Federal Reserve Bulletin, 1967-07

FEDERAL RESERVE B U LLETIN JULY 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 “ 1075 Recent Credit and Monetary Developments 1087 The Public Information Act—Its Effect on Member Banks 1093 Staff Economic Studies: Summaries 1096 Revised Indexes of Manufacturing Capacity and Capacity Utilization 1099 Changes in Time and Savings Deposits, January-April 1967 1115 Record of Policy Actions of the Federal Open Market Committee 1153 Law Department 1168 Announcements 1170 National Summary of Business Conditions 1172 Guide to Tabular Presentation 1173 Financial and Business Statistics, U.S. 1241 International Financial Statistics 1263 Board of Governors and Staff 1264 Open Market Committee and Staff; Federal Advisory Council 1265 Federal Reserve Banks and Branches 1266 Federal Reserve Board Publications 1269 Index to Statistical Tables Inside back cover Map of Federal Reserve System EDITORIAL COMMITTEE Charles Molony Daniel H. Brill Robert C. Holland Robert Solomon Albert R. Koch Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions ex­ pressed except in official statements and signed articles. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Recent Credit and Monetary Developments BANK CREDIT EXPANSION was rapid in the first half of 1967, as the Federal Reserve took further actions to stimulate the economy by reducing the cost and increasing the availability of credit. A policy of monetary restraint had been in effect during most of 1966, but as excess demand pressures eased in the fall of that year, monetary policy became less restrictive. And bank reserves were supplied liberally in the first half of 1967 in an effort to encourage BANK CREDIT economic growth in a period when business inventory adjustments were exerting a drag on output. With yields on short-term market instruments declining sharply through the spring of 1967, the rate of return being paid on time and savings accounts at banks and other financial institutions be­ came increasingly attractive to savers. As a result of these yield relationships and the increased rate of consumer saving, public '65’66'67 acquisitions of deposits at commercial and mutual savings banks Seasonally adjusted monthly data. Data partly estimated for all com­ and of shares at savings and loan associations expanded rapidly. mercial banks as of last Wednes­ day of month, except for June 30 The increased inflow of savings to nonbank intermediaries con­ and December 31. Interbank loans excluded. Latest figure, June 30 tributed to a greater availability of funds in the mortgage market. (estimated). Long-term yields reached their 1967 lows in late February, after declining by 45 to 60 basis points from their highs last fail. Thereafter, with businesses and State and local governments issu­ ing a record volume of securities in capital markets, long-term market interest rates began to rise and by midyear most had re­ turned to near their highs of late 1966. Attitudes of investors and borrowers appeared to be influenced by uncertainties about Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1076 FEDERAL RESERVE BULLETIN • JULY 1967 future fiscal and monetary policies, and many market participants sought to safeguard themselves against the possibility of tighter credit conditions in the months to come. FEDERAL RESERVE The expansive monetary policy that was initiated in the fall of POLICY 1966 continued in the first half of 1967. In March the Board of Governors authorized a two-step reduction in reserve requirements on passbook savings deposits and on the first $5 million of time deposits at member banks. This action released $850 million of reserves, almost 60 per cent of which became available to country banks. In addition, in April, the Federal Reserve Banks reduced the discount rate from 4Vi to 4 per cent. These policy actions were preceded and followed by open 11 RESERVES of member banks accelerate BILLIONS OF DOLLARS and BORROWING from Federal Reserve declines NOT SEASONALLY ADJUSTED EXCESS RESERVES borrowing from FEDERAL RESERVE 1964 1965 1966 1967 Monthly averages of daily figures for member banks. Total and nonborrowed reserves adjusted to exclude the effects of changes in reserve requirement percentages. Nonborrowed reserves are total reserves adjusted minus member bank borrowings from Federal Reserve, Excess reserves are total reserves less required reserves. Latest figures, June (preliminary). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT CREDIT AND MONETARY DEVELOPMENTS 1077 market operations that provided reserves for a substantial increase in deposits at member banks. Nonborrowed reserves, which had declined slightly on a seasonally adjusted basis over the summer and fall of 1966, expanded at an annual rate of almost 13 per cent in the 7 months December 1966 through June 1967. With reserves being supplied more rapidly by System action, member banks reduced their borrowing from Federal Reserve Banks dur­ ing the spring to the lowest level since the fall of 1962. In order to provide these additional reserves, the System acquired about $2.4 billion, net, of Treasury securities through outright purchase and repurchase agreements during the first half of 1967. As in other recent years, most of the net purchases— almost three-fourths—were in the form of bills. However, in rec­ ognition of the unusual pressures in long-term markets resulting from heavy supplies of securities and changing market expecta­ tions, the System during the spring supplied some of these reserves by acquiring $776 million of coupon issues, about 40 per cent of which had maturities in excess of 5 years. INTEREST RATES From late 1966 through the spring of 1967, short-term interest rates declined rapidly from their highs of last fall. The downward movements of money market rates reflected more than just the impact of an easier monetary policy. The period was also charac­ terized by a sharply increased demand for short-term assets by financial institutions and others seeking to improve their strained liquidity positions, as well as to be able to take advantage of the higher yields they expected later in the year. Moreover, some of the funds obtained in capital markets were temporarily invested in short-term assets. These demands for money market instruments occurred during a period when supplies of short-term Government securities avail­ able to private investors declined sharply. The reduced supply of short-term Treasury issues reflected large maturities of tax-antici­ pation bills in the first half; it also reflected the substantial official purchases by the Federal Reserve System in its reserve supplying operations and by Federal home loan banks (FHLB) with funds they had received from repayments of borrowings by member savings and loan associations. Market supplies of short-term debt were also reduced by large maturities of FHLB securities. In late June and early July, Treasury bill rates rose sharply, triggered by the announcement of Treasury financings totaling Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1078 FEDERAL RESERVE BULLETIN • JULY 1967 2 I SHORT-TERM interest rates decline sharply... but LONG-TERM rates turn up during spring Monthly averages except FHA (based on quotations for 1 day each month) and prime 1-year municipals (based on quotations for 1 day at beginning of month). Yields: 4-6 month prime commercial paper; U.S. Treasury bills, market yields on 3-month issues; prime 1-year municipals are from Salomon Brothers & Hutzler; FHA, weighted averages of private secondary market prices of new-home 30-year mortgages converted to annual yield (thin line indicates periods of adjustment to changes in contractual interest rate); corporate bonds, weighted averages of new publicly offered bonds rated Aaa, Aa, and A by Moody’s Investors Service and adjusted to an Aaa basis (thin line represents period of no representative issues); U.S. Govt, bonds, market yields adjusted to a 20-year maturity by U.S. Treasury; State and local govt, bonds, Moody’s Investors Service, Latest figures, June, except July for prime 1-year municipals. FHA yield estimated for June. $6.2 billion—including $4.0 billion of tax-anticipation bills to be auctioned just after midyear. After reaching a low of 3.33 per cent in June, market yields on 3-month bills rose to a high (not shown in chart) of 4.29 per cent in early July, but because of increased investor demand, bill yields subsequently declined some­ what. Yields on other short-term market instruments also rose around midyear, but by considerably less than the bill rate. Short­ term muncipal securities, however, rose about 60 basis points over their May levels as demands by banks for these securities moderated. While short-term rates declined on balance over the first half of the year, long-term interest rates reversed their downtrend in February and by midyear were near their 1966 highs. The rapid rebound in long-term rates reflected a variety of pressures on capital markets. Nonfinancial corporations and State and local governments issued record amounts of securities in the capital markets in the first half of the year. Corporations alone issued $7.5 billion of bonds, net of retirements—up one-third from the previous record in the first half of last year. In addition to needs for funds to meet tax payments and to finance the con- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT CREDIT AND MONETARY DEVELOPMENTS 1079 tinuing large gap between their internal fund generation and capital outlays, businesses made efforts to rebuild their liquidity. After the financial pressures of 1966, businesses sought to fund some of their previous short-term borrowing on a long-term basis and to repay outstanding bank loans. These efforts to restructure financial positions also reflected a concern that financial markets might tighten later in 1967. Such expectations were based on the belief of many market participants that a more rapid rate of economic expansion would resume after midyear, that the Treas­ ury’s financing needs in the second half of 1967 would be un­ usually large, and that any fiscal restraint from a tax increase would be postponed or would be relatively small. The rebound of long-term rates from their February-March lows extended to most long-term instruments. With a record volume of corporate bond issues in the first half, yields on Aaa corporate new issues, after declining about 60 basis points from last fall’s peaks, rose to slightly above their 1966 highs by late June. Because of improved investor reception at these record yield levels, rates declined somewhat in the first weeks of July. Yields on long-term Treasury issues had also increased sharply in the spring—despite the statutory 414 per cent rate ceiling on U.S. Government bonds that precluded the issuance of any new securities with maturities of more than 5 years—but in the im­ proved atmosphere of the corporate market in early July, Treas­ ury bond yields too declined from their late June high. Although tax-exempt bond yields rose sharply in the late spring, large ac­ quisitions by commercial banks moderated pressures in the mar­ ket; in early July municipal bond yields were still below the highs of last fall. Home mortgage yields—measured by secondary market yields on certain FHA mortgages—had declined during the spring by more than 50 basis points from their highs in late 1966. But mort­ gage yields firmed in May and June as some lenders reevaluated returns on mortgages in the light of rising yields on other capital market instruments. Indeed, with sharp rate increases throughout the capital markets, offerings of mortgages to the Federal Na­ tional Mortgage Association—which had been declining since late 1966—turned up in May of 1967. BANK CREDIT Because interest rates on shorter-term securities declined sharply in the first half of 1967, banks and other financial institutions were able to compete successfully for the funds of savers. Partly as a Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1080 FEDERAL RESERVE BULLETIN • JULY 1967 result, total loans and investments at commercial banks in the first half of 1967 expanded at an estimated seasonally adjusted annual rate of 10.5 per cent—an unusually rapid rate of increase for a 6-month period. With loan demands less than in 1966, and with efforts of banks to rebuild their liquidity, almost 60 per cent of the $16.5 billion increase in earning assets of banks was in the form of securities. Business loans. As bank credit became more available in the first half of 1967, business loans at banks increased at a rate that is relatively high by historical standards, although not so high as in the first half of 1966. A large share of the increase in business loans this year was associated with the need to finance accelerated tax payments. Mainly as a result of these accelerations, total corporate tax payments in the first 5 months of 1967 were about one-fifth larger than in the similar period in 1966, and in June tax payments rose to a record level. Business loans, conse­ quently, increased substantially in months when tax payments were large; in months when tax payments were small, business loans showed only modest changes. While tax needs provided a major underpinning to business loan demand at banks in the first half of 1967, loan expansion was moderated by the adjustments being made in inventories— first to a lower level of accumulation, and during the spring, to liquidation in some industries. Moreover, the record volume of business financing in commercial paper and long-term securities markets diverted some credit demands from banks. Although BUSINESS LOANS at banks expand rapidly, 3 CORPORATIONS rely heavily on capital and money markets Seasonally adjusted data. Business loans are those made by all commercial banks to all nonfinancial business. Securities and open market paper are those issued by corporate nonfinancial businesses only, as measured in flow of funds data. 1967 data partly estimated. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT CREDIT AND MONETARY DEVELOPMENTS 1081 During the first half of the year, businesses obtained the major part of their external financing needs from the money and capital markets. Not only did net new issues of securities by corporations rise to record levels, but dealer-placed commercial paper outstand­ ing also appears to have shown a record expansion. The latter increase was explained only in part by the relative cost of bank loans and short-term market financing. Having found bank credit difficult to obtain in 1966, many firms entered the commercial paper market for the first time in 1967 in an effort to build up the acceptance of their credit in this market and to develop alter­ native sources of funds. These factors led to some weakening in borrowing at city banks by most types of businesses in the first half of 1967 as compared with the same period last year. Among the industries that con­ tinued to show strong loan demands at banks were those whose markets were buoyed by defense outlays—such as producers of machinery and some other durable goods. But with an easing of monetary policy and a moderation of basic loan demands, and in view of the strong competitive pressures from other lending sources, banks lowered their prime rate to business borrowers from 6 to 5*/2 per cent by the end of March. Other loans. Most other loan categories at banks also reflected relatively modest demands in the first half of the year. Loans on securities fluctuated widely, mainly because of the changing level of inventories of Government securities dealers. Loans to finance companies changed little following the decline that had begun in mid-1966. The cost of financing directly in the short-term paper market generally remained below the cost of bank loans, even after the reduction in the prime rate. Reflecting smaller purchases of durable goods, consumer loans at banks expanded at about half the rate of the first half of 1966. Real estate loans—despite increased willingness of banks to make single-family mortgage loans—also expanded at a reduced rate. The small expansion in such loans was explained in large part by the slow recovery in turnover of existing homes and a shortage of completed new homes. In the spring, however, loans to the construction industry picked up at city banks. Real estate loans at these banks also began to rise somewhat more rapidly in May as the enlarged stock of new houses and a more than seasonal increase in transfers of existing houses began to expand the supply of mortgages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1082 FEDERAL RESERVE BULLETIN • JULY 1967 Bank investments. Total security holdings of banks increased very sharply—at an annual rate of more than 18 per cent—in the first half of 1967. The accelerated acquisitions of securities re­ SECURITIES flected efforts of banks to rebuild their liquidity, as well as the lower pace of loan demand at a time of vigorous growth in deposits. Bank holdings of U.S. Government securities increased at an 8 per cent seasonally adjusted annual rate in the first half of 1967. The large weekly reporting banks limited their purchases to in­ struments in the short and short-intermediate maturity areas. i J 5 However, portfolios of Government securities at all banks did tK 2H )H 2H 1H 65 '66 '67 lengthen somewhat in May when banks took $1.6 billion of 5-year Seasonally adjusted data for all com­ notes in a Treasury refunding operation. mercial banks. Other is municipals, PC’s, and Federal agency securities; Bank holdings of other securities—mainly State and local adjusted in the first half of 1966 for shift of $1 billion of PC’s from issues, but also attractively priced participation certificates and “loans” on June 30. 1967 estimated. Federal agency issues—increased at a record rate in the first 6 months of 1967. At the larger banks, whose liquidity had been greatly reduced in 1966, acquisitions of municipal bonds tended to be in relatively short-term issues. In late spring, however, some large banks made selective purchases of longer-term issues. BANK DEPOSITS Net inflows of time and savings deposits at commercial banks in AND MONEY STOCK the first half of 1967 accelerated rapidly from the reduced pace of the second half of 1966. The money stock—demand deposits and currency—also increased rapidly, but it was subject to sizable fluctuations that resulted in large part from sharp changes in U.S. Government deposits at commercial banks. Time and savings deposits. At commercial banks, time and savings deposits increased at an annual rate of 17 per cent in the first half of 1967. In 1966 consumers had reduced their holdings COMMERCIAL BANKS of passbook savings accounts—shifting funds to higher-yielding market securities and time deposits. Acquisitions of consumer-type PER CENT -TIME & SAV. OEP. -20 time deposits had also moderated in the second half of 1966, as the maximum rate banks could pay on such deposits was rolled back and as the public increased its purchases of market securities. In 1967, however, with lower money market yields and a slower pace of consumer spending, passbook savings accounts began to increase again, and consumer-type time deposits accelerated at a rapid pace. Indeed, during the spring some banks lowered rates Seasonally adjusted annual rates. paid on the latter types of deposits. Data adjusted to include hypothe­ cated deposits. In the summer and fall of 1966, when yields on money market instruments had exceeded the 514 per cent ceiling that banks were Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT CREDIT AND MONETARY DEVELOPMENTS 1083 permitted to pay on time deposits in denominations of $100,000 and more, weekly reporting banks were unable to replace $3.2 billion of large-denomination negotiable certificates of deposit as they matured. But with the decline in market yields late in the year, banks were again able to increase their sales of CD’s, and from mid-December to early spring of 1967 the amount of CD’s outstanding increased rapidly. During the early spring, when outstandings rose above earlier INTEREST-BEARING DEPOSITS at banks 4 expand in 1967 BILLIONS OF DOLLARS PASSBOOK SAVINGS ACCOUNTS TIME DEPOSITS: OTHER THAN NEG. CD's KEG0TJA81E CD's Data—not seasonally adjusted—are for weekly reporting banks as of last Wednesday of month. The effect of a change in weekly reporting banks at the end of June 1966 has been eliminated. Negotiable CD’s are in denominations of $100,000 or more. peaks, banks became less aggressive issuers, and the volume of CD’s outstanding leveled off as offering rates on these deposits fell to levels that were 40 to 70 basis points below the yields on com­ peting money market instruments. The waning of bank interest in issuing CD’s apparently reflected the greatly enlarged inflow of other interest-bearing deposits and relatively weak loan demand. Later in the spring, with increasing expectations of higher short­ term yields in the second half of the year and of large loan Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1084 FEDERAL RESERVE BULLETIN • JULY 1967 demands over the June tax and dividend period, banks once again became more interested in tapping the CD market, especially for longer maturities. Rising offering rates caused CD yields in June to rise to levels in excess of those on most other money market assets—with particularly attractive rates being offered on longerterm CD’s. As a result, net attrition of outstanding CD’s ended in the late spring despite the large tax payments that apparently limited corporate funds available for short-term investment. With less exuberant loan demands and sufficient rate leeway under Regulation Q ceilings to attract CD’s, banks reduced their borrowing in the Euro-dollar market. After borrowing more than $2.0 billion from their overseas branches in the summer and fall of 1966, banks reduced such liabilities by $1.6 billion from the peak in mid-December to early May. Just as borrowing from foreign branches had helped to reduce our balance of payments 5 MONEY STOCK expands rapidly MONEY STOCK PRIVATE DEMAND DEPOSITS U.S. GOVT. DEMAND DEPOSITS {MEMBER BANKS! Seasonally adjusted weekly averages of daily figures. Money stock consists of demand deposits and currency outside the Treasury, the F.R. System, and the vaults of commercial banks. Private demand deposits exclude those due to domestic commercial banks and the U.S. Govt., cash items in the process of collection, and F.R. float, but include foreign demand balances at F.R. Banks. U.S. Govt, demand balances for member banks only. Latest figures, last week in June; last 3 weeks in June, preliminary. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT CREDIT AND MONETARY DEVELOPMENTS 1085 deficit in 1966 on the official settlements basis, the repayment of these liabilities tended to increase that deficit in the first few months of 1967. Late in the spring borrowing from overseas branches increased somewhat, in part reflecting the difficulty of obtaining corporate time deposits. Money stock. Over the first 6 months of 1967, the money stock —which had declined somewhat in the second half of 1966— expanded at a rate of 6.5 per cent. The relatively rapid growth in the money stock since late last year reflected the increased supply of bank reserves and the lower level of short-term interest rates that increased the public’s demand for money. In addition, the demand for money in the first half of 1967 was augmented by the unusually low levels to which money balances had been drawn— relative to transactions—in 1966 when the public’s liquidity was reduced sharply by monetary restraint. Since late last year, the public has consequently increased its efforts to rebuild money balances. Indeed, while the growth over the first half of the year was rapid, by midyear money balances were only 2.9 per cent above the level reached a year earlier—prior to the decline in the money stock. Reflecting the rebuilding of money balances, turn­ over of demand deposits at 232 metropolitan centers declined slightly from the record levels of the second half of 1966, and debits to these demand accounts leveled off. As usual, there were fairly sharp short-run fluctuations in money balances, most of which were associated with changes in U.S. Treasury deposits. Thus, the money stock declined in the early weeks of 1967 when large tax payments reduced private demand balances. Similarly, the increase in the money stock was inter­ rupted by large tax payments in April, which built Up Treasury deposits to high levels. Then as Treasury balances were drawn down to very low levels in May and June—despite large tax payments in the latter month—the money stock increased sharply. NONBANK With declining yields on short-term market instruments greatly SAVINGS INSTITUTIONS increasing the relative attractiveness of all deposit-type instru­ ments issued by financial institutions, and with a very high rate of over-all consumer saving, there was an accelerated net inflow of funds to savings and loan associations and mutual savings banks in the first half of 1967. The inflows to these institutions, which tend to be large mortgage lenders, contributed significantly to the improvement in credit availability in the home mortgage market. However, because such institutions were trying to improve Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1086 FEDERAL RESERVE BULLETIN ■ JULY 1967 NET SAVINGS INFLOWS their liquidity positions—and also because of the shortage of PER CENT mortgages for immediate delivery—increases in their mortgage S & L’s portfolios were moderate. Share accounts at savings and loan associations rose by $5.8 billion in the first half of 1967; of this amount the associations used $2.6 billion to repay loans from the Federal home loan banks, and they added $0.9 billion to their holdings of liquid assets. Savings banks allocated $1.5 billion of their $2.9 billion deposit inflow to attractively priced corporate securities and in­ creased their holdings of such securities by more than during the entire previous decade. Seasonally adjusted annual rates. In the spring—with their inflows of funds rising at a record Based on data from Federal Home Loan Bank Board and National pace—savings and loan associations and mutual savings banks Association of Mutual Savings Banks. 1967 data partly estimated. expanded their commitments to make home loans at a faster than usual rate for this time of year. Although by late spring these com­ mitments were still below levels of a year earlier, and despite some firming of interest rates, the supply of mortgage credit appeared to have increased by mid-1967. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

The Public Information Act— Its Effect on Member Banks July 4, 1967, was the effective date of a law of the Nation or the rights of individuals may that has become known popularly as the require that some documents not be made Freedom of Information Act or, more ac­ available.” curately, as the Public Information Act.1 It Such a balancing of the public’s “right relates to the types of records that Federal to know” against the necessity for protecting agencies are required either to publish in the certain confidential information is especially Federal Register or to make available to important in the case of banks. Unques­ the public for inspection and copying. tionably, the banking industry is affected Member banks have a vital interest in this with a “public interest,” as is attested by the new Act. It was passed after much congres­ extent to which banks are subjected to gov­ sional study and debate to insure that all Gov­ ernmental supervision and regulation. The ernment agencies furnish information con­ public should have the fullest possible access cerning their rules, opinions, and operations to the records of the Federal bank super­ to those regulated as well as other members visory agencies; and this right is particularly of the public. While the Federal Reserve has important to banking institutions subject in the past made public a good deal more in­ to regulation by such agencies. On the other formation of this type than many other hand, information regarding the operations agencies, the new Act will in certain areas in­ of individual banks, particularly that con­ crease the information available upon re­ tained in examination reports, is and must be quest. regarded as confidential, since much of such The basic purpose of the new law is to pro­ information relates to private financial deal­ vide for fullest disclosure to the public of ings with individuals and corporations. information in the records of Government The banks of the country have an im­ agencies without causing an unwarranted portant interest in the manner in which the invasion of personal privacy or interference Public Information Act will affect the prac­ with the effective performance of govern­ tices of the Federal bank supervisory agencies mental functions. In signing the law on July in making their records available to the pub­ 4, 1966, President Johnson recognized the lic. Every bank will want to become gener­ need for a delicate balancing of these op­ ally familiar with the provisions of the law posing interests. After observing that “a and be aware of the extent to which informa­ democracy works best when the people have tion relating to a bank’s operations may be all the information that the security of the subject to public disclosure. Nation permits,” he noted that “the welfare GENERAL PRINCIPLES ' Technically, the new law represents a revision of Section 3 of the former Administrative Procedure Act Perhaps the principal change made by the and is now codified as Section 552 of Title 5 of the Public Information Act relates to the circum- U.S. Code. 1087 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1088 FEDERAL RESERVE BULLETIN • JULY 1967 stances under which a Government agency inspection opinions and orders in the ad­ may refrain from publishing documents in judication of cases and policy statements and the Federal Register or refuse access by the interpretations that do not have general ap­ public to unpublished records. The old law plicability, and to maintain a current index exempted from publication or disclosure of such records; (3) to make available any matters “requiring secrecy in the pub­ promptly any other “identifiable” records lic interest” or “held confidential for good requested by any person; and (4) to main­ cause found”; and the question whether non­ tain a record of the votes of each member of disclosure was required in the “public inter­ the agency in every “agency proceeding” if est” or “for good cause found” was left the agency has more than one member. to the judgment of each Government agency. These general exemptions have been elimi­ BOARD PROCEDURES nated. Instead, an agency must publish or make available for inspection, upon request, In order to implement these requirements, any of its records that do not come within the Board of Governors has adopted a re­ one or more of nine exemptions set forth in vision of its Rules Regarding Availability the statute. of Information. (For text of these Rules, see The statutory exemptions cover such mat­ pages 1154-62.) The general effect of the ters as documents required by Executive statutory requirements and of the Board’s Order to be kept secret in the interest of revised Rules upon the practices of the Board national defense or foreign policy, docu­ with respect to disclosure of information in ments specifically exempted from disclosure its records is briefly described in the following by statute, internal personnel rules and prac­ paragraphs. tices of an agency, personnel and medical Insofar as publication of information in files, and interagency or intraagency memo­ the Federal Register is concerned, the new randa or letters. From the point of view of law makes little difference in the Board’s banks, the most important of the exemptions procedures. The Board will continue, as in are those that protect from disclosure any the past, to publish in the Register a de­ matters that may be regarded as trade secrets scription of its organization, rules of pro­ or commercial or financial information that cedure, substantive rules of general appli­ is privileged or confidential, investigatory cability (usually referred to as “regula­ files compiled for law-enforcement purposes, tions”), and statements of general policy and matters contained in or related to exami­ and interpretations that have general ap­ nation, operating, or condition reports of plicability. In addition, as indicated in the banks. Board’s Rules, certain material is published Subject to the statutory exemptions, the in the Board’s Annual Reports to Congress, Board of Governors of the Federal Reserve in the monthly Federal Reserve Bulletin, System is required (1) to publish currently in other periodic publications, and in press in the Federal Register certain types of docu­ releases relating to various matters, such as ments, such as a description of its organi­ changes in Federal Reserve Bank discount zation, regulations, and statements of policy rates and actions on bank merger and hold­ and interpretations that are of general ap­ ing company applications. plicability; (2) to make available for public As required by the law, the Board makes Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

THE PUBLIC INFORMATION ACT 1089 available for inspection and copying three In keeping with the spirit of the new law, categories of records that must be made the Board’s revised Rules expressly state that available but need not be published in the even records falling within the statutory Federal Register, namely: (1) final opinions exemptions may be made available to the and orders in the adjudication of cases; (2) public, upon request, “to the fullest extent statements of policy and interpretations that consistent, in the Board’s judgment, with do not have general applicability; and (3) the effective performance of the Board’s staff manuals and instructions to staff that statutory responsibilities and with the avoid­ affect any member of the public. However, ance of injury to a public or private interest in making these records available, the Board intended to be protected by such exemp­ may delete “identifying details” to the extent tions.” required to prevent a “clearly unwarranted Most of the normal flow of information invasion of personal privacy.” Opinions and from member banks to the Federal Reserve orders in the “adjudication of cases” include Banks or to the Board remains confidential decisions and statements by the Board in and is not subject to disclosure. Thus, most connection with actions on applications and statistical reports with the exception of re­ requests for Board approval of particular ports of condition are submitted on a confi­ transactions, such as bank mergers and bank dential basis. Similarly, almost all normal holding company acquisitions. Pursuant to transactions between the Reserve Banks and the new law, the Board maintains and makes member banks are outside the scope of the available to the public a current index to all Act and will not be disclosed. records of the kinds described in this para­ Under the law and its Rules, the Board graph that have been issued or adopted since will grant access to its unpublished records July 4, 1967. only if the person requesting such access Any records of the Board that are not asks for “identifiable” records. The Board’s published in the Federal Register or through Rules provide that such a request shall be other means or that are not of the kinds de­ submitted in writing to the Board’s Secre­ scribed in the preceding paragraph are tary with a description of the records re­ available to any person, upon request, for quested that is reasonably sufficient to per­ inspection and copying, unless the particular mit their identification “without undue diffi­ record requested falls within one of the statu­ culty.” In other words, the Board will not tory exemptions from disclosure. It is in this respond to “fishing expeditions.” As con­ area that the exemptions are particularly templated by the law and the Attorney Gen­ significant. Because of the nature of the eral’s interpretative Memorandum, a fee is Board’s functions, the most pertinent of the charged to cover the cost of preparing and nine statutory exemptions heretofore men­ making requested records available for in­ tioned are those that protect commercial or spection and the cost of making copies of financial information that is privileged or particular records. confidential, investigatory files, matters con­ In conformity with the fourth and final tained in examination and other reports of requirement of the Public Information member banks and other financial institu­ Act—that every agency with more than one tions, and interagency and intraagency com­ member shall make available the votes of munications. its members in every agency proceeding— Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1090 FEDERAL RESERVE BULLETIN • JULY 1967 the Board will maintain for public inspection Examination reports. In the first place, it a record of the votes of its members in all is clear that the traditional confidentiality such proceedings. An “agency proceeding” of information contained in the examination means any proceeding involving the adop­ reports of Bank X will be protected to the tion or amendment of a regulation or a de­ same extent as in the past. The Public In­ cision on any application or request for ap­ formation Act specifically exempts from its proval of a transaction for which the Board’s disclosure requirements all matters contained approval is required by law, such as the es­ in or related to examination, operating, or tablishment of a branch, a bank merger, or condition reports prepared by, on behalf of, a holding company acquisition. or for the use of the Board in connection with In order to carry out the purposes of the its regulation or supervision of member new law, a “reading room” has been estab­ banks. lished in the Office of the Secretary of the While substantially the same situation Board in the Board’s building in Washing­ existed under the Board’s Rules prior to ton. It provides accommodations for persons the enactment of the new law, it should be requesting access to Board records—includ­ noted that an examination report of Bank ing a card index to unpublished opinions, X may be made available to the Comptroller orders, and interpretations of the Board— of the Currency, the Federal Deposit In­ as well as forms by which the public may surance Corporation, and the appropriate request access to unpublished records that State banking authority, and that the Board are not exempted from disclosure by the may make such reports also available to Public Information Act. other U.S. agencies—such as the Department of Justice—for use where necessary in the performance of their official duties. ILLUSTRATIVE INSTANCES Applications. If Bank X files with the For the president or the chief executive of­ Board or with its Federal Reserve Bank an ficer of a particular member bank, the Public application for approval of a particular trans­ Information Act is certain to raise practical action, such application will be made avail­ and specific questions as to the effect of the able for inspection or copying by any Act upon the operations of his bank. What member of the public, but with deletion of information that was heretofore held confi­ any information that the Board may de­ dential will now be made available by the termine to be of a confidential nature. Bank Board to members of the public? Will con­ holding company and merger applications fidential financial relationships with custo­ for some time have been made so available mers be protected? to the public. Under the new law, similar While major areas of records will con­ availability to the public will attach to all re­ tinue to be confidential, it is impossible to quests or applications for approval of other answer all questions without reference to transactions by a member bank where such particular documents. In some instances it approval is required by law, such as requests may not be clear whether a particular docu­ ment is exempted from disclosure. However, for approval of investments in bank prem­ a few illustrations may help to indicate the ises, declaration of dividends in certain cir­ law’s effect upon the operations of a hypo­ cumstances, and investment in stock of thetical member bank—Bank X. foreign banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

THE PUBLIC INFORMATION ACT 1091 Confidential information submitted with ship or control of the bank’s stock. The applications. If, when it files a particular ap­ Board is prepared to disclose, upon request, plication, Bank X requests that certain in­ the name of the bank involved, the number formation of a financial or commercial of shares of stock of the bank outstanding, nature be regarded as confidential, this re­ the number of shares involved in the particu­ quest will ordinarily be honored. However, lar transaction, the name of the seller if he there are two exceptions: First, after notice owns at least 10 per cent of the outstanding to Bank X, the Board may make such in­ stock, the name of the purchaser, and the formation available for inspection by the date of the transaction. public. Second, if the Board issues to the Responses to questionnaires. Occasional­ public any opinion or statement with respect ly, the Board sends questionnaires to mem­ to its action on the application (as is the ber banks and, in some instances, to all Board’s practice in bank merger and hold­ banks, with respect to particular matters ing company cases), the Board may refer to under study by the Board, such as consumer such information submitted in confidence to credit trends or branch banking. If the an­ the extent deemed necessary by the Board swers to such questionnaires are furnished and without prior notice to the bank. How­ in confidence, they will be regarded by the ever, instances in which it would be neces­ Board as confidential and exempted from sary to refer to any such confidential infor­ the disclosure requirements of the Public mation should be rare. Information Act. Internal memoranda. Bank X is un­ Investigatory proceedings. If any State doubtedly aware of the fact that, in connec­ member bank should become involved in tion with most applications, its Federal Re­ unSound banking practices or if some of its serve Bank will make a recommendation officers or directors should be guilty of such to the Board and that the staff of the Board practices, the Board might feel compelled to will submit memoranda regarding the appli­ institute proceedings for the termination of cation for the Board’s consideration. Will the bank’s membership in the Federal Re­ such recommendations and memoranda be serve System or to bring action to require made available to the public? The answer cessation of such practices or to remove or is clearly in the negative. Recommendations suspend such officers or directors. Informa­ from the Reserve Banks and memoranda tion with respect to any such proceedings, prepared by the staffs of the Reserve Banks however, would generally be exempted from and of the Board fall within the statutory the disclosure requirements of the Public exemption for interagency or intraagency Information Act. communications. This exemption would Unpublished rulings. In many respects also apply to any record of discussions of the new law will be helpful to member banks the application at meetings of the Board of in their dealings with the Board and in pro­ Governors. viding them with information regarding Changes in stock ownership. Under a Board regulations and rulings. For example, statute approved September 12, 1964, every let us suppose that Bank X is considering insured bank is required to report to its some transaction that raises a question of Federal bank supervisory agency certain in­ interpretation of a particular provision of formation with respect to changes in owner­ the Federal Reserve Act. Let it also be Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1092 FEDERAL RESERVE BULLETIN • JULY 1967 assumed that the Board of Governors had Because of the wider availability of in­ expressed an opinion with respect to the same formation regarding the Board’s decisions question in an unpublished letter written to on applications and interpretations of law another member bank but that, because the and regulations, member banks will be in a interpretation was not regarded as having better position to make their own decisions general applicability, it was not published by and chart their courses of action. The public the Board in the Federal Register or in the generally will be enabled to obtain a more Federal Reserve Bulletin. Under the new comprehensive understanding of the Board’s law, upon inquiry to the Board’s Secretary functions. At the same time, proper protec­ or by reference to the public index main­ tion will be afforded to information the dis­ tained at the Board’s offices for periods sub­ closure of which would be injurious to pri­ sequent to July 4,1967, an officer of Bank X can determine the existence of such a letter, vate interests or interfere with the effective and request to see it or obtain a copy. discharge of the Board’s responsibilities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Staff Economic Studies The research staffs of the Board of Gover­ set forth are those of the authors and do not nors of the Federal Reserve System and of necessarily indicate concurrence by the the Federal Reserve Banks undertake studies Board of Governors, by the Federal Reserve that cover a wide range of economic and Banks, or by the members of their staffs. financial subjects, and other staff members Single copies of the full text of each of prepare papers related to such subjects. the studies or papers that are summarized From time to time the results of studies that below are available in mimeographed form. are of general interest to the economics pro­ The list of publications at the back of each fession and to others are summarized—or Federal Reserve Bulletin includes a sepa­ in some instances printed in full—in this rate section enumerating the studies for section of the Bulletin. which copies are currently available in that In all cases the analyses and conclusions form. Study Summaries BUSINESSES VIEW BANKING SERVICES: A SURVEY OF CEDAR RAPIDS, IOWA Lynn A. Stiles—Staff, Federal Reserve Bank of Chicago Report prepared to present the principal findings of a survey conducted in early 1965 under the auspices of the Federal Reserve Bank of Chicago One of the important responsibilities of the Rapids, Iowa, was undertaken by the Fed­ Federal Reserve System is evaluating and eral Reserve Bank of Chicago in early 1965 acting upon applications for the establish­ to ascertain how such users of banking ment of branches or absorption of other services evaluate convenience when select­ banks by State member banks and for the ing their banks, what institutions they acquisition by holding companies of stock would consider as alternatives if a change and voting rights in banks. In order to assess were to be made, and their attitudes toward the implications of such proposals, the Sys­ the banking services available. The survey tem needs insight into the structure of the involved field interviews with 151 busi­ relevant banking markets and the nature nesses—roughly 15 per cent of the city’s of competitive relationships among banks total. The firms selected for interview were and other financial institutions serving the chosen at random within the framework areas. of size-related sampling quotas “stretched” A survey of business firms in Cedar toward the two extremes of size. 1093 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1094 FEDERAL RESERVE BULLETIN • JULY 1967 According to the survey, relationships of to other business activity) in the initial selec­ businesses with banks appeared durable, tion of banking relationships. However, fac­ with one-third of the firms maintaining tors of a personal nature—such as acquaint­ principal bank connections for at least 25 ance with the banker or membership on years; only 16 of 141 had changed prin­ the bank’s board of directors of someone cipal banks in- the preceding 10 years. Sat­ influential in the affairs of the respondent isfaction with banking services was widely firm—also figured prominently in bank expressed, along with a claim that the selection. Moreover, bank size had an in­ characteristics of alternatives were known. fluence at both ends of the respondent size Shopping for bank services—credit or other distribution. —was reported by only a minority of the The views of business customers in this firms. Most stressed convenience (physical survey suggest that the county makes up proximity, easy accessibility, and nearness a coherent banking market. THE IMPACT OF MONETARY VARIABLES: A SELECTIVE SURVEY OF THE RECENT EMPIRICAL LITERATURE Michael J. Hamburger—Staff, Federal Reserve Bank of New York Prepared as a staff paper in August 1966 (revised June 1967) This paper discusses the role attributed to cluding section provides some numerical monetary variables as factors influencing estimates of the effects of changes in mone­ expenditures for goods and services in a tary variables on the over-all economy. number of recent empirical studies. More The major conclusions with respect to specifically it considers: (1) the types of the questions raised above are as follows: monetary variables that have been used, First, the monetary variables that have (2) the statistical significance (importance) been used most frequently are interest rates of the variables, and (3) the estimated lags and some measures of liquidity. The recent between changes in monetary variables and trend, however, has been towards interest the resulting effects on the level of economic rates. Second, the frequency with which activity. interest rates have been found to be statis­ Five sections are devoted to a brief tically significant seems to increase with nontechnical survey of the regression equa­ time. Several years ago it was thought that tions that have been used to explain the changes in interest rates affected only resi­ following items: fixed nonresidential in­ dential construction and the expenditures vestment, investment in inventories, resi­ of State and local governments. Now, how­ dential construction, consumption, and ex­ ever, evidence has been offered that fluctua­ penditures of State and local governments. tions in interest rates also have a significant Because of the interest in the lag in the impact on investment in plant and equip­ effects of monetary policy, attention is ment. focused almost entirely on studies that use In addition, current research suggests quarterly observations. The sixth and con­ that interest rates may also play an impor- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STAFF ECONOMIC STUDIES 1095 tant role in determining inventory invest­ sults of a number of studies suggest that ment and consumer expenditures on dura­ more than a year may elapse before changes ble goods. Finally, the estimated lags ap­ in interest rates have their first noticeable pear to be quite long. For example, the re­ effect on fixed nonresidential investment. EMPIRICAL LITERATURE ON THE U.S. BALANCE OF TRADE Charles K. Harley—formerly of the Staff of the Board of Governors Prepared as a staff paper in 1966 when the author was a summer research assistant in the Board’s Division of International Finance This paper reviews and attempts to sum­ section analysis and back to time-series marize the postwar empirical literature deal­ analysis. The early postwar studies at­ ing with the level and structure of the in­ tempted what appeared to be straight­ ternational trade of the United States. The forward estimation of trade propensities practical problem of forecasting the balance from time-series data for the interwar pe­ of payments, the theoretical interest, and riod. In 1950, however, Orcutt pointed out the ready availability of statistics have com­ that the procedures using time-series data bined to produce a vast literature. Fifty­ introduced bias into the results. Con­ eight articles directly relevant to the study, sequently, interest shifted from time-series on the basis of either empirical content or to cross-section analysis. Unfortunately, the methodological discussion, are reviewed. meaning of the results from these cross-sec­ The survey has a dual function. First, tion studies are also open to some theoretical the methodological problems of economet­ doubt. Recently renewed attention has been ric research in international trade are dis­ directed toward time-series analysis by us­ cussed at considerable length with specific ing more sophisticated approaches and more reference to the various estimates that have recent data. However, no completely sat­ appeared in the literature. Second, the re­ isfactory study has yet appeared. view draws some conclusions about the The paper emphasizes the problems in­ relationships between international trade volved in this type of econometric work. flows and national income, relative prices, Therefore, it attempts to make the nature and other economic variables. of these problems clear to those not trained The major portion of the paper consists in econometrics. The existence of a wide of a roughly chronological discussion of the range of results and the biases in estima­ empirical work published since the late tion discussed preclude any concensus on 1940’s. The primary focus is on the meth­ the quantitative impact of various influences odological issues involved and their various on trade flows. In the conclusion, some broad implications. Since World War II, the ranges of likely values for the various elas­ method of empirical research has come full ticities of practical and theoretical interest circle from time-series analysis to cross­ are cautiously presented. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Revised Indexes of Manufacturing Capacity and Capacity Utilization The Board’s indexes of capacity and capacity indicators of capacity, they are adjusted in utilization in U.S. manufacturing industries level and trend to conform to the first-ap­ have been revised. The effect of the revisions proximation series mentioned above. The has been to lower utilization estimates two resulting capacity estimates are then slightly for the recent period and to raise averaged to obtain the final capacity esti­ them moderately for the period 1948-54. mates. Quarterly capacity figures are The indexes are now reported in figures straight-line interpolations between the endto the nearest tenth of a point, rather than of-year estimates. Capacity utilization rates rounded to the nearest point as in ear­ are obtained by dividing quarterly produc­ lier releases. The purpose of this change is tion indexes by the corresponding capacity to make it possible to observe gradual figures. For total manufacturing both the changes. No increased accuracy is implied. capacity series and the capacity utilization The indexes have been described in full in series are weighted averages of the corre­ an earlier issue of the Bulletin.1 Their sponding series for the two subgroups. calculation may be described briefly. For The capacity index is subject to revision each of the two subgroups of manufacturing when the results of new McGraw-Hill sur­ —primary-processing industries and ad­ veys and more recent investment informa­ vanced-processing industries—a first-ap­ tion provide the basis for a change in the proximation capacity series is constructed capacity estimates. An additional factor by dividing seasonally adjusted December affecting the revision this year is the exclu­ values for the Federal Reserve production sion of that portion of the petroleum indus­ index by the corresponding year-end operat­ try’s capital used in petroleum extraction ing rate taken from the annual McGraw- from the capital stock figure for primary­ Hill survey. This first-approximation capac­ processing industries. Petroleum extraction ity series controls the level and trend of the is not a manufacturing activity, and its ear­ final capacity estimates. lier inclusion had not been consistent with A capital stock series and a McGraw-Hill the investment and production series used. series on yearly capacity changes are used Adjustment of the initial capital stock to smooth and to extrapolate the capacity series to exclude petroleum extraction raised estimates. Because these two series are be­ estimates of the operating rate for the early lieved to be subject to long-run bias as years. For example, the operating rate for total manufacturing in the first quarter of Note.—This article was prepared by Jared Enzler, 1948 is now 91.1 whereas before the re­ Business Conditions Section of the Board’s Division of Research and Statistics. vision it had been 88.5. For primary-proc­ 1 Frank de Leeuw, “A Revised Index of Manufac­ essing industries the corresponding esti­ turing Capacity," Federal Reserve Bulletin, Novem­ ber 1966, pp. 1605-15. mate has been revised from 88.7 to 93.0. 1096 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CAPACITY AND UTILIZATION INDEXES 1097 Differences between the revised and unre­ quarter. Requests for future estimates as vised figures narrow gradually, and after they become available should be addressed 1954 they are negligible. to Publications Services, Division of Ad­ Quarterly estimates of the indexes of ministrative Services, Board of Governors capacity and capacity utilization are avail­ of the Federal Reserve System, Washington, able about 20 days after the end of each D.C. 20551. TOTAL MANUFACTURING: OUTPUT AND CAPACITY (1957-59 output^ 100) Output Capacity 1 Year Annual Annual Qi QU QIII QIV average QI QU QIU QIV average 1948.......................................... 68.5 69.0 69.5 68.7 68.9 75.3 76.3 77.3 78.3 76.8 1949.......................................... 66.5 64.2 65.1 64.6 65.1 79.4 80.5 81.6 82.8 81.1 1950.......................................... 68.1 73 9 80.1 81.4 75.8 83.6 84.0 84.5 85.0 84.3 1951.......................................... 83.0 83 0 80.7 81.0 81.9 85.8 86.9 88,0 89.1 87.4 1952.......................................... 82.9 82.2 84.4 91.1 85.2 90.4 92.0 93.5 95.0 92.7 1953.......................................... 93.2 94 5 94.1 88.8 92.7 96.6 97.8 99,1 100.3 98.4 1954.......................................... 85.5 85.6 86.0 88.0 86.3 101.5 102.7 103.9 105.1 103.3 1955.......................................... 92.7 96.8 99.0 100.7 97.3 106.4 107.7 109.1 110.4 108.4 1956.......................................... 99.7 99.9 98.8 102.2 100.2 111.9 113.5 115,1 116.7 114.3 1957.......................................... 102.5 101.9 102.0 96.7 100.8 118.3 119.9 121.5 123.0 120.7 1958.......................................... 89.7 89.4 94.9 98.7 93.2 124.3 125.3 126.3 127.2 125.8 1959.......................................... 103.0 109.4 105.9 105.4 106.0 128.3 129.5 130.7 131.9 130.1 I960.......................................... 111.7 110.2 108.7 105,0 108.9 133.1 134.3 135.5 136.8 134.9 1961.......................................... 103.1 108.4 112.3 115.0 109.6 137.9 139.0 140.1 141.2 139.6 1962.......................................... 116.6 118.6 119.7 119.9 118.7 142.4 143.7 145.1 146.4 144.4 1963.......................................... 121,3 124.9 126.0 127.2 124.9 147.8 149.1 150.5 151.8 149.8 1964.......................................... 129.4 132.5 134.7 135.9 133,1 153.3 154,9 156.4 158.0 155.6 1965.......................................... 141.4 143.5 146.1 148.9 145.0 160.1 162.7 165.3 167,9 164,0 1966.......................................... 154.5 157.7 159.8 161.3 158,7 170.6 173.5 176.4 179.3 175,0 1967p........................................ 158.9 157,3 182,2 185,1 i When manufacturing output as shown here is divided by the ca­ the ratio of total manufacturing output to total manufacturing ca­ pacity index shown here, the result may differ very slightly from the pacity. Output is seasonally adjusted. estimated utilization rate for total manufacturing as shown in the fol­ lowing table. The differences are due in part to rounding and in part p Preliminary. to the fact that the utilization rate for manufacturing has been calcu­ lated as a weighted average of utilization for primary-processing indus­ Note.—Estimates based on data from Federal Reserve Board, De­ tries and utilization for advanced-processing industries, rather than as partment of Commerce, and McGraw-Hill Economics Department. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1098 FEDERAL RESERVE BULLETIN • JULY 1967 UTILIZATION OF CAPACITY (In per cent) Total manufacturing Advanced products Primary products Year Annual Annual Annual QI QU QIH QIV average QI QU QIII QIV average QI QU III QIV average 1948......................... 91.1 90.2 89.8 87 7 89.7 89.6 88 4 87.6 86 1 87 9 93 0 92.8 92,9 90 0 92 2 1949......................... 83.9 79.8 79.8 77 3 80.2 82.8 80 5 80 2 77 9 80 3 85 4 78 8 79.2 76.5 80 0 1950......................... 81.9 88.5 95.2 96.1 90.4 79.7 85 3 91.7 92 4 87 3 84 9 93 1 99 9 101 3 94 8 1951......................... 96 8 95 8 92.2 91 1 94 0 93.5 91.8 89 0 89 6 91 0 101 4 101 4 96 7 93 0 98 1 1952......................... 91.7 88.4 89.3 95 8 91.3 90.9 91.2 90.3 95.2 91 9 92.7 84 4 87.9 96 6 90 4 1953......................... 96.6 96.8 95. 1 88 4 94.2 96.4 96.2 94 6 89 2 94 1 97 0 97.5 95.7 87 4 94 4 1954......................... 84.2 83 2 82.7 83 9 83 5 85.3 84 0 83,2 82 8 83 8 82 5 82 2 81 9 85 3 83 0 1955......................... 87 4 90 2 91 1 91 3 90 0 85 7 87 9 88 6 88 9 87 8 89 6 93 4 94 6 95 1 93 2 1956......................... 89.4 88.2 85,6 87 6 87 7 86.7 85 8 85 7 85 7 86 0 93 1 91.6 85 5 90 4 90 1 1957......................... 86 7 85,0 84 0 78.6 83.6 85.3 83 7 82 5 77 8 82 3 88.6 86.8 86 0 79.7 85 3 1958......................... 71 9 71 2 75 3 77 7 74 0 72.7 71.6 74 0 76 3 73 6 70 8 70 7 77 0 79 8 74 6 1959......................... 80.6 84.9 80.7 79.8 81.5 78.7 82.2 82 9 80 3 81 0 83 1 88 7 77 6 79 2 82 1 1960......................... 84.1 82.0 80.0 76 5 80.6 82.9 82 1 81 0 78 4 81 1 85 7 81 8 78.5 73 9 80 0 1961......................... 74,5 78.0 80.2 81 5 78 5 76.3 78 2 79 7 81 3 78 9 72.1 77.7 80 9 81.7 78 1 1962......................... 82.0 82.4 82.4 81.8 82 1 81.4 82.8 83 3 82 5 82 5 82 7 81 9 81 1 80 7 81.6 1963......................... 82.0 83.9 83.7 83 7 83 3 82.2 82 9 83 6 83 7 83 1 81.7 85 2 83.9 83 8 83.6 1964......................... 84.5 85.7 86.3 86.2 85.7 83.8 84.7 84.9 84 4 84 4 85.5 87.1 88.3 88.8 87 4 1965......................... 88.5 88 4 88.5 88 6 88.5 87.2 87. 1 87.4 88 7 87 6 90.2 90 1 90 1 88.5 89,7 1966......................... 90.6 90.9 90.6 89 8 90.5 90,3 90 5 90 8 90 5 90 5 91.0 91 4 90 4 88,7 90.4 1967*....................... 87.0 84.7 87.8 86.2 85.9 82.6 p Preliminary. Note.—Seasonally adjusted estimates based on data from Federal Reserve Board, Department of Commerce, and McGraw-Hill Eco­ nomics Department. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Changes in Time and Savings Deposits, January-April 1967 The structure and level of interest rates larger portion of their financial savings in paid on time and savings deposits at mem­ commercial banks and savings institutions ber banks underwent some readjustments in than in 1966, when yields on market secu­ the early months of 1967. To keep abreast rities were relatively more attractive. of these developments, the Board of Gov­ On April 28, 1967, total member bank ernors conducted another survey of member time and savings deposits, IPC, amounted banks as of April 28, 1967.' This survey to $120.8 billion—up $3.9 billion, or 3 was designed to obtain information on rates per cent, from the end of January. (See paid and other terms offered to individuals, Table 1.) Passbook savings, which account partnerships, and corporations (IPC) on for about three-fifths of such deposits, in­ various forms of time and savings deposits, creased about $900 million. Consumer-type as well as information on the dollar amounts time deposits—instruments issued in denom­ of each type of deposit outstanding. Reports inations of less than $100,000—grew by were received from 6,108 banks, or virtu­ $2.7 billion. Most of this increase was in ally all banks that are members of the savings certificates and other nonnegotiable Federal Reserve System. CD’s, which accounted for as much as twofifths of the entire expansion in total time GROWTH AND COMPOSITION OF DEPOSITS and savings deposits. The fastest rate of The volume of total time and savings de­ growth was in small-denomination time de­ posits held by individuals, partnerships, and posits, open account—a category that in­ corporations at member banks expanded cludes the new 90-day-notice passbook rapidly in the 3 months ending April 28, accounts. With only a small volume out­ 1967. On an annual basis the rate was standing, these deposits expanded by $609 nearly twice as large as during the year million, or 33 per cent. Instruments issued 1966, with all of the increase occurring in in large denominations and held principally consumer-type deposits. The sharp increase by businesses were practically unchanged at in these deposits reflected in part an in­ $17.6 billion. crease in the rate of personal saving in the first quarter of this year to an unusually RATE STRUCTURE high level—7.3 per cent of disposable in­ The rate structure on time deposits during come. In addition, consumers placed a early 1967 was affected to some extent by the general decline in interest rates that Note.—Caroline H. Cagle of the Board’s Division of Research and Statistics prepared this article. began in late 1966, when loan demands ' This is one of a series of surveys of time and sav­ slackened and monetary policy eased. With ings deposits to be conducted by the Board of Gov­ ernors in 1967. Previous surveys were made in late loan demand at relatively moderate levels in 1965, early 1966, and early 1967. The results of the early 1967 and with deposit inflows at high surveys appeared in the Bulletins for April 1966, p. levels, some banks, particularly the large 466, August 1966, p. 1102, and April 1967, p. 517. 1099 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1100 FEDERAL RESERVE BULLETIN • JULY 1967 TABLE 1 TYPES OF TIME AND SAVINGS DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS (IPC) HELD BY MEMBER BANKS ON JANUARY 31 AND APRIL 28, 1967 Amount Number of issuing banks Millions of dollars Increase or decrease (—) Type of deposit Jan. 31-Apr. 28 Millions Jan. 31, Apr. 28, Jan. 31, Apr. 28, of Per 1967 1967 1967 1967 dollars cent Total time and savings deposits. .................... 116,890 120,824 3,934 3,4 Savings deposits............................................................... 5,850 5,835 70,701 71,600 899 1.3 Consumer-type time deposits—less than $100,000: Total................................................................................. 25,081 27,749 2,668 10,6 Savings bonds....................................................................... 174 179 1,409 1,643 234 16.6 Savings certificates............................................................... 1,583 1,558 8,033 8,647 614 7.6 Other nonnegotiable CD’s................................................. 2,932 2,986 9,402 10,434 1,032 11.0 Negotiable CD’s................................................................... 1 ,885 1,923 4,381 4,561 180 4.1 Time deposits, open account............................................ 977 1,008 1,856 2,465 609 32.8 Business-type time deposits—$100,000 or more: Total................................................................................. 17,658 17,646 -12 -0.1 Negotiable CD’s.................................................................. 828 907 13,018 (2,786 -232 -1.8 Nonnegotiable CD’s.................................................. 882 993 2,814 3,188 374 13.3 Time deposits, open account............................................. 284 322 1,826 1,671 -155 -8.5 Christmas savings and other special accounts. ........ 4,084 4,201 3,450 3,828 378 11.0 Note.—Includes a small amount of deposits outstanding in a rela­ not included in the number of issuing banks. Dollar amounts may not tively few banks that no longer issue these types of deposits and are add to totals because of rounding. ones, began to cut back on their issuance per cent. Reductions were four times as of large-denomination CD’s. In addition, common among big as among small banks some banks took steps to moderate the and were more prevalent in some areas than rapid inflow of consumer-type time deposits in others. by reducing the rates paid on these deposits These reductions, however, were offset to and by other measures, such as limiting the some extent by rate increases. About 4 per amount they would accept from each de­ cent of the issuing banks raised their maxi­ positor, shortening maximum maturities, re­ mum rate on consumer-type instruments stricting eligible purchasers, and cutting during this period. More than half of them down on advertising. moved the rate to the 5 per cent ceiling, Consumer-type time deposits. About 5 and most of the remainder to 4^ per cent. per cent of the banks issuing consumer-type Rate-raising banks were principally small time deposits—a group that includes nearly institutions (total deposits of less than $100 all member banks—reduced their maximum million) that raised their highest rates by rate on this type of deposit between Janu­ one-half of a percentage point or more. ary and April.2 (See Table 2.) About one­ Another 80 banks that had not been fourth of these reductions were to 4% offering any consumer-type instruments be­ per cent and most of the remainder to 4Vi gan to do so during this 3-month period. About one-third of these banks set their 3 While banks reported the most common rate as highest rate at 5 per cent, and most of the well as the highest rate paid on each type of deposit, there was little difference in the two rates at most remaining banks set their rates at 416 or banks on most types of deposit. In the tables in this 4 per cent. article, only the highest rate at each bank has been used. As a result of these rate adjustments, the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 1101 proportion of all consumer-type time de­ Business-type instruments. On large-de­ posits in banks paying the 5 per cent ceil­ nomination (business-type) instruments, ing on some instrument in this group de­ which are issued by less than three-tenths clined from 79 per cent to 71 per cent be­ of all member banks, roughly one-half of tween January and April of this year. (See the banks changed their maximum rate in Table 3.) The decline occurred mainly at early 1967; of this group, 366 banks, or big banks (total deposits of $100 million or one-fifth of the total, reduced the rate, and more), where the proportion dropped from about 85 increased it. Reductions were 95 to 81 per cent. almost four times as common among large as TABLE 2 MEMBER BANKS CHANGING THE MAXIMUM RATE PAID OR INTRODUCING NEW TIME AND SAVINGS DEPOSIT INSTRUMENTS BETWEEN JANUARY 31 AND APRIL 28, 1967 Consumer-type time Business-type time Savings deposits Size of bank (total Size of bank (total Size of bank (total deposits in millions deposits in millions deposits in millions Group of dollars) of dollars) of dollars) All sizes All sizes All sizes Less than 100 or Less than 100 or Less than 100 or 100 more 100 more 100 more Number of issuing banks on Apr 28.. 5,714 5,345 369 1,775 1 ,414 361 5,803 5,430 373 Percentage distribution of number of banks in group Total.............................. 100.0 100.0 WO.O 100.0 100.0 100.0 100.0 100.0 100.0 No change in rate, Jan. 31—Apr. 28................. 90.3 90.8 81.6 55.2 57.9 44.9 98.3 98.3 98.4 Banks raising rate. . ........................................... 3.7 3.9 1.9 4.8 S.3 2.5 1.0 (.1 0.3 New maximum 1 (percent): 3.50 or less................................................. 0.2 0.1 0.1 0.1 3.51-4.00...................................................... 0.1 0.2 0.1 0.1 0.9 1.0 0.3 4 01-4.25....................................................... 0.1 0.1 4.26-4 50........................................................ 13 1.2 0.3 0. 6 0.5 6.5 4 51-4.75......................................................... 0.2 0.2 0.5 0.5 0.5 4 76-5 00......................................................... 2.1 2.2 1.6 1.4 1.7 5 01 5.25 .................................................... 0.2 0.3 5.26-5 50....................................................... 1.8 2.0 1.4 Banks introducing new instrument2................. 1.4 1.5 0.3 19.4 23.5 3.3 0.2 0.2 Maximum rate1 (per cent): 0.2 0.2 0.8 1.1 0.1 0.1 3 51-4 00........................................................ 0.4 0.4 0.3 2.8 3.4 0,5 0.1 0.1 4 01-4.25......................................................... 0.1 0.1 0.4 0.5 4.26-4.50............................................... 0.3 0.4 5.0 5.9 1.7 4 51-4 75......................................................... (3) (3) 0.9 1.1 4.76-5 00 ...................................................... 0.4 0.4 7.4 9.1 0.8 5 01 5 25 ...................................................... 0.3 0.3 0.3 5 26-5 50 ...................................................... 1.7 2.1 Bunks reducing rate...................... 4.6 3.8 16.2 20.6 13,3 49.3 0.5 0.4 1.3 New maximum rate1 (per cent): 3.50 or less................................................ (3) (3) 0.2 0.2 0.5 0.4 1.3 3 51-4 00........................................................ 0.5 0.5 0.7 0.6 i J 4 01-4 25 . • ..................... 0.4 0.4 1.6 1.8 1.0 5.0 4 26-4 50 .................................................. 2.5 2.1 7.6 5.5 3.5 13.3 4 51-4 75.............................. ............... 1.2 0,8 7.0 3.2 1.9 8.3 4 76-5 00 .................................................. 7.8 5.2 18.3 5 01 5 25................... 1.4 0.8 3.3 1 While interest rate ranges of 0.25 basis points are shown in this 3 Less than 0.05 per cent. and other tables in this article, the maximum rate reported by nearly Note.—-Excludes banks for which comparable data were not avail­ all banks was the top rate in the range; for example, 4.00, 4.25, etc. able on January 31 and April 28, 1967. Consumer-type time deposits On business-type time deposits, however, a few large banks had rates includes the following instruments issued in denominations of less than at intervals of 0.125 basis points, such as 4.125 and 4.375. $100,000: savings certificates, savings bonds, other nonnegotiable 2 Between January 31 and April 28, 44 banks discontinued issuance and negotiable CD’s, and time deposits, open account. Business-type of consumer-type time deposits and 161 banks discontinued issuance time deposits includes the following instruments issued in denomina­ of business-type time deposits. Since these banks had no offering rate tions of $100,000 or more: negotiable and nonnegotiable CD’s and on these instruments as of April 28,1967, they were excluded from this time deposits, open account. table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1102 FEDERAL RESERVE BULLETIN • JULY 1967 among small banks. More than one-third of and most of the remainder to 4% or 416 the rate reductions were to 5 per cent, with per cent. most of the remainder to 4% or 414 per Of the banks that were issuing business­ cent. Because rates on negotiable CD’s are type time deposits at the end of April, 344 more sensitive to changes in other money banks or almost one-fifth had begun to market rates, reductions in the rate paid were offer these instruments after January 31 of more common on negotiable CD’s than on this year. These were mainly small banks, other large-denomination instruments. In and most of them established a rate of 5 fact, on nonnegotiable CD’s and time de­ per cent or less. posits, open account, more banks raised the The proportion of ail business-type time rate (or began to issue these instruments) deposits held in banks paying the 516 per than lowered it. (See Appendix Table 11.) cent ceiling on one or more of these instru­ Increases in rates paid were made by 85 ments declined from 48 to 21 per cent be­ banks, or 5 per cent of the total. About tween January and April, and for those pay­ two-fifths of these banks went to the 514 ing 514 per cent, from 27 to 2 per cent. At per cent ceiling; three-tenths to 5 per cent; the same time, the proportion of such de- TABLE 3 TIME AND SAVINGS DEPOSITS, IPC, HELD BY MEMBER BANKS ON JANUARY 31 AND APRIL 28, 1967, BY TYPE OF DEPOSIT, BY MAXIMUM RATE PAID ON ANY INSTRUMENT IN EACH GROUP, AND BY SIZE OF BANK Size of banks (total deposits in Size of banks (total deposits in millions of dollars) millions of dollars) All banks AH banks Group Less than 100 100 or more Less than 100 100 or more Jan. Apr. Jan. Apr. Jan. Apr. Jan. Apr. Jan. Apr. Jan. । Apr. 31 28 31 28 31 28 3! 28 31 28 31 28 Number of banks Amount of deposits (in millions of dollars) Consumer-type time deposits; Issuing banks.. . 5,726 5,744 5,365 5,371 361 373 25,080 27,733 11,288 12,168 13,792 15,565 Percentage distribution by maximum rate paid: Total..................................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 4.50 or less............................................ 46.7 47.7 48.9 49.4 15.0 22.5 20.0 23.1 38.8 39.4 4.6 10.3 4.51-4.75.............................................. 1.8 2.7 1.8 2.4 1.1 8.1 1.1 5.9 1.7 2.2 0.6 8.9 4.76-5.00.............................................. 51.5 49.6 49.3 48.2 83.9 69.4 78.9 71.0 59.5 58.4 94.8 80.8 Business-type time deposits: Issuing banks....................................... 1,602 1,786 1,258 1,422 344 364 17,657 17,636 936 1,084 16,721 16,552 Percentage distribution by maximum rate paid: Total....................................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 4 50 or less.......................................- - - 28.5 35.4 32.8 36.1 12.8 32.7 1.9 31.8 17.7 23.6 1.0 32.3 4.51-4 75.............................................. 1.6 5.3 1.9 4.4 0.6 9.1 0.1 16.5 1.3 4.9 0.1 17.2 4.76-5.00............................................... 32.7 37.1 35.7 38.4 21.5 32.4 22.8 28.9 30.3 34.3 22.4 28.6 5.01-5.25............................................... 5.7 3.7 4.0 3.2 12.2 5.5 26.8 1.8 4.5 4.2 28.0 1.7 5.26-5.50............................................... 31.5 18.4 25.6 17.9 52.9 20.3 48.4 21.0 46.2 33.0 48.5 20.2 Savings deposits: Issuing banks.......5..,..8..5..0........5...,.8..3..5.........5,482 5,458 368 377 70,698 71,595 23,130 23,154 47,568 48,441 Percentage distribution by maximum rate paid: Total....................................................... 100,0 100.0 100.0 100.0 100.0 100.0 100.0 100,0 100.0 100.0 100.0 100.0 3.50 or less........................................... 35.0 34.4 36.7 36.1 9.2 9.8 10.3 10.4 24.8 24,2 3.3 3.7 4.00........................................................ 65.0 65.6 63.3 63.9 90.8 90.2 89.7 89.6 75.2 75.8 96.7 96.3 Note.—Same Note as Table 2. Dollar amounts may not add to totals because of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 1103 TABLE 4 CHANGES IN TIME AND SAVINGS DEPOSITS, IPC, AT MEMBER BANKS FROM JANUARY 31 TO APRIL 28, 1967, BY TYPE OF DEPOSIT AND BY SIZE OF BANK AND FEDERAL RESERVE DISTRICT Consumer-type deposits Consumer-type deposits Total Business­ Total Business­ time and type time and type Group savings time Consumer­ savings time Consumer­ deposits deposits Total Savings type deposits deposits Total Savings type time time Amount (in millions of dollars) In per cent All banks....................... 3,242 -23 3,265 700 2,565 2.9 -0.1 3.4 1.0 10.3 Size of bank (total de­ posits in millions of dollars): Under 10............... 302 26 276 45 231 3.9 33,3 3.6 1.0 7.3 10-50....................... 736 70 666 146 520 3.9 16,7 3.6 1.2 8.8 50-100.................... 368 87 281 87 194 4.5 21.3 3.6 1.5 9.3 100-500.................. 922 251 671 211 460 4.1 12.2 3.3 1.3 10.3 500 and over......... 916 -457 1,373 212 1,161 1.6 -3.1 3.3 0.7 12.4 F.R. district: Boston.................... 214 9 205 85 120 5.7 1.2 6.8 3.4 25.2 New York............. 120 -500 620 178 442 0.5 -6.8 3.9 1.3 16.9 Philadelphia.......... 235 -16 251 46 205 3.9 -2.9 4.5 1.2 13.0 Cleveland............... 189 -33 222 80 142 1.9 -3.4 2.5 1.1 8.0 Richmond.............. 251 23 228 90 138 4.6 5.3 4.5 2.3 12.0 Atlanta.................. 249 61 188 67 121 4.1 12.6 3.3 1.8 6.8 Chicago.................. 975 239 736 70 666 4.9 12.9 4.0 0.5 12.5 St. Louis................. 152 30 122 38 84 4.4 10.9 3.8 2.3 5.6 Minneapolis.......... 172 27 145 6 139 5.1 10.2 4.6 0.5 6.9 Kansas City........... 226 52 174 21 153 5.2 13.7 4.4 0.9 9.2 Dallas..................... 158 19 139 -10 149 3.2 1.6 3.8 -0.4 11,3 San Francisco.... 302 66 236 29 207 1.4 2.2 1.2 0.2 5.4 Note.—This table was compiled by comparing individual bank figures Consumer-type deposits includes the same instruments described as as reported on January 31, and on April 28,1967, for all member banks “consumer-type time deposits” in the Note to Table 2, plus savings for which comparable information was available. The amounts shown deposits. Business-type time deposits includes the same instruments here differ from Table 1 because data for all member banks were not described in that Note. available and because Christmas savings and other special funds are Minus indicates decrease. Dollar amounts may not add to totals excluded. because of rounding. posits in banks paying rates of 5 per cent banks would pay their highest rate were or less increased substantially. relatively few in early 1967. About half of Passbook savings. The rate structure for the banks issuing consumer-type time de­ passbook savings was virtually unchanged in posits reported again in this survey that the 3 months ending April 28, 1967. Nearly they were willing to pay their highest rate all large banks and a sizable proportion of on each type of deposit in a denomination small banks were already at the 4 per cent of $500 or less. And about the same pro­ ceiling by early 1966. In the January-April portion reported they were willing to pay 1967 period, 58 banks raised the highest their highest rate on maturities of 6 months rate they would pay, mainly to 4 per cent, or less. These requirements varied with the while 29 banks reduced it to 3‘/2 per cent size of bank and the rate of interest paid. or less. On April 28 two-thirds of all mem­ (See Appendix Table 10.) ber banks were paying 4 per cent, and they DEPOSIT FLOWS held nine-tenths of the savings deposits. Consumer-type time deposits expanded at MINIMUM DEPOSIT AND a rapid pace in each size-of-bank group, al­ SHORTEST MATURITY though somewhat faster at large than at Changes in the minimum size of deposit and small banks. (See Table 4.) The relatively the shortest maturity on which member slow growth in passbook deposits also was Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1104 FEDERAL RESERVE BULLETIN • JULY 1967 TABLE 5 reflected reduced efforts of banks to attract CHANGES IN TIME AND SAVINGS DEPOSITS, IPC, CD funds as well as reduced availability of AT MEMBER BANKS FROM JANUARY 31 TO APRIL corporate funds for investment in liquid 28, 1967, BY TYPE OF DEPOSIT AND BY MAXIMUM RATE PAID ON APRIL 28, 1967 assets during a period of heavy tax pay­ ments. Among banks with deposits of less Change Maximum rate paid (per cent) than $500 million, a large part of whose in deposits All Type of deposit (in rates 3.50 holdings are in nonmoney market instru­ millions or 3.51- 4.01- 4.51- Over of less 4.00 4,50 5.00 5.00 ments, business-type time deposits expanded dollars) by 15 per cent. Percentage change The over-all rate of growth in total time and savings deposits in the January-April Savings deposits. . . 700 1.0 0.1 Consumer-type time 2,566 10.3 ......... 11.9 21.5 ........ Business-type time. -22 -0.1........ -2,1 4.7 8.2 period reflected the composite result of changes in each of these major categories. 1 Includes a few banks with a rate below 3.51 per cent. Note.-—Same Note as Table 2. The rate of growth was fairly uniform at 4 per cent among banks in all size groups general, although the trend in these de­ except the largest, where it was less than posits changed abruptly during the Janu­ 2 per cent. The slower growth at large ary-April period. After declining almost banks reflected the previously mentioned continuously since early 1966, the level of contraction in business-type time deposits. these deposits reached a low in mid-Febru- Among Federal Reserve districts growth ary and then began to expand. As might be rates varied considerably: While all dis­ expected in view of the greater interest rate tricts had some increase in total time and sensitivity of depositors at large than at small savings deposits in the 3-month period, the banks, consumer-type time deposits at the increases ranged from a low of one-half of large banks rose more rapidly, and passbook 1 per cent in the New York District, where savings less rapidly, than they did at small a large part of the decline in business-type banks. deposits occurred, to a high of 5.7 per cent Business-type time deposits declined by in the Boston District, where all major cate­ $457 million between January and April gories of deposits increased. at banks with total deposits of $500 million An analysis of the relationship between and over, which hold most of these deposits. deposit flows over the 3-month period and This decline was in marked contrast with the level of offering rates on April 28 sug­ the sharp expansion in these deposits that gests that rates were an important factor had occurred in late December 1966 and governing time and savings deposit growth. January 1967, when market rates of in­ Banks paying rates at or near the ceiling terest were declining rapidly. In February for each of the three major categories of and March outstanding negotiable CD’s in­ deposits had the highest rates of growth, creased at a much reduced rate, and this whereas banks paying lower rates experi­ was followed by a decline in April. The enced either less growth or a decline in slackening growth and the April decline their deposits. (See Table 5.) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 1105 APPENDIX TABLE 1—SAVINGS DEPOSITS Maximum Interest Rates Paid by Member Banks on April 28, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Group Total Total 3.00 3.50 4.00 3.00 3.50 4.00 or less or less NUMBER OF BANKS AMOUNTS (in millions of dollars) All banks. . ........................................ 5,835 1,319 686 3,830 71,595 3,899 3,489 64,206 Size of bank (total deposits in millions of dollars): Less than 10.................................................... 3 246 912 407 1,927 4,620 910 595 3,116 10-50....................................................................... 1,947 365 237 1'345 12 766 1,742 1,485 9,539 50-100................................................................... 265 20 27 218 5,768 305 561 4,902 100-500.................................................................. 285 19 12 254 16 293 754 539 15^000 500 and over................................................. 92 3 3 86 32,148 188 309 31,650 Federal Reserve district: Boston..................................... 224 22 6 196 2,626 65 65 2,496 New York........................................................... 389 17 17 355 13,673 542 181 12'949 Philadelphia.......................................................... 382 147 116 119 4,013 691 949 2’373 Cleveland.............................................................. 487 144 45 298 7’376 358 259 6^758 Richmond................................................ 392 52 33 307 4’005 147 113 3,745 Atlanta............................................................ 525 39 51 435 3,990 62 276 3,652 Chicago......................................................... 958 322 174 462 12,990 (,056 1,229 10,704 St. Louis.............................................................. 449 177 80 192 1,754 472 162 1,120 Minneapolis. ....................................................... 487 251 94 142 1’124 396 190 537 Kansas City..................................................... 787 130 64 593 2JU 96 55 2,161 Dallas..................................................................... 544 18 4 522 2,355 14 3 2,337 San Francisco.............................................. 211 2 209 15,380 (1) 15374 APPENDIX TABLE 2—SAVINGS BONDS, <PC Maximum Interest Rates Paid by Member Banks on April 28, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Group Total Total 4.00 4.50 5,00 4,00 4.50 5.00 or less or less NUMBER OF BANKS AMOUNTS (tn millions of dollars) All banks.................................................................... 179 18 83 78 1,551 5 137 1,409 Size of bank (total deposits in millions of dollars): Less than 10.................................................... 50 4 25 21 33 1 13 19 10-50...................................................................... 77 8 39 30 93 33 59 50-100.................................................................... 10 1 5 4 68 (0 17 51 100-500.............................................................. 26 3 10 13 198 2 32 164 500 and over......................................................... 16 2 4 10 1,159 (2) 42 1,115 Federal Reserve district: Boston.................................................................... 3 3 50 50 New York............................................................. 15 3 3 9 559 (9 1 558 Philadelphia ....................................................... 10 4 6 291 34 257 Cleveland............................................................... 15 2 11 2 78 (2) 13 (2) Richmond.............................................................. 12 5 7 19 8 I 1 Atlanta............................. 40 2 17 21 250 17 232 Chicago. . ......................................................... 17 16 I 46 46 0) St. Louis................................................................. 18 7 9 2 11 2 9 (0 4 4 7 7 Kansas City............................................. 24 2 7 15 68 (0 1 66 Dallas..................................................................... 9 2 5 2 1 (’) 0) (2) San Francisco...................................... 12 2 10 169 (0 169 For notes to Appendix Tables 1-9 see p. 1109. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1106 FEDERAL RESERVE BULLETIN • JULY 1967 APPENDIX TABLE 3—SAVINGS CERTIFICATES, IPC Maximum Interest Rates Paid by Member Banks on April 28, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Group Total 3.50 Total 3.50 or 4.00 4.25 4.50 4.75 5.00 or 4.00 4.25 4.50 4.75 5.00 less less NUMBER OF BANKS AMOUNTS (in millions of dollars) All banks 1,558 15 19 506 8,595 1 218 38 1,681 913 5,745 Size of bank (total deposits in millions of dollars); Less than 10.................. 13 12 305 24 314 874 95 10 374 18 375 10-50................................ 2 3 147 9 266 1,695 68 6 576 26 1,020 50-100.............................. 2 18 50 534 7 (2) 152 372 100-500............................ 1 23 9 74 1,881 27 (2) 306 216 1,326 500 and over................... 1 13 10 34 3,610 21 (2) 273 659 2,651 F.R. district: Boston............................. 3 6 3 15 48 (0 4 43 New York....................... 1 5 6 7 64 1,093 (0 1 5 173 915 Philadelphia.................... 88 1 17 48 5 17 530 U) 20 123 182 205 Cleveland........................ 213 3 63 2 64 15 66 922 (’) 54 (2) 205 409 249 Richmond....................... 100 3 21 2 22 2 50 465 0) 14 (2) tn (2> 291 Atlanta............................. 155 30 4 31 4 86 495 39 77 14 352 Chicago..................... 231 3 21 2 99 5 101 1,775 22 (2) 474 82 1,193 St. Louis.......................... 106 4 18 I 52 1 30 498 40 (2) 105 0) 350 Minneapolis.................... 212 9 3 99 2 99 1,109 16 5 380 (2) 705 Kansas City..................... 166 21 1 46 4 94 359 8 co 63 5 283 Dallas................................ 108 16 1 24 3 64 168 3 co 21 1 143 San Francisco................ 69 4 3 9 1 52 1,131 7 107 (0 1,016 APPENDIX TABLE 4—OTHER NONNEGOTIABLE CD’S IN DENOMINATIONS OF LESS THAN $100,000, IPC Maximum Interest Rates Paid by Member Banks on April 28, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Group Total 3.50 Total 3.50 or 4.00 4.25 4.50 4.75 5.00 or 4.00 4.25 4.50 4.75 5.00 less less NUMBER OF BANKS AMOUNTS (in millions of dollars) All banks.................................. 2,986 50 385 50 1,012 89 1,400 10,416 6 265 57 3,140 682 6,266 Size of bank (total deposits in millions of dollars): Less than 10................... 1,560 34 248 19 564 28 667 1,598 1 108 7 663 27 791 10-50................................ 1,061 11 110 12 356 37 535 3,249 4 112 11 1,293 109 1,721 50-100.............................. 157 1 8 6 49 5 88 1,126 (') 4 20 445 30 626 100-500............................ 158 3 15 7 30 13 90 1,522 (1) 28 13 342 133 1,006 500 and over................... 50 1 4 6 13 6 20 2,921 (2) 13 7 397 383 2,121 F.R. district: Boston.............................. 80 3 10 9 21 8 29 47 (>) 1 5 10 4 28 New York....................... 193 5 40 ll 29 7 101 556 (■) 8 8 140 88 311 Philadelphia.......... 218 6 32 2 114 9 55 717 tn 28 <2) 316 147 225 Cleveland........................ 189 I 53 1 62 3 69 648 e; 38 (l) 274 95 241 Richmond....................... 182 7 36 8 37 7 87 508 2 21 12 63 109 301 Atlanta............................. 266 1 35 2 56 13 159 862 (') 35 (2) 153 41 629 Chicago............................ 599 11 69 13 277 14 215 2,117 3 62 25 961 84 981 St. Louis.......................... 251 3 31 143 7 67 844 (') 41 389 25 388 Minneapolis.................... 232 3 li 130 4 84 830 (') 14 507 11 298 Kansas City..................... 390 5 36 2 99 7 241 856 (>) 11 (>) 209 47 589 Dallas............................... 283 4 27 1 36 9 206 497 (') 6 (') 32 29 430 San Francisco................. 103 1 5 I 8 1 87 1,933 (>) 1 (9 86 C2) 1,845 For notes to Appendix Tables 1-9 see p. 1109. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 1107 APPENDIX TABLE 5—NEGOTIABLE CD'S IN DENOMINATIONS OF LESS THAN $100,000, IPC Maximum Interest Rates Paid by Member Banks on April 28, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Group Total 3.50 Total 3.50 or 4.00 4.25 4.50 4.75 5.00 or 4.00 4.25 4,50 4.75 5.00 less less NUMBER OF BANKS AMOUNTS (in millions of dollars) All banks................................. 1,923 26 284 58 496 64 995 4,545 2 210 400 1,131 274 2,529 Size of bank (total deposits in millions of dollars): Less than 10................... 935 22 166 14 264 13 456 806 1 77 6 281 9 433 10-50................................ 633 3 89 10 140 20 371 1,278 (*) 67 H 290 30 880 50-100............................. 112 9 4 26 4 69 382 5 6 87 6 278 100-500............................ 169 1 16 10 42 21 79 1,121 U) 46 56 255 151 614 500 and over.......... 74 4 20 24 6 20 959 16 321 219 78 324 F.R. district: Boston..................... 93 I H 9 17 6 49 156 (l) 5 75 16 21 38 New York...................... 149 21 8 34 9 77 298 4 33 48 15 197 Philadelphia.......... 77 8 8 7 38 1 15 157 1 3 36 85 (2) 31 Cleveland........................ 85 2 32 5 24 4 18 216 (0 10 22 118 29 36 Richmond .............. 123 2 27 5 28 5 56 209 (’) 29 2 58 32 87 Atlanta............................ 172 50 28 8 86 282 36 40 17 188 Chicago......................... 235 3 31 8 89 . 9 95 838 (0 29 36 235 31 507 St. Louis.......................... 125 3 28 3 51 2 38 272 U) 38 3 103 (2) 122 Minneapolis. .................. 130 9 I 62 I 57 204 5 (0 118 (2) 79 Kansas City........... 329 2 41 2 77 8 199 530 27 (2) 104 30 368 Dallas............................... 292 5 21 4 30 5 227 726 (9 22 29 68 37 569 San Francisco,............... 113 5 6 18 6 78 659 1 162 138 52 306 •»wnW**»<tAe»«?nsMsw«^Rt»iaJW APPENDIX TABLE 6—TIME DEPOSITS, OPEN ACCOUNT, IN DENOMINATIONS OF LESS THAN $100,000, IPC Maximum Interest Rates Paid by Member Banks on April 28, 1967 «B»»flMIMSt Maximum rate paid (per cent) Maximum rate paid (per cent) Group Total 3.50 Total 3.50 or 4.00 4.25 4.50 4.75 5.00 or 4.00 4.25 4.50 4.75 5.00 less less NUMBER OF BANKS AMOUNTS (in millions of dollars) All banks 1,008 155 335 25 189 28 276 2,458 25 73 40 251 92 1,978 Size of bank (total deposits in millions of dollars): Less than 10................. 369 78 142 1 67 8 73 93 7 15 (l) 28 41 10-50......................... 374 62 127 5 68 10 102 178 15 23 41 7 91 50-100.............................. 83 6 24 3 16 2 32 141 (l) 18 5 29 (2) 83 100-500............................ 114 7 33 6 20 4 44 277 2 6 2 50 2 215 500 and over................. 68 2 9 10 18 4 25 1,769 (9 12 32 103 75 1,548 F.R. district: Boston........ 65 14 1 7 3 40 300 2 0) 2 2 294 New York.. 185 13 74 6 30 10 52 590 3 14 34 77 450 Philadelphia 166 67 50 S 30 4 10 55 5 6 25 4 4 Cleveland... 104 22 56 1 12 1 12 49 19 (0 17 9 Richmond.. 115 17 52 23 1 22 61 7 7 46 Atlanta........ 54 3 15 2 18 1 15 19 (0 (2) 10 (2) 6 Chicago.......... 93 16 23 3 24 3 24 1,184 10 12 5 85 4 1,067 St. Louis,..., 35 8 15 6 6 16 (2) 4 10 Minneapolis., 14 3 1 5 5 26 3 0) 9 14 Kansas City.. 20 3 7 3 7 3 (9 (9 2 Dallas.............. 96 3 22 1 18 2 50 69 (9 io (0 8 51 San Francisco, 61 .............6 6 13 3 33 85 (9 11 48 26 For notes to Appendix Tables 1-9 see p. 1109. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APPENDIX TABLE 7—NEGOTIABLE CD'S IN DENOMINATIONS OF $100,000 OR MORE, IPC Maximum Interest Rates Paid by Member Banks on April 28, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Group Total Total o 3 r . 5 le 0 s s 4.00 4.25 4.50 4.75 5.00 5.25 5.50 o 3 r .5 le 0 s s 4.00 4.25 4.50 4.75 5.00 5.25 5.50 NUMBER OF BANKS AMOUNTS (in millions of dollars) All banks...........-................................. M7 9 58 46 197 50 309 35 203 12,781 4 106 4,041 4,806 528 1,499 195 1,602 Size of bank (total deposits in mil­ lions of dollars): Less than 10................................ 170 4 16 2 30 7 72 8 31 47 1 3 (!i 12 2 21 2 7 10-50............................................. 358 4 19 8 68 10 152 11 86 224 1 5 26 9 90 12 75 50-100........................................... 107 4 6 19 8 33 5 32 256 4 4 24 16 75 6 127 100-500........................................ 185 1 17 8 50 18 44 10 37 1,623 (2) 46 45 503 145 312 124 447 500 and over............................. 87 2 22 30 7 8 1 17 10,630 (2) 3,986 4,240 357 1,002 (2) 946 F.R. district: Boston.......................................... 57 9 11 9 9 2 17 657 544 16 50 9 (2) 37 New York.............................. 110 6 11 28 9 32 4 20 5,073 2 2,492 1,989 37 493 26 33 Philadelphia................................ 22 1 4 12 1 3 1 316 (2 204 93 (2) 2 (2) Cleveland..................................... 43 7 2 14 3 7 3 7 786 (2) 544 107 6 1 40 Richmond.................................... 58 1 10 2 13 1 21 10 218 (2) 8 (2) 15 G) 52 132 Atlanta......................................... 84 2 13 13 4 34 6 12 339 (2) 21 96 18 78 12 114 Chicago........................................ 110 2 6 7 34 5 38 4 14 1,597 (2) 2 89 654 50 578 50 173 S M t. i n L n o e u a i p s o .. l . i . s .. . . . . . . - ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 1 0 2 1 6 i 1 1 5 7 1 1 1 1 4 3 1 17 2 2 24 0 1 7 ( ( > >) ) 50 (>) 1 5 2 4 5 ( ( 9 9 2 1 5 0 (2) 1 ( 7 2 5 ) Kansas City................................. 99 1 5 2 11 4 39 4 33 352 (!) 14 (2) 125 9 114 7 81 Dallas........................................... 162 4 2 19 5 78 5 49 1,076 6 (2) 177 49 98 70 605 San Francisco............................. 71 6 10 7 21 6 21 1,918 540 919 202 33 28 196 APPENDIX TABLE 8—NONNEGOTIABLE CD’S IN DENOMINATIONS OF $100,000 OR MORE, IPC Maximum Interest Rates Paid by Member Banks on April 28, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Group Total Total 3.50 4.00 4.25 4.50 4.75 5.00 5.25 5.50 3.50 4.00 4.25 4.50 4.75 5.00 5.25 5.50 or less or less NUMBER OF BANKS AMOUNTS (in millions of dollars) 993 11 65 19 286 62 395 34 121 3,181 3 58 103 1,518 442 762 66 229 Size of bank (total deposits in millions of dollars): 178 2 20 56 5 69 4 22 45 0) 6 16 I 16 1 6 10-50............................................. 463 6 30 7 135 21 192 15 57 232 2 13 3 59 11 91 10 45 50-100.......................................... 138 2 4 1 41 12 54 5 19 205 (9 (2) 62 12 59 19 50 100-500........................................ 150 1 8 4 36 12 62 10 17 598 (2) 15 35 145 90 193 36 84 500 and over............................... 64 3 7 18 12 18 6 2,101 23 64 1,237 329 405 44 1108 FEDERAL RESERVE BULLETIN • JULY 1967 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

