insurance. The Applicant uncon­ surance activities be in fact conducted in accord­ ditionally represents that, although the corporate ance with the criteria of section 4(c)(8) of the powers of the proposed subsidiary will enable it Act, to require divestiture. Thus, the caveat im­ to underwrite a complete line of life insurance, plicit in section 222.5(b) of Regulation Y should it will sell and underwrite no insurance other serve to deter any insurance activity not in accord than credit life, health and accident insurance to with the purposes of the Act. borrowers of its affiliated banks. (App. Exhibit CONCLUSIONS OF LAW H) It is no longer a debatable issue, in proceedings For the foregoing reasons, it is concluded that before the Board under section 4(c)(8) of the the insurance activities to be conducted by First Act, whether a bank holding company, or non­ Virginia Life Insurance Company, a proposed non- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

380 FEDERAL RESERVE BULLETIN • MARCH 1967 banking subsidiary of The First Virginia Corpora­ As required by section 3(b) of the Act, the tion, are so closely related to the business of Board notified the Commissioner of Banks for the banking or of managing or controlling banks as to State of Wisconsin of the application and re­ be a proper incident thereto and as to make it quested his views and recommendation. The Com­ unnecessary for the prohibitions of section 4(a) missioner recommended approval. of the Bank Holding Company Act of 1956, as Notice of receipt of the application was pub­ amended to apply in order to carry out the pur­ lished in the Federal Register on October 21, 1966 poses of the Act. (31 Federal Register 13624), providing an oppor­ RECOMMENDATION tunity for interested persons to submit comments It is recommended that the Board of Governors and views with respect to the proposal. Time for of the Federal Reserve System: filing comments and views has expired and all 1. Enter an order determining the issues in this those received have been considered by the Board. proceeding in accordance with the above Findings It is hereby ordered, for the reasons set forth of Fact and Conclusions of Law, and in the Board’s Statement of this date, that said 2. Grant the request of the First Virginia Cor­ application be and hereby is approved, provided poration for an order pursuant to section 4(c) (8) that the acquisition so approved shall not be of the Bank Holding Company Act of 1956, as consummated (a) before the thirtieth calendar day amended. after the date of this Order or (b) later than three (Signed) Philip J. La Macchia, months after the date of this Order. Hearing Examiner. Dated at Washington, D.C., this 20th day of Washington, D.C. February, 1967. January 13, 1967 By order of the Board of Governors. Voting for this action: Chairman Martin, and Gover­ ORDERS UNDER SECTION 3 OF nors Robertson, Shepardson, Mitchell, Daane, Maisel, BANK HOLDING COMPANY ACT and Brimmer. The Board of Governors issued the following (Signed) Merritt Sherman, Orders and Statements in connection with actions Secretary. approving an application by a bank holding com­ [seal] pany for acquisition of voting shares of a bank and an application for permission for a corporation Statement to become a bank holding company: Marshall & Ilsley Bank Stock Corporation, Mil­ waukee, Wisconsin (“Applicant"), a registered MARSHALL & ILSLEY BANK STOCK bank holding company, has filed with the Board, CORPORATION, MILWAUKEE, WISCONSIN pursuant to section 3(a)(3) of the Bank Holding In the matter of the application of Marshall & Company Act of 1956, as amended (“the Act”), Ilsley Bank Stock Corporation, Milwaukee, Wis­ an application for prior approval of the acquisi­ consin, for approval of acquisition of 80 per cent tion of 80 per cent or more of the outstanding or more of the voting shares of Bank of Green­ voting shares of Bank of Greenfield, Greenfield, field, Greenfield, Wisconsin. Wisconsin (“Bank”), a new nonmember insured Order Approving Application bank. As of June 30, 1966, Applicant’s four sub­ sidiary banks held deposits of $419 million. Bank, There has come before the Board of Governors, a newly organized institution, is located in the pursuant to section 3(a)(3) of the Bank Holding city of Greenfield, about eight miles south of Company Act of 1956 (12 U.S.C. 1842 (a)(3), Milwaukee, and is expected to have $3.8 million as amended by Public Law 89-485), and section in deposits after three years of operation. 222.4(a)(3) of Federal Reserve Regulation Y Views and recommendation of supervisory (12 CFR 222.4(a)(3)), an application by Mar­ authority. As required by section 3(b) of the shall & Ilsley Bank Stock Corporation, Milwaukee, Wisconsin, for the Board’s prior approval of the Act, notice of the application was given to the acquisition of 80 per cent or more of the out­ Commissioner of Banks for the State of Wisconsin. standing voting shares of Bank of Greenfield, The Commissioner recommended approval. Greenfield, Wisconsin. Statutory considerations. Section 3(c) of the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 381 Act provides that the Board shall not approve an of Milwaukee, a major portion of the city of acquisition that would result in a monopoly or Greepfield, and about 70 per cent of the village would be in furtherance of any combination or of Greendale. Bank is competing with two banking conspiracy to monopolize or to attempt to monop­ offices located in its primary service area and olize the business of banking in any part of the seven banking offices that are located elsewhere United States. Nor may the Board approve any but compete therein. Even if Bank’s deposits reach other proposed acquisition, the effect of which, in the estimated $3.8 million after three years’ opera­ any section of the country, may be substantially tion, it will be one of the smallest of these 10 to lessen competition, or tend to create a monop­ banking offices. Holding company subsidiary banks oly, or which in any other manner would be in would control about 11 per cent of the total restraint of trade, unless the Board finds that the deposits held by the 10 offices as compared to anticompetitive effects of the proposed transaction 8 per cent at present. The increases in the amount are clearly outweighed in the public interest by of deposits held by the Applicant and the number the probable effect of the transaction in meeting of its banking offices as a result of the proposed the convenience and needs of the community to acquisition would not tend to create a monopoly, be served. In each case the Board is required to or lessen competition, or restrain trade in any other take into consideration the financial and man­ manner within the Milwaukee Standard Metropoli­ agerial resources and future prospects of the bank tan Statistical Area, the primary service area of holding company and the banks concerned, and Bank, or elsewhere. the convenience and needs of the community to Considering next the probable effect of con­ be served. summation of Applicant’s proposal on existing and Competitive effect of proposed transaction. potential competition, the Board finds that these There are eight bank holding companies operating considerations present no bar to approval of the in the State of Wisconsin, four of which are application. There are no offices of Applicant’s among the State’s 10 largest banking organizations. banks that compete significantly in Bank’s primary Holding companies control approximately 35 per service area. According to the application, only cent of the deposits and 8 per cent of the banking one of Applicant’s six banking offices derives any offices in the State.’ Although the concentration IPC deposits from the area (about .2 per cent of offices of holding company banks has been of that bank’s total deposits). The amount of increasing steadily between 1962 and 1965 (from potential competition between Bank and Applic­ 6.4 per cent to 8.3 per cent), the percentage of ant’s subsidiary banks which would be foreclosed deposits controlled by such banks during the same by consummation of Applicant’s proposal is mini­ period has evidenced almost no increase. Con­ mal. summation of Applicant’s proposal will have no With respect to the competitive force of Ap­ measurable effect on the degree of holding com­ plicant’s group in relation to the other banks pany concentration in the State. Applicant would competing in the service area involved, the rec­ remain the third largest banking organization and ord shows that the banking offices deriving deposits holding company in the State of Wisconsin, con­ from Bank’s primary service area are engaged in active competition. As Bank’s projected share of trolling about 7 per cent of the deposits and less such deposits will only amount to about 3 per cent than 1 per cent of the banking offices. On a State­ after three years of operation, consummation of wide basis, consummation of Applicant’s proposal Applicant’s proposal would not adversely affect would not result in such control by Applicant, by existing competition in the area concerned, or holding company systems, nor by the 10 largest prevent future competition therein. banking organizations as to require disapproval of the application herein. In the light of the foregoing considerations and the facts of record, the Board concludes that con­ Bank’s projected primary service area covers summation of the proposed transaction would not 13 square miles and encompasses part of the city result in a monopoly or be in furtherance of any 1 Banking data are as of December 31, 1965, unless combination or conspiracy to monopolize or at­ otherwise noted. tempt to monopolize the business of banking in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

382 FEDERAL RESERVE BULLETIN • MARCH 1967 any area. The Board further finds that consum­ LINCOLN FIRST GROUP, INC., mation of the proposal would not substantially ROCHESTER, NEW YORK lessen competition, tend to create a monopoly, or In the matter of the application of Lincoln First operate in restraint of trade. Group, Inc., Rochester, New York, for approval Financial and managerial resources and future of action to become a bank holding company prospects. Applicant has been operating as a bank through the acquisition of substantially all of the holding company since 1959. Its financial condi­ voting shares of four banks in the State of New tion and prospects are satisfactory in the light of York. the satisfactory condition and prospects of its subsidiary banks. Applicant’s management, com­ Order Approving Application posed principally of officers and directors of Mar­ There has come before the Board of Governors, shall & Ilsley Bank, is considered experienced and pursuant to section 3(a)(1) of the Bank Holding capable. Company Act of 1956 (12 U.S.C. 1842 (a)(1), Bank has no financial or operating history. How­ as amended by Public Law 89-485), and section ever, its financial structure and its prospects are satisfactory for a new organization. Bank’s man­ 222.4(a)(1) of Federal Reserve Regulation Y (12 CFR 222.4(a)(1)), an application by Lin­ agement is composed of officers and directors of coln First Group, Inc., Rochester, New York, for Applicant and its subsidiaries, as well as responible and successful business and/or professional the Board’s prior approval of action whereby men residing in Greenfield. It is reasonable to ex­ Applicant would become a bank holding company through the acquisition of substantially all of the pect that Bank will be maintained in a sound finan­ voting shares of each of the following New York cial condition under Applicant’s control. banks: Lincoln Rochester Trust Company, Roch­ On the basis of the above considerations, the ester; Lincoln National Bank and Trust Company Board concludes that the proposed acquisition is of Central New York, Syracuse, a proposed new consistent with the sound operation of the banks concerned and that the prospects of Applicant and bank into which would be merged Lincoln Na­ Bank are favorable. Accordingly, the banking tional Bank and Trust Company of Central New York, Syracuse; First-City National Bank of factors are consistent with approval of the ap­ Binghamton, N.Y., Binghamton, a proposed new plication. bank into which would be merged First-City Na­ Convenience and needs of the community in­ tional Bank of Binghamton, N.Y., Binghamton, volved. Bank is the only banking facility in Green­ field, a city with a steadily increasing population and The First National Bank of Jamestown, James­ town, into which would be merged The First Na­ estimated at present to exceed 22,000. Although tional Bank of Jamestown, Jamestown. there is no evidence of a lack of banking services As required by section 3(b) of the Act, the in the primary service area, and no services are Board gave written notice of receipt of the ap­ now available at Bank which are not also furnished plication to the New York State Superintendent by each of the other two banking offices presently of Banks and the Comptroller of the Currency located in the service area, by becoming affiliated and requested their views and recommendations. with Applicant, Bank will be in a better position As discussed in the Statement accompanying this to offer complete, more convenient, and a broader Order, the New York State Banking Board ad­ range of alternative banking services to the busi­ vised this Board of its action, following a recom­ ness community and individuals in Greenfield. mendation of the Superintendent of Banks, ap­ These circumstances are consistent with approval proving an application filed by Lincoln First of Applicant’s proposal. Group, Inc., pursuant to the New York Banking Summary and conclusion. On the basis of all Law involving the same proposal submitted to the relevant facts contained in the record, and in this Board. The Comptroller of the Currency also the light of the factors set forth in section 3(c) recommended approval of the application. of the Act, it is the Board’s judgment that the Notice of receipt of the application was pub­ proposed transaction would be in the public inter­ lished in the Federal Register on October 6, 1966 est and that the application should be approved. (31 Federal Register 13017), providing an op- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 383 portunity for interested persons to submit com­ the new banks to retain the titles and locations ments and views with respect to the proposed of the existing banks. transaction. A copy of the application was for­ As of December 31, 1965,1 Applicant’s pro­ warded to the Department of Justice for its con­ posed subsidiaries, one of which is located in sideration. Time for filing comments and views each of New York Banking Districts 6, 7, 8, and has expired and all those received have been 9, held deposits aggregating $961 million and considered by the Board. operated 64 offices in 13 of the 29 counties in the It is hereby ordered, for the reasons set forth four Districts. Lincoln Rochester, the largest of in the Board’s Statement of this date, that said Applicant’s Group, is a State-chartered bank; and application be and hereby is approved, provided the other three banks are national banks. that the acquisition so approved shall not be Views and recommendations of supervisory consummated (a) before the thirtieth calendar authorities. As required by section 3(b) of the day following the date of this Order or (b) later Act, inasmuch as both a State and nationally than three months after the date of the Order. chartered banks are involved, notice of receipt Dated at Washington, D.C., this 2nd day of of the application was given to, and views and March, 1967. recommendations requested of, the New York By order of the Board of Governors. State Superintendent of Banks and the Comp­ troller of the Currency. Pursuant to Article III-A Voting for this action: Chairman Martin, and Gover­ nors Shepardson, Mitchell, Daane, Maisel, and Brim­ of the New York Banking Law, an application mer. Voting against this action: Governor Robertson. for approval had been filed with the New York (Signed) Merritt Sherman, Banking Board involving the same proposal. The Secretary. Superintendent of Banks recommended favorably [seal] to the Banking Board on Applicant’s proposal, and the application was approved by the Banking Statement Board. A copy of the Superintendent’s written rec­ Lincoln First Group, Inc., Rochester, New ommendation to the Banking Board, containing York (“Applicant”), has filed with the Board, his reasons for favoring approval of the proposal, pursuant to section 3(a)(1) of the Bank Holding was transmitted to the Board. The Comptroller of Company Act of 1956, as amended (“the Act”), the Currency also recommended approval of the an application for approval of action to become application accompanied by a statement support­ a bank holding company through the acquisition ing that recommendation. of substantially all of the voting shares of the Statutory considerations. Section 3(c) of the following New York banks: Lincoln Rochester Act provides that the Board shall not approve an Trust Company, Rochester, New York (“Lincoln acquisition that would result in a monopoly, or Rochester”); Lincoln National Bank and Trust would be in furtherance of any combination or conspiracy to monopolize or to attempt to monop­ Company of Central New York, Syracuse, New olize the business of banking in any part of the York (“Lincoln Syracuse”), a proposed new United States. Nor may the Board approve any bank; First-City National Bank of Binghamton, other proposed acquisition, the effect of which, N.Y., Binghamton, New York (“FNB Bingham­ in any section of the country, may be substantially ton”), a proposed new bank; and The First Na­ to lessen competition, or tend to create a monop­ tional Bank of Jamestown, Jamestown, New York oly, or which in any other manner would be in (“Jamestown National”), a proposed new bank restraint of trade, unless the Board finds that the (collectively referred to as “Applicant’s Group”). anticompetitive effects of the proposed transaction Applications have simultaneously been filed with are clearly outweighed in the public interest by the Comptroller of the Currency for permission the probable effect of the transaction in meeting to merge Lincoln National Bank and Trust Com­ the convenience and needs of the community to pany of Central New York, First-City National be served. In each case the Board is required to Bank of Binghamton, N.Y., and The First National Bank of Jamestown into the respective newly 1 Banking data are as of this date, unless otherwise organized national banks bearing the same name, noted. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

384 FEDERAL RESERVE BULLETIN • MARCH 1967 take into consideration the financial and manage­ summation of Applicant’s proposal on existing and rial resources and future prospects of the bank potential competition, the Board finds that such holding company and the banks concerned, and considerations present no bar to approval of the the convenience and needs of the community to application. The primary service area of each be served. of the proposed subsidiary banks appears to be Competitive effects of proposed transaction. coextensive with the head office county, except Applicant would be the 11th largest commercial that the primary service area of Jamestown Na­ banking organization in New York State, con­ tional appears to be the southern half of Chau­ trolling 64 banking offices and approximately tauqua County. At least 70 miles separate each $961 million of deposits, representing about 3 of the head office cities of the four banks in­ per cent of the commercial banking offices in the volved. In no instance does the primary service State and about 1.5 per cent of the $64.3 billion area of a bank in Applicant’s Group overlap that of deposits held by them. Lincoln Rochester ($616 of another of the Group’s banks; and with but million deposits) is the largest of the proposed one exception, no bank in the Group has an subsidiaries in Applicant’s Group, ranking 14th office within 20 miles of an office of any other in deposit size among the State’s commercial bank­ of the Group’s banks. Analysis of the origins of ing organizations. the deposits, loans, and trust accounts of the As earlier noted, each of the four proposed sub­ proposed subsidiaries reflects an insignificant sidiary banks is located in a different Banking amount of overlap between or among the four District. The four-District area encompassing the banks in Applicant’s Group; such overlap as does four banks covers most of western and central exist appears to represent only convenience ac­ New York State. Within this area, the proposed counts. It is reasonable to conclude that there is holding company would be the second largest virtually no existing competition between or among commercial banking organization and would con­ the proposed subsidiaries. trol 11 per cent of the offices and 16 per cent of In the light of the geographical locations of the the $6.2 billion of deposits controlled by the banks in Applicant’s Group, the distances separat­ commercial banks in this area. If the offices and ing them, and in view of the banking laws of New deposits of the mutual savings banks located in York State that provide “home office” protection the four-District area are considered (58 offices and restrict branching or merging outside the home had $3.5 billion of deposits), Applicant’s system Banking District, there is little prospect that, would control 10 per cent of the offices and de­ absent this proposal, effective competition between posits in the four-District area. In the Board’s or among the Applicant’s banks would develop. judgment, neither in regard to the State as a Accordingly, the Board concludes that consumma­ whole nor within the aforementioned four-District tion of the proposal would not have a significant area would Applicant’s control of banking offices effect upon potential competition between or and resources be of such size or character as to among the proposed subsidiaries. preclude approval of the system proposed. Further, The four-District area where the proposed sub­ in any area smaller than a combination of the sidiaries are located had, in 1960, a population four Districts involved, the proposal would have of over four million. The area’s diversified econ­ no effect on concentration. In each banking Dis­ omy is supported by industrial, commercial, and agricultural enterprises as well as by a number trict and each primary service area2 involved, of educational institutions. The Superintendent consummation of Applicant’s proposal would not of Banks reports that the western and central change the existing concentration of commercial portions of the State have grown faster in popula­ bank deposits, and the number of competitors tion and employment since 1950 than the upstate would remain the same. area generally, or the State as a whole, and that Considering next the probable effect of conthe area is expected to experience continued population growth and economic expansion. 2 The area from which the proposed subsidiary banks The three largest commercial banking organiza­ draw respectively, at least 75 per cent of their de­ posits of individuals, partnerships, and corporations tions in the four-District area control 39 per cent (“IPC deposits”). * of the offices and 53 per cent of the deposits of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 385 commercial banks; and consummation of the pro­ the proposed subsidiaries within its own District posal herein would raise each percentage by 6 indicates that no substantial anticompetitive effect per cent. While such increase in the present con­ would result from formation of the proposed hold­ centration of commercial banking resources would, ing company. In the Sixth District, First Trust viewed without reference to the existing area and Deposit Company, Syracuse (with deposits banking structure, weigh somewhat against ap­ of $225 million) ranks first among the 27 com­ proval of Applicant’s proposal, the Board finds mercial banks; the Marine Midland banks rank persuasive the assertions made by Applicant and second and sixth with combined deposits of $343 the conclusions of the bank supervisory authorities million; and Applicant’s bank with deposits of whose views were solicited that consummation of approximately $177 million ranks third. In the the proposal herein will stimulate rather than les­ Seventh District, the Marine Midland bank ranks sen competition within the four-District area in­ first among the 34 commercial banks and is about volved. l'/z times as large as Applicant’s bank which Marine Midland Corporation (“Marine Mid­ ranks second with deposits of $113 million. In land”), a bank holding company, operating six the Eighth District, where there are 32 commercial banks with 154 banking offices and almost $2 banks, Applicant’s bank ranks first with deposits billion of deposits in the four-District area, is an of $616 million; the Marine Midland bank ranks apparently dominant factor in the commercial second with deposits of $308 million; and Security banking business conducted by the 130 com­ Trust Company, Rochester, the lead bank in a mercial banks located in the four-District area. bank holding company system (Security New Marine Midland controls about 25 per cent of the York Corporation) ranks third. In the Ninth Dis­ area’s commercial banking offices and 32 per trict, where there are 37 commercial banks,3 cent of the deposits. The second largest commer­ Marine Midland is the largest banking organiza­ cial banking organization in the four-District area tion; it has two banks with over $1 billion in com­ is Manufacturers and Traders Trust Company, bined deposits. In Jamestown, the Ninth District Buffalo, an independent bank. It appears to the city where Applicant’s bank is located, the Marine Board that the affiliation proposed would improve Midland bank has $75 million of deposits, whereas the competitive .position of Applicant’s banks vis­ each of its two main competitors, one of which is a-vis Marine Midland’s banks, two of which are in Applicant’s Group, has about $55 million of located in the Sixth and Ninth Districts, and one deposits. each in the Seventh and Eighth Districts. It further In each of the four primary service areas of appears that Applicant’s Group will also be able Applicant’s banks, as well as in the Rochester, to offer more effective competition than that now Syracuse, and Binghamton Standard Metropolitan offered by the four banks individually to the large Statistical areas, there are numerous commercial New York City banks (two of which are presently banks of various sizes, offering competition to affiliated with upstate banks in New York City­ Applicant’s banks. As earlier noted, the affiliation based holding company systems) that seek busi­ proposed would not reduce the number of com­ ness originating upstate, particularly the business petitors nor the number of banking alternatives of large commercial cutomers who require and available to the public. With respect to services seek wholesale banking services. usually offered by large banks, more immediately The significance of the apparent concentration accessible alternatives would be provided by the of banking resources in the four-District area is affiliation herein proposed. In the Jamestown area, further lessened by the facts in the record showing competition would be stimulated through the that, within this area, there are also 27 mutual strengthened position of Jamestown National; and savings banks with deposits of $3.5 billion, 71 competition would be somewhat increased also in savings and loan associations with $1.1 billion of the Binghamton area by virtue of the fact that the accounts, and various other financial institutions affiliation would remove “home office” protection with substantial funds that offer services that are from FNB Binghamton. The Board concludes that in competition with many commercial banking and trust services. 3 Adjusted for July 1966 merger of State Bank of Analysis of the competitive position of each of Kenmore with Bank of Buffalo. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

386 FEDERAL RESERVE BULLETIN • MARCH 1967 the proposed system affiliation would have no banks, a variety of new or expanded services, in­ significantly adverse effect on competing banks in cluding services related to international commer­ any of the primary service areas concerned. cial transactions and municipal financing, and the Summarizing, the Board concludes, on the basis more sophisticated of computer, trust, investment, of the record presented, that consummation of and loan services. In so doing, Applicant would Applicant’s proposal would not result in a monop­ provide additional alternative sources for these oly nor be in furtherance of any combination or types and degrees of services, resulting in some conspiracy to monopolize or attempt to monop­ added convenience for the customers of the pro­ olize the business of banking in any relevant area posed subsidiaries, particularly for the medium­ of the State. The Board further concludes that sized and large businesses, and enabling the sub­ formation of Applicant’s holding company would sidiary banks to become more competitive in their not substantially lessen competition, tend to create local areas. In view of the continuing commercial a monopoly, nor operate in restraint of trade in and industrial development in the upstate area, any relevant area. Rather, as expressed by the generating increasing demands for large lines of Superintendent of Banks, the subject proposal credit and sources of municipal financing, the may reasonably be viewed as a healthy develop­ aforestated likely results of Applicant’s proposal ment in that it would combine the aspects of a are found by the Board to weigh toward approval “regional holding company” with those of a “pre­ thereof. dominantly upstate holding company” affording Summary and conclusion. On the basis of all to each of the three smaller banks a strengthened relevant facts contained in the record, and in the competitive position within its own District, with­ light of the factors set forth in section 3(c) of the out adverse effect on their intra-District smaller Act, it is the Board’s judgment that the proposed competitors. transaction would be in the public interest and Financial and managerial resources and future that the application should be approved. prospects. Applicant has no financial or operating Dissenting Statement of history. However, its pro forma financial condition Governor Robertson and its future prospects are considered satisfactory in the light of the satisfactory condition and pros­ The evidence of record fails to persuade me pects of the proposed subsidiaries and the fact that that the Board’s action in approving the formation the area concerned may be expected to experience of Lincoln First Group, Inc., will result in any favorable business conditions and a continued measurable benefit to the communities affected; growth in population. Applicant’s stated intention on the contrary, the joining together of four banks to strengthen the capital accounts of the subsidiary in upstate New York, three of which hold deposits banks, as circumstances warrant, and its ability in excess of $100 million, one of which, with de­ to do so, weigh somewhat in favor of approval. posits of $600 million, is the largest bank in the Applicant’s management, composed of senior Eighth New York State Banking District, rep­ officers of the subsidiary banks, is considered resents one more giant step in the process, in­ qualified and experienced. It is reasonable to expect herently inimical to the public interest, of con­ that the banks will be maintained in a sound finan­ centrating in a few organizations the banking re­ cial condition under Applicant’s control. sources of the State. The Board concludes that the banks, operating In April 1966, I joined in the unanimous action as subsidiaries of Applicant, will continue their of this Board in approving the formation of Se­ records of sound operations, and that their pros­ curity New York State Corporation, a holding pects are favorable. Accordingly, considerations company system composed of two upstate New related to the banking factors are consistent with York banks, one a $260 million bank and the approval of the application. other an $11 million bank. At the same time I Convenience and needs of the community in­ dissented from Board action approving the forma­ volved. Applicant has not contended that the tion of two New York City-based bank holding major banking requirements in any of the areas companies, each of which involved the joining to­ concerned are presently unserved. However, Ap­ gether of a multi-billion dollar New York City plicant proposes to offer, through the three smaller bank with upstate institutions having in excess of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 387 $100 million of deposits. Whereas I concluded that ernment should not give its blessing to the harness­ the Security Corporation proposal would result ing together of large institutions, simply for the in increased competition for larger upstate banking purpose of creating an institution even more institutions, and would result in the rendition of powerful, unless there is convincing evidence that improved and expanded services to certain cus­ the public will benefit from this increased power. tomers of the upstate banks involved, I found no This is especially true of banks, in view of the similar public benefits offered by the two New extent of their power and influence at all levels York City-based holding company proposals that of economic activity. In my judgment the public would overweigh the anticompetitive consequences is best served by a banking system in which there inherent in their formations. Accordingly, I con­ are many viable units competing with each other cluded that the Board’s action with respect to the to serve public needs. Hence, I look with appre­ one case was wholly consistent with the clear hension on the current trend in many areas to intent of Congress in enacting the Bank Holding concentrate banking power in a few large organiza­ Company Act of 1956, and that its actions with tions against which the remaining small ones respect to the two latter cases were contrary cannot effectively compete and must of necessity, to that intent. sooner or later, submit to takeovers. Once again I am compelled to dissent from Consummation of this proposal will, of course, the findings and action of the Board. As in my eliminate all possibility of future competition be­ previous departure from the Board’s approval tween and among the four banks that, on the actions with respect to the New York City-based basis of the banks’ past and prospective growth holding companies, I am unable to find in the rates, is reasonably anticipated to develop. The record before the Board convincing evidence of potential for such future competition is strongly any existing unserved major banking needs in the reflected in the proposal of the State Superintend­ area served by the four banks involved. As presently ent of Banks that existing district line restrictions constituted, most certainly three, and probably against bank expansion be dissolved in favor of all four, of the proposed subsidiary banks can re­ a two-district structure that would enable upstate spond to any reasonable need for banking services banks, such as the four banks here involved, to arising in their respective areas, either alone or expand their operations throughout upstate New through correspondent bank participations. York. Each of the four banks has experienced sound Inasmuch as I find Applicant’s proposal to have growth, and the economic outlook for their re­ substantially adverse competitive consequences spective service areas augurs for similarly sound with little or no public benefit, I would deny the future growth and expansion of operations. Gov­ application. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Announcements CHANGE IN BOARD’S STAFF REDUCTION IN RESERVE REQUIREMENTS Ralph A. Young, Senior Adviser to the Board and On February 28, 1967, the Board of Governors former Director of the Division of International of the Federal Reserve System announced a reduc­ Finance and of the Division of Research and Sta­ tion in member bank reserve requirements. tistics, retired on March 21, 1967. The action is intended to assist in meeting He was appointed to the Board’s staff in 1946 developing credit needs throughout the country as an Assistant Director of the Division of Re­ in a manner consistent with the Federal Reserve’s search and Statistics. Prior to that, Mr. Young, policy objectives of assuring that the availability who received his Ph.D. from the University of of credit is adequate to provide for orderly Pennsylvania, was a Professor of Economics at economic growth. the Wharton School of Finance and Commerce of Reserve requirements are being reduced from that University, Chairman of the Wharton School’s 4 per cent to 3 per cent against savings deposits, Economics Department, and Director of the Finan­ Christmas and vacation club accounts, and the cial Research Program at the National Bureau of first $5 million of other time deposits at each Economic Research, Inc. member bank. The reduction is to be made in In 1947 Mr. Young was named Associate Di­ two equal steps: the first, from 4 to 3’/2 per cent, rector of the Division of Research and Statistics, to become effective with the reserve computation and in 1949 became the Director. He was made an period beginning March 2, 1967; and the second, Adviser to the Board in 1960; from March 1961 from 3'/2 to 3 per cent, to become effective with until November 1966 he served both as Adviser to the reserve computation period beginning March the Board—later Senior Adviser—and as Director 16, 1967. of the Division of International Finance. Mr. It is estimated that the combined effect of these Young has also served as Secretary and Associate changes will be to reduce required reserves at Economist for the Federal Open Market Commit­ member banks by about $850 million—approxi­ tee, has represented the Board at meetings of the mately $500 million at country banks and $350 Economic Policy Committee of the Organization million at reserve city banks. for Economic Cooperation and Development, and has participated in numerous international con­ SPECIAL STUDY ferences relating to economic and monetary The Board of Governors of the Federal Reserve matters. System announced on March 1, 1967, that the System is undertaking a study of recent develop­ ELECTION OF DIRECTOR ments in the bank credit card and check credit On February 28, 1967, the Federal Reserve Bank field as one phase of its continuing interest in of Minneapolis announced the election of Neil G. credit developments. Because of the rapid spread Simpson as a Class B director of the Bank to of a variety of credit card and check credit plans serve for the remainder of a term expiring De­ among banks in all parts of the country, this type cember 31, 1967. Mr. Simpson is President of of credit is becoming one of the more important the Black Hills Power and Light Company, Rapid and dynamic components of consumer credit. City, South Dakota. As a director of the Min­ As such, the emergence of this type of credit may neapolis Bank, he succeeds Joyce A. Swan, Ex­ have a significant impact on developments in the ecutive Vice President and Publisher, Minneap­ consumer credit area, both in extending the scope olis Star and Tribune, Minneapolis, Minnesota, of expenditures made on credit and in affecting who was appointed as a Class C director and the pattern of consumer spending and saving. designated Chairman of the Bank board effective The study will assemble information on the January 1, 1967. nature of the various credit card and check credit 388 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 389 plans now in use by banks; assess the implica­ Data for the 8 additional SMSA’s have been tions of bank activities in this area for bank com­ combined with those in the former series “Total petition, bank supervision, and the banking struc­ 225 SMSA’s” bringing the total number of report­ ture; compile data on the amount of this type of ing SMSA’s and selected centers up to 233. (The credit in relation to the total volume of consumer series “Leading SMSA’s, New York and 6 other,” credit; and evaluate the impact that its further was not affected by the additional SMSA’s.) expansion may have on the financing of consumer The revised series is shown in the regular expenditures and on consumer savings. The in­ Bulletin table “Bank Debits and Deposit Turn­ formation is being gathered and analyzed by a over” on page 403 beginning with figures for Janu­ System task group made up of members of the ary 1966. The list of reporting areas and the research staffs of the Federal Reserve Banks and summary figures published in the Board’s monthly the Board of Governors. Results will be published release G. 6, “Bank Debits and Deposit Turn­ in aggregate form following completion of the over,” also include the revised data. Revised data study. by months for individual SMSA’s and for the sum­ mary series for 1964, 1965, and 1966 will be pub­ DATA ON NUMBER OF MEMBER BANKS lished in the revised annual releases (C. 5). BORROWING FROM THE FEDERAL RESERVE Data on numbers of member banks borrowing NEW DEPOSITS, TURNOVER, AND from the Federal Reserve through its discount win­ BANK DEBITS SERIES dows, by reserve class, reserve period, and District, Incident to revision of the debits series a new have not been regularly published as a System monthly series has been inaugurated showing statistical series. However, the Board is now mak­ seasonally adjusted deposits, deposit turnover, and ing such statistics covering the years 1956-66 bank debits for each of the 233 SMSA’s and available for use in research projects. Requests centers referred to above. Monthly deposits and should be addressed to the Division of Research turnover data for individual SMSA’s have not been and Statistics, Board of Governors of the Federal published previously. The series begins with data Reserve System, Washington, D.C. 20551. for January 1967. Requests for this new release Tables showing annual national totals for the (G. 11) entitled “Debits, Demand Deposits, and years 1959-66 appear on pages 368-69 of this Turnover,” should be sent to Publications Services, Bulletin. Division of Administrative Services, Board REVISION OF BANK DEBITS AND DEPOSIT of Governors of the Federal Reserve System, TURNOVER SERIES Washington, D. C. 20551. The bank debits and deposit turnover series has been revised to reflect the application of improved ERRATA adjustment factors both for seasonal variation and In the table entitled “Money Market Rates” on for number of business days in the month and to page 271 of the February 1967 Bulletin, the include data for eight additional Standard Metro­ weekly figures for January 1967 for certain U.S. politan Statistical Areas (SMSA’s). Government securities are incorrect. The following The previous adjustment factors were based tabulation shows the correct figures for those issues almost entirely on data from the former “city that were affected. center" series, while the new factors were deter­ mined predominantly from monthly data for the U. S. Government Securities (Taxable) years 1964, 1965, and 1966 reported for the pres­ 9- to 12-month issues ent “SMSA series.” This series was described in 6-month 3- to 5- Period bills (mar­ year the article “Revision of Bank Debits and Deposit ket yield) B k i e l t ls y ( i m el a d r ) ­ Other issues Turnover Series,” in the March 1965 Federal Re­ serve Bulletin. The fundamentals of the adjust­ 1967—Jan. 7.......... 4.88 4.76 4.90 4.82 ment procedure now being used have not changed 2 1 1 4 4 4. . 7 8 0 4 4 4 . . 6 5 7 6 4 4 . . 7 6 6 4 4 4 . . 6 7 5 6 from those described in that article. 28......... 4.65 4.54 4.63 4.68 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication March 16 Industrial production and retail sales declined of most other durable and nondurable materials in February. While total nonfarm employment in­ declined in February. creased further, employment in manufacturing de­ clined, and the average workweek fell sharply. EMPLOYMENT The unemployment rate was about unchanged. Total nonfarm employment continued to expand Bank credit, time and savings deposits, and the with increases in services, construction, and in money supply rose. Yields on most U.S. Govern­ Government. Manufacturing employment, how­ ment securities declined between mid-February ever, declined by 65,000 in February, reflecting and mid-March and yields on corporate and small but widespread declines in major industries. municipal bonds turned down in early March. The unemployment rate remained close to the INDUSTRIAL PRODUCTION January level. The average workweek of factory Industrial production declined 1.3 per cent fur­ workers declined by 0.7 hours and, at 40.3 hours, ther in February to 155.9 per cent of the 1957-59 was more than 1 hour shorter than the postwar average, a level 2.3 per cent above that a year peak reached in 1966. earlier. Declines in output were general among final products and materials. DISTRIBUTION Auto assemblies decreased 15 per cent in Feb­ The value of retail sales declined 1.7 per cent ruary from the reduced January rate. Production in February from January and was about the same cutbacks were scheduled in February, but severe as a year earlier. January sales were revised up­ snowstorms and work stoppages reduced output ward to a level 1.3 per cent above December and further. Output of home appliances, television were equal to the peak last September. sets, and furniture declined, while production of Unit sales of new domestic autos were down consumer staples changed little. Output of business 10 per cent in February and sales at furniture and equipment, which edged off from a record level in appliance stores declined about 5 per cent. Sales January, fell 1.6 per cent further in February. at nondurable goods stores were unchanged from Production of iron and steel changed little in the record January rate with declines at apparel February but was reduced in early March. Output and department stores offset by gains at other INDUSTRIAL PRODUCTION nondurable goods stores. COMMODITY PRICES Wholesale prices of foodstuffs and industrial materials generally declined somewhat further in February and early March. Domestic copper scrap and world prices for copper were down sharply. Wheat prices, however, increased on reports of dry weather in producing regions. Prices of some chemicals and other manufactured products were raised. BANK CREDIT, DEPOSITS, AND RESERVES Commercial bank credit increased $1.7 billion in February, a considerably less rapid pace than F.R. indexes, seasonally adjusted. Latest figures shown are over the December-January period. Total loans defor February. 390 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 391 dined somewhat, as heavy repayments of security borrowings declined substantially while excess re­ and finance company loans more than offset mod­ serves dropped nominally. erate increases in most other categories. Bank acquisition of municipal and agency issues contin­ SECURITY MARKETS ued at about the same rapid rate as in the previous Yields on Treasury bills declined sharply be­ month and bank holdings of U.S. Treasury issues tween mid-February and mid-March, with the also rose. 3-month bill bid at around 4.25 per cent in the Time and savings deposits at commercial banks middle of March. Short- and intermediate-term increased $2.7 billion in February, a little more Government securities also declined in yield over than the large January rise. The money supply the same period, while rates on long-term bonds rose $900 million, more than offsetting the pre­ were down slightly on balance. vious month’s reduction. U.S. Government depos­ Yields on corporate and municipal bonds ad­ its at commercial banks were about unchanged, vanced throughout the latter half of February, but following a sharp rise in January. turned down in March. Common stock prices fluc­ Total and required reserves rose substantially tuated within a narrow range between mid-Febru­ further in February. Over the four statement ary and mid-March, but showed a modest net gain weeks ending February 22, free reserves averaged over the period. Trading volume has been very about $40 million compared with net borrowed large thus far in March, averaging 11 million reserves of $60 million in January. Member bank shares a day. PRICES WHOLESALE CONSUMER 1957-59=100 120 110 100 90 120 HO 100 90 1963 1961 1967 1963 1965 1967 Bureau of Labor Statistics indexes. Latest figures shown for consumer prices, January; for wholesale prices, January. shown, week ending Mar. 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, n, L Liabilities III , IV Quarters S Sources of funds n.a. Not available U Uses of funds n.e.c. Not elsewhere classified Amounts insignificant in terms of the par­ S.A. Monthly (or quarterly) figures adjusted ticular unit (e.g., less than 500,000 for seasonal variation when the unit is millions) (1) Zero, (2) no figure to be expected, or (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. “U.S. Govt, securities” may include guaranteed issues of U.S. Govt, agencies (the flow of funds figures also in­ clude not fully guaranteed issues) as well as direct obligations of the Treasury. “State and local govt.” also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled Note (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued . Issue Page Flow of funds............................................................ Jan. 1967 148-57 Banking and monetary statistics, 1966................ Mar. 1967 456-70 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 15 36-46 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 392 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.......... 394 Reserve Bank discount rates; margin requirements; reserve requirements..................... 399 Bank deposits; open market transactions; Federal Reserve Banks................................... 401 Bank debits; currency in circulation ................................................................................... 404 Money supply and bank reserves; banks and the monetary system................................. 406 Commercial and mutual savings banks, by classes ............................................................ 410 Commercial banks ............................................................................................................... 411 Weekly reporting banks.......................................................................................................... 414 Business loans ....................................................................................................................... 418 Interest rates ........................................................................................................................... 419 Security prices; stock market credit .................................................................................... 420 Open market paper; savings institutions ............................................................................ 421 Federally sponsored credit agencies..................................................................................... 423 Federal finance......................................................................................................................... 424 U.S. Government securities................................................................................................... 426 Security issues........................................................................................................................... 430 Business finance ................................................................................................................... 432 Real estate credit .................................................................................................................. 434 Consumer credit .................................................................................................................... 438 Industrial production.............................................................................................................. 442 Business activity; construction............................................................................................... 446 Employment and earnings ..................................................................................................... 448 Wholesale and consumer prices ............................................................................................ 450 National product and income series...................................................................................... 452 Flow of funds.......................................................................................................................... 454 Banking and monetary statistics, 1966 ............................................................................. 456 Guide to tabular presentation ............................................................................................... 392 Index to statistical tables ...................................................................................................... 497 The data for F.R. Banks and member banks and eral finance, and Federal credit agencies are ob­ for consumer credit are derived from regular tained from Treasury statements. The remain­ reports made to the Board; production indexes ing data are obtained largely from other are compiled by the Board on the basis of data sources. For many of the banking and monetary collected by other agencies; and flow of funds series back data and descriptive text are avail­ figures are compiled on the basis of materials able in Banking and Monetary Statistics and from a combination of sources, including the its Supplements (see list of publications at end Board. Figures for gold stock, currency. Fed­ of the Bulletin). 393 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

394 BANK RESERVES AND RELATED ITEMS MARCH 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 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 , u g u s g h t­ e t h c t u R r m c a i h e t g e i p a e r n s e u s t e e 1 r s ­ ­ c v D o a a a n u n d is d c n ­ ­ e t s s Float 2 t T al o ­ 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 r n y g c a t ­ ­ y d s­ ­ r C c t e c u i i n u o i n l r c a r n ­ y ­ ­ T h c i r u n o a e r g l s a y d h s s ­ ­ T u t r h e r w y a a i n s t ­ h m r e F e F e s . e i m R o g r r v n . b ­ e e B s r , O a b n t a k h n s e k r 2 c O F o a t u . c h R n ­ e . t r s B W F a R n it k h . M s e r m c e r C e o a s b n e n i u e n r c d r r v y ­ e 4 b s an T k o tal Averages of daily figures 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 z;2i 1 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 23,708 23;708 381 65224,744 20,047 4.322 28.452 2; 269 625 1 .'247 493 16,027 16;027 1950—Dec........... 20,345 20,336 9 142 1,11721,606 22,879 4,629 27.806 1 ,290 615 920 353 739 17,391 17,391 1956—Dec........... 24,765 24,498 267 706 1,633 27,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec........... 23,982 23,615 367 716 1,443 26,186 22,769 5,144 31,932 768 385 345 186 1,063 19;420 19,420 1958—Dec........... 26.312 26,216 96 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec........... 27,036 26,993 43 911 1,42629,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 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 40,772 113 490 2,34943,853 13,799 5,565 42,206 808 683 154 231 389 18,747 3,972 22,719 1966—Feb........... 40,635 40,437 198 498 1,87043,116 13,734 5,653 41,224 834 798 140 234 789 18,482 3,751 22,233 Mar.......... 40,398 40,387 11 571 1,82442,943 13,700 5,700 41,394 861 479 158 291 746 18,414 3,746 22,160 Apr........... 40,629 40,587 42 647 1,93443,339 13,632 5,768 41,671 941 311 148 398 505 18,766 3,762 22,528 May......... 41,129 41,012 117 743 1,877 43,891 13,565 5,838 41,858 968 670 138 386 512 18,762 3,725 22,487 June......... 41 ,672 41,653 19 685 1,93644,498 13,500 5,916 42,296 1 ,033 824 152 394 535 18,679 3,855 22,534 July........... 42,221 42,210 11 767 2,62445,737 13,415 5,971 42,825 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 2,21546,802 13,158 6,350 43,957 1,225 566 153 442 203 19,765 4,305 24,070 Feb........... 44,215 43,915 300 362 1,87546,587 ”13,144”6,410 ”43,525”1,253 609 136 448 496 19,675”4,030”23,705 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 42^816 13,733 5,615 41,237 839 746 144 231 481 18,485 3,966 22.451 Feb. 2................ 40,548 40,299 249 439 1,907 43,005 13,732 5,635 41,085 830 834 178 235 540 18,669 3,869 22,538 9................ 41,117 40,708 409 523 1 ,671 43,425 13,734 5,646 41,196 833 879 152 235 713 18,796 3,527 22,323 16................ 40,809 40,542 267 473 1,73943,130 13,733 5,647 41,283 833 910 135 236 745 18,368 3,785 22,153 23................ 40,224 40,224 540 2,041 42,912 13,733 5,660 41,219 840 681 129 232 876 18,329 3,777 22,106 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 1,63743,325 13,633 5,739 41 ,510 930 309 173 387 607 18,782 3,576 22,358 13................ 40,821 40,787 34 623 1,86943,431 13,633 5,760 41,864 933 138 158 395 558 18,778 3,624 22,402 20................ 40,301 40,301 706 2,17643,293 13,632 5,776 41,768 951 268 146 406 448 18,713 3,914 22,627 27................ 40,446 40,446 666 1,98843,254 13,632 5,781 41,563 949 466 133 404 454 18,699 3,916 22,615 May 4 .............. 40,837 40,755 82 637 1,92843,560 13,633 5,797 41,605 935 510 157 400 417 18,966 3,769 22,735 11 .............. 41,239 40,940 299 702 1,77743,831 13,618 5,819 41,834 941 517 131 391 411 19,044 3,549 22,593 18................ 40,947 40,812 135 685 2,025 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 1,765 44,230 13,533 5,888 42,226 992 737 146 392 617 18.542 3,662 22,204 15................ 41,659 41,601 58 800 1,80944,450 13,533 5,911 42,356 1,018 909 136 388 567 18,518 3,812 22,330 22................ 41 ,528 41,528 697 2,25444,665 13,505 5,931 42,327 1 .052 799 155 394 499 18,876 3,843 22,719 29................ 41 i795 41,795 776 H97944,783 13,432 5,933 42,251 1,076 855 152 390 472 18,952 3,984 22,936 July 6................ 42,585 42,581 4 832 2,00645,659 13,434 5,965 42,637 1,065 710 208 428 454 19,554 3,619 23,173 13................ 42,656 42,653 3 818 2,43046,085 13,435 5,972 43,019 1,066 1,022 147 418 437 19,383 3,869 23,252 20................ 41,684 41,684 631 3,22545,615 13,434 5,966 42,921 1 ,062 1,156 160 433 332 18,951 3,984 22,935 27................ 41 ,873 41,873 682 2,77545,396 13,406 5,969 42,747 1 ,076 1,216 144 400 270 18,916 4,031 22,947 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 BANK RESERVES AND RELATED ITEMS 395 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 Treas­ 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 i t g u , u h t s g ­ t e h c t u R a m r c g i h e t e r i a p e n e s u e s t e s 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 s r o c e t u i a u n n u r n g c r y t ­ y d ­ ­ r c C t e c u i i n o i u n l r c a n r ­ y ­ ­ T h c i u n r o a e r g s l y a d h s s ­ ­ T u r w e ry a it s h ­ F r e F e .R i s o g e r n 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 f t t k h s r c e C r a o s e e n i n u n r d c r v y ­ 4 e s Total Averages of daily figures Week ending— 1966 Aug. 3 42,445 42,287 158 778 2,43945,713 13,332 5,993 42,752 1,052 1,286 319 420 168 19,042 3,945 22,987 10 42,583 42,231 352 786 2,32445,743 13,333 6.003 42,908 1,047 1,105 139 404 283 19,194 3,684 22,878 17 42,003 41,809 194 731 2,52445,305 13,332 6,014 43,000 1,069 1,065 131 414 265 18,708 3,898 22,606 24 41 ,813 41,813 720 2,541 45,121 13,312 6,030 42,894 1,081 J ,056 126 401 386 18,519 3,935 22,454 31 42,597 42,597 693 1 ;775 45,114 13,258 6,041 42,771 1,079 1,083 138 412 352 18,578 4,063 22,641 Sept. 7 42,977 42,977 751 1 ,75445,531 13,258 6,050 42,982 1,063 988 127 410 286 18,981 3,688 22,669 14 42,936 42,895 4i 893 I ,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 23,75! 28 42'493 42,493 662 2,197 45,399 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 I ,091 693 146 442 88 19,748 3,866 23,614 12 42,969 42,969 947 1,880 45,891 13,258 6,121 43,228 1,099 680 157 445 92 19,570 3,788 23,358 19 42,521 42,521 805 2,155 45,532 13,256 6,145 43,267 1,120 706 148 439 -56 19,309 4,009 23,318 26 42;794 42,715 79 533 2,043 45,440 13,256 6,154 43,088 1,138 924 127 432 -45 19,187 4,080 23,267 Nov. 2 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 43,474 43,281 193 661 1 ,89046,100 13,258 6,185 43,406 1,163 740 162 435 17 19,620 3,735 23,355 16 43,415 45,265 150 726 1,951 46,165 13,259 6,212 43,765 1,168 714 130 452 59 19,347 4,007 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 Dec. 7... 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.. . 43,597 43,264 333 668 2,03246,407 13,158 6,283 44,603 1,199 127 181 412 63 19,262 23,518 21 .. . 43,492 43,126 366 485 2,671 46,808 13,158 6,291 44,675 1,188 203 155 416 32 19,588 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 2,493 47,491 13,159''6,311 '44,670 '1,194 375 167 529 -92 20,116 4,546 24,662 44,553 44,000 553 586 2,21747,563 13,159' 6,344 44,445 1,214 510 143 435 150 20,168 4,331 '24,499 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 4,363 '23,661 25 43,940 43,906 34 538 2,02646,581 13,158 6,360 43,567 1,234 699 174 410 307 19,709 4,280 23,989 Feb. 43,698 43,698 176 2,26746,216 13,159 6,375 43,343 1,242 598 138 431 344 19,654 4,255 23,909 8 44^33 43^28 205 354 2^01746,630 13,159 6,392 43,405 1 ,252 448 145 482 393 20,056 *3,821 *23,877 15 44,244 43,987 257 456 1,92046,747 13,159 6,402 43,614 1 ,260 704 141 436 423 19,729 *3,992 *23,721 22 44,337 43,844 493 477 1,85546,811 13,144 6,420 43,568 1,252 686 128 434 588 19,720 *4,074*23,794 End of month 1966 Dec. 44,316 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 Jan. 43,464 43,464 71 1,99445,602 13,158 6,360 43,363 1,227 813 148 437 357 18,773 *4,446*23,219 Feb. 43;971 43,971 165 1,55045,799*13,107 *6,433 *43,586*1,255 386 145 432 619 18,916 *4,466*23,382 Wednesday 1967 Jan. 4 43,920 43,920 199 2,35846,704 13,159 6,308 44,624 1,211 267 153 446 -30 19,500 4,759 24,259 44 013 44,013 439 1 ,'67746330 13,159 6,349 44,340 1,216 838 132 440 170 18,702*4,788 *23,490 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 *4,692 *23,915 25 44,190 43,950 240 412 1,62946,307 13,159 6,357 43,469 1,246 416 148 424 345 19,776*4,682*24,458 Feb. 1 43,689 43,689 63 1,73345,559 13,159 6,387 43,377 1,232 594 152 431 356 18,964 4,500 23,464 8 44,541 43,987 554 827 2; 34247,836 13,159 6,394 43,596 1,262 489 135 448 438 21,021 *4,156 *25,177 15 44,778 43,987 791 364 1,61246,881 13,159 6,410 43,674 1,262 641 127 427 565 19,754: **44,,554477 *24,301 22 44,652 43,893 759 387 1,53446,749 13,109 6,421 43,656 1,249 398 129 448 615 19,7851*4,482*24,267 i 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. 4Part allowed as reserves Dec. I, 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

RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor­ Reserves Bor­ Reserves Bor­ T h o e t l a d l qu R ir e e ­ d Excess B r F i a o n a . n R w g t k s . ­ s s F e r r r e v e ­ e e s T h o e t l a d l qu R i e re ­ d Excess B r F i o a n a . n w R g t k s . ­ s se F r r r e v e ­ e e s T h o e t l a d l qu R ir e e ­ d Excess B r F i o a n a . n w R g t k s . ­ s s F e r r r e v e ­ e e s 1929—June.............. 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June.............. t 2,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec................ 11473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941 „Dec................ (2'812 9,422 3,390 5 3,385 5,(42 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 4J36 4; 303 34 139 -105 1,136 1,127 8 85 -77 1958—Dec................ 18,’899 18,383 516 557 -41 4’,033 4;oio 23 102 -81 <077 I ;070 7 39 -31 1959—Dec................ 18^932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1 ,’038 1,038 104 -104 1960—Dec................ 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1961—Dec................ 20; U8 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 20^10 536 327 209 3,951 3; 895 56 37 19 1 ,'056 1,051 5 26 -21 1964—Dec................ 21;609 21,198 411 243 168 4,083 4; 062 21 35 -14 1,083 1,086 — 3 28 -31 1 965—Dec................ 22J19 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 23 -8 1966—Feb................ 22,233 21,862 371 478 -107 4,168 4,150 18 93 -75 1,092 I ,088 4 30 -26 22 J 60 21,855 305 551 -246 4,194 4J88 6 43 -37 1,102 1 ,099 3 65 -62 22^528 22,170 358 626 -268 4,326 4,270 56 85 -29 1,128 1,123 5 38 -33 22,487 22,117 370 722 -352 4,276 4,230 46 86 -40 1,149 1,144 5 8 -3 22'534 22,212 322 674 -352 4,257 4,290 -33 110 -143 1,116 1,118 -2 10 -12 July.... 23,090 '22',686 '404 766 '362 4,437 4'350 87 93 -6 1,142 1,130 12 66 -54 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 23333 23,031 302 733 -431 4,438 4,435 3 127 -124 1 J 12 1,109 3 98 -95 23,251 22,862 389 611 -222 4,339 4,299 40 111 -71 I ;079 1,077 2 26 -24 23,830 23,’438 392 557 -165 4,'583 4,556 27 122 -95 1; 119 1,115 . 4 54 -50 1967—jan................. **24,070*23,698 *372 389 >'-17 *4,594 *4,571 *23 69 *-46 *1,165 *1,136 *29 151 *-122 Feb................ **23,705 *23,348 *357 362 *-5 *4^57 *4;sii *46 113 *-67 *1 ,100 *1,115 *-15 46 *-61 Week ending— 1966—Feb. 2.... 22,538 22,190 348 418 -70 4,271 4,257 14 13 I 1,114 1,109 5 49 -44 9.... 22,323 21,979 344 503 -159 4,197 4,176 20 142 -121 1,085 1,087 -1 18 -19 16. . 22,153 21,816 337 453 -116 4,132 4,123 9 116 -108 1 ,080 1 ,074 6 29 -24 23. ... 22,106 21,708 398 520 -122 4,126 4,097 29 103 -74 1,093 1,087 6 40 -34 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 4J37 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 '22,727 '504 888 '-384 4,438 '4,349 '89 110 '-21 1,119 1,103 16 135 -119 21. 23,751 23,159 592 771 -179 4,528 4,528 <59 -159 1 ,141 1,141 46 -46 28.... 23 J33 23,066 67 650 -583 <578 4,539 39 161 -122 1,124 1J23 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 4,50! 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 22,807 547 711 — 164 4,235 4,206 29 152 -123 'I ,071 r1,071 26 '-26 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 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 4^78 4,363 15 122 -107 1,075 1,070 5 79 -74 21. 23,892 23,688 204 472 -268 4,70! 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.... 24,499 23,872 627 585 42 4,618 4,579 39 254 -215 1,143 1,137 6 168 -162 18.... 23,661 23,536 125 217 -92 4,470 4,451 19 3 16 1,084 1,086 -2 84 -86 25,.., 23,989 23,473 516 538 -22 4,544 4,521 23 1 22 1,107 1,108 -I 251 -252 Feb. 1 .... 23,909 23,569 340 176 164 4,654 4,592 62 3 59 I ,205 1,159 46 94 -48 8. . . . ”23,877 *23,561 *316 353 >>-37 *4,590 *4,579 *H 65 *-54 *1,140 *1,144 p-4 60 *-64 15. ... *23,721 *23,305 *416 456 *-40 *4,503 *4,469 *33 154 *-121 *1,104 *1,096 *9 U3 *-104 22,,.. ”23,794*23,241 *553 477 *76 *4,501 *4,470 *31 228 *-197 *1,105 *1,105 p........... 6 *-6 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 BANK RESERVES AND RELATED ITEMS 397 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Reserves Reserves Period Borrow­ Borrow­ ings at Free ings at Free T h o e t l a d l Required Excess B F a . n R k . s reserves T h o e t l a d l Required Excess B F a . n R k . s reserves 1929—June.................................. 761 749 12 409 -397 632 6(0 22 327 -305 1933—June.................................. 648 528 120 58 62 441 344 96 126 -30 1939—Dec.................................... 3,140 1,953 1,188 1,188 1,568 897 671 3 668 1941—Dec.................................... 4,317 3,014 1,303 1 1'302 2,210 1,406 804 4 800 1945—bee.................................... 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 1960—Dec.................................... 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961—Dec.................................... 8^367 8,308 59 39 20 6,931 6,429 502 31 471 1962—Dec.................................... 8,178 8,100 78 130 -52 6', 956 6,515 442 48 394 1963—Dec.................................... 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 1964—Dec.................................... 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 1965—Dec.................................... 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 1966—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 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 9,039 9,018 21 300 -279 8,294 7,995 299 360 -61 Sept................................... 9.269 9,198 71 288 -217 8.395 8,103 292 286 6 Oct............................ 9,344 9,311 33 279 -246 8,439 8,176 263 229 34 Nov................................... 9,306 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..................................... ”9,586 ”9,565 ”21 97 ”-76 ”8,725 ”8,426 ”299 72 ”227 Feb.................................... ”9,441 ”9,406 ”35 115 ”-80 ”8,608 ^8'317 ”291 88 ”203 Week ending— 1966—Feb. 2........................... 8,928 8,913 15 194 -179 8,224 7,910 314 162 152 9.........8...,.8..6...8.......... 8,820 48 232 -184 8,174 7,896 278 ill 166 16........................... 8,793 8,757 36 160 -125 8,149 7,861 288 148 140 23........................... 8^754 8,717 38 229 -191 8,133 7,807 326 148 177 9,169 9,154 15 386 -371 8,341 8,032 309 345 -36 “ 10..........9..,.1..0...8......... 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 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 9,418 9,383 35 238 -203 8,397 8,134 263 286 -23 12.......................... 9’387 9,295 92 212 -120 8,508 8,211 297 234 63 19........................... 9,261 9,254 7 348 -341 8,658 8,193 465 207 258 26........................... 9 ,'373 9,320 53 272 -219 8,241 8,170 71 220 -149 Nov. 2. 9,382 9,345 37 344 -307 8,396 8,166 230 195 35 9..........9..,.3...7..2......... 9’312 60 213 -153 8,538 8,247 291 177 114 16........................... 9,297 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 9,311 9,289 22 217 -195 8,350 8,213 137 212 -75 14.......................... 9,321 9,295 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 9^56 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 ii... 9^671 9,648 23 80 -57 9,068 8,507 561 83 478 18........................... 9,562 9'539 23 52 -29 8,545 8,460 85 78 7 25............................ 9^507 9,454 53 222 -169 8,830 8,390 440 64 376 Feb. 1.......................... 9,525 9,482 43 9 34 8,526 8,336 190 70 120 8........................... ”9,512 ”9,476 ”35 170 ”-135 ”8,634 ”8,362 ”272 58 ”214 15......................... ”9,448 ”9,392 ”55 59 ” — 4 ”8,666 ”8,349 ”318 130 ”188 22........................... ”9^455 ”9,375 ”80 167 ”-87 ”8,733 ”8,291 ”442 76 ”366 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 TR. 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

398 MAJOR RESERVE CITY BANKS MARCH 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 week a e n n d d ing— s E e x r r v c e e e ­ s s s t r a B o t B w a F o n in . r k R ­ g s . s F f i b e n u N a d n t n e e e d t r r k s a ­ l S d u e o r f p i r c l u it s \ r P e e q a r v u o c g i f r e . e n d t c P ha u s r e ­ s Sales a 2 c t T r - t a o w io n t a a n s y l ­ s 2 b c o P u h f y a u n s i r n e e ­ s g t s o b S e a f l a n l l n i e k n e s s g t d L ea o t l o a e n r s s 3 de f B r i a r n o o o l g w e m r s r ­ ­ s 4 lo N a e n t s trans. reserves banks Total—46 banks 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 Feb. 1.............. 144 91 1,782 -1,729 16.3 3,501 1,719 1,450 2,051 269 2,220 107 2,112 8..............27 270 2,041 -2,284 21.7 3,066 1 ,025 954 2,113 72 1,959 89 1,870 15.............. 68 285 2,160 -2,378 23.0 3,256 1,096 979 2,277 118 1,551 84 1,467 22.............. 99 337 1 ,850 -2,088 20.2 3,069 1,220 1,111 1,958 109 1,475 101 1,375 8 In New York City 1967—Jan. 4.............. 19 201 945 -1,128 25.2 1,266 321 321 945 1,323 113 1,210 11 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.............. 22 440 -419 10.0 1,256 815 679 577 136 1,198 87 1,111 Feb. 1.............. 47 353 -306 7.2 1,278 925 811 467 114 1,200 107 1,093 8.............. 8 64 641 -697 16.4 1,230 589 589 641 1,107 89 1,017 15.............. 25 136 869 -979 23.7 1,326 457 457 869 857 84 774 22.............. 62 210 529 -676 16,4 1,192 664 653 539 10 769 101 668 38 outside New York City 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 Feb. 1.............. 97 91 1,429 -1,423 22.5 2,223 794 639 1,584 155 1,020 1,020 8..............19 206 1,400 -1,587 25.2 1,837 437 365 1,472 72 852 852 15.............. 42 150 1,291 -1,398 22.6 1,930 639 522 1,408 118 694 694 22.............. 37 127 1,321 -1,412 22.7 1,877 556 457 1,419 98 706 706 5 in City of Chicago 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 Feb. 1.............. 47 91 318 -362 34.9 527 209 176 351 33 41 41 8.............. -3 59 416 -478 46.7 545 129 84 461 45 21 21 15.............. 3 108 375 -480 49.2 489 114 90 399 24 14 14 22.............. -3 375 -379 38.4 545 170 137 408 33 26 ................ 26 33 others 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 ................ 799 Feb. 1.............. 50 1,111 -1,061 20.0 1,696 585 463 1,233 122 979 979 8..............22 147 984 -1,110 21.0 1,292 308 281 1,011 27 831 831 15.............. 39 42 916 -918 17.6 1,441 525 432 1,009 94 679 679 22.............. 40 127 946 -1,033 19.7 1 ,332 386 321 1,011 65 680 ................ 680 1 Based upon reserve balances, including all adjustments applicable to * Federal funds borrowed, net funds acquired from each dealer by the reporting period. Carryover reserve deficiencies, if any, are de­ clearing banks, reverse repurchase agreements (sales of securities to ducted. dealers subject to repurchase), resale agreements, and borrowings secured 2 Derived from averages for individual banks for entire week. Figure by Govt, or other issues. for each bank indicates extent to which its weekly average purchases and sales are offsetting. Note.—Weekly averages of daily figures. For description of series 3 Federal funds loaned, net funds supplied to each dealer by clearing and back data, see Aug. 1964 Bulletin, pp. 944-74. banks, repurchase agreements (purchases of securities from dealers subject to resale), or other lending arrangements. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 DISCOUNT RATES 399 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under last par. Sec. 133 Advances and discounts under Advances under Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b) 2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Feb. 28 date rate Feb. 28 date rate Feb. 28 date rate Boston.................................................... 4*4 Dec. 8, 1965 4 5 Dec. 8 1965 4’4 5’4 Nov. 24, 1964 4*4 New York.............................................. 4’4 Dec. 6, 1965 4 5 Dec. 6, 1965 4*4 5*4 Dec. 6, 1965 5 Philadelphia.................... 414 Dec. 1 O' 1965 4 5 Dec. io; 1965 4’4 5*4 Dec. io; 1965 5 Cleveland............................................... 4*4 Dec. 10, 1965 4 5 Dec. 10, 1965 4*4 6 Dec. 10, 1965 5’4 Richmond............................................. 4*4 Dec. 10, 1965 4 5 Dec. 10, 1965 4*4 5*4 Dec. 10, 1965 Atlanta.................................................. 4*4 Dec. 8’ 1965 4 5 Dec. g; 1965 6*4 Dec 8, 1965 6 Chicago................................................. 4*4 Dec. 6, 1965 4 5 Dec. 6,’ 1965 4*4 5’4 Dec. 6, 1965 5 St. Louis................................................ 4*4 Dec. id! 1965 4 5 Dec. lOi 1965 5*4 Dec. 10, 1965 5 Minneapolis................................... 4*4 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............................................... 4*4 Dec. io; 1965 4 5 Dec, 10, 1965 4*4 5*4 Dec. io; 1965 5 San Francisco...................................... 414 Dec. 10,' 1965 4 5 Dec, 10, 1965 4'/z 514 Dec. 10. 1965 5 1 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. Oovt. obligations. Rates shown also apply to advances secured maturity: 4 months. by obligations of Federal intermediate credit banks maturing within 6 J 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 all F R. of date all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1941......... 1 -114 1 Apr. 14.... 1 ... 9 .. 5 .. 5 .. .................... ^ Mar. 6..... 1 .. 9 .. 5 .. 9 ....................... 214-3 3 15...................... 16.................................. 3 3 O A c p t r . . 3 H 1 0 5 . . . . . . . . . . . . . . . . . . . . . . . . 1 . . . . . . 9 . . . . . . 4 . . . . . . . 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ir t* 1 4 A S M e u a p g y t . . 1 9 2 4 5 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 I 1 M M - " - - 2 2 2 2 1 M M ^ 4 J S M u e n a p y e t. 2 1 1 1 1 9 2 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . ..... 3 3 1 4 3 4 - 1 - 3 4 4 1 4 4 4 % 13...................... 2 >4 1946 Nov. 18.................................. 2’4-214 1960 Apr. 25...................................... t^-. 1 23....................... 214 May 10...................................... 1 June 3...................... i^ 4 1956 10 3*4 Apr. 13................................. a 14.................................. '314 3’4 1948 20....................... Aug. 12................................. 3 -314 3 Jan. 12...................................... 1 .^ Aug. 24.................................. 3 Sept. 9.................................. 3 3 19.......................... 31....................... 3 3 Aug. 13...................................... U4-H4 23...................................... 114 1957 1963 Aug. 9...........................3 -314 3 July 17.......3... ....-..3..J..4... ........... 1950 Nov. 2 1 3 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .......... 3 31 -3 4 1$ 3 3 *4 26............3..1..4....... Aug. 21...................................... 114-1’4 1^ Dec. 2................ 3 3 25........................... 1’4 1964 1958 Jan. 22...,......................... 3 Nov. 24................................. 314-1 4 1953 24.................................. 30....................... 4 4 Jan. 16..........................1..’.4...-..2.. 2 Mar. 7....................... 23......................... 2 2 13...................... 21....................... 1965 Apr. 18................................. Dec. 6..........4... ....-..4...U........ 414 1954 May 9.................................. 13............4..1..4....... 414 Feb. 5........^....M........................ Aug. 15.................................. 1’4-2 15......................... Sept. 12.................................. 1’4-2 2 Apr. 1 1 4 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........I.M. Oct. 2 2 3 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .......... 2 2 -2’4 2 2 1967 May 21............1..1..4.................... Nov. 7.................................. 2*4 2*4 In effect Feb. 28............4..1..4... 414 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 I 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; I960—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, 2.7 5; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, 1943, pp. 439-42. 28, 30, 31, 3.875; 1965—Jan. 4-8, 3.875. The rate charged by the F.R. Bank of N.Y. on repurchase contracts Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

400 RESERVE REQUIREMENTS MARCH 1967 RESERVE REQUIREMENTS OF MEMBER BANKS (Per cent of deposits) Requirements through July 13, 1966 Requirements beginning July 14, 1966 Net Time deposits4 Net demand deposits2 demand deposits2 (all classes of banks) Time deposits Other (all time deposits Effective date1 Central classes Effective date1 Reserve reserve Reserve Country of city Country Savings city city banks banks) banks banks deposits In ex­ banks3 banks Up to cess of $5 mil­ $5 mil­ lion lion In effect Dec. 31, 1949.............. 22 18 12 5 1966 July 14 21................ 5 161,4 5 12 54 54 5 1951—Jan. 11,16....................... 23 19 13 6 Sept. 8, 15............... 6 Jan. 25, Feb. 1.............. 24 20 14 1953—juiy 9’1........................ 22 19 13 In effect Feb. 28, 1967‘.. .. 16/2 12 4 4 6 1954—June 24, 16.................... 21 5 July 29, Aug. 1.............. 20 18 12 1958—Feb. 27’ Mar 1.............. 19i/2 1714 U^ Mar. 20, Apr. 1.............. 19 17 11 181,4 Apr. 24.............. 18 161,4 1960—Sept. 1............................. 17/2 Present legal Nov. 24.............................. 12 requirement: Dec. 1............................. 1614 1962—July 28............................. (3) 10 7 3 3 3 Oct. 25, Nov, 1.............. 4 22 14 10 10 10 1 When two dates are shown, the first applies to the change at central 5 See preceding columns for earliest effective date of this rate. reserve or reserve city banks and the second to the change at country 6 Effective March 2, 1967, requirements on savings deposits, on time banks. For changes prior to 1950 see Board’s annual reports. deposits such as Christmas and vacation club accounts, and on other 2 Demand deposits subject to reserve requirements are gross demand time deposits up to $5 million—-3>4 per cent; and effective March 16, deposits minus cash items in process of collection and demand balances 1967—3 per cent. (See announcement on p. 338.) due from domestic banks. Note. — All required reserves were held on deposit with F.R. Banks 3 Authority of the Board of Governors to classify or reclassify cities June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov, I960, member as central reserve cities was terminated effective July 28, 1962. banks were allowed to count part of their currency and coin as reserves; 4 Effective Jan. 5, 1967, time deposits such as Christmas and vacation effective Nov. 24, 1960, they were allowed to count all as reserves. For club accounts became subject to same requirements as savings deposits. further details, see Board’s annual reports. 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............. 3 254 214 3 4 4 4 4 Other time deposits:1 Less than 12 months......... 3 2>A 214 3 3/2 316 4 4 Multiple-maturity: Other time deposits:1 90 days or more............. 5 5 12 months or more....... 3 21,4 214 3 4 4 4*4 554 Less than 90 days..... 4 4 6 months to 12 months... 3 214 254 3 354 4 454 554 (30-89 days) 90 days to 6 months........... 3 2 2*4 254 4 454 554 Single-maturity: Less than 90 days................ 3 214 1 1 1 1 4 554 $100,000 or more........... 554 514 (30-89 days) Less than $100,000.... 554 5 1 For exceptions with respect to foreign time deposits, see Oct. 1962 Under this regulation the rate payable by a member bank may not in Bulletin, p. 1279, and Aug. 1965 Bulletin, p, 10 8 4. For rates for postal any event exceed the maximum rate payable by State banks or trust savings deposits, see Board’s annual reports. companies on like deposits under the laws of the State in which the member bank is located. Effective Feb. 1, 1936, maximum rates that may be paid Note.—Maximum rates that may be paid by member banks as estab­ by insured nonmember commercial banks, as established by the FDIC, lished by the Board of Governors under provisions of Regulation Q. have been the same as those in effect for member banks. 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. 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MARCH 1967 BANK DEPOSITS; OPEN MARKET ACCOUNT 401 DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item m b e a A m n l k l b s er Y N o e r w k C o it f y Other C b o a u n n k t s ry Item m b e a A m n l k l b s er Y N o e r w k C o it f y Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending Jan. 4, 1967 Four weeks ending Feb. 1, 1967 Gross demand—Total.... 152,208 30,725 7,059 55,844 58,581 Gross demand—-Total.... 149,387 29,408 6,831 54,646 58,503 Interbank.......................... 16,905 5,504 1,290 7,939 2,173 Interbank.......................... 16,650 5 360 1,290 7 791 2 209 U.S. Govt......................... 3,239 707 ' 185 1,198 1' 149 U.S. Govt.......................... 3^584 ’751 176 1 444 1 214 Other.......................... 132,066 24,515 5,585 46,706 55'260 Other......................... 129/154 23,298 5,366 45,410 55,080 Net demand *................ 120,568 22,256 5'498 43,420 49^395 Net demand 1.... .............. 119,089 21’462 5,286 42,855 49,487 Time....................................... 128,275 17 J22 4,810 48^986 56’759 Time....................................... 131,403 18334 5,033 50323 57,713 Demand balances due Demand balances due from dom. banks...... 8,450 220 274 2,187 5,768 from dom. banks,..... 8,331 195 340 2,069 5,727 Currency and coin....... 4,324 363 92 1,333 2,536 Currency and coin............. 4,307 348 83 1316 2361 Balances with F.R. Balances with F.R. Banks................................. 19,736 4,288 1,056 8,249 6,143 Banks................................ 19,708 4,223 I ,052 8,251 6,182 Total reserves held............. 24^060 4,651 1'148 9382 8’679 Total reserves held............. 24,015 4371 1 ' 135 9 367 8,743 Required............. 23,673 4,630 r,i43 9,540 8', 361 Required..................... 23,614 4', 536 1 ’ 123 9,531 8,424 Excess............................... 387 21 ' 5 42 '318 Excess................................ '401 35 ' 12 ' 36 '319 1 Demand deposits subject to reserve requirements are gross demand Note.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities by maturity Total Treasury bills Others within 1 year 1-5 years Month Exch., c G h p r a u o s r s e ­ s s G sa r l o e s s s Re ti d o e n m s p­ c G 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 h p r a u o s r s e ­ s s G sa r l o e s s s m s a h t o i u f r r t s it , y c G h p r a u o s r s e ­ s s G sa r l o e s s s m E a x t o u c r r h i . t y redemp­ shifts tions 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 1967—Jan................ 904 656 439 904 656 439 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 p h r u a o s r- s e ' s s G sa r l o e s s s o E t s u r h x r i m c i f t t h y s a . ­ 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 h t y a s . ­ c G p h r a u o s r s e ­ s s G sa ro le s s s G s it e o i c e v u s t r ­ p ( m a n u g e r e r c t n e h t r e s a e ­ ) s ­ e r O i n g u e h t t t ­ , a r m c e g h n e p r a e e n u s t e t r e s ­ ­ , change 1 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 -1 387 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 1967—Jan........ 1,693 2,320 -818 -34 4 -124 -972 i 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

402 FEDERAL RESERVE BANKS MARCH 1967 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1967 1967 1966 Feb. 22 Feb. 15 Feb. 8 Feb. 1 Jan. 25 Feb. Jan. Feb. Assets Gold certificate account......................................................... 10,797 10,843 10,838 10,838 10,823 10,796 10,838 11,709 Redemption fund for F.R. notes........................................ 1,833 1,831 1,834 1,840 1,845 1,830 1,840 1,723 Total gold certificate reserves............................................... 12,630 12,674 12,672 12,678 12,668 12,626 12,678 13,432 Cash............................................................................................ 354 353 347 350 335 356 346 190 Discounts and advances: Member bank borrowings............................................... 387 364 827 63 412 165 71 295 Other....................................................................................... 20 Acceptances: Bought outright.................................................................... 78 78 76 74 76 76 73 73 Held under repurchase agreements................................ 98 49 50 37 49 Federal agency obligations—Held under repurchase agreements.......................................................................... 75 48 3 U.S. Govt, securities: Bought outright: Bills............................................................................... 12,041 12,135 12,135 11,837 12,098 12,119 11,612 8,768 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 24,871 Bonds................................................................................... 6,199 6,199 6,199 6,199 6,199 6,199 6,199 6,550 Total bought outright......................................................... 43,893 43,987 43,987 43,689 43,950 43,971 43,464 40,189 Held under repurchase agreements............................... 684 743 551 240 Total U.S. Govt, securities.................................................... 44,577 44,730 44,538 43,689 44,190 43,971 43,464 40,189 Total loans and securities...................................................... 45,215 45,269 45,494 43,826 44,678 44,249 43,608 40,626 Cash items in process of collection.................................... 7,205 8,032 7,151 7,165 7,008 6,703 6,833 6,103 Bank premises. ...................................................................... . 107 107 107 107 108 107 107 102 Other assets: Denominated in foreign currencies................................ 293 332 337 397 398 293 397 166 IMF gold deposited i......................................................... 212 212 212 212 211 213 212 37 All other................................................................................. 263 244 492 459 435 286 455 243 Total assets............................................................................... 66,279 67,223 66,812 65,194 65,841 64,833 64,636 60,899 Liabilities F.R. notes.................................................................................... 38,358 38,394 38,324 38,090 38,201 38,283 38,098 36,265 Deposits: Member bank reserves...................................................... 19,785 19,754 21,021 18,964 19,776 18,916 18,773 18,014 U.S. Treasurer—General account................ 398 641 489 594 416 386 813 805 Foreign.................................................................................... 129 127 135 152 148 145 148 140 Other: IMF gold deposit1................................................ 212 212 212 212 2H 213 212 37 All other............................................................................ 415 215 236 219 213 219 225 209 Total deposits............................................................................ 20,939 20,949 22,093 20,141 20,764 19,879 20,171 19,205 Deferred availability cash items.......................................... 5,492 6,420 4,809 5,432 5,379 5,153 4,839 4,012 Other liabilities and accrued dividends............................ 232 238 241 222 224 225 222 196 Total liabilities.......................................................................... 65,021 66,001 65,467 63,885 64,568 63,540 63,330 59,678 Capital Accounts Capital paid in.......................................................................... 574 574 573 573 572 575 573 556 Surplus........................................................................................ 570 570 570 570 570 570 570 551 Other capital accounts.......................................................... 114 78 202 166 131 148 163 114 Total liabilities and capital accounts................................ 66,279 67,223 66,812 65,194 65,841 64,833 64,636 60,899 Contingent liability on acceptances purchased for foreign correspondents....................................................... 189 182 181 172 174 201 173 135 U.S. Govt, securities held in custody for foreign account.................................................................................... 7,319 7,371 7,275 7,205 7,186 7,334 7,141 7,850 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)......................... 41,194 41,308 41,371 41,526 41,723 41,151 41,584 39,845 Collateral held against notes outstanding: Gold certificate account.................................................... 6,700 6,700 6,750 6,750 6,450 6,700 6,750 6,660 Eligible paper........................................................................ 3 3 I 2 2 3 18 U.S. Govt, securities.......................................................... 36,326 36,326 36,326 36,326 36,986 36,326 36,376 34,638 Total collateral................................................................. 43,029 43,029 43,077 43,077 43,438 43,028 43,129 41,316 i See note 2 to table at bottom of p. 474. 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MARCH 1967 FEDERAL RESERVE BANKS 403 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1967 (In millions of dollars) Item Total Boston Y N o e r w k P d h e il l a ­ ­ C l l a e n v d e­ m Ri o c n h d ­ At t l a an­ C ca h g i o ­ Lo S u t i . s M ap in o n li e s ­ K s a a n s ­ Dallas F S r a a n n ­ phia City cisco Assets Gold certificate account........................ 10,796 679 2,781 598 828 1,002 542 1,711 346 230 415 424 1,240 Redemption fund for F.R. notes......... 1,830 101 440 96 153 153 101 339 64 32 72 62 217 Total gold certificate reserves............... 12,626 780 3,221 694 981 1,155 643 2,050 410 262 487 486 1,457 F.R. notes of other Banks..................... 832 59 209 46 120 48 99 82 22 11 23 47 66 Other cash........................................... 356 12 42 9 58 20 44 53 33 9 17 19 40 Discounts and advances: Secured by U.S. Govt, securities... 129 3 13 3 1 12 2 34 17 3 37 3 1 36 35 1 Acceptances: 76 76 Held” under repurchase agreements. 37 37 Federal agency obligations—Held U.S. Govt, securities: Bought outright................................ 43,971 2,329 11,041 2,262 3,458 3,195 2,464 7 331 1,589 875 1,705 1,840 5,882 Held under repurchase agreements. Total loans and securities....................... 44,249 2,332 11,167 2,265 3,459 3,207 2,501 7 365 1,606 878 1,742 1,844 5,883 Cash items in process of collection. .. 8,528 492 1,628 517 590 654 706 1 454 414 253 574 495 751 Bank premises............................................ 107 3 9 2 5 6 20 19 9 3 12 10 9 Other assets: Denominated in foreign currencies. 293 14 177 15 26 15 18 43 10 7 13 17 38 213 213 All other.................................................. 286 13 75 15 23 20 16 46 10 5 11 11 39 Total assets................................................ 67,490 3,707 16,641 3,563 5,262 5,125 4,047 11 112 2,514 1,428 2,879 2,929 8,283 Liabilities F.R, notes................................................... 39,115 2,343 9,088 2,240 3,222 3,593 2,209 7 076 1,427 688 1,476 1,237 4,516 Deposits: Member bank reserves........................ 18,916 743 5,415 769 1,341 854 1,098 2 608 681 484 874 1,151 2,898 U.S. Treasurer—General account.. 386 17 76 IS 36 54 2 36 10 19 38 59 24 Foreign..................................................... 145 6 57 6 11 6 7 17 4 3 5 7 16 Other: 213 213 All other.............................................. 219 1 132 19 * 6 3 1 7 ♦ 2 1 47 Total deposits...................................... 19,879 767 5,893 809 1,388 920 1,110 2 662 702 506 919 1,218 2,985 Deferred availability cash items........... 6,978 523 1,267 435 521 525 637 I 145 332 199 418 392 584 Other liabilities and accrued dividends 225 12 58 11 17 16 12 38 8 5 9 10 29 Total liabilities.......................................... 66,197 3,645 16,306 3,495 5,148 5,054 3,968 10 921 2,469 1,398 2,822 2,857 8,114 Capital Accounts Capital paid in........................................... 575 27 149 30 52 30 36 84 20 14 26 33 74 Surplus.......................................................... 570 27 148 30 51 30 35 83 20 14 25 33 74 Other capital accounts............................ 148 8 38 8 11 11 8 24 5 2 6 6 21 Total liabilities and capital accounts.. 67,490 3,707 16,641 3,563 5,262 5,125 4,047 11,112 2,514 1,428 2,879 2,929 8,283 Ratio of gold certificate reserves to F.R. note liabil'ty (per cent): Feb. 28, 1967................................ 32.3 33.3 35.4 31.0 30.4 32.1 29.1 29.0 28.7 38.1 33.0 39.3 32.3 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 Feb. 28, 1966................................ 36.0 36.5 38.4 38.0 38.1 36.2 35.3 32.0 34.0 39.0 35.4 40.3 34.0 Contingent liability on acceptances purchased for foreign correspond­ ents........................................................ 201 9 461 10 17 10 12 27 7 4 8 11 25 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank).................................................... 41,151 2,418 9,577 2,310 3,490 3,717 2,339 7,411 1,495 718 1,535 1,340 4,801 Collateral held against notes out­ standing: Gold certificate account..................... 6,700 450 1,000 483 600 740 450 1,400 310 127 225 180 735 Eligible paper........................................ 2 2 U.S. Govt, securities........................... 36,326 2,016 8,900 2,000 3,000 3,035 2,050 6,150 1,310 635 1,400 1,230 4,600 Total collateral....................... 43,028 2,466 9,900 2,485 3,600 3,775 2,500 7,550 1,620 762 1,625 1,410 5,335 1 After deducting $21 6 million participations of other F.R. Banks. 3 After deducting $88 million participations of other F.R. Banks. 2 See note 2 to table at bottom of p. 474. 4 After deducting $140 million participations of other F.R. Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

404 FEDERAL RESERVE BANKS; BANK DEBITS MARCH 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 1967 1966 Feb. 22 Feb. 15 Feb. 8 Feb. 1 Jan. 25 Feb. Jan. Feb. Discounts and advances—Total......................................... 387 364 827 63 412 165 71 315 Within 15 days...................................................................... 382 360 823 59 408 160 66 286 16 days to 90 days............................................................... 5 4 4 4 4 5 5 29 Acceptances—Total................................................................. 176 127 126 74 76 113 73 122 Within 15 days............................................................ 123 73 67 18 18 57 16 62 16 days to 90 days............................................................... 53 54 59 56 58 56 57 60 U.S. Govt, securities and Federal agency obligations—Total............................................................... 44,652 44,778 44,541 43,689 44,190 43,971 43,464 40,189 Within 15 days1................................................................... 2,639 2,608 5,287 4,718 2,056 1,052 4,108 603 16 days to 90 days............................................................... 11,662 11,715 5,700 5,615 8,509 12,211 6,000 10,453 91 days to 1 year................................................................. 19,043 19,147 24,703 24,505 24,774 19,400 24,505 14,180 Over 1 year to 5 years........................................................ 10,053 10,053 7,458 7,458 7,458 10,053 7,458 13,119 Over 5 years to 10 years.................................................. 853 853 99! 991 991 853 991 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) Nether­ End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d ar i s an F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese gu la il n d d e s r s f S ra w n is c s s 1966—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 J A u u l g y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . ................ 7 68 0 7 2 5 4 6 7 6 6 5 54 4 2 2 1i 1 7 5 5 0 2 1 I 1 * 2 2 Sept................................... 742 587 54 20 i 76 1 1 * 3 Oct................. 783 622 54 20 i 76 6 1 * 3 Nov.................................. 709 570 54 2 i 76 1 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 S T M 2 o 3 S t 3 a A l ’s L N e .Y ad . ing S 6 M o S t A he ’s rs2 T S o N M ( t e a . x S Y l c A l 2 .) . 3 ’ s 2 SM o 2 t 2 h S 6 e A r ’ s S T M 2 o 3 S t 3 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 . ) 3 ’s 2 SM o 2 th S 26 e A r ’s 1966—jan..................................... 5,557.8 2,299 4 1 243 1 3 258 4 2 015 3 50 7 104 I 47.4 37 1 32.9 Feb.................................... 5,673.0 2 375 6 1,265*1 3'297'4 2’032'3 506 105 2 47.5 36'8 32.5 Mar................................... 5,784.6 2,411.7 1,313^6 3^372.9 2’,059 *3 51.3 106.0 48.5 37.6 32.9 Apr.................................... 5,858.0 2,501.5 1,281 6 3 356.5 2,074 9 52 7 111 8 47.9 37.6 33.2 May.................................. 5,909.2 2,513.5 1,326.8 3,395.7 2,068’9 52.6 109.5 49.7 37.8 32,8 June............................. 5 908 3 2 494 I ! 327 0 3 414 2 2 087 2 52 2 107 3 50 4 38 3 33 1 July................................... 5,868 3 2 394 1 1,343 6 3 474 2 2 130 6 52 9 106 9 51 3 39 1 34 0 Aug................................... 6,092.4 2,597.0 1,3571 3^495.4 2*1383 54.0 111.9 51.5 39.0 33.9 Sept.................................. 6,105.2 2,559,1 1,387 2 3 546.1 2 158 9 54 2 111 4 52.1 39 4 34.3 Oct.......................... 6,065.4 2,551.8 1,364.9 3 513 6 2,148 7 54.0 111.2 52.2 39.6 34.3 Nov............... 6'078.5 2,566.6 1,373 8 3 511 9 2’138 1 54 6 111.3 52.5 39.6 33.9 Dec.................................... 6,406.5 2,844.6 1,405.1 3,561.9 2,156.8 56.9 121.8 53.2 40.0 34.2 1967—Jan..................................... 6,409.1 2,847.3 1,362.2 3,561.8 2,199.6 57.2 124.7 50.9 39.4 34.8 Feb................................... 6^249.9 2,724.7 1,389.5 3,570.2 2,180.7 55.6 119.4 52.6 39.4 34.2 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 S MSA’s. Los Angeles-Long Beach. For,a description of series, see Mar. 1965 Bulletin, p. 390. All data shown here are revised. For description of revision, see p. 388, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 U.S. CURRENCY 405 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period i c n u c la ir ­ ­ tion 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939,...................... 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941......................... UJ60 8’ 120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 [945......................... 28’515 20,683 1,274 1,039 73 2,313 6382 9,201 7,834 2,327 4,220 454 801 7 24 1947......................... 28 ,'868 20,020 1 304 1 *048 65 2,110 6,275 9319 8,850 2348 5,070 428 782 5 17 1950......................... 27'741 19’305 1,554 1,113 64 2*049 5398 8329 8338 2’422 5*043 368 588 4 12 1955......................... 31’158 22321 1,927 I ’312 75 2,151 6317 9,940 9,136 2,736 5341 307 438 3 12 1958......................... 32,193 22,856 2,182 1 494 83 2,186 6,624 10,288 9,337 2 792 5,886 275 373 3 9 1959......................... 32,591 23,264 2,304 i :$ii 85 2’216 6.672 10,476 9^326 2,803 5’913 261 341 3 5 I960......................... 32^869 23*52! 2,427 1333 88 2,246 6,691 10,536 9,348 2315 5,954 249 316 3 10 1961......................... 33’918 24,388 2382 1388 92 2,313 6,878 10,935 9,53! 2,869 6306 242 300 3 10 1962......................... 35,338 25’356 2’782 1,636 97 2,375 7*071 11395 9,983 2,990 6*448 240 293 3 10 1963......................... 37^692 26’807 3 030 I 322 103 2,469 7,373 12^109 10’885 3*221 7 JtO 249 298 3 4 1964........................ 39,619 28,100 3,405 M06 111 2 517 7,543 12317 11,519 3 381 7,590 248 293 2 4 1965......................... 42^056 29,842 4,027 1,908 127 2318 7,794 13,369 12,214 3.540 8 135 245 288 3 4 1966—-Jan........ 41,092 28,982 4,060 1,818 127 2,489 7,514 12,974 12,110 3,482 8,092 243 286 3 4 Feb.............. 41,252 29 149 4,096 1,818 128 2,495 7*586 13’027 12 J03 3 370 8.098 243 286 3 4 Mar.. 41369 29323 4,152 1 324 129 2396 7307 13,11612,147 3,478 8,136 242 285 3 4 Apr 41^538 29,373 4’192 1 338 130 2,502 7.585 13,125 12,166 3,485 8*148 242 285 3 4 May...... 42’102 29,868 4,231 1 376 133 2355 7 732 13,342 12334 3,507 8*196 241 284 3 4 June............ 42354 30,228 4’264 1,884 135 2,570 7,805 13’569 12 J26 3 542 8’254 241 283 3 4 July............. 42,708 30,311 4,285 i 380 136 2’550 7370 13,690 12397 3 360 8 307 240 283 3 4 Aug....... 42,910 30’455 4’317 1*885 138 2,*561 7380 13’37412’456 3*568 8,358 240 283 3 4 Sept............ 42’, 802 30318 4,342 1399 138 2,551 7’730 1335912,483 3'562 8392 239 283 3 4 Oct,...... 43,113 30,556 4^380 1,926 137 2,583 7385 13’745 12,556 3 372 8,455 239 283 3 4 Nov., 44.245 31,499 4,447 1’996 137 2,684 8,076 14359 12347 3,632 8,583 240 285 3 4 Dec........... 44,663 31,695 4,480 2,051 137 2,756 8,070 14,201 12,969 3,700 8,735 241 286 3 4 1967—Jan............... 43’,363 30,532 4,461 ^939 137 2399 7330 1336712331 3 329 8 373 239 283 3 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break­ Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Kind of currency T s J o t a a t 1 n n a 9 . l d 6 i 7 o 3 n 1 u g , t ­ A g a s o s g l s i d a l e v i c n e a u r n s r t d i t y Tr c e a a s s h ury B F F a a n R n o d k r . s H A B e F a g a l . n e d n R d n k . b t s s y J 1 a 9 n 67 . Dec. 1966 Jan. certificates Agents 31 31 31 Gold............................................................................................. 13,158 (12,678) 2 480 Gold certificates........................................ (12,678) M2,677 i Federal Reserve notes....................................................... 41,583 135 3,487 37,962 39,231 36,007 Treasury currency—Total.......................................... 6,360 (565) 611 345 5,402 5,432 5,085 Standard silver dollars....................................................... 485 3 482 481 482 Silver bullion....................................................................... 730 562 167 Silver certificates.................................................................. (565) 2 ................ 1 .. 6 ... 553 558 629 Fractional coin..................................................................... 4,732 435 317 3,979 3,998 3,578 United States notes........................................................ 323 6 17 299 305 29! In process of retirement................................................... 92 2 89 89 105 Total—Jan. 31, 1967....................................................... 561,101 (13,243) 1,226 12,677 3,834 43,363 Dec. 31, 1966.............................................................. 5 61,693 (13,243) 1,174 12,672 3,181 44,663 Jan. 31, 1966.............................................................. 5 59,422 (14,108) 817 13,435 4,078 41,092 1 Outside Treasury and F.R. Banks. Includes any paper currency held 5 Does not include all items shown, as some items represent the security outside the United States and currency and coin held by banks. Esti­ for other items, gold certificates are secured by gold, and silver certificates mated totals for Wed. dates shown in table on p. 395. by standard silver dollars and monetized silver bullion. Duplications 2 Includes $156 million reserve against United States notes and $21.1 are shown in parentheses. million gold deposited by and held for the International Monetary Fund. 3 Consists of credits payable in gold certificates: (1) the Gold Certificate NOTE.—Prepared from Statement of United States Currency and Coin Fund—Board of Governors, FRS; and (2) the Redemption Fund for F.R. and other data furnished by the Treasury. For explanation of currency notes. reserves and security features, see the Circulation Statement or the Aug. 4 Redeemable from the general fund of the Treasury. 196! Bulletin, p. 936. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

406 MONEY SUPPLY; BANK RESERVES MARCH 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, Total c C om ur p re o n n c e y n t co D d m e e m p p o o a s n n i e t d n t jus a t d ed ­ 1 Total c C om ur p re o n n c e y n t c D o d m e e m p p o o a s n n i e t d n t jus a t d e ­ d 1 d d e e p m os a i n ts d 1 I960—Dec............................................................ 141.1 28.9 112.1 72.9 144.7 29.6 115.2 72.1 4.7 1961—Dec............................................................ 145.5 29.6 116.0 82.7 149.4 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—Dec........................................................... 153.1 32. 5 120.6 112.2 157. 3 33.1 124.1 111.0 5.1 1964—Dec............................................................ 159.7 34.2 125.4 126.6 164.0 35.0 129.1 125.2 5.5 1965—Dec............................................................ 167.2 36.3 130,9 146.9 172,0 37. 1 134.9 145.2 4.6 1966—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 37.8 131.8 156.6 166.9 37.9 129.1 157.0 5.2 Sept...................................... 170.5 37.9 132.6 157.1 169. 4 37.9 131.5 156.9 4.4 Oct..................................................... 169.6 38 0 131 7 156 8 170 1 38.1 132.1 156.6 4.8 Nov.. 169.2 38.0 131 2 156 8 171.0 38.5 132.5 155.6 3.7 Dec........................................................... 170.3 38.3 132 1 158.0 175.2 39.1 136.2 156.3 3.5 169.6 38.5 131.1 160,5 174,6 38,4 136.2 160.0 4.2 fcb.p....................................................... 170.5 38.7 131.7 163,2 170,1 38,3 131.7 163.3 5.1 Week ending— 1967—Jan. 4..................................................... 170.8 38 4 132.4 159 4 178.0 38.9 139.2 158.1 5.1 11.................................................... 170 2 38.6 131 6 159 7 176 3 38.9 137.4 158.8 4.4 18.................................................... 170 3 38 5 131 8 160 2 175 7 38.4 137.3 159.8 2.8 25.................................................... 168 9 38.4 130.5 160.1 172.5 38.1 134.4 160.9 4.6 Feb. 1................................................... 168.7 38.5 130.2 162.0 171.9 37.9 134.0 161.9 4.6 8P.,.................... 169.5 38.6 130 9 162 5 171.7 38.4 133.2 162,7 5.3 15 f............................................. 170 i 38 8 131 3 163.0 170.6 38.5 132,1 163.2 4.7 22»................................................ 172.0 38.8 133.2 163.5 169.0 38.3 130.7 163.7 5.0 i At all commercial banks. Averages of daily figures. Money supply consists of (t) 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. 19 59, see Sept. 1966 Bulletin, pp. 1103-15; for monthly data U.S. Govt. 1947-58, see June 1964 Bulletin, pp. 679-89. AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Member bank reserves1 re D se e r p v o e s r it e s q u su ir b e j m ec e t n t t o s 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 to ts 2 Period 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 g e s de v P 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 e r n ­ d ­ qu R ir e e ­ d Total s T a a v i n m in d g e s de v P m a r a t i e ­ n d de G U m o .S a v n 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—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 June3... 23,32 22.84 23.17 244.2 126.3 113.5 4.3 23.42 22.75 23.10 243.9 127.0 111.5 5.5 July.... 23.73 22.96 23.32 246,1 128.0 112.4 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 III.8 3.8 Oct......... 23,26 22,53 23.01 244.6 128.7 111.6 4.3 23.33 22.60 23.03 244.6 128.4 112.0 4.3 Nov....... 23.23 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..... 23.57 23.15 23.22 247.6 131.5 111.4 4.8 24.07 23.68 23.70 250.9 t3t.l 116,1 3.7 Feb,’’. .. 23.85 23.51 23,49 250.8 133.7 112.1 4.9 23.71 23.34 23.35 250.3 134.0 HI.8 4.4 t Back data on member bank reserves adjusted to eliminate effects sonal loans were eliminated from time deposits for reserve purposes. of changes in reserve requirement percentages. Series reflect current per­ Time and total deposits were thereby reduced by an estimated $850 mil­ centage reserve requirements made effective Sept. 15, 1966. lion; this reduced member bank reserves by $35 million. 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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MARCH 1967 BANKS AND THE MONETARY SYSTEM 407 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas­ Total Date c u u ry r­ U.S. Government securities li i a ti b e i s l ­ Total C a ap n i d t al Gold s r o t e i a n u n n g c t d ­ y ­ Total n L e o t a n L 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 k r 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 p n n e it d t a l, c d u e r a p r n o e d s n i c ts y c m o n a u i e c 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 141741 199,008 184,384 14,624 1963—Dec. 20...................... 15,582 5,586 333,203 189,433 103,273 69,068 33^552 653 401497 354,371 3231251 31,118 1965—-Dec. 31....................... 13’733 5,575 399'779 242 706 106,716 65,016 40’768 932 501357 4191087 3831727 351359 1966—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...................... 13,600 5,700 397,700 244’100 102,500 61^000 40,500 1,000 51,100 417,100 3791400 371800 Apr. 27....................... 13,600 5,800 401'400 246^900 102'400 60’800 40'700 900 52,100 4201800 3831300 371500 May 25...................... 13,500 5,900 402^700 248,800 101,100 58,900 41 JOO 1,100 52,800 4221100 3821700 39,400 June 30...................... 13,434 5,978 410,775 254,693 101,630 58,625 42 J69 836 541452 430J87 3911731 38,454 July 27...................... 13,300 6,000 406,900 251,800 100,600 57,800 42,000 800 541400 426,200 3871700 38,’5OO Aug. 31...................... 13,300 6,000 408,800 252,400 102,100 58,800 42'500 800 541400 4281200 387,600 40,500 Sept. 28...................... 13'300 6,' 100 410'700 254'000 102,000 58,700 42,000 1,300 541700 430,000 387,800 421200 Oct. 26 p.................. 13'300 6,200 410,400 253’500 102,500 58,500 42,800 1,200 54,'5OO 4291800 388,200 41,600 Nov. 30 p.................. 13,200 6,200 412’200 254200 104,400 59,200 43^900 11300 53’600 4311600 3891000 42 600 Dec. 28 p.................. 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 rp................ 13,200 6,400 418,200 257,100 105,900 60,500 44,200 1 ,200 55,300 437,800 396,400 41,300 Feb. 22”.................. 13,'200 6,400 420,100 256,300 107,100 61 J00 44'700 Moo 56,700 4391600 396,200 43,400 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 n u s c i k r d y ­ s e d ju m e s D p a t a o e d e n s d ­ ­ d i t s 4 Total o b r u C e a t n n u s c i k r d y ­ s e d ju e m s D p a t a o d e 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 M sa a v n u i k t n u s g a s l 5 S P a S t o e v y s m i s t n a ­ g l s e n F i e g o t n r , ­ 6 T h c i r u n o a e r g s l a y d h s s ­ ­ s b a c a a o v A n n r in n d t k ! g s , s B F A a .R n t k . s 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.. . . 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1,293 2,989 668 1963—Dec. 20... . 153,100 31,700 121,400 158,104 33,468 124.636 155,713 110,794 44,467 452 1,206 392 6,986 850 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—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 37,128 130,961 208,647 154,798 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 37,300 131,800 171,300 38,000 133,400 210,300 155,700 54.500 100 1,800 1,200 4,000 300 Dec. 28 p. . 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’■'’.. 168,500 37,800 130,700 170,700 37,300 133,400 217,400 161,700 55,600 100 1 ,800 1,200 4,900 400 Feb. 22”.. 167,300 38,200 129,100 166,400 37,700 128,700 220,000 164,000 55,900 100 1,800 1,200 6,300 400 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. 411. 2 See note 2 at bottom of p. 411. NOTE.—Tor 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 * 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 1 of Supplement to Banking and Monetary Statistics, 1962, and ^ 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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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 L a n 2 s G U S o .S v ec . t. 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 l a p o u i n i c a t i t n d i - - a t e a t l s s l 4 Total3 m D I a n e n t ­ e d rba T n im k3 e G U o . D S vt . e . ma O O n t d t h h e e r r T 1 im »5 e r B i o n o w g r s - - c c T a o p o u i t n t a a l t l s b N a u n m ks - All banks: 1941—Dec. 31.. 61,126 26,615 25.511 8,99927,344 90,908 81,816 10.982 44,355 26,479 23 8,414 14.826 1945—Dec. 31.. 140,227 30,361 101,288 8,577 35,415 177,332165,612 14,065 105,935 45.613 227 10,542 14.553 1947—Dec. 31 6, 134,924 43.002 81.199 10,723 38,388 175,091 161,865 12,793 240 1 .346 94.381 53.105 66 1 1.948 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—Feb. 23 358,990245,440 62,90050,65056,560 426,640372,700 15,830 1,060 5,440 148,730201,640 6,75035,020 14,299 Mar. 30 361,710249,580 61,03051, 10055,030 428,100374,580 15,240 1,070 5,120 148,470204,680 6, 16035,180 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 58,89052,77055,030 431,960377,630 14,920 1 ,080 7,780 146,180207,670 5,61035,550 14,307 June 30 371,684258,607 58,625 54,45260,978 444,807391,731 17,034 1 ,099 11,005 153,907 208,687 4,44436,071 14,307 July 27. 370,240258,030 57,83054,38057,280 439,560382,560 15,480 1,090 6,180 149,370210,440 7,23035,830 14,305 Aug. 31. 372,300259,150 58,78054,37056,360 440,790382,900 15,930 1,130 4,720 149,830211,290 7,17036,190 14,305 Sept. 28. 373,370260,000 58,69054,68056,110 441,490383,210 16,310 1 ,060 6,000 148,490211,350 7,05036,330 14,294 Oct. 26A 372,700259,780 58,47054,45057,780 442,250384,150 16,020 1 ,010 4,720 151,490210,910 6,97036,420 14,294 Nov. 30*’, 374,310261,520 59,15053,64061,700 448,040387,780 17,110 900 3,810 155,530210,430 7,95036,770 14,288 Dec. 28^. . 380,990266,400 60,370 54,22065,690458,630398,330 18,140 940 5,130 161,070213,050 8,27036,860 14,274 1967—Jan. 25 ^ 379,340263,600 60,46055,28059,670450,990392,60016,130 1,110 4,620 153,250217,490 7,01036,910 14,266 Feb. 22p. 380,250262,480 61,09056,68061,300453,740394,40016,730 1,180 6,110 150,280220,100 6,74037,100 14,260 Commercial banks: 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71 .283 10,982 44,349 15,952 23 7,173 14.278 1945—Dec. 31 124,019 26.083 90.606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 14.01 I 1947—Dec. 116,284 38,057 69.221 9,006 37.502 155,377 144,103 12,792 240 1.343 94.367 35.360 65 10.059 14,181 1965—Dec. 31 306,060201,658 59,54744,85560,899377,264332,43618,426 1,008 5,525 160,780 146,697 4,472 30,272 13,804 1966—Feb. 23, 302,030 199,610 57,31045,11055,640 367,790319,670 15,830 1,060 5,440 148.680 148,660 6,75030,310 13,794 Mar. 30. 304,350203,490 55,43045,43054,130 368,840321,090 15,240 1,070 5, 120 148,420 151,240 6, 16030,440 13,801 Apr. 27. 307,110205,180 55,45046,48056,430 373,780327,120 15,560 1 ,090 5,030 152,650 152.790 4,940 30,670 13,802 May 25. 308,120207,430 53,55047,140 54,180 372,710 324,36014,920 1 ,080 7,780 146,130 154,450 5,61030,790 13,802 June 30. 314,238 211,980 53,50348,755 60,013 385,393 338,004 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 I ,090 6,180 149,320 156,770 7,23031,090 13,801 Aug. '31 . 313,980211,820 53,73048,430 55,530 380,630 329,010 15,930 1,130 4,720 149,780 157,450 7,17031,360 13,801 Sept. 28. 314,920212,500 53,61048,81055,260 381,160328,940 16,310 I ,060 6,000 148,440 157,130 7,05031 ,510 13,790 Oct. 26p 314,120211,980 53,54048,60056,980 381,840329,700 16,020 1 ,010 4,720 151,440 156,510 6,97031,630 13,789 Nov. 30p 315,570213,460 54,29047,82060,890387,450 333,260 17,110 900 3,810 155,480 155,960 7,95031 ,930 13,784 Dec. 28p 321,940218,100 55,60048,24064,750397,620343,100 18,140 940 5,130 161,010 157,880 8,27032,000 13,770 1967—Jan. 25*. 319,800215,040 55,78048,98058,700 389,420336,95016,130 I,HO 4,620 153,190161,900 7,01032,050 13,762 Feb. 22 p. 320,360213,670 56,38050,31060,310391,800338,480 16,730 1,180 6,110 150,220 164,240 6,74032,240 13.756 Member banks; 1941—Dec. 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 44,992 36,78552,814313,384275,517 17,454 840 4,890 132,131 120,202 4,23424,926 6,221 1966—Feb. 23 247,810 168,112 42,732 36,96648,453 305,117264,032 15,054 895 4,691 121,740 121,652 6,361 24,955 6,208 Mar. 30.. 249,847 171,495 41,23037,12246,883 305,819265,256 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 4,617 125,479 125,057 4,55425,239 6,199 May 25.. 252,528 174,354 39,68638,48847,548 309,186268,286 14,198 916 6,858 120,016 126,298 5,11425,345 6,198 June 30.. 257,767 178,257 39,94239,569 52,853 320,350280,339 16,164 928 9,979 126,572 126,696 3,985 25,678 6,194 July 27.. 255,819 177,210 39,07239,53749,749 315,068271.464 14,630 923 5,523 122,416127,972 6,80525,531 6,184 Aug. 31 .. 257,315 178,023 39,98439,30848,650 315,639271,521 15,047 963 4,202 122,874 128,435 6,633 25,766 6,175 Sept. 28. . 257,809 178,421 39,80739,581 48,663 316,011 271,229 15,225 890 5,448 121,728 127,938 6,68425,843 6,171 Oct. 26.. 256,797 177,818 39,652 39,327 50,210 316,324271,653 15,120 843 4,309 124,263 127,118 6,571 25,942 6,163 Nov. 30. . 258,041 179,106 40,35538,58053,564 321,185 274,67616,188 730 3,448 127,757 126,553 7,45926,189 6,158 Dec. 28. . 263,673 183,095 41,61838,96057,072330,265283,304 17,175 772 4,673 132,514128,170 7,91426,223 6,150 1967—Jan. 25.. 261,583 180,244 41,77339,56651,387 322,412277,460 15,228 937 4,161 125,481 131,653 6,63826,285 6,137 Feb. 22 * 262,135178,958 42,40440,773 52,973324,753279,014 15,828 1,006 5,506 123,124 133,550 6,42626,453 6,130 Mutual savings banks: 1941—Dec. 31.. 10,379 4,901 3,704 1,774 793 11.804 10,533 6 10,527 1,241 548 1945—Dec. 31.. 16.208 4,279 10.682 1,246 609 17,020 15,385 14 15,371 7 1 ,592 542 1947—Dec. 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—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 L 59,540 48,560 4,680 6,300 970 61,570 55,650 60 55,590 4,860 504 Feb. 22 p. 59,890 48,810 4,710 6,370 990 61,940 55,920 ............ 60 55,860 ............ 4,860 504 For notes see p. 411. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 COMMERCIAL AND MUTUAL SAVINGS BANKS 409 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 Lo i a , n 2 s G U o . v S t . . Oth 2 er a C ss a e s t h s 3 c c b o a i a a l l u p n i i c a t n i d i ­ ­ t e t a s s l 4 TotalJ m D a e n ­ d Time U. D S. emand Time 1 r B i o n o w g r s ­ ­ c c T a o a o p u c t i n ­ a ta t l s l N ba b o u n e m f k r s ­ Other Govt. Reserve city member banks: New York City:A 8 1941—Dec. 31............... 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31..................... 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31.................... 20,393 7,179 11,972 1.242 7,261 27,982 25.216 4,453 12 267 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—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,(15 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..................... 45,756 35,212 4,775 5,769 11,545 60,042 47,414 5,003 551 848 22,826 (8,186 2,013 5,323 12 Feb. 22"................... 45,474 34,396 5,115 5,963 12,200 60,537 47,404 4,987 601 1,065 22,547 18,204 2,280 5,443 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 1,217 72 4,201 913 426 14 1965—Dec. 31..................... 11,455 8,219 I ,700 1,536 2,426 14,290 12,475 1,437 39 345 5,656 4,999 355 1,132 1966—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 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 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 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 June 30..................... 11,715 8,567 1 ,585 I ,564 2,322 14,490 12,385 1,230 43 680 5,249 5,184 521 ( , 152 July 27..................... 11,400 8,331 1,363 1,706 2,447 14,371 11,959 1,160 31 3(0 5,224 5,234 637 1,146 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 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 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 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,(14 1 , (81 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 t , 176 1967—Jan. 25...................... 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 Feb. 22 p.................. 11,816 8,428 1,730 1,658 2,609 14,879 11,978 1,268 14 285 5,192 5,219 559 1,194 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 1965—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—Feb. 23..................... 90,857 65,012 13,159 12,686 19,095 112,909 98,188 6,990 212 1,875 43,09546,016 2,676 9,032 171 Mar. 30..................... 91,071 66,041 12,259 12,771 18,555 112,776 98,661 6,900 184 1,610 43,11646,851 2,155 9,089 170 Apr. 27..................... 92,397 66,743 12,583 13,071 20,021 115,509 100,917 6,896 194 1,720 44,751 47,356 2,225 9,167 170 May 25. .................. 92,355 66,817 11,832 13,706 19,064 114,547 100,037 6,702 193 2,824 42,36547,953 1,990 9,200 170 June 30..................... 93,831 67,779 12,182 13,869 20,764 118,152 103,985 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 43,72748,730 2,600 9,361 170 Sept. 28 93,899 68,359 11,718 13,82219,590 116,951 101,100 7,056 281 1,921 43,26248,580 2,821 9,368 170 Oct. 26..................... 93,627 68,231 11,760 13,63620,426117,442 101,512 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 (05,902 7,934 253 1 ,731 46,94749,037 2,782 9,441 169 1967—Jan. 25........................ 95,162 68,491 12,875 13,79620,283 118,870103,332 7,065 306 1,752 43,83050,379 2,807 9,465 168 Feb. 22".................. 95,797 68,077 13,199 14,521 21,113 120,402104,520 7,598 327 2,336 42,978 51,281 2,957 9,481 168 Country member banks*.7» » 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 1965—Dec. 31..................... 103,362 63,338 23,735 16,288 17,366 123,227 110,738 2,371 74 1,501 55,11851,675 343 9,673 6,027 1966—Feb. 23..................... 102,846 62,621 23,780 16,445 15,733 120,993 108,224 1,889 71 1,771 51,80052,693 768 9,686 6,014 Mar. 30.............. 103,571 63,617 23,168 16,786 15,666 121,660 108,599 1,869 71 1,638 51,651 53,370 814 9,742 6,010 Apr. 27..................... 104,208 64,371 22,891 16,946 15,782 122,524 109,499 1,873 71 966 52,841 53,748 762 9,815 6,006 May 25...................... 104,792 65,157 22,451 17,184 15,402 122,678 (09,125 1,763 71 2,177 50,951 54,163 988 9,854 6,005 June 30..................... 105,768 66,115 21,709 17,94416,836 125,301 112,170 1,912 64 3,052 52,78554,357 41610,050 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 52,03555,622 1,076 9,990 5,982 Sept. 28..................... 106,924 66,818 22,078 18,028 15,542 125,209111,642 2,380 74 1,659 51,56255,967 737 10,113 5,978 Oct. 26..................... 107,325 66,983 22,225 18,117 15,880 125,916112,276 1,981 74 1,244 52,64956,328 798 (0,161 5,970 Nov. 30...................... (07,688 67,355 22,289 18,044 17,035 127,416 113,382 2,019 74 1,084 53,833 56,372 984(0,252 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 74610,301 5,946 Feb. 22".............. 109,048 68,057 22,360 18,631 17,051 128,935 115,112 1,975 64 1,820 52,40758,846 63010,335 5,939 For notes see p. 411. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

410 COMMERCIAL AND MUTUAL SAVINGS BANKS MARCH 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 l n a l k s d s a a o t n e f d Total Lo 1 » an 2 s G U o S vt . . Oth 2 er as C s a e s ts h 3 c c b o a i a u l a l p i n i c n a t i d i ­ t ­ t e a s s l 2 Total3 m D a e n ­ d Time G U o . D S v . t e . ma O n t d her Ti 1 m .5 e B r 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 Insured commercial: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10, 154 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 13,883 23,740 80,27629,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 1963—Dec. 20.. 252,579 155.261 62,72334,594 50,337 310,730 273,657 15.077 443 6,712 140.702 110,723 3,571 25.277 13,284 1964—Dec. 31.. 275,053 174,234 62,49938,320 59,911 343.876 305,113 17,664 733 6,487 154,043 120,185 2,58027.377 13,486 1965—Dec. 31 . 303,593 200,109 59,12044,364 60,327 374,05! 330,323 18,149 923 5,508 159,659 146.084 4,325 29,827 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 9.229 14,013 45.473 16,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1963—Dec. 20.. 137,447 84,845 33,38419,218 28,635 170,233 150,823 8.863 146 3,691 76,83661,288 1,704 13,548 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 32,347 25,720 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 4,11 1 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1963—Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,72529,642 1,795 7,506 1,497 1964—Dec. 31.. 77.091 51,002 15,31210,777 18,673 98,852 86,108 6,486 453 2,234 44,005 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 37,957 36,278 1,304 7,656 1,383 Insured nonmember commercial: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 1963—Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 61 726 23,14019,793 72 4,234 7,173 1964—Dec 31.. 46,567 26,544 13,790 6,233 7,174 54,747 49,389 658 70 649 25,50422,509 99 4,488 7,262 1965—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 6,636 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 I.291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 131 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 12 10'351 1 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12 207 i 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. 316 5,957 1,384 3,813 760 211 6,215 5556 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 1 706 177 1966—June 30.. 7,768 5,525 1 ,690 552 111 7,964 7,046 I 28 7^017 716 175 For Notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 COMMERCIAL BANKS 411 LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total',2 Loans1,2 Total 1, a Loans1,2 U.S. Other 2 US. Other2 Govt. Govt. 1958—Dec. 31.......................................................................... 181.2 95.6 65.1 20.5 184 4 97.5 66 4 20 6 1959—Dec. 31.......................................................................... 185.9 107.5 57.9 20.5 189 5 110 0 58 9 20 5 I960—DeC( 31.......................................................................... 194 5 113.8 59 8 20,8 198 5 116 7 61 0 20 9 1961—Dec. 30.......................................................................... 209.6 120.5 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 1964—Dec. 31.......................................................................... 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—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 47.1 307.7 204.0 55.1 48.6 310.1 207.9 53. 5 48.8 July 27 p........................................................................ 309.2 206.4 54.4 48.5 307.1 205.8 52.7 48.6 310.8 206.6 56.1 48.1 307.7 205.5 53.7 48.4 Sept. 28p....................................................................... 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 48.6 308.4 207.3 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 Feb. 22 p..................................................................... 316.2 210.7 54.9 50.7 314.7 208.0 56.4 50.3 1 Adjusted to exclude interbank loans. 3 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. 9 5 2-5 5. For Import Bank portfolio fund participation certificates totaling an estimated description of seasonally adjusted series, see July 1962 Bulletin, pp. $1 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 All commercial....................................................1...,.1..5...0...............A...l.l. member (cont.) Insured ............................................................................................... 1,150 Other reserve city................................................... 338 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. 410, or from “Loans” and “Time deposits, as follows: in the tables on pp. 407-09; in the table at the top of this IPC”in the tables on pp. 412-13. page; and in the tables on pp. 414-17 (consumer instalment loans). 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. 408-10. 1 See table (and notes) above, Deposits Accumulated at Commercial 8 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 3 Reciprocal balances excluded beginning with 1942. definition of “commercial banks” as used in this table, and for other 4 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 i 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

412 COMMERCIAL BANKS MARCH 1967 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments Class of l T oa o n ta s l i Fed­ Com­ o p s r u e r c c c F u a h r r o a r i r t y s i i i e n n s g g in f s i t n i a t T u 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 securments 2>3 and tur- To tate di­ govt, rities4 in­ al 4 bro­ vid- Bills secu­ d tr u ia s l ­ k a e n r d s ot T h o er s Banks Others 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 5,723 947 69,221 9,982 6,03453,205 5,2763,729 1963—Dec. 20.. 254,162 156,006 52,9477,4705,353 2,509 3,605 9,47939,05634,5504,03463,196 12,717 22,415 28,06529,7865,173 1964—Dec. 31.. 277,376 175,58960,2177,505 5,5422,843 3,491 10,91343,67539,8095,15262,991 13,377 19,03930,57433,5335,263 1965—Dec. 31.. 306,060 2,103 199,555 71,4378,2125,258 3,231 2,158 13,29149,30045,468 5,215 59,547 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 All 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 1,314 3,1643,606 49 4,677 2,361 1,13288,91221,526 16,045 51,342 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1,190 1 14 9,266 5,654 91467,941 9,676 5,91852,347 5,1293,621 1963—Dec. 20.. 252,579 155,261 52,7437,4445,321 2,476 3,594 9,41538,86134,383 4,015 62,723 12,601 22,31627,80629,559 5,035 1964—Dec. 31.. 275,053 174,23459,7467,4825,355 2,794 3,419 10,81243,43639,627 5,11262,499 13,275 18,939 30,285 33,2945,026 1965—Dec. 31.. 303,593 2,064 198,045 70,8878,191 5,088 3,172 2,093 13,14849,02645,2905,155 59,120 13,134 13,233 33,858 38,4195,945 1966—June 30.. 312,982 2,061 209,52776,725 8,4705,2223,222 1 ,929 13,77351,59947,5065,15253,111 9,174 12,38932,70940,3687,914 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. 31.. 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 16,9621,046 811 1,065 113 7,130 4,662 83957,914 7,803 4,815 45,295 4,1993,105 1963—Dec. 20.. 210,127 131,71247,4034,659 5,1242,136 3,439 8,87531,00927,908 3,765 49,342 9,339 18,07221,93225,2103,864 1964—Dec. 31.. 228,497 147,69053,7174,643 5,1422,411 3,250 10,17934,58732,0244,82448,717 9,932 15,238 23,54828,374 3,715 1965—Dec. 31.. 251,577 1,861 167,93963,9795,0994,915 2,714 2,008 12,47538,98836,4184,83244,992 9,441 10,10626,36732,5884,198 1966—June 30.. 258,638 1 ,772 177,35569,3575,2445,0362,717 1,861 13,06840,86237,933 4,808 39,942 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 80 287 272 17,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 238 11,972 1,642 558 9,772 638 604 1963—Dec. 20.. 34,827 23,577 12,332 262,677 569 1 ,007 2,247 1,968 2,257 1,068 6,154 1,858 2,341 1,955 4,653 442 1964—Dec. 31.. 39,507 27,301 14,189 302,742 623 1,179 2,615 2,546 2,654 1,371 6,178 1,958 1,972 2,248 5,579 449 1965—Dec. 31.. 44,763 412 32,713 18,075 202,866 665 1 ,010 3,471 3,139 2,928 1,340 5,203 1,538 987 2,876 5,879 556 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.. 5,931 1,333 760 2 211 233 36 51 40 4,213 1,600 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 3 73 87 46 149 26 2,890 367 248 2,274 213 185 1963—Dec. 20.. 9,615 6,220 3,378 40 497 181 242 751 401 594 318 1,705 389 599 717 1,361 329 1964—Dec. 31.. 10,562 7,102 3,870 24 510 203 227 948 465 669 430 1,873 564 397 911 1,392 195 1965—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 35! 20,196 2,731 1,901 15,563 1,342 1,053 1963—Dec. 20.. 78,370 51,891 18,8621,219 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 21,1021,095 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 64,64624,7841,206 954 1,108 635 5,82015,05614,305 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 5,91115,62914,672 1,857 12,182 1,720 2,520 8,34412,361 1,509 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 U28 4,377 110 481 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 1,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 22422,857 3,063 2,108 17,687 2,006 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 10,385 2,111 1964—Dec. 31.. 93,759 55,733 14,5563,493 830 599 710 1 ,73017,96415,899 1,04724,341 4,209 7,20612,925 11,531 2,154 1965—Dec. 31.. 103,362 905 62,433 16,4783,840 650 698 174 1,98320,21718,423 1,17723,735 4,389 5,565 14,098 13,805 2,483 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 7,4583,113 343 516 151 81710,312 9,050 383 14,555 n.a. n.a. n.a. 6,0672,003 1966—June 30.. 56,750 357 33,646 7,8883,244 314 566 109 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 Personal 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

MARCH 1967 COMMERCIAL BANKS 413 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d s B w F e R a r . i n v R e th k e ­ . s s r C c e a o n n u i c d r n ­ y b m a w a B d n e n o i c a s t k l - e t h - , i s s c 6 ju m p D s o a d a t d s e e e n i - ­ - d t d s 7 m D e I s o n t - t i e c r 6 ba e F n ig k o n r- 8 G U o S v . t. S g l a o o t n c a v d a t t e l . c C c h o a f e e i e f n e r f r c d d i s t k ­ i ’ ­ s, 1PC I b n a t n e k r­ G P U S a o o a n . s S v v d t ­ 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 g w r s - ­ c C o a t a u a c p l n ­ i t ­ s etc. ings Total:’ 1947—Dec. 31 .... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1963—Dec. 20. . . . 17,150 4,048 12,312 126,579 14,048 1,218 6,729 12,256 4,494 124,784 526 269 7,908 102,886 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 9,812 116,6352,67927,795 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 12,186 134,247 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 12,634143,315 4,35331,309 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 12,175 4,429 124,098 443 269 7,853 102,6003,571 25,277 1964—Dec. 31... . 17,581 4,515 14,613 133,336 16,210 1,454 6,487 13,423 5,856 134,764 733 272 9,766 116,147 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 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31 .... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1963—Dec. 20. ... 17,150 3,131 7,359 102,816 13,378 1,140 5,986 9,376 4,055 104,130 382 240 6,364 84,326 3,49921,054 1964—Dec. 31 ... . 17,581 3,490 9,057 108,324 15,604 1 ,403 5,838 10,293 5,368 112,878 664 239 8,012 95.425 2,481 22,901 1965—Dec. 31 ... . 17,992 3,757 8,957 112,569 15,977 1 ,477 4,890 10,840 5,386 115,905 840 236 10,041 109,925 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.... 4^15 III 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 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 I 2,844 1963—Dec. 20. ... 7,587 935 2,105 35,859 6,958 267 2,212 3,144 1,034 39,281 95 72 2,950 31,982 1,416 7,697 1964—Dec. 31 ... . 7,680 1,065 2,433 37,047 7,962 326 2,195 3,508 1,238 42,137 134 77 3,840 35,728 841 8,488 1965—Dec. 31.... 7,700 1,139 2,341 37,703 8,091 330 1,773 3,532 1,180 42,380 206 71 4,960 40,510 1,548 9,007 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 U 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 1,082 44,922 64 74 4,071 50,745 416 10,050 Nonmember: J 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.... 1,190 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 I960 demand deposits other than interbank and U.S. Bulletin.) These figures exclude data for banks in U.S. possessions Govt., less cash items in process of collection; beginning with 1961, except for member banks. Comparability of figures for classes of banks demand deposits other than domestic commercial interbank and U.S. is affected somewhat by changes in F.R. membership, deposit insurance Govt., less cash items in process of collection. status, and the reserve classifications of cities and individual banks, and 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