F.R. district: Boston............3..1.................. 1 2 10 3 7 8 59 (9 (2) 7 6 7 9 New York...............9..6...... 3 7 6 14 10 37 5 14 789 1 1 26 248 312 155 10 35 Philadelphia................................ 66 1 3 30 9 17 1 5 74 0) 2 22 15 20 (9 14 Cleveland.................................... 78 12 I 19 9 30 4 3 129 32 0) 37 17 24 ii 8 Richmond................................... 67 1 5 15 5 32 5 4 201 (9 2 75 55 47 19 2 Atlanta.................................... 98 ............. 13 3 18 8 38 7 11 199 6 *28 40 9 86 15 15 Chicago........................................ 202 2 9 6 77 9 77 2 20 422 2 18 135 9 214 (2) St. Louis...................................... 70 2 6 40 2 15 3 2 95 7 49 (9 29 5 (2) Minneapolis.......... -................. 60 29 1 25 5 51 14 (9 12 23 Kansas City............................... 78 1 11 2 50 1 13 74 (V 28 (9 25 (9 18 Dallas........................................... 97 2 6 15 2 45 3 24 118 2 13 (2) 45 43 San Francisco........................... 50 ............. 2 1 8 2 22 3 12 970 (9 <9 851 (9 98 15 APPENDIX TABLE 9—TIME DEPOSITS, OPEN ACCOUNT, IN DENOMINATIONS OF $100,000 OR MORE, IPC Maximum Interest Rates Paid by Member Banks on April 28, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Group Total Total o 3 r . 5 le 0 ss 4.00 4.25 4.50 4.75 5.00 5.25 5.50 o 3 r . 5 le 0 s s 4.00 4.25 4.50 4.75 5.00 5.25 5.50 NUMBER OF BANKS AMOUNTS (in millions of dollars) A JI banks............................................ 322 17 73 18 63 15 88 8 40 1,660 5 26 260 649 50 525 12 132 Size of bank (total deposits in mil­ lions of dollars): T .ess than 10................................ 45 7 19 2 7 5 1 4 9 2 4 (9 1 1 (9 1 10-50 ............................................. 89 4 28 1 13 5 23 2 13 34 (i) 10 (9 5 2 11 (9 6 50-100.......................................... 45 3 11 6 1 14 9 32 3 3 1 (9 16 (9 4 100-500........................................ 82 3 12 4 17 7 30 3 6 102 1 7 i 24 20 33 7 9 500 and over............................... 61 3 11 20 2 16 1 8 1,482 3 258 618 (9 464 (9 112 F.R. district: Boston...................................... 11 2 2 1 5 1 71 (9 (9 (9 48 (9 New York.................................... 70 6 9 6 14 4 21 1 9 1,040 3 169 379 6 398 (9 85 Philadelphia................................ 40 4 14 4 6 2 7 3 136 1 5 47 53 (9 4 2 Cleveland..................................... 17 1 7 1 4 1 3 20 (2) 5 (9 8 (9 (9 Richmond.................................. 30 10 4 11 1 4 33 3 8 17 (9 4 Atlanta........................ 20 3 2 8 2 2 3 12 1 (9 8 (9 2 Chicago........................................ 39 2 14 2 6 1 9 1 4 72 (9 6 (9 1 (9 43 (9 19 St. Louis...................................... 14 8 1 2 1 2 7 3 (9 (9 (9 (9 Minneapolis............... 3 1 1 I 1 (9 (9 Kansas City.......................... 9 i 1 I 1 4 1 5 (9 (9 (9 (9 2 (9 Dallas... A................................ 40 2 7 1 16 1 13 36 (9 3 11 (2) 16 San Francisco.............................. 29 3 4 8 2 8 3 1 226 (9 39 165 <2) 2 11 Notes to Appendix Tables 2~9: outstanding on April 28, 1967. Time deposits, open account, exclude Christmas savings and i Less than 5500,000. other special fund accounts. Dollar amounts may not add to totals because of rounding. 2 Omitted to avoid individual bank disclosure. In the headings of these tables under “Maximum rate paid (per cent)” the rates shown are Note.—Excludes banks that reported no interest rate paid on. the survey date. Also excludes those being paid by nearly all reporting banks. However, for the relatively few banks that re­ a few banks that had discontinued issuing these instruments but still had some deposits ported a rate in between those shown, the bank was included in the next higher rate. TIME AND SAVINGS DEPOSITS 1109 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APPENDIX TABLE 10—MINIMUM DENOMINATION AND SHORTEST MATURITY ON WHICH HIGHEST RATE WAS PAID BY MEMBER BANKS ON CONSUMER-TYPE DEPOSITS ON APRIL 28, 1967 (Number of banks) Minimum denomination (in dollars) Shortest maturity (in months) AU de­ All Size of bank and maximum rate nomi­ maturi­ nations u 1 n 00 d e & r 1 5 0 0 1 0 ­ 1 5 , 0 0 1 0 ­ 0 1 5 , , 0 0 0 0 1 0 ­ 5 25 ,0 ,0 0 0 1 0 ­ 2 O 5, v 0 e 0 r 0 ties 3 le o ss r 4-6 7-12 13-24 25-60 O 6 v 0 er SAVINGS BONDS Size of bank (total deposits, mil. S) All banks.................................... 179 119 17 33 8 2 179 81 14 23 3 58 Maximum rate: 4.50% or less................... 101 76 13 11 I 101 41 10 10 38 ................. Over 4.50%....................... 78 43 4 22 7 2 ................. 78 40 4 13 I 20 ................. Under 10.............................................................. 50 29 9 9 1 2 ................. 50 18 8 10 14 Maximum rate: 4.S0% or less................... 29 17 8 3 1 29 8 7 8 6 Over 4.50%..................... 21 12 1 6 2 21 10 1 2 ................. 8 ................. 10-50.................................................................... 77 55 5 IS 2 77 35 4 4 1 33 Maximum rate: 4.50% or less. ................. 47 39 2 6 47 19 2 1 I 24 Over 4.50%..................... 30 16 3 9 2 30 16 2 3 ................. 9 ................. 50-100.................................................................... 10 7 1 1 1 10 6 1 3 Maximum rate: 4.50% or less................... 6 5 1 6 4 2 Over 4.50%...................... 4 2 1 1 .................. 4 2 1 1 .................. 100-500.................................................................. 26 17 1 6 2 26 13 1 6 1 5 Maximum rate: 4.50% or less.................... 13 10 1 2 13 7 1 1 1 3 Over 4.50%....................... 13 7 ................. 4 2 13 6 5 ................. 2 ................. 500 and over........................................................ 16 II 1 2 2 16 9 1 3 3 ................. Maximum rate: 4.50% or less................... 6 5 1 6 3 3 Over 4.50%...................... 10 6 2 2 ................. 10 6 1 3 SAVINGS CERTIFICATES Size of bank (total deposits, mil. $) All banks.............................................................. 1,558 540 387 409 178 40 4 1,558 499 437 560 21 40 I Maximum rate: 4.50% or less................... 768 324 250 143 38 13 768 183 233 315 9 27 1 Over 4.50%...................... 790 216 137 266 140 27 4 790 316 204 245 12 13 ..............* - Under 10.............................................................. 823 310 231 189 60 32 1 823 199 246 359 6 13 Maximum rate: 4.50% or less............. 435 204 163 87 19 12 485 94 152 228 3 8 Over 4.50%....................... 338 106 68 102 41 20 1 338 105 94 131 3 5 ................. 10-50..................................................................... 478 162 112 138 60 5 1 478 185 110 160 10 13 Maximum rate: 4.50% or less.................... 203 80 66 42 14 1 203 58 60 73 5 7 Over 4.50%....................... 275 82 46 96 46 4 1 275 127 50 87 5 6 ................. 50-100................................................................... 78 25 15 17 20 I 78 34 25 15 1 3 Maximum rate: 4.50% or less................... 28 16 7 3 2 28 12 7 7 2 Over 4.50%....................... 50 9 8 14 18 1 .......... • • • 50 22 18 8 1 I ................. 100-500.................................................................. 116 23 22 44 25 2 116 53 36 20 2 5 Maximum rate: 4.50% or less.................... 33 12 11 8 2 33 11 10 7 1 4 Over 4.50%....................... 83 11 11 36 23 ................. 2 83 42 26 13 1 1 ................. 500 and over........................................................ 63 20 7 21 13 2 63 28 20 6 2 . 6 1 Maximum rate: 4.50% or less.................... 19 12 3 3 1 19 8 4 6 1 Over 4.50%....................... 44 8 4 18 12 2 ................. 44 20 16 6 2 OTHER NONNEGOTIABLE CD’S—LESS THAN $100,000 Size of bank (total deposits, mil. $) All banks.......2..,.9...8.6.................8..3..4................6..1..3..... 970 385 164 20 2,986 971 933 1,037 27 18 Maximum rate: 4.50% or less................... 1,497 584 380 366 109 48 10 1,497 394 493 593 11 6 Over 4.50%....................... 1,489 250 233 604 276 116 10 1,489 577 440 444 16 12 Under 10.............................................................. 1,560 513 356 506 134 48 3 1,560 393 500 641 15 11 Maximum rate: 4.50% or less................... '865 368 222 211 51 12 1 '865 175 284 393 8 5 Over 4.50%.......... 695 145 134 295 83 36 2 695 218 216 248 7 6 1110 FEDERAL RESERVE BULLETIN • JULY 1967 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

10-50..................................................................... 1,061 262 210 350 162 68 9 1,061 386 328 331 11 5 Maximum rate: 4.50% or less................... 489 181 136 115 37 15 5 489 152 162 172 3 Over 4.50%....................... 572 81 74 235 125 53 4 572 234 166 159 8 5 50-100................................................................... 157 22 24 53 40 16 2 157 74 49 33 1 Maximum rate: 4.50% or less................... 64 14 12 25 8 5 64 25 24 15 Over 4.50%....................... 93 8 12 28 32 11 2 93 49 25 18 1 100-500................................................................. 158 27 20 46 41 19 5 158 83 44 30 1 Maximum rate: 4.50%.................................. 55 15 9 13 8 7 3 55 27 15 13 Over 4.50%....................... 103 12 11 33 33 12 2 103 56 29 17 1 500 and over....................................................... 50 10 3 15 8 13 1 50 35 12 2 1 Maximum rate: 4.50% or less................... 24 6 1 2 5 9 1 24 15 8 1 Over 4.50%....................... 26 4 2 13 3 4 26 20 4 2 NEGOTIABLE CD’S—LESS THAN 5100,000 Size of bank (total deposits, mil- $) All banks ....................................1..,.9..2..3................531 318 623 246 163 42 1,923 773 549 580 5 15 1 Maximum rate: 4.50% or less.................... 864 347 162 207 72 62 14 864 289 243 320 3 8 1 Over 4.50%................ 1,059 184 156 416 174 101 28 1,059 484 306 260 2 7 Under 10 ....................................................... 935 327 187 297 78 39 7 935 252 297 375 4 7 Maximum rate: 4 50% or less.................... 466 225 108 95 26 12 466 89 156 215 2 4 Over 4.50%....................... 469 102 79 202 52 27 7 469 163 141 160 2 3 10-50..................................................................... 633 145 97 233 97 52 9 633 279 179 170 1 4 Maximum rate: 4.50% or less.................... 242 88 40 79 20 14 1 242 97 56 86 1 2 Over 4.50%....................... 391 57 57 154 77 38 8 391 182 123 84 2 50-100 ........................................................... 112 22 13 32 29 14 2 112 76 23 11 2 39 13 4 8 9 4 1 39 28 6 5 Over 4.50%....................... 73 9 9 24 20 10 1 73 48 17 6 2 100-500 ........................................................... 169 29 18 47 32 30 13 169 114 32 20 2 1 Maximum rate: 4.50% or less................... 69 14 8 20 12 10 5 69 45 9 12 2 1 Over 4.50%, ............ 100 15 10 27 20 20 8 100 69 23 8 500 and over........................................................ 74 8 3 14 10 28 11 74 52 18 4 Maximum rate: 4.50% or less.................. 48 7 2 5 5 22 7 48 30 16 2 Over 4.50% ........... 26 1 I 9 5 6 4 26 22 2 2 TIME DEPOSITS, OPEN ACCOUNT—LESS THAN 5100,000 Size of bank (total deposits, mil. $) All banks.....................................1..,0...0..8...............421 90 274 102 100 21 U,006 604 271 124 3 3 1 Maximum rate: 4 50% or less ................. 704 381 43 150 54 61 15 702 403 220 77 1 1 Over 4.50%....................... 304 40 47 124 48 39 6 304 201 51 47 2 2 1 Under 10.............................................................. 369 180 33 104 29 21 2 2368 197 116 53 1 1 Maximum rate: 4.50% or less........... 288 166 21 69 16 15 1 287 154 102 31 Over 4.50%...................... 81 14 12 35 13 6 81 43 14 22 1 I 10-50.................................................................... 374 163 38 95 35 36 7 374 228 93 51 2 Maximum rate: 4.50% or less................... 262 153 13 53 17 21 5 262 151 74 36 1 Over 4.50%....................... 112 10 25 42 18 15 2 112 77 19 15 I 50-100 ............................................................. 83 29 8 21 12 12 1 83 57 16 8 1 1 Maximum rate: 4.50% or less................... 49 25 3 8 7 5 1 49 32 12 5 Over 4.50%....................... 34 4 5 13 5 7 34 25 4 3 1 1 100-500................................................................. 114 35 8 33 16 15 7 2113 74 30 9 Maximum rate: 4.50% or less.................... 66 26 5 14 8 9 4 65 42 19 4 Over 4.50%....................... 48 9 3 19 8 6 3 48 32 11 5 500 and over....................................................... 68 14 3 21 10 16 4 68 48 16 3 1 Maximum rate: 4.50% or less................... 39 11 1 6 6 11 4 39 24 13 1 1 Over 4.50%..................... 29 3 2 15 4 5 29 24 3 2 1 Excludes two banks for which no information was available. 2 Excludes one bank for which no information was available. TIME AND SAVINGS DEPOSITS 1111 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APPENDIX TABLE 11—MEMBER BANKS CHANGING MAXIMUM RATES PAID ON TIME AND SAVINGS DEPOSITS, IPC, JANUARY 31, 1967, TO APRIL 28, 1967 (Number of banks) Raised rate Raised rate Raised rate Group B p w o d a i s n e t i ­ k h ts s ch r N a a in n t o e g e Maximum (p e r r a t c e e n o t n ) Apr. 28 d r u R a c e t e e ­ d B p w o a d i n s e t i ­ k h ts s ch r N a a in n t o e g e Maximum (p e r r a t c e e n o t n ) Apr. 28 d r u R a c e t e e ­ d B p w o d a i n s e t i ­ k h ts s ch r N a a in n t o e g e Maximum (p e r r a t c e e n o t n ) Apr. 28 d r R u a c e t e e ­ d ^[OS 3 3 . . 0 5 1 0 ­ 3 4 . . 5 0 1 0 ­ Total o 4 r . l 0 e 0 ss 4 4 . . 0 5 1 0 ­ 4 5 . . 5 0 1 0 ­ O 5. v 0 e 0 r Total o 4 r . l 0 e 0 ss 4 4 . . 0 5 1 0 - 1 4 5 . . 5 0 1 0 ­ O 5. v 0 e 0 r SAVINGS DEPOSITS SAVINGS CERTIFICATES NONNEGOTIABLE CD’S—LESS THAN $100,000 AU banks................. 5,803 5,703 71 3 8 60 29 1,545 1,136 349 58 113 178 ........... 60 2,975 2,289 523 71 193 259 ........... 163 Size of bank (total deposits, mil. $): Under 10............. 3,230 3,162 51 3 6 42 17 816 570 233 40 84 109 13 1,555 1,190 325 48 127 150 40 10-50................... 1,936 1,914 15 2 13 7 474 364 96 15 26 55 14 1,057 839 160 19 53 88 58 50-100.................. 264 260 4 4 78 62 11 2 2 7 5 156 119 23 1 10 12 14 100-500................ 281 275 1 1 5 114 92 9 1 1 7 13 157 117 11 2 1 8 29 500 and over.... 92 92 63 48 15 50 24 4 1 2 1 ........... 22 F. R. district: Boston................. 221 219 1 1 1 26 18 6 1 3 2 2 78 38 21 5 8 8 19 New York........... 384 378 3 1 2 3 82 65 14 3 2 9 3 191 135 27 8 5 14 29 Philadelphia........ 381 371 6 4 2 4 88 63 21 4 12 5 ........... 4 218 176 31 4 16 11 11 Cleveland............ 486 481 5 1 4 213 148 51 16 15 20 ........... 14 188 132 45 11 16 18 ........... II Richmond........... 391 389 1 1 1 100 64 31 8 9 14 5 182 137 32 7 8 17 13 Atlanta................. 519 509 6 ........... I 5 4 153 123 26 4 4 18 ........... 4 264 201 42 3 12 27........... 21 Chicago................ 955 934 14 1 i 13 7 230 175 47 3 14 30 8 599 462 115 12 59 44 22 St. Louis.............. 448 436 10 1 8 2 105 76 28 7 13 8 1 251 209 40 4 21 15 2 Minneapolis........ 481 471 7 i 6 3 206 172 31 1 18 12 3 231 185 42 3 19 20 4 Kansas City........ 782 768 11 11 3 165 108 52 5 17 30 5 387 307 65 9 20 36 15 Dallas................... 544 538 5 5 1 108 74 29 4 4 21 5 283 223 50 5 6 39 10 San Francisco... 211 209 2 2 69 50 13 2 2 9 ........... 6 103 84 13 ...........3 10 ........... 6 Raised rate Raised rate Raised rate Group B p w o d a i s n e t i ­ k h ts s ch r N a i a n n t o e g e Maximum (p r e a r t e c e p n a t i ) d Apr. 28 d r R u a c e t e e ­ d B p w o d a s n i e t i k ­ h ts s ch r N a a in n t o e g e Maximum (p r e a r t e c e p n a t i ) d Apr. 28 Re r d at u e ced B p w o d an i s e t i k ­ h ts s ch r N a a in n t o e g e Maximum (p e r r a t c e e n o t n ) Apr. 28 d r R u a c e t e e ­ d Total o 4 r . l 0 e 0 s s 4 4 . . 0 5 1 0 ­ 4 5 . . 5 0 1 0 ­ Total o 4 r . l 0 e 0 ss 4 4 . . 0 5 1 0 ­ 4 5 . . 5 0 1 0 ­ Total o 4 r . l 0 e 0 ss 4 4 . . 0 5 1 0 ­ 4 5 . . 5 0 1 0 ­ O 5. v 0 e 0 r SAVINGS BONDS NEGOTIABLE CD’S—LESS THAN $100,000 NEGOTIABLE CD’S—$100,000 OR MORE AU banks.................. 177 141 33 3 14 16 3 1,911 1,408 309 38 100 171 194 902 436 222 21 48 110 43 244 Size of bank (total deposits, mil. $): Under 10. ..... 50 31 18 1 9 8 1 931 706 202 28 68 106 23 169 69 84 10 16 43 15 16 10-50.................... 77 69 7 1 3 3 1 628 498 82 9 23 50 48 357 206 108 9 24 56 19 43 50-100................. 10 8 2 1 1 112 87 10 2 8 15 107 64 15 3 8 4 28 100-500................ 24 20 4 2 2 166 93 13 1 5 7 60 182 74 15 2 5 3 5 93 500 and over.... 16 13 2 2 1 74 24 2 2 48 87 23 64 1112 FEDERAL RESERVE BULLETIN • JULY 1967 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

F. R. district: Boston............. 3 2 1......................... 1 93 63 11 1 5 5 19 57 20 9 .. 4 3 2 28 New York....... 15 13 2......... 2............. 147 92 19 2 6 11 36 109 39 19 2 3 9 5 51 Philadelphia.... 10 7 1......................... 1 76 51 16 2 8 6 9 22 9 5 3 2 8 Cleveland......... 15 8 7 15 1 85 48 25 8 8 9 12 43 24 7 1 1 3 2 12 Richmond....... 12 10 2......................... 2 122 90 19 1 8 10 13 58 31 17 2 7 7 1 10 Atlanta............. 39 36 3........... 1 2 169 139 22 5 4 13 8 82 37 30 7 6 14 3 15 Chicago............... 17 15 2......... 2............. 233 172 39 3 21 15 22 HO 45 30 2 7 17 4 35 St. Louis.............. 17 14 3........... 2 1 124 103 20 8 12 1 40 21 16 2 7 7........... 3 Minneapolis........ 4 3 1........ 1............. 128 97 27 4 13 10 4 50 28 16 2 5 6 3 6 Kansas City........ 24 20 4........... 1 3 329 239 66 7 15 44 24 98 51 24 2 2 11 9 23 Dallas................... 9 4 4 2........... 2 292 235 36 4 3 29 21 162 94 42 1 3 27 11 26 San Francisco.. . 12 9 3......................... 3 113 79 9 1 1 7 25 71 37 7' 4 3 27 Raised rate Raised rate Raised rate Group B p w o d a s i n e t i ­ k h ts s ch r N a a in n t o e g e Maximum (p e r r a t c e e n o t n ) Apr. 28 d r R u a c e t e e ­ d B p w o d a s n i e t i ­ k h ts s ch r N a a in n t o e g e Maximum (p e r r a t c e e n o t n ) Apr. 28 d r R u a c t e e e ­ d B p w o d a s i n e t i ­ k h ts s ch r N a a in n t o e g e Maximum (p e r r a t c e e n o t n ) Apr. 28 du r R a c t e e e d ­ Total o 4 r . l 0 e 0 ss 4 4 . . 0 5 1 0 ­ 4 5 . . 5 0 1 0 ­ Total o 4 rl .0 e 0 ss 4 4 . . 0 5 1 0 ­ 4 5 . . 5 0 1 0 ­ O 5. v 0 e 0 r Total o 4 r . l 0 e 0 ss 4 4 . . 0 5 1 0 ­ 4 5 . . 5 0 1 0 ­ O 5. v 0 e 0 r TIME DEPOSITS, OPEN ACCOUNT TIME DEPOSITS. OPEN ACCOUNT— NONNEGOTIABLE CD’S—$100,000 OR MORE LESS THAN $100,0001 $100,000 OR MORE AH banks 1,004 652 260 112 66 82 92 319 128 117 50 20 33 14 74 987 510 287 26 90 122 49 190 Size of bank (total deposits, mil. $): Under 10......... 369 232 123 62 33 28 14 45 13 31 20 5 4 2 1 178 85 84 10 27 35 12 9 10-50............... 371 259 92 38 23 31 20 88 37 44 18 5 15 6 7 459 258 144 12 47 63 22 57 50-100.............. 83 56 19 6 11 8 45 25 16 7 3 4 2 4 137 84 26 1 6 10 9 27 100-500........... 113 73 17 6 2 9 23 80 35 19 5 5 8 1 26 149 66 28 2 9 11 6 55 500 and over.... 68 32 9 4 2 3 27 61 18 7 2 2 3 36 64 17 5 1 1 3 42 F. R. district: Boston......... 65 52 10 3 7 3 11 4 3 1 I 1 4 30 12 6 3 2 1 12 New York. . 183 128 30 14 8 8 25 69 20 23 11 3 4 5 26 94 40 18 1 4 9 4 36 Philadelphia. 165 122 26 18 4 4 17 39 18 13 6 2 5 8 66 33 20 JO 9 1 13 Cleveland... 104 79 22 18 2 2 3 17 10 3 1 1 1 4 77 52 10 3 1 5 1 15 Richmond. . 115 74 31 14 10 7 10 30 19 8 3 4 1 3 67 33 18 1 4 8 5 16 Atlanta........ 53 27 22 6 9 7 4 19 7 11 4 3 3 1 1 98 32 44 6 12 22 4 22 Chicago............... 93 55 31 16 10 5 7 39 14 18 12 3 1 2 7 202 106 61 4 21 26 10 35 St. Louis.............. 35 16 19 11 4 4 14 1 13 8 3 1 1 69 35 29 7 15 6 1 5 Minneapolis........ 14 5 8 2 2 4 1 3 ] 2 1 1 60 41 16 9 6 1 3 Kansas City........ 20 11 9 4 1 4 9 4 2 1 1 3 77 48 19 5 10 4 10 Dallas................... 96 52 38 9 10 19 6 40 22 14 1 3 6 4 4 97 59 30 4 3 13 16 8 San Francisco... 61 31 14 ...........3 11 16 29 8 7 2 ...........5 ...........14 50 19 16 ...........3 6 7 15 3 Excludes banks issuing only Christmas savings and other special accounts. for January 31, 1967, and April 28, 1967, for all member banks for which comparable information was available. Banks raising rates include banks that had no rate on January 31, 1967, but began Note.—This table was compiled by comparing individual bank figures as reported on the Surveys to pay interest by April 28, 1967. TIME AND SAVINGS DEPOSITS 1113 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1114 FEDERAL RESERVE BULLETIN • JULY 1967 APPENDIX TABLE 12—CONSUMER-TYPE TIME DEPOSITS, IPC, HELD BY MEMER BANKS ON APRIL 28, 1967, BY SIZE OF BANK AND BY MAXIMUM RATE PAID ON ANY ONE TYPE Maximum rate paid (per cent) Maximum rate paid (per cent) Total Total 4.00 or 4.01­ 4.26­ 4.51­ 4.76­ 4.00 or 4.01­ 4,26­ 4.51­ 4.76­ less 4.25 4.50 4.75 5.00 less 4.25 4.50 4.75 5.00 NUMBER OF BANKS AMOUNT1 (in millions of dollars) All banks.............................. 5,744 906 75 1,757 157 2,849 27,733 621 144 5,641 1,645 19,682 Size of bank (total de­ posits, in millions of dol­ lars) : Less than 10................ 3,199 638 41 1,078 59 1,383 3,406 285 25 1,341 56 1,699 10-50............................. 1,911 226 21 556 61 1,047 6,497 232 37 2,145 171 3,913 50-100........................... 261 17 6 71 7 160 2,265 10 26 699 40 1,490 100-500......................... 281 22 6 43 21 189 5,030 64 46 805 411 3,704 500 and over............... 92 3 I 9 9 70 10,535 30 (2) 651 967 8,877 F.R. district: Boston........................... 187 29 7 38 17 96 602 3 32 24 28 514 New York.................... 356 82 10 48 8 208 3,107 15 14 31 33 3,014 Philadelphia................. 358 78 2 173 17 88 1,788 49 (2) 515 524 698 Cleveland..................... 452 144 6 137 20 145 1,913 98 8 509 639 659 Richmond.................... 351 96 14 69 9 163 1,285 64 16 208 11 987 Atlanta.......................... 519 101 2 85 23 308 1,934 104 (2) 254 82 1,486 Chicago........................ 957 107 14 432 21 383 5,971 102 30 1,785 186 3,868 St. Louis....................... 450 76 5 229 10 130 1,642 106 19 579 32 906 Minneapolis................. 490 24 3 261 7 195 2,177 30 5 987 16 1,139 Kansas City................. 804 96 4 198 10 496 1,819 33 2 355 38 1,391 Dallas............................ 615 65 3 72 14 461 1,461 15 5 95 55 1,290 San Francisco............. 205 8 5 15 1 176 4,032 2 2 298 (2) 3,729 1 Includes a small amount of deposits outstanding on April 28, 1967, in banks that no longer issue certain consumer-type instruments and are not included in the number of issuing banks. Excludes $17 million in deposits in a few small banks that provided no information on the rate paid on April 28, 1967. , 2 Omitted to avoid individual bank disclosure. ... Note.—Consumer-type time deposits includes the following instruments issued in denominations of less than $100,000: savings certificates, savings bonds, other negotiable and nonnegotiable CD's, and time deposits, open account. Dollar amounts may not add to totals because of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Record of Policy Actions of the Federal Open Market Committee Section 10 of the Federal Reserve Act provides that the Board of Governors shall keep a complete record of the actions taken by the Board and by the Federal Open Market Committee on all questions of policy relating to open market operations, that it shall record therein the votes taken in connection with the de­ termination of open market policies and the reasons underlying each such action, and that it shall include in its Annual Report to the Congress a full account of such actions. As announced on page 1168 of this Bulletin, the Board and the Committee have made available the entries with respect to the policy actions taken at the four meetings of the Federal Open Market Committee held from the beginning of the calendar year 1967 through April 4, 1967, in the form in which they will ap­ pear in the Board’s 54th Annual Report. It is planned to release entries for policy actions taken subsequent to April 4, 1967, on a regular basis, approximately 90 days following the date of the meeting at which the corresponding policy actions were taken. Each entry will be republished in a following issue of the Federal Reserve Bulletin. The entries include the votes on the policy decisions made at the meetings as well as a resume of the basis for the decisions. The summary descriptions of economic and financial conditions included in the entries are based on the information that was available to the Committee at the time of the meetings, rather than on data for the periods in question as they may have been subsequently revised. Policy directives of the Federal Open Market Committee are issued to the Federal Reserve Bank of New York as the Bank selected by the Committee to execute transactions for the System Open Market Account. In the area of domestic open market activities the Federal Reserve Bank of New York operates under 1115 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1116 FEDERAL RESERVE BULLETIN • JULY 1967 two separate directives from the Open Market Committee—a continuing authority directive and a current economic policy directive. In the foreign currency area it operates under an authorization for System foreign currency operations and a foreign currency directive. These four instruments are shown below in the form in which they were in effect at the beginning of 1967. Subsequent revisions in the current economic policy directive are shown in the policy record entries covering each of the first four Committee meetings of the year, and a revision in the continuing authority directive is shown in the policy record entry for the meeting of March 7, 1967. CONTINUING AUTHORITY DIRECTIVE WITH RESPECT TO DOMESTIC OPEN MARKET OPERATIONS (in effect January 1, 1967) 1. The Federal Open Market Committee authorizes and directs the Federal Reserve Bank of New York, to the extent necessary to carry out the most recent current economic policy directive adopted at a meeting of the Committee: (a) To buy or sell U.S. Government securities in the open market, from or to Government securities dealers and foreign and international accounts maintained at the Federal Reserve Bank of New York, on a cash, regular, or deferred delivery basis, for the System Open Market Account at market prices and, for such Account, to exchange maturing U.S. Government securities with the Treasury or allow them to mature without replacement; provided that the aggregate amount of such securities held in such Account at the close of business on the day of a meeting of the Committee at which action is taken with respect to a current economic policy directive shall not be increased or decreased by more than $2.0 billion during the period commencing with the opening of business on the day following such meeting and ending with the close of business on the day of the next such meeting; (b) To buy or sell prime bankers’ acceptances of the kinds desig­ nated in the Regulation of the Federal Open Market Committee in the open market, from or to acceptance dealers and foreign accounts maintained at the Federal Reserve Bank of New York, on a cash, regular, or deferred delivery basis, for the account of the Federal Reserve Bank of New York at market discount rates; provided that Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF THE FOMC 1117 the aggregate amount of bankers’ acceptances held at any one time shall not exceed $125 million or 10 per cent of the total of bankers’ acceptances outstanding as shown in the most recent acceptance survey conducted by the Federal Reserve Bank of New York; (c) To buy U.S. Government securities, obligations that are direct obligations of, or fully guaranteed as to pfincipal and interest by, any agency of the United States, and prime bankers’ acceptances with maturities of 6 months or less at the time of purchase, from nonbank dealers for the account of the Federal Reserve Bank of New York under agreements for repurchase of such securities, obligations, or acceptances in 15 calendar days or less, at rates not less than (1) the discount rate of the Federal Reserve Bank of New York at the time such agreement is entered into, or (2) the average issuing rate on the most recent issue of 3-month Treasury bills, whichever is the lower; provided that in the event Government securities or agency issues covered by any such agreement are not repurchased by the dealer pursuant to the agreement or a renewal thereof, they shall be sold in the market or transferred to the System Open Market Account; and provided further that in the event bankers’ acceptances covered by any such agreement are not repurchased by the seller, they shall continue to be held by the Federal Reserve Bank or shall be sold in the open market. 2. The Federal Open Market Committee authorizes and directs the Federal Reserve Bank of New York to purchase directly from the Treasury for the account of the Federal Reserve Bank of New York (with discretion, in cases where it seems desirable, to issue participations to one or more Federal Reserve Banks) such amounts of special short-term certificates of indebtedness as may be necessary from time to time for the temporary accommodation of the Treasury; provided that the rate charged on such certificates shall be a rate 14 of 1 per cent below the discount rate of the Federal Reserve Bank of New York at the time of such purchases, and provided further that the total amount of such certificates held at any one time by the Federal Reserve Banks shall not exceed $1 billion. CURRENT ECONOMIC POLICY DIRECTIVE (in effect January 1, 1967) The economic and financial developments reviewed at this meeting indicate that over-all domestic economic activity is continuing to expand, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1118 FEDERAL RESERVE BULLETIN • JULY 1967 with rising defense expenditures but with additional evidences of moderat­ ing tendencies in the private economy. While there has been some slowing in the pace of advance of most broad price measures, upward price pressures persist for many finished goods and services. Bank credit and money have shown no net expansion in recent months. Although demands on bond markets have increased, upward pressures on long-term interest rates have moderated. The balance of payments remains a serious prob­ lem. In this situation, it is the Federal Open Market Committee’s policy to foster money and credit conditions conducive to noninflationary eco­ nomic expansion and progress toward reasonable equilibrium in the country’s balance of payments. To implement this policy, System open market operations until the next meeting of the Committee shall be conducted with a view to attaining somewhat easier conditions in the money market, unless bank credit appears to be resuming a rapid rate of expansion. AUTHORIZATION FOR SYSTEM FOREIGN CURRENCY OPERATIONS (in effect January 1, 1967) 1. The Federal Open Market Committee authorizes and directs the Federal Reserve Bank of New York, for System Open Market Account, to the extent necessary to carry out the Committee’s foreign currency directive: A. To purchase and sell the following foreign currencies in the form of cable transfers through spot or forward transactions on the open market at home and abroad, including transactions with the U.S. Stabilization Fund established by Section 10 of the Gold Reserve Act of 1934, with foreign monetary authorities, and with the Bank for International Settlements : Austrian schillings Belgian francs Canadian dollars Pounds sterling French francs German marks Italian lire Japanese yen Netherlands guilders Swedish kronor Swiss francs Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF THE FOMC 1119 B. To hold foreign currencies listed in paragraph A above, up to the following limits; (1) Currencies held spot or purchased forward, up to the amounts necessary to fulfill outstanding forward commitments; (2) Additional currencies held spot or purchased forward, up to the amount necessary for System operations to exert a market influence but not exceeding $150 million equivalent; and (3) Sterling purchased on a covered or guaranteed basis in terms of the dollar, under agreement with the Bank of England, up to $200 million equivalent. C. To have outstanding forward commitments undertaken under para­ graph A above to deliver foreign currencies, up to the following limits: (1) Commitments to deliver to the Stabilization Fund foreign cur­ rencies in which the United States Treasury has outstanding indebtedness, up to $200 million equivalent; (2) Commitments to deliver Italian lire, under special arrange­ ments with the Bank of Italy, up to $500 million equivalent; and (3) Other forward commitments to deliver foreign currencies, up to $275 million equivalent. D. To draw foreign currencies and to permit foreign banks to draw dollars under the reciprocal currency arrangements listed in paragraph 2 below, provided that drawings by either party to any such arrangement shall be fully liquidated within 12 months after any amount outstanding at that time was first drawn, unless the Committee, because of exceptional circumstances, specifically authorizes a delay. 2. The Federal Open Market Committee directs the Federal Reserve Bank of New York to maintain reciprocal currency arrangements (“swap” arrangements) for System Open Market Account with the following for­ eign banks, which are among those designated by the Board of Governors of the Federal Reserve System under Section 214.5 of Regulation N, Relations with Foreign Banks and Bankers, and with the approval of the Committee to renew such arrangements on maturity: [List appears on next page] Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1120 FEDERAL RESERVE BULLETIN • JULY 1967 Foreign bank Amount of Maximum arrangement period of (millions of arrangement dollars equivalent) (months) Austrian National Bank 100 12 National Bank of Belgium 150 12 Bank of Canada 500 12 Bank of England 1,350 12 Bank of France 100 3 German Federal Bank 400 6 Bank of Italy 600 12 Bank of Japan 450 12 Netherlands Bank 150 3 Bank of Sweden 100 12 Swiss National Bank 200 6 Bank for International Settlements: System drawings in Swiss francs 200 6 System drawings in authorized European currencies other than Swiss francs 200 6 3. All transactions in foreign currencies undertaken under paragraph 1(A) above shall be at prevailing market rates and no attempt shall be made to establish rates that appear to be out of line with underlying mar­ ket forces. Insofar as is practicable, foreign currencies shall be purchased through spot transactions when rates for those currencies are at or below par and sold through spot transactions when such rates are at or above par, except when transactions at other rates (i) are specifically authorized by the Committee, (ii) are necessary to acquire currencies to meet System commitments, or (iii) are necessary to acquire currencies for the Stabili­ zation Fund, provided that these currencies are resold forward to the Stabilization Fund at the same rate. 4. It shall be the practice to arrange with foreign central banks for the coordination of foreign currency transactions. In making operating arrangements with foreign central banks on System holdings of foreign currencies, the Federal Reserve Bank of New York shall not commit itself to maintain any specific balance, unless authorized by the Federal Open Market Committee. Any agreements or understandings concerning the administration of the accounts maintained by the Federal Reserve Bank of New York with the foreign banks designated by the Board of Gover­ nors under Section 214.5 of Regulation N shall be referred for review and approval to the Committee. 5. Foreign currency holdings shall be invested insofar as practicable, considering needs for minimum working balances. Such investments Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF THE FOMC 1121 shall be in accordance with Section 14(e) of the Federal Reserve Act, 6, A Subcommittee consisting of the Chairman and the Vice Chairman of the Committee and the Vice Chairman of the Board of Governors (or in the absence of the Chairman or of the Vice Chairman of the Board of Governors the members of the Board designated by the Chairman as alternates, and in the absence of the Vice Chairman of the Committee his alternate) is authorized to act on behalf of the Committee when it is necessary to enable the Federal Reserve Bank of New York to engage in foreign currency operations before the Committee can be consulted. All actions taken by the Subcommittee under this paragraph shall be reported promptly to the Committee. 7. The Chairman (and in his absence the Vice Chairman of the Com­ mittee, and in the absence of both, the Vice Chairman of the Board of Governors) is authorized: A. With the approval of the Committee, to enter into any needed agreement or understanding with the Secretary of the Treasury about the division of responsibility for foreign currency operations between the System and the Secretary; B. To keep the Secretary of the Treasury fully advised concerning System foreign currency operations, and to consult with the Secretary on such policy matters as may relate to the Secretary’s responsibilities; and C. From time to time, to transmit appropriate reports and informa­ tion to the National Advisory Council on International Monetary and Financial Policies. 8. Staff officers of the Committee are authorized to transmit pertinent information on System foreign currency operations to appropriate officials of the Treasury Department. 9. All Federal Reserve Banks shall participate in the foreign currency operations for System Account in accordance with paragraph 3 G (1) of the Board of Governors’ Statement of Procedure with Respect to Foreign Relationships of Federal Reserve Banks dated January 1, 1944. 10. The Special Manager of the System Open Market Account for for­ eign currency operations shall keep the Committee informed on condi­ tions in foreign exchange markets and on transactions he has made and shall render such reports as the Committee may specify. FOREIGN CURRENCY DIRECTIVE (in effect January 1, 1967) 1. The basic purposes of System operations in foreign currencies are: A. To help safeguard the value of the dollar in international exchange markets; Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1122 FEDERAL RESERVE BULLETIN • JULY 1967 B. To aid in making the system of international payments more effi­ cient; C. To further monetary cooperation with central banks of other coun­ tries having convertible currencies, with the International Monetary Fund, and with other international payments institutions; D. To help insure that market movements in exchange rates, within the limits stated in the International Monetary Fund Agreement or estab­ lished by central bank practices, reflect the interaction of underlying economic forces and thus serve as efficient guides to current financial decisions, private and public; and E. To facilitate growth in international liquidity in accordance with the needs of an expanding world economy. 2. Unless otherwise expressly authorized by the Federal Open Market Committee, System operations in foreign currencies shall be undertaken only when necessary: A. To cushion or moderate fluctuations in the flows of international payments, if such fluctuations (1) are deemed to reflect transitional mar­ ket unsettlement or other temporary forces and therefore are expected to be reversed in the foreseeable future; and (2) are deemed to be disequilibrating or otherwise to have potentially destabilizing effects on U.S. or foreign official reserves or on exchange markets, for example, by occa­ sioning market anxieties, undesirable speculative activity, or excessive leads and lags in international payments; B. To temper and smooth out abrupt changes in spot exchange rates, and to moderate forward premiums and discounts judged to be disequilibrating. Whenever supply or demand persists in influencing exchange rates in one direction, System transactions should be modified or curtailed unless upon review and reassessment of the situation the Committee directs otherwise; C. To aid in avoiding disorderly conditions in exchange markets. Spe­ cial factors that might make for exchange market instabilities include (1) responses to short-run increases in international political tension, (2) dif­ ferences in phasing of international economic activity that give rise to unusually large interest rate differentials between major markets, and (3) market rumors of a character likely to stimulate speculative transactions. Whenever exchange market instability threatens to produce disorderly conditions, System transactions may be undertaken if the Special Manager reaches a judgment that they may help to reestablish supply and demand balance at a level more consistent with the prevailing flow of underlying payments. In such cases, the Special Manager shall consult as soon as Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF THE FOMC 1123 practicable with the Committee or, in an emergency, with the members of the Subcommittee designated for that purpose in paragraph 6 of the Authorization for System foreign currency operations; and D. To adjust System balances within the limits established in the Authorization for System foreign currency operations in light of probable future needs for currencies. 3. System drawings under the swap arrangements are appropriate when necessary to obtain foreign currencies for the purposes stated in para­ graph 2 above. 4. Unless otherwise expressly authorized by the Committee, transac­ tions in forward exchange, either outright or in conjunction with spot transactions, may be undertaken only (i) to prevent forward premiums or discounts from giving rise to disequilibrating movements of short-term funds; (ii) to minimize speculative disturbances; (iii) to supplement existing market supplies of forward cover, directly or indirectly, as a means of encouraging the retention or accumulation of dollar holdings by private foreign holders; (iv) to allow greater flexibility in covering System or Treasury commitments, including commitments under swap arrangements; (v) to facilitate the use of one currency for the settlement of System or Treasury commitments denominated in other currencies; and (vi) to provide cover for System holdings of foreign currencies. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1124 FEDERAL RESERVE BULLETIN • JULY 1967 JANUARY 10, 1967 Authority to effect transactions in System Account. Expansionary forces in the economy were moderating as 1966 ended, and business inventory/sales ratios had risen substantially. With inventory accumulation expected to slow, a reduced rate of over-all economic growth appeared likely in the first quarter of the new year. Gross national product was estimated to have increased sub­ stantially in the fourth quarter of 1966, but much of the advance appeared to reflect the sharp rise in inventory accumulation. Growth slackened in consumer spending for goods, in business capital outlays, and, apparently, in Federal defense expenditures. The downtrend in residential construction activity that had begun in the spring of 1966 continued in the fourth quarter, although in November housing starts recovered most of their sharp Octo­ ber decline. Industrial production was little changed during the quarter at about the level reached in August, as output curtail­ ments in such industries as steel, construction materials, automo­ biles, and some household appliances offset continued gains in certain other industries. There had been some rise recently in claims for unemployment compensation, but labor market con­ ditions generally remained strong in the closing months of 1966. With respect to the outlook for the first quarter of 1967, pro­ spective business efforts to hold down the pace of inventory accumulation appeared likely to lead to a marked slowing of the growth rate in GNP, to some decline in industrial production, and to a moderate increase in the unemployment rate from the level of around 3.8 per cent that had prevailed recently. Defense outlays were expected to remain an expansive influence, although the evidence available at the time of this meeting suggested some further slackening in the growth of such spending as well as in business capital outlays. On the other hand, the extended decline in residential construction was expected to level out in the first quarter as a result of improvement in mortgage markets. Yields Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF THE FOMC 1125 on home mortgages touched a record high in November, the latest month for which data were available, but net inflows of funds to savings and loan associations and other major mortgage lenders had recovered recently, and there were indications of some actual or prospective easing in the supply of mortgage funds. The pace of advance of broad price measures had slowed recently; indeed, the wholesale price index declined in November for the second successive month, to a level 2.3 per cent above a year earlier, as a further reduction in prices of foodstuffs more than offset a small increase in prices of industrial commodities. The earlier succession of substantial increases in consumer prices was broken in November, when retail food prices declined some­ what and the total index rose by only one-tenth of 1 per cent. However, unit labor costs in manufacturing had risen further in recent months, as a result both of more rapid increases in aver­ age hourly earnings and of smaller gains in productivity. Tentative estimates indicated some deterioration in the U.S. balance of payments in the fourth quarter of 1966, as an appar­ ent improvement in the merchandise trade surplus was more than offset by an indicated worsening on capital account. While full information was not yet available on fourth-quarter develop­ ments, it appeared that the deficit on the “liquidity” basis of cal­ culation had increased despite substantial special receipts from Germany at the year-end, and that the balance on the “official reserve transactions” basis had reverted to deficit even though there had been large net inflows of liquid funds through foreign branches of U.S. banks during the quarter.1 Abroad, the German 1 The balance on the “liquidity” basis is measured by changes in U.S. reserves and in liquid U.S. liabilities to all foreigners. The balance on the “official reserve transactions” basis is measured by changes in U.S. reserves and in liquid and certain nonliquid liabilities to foreign official agencies, mainly mone­ tary authorities. The latter balance differs from the former by (1) treating changes in liquid U.S. liabilities to foreigners other than official agencies as ordinary capital flows, and (2) treating changes in certain nonliquid liabilities to foreign monetary authorities as financing items rather than as ordinary capital flows. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1126 FEDERAL RESERVE BULLETIN • JULY 1967 Federal Bank announced a reduction in its discount rate, from 5 per cent to 4^ per cent, effective January 6, 1967. System open market operations since the preceding meeting had been directed at achieving somewhat easier conditions in the money market against a background of year-end seasonal churn­ ing. Net borrowed reserves of member banks fluctuated widely over the four statement weeks ending January 4, but on the aver­ age they were somewhat smaller than in the preceding 4 weeks— about $170 million, as compared with $215 million. The market yield on 3-month Treasury bills declined more than 20 basis points to 4.80 per cent in the third week of December and subse­ quently remained near that level. Other money market rates de­ clined less, partly for seasonal reasons and partly because large financing needs of Government security dealers added to de­ mands for short-term funds. A buoyant atmosphere pervaded bond markets in recent weeks, as signs of moderating tendencies in the economy con­ tinued to appear and as it became increasingly evident to market participants that monetary policy had shifted toward less re­ straint—a view reinforced by the System’s action on December 27, 1966, rescinding the letter of September 1 to member banks regarding lending to business and discount window administra­ tion.2 Despite large recent and prospective offerings of corporate and municipal securities and a recent public sale of $600 million of participation certificates by the Federal National Mortgage Association, yields on Treasury, corporate, and municipal bonds all declined, with yields on long-term Treasury bonds returning to about their levels at the end of 1965, following the increase in the discount rate. Near the end of January the Treasury was expected to announce the terms on which it would refund securi­ ties maturing in mid-February, of which about $3.8 billion were held by the public. 3 For the text of the September 1 letter, see the Federal Reserve Bulletin for September 1966, pp. 1338-39; for the text of the December 27 announce­ ment, see the Bulletin for January 1967, p. 83. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF THE FOMC 1127 The recent declines in security yields were accompanied by resumed expansion in commercial bank credit and private de­ posits. Bank credit, which had declined on balance since August, increased substantially between the last Wednesdays of Novem­ ber and December. The increase was attributable primarily to expansion in holdings of Government securities and in short-term loans to security dealers and brokers, as banks acted to rebuild their sharply reduced liquidity positions. Business loans did not rise, apparently because of both a continuation of restrictive lend­ ing policies and some further weakening in demands for such loans. Time and savings deposits expanded relatively fast in Decem­ ber following slow growth since August, when banks began to experience sizable runoffs of negotiable certificates of deposit (CD’s). Although a record volume of CD’s matured in Decem­ ber, banks were able to increase the net volume outstanding somewhat as declines in market yields on competitive instru­ ments, particularly Treasury bills, enhanced the relative attrac­ tiveness of CD’s to investors. Expansion in the money supply (private demand deposits plus currency outside of banks), which had resumed in mid-November after a period of irregular decline beginning in July, continued in December, reflecting in large part a reduction in Government deposits at commercial banks. In 1966 as a whole the money supply increased by a little less than 2 per cent, compared with a 4.7 per cent rise in 1965. Staff projections at the time of the Committee’s preceding meeting had suggested that there would be relatively little in­ crease from November to December in daily-average deposits of member banks—the “bank credit proxy” 3—if the then-exist- 3 Since mid-1966 the Committee had been making increased use of daily­ average statistics on total member bank deposits as a “bank credit proxy”—that is, as the best available measure, although indirect, of developing movements in bank credit. Because they can be compiled on a daily basis with a very short lag, the deposit figures are more nearly current than available bank loan and investment data. Moreover, average deposit figures for a calendar month are much less subject to the influence of single-date fluctuations than are the avail- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1128 FEDERAL RESERVE BULLETIN • JULY 1967 ing money market conditions were maintained. But with easier conditions prevailing in the latter part of the month, these depos­ its increased at an annual rate of 3.4 per cent in December as a whole. Current staff projections suggested that member bank deposit expansion would increase temporarily to an annual rate in the 7 to 9 per cent range on the average during January (largely as a result of expansion that had occurred around the turn of the year), and to a somewhat more rapid rate in that month if there were some further easing of money market conditions. All of the projected increase in January was in time and savings depos­ its and Government deposits; private demand deposits were ex­ pected to decline somewhat, resulting in little or no growth in the money supply. In the Committee’s discussion it was noted that appropriate monetary policy over coming months would depend importantly on the nature of Federal fiscal policies. For the immediate future, however, in light of the continued slackening of various expan­ sionary forces in the economy and the prospect for slower over­ all growth in early 1967, the Committee decided that it would be desirable to relax monetary restraint somewhat further. The members agreed that the renewed expansion in bank credit and the money supply in December was appropriate; and a majority, taking note of the staff projections for the money supply and for member bank deposits, thought that somewhat easier money market conditions should be sought unless bank credit appeared to be expanding significantly faster than expected. able month-end data on total bank credit, which represent estimates of loans and investments at all commercial banks on one day—the last Wednesday— of each month. For statistics on daily-average member bank deposits, see the Federal Reserve Bulletin for October 1966, p. 1478, and subsequent months. Some brief comments on the relation between the member bank deposit series and the bank credit statistics are given in the note on p. 1460 of the October 1966 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF THE FOMC 1129 The Committee agreed that the forthcoming Treasury financ­ ing should be taken into account in the conduct of open market operations, although it was expected that the financing would be a routine one and that requirements for maintaining an “even keel” in the money market would not come into play until late in the month. Some sentiment was expressed for extending System reserve-supplying security purchases in intermediate- and longerterm Treasury securities, both to stimulate flows of funds into longer-term markets, including mortgage markets, and—for bal­ ance of payments reasons—to avoid depressing short-term inter­ est rates unduly. The following current economic policy directive was issued to the Federal Reserve Bank of New York: The economic and financial developments reviewed at this meeting indi­ cate further moderation in various expansionary forces and sharply in­ creased inventory accumulation. The pace of advance of broad price measures has slowed, although upward price and cost pressures persist for many finished goods and services. Partly reflecting the recent modifi­ cation of monetary policy, financial market conditions have become less taut than earlier and bank credit expansion has resumed. With respect to the balance of payments, trends in international transactions indicate a continuing serious problem. In this situation, it is the Federal Open Mar­ ket Committee’s policy to foster money and credit conditions conducive to noninflationary economic expansion and progress toward reasonable equilibrium in the country’s balance of payments. To implement this policy, and taking account of forthcoming Treasury financing, System open market operations until the next meeting of the Committee shall be conducted with a view to attaining somewhat easier conditions in the money market, unless bank credit appears to be expand­ ing significantly faster than currently anticipated. Votes for this action: Messrs. Martin, Brimmer, Clay, Daane, Hickman, Maisel, Mitchell, Robertson, and Wayne. Votes against this action: Messrs. Irons, Shepardson, and Treiber. The members dissenting from this action thought that it would be preferable not to relax monetary restraint further at this time. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1130 FEDERAL RESERVE BULLETIN • JULY 1967 Among the considerations they advanced were the continuing balance of payments problem and the desirability of awaiting further information on prospective Federal taxes and expendi­ tures before changing monetary policy further. Individual dis­ senting members also expressed the judgments that, despite pres­ ent indications of slower economic growth early in 1967, the longer-run prospects for the economy were not weak; and that the rate at which member bank deposits were expected to grow in January, given no change in money market conditions, was appropriate. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF THE FOMC 1131 FEBRUARY 7, 1967 Authority to effect transactions in System Account. The pace of economic expansion continued to moderate in early 1967, according to reports at this meeting. Tentative esti­ mates indicated that industrial production had declined some­ what in January and that, with sales of new automobiles falling further, total retail sales had failed to increase. Layoffs and short workweeks continued to be reported in the automobile industry and in some consumer appliance industries, but the labor market as a whole apparently remained strong. Staff projections suggested that expansion in GNP would be at a sharply slower pace in the first half of 1967 than in 1966. Inventory accumulation was expected to decline markedly from its recent advanced rate, slower growth was anticipated in de­ fense spending and business capital outlays, and only a small increase was expected in real takings of goods by consumers. On the other hand, it appeared likely that the substantial decline in residential construction would end and that State and local government outlays would continue to expand. Projections by the Council of Economic Advisers, contained in its recent annual report, also indicated slowing of the eco­ nomic advance in the first half of 1967. The Council expected expansion to accelerate in the second half of the year, when it anticipated a strong rise in residential construction, an end to the decline in the rate of inventory investment, and a rise in transfer payments (primarily as a result of a proposed increase at midyear in social security benefits). The Council foresaw a sizable stimulus from fiscal policy in the first half of the year, but the administration’s budget recommendations provided for a shift in the direction of fiscal restraint at midyear in the form of a 6 per cent surcharge on income tax liabilities of individuals and corporations. In December the wholesale price index was stable and the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1132 FEDERAL RESERVE BULLETIN • JULY 1967 consumer price index again rose by only one-tenth of 1 per cent. Effective February 1, the minimum wage was increased and its coverage extended under the terms of legislation enacted in 1966. Unit labor costs in manufacturing were estimated to have been 2.7 per cent above their year-earlier level in the fourth quarter of 1966, and it appeared likely that such costs would continue to rise. The deficit in the U.S. balance of payments on the “liquidity” basis of calculation was estimated to have been at an annual rate of about $2 billion in the fourth quarter of 1966, despite larger dollar receipts from various official transactions. For the full year the deficit on this basis was estimated at $1.4 billion. On the “official reserve transactions” basis there was a small deficit in the fourth quarter but a surplus of $175 million for the year. Partial data for January indicated a continued sizable deficit on both bases of calculation. Liabilities of U.S. banks to their for­ eign branches declined in late December and early January, but remained well above their level in the spring of 1966. Abroad, interest rates had declined substantially from their recent peaks in the Euro-dollar market and in various national markets. The Bank of England reduced its discount rate from 7 to 6V2 per cent on January 26, and subsequently the central banks of Canada, Belgium, and Sweden reduced their discount rates by varying amounts. Open market operations since the last meeting of the Commit­ tee had been directed at attaining somewhat easier conditions in the money market. Net borrowed reserves averaged about $60 million in January and member bank borrowings about $475 million, compared with $190 million and $530 million, respec­ tively, in December. Rates on Federal funds moved generally lower, ancL they fell sharply in the last week of January when float rose temporarily in the wake of a severe snowstorm in the midwest. The yield on 3-month Treasury bills declined further, from 4.80 per cent 4 weeks earlier to less than 4.50 per cent, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF THE FOMC 1133 although by the time of this meeting it had backed up slightly. Rates on other short-term instruments also moved significantly lower. A major New York City bank reduced its prime lending rate from 6 to 51/2 per cent on January 26, and subsequently many other banks lowered their prime rates, but generally to 5% per cent. Long-term security yields also had declined sharply further in recent weeks. Yields on new corporate bonds reached their low­ est levels since April 1966, and those on Treasury and municipal bonds fell to levels prevailing prior to the increase in the discount rate in December 1965. Although the market atmosphere be­ came cautious at times, mainly because of reports of a growing calendar of corporate and municipal offerings, sentiment was buoyed by various developments. These included the evidences of further easing of monetary policy; the President’s statement— in his State of the Union message of January 10—that he was proposing a surcharge on income taxes and would strive to lower interest rates; and the reductions in discount rates by foreign central banks and in prime rates by domestic commercial banks. Activity in the stock market was extremely heavy, and prices of common stocks advanced virtually without interruption after the first of the year. On January 25 the Treasury announced that it would refund securities maturing in mid-February with a cash offering of two new securities, a 15-month note and a 5-year note, both bearing 4% per cent coupons and priced to yield 4.85 and 4.84 per cent, respectively. With market yields declining, the new issues were heavily oversubscribed. The Treasury was expected to announce in late February or early March an offering of tax-anticipation bills due in June, aYid a large volume of Federal agency securi­ ties and participation certificates was expected to be marketed before midyear. Net inflows of savings funds to depositary-type institutions in­ creased considerably in late 1966 and early 1967, and conditions Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1134 FEDERAL RESERVE BULLETIN ■ JULY 1967 in markets for home mortgages appeared to have eased further recently. The rate of new mortgage commitments still appeared to be lagging, however, as many institutions used a large part of the inflows to improve their liquidity positions. Housing starts declined less than seasonally in December, but the annual rate remained relatively low. The rate of increase in total bank credit between late Decem­ ber and late January was the highest since mid-1966. Banks sub­ stantially increased their holdings of municipal and Federal agency securities and their loans to businesses and security deal­ ers. The sharp rise in business loans, following 5 months of slow net growth, was in part a reflection of a temporary con­ centration of corporate needs for funds to make accelerated tax payments. Growth in time and savings deposits, which had resumed in December, accelerated in January. The increase was centered in large-denomination negotiable CD’s, which became increasingly attractive to investors as yields on competitive market instru­ ments declined. The net increase in such CD’s outstanding at weekly reporting banks was at a record high in January, and in the 6 weeks after mid-December such banks recovered more than two-thirds of the runoff they had experienced in the pre­ ceding 4 months. The average maturity of new issues of CD’s was lengthened significantly in January for the first time since mid-1966, and recently many banks had reduced their offering rates on CD’s. As a result of the marked increase in time deposits—together with a substantial rise in Government deposits, which was offset in part by a decline in private demand deposits—the bank credit proxy (daily-average member bank deposits) rose more from December to January than had been expected, even in the light of the easing of money market conditions that had occurred. New staff projections suggested that, if money market conditions re­ mained unchanged, bank credit as measured by the proxy series Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF THE FOMC 1135 would rise at an annual rate of about 9 to 11 per cent from Janu­ ary to February. The projections allowed for continued rapid growth in time deposits, resumed growth in private demand de­ posits, and some decline in Government deposits. The Committee decided that it would be appropriate at this time to maintain the easier money market conditions achieved under the policies adopted at the three preceding meetings, un­ less bank credit appeared to be deviating significantly from its expected course. Various reasons were advanced by individual members against a further deliberate relaxation of monetary pol­ icy at present. These included the recent and projected growth rates of bank credit, which some members considered to be at about the upper end of a desirable range in the current circum­ stances; the likelihood that much of the impact on the economy of the policy actions already taken was still to come; the risk that unduly rapid easing might necessitate a sharp reversal of policy later in the year; the possibility that speculative excesses would be encouraged by continued increases in prices of fixed income securities; and concern about the implications of rising labor costs for the foreign trade balance and of declining domes­ tic interest rates for international capital flows. The current Treasury financing also was mentioned, although “even keel” considerations were considered less important than usual in view of the market reception of the new securities. At the same time, in light of the short-run economic outlook there was considerable sentiment for “leaning toward ease” in open market operations. In particular, the Committee agreed that efforts should be made to resist any sharp rises in interest rates but that rates should be permitted to decline if market forces worked in that direction. It was noted in this connection that the recent declines in interest rates had reflected expectational factors to an important extent, and that long-term rates were particularly vulnerable at present to a change in expecta­ tions. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1136 FEDERAL RESERVE BULLETIN • JULY 1967 The following current economic policy directive was issued to the Federal Reserve Bank of New York: The economic and financial developments reviewed at this meeting indi­ cate further moderation in various expansionary forces, with continued large inventory accumulation. The pace of advance of broad price meas­ ures has slowed, although upward price and cost pressures persist for many goods and services. Interest rates have declined markedly, financial conditions generally are considerably easier, and bank credit expansion recently has been vigorous. While interest rates abroad have also declined, trends in international transactions indicate a continuing serious balance of payments problem. In this situation, it is the Federal Open Market Committee’s policy to foster money and credit conditions, including bank credit growth, conducive to noninflationary economic expansion and progress toward reasonable equilibrium in the country’s balance of payments. To implement this policy, and taking account of the current Treasury financing, System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining the prevailing conditions of ease in the money market, but operations shall be modified as necessary to moderate any apparently significant deviations of bank credit from current expectations. Votes for this action: Messrs. Martin, Hayes, Brim­ mer, Clay, Daane, Hickman, Irons, Maisel, Robertson, Shepardson, and Wayne. Vote against this action: Mr. Mitchell. Mr. Mitchell dissented from this action because he favored moving somewhat further toward ease. He was inclined to give more credence to the present expectations for a weaker eco­ nomic performance in the first half of the year than to those for a stronger performance in the second half, and he thought that the major economic risk for the immediate future was that a downturn in over-all economic activity might be precipitated by the expected inventory adjustment. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF THE FOMC 1137 MARCH 7, 1967 1. Authority to effect transactions in System Account. Evidences of marked slowing in the pace of economic expan­ sion were reported at this meeting. In February, according to tentative estimates, industrial production fell for the second con­ secutive month, sales of new automobiles decreased sharply fur­ ther, and total retail sales declined from their reduced December- January level. Although the unemployment rate remained at 3.7 per cent in January, signs of easing demands for labor were beginning to appear in such sensitive indicators as the length of the workweek in manufacturing, claims for unemployment insur­ ance, and indexes of “help wanted” advertisements. On the other hand, residential construction activity turned up in January, after 10 months of decline, as conditions in mortgage markets continued to ease. Staff projections of GNP for the first half of 1967, which earlier had suggested a sharply reduced rate of growth, had been lowered somewhat further and now implied only moderate in­ creases in dollar GNP and little rise in real output of goods and services. A large reduction in the rate of business inventory accumulation was still expected, although there was little evi­ dence as yet to suggest that the adjustment had begun; in Janu­ ary, with retail sales sluggish, inventories of manufacturers rose sharply further despite cutbacks in production, and manufac­ turers’ stock/sales ratios advanced to the highest levels since 1961. Defense spending was expected to continue increasing, although at a slower rate; and residential construction outlays were expected to be about the same in the first quarter as a whole as in the fourth quarter of 1966, and to rise in the second quar­ ter. However, continuing lack of strength in consumer demands for durable goods was suggested by a Census Bureau survey taken in mid-January, which found that smaller proportions of consumers were planning to buy new cars and household durable Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1138 FEDERAL RESERVE BULLETIN • JULY 1967 goods than was the case a year earlier. It was indicated that a Department of Commerce-Securities and Exchange Commission survey, taken in February, would show that businesses planned to make outlays on new plant and equipment in the first half of 1967 at a rate no higher than that actually recorded in the fourth quarter of 1966. The consumer price index was unchanged in January, but average wholesale prices of both industrial commodities and foodstuffs rose. Advance estimates for February suggested that average prices of industrial commodities had remained stable in that month and that prices of foodstuffs had declined somewhat. Unit labor costs in manufacturing rose sharply further in Jan­ uary. With respect to balance of payments developments, capital outflows from the United States had increased relatively little recently despite the easing of domestic monetary conditions. On the other hand, revised data indicated that the surplus on U.S. merchandise trade had not improved in the fourth quarter of 1966, as had been reported earlier. Growth in imports, which previously appeared to have leveled off in late 1966, was now shown to have continued at a reduced rate through January 1967, and estimates of growth in exports in the fourth quarter had been revised downward. Prospects still favored improvement in the trade surplus over coming months, when slowing inven­ tory accumulation was expected to reduce the demand for im­ ports. Abroad, economic activity had been slackening for several months in a number of industrial countries, including the United Kingdom and Germany, and monetary and fiscal policies were being relaxed somewhat. The German Federal Bank, which along with the Bank of England and a number of other central banks had reduced its discount rate earlier in the year, announced a further reduction, from 41^ to 4 per cent, on February 17. Re­ serve requirements of German commercial banks were lowered effective March 1. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF THE FOMC 1139 Conditions in domestic financial markets had passed through two distinct phases since the preceding meeting of the Commit­ tee, with a period of firmer money markets, congested bond markets, and rising long- and short-term interest rates followed by a period of easier financial conditions and declining rates. Shifts in expectations of market participants contributed impor­ tantly to these developments. Early in the period concern developed about the viability of the levels to which interest rates had fallen, in view of a steady stream of additions to an already large calendar of corporate and municipal security issues, large inventories of securities held by underwriters, and rumors of renewed sales of FNMA participa­ tion certificates. Moreover, market participants began to re­ appraise the prospects for monetary policy, partly because of congressional testimony by various officials suggesting a strength­ ening of economic forces in the second half of the year. A belief that the trend of monetary policy toward greater ease had been halted, and perhaps reversed, was strengthened by the develop­ ment of firmer conditions in the money market, as reflected by increases in rates on Treasury bills and Federal funds and ad­ vances in lending rates to Government securities dealers posted by major New York City banks. The System injected a large volume of reserves through open market operations in an effort to cope with these firming tendencies, but operations were com­ plicated by persistent shortfalls of reserve availability from initial projections. Subsequently, money market conditions again turned easier, earlier expectations regarding monetary policy were gradually restored, and long-term interest rates—particularly on Treasury securities—declined somewhat. These developments were ini­ tially stimulated by large-scale official purchases of Treasury securities on February 24 in conjunction with arrangements un­ dertaken to avoid a rise in the Federal debt above the legal ceil­ ing, and by concurrent purchases of bills for System Account to supply reserves. The view that monetary policy was still trend- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1140 FEDERAL RESERVE BULLETIN • JULY 1967 ing toward ease was reinforced on February 28 when the Board of Governors announced a reduction in member bank reserve requirements for the purpose of meeting developing credit needs throughout the country. Reserve requirements against savings deposits and the first $5 million of other time deposits at each member bank were reduced in two successive steps: from 4 to 334 per cent, and then to 3 per cent, effective with the reserve computation periods beginning March 2, 1967, and March 16, 1967, respectively. By the day before this meeting the yield on 3-month Treasury bills had fallen to about 4.35 per cent, roughly 20 basis points below its level at the time of the preceding meeting, and other money market conditions in general were about as easy as they had been 4 weeks earlier. In February as a whole, member bank borrowings averaged about $365 million, compared with $475 million in January; and excess reserves exceeded borrowings by about $35 million, in contrast with a net borrowed reserve posi­ tion of about $65 million in the preceding month. Following congressional approval of legislation raising the temporary debt ceiling on March 1, the Treasury announced that $2.7 billion of tax-anticipation bills due in June would be auctioned on March 7, the day of this meeting. Treasury cash balances were expected to reach relatively low levels before the March 13 payment date for these bills, and it was possible that the Treasury would need to borrow directly from the Federal Reserve for short periods. Bank credit expanded further between the last Wednesdays of January and February, although apparently at a rate below that of the two preceding months. Banks used the additions to their reserves mainly to improve their liquidity positions; acqui­ sitions of securities continued heavy, but business loans increased relatively little and total loans declined. Time and savings depos­ its grew sharply further on the average from January to Febru­ ary, although the rate of expansion moderated considerably over Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF THE FOMC 1141 the course of the latter month as large money market banks be­ came less aggressive sellers of negotiable CD’s. Private demand deposits and the total money supply rose, after declining in Janu­ ary, and Government deposits at commercial banks were about unchanged. Daily-average member bank deposits—the bank credit proxy —increased at an annual rate of about 15 per cent from January to February, more than had been expected. Most of the rise occurred early in February, when time deposits were growing rapidly. New staff projections for March suggested that growth in the proxy would be at an annual rate of about 6 to 8 per cent if money market conditions were unchanged, and somewhat larger if money market conditions were eased somewhat further. It appeared unlikely that banks would resume aggressive selling of negotiable CD’s in the near future, in view of their large CD sales in recent months and the uncertain outlook for loan de­ mands following the March and April dividend and tax dates. Accordingly, time deposits were projected to expand considerably less on the average in March than in February. The projections also allowed for a substantially higher average level of private demand deposits, reflecting sharp increases late in February, and some decline in the average level of Government deposits. The Committee agreed that somewhat easier money market conditions were desirable at present to combat the effects of weakening tendencies in the economy, and that still easier condi­ tions should be sought if bank credit appeared to be expanding significantly less than expected. Individual members mentioned various intermediate objectives, including those of encouraging sustained growth in the money supply and further declines in long-term interest rates, of stimulating banks to relax their lend­ ing policies more rapidly than they had to date, and of confirming market interpretations that the current reduction in reserve re­ quirements was intended to be an easing action rather than simply an alternative to open market operations as a means of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1142 FEDERAL RESERVE BULLETIN • JULY 1967 meeting seasonal reserve needs. Some members stressed the de­ sirability of avoiding sharp shifts in expectations regarding the near-term course of monetary policy, such as had occurred in February. Others, while sharing this position, placed equal weight on the need to avoid generating expectations that mone­ tary policy was moving more rapidly toward ease than in fact was the case. In the course of the discussion several members expressed the view that a reduction in the discount rate might well be considered soon, although none indicated that he would favor such action immediately. The following current economic policy directive was issued to the Federal Reserve Bank of New York: The economic and financial developments reviewed at this meeting indi­ cate some decline in industrial production and a marked slowing of expan­ sion in over-all economic activity. Lack of growth in retail sales may be retarding adjustment of inventory accumulation from its recent excessive rate. Average commodity prices have changed little recently, but unit labor costs in manufacturing have risen further. Bank credit expansion has been vigorous and, after a period of rising interest rates and con­ gested bond markets, financial conditions have again turned easier. Recent data suggest little improvement in the foreign trade surplus but also little increase in the outflow of U.S. capital. In several important countries abroad, economic activity has been softening for several months and monetary and fiscal policies have eased somewhat. In this situation, it is the Federal Open Market Committee’s policy to foster money and credit conditions, including bank credit growth, conducive to combatting the effects of weakening tendencies in the economy, while recognizing the need for progress toward reasonable equilibrium in the country’s balance of payments. To implement this policy against (he background of the current reduc­ tions in reserve requirements, System open market operations until the next meeting of the Committee shall be conducted with a view to attaining somewhat easier conditions in the money market, and to attaining still easier conditions if bank credit appears to be expanding significantly less than currently anticipated. Votes for this action: Messrs. Martin, Hayes, Brim­ mer, Daane, Francis, Maisel, Mitchell, Robertson, Scanlon, Shepardson, Swan, and Wayne. Votes against this action: None. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF THE FOMC 1143 2. Amendment of continuing authority directive. On recommendation of the System Account Manager, Sec­ tion 1(b) of the continuing authority directive to the Federal Reserve Bank of New York regarding domestic open market operations was amended to clarify the language describing the two limits specified on aggregate holdings of bankers’ accept­ ances by the Federal Reserve Bank of New York, in accordance with the manner in which that language had always been inter­ preted. Specifically, the phrase “whichever is the lower” was added at the end of the paragraph, following the description of the two limits. With this change, Section 1(b) read as follows: To buy or sell prime bankers’ acceptances of the kinds designated in the Regulation of the Federal Open Market Committee in the open mar­ ket, from or to acceptance dealers and foreign accounts maintained at the Federal Reserve Bank of New York, on a cash, regular or deferred delivery basis, for the account of the Federal Reserve Bank of New York at market discount rates; provided that the aggregate amount of bankers’ acceptances held at any one time shall not exceed (1) $125 million or (2) 10 per cent of the total of bankers’ acceptances outstanding as shown in the most recent acceptance survey conducted by the Federal Reserve Bank of New York, whichever is the lower. After reviewing various amendments to the continuing author­ ity directive that had been made during the past year, the Com­ mittee renewed the directive in its existing form (as set forth in the preface to this record of Federal Open Market Committee policy actions), except for the change resulting from this amendment. Votes for this action: Messrs. Martin, Hayes, Brim­ mer, Daane, Francis, Maisel, Mitchell, Robertson, Scanlon, Shepardson, Swan, and Wayne. Votes against this action: None. 3. Review of continuing authorizations. This being the first meeting of the Federal Open Market Com­ mittee following the election of new members from the Federal Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1144 FEDERAL RESERVE BULLETIN • JULY 1967 Reserve Banks to serve for the year beginning March 1, 1967, and their assumption of duties, the Committee followed its cus­ tomary practice of reviewing all of its continuing authorizations and directives. The action taken with respect to the continuing authority directive for domestic open market operations has been described in the preceding portion of the entry for this date. The Committee reaffirmed its authorization for System foreign currency operations and its foreign currency directive, in the forms in which both were outstanding at the beginning of the year 1967, as set forth in the preface to this record of policy actions. Votes for these actions: Messrs. Martin, Hayes, Brimmer, Daane, Francis, Maisel, Mitchell, Robert­ son, Scanlon, Shepardson, Swan, and Wayne. Votes against these actions: None. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF THE FOMC 1145 APRIL 4, 1967 Authority to effect transactions in System Account. Recent information supported earlier indications of a marked slowing in the pace of economic expansion and suggested that the anticipated curtailment in the rate of business inventory ac­ cumulation was under way. The latest staff projections for the first half of 1967, like those of 4 weeks earlier, implied only moderate increases in dollar GNP and little rise in real output. Both retail sales and industrial production declined in Febru­ ary, as tentative estimates had suggested. In March sales of new automobiles remained close to their reduced February level, and it appeared from weekly data for most of the month that total sales continued sluggish. The production decline in February brought the capacity utilization rate in manufacturing down to 87 per cent from the 91 per cent level that had prevailed during most of 1966, and was associated with sharp reductions at fac­ tories in employment, in length of the average workweek, and in payrolls. Total nonfarm employment continued to rise, however, and the unemployment rate remained at the January level of 3.7 per cent. With respect to inventories, accumulation by manufacturers slowed markedly in February from its earlier rapid pace. Stocks of wholesalers and retailers had not grown in January; as a result, there was a substantial reduction in that month in the over-all rate of inventory growth. The staff projections of GNP allowed for large reductions in the rate of inventory accumulation in both the first and second quarters of 1967. Although Federal spending for defense and nondefense purposes apparently was rising somewhat more rap­ idly than had been expected, near-term prospects for most other broad categories of final demand did not appear strong. Growth in incomes was expected to slow in the second quarter—imply­ ing continued weakness in consumer spending for goods. Longer- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1146 FEDERAL RESERVE BULLETIN • JULY 1967 term prospects for residential construction remained favorable, but declines in building permits and housing starts in February suggested that a strong expansion in that sector was not in im­ mediate prospect. The results of the recent Commerce-SEC sur­ vey of business plans for plant and equipment expenditures indicated a decrease in such spending (from the fourth-quarter rate) in the first half of 1967, followed by a moderate rise in the second half. For the year as a whole, if reported plans were realized, fixed capital outlays would be 3.9 per cent above those of 1966, in contrast to increases of more than 15 per cent in each of the past 3 years. While the survey was made before the President proposed legislation to restore the tax incentives for investment that had been suspended in October 1966, it ap­ peared unlikely that enactment of such legislation would have a significant effect on outlays until after midyear. The consumer price index rose slightly in February; since October 1966 it had advanced at an annual rate of 1 per cent, compared with a 4 per cent rate earlier in 1966. Average whole­ sale prices declined in February, and according to advance esti­ mates, they were unchanged in March at a level slightly below their peak of the preceding September. Unit labor costs continued to rise in February, and for the first quarter it appeared likely that they would average more than 4 per cent above a year earlier. Tentative estimates of the U.S. balance of payments in the first quarter suggested that, despite some improvement in the merchandise trade surplus, the deficit was larger than in the preceding quarter on both the “liquidity” and “official reserve transactions” bases of calculation. However, it appeared that all of the increase in the liquidity deficit and part of that in the official settlements deficit was accounted for by differential effects in the two quarters of various types of special transactions. Much of the rise in the official settlements deficit reflected repayments by U.S. banks during the early weeks of the year of funds bor­ rowed abroad through their foreign branches. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF THE FOMC 1147 The widespread slowdown in economic activity in Western Europe, which had begun around mid-1966, apparently contin­ ued in the first few months of 1967 although in the United Kingdom there were indications that the decline in activity might be leveling out. Since the beginning of the year monetary and fiscal policy actions had been taken in a number of countries to stimulate activity, including numerous reductions in central bank discount rates. On March 16 the Bank of England reduced its discount rate for the second time in 1967, from 614 to 6 per cent. Discount rate reductions also were made in March by the central banks of Sweden and the Netherlands. System open market operations since the preceding meeting of the Committee had been directed at fostering somewhat easier conditions in the money market. Growth in total and nonbor­ rowed reserves of member banks was rapid in March, as it had been in the first 2 months of the year. Free reserves rose to an average of $165 million from about $35 million in February, member bank borrowings declined to about $200 million from $365 million, and rates on Federal funds and on bank loans to Government securities dealers moved into lower ranges. Interest rates on short-term market securities fell considerably further as a result of System operations and of other factors, including fur­ ther reports of weakness in economic indicators, reductions in foreign discount rates, and widespread expectations of an early cut in the Federal Reserve discount rate. The market yield on 3-month Treasury bills declined by about 35 basis points, to slightly less than 4 per cent. On March 22 a large New York City bank lowered its prime lending rate from 5% per cent to 514 per cent, and subsequently many other banks took similar action. Long-term interest rates had also moved down somewhat in recent weeks, but they remained above the 1967 lows, which had been reached in late January and early February. The de­ clines were limited by extremely large flotations of bonds in March, including a record volume of corporate offerings, con- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1148 FEDERAL RESERVE BULLETIN ■ JULY 1967 tinued heavy sales of new municipal securities, and a sizable issue of FNMA participation certificates. The volume of offer­ ings appeared likely to remain large in April, although not so large as in March. The Treasury was expected to announce near the end of April the terms on which it would refund securities maturing in mid­ May, of which $2.9 billion were held by the public. On Friday, March 10, the Treasury temporarily replenished its cash bal­ ances by selling a special certificate of indebtedness in the amount of $149 million to the Federal Reserve. The certificate was re­ deemed 3 days later. Inflows of funds to savings and loan associations and mutual savings banks were exceptionally large in February, and growth appeared to continue in March. With supplies of mortgage funds exceeding demands, conditions in mortgage markets eased fur­ ther. Depositary-type institutions used a large part of their in­ creased inflows to repay indebtedness and to acquire marketable securities. Commercial banks also continued to experience substantial inflows of time and savings deposits in March. Expansion in such deposits over the last 4 months—December through March— had been at an annual rate of 16 per cent, nearly twice the rate for the full year 1966. Growth in large-denomination CD’s had moderated considerably since early in 1967, but passbook sav­ ings deposits began to rise sharply in mid-February after almost a year of continuous decline. Demand deposits and the money supply also expanded sharply in March. The annual rate of growth in the money supply over the December-March period was 6 per cent, compared with a rise of slightly less than 2 per cent in 1966. Commercial banks made further sizable additions to their holdings of securities in March, and in contrast with February also expanded their loan volume substantially. A large increase in business loans was associated, in part, with the needs of businesses to finance their payments of income taxes and with- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF THE FOMC 1149 held individual and social security taxes. From February to March the bank credit proxy—daily-average member bank deposits—rose at an annual rate of 15 per cent, the same as from January to February and more than had been expected. Staff projections for April suggested that the bank credit proxy would expand at an annual rate in the 10 to 13 per cent range if monetary policy remained unchanged, and somewhat more rapidly if easier money market conditions were sought. The demand for business loans was expected to be enlarged temporarily because of an unusually sharp rise in April in the volume of accelerated tax payments. The projections allowed for some slackening in growth of time and savings deposits from the exceptionally rapid pace of recent months, for a large increase in Government deposits, and for a small decline in private demand deposits. With currency holdings expected to continue rising, the money supply was projected to remain about unchanged. There was broad agreement at this meeting that it would be desirable shortly to reduce the Federal Reserve discount rate, which had been maintained at 416 per cent since December 1965, in order to bring it into better alignment with market interest rates. It was noted that lack of such action might result in a reversal of the recent downward trends in interest rates, which reflected in part anticipations of a reduction in the dis­ count rate. Individual members of the Committee suggested that a lower discount rate would also help to encourage further declines in yields on long-term securities and mortgage loans; in rates paid by depositary-type institutions, which had been relatively sticky in the recent period of declining yields; and in discount rates of foreign central banks. As to what degree of reduction in the discount rate would be most desirable, one possibility discussed was a cut of 14 of a percentage point, with a second 14 point reduction to be made later if it appeared warranted by unfolding developments. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1150 FEDERAL RESERVE BULLETIN • JULY 1967 However, most of the members favored a reduction of the dis­ count rate by 14 of a percentage point, for various reasons. A smaller reduction, they thought, was likely to be interpreted by financial market participants as a cautionary signal regarding System policy intentions, and thus might lead to a back-up in market interest rates that would be difficult to offset without very large injections of reserves. Also, a reduction of 14 point would create uncertainties regarding the possibility of further discount rate action—an effect deemed undesirable in a period preceding a Treasury refunding operation. Moreover, a 14 point cut was viewed as likely to have significantly stronger effects than the more modest action in encouraging reductions in other interest rates domestically and abroad. With respect to open market operations, a number of members expressed the view that recent growth rates in member bank reserves, bank credit, and the money supply—while appropriate temporarily in light of the slowing of the business expansion— were too high to be sustained for an extended period. In par­ ticular, they questioned the desirability of any policy course that might tend to accelerate growth in these financial aggre­ gates, given the lagged effects of monetary policy and the possi­ bility that business activity would be expanding more vigorously later in the year. These members suggested that operations might be directed toward maintaining the prevailing state of net reserve availability, or of money market conditions in general, with such modifications as might be necessary to moderate apparently significant deviations of bank credit growth in either direction from current expectations. Other members favored open market operations consistent with the somewhat easier money market conditions that they expected would follow the anticipated reduction in the discount rate, or operations directed at attaining somewhat greater reserve availability. In general, these members thought that continued expansion in financial aggregates at rates in the neighborhood of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF THE FOMC 1151 those recently prevailing would be appropriate in the present economic and financial environment. At the conclusion of the discussion the Committee agreed that open market operations should be directed at attaining somewhat easier conditions in the money market by supporting the easing expected to result from the anticipated discount rate action, but not at achieving further easing independently of that action unless bank credit appeared to be expanding significantly less than currently anticipated. With this understanding, the Committee voted to issue the following current economic policy directive to the Federal Reserve Bank of New York: The economic and financial developments reviewed at this meeting support earlier indications of a marked slowing of expansion in over-all economic activity. Retail sales have continued sluggish and curtailment in the rate of business inventory accumulation is in process. Average commodity prices have changed little recently, but unit labor costs in manufacturing have risen further. Bank credit expansion has remained vigorous, short-term interest rates have declined markedly further, and long-term rates have moved down somewhat despite very heavy securities market flotations. The balance of payments deficit increased in the first quarter despite some improvement in the foreign trade surplus. In several important countries abroad, monetary and fiscal policies have eased fur­ ther in response to slackened economic activity. In this situation, it is the Federal Open Market Committee’s policy to foster money and credit conditions, including bank credit growth, conducive to combatting the effects of weakening tendencies in the economy, while recognizing the need for progress toward reasonable equilibrium in the country’s balance of payments. To implement this policy, System open market operations until the next meeting of the Committee shall be conducted with a view to attaining somewhat easier conditions in the money market, and to attaining still easier conditions if bank credit appears to be expanding significantly less than currently anticipated. Votes for this action: Messrs. Martin, Hayes, Brim­ mer, Daane, Francis, Maisel, Mitchell, Robertson, Scanlon, Shepardson, Swan, and Wayne. Votes against this action: None. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material PUBLIC INFORMATION “(D) substantive rules of general applicability adopted as authorized by law, and statements of The Act of Congress, approved June 5, 1967 general policy or interpretations of general ap­ (Public Law 90-23), amended section 552 of plicability formulated and adopted by the agency; and title 5, United States Code, to codify the provisions “(E) each amendment, revision, or repeal of the of Public Law 89-487, effective July 4, 1967, foregoing. which revised the Public Information Section of Except to the extent that a person has actual and timely the former Administrative Procedure Act. Ac­ notice of the terms thereof, a person may not in any manner be required to resort to, or be adversely cordingly, the Board of Governors and Federal affected by, a matter required to be published in the Open Market Committee adopted, effective July 4, Federal Register and not so published. For the pur­ 1967, revisions of their respective Rules relating pose of this paragraph, matter reasonably available to the class of persons affected thereby is deemed pub­ to the availability of information to the public. lished in the Federal Register when incorporated by Under the new Rules, unpublished records of the reference therein with the approval of the Director of Board and of the Committee will be made avail­ the Federal Register. “(2) Each agency, in accordance with published able upon request unless the particular records fall rules, shall make available for public inspection and within stated exemptions contained in the law. copying— For conforming purposes, the Committee also “(A) final opinions, including concurring and dissenting opinions, as well as orders, made in the amended its Rule of Organization and Rules of adjudication of cases; Procedure. The amendment to law and the revised “(B) those statements of policy and interpre­ or amended Rules read as follows: tations which have been adopted by the agency and are not published in the Federal Register; and AN ACT “(C) administrative staff manuals and instruc­ To amend section 552 of title 5, United States Code, tions to staff that affect a member of the public; to codify the provisions of Public Law 89—487. unless the materials are promptly published and copies offered for sale. To the extent required to prevent a Be it enacted by the Senate and House of Repre­ clearly unwarranted invasion of personal privacy, an sentatives of the United States of America in Congress agency may delete identifying details when it makes assembled. That section 552 of title 5, United States available or publishes an opinion, statement of policy, Code is amended to read: interpretation, or staff manual or instruction. How­ ever, in each case the justification for the deletion “§ 552. PUBLIC INFORMATION; AGENCY shall be explained fully in writing. Each agency also RULES, OPINIONS, ORDERS, RECORDS, shall maintain and make available for public inspec­ AND PROCEEDINGS tion and copying a current index providing identifying “(a) Each agency shall make available to the public information for the public as to any matter issued, information as follows: adopted, or promulgated after July 4, 1967, and re­ quired by this paragraph to be made available or “(1) Each agency shall separately state and cur­ published. A final order, opinion, statement of policy, rently publish in the Federal Register for the gui­ interpretation, or staff manual or instruction that dance of the public— affects a member of the public may be relied on, used, “(A) descriptions of its central and field or­ or cited as precedent by an agency against a party ganization and the established places at which, the other than an agency only if— employees (and in the case of a uniformed serv­ “(i) it has been indexed and either made ice, the members) from whom, and the methods available or published as provided by this para­ whereby, the public may obtain information, graph; or make submittals or requests, or obtain decisions; “(ii) the party has actual and timely notice “(B) statements of the general course and of the terms thereof. method by which its functions are channeled and determined, including the nature and require­ “(3) Except with respect to the records made avail­ ments of all formal and informal procedures able under paragraphs (1) and (2) of this subsection, available; each agency, on request for identifiable records made “(C) rules of procedure, descriptions of forms in accordance with published rules stating the time, available or the places at which forms may be place, fees to the extent authorized by statute, and obtained, and instructions as to the scope and procedure to be followed, shall make the records contents of all papers, reports, or examinations; promptly available to any person. On complaint, the 1153 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1154 FEDERAL RESERVE BULLETIN • JULY 1967 district court of the United States in the district in BOARD OF GOVERNORS which the complainant resides, or has his principal OF THE place of business, or in which the agency records are situated, has jurisdiction to enjoin the agency from FEDERAL RESERVE SYSTEM withholding agency records and to order the produc­ tion of any agency records improperly withheld from RULES REGARDING AVAILABILITY the complainant. In such a case the court shall deter­ mine the matter de novo and the burden is on the OF INFORMATION * agency to sustain its action. In the event of noncom­ pliance with the order of the court, the district court (12 CFR 261) may punish for contempt the responsible employee, and in the case of a uniformed service, the responsible As revised effective July 4, 1967 member. Except as to causes the court considers of greater importance, proceedings before the district court, as authorized by this paragraph, take prece­ Section 261.1—Basis and Scope dence on the docket over all other causes and shall be assigned for hearing and trial at the earliest prac­ This Part is issued by the Board of Governors ticable date and expedited in every way. of the Federal Reserve System (the “Board”) pur­ “(4) Each agency having more than one member suant to the requirement of section 552 of Title 5 shall maintain and make available for public inspec­ of the United States Code that every Federal tion a record of the final votes of each member in every agency proceeding. agency shall publish in the Federal Register, for “(b) This section does not apply to matters that the guidance of the public, descriptions of the are— established places at which, the officers from “(1) specifically required by Executive order to be kept secret in the interest of the national whom, and the methods whereby, the public may defense or foreign policy; obtain information, make submittals or requests, “(2) related solely to the internal personnel or obtain decisions. rules and practices of any agency; “(3) specifically exempted from disclosure by statute; Section 261.2—Definitions “(4) trade secrets and commercial or financial information obtained from a person and privi­ (a) "Information of the Board”.—For pur­ leged or confidential; “(5) inter-agency or intra-agency memoran­ poses of this Part, the term “information of the dums or letter which would not be available by Board” means all information coming into the law to a party other than an agency in litigation possession of the Board or of any member thereof, with the agency; “(6) personnel and medical files and similar or of any Federal Reserve Bank, or of any officer, files the disclosure of which would constitute a employee, or agent of the Board or of any Federal clearly unwarranted invasion of personal privacy; Reserve Bank, in the performance of functions for “(7) investigatory files compiled for law en­ forcement purposes except to the extent available or on behalf of the Board, including functions by law to a party other than an agency; delegated by the Board pursuant to Part 265 of “(8) contained in or related to examination, operating, or condition reports prepared by, on this Chapter. behalf of, or for the use of an agency responsible (b) "Records of the Board”.—For purposes of for the regulation or supervision of financial this Part, the term “records of the Board” means institutions; or “(9) geological and geophysical information rules, statements, opinions, orders, memoranda, and data, including maps, concerning wells. letters, reports, accounts, and other papers con­ “(c) This section does not authorize withholding taining information of the Board that constitute of information or limit the availability of records to the public, except as specifically stated in this section. part of the Board’s official files. This section is not authority to withhold information from Congress.” Section 261.3—Published Information Sec. 2. The analysis of chapter 5 of title 5, United States Code, is amended by striking out: (a) Federal Register.—To the extent required “552. Publication of information, rules, opinions, by sections 552 and 553 of Title 5 of the United orders, and public records.” States Code, and subject to the provisions of and inserting in place thereof: §§ 261.5 and 261.6, the Board publishes in the “552. Public information; agency rules, opinions, orders, records, and proceedings.” Federal Register for the guidance of the public, Sec. 3. The Act of July 4, 1966 (Public Law 89­ in addition to this Part, 487, 80 Stat. 250), is repealed. Sec 4. This Act shall be effective July 4, 1967, or * The text corresponds to the Code of Federal Regulations, on the date of enactment, whichever is later. Title 12, Chapter II. Part 261; cited as 12 CFR 261. The words Approved June 5, 1967. “this Part”, as used herein, mean these rules. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1155 (1) descriptions of its central and field tion; special articles on subjects of economic inter­ organization; est; regulations, statements of general policy, and (2) statements of the general course and interpretations of laws and regulations of general method by which its functions are channeled interest to the public; notices of actions by the and determined, including the nature and re­ Board on certain types of applications, such as quirements of all formal and informal proce­ applications for membership in the Federal Re­ dures available; serve System; and orders and accompanying state­ ments of the Board with respect to certain types of (3) rules of procedure, descriptions of forms adjudications. Some material that is published in available or the places at which forms may be obtained, and instructions as to the scope and the Bulletin is released in advance of such publi­ cation, examples being certain regulations, inter­ contents of all papers, reports, or examinations; pretations, orders and opinions, a monthly sum­ (4) substantive rules of general applicability mary of business conditions, the Board’s index of adopted as authorized by law, and statements of industrial production, and certain other statistical general policy or interpretations of general ap­ series. plicability formulated and adopted by the (d) Other published information.-—As required Board; by section 11(a) of the Federal Reserve Act (12 (5) every amendment, revision, or repeal of U.S.C. 248(a)), the Board issues weekly (1) a the foregoing; and statement of the condition of the Federal Reserve (6) general notices of proposed rule making. Banks; (2) a statement listing certain applications The Board also publishes in the Federal Register received by or on behalf of the Board and actions notice of receipt of applications pursuant to the on such applications by the Board, or on behalf Bank Holding Company Act of 1956 (12 U.S.C. of the Board pursuant to authority delegated under 1842), orders and supporting statements issued by Part 265 of this Chapter; and (3) a statement the Board with respect to such applications and showing changes in the banking structure result­ applications under the Bank Merger Act (12 ing from mergers and the establishment of U.S.C. 1828(c)), and notices of formal hearings branches. From time to time, the Board issues ordered by the Board. statements to the press regarding particular mone­ tary and credit actions, regulatory actions, actions (b) Annual Report.—The Board’s Annual Re­ with respect to certain types of applications, and port to Congress pursuant to section 10 of the other matters. In addition, it issues various publi­ Federal Reserve Act (12 U.S.C. 247), which is cations, the more important of which are listed in made public immediately after its submission to Congress, contains a full account of the Board’s the monthly Federal Reserve Bulletin. Among such publications is a loose-leaf compilation of operations during the year, an economic review of Interpretations of the Board of Governors of the the year, and legislative recommendations to Con­ Federal Reserve System. gress. As required by law, the Annual Report in­ cludes (1) a complete record of the policy actions (e) Obtaining published information.—Anyone taken by the Board and the Federal Open Market may subscribe to the Federal Reserve Bulletin Committee, showing the votes taken thereon and at the rate therein indicated. A copy of each issue the reasons underlying such actions (12 U.S.C. of the Bulletin is sent without charge to each 247a); (2) material pertaining to the administra­ member bank. Current or back issues of the Bul­ tion of the Board’s functions under the Bank letin, Annual Reports, rules, regulations, and cer­ Holding Company Act of 1956 (12 U.S.C. 1844); tain other published information may be examined and (3) material pertaining to bank mergers ap­ at the offices of the Board or any Federal Reserve proved by the Board under section 18(c) of the Bank, and copies, if in stock, are supplied by the Federal Deposit Insurance Act (12 U.S.C. Board at prescribed charges or at no cost. 1828(c)). Section 261.4—Records Available to the (c) Federal Reserve Bulletin.—In the Federal Public Upon Request Reserve Bulletin, which is issued monthly, the (a) General rule.—All records of the Board, Board publishes economic and statistical informa­ whether or not published under § 261.3, are made Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1156 FEDERAL RESERVE BULLETIN • JULY 1967 available to any person, upon request, for inspec­ ton, D. C., 20551, or, in the case of records con­ tion and copying in accordance with the provisions taining information required to be disclosed under of this section and subject to the limitations stated section 12 of the Securities Exchange Act of 1934, in §§ 261.5 and 261.6. Records falling within the as amended (15 U.S.C. 78), at the offices of the exemptions from disclosure set forth in section Federal Deposit Insurance Corporation or at any 552(b) of Title 5 of the United States Code and Federal Reserve Bank. Every request for access in § 261.6 may nevertheless be made available in to records of the Board, other than those contain­ accordance with this section to the fullest extent ing information required under section 12 of the consistent, in the Board’s judgment, with the effec­ Securities Exchange Act, shall be submitted in tive performance of the Board’s statutory responsi­ writing to the Secretary of the Board, shall state bilities and with the avoidance of injury to a public the name and address of the person requesting or private interest intended to be protected by such access to such records, and shall describe such exemptions. records in a manner reasonably sufficient to per­ mit their identification without undue difficulty; (b) Opinions, orders, statements of policy, and such person shall pay a fee in an amount interpretations, and staff manuals and instructions. based upon $5 per hour for the time required —Subject to the provisions of §§ 261.5 and 261.6, to locate such records and prepare them for in­ the Board makes available for inspection and copy­ spection, plus 10 cents per standard page for any ing (1) all final opinions (including concurring copying thereof. and dissenting opinions) and orders made in the adjudication of cases, including such opinions and orders made pursuant to authority delegated by the Section 261.5—Deferment of Availability Board under Part 265 of this Chapter; (2) state­ of Certain Information ments of policy and interpretations adopted by the (a) Deferment of availability.—In some in­ Board that are not published in the Federal Regis­ stances, certain types of information of the Board ter; and (3) administrative staff manuals and are not published in the Federal Register or made instructions to staff that affect any member of the available for inspection and copying until after public. However, to the extent required to prevent such period of time as the Board may determine a clearly unwarranted invasion of personal pri­ to be reasonably necessary to avoid the effects vacy, the Board deletes identifying details in any described in paragraph (b) of this section. For material of the kinds above described; and in each example, such deferment of publication or availa­ such case the justification for such deletion is bility of information to the public may occa­ explained in writing. The Board maintains and sionally be necessary with respect to information makes available for public inspection and copying relating to the determination of monetary or credit a current index providing identifying information policies, including but not limited to discount for the public as to any material described in this rates, reserve requirements of member banks, paragraph which is issued, adopted, or promul­ maximum interest rates payable by member banks gated after July 4, 1967. on deposits, and margin requirements. (c) Other records.—Subject to the provisions (b) Reasons for deferment of availability.— of §§ 261.5 and 261.6, records of the Board not Publication of, or public access to, certain infor­ covered by paragraph (b) of this section, includ­ mation of the Board may be deferred because ing a record of the final votes of members of the earlier disclosure of such information would Board in any Board proceeding, are made avail­ (1) interfere with the accomplishment of the able for inspection and copying to any person objectives of the Board’s actions in the dis­ upon request. charge of its statutory functions; (d) Obtaining access to records.—Records of (2) permit speculators and others to gain the Board subject to this section are available for unfair profits or other unfair advantages by inspection and copying during regular business speculative trading in securities or otherwise; hours at the offices of the Board of Governors of (3) interfere with the orderly execution of the Federal Reserve System, Federal Reserve the objectives or policies of other Government Building, 20th and Constitution Avenue, Washing­ agencies; Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1157 (4) result in unnecessary or unwarranted dis­ from use of the credit facilities of the Federal turbances in the securities markets; or Reserve System pursuant to section 4 of the (5) interfere with the orderly conduct of the Federal Reserve Act (12 U.S.C. 301); and (iv) foreign affairs of the United States. the granting or revocation of any approval, per­ mission, or authority, except to the extent pro­ Section 261.6—Exemptions From Disclosure vided in this Part and except as provided in (a) General rule.—Except as otherwise pro­ Part 262 of this Chapter concerning bank hold­ vided in this Part or as may be specifically author­ ing company and bank merger applications. ized by the Board, information in the records of (5) relates solely to the internal personnel the Board that is not available to the public rules and practices or other internal practices through other sources will not be published in the of the Board; Federal Register or made available for inspection (6) is contained in personnel, medical, and and copying if such information similar files, the disclosure of which would con­ (1) is exempted from disclosure by statute stitute a clearly unwarranted invasion of per­ or executive order; sonal privacy; or (2) is contained in or related to examina­ (7) is contained in inter-agency or intra­ tion, operating, or condition reports prepared agency memoranda or letters that would not be by, on behalf of, or for the use of, the Board or routinely available by law to a private party in a Federal Reserve Bank, relating to the affairs litigation with the Board, including but not of any bank or affiliate thereof, bank holding limited to memoranda, reports, and other docu­ company or subsidiary thereof, broker, finance ments prepared by the staffs of the Board or of company, or any other person engaged, or pro­ the Federal Reserve Banks, and records of de­ posing to engage, in the business of banking, liberations and discussions at meetings of the extending credit, or managing or controlling Board or of any committee of the Board or of banks; the Board’s staff. (3) is privileged or relates to the business, personal, or financial affairs of any person and (b) Information available to supervised institu­ is furnished in confidence; tions and other Government agencies.—A copy of Provided, however, That, following notice to each report of examination of each State member the person furnishing such information, the bank and of each bank holding company is made Board may make any information furnished in available by the appropriate Federal Reserve Bank confidence in connection with an application for to the bank or company examined. Such reports Board approval of any transaction available to and other appropriate information relating to such the public in accordance with § 261.4(c), and, a bank or company are made available, upon re­ to the extent it deems necessary and without quest, by the Director of the Board’s Division of prior notice to such person, the Board may com­ Examinations to the Comptroller of the Currency ment on such information in any opinion or and the Federal Deposit Insurance Corporation, statement issued to the public in connection with and by the appropriate Federal Reserve Bank to a decision of the Board with respect to which the Regional Comptroller of the Currency, the such information is relevant; regional representative of the Federal Deposit Insurance Corporation, and the State govern­ (4) is contained in investigatory files com­ mental authority having general supervision of piled for law enforcement purposes (except to such bank or company. Such reports and other the extent available by law to a private party), information may be made available by the Board including information relating to proceedings to other agencies of the United States for use for (i) the issuance of a cease-and-desist order, where necessary in the performance of their offi­ or order of suspension or removal, under the Financial Institutions Supervisory Act of cial duties. All reports or other information made 1966; (ii) the termination of membership of a available pursuant to this paragraph shall remain State bank in the Federal Reserve System pur­ the property of the Board and, except as other­ suant to section 9 of the Federal Reserve Act wise provided in this Part, no person, agency, or (12 U.S.C. 327); (iii) the suspension of a bank authority to whom the information is made avail- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1158 FEDERAL RESERVE BULLETIN • JULY 1967 able, or any officer, director, or employee thereof, such documents or information should be made shall disclose any such information except in pub­ available; and he should take action at the ap­ lished statistical material that does not disclose the propriate time to inform the court or tribunal that affairs of any individual or corporation. issued the process and the attorney for the party (c) Prohibition against disclosure.—Except as at whose instance the process was issued, if provided in this Part, no officer, employee, or known, of the substance of these rules. agent of the Board or of any Federal Reserve (b) Appearance by person served.—Unless the Bank shall disclose or permit the disclosure of Board has authorized disclosure of the relevant any unpublished information of the Board to any­ information, or except as provided in 18 U.S.C. one (other than an officer, employee, or agent of 1906, any person having information of the the Board or of a Federal Reserve Bank properly Board that may not be disclosed under this Part entitled to such information for the performance who is required to respond to a subpoena or other of his official duties), whether by giving out or legal process shall attend at the time and place furnishing such information or a copy thereof or therein mentioned and decline to disclose such by allowing any person to inspect or copy such information or give any testimony with respect information or copy thereof, or otherwise. Not­ thereto, basing his refusal upon this Part. If the withstanding the foregoing, unpublished economic, court or other body orders the disclosure of such statistical, or similar information or unpublished information or the giving of such testimony, the information regarding interpretations by the Board person having such information of the Board shall of statutory or regulatory provisions may be dis­ continue to decline to disclose such information closed, orally or in writing, by any officer, em­ and shall promptly report the facts to the Board ployee, or agent of the Board or of any Federal for such action as the Board may deem appro­ Reserve Bank who has knowledge of the subject priate. matter to any person who, in the judgment of such officer, employee, or agent, has a proper interest FEDERAL OPEN MARKET COMMITTEE therein, subject, however, to the restrictions stated in § 261.5 and this § 261.6. RULES OF ORGANIZATION* (d) Appeal from denial of access to informa­ As amended effective July 4, 1967 tion.—Any person who is denied access to records of the Board may, within 5 days thereafter, file Section 1—Basis and Scope with the Board a written request for review of These rules are issued by the Federal Open such action; and such review shall not be subject Market Committee (the “Committee”) pursuant to the procedure prescribed in § 265.3 of this to the requirement of section 552 of Title 5 of Chapter with respect to review of actions taken the United States Code that every agency shall pursuant to authority delegated by the Board. publish in the Federal Register a description of its central and field organization. Section 261.7—Subpoenas Section 2—Composition and Meetings of (a) Advice by person served.—If any person, Committee whether or not an officer, employee, or agent of (a) Members.—The Federal Open Market the Board or of a Federal Reserve Bank, has in­ Committee consists of the members of the Board formation of the Board that may not be disclosed of Governors of the Federal Reserve System and under this Part and in connection therewith is five representatives of the Federal Reserve Banks served with a subpoena, order, or other process who are Presidents or First Vice Presidents of requiring his personal attendance as a witness or such banks. The representatives of the Federal the production of documents or information in Reserve Banks, and an alternate for each repre­ any proceeding, he should promptly inform the sentative, are elected in accordance with section Secretary of the Board of such service and of all 12A of the Federal Reserve Act for terms of one relevant facts, including the documents and in­ year commencing on March 1 of each year. formation requested and any facts which may be of assistance to the Board in determining whether * The text is not included in the Code of Federal Regula­ tions and therefore may not be cited with a code reference. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1159 (6) Chairman and Vice Chairman.—At its first which, the officers from whom, and the methods meeting on or after March 1 of each year, the whereby, the public may obtain information, make Committee selects a Chairman and a Vice Chair­ submittals or requests, or obtain decisions. man from among its membership. (c) Meetings.—The Committee meets at Section 271.2—Definitions Washington, D. C., on call by the Chairman of (a) “Information of the Committee".—For the Board of Governors of the Federal Reserve purposes of this Part, the term “information of the System or at the request of three members of the Committee” means all information coming into Committee, at least four times each year and the possession of the Committee or of any mem­ oftener if deemed necessary. ber thereof or of any officer, employee, or agent Section 3—Personnel of the Committee, the Board of Governors of the Federal Reserve System, or any Federal Reserve (a) Official Staff.—The official staff of the Bank, in the performance of duties for, or pur­ Federal Open Market Committee includes its suant to the direction of, the Committee. Secretary and Assistant Secretaries, General Coun­ (b) “Records of the Committee".—For pur­ sel and Assistant General Counsel, and Economist poses of this Part, the term “records of the Com­ and Associate Economists, who perform the duties mittee” means rules, statements, opinions, orders, indicated by their titles. These staff members are memoranda, letters, reports, accounts, and other selected from among the officers and employees papers containing information of the Committee of the Board of Governors of the Federal Reserve that constitute a part of the Committee’s official System and the Federal Reserve Banks. In addi­ files. tion, one of the Federal Reserve Banks is selected by the Committee to execute transactions for the Section 271.3—Published Information System Open Market Account; and the Committee selects a Manager of the System Open Market (a) Federal Register.—To the extent required Account and a Special Manager for foreign cur­ by sections 552 and 553 of the United States Code, rency operations for such Account, both of whom and subject to the provisions of §§271.5 and shall be satisfactory to such Federal Reserve Bank. 271.6, the Committee publishes in the Federal (b) Others.—The services of other officers and Register, in addition to this Part, employees of the Board of Governors of the Fed­ (1) a description of its organization; eral Reserve System and Federal Reserve Banks (2) statements of the general course and are made available and are utilized by the Com­ method by which its functions are channeled mittee as required. and determined; (3) rules of procedure; RULES REGARDING AVAILABILITY (4) substantive rules of general applicability, OF INFORMATION * and statements of general policy and interpre­ (12 CFR 271) tations of general applicability formulated and adopted by the Committee; As revised effective July 4, 1967 (5) every amendment, revision, or repeal of the foregoing; and Section 271.1—Basis and Scope (6) general notices of proposed rule making. This Part is issued by the Federal Open Market (b) Policy record.—In accordance with section Committee (the “Committee”) pursuant to the 10 of the Federal Reserve Act (12 U.S.C. 247a), requirement of section 552 of Title 5 of the each annual report made to Congress by the United States Code that every agency shall publish Board of Governors of the Federal Reserve Sys­ in the Federal Register for the guidance of the tem includes a complete record of the actions public descriptions of the established places at taken by the Committee during the preceding year upon all matters of policy relating to open * The text corresponds to the Code of Federal Regulations, market operations, showing the votes taken and Title 12, Chapter II, Part 271; cited as 12 CFR 271. The words “this Part’’, as used herein, mean these rules. the reasons underlying such actions. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1160 FEDERAL RESERVE BULLETIN • JULY 1967 (c) Other published information.—From time records. Every request for access to records of the to time, other information relating to open market Committee shall state the full name and address of operations of the Federal Reserve Banks is pub­ the person requesting them and shall describe such lished in the Federal Reserve Bulletin, issued records in a manner reasonably sufficient to per­ monthly by the Board of Governors of the Federal mit their identification without undue difficulty; Reserve System, in such Board’s annual report to and such person shall pay a fee in an amount Congress, and in announcements and statements based upon $5 per hour for the time required to released to the press. Copies of issues of the locate such records and prepare them for inspec­ Bulletin and of annual reports of the Board may tion plus 10 cents per standard page for any be obtained upon request. copying thereof. Section 271.4—Records Available to the Section 271.5—Deferment of Availability of Certain Information Public on Request (a) Deferred availability of information.—In (a) Records available.—Records of the Com­ some instances, certain types of information of the mittee are made available to any person, upon Committee are not published in the Federal Regis­ request, for inspection or copying in accordance ter or made available for public inspection or with the provisions of this section and subject to copying until after such period of time as the the limitations stated in §§271.5 and 271.6. Committee may determine to be reasonably neces­ Records falling within the exemptions from dis­ sary to avoid the effects described in paragraph closure set forth in section 552(b) of Title 5 of (b) of this section or as may otherwise be neces­ the United States Code and in § 271.6 may never­ sary to prevent impairment of the effective dis­ theless be made available in accordance with this charge of the Committee’s statutory responsibili­ section to the fullest extent consistent, in the Com­ ties. For example, the Committee’s current mittee’s judgment, with the effective performance economic policy directive adopted at each meeting of the Committee’s statutory responsibilities and of the Committee is published in the Federal with the avoidance of injury to a public or private Register approximately 90 days after the date of interest intended to be protected by such exemp­ its adoption; and no information in the records of tions. the Committee relating to the adoption of any (h) Place and time.—In general, the records of such directive is made available for public inspec­ the Committee are held in the custody of the tion or copying before it is published in the Board of Governors of the Federal Reserve Sys­ Federal Register. tem, but certain of such records, or copies thereof, (b) Reasons for deferment of availability.— are held in the custody of one or more of the Publication of, or access to, certain information of Federal Reserve Banks. Any such records subject the Committee may be deferred because earlier to this section will be made available for inspec­ disclosure of such information would tion or copying during regular business hours at (1) interfere with the orderly execution of the offices of the Board of Governors of the Fed­ policies adopted by the Committee in the per­ eral Reserve System in the Federal Reserve Build­ formance of its statutory functions; ing, 20th and Constitution Avenue, Washington, (2) permit speculators and others to gain D. C., 20551, or, in certain instances as provided unfair profits or to obtain unfair advantages by in paragraph (c) of this section, at the offices of speculative trading in securities, foreign ex­ one or more designated Federal Reserve Banks. change, or otherwise; (c) Obtaining access to records.—Any person (3) result in unnecessary or unwarranted requesting access to records of the Committee disturbances in the securities market; shall submit such request in writing to the Secre­ (4) make open market operations more tary of the Board of Governors of the Federal costly; Reserve System. In any case in which the records (5) interfere with the orderly execution of requested, or copies thereof, are available at a the objectives or policies of other Government Federal Reserve Bank, the Secretary of the Board agencies concerned with domestic or foreign may so advise the person requesting access to the economic or fiscal matters; or Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1161 (6) interfere with, or impair the effectiveness days thereafter, file with the Committee a written of, financial transactions with foreign banks, request for review of such action. bankers, or countries that may influence the Section 271.7—Subpoenas flow of gold and of dollar balances to or from foreign countries. (a) Advice by person served.—If any person, whether or not an officer or employee of the Com­ Section 271.6—Information Not Disclosed mittee, of the Board of Governors of the Federal Reserve System, or of a Federal Reserve Bank, Except as may be authorized by the Committee, has information of the Committee that may not be information of the Committee that is not available disclosed by reason of § 271.5 or § 271.6 and in to the public through other sources will not be connection therewith is served with a subpoena, published or made available for inspection, exami­ order, or other process requiring his personal at­ nation, or copying by any person if such infor­ tendance as a witness or the production of docu­ mation ments or information upon any proceeding, he (a) is exempted from disclosure by statute or should promptly inform the Secretary of the Com­ executive order; (b) relates solely to internal personnel rules or mittee of such service and of all relevant facts, practices or other internal practices of the Com­ including the documents and information re­ quested and any facts that may be of assistance in mittee; determining whether such documents or informa­ (c) relates to trade secrets or commercial or tion should be made available; and he should take financial information obtained from any person action at the appropriate time to inform the court and privileged or confidential; or tribunal that issued the process, and the attor­ (d) is contained in inter-agency or intra-agency ney for the party at whose instance the process was memoranda or letters, including records of de­ issued, if known, of the substance of this Part. liberations and discussions at meetings of the (b) Appearance by person served.—Except as Committee and reports and documents filed by disclosure of the relevant information is author­ members or staff of the Committee that would not ized pursuant to this Part, any person who has be routinely available to a private party in litiga­ information of the Committee and is required to tion with the Committee; (e) is contained in personnel, medical, or simi­ respond to a subpoena or other legal process shall attend at the time and place therein mentioned lar files (including financial files) the disclosure of which would constitute a clearly unwarranted and decline to disclose such information or give any testimony with respect thereto, basing his re­ invasion of personal privacy; or fusal upon this Part. If, not withstanding, the court (f) is contained in or related to examination, or other body orders the disclosure of such infor­ operating, or condition reports prepared by, on mation, or the giving of such testimony, the person behalf of, or for the use of any agency responsible having such information of the Committee shall for the regulation or supervision of financial continue to decline to disclose such information institutions. and shall promptly report the facts to the Commit­ Except as provided by or pursuant to this Part, no tee for such action as the Committee may deem person shall disclose, or permit the disclosure of, appropriate. any information of the Committee to any person, whether by giving out or furnishing such informa­ RULES OF PROCEDURE * tion or copy thereof, by allowing any person to inspect, examine, or reproduce such information (12 CFR 272) or copy thereof, or by any other means, whether As amended effective July 4, 1967 the information is located at the offices of the Board of Governors of the Federal Reserve Sys­ Section 272.1—Basis and Scope tem, any Federal Reserve Bank, or elsewhere, This Part is issued by the Federal Open Market unless such disclosure is required in the perform­ Committee (the “Committee”) pursuant to the ance of duties for, or pursuant to the direction of, the Committee. Any person who may be denied * The text corresponds to the Code of Federal Regulations, access to records of the Committee may, within 5 Title 12, Chapter II, Part 272; cited as 12 CFR 272. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1162 FEDERAL RESERVE BULLETIN • JULY 1967 requirement of section 552 of Title 5 of the United notice and procedure are impracticable, unneces­ States Code that every agency shall publish in the sary, or contrary to the public interest. Federal Register its rules of procedure. Section 272.4—Effective Date Section 272.2—Committee Action Committee action ordinarily will be made effec­ tive on the date the action is taken because the The function of the Committee is the direction nature of the subject matter and the action taken and regulation of open market operations which is such that the public interest and the proper dis­ are conducted by the Federal Reserve Banks. This charge of the Committee’s responsibilities so involves the determination of the policies which require. are to be pursued with respect to open market operations by the Federal Reserve Banks with a ORDER UNDER SECTION 3 OF BANK HOLDING view to accommodating commerce and business COMPANY ACT and with regard to their bearing upon the general The Board of Governors issued the following credit situation of the country, together with con­ Order and Statement approving an application by sideration and action upon incidental matters re­ a bank holding company for acquisition of voting lating to the manner in which such operations are shares of a bank: to be conducted. The discharge of the Committee’s responsibilities requires the continuous gathering VIRGINIA COMMONWEALTH BANK­ of information and study of changing financial, SHARES, RICHMOND, VIRGINIA economic, and credit conditions and other per­ In the matter of the application of Virginia tinent considerations by the members of the Com­ Commonwealth Bankshares, Inc., Richmond, Vir­ mittee and its personnel. These activities are ginia, for approval of acquisition of more than 50 closely interrelated with other activities of the per cent of the voting shares of National Bank of Board of Governors of the Federal Reserve Sys­ Commerce of Fairfax County, Falls Church, tem and the Federal Reserve Banks and all rele­ Virginia. vant information and views developed by these organizations are available to the Committee. With Order Approving Application Under this background, action is taken by the Committee Bank Holding Company Act upon its own initiative at periodic meetings held at There has come before the Board of Governors, least four times each year and oftener if deemed pursuant to section 3(a) of the Bank Holding necessary. Attendance at Committee meetings is Company Act of 1956 (12 U.S.C, 1842(a)), and restricted to members of the Committee and its section 222.4(a) of Federal Reserve Regulation Y official staff, including the Manager of the System (12 CFR 222.4(a)), an application by Virginia Open Market Account and the Special Manager Commonwealth Bankshares, Inc., Richmond, Vir­ for foreign currency operations for such Account, ginia, for the Board’s prior approval of the acquisi­ the Presidents of Federal Reserve Banks who are tion of more than 50 per cent of the outstanding not at the time members of the Committee, and voting shares of National Bank of Commerce of such other advisers as the Committee may invite Fairfax County, Falls Church, Virginia. from time to time. The Committee acts through As required by section 3(b) of the Act, the the adoption and transmittal of directives and Board gave written notice of receipt of the appli­ regulations to the Federal Reserve Banks. Opera­ cation to the Comptroller of the Currency and tions in the System Open Market Account are requested his views and recommendation. The conducted pursuant to directives issued by the Comptroller recommended approval. Committee. Notice of receipt of the application was pub­ lished in the Federal Register on April 13, 1967 Section 272.3—Notice and Public Procedure (32 Federal Register 5967), which provided an There ordinarily will be no published notice of opportunity for interested persons to submit com­ proposed action by the Committee or public pro­ ments and views with respect to the proposed cedure thereon, as described in section 553 of acquisition. A copy of the application was for­ Title 5 of the United States Code, because such warded to the United States Department of Justice Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1163 for its consideration. Time for filing comments and conspiracy to monopolize the business of banking views has expired and all those received have been in any part of the United States. Nor may the considered by the Board. Board approve a proposed acquisition, the effect It is hereby ordered, for the reasons set forth of which, in any section of the country, may be in the Board’s Statement of this date, that said substantially to lessen competition, or tend to application be and hereby is approved, provided create a monopoly, or which in any other manner that the acquisition so approved shall not be con­ would be in restraint of trade, unless the Board summated (a) before the thirtieth day following finds that the anticompetitive effects of the pro­ the date of this Order or (b) later than three posed transaction are clearly outweighed in the months after the date of the Order. public interest by the probable effect of the trans­ Dated at Washington, D. C., this 27th day of action in meeting the convenience and needs of June, 1967. the community to be served. In each case the Board is required to take into consideration the By order of the Board of Governors. financial and managerial resources and future Voting for this action: Vice Chairman Robertson, and Governors Mitchell, Daane, Maisel, Brimmer, and prospects of the bank holding company and the Sherrill. Absent and not voting: Chairman Martin. banks concerned, and the convenience and needs (Signed) Merritt Sherman, of the commuity to be served. Secretary. Competitive effect of proposed transaction. [seal] There are nine banking organizations (including Statement five bank holding companies) in Virginia which have deposits in excess of $100 million; these Virginia Commonwealth Bankshares, Inc., organizations, in the aggregate, account for about Richmond, Virginia (“Applicant”), a registered 62 per cent of the deposits and 51 per cent of the bank holding company, has applied to the Board offices of all commercial banks in the State. Appli­ of Governors, pursuant to section 3(a) of the cant is the fourth largest of these organizations Bank Holding Company Act of 1956, as amended, and the second largest holding company and ac­ for prior approval of the acquisition of more than counts for about 6 per cent of the total deposits 50 per cent of the outstanding voting shares of and about 7 per cent of the commercial banking National Bank of Commerce of Fairfax County, offices in the State. Its relative position would re­ Falls Church, Virginia (“Bank”). Applicant, main unchanged by the proposed acquisition, its which became a bank holding company in 1962, share of deposits and of banking offices being in­ presently controls eight banks with 60 offices and creased, respectively, by .1 per cent and .5 per aggregate deposits of $329 million,1 and is head­ cent. quartered in Richmond, as is its lead bank, The The designated primary service area of Bank’s Bank of Virginia, which has 32 offices and total four offices (the area from which Applicant esti­ deposits of $241 million. Bank, which opened for mates Bank derives about 90 per cent of its business in December 1963, has four offices in deposits of individuals, partnerships, and corpora­ Northern Virginia and deposits of $5.5 million. tions (“IPC deposits”)) is an area of Northern Views and recommendation of supervisory Virginia which encompasses the City of Falls authority. As required by section 3(b) of the Act, Church and portions of Arlington and Fairfax the Board notified the Comptroller of the Currency Counties and the City of Alexandria. The popula­ of receipt of the application and requested his tion of the area is estimated to be about 198,000, views and recommendation thereon. The Comp­ which represents an increase of 50,000 since 1960. troller recommended that the application be Based on total deposits, Bank is the smallest of the approved. 14 banks operating in the primary service area.2 Statutory considerations. Section 3(c) of the Applicant’s subsidiaries have no offices within Act provides that the Board shall not approve an the primary service area of Bank. Although the acquisition that would result in a monopoly, or seven largest banks operating in the area are con­ would be in furtherance of any combination or trolled by three other bank holding companies, 1 Alt banking data, unless otherwise noted, are as of De­ cember 31, 1966, adjusted to reflect acquisitions and mergers - Does not include a recently chartered bank not yet open subsequently approved by appropriate supervisory authorities. for business. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1164 FEDERAL RESERVE BULLETIN • JULY 1967 the proposed acquisition would not significantly prospects. The financial history and condition of increase holding company concentration, and Applicant are satisfactory and its prospects are Applicant’s share of area deposits would be the considered favorable. Deposits of constituent smallest of the four holding companies operating banks continue to trend upward and earnings are in the area. Applicant’s only subsidiary with offices good. Its lead bank has a comprehensive training in Northern Virginia (which includes Arlington program and has developed a reservoir of mana­ and Fairfax Counties and the Cities of Alexandria, gerial talent. The sound condition and general Falls Church, and Fairfax) is The Bank of Prince quality of operations of the subsidiary banks reflect William, which has four offices in Northern Vir­ the satisfactory quality of their management and ginia, all of which are located from four to nine the close and effective administrative control exer­ miles from the nearest office of Bank. The only cised by senior officials of Applicant. business derived by Bank from the service area of Substantial loan losses incurred by Bank have these offices is reportedly attributable directly or contributed to a poor earnings record and have indirectly to directors of Bank who reside in and resulted in impairment of its surplus account and have business interests in such area. Additionally, a threat to its capital position. This experience is Applicant states that none of the offices of its in large part attributable to a lack of depth of subsidiary banks holds IPC deposits or loans experienced management. Of Bank’s 14 original which originated within the primary service area directors, only five are presently on its board. of any of Bank’s offices. In any case, the effect of None of the present directors of Bank is experi­ the transaction in this broader Northern Virginia enced in banking matters. Bank’s President, who area would be to increase Applicant’s share of the has been associated with it only since March 1966, area deposits only slightly, and such share would appears to be experienced and able, but has been still be less than 2 per cent. Even without making unable to effect substantial improvement in the allowance for the competitive influence exerted by operations of Bank because of a lack of strong commercial banks in the District of Columbia and director support and a lack of management depth. in Maryland suburbs, it is apparent that the pro­ Absent substantial and immediate improvement in posal’s effect on existing competition or concen­ the foregoing respects, Bank’s prospects cannot be tration is not a significant consideration. regarded as favorable. The potential for future competition among Affiliation with Applicant will provide Bank Bank, Applicant’s subsidiaries, and other Northern with access to management training facilities as Virginia banks must be viewed in the light of the well as to an available pool of management difficulties presently faced by Bank and discussed trainees. The knowledge and experience of officers hereafter, which the Board views as seriously of Applicant and its subsidiary banks in credit limiting both Bank’s actual and potential competi­ analysis, operations, and other areas will become tive ability. In view of this limited potential of immediately available to Bank and will permit the Bank under its present ownership, the possibility initiation and carrying out of steps necessary to of its unassisted development into a strong com­ overcome the problems presently facing Bank and petitor is so remote as to present no obstacle to offer reasonable assurance of substantial improve­ approval of the application. ment in its prospects. The foregoing considerations Summarizing the effect of the proposed acquisi­ lend considerable weight toward approval of the tion on competition, the Board concludes that application. consummation would not result in a monopoly Convenience and needs of the community in­ nor be in furtherance of any combination, con­ volved. The proposed transaction will not make spiracy, or attempt to monopolize the business of available to the community any services not banking. There is no probability that the acquisi­ presently available to it. Correction of the prob­ tion may have the effect of substantially lessening lems discussed under the banking factors, however, actual or potential competition or of tending to will substantially improve Bank’s ability to serve create a monopoly in any section of the country, the community. In addition to a general improve­ nor would it in any other manner be in restraint ment in Bank’s effectiveness as a lender to the of trade. community, affiliation would make loan partici­ Financial and managerial resources and future pations with members of Applicant’s system more Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1165 readily and conveniently available. Considerations By order of the Board of Governors. of the community convenience and needs lend Voting for this action: Chairman Martin, and Gover­ additional weight toward approval of the appli­ nors Robertson, Mitchell, Daane, Maisel, Brimmer and Sherrill. cation. Summary and conclusion. On the basis of all (Signed) Merritt Sherman, Secretary. relevant facts contained in the record, it is the Board’s judgment that the proposed transaction [seal] would be in the public interest and that the appli­ Statement cation should be approved. First Trust Company of Albany, Albany, New York (“First Trust”), with total deposits of about ORDERS UNDER BANK MERGER ACT $145 million, has applied, pursuant to the Bank The following Orders and Statements were Merger Act (12 U.S.C. 1828(c)), for the Board’s issued by the Board of Governors approving prior approval of the merger of that bank with The applications for the merger of banks: North Creek National Bank, North Creek, New York (“North Creek Bank”), which has total de­ FIRST TRUST COMPANY OF ALBANY, posits of about $11 million.1 The banks would ALBANY, NEW YORK merge under the charter and name of First Trust, In the matter of the application of First Trust which is a member of the Federal Reserve System. Company of Albany for approval of merger with As an incident to the merger, the three offices of The North Creek National Bank. North Creek Bank would become branches of First Trust, increasing the number of its offices Order Approving Merger of Banks to 15. There has come before the Board of Governors, Competition. The main office of North Creek pursuant to the Bank Merger Act (12 U.S.C. Bank is in Warren County (population 44,000) at 1828(c)), an application by First Trust Company North Creek (population 2,250), approximately of Albany, Albany, New York, a State member 85 miles north of Albany, which is the site of the bank of the Federal Reserve System, for the head office of First Trust. North Creek Bank Board’s prior approval of the merger of that bank operates a branch at Indian Lake in Hamilton with The North Creek National Bank, North County and at Newcomb in Essex County, about Creek, New York, under the charter and title of 27 and 17 miles northwest and west, respectively First Trust Company of Albany. A? an incident of North Creek. The nearest office of another bank to the merger, the three offices of The North Creek to North Creek is about 15 miles away; the nearest National Bank would become branches of the such offices to Indian Lake and Newcomb are resulting bank. Notice of the proposed merger, in about 24 miles distant. The proposed merger form approved by the Board, has been published would have no significant effect on these insti­ pursuant to said Act. tutions. Upon consideration of all relevant material in First Trust operates five branches in Albany and the light of the factors set forth in said Act, in­ two branches in surrounding Albany County. The cluding reports furnished by the Comptroller of bank also operates one branch in each of the rela­ the Currency, the Federal Deposit Insurance Cor­ tively small communities of Johnstown, Broadalbin poration, and the Attorney General on the com­ (both in Fulton County), Windham and Tanners­ petitive factors involved in the proposed merger, ville (both in Green County). The nearest office It is hereby ordered, for the reasons set forth of First Trust to an office of North Creek Bank is in the Board’s Statement of this date, that said its branch at Broadalbin, about 60 miles from application be and hereby is approved, provided North Creek. Neither bank derives more than a that said merger shall not be consummated (a) negligible amount of business from the areas before the thirtieth calendar day following the served by the other. date of this Order or (b) later than three months While New York law permits a bank, subject to after the date of this Order. a home-office-protection feature, to branch de Dated at Washington, D. C., this 19th day of June, 1967. 1 Figures are as of December 31, 1966. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1166 FEDERAL RESERVE BULLETIN • JULY 1967 novo in the State Banking District in which it is SEATTLE TRUST AND SAVINGS BANK, located, it does not appear that meaningful com­ SEATTLE, WASHINGTON petition would develop between First Trust and In the matter of the application of Seattle Trust North Creek Bank if they did not merge. Because and Savings Bank for approval of merger with of North Creek Bank’s small size, it seems un­ Olympia State Bank and Trust Company. likely that it would establish a branch near an office of First Trust. The home-office-protection Order Approving Merger of Banks restriction, as well as the small size of the com­ munities that might otherwise be available, would There has come before the Board of Governors, preclude First Trust from establishing a new pursuant to the Bank Merger Act (12 U.S.C. branch near an office of North Creek Bank. North 1828(c)), an application by Seattle Trust and Creek Bank is the only bank headquartered in Savings Bank, Seattle, Washington, a State mem­ North Creek and its merger with First Trust ber bank of the Federal Reserve System, for the would open the community to de novo branching. Board’s prior approval of the merger of that bank First Trust, with about 6 per cent of the de­ and Olympia State Bank and Trust Company, posits, ranks third among the 40 commercial Olympia, Washington, under the charter and title banks in the Fourth Banking District; the second of Seattle Trust and Savings Bank. As an incident largest of these banks, which is headquartered in to the merger, the three offices of Olympia State Albany, is more than four times the size of First Bank and Trust Company would become branches Trust. North Creek Bank holds less than 1 per of the resulting bank. Notice of the proposed cent of the total commercial bank deposits in the merger, in form approved by the Board, has been Fourth District. First Trust is the sole subsidiary published pursuant to said Act. in the Fourth Banking District of BT New York Upon consideration of all relevant material in Corporation, a registered bank holding company, the light of the factors set forth in said Act, in­ which held about 7 per cent of total commercial cluding reports furnished by the Comptroller of bank deposits in New York State, as of September the Currency, the Federal Deposit Insurance Cor­ 20, 1966. poration, and the Attorney General on the com­ petitive factors involved in the proposed merger, The effect of the merger on competition would It is hereby ordered, for the reasons set forth not be adverse. in the Board’s Statement of this date, that said Financial and managerial resources and pros­ application be and hereby is approved, provided pects. The banking factors with respect to each of that said merger shall not be consummated (a) the banks proposing to merge are satisfactory, as before the thirtieth calendar day following the they would be with respect to the resulting bank. date of this Order or (b) later than three months Convenience and needs of the communities. after the date of this Order. The merger would affect banking convenience and Dated at Washington, D. C., this 26th day of needs only in the area presently served by North June, 1967. Creek Bank. The replacement of North Creek By order of the Board of Governors. Bank by offices of First Trust would provide more Voting for this action: Governors Robertson, Mitchell, convenient access to broader credit accommoda­ Daane, Maisel, Brimmer, and Sherrill. Absent and tions and a generally wider range of banking not voting: Chairman Martin. services for the North Creek, Indian Lake, and (Signed) Merritt Sherman, Newcomb communities. Secretary. Summary and conclusion. In the judgment of [seal] the Board, the proposed merger would benefit the banking convenience and needs of the communi­ Statement ties presently served by North Creek Bank, and Seattle Trust and Savings Bank, Seattle, Wash­ would not have any adverse effect on banking ington (“Seattle Bank”), with total deposits of competition. about $93.5 million, has applied pursuant to the Accordingly, the Board concludes that the Bank Merger Act (12 U.S.C. 1828(c)), for the application should be approved. Board’s prior approval of the merger of that bank Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1167 with Olympia State Bank and Trust Company, In terms of deposit size, the merger would com­ Olympia, Washington (“Olympia Bank”), which bine the fifth largest commercial bank head­ has total deposits of about $18 million.1 The banks quartered in King County with the third largest would merge under the charter and name of of the four banks operating in Thurston County. Seattle Bank, which is a member of the Federal Both banks presently compete in their respective Reserve System. As an incident to the merger, the service areas with branches of the State’s largest three offices of Olympia Bank would become banks; it does not appear that the merger would branches of Seattle Bank, increasing the number adversely affect other banking offices. Following of its offices to seventeen. the merger, Seattle Bank would hold 2.67 per cent Competition. Seattle Bank is headquartered in of the deposits in the State and would operate 17 Seattle (population 575,700), the largest city in of the 516 banking offices. the Pacific Northwest, and operates 13 branches in The effect of the proposed merger on competi­ surrounding King County. Olympia Bank’s main tion would not be adverse. office is situated in Olympia (population about Financial and managerial resources and pros­ 18,000), the capital of the State of Washington; pects. The banking factors with respect to the the bank’s two branches are in Tumwater and subject banks are generally satisfactory, as they Lacey, both of which are in surrounding Thurston would be with respect to the resulting institution. County. Neither bank has an office in the service Convenience and needs of the communities. The area 2 of the other, and no office of Seattle Bank principal effect of the transaction on banking is closer than 46 miles to an office of Olympia needs and convenience would be in Olympia. The Bank. Pierce County, including the major city of conversion of the three offices of Olympia Bank Tacoma, separates the service areas of the two into branches of Seattle Bank would provide for banks and contains numerous banking offices. the inhabitants of Thurston County convenient Neither Seattle Bank nor Olympia Bank derives access to an alternative source of broader credit more than a negligible amount of business from accommodations and a generally wider range of the area served by the other. The home-office­ banking services. protection restriction of State law would prevent Summary and conclusion. In the judgment of either bank from expanding into the service area the Board the proposed merger would benefit the of the other except through the acquisition of an banking convenience and needs of the Olympia existing bank. community and would not adversely affect bank­ ing competition. 1 Figures are as of February 28, 1967. Accordingly, the Board concludes that the 2 The area from which a bank obtains 75 per cent or more of its deposits of individuals, partnerships and corporations. application should be approved. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Announcements APPOINTMENT OF DIRECTOR its organization in March 1936 to the end of the year 1960 wa^ transferred to the Archivist of the The Board of Governors announced the appoint­ United States in 1964. Since then reference copies ment effective July 1 of Dr. John N. Stauffer of of the minutes for this period have been available Springfield, Ohio, as a director of the Cincinnati for the use of scholars and other interested per­ Branch of the Federal Reserve Bank of Cleveland, sons. for the unexpired portion of a term ending De­ Similarly, the original copy of the Committee’s cember 31, 1969. Dr. Stauffer is President of minutes for the year 1961 was recently transferred Wittenberg University at Springfield. As a director, to the Archivist. Advice regarding the transfer was he succeeds Dr. Delmas R. Cawthorne (see an­ transmitted by the Chairman of the Board of nouncement below). Governors in a letter dated June 23, 1967, which read as follows: RESIGNATION OF DIRECTOR Dr. Delmas R. Cawthorne, former Dean of the School of Business Administration, Miami Univer­ Dr. Robert H. Bahmer, sity, Oxford, Ohio, who had served as a director of Archivist of the United States, the Cincinnati Branch of the Federal Reserve National Archives Building, Bank of Cleveland since January 1, 1967, re­ Washington, D.C. 20408 signed effective June 30. Dr. Cawthorne is return­ ing to the Federal Reserve Bank of Kansas City Dear Dr. Bahmer: as Vice President and Senior Economist. In 1964, the Board of Governors of the Fed­ RULES REGARDING AVAILABILITY OF eral Reserve System and the Federal Open Market INFORMATION TO THE PUBLIC Committee authorized the transfer from the Board It was announced on June 29, 1967, that the to the custody of the Archivist of the United Board of Governors of the Federal Reserve Sys­ States of the original copies of the minutes of tem and the Federal Open Market Committee had meetings of the Federal Open Market Committee adopted revisions of their respective Rules relating and its Executive Committee from the date of to the availability of information to the public. organization in March 1936 to the end of the The revised Rules were transmitted for publication year 1960. That transfer was completed, and those in the Federal Register, to become effective July records have since been available to interested per­ 4, 1967. They are designed to carry out the pur­ sons. poses of the Public Information section of the former Administrative Procedure Act, as revised The Board and the Committee have now au­ last year and now codified in Section 552 of Title thorized the transfer from the Board to the cus­ 5 of the United States Code, which became ef­ tody of the Archivist of the United States of the fective as of that date. The revised rules are pub­ minutes of the meetings of the Federal Open lished on pages 1154-62 of this Bulletin, and the Market Committee held during calendar year record of policy actions of the FOMC for the first 1961. These minutes are contained in approxi­ four meetings in 1967 is published on pages mately 1150 pages of typed material, and their 1115-51. transfer is being made with the same understand­ ing as that applicable to the earlier minutes, that AVAILABILITY OF MINUTES is, they are to be available to interested persons Custody of the original copies of the minutes of the without restriction other than the normal restric­ Federal Open Market Committee from the date of tions that National Archives would place on such 1168 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 1169 materials to assure their preservation and proper date may be obtained on request from the Board’s handling. Division of Research and Statistics. Sincerely yours, In early August, the Board of Governors (Signed) Wm. McC. Martin, Jr. will begin publication of a new monthly release covering seasonally adjusted data on member bank reserves and deposits. Since October 1966, An acknowledgment from the Acting Archivist, these data have appeared regularly in the Bul­ dated June 27, read as follows: letin with a lag of about 1 month. The new re­ lease will be published about 1 week after the Honorable Wm. McC. Martin, Jr. end of each month, when preliminary monthly­ Chairman, Board of Governors average data first become available. Requests for of the Federal Reserve System this release entitled “Aggregate Reserves and Mem­ Washington, D.C, 20551 ber Bank Deposits” (G. 10) should be addressed to Publications Services, Division of Administra­ Dear Mr. Chairman: tive Services, Board of Governors of the Federal Thank you for your letter of June 23, 1967, Reserve System, Washington, D.C. 20551. offering the minutes of the meetings of the Fed­ eral Open Market Committee held during calen­ STUDY ON BANKING STRUCTURE dar year 1961. These records will be a very The Performance of Bank Holding Companies, by valuable addition to our earlier holdings of the Robert J. Lawrence, is available for distribution. Federal Open Market Committee. We will ar­ This monograph, the third in a series of studies range to transfer them within the next few days. on banking structure, presents results of an analy­ sis of various measures of performance for a Sincerely yours, group of banks acquired by holding companies (Signed) James B. Rhoads during the period 1954-63. The study compares Acting Archivist these performance measures before and after the of the United States banks became members of holding companies and also compares the performance measures with sim­ Copies of the 1961 minutes of the Committee, ilar measures for a comparable group of independ­ as well as those for prior years, will be available ent banks over the same period. The purpose of for inspection at the Board of Governors and at this analysis is to determine the extent to which each Federal Reserve Bank and branch. Microfilm banks acquired by holding companies differ in copies from 1936 through 1961 may be obtained important respects from other banks of similar size directly from The National Archives, 8th Street and in similar locations and to determine the im­ and Pennsylvania Avenue, N.W., Washington, pact of holding company acquisitions on commer­ D.C. 20408. cial bank performance. Requests for copies should be sent to the Divi­ REVISION OF SERIES ON AGGREGATE sion of Administrative Services, Board of Gover­ RESERVES ANO MEMBER BANK DEPOSITS nors of the Federal Reserve System, Washington, The seasonally adjusted series on aggregate re­ D.C. 20551. Remittance should accompany order serves and deposits subject to reserve require­ and be made payable to the order of the Board of ments, which are published in the Bulletin on Governors of the Federal Reserve System (prices a regular basis, have been revised. This revision shown on page 1266). includes adjustment of the aggregate reserves series to reflect the lower percentage reserve require­ ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM ments on savings deposits and on time deposits of $5 million or less that became effective in March. The following bank was admitted to membership In addition, seasonal factors have been revised for in the Federal Reserve System during the period both reserves and deposits. June 16, 1967 through July 15, 1967. Revised data for the last 13 months appear in Tennessee this Bulletin on page 1186. Data from 1947 to Woodbury ................................... Peoples Bank Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication July 14 Industrial production edged downward in June a work stoppage at a major producer. Production and retail sales were about unchanged. Nonfarm of furniture and appliances also declined. Output employment rose moderately but the average of industrial equipment continued to drop and in workweek in manufacturing declined further and June was 8 per cent below the December peak. the unemployment rate rose to 4.0 per cent. Bank Production of most other business equipment lines credit, time and savings deposits, and the money was maintained in June. supply continued to increase. Yields on Treasury Production of iron and steel and most other bills advanced sharply between mid-June and early industrial materials declined. Output of crude pe­ July and yields on most intermediate- and long­ troleum, however, increased partly as a result of term securities rose moderately; thereafter rates the curtailment in Mid-East supplies. declined somewhat. EMPLOYMENT INDUSTRIAL PRODUCTION Nonfarm employment rose by 150,000 in June Industrial production in June was 155.2 per as advances continued strong in Government and cent of the 1957-59 average as compared with the service industries. Manufacturing employment, 155.5 in May and 156.5 a year earlier. Declines following 4 months of decline, increased mod­ in output of some final products and materials erately, but the average workweek declined 0.2 were partially offset by increased production of hours to 40.2 hours and was 1.1 hours shorter autos, crude petroleum, and defense equipment. than a year earlier. The unemployment rate rose Auto assemblies rose 4 per cent in June and at to 4.0 per cent from 3.8 per cent in May. 156 per cent of the 1957-59 average were at the highest level for this year. Production schedules for DISTRIBUTION the third quarter, after allowance for an earlier The value of retail sales in June was about un­ and shorter model change-over period, are some­ changed from the April-May level, according to what above the June rate. Output of television sets the Census Bureau’s advance figures, and was 2.6 and radios was sharply curtailed in June because of per cent above a year earlier. April through June sales at both durable and nondurable goods stores were 1.5 per cent above the preceding three months. A 2 per cent rise in June sales at durable goods stores offset a decline at nondurable goods stores. Dealer sales of new domestic autos in June were at an annual rate of 8.4 million units, up sharply from May. AGRICULTURE Record crop output is indicated by July 1 crop conditions and by the 5 per cent increase from a year ago in acreage to be harvested. Increases of 22 per cent in wheat output and 10 per cent in corn are forecast and expanded acreage of soy­ beans indicates a record for that crop too. Smaller crops are in prospect for cotton, oats, flaxseed, and dry edible beans. As compared with a year earlier, June pro- 1170 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1171 duction of meat and poultry was up 2 per cent payments—other types of loans rose only mod­ and eggs were up 6 per cent, while milk was erately. down slightly. The money stock increased $1.9 billion in June, almost as much as in May; the rapid expansion COMMODITY PRICES in both months was associated in large part with sharp reductions in U.S. Government deposits. Grain prices, influenced by the favorable crop Time and savings deposits expanded at a rate outlook, declined further from mid-June to mid­ slightly faster than the already high rate earlier in July. Prices of most other farm and food prod­ the second quarter. ucts were about unchanged from the advanced Total and required reserves increased in June level reached in June when the total index was 1 following some reduction in May. Free reserves per cent above the April low. Wholesale prices of averaged about $260 million over the four weeks industrial commodities apparently have continued ending June 28, very close to the corresponding to show little change with further increases in se­ May average. Both borrowings and excess reserves lected finished products offset by some further dropped slightly. weakness in industrial materials. SECURITY MARKETS BANK CREDIT, DEPOSITS, AND RESERVES Treasury bill rates rose very sharply between Bank credit rose only $300 million in June fol­ mid-June and early July, but then eased off, with lowing increases of over $2 billion in each of the the 3-month bill bid at around 4.15 per cent in two previous months. Acquisitions of municipal the middle of July. and Federal agency issues, although large, were Yields on intermediate- and long-term Govern­ less than the average of other recent months. ment securities rose further in the second half of Holdings of U.S. Government securities declined June and declined thereafter. sharply as the result of large maturities of bank Yields on corporate bonds rose sharply in June, holdings of tax anticipation bills in the last state­ but early in July showed signs of leveling off. ment week of June. While business borrowing at Municipal yields, meanwhile, were advancing, but banks rose substantially—in association with at a slower rate. During June and early July, com­ corporate needs for funds to meet accelerated tax mon stock prices fluctuated within a narrow range. Discount rate, range or level for all F.R. Banks. Weekly average market yields for U.S Govt, bonds maturing in 10 years or more and for 90-day Treasury bills. Latest figures shown, week ending July 9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not c Corrected adjusted for seasonal variation p Preliminary IPC Individuals, partnerships, and corpora­ tions r Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets i, n, L Liabilities DI, 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............................................................ May 1967 850-61 Banking and monetary statistics* 1966............... Mar. 1967 456-70 July 1967 1236-39 Banks and branches, number of, by class and Semiannually State.................................................................... Apr. 1967 658-59 Banking offices; Analysis of changes in number of................... Feb. 1967 310 Flow of funds (assets and liabilities)................... Oct. 1966 1536-46 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................................................ May 1967 862-70 Operating ratios............................................... Apr. 1967 660-62 Bank holding companies: Insured commercial banks............................ July 1966 1046 List of, Dec. 31,1965...................................... June 1967 1042 Banking offices and deposits of group banks, Stock exchange firms, detailed debit and credit Dec. 31, 1965.................... Aug. 1966 1250 balances...................................................... Sept. 1966 1408 1172 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........ 1174 Reserve Bank discount rates; margin requirements; reserve requirements................... 1179 Bank deposits; open market transactions; Federal Reserve Banks................................. 1181 Bank debits; currency in circulation ................................................................................. 1184 Money supply and bank reserves; banks and the monetary system............................... 1186 Commercial and mutual savings banks, by classes ......................................................... 1190 Commercial banks ............................................................................................................. 1191 Weekly reporting banks........................................................................................................ 1194 Business loans ..................................................................................................................... 1198 Interest rates ......................................................................................................................... 1199 Security prices; stock market credit .................................................................................. 1200 Open market paper; savings institutions ........................................................................ 1201 Federally sponsored credit agencies................................................................................... 1203 Federal finance....................................................................................................................... 1204 U.S. Government securities.................................................................................................. 1206 Security issues......................................................................................................................... 1210 Business finance ................................................................................................................. 1212 Real estate credit ................................................................................................................ 1214 Consumer credit ........................................................................................... 1218 Industrial production............................................................................................................ 1222 Business activity; construction............................................................................................. 1226 Employment and earnings ................................................................................................... 1228 Wholesale and consumer prices........................................................................................... 1230 National product and income series.................................................................................... 1232 Flow of funds........................................................................................................................ 1234 Banking and monetary statistics ........................................................................................ 1236 Guide to tabular presentation ............................................................................................. 1172 Index to statistical tables .................................................................................................... 1269 The data for F.R. Banks and member banks and eral finance, and Federal credit agencies are obfor consumer credit are derived from regular tained from Treasury statements. The remain­ reports made to the Board; production indexes ing data are obtained largely from other are compiled by the Board on the basis of data sources. For many of the banking and monetary collected by other agencies; and flow of funds series back data and descriptive text are avail­ figures are compiled on the basis of materials able in Banking and Monetary Statistics and from a combination of sources, including the its Supplements (see list of publications at end Board. Figures for gold stock, currency, Fed- of the Bulletin). 1173 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1174 BANK RESERVES AND RELATED ITEMS JULY 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 Treas- than member bank Member bank Period U.S. Govt, securities! ury r C en u c r­ y Treas­ with r F es .R er . v e B s a , nks Other reserves date Total B r o o ig u u h t g - h t t R m c a e h g e p a r n e u s t e e r s ­ ­ c v D o a a a n n u d is c d n - - e ts s Float 2 t T al o ­ 3 s G to o c ld k r s o e t i a n n u n g c t­ d y ­ c t c u i i o i n l r a n ­ ­ h c i u n o a r g l s y d h s ­ T u re ry as­ e F i o g r n ­ Other2 c F o a u . c R n ­ . t s B W P a R n it k h . s c r C o e a n n i u n c d r y ­ 4 Total Averages of daily figures 1929—June . 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2’211 2’211 1939—Dec. 2’510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 139 248 11,473 11,473 1941—Dec. 2’219 2,219 5 170 2.404 22,759 3,239 10,985 2,189 592 1,531 292 12'812 12,812 1945—Dec. 23,708 23,708 381 65224,744 20,047 4 ,'322 28,452 2,269 625 1 '247 493 16,027 16,027 1950—Dec., 20,345 20,336 9 142 1,11721,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17391 1956—Dec. 24,765 24,498 267 706 1,63327.156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec. 23,982 23,615 367 716 1,44326.186 22,769 5,144 31,932 768 385 345 186 1,063 19.420 19,420 1958—Dec. 26,312 26,216 96 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18399 1959—Dec. 27,036 26,993 43 911 1,42629,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 1960—Dec.... 27,248 27,170 78 94 1,66529,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961—Dec.... 29,098 29,061 37 152 1,921 31,217 16,929 5,587 33,954 422 514 229 244 1,112 17,259 2,859 20,118 1962—Dec.... 30,546 30,474 72 305 2,298 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 2,43436,610 15,562 5,583 37,603 389 879 160 206 1,215 17,303 3,443 20,746 1964—Dec..., 37,126 36,895 231 266 2,42339,873 15,388 5,401 39,698 595 944 181 186 1,093 17,964 3,645 21,609 1965—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—June 41,672 41,653 19 685 1,93644,498 13,500 5,916 42,296 1,033 824 152 394 535 18,679 3,855 22,534 July. 42,221 42,210 11 767 2,62445,737 13,415 5,971 42,825 1,066 1,059 196 419 338 19,220 3,870 23,090 Aug. 42,280 42,130 150 730 2,29045,348 13,311 6,019 42,884 1,067 1,107 135 409 316 18,759 3,896 22,655 Sept. 42,735 42,725 10 774 2,07445.631 13,258 6,072 42,991 1,078 869 131 407 217 19,268 3,972 23,240 Oct.. 42,837 42,817 20 749 1,94945,604 13,257 6,138 43,122 1,121 758 145 439 5 19,409 3,924 23,333 Nov. 43,347 43,165 182 626 2,02946,087 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 6,409 43,525 1,252 609 136 448 496 19,675 4,034 23,709 Mar.. 44,620 44,351 269 200 1,60646,524 13,108 6,473 43,673 1,297 505 136 443 647 19,404 4,001 23,405 Apr.. 45,082 44,942 140 155 1,54046,902 13,108 6,530 43,812 1,356 860 125 463 559 19,365 3,997 23,362 May. 45,699 45,481 218 126 1,37447,323 13,108 6,576 44,083 1,392 990 137 450 692 19,263 4,021 23,284 June. 45,844 45,801 43 147 1,45947,547 13,108 6,602 44,567 1,386 715 128 464 609 19,388 4,124 23,512 Week ending— 1966 June 1 41,457 41,457 832 1,67044,139 13,534 5,869 41,988 995 839 149 393 633 18,545 3,823 22,368 8 41,682 41,661 21 567 1,76544,230 13,533 5,888 42,226 992 737 146 392 617 18,542 3,662 22,204 15 41,659 41,601 58 800 1,80944,450 13,533 5,911 42,356 1,018 909 136 388 567 18,518 3,812 22,330 22 41 ,528 41,528 697 2,25444,665 13,505 5,931 42,327 1,052 799 155 394 499 18,876 3,843 22,719 29 41,795 41,795 776 1.97944,783 13,432 5,933 42,251 1,076 855 152 390 472 18,952 3,984 22,936 July 6 42,585 42,581 4 832 2,006 45,659 13,434 5,965 42,637 1,065 710 208 428 454 19,554 3,619 23,173 13 42,656 42,653 3 818 2,43046,085 13,435 5,972 43,019 1,066 1,022 147 418 437 19,383 3,869 23,252 20. 41,684 41,684 631 3,22545,615 13,434 5,966 42,921 1,062 1,156 160 433 332 18,951 3,984 22,935 27. 41,873 41,873 682 2,77545,396 13,406 5,969 42,747 1,076 1,216 144 400 270 18,916 4,031 22,947 Aug. 3 42,445 42,287 158 778 2,43945,713 13,332 5,993 42,752 1,052 1,286 319 420 168 19,042 3,945 22,987 10 42,583 42,231 352 786 2,32445,743 13,333 6,003 42,908 1,047 1,105 139 404 283 19,194 3,684 22,878 17 42,003 41,809 194 731 2,52445,305 13,332 6,014 43,000 1,069 1,065 131 414 265 18,708 3,898 22,606 24. 41,813 41,813 720 2,541 45,121 13,312 6,030 42,894 1,081 1,056 126 401 386 18,519 3,935 22,454 31 42;597 42^97 693 1,77545,114 13,258 6,041 42,771 1,079 1,083 138 412 352 18,578 4,063 22,641 Sept. 7.. 42,977 42,977 751 1,75445,531 13,258 6,050 42,982 1,063 988 127 410 286 18,981 3,688 22,669 14.. 42,936 42,895 41 893 1,91445,791 13,258 6,069 43,228 1,071 835 125 409 234 19,218 4,013 23,231 21 42,525 42,525 782 2,48545,841 13,257 6,074 43,000 1,084 622 128 403 168 19,767 3,984 23,751 28.. 42,493 42,493 662 2,19745,399 13,257 6,086 42,804 1,092 1,032 138 401 218 19,056 4,077 23,133 Oct. 5. 42,999 42,989 10 843 1,82545,722 13,258 6,106 42,878 1,091 693 146 442 88 19,748 3,866 23,614 12. 42,969 42,969 947 1,88045,891 13,258 6,121 43,228 1,099 680 157 445 92 19,570 3,788 23,358 19. 42,521 42,521 805 2,155 45'532 13,256 6,145 43,267 1,120 706 148 439 -56 19,309 4,009 23,318 26. 42,794 42,715 79 533 2,04345,440 13,256 6,154 43,088 1,138 924 127 432 -45 19,187 4,080 23,267 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 43,265 ISO 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 4,268 23,226 For notes see opposite page. 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JULY 1967 BANK RESERVES AND RELATED ITEMS 1175 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 Pe o ri r o d U.S. Govt, securities1 Tr u e r a y s ­ r C en u c r y ­ Treas­ th w a i n th m F r e e .R m se . b rv e B e r a s n , b k a s nk Other Me r m es b er e v r e b s ank date Total B r o i o g u u h t g ­ t ht a R c g e h r p a e s u e e r ­ ­ c v D o a a a n u n d i c n s d ­ e ­ t s s Float2 t T al o ­ 3 s G to o c ’d k s r c o e t i a n u n u n g r c t ­ ­ y d ­ c t c u i i i o n l r a n ­ ­ h c i u n o a r g l s y d h s ­ T u re ry as­ e F i o g r n ­ Other2 c F o a u . c R n ­ . t s B W F a . n i R t k h s r C a e n n u d c r­ y Total ments coin * Averages of daily figures Week ending— 1966 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,(58 6,283 44,603 1,199 127 181 412 63 19,262 4,256 23,518 21............... 43,492 43,126 366 485 2,67t46,808 13,158 6,291 44,675 1,188 203 155 416 32 19,588 4,304 23,892 28............... 43,947 43,263 684 559 2,77747,468 13,159 6,297 44,773 1,191 352 154 425 52 19,977 4,188 24,165 1967 Jan. 4............... 44,230 43,697 533 566 2,49347,491 13,159 6,311 44,670 1,194 375 167 529 -92 20,116 4,546 24,662 11............... 44,553 44,000 553 586 2,21747,563 13,159 6,344 44,445 1,214 510 143 435 150 20,168 4,331 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. 1............... 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............... 44,133 43,928 205 354 2,017 46,630 13,159 6,392 43,405 1,252 448 145 482 393 20,056 3,793 23,849 15............... 44,244 43,987 257 456 1,92046,747 13,159 6,402 43,614 1,260 704 141 436 423 19,729 3,997 23,726 22.............. 44,337 43,844 493 477 1,85546,811 13,144 6,420 43,568 1,252 686 128 434 588 19,720 4,093 23,813 Mar. 1............... 44,187 43,942 245 167 1,67646,183 13,108 6,433 43,540 1,253 579 127 444 615 19,166 4,257 23,423 8............... 44,550 44,276 274 202 1,553 46,451 13,109 6,447 43,571 1,271 451 132 435 720 19,427 3,760 23,187 15............... 44,563 44,192 371 173 1,46546,271 13,107 6,463 43,753 1,283 244 135 454 674 19,296 3,986 23,282 22............... 44,717 44,378 339 302 1,85846,947 13,108 6,483 43,718 1,304 592 137 436 604 19,747 3,945 23,692 29............... 44,659 44,529 130 138 1,57746,480 13,108 6,496 43,674 1,324 656 137 447 598 19,247 4,082 23,329 Apr. 5............... 45,012 44,759 253 193 1,361 46,677 13,108 6,503 43,680 1,328 658, 130 454 648 19,390 3,999 23,389 12............... 45,013 44,840 173 165 1,46346,763 13,108 6,517 43,914 1,340 612 135 465 634 19,289 3,873 23,162 19............... 44,929 44,888 41 199 1,79147,024 13,109 6,529 43,894 1,360 795 120 465 506 19,520 4,060 23,580 26............... 45,142 45,098 44 123 1,49346,888 13,108 6,553 43,754 1,382 1,087 119 469 511 19,227 4,158 23,385 May 3.............. 45,597 45,295 302 159 1,441 47,369 13,109 6,566 43,799 1,383 1,20! 127 461 503 19,570 4,053 23,623 10............... 45,929 45,469 460 88 1,38447,567 13,109 6,567 44,015 1,396 1,050 143 463 539 19,636 r3,776 23,413 17........... 45,543 45,243 300 148 1,51247,326 13,108 6,579 44,136 1.404 952 121 455 606 19,341 4,045 23,386 24............... 45,530 45,530 75 1,53247,241 13,109 6,568 44,073 1,391 1,068 121 442 841 18,982 4,099 23,081 31............... 45,726 45,657 69 127 1,15047,081 13,109 6,592 44,198 1,378 872 158 439 854 18,883 4,176 23,059 June 7........ 45,955 45,869 86 102 1,321 47,478 13,109 6,590 44,438 1,380 734 131 459 835 19,200 3,976 23,176 14............... 45,596 45,596 68 1,38047,118 13,108 6,598 44,600 1,380 471 131 450 609 19,183 *4,032*23,215 21............... 45,654 45,587 67 116 1,70847,552 13,108 6,608 44,598 1,393 520 121 450 525 19,661 *4,102*23,763 28............... 45,940 45,924 16 165 1,40847,642 13,108 6,610 44,574 1,378 968 126 490 530 19,293*4,248 »2J,541 End of month 1967 Apr....................... 45,470 45,116 354 54 1,57447,264 13,109 6,565 43,714 1,366 1,360 123 457 492 19,410 3,650 23,060 May..................... 46,066 45,743 323 415 1,24847,799 13,109 6,605 44,443 1,356 574 193 443 870 19,634 4,395 24,029 June..................... 46,7t9 46,634 85 68 1,34548,268 *13,110 *6,620*44,701 .1,494 1,311 147 511 330 19,505 *4,529 *24,034 Wednesday 1967 May 3.............. 46,146 45,612 534 159 1 ,38547,876 13,109 6,575 43,959 1,400 974 138 464 527 20,098 '4,268 '•24,366 10............... 45,794 45,404 390 68 1,27347,291 13,109 6,572 44,171 1,406 1,148 124 479 542 19,102 r4,319 '23,421 17............... 45,511 45,316 195 178 1,60447,415 13,109 6,586 44,175 1,413 1,008 126 439 837 19,112 4,397 23,509 24............... 45,530 45,530 55 1,282 46,968 13,109 6,581 44,108 1,403 1,170 122 436 835 18,584 4,591 23,175 31.............. 46,066 45,743 323 415 1,24847,799 13,109 6,605 44,443 1,356 574 193 443 870 19,634 4,395 24,029 45,919 45,919 90 1,267 47,381 13,109 6,596 44,606 1,387 427 130 457 736 19,343 4,277 23,620 14............... 45,353 45,353 88 1,37846,892 13,109 6,596 44,669 1,392 247 142 442 508 19,197 *4,567"23,764 21............... 46,287 45,815 472 436 1,331 48,132 13,109 6,609 44,651 1,394 755 128 460 538 19,924*4,597"24,521 28............... 46,178 46,178 ........... 128 1,231 47,669 13,109 6,606 44,779 1,369 1,215 127 455 437 19,001 *4,725 *23,726 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. « Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed 3 Includes industrial loans and acceptances, when held (industrial thereafter. Beginning with Jan. 1963, figures are estimated except for loan program discontinued Aug. 21,1959). For holdings of acceptances weekly averages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1176 BANK RESERVES AND RELATED ITEMS JULY 1967 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor­ Reserves Bor­ Reserves Bor­ T h o el t d al qu R ir e e ­ d Excess B r F i o a n a . n w R g t k s ­ . s s F e r r r e v e ­ e e s T h o e t l a d l qu R i e re ­ d Excess B r F i o a n a . n w R g t k s . ­ s s F e r r r e v e ­ e e s T h o e t ld al 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 I 63 -62 1933—June 1 2,16C 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec. 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 (941—Dec. 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec. 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec. 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 6 7 (950—Dec. 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1956—Dec. 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957—Dec, 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 8 85 -77 1958—Dec. 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 1,070 7 39 -3! 1959—Dec. 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 1,038 ....... 104 -104 I960—Dec. 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1961—Dec. 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 -22 1962—Dec. 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1 ,042 1,035 7 18 -11 1963—Dec. 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 5 26 -21 1964—Dec. 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1.083 1,086 -3 28 -31 1965—Dec.............. 22,719 22,267 452 454 -2 4,301 4,260 41 UI -70 1,143 1,128 15 23 -8 1966—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 1,098 1,094 4 28 -24 Sept 23.240 22,842 398 766 -368 4,454 4,424 30 123 -93 1,122 1,117 5 69 -64 Oct. 23,333 23,031 302 733 -431 4,438 4,435 3 127 -124 1,112 1,109 3 98 -95 Nov. 23,251 22,862 389 611 -222 4,339 4,299 40 111 -7! 1,079 1,077 2 26 -24 Dec. 23,830 23,438 392 557 -165 4,583 4,556 27 122 -95 1,119 1,115 4 54 -50 1967—Jan. 24,075 23,702 373 389 -16 4,594 4,571 23 69 -46 1,164 1,136 28 151 -123 Feb. 23,709 23,351 358 362 -4 4,557 4,511 46 113 -67 1,099 1,117 -18 46 -64 Mar. 23,405 22,970 435 199 236 4,612 4,608 4 72 -68 1,133 1,122 11 26 -15 Apr, 23,362 23,053 309 134 175 4,644 4,613 31 41 -10 1,131 1,140 -9 11 -20 May 23,284 22,914 370 101 269 4,614 4,583 31 19 12 1,133 1,127 6 5 June ”23,512”23,093 ”419 123 ”296 ”4,702 ”4,664 ”38 30 ”8 ”1,150 ”1,138 ”13 15 ”-2 Week ending— 1966—June 1 . ... 22,368 21,932 436 812 -376 4,260 4,175 86 90 -4 1,115 1,121 -5 7 -12 8. . .. 22,204 21,997 207 547 -340 4,195 4,195 21 -21 1,115 1,106 9 8 1 15. ... 22,330 21,865 465 788 -323 4,194 4,164 30 107 -77 1,086 1,073 13 17 -4 22.... 22,719 22,437 282 691 -409 4,438 4,387 51 185 -134 1,147 1,148 -1 12 -13 29.... 22,936 22,477 459 771 -312 4,386 4,375 U 150 -140 1,142 1,142 ............. 5 -5 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 -UI 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 1,205 1,159 46 94 -48 8. ... 23,849 23,560 289 353 -64 4,59! 4,579 12 65 -53 1,141 1,144 -3 60 -63 15.... 23,726 23,308 418 456 -38 4,503 4,469 34 154 -120 1,105 1,096 9 113 -104 22.... 23,813 23,230 583 477 106 4,501 4,470 31 228 -197 1,105 1,105 ............. 6 -6 Mar. 1.... 23,423 23,264 159 167 -8 4,559 4,518 41 4 37 1,120 1,111 9 4 5 8. 23,187 22,828 359 202 157 4,499 4,512 -13 13 -26 1,092 1,085 7 8 -1 15. 23,282 22,910 372 173 199 4,531 4,500 31 64 -33 1,088 1,084 4 8 -4 22.... 23,692 23,125 567 302 265 4,789 4,753 36 197 -161 1,164 1,166 -2 7 -9 29.... 23,329 22,944 385 135 250 4,705 4,649 56 56 1,160 1,152 8 92 -84 Apr. 5. ... 23,389 22,942 447 180 267 4,646 4,628 18 97 -79 1,138 1,145 -7 -7 12.... 23,162 22,936 226 145 81 4,521 4,515 6 49 -43 1,137 1,127 10 27 -17 19.... 23,580 23,102 478 178 300 4,586 4,584 2 64 -62 1,129 1,134 -5 -5 26.... 23,385 23,139 246 98 148 4,693 4,666 27 27 1,133 1,133 ............. 18 -18 May 3. ... 23,623 23,218 405 134 271 4,788 4,759 29 39 -10 1,171 1,172 -1 21 -22 10.... 23,413 23,084 329 63 266 4,684 4,620 64 21 43 1,153 1,147 6 6 17.... 23,386 22,982 404 123 281 4,585 4,575 10 36 -26 1,123 1,127 -4 . . -4 24.... 23,081 22,754 327 50 in 4,555 4,531 24 24 1,108 1,094 14 14 31 .... 23,059 22,678 381 102 279 4,551 4,511 40 .. 40 1,126 1,122 4 .. 4 June 7. ... 23,176 22,845 331 77 254 4,592 4,563 29 7 22 1,139 1,134 5 5 14.... *23,215 *22,848 ”367 43 ”324 ”4,565 ”4,551 ”14 ”14 ”1,104 ”1,101 ”3 ”3 21 .... ”23,763”23,502 ”261 91 ”170 ”4,874 ”4,865 ”8 27 ”- 19 ”1,157 ”1,159 ”-2 9 ”-11 28.... ”23,541 ”23,121 ”420 141 ”279 ”4,677 ”4,663 ”14 ...........”..14 ”1,156 ”1,150 ”6 2 ”4 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 BANK RESERVES AND RELATED ITEMS 1177 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves Borrow­ Reserves Borrow­ ings at Free ings at Free F.R. reserves F.R. reserves T h o e t l a d l Required Excess Banks T h o e t ld al Required Excess Banks 1929—June................................ 761 749 12 409 -397 632 610 22 327 -305 1933—June................................ 648 528 120 58 62 441 344 96 126 -30 1939—Dec................................. 3 140 1 ,953 1,188 1.188 1,568 897 671 3 668 1941—Dec................................ 4 317 3,014 1,303 i 1,302 2,210 1,406 804 4 800 1945—0ec........................... _ 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 (964—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—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 9 584 9,567 17 97 -80 8,732 8,428 305 72 233 Feb................................. 9 439 9 408 31 115 — 84 8 614 8^315 299 88 211 Mar................................. 9,366 9,300 66 53 13 8,294 7,940 354 48 306 Apr................ 9,397 9,382 15 53 -38 8,189 7^918 271 29 242 9,319 9*282 37 46 — 9 8,219 7,922 297 31 266 June................................ *9,377 *9,312 *66 34 *32 P8,282 *7,980 P3O2 44 *258 Week ending— 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 42 182 — 340 8 376 7 970 406 234 172 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 1967—jan. 4.......................... 9 832 9 773 59 159 —100 8 760 8,447 313 64 249 11,...................... 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.......................... 93U 9,477 34 170 -136 8,606 8,360 246 58 188 15.......................... 9^448 9,393 55 59 -4 8^671 8'350 321 130 191 22.......................... 9'435 9 374 61 167 — 106 8'771 8^281 490 76 414 9,351 9,364 -13 70 — 83 8,392 8,271 121 89 32 8................. 9,278 9’237 41 117 -76 8,318 7,'994 324 64 260 15......................... 9,315 9,277 38 40 —2 8'347 8,049 298 61 237 22.................. 9,401 9,354 47 64 -17 8,338 7^852 486 34 452 29......................... 9,386 9,305 81 4 77 8,079 7,838 241 39 202 Apr. 5......................... 9,352 9,335 17 54 -37 8,253 7,834 419 29 390 12........................ 9315 9,374 41 43 -2 8,088 7,920 168 26 142 19.......................... 9,448 9 410 38 79 -41 8'417 7,974 443 35 408 26......................... 9,437 9,398 39 50 -11 8,121 7,942 179 30 149 9,395 9,385 10 47 -37 8,270 7,902 368 27 341 10.......................... 9,414 9 349 65 13 52 8 162 7,968 194 29 165 17.......................... 9,344 9319 25 57 -32 8,334 7,961 373 30 343 24......................... 9,272 9,220 52 23 29 8,145 7’969 236 27 209 31......................... 9,236 9389 47 66 -19 8’146 7,856 290 36 254 9,274 9,232 42 19 23 8,171 7,916 255 51 204 14......................... *9^255 *9,224 *31 8 *23 P8.291 p7,972 P319 35 *284 21 *9,456 *9'435 *21 35 * — 14 p8,278 P8,O44 P233 20 *213 28.......................... ”9,361 *9,331 *30 75 p-45 *3;347 ”7,978 ”369 64 *305 1 This total excludes, and that in the preceding table includes, $51 Total reserves held: Based on figures at close of business through Nov. million in balances of unlicensed banks. 1959; thereafter on closing figures for balances with F.R. Banks and open­ ing figures for allowable cash; see also note 3 to preceding table. Note.—Averages of daily figures. Monthly data are averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R, Banks; Based on closing figures, weeks ending on Wed. that fall within the month. Beginning with Jan. 1964, reserves are estimated except for weekly averages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1178 MAJOR RESERVE CITY BANKS JULY 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 1 r a o B t B w a F o n in . r k R ­ g s . s F f i b e n u N a d n t n e e e d t r k r s a ­ l S d u e r o f p i r c l u it s r P e e q a r u v o c g i f r e . e n d t ch P a u s r e ­ s Sales ac 2 t T r t - a o i w o 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 t g s o b S e a f l a l n l n i e k n e s g s t d L ea o t l o a e n r s s 3 de f B r i a r o n 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-May 3............. 33 100 1,716 -1,783 16,6 3,124 1,407 1,281 1,843 127 1,662 66 15,96 10............. 99 23 2,392 -2,316 22.2 3,622 1,230 1,108 2,514 122 1,411 63 1,348 17.............. 23 82 2,131 -2,190 21.1 3,317 1,186 1,130 2,187 55 1,335 88 1,247 24............. 61 22 1 ,767 -1,728 16.8 3,294 1,527 1,379 1.915 148 1,224 71 1,154 31 .............. 69 56 1 ,245 -1,233 12,0 2,807 1,562 1,245 1,563 317 1,124 57 1,067 June 7. 54 24 2,032 -2,002 19.4 3,434 1,402 1,297 2,138 105 1,238 86 1.152 14 31 2 2,263 -2,234 21.8 3,626 1,363 1,237 2,389 126 1,655 94 1,561 21 19 65 2,544 -2,590 24.1 4,106 1,562 1,462 2,644 100 1,675 73 1 ,602 28.............. 32 28 1 ,490 -1,486 14.1 3,362 1,872 1.475 1,887 397 942 85 857 8 in New York City 1967—May 3............. 29 39 681 -692 15,7 1,292 611 611 681 931 66 865 10............. 62 21 960 -920 21.6 1,446 486 486 960 734 63 671 17.. 13 36 864 -887 21.1 1,326 462 462 864 695 88 607 24 16 691 -676 16.3 1,332 641 606 727 35 647 71 577 31............. 40 ............... 329 -289 -7.0 1,038 709 506 532 203 648 57 591 June 7............. 27 7 567 -547 13.1 1,212 645 620 592 25 814 86 729 14............. 10 559 -550 13,2 1,284 725 664 620 61 1,171 94 1,077 21 8 25 922 -939 21.0 1,669 747 747 922 1,159 73 1,086 28............. 15 ............... 451 -436 10.2 1,333 882 622 711 260 669 85 584 38 outside New York City 1967—May 3....... 4 60 1 .035 -1,092 17.3 1,832 797 670 1,162 127 731 731 10. . 37 2 1,432 -1,397 22.4 2,176 744 622 1,554 122 677 677 17 10 46 1,267 -1,303 21.1 1 ,991 723 668 1,323 55 640 640 24............. 45 22 1,076 -1,053 17,3 1,961 886 773 1,188 113 577 577 31.............. 29 56 917 -944 15.4 1,770 853 738 1,031 114 476 ...........4..7..6 June 7 27 17 1 ,465 -1,454 23.7 2,222 757 676 1 ,546 81 424 424 14............. 21 2 1,703 -1,684 27.8 2,342 638 573 1,769 65 484 484 21 11 40 1 ,622 -1,651 26.4 2,437 815 715 I ,722 100 516 516 28............. 17 28 1 ,038 -1,049 16.8 2,029 990 853 1 ,176 138 273 ............... 273 5 in City of Chicago j 967— May 3.............. -2 21 262 -286 27.2 497 235 212 285 23 19 19 10 2 390 -389 37.9 588 197 158 430 39 10 10 17............. -4 191 -195 19.4 453 263 261 193 2 25 25 24............. 10 121 -111 11.4 488 367 338 ISO 29 40 40 31............. 3 178 -175 17.4 427 249 249 178 .............1..4 14 June 7.............. 4 445 -441 43.5 594 150 150 445 36 36 14............. 3 459 -456 46.6 606 147 147 459 44 44 21.............. -2 9 372 -382 37.0 573 200 193 379 7 43 43 28.............. 4 2 289 -287 27.8 502 213 206 296 7 2 ...............2 33 others 1967—May 3............. 6 39 773 -806 15.3 1 ,335 561 458 876 103 713 713 10............. 35 2 1,042 -1,008 19.4 1,588 547 464 1,124 83 667 667 17 14 46 1,076 -1,108 21.4 1,537 461 407 1,130 53 615 615 24............. 35 22 955 -942 18.4 1,473 518 435 1,038 83 538 538 31 . ........... 26 56 739 -769 15.0 1,343 604 490 853 114 462 ...........4..6..2 June 7. 23 17 1,021 -1,014 19.8 1,628 607 527 1,101 81 387 387 14............. 18 2 1,244 -1,228 24.1 1,735 491 426 1,310 65 440 440 21............. 14 31 1 ,250 -1,267 24.3 1,865 615 522 1,343 93 473 473 28............. 13 26 749 -763 14.7 1,527 778 647 880 131 272 ...........2..7..2 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