414 WEEKLY REPORTING BANKS MARCH 1967 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans2 For purchasing To financial institutions or carrying securities Loanst Wednesday m i T l n o a e v o a n n e t n d t a s s s l t ­ i v s n e t a e r i r l t o e v u ­ n e o a s f ­ i C n m t a c r d o n i i e a u a m d r l l s ­ ­ ­ A t c u u g ra l r ­ i l ­ G c U a T t s u i o n e e . o r v S ­ d s i t - . b , d r e o O a c k l t s u e t i e e e h r r r ­ s s i s e ­ r G c U t s u i T o e e . r S v o ­ s i . t ­ , o th O c e t s u i t r e e h s r ­ s i e ­ r F ei o g r B n ­ ank c m m D c s o t i i e e a o c m s r l ­ ­ ­ ­ f P s c i a e a o n e N n t l c s a r e d s . o . n s , , n . ba O n t k her e R st e a a t l e s i C m n u s m o e t n a n e l ­ t r ­ g e F o i o g v n r ts ­ . ot A h l e l r V se t a r i r o e l v u ­ n e a s ­ Large banks—• Total 1966 Feb. 2............ 179,459 127,458 52,974 1,704 691 3,559 no 2,256 1,616 2,793 5,764 4,867 25,700 28,185 2,761 9........... 177,227 126,114 53,008 1 ,708 436 3,208 108 2,262 1,600 2,632 5,307 4,801 25,725 28,079 2,760 16............ 178,186 127,014 53,543 1 ,718 480 3,258 108 2,267 1,588 2,415 5,620 4,800 25,792 28,185 2,760 23............ 178,564 127,714 53,608 1,725 345 3,276 107 2,270 1,582 3,281 5,528 4,743 25,827 28,181 2,759 1967 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 2,813 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........... 187,428 135,442 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 10,604 2,953 Feb. 1 ........... 189,814 136,651 60,258 1,819 2,302 2,966 76 2,075 1,435 3,383 6,098 4,198 27,291 15,903 1,137 10,668 2,958 8........... 187,099 134,114 60,213 1,821 1,247 2,810 72 2,070 1,445 2,786 5,730 4,117 27,242 15,844 1,131 10,545 2,959 15........... 188,965 135,052 60,404 1,823 979 2,992 70 2,077 1,409 3,650 5,812 4,069 27,253 15,807 1,137 10,533 2,963 22............ 188,117 134,274 60,404 1,821 1,094 2,951 75 2,066 1,450 3,120 5,569 3,998 27,210 15,791 1,131 10,555 2,961 New York City 1966 Feb. 2............ 42,302 31,763 17,193 23 393 2,159 21 657 848 1,111 1,915 1,193 2,924 4,091 765 9........... 41,261 30,866 17,238 22 223 1,851 21 659 842 975 1,700 1,152 2,931 4,017 765 16............ 41,547 31,244 17,398 21 231 1,897 21 657 839 1,039 1,809 1,152 2,938 4,007 765 23............ 41,566 31,522 17,395 21 134 1,872 20 662 841 1,467 1,758 1,137 2,945 4,036 766 1967 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 1,751 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 Feb. 1............ 43,994 33,616 20,275 15 833 1,543 11 569 754 684 1 ,917 1,043 3,089 1,272 734 1,719 842 8........... 43,305 32,955 20,186 15 459 1 ,476 9 570 771 712 1,739 1,005 3,084 1,265 736 1,770 842 15............ 43,612 33,148 20,249 15 298 1,695 9 576 752 792 1,802 997 3,093 1,256 736 1,721 843 22............ 43,565 33,090 20,290 15 290 1,691 8 575 773 •838 1,698 979 3,068 1,253 726 1,729 843 Outside New York City 1966 Feb. 2............ 137,157 95,695 35,781 1,681 298 1,400 89 1,599 768 1,682 3,849 3,674 22,776 24,094 1,996 9........... 135,966 95,248 35,770 1,686 213 1,357 87 1,603 758 1,657 3,607 3,649 22,794 24,062 1,995 16........... 136,639 95,770 36,145 1,697 249 1,361 87 1,610 749 1,376 3,811 3,648 22,854 24,178 1,995 23............ 136,998 96,192 36,213 1,704 211 1 ,404 87 1,608 741 1,814 3,770 3,606 22,882 24,145 1,993 1967 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............ 144,420 102,365 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............ 143,505 101,541 40,057 1,805 1,026 1,313 61 1,499 682 1,898 4,018 3,133 24,269 14,591 387 8,912 2,110 Feb. 1............ 145,820 103,035 39,983 1,804 1,469 1,423 65 1,506 681 2,699 4,181 3,155 24,202 14,631 403 8,949 2,116 8........... 143,794 101,159 40,027 1,806 788 1,334 63 1,500 674 2,074 3,991 3,112 24,158 14,579 395 8,775 2,117 15........... 145,353 101,904 40,155 1,808 681 1,297 61 1,501 657 2,858 4,010 3,072 24,160 14,551 401 8,812 2,120 22............ 144,552 101,184 40,114 1,806 804 1,260 67 1,491 677 2,282 3,871 3,019 24,142 14,538 405 8,826 2,118 For notes see p. 417. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 WEEKLY REPORTING BANKS 415 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments Cash assets U.S. Government securities Other securities Balances with— Obligations Total Bills c C t a i e f te i r ­ s ­ No m te a s tu a r n i d n g b — onds o p s f o u a l S b n it d t d i a i c t v a e . l s O co t s h r e p e c a r , u n r s b d i t t o o i n e c s d k s s , Total p c C i r t o t e o i i o a l o n m l c s f e n h e c s s ­ s m b D a e n s o t k i ­ c s b F e a i o g n r n k ­ s r C c e a o n n u i c d n r y ­ s B e F w r a R v . i n R t e e h k s . ­ s a o s A t s h e l e l t s r Wednesday W ly i in t r h . ­ 5 1 y t r o s. A 5 y ft r e s r . r w a T n a a t r x s ­ 3 o A th l e l r p p C a a t e r o i t r o i f t c i n f . i . ­ 4 O s ri e t t c i h e u e s ­ r Large banks—• Total 1966 26,259 4,691 553 3,929 9,930 7,156 25,742 37,148 16,661 3,791 203 2,268 14,225 7,459 Feb. 2 25,439 3,941 537 3,925 9,891 7,145 25,674 35,843 16,248 3,510 207 2,302 13,576 7,390 9 25,369 4,078 526 3,233 10,355 7,177 25,803 38,114 18,388 3,882 192 2,354 13 298 7,210 16 24J85 3,837 530 3,181 10,139 7,098 26,065 37,894 18,524 3; 777 205 2,486 12,902 7,405 23 1967 25,199 5,067 318 3,416 10,334 6,064 2,296 21,046 899 2,492 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 11 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 39,800 17,975 3,900 198 2,680 15,047 7,641 25 25,758 5,174 338 3,575 10,470 6,201 2,707 21,121 1,047 2,530 42,442 21,229 4,101 221 2,506 14,385 7,871 Feb. 1 25,326 4,648 343 3,592 10,528 6,215 2,785 21,353 1 ,068 2,453 39,684 16,813 3,972 218 2,484 16,198 7,856 8 25,926 4,521 339 2,985 12,003 6,078 2,920 21,548 1,094 2,425 44,663 22,444 4,450 221 2,600 14,948 7,910 15 25,622 4,228 347 3,019 12,010 6,018 2,925 21,533 1,159 2,604 41,390 19,559 4,088 202 2,624 14,917 7,824 22 New York City 1966 4,575 1,127 135 582 1,360 1,371 5,964 9,644 5,450 161 88 31! 3,634 2,860 Feb. 2 4,484 887 130 659 1,399 1,409 5’911 9,812 5,763 117 96 316 3,520 2,841 9 4,433 994 136 590 1,305 1,408 5,870 9,864 6,005 168 80 302 3,309 2,773 16 4,093 753 134 565 1,227 1,414 5,951 11,034 6^43 154 99 331 3,607 2; 926 23 1967 4,585 1,521 62 505 1,234 1,263 557 3,921 205 685 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 4,883 1,734 75 568 1,234 1,272 683 3,903 200 709 13,678 8,677 208 105 323 4,365 2,696 Feb. 1 4,792 1,634 74 586 1,232 1,266 682 4,006 196 674 11,321 5,996 180 98 330 4,717 2,711 8 4,894 1,463 75 416 1,686 1 ,254 702 4,006 197 665 13,813 8,801 338 97 338 4,239 2,833 15 4,873 1,438 76 463 1,650 1,246 716 3,958 202 726 12,033 7,250 209 83 343 4,148 2,784 22 Outside New York City 1966 21,684 3,564 418 3,347 8,570 5,785 19,778 27,504 11,211 3,630 115 1,957 10,591 4,599 Feb. 2 20,955 3,054 407 3,266 8,492 5,736 19,763 26,031 10,485 3,393 111 1,986 10,056 4,549 9 20,936 3,084 390 2,643 9,050 5,769 19,933 28,250 12,383 3,714 112 2,052 9,989 4,437 16 20,692 3^084 396 2,616 8,912 5,684 20,114 26,860 11,681 3; 623 106 2,155 9,295 4,479 23 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 71S 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 28,425 11,077 3,745 118 2,337 11,148 4,970 25 20,875 3,440 263 3,007 9,236 4,929 2,024 17,218 847 1,821 28,764 12,552 3,893 116 2,183 10,020 5,175 Feb. 1 20,534 3,014 269 3,006 9,296 4,949 2,103 17,347 872 1,779 28,364 10,817 3,792 120 2,154 11,481 5,145 8 21,032 3,058 264 2,569 10,317 4,824 2,218 17,542 897 1,760 30,850 13,643 4,112 124 2,262 10,709 5,077 15 20,749 2,790 271 2,556 10,360 4,772 2,209 17,575 957 1,878 29,357 12,309 3,879 119 2,281 10,769 5,040 22 For notes see p. 417. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

416 WEEKLY REPORTING BANKS MARCH 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 Totals IPC p s i o u c l a b i l ­ t ­ G U o .S vt . . c m o ti e m c r ­ ­ Govt., C m o e m r­ ­ Total? Sav­ Other p s i o u c l a b i l t ­ ­ i m n ti t e c e s r - ­ Govt., C m o e m r­ ­ divi­ cial etc.6 cial ings divi­ bank etc. cial sions banks banks sions banks Large banks— Total 1966 Feb. 2...............1..9...2..,.261 106,308 78,172 6,020 3,364 11,951 751 1,381 85,953 50,351 23,179 7,359 649 3,992 234 9....................... 188,563 102,301 75,538 5,502 2,593 11,969 689 1 ,389 86,262 50,405 23,451 7,351 660 3,980 229 16....................... 191,618 105,316 76,922 5,363 4,170 12,298 707 1 ,394 86,302 50,397 23,491 7,361 659 3,986 228 23....................... 190,939 104,436 76,334 5,341 3,672 12,133 720 1 ,401 86,503 50,423 23,704 7,361 661 3,950 227 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 92,545 46,520 32,119 8,480 715 4,341 195 Feb. 1....................... 204,753 111,768 79,215 6,771 3,355 13,48! 720 1,418 92,985 46,459 32,425 8,538 763 4,428 204 8....................... 198,651 105,127 76,066 5,919 3,539 12,206 668 1 ,455 93,524 46,466 32,762 8,701 794 4,434 208 15....................... 204,429 110,771 80,218 5,941 2,919 13,640 710 1 ,424 93,658 46,506 32,889 8,665 782 4,444 204 22....................... 200,448 106,462 76,759 5,540 4,450 12,697 686 1 ,456 93,986 46,574 33,013 8,817 774 4,436 205 New York City 1966 Feb. 2....................... 44,228 26,702 60,150 322 895 3,163 594 934 17,526 5,187 8,203 566 446 2,896 134 9....................... 43,236 25,634 58,419 260 693 3,188 532 941 17,602 5,19! 8,267 579 455 2,89! 128 16....................... 43,605 26,192 59,465 278 975 3,250 551 957 17,413 5,187 8,058 614 449 2,892 127 23... ................ 44,411 27,059 58,713 246 811 3,719 570 957 17,352 5,186 8,050 610 446 2,847 130 1967 Jan. 4....................... 46,889 30,348 19,872 389 1,115 3,999 612 1 ,040 16,541 4,616 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 Feb. 1....................... 48,346 30,820 18,783 638 830 4,205 579 972 17,526 4,551 8,542 685 501 3 ,060 102 8....................... 44,933 27,375 17,722 422 830 3,346 522 1,011 17,558 4,560 8,558 696 520 3,046 105 15....................... 47,290 29,874 19,103 340 683 4,123 570 996 17,416 4,565 8,441 686 506 3,041 100 22....................... 45,499 28,047 18,330 273 1,059 3,628 549 1 ,003 17,452 4,595 8,422 730 496 3,028 105 Outside New York City 1966 Feb. 2....................... 148,033 79,606 18,022 5,698 2,469 8,788 157 447 68,427 45,164 14,976 6,793 203 1,096 100 9....................... 145,327 76,667 17,119 5,242 1 ,900 8,781 157 448 68,660 45,214 15,184 6,772 205 1 ,089 101 16....................... 148,013 79,124 17,457 5,085 3,195 9,048 156 437 68,889 45,210 15,433 6,747 210 1 ,094 101 23....................... 146,528 77,377 17,621 5,095 2,861 8,414 150 444 69,151 45,237 15,654 6,751 215 1,103 97 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 75,137 41,963 23,617 7,787 259 1,327 100 Feb. 1....................... 156,407 80,948 60,432 6, 133 2,525 9,276 141 446 75,459 41,908 23,883 7,853 262 1 ,368 102 8....................... 153,718 77,752 58,344 5,497 2,709 8,860 146 444 75,966 41,906 24,204 8,005 274 1,388 103 15....................... 157,139 80,897 61,115 5,601 2,236 9,517 140 428 76,242 41,941 24,448 7,979 276 1 ,403 104 22....................... 154,949 78,415 58,429 5,267 3,39! 9,069 137 453 76,534 41,979 24,591 8,087 278 1 ,408 100 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 WEEKLY REPORTING BANKS 417 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 lia T b a o i n l t i d a t i l e s Total T lo o a t n al s Demand La o rg f e d e c p e o rt s i i f t i c 1 a ° tes Wednesday From From capital loans (net), deposits B F a . n R k . s others accounts (net), adjusted, adjusted9 adjusted a ve a s n tm d e i n n t ­ s 8 Total Issued Issued issued to IPC’s to others Large banks—■ Total 1966 490 4,838 8,066 18,411 224,066 124,665 176,666 74,332 16,479 .................... Feb. 2 318 4,907 8,242 18,430 220,460 123,482 174,595 71,491 16,657 9 585 4,584 8,335 18,388 223,510 124,599 175,771 70,460 16,573 16 534 5,507 8,505 18,378 223,863 124,433 175,283 70,107 16,700 23 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 19,225 234,869 132,241 184,227 72,734 17,856 12,113 5,743 25 2 5,673 10,363 19,336 240,127 133,268 186,431 73,703 18,128 12,221 5,907 Feb. 1 783 5,288 10,587 19,331 234,640 131,328 184,313 72,570 18,507 12,381 6,126 8 273 6,470 10,985 19,381 241,538 131,402 185,315 71,768 18,491 12,364 6,127 15 333 5,895 11,275 19,380 237,331 131,149 184,992 69,756 18,551 12,329 6,222 22 New York City 1966 74 1,906 3,608 4,990 54,806 30,652 41,191 17,194 7,079 Feb. 2 2,014 3,670 4,994 53,914 29,891 40,286 15,990 7,140 9 33 1,924 3,640 4,982 54,184 30,205 40,508 15,962 6,893 16 2,290 3,848 4,977 55,526 30,055 40,099 15,686 6,850 23 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 1,946 4,857 5,219 60,368 32,932 43,310 17,108 6,495 4,569 1,926 Feb. I 124 1,990 5,076 5,214 57,337 32,243 42,593 17,203 6,547 4,600 1,947 8 25 2,407 5,236 5,300 60,258 32,356 42,820 16,267 6,424 4,495 1,929 15 125 2,120 5,343 5,295 58,382 32,252 42,727 16,110 6,381 4,420 1,961 22 Outside New York City 1966 416 2,932 4,458 13,421 169,260 94,013 135,475 57,138 9,400 Feb. 2 318 2,893 4,572 13,436 166,546 93,591 134,309 55,501 9,517 9 552 2,660 4,695 13,406 169,326 94,394 135,263 54,498 9,680 16 534 3,217 4,657 13,401 168,337 94,378 135,184 54,421 9,850 23 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 14,050 176,900 99,643 141,607 55,964 11,416 7,538 3,878 25 2 3,727 5,506 14,117 179,759 100,336 143,121 56,595 11,633 7,652 3,981 Feb. 1 659 3,298 5,511 14,117 177,303 99,085 141,720 55,367 11,960 7,781 4,179 8 248 4,063 5,749 14,081 181,280 99,046 142,495 55,501 12,067 7,869 4,198 15 208 3,775 5,932 14,085 178,949 98,897 142,265 53,646 12,170 7,909 4,261 22 1 After deduction of valuation reserves. s All demand deposits except U.S. Government and domestic com­ 2 Individual items shown gross. mercial banks, less cash items in process of collection. 3 Includes short-term notes and bills (less than 1 year to maturity) 10 Certificates of deposit issued in denominations of $100,000 or more. issued by States and political subdivisions. * Federal agencies only. Note.—Beginning June 29, 1966, coverage of series was changed from 5 Includes certified and officers’ checks, not shown separately. Weekly Reporting Member Banks to Weekly Reporting Large Commer­ 6 Deposits of foreign governments and official institutions, central cial Banks; also, detailed breakdown is shown of “All other loans,” of banks, and international institutions. “Other securities,” and of ownership of time 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. 8 Exclusive of loans to domestic commercial banks. 1966 Bulletin, pp. 1137-40. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

418 BUSINESS LOANS OF BANKS MARCH 1967 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— Industry 1967 1967 1966 1966 1966 F 2 e 2 b. F 1 e 5 b. Fe 8 b. Fe 1 b. J 2 a 5 n. Feb. Jan. Dec. IV III II 2 h n al d f h 1 a s l t f Durable goods manufacturing: Primary metals....................................... 892 895 891 876 877 15 41 -9 -60 -75 80 -135. 233 Machinery.............................................. 4,159 4,114 4,071 4,048 4,075 84 42 170 220 360 467 580 680 Transportation equipment................ 2,084 2,0f4 2,021 2,002 1,980 104 -15 116 235 239 233 474 358 Other fabricated metal products.. . 1,568 1,566 1,525 1,526 1,551 17 -17 -12 -99 72 169 -27 265 Other durable goods............................ 1,933 1,928 1,922 1,915 1,909 24 -54 22 6 78 234 84 390 Nondurable goods manufacturing: Food, liquor, and tobacco................ 2,398 2,361 2,428 2,468 2,502 -104 -218 166 519 56 -117 575 -156 Textiles, apparel, and leather........... 1,942 1,916 1,848 1,806 1,797 145 -65 -85 -380 106 225 -274 550 Petroleum refining................................ 1,487 1,507 1,483 1,519 1,535 -48 109 -127 -162 -92 107 -254 256 Chemicals and rubber......................... 2,212 2,211 2,127 2,093 2,091 121 -24 53 52 81 23 133 353 Otherfnondurable goods.................... 1,456 1,450 1,441 1,449 1,480 -24 8 20 -63 127 216 64 309 Mining, including crude petroleum and natural gas...................................... 4,068 4,098 4,109 4,120 4,147 -79 322 45 -40 222 226 182 344 Trade: Commodity dealers.................... 1,301 1,330 1,348 1,364 1,372 -71 -33 35 312 22 -222 334 -322 Other wholesale........................... 2,834 2,829 2,821 2,831 2,846 -21 -47 -9 60 42 155 102 161 Retail.............................. 3,404 3,385 3,301 3,292 3,333 71 -214 -97 69 -116 466 -47 455 Transportation, communication, and other public utilities........................ 286 551 370 343 921 220 Transportation................................ 3,706 3,695 3,678 3,673 3,667 39 -39 n.a. n.a. n.a. n.a. n.a. n.a. Communication............ 813 812 822 830 834 -2L 62 n.a. n.a. n.a. n.a. n.a. n.a. Other public utilities............................ 2,090 2,135 2,152 2,215 2,223 -133 -44 n.a. n.a. n.a. n.a. n.a. n.a. Construction............................................... 2,505 2,508 2,505 2,498 2,504 1 -100 3 -99 -74 153 -173 189 Services......................................................... 4,671 4,700 4,678 4,689 4,731 -60 -97 n.a. n.a. n.a. n.a. n.a. n.a. AU other domestic loans................ 5,944 5,967 6,059 6,069 ’’5,993 84 91 -16 3 -56 226 -53 469 Bankers’ acceptances................................ 617 611 728 815 731 -114 196 81 165 -101 -231 64 -232 Foreign commercial and industrial loans........................................................... 2,910 2,904 2,883 2,895 2,880 30 8 n.a. n.a. n.a. n.a. n.a. n.a. Total classified loans................................ 54,994 55,006 54,841 54,993 ’’55,058 69 -88 642 1,289 1,261 2,753 2,550 4,522 Total commercial and industrial loans 60,404 60,404 60,213 60,385 r60,449 r45 r —330 ’737 ■•1,339 ■1,656 r2,553 ■2,995 ■4,671 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 the Feb, 1967 Bulletin. these banks classify, by industry, commercial and industrial loans amount­ Data 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) 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 10O- 200 10 100 200 and over 10 100 200 and over Year: 19 large cities: Quarter—cont.:1 New York City: 1957............................... 4.6 5.5 5.1 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 I960............................... 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 J une................ 5.86 6.32 6.35 6.08 5.74 Sept................ 6.40 6.62 6.75 6.60 6.31 Quarter: * 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 loans 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*4 1960—Aug. 23 4*4 pp.228-37. 1958—Jan. 22 4 1965—Dec. 6 5 Bank prime rate was 3% per cent during the period Jan, 1, 1956—Apr, Apr. 21 314 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«4 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 INTEREST RATES 419 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime Period p c a o p m e b r, p p l a a p c e e r d b a a c n c k e e p r t s ­ ’ F f e u d n e d r s a l 3-month bills 5 6-month bills 5 9- to 12-month issues f 3- y e to a r 5 m 4 o - n to th 6 s - 1 d 3 i - r e to ct l 6 y - , 90 a n d c a e y s s , l rate 3 Rate on Market Rate on Market Bills (mar­ Other g issues 7 t months 2 new issue yield new issue yieldf ket yield) 5 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--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 Feb..................... 5.38 5.19 4.88 5.00 4.554 4.56 4.565 4.59 4.57 4.64 4.73 Week ending— 1967—Jan. 2R+......... 5.55 5.25 5.03 5.18 4.680 4.66 4.662 4.65 4.54 4.63 4.68 Feb. 4'......... 5.40 5.25 4.78 4.21 4.486 4,49 4.460 4.49 4.45 4.55 4.64 5.38 5.25 4,75 4.93 4.530 4.54 4.524 4.54 4.51 4.55 4.67 18............ 5.38 5.19 4.94 5.18 4.577 4.61 4.581 4.66 4.66 4.67 4.76 25............ 5.38 5.13 5.00 5.18 4.621 4.61 4.694 4.69 4.68 4.76 4.80 t See Errata on p. 389 for the correct weekly figures for certain U.S. 4 Except for new bill issues, yields are averages computed from daily Government securities for Jan. 1967. closing bid prices. 5 Bills quoted on bank discount rate basis. 1 Averages of daily offering rates of dealers. 6 Certificates and selected note and bond issues. 2 Averages of daily rates, published by finance companies, for varying ? Selected note and bond issues. maturities in the 90-179 day range. 3 Seven-day average for week ending Wednesday. BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings / Period United and local rating group price ratio price ratio States Total 1 (long­ term) Total 1 Aaa Baa Aaa Baa In tr d ia u l s­ R ro a a i d l­ P ut u i b li l t i y c fe P r r r e e ­ d C m o o m n ­ C m o o m n ­ 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—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 ?3 6.13 Apr........................................... 4.55 3.68 3.46 4.06 5.16 4.96 5.41 5.09 5 J9 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 Auc. 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.H) 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 Feb.......................... 4.47 3.62 3.38 3.90 5.35 5.03 5.82 5. 33 5.48 5.25 4.98 3.36 Week ending— 1967—Jan. 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 11 4.41 3.54 3.25 3.90 5’34 5.00 5.82 5.31 5.47 5.22 4.95 3.34 18 4.49 3.67 3.50 3.90 5.34 5.01 5.82 5.32 5.48 5.23 4.96 3.23 25.................................. 4.55 3.70 3.53 3.90 5.38 5.05 5.83 5.36 5.50 5.27 5.04 3.36 ..................... Number of issues............................. 10-11 20 5 5 120 30 30 40 40 40 14 500 500 i Includes bonds rated Aa and A, data for which are not shown sep­ Thurs. figures. Corporate 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 Corporate series. Dividend/price ratios arc based on Wed. figures; earnings/price ratios are as of end of period. Note.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample of non- Monthly and weekly yields are computed as follows; U.S. Govt, bonds: callable issues—12 industrial and 2 public utility; common stock ratios Averages of daily figures for bonds maturing or callable in 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. State and local govt, bonds: General obligations only, based on adjusted at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

420 SECURITY MARKETS MARCH 1967 MORTGAGES: NEW AND EXISTING HOMES SECURITY PRICES (Per cent) (P B er o $ n 1 d 0 0 p ri b c o e n s d) Co ( m 19 m 4 o 1 n -4 s 3 t = o , c k io ) prices Vol­ ume Contract interest rate on of Period o i n n Y s F i u e H r l e d A d - F c H o A nv s e e n r t i i e o s nal first F m H o L r B tg B a g s e e s ries Period ( G l U o o . n S v g t . ­ , S l a o t n c a d a te l C p a o o te r r ­ ­ Total d t I r u i n a s ­ l ­ R ro a a i d l­ P u l u t i i c b l ­ ­ ( s t h t h r i a n o a r g u d e s s ­ ) . term) AAA ity New New Existing New Existing 1964................ 84.46 111.5 95.1 81.37 86.19 45.46 69.91 4.888 1965................ 83,76 110.6 93.9 88.17 93.48 46.78 76.08 6,174 1961.................... 5.69 5.97 6.04 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—Feb... 79.32 105.2 89.5 92.69 99.11 54.78 71.87 8,753 1964.................... 5.45 5.80 5.85 5.78 5.92 Mar.. 78.92 103,9 87.9 88.88 95.21 51.52 69.21 8,327 1965.................... 5.47 5.83 5.89 5.76 5.89 Apr... 79.75 105.9 87.6 91.60 98.17 52.33 70.06 9,310 1966.................... ^6.38 <6.40 <6.47 6.11 6.24 May.. 79.56 104.5 87.6 86.78 92.85 47.00 68.49 8,165 June,, 78.93 103.2 86,9 86.06 92.14 46.35 67.51 6,393 1966—-Jan.......... 5.70 6,00 6.05 5.81 5.97 July.. 77.62 100.9 86.0 85.84 91.95 45.50 67.30 5,997 Feb......... 6.05 6.10 5,85 5.97 Aug.. 77.02 97.7 84.1 80.65 86.40 4232 63.41 7,064 Mar........ 6.00 6.15 6.20 5.90 6.0! Sept.. 77.15 98.5 82.6 77.81 83.11 40.31 63.11 5,722 Apr..... 6.25 6.30 5,99 6.09 Oct... 78.07 100.5 83.5 77.13 82.01 39.44 65.41 6,971 May.... 6.32 6.30 6.35 6.02 6,16 Nov... 77.68 101.0 83.5 80.99 86.10 41.57 68.82 7,297 June.... 6.45 6.40 6.50 6.07 6,18 Dec... 78.73 102.4 83.3 81.33 86.50 41.44 68.86 7,883 July........ 6.51 6.45 6.55 6.12 6.24 Aug..... 6.58 6.55 6.65 6.18 6.35 1967—Jan... 81.54 106.0 85.9 84.45 89.88 44.48 70.63 9,885 Sept........ 6.63 6.65 6.70 6.22 6.40 Feb... 80,73 106.4 86.4 87.36 93.35 46.13 70.45 9,788 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.......... 6.62 6.60 6.65 6.43 6.50 1967 Feb..... 6.46 6.50 6.55 Jan. 28......... 81.67 107.1 87.2 86.14 91.81 45.87 70.99 10,382 Feb. 4......... 81.90 107.9 86.7 86.76 92.56 46.13 70.82 10,826 Note,—Annual data are averages of monthly figures. The 11 81.44 107.6 86.6 87.37 93.33 46.09 70.67 10,123 FHA data are based on opinion reports submitted by field offices 18......... 80,47 105.4 86.4 87.95 94.02 46.43 70.65 8,974 on prevailing conditions in their localities as of the first of the 25......... 79.79 104.5 86.0 87.40 93.44 46.03 70. 18 9,383 succeeding month. The yields are derived from weighted aver­ ages of private secondary market prices for Sec. 203, 30-year mortgages with minimum downpayments and an assumed pre­ Note.—Annual data are averages of monthly figures. Monthly and weekly payment at the end of 15 years, Gaps in the data are due to data are averages of daily figures unless otherwise noted and are computed as periods of adjustment to changes in maximum permissible con­ follows: U.S. Govt, bonds, derived from average market yields in table at bottom of tract interest rates. The FHA series on average interest rates preceding page on basis of an assumed 3 per cent, 20-year bond. Municipal and on conventional first mortgages are unweighted and are rounded corporate bonds, derived from average yields as computed by Standard and Poor’s to the nearest five basis points. For FHLBB series, see footnote Corp., on basis of a 4 per cent, 20-year bond; Wed. closing prices. Common to table on Conventional First Mortgages, p. 473. stocks, Standard and Poor’s index. Volume of trading, average daily trading in stocks on the N.Y. Stock Exchange for a J^-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 firms secured by— chasing or carrying— tomers’ Month Total net securities free other than Other securities credit U.S. Govt. se G c U u o . r S v it t . i , e s se O cu th ri e ti r e s se G c U u o r . v i S t t . i , e s se O cu th ri e ti r e s se G c U u o . r S i v t . i t e s Total C co u l s l t a o te m ra e l r co O ll t a h te e r r a l a b n a c l e ­ s 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—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 0,472 0,673 r799 1,637 1967—Jan.......... 7,342 84 5,287 70 2,055 267 2,920 2,291 629 1,914 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

MARCH 1967 OPEN MARKET PAPER; SAVINGS INSTITUTIONS 421 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS’ ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by— Based on— End of period Accepting banks F.R. Goods stored in or Placed Placed Total Banks Others p I o m rt ­ s p E o x rt ­ s Dollar shi p p o p i e n d t s b e in tw — een Total through direct­ into from ex­ dealers 1 ly 2 Total O bi w ll n s bo B u il g ls h t Own F ei o g r n ­ U S n ta i t t e e s d U S n t i a t t e e d s change United Foreign acct. corr. States countries I960......................... 4,497 1,358 3,139 2,027 662 490 173 74 230 1,060 403 669 122 308 524 196i......................... 4'686 1,711 2,975 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962......................... 6'000 2,088 3,912 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963 ......................... 6'747 1,928 4,819 2,890 1,291 1,031 260 162 92 1,345 567 908 56 41 1,317 1964......................... 8361 2,223 6,138 3,385 1,671 1,301 370 94 122 1,498 667 999 lit 43 1,565 1965 ......................... 9,058 1303 7,155 3,392 1,223 1,094 129 187 144 1,837 792 974 27 35 1,564 1966__.Jan.............. 9,984 1,834 8,150 3,332 1,206 1,109 97 110 134 1,883 752 933 26 29 1,592 Feb............. 10,365 1'828 8,537 3313 1’294 M77 117 122 135 1,762 738 920 35 22 1’600 Mar........... 10,732 2,066 8366 3388 1,266 1 337 229 126 129 1,867 775 887 36 21 1,668 Apr............. IL 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........... 10369 2'090 8; 679 3; 420 1 '061 927 134 238 252 1,869 881 833 34 24 1,648 July............. 12,183 2,361 9,822 3; 369 1 '005 912 93 51 257 2,056 9! 1 790 54 23 1'591 Aug........... 12,835 2353 10,182 3,387 '909 824 84 48 272 2458 946 781 64 54 1441 Sept............. 11378 2'773 9,005 3,370 935 846 89 47 243 2,145 957 760 62 60 1,531 Oct........ 13,045 2'977 10368 3,359 961 861 100 72 230 2,096 982 756 75 57 1,489 Nov............. 14,169 3'153 11’016 3,459 1,056 895 161 131 203 2,067 995 781 85 69 1'527 Dec............. 13,279 3’089 10,190 3; 603 1'198 983 215 193 191 2,022 997 829 103 80 1,595 1967—Jan.............. 15,161 3,449 11,712 3,601 1,359 1,028 331 73 173 1,996 936 829 78 212 1,566 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 .S vt . . S l g a o o t n c a v d a t t e l . C ot r a o h a n r e t p d e r o ­ 1 Cash O as t s h e e ts r g r l e T i e a a s t n o i e b n e e t r i d s r a v l a i l e ­ l D i e ts p o 2 s­ l O ia t t i b h e i s e li r ­ G r c e o e s a u e n c r n e ­ v r t e s a l c M om or m tg i a tm ge e n lo ts a n * accts. NumberAmount 1941.................................. 4,787 89 3,592 86 829 689 11,772 10,503 38 1,231 1945.................................. 4,202 62 10,650 1 ’257 606 185 16362 15332 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.................................. 40328 739 5’791 391 5399 1,004 886 54,'238 48349 989 4'400 135,992 2,820 1965.................................. 44’433 862 5,485 320 5,170 1 317 944 58332 52,443 1,124 4665 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 58399 52,907 1,354 4,737 114,106 2,551 Mar...................... 45,180 913 5,600 317 5352 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 59310 52359 1,343 4,707 115,845 2,580 May..................... 45 329 991 5,311 297 5353 854 995 59330 53375 1,480 4374 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 1342 59 372 53,523 M99 4,750 104,630 2.352 Aug..................... 46,232 1,095 ^5’063 276 5,659 826 1,007 60,156 53 389 1,641 4,827 101,682 2,274 Sept...................... 46'450 1,052 5’078 270 5,603 850 1331 60,334 54,073 1,438 4,823 99,377 2,191 Oct....................... 46,737 1,023 4,913 260 5,588 '833 1,037 r6O’,39O 54,178 1,401 4,812 97,283 2J51 Nov..................... 46^953 1'131 4’848 254 5,644 799 1329 60,658 54,326 1,463 4369 91,634 2,072 Dec. r........... 47,193 1,078 4,764 251 5’719 953 l’,024 60382 55^006 1,114 4 863 88,808 2310 1967—Jan........................ 47,484 1,076 4,679 247 6,053 969 1,062 61,570 55,456 1,259 4,855 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. 407. 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

422 SAVINGS INSTITUTIONS MARCH 1967 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort­ Real Policy Other assets gages estate loans assets Total U St n a i t t e e s d Sta lo te c a a l nd Foreign I Total Bonds Stocks Statement value: 1941................................................ 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945................................................ 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1960................................................ 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961............................................... 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962........................................... 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 1963................................................ 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964................................................ 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 1965................................................ 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 Book value: 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—Dec, '........................... 158,884 11,703 5,119 3,546 3,038 65,801 58,532 7,269 60,057 4,686 7,679 8,958 1966—Jan.'................................ 157,908 11,692 5,167 3,505 3,020 66,303 59,000 7,303 60,514 4,694 7,728 8,777 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 6t,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 3,1H 2,877 68,388 61,031 7,357 64,353 4,842 9,004 8,800 Dec................................... 166,942 10,848 4,862 3,119 2,867 68,362 60,927 7,435 64,803 4,878 9,136 8,915 1967—Jan.................................... 168,210 10,850 4,847 3,122 2,881 68,994 61,490 7,504 65,193 4,885 9,250 9,038 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in “other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage End of assets2— loan period M ga o ge r s t­ s G e U c o . u v S r t . i , ­ Cash Other1 lia T b o il t i a ti l e s S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n o e w y e 3 d L p o r a o n c s e s i s n Other c m o e m n m ts* it­ ties profits 1941........................ 4,578 107 344 775 6,049 4,682 475 256 6:6 1945....................... 5,376 2,420 450 356 8,747 7,365 644 336 4C2 I960........................ 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961....................... 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 1,908 1962........................ 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 2,230 1963....................... 90,944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1,499 2,614 1964 ....................... 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5,601 2,239 1,729 2,590 1965........................ 110,202 7,405 3,899 7,936 129,442 110,271 8,708 6,440 2,189 1,834 2,745 1966—Jan............. 110,700 7,694 3,321 7,799 129,514 110,194 8,713 6,262 2,107 2,238 2,808 Feb............ 111,246 7,842 3,391 7,868 130,347 110,722 8,730 6,102 2,104 2,689 2,937 Mar........... 112,001 7,850 3,249 8,018 131,118 111,560 8,721 6,070 2,223 2,544 3,281 l/ay.......... 112,736 7,637 3,096 8,129 131,598 110,787 8,720 6,949 2,289 2,853 3,200 113,249 7,632 3,179 8,542 132,602 111,174 8.726 7,139 2,278 3,285 2,927 June.......... 113,669 7,340 3,369 8,421 132,799 112,359 9,002 7,345 2,161 1,932 2,568 July............ 113,750 7,304 2,818 8,288 132,160 110,851 9,005 7,887 1,992 2,425 2,302 Aug............ 113,897 7,353 2,717 8,463 132,430 110,975 9,002 7,748 1,814 2,891 2,062 Sept........... 114,004 7,472 2,628 8,527 132,631 111,606 9,011 7,697 1,642 2,675 1,843 Oct....... 113,998 7,626 2,682 8,582 132,888 111,550 9,018 7,749 1,493 3,078 1,689 Nov........... 113,977 7,927 2,856 ''8,817 133,577 112,164 9,012 7,566 1,348 '3,487 1,596 Dec.r.... 114,089 7,762 3,361 8,648 133,860 113,896 9,251 7,460 1,254 1,999 1,483 1967—Jan............. 114,265 7,904 3,163 8,520 133,852 114,231 9,096 6,724 1,175 2,626 1,635 1 Includes other loans, stock in the Federal home loan banks other 4 Commitments data comparable with those shown for mutual savings investments, real estate owned and sold on contract, and office buildings banks (on 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 InsuranceCorp, 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 3 Consists of advances from FHLB and other borrowing. even when revised. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 FEDERALLY SPONSORED CREDIT AGENCIES 423 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Banks Federal Federal (se M co o n rt d g a a r g y e m A a s r s k n e , t for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m b A a t n e e o d m r c s ­ e ­ s I m nv e e n s ts t­ p C a o d a n s e s i d ­ t h s B n a o o n n t d e d s s M po b d e s e e m i ­ r t s ­ C s a to p c it k al M l g o ( a A a o g n r ) e t s ­ D n t e a u ( o L n b r t e e d e ) s s n ­ c L a o t ( o o i t A v o a p e ) n e s s r ­ D t e u (L b re e ) s n­ c L o a d ( o u A n i a s n d ) n ­ t s s D t e u (L b re e ) s n­ M l g o ( a A a o g n r ) e t s ­ B ( o L n ) ds 1958............... 1.298 999 75 714 819 769 1,323 1,100 510 252 1,157 1,116 2,089 1,743 i959............... 2,134 1,093 103 1,774 589 866 1,967 1,640 622 364 1391 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 2,210 190............... 2; 662 1,153 159 1,571 1,180 1,107 2,770 2'453 697 435 1,650 1’585 2’828 2^431 1962............... 3,479 1,531 173 2,707 1,214 1,126 2,752 2,422 735 505 1,840 1,727 3,052 2,628 1963............... 4'784 1,906 159 4 ,'363 1'151 1,171 2'000 1,788 840 589 2,099 1 ,’952 3'310 2,834 1964............... 5,325 1,523 141 4,369 1J99 1,227 1'940 1^601 958 686 2’247 2^12 3’718 3,169 1965................ 5,997 1 '640 129 5 J 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 10O 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 1967—Jan... 6,340 3,101 92 6,802 1,089 1 ,377 4,369 3,878 1,323 1,076 2,976 2,779 4,986 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, sec 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, JANUARY 31, 1967 Amount Amount Amount Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions of dollars) of dollars) of dollars) Federal home loan banks Federal National Mortgage Federal land banks—Cent. Notes: Association—Conf. Bonds: Feb. 27, 1967..........................5.40 486 Debentures: Feb. 20, 1967.......................5.60 125 Mar. 27, 1967......................... 5.40 575 Sept. 10, 1970.........................4ft 119 May 22, 1967.......................4 180 Apr. 25, 1967..........................5.55 656 Aug. 10, 1971.........................444 64 July 20, 1967......................6.05 302 Sept. 10, 1971.........................4ft 96 Aug. 21, 1967........................4?4 179 Bonds: Feb. 10, 1972.........................5>A 98 Oct. 1, 1967-70.................444 75 June 26, 1967............................514 500 June 12, 1972.........................444 100 Oct. 23, 1967........................414 174 July 26,1967............................5% 535 June 12, 1973.........................444 146 Oct. 23, 1967........................5ft 150 Aug. 28, 1967............................5% 590 Feb. 10, 1977.........................444 198 Dec. 20, 1967........................5ft 329 Sept. 15, 1967............................444 185 Jan. 22, 1968........................5 44 130 Sept. 27, 1967............................6ft 650 Mar. 20, 1968........................ 111 Oct. 26, 1967...........................6 700 Banks lor cooperatives May 20, 1968........................544 242 Nov. 27, 1967 .................................6 500 Debentures: June 20, 1968........................4 186 Jan. 25, 1968............................5% 250 Feb. 1, 1967........................5.90 278 Aug. 20, 1968........................4'4 160 Mar. 1, 1968............................444 250 Apr. 3, 1967........................644 295 Mar. 20, 1969........................4% 100 Apr. 25, 1968............................5 625 May 1, 1967........................5.95 256 July 15, 1969........................444 130 Mar. 25, 1969............................5% 300 June 1, 1967........................6.05 247 July 15, 1969........................444 60 Oct. 20, 1969........................4ft 209 Feb. 20, 1970........................5ft 82 Apr. 1, 1970.........................3U 83 Federal National Mortgage Associa­ Federal intermediate credit banks July 20, 1970....................... 85 tion—secondary market opera­ Debentures: May 1,1971........................3ft 60 tions Feb. 1, 1967.....................5.35 393 Sept. 15, 1972.......................3% 109 Mar. 1, 1967.....................5.60 310 Feb. 20, 1973-78................4 44 148 Discount notes...................................... 891 Apr. 3, 1967.....................5.60 283 Feb. 20, 1974......................4W 155 May 1, 1967......................5% 298 Apr. 21, 1975......................4ft 200 Debentures: June 1, 1967............................6 278 Feb. 24, 1976......................5 123 Feb. 10, 1967.......................5 «150 July 3, 1967.....................6.20 230 July 20,1976........................5 44 150 May 10, 1967....................... 5Mo ®25O Aug. 1, 1967.....................5.95 298 Apr. 20, 1978......................5 44 150 June 12, 1967....................... 5«o c40O Sept. 5, 1967.....................6.05 318 Oct. 11,1967............................444 c150 Oct. 2, 1967.....................5.60 372 Tennessee Valley Authority Mar. 11, 1968.......................3« e87 Short-term notes......................... 200 Sept. 10,1968..........................5% *350 Federal land banks Bonds: Apr. 10, 1969.......................4% <88 Bonds: Nov. 15, 1985.....................4.40 50 Dec. 12, 1969.......................6 550 Feb. 15, 1967-72.................4ft 72 July 1, 1986.......................454 50 Apr. 10, 1970.......................454 142 Feb. 20, 1967.......................4M 126 Feb. 1, 1987.......................444 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

424 FEDERAL FINANCE MARCH 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. or Change Less; Bu n d e g t et T f P u r l n u u d s s s : t g I L n o e v t s r t s a . : ­ 1 E r T e q o c u t t a s a l . l s 2 : Budget f T P un l r u u d s s s : t 3 A m L d e e n j s u t s s s : t 4 ­ E p T q a o u y t a t a s l l s . : payts. (d d i e i r n b e t c t a I g n e v b n e y . s t & , L N c e a o s s n s h : ­ Eq N u e a t l s: & 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 31,014 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 13,526 8,396 342 4,788 86,376 27.689 4,281 109,739 92.642 26,545 5.436 113,751 -4,012 8,681 2,069 1,033 5,5 79 1964........... 89,459 30,331 4,190 115,530 97,684 28,885 6,237 120,332 -4.802 7,733 2,775 1,099 3,859 1965........... 93,072 31,047 4,303 119,699 96,507 29,637 3,749 122,395 -2,696 6,933 2,356 250 4.328 1966........... 104,727 34,853 4,451 134,480 106,978 34,864 4,026 137,817 -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......... 61,617 20,701 2,379 79,456 54,014 19,164 2,398 70,782 8,674 2,484 5,026 129 -2,671 July-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: 1966—Jan...................... 6,453 951 253 7,091 8,809 3,048 624 11,233 -4,142 1,364 -1,897 84 3,177 Feb..................... 8,335 4,181 68 12,400 8,156 2,621 -486 11,264 1,136 1 ,568 1,749 74 -255 Mar. 11,297 2,745 166 13,804 10,193 2,996 1,103 12,086 1,718 -1,971 ’ 2 -50 -1,924 Apr..................... 9,929 2,215 224 11,833 8,362 3,335 372 11,325 528 -684 — 1,170 486 May................... 8,452 5,812 254 13,916 9,055 3,632 -134 12,821 1,095 3,847 4,023 66 -243 17,151 4,796 1,413 20,391 9,439 3,531 918 12,052 8,338 -1,639 2,319 -45 -3,913 July.................... 5; 702 2,837 416 8,103 10,263 3,642 978 12,927 -4,824 -330 -333 65 -63 Aug.................... 7,197 4,973 330 11,764 11,042 2,627 -1,537 15,206 -3,442 5,611 3,103 130 2,377 Sept.................... 12.475 2,681 330 14,748 11,883 2,655 1,388 13,150 1,598 '350 142 118 89 Oct...................... 5,811 2,069 286 7,523 10,977 2,684 1,056 12,604 -5,080 2,270 -698 34 2,935 7,394 3,717 336 10,698 10,386 2,617 -651 13,654 -2,955 2,468 989 134 1,345 Dec..................... 10\60? 3’033 716 12,845 9,512 3,'403 370 12,545 299 '675 166 -267 ’776 1967—Jan...................... 9,386 2,612 684 11,251 9,987 2,673 1,019 11,641 -390 -374 -477 -249 351 Effects of operations on Treasurer’s account Net operating transactions Net financing transactions Change in Treasurer’s account cash balances (end of period) Period Agencies & trusts Change Operating bal. s B d u u e r o f d p i r g l c u i e t s t f T un ru d s s t 3 a C c l c e o a u ri n n t g s i M ss s u a e o a r c f k n . 3 e c t e 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 r i b o n e b l s c i t s c t T o r H u e t a e s s l i u d d r e y a T c u c r r e e o 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 e h e t e t s r Fiscal year—1963.......... -6,266 1,143 122 1,022 -2,069 7,659 -74 1,686 12,116 806 10,324 986 1964.......... -8,226 1,446 948 1,880 -2,775 5,853 206 -1,080 11,036 939 9,180 917 1965.......... -3,435 1,410 -804 1,372 -2,356 5,561 174 1,575 12,610 672 10,689 1,249 1966.......... -2,251 -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: 1966—Jan................ -2,356 -2,097 287 265 1,897 1,099 171 -1,076 5,506 823 3,360 1,323 Feb.................... 179 1,560 -629 260 -1,749 1,308 -44 973 6,479 805 4,399 1,275 Mar................... 1,104 -251 987 341 -2 -2,312 90 -224 6,255 521 4,444 1,290 N&y.................. 1,567 -1,120 148 732 1,170 -1,416 627 453 6,708 512 4,491 1,705 -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.................... 1,093 -371 -78 767 -166 -92 -60 1,213 6,011 416 4,096 1,499 1967—Jan..................... -601 -60 583 76 477 -450 -134 158 6,170 813 3,687 1,670 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. 7 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 * 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. 3 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

MARCH 1967 FEDERAL FINANCE 425 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Estate Int. Total W I i n th d ­ ivid O ua th l er C r o a r t p e o­ Total a L b n i a q a c u c t o o o r ­ H w ig ay h­ Total F R a I n . C R d A . e U m n p - l . a g n if d t t C o u m s s ­ r m e a p e n n a d y t s ­ fu R n e d ­ s Other held Fiscal Year—1963.., 109,739 38,719 14,269 22,336 13,410 5,521 3,405 19,729 15.128 4,107 2,187 1,241 1,815 6,571 2,604 1964... 115,530 39,259 15,331 24,301 13,950 5,630 3,646 21,936 17,405 4,037 2,416 1,284 I ,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 1,017 1,493 1,142 2,152 Month: 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 CO38 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 2J54 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 J 49 578 361 2^834 2,735 59 228 172 204 539 797 July............. 8,103 3,374 351 878 '971 361 357 1,912 1.726 142 215 158 179 221 286 Aug. 11,764 5,095 173 606 1,249 539 530 3,999 3,185 770 224 179 174 198 263 Sept............. 14,748 3,792 2,608 4,547 1356 550 354 1 >894 1’806 46 214 170 191 158 334 Oct... 7,523 3,434 '277 797 1'065 564 341 I ,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 1,775 52 204 161 536 168 285 1967—Jan............... 11,251 3,674 3,075 823 1,147 n.a. 340 1,808 1,615 146 269 160 219 115 191 Cash payments to the public Period Total > t f i N e o d n n e 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 r l i ­ ­ £ so N u u r r r e a c a ­ t e l ­ s t m r C a 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 i u o c n a­ e V ra e n t­ s In e t s e t r­ G g e o r e v a n t l . ­ 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 2,76! 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: 1966—Jan............... 11,233 4,680 374 477 ’366 *•231 *•575 '352 2.745 256 588 ’’305 189 Feb................... 11,264 4,534 81 456 293 190 519 226 2,789 243 546 1,559 196 Mar................. 12,086 5,652 427 519 284 216 503 336 2,967 460 594 498 198 Apr......... 11,325 5,076 527 502 -188 201 439 959 2,793 247 346 502 197 May........ 12,821 5,025 461 569 228 339 518 362 2,778 496 540 1,401 227 June 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 Sept.................. 13,150 6,035 375 483 909 329 807 218 3,047 368 593 368 243 Oct.............. 12,604 5,532 637 493 583 323 763 362 3,043 281 600 373 207 Nov.................. 13,654 5,557 529 458 137 325 690 -15 3,151 213 617 1,506 265 Dec.................. 12,545 6,092 175 486 33 310 673 -33 3,175 264 664 598 210 1967—Jan................... 11,641 6,198 535 464 40 236 460 -895 3,398 87 548 415 200 1965 1966 1965 1966 Item I II in IV I II m IV II III : IV I U IV Seasonally adjusted Not seasonally adjusted Cash budget: Receipts................................ 29.7 7 32.6 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

426 U.S. GOVERNMENT SECURITIES MARCH 1967 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues * End of period T gr o o t s a s l T cr o o t s a s l Marketable Con­ Nonmarket able Special debt 1 d d e ir b e t c t 2 Total vert­ issues 6 ible Sav­ Total Bills C c e a r t t e if s i­ Notes Bonds 4 bonds Total s ings 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 .........5...9....5. 52.1 29.0 1959—Dec.......................................... 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 I960—Dec........................................... 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Dec.......................................... 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962—Dec........................................... 304.0 303.5 255.8 203.0 48.3 22.7 53.7 76.4 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—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 Feb........................................... 330.1 329.6 274.2 219.2 65.9 5.9 48.4 99.1 2.6 52.3 50.9 51.5 1 Includes non-interest-bearing debt (of which $266 million on Jan. 31, bonds, foreign currency series, foreign series, and Rural Electrification 1967, was not subject to statutory debt limitation) and guaranteed secu­ Administration bonds; before 1954, armed forces leave bonds; before rities not shown separately. 2 Excludes guaranteed securities. 1956, tax and savings notes; and before Oct. 1965, Series A investment 3 Includes amounts held by U.S. Govt, agencies and trust funds, which bonds. totaled $16,986 million on Jan. 31, 1967. 6 Held only by U.S. Govt, agencies and trust funds. 4 Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds. Note.—Based on Daily Statement of U.S. Treasury. 5 Includes (not shown separately): depositary bonds, retirement plan OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public E pe n r d io o d f T g d r o e o t b s a t s l ag G t U a e r o n n u . v S c d s t i , 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 s n m c u ie e r ­ s ­ r c O a o t t r i h o p e n o r s ­ g S l a o o t n c v a d a t ts e l . Savi I n n g d s i vidu O al t s her n F a i o t n a i r n o t e e d n i r g a ­ n l' i O m t n o v t i r h s e s c e s . r ­ 2 funds bonds securities 1941—Dec................... 64.3 9.5 2 3 52.5 21.4 3.7 8.2 4.0 .7 5 4 8 2 4 5 1945—Dec................... 278.7 27.0 24 3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21*2 24 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 1959—Dec................... 290.9 53.7 26.6 210.6 60.3 6.9 12.5 21.4 18.0 45.9 23 5 12 0 10.1 1960—Dec................... 290.4 55.1 27 04 207.9 62.1 6.3 11.9 18.7 18.7 45.6 20.5 13.0 11.2 1961—Dec................... 296.5 54.5 28^9 213.1 67.2 6.1 11.4 18.5 19<0 46.4 19 5 13 4 11 6 1962—Dec................... 304.0 55.6 30.8 217,6 67.2 6.1 11.5 18.6 20 1 46 9 19 2 15 3 12 7 1963—Dec................... 310,1 58.0 33.6 218 5 64.3 5.8 11.3 18.7 21 1 48.1 20 1 15 9 13 3 1964—Dec.................. 318.7 60.6 37.0 221.1 64.0 5.7 11.1 17.9 21.2 48.9 21.1 16.7 14.5 1965—Dec................... 321.4 61.9 40.8 218.7 60.8 5.4 10.4 15.5 22.9 49.6 22 7 16 7 14.7 3966—jan................... 322.4 60.0 40.6 221.9 60.9 5.5 10.4 16.5 23.7 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 57.0 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 57.0 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 55.1 5,2 10.0 16.2 25.3 49.7 24.3 15.6 15.3 June................ 320.4 66.7 42.2 211.5 54.7 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 53.4 5 0 9.7 14.2 24.8 49.9 24.2 15 3 14 4 Aug.......... 324.9 69.3 42.5 213.1 54.7 5.0 9.7 14.3 24.6 49^9 24.8 15 4 14.7 325.3 69.2 42.9 213.2 54.4 5,0 9.7 13.5 24.2 49.9 25.8 15.2 15.3 Oct.................... 327.4 68.0 43.0 216.4 54.9 4.8 9.6 14.9 24.2 49.9 26.2 15.2 16.5 Nov......... 329.9 68.9 43.9 217.1 55.1 4.8 9.7 16.0 24.1 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 r23.8 50,2 r25.5 r14.3 r16.7 1967—Jan.................... 329.4 68.2 43.5 217.7 57.4 4.5 9.5 14.9 23.2 50,1 25.7 14.1 18.1 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

MARCH 1967 U.S. GOVERNMENT SECURITIES 427 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date Total y 1 e - a 5 r s y 5 e - a 1 r 0 s 1 y 0 e - a 2 rs 0 20 O y v e e a r rs Total BiUs Other AU holder*: 1963—Dec. 31.....2..0...7..,.5...7..1.............8...9..,.4...0..3.............5.1,539 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—Dec. 31................................................................. 218,025 105,218 64,684 40,534 59,446 28,005 8.433 16,923 1967—Ian. 31.................................................................. 218,796 106,021 65,487 40,534 59,434 28,002 8,432 16,908 U.S Govt, agencies and trust funds: 1963—Dec. 31............................................... 11,889 1,844 1,366 478 1,910 3,021 2,178 2,936 1964—Dec. 31............................................... 12,146 1,731 1,308 424 2,422 3,147 1,563 3,282 1965—Dec. 31........................................................ 13,406 1,356 968 388 3,161 3,350 2,073 3,466 1966—Dec. 31........................................................ 14,591 2,786 1,573 1,213 3,721 2,512 2,093 3,479 1967—Jan. 31........................................................ 14,802 3,020 1,809 1,211 3,698 2,512 2,093 3,480 Federal Reserve Banks: 1963—Dec. 31........3..3..,..5..9..3.............2...2..,.5...8..0..... 4,146 18,434 8,658 2,136 88 131 1964—Dec. 3t........................................................ 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—Dec. 31........................................................ 44,282 35,360 12,296 23,064 7,502 1,007 153 260 1967—Jan. 31........................................................ 43,464 34,613 11,612 23,001 7,458 991 153 249 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—Dec. 31........................................................ 159,152 67,072 50,815 16,257 48,224 24,485 6,187 13,184 1967—Jan. 31........................................................ 160,530 68,388 52,066 16,322 48,278 24,499 6,186 13,179 Commercial banks: 1963—Dec. 31.......5...4..,.8...8..1..............1..6..,.7.03 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—Dec. 31............................................... 47,182 15,838 8,771 7,067 21,112 9,343 435 454 1967—Jan. 31............................................... 47,533 15,812 8,610 7,202 21,250 9,540 443 489 Mutual savings banks: 1963—Dec. 31..........5..,.5...0..2....................690 268 422 1,211 2,009 377 1,215 1964—Dec. 31............................................... 5,434 60S 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—Dec. 31............................................... 4,532 645 399 246 1,482 1,139 276 990 1967—Jan. 31............................................... 4,396 591 366 225 1,441 1,114 275 974 Insurance companies: 1963—Dec. 31..........9..,.2...5..4................1..,.1.81 549 632 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—Dec. 31............................................... 8,158 847 508 339 1,978 1,581 1,074 2,678 1967—Jan. 31............................................... 8,050 837 508 329 1,949 1,516 1,076 2,673 NonHnancial 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—Dec. 31............................................... 6,323 4,729 3,396 1,333 1,339 200 6 49 1967—Jan. 31............................................... 6,247 4,628 3,412 1,216 1,384 182 6 47 Savings and loan associations: 1963—Dec. 31..........3..,..2..5..3....................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—Dec. 31............................................... 3,883 782 583 199 1,251 1,104 271 475 1967—Jan. 31............................................... 3,905 808 616 192 1,248 1,112 271 466 State and local governments: 1963—Dec. 31........1..2..,..4..5..3...............4...,.6.37 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—Dec. 31............................................... 15,384 5,545 4,512 1 ,033 2,165 1,499 1,910 4,265 1967—Jan. 31............................................... 14,883 5,507 4,517 990 2,107 1,447 1,738 4,083 All others: 1963—Dec. 31.......6...6..,.3...2..0.............3...3....7.19 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—Dec. 31............................................... 73,690 38,685 32,646 6,039 18,896 9,619 2,215 4,275 1967—Jan. 31............................................... 75,517 40,204 34,038 6,166 18,899 9,589 2,377 4,447 Note.—Direct public issues only. Based on Treasury Survey of about 90 per cent by the 5,902 commercial banks, 503 mutual savings Ownership. banks, and 764 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 nonOnancial 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 506 State and local govts. ketable issues held by groups, the proportion held on latest date by those "All others,” a residual, includes holdings of all those not reporting reporting in the Survey and the number of owners surveyed were: (1) in the Treasury Survey, including investor groups not listed separately. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

428 U.S. GOVERNMENT SECURITIES MARCH 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 W 1 y it e h a in r ye 1 a -5 rs y 5 e - a 1 r 0 s 10 O y v e e a r r s U.S. Govt, Other m b C e a o r n c m k ia s ­ l o A th l e l r securities 1966—Jan..................................... 2,129 1,660 261 164 43 600 59 970 501 130 Feb.................................... 2^285 1,753 374 127 31 662 59 944 621 161 Mar................................... 2,100 1,650 231 180 38 683 69 851 495 188 Apr.................................... U823 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 1,863 334 118 24 849 94 896 501 204 Dec........... 2,712 2’059 427 160 66 1,114 121 978 500 232 1967—Jan..................................... 2,266 1,827 289 102 48 912 110 791 453 281 Week ending— 1967—Jan. 4........................... 2,993 2,538 293 94 68 1,044 114 1,160 553 145 11........................... 2'162 I 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 Feb. 1........................... 2,665 2,061 457 108 39 1,204 154 870 437 274 8..........2...’..1..3..7........ 1,639 405 67 27 806 89 776 467 230 15........................... 2'181 1,703 375 75 29 729 103 871 478 231 22................... U878 1,477 257 104 40 665 75 739 398 242 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 sales of securi­ DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity U.S. Commercial banks Period mat A ur l i l ties W 1 y it e h a in r y 1 e - a 5 rs 5 O y v e e a r r s s a e g c G e u n r o i c v ti y t e . s Period sou A r l c ! es Y N o ew rk w E h ls e e re ­ C t o io rp ns o r 1 a­ o A th l e l r City 1966—Jan............ 2,651 2,725 — 58 -16 244 Feb............ 1,927 1,937 8 -20 316 1966—-Jan............... 2,708 767 652 906 383 Mar........... 1,963 2,045 — 101 20 356 Feb.............. 2,309 549 421 972 367 Apr........... 2,867 2^798 6 63 814 Mar............. 1,958 365 340 1,073 iso 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 J 88 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 3 575 605 687 1 614 668 Dec............. 4,233 999 893 1 412 r929 1967—Jan............. 4,861 4,138 431 292 560 1967—Jan............... 4,975 1,565 1,678 983 700 Week ending—• Week ending— 1966—Dec. 7.. 3,944 3,205 604 135 435 14.. 4,076 3,402 518 156 443 1966—Dec. 7... 4,276 859 773 1,784 860 21 . . 4,076 3,396 502 ’78 518 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 1967—Jan. 4.. 4,719 3,940 509 270 615 11 . . 4,933 4,148 493 292 579 1967—Jan, 4... 4,462 1,335 1,097 1,042 988 18. . 4,774 4,042 430 302 513 11... 5,110 1,576 1,529 943 1,063 25. . 4,472 4,010 417 295 589 18. .. 5,078 1,522 1,954 937 666 25. .. 4,742 1,623 1,608 1,041 470 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