JULY 1967 DISCOUNT RATES 1179 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under last par. Sec. 13^ Advances and discounts under Advances under Federal Reserve Bank Secs. 13 and 13a 1 Sex 10(b)2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous ?June 30 date rate June 30 date rate June 30 date rate Boston................................................ 4 Apr. 7, 1967 414 Apr. 7, 1967 5 5 Apr. 7, 1967 5J/4 New York.......................................... 4 Apr. 7, 1967 414 4-14 Apr. 7' 1967 5 514 Dec. 6, 1965 5 Philadelphia........................................ 4 Apr. 7’ 1967 4 "4 414 Apr, 7, 1967 5 Apr. 7, 1967 514 Cleveland............................................ 4 Apr. 7' 1967 Apr. 7 1967 5 Apr. 7,1967 6 Richmond....................... 4 Apr. 7, 1967 4 414 Apr. 7, 1967 5 5 Apr. 7, 1967 514 Atlanta............................................... 4 Apr. 10, 1967 414 414 Apr. 10, 1967 5 6 Apr, 10, 1967 614 Chicago.............................................. 4 Apr. 7, 1967 414 414 Apr. 7, 1967 5 5 Apr. 7, 1967 514 St. Louis....................... 4 Apr. 14, 1967 414 414 Apr. 14, 1967 5 5 Apr. 14, 1967 514 Minneapolis....................................... 4 Apr. 7, 1967 414 414 Apr. 7, 1967 5 5 Apr. 7, 1967 514 Kansas City........................................ 4 Apr. 7; 1967 414 414 Apr. 7^ 1967 5 5 Apr. 7, 1967 514 Dallas................................................... 4 Apr. 7, 1967 4/2 414 Apr. 7, 1967 5 5 Apr. 7, 1967 514 San Francisco.................................... 4 Apr. 7; 1967 4'4 4‘4 Apr. 7. 1967 5 5 Apr. 7, 1967 5'4 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. Govt, obligations. Rates shown also apply to advances secured maturity: 4 months. by obligations of Federal intermediate credit banks maturing within 6 3 Advances to individuals, partnerships, or corporations other than months. Maximum maturity: 90 days except that discounts of certain member banks secured by U.S. Govt, direct obligations. Maximum matu­ bankers* acceptances and of agricultural paper may have maturities not rity: 90 days. over 6 months and 9 months, respectively, and advances secured by FICB obligations are limited to 15 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date 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 -1'A 1 A 1 p 9 r 5 . 5 1 4................................ M 1 a 9 r 5 . 9 6.......................2...'.4..-..3. 3 ' 15............................ 16...........3.....................3 1942 I A M u a g y , 2 4.. . .. . .. . .. . .. . . . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . . !^ 1% June 12.. 3 3 - '4 3'4 ^ Oct. 15.................................... w 1 5 3'4-4 4 30.................................... t!4 12 2 * 18...........4.....................4 Sept. 9.............................. 2 -2<4 ^ * 13................................ 2'4 1960 Ap 1 r 9 . 46 2 5.......................t.. ...5..4..-.1... i t Nov. 2 1 3 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ......... 25 2 4 5 - 4 2'4 2 2 ’ ' 4 4 June 10 3......................... 1^ 4 l it 1956 14..................... 3 ^'4 1948 Apr. 2 1 0 3 .. . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225H4 j -3 ^: Aug. 12................ 3 3 3 Jan, 12..........................1. ...n......r 1:3 Aug. 24................................ 2'4-3 3 19.................................... 31................................ 3 3 iw % 1963 “ 23.................................... 1957 July 17.......................3.. ....-..3.54 lit 3 -3'4 3 - 26.............. 3'4 23........................... 3'4 1* 1950 Nov. 15................................ 3 -3& 1'4-1’4 1’4 Dec. 2............................... 3 3 1964 ~ 25.................................... iy< 1’4 Nov. 24.......................3...'.4..-..4. 4 1958 30................................ 4 4 Jan. 22.......................2...W....-.3.. 3 1953 24............... 2%-3 Jan. 16........................i..y..r.....2. 2 Mar. 7................................. 1965 23.................................. 2 13................................ 4 -4'4 4% 21................................ 13...........4...'.4.................4% Apr. 18................................ ‘^ 1954 May 9................................ Feb. 5........................1..3.^....... 1 Aug. 15................................ 154-2 1967 15.................................. irilt Sept. 2 1 3 2 . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1^ 2 -2 2 A A p p r r . . 1 7 4 , . « .. .. . .. . .. . .. . .. . .. ......... 4 4 T4^ 4 4 16.................................. lit Oct. 24................................ 2 -2^ 2 May 21.................................. 1'4 Nov. 7................................ 2'4 2’4 In effect June 30.......... 4 4 f Preferential rate of one-half of I per cent for advances secured by against U.S. Govt, obligations was the same as its discount rate except U.S, Govt, obligations maturing in 1 year or less, The rate of 1 per cent in the following periods (rates in percentages): 1955—May 4-6, 1.65; was continued for discounts of eligible paper and advances secured by Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. such paper or by U.S. Govt, obligations with maturities beyond 1 year. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17. Dec. 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July Note.—Discount rates under Secs. 13 and 13a (as described in table 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23. Nov. 3, above). For data before 1942, see Banking and Monetary Statistics, 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10. 3.85; Dec. 15, 17, 22, 24, 1943, pp. 439^2. 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