MARCH 1967 GOVERNMENT SECURITIES 429 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, February 28, 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. Mar. 2, 1967.................... 2,301 July 27, 1967......... 1 ,000 Oct. 1 1968......... • 1'4 115 Oct. 1, 1969......... .4 6,254 Mar. 9’ 1967.................... 2305 July 31, 1967......... 1,495 Apr. 1, 1969......... 61 Feb. 15, 1970..........4 4,381 Mar. 16' 1967.................... 2,304 Aug. 3, 1967......... 1,002 Oct. 1, 1969.........JU 159 Aug. 15. 1970......... .4 4,129 Mar. 22' 1967*.................. 2’006 Aug. 10, 1967......... 1,000 Apr. 1, 1970......... . 1U 88 Aug. 15. 1971......... .4 2.806 Mar. 23 j 1967.................... 2’306 Aug. 17, 1967......... 1,001 Oct. 1. 1970......... • IW 113 Nov. 15, 1971......... • 3’/. 2,760 Mar. 30 ’ 1967.................... 2^305 Aug. 24, 1967......... 1 ,000 Nov. 15, 1970......... .5 7,675 Feb. 15, 1972......... .4 2,344 Mar. 3L 1967.................... 1 '400 Aug. 31, 1967......... 1,501 Apr. 1, 1971......... ■1'4 35 Aug. 15. 1972......... .4 2,579 Apr. 6,’ 1967.................... 2'300 Sept. 30, 1967......... 1,400 May 15, 1971......... ■5'4 4,265 Auj>. 15, 1973......... .4 3,894 Apr. 13^ 1967.................... 21303 Oct. 31, 1967......... 1,406 Oct. 1, 1971.....■1'4 19 Nov. 15, 1973......... • 4'/, 4,355 Apr. 20’ 1967.................... 2'302 Nov. 30, 1967......... 1,401 Nov. 15, 1971......... •5% 1 ,734 Feb. 15. 1974.........■ 4-/, 3.130 Apr. 21, 1967*.................. 2,510 Dec. 31, 1967......... 901 Feb. 15, 1972......... ■ 4y. 2,006 May 15, 1974.........■ 4‘4 3,592 Apr. 27, 1967.................... 2^304 Ian. 31, 1968......... 901 Nov. 15, 1974......... .3% 2,242 Apr. 30, 1967.................... 1,401 Feb. 29, 1968......... 901 May 25, 1975-85...4'A 1,217 May 4, 1967.................... 2,303 Treasury bonds June 15, 1978-83..■ 314 1,576 M M M a a a y y y I 2 1 L 5 8 ' 1 1 1 9 9 9 6 6 6 7 7 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 ^ ^ ’ 3 3 3 0 0 0 0 2 0 Ce A rt u if g ic . a 1 te 5 s , 1967......... .514 5,919 J J D u u e n n c e e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 3 4 2- - - 6 6 67 8 9 . . . . . . , . 2 2 U U 2 1 1 , , , 5 7 4 4 9 2 5 0 9 N F M e o a b v y . . 1 1 1 5 5 5 . , , 1 1 1 9 9 9 8 8 8 5 0 0 . . . . . . . . . . . . . . . . . . . . . . . . . . .• . • 4 3 3 ' ' 4 4 2 1 1 , , , 6 1 9 0 2 1 3 5 0 May 31,' 1967.................... 1,401 Dec. 15, 1964-69.. 2,493 Aug. 15, 1987-92...4 >4 3,817 June 1’ 1967.................... 1 ,004 Treasury notes Mar 15, 1965-70.. 2,289 Feb. 15, 1988-93...4 250 June 8,’ 1967.................... 1 '001 Apr. 1, 1967......... .1% 270 Mar. 15, 1966-71...2U 1,331 May 15, 1989-94..■ 4'/. 1 ,560 June 15,’ 1967.................... 1 ,001 May 15, 1967......... .414 9,748 June 15, 1967-72...2U 1,263 Feb. 15, 1990.........■ 3>/i 4,893 June 22, 1967*.................. 2,808 Aug. 15, 1967......... .314 2,929 Sept 15, 1967-72.. 214 1,952 Feb 15, 1995......... .3 1 ,981 June 22’ 1967.................... 1 ,006 Aug. 15, 1967......... • 4’/s 2,117 Nov. 15, 1967......... 2,019 Nov. 15, 1998......... ■ 3'4 4,393 1 ,001 Oct. 1, 1967......... 457 Dec. 15, 1967-72..■214 2,648 June 30,' 1967.................... 1'502 Nov. 15, 1967......... .474 8,135 May 15, 1968......... ■3% 2,460 July 6, 1967..................... 1 ,001 Feb. 15, 1968.........• 5% 2,635 Aug. 15, 1968......... ■3*4 3,747 Convertible bonds July 13’ 1967.................... 1 ;ooo Apr. 1, 1968..........1'4 212 Nov. 15. 1968......... •3% 1,591 Investment Series B July 20, 1967..................... Cool May 15, 1968......... • 4% 5,586 Feb. 15, 1969......... .4 3,728 Apr. 1, 1975-80..■ 2% 2,649 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 Total G g o a e b t a n i l l o e i­ n r­ s R n e u v e e­ PHA» G l U o o a . v S n t . s , State S d a i p s a s u t e n t a t c r d h t i i , c a . t l Other2 e d r e e l d iv J ­ Total c E at d i u o ­ n r R b i a d o n g a d e d s s i U tie ti s l­ 4 H in o g u s s­ V a a e n i s t d e * r ­ O p p o th u s e e r r ­ s I960.................... 7,292 4,771 2,095 302 125 1,110 1,984 4,198 7,102 7,247 2,405 1,007 1,316 426 201 1,891 1961.................... 8,566 5,724 2,407 315 120 1,928 2,165 4,473 8,301 8,463 2^821 1'167 1 ’700 385 478 1,913 1962.................... 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2'963 1,114 1,668 521 125 2J77 1963.................... 10’538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3i 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 J77 3,517 464 170 2,401 3’784 5,144 11,538 10,471 3^19 900 1,965 626 50 3’311 1966............... 11,362 6,787 3,938 325 312 2,573 4’126 4,663 n.a. 11,209 3,849 1,355 1'877 547 3,580 1965—Dec........ 764 365 283 90 25 67 367 330 1,100 754 216 137 164 91 145 (966—Jan......... 1,219 889 304 25 471 286 462 n.a. 1,184 388 *231 152 2 413 Feb........ 867 614 240 13 190 172 505 n.a. '858 208 68 137 444 Mar., .. r879 554 201 96 28 151 '312 416 n.a. '869 380 25 '160 99 205 Apr........ 1,211 815 350 46 454 366 392 n.a. 1,194 c33O 105 141 2 617 May.... ’906 507 378 21 118 319 469 n.a. 905 251 134 280 2 237 June,... 1,143 '587 '395 110 51 275 429 439 n.a. '1,141 '624 200 '124 '192 July.... ’699 406 273 20 174 244 281 n.a. 698 226 142 73 8 249 Aug..... 775 r453 '287 35 134 275 '366 n.a. 773 279 32 103 6 353 Sept,. . . ri 031 '440 '453 120 18 ni '581 '380 n.a. '1,018 '217 218 '222 124 '238 Oct......... '751 '539 rl78 r34 208 '256 '287 n.a. '747 299 12 '99 9 '328 Nov.... r971 r598 r362 '12 228 '337 '406 '965 '379 '108 '225 40 '212 Dec........ 908 384 513 ....... 11 100 548 261 n.a. 855 269 280 85 131 ............91 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 * 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

430 SECURITY ISSUES MARCH 1967 TOTAL NEW ISSUES (In millions of dollars) Proposed use of net proceeds, Gross proceeds, all issues 1 all corporate issues 6 Noncorporate Corporate New capital Re­ Period Bonds Stock tire­ Total US. U.S. Total Other m o e f n t G U o . v S t . .2 G a c g o y e v n 3 t ­ , l S o a t c n a a d t l e * Other 3 Total Total P li u cl b y ­ v P at r e i l ­ y fe P r r r e e ­ d C m o o m n ­ Total m N on e e w y ? p p o u s r e ­ s s ri e t c ie u s ­ offered placed 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 10^44 760 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 2731 11,148 889 15,992 13,720 5,570 8,150 725 1,547 15,801 14,805 13,063 1,741 996 1966....................... 45,015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1,939 17,841 17,601 15,806 1,795 241 1965—Dec.......... 2,948 331 179 768 25 1,646 1,487 326 1,161 87 72 1,632 1,496 1,279 217 136 1966—Jan........... 3,021 475 1,176 30 1,339 1,152 460 692 119 68 1,325 1,302 1,214 88 22 Feb........... 3,008 345 503 845 42 1,273 1,143 560 583 75 55 1,259 1,237 1,068 169 22 Mar.......... 4; 250 457 410 848 54 2,482 2,065 753 1,311 21 396 2,452 2,446 2,039 407 7 Apr.......... 3,668 426 392 1,181 86 1,582 1,372 628 743 28 182 1,559 1,553 1,399 154 7 May......... 3,182 412 699 877 88 1,106 1,037 481 556 13 56 1,095 1,058 1,000 58 38 June......... 5,072 397 1,030 1,118 100 2,427 1,616 832 784 74 737 2,391 2,364 2,245 119 27 July......... 3,407 411 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...... •■2,518 408 450 736 '32 '892 •■755 499 '256 31 '106 '876 '829 '783 46 46 Nov..... ••6,686 3,738 800 950 '83 '1,115 '1,004 569 '435 50 '61 '1,098 '1,086 '1,033 52 12 Dec.......... 3,277 373 239 923 81 1,661 1,535 980 555 20 106 1,643 1,635 1,363 273 8 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o a u n s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Period Retire­ Retire­ Retire­ Retire­ Retire­ Retire­ New ment of New ment of New ment of New ment of New ment of New ment of capital0 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ rities rities rities rities rities rities 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 1966. 6,855 125 1,356 44 1,939 9 3,570 46 1,978 4 1,902 14 1965--Dec.......................................... 470 18 192 24 130 ..........2..4..3.. 62 43 17 418 16 1966—Ian........................................... 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 72 263 22 52 156 9 Aug.......................................... 518 15 167 2 243 313 1 318 112 Sept.......................................... 643 91 63 2 81 198 307 Oct........................................... ■•331 46 '38 • 39 r254 '97 '71 Nov.......................................... '228 2 '58 '204 320 10 '168 '107 Dec........................................... 673 4 93 ................ 266 4 409 152 42 ................ 1 Gross proceeds are derived by multiplying principal amounts or * Estimated gross proceeds less cost of flotation. number of units by offering price. 7 For plant and equipment and working capital. 2 Includes guaranteed issues. 8 All issues other than those for retirement of securities. 3 Issues not guaranteed. 4 See Note to table at bottom of opposite page. Note.—Securities and Exchange Commission estimates of new issues 3 Foreign governments. International Bank for Reconstruction and maturing in more than 1 year sold for cash in the United States. Development, and domestic nonprofit organizations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 SECURITY ISSUES 431 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire­ Net New Retire­ Net issues ments change issues ments change In c v o e s s .1 t. Other In c v o e s s .1 t. Other In c v o e s s .1 t. Other 1961. 17,515 6,999 10,515 9,194 4,024 5,170 3,867 4,454 1,171 1,804 2,696 2,650 1962. 14,308 6,457 7,852 8,613 3,749 4,864 3,440 2,255 1,140 1,567 2,300 688 1963. 15,641 8,711 6.930 10,556 4,979 5,577 3,138 1,948 1,536 2,197 1,602 -249 1964. 18,767 8,290 10,477 10,715 4,077 6,637 4,304 3,748 1,895 2,317 2,409 1,431 1965.......................... 21,415 10,025 11,390 12,747 4,649 8,098 5,463 3,205 2,134 3,242 3,329 -37 1965--Ill................. 5,064 2,570 2,494 3,207 1,232 1,975 1,124 733 477 861 647 -128 IV.................. 5,809 2,847 2,962 3,261 1,178 2,084 1,770 778 657 1,012 1,113 -235 1966—1.................... 7,782 3,158 4,624 4,568 1,335 3,233 2,204 1,010 671 1,152 1,533 -142 II................... 7,645 2,354 5,293 3,993 1,153 2,841 1,646 2,006 669 532 977 1,475 HI................ 5,525 1,756 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 * & B n o o nd te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1961. 2,012 415 516 -447 71 -7 1,648 704 149 1,457 775 3,224 1962. 1,355 -242 294 -201 -85 -25 1,295 479 1,172 357 833 2,619 1963. 1,804 -664 339 -352 316 -19 876 245 438 447 1,806 1,696 1964. 1,303 -516 507 -483 317 -30 1,408 476 458 1,699 2,644 2,694 1965. 2,606 -570 614 -70 185 -1 1,342 96 644 518 2,707 3,319 1965—in................. 625 -210 223 -19 37 21 554 72 255 149 282 506 IV.................. 612 -243 163 -10 52 -3 215 -189 124 130 918 1,193 1966—1.................... 1,440 -543 169 49 348 28 756 166 249 168 270 1,523 II.................. 950 657 232 -72 166 648 679 119 549 157 264 944 Ill................. 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 4 Includes investment companies. of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for Note.—Securities and Exchange Commission estimates of cash trans­ that purpose shown on opposite page. actions only. As contrasted with data shown on opposite page, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales 1 Re ti d o e n m s p­ s N al e e t s Total 2 po C si a ti s o h n 3 Other Sales 1 Re 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 1966—Jan..., '497 '181 316 36,213 2,009 34,204 1956................ 1,347 433 914 9,046 492 8,554 Feb... 440 229 211 36,178 2.094 34,084 1957................ 1 J91 406 984 8,714 523 8,191 Mar.. 592 244 348 36J73 2,040 34,133 1958................ 1,620 511 1,109 13,242 634 12,608 Apr... 538 255 284 37,136 2,107 35,029 May.. 478 216 261 35,453 2,278 33,175 1959................ 2,280 786 t,494 15,818 860 14,958 June.. 380 194 186 35,429 2,337 33,092 I960................ 2’097 842 1,255 17,026 973 16,053 July... 363 153 210 35,082 2,472 32,610 (961................ 2,951 1,160 1,791 22,789 980 21;809 Aug... 357 187 170 32,553 2,657 29,896 1962................ 2’699 1,123 1,576 21,271 1,315 19,956 Sept... 327 145 182 32,223 3,036 29,187 Oct.. . 329 133 196 33,483 3; 244 30', 239 1963................ 2,460 1,504 952 25,214 1,341 23,873 Nov... 295 143 152 34,497 3,206 31,291 1964................ 3^404 11875 1,528 29,116 1,329 27,787 Dec... 300 151 149 34,829 2,971 31,858 1965................ 4’359 1,962 2,395 35,220 1,803 33,417 1966................ '<896 '2,231 2,665 34,829 2,971 31,858 1967—Jan.... 391 183 209 37,230 2,869 34,361 t Includes contractual and regular single purchase sales, voluntary Note.—Investment Company Institute data based on reports of mem­ and contractual accumulation plan sales, and reinvestment of invest­ bers, which comprise substantially all open-end investment companies ment income dividends; excludes reinvestment of realized capital gains registered with the Securities and Exchange Commission. Data reflect dividends. 2 Market value at end of period less current liabilities. newly formed companies after their initial offering of securities. 3 Cash and deposits, receivables, all U.S. Govt, securities, and other short-term debt securities, less current liabilities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

432 BUSINESS FINANCE MARCH 1967 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1965 1966 Industry 1961 1962 1963 1964 1965 I II in IV I II 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.):2 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.):2............... 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 15,457 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 3(2 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 2,690 Profits before taxes........................................... 625 729 816 829 980 145 *259 248 328 213 330 280 Profits after taxes............................................... 382 572 651 694 816 121 213 206 276 172 -259 227 Dividends............................................................. 359 367 383 438 468 108 118 81 161 113 109 113 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

MARCH 1967 BUSINESS FINANCE 433 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r s t e s c ta o I x n m e ­ e s P t a r a f o x t f e e i s r t s d C d e i a n v s d i h ­ s t U r p i r b n o u d f t i i e t s s d ­ co c a n a t l i l s p o o u i n w t m a ­ l p ­ Quarter P b t e r a o f x o f e i r s t e s c ta o I x n m e ­ e s P t a r a f o x t f e e i s r ts d C d e i a n v s d i h ­ s t U r p i r b n o u d f t i i e t s s d ­ co c a n t a l i l s o p o u n i w t m a ­ l p ­ ances 1 ances i 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 I960................. 49,7 23.0 26.7 13.4 13.2 24.9 H.... 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 II.... 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 HI... 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 I VP.. 81.9 33.8 48.2 20.7 27.5 39.7 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 , ­ us. 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 Other U.S. Other taxes Govt.1 Govt,1 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 H4.0 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 Ill......................... 180.7 395.4 45.6 15.8 3.6 185.2 123.1 22.1 214.6 3.1 150,0 17.2 44.3 IV......................... 183.4 407.9 49.2 16.7 3.9 189.6 126.3 22.1 224.5 3.1 157,2 19 2 45.0 1966—1............................. 186.0 413.7 46,9 16.9 3.9 192.5 130.2 23.4 227.7 3.8 157.5 19.1 47.3 II........................... 190.4 423.6 47.7 15.3 4.0 198.4 134.4 23.7 233.1 3.9 163,4 16.7 49.1 Ill......................... 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 i Receivables from, and payables to the U.S. Govt, exclude amounts Note.—Securities and Exchange Commission estimates; excludes offset against each other on corporations’ books. banks, savings and loan assns., insurance companies, and investment companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Durable d N ur o a n bl ­ e Mining Railroad Other u P t u il b it l i i e c s n C i o ca m ti m on u s ­ Other i a ( r n S a n . t A u e) a . l 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 1.16 1'92 5.65 3.79 10 03 1964................................................ 44,90 9.43 9.16 1.19 1.41 238 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 r.............................................. 60.63 13,99 13.00 1,47 1.98 3,44 8.41 5.62 12.74 19672............................................. 63.00 14 64 13.30 1.58 1.48 3 94 9.15 18 91 1965—II........................................ 12.81 2,76 2.70 33 .44 77 1.71 1.24 2 85 50 35 Ill..................................... 13.41 2.91 2.82 .32 .44 .72 1.88 1.22 3.10 52.75 IV...................................... 14.95 3 48 3.24 .35 .46 73 2 04 1.41 3.25 55 35 1966—i......................................... 12.77 2.87 2.74 .33 .40 .75 1.60 1.26 2.83 58.00 II........................................ 15,29 3.51 3.27 .40 .55 1.00 2.09 1.42 3.06 60 10 III.,.................................. 15.57 3.54 3.30 .37 .48 .82 236 1,36 3.33 61.25 IVr.................................... 17.00 4.07 3.68 .38 .55 ,86 2.36 1.58 3.52 62.80 1967—12 r..................................... 13.83 3.16 2.89 .35 .38 .78 1.84 42 62.60 IP..................................... 15.84 3.60 3.39 .40 .37 1,13 2.40 4,55 62.25 1 i 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

434 REAL ESTATE CREDIT MARCH 1967 MORTGAGE DEBT OUTSTANDING (In billions of dollars) AU properties Farm Non farm Other Multifamily and Mortgage End of holders 2 1- to 4-family houses commercial properties 4 type s period h A o er 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 c g i . e e S n s . ­ v o I i a t n d h n u d e d a i r ­ l s s h A e o r l l s d l ­ t F u i t i n c i n i o s a a t n l i n ­ s ­ 1 O h e o t r h l s d e 3 ­ r h A e o r l U s d ­ Total tu F i t n i i n s o a t n i n ­ s , 1 O h e o t r h l s d e ­ r Total tu F i t n i i n o s a t n i n s ­ , ^ O h e o t r h l s d e ­ r w u F n V r H i d A t A t e e - r - n ­ t C i v o e o n n n a ­ ­ l 1941............. 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945............. 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12,2 6.4 12.2 7.4 4.7 4.3 26.5 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”........... 366.2 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 IIP.. 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 IIP.. 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”.. 366.2 1 Commercial banks (including nondeposit trust companies but not savings and loan assns. trust depts.), mutual savings banks, life insurance companies, and savings 3 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 Total Total FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ n fa o r n m ­ Farm Total Total FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ O n fa t o h r n m e ­ r Farm sured anteed tional sured anteed tional 1941.................................... 4,906 3,292 1,048 566 4,812 3,884 900 28 1945.................................... 4,772 3'395 856 521 4,208 3,387 797 24 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.................................... 34376 23382 6,520 2'654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1963.................................... 39,414 26,476 7,105 2’862 16,509 10,611 2327 36,224 32318 10 684 10,490 11,544 3,454 52 1964.................................... 43,976 28,933 7315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965.................................... 49'675 32387 7,702 2'688 21,997 14,377 2,911 44’617 40,096 13391 11,408 14,897 4,469 52 1966”.................................. 54,704 47,416 1965—1.............................. 44,799 29,388 7,329 2322 19,337 12,723 2,688 41,521 37,357 12,664 11,228 13,465 4,112 52 H............................ 46'548 30,383 7'469 2312 20’202 13,371 2394 42’467 38,214 13,036 11,322 13356 4,202 51 HI.......................... 48353 31374 7,641 2'700 21’233 13,926 2’853 43’539 39’153 13,412 11368 14373 4334 52 IV.................... 49’675 32 387 7,702 2’688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14397 4,469 52 1966—I®............................ 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 .......5...2..'.3...0..6.......33300 7369 2,654 23,377 15,478 3;028 45’883 41,083 14,047 li;346 15,690 4,747 53 Ill”........................ 53355 46350 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

MARCH 1967 REAL ESTATE CREDIT 435 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H u A re - d a g n V u t A e a e r - d ­ Other 1 Farm 1 Total Total in F s H u A re - d a g n V u t A e a e r - ­ d Other Farm 1945...................................................... 976 6,637 5,860 1,394 4,466 766 1961...................................................... 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962...................................................... 7,478 6,859 1,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 3,400 1963...................................................... 9,172 8,306 1,598 678 6,030 866 50,544 46,752 10,756 6,401 29,595 3,792 1964...................................................... 10,433 9,386 1,812 674 6,900 1,047 55,152 50,848 11,484 6.403 32,961 4,304 1965.................................................... 11,137 9,988 1,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 4.823 1966?............................................... 10,202 9,210 1,311 458 7,441 992 64,803 59,563 12,411 6,209 40,943 5,240 1965—Dec.r....................................... 1,353 1,213 155 43 1,015 140 60,057 55,234 12,094 6,296 36,844 4,823 1966—Jan...................................... .. 972 865 168 52 645 107 60,518 55,675 12,183 6,307 37,185 4,843 Feb.......................................... 817 703 143 39 521 114 60,881 55,988 12,246 6,294 37,448 4,893 Mar......................................... 978 815 139 40 636 163 61,288 56,321 12,259 6,282 37,780 4,967 Apr.......................................... 897 756 121 29 606 141 61,710 56,653 12,299 6,262 38,092 5,057 May......................................... 816 709 93 31 585 107 62,101 56,980 12,310 6,244 38,426 5,121 June......................................... 908 830 107 34 689 78 62,547 57,381 12,330 6,225 38,826 5,166 July......................................... 869 815 106 31 678 54 62,969 57,778 12,335 6,210 39,233 5,191 Aug.......................................... 791 746 94 38 614 45 63,336 58,128 12,340 6,201 39,587 5,208 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 Dec.......................................... 947 888 82 47 759 59 64,803 59,563 12,411 6,209 40,943 5,240 1 Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because (1) 1959 and with “other” nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and (2) data for year-end adjustments are more complete. Note.-—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Advances outstanding (end of period) Period h N o e m w e Home FHA- VA- Con­ Period va A n d c ­ es R m e e p n a ts y­ M de e p m o b si e ts rs’ Total 1 s c tr o u n c ­ ­ c p h u a r s ­ e Total 2 su in re ­ d a g n u te a e r d ­ ti v o e n n a ­ l Total t S e h rm or t­ 1 t L e o rm ng ­ 2 tion 1945.......................... 278 213 195 176 19 46 1945.............. 1,913 181 1,358 5,376 1961........................... 2,882 2 220 2,662 I 447 1,216 1,180 1961............. 17,364 5,081 7,207 68,834 4,167 7,152 57,515 1962........................... 4,111 3 294 3,479 2 005 1 474 1,213 1962............. 20j754 5^979 8,524 78,770 4’476 7^010 67,284 1963........................... 5 601 4’296 4,784 2 863 i ’921 1,151 1963 ............. 24 ,'735 7,039 9,920 90’944 4,696 6,960 79,288 1964.......................... 5,565 5 025 5,325 2* 846 2 479 1,199 1964.............. 24,505 6,515 10,397 101,333 4,894 6^683 89,756 1965.......................... 5,007 4335 5,997 3*074 2 923 1,043 1965............. 23,847 5,922 10^697 110,202 5,141 6^391 98,670 1966.......................... 3,804 2366 6,935 5’006 1 929 1,036 1966.............. 16,729 3,604 7’748 114,089 5,266 6,150 102’673 1966—Jan................ 386 485 5,898 3 071 2,826 843 1966—Jan.. 1,549 322 640 110,700 5,160 6,364 99,176 Feb............... 171 330 5,739 2 837 2 901 795 Feb.. 1,554 307 645 Hl,246 5,177 6,361 99,708 214 266 5,687 2 598 3,089 823 Mar.. 1,998 454 814 112,001 5,195 6,331 100,475 967 138 6,516 3 343 3 173 811 Apr., 1,888 430 798 112,736 5,212 6,311 101,213 May....... 339 152 6,704 3 691 3 012 840 May. 1,696 390 773 113,249 5,236 6,293 101,720 171 92 6,783 3 865 2 918 972 June. 1,629 340 823 113,669 5,245 6,279 102,145 July.............. 838 279 7,342 4’471 2,871 710 July.. 1,234 266 643 113,750 5,235 6,254 102,261 Aug............. 146 262 7’226 4’625 2,601 698 Aug.. 1,314 272 722 113,897 5,246 6,236102,415 Sept.............. 99 150 7 J75 4’627 2,548 727 Sept.. 1,119 241 572 114,004 5,253 6,203 102,548 Oct............... 300 226 7,249 4'939 2,310 767 Oct.. 947 208 473 113,998 5,251 6,182 102,565 Nov....... 104 269 7,084 4 993 2,091 863 Nov 866 184 423 113,977 5,257 6,167 102,553 Dec............... 68 217 6,935 5,006 1,929 1,036 Dec.. 936 189 423 114,089 5,266 6,150 102,673 1967—Jan................ 224 818 6,340 4,814 1,526 1,088 1 Includes loans for repairs, additions and alterations, refinancing, etc., not shown separately. 1 Secured or unsecured loans maturing in I year or less. 2 Beginning with 1958, includes shares pledged against mortgage loans, 2 Secured loans, amortized quarterly, having maturities of more than and beginning with 1966, includes real estate sold on contract not acquired 1 year but not more than 10 years. 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

436 REAL ESTATE CREDIT MARCH 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 Mortgages P e r r o ty p ­ Mortgages E p n er d i o o d f Total C ve o n n ­ ­ Total h N om ew es h is o E t m i x n ­ e g s m pr e i o m n v t ­ s e ­ 2 Total 3 h N om ew es h i o s E t m i x n ­ e g s Total s F u i H n re ­ A d - a g n V u te A a e r - ­ d 1 tional 1945 .................. 18.6 4.3 4.1 .2 14 3 1945................................. 20 171 192 1961.................. 153.1 59.1 29.5 29.6 93.9 1961................................. 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 1,729 4,366 583 641 2,600 980 1,618 1964—1............ 185.4 66.6 35.7 31.0 118.8 1966—Jan...................... 800 180 42 30 236 80 156 Ill...... I .. I . ..... 1 .1.. 9 8.. 3 9. . . 9 8 6 6 8 7. . 3 4 3 3 7 6 . .3 4 3 3 1 0 . . 1 9 1 1 2 2 5 2. . 5 4 Feb..................... 639 134 378 96 32 190 69 121 IV......1..9.7.6 69.2 38.3 30 9 128.3 Mar.................... 753 160 447 68 78 163 59 104 Apr.................... 636 139 376 66 54 132 51 81 1965—1............ 200.7 70.1 39.0 31 1 130.7 May.................... 608 137 361 56 55 167 62 104 II.....2..0...5..2 70.7 39.7 31 0 134 4 June.................... 685 152 405 69 60 205 71 134 IIP.... 209.5 72.0 40.9 31.1 137.4 July.................... 604 136 368 42 58 219 72 147 IV*.... 213.5 73.1 42.0 31.1 140.4 Aug.............. 622 159 387 18 57 287 96 191 Sept.................... 610 149 367 27 66 257 96 161 1966—IP.......... 216.7 74.1 43.0 31 1 142.6 Oct...................... 508 140 275 38 54 271 110 160 II*......... 220.4 74.6 43.7 30.9 145.8 Nov.................... 446 130 238 26 51 247 110 137 IIK... 223.1 75.2 44.4 30.9 147.8 Dec..................... 409 214 35 46 226 104 121 1967—Jan...................... 449 263 26 44 214 100 113 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 3 N In o c t lu o d r e d s i n a a s ri m ly a l s l e a c m ur o e u d n b t y o f m a o l r te tg r a a g ti e o s n . and repair loans, not shown separately; only such FH N L o B t B e. — a F n o d r t F o . t R al . d e e s b ti t m a o t u es ts . tan F d o in r g, co f n ig v u e r n e t s i on a a r l e , 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-guarantced 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 E pe n r d i o o d f Total FH in A ­ - g V u A ar - ­ period) m d u e i n n s ­ ­ ts End of period Total Total in F s H u A re - d C t o io n n v a e l n­ Farm sured anteed c P ha u s r e ­ s Sales bursed 1945.................................... 17.0 12.2 12.2 4.8 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 5 6 2 1 3 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 7 4 4 6 5 , ^ , ' , ' 7 0 6 9 0 4 3 6 2 5 9 1 1 3 3 3 0 2 2 5 3 3 3 3 , , , , ’ ’ 4 5 0 4 9 4 7 0 1 9 0 9 1 4 7 7 0 6 2 2 1 1 1 1 , , , , , 3 ’ 6 3 6 6 3 1 0 5 5 3 2 3 3 6 6 4 7 2,7 4 2 9 7 8 0 1 2 9 4 1 1 3 4 5 0 0 1 4 2 2 5 1 5 9 0 4 1 1 1 8 0 4 7 7 3 3 6 1 0 9 3 9 1 5 5 1 1 3 3 5 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 5 1 2 3 4 p . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7 9 8 2 1 5 3 9 8 4 . . . . . 1 2 0 2 0 1 9 5 6 8 0 5 9 9 2 7 . . . . . 1 3 9 2 0 7 6 7 7 8 . . . . . 5 9 2 0 4 6 7 9 5 8 2 9 4 2 7 . . . . 0 2 7 7 9 2 1 1 1 1 1 3 6 5 8 . . . . 9 8 9 2 2 1966—J F M a e n a b . r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4 5 ; , '2 9 5 1 4 2 5 8 8 3 3 4 , - '8 5 0 1 8 7 1 8 7 1 1 1 , , ’, 4 3 4 5 6 0 1 0 4 2 2 3 4 9 4 5 6 4 9 7 8 2 5 2 3 9 0 1963—Ii IV In.. . .. . .. . . . .. . . . .. . . . .. . . . .. . . . .. . .. . . . .. . . . .. . . . .. . . . .. . . . .. . .. . . . .. . . 9 9 9 1 5 9 . . . 7 2 0 7 8 7 5 2 8 . . . 5 2 6 7 7 7 . . . 5 5 4 7 7 6 4 8 1 . . 1 2 7 1 1 1 6 6 6. . . 8 2 6 J A M J A u u p u a n ly r y g e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 6 6 6 ' ' ' ’ ’ 3 7 4 9 0 1 4 6 8 2 9 4 4 2 2 4 4 4 4 4 ' ' , , ’ ’ 7 ' 4 9 5 2 8 8 3 1 6 7 1 8 0 6 1 1 1 1 1 , , ’ ' , ’ 5 5 4 4 5 0 3 7 4 9 1 2 6 8 2 2 2 2 1 1 0 6 5 8 9 9 5 0 0 4 6 6 5 6 51 2 9 5 1 1 1 5 0 2 1964— H 1 I IV I .. . I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 0 0 0 1 1 5 9 4 . . . . 9 8 7 0 9 9 8 8 5 1 4 7 . . . . 1 2 6 7 7 7 7 7 . . . . 7 8 9 6 7 8 8 8 7 3 0 7 . . . 5 0 2 0 1 1 1 1 7 8 8 8 . . . . 1 3 5 9 6,592 5,028 1’564 159 532 1965—1.............................. 117.0 97.5 7.9 89 6 19.5 D N O e o c c t v . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 6 , , , ’ 0 7 8 6 3 91 3 1 5 5 5 ' ' , 4 2 1 0 7 4 7 2 6 1 1 1 , , '6 6 5 1 5 8 9 6 5 2 1 1 0 8 6 2 8 8 6 7 5 1 0 7 7 5 6 H H IV I . * * ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 2 2 2 4 8 0. . . 7 4 2 1 1 1 0 0 0 3 7 0 . . . 7 5 0 8 8 8 . . . 0 0 0 9 9 9 2 5 9 . . . 5 7 0 2 2 2 0 1 0 , . . 7 2 2 1967—Jan.................... 7,216 5,522 1,964 181 ..........6..9..5 1966—P........................... 131.6 109.8 8.0 101.8 21.8 IP........................... 135.2 112.7 8.0 104.7 22.5 Note.—Federal National Mortgage Assn, data, including mortgages IIP......................... 138.3 115.3 8.0 107.3 23’0 subject to participation pool of Government Mortgage Liquidation T fr r o u m st , th b e u t R e F xc C l ud M in o g r tg c a o g n e v e C nt o io ., n a th l e m D or e t f g e a n g s e e l H oa o n m s es a c C qu o i r r p ed ., b th y e F P N u M bl A ic De N b o t t O e u .— tst B an as d e i d n g o ’’ n t a d b a le t a ( s f e r c o o m nd s p a r m ec e e d so in u g r c p e a s ge a ) s , s a h n o d w n fo r f o ta r b “ le M i o m r m tg e a d g i e ­ Housing Admin., and Community Facilities Admin. “ ately above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 REAL ESTATE CREDIT 437 TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period C c t ( r r e p a o a n e t c n e t r t ) ­ c F c h ( e e a p e n r e s g t r ) e & 1 s M (y a e t a u r r s i ) ty L c p r ( a o e p r t n i a e i c t n o r e ) / (t d h c o p o P h l r u u l a i a c s s r r . e e ­ s o ) f (t a d h m L o o l o u o la a s u r n . n s o ) t f c C t ( r r e p a o a n t e c n e t r t ) ­ c F c h e ( e a p e n r e s t g ) r e & t s M (y a e t a u r r s i ) ty L c p r ( a e o p r t i n a e c i t n o r e ) / (t d h c o p o P h l r u l u a i a s c s r r . e ­ e s o ) f (th d a L o m o u l o l o s a a u . r n s n o ) t f 1963........................... 5.84 .64 24.0 73.3 22.5 16.3 5.98 .60 19.2 70.8 17.8 12.6 1964........................... 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 1965........................... 5.76 .54 24.8 74.1 24.7 18.1 5.89 .50 20.4 72.0 19.7 14.1 1966........................... 6.11 .69 24.4 72.8 26.4 19.0 6.24 .59 20.0 65.1 20.4 14.4 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 1967--Jan................ 6.43 .87 23.9 72.3 27.0 19.4 6.50 .72 19.6 70.3 20.0 14.0 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. 420. DELINQUENCY RATES ON HOME MORTGAGES NONFARM MORTGAGE FORECLOSURES (Per 100 mortgages held or serviced) Rate Period Number (per cent of Loans not in foreclosure (thousands) mortgaged but delinquent for: Loans in structures) End of period fore­ Total 30 days 60 days o 9 r 0 m da o y r s e closure 1 1 9 9 6 6 1 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 3 6 . . 1 4 . . 3 4 7 2 1963............................................... 98.2 .45 1964............................................... 108.6 .48 1961.............................. 3.10 2.27 .50 .33 .29 1965............................................... 116.7 .49 1962.............................. 3.04 2,26 .50 .29 .30 1963.............................. 3.30 2.32 .60 .38 .34 1965—1......................................... 27.9 .48 1964.............................. 3.21 2.35 .55 .31 .38 ................3...0....1................. .52 1965.............................. 3.29 2.40 .55 .34 .40 in..................................... 29,1 .50 1966.............................. 3.40 2.54 . 54 .32 .36 IV.................... 29.6 .50 1965—1........................ 2.94 2.06 .54 .34 .37 1966—1......................................... 28.8 .48 II....................... 3.00 2.18 .52 .30 .38 30.8 .51 HI..................... 3.20 2.30 .56 .34 .38 Ill..................................... 29.3 .48 IV..................... 3.29 2.40 .55 .34 .40 1966—1............. 3.02 2.13 .55 .34 .38 Note.—Federal Home Loan Bank Board estimates of number H.................... 2.95 2.16 .49 .30 .38 of nonfarm mortgaged structures at end of period and of non­ Ill..................... 3.09 2.25 .52 .32 .36 farm properties acquired during period through foreclosure IV..................... 3.40 2.54 .54 .32 .36 proceedings (excluding voluntary deeds in lieu of foreclosure and defaults on real estate contracts). Data exclude Alaska and Hawaii. Note.—Mortgage Bankers Association of America data from reports on 1to 4-family FHA-insured, VA-guaranteed, and conventional mortgages held by more than 400 respondents, including mortgage bankers (chiefly), commercial banks, savings banks, and savings and loan associations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

438 CONSUMER CREDIT MARCH 1967 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A p o a u p b t e i o l r e ­ co g O p n o a s t o p h u d e e m s r r er e a r n R n l d o i e z a p m a n a t s o i i o r d 1 n ­ Pe l r o s a o n n s al Total p S a l i y o n m a g n l e e s n ­ t a C cc h o a u rg n e ts S c e r r e v d ic it e 1939............................................... 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941.......................................... 9,172 6^085 2’458 1 '929 376 1,322 3,087 845 1 ’645 597 1945............................................... 5^665 2^62 ’455 '816 182 1,009 31203 746 1'612 845 I960............................................... 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,360 1961............................................... 57’678 43’,527 17'223 11,857 3,191 11,256 14’151 5,136 5,324 3,691 1962............................................... 63'164 48,034 19’540 12,605 3'246 12,643 15,130 5’456 5,684 3 990 1963............................................... 70,461 54,158 22,433 13,856 3,405 14,464 16,303 6,117 5,871 4,315 1964............................................... 78,442 60,548 25'195 151593 3,532 16,228 17'894 6’954 6,300 4,640 1965............................................... 87’884 68,565 28’843 171693 3 ’ 675 18'354 191319 71682 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 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 31603 18,396 181286 7,731 5,505 5,050 Mar................................... 87,059 68,827 29,248 17,450 3,597 18,532 18,232 7,795 5 ,’393 5,'044 Apr.................................... 88,184 69,543 29,597 17,597 3,602 18,747 18,641 7,836 5,670 5,135 May.................................. 89,'092 70,209 29 ,’908 17,732 31642 18,927 181883 7,925 5'860 5,098 June.................................. 90’,070 71,194 30’402 17,959 3,677 19,156 18,876 7,901 5,908 5,067 July................................... 90’650 71,862 30’680 18,165 31711 19,306 18,788 7’844 51888 5,056 Aug.................................... 91,483 72,640 30’918 18,390 3'755 19,577 18’843 71849 5,973 5,021 Sept................................... 911639 72,829 30,793 18364 3,771 19’701 18'810 7,814 5'993 5,003 Oct.................................... 91,899 731073 30'852 18’714 3’770 19,737 18,826 7,768 6,107 4,951 Nov............................ 92,498 73’491 30'937 18,945 3’772 19,837 19'007 7,807 6,199 5,001 Dec................................... 94^786 74,’656 301961 19334 3,751 20,110 20;130 7 ,'844 7,144 5,142 1967—Jan..................................... 93,479 74,015 30,689 19,649 3,703 19,974 19,464 7,779 6,472 5,213 1 Holdings of financial institutions; holdings of retail outlets are in­ hold. family, and other personal expenditures, except real estate mortgage cluded in "other consumer goods paper.” loans. For back figures and description of the data, see ‘‘Consumer Credit,” Section 16 (New) of Supplement to Banking and Monetary Note.—Consumer credit estimates cover loans to individuals for house­ Statistics, 1965, and May 1966 Bulletin. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Total m C b e a o r n c m k ia s ­ l fi S n c a a o l n s e . c s e u C n r i e o d n i s t f s i C n u a m o n n e c ­ r e 1 Other 1 Total D st m e o p r e e a n s r t t 2 ­ F st t u o u r r r n e e s i­ A s a t p o n p r c e e l s i ­ d m A ea o u l b e t i o r l s ­ e 3 Other 1939.................................. 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941.................................. 6,'085 4 380 1 '726 1,797 198 759 1,605 320 496 206 188 395 1945 .................................. 2,462 1,776 '745 300 102 629 686 131 240 17 28 270 1960.................................. 42,832 37,218 16,672 11,472 3,923 3,670 1,481 5,615 2,414 1 107 333 359 1 402 1961.................................. 43’527 37’935 17'008 11,273 4'330 31799 1 '525 5,595 2^421 1 058 293 342 1 481 1962.................................. 48,’034 41,782 19'005 12,194 4,902 4'131 1 '550 6,252 3013 1 073 294 345 1 527 1963................................. 54,158 47,405 22,023 13,523 5,622 4,590 1,647 6,753 3 427 1 086 287 328 1 625 1964.................................. 60’548 53’141 25'094 14*762 6,458 5'078 1,749 7,407 3 922 1 152 286 370 1 *677 1965.................................. 68'565 60’273 29 J 73 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 9'091 490 1966—Jan........................ 68,314 60,202 29,201 16,106 7,447 5,598 1,850 8,112 4 419 1 208 300 448 I 737 Feb........................ 68’279 60’331 29,312 16,072 7'473 5,621 1,853 7,948 n.a 451 Mar...................... 68 ,'827 60'863 291684 16,106 7,593 51630 1,850 7’964 n a n.a. 459 Apr...................... 69’543 61'539 30,127 16,191 7,711 5'670 1,840 81004 n a n.a. 466 May.................... 70’209 62'178 30 ,'507 16,263 7,839 5'695 1,874 8,031 n a n a. 472 June..................... 71'194 63,097 31'013 16,454 8,009 5,742 1,879 8,097 n.a. n.a. 480 n 3- July....................... 71,862 63’745 31’398 16,585 8,093 5,791 1,878 8,117 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. 489 n i* Sept......... 72'829 64'613 31'778 16,759 8 324 5,858 1,894 8,216 n a 487 Oct........................ 73'073 64,792 31’878 16,771 8 391 5'863 1,889 8,281 489 Nov...................... 73,491 65,046 31'978 16*790 8,480 5,881 1,917 8,445 490 Dec...................... 741656 65,565 32,155 16,936 8,549 6,014 1,911 9,091 n a n a n a 490 n a 1967—Jan........................ 74,015 65,162 32,033 16,814 8,443 5,969 1,903 8,853 n.a. n.a. n.a. 488 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

MARCH 1967 CONSUMER CREDIT 439 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 t o m o p h n d e e e ­ r s r r e R m I r t o a e n i n o a o p i d n z d n a a s ­ ir ­ s l P o o a e n n r a ­ s l End of period Total m A p o a u p b t i e o l r e ­ s O g p c u o a t o m o h p n d e e e ­ s r r r m R iz lo a o e a n a d p ti n d e a o s r i n r n ­ l s o P o a e n n r a ­ s l 1939...................................... 1,197 878 115 148 56 1939 ............................ 1,079 237 178 166 135 363 1941...................................... 1,797 1,363 167 201 66 1941............................ 1,726 447 338 309 161 471 1945...................................... 300 ’ 164 24 58 54 1945 ............................. '745 66 143 114 110 312 1960...................................... 11,472 7,528 2,739 139 1 066 I960............................ 16,672 5,316 2,820 2,759 2,200 3,577 1961...................................... 11373 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 6J84 3351 2,824 2361 4,285 1963. 13,523 8,228 3,383 158 1 754 1963............................ 22,023 7,381 4,102 3,213 2,377 4,950 1964. 14,762 8,701 3,889 142 2 030 1964............................. 25’094 8;691 4334 3; 670 2357 5342 1965 16,138 9,241 4,429 123 2345 1965............................. 29;173 10310 5321 4366 2343 6,333 1966 16,936 9,391 4,829 110 2 606 1966............................. 32,155 11,370 6,165 5,101 2,567 6,952 1966-—Jan.......................... 16,106 9,187 4,460 119 2,340 1966—-Jan.................. 29,201 10,314 5,740 4,293 2,511 6,343 Feb.......................... 16;072 9387 4,423 117 2,345 Feb................. 29;312 10361 5385 4,311 2,484 6,371 Mar....................... 16'106 9 214 4,422 116 2,354 Mar................ 29;684 10333 5385 4351 2,476 6,439 Apr......................... 16,191 9,261 4348 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 10352 6,037 4391 2302 6,625 June....................... 16,454 9,395 4338 111 2310 June............... 31,013 11,075 6,124 4,581 2,529 6,704 July........................ 16385 9,457 4,579 112 2'437 July., ............ 31;398 11,219 6357 4,713 2,555 6354 Aug........................ 16332 9,498 4332 112 2 490 Aug................ 31;737 11 339 6,172 4,795 2,580 6,851 Sept........................ 16,759 9,427 4,693 112 2 527 Sept................ 31,778 11313 6313 4,864 2 393 6^895 Oct......................... 16,771 9398 4,726 112 2,535 Oct.................. 31i 878 11,353 6332 4,910 2,593 6,890 Nov................ 16,790 9,395 4336 110 2349 Nov................ 31;978 11,378 6357 4,967 2,583 6,893 Dec......................... 16,936 9,391 4,829 110 2,606 Dec................. 32355 ll,'37O 6365 5,101 2 ,'567 6,952 1967-“Jan................... 16,814 9,285 4,817 109 2,603 1967—Jan.................. 32,033 11,267 6,148 5,176 2,532 6,910 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 1 1 19 9 9 4 4 3 5 1 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 9 73 5 8 1 7 9 1 5 2 81 4 2 pape 2 2 3 r 0 4 6 loan 1 1 1 s 5 4 4 6 7 64 8 6 3 5 9 End of period Total b C m c a o i n e a m k r l ­ s ­ t O f u i i n c t n t i i s h o a a t e l n i n ­ r ­ s s m p t D o a e r e r n e t ­ t ­ s 1 o O r u e t t t h l a e e i t l r s c C a r r e d d s it 2 S c e r r e v d i i c t e 1960. 9,074 1,665 771 800 5,837 1961...................................... 9354 1,819 743 832 6,257 1939................ 2,719 625 162 236 1,178 518 1962. 10383 2,111 751 815 6,906 1941................ 3,087 693 152 275 1,370 597 1945................ 3,'203 674 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 14362 3,124 1,153 1,009 9,676 1961................ 14,151 4313 723 948 3307 469 3391 1966 16374 3345 1303 1 ',074 10352 1962................ 15,130 4,690 766 927 4,’252 505 3 390 1966-—J F M a e n a b . r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 14 5 4 , 3 3 8 7 4 9 3 7 5 3 3 3 , , J 1 1 1 5 0 0 7 0 1 1 1 , 3 3 1 7 5 4 5 2 9 1 1 C ; , o 0 o o 0 o 4 2 s 9 9 9, , 3 7 6 8 3 4 0 9 2 1 1 1 9 9 9 6 6 6 4 5 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 6 7 9 , , 3 3 8 1 0 9 9 3 4 5 5 6 , , 3 9 2 8 0 5 7 5 0 1 1 , 3 0 9 9 0 1 5 4 2 9 9 8 0 6 95 9 8 4 4 5 , ’ 3 , 4 7 5 5 5 5 6 6 6 5 7 3 2 2 5 3 0 4 4 4 , , ,’ 8 3 6 9 1 4 1 5 0 Apr.... 15,221 3,204 1; i88 1 ,’007 9,822 1966................ 20,130 6,714 1,130 n.a. n.a. 874 5,142 May....................... 15308 3 ,'258 1,203 1327 9,920 June....................... 15,630 3,328 I 323 1 337 10 ,’042 1966—Jan... 18,713 6,574 1,092 855 4,509 743 4,940 July........................ 15,762 3362 1,241 1,044 10J15 Feb.,. 18,286 6,630 1,101 n.a. n.a. 746 5,050 Aus 15,985 3,420 1,266 1,063 10336 Mar... 18,232 6,676 1,119 n.a. n.a. 755 5344 Sept........................ 16,076 3353 1,278 1,066 10379 Apr.., 18,641 6,717 1,119 n.a. n.a. 765 5,135 Oct.......................... 16,143 3,480 1386 1365 10312 May.. 18,883 6,784 1,141 n.a. n.a. 788 5,098 Noy......................... 16,278 3317 1387 1,079 10395 June.. 18,876 6,767 1,134 n.a. n.a. 824 5,067 Dec......................... 16,474 3,545 1303 1,074 10'352 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 5321 1967-—Jan......................... 16,315 3,501 1,291 1,062 10,461 Sept... 18,810 6,692 1,122 n.a. n.a. 932 5,003 Oct... 18,826 6,656 1,112 n.a. n.a. 898 4,951 Nov... 19,007 6,678 1,129 n.a. n.a. 878 5,001 Note,—Institutions represented are consumer finance companies, credit Dec... 20,130 6,714 1,130 n.a. n.a. 874 5,142 unions, industrial loan companies, mutual savings banks, savings and loan assns., and other lending institutions holding consumer instalment 1967—Jan.... 19,464 6,659 1,120 n.a. n.a. 908 5,213 loans. See also Note to first table on previous page. 1 Includes mail-order houses. 2 Service station and miscellaneous credit-card accounts and home­ heating-oil accounts. See also Note to first table on previous page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

440 CONSUMER CREDIT MARCH 1967 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir ti o a n n d l oans Personal loans Period S.A.l N.S.A. S.A.l N.S.A. S.A.l N.S.A. S.A.l N.S.A. S.A.l N.S.A. Extensions 1960............................................... 49,560 17,654 14,470 2,213 15,223 1961............................................... 48,396 16,007 14,578 2,068 15,744 1962............................................... 55,126 .................... 19,796 ..................... 15,685 ................. • 2,051 .................... 17,594 1963................................................ 61,295 22,292 17,102 2,198 19,703 1964............................................... 67,505 24,435 19,473 2,204 21,393 1965............................................... 75,508 27,914 21,454 2,238 23,902 1966................................................ 78,896 28,491 23,502 2,136 .................... 24,767 1966—Jan..................................... 6,544 5,586 2,340 2,001 1,983 1,684 176 130 2,045 1,771 Feb.................................... 6,492 5,517 2,340 2,084 1,957 1,527 171 130 2,024 1,776 Mar................................... 6,673 6,865 2,479 2,676 1,959 1,890 183 174 2,052 2,125 Apr.................................... 6,505 6,658 2,302 2,486 1,958 1,874 180 178 2,065 2,120 May.................................. 6,472 6,694 2,298 2,526 1,933 1,898 186 215 2,055 2,055 June................................. 6,675 7,236 2,419 2,746 1,944 2,013 189 215 2,123 2,262 July................................... 6,732 6,670 2,383 2,466 2,050 1,945 189 203 2,110 2,056 Aug................................... 6,689 7,025 2,431 2.543 1,995 2,023 187 225 2,076 2,234 Sept................................... 6,578 6,189 2,387 2,070 1,958 1 ,935 175 187 2,058 1,997 Oct.................................... 6,522 6,403 2,378 2,369 1,941 1,949 166 171 2,037 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 I ,928 2,720 159 140 2,049 2,404 1967—Jan..................................... 6,501 5,674 2,240 1,923 2,031 1,808 157 120 2,073 1,823 Repayments 1960................................................ 45,972 16,384 13,574 1,883 14,130 1961................................................ 47,700 16,472 14,246 2,015 14,967 1962................................................ 50,620 17,478 14,939 ..........1..,.9...9..6.. .................... 16,206 1963................................................ 55,171 19,400 15,850 2,038 17,883 1964................................................ 61,121 21,676 17,737 2,078 19,630 1965................................................ 67,495 24,267 19,355 2,096 21,777 1966................................................ 72,805 26,373 21,361 2,060 23,011 1966—Jan..................................... 5,947 5,837 2,115 2,055 1,778 1,811 176 171 1,878 1,800 Feb.................................... 5,954 5,552 2,135 1,979 1,781 1,707 174 161 1,864 1,705 Mar................................... 6,024 6,317 2,216 2,322 1,708 1,826 176 180 1,924 1,989 Apr.................................... 5,974 5,942 2,145 2,137 1,729 1,727 175 173 1,925 1,905 May.................................. 5,979 6,028 2,159 2,215 1,784 1,763 172 175 1,864 1,875 June.................................. 6,126 6,251 2,211 2,252 1,767 1,786 176 180 1,972 2,033 July................................... 6,168 6,002 2,238 2,188 1,803 1,739 174 169 1,953 1,906 Aug................................... 6,087 6,247 2,223 2,305 1,792 1,798 172 181 1,900 1,963 Sept............................ 6,103 6,000 2,213 2,195 1,784 1,761 168 171 1,938 1,873 Oct.................................... 6,142 6,159 2,244 2,310 1,820 1,799 169 172 1,909 1,878 Nov.................................. 6,213 6,193 2,255 2,261 1,836 1,813 169 166 1,953 1,953 Dec.................................... 6,112 6,277 2,225 2,154 1,796 1,831 161 161 1,930 2,131 1967—Jan..................................... 6,221 6,315 2,202 2,195 1,882 1,993 167 168 1,970 1,959 Net change in credit outstanding 2 1960............................................... 3,588 1,270 896 330 1,093 1961............................................ 696 -465 332 53 777 1962................................................ 4,506 ........... 2,318 ..................... 746 55 ..................... 1,388 1963................................................ 6,124 2,892 1,252 160 1,820 1964................................................ 6,384 2,759 1,736 126 1,763 1965................................................ 8,013 3,647 2,099 142 2,125 1966............................................... 6,091 2,118 2,141 76 1,756 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 M.ay.................................. 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 Ill 231 -3 2 130 100 Dec.................................... 321 1,165 72 24 132 889 -2 -21 119 273 1967—Jan..................................... 280 -641 38 -272 149 -185 -10 -48 103 -136 1 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

MARCH 1967 CONSUMER CREDIT 441 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p fi a n n a i n e c s e 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.' 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 18,269 11,456 12,073 7,762 1961. 48,396 17,711 10,667 12,282 7,736 1962. 55,126 20,474 11,999 ........1..3..,.5...2..5... ..........9..,..1..2..8.. 1963. 61,295 23,344 12,664 14,894 10,393 1964. 67,505 25,950 14,020 16,251 11,284 1965. 75,508 29,738 15.075 18,120 12.575 1966. 78,896 31,114 14,951 18,986 13,845 1966--Jan.. ................................ 6,544 5,586 2,500 2,240 1,270 1,101 1,553 1,298 1,221 947 Feb.................................... 6,492 5,517 2,517 2,243 1,230 1 ,057 1 ,559 1,338 1,186 879 Mar................................... 6,673 6,865 2,619 2,784 1,273 1,318 1.573 1,634 1,208 1,129 Apr.................................... 6,505 6,658 2,539 2,717 1,226 1,225 1,559 1,579 1,181 1,137 May.................................. 6,472 6,694 2,547 2,722 1,228 1,254 1,547 1,600 1,150 1,118 June.................................. 6,675 7,236 2,619 2,912 1,260 1,383 1,643 1,772 1,153 1,169 July..................... 6,732 6,670 2,673 2,717 1,255 1,265 1,593 1,577 1 ,211 1,111 Aug................................... 6,689 7,025 2,683 2,819 1,260 1,336 1,589 1,713 1,157 1,157 Sept................................... 6,578 6,189 2,634 2,422 1,242 1,162 1,587 1,517 1,115 1,088 Oct.................................... 6,522 6,403 2,583 2,520 1,226 1,235 1,582 1,505 1,131 1,143 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 2,523 1 ,241 1,374 1,570 1,822 1,069 1,723 1967--Jan.................................... 6,501 5,674 2,588 2,348 1,190 1,033 1,563 1,333 1,160 960 Repayments 1960. 45,972 16,832 10,442 11,022 7,676 1961 . 47,700 18,294 10,943 11,715 6,749 1962. 50,620 .................... 18,468 11,434 12,593 8,125 1963, 55,171 20,326 12,211 ........1..3..,.6...1..8... 9,016 1964. 61,121 22,971 13,161 14,825 10,164 1965. 67,495 25,663 13,699 16,443 11,690 1966. 72,805 28,132 14,153 17,474 13,046 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 2,132 1,137 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 2,293 2,274 1,129 1,140 ,442 1,43! 1,110 1,097 May.................................. 5,979 6,028 2,270 2,342 1,164 1,182 ,414 1,413 1,131 1,091 June.................................. 6,126 6,251 2,348 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 1,490 1,088 1,088 Sept................................... 6,103 6,000 2,396 2,381 1,156 1,135 1,481 1,426 1 ,070 1,058 Oct..................................... 6,142 6,159 2,400 2,420 1,193 1,223 1,472 1,438 1,077 1,078 Nov................................... 6,213 6,193 2,415 2,395 1,258 1,222 1,480 1.496 1.060 1,080 Dec.................................... 6,112 6,277 2,418 2,346 1,198 1,228 1,467 1,626 1,029 1,077 1967--Jan..................................... 6,221 6,315 2,435 2,470 1,190 1,155 1,500 1,492 1,096 1,198 Net change in credit outstanding 2 1960. 3,588 1,446 1,152 1,051 -61 1961. 696 335 -199 578 -20 1962. 4,506 .................... 1,997 ..............9..2..1.. 932 - -..............6..56 1963. 6,124 3,018 1,329 1 ,276 501 1964. 6,384 3,065 1,239 1,426 654 1965. 8,013 4,075 1,376 1.677 885 1966. 6,091 2,982 798 1,512 799 1966--Jan..................................... 597 -251 227 28 68 -32 147 -67 155 -180 Feb.................................... 538 -35 225 11! 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 1967--Jan.................................... 280 -641 153 -122 0 -122 63 -159 64 -238 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

442 INDUSTRIAL PRODUCTION: S.A. MARCH 1967 MARKET GROUPINGS (1957-59 = 100) 19 p 5 r 7 o - ­ 59 1965 1966 1967 aver­ Grouping p ti o o r n ­ age Jan, Feb. Mar. Apr. May June July Aug. Sept. Oct, Nov.r Dec.r Jan. Total index........................................... 100.00 143.4 150.6 152.4 153.7 153.9 155.3 156.5 157.2 158.0 157.7 158.9 158,6 159.0 158.0 Final products, total............................... 47.35 142.5 150.3 152.1 152.5 152.9 153.7 154.9 155.3 156.4 156.3 158.3 158.5 159.1 157.8 Consumer goods................................. 32.31 140,3 144.6 146.1 146,2 146.4 146,2 147.1 146,5 147.1 146,5 148.8 148.8 149.0 147.1 Equipment, including defense.... 15.04 147.0 162.6 164.8 166.2 166.9 169.8 171.4 174.4 176.4 177.4 178.8 179.6 180.8 180.9 Materials................................................. 52.65 144.2 150.9 152.6 154.4 154.5 157.1 158.0 158.8 159.6 159.2 159.9 159.1 158.8 158.2 Consumer goods Automotive products............................... 3.21 167.2 168.1 167.9 170.0 168.4 160.7 162.3 154.5 146.4 150.7 168.5 162.8 162.6 147.1 Autos.................................................. 1.82 182.6 180.3 177.8 180.5 (78.9 166,0 167.8 151.5 141.7 148.6 177.8 166.7 167,3 141.3 Auto parts and allied products.......... 1.39 146.8 152.0 155.0 156.2 154.6 153.6 155.2 158.6 152.7 153.5 156.2 157.8 156.4 154.6 Home goods and apparel.................. 10.00 143.8 150.9 151,1 151.3 153.8 154.0 153.8 152.3 152.8 151.3 153.2 153.2 151.5 150 2 Home goods...................................... 4.59 154.8 166.8 165.7 164.1 168.4 169.9 168.3 168,0 168.9 166.0 170.0 169.1 166.4 165 1 Appliances, TV, and radios............ 1.81 152.3 166.3 160.5 156.2 166.7 165.9 163.9 165.5 165.0 159.3 170.2 165.3 158.4 154 0 Appliances.. ..... 1.33 153.3 163.2 163.1 150.6 167.9 165,5 165.2 171.1 166.7 160.1 171,7 162.4 151.9 150 1 TV and home radios.................... .47 149.8 174.8 153.1 171.8 163.0 166.9 160.3 149.8 160,2 157,1 166.0 173.7 176.7 164,8 Furniture and rugs............................. 1.26 154.3 163.3 164.0 165.5 166.3 169,1 170.1 165.2 168.0 165,9 164.4 164.7 163.5 163.8 Miscellaneous home goods............. 1.52 158.2 170.2 173.4 172.5 172.2 175.5 171.9 173.2 174.2 173.9 174.5 177.1 178.4 179.3 Apparel, knit goods, and shoes..... 5.41 134.5 137.5 138.7 140.4 141.4 140.5 141.6 139.0 139.1 138,8 139.0 139.8 138.8 Consumer staples..................................... 19.10 134.0 136.7 139.4 139.5 138.9 139.7 141.6 142.1 144.2 143.3 143.2 144.2 144.8 144 9 Processed foods....................................... 8.43 122.2 123.1 125.8 125,2 125.1 123.9 126.4 126.0 127.9 127.9 126.0 127.3 130.1 130.1 Beverages and tobacco.......................... 2.43 127.2 129.7 131.1 133,6 130.2 129,5 131,5 130.2 134,0 131.0 133.1 133.0 134.0 Drugs, soap, and toiletries.................. 2.97 157.0 164.0 167.2 168.6 167.3 173.4 174.7 174.5 175,4 176.1 178.7 181.3 178.5 179 4 Newspapers, magazines, and books. 1.47 127.0 131.9 133.6 134.2 134.1 136.9 138.5 138.9 138.2 136.7 137.9 138.8 139,1 142.6 Consumer fuel and lighting................ 3.67 149.4 151.6 155.3 154.7 154,6 155.8 157,1 161.1 165.0 162.5 161.9 162.4 (60 7 Fuel oil and gasoline......................... 1.20 122.4 125.1 124.0 125.2 128.4 128.7 128,6 128,8 129.1 131.8 134.0 129.8 129.2 124 9 Residential utilities............................ 2.46 162.6 164.5 170,5 169.0 167.4 169.0 171.0 176.8 182.5 177.4 175.5 178.2 176.1 Electricity......................................... 1.72 171.6 173.2 181,5 179.0 176.7 179.0 181.9 190.0 197,9 191.2 188.3 192.2 189.2 Gas..................................................... .74 141.9 Equipment Business equipment.................................. 11.63 156.7 171.9 174.0 175.4 175.9 178.3 180.0 182.7 184.4 185.7 187.2 187.5 189.3 188.5 Industrial equipment............................. 6.85 153,1 164.2 166.1 167.4 167.3 168.5 171,0 174.9 176,3 177.0 178.4 178.1 179,1 178.7 Commercial equipment........................ 2.42 164,4 177.5 180,8 184.2 186.4 190.1 191.0 189.8 194.1 194.8 195.5 196.9 196.0 197.4 Freight and passenger equipment... 1.76 162.4 194.9 198.9 198.9 201.3 204.9 205.7 208.8 208.1 209.2 212.7 216,9 220.3 215.1 Farm equipment...................................... .61 148,8 161.2 158.0 163.0 157.6 164,7 168.2 167.5 169.1 178.9 180.3 170.7 179.5 Defense equipment.................................. 3.41 Materials Durable goods materials............ 26.73 144.3 149.9 152,6 155.6 156.7 157.7 159.3 159.1 160.1 159.8 159.8 158.5 156.1 153.9 Consumer durable.................................. 3.43 166.8 170.0 173.6 169.1 169,0 166.0 165.2 162.8 173.6 174.0 176.2 173.8 165,4 154 8 Equipment................................................. 7.84 151.9 165.8 170.0 171.9 173.6 177.1 179,1 183.7 187.9 189.1 189.7 191.0 190.3 190.4 Construction............................................. 9.17 133.8 142.7 143.6 146.1 144.3 141.8 142.3 141.0 140,2 139.8 138.5 138.5 138,2 138.5 Metal materials n.e.c............................. 6.29 137.8 138,8 143.2 147.1 145,1 144.8 148.0 146.9 145.3 142.7 145.2 139.6 139.6 140.2 Nondurable materials............................. 25.92 144.1 151.0 152.1 153.1 152.3 156.5 158.0 158.6 159.1 158.6 159.9 159.9 161.0 161.9 Business supplies..................................... 9.11 136.4 144.2 144.4 146.0 145,3 147.8 150.3 149.9 150.1 150.7 151.6 150.9 153.2 153 4 Containers............................................. 3.03 136.6 143.5 143.5 145.2 142,4 146,1 146.4 143.2 143.4 147,4 145,3 147.2 151.1 147'2 General business supplies........ 6.07 136.4 144.5 144.9 146.4 146.7 148.6 152.2 153.2 153.4 152.4 154.8 152.8 154,3 156 5 Nondurable materials n.e.c................ 7.40 174.1 185.3 187.2 186.3 188,4 192,0 192.9 194.5 195.6 193.8 197.1 198.7 198.1 200.3 Business fuel and power................ 9.41 127.9 130.7 131.8 133.9 130.8 136.9 138,0 138.7 138.9 138.6 138.7 138.0 139.4 139 9 Mineral fuels........................................ 6.07 115.5 117.4 118.1 120.5 114.9 123,8 124.9 124.6 124.9 123 7 124.9 123.1 125.0 125^9 Nonresidential utilities..................... 2.86 159.4 165,0 167.1 168.6 170.6 171.2 172.2 174.6 175.9 176.7 174.8 175.7 176.7 Electricity......................................... 2.32 161.1 166.4 168.7 170.3 172.2 172.8 173.8 176.7 178.2 179.1 176.7 177.8 179.0 General industrial..................... 1.03 157.6 163.7 163.9 165.6 168.2 170,0 170.1 174.6 176.3 177.0 177.6 176.7 177.1 Commercial and other............. 1.21 170.0 175.1 179.4 181.0 182.6 182,0 184.1 186.2 187.5 188.5 183.6 186,4 188.4 Gas...................................................... .54 152.0 Supplementary groups of consumer goods Automotive and home goods.............. 7.80 159.9 167.3 166.6 166.6 168.4 166.1 165.8 162.5 159.6 159.7 169.4 166,5 164.8 157.6 Apparel and staples............................... 24.51 134.1 136.9 139.2 139.7 139.4 139.8 141.6 141,4 143.0 142.3 142.2 143.3 143.5 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 INDUSTRIAL PRODUCTION: S.A. 443 INDUSTRY GROUPINGS (1957-59 - 100) 1957-59 1966 1967 1965 Grouping pro­ aver­ por­ tion age Jan. Feb. Mar. Apr. | May June July Aug. Sept. Oct. Nov.r Dec.^ Jan. Total index............................................ 100.00 143.4 150.6 152.4 153,7 153.9 155.3 156.5 157.2 158.0 157.7 158.9 158.6 159,0 158.0 Manufacturing, total. ,........................... 116.45 145.0 152.9 154.7 155.9 156.6 157.6 158.9 159.4 160.1 160.0 161.5 161.0 161.3 160.2 Durable .................................... 48.07 148.4 158.1 160.7 161.9 162.9 164.2 165.4 166.1 167,1 167.3 169.1 167.3 167.6 165.8 Nondurable........................................... 38.38 140.8 146.4 147.3 148.5 148.7 149.4 150.7 151.0 151.3 150.9 151.9 153.1 153.5 153.1 Mining........................................................ 8.23 114.8 117.3 117.7 120.0 115.6 120,7 122.0 122.0 122.1 121.0 121.6 121.0 123.0 123.6 Utilities.. ......................................... 5.32 160.9 164.7 168.7 168.8 169.1 170.2 171.7 175.7 179,0 177.0 175.2 176.9 176.4 176.0 Durable manufactures Primary afifl fabricated metals...... 12.22 142. J 143.2 148 5 150.5 150.7 153.7 154.0 154.5 154.2 153.6 153.4 149 9 150.3 147.5 Primary metals........................... ............ 6.95 137.6 131 9 138 3 141.8 142.4 146.5 148.0 148.6 148.7 146.4 145.0 138.4 136.2 132.7 Imp and steel ................................... 5.45 133.6 122 9 129.1 136.7 138.8 141.1 142.1 143.3 142.2 139.0 137.5 132 4 130,1 124.6 Nonferrous metals and products,. 1.50 152.2 164.3 172.5 174.5 166,0 165.0 166.2 162.4 162.1 164,7 168.2 161.7 164,1 161.6 Fabricated metal products................... 5.37 147,8 157.7 161.6 161.7 161.4 162.9 161.8 162.1 161.4 163.0 164.2 164,7 168.6 166.7 Structural metal parts........... 2.86 145.4 154.2 158.9 158.9 159.1 158.4 158.8 157.7 158.8 158.6 159,0 160,2 161.4 160.4 Machinery and related products......... 27.98 154.3 168.3 170.1 170.8 172.4 173.7 175.5 177.4 179.0 179.8 183.4 181.9 181.9 180.0 Machinery................................................. 14.80 160.5 174 5 176.4 176.1 178 6 180.6 182 8 186 6 189 6 188 8 191.1 189 0 189 5 189,8 Nonelectrical machinery......... 8.43 160.4 171 9 174 4 174 0 174 5 177.7 180.3 184.7 186,7 188'6 189.9 188.2 190.4 191 .5 Fleetrical machinery............. 6.37 160.6 177.9 179.2 178 9 184.1 184.4 186.0 189.1 193 4 189 2 192.6 190.1 188.3 187.6 Transportation equipment.................. 10.19 149.2 163.0 164,1 166.1 165.9 165.8 167,1 166.0 166.0 168.3 174.6 172.9 171.5 164.8 Motor vehicles and parts................ 4.68 175 2 176 7 175 5 176 9 176 1 169.9 169.4 161.2 158.1 164 6 175.7 170.7 169.0 151.5 Aircraft and other equipment.... 5.26 125.3 150.1 153.1 155.8 156.4 161.9 164.7 169.6 172.5 171.1 173.7 174.6 173.7 176.4 Instruments and related products... 1.71 151.4 166.8 169.4 171.9 174.6 176.4 176.5 177.0 177.4 179.5 181.8 181.4 184,6 186.7 Ordnance and accessories........... 1 28 Cday. glav^ and lumber........................ 4 72 127 6 136 2 136.4 138 0 137.8 133.3 134 4 131.7 129 8 129 8 128.1 126.6 128.1 128.6 Clajs glassj and stone products......... 2.99 133^5 142.4 142.2 143^0 141.9 139.5 141.0 138,5 140.5 14L2 137.8 136.5 136.9 137.0 I.umber and products. ..................... 1.73 117 4 125 6 126 5 129 3 130 7 122.7 122.9 119 9 111 3 HO 0 Hl.3 109,5 112.8 114.1 Furniture and miscellaneous................. 3.05 151.8 158 4 161.6 162 9 163 5 166.7 167 0 163 5 167 1 165 9 165 3 166.3 167.5 166.6 Furniture and fixtures........................... 1.54 157.4 1654 167 7 168 8 169’6 173,8 174,6 169'7 175 3 173 2 173,2 173.9 174.0 172.4 Miscellaneous manufactures............... 1 51 146.0 15L2 155,3 156.8 157:2 159.5 159.3 157:2 158.7 158.4 157.2 158.5 160.9 160.7 Nondurable manufactures Textiles, apparel, and leather.............. 7.60 135.8 138.6 139.8 141.1 142.6 142.0 143.4 I4I.6 140.1 140.2 140.9 140,8 141.1 138.8 Textile mill products......................... 2 90 134 9 1 40 4 140 7 142 0 143 5 143.7 144 0 143 4 142 1 141 7 142 4 141 8 141.5 138.5 Apparel products....................... 3 59 145 1 145*6 148 4 149 4 150*3 149.9 152.0 149'7 147*7 148*. 4 148.1 149.3 150.3 Feather and products........................... I 11 108 2 1114 109 7 112 7 J15'5 112 1 114 2 111 1 110 4 109 9 113 9 I 10 8 110.4 Paper and printing................................ 8 17 / ?5 ? 142 1 142 7 144 2 143 5 146 6 148 ? 140 6 148 6 147 2 147 9 148 5 147.4 148.7 Paper and products............................... 3 43 142 3 150 6 148*5 150*2 150 2 1530 154.1 156 2 1 53 1 151 2 153*3 1537 152.6 152.8 Printing and publishing........................ 4.74 130 3 136 0 1386 139* 8 138'6 142 1 144.1 144 8 145 3 144.3 144 I 144^7 143.7 145.7 Newspapers.......................................... 1 53 1242 131*1 1314 133*1 128*5 133 8 135 4 136 3 137 7 139 1 135 7 135 2 133.2 133.7 Chemicals, petroleum, and rubber..., 11.54 164.6 174.6 175.1 176.6 177.3 179.3 180.1 180.9 182.4 182.8 186.1 187.8 187.4 187.4 Chemicals and products...................... 7 58 173 4 183 1 1 85 5 187 8 187 7 191 4 192 7 194 5 194 4 193 5 196 9 199 4 198.7 199 8 Industrial chemicals..................... 3* 84 196 3 208 7 210*7 213 7 915 4 21 82 219,9 222*0 222, ’ 2 220 5 224' 1 227'5 228 8 Petroleum products....................... 1 *97 123 5 1 305 125 5 125*6 127 7 127 4 127 7 126 9 128 5 130 6 1312 129 J 128.8 128.5 Rubber and plastics products............. I' 99 1718 1R5 8 1847 184 5 186 9 184* 3 184 1 812 7 190* 3 103 6 loo'? 202.0 202.7 Foods, beverages, and tobacco....... 11 07 121 4 125 7 126 8 127 4 126 0 125 5 126 8 127 2 128 5 127 9 126 7 128 8 131.1 130.6 Foods and beverages............................ 1025 123 7 1262 126 8 127*5 1278 126 1 127 1 128 1 129'2 12R 5 127 5 129.7 132 0 131.6 Food manufactures............................ 8 64 1223 124*6 1256 125*7 126 0 124*4 125 5 126 4 127 0 127 0 124 9 127.6 130.3 130.0 Beverages............................................... L61 130 6 134* 8 133 4 1370 137*5 135 4 135 9 137*2 141 * t 136 4 141 4 141.1 141.4 Tobacco products,................................. .82 120.3 119 6 126^7 126 8 115*8 117.9 122:7 116:5 51^9 120^5 116:9 117.2 119 3 Mining Copl, oil. and gas................ 6 80 112 5 113 6 114 1 116 7 111 6 1/8 8 119 5 119 5 119 7 118 8 119 8 118 4 120.0 120.6 Coal............................................................. 1 46 113 3 114 4 1112 117 7 85 3 116 9 120'7 120* 8 120 7 114 7 121 5 114.0 125.2 120,7 Crude oil and natural gas.................. 5 64 112 3 113*5 1150 116 5 117 0 119 1 119 3 1192 119 6 119 6 119 5 119 3 118 9 120,6 Oil and gas extraction..................... 4’91 116J 118.1 119*7 121.2 121.9 125*5 125^9 125:5 125^9 I25i8 125^6 125.2 124.9 127.1 Crude oil........................................... 4,25 111 9 114 1 115 I 117 0 117 2 121 3 121 4 120 9 121,2 121 3 121 1 120 8 120 8 123 2 Gas and gas liquids....................... 66 143 0 143 8 149 0 148 1 159,2 152*2 154 4 1551 155 5 154*4 154*6 153.3 Oil and gas drilling............................ .73 87 J 8L9 83,0 84'. 4 83.6 76.2 *74*6 76.4 77.'o ‘17.9 77^9 79.2 78.1 76.3 Metal, stone, and earth minerals........ 1.43 125.5 134.6 133.6 136.0 134.6 130.1 133.7 133,8 133.1 131.4 129.9 133.2 137.4 138.0 Metal mining........................................... 61 !24 2 133 4 1 30 8 134 5 1 30 7 133 6 134 2 134 0 132 1 128 6 129 4 133.0 134.8 138,4 Stone and earth minerals................... .82 126:5 135,5 135.6 137 1 130.9 127'5 133 3 133 7 133.'8 133J 130.'3 133.4 139.3 137.7 Utilities Electric.......................... 4 04 165 6 169 3 174 2 174 0 174 1 175 5 177 2 182.4 186.5 184.2 181.7 183.9 183.4 Gas.............................................................. L28 146’.2 150.5 15l’41 152*3 153.3 153:? 154J Note.—Published groupings include some series and subtotals not Industrial Production 19S7-59 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

444 INDUSTRIAL PRODUCTION: N.S.A. MARCH 1967 MARKET GROUPINGS (1957-59 = 100) 1957-59 1965 1966 1967 Grouping pro­ aver­ p ti o o r n ­ age Jan. Feb. Mar. Apr. 1 May June July Aug. Sept. Oct. Nov.T Dec.' Jan, Total index .. ................ ................ 100.00 143.4 148.5 152.3 154.6 154.8 156.0 159.3 150.9 156.8 161.3 163.8 160.2 157,0 156.4 Final products, total............... 47.35 142.5 148.5 151.7 153.4 152.6 152.9 157.8 150.0 154.7 161.2 164.7 160.0 157.1 156.6 Consumer goods................................. 32.31 140.3 142.0 145.7 146.7 145.5 144.8 150.0 139.8 146.0 153.6 157.8 151.3 145.3 145.1 Equipment, including defense.... 15.04 147.0 162,3 164.6 167.8 167.9 170.3 174.6 172.0 173.5 177.8 179,4 178.7 182.3 181.3 Materials............................. 52.65 144.2 148.5 152.7 155.7 156.7 158.7 160.7 151 .8 158.7 161.3 163,1 160,4 157.0 156.5 Consumer goods Automotive products................................ 3.21 167.2 178,0 177.7 180.9 178.6 170.9 174.2 127.5 86.2 153.6 185.4 177.4 165,5 154.7 Autos.......................................................... 1.82 182.6 198.3 195.6 202.2 196.8 184.3 190.4 112,1 32.6 150.1 202.7 193.4 175.7 155 4 Auto parts and allied products.......... 1.39 146.8 151.2 154.1 153.0 154.8 153.3 152.8 147.7 156.9 158.3 162.5 156.3 152, 1 153.9 Hnme goods and apparel. ..................... 10.00 143.8 144.0 154.5 156.0 155.3 153.3 156.4 138.9 152.8 156.2 165.2 156.6 146.4 145 5 Home goods............................................. 4.59 154.8 160.6 166.8 167.0 169.2 169.2 170.5 152.8 164.1 174.4 184.6 176.5 170.9 162 ' 2 Appliances, TV, and radios............ 1.81 152.3 160.1 168.2 166.4 174.2 169.4 171.7 140.8 149.3 170.9 191.6 173.1 163.1 152.9 Appliances...................... 1.33 153'. 3 159.6 170.7 165.2 179.9 174.5 177.2 150.5 145.8 168.1 190.1 163.0 155.2 153.2 TV and home radios.................... .47 149.8 161.5 161.1 169.9 158.3 154.7 156.3 113.4 159.1 178.9 195.9 201.5 185 5 152 3 Furniture and rugs.............. 1.26 154.3 159.7 162.0 163.5 161.6 162.7 167,2 157.3 171.0 170.5 173.0 170.8 169.6 160^2 Miscellaneous home goods............. 1.52 158.2 162.0 169.1 170.6 169.6 174.4 171.9 163.3 175.9 181.7 186.0 185.2 181 1 174 8 Apparel, knit goods, and shoes......... 5.41 134.5 129.9 144,2 146.7 143.5 139,8 144.4 127.2 143.3 140.9 148.7 139.8 125.6 Consumer staples.................................... 19,10 134.0 134.9 135.8 136.1 134.8 136.0 142.5 142.3 152.4 152.1 149.3 144.2 141 4 143 2 Processed foods............................. 8.43 122.2 116.9 116.9 116.8 117.1 117.7 123.9 125.4 138,2 144.5 139.9 132.8 126’6 123^6 Beverages and tobacco.. ................ 2.43 127.2 114.4 120.4 130.7 131.6 139.0 150.2 136.4 145.0 134.4 137.1 126.3 115.7 Drugs soap, and toiletries.................. 2.97 157.0 165.6 165.5 166.7 167.3 171.8 180.8 167.5 181.2 179.6 185.0 183,1 177 6 181.2 Newspapers, magazines, and books. 1.47 127.0 130.7 133.1 136.2 134.6 136.5 137.9 137.5 139.9 137.9 137.8 137.0 138^8 141.3 Consumer fuel and lighting. .............. 3.67 149.4 165.7 165.4 158.6 150.2 146.4 150.7 166.3 171.8 164.8 154.1 153.0 164.2 Fuel oil and gasoline........................ 1.20 122.4 130.3 127.3 123.9 121,7 124,4 127.1 131.1 132.9 131.9 130.6 129.0 132.2 130.2 Residential utilities........................... 2.46 162,6 Electricity......................................... 1.72 171.6 199,7 200.7 188.3 171,9 162.0 169.2 199.5 209.8 196.2 174.0 172.8 (94.5 Gas,........................................... .74 141.9 Equipment Business equipment................................ 11.63 156. 7 170.9 173.9 177. 7 177.6 179.3 184.3 180.3 181.2 186.1 187.5 185.3 189.8 188.3 Industrial equipment............................. 6 85 153.1 162,9 165.3 167.6 167.3 168.7 174.6 173.2 175.8 178.6 177.3 175 6 180,2 178.7 Commercial equipment......................... 2.42 164.4 177,7 179.5 182.5 182.9 187.8 191 6 187.1 194.1 197.7 (98.8 200^8 200.3 197.6 Freight and passenger equipment. .. 1.76 162.4 194.9 198.9 207.9 209.4 211.0 213*9 208.8 199.8 206.1 218.0 212.6 218.1 215.1 Farm equipment...................................... .61 148.8 164.1 176.3 185.1 179.9 173.6 179.3 149.8 136.4 167.3 169.1 154.3 174.9 Defense equipment.................................. 3.41 Materials Durable goods materials........................ 26.73 144.3 147.7 152.3 155.9 153.3 160.0 162.4 152.1 158.4 162.7 163.5 159.6 155.4 153.0 Consumer durable.................................. 3.43 166.8 176.0 176.2 174.2 174.1 171.0 166.9 141.6 158.0 174.0 178.8 179.0 173.7 160,2 Equipment................................................ 7 84 151.9 167.3 171.5 173 8 175.5 178.3 180.9 178.0 182.3 187.2 189.1 191,2 193.2 192 I Construction............................................. 9.17 133.8 128.9 132.1 137.3 142.9 145.3 151.5 146.6 150.0 148.2 146.1 138.2 131 3 128 1 Metal materials n.e.c.................. 6.29 137.8 135.2 144.5 150.6 150.9 152.8 152.7 133,7 141 1 147.0 148.7 140.7 133.5 136.6 Nondurable materials.............. 23.92 144.1 149.3 153.3 155.6 155.0 157.4 159.1 151.4 159.0 159.9 162.6 161.2 158.5 160.0 Business supplies.................................... 9.11 136.4 139.1 143.9 148.7 149.4 150.3 151.8 141.4 149.8 153.9 157.7 (53.1 148.1 148.0 Containers............................................ 3.03 136.6 136.3 141.8 145.9 147.5 147.6 150.9 142.5 152.0 152.4 152.7 143.1 134.0 139.8 General business supplies........ 6.07 136.4 140.5 144.9 150.1 150.4 151.6 152.2 140.9 148.8 154.7 160.2 158.1 155.1 (52 1 Nondurable materials n.e.c.................. 7.40 174.1 184.4 190.9 191.0 194.1 194.9 195.8 183.4 192.7 192.8 198.1 200,7 195.1 199,3 Business fuel and power....................... 9.41 127.9 131.6 132.7 134.4 129.7 134.8 137.2 135.8 141 4 139.9 139.5 137.9 139.8 140 8 Mineral fuels........................................ 6.07 115,5 119.5 121.7 123.2 116.3 122,6 122.7 116.6 123.4 122,3 125.7 124.6 126.8 128’0 Nonresidential utilities..................... 2.86 159.4 Electricity.......................................... 2.32 161.1 163.7 162.1 164.8 164.1 167.8 176.8 187.0 191.9 188.3 i 77 s 173.5 175.2 General industrial..................... 1.03 157.6 162.9 159.6 164.8 166.0 170.0 173.5 173.7 179.8 179.7 178.’0 176.7 175 3 Commercial and other............. 1.21 170.0 170.7 170.4 171 2 168.9 172.4 186.9 206.7 210.9 204.0 185.4 178.2 182.7 Gas...................................................... .54 152.0 Supplementary groups of consumer goods Automotive and home goods....... 7.80 159.9 167.8 171,3 172.7 173.1 169.9 172,0 142.4 132.0 165.8 184.9 176.9 168.6 (59.1 Apparel and staples.............................. 24.51 134.1 133.8 137,6 138.5 136.7 136.9 142.9 139.0 150.4 149.6 149.2 143.2 137.9 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 INDUSTRIAL PRODUCTION: N.S.A. 445 INDUSTRY GROUPINGS (1957-59= 100) Grouping 19 p 5 r 7 o - ­ 59 a 1 v 9 e 6 r 5 ­ 1966 1967 p ti o o r n ­ age Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.r Dec.r Jan. Total index........................................... 100.00 143.4 148.5 152.3 154.6 154.8 156.0 159.3 150.9 156.8 161.3 163.8 160,2 157 0 156.4 Manufacturing, total............................... 86.45 145.0 150.1 154.4 157.1 157.9 158.9 162.2 152.1 158.0 163.6 167.1 163,3 159.1 158.0 Durable................................................. 48.07 148.4 156.5 160.6 163.9 164.9 166.1 169.0 158.2 160.4 169.5 173.2 170.2 168.3 164.8 Nondurable.......................................... 38.38 140.8 142.1 146.6 148.6 149.2 149.8 153.8 144,4 155.0 156. 3 159.6 154.8 147.7 149.5 Mining......................................... 8.23 114.8 115.6 117.0 118.7 115.5 121.3 122.7 118.2 123.6 122.8 124.3 121.5 122.1 121.9 Utilities................................................. 5.32 160.9 Durable manufactures Primary and fabricated metals...... 12.32 142.1 142.3 149.1 153.7 154.2 155.5 156.3 143.8 151.2 156.1 156.3 151.8 147.7 146.6 Primary metals........................................ 6.95 137.6 133.2 143 4 150.6 150 5 150.3 149.5 131.5 139 5 144 8 146 4 139.8 132 1 134.3 Tron and steel...................................... 5 45 133.6 125 4 134 7 143.5 144 3 143.9 142.1 127 5 133 7 139 0 139.6 133 7 126 8 127.1 Nonferrous metals and products.. 1.50 152.2 16L5 175.1 176.4 172.3 173.7 176.5 146.2 160.5 165^9 171.4 161.7 151.6 160.3 Fabricated metal products.................. 5.37 147.8 153 9 156 3 157.8 159,0 162.1 165.0 159.7 166.2 170.8 169.1 167.3 167.8 162.7 Structural metal parts...................... 2.86 145.4 151 1 152 5 152.7 154.3 157.6 162.0 157.7 162 8 164 9 163.8 162.6 163 0 157.2 Machinery and related products......... 27.98 154.3 169.5 172.2 174.3 175.0 175.9 179,1 168,1 166,4 180,2 186.7 185.2 185.7 181.4 Machinery................................................. 14.80 160.5 173 4 177 8 179.2 180 8 182.2 186.5 178.1 183 2 190 0 193 0 189.8 192 2 189.7 Nonelectrical machinery.................. 8.43 160.4 171 *9 176 J 178.9 179.7 182.1 184.6 180.1 179 8 186 1 186,5 185.2 191.7 191.5 Electrical machinery......................... 6.37 160.6 175 4 180.1 179.6 182.4 182.5 189.0 175.6 187 8 195 2 201.5 196.0 192 9 187.3 Transportation equipment................... 16.19 149.2 168.0 168.0 171.3 170.6 169.7 171.4 153,5 140 5 167 4 180.3 180.0 177.2 169.1 Motor vehicles and parts................ 4.68 175.2 186 6 184.1 187,2 185 0 178.5 180.9 138.5 106 3 163.7 187.1 183.6 174 8 159.5 Aircraft and other equipment.. . . 5.26 125.3 151^6 153.4 156.6 157.2 161.3 162.4 165.5 169.4 170.4 174.6 177.2 179.8 178.2 Instruments and related products... 1.71 151.4 164.8 168.6 171.0 170.2 174.6 178.3 175,2 178.8 181.5 183.8 184.7 186,8 184.5 Ordnance and accessories.................... 1.28 Clay, glass, and lumber......................... 4.72 127.6 119.8 125 1 131.6 136.5 138.0 143.6 137,2 142.0 139.3 136.2 126.9 118.2 116.2 Clay, glass’ and stone products......... 2.99 133.5 125.2 127.3 136.6 141.3 144.5 151.3 147.2 152.0 149.2 145.4 138.5 129.4 125.4 Lumber and products........................... 1.73 117.4 110 5 121 4 122.8 128.1 126 7 130.3 119.9 124 7 122 1 120.2 106.8 98.7 100.4 Furniture and miscellaneous................. 3.05 151.8 152.2 156.4 159.9 159 2 162.9 167.3 159.1 171.9 172.0 174.8 174.2 169.7 161.3 Furniture and fixtures........................... 1.54 157.4 162 1 163 5 166 8 165 0 168.6 174.3 167.2 180 2 178 4 179 8 178 8 178 4 169.0 Miscellaneous manufactures............... 1.51 146.0 142.1 149J 152.9 153^3 157,1 160.1 150.9 163:5 i65:5 169.8 169.6 160.9 153.5 Nondurable manufactures Textiles, apparel, and leather....... 7.60 135,8 135 5 146 5 147.7 146.2 143.8 145.7 127.2 143.9 141.1 148.5 141,5 129 9 136.2 Textile mill products............................. 2.90 134 9 139 7 143 5 143.4 146 4 148 7 147.6 129.1 145 7 141 7 146 7 142 5 131 6 139.2 Apparel products................................... 3 59 145.1 139*8 158*0 160.6 156 3 149 9 154.3 134 0 150*7 149 9 159 9 150 8 136 8 Leather and products............................ 1.11 108.2 110*8 117*3 117.8 113*2 111.5 113.1 100.0 117*6 1115 116.7 108^6 103*0 Paper and printing.................................. 8.17 135.3 138 4 142 6 145 9 146 5 147.9 148.2 140.2 146 6 149 2 154 9 151 6 144.2 145.7 Paper and products............................... 3.43 142 3 148*3 152*2 153 2 154*7 153 8 154 9 143 7 153 1 153*5 163 3 154 5 140 4 150.5 Printing and publishing........................ 4.74 130.3 131*2 135*7 140.7 140 5 143.5 143,3 137.7 141 9 146 0 148,8 149.5 146.9 142.3 Newspapers.......................................... 1.53 124.2 119 3 126 1 135 1 136 8 142.6 136,1 118 6 126 0 138*4 145,6 148.7 136 5 123.0 Chemicals, petroleum, and rubber.... 11.54 164.6 173.2 176.7 178.2 180.7 181.0 186.0 174.7 183,3 185.3 189.7 187.8 184.1 186.7 Chemicals and products....................... 7.58 173 4 181 5 187 2 189.4 192 7 193 7 198 3 187.4 194 9 195 3 198 7 200 4 196 3 199.3 Industrial chemicals........................... 3.84 196 3 206*6 216 0 216 9 220 8 220 4 223*2 214.2 218*9 221 6 224 1 230,9 228 8 Petroleum products............................... 1 97 123 5 126*6 123*0 121 2 122'6 126 1 131 5 133.6 135 3 134 1 132 5 127 4 125 7 124 6 Rubber and plastics products............. 1.99 171*8 187*7 190*2 192.1 192*7 187*1 193 3 167.0 186 5 198 1 212^ 1 200*0 195*6 Foods, beverages, and tobacco............ 11.07 123.4 117.0 118,4 120.4 120.5 122.8 129.8 127.6 139,2 141 8 139.3 131.7 124.5 122.6 Foods and beverages............................. 10.25 123 7 116 9 117 7 120 1 120 9 122 8 129 7 129,6 140 0 143 1 140 2 132 7 126 7 123.0 Food manufactures........................... 8 64 122 3 117*7 117*8 117 5 117*4 118*2 124 1 125 1 137 6 143*8 139 9 1 33 3 1270 124.2 Beverages............................................... 1.61 130.6 112 4 117*4 133.6 139*7 147*6 159 8 153 4 152*8 139*1 142 1 129 8 125 1 Tobacco products................................... .82 120 3 118^3 126,1 124.9 115^6 122.1 131.3 103.1 129:7 125:2 127.3 119.5 97.1 Mining Coal, oil, and gas. .. .............................. 6 80 112 5 115 6 117 4 118 6 112.3 117 3 117 4 112 4 118 9 118 1 120 8 119 7 121 5 122.6 Coal............................................................. 1.16 113*3 112 1 112*5 118 6 85*9 118*1 120*0 93*1 127 0 121 3 132*4 118 7 122 9 118.3 Crude oil and natural gas.................... 5.64 112.3 116 3 118*4 118.6 117*8 117*2 1168 116 4 117 3 117 4 118.5 119 9 121.3 123.5 Oil and gas extraction....................... 4.91 116. i 121 2 123 9 124 3 123 5 123 7 123 3 122 2 122 5 122^5 124 2 126 0 127.7 130.3 Crude oil........................................... 4.25 111 9 115*8 1186 119 3 119 1 120 1 120*2 118 5 118 8 118 9 119 9 120 8 122.0 125.0 Gas and gas liquids....................... .66 143*0 155*6 157 5 156 1 1514 146*3 143*7 145^8 146 0 145 a 151 ^4 159 0 Oil and gas drilling............................ 73 87.1 83 1 81 8 79 9 79 3 73 6 73 0 76 9 81 9 82 7 79 8 78 8 77.9 77.4 Metal, stone, and earth minerals........ 1.43 125.5 115.8 114.6 119.3 130.4 140.2 147.7 145.6 145.6 145.4 140.9 130.0 124.5 IIS.8 Metal mining,........................................ 61 124 2 117 4 117 7 119 7 1 29 9 147 0 151 6 143 4 142 7 145 3 1 38 5 123 7 121 3 121 8 Stone and earth minerals..................... .82 126,5 iu:6 112^4 119:0 130.9 I35J 144:9 147:2 147:8 145:5 142^7 134:7 126:8 116.5 Utilities Electric.. 4.04 165 6 179 1 178.6 174,8 167.4 165 3 173.5 192.3 199.5 191 7 176.2 173,2 183.5 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

446 BUSINESS ACTIVITY; CONSTRUCTION MARCH 1967 SELECTED BUSINESS INDEXES (1957-59=. 100) Industrial production fac M tu a r n in u g ­ 2 Prices 4 Nonag- Period Major market groupings Ma g j r o o r u i p n i d n u g s s try s C t t i r o o u n n c ­ ­ r t e i u c m r u a l ­ l - F l c o re a a i r d g ­ ­ ht T re o ta ta il l Whole­ Total Final products Mate­ t c ra o c n t ­ s T m p o e l t o n a y l t— ­ 1 m p E l e o m n y ­ t ­ P ro a l y ls ­ ings sales3 s C u o m n e ­ r m c s o o a m d le i ­ ty Total s C u o m n e ­ r E m q e u n ip t ­ rials Mfg. M in i g n­ U iti t e il s ­ goods 1951......................... 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 63 91.1 106.1 80.2 121.5 76 90.5 96.7 1952......................... 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 67 93.0 106.1 84.5 115.0 79 92.5 94.0 1953......................... 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 70 95.6 111 6 93.6 116.6 83 93.2 92.7 1954......................... 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 76 93.3 101.8 85.4 104.6 82 93.6 92.9 1955......................... 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.5 105.5 94.8 115.3 89 93.3 93.2 1956......................... 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.8 106.7 100.2 115.9 92 94.7 96.2 1957......................... 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.7 104.7 101.4 108.2 97 98.0 99.0 1958......................... 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 102 97.8 95.2 93.5 93.8 98 100.7 100.4 1959......................... 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 105 101.5 100.1 105.1 97.9 105 101.5 100.6 1960......................... 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 1 i8.7 105.0 131.4 120 105.9 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 ”................ 156.3 155.4 147.4 172.6 157.1 158.7 120.3 173.4 145 121.6 112.8 150.5 96.5 148 113.1 105.9 1966—Jan............. 150.6 150.3 144.6 162,6 150.9 152.9 117.3 164.7 152 118.9 190.8 145.1 99.3 146 111.0 104.6 Feb............. 152.4 152,1 146.1 164.8 152.6 154,7 117.7 168.7 157 119.6 110.9 147.5 97.2 148 111.6 105.4 153.7 152.5 146.2 166.2 154.4 155.9 120.0 168.8 158 120.4 111.5 148.1 100.2 149 112.0 105.4 153.9 152.9 146.4 166.9 154.5 156.6 115.6 169.1 161 120.6 11.9 148.9 97.0 146 112.5 105.5 155.3 153.7 146.2 169.8 157.1 157.6 120.7 170.2 156 120.9 112.4 149.0 100.0 143 112.6 105.6 156.5 154.9 147.1 171.4 158.0 158.9 122.0 171.7 147 121.8 113.4 150.1 95.1 149 112.9 105.7 July............ 157.2 155.3 146.5 174.4 158.8 159.4 122.0 175.7 147 122.0 112.7 148.9 93.6 148 113.3 106.4 158.0 156.4 147.1 176.4 159.6 160.1 122.1 179 0 139 122.2 113.8 151.4 94.0 150 113.8 106.8 157.7 156.3 146.5 177.4 159.2 160.0 121.0 177.0 146 122.2 113.3 152.7 95.0 150 114.1 106.8 Oct............. 158.9 158.3 148.8 178.8 159.9 161.5 121.6 175.2 139 122.7 113.9 153.8 93.9 149 114.5 106.2 158.6 158.5 r148.8 179.6 159.1 '161.0 '121.0 176.9 130 123.4 114.6 154.5 97.1 150 114.6 105.9 '159.0 '159.1 r149.0 '180.8 '158.8 '161.3 '123.0 '176 4 133 123.9 114.7 '154 4 99.0 148 114.7 105.9 1967—Jan.»......... ••158.0 157.8 ••147.1 '180.9 '158.2 •160.2 •■123.6 •■176.0 126 124.4 •■114.8 ••156.3 97.4 150 114.7 106.2 Feb.p......... 155.9 155.6 144.7 178.9 156.1 157.9 122.2 176.5 .............. 124.7 114.2 153.2 95.6 148 .............. i 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) 1966 1967 Type of ownership and type of construction 1965 1966 Jan.' Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total construction................................. 49,272 50,150 3,453 3,270 4,737 5,098 5,132 4,854 4,774 4,302 4,083 4,106 3,461 3,189 2,838 By type of ownership: Public.............................................. 16,302 18,152 1,137 1,066 1,463 1,574 1,902 1,937 2,020 1,568 1,379 1,607 1,357 1,287 Private............................................. 32,970 31,998 2 316 2,204 3,274 3,524 3,230 2,916 2 754 2 733 2,704 2,499 2,104 1,902 By type of construction: Residential building......................... 21,247 17,827 1,335 1,299 2,004 2,081 1,970 1,828 1,461 1,494 1,261 1,225 1,076 903 937 Nonresidential building.................. 17,219 19,393 1,210 1,259 1,726 1,883 1,826 1,885 1,813 1,729 1,676 1,796 1,424 1,358 1,175 Nonbuilding................................. 10,805 12,930 908 712 1,007 1,134 1,335 1,140 1,499 1,079 1,146 1,086 961 928 726 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

MARCH 1967 CONSTRUCTION 447 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Non­ Business O no th n e - r C v o a n ti s o e n r ­ Total f r a e r s m i­ Indus­ Com­ Public d re e s n i- - Total M ta i r l y i­ H w ig ay h­ dev & el op­ Other 1 dential Total trial mercial utility tial ment 1956 47,601 34,869 20,178 11,076 3,084 3,631 4,361 3,615 12,732 1,360 4,415 826 6,131 1957 49,139 35,080 19,006 12,029 3,557 3,564 4,908 4,045 14,059 1,287 4,934 971 6,867 1958 50,153 34,696 19,789 10,659 2,382 3,589 4,688 4,248 15,457 1,402 5,545 1,019 7,491 1959 2........................................... 55,305 39,235 24,251 10,557 2,106 3,930 4,521 4,427 16,070 1,465 5,761 1,121 7,723 1960. 53,941 38,078 21,706 11,652 2,851 4,180 4,621 4,720 15,863 1,366 5,437 1,175 7,885 1961 55,447 38,299 21,680 11,789 2,780 4,674 4,335 4,830 17,148 1,371 5,854 1,384 8,539 1962 3............... 59,667 41,798 24,292 12,316 2,842 5,144 4,330 5,190 17,869 1 ,266 6,365 1,524 8,714 1963 4............................... 62,968 43,642 25,843 12,497 2,906 4,995 4,596 5,302 19,326 1,227 7,091 1,690 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 1966^.....................7...3..,.8...2..3 50,579 24,631 19,191 6,783 6,851 5,557 6,757 23,244 .......8...,.3...2..4 2,171 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 5,490 6,013 23,766 800 8,709 2,127 12,130 Aug....................... 73,509 49.668 23,927 19,270 7,164 6,482 5,624 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...................... 69,856 46,811 20,830 19,287 6,444 7,051 5,792 6,694 23,045 716 8,266 2,379 11,684 Dec. p.................. 69,398 46,333 20,441 19,165 6,294 7,064 5,807 6,727 23,065 .......8...,.2..9...1 2,274 1967-—Jan.?.................... 69,730 46,516 20,614 ................ 5,805 .....2...3..,.2...1..4 .......8...,.3..3...6 i Sewer and water, formerly shown separately, now included in “Other.” Note.—Monthly data are at seasonally adjusted annual rates. Be­ 2 Beginning with 1959, includes data for Alaska and Hawaii. ginning with 1959, figures are Census Bureau estimates. Data before 3 Beginning July 1962, reflects inclusion of new series affecting most 1959 are joint estimates of the Depts, of Commerce and Labor. private nonresidential groups. 4 Beginning 1963, reflects inclusion of new series under “Public” (for State and local govt, activity only). NEW HOUSING STARTS (In thousands of units) Annual rate, By area By type of ownership S.A. Government- (private only) underwritten Period Total N fa o rm n­ Total p M o e li t t r a o n ­ p m N o e l o i t t r n a o ­ n ­ Total fam 1- i l P y rivat f e am 2- i ly M fam ul i t l i y ­ Public Total FHA VA 1956................................... 1,349 1,325 24 465 195 271 1957.................................. 1,224 11175 49 322 193 128 1958.................................. 1,382 1'314 68 439 337 102 1959.................................. 1 ,'554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960.................................. 1,296 889 407 1,252 995 44 213 44 336 261 75 1961.................................. 1,365 948 417 1’313 974 44 295 52 328 244 83 1962.................................. 1,492 1,054 439 1,463 991 49 422 30 339 261 78 1963.................................. 1,641 1,151 490 1,609 1,021 53 535 32 292 221 71 1964.................................. 1,591 1,119 472 1,557 972 54 532 33 264 205 59 1965.................................. 1,543 1 ,068 475 t ,505 962 50 493 38 249 197 53 1966.................................. Pl 252 852 400 Pl 220 794 40 387 p32 199 158 40 1466—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....................... 11502 1381 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 I 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 Oct........................ 848 826 83 54 29 80 55 2 23 3 13 9 3 Nov...................... 1,012 993 78 51 27 75 51 3 22 2 13 10 3 Dec....................... Pl,085 Pl 062 P66 47 19 p63 40 2 21 p2 12 10 3 1967--Jan........................ Pl,243 P1.212 p66 48 18 p63 42 2 19 p3 13 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

448 EMPLOYMENT MARCH 1967 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Total non- Total Unemploy­ Period i p n o s N t p it u . u S l t a . i A t o i . o n n al l N ab N o o t . r S i n . f A o t . r h c e e l f S a o b . r A c o e . r 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 ­ (pe m r S r a . e t A c e n e . 2 t n t) Total cultural agriculture industries 1961............................... 121,343 48,312 73,031 70,459 65,746 60,546 5,200 4,714 6.7 1962............................... 122381 49,539 73,442 70,614 66302 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>55 71,088 66’726 4361 3366 4.5 1966............................... 131’180 52’288 78,893 75,770 72'895 68,915 3,979 2'875 3.8 1QA6—Tan.................... 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 75 326 72,341 68’186 4355 2,785 3.7 Mar.................. 130^599 53356 78391 75J17 72366 68,153 4'113 2’851 3.8 Apr................... rl 30,749 52’938 78'349 75,341 72,542 68’343 4,199 2,799 3.7 May................. 130 ,'925 52366 78,194 75'149 72,253 68'351 3'902 2,896 3.9 June................. 131’083 50,356 78,767 75'668 72 330 68,749 3,981 2,938 3.9 July.................. H31,236 50'397 78’905 75'770 72'846 68,920 3 326 2,924 3.9 Aug.......... r131'419 50'755 79,247 76,069 73,141 69,206 3'935 2'928 3.8 Sept.................. 131 390 52'609 79,268 76'039 73,’195 69309 3'886 2,844 3.7 Oct.................... r131'772 52'285 79'360 76,081 73'199 69,420 3'779 2'882 3.8 Nov.................. 131’949 52354 79,934 76,612 73'897 70,005 3 392 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 1 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 NONAGRI CULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n ri u n f g ac­ Mining c C o o n t n i s o t t r n r a u c c t ­ T ti l o i r c a n n u s & ti p l i o p ti r u e t b a s ­ ­ Trade Finance Service G m ov e e n r t n­ 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................................................................... 56302 16,995 635 2'963 3 903 ii’778 2377 8,325 9,225 1964................................................................. 58,332 17374 634 3,050 3351 12 J60 2,957 8 709 9,596 1965................................................................... 60,770 18’032 632 3,181 4,033 12,683 3'019 9,098 10,091 1966................................................................... 63 364 19,081 628 3,281 4,136 13,220 3386 9,582 10,850 SEASONALLY ADJUSTED 1966—Feb........................................................ 62,811 18,722 634 3323 4,105 13 045 3,051 9 410 10 521 Mar...................................................... 63,247 18,840 637 3 419 4,109 13 085 3,064 9 463 10 630 Apr 63,’35O 18 323 595 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 13356 3'095 9,609 10,929 Aug....................................................... 64 199 19,262 636 3 251 4105 13 264 3’ 100 9 647 10 934 Sept...................................................... 64,168 19,204 628 3,228 4*168 13 368 3,100 9*649 10*923 Oct........................................................ 64,466 19312 625 3 302 4,165 13 340 3,102 9'712 11 008 Nov,................................................... 64,823 19,415 624 3 204 4 195 13 393 3'110 9 778 11 104 Dec....................................................... 65,076 19 445 626 3,293 4 196 13 392 3 J 21 9821 11 182 1967—Jan. p................................................... 65,372 19,469 627 3,301 4,233 13,499 3,129 9,870 11 244 Feb. p.................................................. 65;495 19,404 625 3,357 4,230 13,500 3J37 9,914 11,328 NOT SEASONALLY ADJUSTED 1966—Feb........................................................ 61,622 18,518 617 2,818 4,035 12338 3,024 9,250 10,622 Mar....................................................... 62343 18351 620 2,981 4,056 12^826 3’043 9’331 10,735 Apr........................................................ 62,928 18,774 590 3,156 4 077 13 015 3 356 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 19358 645 3'521 4,180 i3339 3,112 9,702 10,906 July....................................................... 64,274 19,123 645 3,623 4,171 13,225 3’148 9,782 10,557 Aug,..................................................... 64384 19’391 649 3 641 4 154 13 224 3'146 9 772 10 507 Sept...................................................... 64,867 19333 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 19322 628 3,310 4,208 13,599 3398 9'739 11,285 Dec....................................................... 65,904 19*430 625 3,128 4,200 14341 3'105 9333 11,442 1967—Jan. p................................................... 64,328 19,236 613 2,925 4,165 13,319 3,095 9,673 11,302 Feb.p.................................................. 64,283 19,197 608 2; 847 <158 13,182 3,109 9,745 11337 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

MARCH 1967 EMPLOYMENT AND EARNINGS 449 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1966 1967 1966 1967 Feb. Dec. Jan.” Feb.” Feb. Dec. Jan.” Feb.” Total............................................................................................. 13,967 14,446 14,462 14,389 13,775 14,440 14,245 14,197 Durable goods........................ ................................................. 8,123 8,471 8,469 8,435 8,038 8,482 8,381 8,351 Ordnance and accessories............................................. 110 133 137 142 110 135 139 142 Lumber and wood products........................................ 556 529 536 533 526 516 506 505 Furniture and fixtures........................................... 372 384 381 380 367 386 377 375 Stone, clay, and glass products.................................. 520 511 516 507 493 500 487 481 Primary meta! industries............................................... 1,055 1,092 1,090 1,078 1,053 1,077 1,077 1,076 Fabricated meta! products........................................ 1,039 1,075 1,074 1,070 1,026 1,079 1,063 1,057 Machinery......................................................................... 1,274 1,360 1,363 1,353 1,279 1,357 1 ,363 1,357 Electrical equipment and supplies............................. 1,260 1,355 1,357 1,363 1,253 1,373 1,361 1,355 Transportation equipment........................................... 1,323 1,392 1,370 1,369 1,338 1,425 1 ,392 1 ,384 Instruments and related products......................... 266 285 287 287 264 286 286 285 Miscellaneous manufacturing industries.................. 348 355 358 353 329 348 330 334 Nondurable goods................................................... 5,844 5,975 5,993 5,954 5,737 5,958 5,864 5,846 Food and kindred products................... 1,169 1,184 1,188 1,183 1,084 1,166 1,121 1 ,098 Tobacco manufactures.................................................. 73 74 77 73 70 80 76 70 Textile-mill products...................................................... 843 848 846 837 836 845 835 829 Apparel and related products..................................... 1,231 1 ,251 1,258 1,240 1,239 1,245 1,234 1,247 Paper and allied products............................................. 514 530 530 533 507 532 525 526 Printing, publishing, and allied industries,............ 641 666 673 674 638 671 666 670 Chemicals and allied products................................... 558 582 583 584 553 576 576 579 Petroleum refining and related industries............. 113 115 115 114 110 113 111 III Rubber and misc. plastic products.......................... 387 417 417 414 384 420 416 412 Leather and leather products...................................... 315 308 306 302 316 310 304 304 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 Feb. Dec. Jan.” Feb.” Feb. Dec. Jan.” Feb.” Feb. Dec. Jan.” Feb.” Total.............................................................................. 41.5 40.9 41.0 40.3 110.27 114.40 113.02 111.48 2.67 2.77 2.77 2.78 Durable goods,............................................................ 42.4 41.7 41.9 40.9 120.69 124.20 122.72 120.47 2.86 2.95 2.95 2.96 Ordnance and accessories..................... 42.3 42.1 42.0 41.5 134.09 138.78 137.48 134.05 3.17 3.25 3,25 3.23 Lumber and wood products.............. . 41.2 40.2 40.1 39.8 88.88 90.97 90.12 90.09 2.20 2,28 2.27 2.31 Furniture and fixtures,................................... 41.7 40.5 40.8 39.9 88.58 93.79 90.23 89.27 2,15 2.26 2.25 2.26 Stone, clay, and glass products........... 42.4 42.4 41.9 41.6 116.54 115.23 113,16 112.46 2.67 2.77 2.76 2.77 Primary metal industries............................... 41.9 41.5 41.6 40.7 136.08 137.28 137.70 135.05 3.24 3.30 3.3! 3.31 Fabricated metal products........................... 42. 5 42.2 42.3 41.2 119.00 124.53 122.06 119.84 2.82 2.93 2.92 2.93 Machinery,.......................................................... 43.9 43.6 43.7 42.8 133,76 138.60 137.78 135.56 3.04 3.15 3. 16 3.16 Electrical equipment and supplies.............. 41.5 40.6 40.9 39.7 108.05 110.42 109.08 106.92 2.61 2.68 2.68 2.70 Transportation equipment............................. 43.3 41.5 41.8 41.0 140.71 144.93 141.36 137.23 3.28 3.41 3.39 3.38 Instruments and related products................ 42 3 41.8 41.7 41.2 112.67 115.78 114.54 113.44 2,67 2.75 2.76 2.76 Miscellaneous manufacturing industries... 40.2 39.7 40.0 38.9 88.84 91.20 91.48 90.25 2.21 2.28 2.31 2.32 Nondurable goods................................................ 40.5 39.9 40.1 39.5 96.88 100.25 99.65 98.78 2.41 2.50 2.51 2.52 Food and kindred products.......................... 41.5 41.0 41.1 40.8 101.59 106.14 105.41 104.66 2.49 2.57 2.59 2.61 Tobacco manufactures.................................... 41.3 39.2 38.5 37.0 87.91 88.29 83.32 80.94 2.22 2.18 2.21 2.28 Textile-mill products........................................ 42.3 40.8 41.0 40.1 81,22 82.20 81.61 80.60 1.92 2.00 2.01 2.01 Apparel and related products....................... 36.5 36.5 36.7 35.8 68,81 69.87 70.40 71.08 1,88 1.93 1.95 1.98 Paper and allied products,............................. 43.5 43.0 43.2 42.8 116.37 120.81 119.84 118.72 2.70 2.79 2.80 2.80 Fruiting, publishing, and allied industries. 38.7 38.6 38.8 38.6 119.74 125.51 122.88 123.26 3.H 3.21 3.20 3.21 Chemicals and allied products..................... 42.1 42.0 41.9 41.4 123.19 127.98 126.46 124.84 2.94 3.04 3.04 3.03 Petroleum refining and related industries.. 42.6 42.4 41.9 42.3 140.61 145.67 145.25 144.96 3.38 3.46 3.50 3.51 Rubber and misc. plastic products.............. 42.3 41.4 41.5 41.0 111.14 112.71 111.78 109.75 2.64 2.69 2.70 2.69 Leather and leather products........................ 38.7 38.0 38.4 37.5 75.26 76.82 77.40 76.56 1.92 1.98 2.00 2.02 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

450 PRICES MARCH 1967 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em U s Food Total Rent H ow s o h n m ip e e r­ ­ F c a o o u n i a e l d l l tr e G a i l c n e a i d c t s ­ y o n F i p a n i n e u s g d r h r s a ­ ­ ­ A up p a k p n e a d e r e p l T p t o r i a o r n t n a s ­ ­ Total M c ic a e a r d l e ­ s c P o a e n r r a e ­ l r R e a i c e n n r a g e d d a ­ ­ O g s a o e t n o h rv d d e ­ s r tion tion ices 1929,........................... 59.7 55.6 85.4 1933............................. 45.1 35.3 60.8 1941............................. 51.3 44.2 61.4 64.3 45.2 88.3 51.2 50,6 47,6 57.3 58,2 1945............................. 62.7 58.4 67.5 66.1 53,6 86.4 55.4 57.5 63.6 75.0 67.3 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 3 101.3 101.6 161 4 100.2 102,8 100.7 100.6 103,8 102.8 104,4 102.4 102.4 10L8 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 Ill .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 1966—Jan................... 111,0 111.4 109.2 109.7 113.1 108,9 107.9 103.6 107,3 111.2 116.9 124,2 110,4 115.7 113.4 Feb.................. 111.6 113.1 109,4 109,8 113.3 109 0 108.2 103.8 107.6 111.1 117.1 124.5 110.8 115.9 113.6 Mar................. 112.0 113,9 109.6 109.9 113.5 108.9 108.2 104,0 108.2 111,4 117.6 125,3 111 .0 116.6 113.8 Apr......... 112.5 114,0 110,3 110,1 114.3 108.5 108.3 104,4 108.7 112,0 118.1 125.8 111,6 116.8 114.3 May. .............. 112.6 113.5 110.7 110.2 115.0 108,0 108.2 104.6 109.3 112.0 118.4 126.3 112,0 116.8 114,7 June................ 112.9 113,9 111.1 110,2 115.8 107.0 108,1 104.8 109.4 112.2 118,7 127,0 112,2 117.0 114.9 July.................. 113.3 114,3 111,3 110,3 116.2 107,0 108.1 105.1 109.2 113.5 119,1 127,7 112.5 117,2 115.3 Aug.,... 113.8 115.8 111.5 110.6 116,4 107.0 108.1 105.2 109.2 113,5 119,5 128.4 112.7 117.4 115.5 Sept................. 114.1 115.6 111.8 110.7 116,8 107.4 108,1 105,7 110.7 113.3 119.9 129.4 113.0 117,5 115.7 Oct......... 114.5 115.6 112.2 111,0 117.4 108.3 108,0 106.1 111.5 114.3 120.4 130.4 I 13.3 118.0 115.9 Nov................. 114.6 114.8 112.6 111.2 117.8 108.9 108,1 106.5 112.0 114.5 120.8 131.3 113.4 118.3 116.0 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 1967—Jan................... 114.7 114.7 113.1 111.4 118.7 110.5 108.3 106.7 III.3 113.4 121.4 132.9 113.8 118.5 116.2 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 ­ ­ F p u r a c o r t m d 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 u e tc r b . , ­ L b e u t e c m r . , ­ P e a t p c e . r, M e a t l e c s t . , ­ c M e h r i y a n ­ ­ F t e u u t r c r e n . , i ­ N t m m al o i U e n n - c ­ - b T a et c o c c . ­ o, n c M e e o l i l u s a ­ s ­ erals 1958................................. 100,4 103.6 102.9 99.5 98.9 96.0 98.7 100 4 100.1 97 4 100.1 99.1 100,1 100,2 99,9 99.7 101.5 1959................................. 100,6 97.2 99.2 101.3 100.4 109.1 98.7 100 0 99’7 104 1 101,0 161,2 102.2 100 4 101 2 102.2 101.9 1960.................................. 100.7 96.9 100.0 101.3 101.5 105.2 99.6 100,2 99.9 100.4 101.8 101,3 102,4 100.1 101,4 102.5 99.3 1961.................................. 100,3 96.0 100.7 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100,7 102.3 99.5 101.8 103.2 103*9 1962.................................. 100,6 97.7 101.2 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.3 98.8 101.8 104.1 107.3 1963.................................. 100.3 95.7 101.1 100.7 100,5 104.2 99.8 96.3 93.8 98.6 99.2 idol i 102.2 98.1 101.3 106.1 110.4 1964................................. 100.5 94.3 101.0 101,2 101.2 104 6 97 1 96 7 92 5 100 6 99.0 102 8 102.9 98 5 101 5 107.4 109 2 1965.................................. 102.5 98,4 105.1 102 5 101 8 109 2 98 9 97 4 92 9 101.1 99 9 105 7 103 7 98 0 101.7 107.7 Hl 0 1966* 105.9 105.6 111.5 104,8 rl02.1 119^7 101.3 97.8 94.8 105^6 102.6 108^3 106.0 99.1 102.6 r109,6 117 2 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 J 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 i08.2 105.2 98.6 102,3 109.4 113.0 May.................... 105.6 104.5 110 5 104.7 102.2 122 9 100 4 97 7 95,4 109 6 102 7 108.4 105.8 98.9 102 4 109 4 115 1 June.................... 105.7 104,2 110,6 104.9 102.2 122.9 101.5 97.6 95,4 107 7 103 0 108 7 105.9 98 9 102 5 109,8 1157 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 liOO 120 5 Aug........... 106.8 108 J 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 iioj 120^4 Oct....................... 106,2 104.4 112.4 105.3 102.2 118.7 102.6 97.9 94.6 164’8 103.1 108.6 107.1 99,7 103.2 110.1 118.2 Nov..................... 105,9 102.5 110.7 105.5 102.1 117.5 102.7 98.0 95.0 103,0 103,0 109.0 107.7 100,3 103,3 110.1 118.5 Dec...................... 105.9 101.8 110,6 105.5 HOI.8 '■117.3 r102.0 98.2 95.0 102.5 103.0 r!09.0 r108.0 100.4 HO3.3 H10.3 120.5 1967--Jan...................... 106.2 102,8 110.7 105.8 102.0 117.6 102.2 98.4 95.5 102.3 103.1 109.4 108.3 100.5 103.7 110.3 121.2 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 PRICES 451 WHOLESALE PRICES: DETAIL (1957-59= 100) 1966 1967 1966 1967 Group Group Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Farm products: Pulp, paper, and allied products: F G L P E H F r l l i g a r a u v e a g y n s i e d i s h s t n a . t . a o m n s . a . n . . c d n . . . . k i d . . d l . . s . . k . . e a a . . d . . . e n n . . . r . . . d d . . i i . . . . m e s . . . . . . d p . . . . . . a . . . . . . o . . . l . p . . . . . . . u . . r . . f . . . . . l o i . . . . . . . b t . . . . d . r . . . . e . . . y . u . . . . r . . . . . . . . s . c . . . . . . . . . . . e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 9 9 9 8 0 1 1 9 7 2 9 8 2 3 . . . . . . . 8 5 4 4 6 5 6 1 1 1 1 9 9 7 0 2 2 2 8 0 6 4 1 4 2 . . . . . . . 9 9 0 8 2 9 4 * 1 1 1 1 1 9 7 0 0 0 2 2 5 1 1 1 9 4 4 . . . . . . . 3 0 5 5 0 0 5 1 1 1 1 1 9 7 0 0 2 2 0 9 0 1 0 3 3 0 . . . . . . . 9 4 9 4 6 8 2 C W P B a o u a p n il s v e d t r e e in b r p t g o a e a p d p r e a d p r p . . a . . e . . p . . r . . . . e . . a . . r . . n . . . . a . . d . . n . . . . . . d b . . . . . . o . . p . . . . a . . a . . r . . p . . d . . . . e . . . . . . r . . . . . . b . . . . . . o . . . . . . . . . a . . . . . . r . . . . . . d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 9 9 9 0 0 0 6 8 2 5 5 0 . . . . . . 7 0 8 5 8 2 1 1 9 9 9 9 0 0 3 7 2 8 3 8 . . . . . . 1 1 7 5 0 2 1 1 9 9 9 9 0 0 0 7 8 2 8 3 . . . . . , 5 5 0 7 2 2 1 1 9 9 8 9 0 0 7 8 2 2 8 3 . . . . . . 3 6 0 5 7 5 Other farm products................................ 102.5 98.7 100.5 100.5 Metals and metal products: Processed foods: Iron and steel............................................. 102.0 102.8 *102.9 103.0 Cereal and bakery products. . .............. 111.8 118.7 118.0 117.6 Nonferrous metals....................... 118.3 121.0 120. 5 121.8 Meat, poultry, and fish........................... 112.7 104.2 104.4 105.6 Metal containers........................................ 109.8 110.2 110.2 111.8 Dairy products and ice cream.............. 110.9 122.6 ’•122.3 122.1 Hardware................................................... 107.3 111.5 *■111.9 112.0 Canned and frozen fruits and veg­ Plumbing equipment.............................. 104.8 110.5 110.5 110.5 etables .................................................. 104.7 105.9 *105.8 106.2 Heating equipment................................. 91 5 93.4 93.4 92.4 Sugar and confectionery......................... 109.4 112.1 112.6 113.1 Fabricated structural metal products. 102.3 104.8 104.9 104.6 Packaged beverage materials................ 93.5 90.4 *90.4 90.4 Fabricated nonstructural metal prod­ Animal fats and oils................................ 125.8 105.6 97.5 95.6 ucts. ..................................................... 110.0 113.1 113.2 113.8 Crude vegetable oils................................. 106.5 99.2 98.1 94.2 Refined vegetable oils............................. 116.1 102.2 101.2 92.7 Machinery and motive products: Vegetable oil end products................ 99.5 106.8 *106.3 106.3 Miscellaneous processed foods............. 114.0 114.6 113.7 112.3 Agricultural machinery and equip.... 117.3 120.4 *120.8 121.2 Textile products and apparel: C M o e n ta st l r w u o c r t k io in n g m m a a c c h h in in e e ry ry a n an d d e e q q u u ip ip .. . . . 1 1 1 1 9 6. . 9 6 1 1 2 2 0 6 . . 6 0 * 1 •1 2 2 6 1 . . 3 0 1 1 2 21 6 . . 1 4 General purpose machinery and C W M o a o t n o to - l m n p a r p o d r e d o u d f c i 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 . . . 3 9 0 1 1 8 0 0 7 5 3 . . . 7 0 1 ’• 1 1 * 0 0 8 2 4 6 . . , 7 8 9 1 1 8 0 0 7 2 4 . . . 1 5 5 S M p i e s c c i e a l l l ane in o d u u s s m try a ch m in a e c ry hi .. n .. e .. r .. y .. ...... a .. n .. d .. . 1 1 0 0 5 6. . 8 4 1 1 0 1 7 2 . . 8 2 1 1 0 1 8 2 . . 1 4 1 1 1 0 2 8 . . 9 1 S A il p k p p ar r e o l d ... u .. c ... t . s .. . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 2 0 4 4 4 7 . . . 7 6 6 1 1 1 1 6 0 9 1 5 . . . 1 1 5 * 1 1 1 1 6 0 9 3 5 . . . 7 2 4 1 1 1 2 6 0 6 1 5 . . . 1 9 2 E M le e o c q t t o u r r i i c p v a m e l e h 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 7 9 0 . . . 1 0 5 1 1 1 1 0 0 4 0 1 . . . 1 7 7 r 1 1 1 1 0 0 4 1 l, . . 5 3 7 1 1 1 0 1 0 1 4 2 . . . 7 0 8 Hides, skins, leather, and products: Tr s a t n o s c p k o ( r J ta an ti . o n 1 9 e 6 q 1 u = i p 1 . 0 , 0 R ).. . . R ... . .. .. r .. o .. l . l .. i . n . g 101.0 101.0 *102.7 102.7 Hides and skins......................................... 140.0 114.3 ’'109.2 110.6 Leather.......................................................... 116.6 114.1 116.2 116.9 Furniture and other household durables: Footwear...................................................... 114.6 120.1 120.3 120.7 Other leather products............................ 110.3 115.1 ’•114.2 113.7 Household furniture................................ 107.0 111.5 *111 8 112.4 Commercial furniture.............................. 104.1 108.0 *108.7 108.7 Fuels and related products, and power: Floor coverings.......................................... 97.7 96.6 *96.2 94.6 Household appliances............................. 89.0 89.2 89 2 89.2 Coal............................................................... 98.1 101.9 *102.4 102.4 Television, radios; and phonographs.. 83.9 83.8 83 8 83.7 Coke.............................................................. 107.3 112.0 112.0 112.0 Other household durable goods........... 106.8 109.6 109.8 110.3 Gas fuels flan. 1958— 1001.................... 128.2 130.6 *127.4 129.2 E Pe le tr c o tr l i e c u m po w pr e o r d ( u J c a t n s . , 1 re 9 f 5 i 8 n = ed 1 .. 0 ... 0 .. ) . . . . . . . . . . . . . . . . . . . . . 1 9 0 8 0 . . 3 4 1 10 0 1 0 . . 3 3 ’■ 1 1 0 0 0 0 . . 2 8 1 1 0 0 0 0 . . 8 3 Nonmetallic mineral products: Chemicals and allied products: Flat glass...................................................... 99.9 103.3 103.3 103.3 Concrete ingredients................................ 103.6 104.2 *104.3 105.2 95.1 96.0 96.4 96.6 Concrete products..................................... 102.0 103.5 *103.9 104.4 105.9 107.8 *•108.5 108.7 Structural clay products......................... 105.6 107. 1 *107.0 107.4 89.5 90.4 90.6 90.6 Gypsum products...................................... 101.4 103.5 103.5 103.5 Drugs and pharmaceuticals.................. 94.4 95.0 94.7 94.5 Asphalt roofing.......................................... 94.6 97.6 95.7 95.7 Pats and nils inedible 113.1 91.6 95 1 94.2 Other nonmetallic minerals................... 101.8 101.3 101.3 101.3 Mixed fertilizers........................................ 105.4 105.9 *105.5 106.4 Fertilizer materials.................................... 103.8 105.0 105.0 106.8 Tobacco products and bottled beverages: Other chemicals and products............. 100.2 101.2 101.2 101.4 Tobacco products...................................... 106.6 110.2 110.3 110.3 Rubber and products: Alcoholic beverages.................................. 101.1 101.0 *101.4 ioi.4 Nonalcoholic beverages.......................... 128.5 132.2 132.2 132.3 Crude rubber.............................................. 90.0 87.9 87.6 87.5 Tires and tubes.......................................... 91.1 93.9 93.9 94.8 Miscellaneous rubber products...... 97.9 99.2 99.3 99.7 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms.... 103.2 104.8 104.8 105.1 Manufactured animal feeds.................. 121.8 128.4 132.0 132.9 Lumber......................................................... 104.3 105.6 104.5 104.3 Notions and accessories........................ 99.1 100.8 100.8 100.8 Millwork...................................................... 107.9 110.3 r110.3 110.3 Jewelry, watches, photo equipment... 105.0 106.1 *106.3 107.0 Plywood....................................................... 93.9 86.9 *■87.4 87.2 Other miscellaneous products.............. 105.0 107.0 *106.9 107.0 Note.-—Bureau of Labor Statistics. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