1180 RESERVE REQUIREMENTS JULY 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 ot her (all time deposits Effective date J C r b e a e c s n n i e t t r k y r v s a e 3 l R b e c a s i n e ty k rv s e C b o a u n n k t s ry c b l a a o n s f s k e s s ) Effective date' R b e c a s i n e ty k rv s e C b o a u n n k t s ry d S e a p v o in s g it s s Up to c I e n s s e x o ­ f $5 mil­ $5 mil­ lion lion In effect Dec. 31, 1949............. 22 18 12 5 1966—July 14,21............ 3 16% 512 54 54 5 1951 Jan 11, 16..................... 23 19 13 6 Sept. 8 15.......... . 6 Jan. 25; Feb. 1............. 24 20 14 1953—July 9, 1....................... 22 19 13 1967—Mar. 2..................... 3% 1954—June 24, 16..................... 21 5 Mar. 16...,.....,, 3 July 29, Aug. 1, 20 18 12 1958—Feb. 27, Mar 1............. 19Vi 17i/2 H^ In effect June 30, 1967.... 16% 12 3 3 6 Mar. 20, Apr. 1....... 19 17 II 18% Apr, 24........................... 18 16% I960—Sept. 1............................ 17% Present legal Nov. 24........................... 12 ............... requirement: Dec. 1........................... 16% 1962—July 28........................... (’) Minimum..... ............... to 7 3 3 3 Oct. 25, Nov. 1....... 4 Maximum............................. 22 14 10 10 to 1 When two dates are shown, the first applies to the change at central 4 Effective Jan. 5, 1967, time deposits such as Christmas and vacation reserve or reserve city banks and the second to the change at country club accounts became subject to same requirements as savings deposits. banks. For changes prior to 1950 see Board’s annual reports. s See preceding columns for earliest effective date of this rate. 5 Demand deposits subject to reserve requirements are gross demand Note,—All required reserves were held on deposit with F.R. Banks deposits minus cash items in process of collection and demand balances June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member due from domestic banks. banks were allowed to count part of their currency and coin as reserves; 3 Authority of the Board of Governors to classify or reclassify cities effective Nov. 24, 1960, they were allowed to count all as reserves. For as central reserve cities was terminated effective July 28, 1962. 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. 17, 24, 6, 20, 26, 1933 1935 1936 1957 1962 1963 1964 1965 1966 1966 Savings deposits: Savings deposits.................. 4 4 12 months or more............ 3 2% 3 4 4 4 4 Other time deposits:1 Less than 12 months......... 3 2% 2% 3 3ft 314 4 4 Multiple-maturity: Other time deposits:1 90 days or more......... 5 5 12 months or more............ 3 ^ 2% 3 4 4 ^ m Less than 90 days..... 4 4 6 months to t2 months... 3 2% 3 3^ 4 (30-89 days) 90 days to 6 months.......... 3 2% 2 2*4 4 4% 5% Single-maturity: Less than 90 days........ 3 2% 1 I 1 4 5% 5100,000 or more.......... 5% 5& (30-89 days) Less than $100,000. . . . 5% 5 t 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. 1084. 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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JULY 1967 BANK DEPOSITS; OPEN MARKET ACCOUNT 1181 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 H k 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 April 26, 1967 Four weeks ending May 24, 1967 Gross demand—’Total.... 149,320 30,391 6,772 54,688 57,469 Gross demand-Total.... 147,778 29,873 6,827 54,043 57,034 Interbank.................... 16,757 5,466 1,352 7,814 2,126 Interbank.................... 15,951 5,273 1,232 7,422 2,023 U.S. Govt................... 4,052 927 212 1,586 1,327 U.S. Govt.. ........ 6,214 1,559 379 2,474 1,804 Other.,........................... 128,512 23,999 5,209 45,288 54,016 Other................. 125,614 23,042 5,216 44,149 53,208 Net demand i..................... 118,329 21,909 5,333 42,743 48,344 Net demand1..................... 117,773 22,061 5,316 42,239 48,158 Time.............................. 137,782 19,077 5,529 52,877 60,300 Time.................................... 139,055 19,062 5,579 53,281 61,135 Demand balances due Demand balances due from dom. banks...... 8,353 300 243 2,033 5,778 from dom. banks...... 8,061 238 311 1,977 5,535 Currency and coin............ 4,023 324 79 1,224 2,397 Currency and coin............. 3,994 315 80 1,220 2,379 Balances with F.R. Balances with F.R. Banks,............................. 19,357 4,288 1,056 8,190 5,823 Banks............................... 19,382 4,338 1,059 8,137 5,849 Total reserves held,...... 23,380 4,612 1,135 9,414 8,220 Total reserves held............ 23,376 4,653 1,139 9,357 8,228 Required...................... 23,030 4,599 1,135 9,330 7,918 Required.................... 23,010 4,621 1,136 9,318 7,935 Excess..................... 350 13 34 302 Excess................ 366 32 3 39 293 1 Demand deposits subject to reserve requirements are gross demand Note.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities by maturity Total Treasury bills Others within 1 year . 1-5 years Month Exch., c G h p r a u o s r s e ­ s s G sa r l o e s s s Re ti d o e n m s p­ c G p h r u a o s r s e ­ s s G sa r l o e s s s Re ti d o e n m s p­ c G h p r a u o s r s e ­ s s G sa r l o e s s s m re s a d h t o e i u r f m r t i s p t , y ­ c G h p r a u o s r s e ­ s s G sa ro le s s s m E s a h x t o i u c f r r h t i s . t y tions 1966—May............. 1,208 392 50 1,174 392 50 -281 34 281 J une............. 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 IS 12 1%7—jan .. 904 656 439 904 656 439 Feb.............. 812 305 812 305 -2,457 2,595 Mar............. 1,496 704 1,395 704 80 Apr.............. 975 206 415 859 206 415 10 50 May.. ..... 1,146 107 412 936 107 412 -2,879 107 2,879 Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers’ agreements Federal acceptances (U.S. Govt, Net agency 5-10 years Over 10 years securities) change obliga­ Month in U.S, tions Under Net c G h p r a u o s r s e ­ s s G sa r l o e s s s o E t s r u h x r i m c i f t h t y a s . ­ 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 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 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 e r 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 n e u s t e t r e s ­ ­ , change 1 421 421 766 -1 20 786 June... 8 185 185 689 2 58 748 July.... 39 12 120 26 212 -30 -157 24 Aug.. • • -160 364 457 138 -3 135 Sept.... 97 97 388 -1 387 Oct....... 275 275 69 4 21 94 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 Feb..... -138 3,253 3,253 507 3 37 546 Mar.... 14 8 3,399 3,253 938 13 -7 4 948 Apr.. . . 32 25 1,727 1,529 552 -3 -1 57 606 May... 62 42 1,438 1,459 606 -10 2 -98 499 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