452 NATIONAL PRODUCT AND INCOME MARCH 1967 GROSS NATIONAL PRODUCT (In billions of dollars) 1965 1966 Item 1929 1933 1941 1950 1962 1963 1964 1965 1966* IV I II HI 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 Final 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.S 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 Nonresldential........................................ 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 21.9 21.1 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 40.3 104.2 241.1 457.7 481,9 517.3 559.0 610.1 577.8 595.7 604.1 613.8 626.9 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 Images 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.......................................................... 10.5 -1.2 15.2 37.7 55.7 58.9 66.6 74.2 80.2 76.9 80.0 79.9 79.1 81.9 Profits before tax................................................. 10,0 1.0 17.7 42.6 55.4 59.4 67.0 75.7 82.3 78.7 82.7 82,8 81.9 81.9 Profits tax liability.......................................... 1.4 .5 1.6 17.8 24.2 26.3 28.4 31.2 33.9 32.4 34.1 34.1 33.7 33.8 Profits after tax.............................................. 8.6 .4 10.1 24.9 31.2 33,1 38.7 44,5 48.4 46.3 48.7 48.7 48.2 48.2 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 Undistributed profits................................ 2.8 -1.6 5.7 16.0 16.0 16.6 21.3 25.3 27.5 26.1 27.8 27.6 27.1 27.5 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

MARCH 1967 NATIONAL PRODUCT AND INCOME 453 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 11 III IV? 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 -.2 .4 - .8 - .9 .4 - .6 Plus: Subsidies less current surplus of gov­ ernment enterprises............... -. 1 .2 1.4 .8 1.3 1.0 1.4 .9 .8 .9 1.5 2.2 Equals! National income........................................ 86.8 40.3 104.2 241.1 457.7 481.9 517.3 559.0 610.1 577.8 595.7 604.1 613.8 626. 9 Less: Corporate profits and inventory valu­ ation adjustment................... 10.5 -1.2 15.2 37.7 55.7 58.9 66.6 74.2 80.2 76.9 80.0 79.9 79.1 81.9 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 personal 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

454 FLOW OF FUNDS MARCH 1967 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1964 1965 1966 Transaction category, ot sector 1961 1962 1963 1964 1965 III IV I II III IV I II HI I. Saving and investment 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 98.5 100.9 100,1 109.0 110.5 111.2 107.6 108.4 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 -l.l -.2 .9 LI 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 11 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 3.9 -4.1 3.6 -2.3 -1.0 -. I 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 1.1 .2 1.9 1.0 2.0 .2 24 25 Securities............................................... .8 1.0 l.l .7 .8 2.0 .8 .6 .8 .8 1.3 .3 .1 25 26 Pvt. domestic non fin. 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 11.4 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 (= line 17).... 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 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.......2...4.....9........3...1.....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........2..4...,.0.........3..0....1.........3..4.4 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...........1..1..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 1.3 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 -.7 -.2 3.0 -.1 -.2 -1.4 52 III. Direct lending in credit markets 53 Total funds raised.................................. 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 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............1...5 .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............1...5....8.........1...9....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 7.7 -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 . 115 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

MARCH 1967 FLOW OF FUNDS 455 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1964 1965 1966 Transaction category, 1961 1962 [963 1964 1965 or sector III IV I II HI IV I II III I, Demand deposits and currency 2 1 Ne U t . i S n . c r G . o in v t b , a d n e k p in o g s i s ts y . s .. t . e .. m .... . l .. i . a ... b .. i .. l . i .. t . y ... . . . 5.6 4 1 . . 5 3 - 5 . . 3 8 7. . 4 2 -1 7 . . 0 6 9 1 . . 6 7 - 1 1 0 . . 5 3 7 5 . . 7 3 - 1 . . 9 7 -1 - 0 . . 1 4 2 2 1 . . 1 1 -3 4 . . 9 4 9 9 . . 7 3 -1 -7 1 . . 3 4 2 1 4 3 Ot D he o r m ... e .. s .. t .. i . c .. . s .. e ... c .. t . o ... r .. s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 . . 8 6 3 3. . 1 2 6 6. . 1 0 6 7 . . 8 3 8 8 . . 5 6 7 7 . .9 0 1 1 0 1 . . 7 8 2 3. . 1 5 2 3. . 1 6 1 9 0 . . 6 3 1 1 8 9 . . 3 0 8 8 . . 4 4 - - . . 6 4 - - 1 4 . .1 7 4 3 6 5 H N o on u f s i e n h a o n l c d i s a . l . .. b .. u ... s .. i . n .. e .. s .. s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . . 8 7 - 2 . . 9 7 - 4 . . 8 3 -2 6 . . 5 7 -1 7 . . 9 2 4 1 . . 4 0 - 1 8 3 . . 7 9 6. . 3 6 -3. . 1 9 -4 6 . . 5 1 1 - 5 .6 .4 -1 2 . . 9 3 - - 2 1 . . 7 2 - - 1 1. .6 2 6 5 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 3.1 .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 3.5 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 6.1 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 2 2 7 8 O N t o h n e g r u d a i r r a e n c t t e .. e .. d ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -4. . 1 7 5 1 . . 2 4 . .3 5 -4. . 1 6 -1. . 4 8 -1. . 2 4 -9 2 . . 3 4 7.9 * -5. . 3 8 — 2 6 . .1 1 -2. . 3 4 7. . 9 2 -1 6 . . 2 4 - - 3 3 . . 8 7 2 28 7 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 .1 -.1 —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................................ .1 .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 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 . 1 .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 18.4 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 .3 .4 .6 -2.8 . 1 -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 l.l -.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 -1.0 -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 1.0 1.7 .5 2.4 -1.5 . 1 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 annual rates. For notes see p. 151 of January 1967 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

456 BANK RESERVES AND RELATED ITEMS , 1966 MARCH 1967 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city ban ks All member banks New York City City of Chicago Period Reserves Bor­ Reserves Bor­ Reserves Bor­ T h o e t l a d l qu R ir e e ­ d Excess r F i o n a . w R g t s . ­ s F e r r r e v e ­ e e s T h o e t l a d l qu R i e re ­ d Excess F r in o a .R g t w s . ­ s F e r r r e v e ­ e e s T h o e t l a d l qu R ir e e ­ d Excess r F i o n . a w R g t s . ­ se F r r r e v e ­ e e s Banks Banks Banks 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 '22,686 '404 766 '-362 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 I ,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 22,862 389 611 -222 4,339 4,299 40 111 -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 Week ending— 1965--Dec. 29.... 23,080 22,617 463 546 -83 4,399 4,383 16 138 -122 1,159 1,146 13 44 -31 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 Feb. 2. ... 22,538 22,190 348 418 -70 4,271 4,257 14 13 1 1,114 1,109 5 49 -44 9. .. . 22,323 21,979 344 503 -159 4,197 4,176 20 142 -121 1,085 1 ,087 - 1 18 -19 16. ... 22,153 21,816 337 453 -116 4,132 4,123 9 116 -108 1,080 1 ,074 6 29 -24 23. . . . 22,106 21,708 398 520 -122 4,126 4,097 29 103 -74 1,093 1,087 6 40 -34 Mar. 2. ... 22,116 21,823 293 464 -171 4, 199 4,177 22 22 1,108 1,107 1 38 -38 9. ... 22,045 21,685 360 614 -254 4,128 4,117 11 21 -11 1,090 1,088 2 52 -49 16.... 22,121 21,758 363 536 -173 4,246 4,161 85 29 56 1,091 1 ,088 3 49 -46 23.... 22,396 22,025 371 602 -231 4,225 4,216 10 118 -109 1,118 1,115 3 120 -117 30. . . . 22,176 21,888 288 508 -220 4,227 4,218 10 21 -11 1,101 1,099 2 47 -46 Apr. 6. ... 22,358 22,025 333 623 -290 4,302 4,283 19 59 -40 1,094 1,095 -1 39 -40 13. 22,402 22,042 360 603 -243 4,232 4,193 38 28 11 1,099 1,090 9 76 -67 20.... 22,627 22,254 373 685 -312 4,246 4,235 11 160 -149 1,129 1,128 1 41 -40 27.... 22,615 22,235 380 642 -262 4,385 4,307 78 117 -39 1,164 1,148 16 10 6 May 4. . . . 22,735 22,449 286 617 -331 4,456 4,441 15 115 -100 1,194 1,189 5 3 2 11 ... . 22,593 22,253 340 680 -340 4,282 4,253 29 82 -53 1,154 1,148 6 7 -2 18. ... 22,475 22,156 319 663 -344 4,225 4,218 7 73 -66 1,151 1,151 13 -13 25. ... 22,241 21,927 314 653 -339 4,168 4,162 6 21 -16 1,128 1,124 5 7 -2 June 1. ... 22,368 21,932 436 812 -376 4,260 4,175 86 90 -4 1,115 1,121 -5 7 -12 8. ... 22,204 21,997 207 547 -340 4,195 4,195 21 -21 1,115 1,106 9 8 15. . .. 22,330 21,865 465 788 -323 4,194 4,164 30 107 -77 1,086 1 ,073 (3 17 -4 22.... 22,719 22,437 282 691 -409 4,438 4,387 51 185 -134 1,147 1,148 -1 12 -13 29... . 22,936 22,477 459 771 -312 4,386 4,375 11 150 -140 1,142 1,142 .............. 5 -5 July 6. .. . 23,173 22,823 350 827 -477 4,596 4,482 114 167 -54 1,175 1,167 8 107 -100 13. ... 23,252 22,528 724 818 -94 4,291 4,259 31 120 -89 1,126 1,118 8 129 -121 20.... 22,935 22,764 171 631 -460 4,465 4,360 105 104 1,140 1,128 12 30 -18 27... . 22,947 '22,671 '276 680 '—404 4,324 4,328 -4 16 -20 1,113 1,119 -6 16 -22 Aug. 3. .. . 22,987 '22,634 '353 778 '-425 4,347 '4,331 '16 20 '-4 1,129 1,117 12 27 -15 10. ... 22,878 '22,417 '461 782 ' — 321 4,239 4,230 9 133 -124 1,097 1,089 8 25 -17 17. .. . 22,606 ’'22,329 '277 730 '-453 4,224 4,185 39 39 1,101 1 ,094 7 20 - 13 24. ... 22,454 '22,080 '374 719 '-345 4,143 '4,137 '6 2 '4 1,084 I ,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 '22,727 '504 888 '-384 4,438 '4,349 '89 110 '-21 1,119 1,103 16 135 -119 2 2 1 8 . . . . . . . . 2 2 3 3 , , 7 1 5 3 1 3 2 2 3 3 , , 0 15 6 9 6 5 6 9 7 2 7 6 7 5 1 0 - - 1 5 7 8 9 3 4 4 , , 5 5 7 2 8 8 4 4 , , 5 5 2 3 8 9 39 1 16 5 1 9 - - 1 15 2 9 2 1 1 , , 1 1 4 2 1 4 1 1 , ,1 1 4 2 1 3 i 4 48 6 - - 4 4 7 6 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 22,807 547 711 -164 4,235 4,206 29 152 -123 '1,071 '1,071 26 '-26 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 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 BANK RESERVES AND RELATED ITEMS, 1966 457 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves Borrow­ Reserves Borrow­ ings at Free ings at Free T h o e t l a d l Required Excess B F a . n R k . s reserves T h o e t l a d l Required Excess B F a . n R k . s reserves Jan.. 9,033 9,010 23 164 -141 8,291 7,988 303 84 219 Feb. 8,827 8,771 56 204 -148 8,146 7,852 294 151 143 Mar. 8,768 8,743 25 243 -218 8,096 7,825 271 200 71 Apr.. 8,905 8,882 23 261 -238 8,169 7,895 274 242 32 May. 8,936 8,852 84 309 -225 8,126 7,891 235 319 -84 June. 8,913 8,878 35 258 -223 8,249 7,926 323 296 27 July. 9,203 9,140 63 375 -312 8,308 8,067 241 232 9 Aug. 9,039 9,018 21 300 -279 8,294 7,995 299 360 -61 Sept. 9,269 9,198 71 288 -217 8,395 8,103 292 286 6 Oct.. 9,344 9,311 33 279 -246 8,439 8,176 263 229 34 Nov. ................................ 9,306 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 Week ending—■ 1965-—Dec. 29............................ 9,160 9,125 35 252 -217 8,361 7,963 398 112 286 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 Feb. 2............................ 8,928 8,913 15 194 -179 8,224 7,910 314 162 152 9............................ 8,868 8,820 48 232 -184 8,174 7,896 278 111 166 16........................... 8,793 8,757 36 160 -125 8,149 7,861 288 148 140 23............................ 8,754 8,717 38 229 -191 8,133 7,807 326 148 177 Mar. 2............................ 8,768 8,726 41 214 -173 8,042 7,813 229 212 17 9............................ 8,715 8,686 29 336 -307 8,112 7,793 319 205 113 16............................ 8,759 8,690 69 225 -155 8,024 7,819 205 233 -28 23........................... 8,862 8,821 42 228 -186 8,190 7,873 317 136 181 30............................ 8,809 8,755 54 205 -151 8,039 7,816 223 235 -11 Apr. 6........................... 8,858 8,825 33 301 -268 8,104 7,822 282 224 58 13........................... 8,921 8,862 59 212 -153 8,151 7,897 254 287 -33 20............................ 8,955 8,932 22 292 -269 8,297 7,959 338 192 145 27............................ 8,936 8,882 54 252 -198 8,130 7,898 231 263 -31 May 4........................... 8,982 8,938 45 263 -219 8,102 7,881 222 236 -14 11............................ 8,950 8,908 42 293 -251 8,207 7,944 263 298 -35 18........................... 8,902 8,865 37 323 -286 8,198 7,921 277 254 23 25........................ 8,827 8,775 52 231 -179 8,118 7,867 251 394 -143 June 1............................ 8,814 8,806 9 348 -340 8,178 7,830 348 367 -20 8........................... 8,873 8,805 68 177 -110 8,021 7,891 130 341 -211 15........................... 8,786 8,744 42 303 -261 8,264 7,884 379 361 18 22............................ 8,992 8,944 48 223 -175 8,142 7,957 185 271 -86 29............................ 9,033 8,991 42 382 -340 8,376 7,970 406 234 172 July 6........................... 9,211 9,135 76 285 -209 8,192 8,039 152 268 -115 13............................ 9,101 9,046 56 393 -337 8,734 8,104 630 176 454 20........................... 9,269 9,214 55 333 -278 8,062 8,062 164 -164 27............................ 9,201 9,157 44 417 -373 8,309 8,067 242 231 11 Aug. 3............................ 9,169 r9,154 ■■15 386 ■•-371 8,341 '8,032 ^og 345 '-36 10........................... 9,108 '9,054 '54 311 '-257 8,433 '8,045 '388 313 '75 17............................ 9,058 9,028 30 344 -314 8,223 '8,022 '201 327 '—126 24........................... 8,947 8,919 28 312 -284 8,281 '7,942 '339 376 '-37 31............................ 9,085 9,008 77 218 -141 8,193 '7,956 '237 442 '—205 Sept. 7............................ 9,054 9,004 50 334 -284 8,268 7,990 278 333 -55 14........................... 9,299 9,200 99 342 -243 8,375 8,076 299 301 -2 21........................... 9,325 9,289 36 293 -257 8,757 8,201 556 273 283 28........................... 9,293 9,268 25 196 -171 8,137 8,136 1 245 -244 Oct. 5............................ 9,418 9,383 35 238 -203 8,397 8,134 263 286 -23 12............................ 9,387 9,295 92 212 -120 8,508 8,211 297 234 63 19........................... 9,261 9,254 7 348 -341 8,658 8,193 465 207 258 26........................... 9,373 9,320 53 272 -219 8,241 8,170 71 220 -149 Nov. 2............................ 9,382 9,345 37 344 -307 8,396 8,166 230 195 35 9........................... 9,372 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 9,295 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 Note.—Averages of daily figures. Monthly data are averages of daily Total reserves held: Based on closing figures for balances with F.Rfigures within the calendar month; they are not averages of the 4 or 5 Banks and opening figures for allowable cash. weeks ending on Wed. that fall within the month. Required reserves: Based on deposits as of opening of business each day. Borrowings of F.R. Banks: Based on closing figures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

458 WEEKLY REPORTING BANKS MARCH 1967 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, JULY 1965—DECEMBER, 1966 (In millions of dollars) Loans2 For purchasing or carrying securities To financial institutions Total Loans i loans net of Com­ To brokers Wednesday and valua­ mer­ Agri- and dealers To others Banks Nonbank Con­ Valua invest- tion cial cul- Real sumer For- All tionments1 re­ and tural estate instal­ eign other re­ serves indus­ Do­ Pers, ment Govts. serves trial U.S. Other U.S. Other mes­ and Govt, se­ Govt, se­ For­ tic sales se­ curi­ se­ curi­ eign com­ finan. Other curi­ ties curi­ ties mer­ cos., ties ties cial etc. 1965 July 7........... 172,754 121,033 48,994 1,714 1,277 3,771 78 2,044 1,671 2,467 5 ,460 4,510 24,108 27,389 2,450 " 14........... 172'162 120'514 49,013 1 '735 1'180 3,416 77 2^044 1,662 2'397 5'295 4’537 24,181 27^425 2'448 21............ 171'145 119^608 48'767 1 '749 ’959 3'284 76 2^052 1,622 2'227 5'052 4'546 24 J62 27'457 2'445 28............ 170'898 119,179 48,589 1 '756 614 3,195 76 2^055 1 '623 2'260 5'068 4’672 24'296 27i422 2'447 172,229 120,384 48,930 1,692 625 3,250 74 2,054 1,619 2,675 5,418 4,647 24,349 27,499 2,448 “ 11........... 171,591 119^879 49,041 1 '702 513 3,171 72 2'051 1,617 2,362 5'186 4,656 24'444 27'511 2347 18........... 172'329 120,789 49,344 1 '702 786 3,159 72 2'044 1,637 2,433 5,225 4,681 24'574 27'577 2'445 25............ 171'965 120'499 49,242 1 J00 689 3,159 73 2'073 1,598 2,209 5'310 4,709 24^643 27^536 2’442 173,124 121,506 49,342 1,716 1,040 3,271 83 2,061 1,599 1 ,971 5,759 4,779 24,704 27,626 2,445 ' 8........... 172,121 120,857 49,150 1 '715 '550 3,056 84 2,067 1,605 2,406 5'469 4’827 24,746 27,626 2,444 15........... 174'841 123'157 50,076 I '720 1,013 3,245 84 2,071 1,607 2,353 5 975 4,866 24,850 27'746 2'449 22...... 174'149 122'325 50,354 1 ‘727 '751 3,053 84 2 J 17 1 ,594 1,893 5’626 4,900 24,917 27 J58 2'449 29............ 174,101 122'553 50*528 1'728 463 2,987 94 2'121 1 '606 2,256 5,481 4^ 949 24993 27’794 2'447 174,069 122,823 50,544 1,736 388 3,001 98 2,104 1,611 2,643 5,364 5,010 25,045 27,753 2,474 13........... 176,280123'180 50,794 1'739 863 2,967 95 2,108 1,638 2,366 5,134 5,012 25'138 27,799 2'473 20........... 176,078 122,909 50,660 1,740 742 2,992 97 2,110 1,607 2,482 4’986 5,005 25,171 27,790 2,473 27........... 175,952 122,926 50'640 1 '729 687 2'936 99 2'111 1 J93 2'621 4^941 4’979 25'226 27’836 2,472 Nov, 3........... 175,819 123,524 51,218 1 ,740 520 3,040 101 2,119 1,637 2,247 5,289 5,047 25,263 27,777 2,474 10........... 175,436 123,781 51 J84 1 '733 495 3,097 99 2'127 1 '628 2^692 5'058 5'019 25'312 27,’ 807 2'470 17 176'357 125^082 51’769 1 '756 604 3,293 99 2,130 1 ,609 2,678 5'224 5,035 25'399 27'958 2,472 24........... 176'188 123'925 51,397 1 J 60 698 3,183 99 2’163 1 ,626 2,123 5’027 5'002 25^32 27',884 2,469 178,243 125,969 51,614 1,761 978 3,453 93 2,175 1,645 2,654 5,539 5,042 25,475 28,015 2,475 8........... 176,203 124'109 51'502 1 ,'756 555 3'273 101 2'164 1 ,645 1 J27 5'275 4'923 25'509 27,951 2,472 15........... 180'632 128,225 52’493 1 ,’778 1,023 3'688 101 2,'239 1,643 3'022 6'077 4,933 25,554 28,141 2^ 467 22........... 180,796 127,954 53,037 1 J84 '624 3,587 101 2'255 1 ,655 2'398 6,178 4,958 25’578 28,264 2'465 29........... 181,792 128,981 53,113 1 '758 663 3'614 107 2'249 1 ’624 3,192 6*233 4,954 25'577 28,343 2,446 1966 181,112 128,546 53,364 1,766 614 3,684 116 2,244 1,678 2,949 5,985 5,042 25,571 28,291 2,758 12........... 180,003 128,097 53'294 1,751 765 3,457 106 2'244 1,652 3,049 5,700 4,987 25'625 28,224 2 J57 19........... 179,406 126'758 53,038 1,721 610 3,698 107 2 ,’243 1 J 629 2,320 5,’417 4,958 2 5,’660 28,’115 2,758 26............ 178'650 126'406 52,850 1 J09 751 3,344 110 2,’244 1,618 2,610 5,258 4,922 25,707 28,041 2*758 Feb. 2...... 179,459 127,458 52,974 1,704 691 3,559 110 2,256 1,616 2,793 5,764 4,867 25,700 28,185 2,761 9 177,227 126,114 53^008 1,708 436 3,208 108 2,262 1,600 2,632 5,' 307 4,801 25’725 28'079 2,760 16........... 178,186 127'014 53,543 1 J18 480 3,258 108 2,'267 1,588 2,415 5^620 4,800 25’792 28,185 2’760 23........... 178,564 127'714 53,608 1 ,725 345 3,276 107 2'270 1 ,582 3,281 5,528 4,743 25'827 28,181 2,759 178,777 128,093 53,855 1 721 636 3,441 108 2,265 1 ,557 2,402 5,956 4,755 25,822 28,339 2,764 9 177,756 127,891 53,688 1,733 334 3,391 106 2'263 1,549 3,180 5,633 4,725 25'794 28,268 2’773 16........... 180^278130'211 54,997 1 ,’704 459 3,355 105 2'255 1,542 2’794 6'672 4'775 25'887 28,431 2'765 23............ 178,774 129,492 55 025 1 '710 358 3,213 108 2’249 1 '534 2'839 6,206 4'772 25'915 28'333 2; 770 30........... 180,182 130;474 55,199 1,720 575 3,289 III 2,243 1,559 3,267 6,077 4^836 25,971 28,402 2,775 For notes see p. 465. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 WEEKLY REPORTING BANKS 459 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, JULY 1965—DECEMBER, 1966—Continued (In millions of dollars) Loans2 For purchasing To financial institutions or carrying securities Total L n o e a t n o s f 1 Wednesday m in lo a e v n a n e n d t s s s t ­ 1 v se t a r i r l o e v u n ­ e a s ­ i C n m t a c o r d n i i e a m u a d r l l s ­ ­ ­ A t c u g u r r a l i ­ l ­ G c U a T t s u o i n . e e o v r S 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 e s i ­ r G c U t s T u i o e e . r S o v s ­ i t . ­ , o th O c e t s u t i r h e e s r s ­ e i­ r F ei o g r B n ­ ank c m m D s c o t i i e e m o a c r s l ­ ­ ­ ­ f P c s i e a a n o e N t n l a c s r e d s n . . o s , , . n ba O n t k her e R st e a a t l e i s C m n u s m o e t n n a e l ­ t r ­ G F e o i o g v r n t ­ s . o A th l e l r V se t a i r r o e l v u ­ n e a s ­ 1966 180,252 130,114 54,971 1,714 713 3,519 96 2,239 1,564 2,852 6,003 4,853 25,944 28,409 2,763 13............ 180,166 130,118 55,121 1,722 884 3,402 97 2,230 1,533 2,743 5,803 4,811 26,052 28,483 2,763 20............ 181,987 130,969 55,279 1,720 1,158 3,634 101 2,229 1,526 2,376 6,096 4,852 26,118 28,642 2,762 27............ 182,005 131,116 55,031 1,718 999 3,543 97 2,225 1,514 2,759 6,161 4,945 26,160 28,717 2,753 182,483 131,738 55,620 1,721 837 3,778 94 2,224 1,519 2,586 6,474 4,829 26,165 28,644 2,753 ' 11............ 182,451 131,735 55,669 1,724 837 3,752 97 2,224 1,521 2,910 6,089 4,778 26,255 28,629 2,750 18........... 181,493 131,679 56,101 1,720 678 3,598 95 2,213 1,531 2,534 6,115 4,787 26,328 28,730 2,751 25............ 181,931 131 ,992 55,990 1,729 886 3,494 91 2,206 1,524 3,097 5,815 4,771 26,397 28,742 2,750 183,989 134,055 56,384 1,731 993 3,681 94 2,206 1,586 3,445 6,429 4,817 26,410 29,029 2,750 8........... 180,749 130,991 56,183 1 ,729 533 3,375 101 2,220 1,606 2,112 5,853 4,730 26,429 28,878 2,758 15........... 184,097 134,246 57,436 1,744 683 3,563 89 2,215 1,565 3,048 6,569 4,857 26,530 28,704 2,757 22............ 184,523 135,236 58,077 1 ,748 513 3,755 90 2,213 1,608 2,875 6,934 4,796 26,588 28,794 2,755 29............ 184,033 134,579 57,752 1,772 679 3,946 86 2,235 1,494 3,241 6,972 4,800 26,311' 15,736 1,182 11,104 2,731 July 6........... 186,891 136,323 58,648 1 ,800 534 3,951 90 2,241 1,514 2,934 7,261 4,893 26,647 16,072 1,137 11,371 2,770 ' 13 186,264 135,983 58,767 1 ,799 415 3,687 1 13 2,223 1,474 3,583 6,714 4,846 26,720 16,070 1,132 11,210 2,770 20............ 184,945 134,570 58,813 1 ,808 389 3,537 125 2,216 1,470 2,472 6,506 4,782 26,787 16,109 1,118 11,209 2,771 27............ 184,493 134,189 58,695 1 ,802 337 3,349 1 16 2,203 1,485 2,660 6,378 4,741 26,834 15,936 1,119 11,302 2,768 184,897 135,107 59,007 1 ,815 389 3,421 1 14 2,216 1,523 2,734 6,611 4,733 26,868 16,002 1,172 11,273 2,771 ~ 10........... 184,477 135,013 58,962 1 ,816 333 3,150 1 13 2,229 1,522 3,165 6,437 4,716 26,945 16,176 1,165 11,053 2,769 17........... 184,363 134,845 58,942 1 ,813 368 3,199 I 17 2,219 1,499 3,215 5,857 4,697 27,015 16,129 1,163 11,382 2,770 24...... 183,453 133,995 58,646 1 ,809 240 3,172 1 14 2,219 1,498 3,268 5,660 4,703 27,070 16,146 1,158 11,062 2,770 31........... 185,699 134,825 58,274 1,805 947 3,232 1 15 2,202 1,487 3,589 5,738 4,716 27,136 16,132 1,150 I 1,072 2,770 184,368 134,085 58,306 1,801 744 3,073 112 2,187 1,508 3,027 5,939 4,689 27,150 16,134 1,148 11,039 2,772 ' 14........... 184,764 134,387 58,642 1 ,790 658 3,155 108 2,176 1,488 2,999 5,932 4,722 26,230 16,143 1,152 10,962 2,770 21............ 185,499 135,267 59,404 1,791 792 3,123 106 2,168 1,495 2,590 6,406 4,687 27,264 16,107 1,148 10,952 2,766 28............ 185,581 134,954 59,408 1,786 531 3,014 106 2,170 1,510 2,942 6,130 4,692 27,332 16,110 1,132 10,858 2,767 Oct. 5........... 185,465 135,680 59,619 1,777 390 3,157 96 2,153 1,515 3,172 6,482 4,676 27,331 16,091 1,143 10,862 2,784 12............ 184,043 134,920 59,577 1 ,770 384 2,926 92 2,140 1,509 2,979 6,287 4,597 27,373 16,087 1,162 10,821 2,784 19........... 185,417 135,179 59,548 1,772 886 2,885 94 2,142 1,511 3,123 5,981 4,535 27,411 16,079 1,160 10,835 2,783 26............ 183,882 134,039 59,460 1,771 61! 2,657 95 2,133 1,523 2,981 5,695 4,531 27,449 16,083 1,155 10 675 2,780 184,237 134,659 59,691 1,765 675 2,802 102 2,124 1 ,501 2,673 6,202 4,440 27,446 16,100 1,159 10,758 2,779 9........... 184,036 135,106 59,816 1 ,768 688 2,788 97 2,107 1 ,499 3,470 5,793 4,444 27,458 16,088 1,190 10,679 2,779 16........... 184,354 135,436 60,235 1,768 581 2,720 94 2,114 1 ,515 3,542 5,900 4,384 27,514 15,969 1 ,200 10,673 2,773 23............ 183,149 134,397 59,995 1,770 268 2,649 96 2,121 1 ,519 3,373 5,708 4,374 27,516 15,970 1,230 10,579 2,771 30........... 184,810 134,987 60,010 1,769 465 2,641 93 2,135 1 ,520 3,436 5,990 4,356 27,490 15,952 1,193 10,701 2,764 184,093 134,349 60,021 1,771 551 2,644 92 2,112 1,561 3,209 5,730 4,296 27,447 15,956 1,180 10,541 2,762 14........... 186,251 135,707 60,366 1,787 841 2,784 72 2,097 1 ,532 3,437 6,029 4,303 27,460 15,921 1,179 10,651 2,752 21............ 188,484 137,225 61,111 1 ,794 729 3,066 74 2,113 1 ,554 3,266 6,729 4,337 27,422 15,869 1,167 10,735 2,741 28............ 189,409 137,999 60,747 1,806 1 ,137 3,359 75 2,115 1,579 3,428 6,902 4,323 27,421 15,910 1,178 10,742 2,723 For notes see p. 465. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

460 WEEKLY REPORTING BANKS MARCH 1967 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, JULY 1965-DECEMBER 1966—Continued (In millions of dollars) Investments Cash assets U.S. Government securities Other securities Wednesday Total Bills c C t a if e t i e r ­ s ­ No m te a s tu an ri d n g b — onds Ob o p s l f o u i a g l b S i n a t d t i a t d i c i t v o a e . n l s s O co s th e rp c e a , u r n r s b d i t t o o ie n c s k d s s , Total p i C t r c e o o i a o n m c f s l e . h s s s m b a w B d a n e n i o c a s t k e l ­ h t ­ i s s c b a w e B f a n i o n i g a c t r l k e n h ­ ­ s s r C c e a o n n u i c d n r y ­ s b w F e a R r . n i v R e t k h e ­ . s s a o s A t s h e l e l t r s W in it h 1 to After T w a a x r­ All Ce o rt f i f. O se t c h u e ­ r I yr. 5 yrs. 5 yrs. rants 3 other p p a a t r i t o ic n i 4 ­ rities 1965 July 7 26,255 3,482 4,033 10,947 7,793 25,466 37,247 17,576 3,842 217 2,183 13,429 6,844 14 26,157 3,308 4,137 10,885 7,827 25,491 37,441 17,895 3,790 210 2,342 13,204 6,784 21 26,032 3^229 4’ 127 10’864 7,812 25,505 35,481 15,747 3,686 209 2,287 13,552 6,697 28 26,113 3'255 4 J36 10,884 7,838 25,606 34,650 14,829 3,591 208 2,333 13,689 6,772 Aug. 4 26,010 3,245 4,060 10,879 7,826 25,835 35,754 15,703 3,767 207 2,104 13,973 6,916 25,761 2’963 4,042 10^918 7,838 25,951 34,395 15,264 3,597 218 2,238 13,078 6,866 18 25,484 2,734 4,268 10,850 7,632 26,056 35,014 15,647 3,719 229 2,252 13,167 6,730 25 25’319 2’,681 4,344 10,720 7,574 26,147 33,677 14,191 3,571 205 2,318 13,392 6,735 Sept. 1 25,477 2,996 4,417 10,615 7 449 26,141 35,428 16,441 3,980 201 2,234 12,572 6,906 8 25’077 2,684 4'415 10,585 7,393 26,187 34,749 15,532 3,789 207 2,308 12,913 6,893 15 25,468 3,051 4,415 10,598 7,404 26,216 39,894 19,969 4,308 202 2,361 13,054 6,878 22 25,522 3 J24 4,429 10,582 7,387 26,302 36,732 16,629 3,796 199 2,306 13,802 6.861 29 25^281 2^913 4^411 10,575 7,382 26,267 35,553 15,557 3,919 189 2,405 13,483 7,017 Oct. 6 25 010 2,848 4,393 10,444 7,325 26,236 35,548 16,145 3,856 197 2,190 13,160 7,134 13 26 782 -4’661 4,391 10^448 7,282 26,318 40,435 19,770 4,149 207 2,442 13,867 7,006 20 26 939 4,839 4,357 10,468 7^275 26,230 37,027 16,983 3,952 208 2,370 13,514 6,853 27 26’,8 58 4,776 4’374 10'419 7’289 26,168 35,408 15,832 3,834 215 2,451 13,076 6,824 Nov. 3 26 418 4,330 4,414 10,431 7,243 25,877 39,600 19,156 4,118 222 2,285 13,819 7,010 10 25 937 3,884 4’395 10,406 7,252 25,718 38,325 18,714 3,884 210 2,311 13,206 6,950 17 25,647 3,842 4,260 10,356 7,189 25,628 38,981 18,751 4,164 202 2,346 13,518 7,019 24 26 684 5^011 4,183 10’299 7,191 25,579 37,153 17,407 3,699 213 2,329 13,505 6,954 Dec. 26 516 4,855 4,268 10,182 7,211 25,758 38,770 18,562 4,058 202 2,428 13,520 7,210 8 26'131 4'450 4'260 10,189 7^232 25,963 36,402 16,558 4,093 208 2,486 13,057 7,140 15 26,332 4,650 4,188 10,220 7,274 26,075 41,277 20,652 4,292 196 2,545 13,592 7,174 22 26’666 5,018 4,153 10,188 7,307 26,176 39,960 19,415 4, 167 208 2,548 13,622 7,179 29 26 638 5,047 4,181 10,087 7,323 26,173 39,038 17,842 4,044 206 2,650 14,296 7,195 1966 Jan. 5 26,717 5,135 4 4,160 10,082 7,336 25,849 40,886 18,568 4,028 212 2,366 15,712 7,309 12 26,087 4,797 4 4,090 9,973 7,223 25,819 38,584 18,731 3,931 214 2,551 13,157 7,032 19 26,918 5,071 590 4,113 9,934 7,210 25,730 37,729 17,919 4,088 218 2,451 13,053 7,191 26 26,634 4,885 586 4,075 9,943 7,145 25,610 36,643 16,155 3,662 229 2,434 14,163 7,228 Feb. 2 26,259 4,691 553 3,929 9,930 7,156 25,742 37,148 16,661 3,791 203 2,268 14,225 7,459 9 25,439 3,941 537 3,925 9,891 7,145 25,674 35,843 16,248 3,510 207 2,302 13,576 7,390 16 25,369 4,078 526 3,233 10,355 7,177 25,803 38,114 18,388 3,882 192 2,354 13,298 7,210 23 24,785 3,837 530 3,181 10,139 7,098 26,065 37,894 18,524 3,777 205 2,486 12,902 7,405 Mar. 2 24,654 3,837 526 3,195 10,085 7,011 26,030 38,217 18,525 3,836 202 2,270 13,384 7,478 9 23,930 3,313 518 3,151 10,072 6,876 25,935 35,858 16,553 3,652 213 2,297 13,143 7,620 16 24,093 3,474 522 3,139 10,278 6,680 25,974 40,131 19,769 4,117 209 2,310 13,726 7,552 23 23,415 2,957 492 3,126 10,295 6,545 25,867 36,972 16,466 3,657 201 2,395 14,253 7,507 30 23,689 3,236 508 3,071 10,345 6,529 26,019 36,360 16,474 3,620 191 2,442 13,633 7,591 For notes see p. 465. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 WEEKLY REPORTING BANKS 461 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, JULY 1965-DECEMBER 1966—Continued (In millions of dollars) Investments Cash assets U.S. Government securities Other securities Obligations Wednesday Total Bills c C t a if t e e i r ­ s ­ No m te a s t u an ri d n e b — onds o p s f o u a l b S i n d t t i d a i c t v a e . l s O co t s h e r e p c a r u . n s r b t d i o o t i n c es k ds s , Total p i C r t c e o o i a o n m c s f l e . h s s s b a m w B d a n e n c i o a s t e l k h ­ t ­ i s s c b a w e B f a n i o n a c g it r l e k n h ­ ­ s s C e c a n o n u c i d r n y - s b F w e R a r . n i v R e t k h e ­ . s s a o s A t s h e l e l t r s Certif. W i i n t h­ 1 to After w Ta a x r­ All of O se t c h u e ­ r 1 yr. 5 yrs. 5 yrs. rants 3 other p p a a t r i t o ic n i ­ 4 rities 1966 24,014 3,526 510 3,186 10,339 6,453 26,124 39,340 18,799 3,824 201 2,223 14,293 7,440 * 13............ 23,974 3,522 509 3,111 10,326 6,506 26,074 39,708 19,126 3,969 199 2,520 13,894 7,405 20........... 24,357 3,793 506 3,132 10,359 6,567 26,661 39,025 18,400 3,801 203 2,445 14,176 7,361 27........... 24,136 3,528 509 3,166 10,365 6,568 26,753 38,665 17,726 4,133 195 2,469 14,142 7,274 24,037 3,416 529 3,151 10,357 6,584 26,708 39,635 18,502 3,955 193 2,217 14,768 7,550 ' 11........... 24,025 3,450 527 3,152 10,327 6,569 26,691 38,132 18,120 4,121 193 2,416 13,282 7,338 18........... 23,152 3,122 584 2,667 10,184 6,595 26,662 38,789 18,274 4,023 199 2,396 13,897 7,381 25............ 22,808 2,764 576 2,762 10,182 6,524 27,131 37,177 17,205 3,941 177 2,468 13,386 7,512 22,953 2,900 566 2,722 10,228 6,537 26,981 39,850 19,861 4,456 182 2,371 12,980 7,745 8........... 22,469 2,422 558 2,732 10,223 6,534 27,289 36,966 16,644 4,043 196 2,361 13,722 7,650 15........... 22,805 2,666 575 3,014 9,956 6,594 27,046 41,552 21,029 4,292 194 2,388 13,649 7,488 22........... 22,238 2,072 577 3,109 9,903 6,577 27,049 40,250 18,826 4,120 189 2,472 14,643 7,523 29........... 22,121 2,250 578 2,962 9,714 6,617' 2,642 21,001 1,321 2,369 38,223 17,833 3,901 200 2,51413,775 7,638 22,714 2,395 598 3,219 9,752 6,750 2,725 21,317 1,354 2,458 43,429 22,244 4,500 190 2,343 14,152 7,610 ' 13 22,528 2,252 600 3,150 9,744 6,782 2,727 21,366 1,316 2,344 41,965 21,179 4,174 216 2,553 13,843 7,616 20 22,586 2,306 600 3,173 9,739 6,768 2,717 21,443 1,315 2,314 41,644 19,981 4,382 190 2,499 14,592 7,631 27........... 22,570 2,294 606 3,313 9,673 6,684 2,790 21,229 1,281 2,434 38,761 17,826 3,926 204 2,546 14,259 7,623 22,287 2,133 563 3,099 9,712 6,780 2,872 21,284 1,104 2,243 39,058 18,286 4,017 195 2,341 14,219 7,809 ~ 10........... 22,135 1,990 565 3,189 9,610 6,781 2,841 21,160 1,101 2,227 37,357 17,143 3,769 195 2,420 13,830 7,738 17........... 22,140 2,128 758 3,164 9,461 6,629 2,863 21,220 1,092 2,203 38,283 18,211 3,971 188 2,437 13,476 7,643 24........... 22,179 2,217 732 3,177 9,469 6,584 2,847 21,104 1,082 2,246 36,007 16,256 3,609 187 2,496 13,459 7,564 31........... 23,474 3,491 735 3,193 9,444 6,611 2,973 21,125 1,090 2,212 37,570 18,053 3,872 196 2,494 12,955 7,912 22,749 2,872 738 3,158 9,414 6,567 3,015 21,209 1,112 2,198 39,186 18,758 3,932 204 2,435 13,857 7,772 ' 14........... 22,840 3,060 743 3,102 9,407 6,528 3,026 21,152 1,096 2,263 42,044 20,802 4,412 204 2,608 14,018 7,714 21. 22,663 2,881 732 3,121 9,381 6,548 2,951 21,239 1,100 2,279 39,730 18,594 4,091 200 2,562 14,283 7,563 28........... 23,127 3,355 739 3,168 9,276 6,589 2,995 21,171 1,104 2,230 37,783 17,438 3,734 191 2,623 13,797 7,779 Oct. 5........... 22,332 2,632 726 3,232 9,209 6,533 3,023 21,118 1,110 2,202 41,585 19,969 3,847 217 2,329 15,223 7,804 12........... 21,784 2,181 706 3,239 9,147 6,511 2,998 21,061 1,101 2,179 40,521 20,132 4, 125 193 2,566 13,505 7,785 19........... 23,045 3,465 696 3,245 9,166 6,473 2,879 21,008 1,102 2,204 40,251 18,828 4,356 200 2,561 14,306 7,724 26........... 22,699 3,154 695 3,286 9,159 6,405 2,911 20,891 1,114 2,228 39,150 18,086 3,918 216 2,645 14,285 7,5?7 22,810 3,196 671 3,321 9,181 6,441 2,638 20,928 971 2,231 40,639 18,768 3,936 205 2,452 15,278 7,686 9........... 22,482 2,888 659 3,337 9,160 6,438 2,415 20,870 971 2,192 40,697 20,562 3,946 241 2,542 13,406 7,801 16........... 22,507 2,606 276 3,194 10,397 6,034 2,266 20,974 962 2,209 42,719 21,496 4.265 223 2,533 14,202 7,697 23............ 22,512 2,673 271 3,218 10,318 6,032 2,207 20,897 954 2,182 39,933 19,724 3,957 227 2,483 13,542 7,618 30........... 23,438 3,583 266 3,236 10,333 6,020 2,227 20,950 930 2,278 42,069 19,964 4,408 237 2,755 14,705 7,897 23,223 3,382 263 3,236 10,328 6,014 2,259 21,147 907 2,208 39,044 18,222 3,955 231 2,649 13,987 7,836 14........... 24,010 4,070 265 3,287 10,337 6,051 2,251 21,130 926 2,227 42,007 20,898 3,980 240 2,885 14,004 7,877 21 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 7,846 28............ 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 For notes see p. 465. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

462 WEEKLY REPORTING BANKS MARCH 1967 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, JULY 1965-DECEMBER 1966—Continued (In millions of dollars) Deposits Demand Time Total Wednesday unad­ States Do­ Foreign IPC States Foreign justed and mes­ and Do­ Total 5 IPC p i o c l a i l t ­ G U o . v S t . . co ti m c ­ Com­ Total 7 p i o c l a i l t ­ m ti e c s ­ Com­ d s i u v b i ­ ­ m ci e a r l ­ G et o c. v t 6 , m ci e a r l ­ S in a g v s ­ Other d su iv b i ­ ­ i b n a t n e k r­ G e o tc v . t, m ci e a r l ­ sions banks banks sions banks 1965 July 7....................... 187,061 106,594 74,061 5,391 7,452 12,771 706 1,382 80,467 48,314 20,821 6,380 554 3,972 238 14....................... 186,483 105,472 75,376 5,159 6,391 12,281 665 1,387 81,011 48,486 21,098 6,433 553 4,004 243 21....................... 183,843 102,598 73,960 4,975 6,331 11,406 729 1,291 81,245 48,574 21,195 6,473 554 4,019 237 28....................... 182,589 100,973 73,540 5,334 5,401 10,792 705 1,337 81,616 48,632 21,420 6,493 561 4,078 238 Aug. 4....................... 184,418 102,651 72,860 5,797 5,694 12,161 687 1,309 81,767 48,755 21,449 6,487 561 4,089 233 H....................... 182,708 100,651 72,617 5,274 5,222 11,526 700 1,310 82,057 48,867 21,490 6,609 556 4,110 234 18....................... 183,346 101,074 72,028 5,125 6,343 11,750 654 1 ,294 82,272 48,955 21,633 6,609 568 4,080 236 25....................... 182,065 99,458 71,858 5,186 5,450 11,268 646 1,257 82,607 49,014 21,808 6,670 587 4,103 235 Sept. 1....................... 185,305 102,491 73,684 5,544 4,246 12,474 666 1,291 82,814 49,078 21,867 6,749 586 4,111 235 8....................... 182,639 99,606 73,330 5,080 2,422 12,743 674 1,352 83,033 49,192 22,064 6,744 585 4,027 234 15....................... 190,627 108,462 80,056 5,443 2,899 13,388 771 1,290 82,165 49,228 21,310 6,573 604 4,034 232 22....................... 186,762 104,155 74,692 5,084 5,795 12,182 746 1,295 82,607 49,374 21,484 6,673 608 4,043 242 29....................... 186,776 103,540 73,839 5,397 5,946 11,986 791 1,379 83,236 49,605 21,891 6,716 613 3,985 244 Oct. 6....................... 185,336 101 ,634 74,046 5,328 2,707 13,221 692 1,320 83,702 49,790 22,190 6,644 609 4,048 242 13....................... 191,914 107,984 77,848 5,056 4,883 13,470 748 1,357 83,930 49,872 22,334 6,674 613 4,016 242 20....................... 188,760 104,625 76,809 4,924 4,120 12,338 795 1,340 84,135 49,956 22,480 6,661 610 3,993 253 27....................... 186,941 102,478 76,246 5,289 3,121 11,758 709 1,337 84,463 50,015 22,662 6,741 607 4,023 238 Nov. 3....................... 190,771 106,605 77,058 6,071 2,712 13,559 712 1,343 84,166 50,107 22,254 6,707 599 4,083 233 10....................... 188,482104,108 75,970 5,709 1 ,704 13,255 773 1,349 84,374 50,235 22,329 6,763 596 4,046 226 17....................... 189,786 105,447 77,352 5,388 3,114 12,991 762 1 ,314 84,339 50,289 22,223 6,803 587 4,030 230 24....................... 188,387 103,687 75,857 5,482 4,124 11,947 751 1,289 84,700 50,364 22,449 6,871 617 3,993 228 Dec. 1....................... 192,501 107,830 77,879 5,922 4,031 12,876 734 1,311 84,671 50,408 22,400 6,880 623 3,962 222 8....................... 188,857 104,003 76,552 5,699 2,029 13,151 720 1 ,321 84,854 50,469 22,532 6,902 624 3,921 232 15....................... 196,937 112,499 83,649 5,556 2,248 13,518 774 1,304 84.438 50,479 21,826 7,241 575 3,913 227 22....................... 195,988 111,099 80,944 5,514 3,926 13,340 796 1,370 84,889 50,508 22,045 7,397 583 3,945 234 29....................... 195,499 110,201 81,070 5,854 4,059 12,399 873 1,446 85,298 50,694 22,111 7,526 584 3,970 230 1966 Jan. 5....................... 197,295 111,851 80,693 5,857 3,784 14,000 778 1,364 85,444 50,737 22,258 7,484 560 3,979 228 12 193,720 108,074 80,931 5,178 1,694 13,282 768 1,391 85,646 50,580 22,583 7,526 577 3,954 235 19....................... 193,481 107,613 79,987 5,357 2,224 13,005 830 1,342 85,868 50,492 22,965 7,436 600 3,949 233 26....................... 190,633 104,352 78,330 5,318 2,621 11,605 742 1,387 86,281 50,421 23,345 7,429 631 4,023 236 Feb. 2....................... 192,261 106,308 78,172 6,020 3,364 11,951 751 1,381 85,953 50,351 23,179 7,359 649 3,992 234 9....................... 188,563 102,301 75,538 5,502 2,593 11,969 689 1,389 86,262 50,405 23,451 7,351 660 3,980 229 16....................... 191,618 105,316 76,922 5,363 4,170 12,298 707 1,394 86,302 50,397 23,491 7,361 659 3,986 228 23....................... 190,939 104,436 76,334 5,341 3,672 12,133 720 1 ,401 86,503 50,423 23,704 7,361 661 3,950 227 Mar. 2....................... 192,626 105,852 77,169 5,975 3,371 12,587 758 1,391 86,774 50,410 23,962 7,400 648 3,948 230 9....................... 188,502 101,377 75,749 5,443 1 ,274 12,114 703 1,383 87,125 50,460 24,258 7,412 653 3,937 231 16....................... 196,096 109,200 80,509 5,394 2,945 12,931 728 1,391 86,896 50,482 23,996 7,414 658 3,936 227 23....................... 190,924 103,561 75,750 5,515 4,069 11,652 646 1 ,370 87,363 50,478 24,466 7,433 666 3,904 230 30....................... 192,037 103,818 76,028 6,103 3,476 11,511 636 1 ,414 88,219 50,510 25,146 7,547 658 3,946 230 For notes see p. 465. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 WEEKLY REPORTING BANKS 463 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, JULY 1965-DECEMBER 1966—Continued (In millions of dollars) Deposits Demand Time Total Wednesday unad­ States Do­ Foreign IPC States Foreign justed and mes­ and Do­ Total 5 IPC p s i o u c l a b i l t ­ ­ G U o . v S t . . c m o ti e m c r ­ ­ Govt, C m o e m r­ ­ Total 7 Sav­ Other p s i o u c l a b i l t ­ ­ i m n t t i e e c s r ­ ­ Govt, C m o e m r­ ­ divi­ cial etc. 6 cial ings divi­ bank etc. cial sions banks banks sions banks 1966 Apr. 6....................... 195,149 106,784 77,926 5,598 2,177 12,963 650 1,432 88,365 49,695 26,210 7,400 672 3,974 235 13....................... 195,319 106,832 80,784 5,488 840 12,674 674 1,443 88,487 49,213 26,673 7,564 674 3,952 235 20....................... 195,629 106,938 80,888 5,785 971 12,116 774 1 ,408 88,691 48,849 26,806 7,841 667 4,119 231 27....................... 196,850 107,790 79,009 5,946 4,260 11,799 616 1,451 89,060 48,711 27,110 7,929 650 4,246 242 May 4....................... 197,333 108,234 76,790 6,508 5,498 12,320 711 1,465 89,099 48,634 27,271 7,902 632 4,261 231 11....................... 195,876 106,439 76,614 6,333 5, 129 12,007 656 1,415 89,437 48,590 27,433 8,012 665 4,331 243 18....................... 195,223 105,472 74,867 5,800 6,139 11,972 656 1,411 89,751 48,550 27,846 7,932 672 4,338 253 25....................... 194,459 104,467 74,463 5,914 5,694 11,387 635 1,397 89,992 48,464 28,095 7,955 668 4,403 248 June 1....................... 199,361 109,353 77,467 6,528 5,029 12,686 722 1,464 90,008 48,426 28,272 7,898 657 4,349 249 8....................... 192,529 102,323 74,897 6,041 2,366 12,278 661 1,436 90,206 48,391 28,591 7,816 654 4,346 250 15....................... 199,933 110,786 82,528 5,898 1,994 12,675 707 1,414 89,147 48,339 27,708 7,700 657 4,338 249 22....................... 198,367 108,834 77,485 5,676 6,178 12,166 643 1,393 89,533 48,319 28,081 7,746 661 4,318 250 29....................... 196,403 107,169 74,679 6,103 7,678 11,422 778 1,497 89,234 47,818 28,427 7,599 646 4,346 227 July 6....................... 204,532 114,179 77,943 5,938 7,851 14,006 772 1,502 90,353 48,047 29,302 7,638 657 4,303 228 13....................... 200,916 110,072 78,348 5,376 5,422 13,041 716 1,408 90,844 47,683 30,080 7,742 650 4,285 230 20....................... 200,528 109,535 77,873 5,428 5,609 12,772 762 1,485 90,993 47,561 30,382 7,753 652 4,247 224 27....................... 195,924 104,989 76,382 5,555 4,434 11,617 644 1,468 90,935 47,443 30,551 7,769 654 4,127 234 Aug. 3....................... 196,533 105,509 75,914 5,986 4,310 12,266 670 1,472 91,024 47,386 30,626 7,811 663 4,144 235 10....................... 194,130 102,966 74,548 5,607 3,678 12,246 635 1,503 91,164 47,364 30,771 7,842 660 4,135 233 17....................... 194,926103,486 76,993 5,415 2,445 12,346 698 1,376 91,440 47,341 30,943 7,946 669 4,124 258 24....................... 191,161 99,660 73,882 5,440 2,462 11,426 680 1,385 91,501 47,295 31,047 7,980 659 4,098 259 31....................... 195,763 104,509 76,597 5,738 3,177 12,058 677 1,407 91,254 47,228 30,859 7,974 655 4,103 271 Sept. 7....................... 195,333 104,251 76,342 5,462 2,217 13,248 636 1,443 91,082 47,196 30,816 7,905 659 4,099 244 14....................... 198,422 107,531 80,947 5,218 1,375 13,401 591 1,424 90,891 47,142 30,582 8,001 660 4,109 230 21................... 196,808 106,357 77,949 5,224 3,848 12,624 586 1,507 90,451 47,155 30,373 7,851 636 4,037 230 28....................... 195,091 104,712 76,125 5,696 4,512 11,710 725 1,421 90,379 47,237 30,304 7,784 633 4,028 220 Oct. 5....................... 198,089 108,033 77,065 5,899 4,244 13,251 648 1,415 90,056 47,192 30,147 7,696 611 4,018 222 12....................... 195,810 105,894 78,181 5,267 2,058 13,544 635 1,453 89,916 47,085 30,102 7,731 602 4,005 223 19. ..................... 196,908 107,776 78,638 5, 160 4,328 12,886 834 1,464 89,132 47,014 29,513 7,664 585 3,952 229 26....................... 194,729 105,562 77, 184 5,553 3,491 11,947 676 1,467 89,167 47,022 29,441 7,674 572 4,063 234 Nov. 2..................... 196,127 107,392 77,517 6,614 3,460 12,692 745 1,455 88,735 46,962 29,197 7,569 537 4,098 216 9....................... 194,674105,995 76,449 5,757 2,318 13,719 685 1,369 88,679 47,014 29,141 7,519 531 4,095 213 16....................... 196,337 108,039 80,344 5,742 1,473 13,383 703 1,433 88,298 46,977 28,854 7,444 525 4,114 217 23....................... 192,903 104,561 77,222 5,711 2,037 12,465 654 1,421 88,342 46,972 28,907 7,527 484 4,054 228 30....................... 197,200108,817 79,359 6,300 2,779 13,077 747 1,441 88,383 46,924 28,944 7,625 481 4,032 212 Dec. 7....................... 193,148 104,675 77,194 5,762 1,733 13,001 705 1,382 88,473 46,934 28,881 7,691 497 4,103 208 14....................... 198,216 109,600 81,929 5,895 1,000 12,934 675 1,399 88,616 46,872 28,751 7,955 500 4,180 205 21....................... 201,291 112,398 82,332 5,908 3,517 13,383 687 1,471 88,893 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 For notes see p. 465. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