1182 FEDERAL RESERVE BANKS JULY 1967 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1967 1967 1966 1 May June 28 June 21 June 14 June 7 May 31 June June Assets Gold certificate account...................................................... 10,756 10,768 10,768 10,789 10,798 10,775 10,798 11,223 Redemption fund for F.R, notes................................... 1,837 1,831 1,834 1,820 1,810 1,835 1,810 1,770 Total gold certificate reserves..................................... 12,593 12,599 12,602 12,609 12,608 12,610 12,608 12,993 Cash........................................................................................ 324 321 320 318 329 322 329 259 Discounts and advances: Member bank borrowings............................................. 110 411 63 65 390 53 390 287 Other.................................................................................. 18 25 25 25 25 15 25 5 Acceptances: Bought outright............................................................... 86 76 73 73 70 91 70 81 Held under repurchase agreements.............................. 46 32 45 157 Federal agency obligations—Held under repurchase agreements......................................................................... 1 U.S. Govt, securities: Bought outright: Bills................................................................................. 13,612 13,321 12,960 13,526 13,464 14,006 13,464 10,432 Certificates—Special................................................... Other..................................................... 4,353 4,352 4,352 4,352 4,352 4,353 4,352 15 Notes,............................................................................ 21,702 21,684 21,638 21,638 21,572 21 ,737 21 ,572 25,309 Bonds.............................................................................. 6,511 6,458 6,403 6,403 6,355 6,538 6,355 6,413 Total bought outright................................................... 46,178 45,815 45,353 45,919 45,743 46,634 45,743 42,169 Held under repurchase agreements.............................. 472 323 84 323 Total U.S. Govt, securities.............................................. 46,178 46,287 45,353 45,919 46,066 46,718 46,066 42,169 Total loans and securities.................................................. 46,438 46,801 45,514 46,114 46,551 46,923 46,551 42,699 Cash items in process of collection......................... 6,953 8,067 7,814 6,645 6,314 6,532 6,314 6,694 Bank premises....................................................................... 109 108 108 108 108 109 108 104 Other assets: Denominated in foreign currencies.............................. 453 349 348 274 149 578 149 482 IMF gold deposited *.................................................... 233 233 233 230 230 233 230 183 AU other............................................................................ 320 289 272 246 209 321 209 323 Total assets........................................................................... 67,423 68,767 67,211 66,544 66,498 67,628 66,498 63,737 Liabilities F.R. notes............................................................................ 39,351 39,247 39,278 39,215 39,022 39,396 39,022 37,446 Deposits: Member bank reserves..................................... (9,001 19,924 19,197 19,343 19,634 19,505 19,634 18,567 U.S, Treasurer—General account................................ 1 ,215 755 247 427 574 1,311 574 766 Foreign.............................................................................. 127 128 142 130 193 147 193 313 Other: IMF gold deposit1....................................................... 233 233 233 230 230 233 230 183 All other................................................................ 222 227 209 227 213 278 213 254 Total deposits........................................................................ 20,798 21,267 20,028 20,357 20,844 21,474 20,844 20,083 Deferred availability cash items....................................... 5,722 6,736 6,436 5,378 5,066 5,187 5,066 4,737 Other liabilities.......................................................... 244 244 229 238 245 250 245 214 Total liabilities.................................................................... 66,115 67,494 65,971 65,188 65,177 66,307 65,177 62,480 Capital accounts Capital paid in. . ................................................................... 585 585 585 583 582 585 582 562 Surplus.................................................................................... 570 570 570 570 570 570 570 551 Other capital accounts........................................................ 153 118 85 203 169 166 169 144 Total liabilities and capital accounts.............................. 67,423 68,767 67,211 66,544 66,498 67,628 66,498 63,737 Contingent liability on acceptances purchased for foreign correspondents.................................................... 381 357 360 355 348 379 348 252 U.S. Govt, securities held in custody for foreign account.............................................................................. 7,781 7,888 7,917 7,660 7,799 7,667 7,799 7,517 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)....................... 4!,565 41,523 41,402 41,171 41,036 41,688 41,036 40,950 Collateral held against notes outstanding: Gold certificate account................................................ 6,645 6,705 6,705 6,705 6,695 6,645 6,695 6,563 Eligible paper,................................................................... 1 1 31 U.S. Govt, securities............................................... 36,461 36,361 36,361 36,336 36,336 36,481 36,336 35,166 Total collateral............................................................. 43,107 43,066 43,066 43.042 43,031 43,126 43,031 41,760 1 See note 1(b) to table at bottom of p. 1244. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 FEDERAL RESERVE BANKS 1183 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 30, 1967 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a ­ a­ C la le n v d e­ m R o ic n h d ­ At t l a an­ C ca h g i o ­ Lo S u t i . s M ap i o n l n is e­ K C sa a it s n y ­ Dallas c F S i r s a a c n n o ­ Assets Gold certificate account........................ 10,775 579 2,738 690 798 989 724 1 ,595 435 181 461 303 1,282 Redemption fund for F.R. notes........ 1,835 104 442 98 150 160 100 334 64 32 71 62 218 Total gold certificate reserves............. 12,610 683 3,180 788 948 1,149 824 1,929 499 213 532 365 1,500 F.R. notes of other Banks.................... 538 31 150 25 58 39 60 35 22 17 25 20 56 Other cash................................................ 322 12 34 7 49 16 41 58 32 8 16 16 33 Discounts and advances: Secured by U.S. Govt, securities. .. 51 5 3 1 5 17 1 1 5 2 11 Other..................................................... 17 4 1 2 1 J 2 1 2 2 Acceptances: Bought outright.................................. 91 9i Held under repurchase agreements. 45 45 Federal agency obligations—Held under repurchase agreements...... 1 1 U.S. Govt, securities: Bought outright. ................................ 46,634 2,508 11,665 2,366 3,585 3,318 2,566 7,835 1,588 950 1,807 1,924 6,522 Held under repurchase agreements. 84 84 Total loans and securities..................... 46,923 2,514 11,893 2,368 3,587 3,324 2,567 7,854 1.589 951 1,813 1,928 6,535 Cash items in process of collection.. . 8,501 518 1,544 470 607 685 829 1,435 435 254 555 451 718 Bank premises.......................................... 109 3 10 2 5 6 20 19 9 3 14 9 9 Other assets: Denominated in foreign currencies. 578 28 1150 30 52 30 36 84 20 14 25 34 75 IMF gold deposited2......................... 233 233 All other............................................... 321 17 82 16 25 24 17 52 12 6 12 13 45 Total assets.............................................. 70,135 3,806 17,276 3,706 5,331 5,273 4,394 11,466 2,618 1,466 2.992 2,836 8,971 Liabilities F.R. notes................................................ 39,934 2,393 9,285 2,321 3,194 3,677 2,250 7,077 1,459 707 1,516 1,296 4,759 Deposits: Member bank reserves................. 19,505 781 5,593 823 1,361 890 1,071 2,821 693 485 879 1 ,000 3,108 U.S. Treasurer—General account.. 1,311 75 294 72 106 56 114 105 64 34 83 86 222 Foreign.................................................. 147 6 351 7 12 7 8 19 4 3 6 7 17 Other: IMF gold deposit 2........................ 233 233 All other......................................... 278 * 183 10 1 6 2 2 1 1 2 1 69 Total deposits.......................................... 21,474 862 6,354 912 1,480 959 1,195 2,947 762 523 970 1,094 3,416 Deferred availability cash items.......... 7,156 473 1,228 390 522 548 855 1,205 344 201 438 362 590 Other liabilities and accrued dividends 250 14 65 13 19 17 13 42 8 4 10 11 34 Total liabilities........................................ 68,814 3,742 16.932 3,636 5,215 5,201 4,313 11,271 2,573 1,435 2,934 2,763 8,799 Capital accounts Capital paid in......................................... 585 28 152 31 52 30 37 85 20 14 26 34 76 Surplus....................................................... 570 27 148 30 51 30 35 83 20 14 25 33 74 Other capital accounts........................... 166 9 44 9 13 12 9 27 5 3 7 6 22 Total liabilities and capital accounts.. 70,135 3,806 17,276 3,706 5,331 5,273 4,394 11,466 2,618 1,466 2,992 2,836 8,971 Ratio of gold certificate reserves to F.R. note liability (per cent): June 30, 1967...................... 31.6 28.5 34.2 34.0 29.7 31.2 36.6 27.3 34.2 30. 1 35.1 28.2 31.5 May 31, 1967.............................. 31.9 35.7 36.3 29.9 31.2 28.9 26.6 33.4 30.6 38.1 29.2 32.0 25.9 June 30, 1966.............................. 34.0 31.9 26.6 44.2 34.8 36.3 35.3 33.8 35.5 33.6 35.4 42.7 38.2 Contingent liability on acceptances purchased for foreign correspond­ ents..................................................... 379 18 498 20 34 20 24 55 13 9 17 22 49 Federal Reserve Notes—-Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank),..................................... 41,688 2,486 9,750 2,386 3,417 3,774 2,347 7,309 1,533 736 1,581 1,390 4,979 Collateral, held against notes out­ standing: Gold certificate account.................... 6,645 450 1,000 493 600 680 450 1,400 305 127 225 180 735 Eligible paper...................................... U.S. Govt, securities............. 36,481 2,056 8,900 2,000 3,000 3,160 2,050 6,150 1 ,310 625 1,400 1,230 4,600 Total collateral.......................... 43,126 2,506 9,900 2,493 3,600 3,840 2,500 7,550 1,615 752 1,625 1,410 5,335 1 After deducting $428 million participations of other F.R. Banks. 3 After deducting $96 million participations of other F.R. Banks. 2 See note 2 to table on p. 1246. 4 After deducting $281 million participations of other F.R. Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1184 FEDERAL RESERVE BANKS; BANK DEBITS JULY 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 June 28 June 21 June 14 June 7 May 31 June May June Discounts and advances—Total....................................... 128 436 88 90 415 68 415 292 Within 15 days................................................................ 118 425 69 61 386 57 386 279 16 days to 90 days........................................................... 10 11 19 29 29 11 29 1 3 91 days to 1 year...................... * Acceptances—Total............................................................. 132 78 73 105 70 136 70 238 Within 15 days.................................................................. 65 15 8 41 16 65 16 178 16 days to 90 days............................. 67 63 65 64 54 71 54 60 91 days to 1 year....................................................... U.S. Govt, securities and Federal agency obligations—Total............................................... 46,178 46,287 45,353 45,919 46,066 46,719 46,066 42,169 Within 15 days 1............................................................ 1,743 2,525 1,819 1,840 1,87! 995 1,871 538 16 days to 90 days.......................................................... ii;810 11,370 11,512 11,948 11,892 12,544 11'892 10,708 91 days to 1 year.............................................................. 17,750 17,572 17,304 17,413 17,698 18,243 17,'698 15,633 Over 1 year to 5 years.................................................... 13,362 13,345 13,236 13,236 13,168 13,407 13,168 13,593 Over 5 years to 10 years................................................ 1,002 974 994 994 960 1,014 960 1,312 Over 10 years.................................................................... 511 501 488 488 477 516 477 385 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total s P t o er u l 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 ia s n F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese N g l u a e i n t ld h d e e s r r s ­ f S r w an is c s s 1966—July................................. 702 566 54 2 1 75 2 1 * 2 Aug................................. 687 476 54 2 1 150 1 2 Sept................................. 742 587 54 20 1 76 1 1 * 3 Oct.................................. 783 622 54 20 1 76 6 1 3 Nov................................. 709 570 54 2 1 76 1 1 3 Dec.................................. 875 594 55 2 1 216 3 1 * 3 1967—Jan................. 397 319 55 2 1 15 1 1 * 3 Feb.................................. 293 228 55 3 1 1 1 1 * 3 Mar........................... 160 96 55 3 1 1 I 1 * 3 BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits t ( o i n d e b m ill a io n n d s d o e f p d o o si l t l a a rs c ) counts1 Turnover of demand deposits Period T 2 o 3 t 3 a l Leading SMSA’s T S o M ta S l A 23 ’s 2 o 2 th 26 e r T 2 o 3 t 3 a l Leading SMSA’s T S o M ta S l A 23 ’s 2 o 2 th 26 e r SMSA’s N.Y. 6 others2 N (e . x Y cl . . ) SMSA’s SMSA’s N.Y. 6 others2 N (e . x Y c . l ) . SMSA’s 1966—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 2,494.1 1,327.0 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 1,357.1 3,495.4 2J38.3 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 40.6 34.2 1967—dan................................... 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.................................. 6^294.9 2,724.7 1,389.5 3,570.2 2,180.7 55.6 119.4 52.6 39.4 34,2 Mar................................. 6,315.9 2,756.6 1,386,8 3 559 3 2,172 5 54.8 117.2 51.2 39.1 33,9 Apr.................................. 6,553.5 2',864.0 1,451.4 3,689.5 2,238.1 57.7 123.0 54.2 40.8 35.1 May................................ 6,348.2 2,734.5 1,409.2 3,613.7 2,204.5 54.8 115.2 52.0 39.2 33.9 June................................ 6,637.2 2,904.1 1,476.4 3,733.1 2,256.7 56.5 120.0 53.4 40.1 34.4 1 Excludes interbank and U.S. Govt, demand deposit accounts. Note.—Total SMSA’s includes some cities and counties not designated 2 Boston. Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA’s. Los Angeles-Long Beach. For a description of series, see Mar. 1965 Bulletin, p. 390. All data shown here are revised. For description of revision, see Mar. 1967 Bulletin, p. 38. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 U.S. CURRENCY 1185 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir­ End of period cula­ tion i Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939........................ 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941........................ 11,160 8*120 751 695 44 1,355 2*731 2,545 3,044 724 1,433 261 556 24 46 1945........................ 28'515 20.683 1,274 1,039 73 2.’313 6^782 9,201 7’834 2,327 4,220 454 801 7 24 1947........................ 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5^070 428 782 5 17 1950........................ 27,741 19'305 1’554 1,113 64 2'049 5'998 8,529 8,438 2 ,'422 5; 043 368 588 4 12 1955 ........................ 31' 158 221021 1*927 1,312 75 2* 151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958........................ 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959........................ 32'591 23’264 2’304 1’511 85 2’216 6^672 10’476 9,326 2^803 5,913 261 341 3 5 I960........................ 32'869 23,521 2 J 427 1'533 88 2’246 6'691 10*536 9^348 2,815 5; 954 249 316 3 10 1961........................ 33,918 24*388 2,582 1,588 92 2’313 6’878 10,935 9’531 2,869 6,106 242 300 3 10 1962........................ 35’338 25*356 2,782 1,636 97 2,375 7,071 11’395 9'983 2’990 6,448 240 293 3 10 1963 ........................ 37’692 26’807 3^030 1’722 103 2,469 7’373 12J09 10^885 3,221 7'110 249 298 3 4 1964........................ 39'619 28,100 3^405 1'806 111 2^517 7,543 12^717 11,519 3,381 7'590 248 293 2 4 1965 ........................ 42,056 29,842 4^027 1,908 127 2’618 7^794 13^369 12,214 3,540 8*135 245 288 3 4 1966—May........... 42,102 29,868 4,231 1,876 133 2,555 7,732 13,34212,234 3,507 8,196 241 284 3 4 42*554 30’228 4*264 1^884 135 2*570 7,805 13'569 12,326 3*542 8*254 241 283 3 4 July............ 42,708 30,311 4,285 1,880 136 2^550 7,770 13,'69012,397 3,560 8,307 240 283 3 4 42,910 30,455 4*317 1,885 138 2^561 7,780 13,774 12,456 3,568 8^358 240 283 3 4 Sept............ 42,802 30*318 4,342 1'899 138 2^551 7,730 13^659 12’483 3^62 8*392 239 283 3 4 Oct....... 43’113 30^556 4’380 1'926 137 2,583 7,785 13^745 12^56 3,572 8,455 239 283 3 4 Nov............ 44,245 31*499 4,447 1,996 137 2,684 8,076 14'159 12*747 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 1,939 137 2*, 599 7’730 13*667 12,831 3’,629 8',673 239 283 3 4 Feb............. 43,585 30^758 4,481 1 *933 137 2^612 7,840 13,755 12,827 3,622 8,677 239 282 3 4 Mar....... 43*583 30^753 4^518 1 '939 137 2'599 7,801 13*759 12*831 3^21 8,683 239 281 3 4 Apr....... 43*730 30*887 4,'551 1,948 137 2,'607 7,817 13,827 12,844 3,'625 8,692 238 282 3 4 May........... 44,443 31,509 4',600 1,984 137 2', 671 7,979 14', 138 12,935 3',660 8,743 238 282 6 6 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.—Condtased 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 I Held by Kind of currency T s M o ta t n a a d y l i o n 31 u g , . t ­ As a g s a e i c n u s r t i ty Treasury F F . o R r . B F a a . n n R d k . s 1967 1966 1967 go s l i d lv a er n d cash B a a n n d k s Agents May Apr. May certificates Agents 31 30 31 Gold......................................................................................... 13,109 (12,608) 2502 Gold certificates................................................................. (12,608) 312,606 1 Federal Reserve notes......................................................... 41,037 113 2,017 38,907 38,244 36,875 Treasury currency—Total.................................................. 6,605 (553) 741 328 5,536 5,486 5,227 Standard silver dollars................................................... 485 3 ................... 482 482 482 Silver bullion.................................................................... 611 550 61 Silver certificates.............................................................. (553) 1 5 547 547 590 Fractional coin................................................................. 5,095 ................... 667 ................... 309 4,119 4,069 3,749 United States notes......................................................... 323 7 14 302 301 302 In process of retirement ♦............................................. 91 4 87 88 104 Total—May 31, 1967.......................................................... 560,751 (13,160) 1,356 12,606 2,346 44,443 Apr. 30, 1967.......................................................... 560,527 (13,160) 1,365 12,603 2,828 43,730 May 31, 1966......................................................... 559,579 (13,703) 976 13,090 3,411 42,102 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. 1175. by standard silver dollars and monetized silver bullion. Duplications 2 Includes $156 million reserve against United States notes and $230 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. * Redeemable from the general fund of the Treasury. 1961 Bulletin, p. 936. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1186 MONEY SUPPLY; BANK RESERVES JULY 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 D d e e m po a s n it d jus a t d ed ­ 1 Total c C om ur p re o n n c e y n t D d e e m po a s n it d jus a t d ed ­ 1 d d e e p m os a i n ts d t component component 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—.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 1 56.6 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 1967—Jan......................................................... 169.6 38,5 131.1 160.5 174.6 38.4 136.2 160.0 4 2 Feb........................................................ 170.4 38.7 131.7 163.2 170.0 38.3 131.7 163.3 5 1 Mar....................................................... 172.8 38.9 133.9 165.3 171.3 38.5 132.8 166.1 4 9 Apr...................................................... 172,1 39.0 133.1 167.3 173.1 38.6 134.5 168.1 4 8 May...................................................... 174.1 39.2 134.9 169.3 170.5 38,9 131.7 170.2 June^.................................................... 175.9 39.4 136.6 171.6 173.8 39,2 134.6 172.3 4.0 Week ending—• 1967—May 10................................................ 172,6 39.2 133.4 168.6 170.8 39.1 131.7 169.5 7.9 17................................................ 174.7 39.1 135.6 169.2 171.2 38.9 132.3 170.1 6.7 24................................................ 174.7 39.2 135.5 169.6 168.8 38.8 130.0 170,6 6.6 31................................................ 175.0 39.2 135.8 170.2 170.4 38,8 131.7 171.2 5.0 June 7................................................ 175.5 39.3 136.3 170.9 172.7 39.3 133.4 171,7 3.4 14................................................ 175,9 39.4 136.5 171.6 174.4 39.4 135,0 172.3 2.3 21.,............................................. 176,2 39.4 136.8 171.8 175.9 39,3 136,6 172.3 4.8 28*.............................................. 175.9 39.4 136.6 172.1 172.5 39.0 133.4 172.6 5.2 1 At all commercial banks. Averages of daily figures. Money supply consists of (1) demand 2 Effective June 9, 1966, balances accumulated for payment of personal deposits at all commercial banks other than, those due to domestic com­ loans were reclassified for reserve purposes and are excluded from time mercial banks and the U.S. Govt., less cash items in process of collection deposits reported by member banks. The estimated amount of such and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) cur­ deposit's at all commercial banks ($1,140 million) is excluded from time rency outside the Treasury, F.R. Banks, and vaults of al! commercial deposits .adjusted thereafter. banks. Time deposits adjusted are time deposits at all commercial Note.—-For description of revision of series and for back data begin­ banks other than those due to domestic commercial banks and the ning Jan. 1959, see Sept. 1966 Bulletin, pp. 1303-15; for monthly data U.S. Govt. 1947-58, see June 1964 Bulletin, pp. 679-89. AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Member bank reserves1 re D se e r p v o e s i r t e s q s u u ir b e je m c e t n to ts 2 Member bank reserves1 re D se e r p v o e s r it e s q s u u ir b e je m c e t n to ts 2 Period Total r N o b w o o r n e ­ d ­ qu R ir e e ­ d Total sa T a v i n i m n d g e s de v P m a r a t i e ­ n d d G e U m o . v a S n t . , d Total r N o b w o o r e n ­ d ­ qu R ir e e ­ d Total sa T a v i n i m n d g e s de v P m a r t a i e ­ n d d G e U m o . v S an t . , d 1964—Dec....... 21.10 20.84 20.80 216.7 104.2 107.4 5.1 21.64 21.40 21.23 219.1 103.0 111.3 4.8 1965—Dec........ 22. 19 21 .72 21.86 239.0 121.2 111.0 4.2 22.76 22.31 22.32 239.0 119.8 115.2 4.0 1966—June 3... 22.68 22.01 22.32 244.2 126.6 113.3 4.0 22.59 21.92 22.27 243.9 127.0 111.5 5.5 July.... 22.83 22.11 22.40 245.8 127.9 112.6 5.3 22,90 22.13 22.49 246,6 128.4 111.0 7.2 Aug....... 22,54 21.87 22.24 245.6 128.8 112.4 4.4 22,24 21.52 21.91 243.4 129.2 109.7 4.5 Sept....... 22.62 21.83 22.22 245.5 130.5 112.4 2.6 22.53 21.77 22.13 244.6 129.0 111,8 3.8 Oct........ 22.49 21 .71 22.17 244.6 129.5 111.6 3.5 22.49 21.76 22.19 244.6 128.4 112.0 4.3 Nov....... 22.43 21.86 22.11 244.0 127.9 111.6 3.5 22.43 21.82 22.04 243.0 127.3 112.5 3.2 Dec..... 22.42 21.85 22.14 244.4 128.1 111.7 4,5 23.00 22.44 22.61 247.1 127.9 116.1 3.0 1967—Jan........ 22.77 22.33 22.41 247.7 131.4 111.4 4.9 23.23 22.84 22.86 250.9 131.1 116.1 3.7 Feb........ 22.99 22.65 22.63 251.0 133.6 112.4 5.0 22.85 22.49 22.50 250.2 134.0 111,8 4.5 Mar....... 23.41 23.21 22.92 254.0 135.6 113.6 4.8 23.17 22.97 22.74 253.2 136.3 112.6 4.3 Apr........ 23.46 23.30 23.08 256.1 137.2 113.1 5.8 23.36 23.23 23.05 256.3 137.9 114.2 4.3 May.. .. 23.45 23.39 23.05 257.2 138.7 114.4 4.1 23.28 23.18 22.91 256.5 139.4 111.2 5.8 June»... 23.61 23.48 23.14 259.2 140.6 116.2 2.4 23.51 23.40 23.09 258.9 141.3 114.2 3.4 i Averages of daily figures. 3 Effective June 9, 1966, balances accumulated for repayment of per­ Back data on member bank reserves adjusted to eliminate effects of sonal loans were eliminated from time deposits for reserve purposes. changes in reserve requirement percentages. Series reflect percentage re­ Time and total deposits were thereby reduced by an estimated $850 mil­ serve requirements made effective Mar. 16, 1967. lion; this reduced member bank reserves by $35 million. 2 Deposits subject to reserve requirements include total time and sav­ Note.—Back data for the period 1947 to date may be obtained from ings deposits and net demand deposits as defined by Regulation D. Private the Banking Section, Division of Research and Statistics, Board of Gover­ demand deposits include all demand deposits except those due to the U.S. nors of the Federal Reserve System, Washington, D. C. 20551. Govt., less cash items in process of collection and demand balances due from domestic commercial banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 BANKS AND THE MONETARY SYSTEM 1187 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas­ Total Date c u u ry r­ U.S Government securities li i a ti b e i s l ­ Total Ca a p n i d ta l Gold s r t o e i a n n u n g c t d ­ y ­ Total n L e o t a n 1, s , 2 Total s C a a v o n i r n n d g ! , s R Fe e d se e r r v a e l Other O r s i e t t i c h e u e s ­ r 2 ca a p n n i e t d t a l, c d u e r a p r n o e d n si c t y s c m o n a u i e c s n t ­ c t . s , banks Banks 1947—Dec. 31..................... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30..................... 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,008 184,384 14,624 1963—Dec. 20..................... 15,582 5,586 333,203 189,433 103,273 69,068 33,552 653 40,497 354,371 323,251 31,its 1965—Dec. 31..................... 13,733 5,575 399,779 242,706 106,716 65,016 40,768 932 50,357 419,087 383,727 35,359 1966—June 30............. 13,434 5,978 410,775 254,693 101,630 58,625 42,169 836 54,452 430,187 391,731 38,454 July 27..................... 13,300 6,000 406,900 251,800 100,600 57,800 42,000 800 54.400 426,200 387,700 38,500 Aug. 31..................... 13,300 6,000 408,800 252,400 102,100 58,800 42,500 800 54,400 428,200 387,600 40,500 Sept. ................... 13,300 6,100 410,700 254,000 102,000 58,700 42,000 1,300 54,700 430,000 387,800 42.200 Oct. 26.............. 13,300 6,200 410,500 253,500 102,500 58,500 42,800 1,200 54,500 429,900 388,300 41,600 Nov. 30............... 13,200 6,200 412,400 254,200 104,500 59,300 43,900 1,300 53,700 431 ,800 389,200 42,600 Dec. 31..................... 13,159 6,317 422,676 261,459 106,472 60,916 44,316 1,240 54,745 442,152 400,999 41,150 1967—Jan. 25............... 13,200 6,400 418,800 257,000 106,100 60,700 44,200 1,200 55,700 438,300 396,900 41,400 Feb. 22 13,100 6,400 420,700 256,300 107,300 61,300 44,700 1,400 57,200 440,300 396,900 43,400 Mar. 29..................... 13,100 6,500 426,100 259,700 107,700 62,500 44,500 700 58,700 445,700 403,500 42,200 Apr. 26..................... 13,100 6,600 430,400 261,800 107,600 60,600 45,400 1 ,500 61,000 450,100 406,800 43,300 May 31rp. . 13,100 6,600 432,500 262,600 107,800 60,300 46,100 1,400 62,100 452,200 408,100 44,100 June 28p................... 13,100 6,600 436,000 266,300 106,300 58,700 46,200 1,400 63,400 455,800 412,000 43,700 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 e m s D p a t a o d e e n s d ­ ­ d i t s 4 Total o b r u C e a t n u n s c i k r d y ­ s e d ju m e s D p a t a o d e e n s d ­ ­ 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 v e 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 v a o A n n i m n d t k g l s , s B F A a .R n t k . s 1947—Dec. 31.... 110,500 26.100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1,293 2,989 668 1963—Dec. 20.... 153,100 31,700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 1,206 392 6,986 850 1965—Dec. 31.... 167,100 35,400 131,700 175,314 36,999 138,315 199,427 146,433 52,686 309 1 ,780 760 5,778 668 1966—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.... 168,000 37,200 130,800 168,700 37,100 131,600 210,900 156,300 54,400 200 1,800 1 ,200 4,900 800 Nov. 30.... 169,200 37,300 131,900 171,500 38,000 133,500 210,300 155,800 54,500 100 1,800 1,200 4,000 300 Dec. 31.... 170,400 37,600 132,800 178,304 39,003 139,301 213,961 158,568 55,271 122 1,904 1,176 5,238 416 1967—Jan. 25..., 168,800 37,900 130,900 171,000 37,400 133,600 217,500 161,800 55,600 100 1,800 1,200 4,900 400 Feb. 22.... 167,700 38,300 129,400 166,800 37,800 129,000 220,200 164,200 55,900 100 1 ,800 1,200 6,400 400 Mar. 29.... 172,200 38,000 134,200 169,700 37,600 132,100 224,300 167,500 56,700 too 1,800 1,300 5,800 700 Apr. 26.... 170,400 38,000 132,400 170,500 37,700 132,800 225,600 168,600 56,900 100 1,800 1,400 6,700 800 May 31 r p. 173,100 38,600 134,500 171,000 38,500 132,500 228,900 171,500 57,300 100 1,900 1,400 4,400 600 June 28p. .. 174,300 38,500 135,800 172,000 38,500 133,500 231,000 173,100 57,800 100 1 ,800 1,400 4,700 1,200 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. 1191. 2 See note 2 at bottom of p. 1191. Note.—For back figures and descriptions of the consolidated condition 3 Series begin in 1946; data are available only last Wed. of month. statement and the seasonally adjusted series on currency outside banks 4 Other than interbank and U.S. Govt., less cash items in process of and demand deposits adjusted, see “Banks and the Monetary System,” collection. Section 1 of Supplement to Banking and Monetary Statistics, 1962, and 5 Includes relatively small amounts of demand deposits. Beginning with Bulletins for Jan. 1948 and Feb. 1960. Except on call dates, figures June 1961, also includes certain accounts previously classified as other lia­ are partly estimated and are rounded to the nearest $100 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1188 COMMERCIALANDMUTUAL SAVINGS BANKS JULY 1967 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER. BY CLASS OF BANK (Amounts in millions of dollars) 1 ~ . Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Lo 1 a .2 ns U S .S e . curi O tie t s her a C ss a e s t h s ’ c b T a i a l a l p o i i n c a t i t d i ­ t a ­ e a l s l Total’ D In e t ­ erba T n im k’ e Dema O nd ther Time B r i o n o g w r s ­ ­ c c T a o a p o u c i t n t a ­ a t l s l b N a b o u n e f m k r s ­ Govt. 2 counts4 mand U.S. Other 1, 5 Govt. AU banks: 1941—Dec. 31........ 61,126 26,615 25,511 8,99927,344 90,908 81,816 10,982 44,355 26,479 23 8,414 14,826 1945—Dec. 31........ 140,227 30,361 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45.613 227 10,542 14.553 1947—Dec. 31«...... 134,924 43,002 81,199 10,723 38,388 175.091 161,865 12,793 240 1,346 94,381 53,105 66 11,948 14,714 1965—Dec. 31....... 362,320 246,946 65,016 50,357 61,916 435,483 385,196 18,426 1,009 5,532 160,847 199,381 4,564 34,935 14,309 1966—June 30............... 371,684 258,607 58,625 54,452 60,978 444,807 391,731 17,034 1,099 11,005 153,907 208,687 4,444 36,071 14,307 July 27 370,240 258,030 57,830 54,380 57,280 439,560 382,560 15,480 1,090 6,180 149,370 210,440 7,230 35,830 14,305 Aug. 31................ 372,300 259,150 58,780 54,370 56,360 440,790 382,900 15,930 1,130 4,720 149,830 211,290 7,170 36,190 14,305 Sept. 28................ 373,370 260,000 58,690 54,680 56,110 441,490 383,210 16,310 1,060 6,000 148,490 211,350 7,050 36,330 14,294 Oct. 26................ 372,800 259,780 58,520 54,500 57,780 442,350 384,250 1 6,020 1,010 4,720 151,560 210,940 6,970 36,420 14,294 Nov. 30................ 374,510 261,520 59,250 53,740 61,700 448,240 387,980 17,110 900 3,810 155,680 210,480 7,950 36,770 14,288 Dec. 31................ 381,684 266,022 60,916 54,745 70,085 464,376 407,637 19,770 968 4,999 167,821 214,078 4,929 36,926 14,271 1967—Jan. 25................ 379,860 263,530 60,680 55,650 59,570 451,390 392,970 16,050 1,110 4,680 153,470 217,660 7,010 36,910 14,266 Feb. 22................ 380,920 262,430 61,300 57,190 61,260 454,340 394,860 16,640 1,180 6,200 150,490 220,350 6,740 37,140 14,260 Mar. 29................ 387,050 265,860 62,470 58,720 58,500 457,800 399,140 16,350 1,350 5,520 151,510 224,410 6,270 37,380 14,264 Apr. 26................ 389,440 267,820 60,630 60,990 61,670 463,590 404,530 16,560 1,350 6,440 154,430 225,750 6,640 37,440 14,262 May 31 ’’...... 391,630 269,230 60,310 62,090 65,060 469,530 409,520 17,520 1,370 4,160 157,450 229,020 7,080 37,800 14,247 June 28’............. 396,020 273,940 58,660 63,420 62,160 471,070 409,670 16,710 1,450 4,450 155,890 231,170 7,860 37,830 14,254 Commercial banks: 1941—Dec. 31....... 50,746 21,714 21,808 7,225 26,551 79.104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31....... 124,019 26,083 90,606 7,331 34.806 160,312 150,227 14,065 105,921 30,241 219 8,950 14.011 1947—Dec. 31«..... 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....... 306,060 201,658 59,547 44,855 60,899 377,264 332,436 18,426 1,008 5,525 160,780 146,697 4,472 30,272 13,804 1966—June 30............... 314,238 211,980 53,503 48,755 60,013 385,393 338,004 17,034 1,098 10,998 153,846 155,029 4,353 31,309 13,802 July 27............... 312,380 211,050 52,720 48,610 56,420 379,790 328,840 15,480 1,090 6,180 149,320 156,770 7,230 31,090 13,801 Aug. 31........... 313,980 211,820 53,730 48,430 55,530 380,630 329,010 15,930 1,130 4,720 149,780 157,450 7,170 31,360 13,801 Sept. 28............... 314,920 212,500 53,610 48,810 55,260 381,160 328,940 16,310 1,060 6,000 148,440 157,130 7,050 31,510 13,790 Oct. 26............... 314,220 211,980 53,590 48,650 56,980 381,940 329,800 16,020 1,010 4,720 151,510 156,540 6,970 31,630 13,789 Nov. 30................ 315,770 213,460 54,390 47,920 60,890 387,650 333,460 17,110 900 3,810 155,630 156,010 7,950 31,930 13,784 Dec. 31............... 322,661 217,726 56,163 48,772 69,119 403,368 352,287 19,770 967 4,992 167,751 158,806 4,859 32,054 13,767 1967—Jan. 25................ 320,320 214,970 56,000 49,350 58,600 389,820 337,320 16,050 1,110 4,680 153,410 162,070 7,010 32,050 13,762 Feb. 22 320,890 213,600 56,600 50,690 60,220 392,220 338,870 16,640 1,180 6,200 150,430 164,420 6,740 32,240 13,756 Mar. 29................ 326,570 216,750 57,830 51,990 57,360 395,100 342,400 16,350 1,350 5,520 151,450 167,730 6,270 32,470 13,760 Apr. 26 328,610 218,510 56,150 53,950 60,600 400,610 347,590 16,560 1,350 6,440 154,370 168,870 6,640 32,580 13,758 May 31’............. 330,150 219,480 55,880 54,790 63,960 405,880 352,140 17,520 1,370 4,160 157,380 171,710 7,080 32,880 13,744 June 28’............. 334,190 223,940 54,280 55,970 61,010 407,020 351,790 16,710 1,450 4,450 155,820 173,360 7,860 32,880 13,751 Member banks: 1941—Dec. 31....... 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10.385 140 1,709 37,136 12.347 4 5,886 6,619 1945—Dec. 31....... 107,183 22,775 78,338 6,070 29.845 138,304 129,670 13,576 64 22,179 69.640 24,210 208 7,589 6.884 1947—Dec. 31....... 97,846 32,628 57,914 7,304 32.845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8.464 6,923 1965—Dec. 31....... 251,577 169,800 44,992 36,785 52,814 313,384 275,517 17,454 840 4,890 132,131 120,202 4,234 24,926 6,221 1966—June 30.............. 257,767 178,257 39,942 39,569 52,853 320,350 280,339 16,164 928 9,979 126,572 126,696 3,985 25,678 6,194 July 27................ 255,819 177,210 39,072 39,537 49,749 315,068 271,464 14,630 923 5,523 122,416 127,972 6,805 25,531 6,184 Aug. 31............... 257,315 178,023 39,984 39,308 48,650 315,639 271,521 15,047 963 4,202 122,874 128,435 6,633 25,766 6,175 Sept. 28................ 257,809 178,421 39,807 39,581 48,663 316,Ott 271,229 15,225 890 5,448 121,728 127,938 6,684 25,843 6,171 Oct. 26 256,797 177,818 39,652 39,327 50,210 316,324 271,653 15,120 843 4,309 124,263 127,118 6,571 25,942 6,163 Nov. 30................ 258,041 179,106 40,355 38,580 53,564 321,185 274,676 16,188 730 3,448 127,757 126,553 7,459 26,189 6,158 Dec. 31............... 263,687 182,802 41,924 38,960 60,738 334,559 291,063 18,788 794 4,432 138,218 128,831 4,618 26,278 6,150 1967—Jan. 25................ 261,583 180,244 41,773 39,566 51,387 322,412 277,460 15,228 937 4,161 125,481 131,653 6,638 26,285 6,137 Feb. 22............... 262,135 178,958 42,404 40,773 52,973 324,753 279,014 15,828 1,006 5,506 123,124 133,550 6,426 26,453 6,130 Mar. 29................ 267,086 181,604 43,545 41,937 50,276 327,040 281,903 15,547 1,172 4,857 124,096 136,231 6,044 26,639 6,129 Apr. 26................ 268,466 182,821 42,001 43,644 53,487 331,864 286,486 15,742 1,172 5,899 126,642 137,031 6,400 26,749 6,127 May 31............ 269,654 183,480 41,900 44,274 56,487 336,422 290,441 16,716 1,194 3,629 129,570 139,332 6,765 27,009 6,113 June 28’............. 273,151 187,426 40,460 45,265 53,674 337,151 289,858 15,909 1,276 3,930 128,046 140,697 7,442 26,999 6,108 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. 31 s............. 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—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. 31............... 59,023 48,296 4,753 5,973 966 61,008 55,350 1 7 70 55,271 69 4,871 504 1967—Jan. 25............... 59,540 48,560 4,680 6,300 970 61,570 55,650 60 55,590 4,860 504 Feb. 22................ 60,030 48,830 4,700 6.500 1,040 62,120 55,990 60 55,930 4,900 504 Mar. 29................ 60,480 49,110 4,640 6,730 1,140 62,700 56,740 60 56,680 4,910 504 Apr. 26............... 60,830 49,310 4,480 7,040 1,070 62,980 56,940 60 56,880 4,860 504 May 31’............. 61,480 49,750 4,430 7,300 1,100 63,650 57,380 70 57,310 4,920 503 June 28’............. 61,830 50,000 4,380 7,450 1,150 64,050 57,880 70 57,810 4,950 503 For notes see p. 1191. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 COMMERCIAL AND MUTUAL SAVINGS BANKS 1189 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 1 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 H a l p u i n c a t i n d i t ­ - e a t s s l 4 Total’ m D a e n ­ d Time U. D S. ema O n t d her Time1 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 ! b N a b o u n e f m r k s ­ Govt. Reserve city member banks: New York City:7*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—June 30................... 46,453 35,796 4,466 6,192 12,930 62,408 51,799 5,869 606 2,279 24,02019,025 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 21,43919,035 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 21,95518,842 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 21,75618,331 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 22,30917,577 1,944 5,228 12 Nov. 30........... 44,325 34,510 4,303 5,51213,112 60,367 47,230 5,000 416 1,182 23,348 17,284 2,554 5,303 12 Dec. 31.................... 46,536 35,941 4,920 5,67414,869 64,424 51,837 6,370 467 1,016 26,53517,449 1,874 5,298 12 1967—Jan. 25.................... 45,756 35,212 4,775 5,769 11,545 60,042 47,414 5,003 551 848 22,82618,186 2,013 5,323 12 Feb. 22.................... 45,474 34,396 5,115 5,963 12,200 60,537 47,404 4,987 601 1,065 22,54718,204 2,280 5,443 12 Mar. 29............. 46,506 35,084 5,291 6,131 11,237 60,533 48,061 4,966 736 998 22,86218,499 1,920 5,450 12 Apr. 26.................... 46,656 35,541 4,766 6,34912,756 62,311 49,602 5,287 726 1,768 23,63018,191 2,163 5,485 12 May 31................... 46,240 35,151 5,130 5,95915,394 64,794 51,682 5,954 733 695 25,59418,706 2,416 5,598 12 June 28p................. 47,653 36,662 4,809 6,182 13,109 63,971 50,588 5,319 804 761 24,73818,966 2,421 5,557 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 1,700 1,536 2,426 14,290 12,475 1,437 39 345 5,656 4,999 355 1,132 It 1966—June 30................... 11,715 8,567 1,585 1,564 2,322 14,490 12,385 1,230 43 680 5,249 5,184 521 1,152 11 July 27 11,400 8,331 1,363 1,706 2,447 14,371 11,959 1,t60 31 310 5,224 5,234 637 1,146 11 Aug. 31.................... 11,495 8,364 1,475 1,656 2,382 14,297 11,876 1,201 29 248 5,157 5,241 886 1,165 11 Sept. 28.................... 11,538 8,366 1,480 1,692 2,506 14,455 11,751 1,159 26 358 5,148 5,060 1,033 1,156 11 Oct. 26 11,298 8,193 1,425 1 ,680 2,641 14,368 11,671 1,193 27 405 5,239 4,807 830 1,166 II Nov. 30 11,374 8,282 1,526 1,566 2,685 14,520 11,453 1,251 17 108 5,362 4,715 1,114 1,181 11 Dec. 31................... 11,802 8,756 1,545 1,502 2,638 14,935 12,673 1,433 25 310 6,008 4,898 484 1,199 11 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 11 Feb. 22 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 11 Mar. 29................... 12,266 8,584 2,039 1,643 2,733 15,452 12,223 1,244 11 283 5,184 5,501 951 1,193 11 Apr. 26.................... 12,127 8,475 1,886 1,766 2,576 15,176 12,345 1,182 U 370 5,264 5,518 702 1,202 11 May 31.................... 11,995 8,426 1,822 1,747 2,691 15,171 12,633 1,319 11 154 5,488 5,661 644 1,223 11 June 28*................. 12,136 8,778 1,628 1,730 2,805 15,445 12,536 1,250 11 225 5,372 5,678 767 1,213 11 Other reserve city:7*4 1941—Dec. 31............... 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31................... 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31................... 36,040 13,449 20,196 2,39613,066 49,659 46,467 5,627 22 405 28,990 11.423 1 2,844 353 1965—Dec. 31................... 91,997 65,117 14,354 12,52621,147116,350103,034 8,422 206 1,773 47,09243,541 1,548 9,007 171 1966—June 30................... 93,831 67,779 12,18213,86920,764118,152103,985 7,153 215 3,968 44,51948,131 1,756 9,297 170 July 27.................... 93,519 67,738 11,791 13,99020,070116,873 101,489 6,795 238 2,242 43,71648,498 2,744 9,291 170 Aug. 31 93,994 68,102 12,085 13,80719,608117,027101,572 7,261 292 1,562 43,72748,730 2,600 9,361 170 Sept. 28................... 93,899 68,359 11,718 13,82219,590116,951 101,100 7,056 281 1,921 43,26248,580 2,821 9,368 170 Oct. 26.................... 93,627 68,231 11,760 13,63620,426117,442101,512 7,158 252 1,630 44,06648,406 2,999 9,387 170 Nov. 30................... 94,654 68,959 12,237 13,45820,732118,882102,611 7,918 223 1,074 45,21448,182 2,807 9,453 170 Dec. 31.................... 95,831 69,464 13,040 13,32624,228 123,863 108,804 8,593 233 1,633 49,00449,341 1,952 9,47! 169 1967—Jan. 25................... 95,162 68,491 12,875 13,79620,283118,870103,332 7,065 306 1,752 43,83050,379 2,807 9,465 168 Feb. 22 95,797 68,077 13,199 14,521 21,113 120,402 104,520 7,598 327 2,336 42.97851,281 2,957 9,481 168 Mar. 29. ......... 97,875 68,880 13,724 15,271 19,706121,135 105,418 7,387 361 1,825 43,54452,301 2,725 9,589 167 Apr. 26.................... 97,913 68,684 13,065 16,16421,543 123,100 107,154 7,290 371 2,334 44,52252,637 3,050 9,642 166 May 31............... 98,906 69,174 12,938 16,79421,164123,823 107,604 7,477 386 1,375 45,11453,252 3,072 9,701 166 June 28p................. 99,743 70,253 12,267 17,223 20,894124,360 107,794 7,396 392 1,571 44,62253,813 3,420 9,728 166 Country member banks:7’8 I94t—Dec. 31............... 12,518 5,890 4,377 2,250 6.402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31................... 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 11 2,525 6,476 1947—Dec. 31................... 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,37814,560 23 2,934 6,519 1965—Dec. 31................... 103,362 63,338 23,73516,288 17,366 123,227 110,738 2,371 74 1,501 55,11851,675 343 9,673 6,027 1966—June 30............. 105,768 66,115 21,70917,94416,836125,301 112,170 1,912 64 3,052 52,78554,357 41610,050 6,001 July 27................... 105,904 66,352 21,831 17,721 15,796 124,552lit,141 1,862 74 1,963 52,03755,205 850 9,933 5,991 Aug. 31................... 106,086 66,270 21,99417,82216,086124,923 111,204 1,938 74 1,535 52,035 55,622 1,076 9,990 5,982 Sept. 28.................... 106,924 66,818 22,07818,028 15,542 125,209 111,642 2,380 74 1,659 51,56255,967 73710,113 5,978 Oct. 26.................... 107,325 66,983 22,22518,11715,880 125,916 112,276 1,981 74 1,244 52,64956,328 798 10,161 5,970 Nov. 30............. 107,688 67,355 22,28918,04417,035 127,416113,382 2,019 74 1,084 53,83356,372 98410,252 5,965 Dec. 31................... 109,518 68,641 22,41918,45819,004131,338 117,749 2,392 69 1,474 56,67257,144 308 10,309 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 17,051 128,935115,112 1,975 64 1,820 52,40758,846 63010,335 5,939 Mar. 29.................... 110,439 69,056 22,491 18,89216,600 129,920 116,201 1,950 64 1,751 52,50659,930 448'10,407 5,939 Apr. 26 111,770 70,121 22,284 19,365 16,612131,277117,385 1,983 64 1,427 53,22660,685 485 10.420 5,938 May 31................... 112,513 70,729 22,010 19,77417,238132,634118,522 1,966 64 1,405 53,37461,713 633 10,487 5,924 June 28?............... 113,619 71 ,733 21,75620,130t6,866133,375 118,940 1,944 69 1,373 53,31462,240 83410,501 5,919 For notes see p. 1191. 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1190 COMMERCIAL AND MUTUAL SAVINGS BANKS JULY 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 b c C a a l n l a l k s d s a a o n te f d Total L l o , a n 2 s G U o . v S t . . Oth 2 er as C s a e s ts h 3 c c b o a i a u a l l p i n i c n a i t d ­ t i - t e a s l s 2 Total3 m D a e n ­ d Time U. D S. ema O n t d her T l im . 5 e 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 o u n f m k s - Govt. Insured commercial: 1941—Dec. 31.. 49,290 21.259 21,046 6,984 25,788 76,820 69,411 10,554 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88.912 7,131 34,292 157,544 147,775 13, 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 92,97534,882 61 9,734 13,398 1964—Dec. 31.. 275,053 174,234 62,499 38,320 59,911 343,876 305,113 17,664 733 6,487 154.043 126,185 2,58027,377 13,486 1965—Dec. 31 . 303,593 200,109 59,12044,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146.084 4,325 29,827 13,540 1966—June 30,. 312,982 211,588 53,111 48,282 59,489 383,445 337,14616,761 1,021 10,972 152,839 155,554 4,12630,873 13,552 1966—Dec. 31.. 321,473 217,379 55,78848,307 68,515 401,409 351,438 19,497 881 4,975 166,689 159,396 4,71731,609 13,533 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 1964—Dec. 31.. 151,406 96,688 33,40521,312 34.064 190,289 169,615 10,521 211 3,604 84,534 70,746 1,109 15,048 4,773 1965—Dec. 31.. 176,605 118,537 32,34725,720 36,880 219,744 193,860 12,064 458 3,284 92,533 85,522 2,627 17,434 4,815 1966—June 30.. 181,934 124,722 28,891 28,321 36,769 225,441 197,792 10,609 514 6,767 88,615 91,288 2,681 18,021 4,811 1966—Dec. 31.. 187,251 129,182 30,35527,713 41,690 235,996 206,456 12,588 437 3,035 96,755 93,642 3,120 18,459 4,799 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, 41 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 1964—Dec. 31.. 77,091 51,002 15,312 10,777 18,673 98.852 86,108 6,486 453 2,234 44,005 32,931 1,372 7,853 1,452 1965—Dec. 31., 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,59834,680 1,607 7,492 t,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 1966—Dec. 31.. 77,377 54,560 11,569 11,247 19,049 99,504 85,547 6,200 357 1,397 41,46436,129 1,498 7,819 1,351 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 18,119 214 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 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 1966—Dec. 31.. 56,857 33,636 13,873 9,349 7,777 65,921 59,434 709 87 543 28,471 29,625 99 5,342 '7,384 Noninsured nonmem­ ber commercial: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 3'29 1 ,291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 31 1 ,905 365 4 279 714 1947—Dec. 31 6. 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 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 1966—Dec. 31.. 2,400 1,570 367 463 604 3,171 2,073 274 86 17 1,062 633 142 434 >•233 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 4;’5 14 101 6,045 11 1,362 7,130 (947—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 1964—Dec. 31.. 48,879 27,899 14,273 6,707 7,752 57,780 51,447 931 156 672 26,64523,043 198 4,894 7,536 1965—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 1966—Dec. 31.. 59,257 35,206 14,239 9,812 8,381 69,092 61,506 983 173 560 29,53230,258 241 5,776 '7,617 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 E 10,351 1 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 1 2 12 12,192 1,252 194 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 1966—Dec. 31.. 51,267 42,591 3,324 5,352 847 53,047 48,254 1 6 381 47,865 69 4,140 330 Noninsured mutual savings: 1941—Dec. 31.. 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31.. 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 6 '558 350 1947—Dec. 31 6 5,957 1,384 3,813 760 211 6,215 5,556 2 5 553 637 339 1964—Dec. 31.. 7,005 4,852 1,678 475 Hl 7,195 6,387 6 6,381 670 178 1965—Dec. 31.. 7,526 5,325 1,710 491 113 7,720 6^874 1 8 6,865 1 706 177 1966—June 30.. 7,768 5,525 1,690 552 111 7,964 7,046 I 28 7,017 716 175 1966—Dec. 31.. 7'756 5,705 1,429 621 119 7,961 7,096 1 19 7,076 732 174 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 COMMERCIAL BANKS 1191 LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total i, 2 Loans1,2 Total 1, 2 Loans1,2 U.S. U.S. Other 2 Other 2 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 1960—Dec. 31...................................................................... 194,5 113.8 59.8 20.8 198.5 116.7 61.0 20.9 1961—Dec. 30............................................................ , .. 209.6 120.5 65.2 23.9 214.4 123.9 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...................................................................... 294.4 192’6 57.7 44.8 301,8 197.4 59.5 44,9 1966—June 30...................................................................... 307.7 204.0 55.1 48.6 310.1 207.9 53.5 48.8 July 27...................................................................... 309.2 206.4 54.4 48.5 307.1 205.8 52.7 48.6 310.8 206.6 56. 1 48.1 307.7 205.5 53.7 48.4 308.7 206.1 54. 3 48.3 309.3 206.9 53.6 48.8 Oct. 26...................................................................... 308.1 207.2 52,5 48. 4 308.4 206.2 53.6 48.7 Nov. 30...................................................................... 308.6 207.2 53.0 48.4 309.5 207.2 54.4 47.9 Dec. 31.................................................................... 310.2 207 2 54 3 48 7 317 9 213 0 56 2 48 8 1967—Jan. 25...................................................................... 314.9 211.0 54.0 49.8 314.2 208.9 56.0 49.4 Feb. 22....................................................... 316.5 210.4 55.1 51.0 3.14.9 207.6 56.6 50.7 321.9 211.8 57.8 52,3 320.6 210.7 57.8 52.0 Apr. 26............................................................. 324.1 213.8 56.6 53.7 322.8 212.7 56.2 54.0 326.4 213.8 57.6 55.1 323.8 213.2 55.9 54.8 June 3O3................................................................... 326.7 214.3 56.5 55.9 329.3 218.4 54.8 56.1 * Adjusted to exclude interbank loans. 3 June 30, 1967, estimated. 2 Beginning June 9, 1966, about $1.1 billion of balances accumulated for payment of personal loans were deducted as a result of a change in Note.—-Data are for last Wed. of month except for June 30 and Dec. Federal Reserve regulations. 31; data are partly or wholly estimated except when June 30 and Dec. 31 Beginning June 30, 1966, CCC certificates of interest and Export­ are call dates. For back data, see July 1966 Bulletin, pp. 952-55. For Import Bank portfolio fund participation certificates totaling an estimated description of seasonally adjusted series, see July 1962 Bulletin, pp. $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, Dec. 31, June 30, Dec. 31, Class of bank 1966 1966 Class of bank 1966 1966 All commercial.............................................................. 1,150 1,223 AH member (cont.)— Insured........................................................................ 1,150 1,223 Other reserve city................................................ 338 370 National member...................................................... 678 729 Country.................................................................... 532 571 State member....................................... . ..... . 193 212 All nonmember............................................................ 280 283 All member..................................................................... 870 941 Insured................................................................ 279 282 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. 1190, or from “Loans” and “Time deposits, as follows: in the tables onpp. 1187-89;in the table at the top of this IPC” in the tables on pp. 1192-93. page; and in the tables on pp. 1194-97 (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. 1188-90. 8 Beginning with May 18, 1964, one New York City country bank with loans and investments of $1,034 million and total deposits of $982 million 1 See table ” Deposits Accumulated at Commercial Banks for Payment was reclassified as a reserve city bank. Beginning with May 13, 1965, of Personal Loans” and its notes on p. 1191. Toledo, Ohio, reserve city banks with total loans and investments of 2 Beginning June 30, 1966, loans to farmers directly guaranteed by $530 million and total deposits of $576 million were reclassified as country CCC were reclassified as securities, and Export-Import Bank portfolio banks. fund participations were reclassified from loans to securities. This reduced “Total loans” and increased ‘‘Other securities” by about $1 billion. Note.—Data are for all commercial and mutual savings banks in the “Total loans” include Federal funds sold, figures for which are shown United States (including Alaska and Hawaii, beginning with 1959). For separately for commercial banks on the following two pages. definition of “commercial banks” as used in this table, and for other 3 Reciprocal balances excluded beginning with 1942. banks that are included under member banks, see Note, p. 643, May 1964 4 Includes other assets and liabilities not shown separately. Buli etin. 5 Figures for mutual savings banks include relatively small amounts Comparability of figures for classes of banks is affected somewhat by of demand deposits. Beginning with June 1961, also includes certain changes in F.R. membership, deposit insurance status, and the reserve accounts previously classified as other liabilities. classifications of cities and individual banks, and by mergers, etc. 6 Beginning with Dec 31, 1947, the series was revised; for description, Data for national banks for Dec. 31, 1964, have been adjusted to make see note 4, p. 587, May 1964 Bulletin. them comparable with State bank data. 7 Regarding reclassification of New York City and Chicago as reserve Figures are partly estimated except on call dates. cities, see Aug. 1962 Bulletin, p. 993. For various changes between For revisions in series before June 30, 1947, see July 1947 Bulletin, reserve city and country status in 1960-63, see note 6, p. 587, May 1964 pp. 870-71. Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1192 COMMERCIAL BANKS JULY 1967 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments For To Total o p r u r c c a h r a r s y i i n n g g financial U.S s . e G cu o r v it e ie rn s m 5 ent Class of loans i Fed­ Com­ securities institutions Other, State bank and and eral mer­ Agri- Real to and Other call date invest­ funds Total cial cul- es­ in­ Other local secur­ ments 2. 3 and tur- To tate di­ 4 govt, rities 4 in­ al 4 bro­ vid- Bills secu­ d tr u ia s l ­ k a e n r d s ot T h o er s Banks Others ualsi Total ce a r n t d if i­ Notes Bonds rities deal­ cates ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 94769,221 9,982 6,03453,205 5.2763,729 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 2,103 199,55571,4378,2125,2583,231 2,158 13,29149,30(45,468 5,21559,547 n.a. n.a. n.a. 38,655 6,201 1966—June 30.. 315,388 2,129211,001 77,2458,488 5,35€ 3,283 1,971 13,93351,89947,6825,22753,503 n.a. n.a. n.a.40,6(28,142 1966—Dec. 31.. 323,885 2,544216,40580,5988,555 5,821 3,203 2,189 13,30253,95047,943 5,183 56,163 n.a. n.a. n.a.41,0037,769 All insured: 1941—Dec. 31.. 49,290 21,259 9,2141,450 614 662 40 4,773 4,J505 21,046 988 3,(59 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,3143,164 3,606 49 4,675 2,361 1,13288,91221,526 16,04551,342 3,8733,258 1947—Dec. 31.. 114,274 37,583 18,0121,610 8231,190 114 9*266 5,654 '91467,941 9,676 5,91852'347 5,1293,621 1964—Dec. 31.. 275,053 174,23459,7467,4825,3552,794 3,419 10,81243,43639,6275,1(262,499 13,275 18,93930,285 33,2945,026 1965—Dec. 31.. 303,593 2,064198,04570,8878,191 5,0883,172 2,093 13,14849,02645,2905,15559,12013,134(3,23333,85838,4195,945 1966—June 30.. 312,982 2,061 209,52776,725 8,4705,2223,222 1,929 13,77351,59947,5065,15253,111 9,17412,38932,70940,3687,914 1966—Dec. 31.. 321,473 2,461 214,91880,0608,5365,6433,148 2,131 13,14853,68647,7705,127 55,788 12,08013,439 31,53640,761 7,545 Member, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,f>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 .....3..2..,.6.28 16,962 1,046 811 1,065 113 7,130 4'662 '83957,914 7,803 4^815 45,295 4’1993,105 1964—Dec. 31.. 228,497 147,69053,7174,6435,1422,411 3,25010,17934,58732,0244,82448,717 9,93215,23823,54828,3743,715 1965—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 1,772177,355 69,3575,2445,0362,717 1,861 13,06840,86237,9334,80839,942 6,384 9,11825,42633,8965,672 1966—Dec. 31.. 264,627 2,119 181,62472,5535,3185,3892,660 2,047 12,34942,38437,9254,75741,924 8,567 9,78924,60933,8005,160 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. 3L. 26,143 7,334 3,044 2,453 1,172 26 80 287 27217,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 .......7..,.1.79 5,361 545 267 93 111 564 238 11^972 1,642 *558 9,772 638 604 1964—Dec. 31.. 39,507 27,301 14,189 302,742 623 1,179 2,615 2,546 2,6541,371 6,178 1,958 1,972 2,248 5,579 449 1965—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 1966—Dec. 31.. 46,536 109 35,83221,214 173,109 598 1 ,025 3,265 3,465 2,799 1,209 4,920 1,871 942 2,286 4,967 708 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 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 HO 8,457 4,983 35 394 254 147 1 ,293 592 744 276 1,585 429 284 954 1,326 238 1966—Dec. 31.. 11,802 31 8,724 5,311 64 406 222 181 1,161 622 751 273 1,545 353 256 1,004 1,328 174 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. 3L. 40,108 8,514 3,661 205 4271,503 17 1,459 855 38729,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3'147 1,969 351 20,196 2,731 1,901 15,563 1,3421,053 1964—Dec. 31.. 84,670 57,55521,1021,095 1,060 986 1,134 4,88713,61112,802 1,97716,326 3,200 5,662 7,463 9,871 918 1965—Dec. 31.. 91.997 471 64,64624,7841,206 954 1,108 635 5,82015,05614,3051,99914,354 2,972 3,281 8,43211,5041,022 1966—June 30.. 94,169 526 67,591 26,903 1,255 899 1,123 574 5,911 15,62914,672 1,857 12,182 1,720 2,520 8,34412,361 1,509 1966—Dec. 31.. 96,201 817 69,01728,090 1,251 1,084 1,079 684 5,74816,04414,375 1,96813,040 2,552 2,673 8,22212,033 1,294 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1.528 4.377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 35926,999 5,732 4,54416,722 1'342L067 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 2,0061,262 1964—Dec. 31«. 93,759 55,733 14,5563,493 830 599 710 1,73017,96415,899 1,04724,341 4,209 7,20612,92511,5312,154 1965—Dec. 31.. 103,362 90S 62,433 16,4783,840 650 698 174 1,98320,217 18,4231,17723,735 4,389 5,565 14,098 13,8052,483 1966—June 30.. 106,300 1,002 65,645 17,6573,938 437 693 150 1,96621,230 19,5521,261 21,709 2,808 5,563 13,655 14,8493,095 1966—Dec. 31.. 110,089 1,161 68,051 17,9383,986 790 761 157 2,17522,25320,0001,30722,419 3,791 5,917 13,096 15,4732,985 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 1964—Dec. 31.. 48,879 27,899 6,5002,862 400 432 241 733 088 7,786 32814,273 3,445 3,801 7,026 5,1591,548 1965—Dec. 31.. 54,483 242 31,616 7,4583,113 343 516 151 817 10,312 9,050 383 14,555 n.a. n.a. n.a. 6,0672,003 1966—June 30.. 56,750 357 33,646 7,888 3,244 314 566 109 865 11,037 9,749 420 13,561 n.a. n.a. n.a. 6,7162,470 1966—Dec. 31.. 59,257 425 34,781 8,045 3,237 431 543 142 95311,56610,018 427 14,239 n.a. n.a. n.a. 7,2032,609 i Beginning with June 30, 1948, figures for various loan items are 4 Beginning with June 30, 1966, Ioans 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. 1191. at book value; they do not add to the total (shown at book value) and are J 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