464 WEEKLY REPORTING BANKS MARCH 1967 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, JULY 1965-DECEMBER 1966—Continued (In millions of dollars) Borrowings Memoranda Total assets'—■ Total Total Large certificates Wednesday B F F a r . o n R m k . s o F t r h o e m rs lia O b t i h li e ti r e s a C cc a o p u it n a t l s l a i c c a a c b a p o i n l i u d i t t a n ie l t s s ad T j ( l u o n o s a e t t n t a e ) s d l , 8 a a d l ( n j o n u d a e s n t t i ) e n s , d ­ , a D d d e e ju p m s o t a s e n i d t d s 9 Total of d I e ss p u o e s d it l o Issued vestments8 issued to IPC’s to others 1965 July 7........................ 381 4,259 7,161 17,983 216,845 118,566 170,287 68,795 15,587 14....................... 169 4.419 7,369 17,947 216,387 118,117 169,765 68,905 15.662 21....................... 212 4,067 7,266 17,935 213,323 117,381 168.918 69,114 15,986 28....................... 486 3,943 7,342 17,960 212,320 116,919 168,638 69,951 16,242 354 4,703 7,382 18,042 214,899 117,709 169,554 69,093 16,223 “ 11....................1..9..9 4,380 7,518 18,047 212,852 117,517 169,229 68,639 16,403 18....................... 241 4,730 7,745 18,011 214,073 118,356 169,896 67,334 16,408 25....................... 342 4,215 7,727 18,028 212,377 118,290 169,756 68,549 16,571 46 4,072 7,947 18,088 215,458 119,535 171,153 69,330 16,637 ' 8....................... 354 4,654 8,032 18,084 213,763 118,451 169,715 68,909 16,669 15....................... 147 4,802 7,986 18,051 221,613 120,804 172.488 72,206 15.852 22....................... 827 4,111 7,993 18,049 217,742 120,432 172,256 69,549 16,050 29....................... 28 3,921 7,880 18,066 216,671 120,297 171,845 70,051 16,300 392 4,981 7,871 18,171 216,751 120,180 171,426 69,561 16,541 13....................... 849 4,847 7,944 18,167 223,721 120,814 173,914 69,861 16,435 20....................... 311 4,923 7,812 18,152 219,958 120.427 173,596 71,184 16,537 27........................ 242 4,946 7,860 18,195 218,184 120,305 173,331 71,767 16,513 501 4,909 7,948 18,300 222,429 121,277 173,572 71,178 16.369 10....................... 77 5,686 8,164 18,302 220,711 121,089 172,744 70,435 16,538 17....................... 200 5,672 8,424 18,275 222,357 122,404 173,679 70,591 16,546 24....................... 660 4,731 8,279 18,238 220,295 121,802 174,065 70,209 16,748 141 5,004 8,222 18,355 224,223 123,315 175,589 72,361 16,638 8....................... 77 4,272 8,204 18,335 219,745 122,182 174,276 72,265 16,650 15....................... 38 5,525 8,262 18,321 229,083 125,203 177,610 76,081 15,919 22.. ......... 203 5,351 8,079 18,314 227,935 125,556 178,398 74,418 16,102 29........................ 390 5,795 7,967 18,374 228,025 125,789 178,600 75,901 16,251 1966 567 5,672 7,434 18,339 229,307 125,597 178,163 75,499 16,093 12....................... 66 5,915 7,570 18,348 225,619 125,048 176,954 74,367 16,201 19....................... 17 4,512 8,002 18,314 224,326 124,438 177,086 74,465 16,293 21........................ 827 4,769 7,964 18,328 222,521 123,796 176,040 73,971 16,613 Feb. 2........................ 490 4,838 8,066 18,411 224,066 124,665 176,666 74,332 16,479 9................... 318 4,907 8,242 18,430 220,460 123,482 174,595 71,491 16,657 16....................... 585 4,584 8,335 18,388 223,510 124,599 175,771 70,460 16,573 23....................... 534 5,507 8,505 18,378 223,863 124,433 175,283 70,107 16,700 Mar. 2....................... 483 4,416 8,492 18,455 224,472 125,691 176,375 71,369 16,843 9....................... 347 5,238 8,698 18,449 221,234 124,711 174,576 71,436 17,006 16....................... 15 4,745 8,694 18,411 227,961 127,417 177,484 73,555 16,577 23....................... 530 4,702 8,685 18,412 223,253 126,653 175,935 71,374 16,939 30..................... 388 4,942 8,334 18,432 224,133 127,207 176,915 72,357 17,409 For notes see p. 465. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 WEEKLY REPORTING BANKS 465 ASSETS AND LIABILITIES OF LARGE COMMERCIAL HANKS, JULY 1965-DECEMBER 1966—Continued (In millions of dollars) Borrowings Memoranda Total assets— Wednesday B F F a r . o n R m k . s o F t r h o e m rs lia O b t i h li e ti r e s a C cc a o p u it n a t l s l a i c c a T a c b a p o o i n l i t u i d t a t n a i l e l t s s ad T l ( j o n u o a e s t n t t a ) e s l , d 8 a a d T ( l n j o n u o d a e s t n t a t i ) e s n l , d ­ , a D d d e j e u p m s o t a s e i n d t d s 9 Total La o r f g e d I e s c s p e u o r e t s i d f it i c i a ° tes Issued vestments 8 issued to I PC’s to others 1966 Apr. 6........................ 593 4,776 7,916 18,598 227,032 127,262 177,400 72,845 17,445 ..................... 13........................ 145 4,997 8,226 18,592 227,279 127,375 177,423 74,192 17,514 20....................... 1,440 4,395 8,351 18,558 228,373 128,593 179,611 75,451 17,579 27....................... 52 4,112 8,351 18,579 227,944 128,357 179,246 74,005 17,700 ..................... May 4....................... 721 4,609 8,31 1 18,694 229,668 129,152 179,897 71,914 17,618 II........................ 54 4,865 8,448 18,678 227,921 128,825 179,541 71,183 17,764 18....................... 646 4,471 8,669 18,654 227,663 129,145 178,959 69,087 17,964 25....................... 173 4,485 8,859 18,644 226,620 128,895 178,834 70,181 18,046 June 1....................... 158 4,608 8,731 18,726 231,584 130,610 180,544 71,777 17,982 8........................ 720 4,511 8,870 18,735 225,365 128,879 178,637 71,035 18,013 15........................ 565 5,054 8,890 18,695 233,137 131,198 181,049 75,088 17,382 22........................ 620 5,628 8,983 18,698 232,296 132,361 181,648 71,664 17,599 29........................ 475 5,742 8,860 18,414 229,894 131,338 180,792 70,236 18,250 12,960 5,290 July 6........................ 90 5,548 8,948 18,812 237,930 133,389 183,957 70,078 18,187 13,079 5,108 13....................... 260 6,803 9,064 18,802 235,845 132,400 182,681 70,430 18,375 13,234 5,141 20........................ 133 5,350 9,443 18,766 234,220 132,098 182,473 71,173 18,305 13,142 5,163 27........................ 778 5,593 9,793 18,789 230,877 131,529 181,833 71,112 18,294 13,184 5,110 Aug. 3........................ 801 5,762 9,772 18,896 231,764 132,373 182,163 70,647 18,271 13,117 5,154 10....................... 361 6,349 9,825 18,907 229,572 131,848 181,312 69,899 18,414 13,107 5,307 17....................... 162 6,242 10,072 18,887 230,289 131,630 181,148 70,484 18,588 13,192 5,396 24....................... 603 6,290 10,089 18,881 227,024 130,727 180,185 69,516 18,335 12,927 5,408 30........................ 180 5,966 10,279 18,993 231,181 131,236 182,110 71,221 18,194 12,814 5,380 Sept. 7........................ 525 6,083 10,405 18,980 231,326 131,058 181,341 70,028 18,014 12,630 5,384 14.............. . . . . 123 6,247 10,793 18,937 234,522 131,388 181,765 71,953 17,709 12,278 5,431 21....................... 769 5,511 10,777 18,927 232,792 132,677 182,909 71,291 17,217 11 ,977 5,240 28....................... 833 5,471 10,793 18,955 231,143 132,012 182,639 71,052 16,996 11,804 5,192 Oct. 5........................ 614 6,549 10,566 19,036 234,854 132,508 182,293 70,569 16,700 11,525 5,175 12........................ 355 6,309 10,823 19,052 232,349 131,941 181,064 70,160 16,645 11,440 5,205 19....................... 722 6,003 10,748 19,011 233,392 132,056 182,294 71,734 15,963 10,833 5,130 26........................ 451 5,713 10,699 19,017 230,609 131,058 180,901 72,038 15,918 10,773 5,145 Nov. 2........................ 711 5,760 10,825 19,139 232,562 131,986 181,564 72,472 15,738 10,621 5,117 9........................ 441 6,782 11,479 19,158 232,534 131,636 180,566 69,396 15,748 10,609 5,139 16........................ 443 6,920 11,967 19,103 234,770 131,894 180,812 71,687 15,563 10,467 5,096 23........................ 250 6,784 11,693 19,070 230,700 131,024 179,776 70,335 15,528 10,503 5,025 30....................... 325 6,693 11,359 19,199 234,776 131,551 181,374 72,997 15,498 10,508 4,990 Dec. 7........................ 218 6,700 11,727 19,180 230,973 131,140 180,884 71,719 15,511 10,460 5,051 14....................... 245 6,739 11,793 19,142 236,135 132,270 182,814 74,768 15,424 10,274 5,150 21....................... 218 6,602 11,686 19,122 238,919 133,959 185,218 75,283 15,453 10,171 5,282 28....................... 891 6,771 11,348 19,136 242,267 134,571 185,981 74,983 15,659 10,345 5,314 1 After deduction of valuation reserves. Note.—Beginning June 29, 1966, coverage of series was changed 2 Individual items shown gross. from Weekly Reporting Member Banks to Weekly Reporting Large 3 Includes short-term notes and bills (less than 1 year to maturity) Commercial Banks and to reflect certain adjustments. For descrip­ issued by States and political subdivisions. tion of the revision, see Aug. 1966 Bulletin, pp. 1137-40. Revised 4 Federal agencies only. data from July 7, 1965, through June 22, 1966, shown here, reflect 5 Includes certified and officers’ checks, not shown separately. the above changes and are comparable with the new series. 6 Deposits of foreign governments and official institutions, central Data for detailed breakdown of “All other loans,” of “Other banks, and international institutions. _ 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” are not available before 8 Exclusive of loans to domestic commercial banks. June 29, 1966. 9 All demand deposits except U.S. Government and domestic com­ For adjustment bank figures see Feb. 1967 Bulletin, pp. 266-69. mercial banks, less cash items in process of collection. * o Certificates of deposit issued in denominations of $100,000 or more. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

466 BUSINESS LOANS OF BANKS, 1966 MARCH 1967 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING BANKS (In millions of dollars) Wednesday Industry Jan. Jan. Jan. Jan. Feb. Feb. Feb. Feb. Mar. Mar. Mar. Mar. Mar. 5 12 19 26 2 9 16 23 9 16 23 30 Durable goods manufacturing: Primary metals................................. 881 888 896 883 869 864 876 874 902 929 958 964 971 Machinery............................................... 2,895 2,870 2,844 2,831 2,869 2,864 2,919 2,910 2,971 2,965 3,102 3,058 3,075 Transportation equipment................ 1,161 1,168 1,133 1,124 1,143 1,172 1,209 1,177 1 ,209 1,177 1,274 1,300 1,321 Other fabricated metal products. .. 1,445 1,457 1,447 1,442 1,442 1,440 1 ,462 1,436 1,436 1.359 1,439 1,439 1^451 Other durable goods........................... 1,541 1 ,594 1,569 1,550 1,545 1,557 1,559 1,574 1,592 1,622 1,671 1,675 1,677 Nondurable goods manufacturing: Food, liquor, and tobacco............ 2,367 2,354 2,353 2,340 2,322 2,343 2,395 2,364 2,371 2,348 2,425 2,386 2,351 Textiles, apparel, and leather........... 1,512 1,510 1,484 1,485 1,534 1,588 1,653 1,675 1,725 1,775 1,855 1,862 1,855 Petroleum refining................................ 1,572 1,564 1,577 1,606 1,608 1,624 1,628 1,630 1,635 1,632 1,655 1,661 1,639 Chemicals and rubber......................... 1,773 1,773 1,801 1,804 1,852 1,844 1,909 1,927 1,936 1,936 2,069 2,099 2,116 Other nondurable goods.................... 1,131 1,141 1,148 1,148 1,155 1,161 1,178 1,174 1,179 1,187 1,240 1,238 1,250 Mining, including crude petroleum and natural gas........................ 3,733 3,743 3,740 3,721 3,686 3,687 3,694 3,685 3,669 3,668 3,699 3,719 3,711 Trade: Commodity dealers.................... 1,470 1,479 1,480 1,480 1,485 1,477 1,482 1,475 1,451 1,420 1,454 1,411 1,375 Other wholesale........................... 2,709 2,669 2,634 2,616 2,609 2,631 2,630 2,642 2,662 2,648 2,710 2,725 2,722 Retail............................................... 2,986 2,929 2,935 2,869 2,888 2,814 2,895 2,925 3,013 2,988 3,106 3,129 3,086 Transportation, communication, and other public utilities................ 6,104 6,066 5,963 5,919 5,913 5,885 5,879 5,918 5,870 5,857 5,947 5,938 6,007 Construction................................................ 2,532 2,532 2,553 2,544 2,552 2,536 2,557 2,545 2,547 2,538 2,578 2,554 2,583 All other: Bankers’ acceptances....................... 680 661 628 657 633 643 651 663 630 580 569 571 695 All other types of business, mainly services............................................. 6,400 6,416 6,419 6,419 6,424 6,437 6,447 6,449 6,468 6,483 6,543 6,546 6,582 Total classified loans................................ 42,892 42,814 42,604 42,43842,529 42,567 43,023 43,043 43,266 43,112 44,294 44,275 44,467 Commercial and industrial loans—■ All weekly reporting banks.. ^50,837 ’’50,764 ’■50,504 ’•50,32250,462 50,476 51,008 51,059 51,315 51,158 52,438 52,470 52,640 Wednesday Industry Apr. Apr. Apr. Apr. May May May May June June June June June June 6 13 20 27 4 11 18 25 1 8 15 22 29 291 Durable goods manufacturing: Primary metals................................. 963 974 962 972 997 1,057 1,013 1,013 1,025 1,032 1 ,060 I ,082 1 ,051 1 ,085 Machinery.............................................. 3,043 3,015 3,013 3,016 3,087 3,068 3,114 3,112 3,199 3,214 3,364 3,509 3,542 3,543 Transportation equipment................. 1,298 1,324 1,331 1 ,339 1,370 1,325 1,375 1,388 1,417 1 ,390 1,558 1,550 1,554 1 ,527 Other fabricated metal products. . . 1,451 1,473 1,470 1,459 1,484 1,506 1,500 1 ,493 1,490 1 ,497 1,560 t ,585 1 ,620 1,602 Other durable goods............................ 1,698 1,73! 1,721 1,715 1,745 1,759 1,772 1 ,768 1,776 1,796 1,857 1 ,890 1,911 1,903 Nondurable goods manufacturing: Food, liquor, and tobacco................ 2,306 2,297 2,262 2,231 2,207 2,202 2,211 2,165 2,177 2,097 2,212 2,193 2,234 2,233 Textiles, apparel, and leather........... 1,858 1,870 1,879 1,858 1,890 1,917 1,955 1,923 1,941 1,985 2,037 2,078 2,080 2,099 Petroleum refining................................ 1,619 1,631 1,627 ■ 1,633 1,662 1,685 1,749 1 ,779 1,812 1,838 1,865 1,871 I ,746 1,867 Chemicals and rubber......................... 2,121 2,110 2,119 2,000 1,994 2,006 2,007 2,025 2,044 2,045 2,110 2,139 2,139 2,135 Other nondurable goods.................... 1,259 1,260 1,279 1,281 1,296 1,309 1,360 1,349 1,353 1,356 1,437 1 ,456 1,466 1 ,465 Mining, including crude petroleum and natural gas.................................. 3,706 3,728 3,713 3,711 3,714 3,714 3,725 3,756 3,751 3,762 3,770 3,792 3,937 3,801 Trade: Commodity dealers.................... 1,346 1,331 1,289 1 ,265 1,254 1,221 1 ,220 1,192 1,154 1,125 1,128 1,126 1,153 1,148 Other wholesale........................... 2,731 2,736 2,755 2,773 2,783 2,783 2,796 2,778 2,781 2,767 2,799 2,826 2,877 2,828 Retail.............................................. 3,133 3,125 3,316 3,275 3,302 3,280 3,426 3,386 3,433 3,335 3,451 3,582 3,552 3,520 Transportation, communication, and other public utilities........................ 5,733 5,760 5,734 5,711 5,843 5,849 5,852 5,825 5,926 5,907 6,096 6,169 6,350 6,340 Construction............................................... 2,576 2,584 2,593 2,600 2,611 2,620 2,654 2,664 2,659 2,664 2,698 2,725 2,736 2,710 All other: Bankers’ acceptances........................... 750 719 723 716 783 777 753 683 657 598 553 507 464 464 All other types of business, mainly services................................................. 6,618 6,651 6,669 6,680 6,702 6,687 6,737 6,743 6,796 6,754 6,811 6,849 6,808 6,768 Total classified loans............................... 44,20944,31944,45544,23544,72444,76545,219 45,042 45,391 45,162 46,366 46,929 47,220 47,038 Commercial and industrial loans—• All weekly reporting banks........... 52,423 52,583 52,723 52,49553,08453,14253,566 53,454 53,839 53,647 54,889 55,518 55,792 58,246 1 Totals and loans classified by industry were reduced by $165 million For Note, see facing page. because 16 smaller banks no longer report in this series. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 BUSINESS LOANS OF BANKS, 1966 467 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING BANKS—Continued (In millions of dollars) Wednesday Industry July July July July Aug. Aug. Aug. Aug. Aug. Sept. Sept. Sept. Sept. 6 13 20 27 3 10 17 24 31 7 14 21 28 Durable goods manufacturing: Primary metals...................................... 1,068 1,068 1 071 1 067 1 ,062 1,065 1,072 1 ,085 1 ,085 1 095 1,107 1,009 1,010 Machinery............................................. 3,613 3,648 3,653 3 678 3’728 3,739 3 762 3’758 3,662 3’687 3'785 3’924 3 903 Transportation equipment............... 1,540 1,566 1 578 1,572 1,574 1,654 1’717 1,696 1,714 1,754 1,779 1 ,727 1,766 Other*fabricated metal products. . . 1 ;634 1,674 1,667 1,661 1'669 1 ,682 1 ^681 1,658 11647 1 ,647 1'669 1'685 1,674 Other durable goods........................... 1,929 1 ,954 1,957 1,951 1 ,954 1,967 1,981 1,983 1 ,950 1 ,937 1,969 1 ,973 1,981 Nondurable goods manufacturing: Food, liquor, and tobacco........ 2,238 2,212 2,216 2,122 2,104 2, 107 2,189 2, 172 2, 177 2,199 2,186 2,319 2,289 Textiles, apparel and leather.......... 2,128 2'165 2,' 144 2’147 2,167 2'209 2’235 2,231 2,258 2 254 2,257 2'240 2'205 Petroleum refining................................ 1 ,777 l ,762 1,788 1 ’791 1 '790 1 ^769 1 *769 1 '777 1 J76 1 ’791 1 ^796 1'798 1 '775 Chemicals and rubber........................ 2 J 38 2J20 2,093 2,091 2'090 2,121 2’114 2’125 2 J10 2,120 2'161 2'214 2'216 1,488 1 ,501 1,528 1,530 1,'529 1,540 1 ,561 1,566 1'564 1 J 569 1’590 1 399 1 ;592 Mining, including crude petroleum and natural gas,............................... 3,940 3,937 3,962 3,939 3,935 3,912 3 ,902 3,885 3.867 3,852 3,876 4,018 4,023 Trade: Commodity dealers................... 11139 1,174 1,185 I , 177 1 ^286 1 ,288 1 ,255 1,235 1,209 1 ,227 1’195 1' 198 1 ’ 170 Other wholesale........................... 2’887 2,863 2,868 2,863 2^881 2,868 2,846 2^806 2^819 2*828 2'831 2,856 2'870 Retail............................................... 3,560 3,531 3,477 3,476 3,680 3,649 3’499 3,394 3’312 3 348 3 370 3'475 3>04 Transportation, communication, and other public utilities............................. 6,432 6,385 6,451 6,505 6,515 6,475 6,476 6,415 6,407 6,396 6,466 6,632 6,710 Construction............................................... 2,694 2,716 2,718 2,718 2,705 2,693 2,716 2,718 2,691 2,648 2; 665 2; 664 2,636 AU other: Rankers’ acceptances.......................... 453 443 435 410 419 406 378 387 349 360 340 359 363 All other types of business, mainly services....................................... 6,756 6,764 6,758 6,764 6,737 6,743 6,680 6,728 6,679 6,648 6,624 6,712 6,712 Total classified loans............................... 47,414 47,483 47,549 47,462 47,825 47,887 47,833 47,619 47,276 47,360 47,666 48,402 48,299 Commercial and industrial loans— All weekly reporting banks’-......... 58,648 58,767 58,813 58,695 59,007 58,962 58,942 58,646 58,274 58,306 58,642 59,404 59,408 Wednesday Industry Oct. Oct. Oct. Oct. Nov. Nov. Nov. Nov. Nov. Dec. Dec. Dec. Dec. 5 12 19 26 2 9 16 23 30 7 14 21 28 Durable goods manufacturing: Primary metals.......................... 979 971 968 963 961 960 961 956 959 951 957 951 950 Machinery.............................................. 3,947 3,960 3,974 3 ,957 3,886 3,886 3,916 3,947 3,953 3,968 4,022 4,217 4,123 Transportation equipment........ 1 ,784 1,804 1,755 1,761 1 '792 1,819 1,859 1'865 1,885 1,954 2'017 2,017 2'001 Other'fabricated metal products. . . 1 ,641 C638 1,639 1,627 1 1607 1,604 1 ,618 1 ;589 M87 1,578 1'595 G595 1'575 Other durable goods........................... 1,997 1,999 1,986 1,982 1,979 1,989 1,998 1 ,998 1,965 1 ,984 1,999 2,020 1,987 Nondurable goods manufacturing: Food, liquor, and tobacco............... 2,374 2,351 2 424 2 451 2,521 2,577 2 605 2,642 2,642 2 694 2,710 2,827 2,808 Textiles apparel, and leather........... 2'177 2,142 2’087 2 011 2,008 2,023 2’010 1 ,948 1'910 1,880 I '873 I ,829 1 ’825 Petroleum refining................................ 1,769 1 ,773 1,773 1 ,777 1 ,764 1,770 1 .780 1 ,751 1,740 1 ’ 703 1 '701 1 '703 1,613 Chemicals and rubber........................ 2,239 2,239 2'214 2 215 2,198 2,202 2’218 2,221 2'215 2’237 2,249 2,269 2'268 Other nondurable goods.................... 1,592 1,570 1341 1,525 1,522 1^520 I 324 1'508 1’509 Mil 1'509 1 ;529 1’529 Mining, including crude petroleum and natural gas.................................. 3,994 3,999 4,004 3,979 3,955 3,956 3,983 3,961 3,938 3,905 3,915 3,946 3,983 Trade: Commodity dealers.................... 1'178 1 , 178 1,212 1,205 1,261 1,323 1,389 1’385 1,447 1 ,451 1 ’484 1,499 1’482 Other wholesale........................... 2'869 2,877 2’887 2’866 2,889 2,892 2’914 2^918 2,939 2^942 2,932 2,961 2,930 Retail............................................ 3'504 3; 507 3,541 3,513 3,648 3,586 3,750 3^555 3; 570 3,511 3377 3'560 3,473 Transportation, communication, and other public utilities........................ 6,800 6,779 6 795 6,814 6,917 6,889 6,889 6.889 6,975 6,985 7,044 7,176 7,261 Construction............................................... 2,617 2^617 2,618 2,610 2,590 2,587 2'587 2,558 2,534 2,551 2,563 2^554 2’537 All other: Bankers’ acceptances........................... 394 379 352 387 431 418 425 466 447 445 475 475 528 All other types of business, mainly services................................................. 6,732 6,738 6,721 6,730 6,729 6,726 6,724 6,755 6,731 6,698 6,713 6,760 6,715 Total classified loans............................... 48,587 48,521 48,491 48,373 48,658 48,727 49,150 48,912 48,946 48,948 49,235 49,888 49,588 Commercial and industrial loans— All weekly reporting banks’-......... 59,619 59,577 59,548 59,460 59,691 59,816 60,235 59,995 60,010 60,021 60,366 61,111 60,747 Note.—Data for sample of about 200 banks reporting changes in their cent of those of all commercial banks. larger loans; these banks hold about 80 per cent of total commercial and Monthly figures are averages of figures for Wednesday dates, industrial loans of all weekly reporting member banks and about 60 per Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

468 BUSINESS LOANS OF BANKS, 1966 MARCH 1967 COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING AT WEEKLY REPORTING BANKS—Continued (In millions of dollars) Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Durable goods manufacturing: Primary metals.............................................. 887 871 945 968 1,020 1,050 1,068 1,074 1,055 970 959 952 Machinery............................................................... 2,860 2,891 3,034 3,022 3,095 3,366 3,648 3,730 3,825 3,960 3,919 4,083 Transportation equipment.................................. 1,147 1,175 1,256 1,324 1,365 1,494 1,564 1,670 1 ,757 1,776 1,844 1,995 Other fabricated metal products....................... 1,448 1,445 1,425 1,463 1,496 1,550 1,659 1,667 1,669 1,636 1,601 1,586 Other durable goods............................................ 1,564 1,559 1,647 1,716 1,761 1,846 1 ,948 1,967 1,965 1,991 1,987 1,998 Nondurable goods manufacturing: Food, liquor, and tobacco................................. 2,354 2,356 2,376 2,274 2,196 2,183 2,197 2,150 2,248 2,400 2,596 2,760 Textiles, apparel, and leather............................. 1 ,498 1 ,612 1,814 1,866 1,921 2,024 2,146 2,220 2,239 2,104 1,979 1,852 Petroleum refining................................................. 1,580 1,622 1,645 1,628 1,719 1,826 1,780 1,776 1,790 1,773 1,760 1,680 Chemicals and rubber........................................... 1,787 1,883 2,031 2,088 2,008 2,095 2,110 2,112 2,178 2,227 2,213 2,256 Other nondurable goods...................................... 1,142 1,167 1,219 1,270 1,329 1,414 1,512 1,552 1,588 1,557 1,517 1,520 Mining, including crude petroleum and natural gas.................................................. 3,734 3,688 3,693 3,715 3,727 3,802 3,945 3,900 3,942 3,994 3,959 3,937 Trade: Commodity dealers..................................... 1,477 1,480 1,422 1,308 1,222 1,137 1,169 1,255 1,196 1,193 1,361 1,479 Other wholesale............................. 2,657 2,628 2,694 2,748 2,785 2,810 2,870 2,844 2,846 2,875 2,910 2,941 Retail................................................ 2,930 2,880 3,064 3,212 3,348 3,471 3,511 3,507 3,399 3,516 3,622 3,505 Transportation, communication, and other public utilities............................................ 6,013 5,899 5,924 5,734 5,842 6,090 6,443 6,458 6,551 6,797 6,912 7,117 Construction................................................................ 2,540 2,547 2,560 2,588 2,637 2,696 2,712 2,705 2,653 2,616 2,571 2,551 All other: Bankers* acceptances............................................. 656 648 609 727 749 556 435 . 388 356 378 437 481 AH other types of business, mainly services... 6,413 6,439 6,525 6,654 6,717 6,804 6,760 6,713 6,675 6,730 6,733 6,722 Total classified loans.................................................. 42,687 42,790 43,883 44,305 44,937 46,214 47,477 47,688 47,932 48,493 48,880 49,415 Commercial and industrial loans—All weekly reporting banks......................................... 50,607 50,751 52,004 52,556 53,311 54,737 '58,731 ’‘58,766 ’’58,940 '59,551 '59,949 ’•60,561 For Wednesday figures and notes, sec preceding 2 pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 INTEREST RATES, 1966 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime coml. paper bankers’ Federal 3-month bills 5 6-month bills 5 9- to 12-month issues 3- to 5- Period paper, placed accept­ funds year 4- to 6- directly, ances, rate J issues 7 months 1 m 3 o - n to th s 6 - 2 90 days1 o i n R s s a n u t e e e w M y a ie r l k d et on i R s s a n u t e e e w M y a ie r l k d et ( y m i B e a l i d r ll k ) s e 5 t Other 6 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 5.21 5.02 4.96 4.65 4.626 4.58 4.825 4.78 4.81 4.96 4.94 5.38 5.25 5.00 4.67 4.611 4.61 4.742 4.74 4.76 4.87 4.86 5.39 5.38 5.18 4.90 4.642 4.63 4.814 4.81 4.85 4.90 4.94 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 5.85 5.63 5.67 5.53 4.932 4.95 5.189 5.27 5.34 5.52 5.58 5.89 5.67 5.75 5.40 5.356 5.36 5,798 5.79 5.80 5.80 5.62 6.00 5.82 5.72 5.53 5.387 5.33 5.652 5.61 5.52 5.57 5.38 6.00 5.88 5.67 5.77 5.344 5.31 5.604 5,54 5.49 5.45 5.43 6.00 5.88 5.60 5.40 5.007 4.96 5. 108 4.98 5.00 5.10 5.07 Week ending— 1965—Dec. 25... 4.75 4.75 4.63 4.43 4.505 4.46 4.692 4.65 4.65 4.76 4.82 1966—Jan. 1... 4.75 4.75 4.73 4.63 4.457 4.47 4.655 4.66 4.70 4.83 4.90 8... 4.75 4.75 4.75 4.61 4.532 4.53 4.718 4.70 4.69 4.84 4.93 15... 4.78 4.79 4.75 4.59 4.585 4.59 4.737 4.73 4.68 4.82 4.84 22... 4.88 4.88 4.75 3.86 4.673 4.61 4.770 4.73 4.70 4.83 4.86 29... 4.88 4.88 4.75 4.55 4.596 4.57 4.699 4.68 4.67 4.83 4.92 Feb. 5... 4.88 4.88 4.80 4.54 4.638 4.63 4.740 4.75 4.75 4.86 4.96 12... 4.88 4.88 4.88 4.63 4.650 4.63 4.774 4.78 4.77 4.88 5.01 19... 4.88 4.88 4.88 4.59 4.695 4.66 4.876 4.90 4.84 4.94 5.04 26... 4.88 4.88 4.88 4.63 4.696 4.66 4.892 4.87 4.86 4.98 5,04 Mar. 5... 5.00 4.88 4.88 4.63 4.661 4.62 4.861 4.81 4.91 5.00 5.03 12... 5.00 4.88 4.93 4.68 4.620 4.63 4.816 4.83 4.87 5.01 5.00 19... 5.28 5.10 5.00 4.57 4.718 4.64 4.915 4.82 4.82 5.01 4.93 26... 5.38 5.13 5.00 4.68 4.576 4.50 4.776 4.70 4.72 4.89 4.88 Apr. 2... 5.38 5.15 5.00 4.68 4.555 4.51 4.755 4.72 4.75 4,89 4.87 9... 5.38 5.25 5.00 4.75 4.531 4.53 4.719 4.68 4.75 4.86 4.80 16... 5.38 5.25 5.00 4.70 4.618 4.64 4.763 4.77 4.79 4.89 4.85 23... 5.38 5.25 5.00 4.77 4.664 4.65 4.754 4.74 4.75 4.86 4.87 30... 5.38 5.25 5.01 4.48 4.630 4.64 4.730 4.74 4.75 4.88 4.90 May 7... 5.38 5.38 5.13 4.73 4.674 4.66 4.782 4.80 4.83 4.91 4.92 14... 5.38 5.38 5.13 4.79 4.630 4.60 4.818 4.79 4.82 4.90 4.88 21... 5.38 5.38 5.15 4.98 4.626 4.63 4.823 4.83 4.86 4.84 4.90 28... 5.40 5.38 5.28 4.84 4.638 4.63 4.835 4.83 4.88 4.95 5.02 June 4... 5.50 5.38 5.38 4.95 4.641 4.59 4.826 4.75 4.88 5.00 5.02 11... 5.50 5.38 5.38 4.98 4.573 4.57 4.744 4.73 4.84 4.98 5.02 18... 5.50 5.38 5.38 5.18 4.575 4.52 4.707 4.64 4.75 4.98 4.97 25... 5.50 5.38 5.38 5.18 4.470 4.39 4.591 4.53 4.66 4.87 4.95 July 2... 5.58 5.45 5.48 5.43 4.435 4.47 4.610 4.68 4.86 4.93 5.11 9... 5.63 5.50 5.50 5.36 4.731 4.67 4.915 4.82 4.88 5.06 5.14 16... 5.63 5.50 5.55 5.45 4.876 4.85 4.999 5.00 4.98 5.21 5.24 23... 5.63 5.50 5.63 4.70 4.996 4.89 5.095 4.99 4.96 5.23 5.22 30... 5.63 5.55 5.63 5.46 4.818 4.73 4.919 4.89 4.93 5.19 5.25 Aug. 6... 5.75 5.63 5.63 5.63 4.834 4.81 4.969 4.99 5.04 5.27 5.32 13... 5.88 5.63 5.63 5.75 4.826 4.87 5.050 5.13 5.13 5.36 5.40 20... 5.88 5.63 5.63 5.36 5.048 5.06 5.315 5.37 5.35 5.57 5.60 27... 5.88 5.63 5.75 5.71 5.020 5.01 5.410 5.40 5.58 5.71 5.79 Sept. 3... 5.88 5.63 5.75 5.34 5.087 5.07 5.566 5.58 5.73 5.78 5.83 10... 5.88 5.63 5.75 5.89 5.155 5.18 5.657 5.70 5.72 5.71 5.63 17... 5.88 5.63 5.75 5.80 5.447 5.40 5.926 5.91 5.83 5.86 6.65 24... 5.88 5.70 5.75 5.29 5.586 5.52 6.039 5.92 5.90 5.91 5.69 Oct. 1... 5.95 5.75 5.75 4.50 5.503 5.39 5.804 5.69 5.79 5.74 5.49 6.00 5.75 5.75 5.86 5.408 5.36 5.673 5.65 6.63 5.61 5.39 15... 6.00 5.75 5.75 5.50 5.471 5.44 5.750 5.71 5.56 5.59 5.42 22... 6.00 5.88 5.75 5.64 5.424 5.36 5.651 5.60 5.48 5.58 5.37 29... 6.00 5.88 5.65 5.04 5.246 5.22 5.536 5.53 5.44 5.53 5.36 Nov. 5... 6.00 5.88 5.63 5.86 5.234 5.29 5.513 5.57 5.53 5.48 5.39 12... 6.00 5.88 5.63 5.86 5.432 5.41 5.705 5.68 5.58 5.56 5.45 19... 6.00 5.88 5.68 5.96 5.459 5.38 5.695 5.63 5.53 5.51 5.47 26... 6.00 5.88 5.75 5.50 5.252 5.26 5.501 5.49 5.49 5.33 5.43 Dec. 3... 6.00 5.88 5.65 5.64 5.202 5.17 5.337 5.26 5.27 5.32 5.34 10... 6.00 5.88 5.63 5.36 5.198 5.16 5.281 5.26 5.25 5.33 5.30 17... 6.00 5.88 5.63 5.43 5.048 4.97 5.129 5.06 5.01 5.10 5.06 24... 6.00 5.88 5.60 5.25 4.842 4.81 4.939 4.93 4.78 4.93 4.90 31... 6.00 5.88 5.50 5.57 4.747 4.80 4.856 4.92 4.83 4.92 4.86 1 Averages of daily offering rates of dealers. 5 Bills quoted on bank discount rate basis. 2 Averages of daily rates, published by finance companies, for varying 6 Certificates and selected note and bond issues. maturities in the 90-179 day range. 7 Selected note and bond issues. 3 Seven-day average for week ending Wednesday. 4 Except for new bill issues, yields are averages computed from daily closing bid prices. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

470 INTEREST RATES, 1966 MARCH 1967 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and local rating group price ratio price ratio States (long­ Total 1 term) Total 1 Aaa Baa Aaa Baa In tr d ia u l s­ R ro a a i d l­ P u u ti b li l t i y c fe P r r r e e ­ d C m o o m n ­ C m o o m n ­ 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 93 494 4 78 512 4 91 5 02 490 4 63 3 06 Mar........................................................ 4.63 3.78 3 55 4 11 5 10 4 92 5 32 5 06 5 18 508 4 83 3 23 6.13 Apr......................................................... 4.55 3.68 3.46 4 06 5'16 496 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 J J u u l n y e .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 . . 6 7 3 4 4 3 . . 0 8 1 4 3 3 . . 6 7 0 7 4 4 3 1 1 6 5 5 2 3 8 6 5 5 0 1 7 6 5 5 5 68 8 5 5 2 3 5 3 5 5 2 37 6 5 5 '3 3 9 2 5 4 9 0 3 0 3 3 *3 3 7 6 6.80 Aug........................................................ 4.80 4.16 3.91 4.46 5 50 5^31 5 83 5 49 5 48 554 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 3.82 442 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 4.65 4.01 3.79 4.29 5.69 5.39 6.18 5.63 5.78 5 65 5 24 3 59 Week ending—• 1965—Dec. 25.................................. 4.43 3.57 3.40 3 79 4 87 4 71 5 04 4 81 4 94 4 84 4 48 3 05 1966—Jan. 1................................... 4.44 3,57 3.40 3 79 4 87 4 73 5 04 4 81 4 96 4 84 4 49 3 06 8.......4.....4...4...........3.....5..7.... 3.40 3 79 4 88 4.73 5 05 4'82 497 4*85 4.50 3 03 15................................... 4.42 3.56 3.40 3.78 4.88 4.74 5 05 4 83 4 97 4 85 4.52 3.02 22................................... 4.42 3.56 3.39 3.78 4.88 4 74 5 06 4 84 4 97 4 85 4.53 3.01 29................................... 4. 44 3.56 3.39 3 80 4 90 4 74 5 08 4 85 4 98 4 86 4 50 3.01 Feb. 5................................... 4.52 3.56 3.39 3 80 4.91 4.75 5.09 4 88 4 98 4 87 4 55 3 05 12................................... 4.58 3.57 3.39 3 82 4 92 4.76 5 10 4 88 4 99 4 88 4 60 3.01 19................................... 4.65 3.72 3.51 4 02 4,95 4.79 5.14 4 93 5 04 4 91 4.66 3 06 26................................... 4.66 3.80 3.62 4 08 4.98 4.82 5.16 4 95 5 06 4 93 4 71 3 12 Mar. 5................................... 4.71 3.84 3.63 4 15 5.01 4 85 5 20 4 98 5 08 4 97 4 78 3 21 12................................... 4.68 3.83 3.61 4 15 5 05 4 88 5 26 5 02 5'14 5 66 486 3.22 19................................... 4.63 3.79 3.56 4 13 5 12 4 93 5 34 5 08 5 19 5 09 4 87 3 27 26................................... 4.57 3.74 3.51 4 08 5.16 4 97 5.37 5 10 5 22 515 4 85 3.22 Apr. 2................................... 4.54 3.68 3.44 4 06 5.19 4,99 5 42 5 10 5 24 5 22 4 80 3.24 ‘ 9.......4.....5...2...........3....6...8.... 3.44 4.06 5.17 4.98 5.42 5 10 5'20 5 22 4 78 3.15 16................................... 4.55 3,64 3.42 4 03 5,16 4.95 5 40 5 09 518 521 4.77 3 15 23................................... 4.57 3.69 3.47 4 06 5 16 4 95 5 41 5 09 5'18 521 4 77 3.13 30................................... 4.58 3.72 3.50 4 09 5 16 4.95 5 41 5 09 518 5 21 4 80 3 15 May 7................................... 4.59 3.75 3.52 4 13 5.16 4 94 5 45 5 09 5 18 5 21 4.77 3.23 14................................... 4.54 3.75 3.52 4.13 5 17 4,95 5 46 5.11 5 J8 5 21 4 82 3 29 21................................... 4.54 3.75 3,52 4.13 5.19 5.01 5 49 5 13 5.22 5 23 4 86 3 38 28................................... 4.60 3.80 3.52 4 14 5 21 5 02 5.52 5 16 5 22 5 24 4.86 3,31 June 4.................................. 4.62 3.83 3.57 4 17 5.23 5 04 5.54 5 19 5 24 5 27 4 87 3 35 tl................................... 4.63 3.85 3.60 4.18 5.26 5.06 5.56 5.22 5.24 5 31 4.89 3 39 18................................... 4,63 3.83 3.60 4 15 5.28 5 06 5.59 5.27 5 25 5 34 4 95 3.32 25.................................. 4.59 3.81 3.59 4 13 5 30 5 07 5.61 5 28 5 27 5 34 4 95 3.32 July 2................................... 4.69 3.87 3.58 4.16 5.30 5.10 5,60 5.26 5,29 5 34 4.98 3,40 9................................... 4.72 4,00 3.64 4.30 5.32 5.12 5 63 5.28 5.33 5 35 5,00 3 31 16................................... 4.78 4.00 3.77 4.30 5.35 5.14 5 68 5 32 5 36 5 38 5 01 3 34 23................................... 4.75 4.00 3.77 4.30 5.37 5.17 5.69 5.34 5’39 5 39 5,00 3 37 30................................... 4.72 4.02 3.77 4.33 5 41 5.22 5.72 5 38 5 41 5 44 5 00 3 44 Aug. 6,................................ 4.73 4,03 3.78 4.34 5.43 5.24 5 75 5 41 5 44 5 46 5 03 3 48 13................................... 4.73 4.14 3.79 4.46 5.45 5.25 5 78 5.43 545 5.49 5 07 3.49 20................................... 4.81 4.20 3.87 4 50 5 50 5 31 5 85 5 48 5 48 5 53 5 15 3 57 27................................... 4.87 4.28 3.94 4.55 5,56 5.37 5 90 5.56 5 53 5 59 5 29 3 67 Sept. 3................................... 4.87 4.26 4.04 4 54 5 63 5 44 5 99 5 64 5 58 5 68 5 34 3 77 10................................... 4.76 4.22 4.02 4 51 5 71 5 52 6 08 5.73 5 64 5.76 5.26 3 80 17................................... 4.79 4.13 3.99 4.43 5.72 5.51 6.10 5.71 5 66 5.79 5 18 3.67 24................................... 4.82 4.17 3.85 4 45 5.72 5 49 6 10 5.70 5 67 5 80 5 24 3.74 Oct. 1................................... 4.76 4.14 3.89 4 45 5 71 5.47 6 08 5.68 5 66 5.79 5 25 3.77 8................................... 4.75 4.12 3.88 4 45 5 69 5 44 6 08 5 66 5 65 5 77 5 30 3 89 15................................... 4.76 4.12 3.86 4.45 5.67 5,43 6.10 5.64 5 65 5 73 5 26 3.77 22................................... 4.71 4.09 3.86 4.42 5,67 5,40 6.11 5.61 5 68 5.71 5 30 3.73 29................................... 4.62 4.01 3,83 4 35 5.65 5.37 6 11 5 61 5 68 5 67 5 25 3.66 Nov. 5................................... 4.67 3.95 3.75 4.32 5.64 5,35 6 10 5.59 5 69 5 64 5 14 3 66 12................................... 4.73 3.95 3.72 4.32 5.64 5 35 6 11 5 59 5 71 5 63 5 14 3 63 19................................... 4.77 4.04 3.72 4.35 5.64 5,36 6.12 5.59 5 70 5.65 5 21 3 60 26.............. 4.76 4.09 3.81 4,35 5.67 5.36 6.16 5.60 5 75 5 65 5,27 3 70 Dec. 3.................................. 4.74 4.11 3.87 4.37 5,68 5,37 6.18 5.61 5.76 5.67 5 27 3 69 10................................... 4.76 4.04 3.89 4.30 5.69 5.38 6.17 5.61 5.77 5 67 5 26 3 58 17................................... 4.65 3.97 3.84 4.26 5.69 5,38 6 19 5.63 5.77 5 67 5 23 3 54 24................................... 4.58 3.97 3.74 4.26 5.69 5.39 6.19 5.64 5 78 5 65 5 24 3 60 31................................... 4.54 3.97 3.74 4.26 5.69 5,40 6.18 5.63 5.80 5.63 5^24 3.64 .................... Number of issues............................. 10 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 Corporate bonds: Average of daily figures. Both of these series are from arately. Because of a limited number of suitable issues, the number of Moody's Investors Service series. Stocks: Standard and Poor’s Corporate corporate bonds in some groups has varied somewhat. series. Dividend/price ratios are based on Wed. figures; earnings/price ratios are as of end of period. Preferred stock ratio is based on 8 median Note.—Computed as follows: U.S. Govt, bonds: Averages of daily yields for a sample of non-callable issues—12 industrial and 2 public figures for bonds maturing or callable in 10 years or more. State and utility; common stock ratios on the 500 stocks in the price index. Quar­ local govt, bonds: General obligations only, based on Thurs. figures. terly earnings are seasonally adjusted at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Financial Statistics International Reported gold reserves of central banks and governments ............................................... 472 Gold production ................................................................................................................... 473 Net gold transactions and gold stock of the United States............................................... 474 Foreign gold reserves and dollar holdings ........................................................................ 475 International capital transactions of the United States ................................................... 476 U.S, balance of payments...................................................................................................... 486 Foreign trade ......................................................................................................................... 487 Money rates in foreign countries ......................................................................................... 488 Arbitrage on Treasury bills .................................................................................................. 489 Foreign exchange rates ........................................................................................................ 490 Guide to tabular presentation .............................................................................................. 392 Index to statistical tables ...................................................................................................... 497 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 471 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

472 GOLD RESERVES MARCH 1967 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In minions of dollars) Esti­ Inti. Esti­ E pe n r d i o o d f m to a t t a e l d M ta o r n y e­ U S n ta i t t e e s d r m es a t t e o d f A i f s g t h a a n n­ A t r i g n e a n­ t A ra u l s ia ­ A tr u ia s­ g B iu e m l­ Brazil Burma Canada Chile world 1 Fund2 world 1960.............................. 40,540 2,439 17,804 20 295 104 147 293 1,170 287 885 45 1961.............................. 41.140 2,077 16,947 22,115 36 190 162 303 1,248 285 946 48 1962. 41,470 2,194 16,057 23,220 36 61 190 454 1,365 225 42 708 43 1961. 42,310 2,312 15,596 24,400 36 78 208 536 1371 150 42 817 43 1964.............................. 43,060 2,179 15,471 25 410 36 71 226 600 1,451 92 84 1,026 43 1965......................................... 343,300 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 i*O86 43 Apr................. 2,369 13,668 35 65 224 700 1,556 45 84 1,096 44 May................. 2,557 13.582 35 65 223 700 1,556 45 84 1.061 43 June........ 43,325 2,562 13,529 27,235 35 64 222 700 1,555 45 84 1 ,024 43 July................ 2,586 13,413 35 67 224 700 1.532 45 84 986 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 1327 45 84 1 ,009 45 Oct,......... 2,645 13,311 35 77 226 701 1 524 45 84 1,021 45 Nov................. 2,648 13,262 35 80 225 701 1 ,524 45 84 1,034 44 Dec.. .............. M3,205 2,652 13,235 i’27,320 35 84 224 701 1,525 84 1,046 45 1967--Jan.......... 2,659 13,202 35 227 701 1,524 84 1,056 45 Ger­ E pe n r d io o d f lo C m o b ­ ia m D a e r n k ­ l F a i n n d ­ France m F a e n d y . , Greece India I n n e d si o a ­ Iran Iraq Israel Italy Japan Rep. of 1960.............................. 78 107 41 1,641 2,971 76 247 58 130 98 2,203 247 (961.............................. 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 (964.............................. 58 92 85 3,729 4,248 77 247 141 112 56 2,107 304 1965............................ 35 97 84 4,706 4,410 78 281 146 122 56 2,404 328 1966--Jan................... 36 97 84 4,740 4,410 78 281 146 122 56 2,404 Feb................... 29 97 84 4,774 4,406 108 243 145 122 56 2,404 Mar................. 23 102 58 4,806 4,402 108 243 132 122 46 2,369 328 Apr......... 24 108 55 4,874 4,402 98 243 132 122 46 2,369 May............... 24 108 55 4,953 4,311 98 243 132 122 46 2,370 J une........ 24 108 55 5,026 4,310 109 243 132 122 46 2,369 329 July.................. 24 108 55 5,117 4,302 112 243 132 122 46 2,362 Aug......... 25 108 55 5,209 4,297 112 243 131 122 46 2,358 Sept.............. 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......... 26 108 45 5,238 4,292 120 243 130 122 46 r2;414 1967--Jan.................... 108 45 5,236 4,290 243 130 122 46 2,412 E pe n r d io o d f Kuwait a L n e o b n ­ Libya M c e o xi­ Mo c r o oc­ N l e an th d e s r­ Nigeria N w o ay r­ P s a ta k n i­ Peru P p h in i e li s p­ Po g r a t l u­ A S r a a u b d i i a 1960.............................. 119 137 29 ,451 30 52 42 15 552 18 1961.............................. 43 140 112 29 ,581 20 30 53 47 27 443 65 1962.............................. 49 172 3 95 29 ,581 20 30 53 47 41 471 78 1963.............................. 48 172 7 139 29 .601 20 31 53 57 28 497 78 1964.............................. 48 183 17 169 34 ,688 20 31 53 67 23 523 78 196S ............................ 52 182 68 158 21 ,756 20 31 53 67 38 576 73 1966--Jan................ 55 182 68 157 21 756 20 3! 53 67 39 583 73 Feb......... 55 193 68 157 2! 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 ?746 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 ,730 20 18 53 65 45 607 69 July......... 62 193 68 140 21 27.10 20 18 S3 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 68 117 21 1 730 20 18 53 65 51 633 69 Nov......... 64 193 68 ill 21 1,730 20 18 53 65 52 641 69 Dec................ 67 68 21 1'730 20 18 53 65 44 643 69 1967--Jan.................. 71 68 1,730 20 18 53 65 45 69 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1M7 GOLD RESERVES AND PRODUCTION 473 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d io o d f A So fr u i t c h a Spain Sweden Sw la i n tz d er­ Taiwan T la h n a d i­ Turkey ( U E . g A y . p R t) . U K d n i o i n t m e g d ­ 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 1960 178 178 170 2,185 41 104 134 174 2,800 180 401 4 -19 1961 298 316 180 2,560 43 104 139 174 2,268 180 401 6 115 1962. 499 446 181 2,667 43 104 140 174 2,582 180 401 4 -50 1963 630 573 182 2,820 50 104 115 174 2,484 171 401 14 -279 1964. 574 616 189 2,725 55 104 104 139 2,136 171 401 17 -50 1965. 425 810 202 3,042 55 96 116 139 2,265 155 401 19 -558 1966-—Jan........................ 471 810 202 2,661 55 96 116 139 155 401 19 -105 Feb....................... 499 810 202 2,661 55 96 116 139 155 401 19 -120 Mar...................... 520 785 202 2,652 55 92 116 139 2,036 155 401 20 -30 Apr....................... 557 785 202 2,647 55 92 116 139 155 401 20 -80 May..................... 581 785 203 2,630 55 92 116 139 155 401 20 -36 June.............. 640 785 203 2,648 59 92 116 139 2,041 155 40 i 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 62 92 102 93 1,940 146 401 21 -424 1967--Jan........................ 611 ................ 203 2,679 ..............9..2 102 93 ............1..4..6 401 ........-..2...7...4 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas; for regional organizations, central banks and govts, of countries listed in most of these countries the increased quotas became effective in Feb, 1966. this table and also of a number not shown separately here, and gold to be 3 Adjusted to include gold subscription payments to the IMF, except distributed by the Tripartite Commission for the Restitution of Monetary those matched by gold mitigation deposits with the United States and Gold; excludes holdings of the U.S.S.R,, other Eastern European coun­ United Kingdom; 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 anti 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 p t r i o o d n u c t ­ A So fr u ic th a d R e h s o ia ­ Ghana C s ( h K o a n i s g n a o ­ ) U St n a i t t e e s d C a a d n a ­ M ic e o x­ r N ag ic u a a ­ Co b l i o a m­ India P p h in il e ip s ­ t A ra u l s ia ­ ot A h l e l r 1959.. 1,125.0 702.2 19.8 32.0 12.2 57.2 156.9 0 7.3 13.9 5 8 14 38.1 54.5 I960.. 1,175.0 748.4 19.6 30.8 58.8 162.0 10 5 7,0 15.2 5 6 14 4 38.0 53.6 1961.. 1,215.0 803.0 20,1 29.2 8.1 54.8 156.6 9 4 7.9 14.0 5 5 14 8 37.7 53.9 1962.. 1,290.0 892.2 19.4 31.1 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 4 8 13 2 35.8 64.3 1964.. 1,395.0 1,018.9 20.1 30.3 6.6 51.4 133.0 7 4 7.9 12.8 5 2 14 9 33.7 52.8 1965.. 1,430.0 1,069.4 19.0 26.4 2.3 58.6 125.6 7 6 6.9 11.2 4 6 15 2 30,7 52.5 1965—Dec. 89.3 24.7 2.3 10.2 7 .7 21 3 2.6 1966—Jan.. 91.2 '9.7 7 1.0 4 2 2.5 Feb.. 87.8 r9,7 9 .9 3 2 2.4 Mar. 90.5 21.2 HO.3 8 .9 3 3 2.6 V&y 90.8 no.3 3 .8 4 2.8 91.9 no.4 4 .8 4 2.9 June. 89.3 9.2 9 .8 3 23 9 3.3 July. 89.4 '9.3 .8 3 2.6 Aug. 90.1 "9.2 .8 3.0 Sept. 91.7 '9.2 .8 24 0 Oct.. 89.7 9.1 Noy. 90.8 8.7 Dec.. 87.7 i Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the US. 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

474 U.S. GOLD MAfcCH 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) 1966 Area and country 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 I II III IV Western Europe: Austria.............................. -84 -83 -143 -82 -55 -100 -25 -25 B Fr e a l n g c iu e m .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 -329 -2 -3 6 9 6 - - 1 14 7 1 3 -144 -4 -6 5 3 6 -518 -4 -4 05 0 -8 -8 8 3 4 -601 -103 -221 -in Germany, Fed. Rep. of.. -34 -23 -225 Italy.................................... -349 100 200 -80 -60 -60 Netherlands......................... 25 -261 -30 -249 -25 -60 -35 Spain...................................... 31 32 -114 -156 -146 -130 -32 -180 Switzerland................. -215 20 -324 -125 102 -81 -50 -2 7 -20 United Kingdom................ -900 -350 -550 -306 -387 329 618 150 80 -19 -7 126 -20 Bank for Inti. Settlements -178 -32 -36 -23 Other............................. 8 -41 -48 -96 -53 -12 -7 -37 -50 -34 -4 -12 Total 68 -2,326 -827 -1,718 -754 -1,105 -399 -88 -1,299 -659 -174 -221 -172 -92 Canada 5 190 200 100 50 50 Latin American republics: Argentina........................... 75 67 -50 -90 85 -30 -39 -28 Brazil................................ -11 -2 -2 57 72 54 25 -3 Colombia........................... -6 38 10 29 7 7 Venezuela........................... 65 -25 Other.................................... 6 2 -35 -42 -17 -5 -9 -13 -6 -6 -3 -5 8 Total 81 69 19 -100 -109 175 32 56 17 -41 -4 -34 -3 Asia; Japan, -30 -157 -15 -56 -56 Other. 18 -4 -28 -97 1 -101 2 -93 12 3 -24 -30 -25 -2 -12 10 Total 18 -34 -186 -113 -101 -93 12 3 -24 -86 -82 -2 -12 10 All other. -3 -5 -38 -6 -36 -7 -16 -22 -9 -8 -4 Total foreign countries. 172 -2,294 -998 -1,969 -970 -833 -392 -36 -1,322 -608 -165 -185 -172 -86 Inti. Monetary Fund 600 3 -44 300 150 s-225 H77 6 131 618 629 Grand total 772 -2,294 -1,041 -1,669 -820 -833 -392 -36 -1,547 -431 -34 -16? -143 -86 i Includes sales of $21 million to Lebanon and $48 million to Saudi million in 1956, and $300 million in 1959 and in 1960) with the right of Arabia. repurchase; proceeds from these sales invested by IMF in U. S. Govt, 1 Includes sales of $21 million to Burma, $32 million to Lebanon, and securities. $13 million to Saudi Arabia. 3 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 ld re in n g cy s Total T g o o t l a d l Total h c o u l r d r i e n n g c s y * Total T g o o t l a d l Total’ Treasury TotaP Treasury 1954.......... 21,793 21,793 21,713 -298 -298 1966—Feb.... 14,188 13,811 13,730 377 -262 1955.......... 21,753 21,753 21,690 -40 -40 Mar.... 14,297 13,738 13,634 559 109 -73 1956.......... 22,058 22,058 21,949 305 305 14,190 13,668 13,632 522 -107 -70 1957.......... 22,857 22,857 22,731 799 799 May^ .' 14,210 13,582 13,532 628 20 -86 June... 14,251 13,529 13,433 722 41 -53 1958.......... 20,582 20,582 20,534 -2,275 -2,275 July.... 14,506 13,413 13,332 1,093 255 -116 1959.......... 19,507 19,507 19,456 -1,075 5 -1,075 Aug.... 14,618 13,319 13,259 1,299 112 -94 1960.......... 17,804 17,804 17,767 -1,703 -1,703 Sept.... 14,504 13,356 13,258 1,148 -114 37 1961.......... 17,063 16,947 16,889 116 -741 -857 Oct.. . . 14,524 13,311 13,257 1,213 20 -45 1962.......... 16,156 16,057 15,978 99 -907 -890 Nov.... 14,370 13,262 13,159 1,108 -154 -49 1963.......... 15,808 15,596 15,513 212 -348 -461 Dec... . 14,556 13,235 13,159 1,321 186 -27 1964.......... 15,903 15,471 15,388 432 95 -125 1965.......... 14,587 13,806 13,733 781 -1,316 « -1,665 1967—Jan.... 13,847 13,202 13,157 645 -709 -33 1966.......... 14,556 13,235 13,159 1,321 -31 -571 Feb.... 13,641 13,161 13,107 480 -206 -41 > Includes gold sold to the United States by the International Mone­ * For holdings of F.R. Banks only, see pp. 402 and 404. tary Fund with the right of repurchase, which amounted to $800 million 5 Includes payment of $344 million increase in U.S. gold subscription on Feb. 28, 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 < » Includes payment of $259 million increase in U.S. gold subscription the impact on the U.S. gold stock of purchases by foreign countries for to the IMF. gold subscriptions on increased IMF quotas. Amount outstanding was Note.—See Table 11 on p. 483 for gold held under earmark at F.R. $213 million on Feb. 28, 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

MARCH 1967 GOLD RESERVES AND DOLLAR HOLDINGS 475 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec, 31, 1964 Dec. 31, 1965 Mar. 31, 1966 June 30, 1966 Sept. 30, 1966 Dec. 31, 1966^ Gold & short­ Area and country Gold & U.S. Gold & U.S, Gold & U.S. Gold & U.S. Gold & U.S. term dollars U.S. short­ Govt, short­ Govt, short­ Govt, short­ Govt, short­ Govt, Govt, term bonds term bonds term bonds term bonds term bonds bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Series Series & notes Al B2 Western Europe: Austria........................................;........... 923 3 950 3 911 3 906 3 934 3 897 897 3 Belgium.................................................... 1,887 1,956 1,926 1,933 1,905 1,964 1,964 * Denmark................................................. 428 14 402 14 443 13 429 13 395 13 413 413 13 Finland..................................................... 212 1 192 1 153 1 127 1 116 1 103 103 1 France...................................................... 5,392 7 5,703 7 5,877 7 6,168 7 6,316 7 6,309 6,308 7 Germany, Fed. Rep. of...................... 6,258 1 5,839 1 5,822 1 6,066 1 6,515 I 6,875 6,830 1 Greece...................................................... 248 229 252 246 * 251 249 249 Italy........................................................... 3,729 1 4,024 1 3,695 1 3,888 1 3,881 2 3,824 3,824 2 Netherlands............................................ 2,055 5 2,095 6 2,027 5 1,960 5 2,055 5 2,094 2,094 5 Norway................................................... 215 98 354 49 285 45 346 51 302 51 301 301 51 Portugal................................................ . 780 898 889 892 947 1,001 1,001 Spain.................................................... 1,010 2 993 2 903 2 900 2 966 2 947 947 2 Sweden..................................................... 833 40 849 24 853 24 891 24 896 24 859 859 24 Switzerland............................................. 4,095 79 4,411 89 4,108 91 4,258 93 4,438 93 4,653 4,653 93 Turkey................................................ 140 ♦ 150 * 155 ♦ 137 * 124 145 145 United Kingdom.................................. 4,020 414 4,979 553 5,237 564 5,161 560 5,549 298 5,777 5,756 348 Other3...................................................... 508 49 34 50 498 49 343 50 252 49 18 18 49 Total................................................. 32,733 714 34,058 800 34,034 806 34,651 811 35,842 549 36,429 36,362 599 Canada......................................................... 4,010 690 3,725 676 3,394 683 3,195 686 3,200 693 3,551 3,544 692 Latin American republics: Argentina................................................. 362 498 552 549 548 502 502 * Brazil........................................................ 350 446 344 r375 390 344 344 Chile.......................................................... 219 263 245 ♦ 238 ♦ 283 ♦ 306 306 * Colombia................................................ 267 I 249 1 200 1 206 1 211 1 204 204 1 Cuba......................................................... 12 10 10 ♦ 10 * 10 8 8 Mexico..................................................... 904 1 861 * 874 1 ’■730 1 659 1 743 743 1 Panama, Republic of........................... 99 1 120 1 135 1 156 1 149 1 150 150 2 Peru........................................................... 273 1 324 1 319 1 312 1 281 1 314 314 1 Uruguay................................................... 282 * 292 3/2 334 311 307 307 Venezuela................................................ 1,135 1,139 1 1,102 1 1,101 1 1,080 1 1,111 I,Hl 1 Other........................................................ 478 2 584 1 605 * 594 * 570 ♦ 584 584 * Total............................................... 4,381 6 4,786 5 4,698 5 M.605 5 4,492 5 4,573 4,573 6 Asia: India.......................................................... 306 365 321 367 394 423 422 ♦ Indonesia................................................. 73 1 66 1 72 1 84 1 88 I 89 89 1 Japan........................................................ 3,071 5 3,342 9 3,294 9 3,226 9 3,071 9 3,027 3,000 9 Philippines............................................... 256 342 352 374 366 330 329 Thailand................................................... 562 * 638 719 668 ♦ 704 690 690 ♦ Other......................................................... 2,059 43 2,249 41 2,268 41 2,428 41 2,539 41 2,481 2,455 40 Total................................................. 6,327 49 7,002 51 7,026 51 7,147 51 7,162 51 7,040 6,985 50 Africa: South Africa........................................... 621 * 476 ♦ 609 707 728 608 708 U.A.R. (Egypt)...................................... 163 169 155 162 ♦ 154 132 132 Other......................................................... 283 16 347 16 373 16 392 16 432 15 425 423 15 Total................................................. 1,067 16 992 16 1,137 16 1,261 16 1,314 15 1,265 1,263 15 Other countries: Australia.................................................. 402 477 455 501 465 467 467 All other.................................................. 382 26 379 29 434 31 MIO 27 409 26 397 397 26 Total...............................-............... 784 26 856 29 889 31 r911 27 874 26 864 864 26 Total foreign countries4......................... 49,302 1,501 51,419 1,577 51,178 1,592 ’51,770 1,596 52,884 1,339 53,722 53,591 1,388 International and regional3................... 7,161 904 6 6,878 752 6 7,659 556 « 7,653 433 6 8,092 389 8,100 7,770 325 Grand total4.................................. 56,463 2,405 58,297 2,329 58,837 2,148 ’■59,423 2,029 60,976 1,728 61,822 61,361 1,713 1 Data for short-term dollars are comparable to data for Sept. 30, 1966. ments and European Fund, which are included in “Other Western Europe.” Data for “International and regional” nave been increased by $330 mil­ 6 Excludes gold subscription payments by member countries in anticipa­ lion; this amount of special U.S. notes held by the International Mone­ tion of increase in IMF quotas. Amounts outstanding as follows (in tary Fund was exchanged for a U.S. Treasury letter of credit on Dec. 30, millions): 1965—Dec. 31, $313; 1966—Mar. 31, $2; June 30, $1; and Sept. 1966. . 30, $3. 2 Data for short-term dollars reflect changes in coverage and classifi­ cation effective Dec. 31, 1966, and exclude a $330 million letter of credit Note.—-Gold and short-term dollars include reported and estimated to the IMF; see note 1. official gold reserves, and official and private short-term dollar holdings 3 Includes, in addition to other Western European countries, unpub­ (principally deposits and U.S. Treasury bills and certificates); excludes lished gold reserves of certain Western European countries; gold to be U.S. Treasury letters of credit and nonnegotiable, non-interest-bearing distributed by the Tripartite Commission for the Restitution of Mone­ special U.S. notes held by the Inter-American Development Bank and the tary Gold; European Fund; and the Bank for International Settlements International Development Assn. (the figures for the gold reserves of the BIS represent the Bank's net U.S. Govt, bonds and notes are official and private holdings of U.S. gold assets). Govt, securities with an original maturity of more than 1 year; excludes 4 Excludes gold reserves of the U.S.S.R., other Eastern European nonmarketable U.S. Treasury bonds and notes held by official institutions countries, and China Mainland. of foreign countries as shown in Table 8 on p. 482. 5 Includes international organizations and Latin American, Asian, and See also Note to table on gold reserves. European regional organizations, except the Bank for International Settle­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