JULY 1967 COMMERCIAL BANKS 1193 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 F w e R a r . i v n R e th e k ­ . s s r C c e a o n n u i c d r n y ­ b m a a w B d n e n i a o c s k t l e t h ­ - s i s c 5 ju m p D s o d a a t s d e e e n i - ­ - d t d s 7 D In o t ­ erba F nk or­ G U o . v S t . . S g l a o o t n c a v d a t t e l . C c o f a e e i f n e r r f d d i t s ­ i ’ ­ IPC I b n a t n e k r­ G P S U 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 . IPC 2 B in o g r s - c C o a t a u a c p n l ­ i t ­ s mestic6 eign8 ch e e tc c . ks, ings Total: 3 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 1964—Dec. 31.... 17,581 4,532 15,111 134,671 16,369 1,569 6,510 13,519 5,970 135,694 819 272 9,812 116,635 2.67927,795 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 12,186134,2474,47230,272 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 12,634143,3154,353 31,309 1966—Dec. 31 ... . 19,069 5,450 15,870 142,104 17,867 1,904 4,992 15,047 7,051 145,653 967 238 13,462 146,3294,85932,054 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 1964—Dec. 31.... 17,581 4,515 14,613 133,336 16,210 1,454 6,487 13,423 5,856 134,764 733 272 9,766 116,1472,58027,377 1965—Dec. 31. . . . 17,992 4,833 14,801 139,601 16,620 1,529 5,508 14,152 5,913 139,594 923 263 12,135 133,6864,32529,827 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 12,584142,7384,12630,873 1966—Dec. 31. ... 19,069 5,426 15,348 140,835 17,713 1,784 4,975 14,951 6,956 144,782 881 238 13,414 145,7444,717 31,609 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 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 95,4252,481 22,901 1965—Dec. 3t.... 17,992 3,757 8,957 112,569 15,977 1,477 4,890 10,840 5,386 115,905 840 23610,041 109,9254,23424,926 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 10,334 117,0283,985 25,678 1966—Dec. 31.... 19,069 4,249 9,400 112,920 17,051 1,736 4,432 11,406 6,396 120,417 794 213 10,983 118,5764,61826,278 New York City: 1941—Dec. 31 ... . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1964—Dec. 31.... 3,730 278 180 17,729 4,112 976 1,486 441 2,940 20,515 436 74 677 13,5341,224 4,471 1965—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,H4 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 1966—Dec. 31.... 4,062 326 201 18,013 5,105 1,265 1,016 608 3,814 22,113 467 83 918 16,447 1,874 5,298 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 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 S9 345 328 126 5,202 39 4 2t0 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 1966—Dec. 31.... 815 92 136 4,502 1,362 71 310 286 146 5,575 25 I 356 4,541 484 1,199 Other reserve city: 1941—Dec. 31. . . . 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 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 1966—Dec. 31.... 8,353 1,326 2,517 37,572 8,249 343 1,633 3,708 1,274 44,022 233 57 5,450 44,2041,952 9,472 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 II 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 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 1966—Dec. 31 ... . 5,839 2,506 6,545 52,832 2,335 57 1 ,474 6,805 1,161 48,706 69 71 4,260 53,384 308 10,309 Nonmember 3 1947—Dec. 31.... 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 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 5345 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 1966—Dec. 31.... 1,201 6,471 29,184 815 167 560 3,641 655 25,237 173 26 2,479 27,753 241 5^76 6 Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, see Note, p. 589, May 1964 7 Through 1960 demand deposits other than interbank and U.S. Bulletin.) These figures exclude data for banks in U.S. possessions Govt., less cash items in process of collection; beginning with 1961, except for member banks. Comparability of figures for classes of banks demand deposits other than domestic commercial interbank and U.S. is affected somewhat by changes in F.R. membership, deposit insurance Govt., less cash items in process of collection. status, and the reserve classifications of cities and individual banks, and 8 For reclassification of certain deposits in 1961, see note 6, p. 589, by mergers, etc. May 1964 Bulletin. Data for national banks for Dec. 31, 1964, have been adjusted to make them comparable with State bank data. Note.—Data are for all commercial banks in the United States. (For For other notes see opposite page. definition of ^commercial banks” as used in this table and for other banks Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1194 WEEKLY REPORTING BANKS JULY 1967 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans2 or c F a o r r r y p i u n r g c h se a c s u in r g it ies To financial institutions Total Loans 1 net of Wednesday m i l n o a e v n a n e n d t s s s t ­ i v se t a r i r l o e v u ­ n e a s ­ i C n m t a c r o d n i i e a u m a d r l l s ­ ­ ­ A t c u u g r l a r ­ i l ­ G c U a T t s u i o n e . e o r S v ­ d s i t ­ . b , d r e o a O k c l t s e u i t e e e h r r r ­ s s i s e ­ r G c U t s u T o i e e . r v S o ­ s i t ­ . , o th O c e t s u t i r e h e s r ­ s i e ­ r F ei o g r n B ­ ank c m m D s t o i e e o m c s r ­ ­ ­ ­ f s P c a i a n o e N n l a r s e d s o n . s , , . n ba O n t k her e R st e a a t l e s i C m n u s m o e t n n a e ­ l t r ­ g e F o i o g v n r ts ­ . o A th l e l r V se t a r i r o e l v u ­ n e a s ­ cial etc. Large banks— Total 1966 June 1 ..... . 184,275 134,249 56,416 1,734 998 3,681 94 2,206 1,586 3,449 6,430 4,819 26,481 29,108 2,753 8........... 181,035 131,185 56,215 1,732 538 3,375 101 2,220 1,606 2,116 5,854 4,732 26,500 28,957 2,761 15........... 184,383 134,440 57,468 1 ,747 688 3,563 89 2,215 1,565 3,052 6,570 4,859 26,601 28,783 2,760 22...... 184,809 135,430 58,109 1,751 518 3,755 90 2,213 1 ,608 2,879 6,935 4,798 26,659 28,873 2,758 29........... 186,820 136,467 58,279 1 ,791 687 3,970 87 2,231 1,496 3,342 7,068 4,878 26,701 15,999 1,182 11,519 2,763 1967 May 3........... 193,499 137,466 62,648 1,872 1,333 3,355 66 2,147 1,336 3,229 5,621 4,102 27,087 15,819 1,085 10,727 2,961 10........... 192,058 135,977 62,185 1,870 939 3,284 68 2,135 1,349 2,855 5,402 4,060 27,154 15,837 1,082 10,715 2,958 17........... 192,241 136,365 62,261 1,877 1 ,009 3,219 67 2,151 1,339 3,006 5,401 4,098 27,232 15,849 1,079 10,733 2,956 24........... 191,642 135,824 62,042 1 ,879 905 3,005 65 2,149 1,358 3,253 5,225 4,035 27,261 15,860 1,070 10,672 2,955 31........... 192,894 136,625 61,836 1,885 925 3,150 68 2,159 1,398 3,517 5,548 4,086 27,296 15,901 1,056 10,753 2,953 June 7........... 192,654 136,046 61,478 1,888 971 3,172 68 2,204 1,407 3,366 5,302 4,092 27,333 15,919 1,016 10,787 2,957 14........... 194,483 137,558 62,383 1,898 1,339 3,085 68 2,187 1,426 3,239 5,412 4,204 27,422 15,957 1 ,020 10,873 2,955 21........... 196,807 139,721 63,860 1,908 801 3,389 69 2,195 1,357 3,296 5,945 4,294 27,496 16,000 1,108 10,953 2,950 28........... 195,721 139,939 63,784 1 ,875 529 3,285 70 2,167 1,338 3,895 5,859 4,411 27,547 16,055 1 ,070 10,998 2,944 New York City 1966 June 1........... 43,770 34,147 18,499 18 534 2,330 16 659 841 1,205 2,213 1,291 3,127 4,184 770 8........... 42,126 32,545 18,376 18 282 2,089 15 666 842 729 1,848 I ,236 3,116 4,108 780 15........... 43,915 34,100 18,981 17 320 2,296 11 666 828 974 2,272 1,277 3,116 4,121 779 22........... 43,945 34,487 19,203 15 222 2,474 1 1 669 868 921 2,323 1,268 3,118 4,172 777 29........... 45,043 35,138 19,368 15 377 2,639 11 672 849 1,201 2,295 1,310 3,144 1,277 807 1,949 776 1967 May 3........... 44,504 34,165 21,197 14 522 1 ,906 10 606 708 676 1,671 1,067 2,937 1,225 696 1,771 841 10 44,034 33,706 20,944 14 339 1,897 11 599 705 768 1,588 1,041 2,952 I ,225 690 1,773 840 17...... 43,860 33,482 20,988 14 370 1,846 11 606 704 545 1 ,564 1 ,036 2,969 1,227 689 1,753 840 24........... 43,632 33,381 20,895 14 365 1 ,687 9 611 703 827 1,469 1,025 2,964 1,222 684 1,746 840 31........... 43,909 33,639 20,757 15 384 1,808 10 608 721 817 1 ,669 1,035 2,975 1 ,222 678 1,778 838 June 7........... 43,823 33,375 20,592 14 421 1,829 10 630 714 853 1,518 1,020 2,975 1,220 639 1,779 839 14........... 44,784 34,169 21,055 15 688 1,731 10 610 732 853 1,598 1,072 2,990 1 ,222 649 1 ,783 839 21........... 45,931 35,114 21,672 13 416 2,009 10 630 650 1,006 1,749 1,065 2,987 1,233 702 1,807 835 28........... 45,326 35,153 21,673 13 243 1 ,964 10 616 639 1 ,294 1 ,643 1,111 3,006 1,232 695 1,829 835 Outside New York City 1966 June 1 ...... 140,505 100,102 37,917 1,716 464 1 ,351 78 1,547 745 2,244 4,217 3,528 23,354 24,924 1,983 8........... 138,909 98.640 37,839 1 ,714 256 1,286 86 1,554 764 1,387 4,006 3,496 23,384 24,849 1,981 15 140,468 100,340 38,487 1,730 368 1,267 78 1,549 737 2,078 4,298 3,582 23,485 24,662 1,981 22........... 140,864 100,943 38,906 1,736 296 1,281 79 1,544 740 1,958 4,612 3,530 23,541 24,701 1,981 29........... 141,777 101,329 38,911 1 ,776 310 1 ,331 76 1,559 647 2,141 4,773 3,568 23,557 14,722 375 9,570 1,987 1967 May 3........... 148,995 103,301 41,451 1,858 811 1 ,449 56 1,541 628 2,553 3,950 3,035 24,150 14,594 389 8,956 2,120 10........... 148,024 102,271 41,241 1 ,856 600 1,387 57 1 ,536 644 2,087 3,814 3,019 24,202 14,612 392 8,942 2,118 17........... 148,381 102,883 41,273 1 ,863 639 1,373 56 1,545 635 2,461 3,837 3,062 24,263 14,622 390 8,980 2,116 24........... 148,010 102,443 41,147 1,865 540 1,318 56 1,538 655 2,426 3,756 3,010 24,297 14,638 386 8,926 2,115 31........... 148,984102,984 41,079 1 ,870 541 1,342 58 1,551 677 2,700 3,879 3,051 24,320 14,679 378 8,974 2,115 June 7........... 148,831 102,671 40,886 1,874 550 1,343 58 1,574 693 2,513 3,784 3,072 24,358 14,699 377 9,008 2,118 14........... 149,699 103,389 41,328 1 ,883 651 1,354 58 1,577 694 2,386 3,814 3,132 24,432 14,735 371 9,090 2,116 21........... 150,876104,607 42,188 1,895 385 1,380 59 1,565 707 2,290 4,196 3,229 24,509 14,767 406 9,146 2,115 28........... 150.395 104,786 42,111 1,862 286 1,321 60 1 ,551 699 2,601 4,216 3,300 24,541 14,803 375 9,169 2,109 For other notes see p. 1197. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 WEEKLY REPORTING BANKS 1195 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments Cash assets U.S. Government securities Other securities Balances with— Total Bills c C t a if e te i r ­ s ­ W 1 i i y n N t r h . o ­ m te a s 5 tu a 1 n y r t i d r o n s . g b — on A 5 d f y s t r e s r . r w a T O n a a o t b p r x s s f ­ l o u 1 i a S l b g n i d t a t d a i t i c t i v o e o a . A t s l n h U s e r p p C a a O c r e t o t i o r t s i o f h t e c r i n p e f c i­ . a r 4 u , n r b s i d t t o o O i s r n e c i e t t s d k c i h s e s u e , s ­ r Total p c i C r t o t e i o i o a l o n m l c s f e n e h s c 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 w F r R a . v i n R t e e h k ­ s . s a o s A t s h U e e t r s Wednesday Large banks— Total 1966 23,006 2,904 567 2,730 10,260 6,545 27,020 39,875 19,860 4,470 182 2,378 12,985 7,753 ........June 1 22,522 2,426 559 2,740 10,255 6,542 27,328 36,991 16,643 4,057 196 2,368 13,727 7,658 ................... 8 22,858 2,670 576 3,022 9,988 6,602 27,085 41,577 21,028 4,306 194 2,395 13,654 7,496 ..........15 22,291 2,076 578 3,H7 9,935 6,585 27,088 40,275 18,825 4,134 189 2,479 14,648 7,531 ....................22 22,531 2,281 588 3,082 9,927 6,653 2,655 21,334 1,338 2,495 38,776 17,991 4,047 199 2,558 13,981 7,708 ....................29 1967 25,326 3,571 309 3,095 12,415 5,936 3,640 23,019 1 ,350 2,698 42,239 19,894 4,156 207 2,423 15,559 8,254 .........May 3 25,164 3,470 309 3,103 12,414 5,868 3,584 23,189 1,436 2,708 39,646 18,228 4,002 229 2,556 14,631 8,214 .10 24,982 3,181 287 2,813 12,823 5,878 3,529 23,262 1 ,396 2,707 42,074 20,456 4,218 216 2,547 14,637 8,094 .17 24,813 3,003 282 2,737 12,973 5,818 3,515 23,292 1,424 2,774 39,909 18,883 3,738 229 2,660 14,399 8,105 .24 25,398 3,577 277 2,815 12,919 5,810 3,532 23,423 1,234 2,682 44,838 22,515 4,095 217 2,606 15,405 8,486 .31 25,201 3,426 251 2,884 12,842 5,798 3,621 23,828 1,221 2,737 40,441 18,664 4,066 214 2,523 14,974 8,341 June 7 25,411 3,602 245 2,937 12,830 5,797 3,547 23,979 1 ,223 2,765 44,355 22,527 4,146 222 2,655 14,805 8,256 14 25,279 3,595 252 2,813 12,958 5,661 3,648 24,174 1,205 2,780 43,286 20,800 4,016 222 2,679 15,569 8,260 21 24,126 2,540 251 2,825 (2,909 5,601 3,571 24,159 1,209 2,717 42,203 20,425 4,078 203 2,758 14,739 8,519 ................. 28 New York City 1966 3,979 824 192 381 1,339 1,243 5,644 10,790 7,162 239 73 307 3,009 3,008 .........June 1 3,826 650 189 407 1,311 1,269 5,755 10,335 6,125 209 90 306 3,605 3,006 ......................8 4,170 997 187 421 1,280 1,285 5,645 11,879 7,542 254 91 303 3,689 2,932 ....................15 3,773 616 184 424 1,242 1,307 5,685 12,019 7,093 240 83 311 4,292 2,870 .22 3,959 805 182 402 1,261 1,309 685 4,301 331 629 11,168 6,819 280 92 324 3,653 2,965 ....................29 1967 4,632 949 94 524 1,836 1,229 763 4,121 178 645 11,856 6,726 207 85 313 4,525 2,939 ..... May 3 4,647 988 95 520 1,829 1,215 686 4,176 178 641 10,937 6,569 233 102 322 3,711 2,930 10 4,852 1,001 91 535 1,995 1,230 603 4,121 171 631 11,970 7,183 276 94 317 4,100 2,904 17 4,744 896 91 528 2,018 1 ,2(1 608 4,088 178 633 (2,363 7,822 196 97 325 3,923 2,909 24 4,840 998 90 530 2,024 1,198 599 4,112 89 630 (5,109 9,580 257 97 331 4,844 3,065 31 4,881 1,052 91 522 2,036 1,180 591 4,248 87 641 11,517 6,729 207 93 327 4,161 3,016 ........June 7 5,024 1,153 91 548 2,041 1,191 621 4,243 85 642 13,736 8,755 240 92 339 4,310 2,982 14 5,033 1,188 92 544 2,060 J ,149 720 4,339 87 638 12,478 7,594 227 80 330 4,247 3,006 21 4,530 742 92 567 2,016 1,113 687 4,270 74 612 12,871 8,245 237 72 349 3,968 3,116 28 Outside New York City 1966 19,027 2,080 375 2,349 8,921 5,302 21,376 29,085 12,698 4,231 109 2,071 9,976 4,745 ........June 1 18,696 1,776 370 2,333 8,944 5,273 21,573 26,656 10,518 3,848 106 2,062 10,122 4,652 ......................8 18,688 1,673 389 2,601 8,708 5,317 21,440 29,698 13,486 4,052 103 2,092 9,965 4,564 .....................15 (8,518 1,460 394 2,693 8,693 5,278 21,403 28,256 11,732 3,894 106 2,168 10,356 4,661 ..............22 18,572 1,476 406 2,680 8,666 5,344 1,970 17,033 1,007 1,866 27,608 11,172 3,767 107 2,23410,328 4,743 ....................29 1967 20,694 2,622 215 2,571 10,579 4,707 2,877 18,898 1,172 2,053 30,383 13,168 3,949 122 2,110 11,034 5,315 ........May 3 20,517 2,482 214 2,583 10,585 4,653 2,898 19,013 1,258 2,067 28,709 11,659 3,769 127 2,234 10,920 5,284 10 20,130 2,180 196 2,278 10,828 4,648 2,926 19,141 1,225 2,076 30,104 13,273 3,942 122 2,230 10,537 5,190 17 20,069 2,107 191 2,209 10,955 4,607 2,907 19,204 1,246 2,141 27,546 11,061 3,542 132 2,335 10,476 5,196 24 20,558 2,579 187 2,285 10,895 4,612 2,934 19,311 1,145 2,052 29,729 12,935 3,838 120 2,275 10,561 5,422 31 20,320 2,374 160 2,362 10,806 4,618 3,030 19,580 1,134 2,096 28,924 11,935 3,859 121 2,19610,813 5,325 .........June 7 20,387 2,449 154 2,389 10,789 4,606 2,926 19,736 1,138 2,123 30,619 13,772 3,906 130 2,31610,495 5,274 14 20,246 2,407 160 2,269 10,898 4,512 2,928 19,835 1,118 2,142 30,808 13,206 3,789 142 2,34911,322 5,254 21 19,596 1,798 159 2,258 10,893 4,488 2,884 19,889 1,135 2,105 29,332 12,180 3,841 131 2,409 10,771 5,403 ................. 28 For other notes see p. 1197. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1196 WEEKLY REPORTING BANKS JULY 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 Total 5 IPC p d s i o u i c v l a b i i l t ­ ­ ­ G U o .S vt . , c m c o t i i e a m c r l ­ ­ G e o tc v . t ^ ., C m c o i e a m r l ­ ­ Total’ S in a g v s ­ Other p d s i o u i c v l a b i i l t ­ ­ ­ i b m n t a i t e c n e s k r ­ ­ G e o tc v . t., C m c o i e a m r l ­ ­ sions banks banks sions banks Large banks—■ Total 1966 June 1............. (99,644109,492 77,590 6,538 5,032 12,686 722 1,464 90,152 48,540 28,295 7,904 657 4,349 249 8................ 192,812102,462 75,020 6,051 2,369 12,278 661 1,436 90,350 48,505 28,614 7,822 654 4,346 250 15..................... 200,216 110,925 82,651 5,908 1 ,997 12,675 707 1,414 89,291 48,453 27,731 7,706 657 4,338 249 22..................... 198,650 108,973 77,608 5,686 6,181 12,166 643 1,393 89,677 48,433 28,104 7,752 661 4,318 250 29...................... 199,366 109,039 75,955 6,172 7,767 11,857 778 1,498 90,327 48,526 28,711 7,698 646 4,346 228 1967 May 3...................... 207,024110,455 77,831 6,229 6,150 12,927 756 1 ,435 96,569 46,970 33,769 9,981 938 4,537 197 10..................... 203,747 106,958 75,991 5,708 5,214 12,665 764 1,370 96,789 47,066 33,908 9,972 930 4,531 188 17..................... 205,455 108,357 78,316 5,654 4,173 13,007 710 1,404 97,098 47,122 34,160 9,954 926 4,556 188 24..................... 202,828 105,339 75,924 5,573 3,747 12,081 689 1,389 97,489 47,213 34,452 9,938 973 4,534 188 31.................... 209,324111,495 79,782 6,249 2,705 13,490 733 1 .528 97,829 47,285 34,707 9,920 978 4,563 189 June 7...................... 203,954105,645 77,318 5,732 1,923 13,150 785 1,512 98,309 47,396 35,004 9,869 1,026 4,639 178 14..................... 209,542 111,069 82,782 5,386 996 13,322 634 1,603 98,473 47,429 35,080 9,815 1,054 4,716 180 21..................... 210,248 111,932 80,526 5,454 5,698 12,775 640 1,577 98,316 47,532 34,811 9,703 1,065 4,831 177 28..................... 208,251 109,403 79,244 5,920 3,103 12,701 708 1,482 98,848 47,739 35,117 9,665 1 ,065 4,890 179 New York City 1966 June 1..................... 47,358 28,832 18,302 374 1 ,318 3,783 600 989 18,526 4,913 9,123 713 470 3,086 152 8...................... 44,777 26,137 17,223 476 580 3,473 533 987 18,640 4,912 9,230 720 467 3,090 152 15..................... 47,733 29,512 20,072 360 393 3,597 572 982 18,221 4,905 8,860 696 463 3,078 151 22...................... 47,255 28,898 18,629 353 1,508 3,498 513 949 18,357 4,899 9,004 700 462 3,075 150 29...................... 47,702 29,105 18,052 446 2,090 3,659 597 1 ,055 18,597 4,883 9,265 704 443 3,090 147 1967 May 3...................... 46,705 29,182 18,390 463 1,999 3,643 609 1,001 17,523 4,647 8,251 812 602 3,025 104 10..................... 45,625 28,123 17,722 319 1,507 3,669 609 939 17,502 4,663 8,243 790 597 3,029 94 17...................... 45,969 28,408 18,420 317 1.116 3,847 551 958 17,561 4,678 8,277 786 594 3,049 95 24..................... 46,236 28,553 17,978 295 918 3,674 543 947 17,683 4,692 8,351 788 634 3,043 94 31.................. 49,313 31,469 19,161 435 686 4,517 581 1,061 17,844 4,699 8,469 817 640 3,045 93 June 7. 45,735 27,648 18,055 482 419 3,725 648 1,057 18,087 4,717 8,580 822 678 3,107 93 14...................... 48,649 30,385 20,055 353 141 3,902 490 1,123 18,264 4,715 8,630 867 703 3,167 93 21...................... 48,493 30,371 19,396 393 1,897 3,759 503 1,112 18,122 4,715 8,396 876 716 3,242 92 28..................... 48,260 30,065 19,185 468 753 3,894 565 1,024 18,195 4,727 8,409 869 711 3,301 93 Outside New York City 1966 June 1 ..................... 152,286 80,660 59,288 6,164 3,714 8,903 122 475 71,626 43,627 19,172 7,191 187 1,263 97 8...................... 148,035 76,325 57,797 5,575 1,789 8,805 128 449 71,710 43,593 19,384 7,102 187 1,256 98 15...................... 152,483 81,413 62,579 5,548 1,604 9,078 135 432 71,070 43,548 18,871 7,010 194 1,260 98 22...................... 151,395 80,075 58,979 5,333 4,673 8,668 130 444 71,320 43,534 19,100 7,052 199 1,243 100 29...................... 151,664 79,934 57,903 5,726 5,677 8,198 181 443 71,730 43,643 19,446 6,994 203 1,256 81 1967 May 3...................... 160,319 81,273 59,441 5,766 4,151 9,284 147 434 79,046 42,323 ■25,518 9,169 336 1,512 93 10...................... 158,122 78,835 58,269 5,389 3,707 8,996 155 431 79,287 42,403 25,665 9,182 333 1,502 94 17...................... 159,486 79,949 59,896 5,337 3,057 9,160 159 446 79,537 42,444 25,883 9,168 332 1,507 93 24...................... 156,592 76,786 57,946 5,278 2,829 8,407 146 442 79,806 42,521 26,(01 9,150 339 1,491 94 31...................... 160,011 80,027 60,621 5,814 2,019 8,973 132 467 79,984 42,586 26,237 9,103 338 1,518 96 June 7...................... 158,219 77,997 59,263 5,250 1,504 9,425 137 455 80,222 42,679 26,424 9,047 348 1,532 85 14...................... 160,893 80,684 62,727 5,033 855 9,420 144 480 80,209 42,714 26,450 8,948 351 1,549 87 21...................... 161,755 81,561 61,130 5,061 3,801 9,016 137 465 80,194 42,817 26,415 8,827 349 1,589 85 28...................... 159,991 79,338 60,059 5,452 2,350 8,807 143 458 80,653 43,012 26,708 8,796 354 1,589 86 For other notes see p. 1197. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 WEEKLY REPORTING BANKS 1197 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Memoranda Total assets— Total lia O b t i h li e ti r e s a C cc a o p u it n a t l s liab a i n li d t ies Total T lo o a t n a s l Demand La o r f g e d e c p er o t s if i i t c 1 a 0 tes Wednesday F F r . o R m . o F t r h o e m rs a c c a c p o i u t n al ts ( lo n a e n t) s . ad ( j n u e s t t ) e , d, a d d e j p u o st s e it d s ^ Banks adjusted8 and in­ Total Issued Issued vestments 8 issued to I PC’s to others Large banks— Total 1966 158 4,608 8,741 18,752 231,903 130,800 180,826 71,914 17,991 720 4,511 8,880 18,761 225,684 129,069 178,919 71,172 18,022 .................................8 565 5,054 8,900 18,721 233,'456 131,388 181,331 75,225 17,391 ...............................15 620 5,628 8,993 18,724 232,615 132,551 181,930 71,801 17,608 ...............................22 454 5,806 8,935 18,743 233,304 133,125 183,478 71,424 18,312 13,058 5,254 ..................... ...29 1967 HO 6,422 10,680 19,756 243,992 134,237 (90,270 71,484 18,608 11,915 6,693 13 5,986 10,439 19,733 239,918 133,122 189,203 70,851 18,604 11,901 6,703 . . . ....................' .10 127 6,183 10,916 19,728 242,409 133,359 189,235 70,721 18,735 11,979 6,756 ............... 17 6,042 11,074 19,712 239,656 132,571 1 88,389 70,628 18,985 12,127 6,858 ............................24 347 6,234 10,480 19,833 246,218 133,108 189,377 72,891 19,082 12,196 6,881 ...............................31 36 6,660 10,965 19,821 241,436 132,682 189,290 71,908 19,289 12,295 6,994 35 6,803 10,937 19,777 247,094 134,319 191,244 74,224 19,296 12,231 7,065 ............................ 14 381 6,793 11,170 19,761 248,353 136,425 193,511 72,659 18,954 11,871 7,083 ...............................21 65 7,187 11,127 19,813 246,443 136,045 191,827 73,174 19,153 12,023 7,(30 ..............................28 New York City 1966 1,400 3,744 5,066 57,568 32,942 42,565 16,569 7,512 99 1,640 3,903 5,048 55,467 31 ,816 41,397 15,959 7,543 .................................8 70 2,044 3,830 5,049 58,726 33,126 42,941 17,980 7,H5 ...............................15 145 2,517 3,881 5,036 58,834 33,566 43,024 16,799 7'254 ...............................22 167 2,300 3,970 5,037 59,176 33,937 43,842 16,537 7340 5,472 I ,968 .............. 29 1967 2,332 4,878 5,384 59,299 33,489 43,828 16,814 " 6,461 4,306 2,155 " 2,155 4,738 5,383 57,901 32,938 43,266 16,378 6,409 4,300 2,109 ............................JO 2,502 4,884 5,379 58,734 32,937 43,315 16,262 6,423 4,333 2,090 ...............................17 2,086 5,216 5,366 58,904 32,554 42,805 16,139 6,558 4,397 2,161 ....24 2,343 5,009 5,418 62,083 32^822 43,092 16,686 6,611 4,420 2,191 ..............................31 2,048 5,185 5, 388 58,356 32,522 42,970 16,775 6,801 4,494 2,307 2,374 5,095 5 384 61 J02 33,316 43,931 17.587 6,907 4,499 2,408 ...............................14 77 2,269 5,202 5,374 61,415 34,108 44,925 17,121 6,704 4,264 2,440 ....................2t 2,358 5,317 5,378 61 ,313 33,'859 44,032 17,173 6,719 4,240 2,479 ..............................28 Outside New York City 1966 158 3,208 4,997 13,686 174,335 97,858 138,261 55,345 10,479 621 2,871 4,977 13,713 170,217 97,253 137,522 55,213 10,479 ..............................8 495 3,010 5,070 13,672 174,730 98,262 138,390 57,245 10,276 ...............................15 475 3,111 5,112 13,688 173 781 98,985 138,906 55,002 10,354 ..............................22 287 3,506 4,965 (3,706 174’, 128 99,188 (39,636 54,887 10,872 7,586 3,286 ..............................29 1967 HO 4,090 5,802 14,372 184,693 100,748 146,442 54,670 12,147 7,609 4,538 13 3,831 5,701 14,350 182,017 100,184 145,937 54,473 12,195 7,601 4,594 '.JO 127 3'681 6,032 (4,349 183'675 100,422 145,920 54,459 12,312 7,646 4,666 ...............................(7 3,956 5,858 14,346 180,752 100,017 (45,584 54,489 12,427 7,730 4,697 ........................24 347 3,891 5,471 14,415 184,135 100,284 146,284 56,100 12,471 7,776 4,690 .............. ,31 36 4,612 5,780 14,433 183,080 100,160 146,320 55,133 12,488 7,801 4,687 35 4; 429 5,842 14,393 185,592 101,005 147,315 56,637 (2,389 7,732 4,657 ...............................14 304 4,524 5,968 14,387 186,938 102,317 148,586 55,538 12,250 7,607 4,643 ....................21 65 4,829 5,810 14,435 185,130 102,186 147,795 56;ooi 12,434 7,783 4,651 ..............................28 1 After deduction of valuation reserves. * Individual items shown gross. 1 o Certificates of deposit issued in denominations of $100,000 or more. 3 Includes short-term notes and bills (less than 1 year, to maturity) Note.—Beginning June 29, 1966, coverage of series was changed from issued by States and political subdivisions. * Federal agencies only. Weekly Reporting Member Banks to Weekly Reporting Large Commer­ 5 Includes certified and officers’ checks, not shown separately. cial Banks (earlier figures for 1966 are comparable with the new series.) 6 Deposits of foreign governments and official institutions, central Also beginning June 29, 1966, detailed breakdown is shown of “All other banks, and international institutions. loans,’’ of “Other securities,” and of ownership of time certificates of 7 Includes U.S. Government and postal savings not shown separately, deposit in denominations of $100,000 or more. For description of revisions, 8 Exclusive of loans to domestic commercial banks. see Aug. 1966 Bulletin, pp. 1137-40. 9 AH demand deposits except U.S. Government and domestic com­ mercial banks, less cash items in process of collection. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1198 BUSINESS LOANS OF BANKS JULY 1967 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— Industry 1967 1967 1967 1966 1967 1966 Ju 2 n 8 e Ju 21 ne Ju 1 n 4 e Ju 7 ne M 31 ay June May Apr. II I IV h 1 a s l t f 2 h n a d lf Durable goods manufacturing: Primary metals.................................... 1,089 1,077 1,016 966 978 lit 16 26 153 100 -60 253 -135 Machinery........................................... 4,920 4,895 4,563 4,435 4,520 400 -204 89 285 602 220 887 580 Transportation equipment............... 1,948 1 ,936 1,932 1,896 1,929 19 -72 -220 -273 226 235 -47 474 Other fabricated metal products... 1,977 1 ,963 1,888 1,863 1,848 129 75 62 266 143 -99 409 -27 Other durable goods......................... 2,138 2,142 2,102 2,074 2,068 70 71 -23 118 57 6 175 84 Nondurable goods manufacturing: Food, liquor, and tobacco............... 2,143 2,188 1,993 2,026 2,034 109 - 146 -68 -105 -472 519 -577 575 Textiles, apparel, and leather........... 2,159 2,132 2,124 2,057 2,038 121 -33 -2 86 211 -380 297 -274 Petroleum refining.............................. 1,667 1,650 1,640 1 ,473 1 ,496 171 33 -24 180 61 -162 241 -254 Chemicals and rubber....................... 2,424 2,444 2,382 2,375 2,449 -25 -132 158 1 308 52 309 133 Other nondurable goods................... 1,633 1,625 1,561 1,552 1 ,568 65 -15 58 108 53 -63 161 64 Mining, including crude petroleum and natural gas................................... 4,020 4,047 4,004 3,901 3,935 85 -1 -83 1 194 -40 195 182 Trade: Commodity dealers................... 926 940 948 974 1,012 -86 -164 -84 -334 -145 312 -479 334 Other wholesale......................... 2,961 2,934 2,901 2,897 2,889 72 -48 27 51 17 60 68 102 Retail............................................ 3,520 3,535 3,408 3,383 3,429 91 -71 137 (57 184 69 -27 -47 Transportation, communication, and other public utilities...................... 551 921 Transportation.................................... 3,979 3,952 3,951 3,871 3,876 103 32 50 185 88 n.a. 273 n.a. Communication.................................. 995 985 878 906 914 81 18 58 157 66 n.a. 223 n.a. Other public utilities.......................... 2,158 2,202 2,027 1,925 1,899 259 -29 -18 212 -321 n.a. -109 n.a. Construction............................................. 2,614 2,627 2,600 2,579 2,574 40 26 51 117 -107 -99 10 -173 Services.................................................. 4,775 4,770 4,725 4,707 4,702 73 6 10 89 -142 n.a. -53 n.a. AU other domestic loans....................... 6,327 6,375 6,310 6,246 6,273 54 129 90 273 285 3 558 -53 Bankers’ acceptances.............................. 649 650 667 656 681 -32 -66 -24 -t22 236 165 114 64 Foreign commercial and industrial loans....................................................... 2,852 2,896 2,926 2,922 2,908 -56 -42 -15 -113 93 n.a. -20 n.a. Total classified loans.............................. 57,874 57,965 56,546 55,684 56,020 1,854 -617 255 1 ,492 1,369 1 ,289 2,861 2,550 Total commercial and industrial loans 63,784 63,860 62,383 61,478 61,836 1,948 -509 383 1,822 1,215 1,339 3,037 4,671 5 Beginning with data for Dec. 28, 1966, this series was revised in for­ Note.—’About 161 weekly reporting banks are included in this series; mat 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 Size of Ioan (in thousands of dollars) All sizes 1,000 1-9 10-99 100-499 500-999 and over Interest rate (per cent per annum) May Feb. May Feb. May Feb. May Feb. May Feb. May Feb. 1967 1967 1967 1967 1967 1967 1967 1967 1967 1967 1967 1967 Percentage distribution of dollar amount Less than 5,50................................ 2.1 2.0 0.7 0.9 0.6 0.8 1.0 1.3 2.8 2.7 2.7 2. 4 5.50. ................................................. 32.1 3.1 1.4 0.5 4.6 0.5 16.6 1.3 27.9 1.2 46 5 5 1 5.51-5.75.......................................... 21.4 33.7 1.9 0.7 5.9 3.9 19.6 15 4 29. 3 27.6 24.1 51 8 5.76-6,00.......................................... 14.0 23.4 14.5 10.7 19 0 14 0 19 0 24 4 13.7 30.6 10 7 23 4 6.01-6,49.......................................... 11.2 13.3 25.9 22.7 24.0 22.8 15.4 21.7 10.5 14.2 6.4 6.7 6,50................................................... 5.5 5.9 10.2 10.7 10.5 11.8 6.9 8.2 4.4 6.6 3.9 3.2 6.51-6.99.......................................... 4,8 7. 1 14.0 15.6 11.8 17.0 6.7 10.6 3.4 6.2 2.5 3.2 7.00................................................... 3.8 5.0 10.6 12.1 8.8 10.4 6.2 6.5 3. I 6.1 1.6 2.5 Over 7.00......................................... 5.4 6.5 20.8 26.0 14.8 18.9 8.5 10.6 4.9 5.0 1.7 1.7 Total.................................... 100.0 100.0 100.0 100.0 100.0 100.0 100 0 100.0 100.0 100.0 100.0 100.0 Total loans: Dollars (millions)...................... 4,441.0 3,790.8 63.6 56.2 500.8 435 0 991.8 858.5 576.6 549.2 2,308 1 1 891 8 Number (thousands)................. ' 40.3 35.9 16.8 15.5 16.4 14.3 5.2 4.5 1.0 .9 1.0 .8 Center Weighted average rates (per cent per annum) 35 centers........................................ 5,95 6.13 6.61 6.73 6.48 6.63 6.16 6.33 5.88 6.13 5.73 5.90 New York City.......................... 5.67 5.86 6.41 6.55 6.28 6.49 5.88 6 08 5.66 5,89 5,59 5,77 7 Other Northeast..................... 6.32 6.45 6.61 6.75 6.70 6.85 6.48 6,57 6.10 6,39 6 00 6.09 8 North Central......................... 5.91 6.11 6.64 6.80 6.44 6.65 6 13 6.39 5.89 6.17 5 75 5.92 7 Southeast................. 5.94 6,08 6.44 6.58 6.22 6.32 5 95 6.06 5 71 6 03 5.74 5 84 8 Southwest................................. 6.04 6.18 6.63 6.65 6.37 6.50 6.12 6.27 5.97 6.13 5.81 5.95 4 West Coast............................. 6.08 6.29 7.14 7.26 6.86 6.90 6.32 6.49 6.03 6,27 5.78 6.03 Note,'—Beginning Feb. 1967 the Quarterly Survey of Interest Rates on 1960—Aug. 23 4>/2 1967—Jan. 26-27 S'/i-S’/4 Business Loans was revised. For description of revised series see pp. 721­ 1965—Dec. 6 5 Mar. 27 5'/i 27 of the May Bulletin. 1966—Mar. 10 5'A Bank prime rate was 5 per cent during the period Jan. 1, 1960-Aug. June 29 5% 22, 1960. Changes thereafter to new levels (in per cent) occurred on the Aug. 16 6 ollowing dates: Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 INTEREST RATES 1199 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co, Prime Period p c a o p m er l. , p p l a a p ce e d r 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 3- y t e o a r 5 m 4 o - n to th s 6 - 1 d 3 i - r e t c o t l 6 y - , 90 a n d c a e y s s , * rate 3 Rate on Market Rate on Market Bills (mar­ Other 6 issues 7 months 2 new issue yield new issue yield 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—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 Mar........... 5 24 5.01 4.68 4.53 4.288 4.26 4.243 4.22 4.18 4.35 4,52 Apr................... 4.83 4.57 4.29 4.05 3.852 3.84 3,894 3.90 3.90 4.03 4.46 May.......... 4.67 4.41 4.27 3.94 3.640 3.60 3.808 3,80 3.88 4.09 4.68 June......... 4.65 4.40 4.40 3.98 3.480 3.53 3.816 3.88 4.16 4.40 4.96 Week ending— 1967—June 3 . 4.63 4.38 4.25 3.95 3,477 3,43 3.733 3.74 3.84 4.12 4.66 10 4.63 4.38 4.30 3.93 3.386 3,41 3.758 3.77 3.90 4.17 4.74 17 4.63 4.38 4.38 4.00 3.505 3,57 3.796 3.85 4.12 4.37 4.96 24........... 4.63 4,38 4.40 3.98 3.572 3.47 3,841 3.82 4. 35 4.46 5.08 July 1........... 4.73 4.48 4.60 4.07 3.462 3.74 3.950 4. 17 4.63 4.72 5.19 i Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range. 5 Bills quoted on bank discount rate basis. 3 Seven-day average for week ending 'Wednesday. 6 Certificates and selected note and bond issues, 7 Selected note and bond issues. BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend) Earnings / Period United and local rating group price ratio price ratio States (long­ Total1 term) Total i 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 ­ 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 ^6.72 2966—June...................................... 4.63 3.84 3.60 4.16 5.28 5.07 5,58 5.25 5.26 5.32 4.93 3.36 6.80 July...................................... 4 74 4 01 3.77 4,31 5.36 5.16 5.68 5.33 5.37 5,39 5.00 3.37 Aug....................................... 4.80 4.16 3,91 4.46 5.50 5.31 5.83 5.49 5.48 5.54 5.18 3.60 Sept....................................... 4,79 4.18 3.93 4.48 5.71 5.49 6.09 5.71 5,65 5.78 5.23 3,75 7.18 Oct. 4.70 4.09 3.82 4.42 5.67 5.41 6.10 5.63 5.67 5.72 5.28 3.76 Nov.............. ................. 4.74 4.0! 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 6.78 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 Mar....................................... 4.45 3,63 3.48 3.86 5.43 5.13 5.85 5.39 5.51 5.37 5.04 3.29 6.01 Apr........................................ 4. 51 3.67 3.50 3.90 5.42 5.11 5.83 5,37 5.51 5.37 5.03 3.24 May.................. 4. 76 3 94 3,71 4.23 5 56 5.24 5.96 5.46 5.62 5 59 5.17 3.19 June....................................... 4. 86 4.02 3.80 4.31 5,75 5.44 6.15 5.64 5.80 5.80 5.30 3.19 Week ending— 1967—June 3 ................................. 4. 74 3,99 3.78 4,27 5.66 5.36 6.07 5.53 5,73 5.73 5.25 3,28 10 . . 4.76 3 98 3.76 4.27 5.70 5.38 6.11 5.60 5.74 5.76 5.29 3.22 17.. . 4 86 3.99 3.78 4.27 5.73 5.39 6,13 5.63 5.77 5,78 5,28 3.16 24. . . .. 4 93 4 03 3.83 4 30 5 77 5,45 6.18 5.68 5.83 5.81 5.29 3.17 July 1................................. 4.95 4.12 3.85 4.45 5.82 5,56 6.21 5.72 5.88 5.88 5,35 3.20 ................... 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 are based on Wed. figures; earnings/price ratios are as of end of period. Note.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample of non- Monthly and weekly yields are computed as follows: U.S. Govt, bonds: callable issues—12 industrial and 2 public utility; common stock ratios Averages of daily figures for bonds maturing or callable in 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. State and local govt, bonds: General obligations only, based on adjusted at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1200 SECURITY MARKETS JULY 1967 MORTGAGES: NEW AND EXISTING HOMES SECURITY PRICES (Per cent) (pe B r o $ n 1 d 0 0 p r b ic o e n s d ) Co ( m 19 m 4 o 1 n - 4 s 3 to ^ c k io ) prices Vol­ Contract interest rate on ume Yield conventional first mortgages of Period o i n n s F u H re A d - FHA series FHLBB series Period ( G t l U e o o r . n m v S g t . ) , ­ S l a o t n c a d a te l A C p a A o o te r r A ­ ­ Total d t I r u n ia s ­ l ­ R ro a a i d l­ P u i l u t t i i y c b l ­ ­ ( s t t h r h a i a n o d r g u e ­ s s ) . New New Existing New Existing 1964............... 84.46 111.5 95.1 81.37 86.19 45.46 69.91 4,888 1965............... 83.76 110.6 93.9 88.17 93.48 46.78 76.08 6,(74 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— June,. 78.93 103,2 86.9 86.06 92.14 46.35 67.51 6,393 1964................... 5.45 5.80 5.85 5.78 5.92 July,. 77.62 100,9 86,0 85.84 91.95 45.50 67.30 5,997 1965 ................... 5.47 5.83 5.89 5.76 5.89 Aug.. 77.02 97.7 84.1 80,65 86.40 42.12 63.41 7,064 1966................... 6.38 6.40 6.47 6.11 6.24 Sept.. 77,15 98.5 82.6 77,81 83.11 40.31 63.11 5,722 Oct... 78.07 100.5 83.5 77.13 82.01 39.44 65.41 6,971 1966—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 83,0 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 j967—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 Oct,.... 6.70 6.75 6,32 6.49 Mar.. 80,96 105.8 85.6 89.42 95.86 46.78 70,03 10,217 Nov........ 6.81 6.70 6.75 6.40 6.50 Apr... 80.24 104.9 85.4 90.96 97.54 45,80 71.70 9,389 Dec..... 6.77 6.65 6.70 6.44 6.52 May.. 77.48 101.1 83.4 92.59 99.59 47,00 70.70 c9,932 June.. 76.37 100.2 81.7 91.43 98.61 48.19 67.39 9,666 Dec, 1. .. 6,77 6.65 6,70 <6.49 16.55 Week 1967—jan.......6...62 6.60 6,65 6.47 6.54 ending— Feb......... 6,46 6.50 6.55 6.44 6.49 Mar........ 6.35 6.45 6.50 6.41 6.44 1967 Apr........ 6,29 6.40 6.45 r6.37 6.36 May.... 6.44 6.45 6.50 6.28 6.31 June 3........... 77.73 100.5 82.7 89.90 96.68 47.23 68.26 8.142 June.... 6.51 6.50 6.50 ............... 10........... 77.44 101.0 82.2 90.51 97.45 47.64 67.87 9,696 17........... 76.42 101.8 82.0 92.42 99.74 48.68 67.63 10,952 24........... 75.59 100.1 81 .5 92.23 99.60 48.53 67.08 9,474 1 New FHLBB series. July 1........... 75.44 98.8 81.3 91.15 98.36 48.27 66.71 8,986 Note.—Annual data are averages of monthly figures. The FHA data are based on opinion reports submitted by field offices Note.—Annual data are averages of monthly figures. Monthly and weekly on prevailing conditions in their localities as of the first of the data are averages of daily figures unless otherwise noted and are computed as succeeding month. The yields are derived from weighted aver­ follows; U.S. Govt, bonds, derived from average market yields in table at bottom of ages of private secondary market prices for Sec. 203, 30-ycar preceding page on basis of an assumed 3 per cent, 20-year bond. Municipal and mortgages with minimum downpayments and an assumed pre­ corporate bonds, derived from average yields as computed by Standard and Poor's payment at the end of 15 years. Gaps in the data are due to Corp,, on basis of a 4 per cent, 20-year bond; Wed. closing prices. Common periods of adjustment to changes in maximum permissible con­ stocks, Standard and Poor’s index. Volume of trading, average daily trading in tract interest rates. The FHA series on average interest rates stocks on the N.Y. Stock Exchange for a S^-hour trading day. on conventional first mortgages are unweighted and are rounded to the nearest 5 basis points. For FHLBB series, see footnote to table on Conventional First Mortgages, p. 1217. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others than N.Y. Stock Exchange brokers and dealers for pur­ Money borrowed on—• firms secured by— chasing or carrying—• Cus­ Month Total tomers’ securities net o U t . h S e . r G t o h v an t. se G c U u o r . v S it t . i , e s se O cu t r h i e ti r e s se G c U u o r . i S v ti . t e s se O cu th ri e ti r e s se G c U u o . r S v it t . i , e s Oth C e u r s s t e o c m u e ri r t ies Other c a f b r n r e a c e d l e e ­ i s t Total collateral collateral 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 lot 2,184 130 3,576 2,889 687 1,666 1966—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 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 3J66 2397 569 032 Dec........ 7,443 58 5,329 76 2,114 240 3,472 2,673 799 1,637 1967—Jan......... 7,345 84 5,290 70 2,055 267 2,920 2,291 629 1,914 Feb........ 7,415 95 5,349 75 2,066 n.a. n.a. n.a. n.a. 1,936 Mar...,, 7,808 86 5,718 68 2,090 n.a. n.a. n.a. n.a. 2,135 Apr........ 7,969 77 5,819 68 2,150 n.a. n.a. n.a. n.a. *•2,078 May.... 8,085 40 5,926 68 2,159 n.a. n.a. n.a. n.a. 2,220 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

JULY 1967 OPEN MARKET PAPER; SAVINGS INSTITUTIONS 1201 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS’ ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by— Based on— End of period Accepting banks F.R. Goods stored in or Banks Im­ Ex­ shipped between Total th P r la o c u e g d h P di la re c c e t d ­ Total Others p i o nt r o ts f p r o o r m ts Do e l x la ­ r points in— dealers 1 ly 2 Total O bi w ll n s bo B u il g ls h t a O c w ct n . 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 corr. States countries I960........................ 4,497 1,358 3,139 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961....................... 4’686 1,711 2375 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962........................ 6^000 2388 3,912 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963........................ 6; 747 1 328 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 1,498 667 999 111 43 1,565 1965........................ 9358 1 303 7,155 3,392 1,223 1,094 129 187 144 1,837 792 974 27 35 1,564 1966—May........... 11,437 2,113 9,324 3,418 1,269 1,034 235 180 159 1,810 834 847 39 20 I ,679 June........... 10369 2390 8379 3,420 1,061 927 134 238 252 1,869 881 833 34 24 1,648 July............ 12'183 2361 9,822 3 369 1,005 912 93 51 257 2,056 911 790 54 23 1,591 Aug............ 12,835 2,653 10,182 3,387 909 824 84 48 272 2,158 946 781 64 54 1 ,541 Sept............ 11,778 2,773 9,005 3,370 935 846 89 47 243 2,145 957 760 62 60 1,531 Oct........ 13,045 2377 10,068 3,359 961 861 100 72 230 2,096 982 756 75 57 1,489 Nov............ 14,169 3’153 11,016 3,457 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.............. 14,718 3,449 11,269 3,601 1,359 1,028 331 73 173 1,996 936 829 78 90 1,668 Feb............. 15,199 3,781 11,418 3,575 1,266 1,004 262 113 201 1,995 918 851 65 82 1.659 Mar............ 16334 4,360 11,674 3,704 1,366 1377 290 110 232 1,996 962 921 60 71 1,691 Apr............. 16,’249 4'356 11,893 3,830 1,356 1,128 229 166 272 2,035 971 971 55 59 1,773 May........... 17,067 4,713 12354 3,964 1,335 1,143 192 70 348 2,211 949 998 38 46 1,933 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— Total General Mortgage loan Other liabili­ Depos­ Other reserve commitments 3 End of period M ga o g r e t­ Other G U o .S vt . . S l a o t n c a d a te l Co r a a n r t p d e o ­ Cash assets ge a t n i n e e d r s a l its 2 lia ti b e i s li­ co a u c n ­ ts govt. other 1 reserve accts. NumberAmount 1941................................ 4,787 89 3,592 1 R6 829 689 11,772 10,503 38 1,231 1945................................ 4,202 62 10^650 1.257 606 185 16,962 15,332 48 1'582 1960................................ 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961................................ 28’902 475 6,160 667 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1962................................ 32'056 602 6,107 527 5'177 956 695 46,121 41,336 828 3,957 114,985 2.548 1963................................ 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 104,326 2,549 1964................................ 401328 739 5,791 391 5’099 1 ,004 886 54,238 48.849 989 4.400 135,992 2,820 1965 ................................ 44'433 862 5,485 320 5,170 1,017 944 58,232 52,443 1,124 4,665 120,476 2,697 2,631 1966—May................... 45,529 991 5,311 297 5,353 854 995 59,330 53,075 1,480 4,774 116,497 June.................... 45,688 923 5 J150 286 5,397 963 1,007 59,415 53,318 <332 4.765 115,006 2,464 July..................... 45’968 1,035 5’101 280 5,494 852 1,042 59,772 53,523 1,499 4,750 104.630 2,35* Aug.................... 46,232 1,095 5^063 276 5’659 825 1,007 60,156 53,689 1'641 4,827 101,682 2,274 Sept..................... 46'450 1,052 5'078 270 5'603 850 1,031 60,334 54,073 1,438 4,823 99,377 2,191 Oct...................... 46'736 <023 4'913 260 5,588 833 1,037 60,390 54,178 1,400 4,812 97,283 2,151 Nov,................... 46’953 i;i3i <848 254 5i 644 799 1,029 60,658 54,326 1,463 4,869 91,634 2,072 Dec..................... 47,193 1,078 4,764 251 5,719 953 1,024 60,982 55,006 1,114 4,863 88,808 2,010 1967—Jan...................... 47,484 1,076 4,679 247 6,053 969 1,062 61,570 55,456 1,259 4,855 88,479 2,013 Feb..................... 47,692 1,137 4,700 249 6,251 1,041 1,051 62,122 55,788 1 ,'428 4,906 90,223 2,055 Mar.................... 47,973 1’136 4,645 246 6,480 1,140 1,081 62,701 56,538 1,249 4,914 91,125 2^289 Apr..................... r48,236 1,075 4,481 243 6'803 *•1,069 1'076 62^82 56^739 '1,381 4,863 88 ,’295 2; 242 May................... 48;493 1,261 4,433 235 7,062 1,095 1,074 63,654 57,184 1,546 4,923 92,754 2,495 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. 1187. 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

1202 SAVINGS INSTITUTIONS JULY 1967 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities Total Mort­ Real Policy Other assets United State and gages estate Ioans assets Total States local Foreign 1 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 I960............................................ 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5.273 1961............................................ 126.816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962............................................ 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 1963............................................. 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964............................................ 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 1965............................................ 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 Book value: 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—Apr.r.............................. 161,585 11,405 5,051 3,330 3,024 67,246 59,950 7,296 61,724 4,736 7,964 8,510 May................................ 162,036 11,260 4,983 3,260 3,017 67,234 59,923 7,311 62,101 4,735 8,051 8,655 June................................ 162,511 10,950 4,803 3,192 2,955 67,476 60,147 7,329 62,547 4,744 8,163 8,631 July................................. 163,488 10,985 4,852 3,219 2,914 67,982 60,713 7,269 62,969 4,777 8,288 8,487 Aug................................. 163,937 10,950 4,840 3,214 2,896 68,057 60,698 7,359 63,336 4,791 8,449 8,354 Sept................................. 164,491 10,883 4,807 3,188 2,888 68,024 60,738 7,286 63,683 4,816 8,673 8,412 Oct.................................. 165,434 10,862 4,829 3,146 2,887 68,167 60,832 7,335 64,007 4,837 8,866 8,695 Nov................................. 166,225 10,838 4,850 3,111 2,877 68,388 61,031 7,357 64,353 4,842 9,004 8,800 Dec................................. 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 Feb.,.............................. 168,933 10,793 4,821 3,081 2,891 69,373 61 ,795 7,578 65.503 4,890 9,341 9,033 Mar................................. 169,865 10,738 4,789 3,053 2,896 69,878 62,071 7,807 65,798 4,925 9,444 9,082 Apr................................. 170,570 10,622 4,700 3,026 2,896 70,271 62,360 7,911 66,024 4,940 9,537 9,176 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.-—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States, on each item separately but are included in total, in “other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E p n er d i o o d f M ga o ge rt s ­ s G e U c o . u v S r t . i , ­ Cash Other 1 a li s a T s b e o i t l t i s a t 2 i l — e s S c a a v p i i n ta g l s u R n e d a s i 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 l e m o n a m t n s i 4 t­ ties profits 1941...................... 4,578 107 344 775 6,049 4,682 475 256 626 1945...................... 5 >76 2,420 450 356 8,747 7,365 644 336 402 1960...................... 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961...................... 68,834 5.211 3’315 4'775 82,135 70,885 5,708 2,856 1,550 1,136 1,908 1962...................... 78,770 5; 563 3 >26 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 >45 1966—May......... 113,249 •7,632 3,179 8,542 132,602 111,174 8,726 7,139 2,278 3,285 2,927 June......... 113,669 7,340 3,369 8,421 132,799 112,359 9,002 7,345 2,161 1,932 2,568 July........... 113,750 7,304 2,818 8,288 132,160 110,851 9,005 7,887 1,992 2,425 2,302 Aug...... 113,897 7,353 2,717 8,463 132,430 110,975 9,002 7,748 1,814 2,891 2,062 Sept.......... 114'004 7,472 2'628 8,527 132>31 111,606 9^011 7 >97 1'642 2'675 1'843 Oct............ 113'998 7,626 2 >82 8,582 132'888 111,550 9>18 7 >49 1'493 3 >78 1,689 Nov........... 113,977 7'927 2,856 8,817 133,577 112,164 9'012 7 >66 1’348 3 >87 1 >96 Dec........... 114,089 7,762 3,361 8'648 133,860 113,896 9,251 7 >60 1>54 1,999 1,483 1967—Jan............ 114,130 7,874 3,164 8,428 133,596 114,080 9,080 6,702 1,172 2,562 1,633 Feb........... 114,298 8,070 3,361 8'535 134,264 114,843 9’069 6'101 1,199 3,052 1,902 Mar.......... 114,698 8,050 3,542 8,735 135,025 116,300 9,061 5,435 1,345 2,884 2'254 Aprr......... 115,138 7,941 3,635 8,915 135,629 116,797 9,058 5,022 1,483 3,269 2 >95 May......... 115,784 8,103 3,851 9,397 137,135 117,908 9,050 4,623 1,692 3,862 3,103 i Includes other loans, stock in the Federal home loan banks, other 4Commitments data comparable with those shown for mutual savings investments, real estate owned and sold on contract, and office buildings banks (on preceding page) would include loans in process. and fixtures. 2 Before 1958, mortgages are net of mortgage-pledged shares. Asset Note.—Federal Savings and Loan Insurance Corp, data; figures are items will not add to total assets, which include gross mortgages with no estimates for all savings and loan assns. in the United States. Data deductions for mortgage-pledged shares. Beginning with Jan. 1958, no beginning with 1954 are based on monthly reports of insured assns. and deduction is made for mortgage-pledged shares. These have declined annual reports of noninsured assns. Data before 1954 are based entirely consistently in recent years from a total of $42 million at the end of 1957. on annual reports. Data for current and preceding year are preliminary 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

JULY 1967 FEDERALLY SPONSORED CREDIT AGENCIES 1203 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Banks Federal Federal Mortgage Assn, for intermediate land Assets Liabilities and capital (sec o o p nd er a a r t y i o m n a s) rket cooperatives credit banks banks End of period v m b a A n t e e o d m c r s e ­ ­ s I m nv e e n s ts t­ p C a o d a n s e s i d ­ h ts 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 n b L r t e d e e ) s s n ­ c L a o t ( o o i t A v o a p e n ) e s s r ­ D t e u (L b re e ) s n­ c L o a d ( o u A n i a s n d ) n ­ t s s D t e u (L b re e ) s n­ M l g o ( a A a o g n r ) e s t ­ 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 1959............... 2,134 1,093 103 1,774 589 866 1,967 1,640 622 364 1,391 1,356 2,360 1,986 1960............... 1,981 1,233 90 1,266 938 989 2,788 2,523 649 407 1,501 1,454 2,564 2,210 1961............... 2^62 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 C788 840 589 2,099 1,952 3,310 2,834 1964.............. 5,325 1,523 141 4,369 1,199 1,227 I ^940 1,601 958 686 2,247 2,112 3,718 3,169 1955............... 5^997 1 ,640 129 5,221 1,045 1'277 2,456 1,884 1,055 797 2,516 2,335 4,281 3,710 1966—May.. 6,704 1,510 84 5,895 841 1,335 3,502 3,144 1,106 835 2,947 2,744 4,647 3,980 June.. 6,783 1 ,953 160 6,309 1,025 1,339 3,611 3,269 1,105 844 3,066 2,853 4,725 4,105 July.. 7,342 1,445 68 6,594 711 1,356 3,801 3,058 1,167 844 3,159 2,935 4,788 4,212 Aug... 7,226 1,623 76 6,615 711 1,355 3., 891 3,414 1,190 882 3,139 2,990 4,853 4,212 Sept... 7,175 1,832 86 6,765 734 1,360 3,965 3,178 1,199 882 3,077 2,991 4,900 4,295 Oct... 7,249 1,982 100 6,959 769 1,365 4,051 3,125 1,219 957 3,008 2,909 4,926 4,295 Nov... 7,084 2,210 87 6,859 865 1,369 4,160 3,152 1,276 1,067 2,901 2,814 4,938 4,295 Dec... 6,935 2,523 113 6,859 1,037 1,369 4,266 3,800 1,290 1,074 2,924 2,786 4,958 4,385 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 Feb... 5,800 3,305 92 6,285 1,241 1,384 4,431 3,984 1,342 1,113 3,056 2,850 5,035 4,450 Mar... 5,175 3,564 95 5,709 1,490 1,387 4,459 4,010 1,363 1,113 3,168 2,944 5,111 4,450 Apr... 4,782 3,451 77 5,066 1,648 1,388 4,459 4,006 1,337 1,114 3,301 3,086 5,175 4,450 May.. 4,421 4,004 93 5,050 1,831 1,392 4,455 3,938 1,316 1,101 3,423 3,186 5,248 4,611 Note,—Data from Federal Home Loan Bank Board, Federal National bonds held within the FHLB System), and are not guaranteed by the U.S. Mortgage Assn., and Farm Credit Admin. Among the omitted balance Govt.; for a listing of these securities, see table below. Loans are gross sheet items are capital accounts of all agencies, except for stock of home of valuation reserves and represent cost for FNMA and unpaid principal loan banks. Bonds, debentures and notes are valued at par. They in­ for other agencies. clude only publicly offered securities (excluding, for the home loan banks, OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, MAY 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 Ioan banks Federal National Mortgage Federal land banks—Cont. Bonds: Association—Cont. Bonds: June 26, 1967...................... .5^ 500 Debentures: Oct. 23, 1967.......................4/. 174 July 26,1967.........................5% 535 June 12, 1973......................4*4 146 Oct. 23. 1967.......................5’4 150 Aug. 28, 1967.......................... 590 Feb. 10, 1977......................4'4 198 Dec. 20, 1967.......................57, 329 Sept. 15, 1967..........................4'4 185 Jan. 22, 1968.......................5U 161 Sept. 27, 1967..........................6% 650 Mar. 20, 1968.......................4% 111 Oct. 26,1967.............................6 700 May 20, 1968.......................5'4 242 Nov. 27, 1967...............................6 500 Banks for cooperatives June 20, 1968.......................4 186 Jan. 25, 1968...........................514 250 Debentures: Aug. 20, 1968.......................4'4 160 Mar. 1, 1968..........................4% 250 June 1, 1967.....................6.05 '318 Jan. 20,1969........................4% 341 A M p a r r . . 2 2 5 5 , , 1 1 9 9 6 6 8 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 5 % 7, 3 6 0 25 0 O Au ct g . . 1 2, , 1 19 9 6 6 7 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 . . 5 1 0 5 p 2 2 4 8 3 8 J M ul a y r . 2 1 0 5 , , 1 1 9 9 6 6 9 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 4 % M 1 1 0 3 0 0 Nov. 1, 1967.....................4.30 251 July 15, 1969.......................4% 60 Oct. 20, 1969.......................4'4 209 Feb. 20, 1970.......................5W 82 Federal National Mortgage Associa­ Apr. 1, 1970.......................3'4 83 tion—Secondary market opera­ July 20, 1970...................... 85 tions Federal intermediate credit banks May 1, 1971.......................3'4 60 Debentures: Sept. 15, 1972.......................3% 109 801 J J u u n ly e 1 3, , 1 1 9 9 6 6 7 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 .. . . 2 .. 0 6 2 2 7 3 8 7 F F e e b b . . 2 20 0 , , 1 19 9 7 7 4 3 . - .. 7 .. 8 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 4% '/, 1 1 4 5 8 5 Aug. 1,1967.....................5.95 298 Apr. 21, 1975.......................4’/, 200 Debentures: Sept. 5, 1967.....................6.05 323 Feb. 24, 1976.......................5 123 June 12, 1967......................5Ho 400 Oct. 2, 1967.....................5.60 372 July 20, 1976.......................57, 150 Oct. 11,1967..........................416 150 Nov, 1, 1967......................5.15 465 Apr. 20, 1978.......................51/S 150 Mar. 11, 1968..........................3ft 87 Dec. 4, 1967.......................5'/, 404 Jan. 22,1979........................5 285 Sept. 10, 1968..........................57, 350 Jan. 2, 1968.....................4.45 413 Apr. 10, 1969..........................4% 88 Feb. 1, 1968.....................4.40 397 July 10,1969..........................5'/, 250 Dec. 12, 1969..........................6 550 Tennessee Valley Authority Apr. 10, 1970..........................454 142 Federal land banks Short-term notes........................ 200 Sept. 10, 1970..........................4»4 119 Bonds: Bonds: Aug. 10, 1971..........................4% 64 Feb. 15, 1967-72...............4% 72 Nov. 15, 1985.....................4.40 50 Sept. 10, 1971..........................4U 96 July 20,1967.........................6.05 302 July 1, 1986.......................47, 50 Feb. 10, 1972..........................5'4 98 Aug. 21. 1967......................4’4 179 Feb. 1, 1987.......................4'4 45 June 12. 1972..........................4’4 100 Oct. 1. 1967-70...............4'4 75 May 15, 1992.....................5.70 70 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

1204 FEDERAL FINANCE JULY 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 Period Net rects. Bu n d e g t et T f P u r l n u u d s s : s t g I L n o e t v s r s t a . : ­ 1 E r T e q o c u t t a s a l . l s 2 : Budget f T P un l r u u d s s s : t 3 A m L d e e n j s u t s s s : '* t ­ E p T q a o u y t a t a s l l s . : pa o y r t s. C (d d h i e i a r n b e n c t g t e a I g n L e v b e n y e s . s s : t & , L N c e a o s s n h s: ­ Eq N u e a t ls: & agen.) trusts debt Cal. year—1964.............. 88,696 30,742 4,324 115,030 96,944 28,396 5,069 120,271 -5,241 9,084 2,684 619 5 780 ' 1965 ............. 96 ,'679 31 J84 4’449 123,376 101 ,'379 31;oi4 4,473 127,919 -4,543 4,673 1 386 417 2,872 1966...1..1..0..^..8..0.2 40,011 4,792 145,137 118^077 36,791 4^003 150’867 -5^730 13,526 8,396 342 4 788 Fiscal year—1963........... 86,376 27,689 4,281 109,739 92,642 26,545 5,436 113,751 -4,012 8,681 2 069 1 033 5 579 ’ 1964........... 89,459 30’331 4,190 115’530 97,684 28,885 6’237 120^332 -4,802 7,733 2 775 1 099 3 859 1965........... 93^072 31,047 4^ 303 119,699 96,507 29,637 3; 749 122,395 -2,696 6,933 2 356 250 4 328 1966........... 104,727 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—May.................. 8,452 5,812 254 13,916 9,055 3,632 -134 12,821 1,095 3,847 4 023 66 — 243 June.................. 17,151 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 81103 10j263 3’642 978 12,927 -4^824 — 330 -333 65 — 63 Aug................... 7,197 4,973 330 11J64 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 I J88 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 Nov................... 7; 394 3'717 336 10'698 10’386 2^617 -651 13'654 -2,955 2'468 989 1 34 1 345 Dec.................... 10,606 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 Feb.................... 7,757 4 ,’696 77 12'308 9,‘459 2,406 13 11,852 456 515 1 649 59 1 194 Mar.. 11,395 3,543 364 14’490 11,699 2,677 1,208 13,167 1,323 859 1,082 — 127 ’ 96 AM^pary..................................... 13’534 3’,850 233 17^070 9^464 2’789 1,063 11’189 5^881 — 3 708 329 —77 — 3 302 6,289 5,367 303 11,295 io;915 2,897 -634 14,445 -3,'150 3,372 4,213 -25 -816 Effects of operations on Treasurer’s account Net operating transactions Net financing transactions Change in Treasurer’s account cash balances (end of period) Period Agencies & trusts Change Operating bal. Budget in s d u e r o f p i r c l u it s f T u r n u d s s t 3 a C c l c e o a u ri n n t g s i M ssu a o a r f k n e c t e i I n G n v U o e v . s S t t . , . p d g d u i r e r b o 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 s n ­ t Balance B F a . n R k . s l T a o n a a d x n O as n t s e h e t e t s r sec.3 sec, 3 accts. 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-—May................. -603 2,180 -454 1,070 -4,023 2,777 -423 1,370 8,077 902 6,003 1,172 June................. 7,712 1,265 -450 813 -2,319 -2,452 238 4,330 12,407 766 10,050 1,591 July.................. -4,561 -805 497 297 333 -627 -253 -4,613 7,794 1,232 5,147 1,415 Aug.................. -3,845 2,347 -1,996 470 -3,103 5,141 -139 -850 6,944 1,614 4,014 1,316 Sept.................. 593 26 939 22 -142 328 100 1,666 8,610 760 6,415 1,435 Oct................... -5,165 -614 736 130 698 2,140 119 -2,194 6,417 809 4,181 1,427 Nov.................. -2,993 1,101 -1,120 -55 -989 2,523 84 -1,618 4,799 299 3,041 1,459 Dec................... 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 Feb................... -1,702 2,290 -123 -241 -1,649 756 89 -760 5,410 386 3,299 1,725 Mar.................. -304 866 970 -462 -1,082 1,321 -101 1,411 6,821 828 4,430 1,563 Apr.................. 4,070 1,061 907 -563 329 -3,145 595 2,064 8,884 1,360 5,415 2,109 May................. -4,626 2,471 -912 285 -4,213 3,087 -649 -3,259 5,626 574 3,469 1,583 t 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 1 Includes net transactions of Govt.-sponsored enterprises. in 1965 and 1966; data for 1966 also include adjustments for initiation of 4 Primarily (1) intragovt, transactions, (2) noncash debt, (3) clearing graduated withholding of personal income taxes and change in schedule accounts. for depositing withheld and OASI taxes. 5 Includes technical adjustments not allocated by functions. Note.—Based on Treasury Dept, and Bureau of the Budget data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 FEDERAL FINANCE 1205 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 d c u c t o o o r ­ H w ig ay h­ Total F R a I n . C R d A . e U m n p - l . 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 1,702 7,148 2,499 1965... 119,699 36,840 16,820 26,131 14,793 5,921 3,782 22,138 17,833 3,817 2,746 1,478 2,097 6,030 2,686 1966... 134.480 42,811 18,486 30,834 13,398 5,888 4,037 25,527 21,243 3,773 3,094 1,811 2,303 7,256 3,472 Half year: 1965—Jan.-June.. 68,352 19,108 13,222 16,142 7,395 2,832 1,835 12,759 10,297 2,223 1,576 749 1,200 5,022 1,223 July-Dec.. . 55.024 19,964 3,806 10,892 7,046 3,063 2,068 9,601 7,743 1,607 1 ,274 898 1,296 1.062 1,309 1966—Jan.-June. . 79,456 22,847 14,680 19,942 6,352 2,825 1 ,969 15,926 13,500 2,166 1,820 913 1,007 6,194 2,163 July-Dec.. . 65,681 24,641 3,983 12,045 6,762 3,105 2,313 13,472 11,658 1,563 1,258 1,017 1,493 1,142 2,152 Month: 1966—May....... 13,916 6,238 1,151 751 1,104 480 363 5,124 4,153 930 328 158 167 1,321 216 June 20,391 4,726 2,569 8,251 1,149 578 361 2,834 2,735 59 228 172 204 539 797 July............. 8,103 3,374 351 878 971 361 357 1,912 1,726 142 215 158 179 221 286 Aug........... 11,764 5,095 173 606 1,249 539 530 3,999 3,185 770 224 179 174 198 263 Sept............ 14,748 3,792 2,608 4,547 1,156 550 354 1,894 1,806 46 214 170 191 158 334 Oct.............. 7,523 3,434 277 797 1,065 564 341 1,385 1,248 93 206 170 197 212 204 Nov............ 10,698 5,155 148 580 1,212 600 375 2,839 2,329 469 196 179 216 185 358 Dec............. 12,845 3,791 427 4,636 1,110 492 356 1,863 1,775 52 204 161 536 168 285 1967—Jan.............. 11,251 3,674 3,075 823 1,147 496 340 1,808 1,615 146 269 160 219 115 191 Feb............. 12,308 5,268 944 635 1,075 433 367 4,164 3,301 820 224 134 187 550 227 Mar............ 14,490 4,157 859 6,728 1,539 448 603 2,473 2,366 61 270 170 178 2,204 320 Apr............ 17,070 3,591 6,216 4,295 1,023 n.a. 326 3,340 3,168 138 352 150 227 2,322 198 May........... 11,295 4,987 701 1 ,065 1,274 n.a. 355 4,587 3,669 874 445 166 207 2,392 255 Cash payments to the public Period Total 5 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 ­ 6 so N u u r r r e a a c ­ t l e ­ s t m C r a a o e n n r m s d c p e ­ . c H d i o n e o m g v u e m & s l. ­ , l w H a e b e l o a fa r l , t r h e & , 6 E t d i u on ca­ e V ra e n t­ s In e t s e t r­ G g e o r e v a n l t . ­ Fiscal year—1963......... 113,751 53,429 4,066 2,552 5,362 2,609 5,777 -268 25,624 1,214 5,971 7,427 1,953 1964......... 120,332 54,514 3,837 4,171 5,416 2,774 6,545 1,674 27,191 1,299 6,107 8,011 2,221 1965......... 122,395 50,790 4,794 5,093 5,142 2,921 7,421 908 28,191 1,497 6,080 8,605 2,341 1966......... 137,817 58,464 4,463 5,933 4,114 3,229 6,784 3,425 33,249 2,780 5,556 9,215 2,404 Half year: 1965—J an.-June.. .. 60,885 26,219 2,766 2,761 1,712 1,270 3,131 375 14,562 852 3,134 4,376 1,203 July-Dec........ 67,035 27,085 2,226 2,838 3,313 1,764 3,955 1,157 16,374 706 2,590 4,367 1,259 1966—Jan.-June.. , . 70,781 31,377 2,044 3,094 935 1 ,407 2,841 2,198 16,990 2,072 3,031 4,856 1,144 July-Dec........ 80,086 33,850 2,457 2,855 3,630 2,002 4,372 1,801 18,192 1,755 3,475 4,627 1,386 Month: 1966—May........... 12,821 5,025 461 569 *■312 *•262 518 363 '■2,771 496 540 1,398 227 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 Feb................. 11,852 5,806 -56 390 253 266 515 -635 3,433 302 645 1,571 175 Mar................ 13,167 7,025 389 468 159 251 562 -677 3,648 338 706 653 216 Apr................. 11,189 6,388 370 380 -191 224 336 -667 3,406 14 531 650 199 May............... 14,445 6,293 335 441 499 283 560 -534 3,522 496 614 1,752 239 1965 1966 1967 1965 1966 1967 Item II III IV I II HI IV I II III IV I II III IV I Seasonally adjusted Not seasonally adjusted Cash budget: Receipts.............................. 732.6 30.6 30.7 33.7 739.6 36.3 36.8 38.8 37,7 29.2 25.8 33.3 46.2 34.6 31.1 38.0 Payments................................ 32.4 32.1 33.1 36.9 36.0 40.0 37.8 39.1 32.6 33.1 34.0 34.6 36.2 41.3 38.8 36.7 Net...................................... .3 -1.5 -2.4 -3.2 3.7 -3.7 -1.0 -.3 5.1 -3.9 -8.1 -1.3 10.0 -6.7 -7.7 1.4 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1206 U.S. GOVERNMENT SECURITIES JULY 1967 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 Total T gr o o t s a s l Marketable Nonmarketable Special End of period d g e r b o t s s i d d e ir b e t c t 2 Total C v ib e o r l n e t­ ­ Sav­ issues 6 Total Bills C c e a r t t e if s i­ Notes Bonds * bonds Total 5 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 59.5 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 78.4 4.0 48.8 47.5 43.4 1963—Dec........................................ 310.1 309.3 261.6 207.6 51.5 10.9 58.7 86.4 3.2 50.7 48.8 43.7 1964—Dec........................................ 318.7 317.9 267.5 212.5 56.5 59.0 97.0 3.0 52.0 49,7 46.1 1965—Dec........................................ 321.4 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 50,3 46.3 1966—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 Mar........................................ 331,5 330.9 274.9 219.9 66,6 5.9 48,4 99.0 2.6 52.4 51.0 52.1 Apr...................................... 328.3 327.8 272.2 217.1 64.1 5.9 48.1 99.0 2.6 52.5 51.1 51.6 May...................................... 331.4 330.9 271.8 216.7 64.1 5.6 49.1 97.9 2.6 52.6 51.1 55.2 June...................................... 326.7 326.2 266.1 210.7 58.5 5.6 49.1 97.4 2.6 52.9 51.2 56.2 1 Includes non-interest-bearing debt (of which $262 million on June 30, 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 $19,409 million on May 31, 1967. 6 Held only by U.S. Govt, agencies and trust funds. ■* Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds. Note.—Based on Daily Statement of U.S. Treasury. s 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 e a r o n n u .S v c d s i t . t e , s B F a . n R k . s Total m C b e a o r n c m k ia ­ s l M s b a a v u n i t n u k g a s s l p I c a n a o n 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 t s e l . Savi I n n g d s i vidu O al t s her n F a i o t n a i r o n t e e n d i r g a ­ n l 1 i O m n to 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 «.5 42.9 21.2 2.4 6.6 1947—Dec................. 257.0 34.4 22.6 200.1 68.7 12,0 23.9 14.1 7.3 46,2 19.4 2.7 5.7 1959—Dec................. 290.9 53.7 26.6 210.6 60.3 6.9 12,5 21.4 18.0 45.9 23.5 12.0 10.1 I960—Dec................. 290.4 55.1 27.4 207.9 62.1 6.3 11.9 18.7 18.7 45.6 20.5 13.0 11.2 1961—Dec................. 296.5 54.5 28.9 213.1 67.2 6.1 11.4 18.5 19.0 46.4 19.5 13.4 11.6 1962—Dec................. 304.0 55.6 30.8 217.6 67.2 6.1 11,5 18.6 20.1 46.9 19.2 15.3 12.7 1963—Dec................. 310.1 58.0 33.6 218.5 64.3 5.8 11.3 18.7 21.1 48.1 20,1 15.9 13.3 1964—Dec................. 318.7 60.6 37.0 221.1 64.0 5.7 11.1 17.9 21.2 48.9 21.1 16.7 14.5 1965—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 14.7 322.8 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 Sept................. 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 23.8 50.2 25.4 14.5 16.7 1967—Jan... ............. 329.4 68.2 43.5 217.7 57.4 4.5 9.5 14.9 23.4 50.1 25.8 14,0 17.9 Feb.................. 330.1 69.6 44.0 216.6 56.9 4.6 9.3 15.0 23.7 50.3 25,3 14.1 17.4 Mar................. 331.5 70.7 44.9 215.9 57.6 4.5 9.2 14.1 23.5 50.4 25.5 14.5 16,7 Apr................. 328.3 70,4 45.5 212.5 56.7 4.3 9.0 ’■12.9 23.6 50.5 24.5 14.7 ■■16.2 May................ 331.4 74.6 46.1 210.8 55.8 4.3 9.0 13.3 23.4 50.5 23.9 14.8 15.7 t 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

JULY 1967 U.S. GOVERNMENT SECURITIES 1207 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 rs y 5 e - a 1 r 0 s 1 y 0 e - a 2 rs 0 20 O y v e e a r r s Total Bills Other All holders: 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—Apr. 30............................................................. 217,127 99,670 64,069 35,601 66,540 25,645 8,428 16,842 May 31............................................................. 216,650 95,524 64,067 31,457 70,238 25,641 8,426 16,819 U.S Govt, agencies and trust funds: 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—Apr. 30...................................................... 16,547 4,215 3,278 937 4,235 2,482 2,111 3,504 May 31...................................................... 17,232 4,396 3,534 862 4,636 2,581 2,111 3,509 Federal Reserve Banks: 1964—Dec. 31..................................................... 37,044 21,388 6,487 14,901 13,564 1,797 58 237 1965—Dec. 31..................................................... 40,768 24,842 9,346 15,496 14,092 1,449 147 238 1966—Dec. 31..................................................... 44,282 35,360 12,296 23,064 7,502 1,007 153 260 1967—Apr. 30...................................................... 45,460 33,915 13,289 20,626 10,208 898 159 281 May 31...................................................... 46,066 31,396 13,709 17,687 13,216 964 167 324 Held by public: 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—Apr. 30............................................. 155,120 61,540 47,502 14,038 52,097 22,265 6,158 13,057 May 31...................................................... 153,352 59,732 46,824 12,908 52,386 22,096 6,148 12,986 Commercial banks: 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 8,77t 7,067 21,112 9,343 435 454 1967—Apr. 30............................................. 46,940 13,257 6,924 6,333 23,802 8,913 445 523 May 31............................................. 46,325 12,074 6,455 5,619 24,475 8,827 444 506 Mutual savings banks: 1964—Dec. 31........................................... 5.434 608 344 263 1,536 1,765 260 1,266 1965—Dec. 31.................................. 5,241 768 445 323 1,386 1,602 335 1,151 1966—Dec. 31............................................ 4,532 645 399 246 1,482 1,139 276 990 1967—Apr. 30............................................. 4,215 535 317 218 1,530 896 284 969 May 31........................... 4,149 508 301 207 1,514 874 283 970 Insurance companies: 1964—Dec. 31............................................. 9,160 1,002 480 522 2,045 2,406 818 2,890 1965—Dec. 3t.............................. 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—Apr. 30............................................ 7,589 524 266 258 1,965 1,380 1,078 2,641 May 31 ............................................. 7,601 581 337 244 J ,929 1 ,374 1 ,077 2,640 Nonfinancial corporations: 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—Apr. 30.............................................. 4,938 3,354 2,624 730 1,357 177 6 45 May 31.............................................. 5,481 3,958 3,256 702 1,309 160 6 47 Savings and loan associations: 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—Apr. 30.............................................. 3,987 808 613 195 1,423 1,014 267 473 May 31.................................... 4,020 842 619 223 1,438 997 266 477 State and local governments: 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—Apr. 30............................................. 15,396 6,013 5,118 895 2,379 1,325 1,713 3,966 May 31............................................. 15,129 5,983 5,050 933 2,177 1,319 1,700 3,950 All others: 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 1,962 1966—Dec. 31............................................. 75,690 38,685 32,646 6,039 18,896 9,619 2,215 4,275 1967—Apr. 30............................................. 72,055 37,049 31,640 5,409 19,641 8,560 2,365 4,440 May 31... ....................................... 70,647 35,786 30,806 4,980 19,544 8,545 2,372 4,396 Note.—Direct public issues only. Based on. Treasury Survey of about 90 per cent by the 5,891 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 nonfinancial corporations and 488 savings and loan assns.; and but for other groups are based on Treasury Survey data. Of total mar­ (3) about 70 per cent by 506 State and local govts. ketable issues held by groups, the proportion held on latest date by those “AU 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

1208 U.S. GOVERNMENT SECURITIES JULY 1967 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period agency Total Dealers and brokers securities Within 1-5 5-10 Over Com­ All I year years years 10 years U.S. Govt, m b e a r n c k ia s l other securities Other 1,882 1,564 202 86 30 514 78 746 543 221 June. 1 ’927 1.614 186 94 33 646 69 729 r484 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 (92 82 35 782 93 915 538 180 Nov.............. 2'339 1,864 334 118 24 849 94 896 501 204 Dec................................ 2^712 2*059 427 160 66 1 114 121 978 500 232 1957—jan................................... 2,266 1,827 288 102 49 912 110 r791 453 281 Feb.................................. 2,186 I,*744 331 79 32 774 90 826 496 217 Mar...................... 2 ,’434 2’Oli 296 87 39 1 057 140 794 443 222 Apr............................... 2,110 1 *738 262 82 28 812 76 746 475 222 May............. 2,075 1 636 332 77 30 784 63 720 507 188 Week ending— 1967—May 3.......................... '2,702 2,072 '535 74 26 '893 112 982 726 '221 ' 10.......................... d ’844 1,381 339 88 33 663 '49 r636 496 144 17 '1^950 1,516 '331 75 30 y735 r53 714 448 242 24.......................... ri '857 1,520 257 '58 23 '722 57 '638 441 169 31 . ........................ ^2^275 U87I '288 '96 37 935 64 795 480 r206 1,711 1,490 163 39 19 623 49 587 452 147 14.......................... 1,485 1,206 210 56 13 570 56 476 382 155 21. 2’027 1 '648 277 74 28 727 67 679 554 311 28.......................... 1,879 1,564 242 43 31 702 50 676 451 182 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 ea -5 rs 5 O y v e e a r r s se a G c g u e o r n v i c t t i y , e s Period sou A r U c es Y N o e r w k w E h ls e e r ­ e C t o io rp ns o r 1 a­ o A th l e l r City 1966—May......... 2,239 2,061 142 36 675 June......... 1,548 ‘ 1,353 92 102 '666 1966—May...... 2,787 744 602 1 067 375 July.......... 1,681 1 ,587 49 45 408 June 2,065 523 476 *796 270 2,188 2,001 181 6 208 July............ 2,127 623 481 737 287 Sept 2,229 2^043 108 78 269 Aug. 2,229 394 430 925 480 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 4,158 3*447 530 181 502 Nov 3,'575 605 687 1,614 668 4’233 999 893 1 412 929 1967—Jan............ 4,861 4,138 431 292 560 Feb........... 4,442 3*527 681 235 467 1967—Jan.............. 4,925 1,565 1,678 983 700 Mar.......... 4*084 3,362 475 248 415 Feb............. 4*530 1,391 1,331 1 069 740 3'902 3*296 382 223 450 4,298 1,289 1,461 825 723 May,.... 3; 375 2; 503 744 128 371 Apr. 4,162 1,093 1 ,576 829 664 3,612 935 1'156 764 757 Week ending— Week ending— 1967—Apr, 5.. 4,139 3,450 440 250 526 12.. 4,300 3,617 444 239 485 1967—Apr. 5... 4,387 1,240 1,635 771 743 19. . 3,932 3,303 399 230 389 12. 4,669 1,314 1,894 840 621 26.. 3,391 2,826 360 205 423 19. 4,469 1,216 1,681 904 668 26. .. 3,491 748 1,259 833 651 May 3.. 3,624 3,120 315 189 416 10.. 3,428 2,346 932 151 325 May 3 .., 3,656 976 1,256 718 706 17.. 3,402 2,448 824 129 322 10... 3,927 960 1,264 680 1,024 24. , 3,077 2,214 766 97 409 17. 3,794 975 1,177 734 907 31.. 3,504 2,780 629 83 427 24... 3,350 864 1,130 865 491 31 . .. 3,338 888 1,025 819 605 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

JULY 1967 GOVERNMENT SECURITIES 1209 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, JUNE 30, 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. July 6,1967............... 2,302 Dec. 21, 1967......... 1,000 Oct. 1, 1969........ ■ 1’4 159 Oct. L 1969...........4 6,253 July 13^ 1967............... 2,302 Dec. 28, 1967........ 1,000 Apr. 1, 1970........ • 1% 88 Feb. 15, 1970........ .4 4,381 July 20^ 1967.................. 2,301 Dec. 31, 1967........ 1,401 Oct. 1, 1970........ • 1% 113 Aug. 15, 1970........ .4 4,129 July 27^ 1967.......... 2,301 Jan. 31, 1968........ 1,401 Nov. 15, 1970........ .5 7,675 Aug. 15, 1971........ .4 2.806 July 31.’ 1967................... 1,495 Feb. 29, 1968........ 1,401 Apr. 1, 1971........ .1'4 35 Nov. 15, 1971........ • 3’/g 2,760 Aug. 1 1967................... 2,303 Mar. 31, 1968........ 1,400 May 15, 1971........ .5% 4,265 Feb. 15, 1972........ .4 2.344 Aug. 10' 1967................... 2,301 Apr. 30, 1968........ 902 Oct. 1,1971........ 72 Aug. 15, 1972........ .4 2,579 Aug. 17’ 1967 . 2,302 May 31, 1968........ 900 Nov. 15, 1971........ ■sV« 1,734 Aug. 15, 1973.... ..4 3,894 2,300 June 30, 1968........ 1,001 Feb. 15, 1972........ .4% 2,006 Nov. 15, 1973........ • 41/, 4,354 Aug. 31,' 1967................... 3,806 Apr. 1, 1972........ •l>/2 8 Feb. 15. 1974........ 3,130 Sept. 7, 1967................... 2,301 May 15, 1972........ ■4% 5,309 May 15, 1974........ 3,590 S S S e e e p p p t t t . . . 1 2 2 4 8 1 1 ^ ’, 1 1 1 9 9 9 6 6 6 7 7 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2, , , 3 3 3 0 0 0 1 2 0 Ce A rt u if g ic . a 1 te 5 s , 1967.. ....51/4 5,610 Treasury bonds J N M u o n a v y e . 2 1 1 5 5 5 , , , 1 1 1 9 9 9 7 7 7 4 8 5 . - - . 8 8 ... 5 3 .. . . . . . . . . 3 3 4 % ' U 4 2 1 1 , , , 2 5 2 4 1 7 7 2 4 Sept. 30,’ 1967................... ^400 Dec. 15, 1963-68.. 1,789 Feb. 15, 1980........ .4 2,604 Oct 5’1967.............. 1,001 June 15, 1964-69.. 2,544 Nov. 15. 1980........ .3« 1,910 Oct. 13’ 1967................. 1,001 Treasury notes Dec. 15, 1964-69...2'4 2,492 May 15, 1985........ ■ 3U 1,121 Oct. 19^ 1967................... 1,001 Aug. 15, 1967.... ■ 3’% 2,094 Mar 15, 1965-70,.•2 91 2,288 Aug. 15, 1987-92.,.4(4 3,817 Oct. 26,’ 1967................... 1,000 Aug. 15, 1967.........• 4’/, 1,904 Mar. 15, 1966-71.. 2W 1,226 Feb. 15, 1988-93...4 250 Oct. 3L 1967................... 1,406 Oct. 1, 1967..........1'4 457 June 15, 1967-72.. 2'4 1,261 May 15, 1989-94..■ 4W 1.560 Nov. 2’1967................. 1,000 Nov. 15, 1967..........4’4 8,135 Sept 15, 1967-72.. 2’6 1,952 Feb. 15, 1990........ ■ 3'4 4,890 Nov. 9’ i967................... 1,000 Feb. 15, 1968.........•sy8 2,635 Nov. 15, 1967........ 3’4 2,019 Feb. 15, 1995........ .3 1,898 Nov. 16; 1967................... 1,001 Apr. 1, 1968.........• iU 212 Dec. 15, 1967-72.. 2’4 2,637 Nov. 15, 1998........ •3'4 4,382 Nov. 24; 1967................... 1,000 May 15, 1968........ .4’4 5,587 May 15, 1968..... 3% 2,460 Nov. 36; 1967................... 2,401 Aug. 15, 1968........ .414 6,444 Aug. 15, 1968........ 3M 3,747 Convertible bonds Dec. 7; 1967............... 1,001 Oct. 1 1968........ 115 Nov. 15, 1968........ 3’/s 1,591 Investment Series B Dec 14 1967.................. Good Apr. 1, 1969........ • i>/2 61 Feb. 15, 1969........ 4 3,728 Apr. 1, 1975-80..•2% 2,589 Note.—Direct public issues only. Based on Daily Statement of U.S. * Tax anticipation series. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds amount Period deliv­ Total G g o a e b t a n i l l o i e ­ n r­ s R n e u v e e­ PHA' G l U o o a . v S n t . s , State S d p i s a s t e n t a c r d t i i , c a t l Other i ered 3 Total c E a d ti u o ­ n b R r a i o d n a g d d e s s U iti t e il s ­ * H in ou g s 5 ­ V a a e n i t d e s r ’ ­ p O p o u t s h e r e ­ s r auth. 1960. 7,292 4,771 2,,095 302 125 1,110 1,984 4,198 7,102 7,247 2,405 1,007 1,316 426 201 1,891 1961. 8,566 5,724 2,407 315 120 1,928 2,165 4,473 8,301 8,463 2,821 1,167 1.700 385 478 1,913 1962. 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1963. 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,369 1964. 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 1965. 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1,965 626 50 3.311 1966. 11,395 6,804 3,955 325 312 2,590 4,110 4,695 n.a. 11,294 3,738 1,476 1,880 533 3,667 1966--May.... 903 504 378 21 118 315 469 n.a. 902 249 135 280 2 236 June.... 1,143 587 395 IIO 51 275 428 440 n.a. 1,141 506 118 200 H10 207 July.... 702 406 276 20 174 246 282 n.a. 701 226 142 73 8 252 Aug....... 775 453 287 35 134 275 366 n.a. 773 279 32 103 6 353 Sept..., 1,032 441 453 iio 18 '79 572 381 n.a. 1,019 218 220 222 124 236 Oct........ 751 539 178 34 208 256 287 n.a. 747 299 12 99 9 328 Nov.... 973 598 364 12 229 334 410 n.a. 967 379 108 226 40 213 Dec....... 940 397 533 .............11 100 568 272 n.a. 940 279 280 87 131 .........1..6..4 1967-—Jan........ '1,466 938 502 27 511 331 624 n.a. 1,461 404 218 163 1 675 Feb........ H.2O9 912 287 no '257 296 656 n.a. '1,175 '464 132 103 * 476 Mar... . rl,440 816 470 117 '37 '230 565 645 n.a. '1,426 '410 122 '333 126 '435 Apr....... 1,099 834 239 27 180 '233 687 n.a. '1,085 447 58 '209 10 '?61 May.... 1,172 729 415 28 309 268 595 n.a. 1,147 464 115 92 11 465 t Only bonds sold pursuant to 1949 Housing Act, which are secured s Includes urban redevelopment loans. by contract requiring the Public Housing Administration to make annual contributions to the local authority., Note.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S. Govt loans. Based on date of delivery to purchaser difference is in the treatment of U.S Govt, loans. and payment to issuer, which occurs after date of sale. Investment Bankers Assn, data; par amounts of long-term issues 4 Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1210 SECURITY ISSUES JULY 1967 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues 1 Proposed use of net proceeds, all corporate issues 6 Noncorporate Corporate New capital Period Re­ Bonds Stock tire­ Total US. U.S. Total ment G U o . v S t . .2 G a c g y o e v n -1 t ­ , l S o a c t n a a d t l e ^ Other 5 Total Total o P f l f i u c e l r b y e ­ d p v l P a a t r c e i e ­ ly d fe P r r r e e ­ d C m o o m n ­ Total m N on ew ey 7 O p p o t u h s r e e ­ s r s ri e o t c i f e u s ­ 1959................... 31,074 12,322 707 7,681 616 9.748 7,190 3,557 3,632 531 2.027 9,527 9,392 8,578 814 135 I960..................... 27,541 7'906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9’924 9'653 8,758 895 271 1961..................... 35327 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..................... 35,199 10,827 1,168 10,107 887 12,211 10,856 4,713 6,143 343 1,011 12,049 10,523 8,898 1,625 1,526 1964.................... 37 J 22 10'656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 13,792 13,038 11,233 1,805 754 1965..................... 40,108 9,348 2,731 11,148 889 15,992 13,720 5'570 8’150 725 1 '547 15,801 14,805 13,063 1,741 996 1966..................... 45,015 8^231 6,806 1L089 815 18,074 15’561 8,018 7; 542 574 1,939 17,841 17,60! 15,806 L795 241 1966—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 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 1967—Jan.......... 5,091 494 1,251 1,450 211 1,684 1,593 745 848 51 40 1,669 1,648 1,522 125 21 Feb..... 7,523 4,154 783 i; 159 10 1,418 1,262 900 362 17 139 1,400 1,399 1'375 24 Mar........ 5,253 459 750 1,437 245 2,362 2,219 1,618 601 24 119 2,334 2,317 2,178 139 17 Apr.......... 4,207 393 650 1,192 41 1,994 1,761 1,368 393 143 91 1,964 1,952 1 ,870 82 12 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 u an 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 capital6 secu­ capital6 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 I960. 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 ll 1,825 23 1963. 3,272 199 756 53 861 87 1,939 703 733 359 2,962 125 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 1966--Apr....................................... 692 4 154 2 148 364 76 119 1 May..................................... 376 12 (37 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 39 254 97 71 Nov....................................... 228 2 58 204 320 10 168 107 Dec....................................... 673 4 93 266 4 409 152 42 ............... 1967--Jan........................................ 624 -20 103 144 220 293 * 264 1 Feb....................................... 563 72 140 274 105 244 Mar.......................... 1,254 16 112 214 503 145 89 2 Apr................................. 1,123 7 103 4 88 ............... 395 1,458 107 .........1..3..7.. ............... i 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. J Issues not guaranteed. 4 See Note to table at bottom of opposite page. NOTE.—Securities and Exchange Commission estimates of new issues s 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

JULY 1967 SECURITY ISSUES 1211 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, al! issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire­ Net New Retire­ Net issues ments change issues ments change I c n o ve s s .1 t, Other I c n o v s e J st, Other I c n o ve s s .1 t. Other 1962........................ 14,308 6,457 7,852 8,613 3,749 4,864 3,440 2,255 1,140 1,567 2,300 688 {963......................... 15,641 8,711 6,930 10,556 4,979 5,577 3,138 1,948 1,536 2,197 1,602 -249 1964........................ 18,826 8,290 10,536 10,715 4,077 6,637 4,363 3,748 1,895 2,317 2,468 1,431 1965......................... 21,535 10,025 11,511 12,747 4,649 8,098 5,583 3,205 2,134 3,242 3,450 -37 1966......................... 26,327 9,567 16,761 15,629 4,542 11,088 6,529 4,169 2,025 3,000 4,504 1,169 1966—I.................... 7,663 3,044 4,619 4,568 1,335 3,233 2,085 1 ,010 557 1,152 1,528 -142 II.................. 7,517 2,233 5,286 3,993 1,153 2,841 1,518 2,006 548 532 970 1,475 5,534 1,756 3,777 3,732 943 2,789 1,271 531 490 323 781 207 IV................. 5,615 2,535 3,080 3,336 l,Ht 2,225 1,657 622 431 993 1,226 -371 1967—1................... 7,370 2,344 5,025 4,724 1,202 3,522 1,860 786 592 550 1,268 235 Type of issuer Manu­ Commercial Transpor­ Public Communi­ Real estate Period facturing and other 2 tation 3 utility cation and financial 4 & B n o o 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 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 2,753 1965......................... 2,606 -570 614 -70 185 -1 1,342 96 644 518 2,707 3,440 1966.......................... 4,324 32 616 -598 956 718 2,659 533 1,668 575 864 4,414 1966—1................... 1,440 -543 169 49 348 28 756 166 249 168 270 1,518 II. ........ 950 657 232 -72 166 648 679 119 549 157 264 937 III............... 1,198 58 143 -22 218 16 469 112 405 103 356 721 IV........... 736 -140 72 -553 224 26 755 136 465 147 -26 1,239 1967—I................... 1,489 52 130 -6 372 19 642 90 511 97 379 1,251 * Open-end and closed-end companies. exclude foreign and include offerings of open-end investment cos., sales of 2 Extractive and commercial and misc. companies. securities held by affiliated cos. or RFC, special offerings to employees, 3 Railroad and other transportation companies. and also new stock issues and cash proceeds connected with conversions * Includes investment companies. of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for Note.—Securities and Exchange Commission estimates of cash trans­ that purpose shown on opposite page. actions only. As contrasted with data shown on opposite page, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales 1 Re 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 s a it s i h o n3 Other 1955............... 1,207 443 765 7,838 438 7,400 1966—May.. 450 189 261 35,453 2,278 33,175 1956............... 11347 433 914 91046 492 81554 June.. 350 163 186 35,429 2,337 33,092 1957.. ...... 1,391 406 984 81714 523 81191 July... 363 153 210 35,082 2,472 32,610 1958............... 1,620 511 1,109 13,242 634 12,608 Aug... 357 187 170 32,553 2,657 29,896 Sept... 327 145 182 32,223 3,036 29,187 1959............... 2,280 786 1,494 15,818 860 14 958 Oct.. , 329 133 196 33,483 3,244 30,239 1960............... 2,097 842 11255 17,026 973 16,053 Nov,.. 295 143 152 34,497 3,206 31,291 1961............... 2,951 1,160 1,791 221789 980 21,809 Dec... 300 151 149 34,829 2,971 31,858 1962............... 2,699 1,123 1,576 21,271 1,315 19,956 1967—Jan.... 391 183 209 37,230 2,869 34,361 1963............... 2,460 1,504 952 25,214 1,341 23,873 Feb... 298 179 120 38,034 2,866 35,168 1964............... 3,404 1,875 1,528 29,116 1,329 27,787 Mar. . 389 226 163 39,443 2,682 36,761 1965............... 4,359 11962 2,395 35,220 11803 33,417 Apr... 358 214 144 41,191 2,666 38,525 1966............... 4,671 2,005 21665 34,829 2,971 31,858 May.. 358 258 99 39 ,'847 2,608 37,239 1 Includes contractual and regular single purchase sales, voluntary 3 Cash and depositSj receivables, ail U.S Govt, securities, and other and contractual accumulation plan sales, and reinvestment of invest­ short-term debt securities less current liabilities. ment income dividends; excludes reinvestment of realized capital gains dividends. Note.—Investment Company Institute data based on reports of mem­ 2 Market value at end of period less current liabilities. bers, which comprise substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect newly formed companies after their initial offering of securities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1212 BUSINESS FINANCE JULY 1967 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1965 1966 1967 Industry 1962 1963 1964 ISOS'- 1966' IP IIP IV P IP III IV I Manufacturing Total (177 corps.): Sales........................................ 136,545 147,380158,253 177,237 196,488 45,637 42,060 46,601 47,778 49,909 46,225 '52,576 48,515 Profits before taxes.............. 15,330 17,337 18,734 22,046 23,420 6,029 4,717 5,787 6,020 6,460 4,881 >•6,059 5,154 Profits after taxes................... 8,215 9,138 10,462 12,461 13,244 3,394 2,729 3,270 3,353 3,643 2,845 *•3,403 2,933 Dividends.............................. 5,048 5,444 5,933 6,527 7,205 1,627 1,430 2,062 1,570 1,754 1,916 '1,965 1,680 Nondurable goods industries (78 i corps.):1 Sales.......................................... 52,245 55,372 59,770 64,897 73,850 16,265 16,408 16,697 17,804 18,555 18,320 '19,171 18,756 Profits before taxes................ 5,896 6,333 6,881 7,846 9,107 2,009 2,010 2,017 2,2b4 2,444 2,305 ’•2,158 2,136 Profits after taxes................... 3,403 3,646 4,121 4,786 5,419 1,211 1,219 1,251 1,305 1,427 1,389 '1,298 1,312 Dividends.......................................... 2,150 2,265 2,408 2,527 2,729 604 613 707 651 682 673 '723 732 Durable goods industries (99 corps.):2 Sales........................................... 84,300 92,008 98,482 112,34! 122,638 29,372 25,652 29,904 29,974 31,354 27,905 33,405 29,759 Profits before taxes................ 9,434 11,004 11,853 14,200 14,313 4,019 2,707 3,770 3,815 4,020 2,577 3,901 3,018 Profits after taxes................... 4,812 5,492 6,341 7,675 7,824 2,183 1,511 2,019 2,047 2,216 1,456 2,105 1,621 Dividends................................. 2,898 3,179 3,525 4,000 4,476 1,022 817 1,356 919 1,072 1,243 1,242 948 Selected industries: Foods and kindred products (25 corps.); Sales.......................................... 13,457 14,301 15,284 16,427 19,284 4,098 4,252 4,217 4,678 4,732 4,782 5,092 5,012 Profits before taxes................ 1,460 1,546 1,579 1,710 1,912 434 453 439 439 488 504 481 448 Profits after taxes................... 698 747 802 896 1,006 225 235 237 230 257 262 257 237 Dividends........................................ 425 448 481 509 564 125 126 133 137 142 139 146 147 Chemical and allied products (20 corps.): Sales.......................................... 13,759 14,623 16,469 18,158 19,998 4,S44 4,657 4,656 4,885 5,216 4,824 5,063 4,998 Profits before taxes................ 2,162 2,286 2,597 2,891 3,073 766 737 707 760 874 789 650 683 Profits after taxes................... 1,126 1,182 1,400 1,630 1,737 426 411 409 428 480 443 386 391 Dividends................................ 868 904 924 926 948 213 215 285 221 224 234 269 225 Petroleum refining (16 corps.): Sales........................................... 15,106 16,043 16,589 17,828 20,844 4,515 4,381 4,504 4,945 5,114 5,298 '5,487 5,390 Profits before taxes.............. 1,319 1,487 1,560 1,962 2,619 491 497 522 656 668 631 '664 684 Profits after taxes................... 1,099 1,204 1,309 1,541 1,846 384 395 400 457 467 479 '443 505 Dividends......................................... 566 608 672 737 834 179 183 196 200 221 204 '209 232 Primary metals and products (34 corps.): Sales........................................... 21,260 22,116 24,195 26,548 28,572 7,132 6,657 6,167 6,567 7,457 7,309 7,239 6,801 Profits before taxes................ 1,838 2,178 2,556 2,931 3,277 861 690 623 682 928 857 810 695 Profits after taxes................... 1,013 1,183 1,475 1,689 1,903 489 397 373 402 537 490 474 401 Dividends................................ 820 734 763 818 924 199 202 221 216 218 230 260 222 Machinery (24 corps.): Sales......................................... 19,057 21,144 22,558 25,364 30,141 6,415 6,291 6,785 6,985 6,889 7,538 8,729 7,613 Profits before taxes................ 1,924 2,394 2,704 3,107 3,613 800 772 788 894 915 851 953 858 Profits after taxes................... 966 1,177 1,372 1,626 1,880 425 408 410 456 480 444 500 439 Dividends................................. 531 577 673 774 912 187 188 207 217 225 226 244 231 Automobiles and equipment (14 corps.): Sales......................................... 29,156 32,927 35,338 42,712 43,641 11,466 8,294 12,033 11,718 11,728 8,046 12,149 10,413 Profits before taxes................ 4,337 5,004 4,989 6,253 5,273 1,880 752 1,797 1,779 1,615 313 1,566 1,050 Profits after taxes.................... 2,143 2,387 2,626 3,294 2,866 1,002 428 923 934 893 224 815 583 Dividends............................. .. 1,151 1,447 1,629 1,890 1,775 520 307 759 360 503 361 551 363 Public utility Railroad: Operating revenue................. 9,440 9,560 9,778 10,208 10,654 2,582 2,575 2,668 2,518 2,728 2,690 2,718 n.a. Profits before taxes................ 729 816 829 980 1,088 259 248 328 213 327 280 268 n.a. Profits after taxes................... 572 651 694 816 902 213 206 276 172 259 227 244 n.a. Dividends.................................. 367 383 438 468 496 118 81 161 113 109 113 161 n.a. Electric power: Operating revenue................. 13,489 14,294 15,156 15,816 16,908 3,788 3,878 3,997 4,401 4,026 4,236 4,246 4,697 Profits before taxes................ 3,583 3,735 3,926 4,213 4,395 990 1,050 1,000 1,215 987 1,153 1,041 1,279 Profits after taxes................... 2,062 2,187 2,375 2,586 2,764 602 630 637 758 632 702 673 799 Dividends.................................. 1,462 1,567 1,682 1,838 1,932 438 357 577 473 486 475 505 518 Telephone: Operating revenue................. 9,196 9,796 10,550 11,320 12,420 2,790 2,854 2,944 2,992 3,091 3,135 3,202 3,229 Profits before taxes................. 2,639 2,815 3,069 3,185 3,537 766 830 806 851 907 911 868 869 Profits after taxes................. 1,327 1 ,417 1,590 1,718 1 ,903 419 447 432 460 488 487 468 472 Dividends................................. 935 988 1,065 1,153 1,248 284 294 296 302 309 317 320 304 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 ^QTE.—Mannfacturing 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

JULY 1967 BUSINESS FINANCE 1213 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 ­ s e 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 tr U p i r b n o u d f t i i t e s s d ­ co c a n a l t l s i p o o u i w n 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 a r f o x t f e e i r s t s d C d e i a n v s d i h ­ s t U p ri r b n o u d f t i i t e 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 1 1959............... 52.1 23.7 28.5 12.6 15.9 23.5 1965—ID... 75.6 30.9 44.6 19.4 25.2 36.0 1960............... 49.7 23.0 26.7 13.4 13.2 24.9 IIP.. 75.8 31.1 44.8 20,2 24.6 36.9 IV'.. 80.8 33.1 47.7 20,9 26.8 37.8 1961............... 50.3 23.1 27.2 13.8 13.5 26.2 1962............... 55.4 24.2 31.2 15.2 16.0 30.1 1966—1'. . . 83.7 34.5 49.2 21.4 27.8 38.3 1963............... 59.4 26,3 33.1 16.5 16.6 31.8 ID... 83,6 34.5 49.2 21.6 27.6 38.7 1964'............. 66.8 28.3 38.4 17.8 20.6 33.9 III'.. 84.0 34.6 49.4 21.6 27.8 39.2 1965'............. 76.6 31.4 45.2 19.8 25.4 36.5 IV'.. 83.9 34.6 49.3 21.2 28.2 39.8 1966r............. 83.8 34.5 49.3 21.5 27.8 39.0 1967—1'. .. 79.0 32.5 46.5 22.2 24.2 40.3 i Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts, Notes and accts, End of period working U S. receivable payable Accrued capital Total Cash s G ec o u v r t i , ­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties G U o . v S t . J Other G U o . v S t . . I Other taxes 1961................................. 148.8 304.6 40.7 19.2 3.4 133.3 95.2 12.9 155.8 1.8 110,0 14.2 29.8 1962................................ 155.6 326.5 43.7 19.6 3.7 144.2 100.7 14.7 170.9 2.0 119.1 15,2 34.5 1963................................ 163.5 351.7 46.5 20.2 3.6 156.8 107.0 17.8 (88.2 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 ................................ 183.4 407.9 49.2 16.7 3.9 189.6 126.3 22.1 224.5 3.1 157.6 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 IV....................... 192.7 441.6 49.3 15.5 4.5 204.4 144.5 23.3 248.9 4.9 173.4 19.1 51.6 1967—1........................... 195.2 442.4 46.5 14.4 4.4 204.4 148.2 24.5 247.2 5.4 170.8 18.6 52,4 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 b ­ le Mining Railroad Other u P t u il b it l i i e c s n C i o c m ati m on u s ­ Other t a ( r n S a n t . u e A ) a . l 1959........................................... 32.54 5.77 6.29 .99 .92 2.02 5.67 2.67 8.21 I960............................................ 35.68 7.18 7.30 .99 1.03 1.94 5.68 3,13 8.44 1961.................................... 34.37 6.27 7.40 .98 .67 1.85 5.52 3.22 8.46 1962............................................ 37.31 7.03 7.65 1.08 .85 2.07 5.48 3.63 9.52 1963............................................. 39.22 7.85 7.84 1.04 1.10 1.92 5.65 3.79 10.03 1964............................................. 44.90 9.43 9.16 1.19 1.41 2.38 6.22 4.30 10.83 1965............................................. 51.96 11.40 11.05 1.30 1.73 2.81 6.94 4.94 11.79 1966............................................ 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—11..................................... 12.81 2.76 2.70 .33 .44 .77 1.71 1.24 2.85 50.35 13.41 2.91 2.82 .32 .44 .72 1.88 1.22 3.10 52.75 IV................................... 14,95 3.48 3.24 .35 .46 .73 2.04 1.41 3.25 55.3’5 1966—I..... ............................ 12.77 2.87 2.74 .33 .40 .75 1.60 1.26 2.83 58.00 ................................. 15.29 3.51 3.27 .40 .55 1.00 2.09 1.42 3.06 60 10 HI........................ 15.57 3.54 3.30 .37 .48 .82 2.36 1,36 3.33 61.25 IV....................... 17.00 4.07 3.68 .38 .55 .86 2.36 1.58 3.52 62.80 1967—I, .................................... 13,59 3.08 3.02 .32 .41 .70 1.84 1.35 2.87 61.65 fl 2............................................... 15.62 3.58 3.31 .38 .40 1.09 2.35 4.51 61.55 Ill 2.,.......................... 15.85 3.61 3.42 .41 .38 1.01 2.49 4.54 62.80 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

1214 REAL ESTATE CREDIT JULY 1967 MORTGAGE DEBT OUTSTANDING (In billions of dollars) AU properties Farm Nonfarm Other Multifamily and Mortgage holders2 1- to 4-family houses4 commercial properties 5 type 6 E pe n r d io o d f All Finan­ All Finan­ Other All hold­ cial hold­ cial hold­ hold­ ers tu i t n io st n i­ s 1 a U c g i . e e S n s . ­ v o I i a t d n h n u d e d a i r ­ l s s ers tu i t n i s o t n i­ s 1 ers3 ers Total tu F i t i n i n o s a t n i n ­ s , i O h e o t r h l s d e ­ r Total tu F i t i n i n o s a t n i n s ­ , 1 O h e o t r h l s d e ­ r w u F V n r H i d A t A t e e - r - n ­ t C i v o e o n n n a ­ ­ l 1941....... 37,6 20.7 4.7 12,2 6.4 LS 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 L3 3.4 30.8 18.6 12.2 6^4 12,2 7.4 4.7 4 3 26.5 1961.....2..2..6....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.....2..4...8...6 192.5 12.2 44.0 15.2 5.5 9.7 233.4 166.5 140.4 26.0 66.9 46.6 20.4 69.4 164 I 1963............ 274.3 217.1 11.2 45.9 16.8 6.2 10,7 257.4 182.2 156.0 26.2 75.3 54.9 20.3 73 4 184 0 1964.......... 300.1 241.0 11.4 47.7 18.9 7.0 1L9 281.2 197.6 170.4 27.2 83.6 63.7 19 9 77.2 204 0 1965............ 326.2 264.5 12.4 49.3 21.2 7.8 13.4 305.0 213.7 185.1 28.6 91.3 71.6 19.7 81.2 223 8 19660.......... 347.1 280.6 15.8 50.7 23.3 8. 4 14 9 323. 8 225.1 193.7 31 4 98 7 78 4 20.3 84 0 239 8 1965—1.... 305.3 245.8 11.6 47.9 19.5 7.2 12.3 285.8 200.7 173.3 27.4 85.1 65.3 19.8 77.9 207.9 II... 312.5 252.2 11.7 48.6 20.2 7.4 12.8 292.3 205.1 177.4 27.7 87.2 67.4 19.8 78.7 213.6 HI... 319.4 258.6 11.9 49.0 20.7 7.6 13.1 298.7 209.6 181.5 28.0 89.2 69.4 19.7 80.0 218.7 IV... 326.2 264.5 12.4 49.3 21.2 7.8 13.4 305.0 213.7 185.1 28.6 91.3 71.6 19.7 81.2 223.8 1966—1»... 331.9 269.3 13.5 49.1 21.8 8.0 13.7 310.1 216.9 187.9 29.0 93.2 73.3 19.9 82.1 228.0 HP.. 338.4 274.4 14.4 49.7 22.5 8.2 14.2 316.0 220.7 190.9 29.8 95.3 75.2 20.1 82.6 233.4 IIIA. 343.2 277.9 15.2 50,2 23.0 8.4 14.6 320.3 223.1 192.5 30.6 97.1 77.0 20.2 83.4 236.9 IV».. 347.1 280.6 15.8 50,7 23.3 8.4 14.9 323.8 225.1 193.7 31.4 98.7 78.4 20.3 84.0 239.8 1967—P... 350.6 283.1 16.4 51.1 23.7 8.5 15.2 326.9 227.0 195.1 31.9 99.9 79.5 20.4 84.4 242,5 1 Commercial banks (including nondeposit trust companies but not 6 Data by type of mortgage on nonfarm 1- to 4-family properties alone trust depts.), mutual savings banks, life insurance companies, and savings are shown on second page following. and Joan assns. 2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin., Note.—Based on data from Federal Deposit Insurance Corp., Federal and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Home Loan Bank Board, Institute of Life Insurance, Depts, of Agricul­ Other U.S agencies (amounts small or current separate data not readily ture and Commerce, Federal National Mortgage Assn., Federal Housing available) included with “individuals and others.” Admin., Public Housing Admin., Veterans Admin., and Comptroller 3 Derived figures; includes debt held by Federal land banks and farm of the Currency. debt held by Farmers Home Admin. Data shown have been adjusted to allow for recent revisions by Dept, 4 For multifamily and total residential properties, see second following of Commerce of end-of-year figures on multifamily and commercial page. properties back to 1962. s Derived figures; includes small amounts of farm loans held by savings and loan, assns. Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Other Total Total FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ f n a o r n m ­ Farm Total Total FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ O n fa t o r h n m e ­ r Farm sured anteed tional sured anteed tional 1941. 4,906 3,292 1,048 566 4,812 3,884 900 28 1945. 4,772 3,395 '856 521 4,208 3’,387 797 24 1961, 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,029 2,753 51 1962. 34,476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1963. 39,414 26,476 7,105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 1964.. 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965.. 49,675 32,387 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14,897 4,469 52 1966A 54,380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 5,041 53 1965—1.. 44,799 29,388 7,329 2,722 19,337 12,723 2,688 41,52! 37,357 12,664 11,228 13,465 4,112 52 IL 46,548 30,383 7,469 2,712 20,202 13,371 2,794 42,467 38,214 13,036 11,322 13.856 4,202 5! HI 48,353 31,574 7,641 2,700 21,233 13,926 2,853 43,539 39,153 13,412 11,368 14,373 4,334 52 IV. 49,675 32,387 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14,897 4,469 52 1966—IL. 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 IP. 52,306 33,800 7,769 2,654 23,377 15,478 3,028 45,883 41,083 14,047 11,346 15,690 4,747 53 HP 53,606 34,469 7,687 2,620 24,162 16,028 3,109 46,622 41,673 14,274 11,413 15,986 4,896 53 IV^. 54,380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 5,041 53 1967—1» 54,531 48,112 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 estimates included F.R. commercial bank call data and data from the Note.—Second and fourth quarters, Federal Deposit Insurance Corpo­ National Assn, of Mutual Savings Banks. ration series for all commercial and mutual savings banks in the United Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 REAL ESTATE CREDIT 1215 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Non fa rm 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 [962.................................................. 7378 6,859 1,355 469 51035 619 46,902 43,502 10 J76 6,395 26*931 3 400 1963.................................................. 9’172 8,306 1,598 678 6,030 866 50,544 461752 10,756 61401 29’595 3* 792 1964................................................ 10*433 9 386 1,812 674 6,900 1,047 55’152 501848 111484 61403 32 961 4* 304 1965.................................................. 11’137 9,988 1 ’738 553 7,697 11149 60 013 55 190 12 068 6 286 36 836 4 82'1 I966P................................................. 10,202 9,210 1,311 458 7,441 992 64,803 59 563 12 411 6’209 40*943 5 * 240 1966—Aprr..................................... 875 739 119 29 591 136 61,724 56,668 12,305 6,265 38 098 5,056 May...................................... 816 709 93 31 585 107 62 J01 56,980 12,310 6,244 38,426 5 121 June................................ 908 830 107 34 689 78 62’547 571381 121330 6',225 381826 5 166 July....................................... 869 815 106 31 678 54 621969 571778 121335 61210 39,233 5 191 Aug.................................... 791 746 94 38 614 45 63,336 58,128 12,340 6,201 39,587 5,208 Sept....................................... 781 735 83 35 617 46 63,683 58,457 12,344 6J91 39,922 5 226 Oct............................... 718 675 86 41 548 43 64,007 581775 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 641803 591563 121411 61209 40 943 5 240 1967—Jan........................................ 766 699 89 47 563 67 65,193 59,965 12,441 6,222 41,302 5 228 Feb........................................ 684 617 75 32 510 67 651503 60,259 12,’459 6,211 41 '589 5,’244 Mar....................................... 721 632 80 44 508 89 651798 601525 121468 61217 41,840 51273 Apr........................................ 603 536 50 25 461 67 66,024 601721 12,'449 6,202 42,070 5,303 i Certain mortgage Ioans 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) New Period Ad­ Repay­ Members’ Period home Home FHA- VA- Con­ vances ments deposits 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 ­ t v io 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 1,447 1,216 1,180 1961............. 17,364 5,081 7,207 68,834 4,167 7,152 57,515 1962........................ 41 111 3 294 3 479 2 005 I 474 1 213 1962............. 201754 51979 81524 78,770 41476 71010 671284 1963......................... 5,601 4,296 4,784 2 863 1 921 1 151 1963............. 24,735 7,039 9,920 90,944 41696 61960 791288 1964......................... 5,565 5,025 5,325 2,846 2’479 I ’ 199 (964............. 24,'505 6,515 101397 101,333 4,894 6,683 89,756 1965......................... 51007 4,335 51997 3,074 21923 11043 1965............. 23,847 51922 101697 110,202 51141 6,391 981670 1966......................... 31804 2,866 61935 5’006 1 929 1 036 1966............. 16,729 3,604 7,748 114,089 5,266 6,150 102,673 1966—May............ 339 152 6,704 3,691 3,012 840 1966—May. 1,696 390 773 113,249 5,236 6,293 101,720 June............ 171 92 61783 3,865 21918 972 June. 1,629 340 823 113,669 5,245 6,279 102,145 July....... 838 279 7,342 4,471 21871 710 July.. 1,234 266 643 113,750 5,235 6,254102,261 146 262 7,226 4,625 21601 698 Aug.. 1,314 272 722 113,897 5,246 6,236 102,415 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 71249 4,939 21310 767 Oct.. 947 208 473 113,998 5,251 6,182 102,565 Nov. 104 269 71084 4,993 21091 863 Nov 866 184 423 113,977 5,257 6,167 102,553 Dec,............ 68 217 61935 51006 1 929 1,036 Dec.. 936 189 423 114,089 5,266 6,150102,673 1967—Jan.............. 224 818 6,340 4,814 1,526 1,088 1967—Jan... 788 165 365 114,130 5,274 6,136 102,720 Feb.............. 49 589 51800 4,730 11070 1,240 Feb.. 9 so 205 420 114,298 5,275 6,133 102,890 Mar....... 30 655 5,175 4,262 913 1,490 Mar, 1,347 306 571 114,698 5,293 6,135 103,270 Apr....... 59 452 41782 3 976 806 11648 Apr.. 1,339 312 586 115,138 5,318 6,133 103,687 May............ 59 420 4,421 3,776 644 1,831 Mayp 1,725 409 772 115,784 5,362 6,125 104,297 i Secured or unsecured loans maturing in I year or less. i Includes loans for repairs, additions and alterations, refinancing, etc., 2 Secured loans, amortized quarterly, having maturities of more than not shown separately. I year but not more than 10 years. 2 Beginning with 1958, includes shares pledged against mortgage loans; beginning with 1966, includes real estate sold on contract not acquired Note.—-Federal Home Loan Bank Board data. by foreclosures; and beginning with 1967, includes real estate sold on contract acquired by foreclosure. Note.—Federal Home Loan Bank Board data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1216 REAL ESTATE CREDIT JULY 1967 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMILY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Period Total h N o M m ew e o s rtga h i g o s E e t m i s x n e ­ g s e P c r t o s j­ 2 m p P e r e i r o m r n o t v t y p ­ s e ­ ­ 2 Total 3 h N om M ew e o s rtga h i g s o E e t m i x s n ­ e g s E pe n r d io o d f Total Total s F u i H n re ­ A d - a g n V u te A a e r - d ­ 2 t C i v o o e n n n a ­ ­ l 1945................. 18.6 4.3 4.1 .2 14.3 1945 665 257 217 20 171 192 1961................. 153.1 59.1 29.5 29.6 93.9 1961. 6,546 1,783 2,982 926 855 1,829 1,170 656 1962................. 166.5 62.2 32.3 29.9 104.3 1962. 7,184 1,849 3,421 1,079 834 2,652 1,357 1,292 1963................. 182.2 65.9 35.0 30.9 116.3 1963. 7,216 1,664 3,905 843 804 3,045 1,272 1,770 1964................. 197.6 69.2 38.3 30.9 128.3 1964. 8.130 1,608 4,965 895 663 2,846 1,023 1,821 1965................. 213.7 73.1 42.0 31.1 140.6 1965. 8,689 1,705 5,760 591 634 2,652 876 1,774 1966P............... 225.1 76.0 44.8 31.2 149.1 1966. 7,320 1,729 4,366 583 641 2,600 980 1,618 1964—I........... 185.4 66.6 35.7 31.0 118.8 1966-—May. 608 137 361 56 55 167 62 104 189.8 67.3 36.3 30.9 122.5 June. 685 152 405 69 60 205 71 134 in 193.9 68.4 37.4 31.1 125.4 July. 604 136 368 42 58 219 72 147 IV......... 197.6 69.2 38.3 30.9 128.3 Aug. 622 159 387 18 57 287 96 191 Sept. 610 149 367 27 66 257 96 161 1965—1........... 200,7 70.1 39.0 31.1 130.6 Oct.. 508 140 275 38 54 271 110 160 H.......... 205.1 70.7 39.7 31.0 134.4 Nov. 446 130 238 26 51 247 110 137 nr 209.6 72.0 40.9 31.1 137.5 Dec.. 409 113 214 35 46 226 104 121 IV......... 213.7 73.1 42.0 31.1 140.6 1967—Jan.. 449 116 263 26 44 214 100 1966—Ip......... 216.9 74.1 43.0 31.1 142.8 Feb.. 364 91 210 32 31 169 77 91 IP........ 220.7 74.6 43.7 30.9 146.1 Mar. 490 96 292 55 47 195 83 112 HIP.... 223.1 75.4 44.4 31.0 147.7 A M p a r y . . 4 50 4 8 0 8 8 9 7 2 3 7 2 0 0 4 4 1 4 4 58 0 2 1 3 8 1 4 7 7 0 6 154 IVp.... 225.1 76.0 44.8 31.2 149.1 1967—Ip......... 227.0 76.4 45.2 31.2 150.6 2 Monthly figures do not reflect mortgage amendments included in annual totals. 2 Not ordinarily secured by mortgages. 2 Includes outstanding amount of VA vendee 3 Includes a small amount of alteration and repair loans, not shown separately; only such accounts held by private investors under repurchase loans in amounts of more than $1,000 need be secured. agreement. Note.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans Note.—For total debt outstanding, figures are represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans FHLBB and F.R. estimates. For conventional, closed. Figures do not take into account principal repayments on previously insured or figures are derived. guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on Based on data from Federal Home Loan Bank number and average amount of loans closed. Board, Federal Housing Admin., and Veterans Admin. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY MORTGAGE DEBT OUTSTANDING ON RESIDENTIAL PROPERTIES (In millions of dollars) (In billions of dollars) Mortgage holdings Mortgage transactions Com­ All residential Multifamily2 (during mit­ End of period) ments period Total F su H i r n e A ­ d - a g n V u t A e a e r - ­ d c P ha u s r e ­ s Sales bu d u r i n s s e ­ ­ d E P n er d i o o d f Total t F u in i c t n i i s o a a t l i n n ­ s ­ h O ol t d h e e r r s Total t F u in i c t n i i s o a a t l i n n ­ s ­ h O ol t d h e e r r s 1961............................. 6,093 3,490 2,603 815 541 631 1941................ 24.2 14.9 9.4 5.8 3.6 2.2 1962............................. 5’923 3,571 2’353 740 498 355 1945 ............... 24.3 15.7 8.6 5.7 3.5 2.2 1963............................. 4'650 3017 L634 290 1 114 191 1 1 1 9 9 9 6 6 6 4 5 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 7 , , . 7 4 0 3 1 6 1 2 3 2 3 5 ^ , ’ 4 9 4 0 9 0 6 4 7 1 1 1 , 1 ^ 4 6 3 1 2 5 6 7 6 2,7 4 9 0 2 1 1 4 3 2 2 5 0 1 0 7 3 7 0 1 9 3 3 5 1 1 1 9 9 9 6 6 6 2 3 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 1 1 9 7 1 2 6 . . . 5 2 0 1 1 1 5 7 4 7 6 3 . . . 9 7 0 3 3 3 4 3 4 . . . 5 0 6 2 2 2 9 5 3 . . . 0 8 0 2 1 1 0 4 7 . . . 7 8 5 8 8 8. . . 3 3 2 1966—May................. 5,922 4,430 1,492 209 650 1964................ 230.8 195.2 35.6 33.2 24.8 8.4 6,082 4,581 1,501 194 625 1965................. 250.7 213.7 37.0 37.0 28.5 8. 5 J A u u l g y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 6 , '4 3 6 1 4 9 4 4, ’ 7 9 8 1 7 6 1 1 , , 5 '5 3 4 2 8 2 1 6 8 5 0 5 5 1 1 1 2 1966p.............. 264.4 224.3 40.1 39.3 30.6 8.7 O N Se c o p t v t . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 6 6, ’ ’ ’ 5 7 8 3 9 9 1 1 2 5 5 5 , , , 2 1 0 7 2 4 2 8 6 1 1 1 1 1 1 5 5 6 8 6 1 5 4 9 1 1 1 6 5 8 8 9 8 5 6 5 1 7 3 7 6 2 1965— I 1 II I .. . I .. . .. . .. . . . . 2 2 24 4 3 0 4 5 . . . 1 8 5 2 2 1 0 0 9 9 4 9 . . . 1 0 0 3 3 3 6 5 6 . . . 1 8 4 3 3 3 4 6 5 . . . 1 0 0 2 2 2 7 5 6 . . . 7 6 6 8 8 8 . . . 4 4 4 Dec.................. 7,063 5,407 1,656 202 705 IV. .. . 250.7 213.7 37.0 37.0 28.5 8.5 1967—J F M a e n a b r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 7 , , , 3 2 '4 3 1 1 1 6 5 5 5 5 , , , 6 6 5 1 9 2 5 2 2 4 1 1 , 1 , 6 7 7 9 1 2 4 6 3 1 1 18 4 1 1 4 9 6 7 64 9 0 1 5 6 1966— H H Ip I P .. P .. . . . . . . . . . . ■ 2 2 2 6 5 5 2 9 4 . . . 0 7 0 2 2 2 1 2 2 7 2 0 . . . 1 7 6 3 3 3 7 9 8 . . . 3 5 6 3 3 38 7 8 . . . 9 8 4 2 2 3 9 9 0 . . . 7 2 2 8 8 8 . . . 7 7 6 A M p a r y .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 , ; 4 4 6 8 1 4 5 5 , , 7 7 4 6 0 7 1 1 , , 7 7 2 1 1 7 7 6 8 5 I 7 8 4 3 4 5 IVp... . 264.4 224.3 40.1 39.3 30.6 8.7 1967—Ip......... 266.8 226.1 40.7 39.8 31.0 8.8 Note.—Federal National Mortgage Assn, data, including mortgages subject to participation pool of Government Mortgage Liquidation 2 Structures of 5 or more units. For 1- to 4-family mortgage debt see Trust, but excluding conventional mortgage loans acquired by FNMA second preceding page. from the RFC Mortgage Co., the Defense Homes Corp., the Public Housing Admin., and Community Facilities Admin. Note.—Based on data from same source as for “Mortgage Debt Out­ standing” table (second preceding page). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 REAL ESTATE CREDIT 1217 TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period 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 s e g t r ) e & 1 s M (y a e t a u r r s i ) ty L c r p ( a e o p r t n i a e i c t o n r e ) / (t d h c o p o P h l r u u l i a a s c r s . 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 e t n c 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 tu ar r s i ) ty L c r p ( a e o p r t n i a e i c t r o n e ) / (t d h c o o p P h l u r u l a i a s c s r . r e ­ e s o ) f (t a d h L m o o u l o l o s a a u . n r n s o ) t f 1963......................... 5.84 .64 24.0 73,3 22.5 16.3 5,98 .60 19.2 70.8 17.8 12.6 1964......................... 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13,4 1965......................... 5.76 .54 24.8 74.1 24.7 18.1 5,89 .50 20.4 72,0 19.7 14.1 ....................... 6.11 .69 24.4 72.8 26.4 19,0 6.24 .59 20.0 65.1 20.4 14.4 1966- 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 Dec. ^........... 6.49 1.26 23.3 72.3 25.6 18,5 6.55 .81 20.2 70.8 20.8 14.7 1967-—Jan........ 6.47 1.17 23.8 73.3 26.3 19.3 6.54 .78 20.6 71.4 21.3 15.2 Feb............. 6.44 1.07 23.6 73.8 24.7 18,0 6.49 .75 20.4 71.7 21.5 15.2 Mar.............. 6.41 1.06 23.6 74.1 25.6 18.7 6.44 .77 21.1 71.8 21.7 15.4 Apr.r........... 6.37 .99 23.6 73.3 25.8 18,5 6.36 .72 20.8 72,0 21.6 15,4 May”........... 6.28 .97 24.2 74.9 26.3 19.4 6.31 .69 21.2 72.4 22.5 16.1 l Fees and charges—related to principal mortgage amount—-include with Federal Deposit Insurance Corporation. Data are weighted averages loan commissions, fees, discounts, and other charges, which provide based on probability sample survey of characteristics of mortgages added income to the lender and are paid by the borrower. They exclude originated by major institutional lender groups (including mortgage any closing costs related solely to transfer of property ownership. companies) for purchase of single-family homes. Data exclude loans for 2 New series currently available only beginning Dec. 1966, not strictly refinancing, reconditioning, or modernization; construction loans to comparable with earlier data. home-builders; and permanent loans that are coupled with construction loans to owner-builders. See also the table on Mortgages; New and Note,—Compiled by Federal Home Loan Bank Board in cooperation Existing Homes, p. 1006. 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 1961............................ 3.10 2.27 .50 .33 .29 1964............................................ 108.6 .48 1962............................ 3.04 2.26 .50 .29 .30 1965............................................ 116 7 .49 1963............................ 3.30 2.32 .60 .38 .34 1966............................................ 117 5 .48 1964............................ 3.21 2.35 .55 .31 .38 1965............................ 3.29 2.40 .55 .34 .40 1965—1..................................... 27,9 .48 1966............................ 3.40 2.54 . 54 .32 .36 II.................................... 30.1 .52 Ill............................. 29.1 .50 19^5—1...................... 2.94 2.06 .54 .34 .37 IV................................... 29.6 .50 IL.......... 3,00 2.18 .52 .30 .38 3.20 2.30 .56 .34 .38 1966—I...................................... 28.8 .48 iv............ 3.29 2.40 .55 .34 .40 II................................... 30.8 .51 III.. .............................. 29.3 .48 1966—1....................... 3,02 2.13 .55 .34 .38 IV................................... 28.6 .46 n. 2.95 2.16 49 .30 .38 in................... 3.09 2.25 .52 .32 .36 1967—I...................................... 29.5 .48 iv............ 3.40 2.54 . 54 .32 .36 1967—1...................... 3.04 2.17 .56 .31 .38 Note.—Federal Home Loan Bank Board estimates of number of nonfarm mortgaged structures at end of period and of non­ farm properties acquired during period through foreclosure Note.—Mortgage Bankers Association of America data from reports on 1- proceedings (excluding voluntary deeds in Heu of foreclosure and to 4-family FHA-insured, VA-guaranteed, and conventional mortgages held defaults on real estate contracts). Data exclude Alaska and by more than 400 respondents, including mortgage bankers (chiefly), commercial Hawaii. banks, savings banks, and savings and loan associations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1218 CONSUMER CREDIT JULY 1967 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A p o a u p b t e o il 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 i i c t e 1939 ............................................ 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941............................................ 9J72 6,085 2,458 1,929 376 1,322 3,087 845 1 ^645 597 1945............................................ 5,665 2,462 ’455 816 182 1 ,'009 3’203 746 11612 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 (962 ........................................... 63 J 64 48'034 19 340 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 15393 3,532 16,228 17,894 6,954 6’300 4 640 1965............................................. 87,884 68’565 28,843 17,’693 3,675 18,354 19,319 7’682 6,746 4,891 1966 ........................................ 94,786 74,656 30,961 19,834 3,751 20,110 20,130 7,844 7,144 5,142 1966—May............................... 89,092 70,209 29,908 17,732 3,642 18,927 18,883 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 3,711 19’306 18,788 7,844 5’888 5 056 Aug................................ 91383 72340 30.918 18,390 3’755 19’577 18,843 7’849 5,973 5,021 Sept................................. 91'639 72,829 30,793 18364 3,771 19,701 18,810 7,814 5’993 5*003 Oct.................................. 91,899 73'073 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 30,961 19,834 3,751 20,110 20,130 7,844 7’l44 5,142 1967—Jan................................. 93,479 74,015 30,689 19,649 3,703 19,974 19,464 7,779 6,472 5,213 Feb............................... 92317 73,598 30,530 19,426 3,666 19,976 18’919 7'754 5,824 5 341 Mar................................. 92,519 73,591 30,527 19,'369 3,648 20,047 18,'928 7’769 5 ,'809 5,350 Apr........................ 93,089 73,840 30,635 19,376 3,636 20,193 19,249 7,890 5,923 5,436 May............................;. 93'917 74390 30,852 19,442 3,670 20;326 19^27 8'017 6,231 5,379 i Holdings of financial institutions; holdings of retail outlets are in­ hold, family, and other personal expenditures, except real estate mortgage cluded in “other consumer goods paper.” loans. For back figures and description of the data, see “Consumer Credit/’ Section 16 (New) of Supplement to Banking and Monetary Note.—Consumer credit estimates cover 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 b C 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 Other1 Total D st m e o p r e e n a s r t t­ 2 F s t t u u o r r r n e e s i­ A s a t p o n p r c e l e i s ­ d m A ea o u l b e t i o r l s ­ e J Other 1939................................ 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941................................ 6,085 4,’480 1 ’726 1 '797 198 759 1,605 320 496 206 188 395 1945 ................................ 2,462 1,776 '745 '300 102 629 '686 131 240 17 28 270 I960................................ 42,832 37,218 16,672 11,472 3,923 3,670 I ,481 5,615 2,414 1,107 333 359 1,402 1961................................ 43,527 37,935 17’008 11,273 4,330 3,799 1,525 5'595 2^421 1’058 293 342 1,481 (962................................ 48,034 41,782 19’005 12,194 4,902 4'131 I '550 6,252 3'013 1 '073 294 345 1,527 1963................................ 54,158 47,405 22,023 13,523 5,622 4,590 1,647 6,753 3,427 1,086 287 328 1,625 1964................................ 60,548 53,141 25,094 14,762 6,458 5,078 1 ,749 7,407 3,922 1,152 286 370 1 .’677 1965................................ 68.565 60,273 29,173 16,138 7,512 5,606 1'844 8,292 4,488 1,235 302 447 1,820 1966................................ 74,656 65,565 32,155 16,936 8,549 6,014 1,911 9,091 n.a. n.a. n.a. 490 1966—May................... 70,209 62,178 30,507 16,263 7,839 5,695 1,874 8,031 n.a. n.a. n.a. 472 71'194 63,097 3j’013 16’454 8’009 5,742 1,879 8’097 n.a. n.a. n.a. 480 July.................... 71'862 63,745 31’398 16,585 8,093 5,791 1,878 8,117 n a n a n a 485 Aug.................... 72,640 64,454 31,737 16,732 8438 5,846 1,901 8,186 n.a. n.a. n.a. 489 n.a. Sept..................... 72,829 64'613 31’778 16,759 8,324 5,858 1,894 8,216 n.a. n.a. n.a. 487 n.a. Oct............ 73,073 64'792 31’878 16’771 8’,391 5,863 1,889 8,281 n.a. n.a. n.a. 489 n.a. Nov..................... 73,49! 65,046 31 ,’978 16'790 8,480 5,881 1,917 8,445 n.a. n.a. n.a. 490 Dec..................... 74,656 65'565 32,155 16,'936 8,'549 6,014 1,911 9,091 n.a. n.a. n a. 490 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 73’598 64,966 31’967 16,696 8’429 5,965 1 '909 8'632 n.a. n.a. n.a. 485 n a Mar.................... 73^591 65,006 32,'068 16,593 8 ,’485 5451 1,909 8,’585 n.a. n.a. n.a. 486 n a Apr..................... 73,840 65,298 32'299 16,590 8,561 5,951 1,897 8'542 n.a. n.a. n.a. 490 n.a. May.................... 74,290 65,733 32,560 16,615 8,665 5; 947 L946 8’,557 n.a. n.a. n.a. 494 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

JULY 1967 CONSUMER CREDIT 1219 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 O s g p c u o a t o m o h p n d e e e ­ r s r r e R m l r a t o e n i n a o p o i n z d a d n a s i ­ r ­ s l P o o a e n n r a ­ s l End of period Total m A p o a u p b t e i o l r e ­ s O g p c u o a o t m o p h n d e e e ­ s r r r m R i l z o o a e a a n p d ti n d a e o s i r n r n ­ l s P o o a e n n r a ­ s l 1939................................... 1,197 878 115 148 56 1939 ........................... 1,079 237 178 166 135 363 1941................................... 1,797 1,363 167 201 66 1941......................... 1,726 447 338 309 161 471 1945.................................... 300 164 24 58 54 1945........................... '745 66 143 114 110 312 1960................................... 11,472 7,528 2,739 139 1,066 I960........................... 16,672 5,316 2,820 2,759 2,200 3,577 1961................................... It'273 6'811 3 J00 161 l’20l 1961........................... 17’008 51391 2,860 2,761 2’198 3,798