476 INTL. CAPITAL TRANSACTIONS OF THE U.S. MARCH 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 i t o 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 L pu a e b r ti i l n c ic a s n Asia Africa co O u t n h t e ri r e s 1963................................................... 19,505 5,855 13,650 7,867 1,664 1,058 2,731 154 176 1964................................................... 20’221 5'876 14*345 8,266 1,483 1,238 3^020 160 178 1965................................................... 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 1 '425 3'439 210 224 Mar..................................... 19’403 5^848 13',555 7,017 1,308 1’359 3’410 218 243 Apr....................................... 19,412 5,785 13,627 6,968 1,262 1,415 3,519 229 234 May...................... >19,542 5,633 >13^909 7,238 1,239 rl ,442 3,532 235 223 June..................................... r19^282 5,515 >13,767 7,415 1,202 >1’221 3^438 237 254 July....................................... >19,493 5^623 ’■13,870 7J26 1,163 >j J59 3,364 234 224 Aug....................................... r19,566 5,827 >13’739 7'626 1’096 >1,153 3,393 252 >219 Sept...................................... >19,174 5’827 >13,347 7,278 1,090 rl ’049 3,440 266 >224 Oct........................................ >19,561 rS^SI 9 >13,742 7,481 1,196 >1310 3'446 282 r227 Nov...................................... 19,606 5',812 13,794 7'552 1,212 1,101 3,412 293 224 Dec.2 ’............................... 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 1,134 3,369 277 228 1967—Jan.».................................... 418,200 45,163 13,037 6,908 1,186 1,139 3,288 276 240 1 Includes Bank for Internationa! Settlements and European Fund. 2 Data included for short-term liabilities are comparable to data for Note.—Data represent short-term liabilities to the official institutions November. Data for “International and regional” have been increased of foreign countries and to official international and regional organiza­ by $330 million; this amount of special U.S. notes held by the International tions, as reported by banks in the United States, and estimated foreign Monetary Fund was exchanged for a U.S. Treasury letter of credit on official holdings of marketable U.S. Govt, securities with an original ma­ Dec. 30, 1966. turity of more than 1 year. Data exclude U.S. Treasury letters of credit, 3 Data reflect changes in coverage and classification effective Dec. 31, special U.S. notes held by the Inter-American Development Bank and the 1966, and exclude a $330 million letter of credit to the IMF; see note 2. International Development Association, and also nonmarketable U.S. 4 Excludes a $298 million U.S. Treasury letter of credit issued to IMF Treasury notes and bonds, payable in dollars and in foreign currencies. on Jan. 30, 1967 in exchange for special U.S. notes. 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 Total Intl.i gi • o R n e a ' U Total c O i f a f l i 3 ­ Other Europe Canada A L m a e t r i i n c a Asia Africa c t o ri u e n s ­ 1963.................................. 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 io’680 12,236 2 984 3,563 4 687 238 192 1965................................... 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 12'476 11,468 11,358 2,589 4,055 5,356 335 253 Mar...................... 29 ,’246 5'292 5,177 115 23,954 12355 11 499 11’660 2'308 4,026 5,359 330 272 Apr....................... 29^498 5,297 5,180 116 24,201 12,527 11,674 11 522 2,460 4,099 5,526 328 266 May..................... >29’,710 5’195 5,083 113 >24,515 >12,809 11 706 11 868 2,359 >4,149 5,541 336 262 June..................... r29'626 5,082 4,972 110 r24,544 >12 661 rll 883 12 331 2'171 r3 933 5 470 334 305 July....................... >■30’704 5,191 5,080 111 >25,514 >13,017 >12*497 13 349 2,291 >3,881 5,393 329 269 Aug...................... >31,213 5,438 5,332 106 >25^775 >12,887 r12 888 >13’785 2,164 >3,817 5 405 339 >264 Sept...................... >31^077 5,438 5,311 127 r25’639 >12,495 13,144 13,534 21191 >3,800 5,484 363 267 Oct.............. >■32,081 5,429 5,’303 126 r26,652 >12’890 13,762 141177 2’400 >3,910 5,522 376 268 Nov...................... 32'436 5’452 5,333 118 26,984 12,934 14,050 14,573 2,456 3,861 5330 398 266 Dec.3 ’................ 31,849 5’439 5’328 111 26,416 12'505 13 905 14015 2’505 3,886 5'351 387 266 Dec.® p................ 31'388 5,109 4,998 111 26'279 12,561 13 718 13 948 2 498 3,886 5 296 385 266 1967—Jan.».................... ’30,192 74,859 7 4,706 153 25,333 12,177 13,156 13,215 2,353 3,918 5,172 390 285 2a. Europe Ger­ E p n er d i o o d f Total Austria Belgium m D a e r n k ­ l F a i n n d ­ France m F a e n d y . , Greece Italy N l e an th 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.................... 12,236 323 436 336 127 1,663 2,010 171 1,622 367 184 257 394 644 1965.................... 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........ >*13,785 180 >389 271 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....... 14,573 183 462 272 53 1,124 2,571 145 1,367 364 283 343 160 655 Dec.’... 14,015 196 439 305 58 1,071 2,583 129 1,410 364 283 358 162 656 Dec. »». 13,948 196 439 305 58 1,070 2,538 129 1,410 364 283 358 162 656 1967—Jan.p... 13,215 190 426 315 69 992 2,162 138 1,255 294 246 363 191 609 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 477 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 2a. Europe—Continued 2b. Latin America E p n er d i o o d f Sw la i n tz d er­ Turkey U K d n i o i n m t g ed ­ Y sl u av g i o a ­ W E O u e t r s h o te e p r r e n 9 U.S.S.R. E E O a u s t r h t o e e p r r n e Total A t r i g n e a n­ Brazil Chile Co b l i o a m­ Cuba Mexico 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.................... 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 '4,149 518 '342 205 193 9 '716 June.... 1.610 21 3,120 21 353 2 29 '3,933 485 '330 195 182 10 '589 July.... 1,696 18 3,350 20 397 4 31 '3,881 473 '314 198 189 9 '566 Aug........ 1 ,692 26 3,901 27 380 6 29 '3,817 489 '327 201 182 9 '554 Sept........ 1,757 24 3,609 32 358 6 32 '3,800 474 '345 238 186 10 '523 Oct......... 1,747 31 4,165 40 332 6 33 '3,910 438 '365 238 183 10 '555 Nov..... 1,764 30 4,414 33 313 5 33 3,861 417 362 226 176 9 606 Dec.?... 1,811 43 3,837 37 227 8 40 3,886 418 299 261 178 8 632 Dec. 8?. . 1,811 43 3,816 37 226 8 40 3,886 418 299 261 178 8 632 1967—Jan.?... 1,703 38 3,764 35 384 6 36 3,918 414 297 242 170 8 636 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 t r i e i n c 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.................... 120 257 137 738 519 165 113 17 5’286 35 113 84 31 127 1966—Jan......... 126 248 144 788 511 164 119 18 5,326 35 112 86 34 123 Feb........ 135 235 164 721 541 182 118 18 5,356 35 119 94 28 120 Mar....... 135 252 157 701 546 186 127 24 5,359 36 112 78 37 125 Apr........ 145 240 161 787 547 174 128 16 5,526 36 119 159 52 139 May.... 146 233 167 762 529 183 125 19 5,541 36 117 141 55 128 June.... 156 247 179 700 534 ?182 126 19 5,470 35 114 124 49 118 July. ... 144 230 180 735 541 ?I65 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 36 142 151 62 108 Nov....... 152 236 161 694 517 174 108 24 5,430 36 135 167 60 102 Dec.”... 150 249 161 710 521 177 104 17 5,351 36 142 180 54 117 Dec.8?.. 150 249 161 710 521 177 104 17 5,296 36 142 179 54 117 1967—Jan.?. .. 147 239 164 750 533 192 108 19 5,172 36 147 196 62 109 2c. Asia—Continued 2d. Africa 2e. Other countries Congo E pe n r d i o o d f Japan Korea P p h i i n l e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total s ( h K a i s n a ­ ) r M oc o co ­ A So fr u ic th a ( U E . g A y . p R t) . A O f t r h i e c r a Total t A ra u l s ia ­ o A th U 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....................... 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 II 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 It 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 '12 25 63 25 '203 269 241 28 Aug...... 2^60 129 316 242 603 902 339 12 35 56 22 215 '264 '236 28 Sept.......... 2’742 134 317 244 612 945 363 13 40 64 15 231 267 240 27 Oct............ 2,685 138 315 246 612 1,028 376 12 41 64 26 232 268 243 25 Nov...... 2'629 158 287 239 6H 1 ;6b7 398 14 38 73 45 229 266 242 24 Dec.”.... 2; 698 172 286 232 598 '836 387 15 32 71 39 230 266 243 22 Dec. 8p. .. 2,671 162 285 228 598 824 385 15 31 71 39 229 266 243 22 1967—Jan.”......... 2,573 171 282 235 610 751 390 13 33 61 42 242 285 262 23 1 International Bank for Reconstruction and Development, Inter­ 3 Comparable to data for November. Data for “International” have national Monetary Fund, and other international organizations. been increased by $330 million; this amount of special U.S. notes held 2 Latin American, Asian, African, and European regional organiza­ by the IMF was exchanged for a U.S. Treasury letter of credit on Dec. tions, except Bank, for International Settlements and European Fund 30, 1966. which are included in “Europe”. 6 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. ? Excludes a $298 million U.S. Treasury letter of credit issued to IMF 4 Includes revisions arising from changes in reporting coverage as on Jan. 30, 1967, in exchange for special U.S. notes. follows (in millions of dollars): Total +50; Foreign other +50; Europe 8 Data reflect changes in coverage and classification. — 17; Canada +1; Latin America +26; Asia +49; Africa —9. 9 Includes Bank for International Settlements and European Fund. For Note see end of Table 2. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

478 INTL. CAPITAL TRANSACTIONS OF THE U.S. MARCH 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 Data10 (end of period) 1965 1966 1965 1966 Area or country Area or country Apr. Dec. Apr. Dec. Apr. Dec. Apr. Dec. Other Western Europe: Other Asia (Cont.): Iceland....................... 7.1 5.8 4.0 6.6 Iraq................................................ 65,4 12.0 27.1 n.a. Ireland, Rep. of. .............................. 6.3 6.2 6.6 8.9 Jordan................................................ 7.9 16,0 16.0 39.7 Luxembourg...................................... 20.1 21.1 28.2 25.3 Kuwait.............................................. 52.0 35.5 24.6 49.2 Laos.................................................... 5.0 3.2 5.7 n.a. Other Latin American republics: Lebanon............................................ 113.2 99.7 92.0 100.1 Bolivia.............................. 53.1 67.4 64.4 66.9 Malaysia........................................... 1136.3 25.9 31.2 38.3 Costa Rica.......................................... 28.6 34.2 32.9 34.6 Pakistan............................................. 24.8 19.4 21.0 49.2 Dominican Republic...................... 47.3 72,3 54.3 53.2 Ryukyu Islands (inch Okinawa). 32.7 24.0 39,5 1215.9 Ecuador............................................... 65.2 69.6 62.3 86.3 Saudi Arabia........................ 288.0 283.6 291.0 176.1 El Salvador........................................ 71,7 67.0 78.3 68.9 Singapore........................................ (H) 8.9 4.9 34.6 Guatemala.......................................... 71.6 68.1 86.9 64.2 Syria................................... 3.2 4.0 4.8 3.4 Haiti.................................................... 15.4 16.3 16.7 16.3 Vietnam............................................. 19.7 39.0 123.8 177.0 Honduras............................................ 33.0 31.4 43.2 26,8 Jamaica............................................... 7.8 8.6 11.5 11.7 Other Africa: Nicaragua........................................... 67.4 67,0 75.0 72.8 Algeria............................................... 2.1 7.6 13.6 11.3 Paraguay................................ 12.1 13.8 15.0 14.9 Ethiopia, (incl, Eritrea)................ 45.2 44.1 58.9 53.5 Trinidad & Tobago......................... 8.6 3.6 6.3 4.7 Ghana................................................ 5.1 2.6 2.9 6.9 Liberia............................................... 17.6 17.9 19,7 21,2 Other Latin America: Libya........................................... 26.8 34,8 26.7 37.1 British West Indies.......................... 16.0 11.5 8.9 14.6 Mozambique................................... 1.6 1.6 1.7 n.a. French West indies & French Nigeria............................................... 20.3 21.7 20.3 n.a. Guiana............................................. 1.4 2.2 1.5 1.3 Somali Republic.......................... .8 .8 .9 .8 Southern Rhodesia........................ 2.6 3.3 3.5 2.7 Other Asia: Sudan................................................. 2.2 3.7 3.3 3.4 Afghanistan........................................ 6.3 5.6 8.0 9.5 Tunisia.................. 1.0 1.8 1.0 1.1 Burma.................................................. 35.9 49.1 34.6 n.a. Zambia.............................................. .9 7.2 16.1 n.a. Cambodia.......................................... 1.7 2.7 3.1 1.1 Ceylon.................................................. 2.7 2.4 3.3 3.2 All other: Iran........................................................ 62.0 66.9 79.2 36.6 New Zealand................................. 19.7 18.7 27.1 13.6 >o 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 11 Singapore included with Malaysia. Development Assn, and the Inter-American Development Bank. For data 12 Data exclude $12 million resulting from changes in reporting cover­ on long-term liabilities, see Table 6. For back figures and further descrip­ age and classification. tion of the data in this and the following tables on international capital Note.—Short-term liabilities are principally deposits (demand and transactions of the United States, see “International Finance,” Section time) and U.S. Govt, securities maturing in not more than 1 year from 15 of Supplement to Banking and Monetary Statistics, 1962. 3. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars To banks and official institutions To all other foreigners Payable End of period Total *n foreign Total Dem D an e d pos T it i s me i c T b er i r l t e U l i s a f . i s S c a u . a n r t d y e s n S o p U t e e . c S s i . a 2 l Other 3 Total Dem D an e d pos T it i s me 1 c T b e i r r l t U e l i s f a . i s S c a u a . n r t d y e s Other 3 currencies 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.. . 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. . r29,710 '25,570 7,293 3,769 7,464 3,627 '3,416 3,704 1,531 1,718 88 367 437 June.. '29,626 '25,427 7,297 '3,654 7,384 3,614 '3,478 3,743 1,526 1,756 72 389 456 July... •■30,704 '26,488 7,863 '3,681 7,605 3,680 '3,659 3,731 1,490 '1,764 80 397 485 Aug... '31,213 '26,999 8,211 '3,697 7,529 3,923 '3,639 3,658 1,413 1,770 81 '394 556 Sept... Hl ,077 '26,625 7,893 '3,844 7,363 3,958 '3,567 3,843 1,531 1,807 108 397 608 Oct.... '32,081 '27,554 8,445 '3,997 7,671 3,964 '3,477 3,825 1,480 1,820 98 427 702 Nov... 32,436 27,936 8,605 4,065 7,896 3,976 3,394 3,795 1,492 1,814 89 400 705 Dec. 5” 31,849 27,483 8,607 4,001 7,464 6 3,999 3,412 3,755 1,511 1,822 89 333 609 Dec. 7? 31,388 27,044 8,447 4,052 7,464 3,669 3,412 3,755 1,511 1,822 89 333 588 1967—Jan.* 830,192 825,961 7,726 3,967 7,386 83,343 3,539 3,717 1,455 1,834 81 347 514 1 Excludes negotiable time certificates of deposit, which are included 5 Comparable to data for November. in “Other.’* 6 Increased by $330 million; this amount of special U.S. notes held by 2 Nonnegotiable, non-interest-bearing special U.S. notes held by the the IMF was exchanged for a U.S. Treasury letter of credit on Dec. 30, International Monetary Fund. 1966. 3 Principally bankers* acceptances, commercial paper, and negotiable 7 Reflects changes in coverage and classification effective Dec. 31, 1966. time certificates of deposit. b Excludes a $298 million U.S. Treasury letter of credit issued to IMF ♦ Includes revisions arising from changes in reporting coverage as on Jan. 30, 1967, in exchange for special U.S. notes. 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

MARCH 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 479 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 co O un th tr e ie r s 1963............................................................................................... 5,975 1 939 638 1,742 2,493 104 58 1964............................................................................................... 7’469 1 1,217 725 2,212 3,137 120 58 1964’1............................................................................................. 7’957 * 1 '230 1,004 2,235 3,294 131 64 1965............................................................................................... 7^632 1'201 '593 2,'288 3'343 139 67 19652............................................................................................. 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 1'145 631 2,188 3’299 132 76 Mar.................................................................................. 7'590 1 1'176 647 2,199 3^366 135 66 Apr.......................................................................... 7,474 1 1'166 603 2,149 3,359 137 58 May................................................................................ 7,560 1 1,220 607 2,'210 3'317 142 63 J une................................................................................. 7,649 1 1'285 643 2,221 3,298 140 62 July................................................................................. 7^503 2 1,291 641 2'244 3,135 128 63 Aug................................................................................. 7’411 1 1'304 563 2,268 3'086 128 61 Sept................................................................................ '7^420 I 1’315 556 2,303 r3,O63 124 59 Oct.................................................................................... 7'445 1 1'319 610 2,335 2,989 129 61 Nov.................................................................................. 7'547 1 1'417 598 2,354 2,984 1 34 60 Dec.*............................................................................... 3 7,776 1 3 1,352 3 603 2,489 3’126 144 62 1967—Jan. *............................................................................... 7,629 ♦ 1,277 591 2,484 3,091 125 60 4a. Europe End of period Total A tr u ia s­ g B iu e m l­ m De ar n k ­ l F a i n n d ­ France G Fe e d r o . m f R an ep y . , Greece Italy N la e e n r t d ­ h s ­ N w o ay r­ t P u o g r a ­ l Spain S d w en e­ 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 19641.................................... 1,230 11 48 26 84 81 152 10 114 36 43 23 40 49 1965...................................... 1,201 8 52 37 87 72 190 13 110 38 51 26 50 52 19652.................................... 1,208 8 52 37 87 72 190 13 no 38 51 26 50 52 1966—Jan........................... 1,207 9 57 33 86 74 177 13 121 39 55 26 59 53 Feb.......................... 1,145 8 54 36 89 66 184 14 109 40 49 29 55 54 Mar......................... 1,176 11 47 38 91 84 185 13 102 44 50 31 48 51 Apr.......................... 1,166 10 47 39 86 74 182 13 102 37 51 31 64 53 May........................ 1,220 11 66 36 87 70 174 14 99 39 57 32 73 58 June........................ 1,285 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........................... 1,319 13 70 61 95 64 217 16 105 43 53 40 60 83 Nov.. .......... 1,417 19 73 63 95 81 237 16 110 44 62 36 72 74 Dec.*...................... 31,352 16 67 62 91 73 215 16 108 40 76 44 67 74 1967—Jan. *...................... 1,277 19 69 42 90 60 184 15 84 36 64 44 75 68 4a. Europe—Continued 4b. Latin America End of period S l w e an r i ­ t d z­ T k u ey r­ U K d n i o n i m t g ed ­ Y sl u av g i o a ­ W E O u e r t s h o te e p r r e n U.S.S.R. E E O u as t r h o te e p r r e n Total A t r i g n e a n­ Brazil Chile l C b om i o a ­ ­ Cuba M ic e o x­ 1963...................................... 70 48 237 7 23 ♦ 16 1,742 188 163 187 208 18 465 1964...................................... 97 36 319 15 20 20 2,212 210 145 188 319 17 630 19641.................................. 111 37 310 16 20 * 20 2,235 203 126 176 338 17 644 1965...................................... 73 42 210 28 28 6 27 2,288 232 94 174 270 16 669 19652.................................... 73 42 216 28 28 6 27 2,293 232 94 174 270 16 674 1966—Jan.................... 88 36 198 26 27 5 25 2,210 231 96 176 243 16 662 Feb........................... 85 6 177 27 30 5 28 2,188 224 94 175 236 16 686 Mar......................... 78 21 196 25 27 4 31 2,199 221 97 173 225 16 718 Apr.......................... 74 18 198 23 31 4 30 2,149 206 82 165 235 16 713 May........................ 83 30 200 23 32 5 32 2,210 199 95 168 234 17 732 June........................ 80 48 235 23 34 5 28 2,221 196 98 169 238 16 722 July.......................... 78 50 198 20 35 3 25 2,244 192 106 163 254 16 729 Aug......................... 92 42 214 17 37 2 25 2,268 182 110 158 279 16 743 Sept....................... 78 47 216 18 34 2 17 2,303 182 112 150 287 16 736 Oct.......................... 76 48 200 20 36 1 18 2,335 181 106 150 288 16 724 Nov,............... 94 45 221 19 37 2 17 2,354 177 109 141 294 16 724 Dec.*...................... 83 52 3 193 19 37 2 16 2,489 193 114 159 308 16 767 1967—Jan. *...................... 75 50 220 23 39 2 17 2,484 185 119 152 295 16 792 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

480 INTL. CAPITAL TRANSACTIONS OF THE U.S. MARCH 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 E pe n r d i o o d f Panama Peru g U u r a u y ­ V zu e e n l e a ­ r O e L l p i t . c h A u s e b . r ­ m B B m a u & e a h d r s a ­ a ­ A N S n n u a e t & i m r t l h i l ­ e . s A O L m i a t c h t a e i e n r r ­ Total C M la h a n i i n d n a ­ H K o o n n g g India I n n e d si o a ­ Israel 1963.................... 35 99 65 114 135 42 9 16 2,493 2 11 17 22 1964.................... 41 102 76 165 222 58 18 20 3,137 2 26 22 7 44 19641.................. 49 108 78 168 224 65 18 21 3; 294 2 28 21 7 47 1965.................... 59 170 45 220 250 53 14 23 3; 343 1 29 17 2 86 19652.................. 59 170 45 220 250 53 14 23 3,358 1 29 17 2 86 1966—Jan......... 59 169 49 185 237 51 13 23 3,297 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 1 32 28 2 84 May.... 64 175 56 174 200 57 16 22 3,317 1 33 28 1 81 June.... 67 186 55 174 205 57 16 21 3,298 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 '3,063 I 28 28 6 88 Oct......... 71 204 37 224 246 55 17 16 2,989 1 30 19 5 96 Nov........ 76 197 43 222 263 56 17 18 2,984 31 13 5 98 Dec.p... 84 211 45 226 272 61 18 17 3,126 I 31 16 6 97 1967—Jan. p... 78 211 44 226 270 63 17 17 3,091 1 31 12 6 102 4c. Asia—Continued 4d. Africa 4e. Other countries End of period Japan Korea P p h i i n l e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total C s ( h K o a n i s n g a o ­ ) M c o o roc­ A So fr u i t c h a ( U E . g A y . p R t) . A O f t r h ic e a r Total A tra l u i ­ a s­ ot A h U e r 1963 .............................. 2,171 25 113 8 52 71 104 1 1 15 28 59 58 48 9 1964.............................. 2'653 21 202 9 64 88 120 1 2 19 42 56 58 48 10 19641.......................... 2,810 21 203 9 65 82 131 I 2 20 42 67 64 48 16 1965............................. 2'751 22 231 15 82 108 139 I 2 34 43 60 67 52 15 19652............................ 2,'768 22 230 15 82 107 139 1 2 34 43 60 67 52 15 1966—jan................... 2,698 24 229 16 83 112 142 1 2 38 38 63 76 62 14 Feb.................. 2,699 24 227 15 81 117 132 2 37 34 58 76 62 14 Mar.................. 2,783 24 206 15 72 115 135 1 3 35 42 55 66 59 7 Apr.................. 2,'782 24 202 16 73 114 137 2 39 43 53 58 50 8 May........ 2’,759 14 205 15 70 110 142 2 50 39 50 63 52 11 2,733 16 191 17 69 118 140 1 2 41 48 48 62 52 9 July.................. 2,588 19 173 16 67 118 128 2 38 44 43 63 54 9 Aug.................. 2,536 20 183 17 64 112 128 2 37 44 44 61 52 9 Sept................. '2,487 27 195 15 65 122 124 1 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.................. 2,389 26 211 15 72 122 134 2 45 30 57 60 50 10 Dec.p.............. 2,502 31 214 14 81 133 144 I 2 50 25 66 62 52 10 1967—Jan. p.............. 2,418 34 233 22 83 150 125 « 3 38 18 66 60 51 9 1 Differs from data in line above because of the exclusion as of Dec. 31, Note.—Short-term claims are principally the following items payable 1964, of $58 million of short-term U.S. Govt, claims previously included; on demand or with a contractual maturity of not more than 1 year: loans and because of the addition of $546 million of short-term claims arising made to, and acceptances made for, foreigners; drafts drawn against from the inclusion of claims previously held but first reported as of Dec. foreigners, where collection is being made by banks and bankers for 31, 1964; and because of revision of preliminary data. their own account or for account of their customers in the United States; 2 Differs from data in line above because of the addition of short-term and foreign currency balances held abroad by banks and bankers and claims held in custody for domestic customers, but reported by banks for their customers in the United States. Excludes foreign currencies held the first time as of Dec. 31, 1965. by U.S. monetary authorities. 3 Grand total excludes $27 million because of reclassification of a re­ See also Note to Table 2. porting institution from bank to nonbank reporter beginning Dec. 31, 1966, distributed as follows: United Kingdom and Total Europe, $15 million; and Canada $12 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 481 5. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies Loans to— Accept­ Foreign End of period Total C t o io ll n e s c ­ m an a c d e e s Deposits g cu ov ri t t , i e s s e , ­ Total Total O in f s f t ic it i u a ­ l Banks Others st o a u n t d ­ ­ f o or f a fo cc r­ t, Other Total w ei i g th n e f r o s r­ a c n o d m l f . i ­ Other tions 1 ing eigners nance paper 1963................................... 5,975 5,344 1,915 186 955 774 832 2,214 384 631 432 157 42 1964................................... 7'469 6’810 2,652 223 1,374 1,055 1 ,007 2'600 552 659 400 182 77 1964 2................................ 7 >57 7'333 2,773 221 1 ,403 1,150 1,135 2’621 803 624 336 187 102 1965................................... 7’632 7’158 2 >67 271 1,566 1 >30 1'268 2'501 422 474 325 54 95 1965 3................................ 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 >35 2'816 224 1,497 1 >95 1'264 2,484 472 436 260 61 115 Mar............... 7 >90 7’145 2,867 231 1,508 1,128 1 '287 2'545 446 445 286 53 106 Apr...................... 7'474 7i 067 2>19 221 1,425 1 ,073 1 >05 2,578 466 406 252 61 94 May..................... 7 >60 7'139 2,835 224 1 ,520 1 ,091 1 ,298 2,542 464 421 253 62 106 June..................... 7'649 7,179 2>11 248 1 ,584 1 ,079 1'320 2 >75 473 469 294 63 113 July....................... 7'503 7 >78 2'860 215 1 ,570 1 >75 1’340 2>83 495 425 252 59 113 Aug. ..>..,.... 7'411 6>71 2,820 216 1 ,548 1 ,056 1,374 2,324 453 440 260 57 123 Sept...................... ’•7,420 6,992 2 >43 256 1 ,619 1 >68 1 ,374 r2,267 409 427 241 61 125 Oct........................ 7,445 7>t1 2,970 274 1 ,607 1 ,089 1 ,354 2'251 436 434 253 73 108 Nov...................... 7,547 ?; 095 3,015 273 1,619 1,123 1 ,363 2,276 441 452 269 77 106 Dec.P................... -*7,776 47,380 3,137 258 1,739 1,140 1,367 2,442 4435 4 396 4216 70 110 1967—Jan. 71.................. 7,629 7,279 2,990 257 1,592 1,141 1,370 2,479 440 349 193 73 83 1 Includes central banks. < term claims held in custody for domestic customers, but reported by 2 Differs from data in line above because of the exclusion, as of Dec. banks for the first time as of Dec. 31, 1965. 31, 1964, of $58 million of short-term U.S. Govt, claims previously in­ 4 Grand total excludes $27 million because of reclassification of a re­ cluded; because of the addition of $546 million of short-term claims porting institution from bank to nonbank reporter beginning Dec. 31, arising from the inclusion of claims previously held, but first reported as 1966, distributed as follows: “Total” and “Other” payable in dollars, of Dec. 31, 1964; and because of revision of preliminary data. $3 million; and “Total” and “Deposits with foreigners” payable in for­ 3 Differs from data in line above because of the addition of short­ 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 Loans o A th l e l r f re o c n r i u e c n i r i g e ­ n s U K d n i o n i m t g ed ­ E O u t r h o e p r e Canada A L m a e ti r n ica Japan O A t s h i e a r Africa o A th l e l r 1963 .................................. 69 3,030 2,811 217 2 38 1,063 290 1,015 249 194 113 68 1964.................................. 306 3'971 3,777 195 77 1'611 273 I' 162 385 238 123 104 1964 J................................ 310 4,285 3,995 288 1 87 1,632 327 1,275 430 255 156 122 1965.................................. 513 4’517 4'211 297 9 86 I '518 346 1 >96 445 391 208 228 1966—Jan........................ 515 4,444 4,151 287 6 85 1,489 336 1,257 438 393 201 246 Feb....................... 510 4'421 4'126 288 7 86 1,449 335 1,247 441 403 211 250 Mar.................... 568 4’390 4'093 289 7 86 1 '419 330 1 >65 434 410 192 255 Apr....................... ’729 4’417 4'127 283 8 85 1 '408 326 1,294 430 4U 192 271 May,................... ^847 4>31 4,153 271 7 85 1 >12 308 1'318 425 406 200 276 June..................... ’1 ,019 4'389 4,108 272 8 87 1,386 311 1,306 406 410 198 283 July...................... '1,083 4,389 4'111 270 8 81 1'349 328 1 >00 403 428 202 300 Aug,.......... U >03 4'368 4,095 265 8 78 1,328 322 1 >96 393 428 204 319 Sept...................... ’■1’116 4,287 4,004 266 16 75 1’270 320 1 >06 374 430 202 308 Oct........................ U>75 4,247 3,969 262 16 76 1,225 321 1,295 355 432 222 321 Nov...................... I > 93 4 >96 4,026 254 17 72 1 '222 314 1,373 339 421 226 329 Dec.p................... 1'443 4'188 3'918 251 18 70 1 >58 313 1,346 326 417 226 333 1967—Jan. ?.................. 1,511 4,072 3,819 236 16 72 1,131 284 1,320 312 391 223 338 1 Differs from data in line above because of the inclusion of long- 31, 1964, and because of revision of preliminary data, term liabilities and claims previously held, but first reported as of Dec. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

482 INTL. CAPITAL TRANSACTIONS OF THE U.S. MARCH 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 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 ­ c P ha u s r e ­ s Sales c N ha s e a s t e l e p s s u o r r ­ ch P a u s r e ­ s Sales c N h s a e a s t l e e p s s u o r r ­ regional Total Official Other 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 6,318 5,616 703 1,778 2,684 -906 960 731 229 1966—Jan....................... -9 -10 1 -5 6 474 436 37 109 308 -199 73 65 7 Feb...................... -118 -136 19 19 496 487 8 83 U90 ^-107 71 75 -5 Mar..................... -54 -50 -4 * -4 696 546 150 243 352 -109 100 101 -1 -66 -68 2 2 609 566 r44 106 260 -154 88 105 -17 -60 -51 -9 * -9 742 583 159 152 161 r-9 94 55 39 June................ 6 -5 11 6 5 614 509 105 200 217 -17 91 52 40 July..................... -246 -246 -253 7 428 439 -11 135 248 -113 69 39 30 Aug...................... -21 -44 23 -1 24 r379 381 '•-2 '90 r69 r21 76 65 11 -34 -35 -35 502 378 124 r99 U94 -95 86 42 44 Oct........... 20 20 20 383 347 36 292 r347 r-55 69 37 32 Nov.................... -7 -28 21 7 13 433 400 33 116 187 -71 58 41 17 -27 -36 9 9 563 542 21 152 151 1 85 53 31 1967—Jan. ”.................. -21 -21 * ................ * 567 514 53 112 276 -163 74 64 10 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. * Includes State and local govt, securities, and securities of U.S. Govt, See also Note to Table 2. agencies and corporations that are not guaranteed by the United States. 8. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars) Payable in foreign currencies Payable in dollars End of period Total Austria Belgium Germany Italy Switzerland 1 Total Canada 2 Italy Sweden 1963—Dec............................... 730 50 30 275 200 175 163 125 13 25 1964—Dec............................... 1,086 50 30 679 327 354 329 25 1965—Dec............................... 1,208 101 30 602 125 350 484 299 160 25 1966—Feb................................ 839 101 30 401 125 182 484 299 160 25 Mar............................... 789 101 30 351 125 182 524 299 200 25 Apr............................... 713 75 30 301 125 182 524 299 200 25 May............................. 640 75 30 251 125 158 517 299 193 25 June......................... 589 75 30 200 125 158 512 299 188 25 July.............................. 490 75 30 150 125 110 512 299 188 25 Aug............................... 415 50 30 100 125 110 512 299 188 25 Sept..................... 340 25 30 50 125 110 512 299 188 25 Oct................................ 238 25 30 125 58 385 174 186 25 Nov............................. 238 25 30 125 58 355 144 186 25 Dec............................... 342 25 30 50 125 111 353 144 184 25 1967—Jan................................ 414 25 30 101 125 133 353 144 184 25 Feb................................ 414 25 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 $93 million, July-Dec. 1965. Nov. 1965-Oct. 1966; and $144 million for Nov. 1966-Feb. 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

MARCH 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 483 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 Slocks Bonds France S l z a w e n r i d ­ t­ U K d n i o n i m t g e ­ d E O u t r h o e p r e E T u o ro ta p l e Canada A L i m a c t a e in r­ Asia Africa O c t o r t i u h e e n s r ­ reg I a n i n o t d i n , al 1963................ 207 198 9 — 8 — 14 206 16 199 -47 14 17 (i) 2l 22 1964............... -173 -349 176 -37 -200 -4 14 -228 3 25 10 -1 18 1965............... -375 -413 38 14 14 -522 47 -446 42 — 13 24 -4 '2 21 1966*............. 703 -333 1,036 37 65 -79 116 140 224 65 18 1 4 251 1966—Jan.. . 37 15 22 5 4 2 18 28 -2 3 6 1 Feb... 8 -14 22 7 -28 3 -19 12 5 8 1 2 Mar.. 150 -37 187 9 27 -14 24 47 25 5 ♦ I 71 Apr... 44 -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 76 4 3 9 * 13 July. . -11 -26 15 2 19 -92 26 -44 10 6 -8 -1 * 26 Aug.. r-2 -16 ’’14 2 -3 -23 -6 -29 U8 I 8 * Sept... 124 -3 127 r-2 96 2 97 19 8 -2 2 Oct... 36 7 29 -4 23 -10 12 22 13 6 -7 * 1 Nov.. 33 -68 100 -5 -33 29 26 17 12 I 2 Dec.*, 21 -115 136 1 -32 6 ♦ -24 33 6 2 * * 4 1967—Jan.*. 53 -2 56 1 23 - 17 -2 4 36 3 9 -1 ♦ 2 i 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 e t f o r i o o i g u e t r n a n s ­ l ­ r E op u e ­ C a a d n a ­ A L i a m c t a i e n r­ Asia r A ic f a ­ 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 , in c E us a t r o g m d o a y ld rked 1963...................... -1,044 -96 -949 —49 -614 -26 -252 (1) 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 -5? - 131 3 -54 1965................ 150 8,272 12^896 1966*.................... -677 -171 — 506 218 -722 -9 -7 16 —2 1966—Feb.. . 140 7,850 12,964 1966—Jan........... *•-192 7 -198 6 -192 r-to -8 1 4 Mar... 329 7,617 12,944 Feb........... -111 7 -118 -8 -83 -26 -3 1 Apr... 192 7,455 13,001 Mar......... — 110 -94 -16 77 -138 21 29 5 —10 May.. 263 7,631 12,975 Apr.......... -172 -31 — 140 -8 -167 36 -3 ♦ 2 June.. 313 7,517 12,955 May......... GO -22 53 75 -13 -14 4 * 1 July... 548 7,307 13,016 June......... 23 11 12 20 17 -4 -8 -13 Aug... 170 7,042 13,066 July..... -83 -50 -33 15 -37 -11 — 5 4 Sept... 159 7,092 12,904 Aug..... G2 7 r25 4 r34 r~4 -9 Oct.... 194 7,336 12,876 Sept......... r-50 6 r-56 19 r-74 r3 4 * —9 Nov... 196 7,450 12,912 Oct...... r-23 -20 -3 -2 — 36 17 r9 8 1 Dec... 174 7,036 12,946 Nov......... -54 6 -60 -50 — 4 -8 Dec.*.... 32 2 30 20 17 -12 -10 ♦ 15 1967—Jan.... 148 7,141 12,961 Feb.. . 145 7,334 12,984 1967—Jan.*.... -153 -52 -101 13 -88 2 -8 1 -21 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 Statistics, 1962). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

484 INTL. CAPITAL TRANSACTIONS OF THE U.S. MARCH 1967 12. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (End of period; in millions of dollars) Liabilities to foreigners Claims on foreigners Area and country 1965 1966 1965 1966 Sept. Dec. Mar. June Sept."1 Sept. Dec. Dec.1 Mar. June Sept.” Europe: Austria........................................................... 2 2 2 3 3 6 6 6 8 7 7 Belgium......................................................... 23 24 27 29 26 20 39 45 46 45 42 Denmark...................................................... 1 1 I 2 2 11 9 9 8 8 10 Finland............................................................. I 1 1 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 15 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 2 7 8 8 8 7 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............................................. 132 137 139 137 155 310 312 315 433 487 585 Yugoslavia........................................................ 1 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 1 1 3 3 3 3 6 3 Total.......................................................... 431 450 451 495 562 797 828 834 1,039 1,065 1,171 Canada.................................................................. 84 94 120 117 138 753 685 599 566 550 509 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 11 9 4 9 12 13 13 11 13 12 Peru..................................................................... 6 6 7 5 6 26 29 28 30 28 28 Uruguay............................................................. 1 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...................................................... 105 102 105 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 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 1 1 1 7 6 6 8 9 11 Other Asia......................................................... 32 32 33 32 30 68 67 66 76 76 69 Total........................................................... 109 113 112 111 97 328 331 322 333 309 308 Africa: Congo (Kinshasa).......................................... 1 1 1 1 2 2 2 1 2 South Africa.................................................... 16 11 11 11 10 23 20 20 18 18 17 U.A.R. (Egypt)................................................ 1 1 1 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 nonbanking institutions in the United States. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 485 13. SHORT TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (In millions of dollars) Liabilities Claims Payable in foreign currencies End of period Payable Total P d a o y l i l n a a b r l s e for i e n i gn Total P d a o y i l n l a a b r l s e Deposits with currencies banks abroad in reporter’s Other name 1962—Sept................................................................................................. 678 554 123 2 136 1 685 197 254 Dec.................................................................................................. 637 508 129 2'051 1,625 214 212 Dec.1.............................................................................................. 644 513 130 2 098 1 668 217 212 1963—Mar................................................................................................. 614 470 144 2 113 1 712 201 200 Mar.1............................................................................................. 616 472 144 2*162 1 ^758 204 200 June................................................................................................ 674 529 146 2 282 1 877 222 183 Sept................................................................................................. 691 552 139 2 257 1 830 2 25 202 Dec.................................................................................................. 626 478 148 2^ 131 1,739 201 191 Dec.2.............................................................................................. 626 479 148 2,188 1 778 199 211 1964—Mar................................................................................................. 631 475 156 2 407 1,887 239 282 June................................................................................................ 622 471 151 2 482 2,000 220 262 June3.............................................................................................. 585 441 144 2430 1 952 219 260 Sept................................................................................................. 650 498 152 2 719 2,168 249 302 Dec.................................................................................................. 695 553 141 2,776 2,306 189 281 Dec.4.............................................................................................. 700 556 144 2,853 2,338 205 310 1965—Mar................................................................................................. 695 531 165 2,612 2,147 189 277 June.............................................................................................. 740 568 172 2^411 I ^966 198 248 Sept................................................................................................. 779 585 195 2,406 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.p............................................................................................. 974 734 240 2,528 2,136 165 227 1 Includes data from firms reporting for the first time. of claims; for previous series the exemption level was $100,000. 2 Includes data from firms reporting for the first time and claims pre­ 4 Data differ from that shown for December in line above because of viously held but not reported. changes in reporting coverage. 3 Includes reports from firms having $500,000 or more of liabilities or 14. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (In millions of dollars) Claims End of period Total Country or area liabilities Total K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico A O L m a t e h t r i e n i r c a Japan O A t s h i e a r Africa o A th l e l r 1963—Sept............................ 153 881 14 85 42 127 102 188 123 87 98 16 Dec.L................ 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 18 136 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.p........................ 217 1^36 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

486 U.S. BALANCE OF PAYMENTS MARCH 1967 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1965 1966 Item 1963 1964 1965 1 1 " II in IV 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, securities 3................ -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+2+3+4+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...........-.2...3...6...............-.2...4...5.......... -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

MARCH 1967 U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE 487 U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1965 1966 Item 1963 1964 1965 II III IV I II IIP 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 (increase, —)............................................................ 378 171 1,222 68 41 271 424 68 82 Gold.......................................................................... 461 125 1,665 4590 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 2,627 115 -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 5. 466 “59 -20 -15 -2 -19 -5 6 -254 Deposits, short-term U.S. Govt, securities, etc.....................5..0..4................7..5...7........ -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 B. Official reserve transactions........................................ 2,044 1,546 1,305 -55 276 1,125 -402 380 -427 Change in U.S. official reserve assets (increase, —)............................................ 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 * Excludes transfers under military grants. 3 With original maturities over 1 year. 2 Excludes military grants. 3 Includes certificates sold abroad by Export-Import Bank. Note.—Dept, of Commerce data. Minus sign indicates net payments * 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 1964 iges-- 1966' 1967 1964 1965' 1966' 1967 1964 1965' 1966' 1967 Month: Jan..................... 2,040 31,228 2,274 2,620 1,418 31,199 1,948 2,296 622 3 28 327 325 Feb........................ 2,058 31,623 2,374 1,459 31,606 2,005 599 3 17 369 Mar........................ 2,075 3 2,739 2,569 1,518 3 1,861 2,068 557 3 878 501 Apr........................ 2,061 3 2,406 2,359 1,537 3 1,811 2,109 524 3 595 250 May....................... 2,047 32,299 2,411 1,530 3 1,797 2,063 517 3 503 348 June..................... 2,077 3 2,235 2,490 1,514 31,848 2,135 563 3 386 354 July........................ 2,119 2,300 2,456 1,573 41,742 2,205 546 4558 251 Aug........................ 2,100 2,329 2,455 1,608 1,825 2,113 492 504 342 Sept....................... 2,261 2,291 2,542 1,563 1,858 2,301 698 433 240 Oct............ 2,156 2,349 2,583 1,551 1,885 2,262 605 464 320 Nov....................... 2,206 2,378 2,486 1,698 1,941 2,192 3 508 438 295 Dec........................ 2,426 2,362 2,415 1,642 1,911 2,231 3 784 451 184 Quarter: I................. 6,173 35,589 7,216 4,395 3 4,666 6,020 1,778 3 923 1,196 H............................ 6,185 3 6,940 7,259 4,581 3 5,456 6,306 1,604 31,484 953 HI,,,,................... 6,480 6,920 7,453 4,744 45,425 6,618 1,736 41,495 834 IV........................... 36,788 7,090 7,484 3 4,891 5,736 6,685 3 1,897 1,353 799 Year5......................... 25,671 26,539 29,412 18,684 21,284 25,630 6,987 5,255 3,782 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

488 MONEY RATES MARCH 1967 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Feb. 28, 1966 Rate Country 1966 1967 Fe a b s . o 2 f 8 , Per Month 1967 cent effective Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Argentina.. . . . . 6 0 Dec. 1957 6 0 Austria...................,,................. 4.5 June 1963 4 5 Belgium. 4.75 July 1964 5.25 5.0 5 0 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 Chila 2........................, 15.86 Jan. 1966 15,84 15.84 Colombia.................................... 8.0 May 1963 8.0 Costa Rica. . . .. 3 0 Apr 1939 3 0 Denmark.................................... 6.5 lunft 1964 6.5 Fcnqdor . 5 0 Nov 19S6 5 0 RI 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 4.0 4.0 Ghana. ... . .... 7.0 Jan. 1966 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 6.50 6,50 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 28.6 Mexico......................................... 4 5 June 1942 4.5 Netherlands .................. 4 5 Tnnft 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 .Tan. 1966 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 5.5 5.5 Switzerland............................. 2.5 July 1964 3.5 3.5 Taiwan 3......................... 4.04 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 i On June 24, 1962, the bank rate on advances to chartered banks shown is the one at which it is understood the central bank transacts was fixed at 6 per cent. Rates on loans to money market dealers will the largest proportion of its credit operations. Other rates for some continue to be .25 of 1 per cent above latest weekly Treasury bill tender of these countries follow: average rate, but will not be more than the bank rate. Argentina—3 and 5 per cent for certain rural and industrial paper, de­ 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at pending on type of transaction; the average rate charged by banks in the previous half year. Old redis­ Brazil—8 per cent for secured paper and 4 per cent for certain agricultural counts remain subject to old rates provided their amount is reduced by paper; one-eighth each month beginning with May 1, 1959, but the rates are Colombia—5 per cent for warehouse receipts covering approved lists of raised by 1.5 per cent for each month in which the reduction does not products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent occur. for rediscounts in excess of an individual bank’s quota; 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—S 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

MARCH 1967 MONEY RATES; ARBITRAGE 489 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 l s s u t , h ry s 1 D m a o d y n a - e y t y o 2 ­ 3 B a a m a c n n c o c e k e n p e s t r t h , ­ s s ' 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e t o y ­ a B d ll 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 - y e t y o ­ 3 T 6 d r b e 0 a i a l - y l s 9 s s u 0 , 4 r y m Da o d y n a - e y t y o s ­ 3 T r m b e i a o l s l n s u t , h ry s D m a d o y a n - y e t o y ­ d P is r r c a iv o te a u t n e t 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.ib 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 4.75 r5.8t 4.90 3.68 4 00 1967—Jan................ 4.83 4.78 6.77 6.29 5.93 4.90 .................. 4.13 5.13 4.87 4.31 4.00 1 Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month. 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. Note.—For description and back data, see “International Finance,'* 4 Rate in effect at end of month. Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Date q K ( u U i a o n U d n t g j . i a . S d t t e . o i t d o o m n U S n ta i t t e e s d L S ( o f p n a o r v d e f o a o d r n ) P d f ( ( p o r i - + e s o r c m ) w u ) o n i a u o o u d r n n r m d t i L n ( o c f N n e a o n d v e f t o t o i n v r e ) qu A ot s e d C anad A a U dj . . S . t o U S n ta i t t e e s d C S ( a f p n a o r v a e f o d a r a d ) C d f ( ( d o a i + s - o n r c w ) l a ) o l d a a u o o r i r n n a s r d n t i C n ( c a f N e n a o n v a e f t o d t i v r a ) e in quotation basis) Canada basis 1966 Oct. 7................ 6.52 5.34 1.18 — .77 + .41 5.09 4.96 5.34 — .38 + .41 + .03 14................ 6.44 5.45 .99 -.78 + .21 5.11 4.98 5.45 -.47 + .41 -.06 21................ 6.47 5.31 1.16 -.52 + .64 5.14 5.01 5.31 -.30 + .37 + .07 28................ 6.35 5.21 1.14 — .65 + .49 5.19 5.05 5.21 -.16 + •24 + .08 6.38 5.29 1.09 -.60 + .49 5.22 5.08 5.29 -.21 + .28 + .07 10................ 6.38 5.38 1.00 - .75 + .25 5.22 5.08 5.38 — .30 + .26 — .04 18................. 6.57 5,32 1.25 -.66 + .59 5.19 5.05 5.32 -.27 + .41 + .14 25................. 6.60 5.25 1.35 — .54 + ,81 5,18 5.04 5 25 — .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 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 10................. 5.83 4.50 1.33 -.81 + .52 4.61 4.49 4.50 -.01 -.35 - .36 17................. 5.89 4.58 1.31 -.75 + .56 4.59 4.48 4.58 -.10 -.19 -.29 24................. 5.89 4.59 1.30 -.75 + .85 4.55 4,44 4.59 -.15 -.15 — .30 Mar. 3................. 5.83 4.35 1.48 -.79 + .69 4.48 4.37 4.35 + .02 .00 + .02 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

490 FOREIGN EXCHANGE RATES MARCH 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 .3107 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 2223.41 3111.22 3.8686 2.0067 92.811 20.946 14.475 31.061 1966--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 July........................................................... .4896 111.11 3.8705 2.0110 93.017 20.921 14.444 31.063 Aug........................................................... ■>.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 ...................1.11.16 3.8651 1.9987 92.319 20.926 14.484 31.062 1967--Jan............................................................. .4035 111.20 3.8648 2.0005 )2.623 20.927 14.468 31.062 Feb............................................................ .3993 ...................1.11.32 3.8653 2.0100 92.529 20.932 14.444 31.062 Period F (f r r a a n n c c e ) ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e ) ( I p re o l u a n n d d ) ( I H ta r l a y ) J ( a y p en a ) n ( M do s a l i l a l a a y r ­ ) M (p e e x s i o c ) o ( e g N r u la i e l n t d h d e ­ s r) 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 7 16.596 279.30 .16014 27598 32.538 8.0056 27.630 1966--Feb............................................................ 20.401 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 Feb............................................................ 20.217 25.168 13.272 279.41 .15993 .27576 32.535 8.0056 27.694 Period Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) (e P s o c g r u a t l d u o ­ ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) 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 ­ ) ( U p 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--Feb............................................................ 277.48 13.992 3.4921 139.60 .6660 19.346 23.077 280.25 Mar........................................................... 276.75 13.981 3.4867 139.24 .6659 19.384 23.040 279.52 Apr............................................................ 276.58 13.976 3.4834 139.15 .6659 19.385 23.102 279.34 May.......................................................... 276.47 13.971 3.4829 139.09 .6660 19.398 23.167 279.23 June.......................................................... 276.22 13.971 3.4806 138.97 .6658 19.383 23.169 278.98 July........................................................... 276.12 13.974 3.4777 138.92 .6655 19.352 23.164 278.88 Aug........................................................... 276.12 13.988 3.4776 138.92 .6639 19.358 23.110 278.88 Sept........................................................... 276.17 13.989 3.4773 138.95 .6639 19.345 23.102 278.93 Oct............................................................. 276.40 13.993 3.4807 139.06 .6641 19.330 23.064 279.16 Nov............................................. 276.35 13.995 3.4794 139.03 .6638 18.336 23.141 279.11 Dec............................................................ 276.25 13.989 3.4783 138.99 .6638 19.327 23.129 279.01 1967--Jan............................................................. 276.34 13.978 3.4786 139.03 .6636 19.337 23.089 279.10 Feb............................................................. 276.65 13.980 3.4783 139.18 1.6634 19.353 23.061 279.41 1 Anew 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 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 491 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

492 FEDERAL RESERVE BULLETIN • MARCH 1967 FEDERAL OPEN MARKET COMMITTEE Wm. McC. Martin, Jr., Chairman Alfred Hayes, Vice Chairman Andrew F. Brimmer Sherman J. Maisel Chas. N. Shepardson J. Dewey Daane George W. Mitchell Eliot J. Swan Darryl R. Francis J. L. Robertson Edward A. Wayne Charles J. Scanlon Robert C. Holland, Secretary Merritt Sherman, Assistant Secretary J. Howard Craven, Associate Economist Kenneth A. Kenyon, Assistant Secretary George Garvy, Associate Economist Arthur L. Broida, Assistant Secretary A. B. Hersey, Associate Economist Charles Molony, Assistant Secretary Homer Jones, Associate Economist Howard H. Hackley, General Counsel Albert R. Koch, Associate Economist David B. Hexter, Assistant General Counsel J. Charles Partee, Associate Economist Daniel H. Brill, Economist Benjamin U. Ratchford, Associate Economist Ernest T. Baughman, Associate Economist Robert Solomon, Associate Economist Alan R. Holmes, Manager, System Open Market Account Charles A. Coombs, Special Manager, System Open Market Account FEDERAL ADVISORY COUNCIL John A. Moorhead, ninth federal reserve district, President Sam M. Fleming, sixth federal reserve district, Vice President 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 Roger D. Knight, Jr., tenth federal RESERVE DISTRICT RESERVE DISTRICT John A. Mayer, fourth federal Robert H. Stewart, III, eleventh federal RESERVE DISTRICT RESERVE DISTRICT J. Harvie Wilkinson, Jr., fifth federal Frederick G. Larkin, Jr., twelfth federal RESERVE DISTRICT RESERVE DISTRICT Herbert V. Prochnow, Secretary William J. Korsvik, Assistant Secretary Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 493 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 C. Clark 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. 494 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 495 STAFF ECONOMIC STUDIES The Relative Impact of Money and Income on Interest Rates: An Empirical Investi­ Studies and papers on economic and financial sub­ gation, by William E. Gibson and George G. jects that are of general interest in the field of Kaufman. Feb. 1967. economic research. The Effect of Credit Conditions on State Summaries only printed in the Federal Reserve and Local Bond Sales and Capital Outlays Bulletin. Since World War II, by Paul F. McGouldrick. (Limited supply of mimeographed copies of Feb. 1967. full text available upon request for single copies.) Investment by Manufacturing Firms: A Quar­ The Process of Inflation: A Review of the terly Time Series Analysis of Industry Literature and Some Comparisons of Cy­ Data, by Robert W. Resek. Mar. 1967. clical Performance, 1953-65, by Glenn H. Printed in full in the Federal Reserve Bulletin. Miller, Jr. Apr. 1966. (Reprints available as shown in following list.) The Federal Reserve System and World Monetary Problems, by Robert Solomon. May 1966. REPRINTS The Spanish “Miracle”: Growth and Change in the Spanish Economy, 1959 to Mid-1965, (From Federal Reserve Bulletin unless preceded by an asterisk.) by Rodney H. Mills, Jr. May 1966. Consumer Credit Regulations : A Review and The History of Reserve Requirements for Response, by Jerome W. Shay. June 1966. Banks in the United States. Nov. 1938. 20 pp. Empirical Aspects of Cost vs. Demand in Commodity Pricing, by Addison T. Cutler. Adjustment for Seasonal Variation. Descrip­ June 1966. tion of method used by Board in adjusting eco­ A Model of Federal Reserve Behavior, by nomic data for seasonal variation. June 1941. John H. Wood. June 1966. 11 PP. Cyclical Determinants of Capital Expendi­ Seasonal Factors Affecting Bank Reserves. tures: A Regression Study of the United Feb. 1958. 12 pp. States Steel Industry, by James P. Bennett. Open Market Operations in Long-Term Secu­ July 1966. rities. Nov. 1958. 15 pp. The European Economic Community’s Com­ mon Agricultural Policy and Its Impact *Part I, All-Bank Statistics, 1896-1955. Re­ on U.S. Exports, by Thomas M. Klein. July print of the U.S. Summary containing a descrip­ tion of revised statistics for all banks in the 1966. United States, by class of bank, together with A Theory of Household Asset Selection, by revised statistics. Apr. 1959. 94 pp. William J. Hocter. Aug. 1966. Liquidity Considerations and Monetary Statistics on the Government Securities Management, by Leonall C. Andersen (with Market. Apr. 1961. 8 pp. commentaries by Arthur L. Broida and Rich­ Liquidity and Public Policy, Staff Paper by ard G. Davis). Sept. 1966. Stephen H. Axilrod. Oct. 1961. 17 pp. The Overseas Dollar Bond Market and Re­ Revised Indexes of Freight Carloadings. Dec. cent U.S. Borrowing Abroad, by Carl H. 1961. 3 pp. Stem. Sept. 1966. Mexico’s Economic and Financial Record, by Seasonally Adjusted Series for Bank Credit. July 1962. 6 pp. Yves Maroni. Oct. 1966. Measures of Industrial Production and Final Interest Rates and Monetary Policy, Staff Demand, by Clayton Gehman and Cornelia Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. Motheral. Jan. 1967. Industrial Production—1957-59 Base. Oct. Firms’ Demands For Money: The Evidence 1962. 10 pp. From the Cross-Section Data, by William J. Flow of Funds Seasonally Adjusted. Nov. Frazer, Jr. Jan. 1967. 1962. 15 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

496 FEDERAL RESERVE BULLETIN • MARCH 1967 A Sectoral Analysis of Velocity, Staff Paper Recent Changes in U.S. Trade and Payments. by Paul F. McGouldrick. Dec. 1962. 14 pp. Apr. 1966. 11 pp. Changes in Structure of the Federal Debt. Banking and Monetary Statistics, 1965. Se­ Mar. 1963. 10 pp. lected series of banking and monetary statistics New Foreign Bond Issues in the U.S. Market, for 1965 only. Mar. and June 1966. 15 pp. Staff Paper by Robert F. Gemmill. May 1963. Recent Credit and Monetary Developments. 13 pp. July 1966. 12 pp. Recent Changes in Liquidity, Staff Paper by Revision of Bank Credit Series. July 1966. Daniel H. Brill. June 1963. 10 pp. 6 pp. Measures of Member Bank Reserves. July Commercial Bank Liquidity, Staff Economic 1963. 14 pp. ' Study by James Pierce. Aug. 1966. 9 pp. Measuring and Analyzing Economic Growth, Changes in Time and Savings Deposits, De­ Staff Paper by Clayton Gehman. Aug. 1963. cember 1965-May 1966. Aug. 1966. 35 pp. 14 pp. Revision of Weekly Reporting Member Bank Changes in Banking Structure, 1953-62. Sept. Series. Aug. 1966. 4 pp. 1963. 8 pp. Economic Change and Economic Analysis, Interest Rates in Western Europe. Sept. 1966. 19 pp. Staff Paper by Frank R. Garfield. Sept. 1963. 17 pp. Revision of Money Supply Series. Sept. 1966. Survey of Financial Characteristics of Con­ 13 pp. sumers. Mar. 1964. 9 pp. Treasury and Federal Reserve Foreign Ex­ Federal Reserve Security Transactions, 1954­ change Operations. Sept. 1966. 11 pp. 63, Staff Paper by Stephen H. Axilrod and Interest Rates in U.S. Capital Markets. Nov. Janice Krummack. July 1964. 16 pp. 1966. 16 pp. Ministerial Statement of the Group of Ten Toward Understanding of the Whole De­ and Annex Prepared by Deputies, Aug. 1964. veloping Economic Situation, Staff Eco­ 25 pp. nomic Study by Frank R. Garfield. Nov. 1966. Yield Differentials in Treasury Bills, 1959­ 14 pp. 64, Staff Paper by Samuel I. Katz. Oct. 1964. A Revised Index of Manufacturing Capacity, 20 pp. Staff Economic Study by Frank de Leeuw with Research into Banking Structure and Com­ Frank E. Hopkins and Michael D. Sherman. petition. Nov. 1964. 17 pp. Nov. 1966. 11 pp. Bank Credits to Foreigners. Mar. 1965. 10 pp. Time Deposits and Financial Flows. Dec. 1966. 14 pp. Revision of Bank Debits and Deposit Turn­ over Series. Mar. 1965. 4 pp. Balance of Payments Program: Guidelines Measures of Banking Structure and Competi­ for Banks and Nonbank Financial Institu­ tion. Sept. 1965, 11 pp. tions. Dec. 1966. 8 pp. U.S. International Payments. Oct. 1965. 9 pp. The Role of Financial Intermediaries in U.S. Time Deposits in Monetary Analysis, Staff Capital Markets, Staff Economic Study by Economic Study by Lyle E. Gramley and Sam­ Daniel H. Brill, with Ann P. Ulrey. Jan. 1967. uel B. Chase, Jr. Oct. 1965. 25 pp. Size and Composition of Consumer Saving. Fiscal Policy and Debt Management. Nov. Jan. 1967. 19 pp. 1965. 11 pp. Recent Bank Credit and Monetary Develop­ Cycles and Cyclical Imbalances in a Chang­ ments. Feb. 1967. 13 pp. ing World, Staff Paper by Frank R. Garfield. Nov. 1965. 15 pp. Auto Loan Characteristics at Major Sales Treasury and Federal Reserve Foreign Ex­ Finance Companies. Feb. 1967. 5 pp. change Operations. Mar. 1966. 14 pp. Consumer Instalment Credit. Mar. 1967. Research on Banking Structure and Per­ 12 pp. formance, Staff Economic Study by Tynan Treasury and Federal Reserve Foreign Ex­ Smith. Apr. 1966. 11 pp. change Operations. Mar. 1967. 12 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Assets ana uatmiues (^ee also roreign nan. & claims): Aujusteu, ana currency, 40/ Banks and the monetary system, 407 Banks, by classes, 401, 408, 413, 416, 421, 462 Corporate, current, 433 Federal Reserve Banks, 402, 483 Domestic banks, by classes, 408, 412, 414, Member banks, deposits subject to reserve 421, 458 requirements, 406 Federal Reserve Banks, 402 Postal savings, 400, 407 Automobiles: Discount rates, 399, 488 Consumer instalment credit, 438, 439, 440 Discounts and advances by Federal Reserve Production index, 442, 443 Banks, 394, 402, 404 Dividends, corporate, 432, 433 Bankers’ balances, 413, 415, 460 Dollar assets, foreign, 475, 483 (See also Foreign liabilities and claims) Banking and monetary statistics for 1965-66, 456 Earnings and hours, manufacturing industries, 449 Banks and the monetary system, 407 Employment, 446, 448, 449 Banks for cooperatives, 423 Bonds (See also U.S. Govt, securities): Farm mortgage loans, 434, 435, 436 New issues, 429, 430, 431 Federal finance: Prices and yields, 419, 420, 470 Cash transactions, 424 Brokers and dealers in securities, Receipts and expenditures, 425 bank loans to, 412, 414, 458 Treasurer’s balance, 424 Business expenditures on new plant and Federal funds, 398, 412 equipment, 433 Federal home loan banks, 423, 435 Business indexes, 446 Federal Housing Administration, 420, 434, 435, 436 Business loans (See Commercial and industrial loans) Federal intermediate credit banks, 423 Capital accounts: Federal land banks, 423 Banks, by classes, 408, 413, 417, 464 Federal National Mortgage Assn., 423, 436 Federal Reserve Banks, 402 Federal Reserve Banks: Carloadings, 446 Condition statement, 402 Central banks, foreign, 472, 488 U.S. Govt, securities held, 394, 402, 404, 426, 427 Certificates of deposit, 417, 464 Federal Reserve credit, 394, 402, 404, 456 Coins, circulation, 405 Federal Reserve notes, 402, 405 Commercial and industrial loans: Federally sponsored credit agencies, 423 Commercial banks, 412 Finance company paper, 419, 421, 469 Weekly reporting banks, 414, 418, 458, 466 Financial institutions, loans to, 412, 414, 458 Commercial banks: Float, 394 Assets and liabilities, 408, 412, 414, 458 Flow of funds, 454 Consumer loans held, by type, 439 Foreign central banks, 472, 488 Deposits accumulated at, for payment of Foreign currency operations, 402, 404, 474, 482 personal loans, 411 Foreign deposits in U.S. banks, 394, 402, 407, 413, Number, by classes, 408 416, 462, 483 Real estate mortgages held, by type, 434 Foreign exchange rates, 490 Commercial paper, 419, 421, 469 Foreign liabilities and claims: Condition statements (See Assets and liabilities) Banks, 476, 478, 479, 481, 483 Construction, 446, 447 Nonfinancial concerns, 484 Consumer credit: Foreign trade, 487 Instalment credit, 438, 439, 440, 441 Noninstalment credit, by holder, 439 Gold: Consumer price indexes, 446, 450 Certificates, 402, 405 Consumption expenditures, 452, 453 Earmarked, 483 Corporations: Net purchases by U.S., 474 Sales, profits, taxes, and dividends, 432, 433 Production, 473 Security issues, 430, 431 Reserves of central banks and govts., 472 Security prices and yields, 419, 420, 470 Reserves of foreign countries and international Cost of living (See Consumer price indexes) organizations, 475 Currency in circulation, 394, 405, 406 Stock, 394, 407, 474 Customer credit, stock market, 420 Gross national product, 452, 453 Debits to deposit accounts, 404 Debt. (See specific types of debt or securities) Hours and earnings, manufacturing industries, 449 Demand deposits: Housing starts, 447 Adjusted, banks and the monetary system, 407 Adjusted, commercial banks, 404, 406, 413 Income, national and personal, 452, 453 Banks, by classes, 401, 408, 416, 462 Industrial production index, 442, 446 Member banks, deposits subject to reserve Instalment loans, 438, 439, 440, 441 requirements, 406 Insurance companies, 422, 426, 427, 435 Turnover, 404 Insured commercial banks, 410, 411, 412 Type of holder, at commercial banks, 413 Interbank deposits, 401, 408, 413 497 Type of holder, 434, 435, 436 Veterans Administration, 434, 435, 436 Type of property mortgaged, 434, 435, 436 Weekly reporting banks, 414, 458 Reserve position, basic, member banks, 398 Reserve requirements, member banks, 400 Yields (See Interest rates) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis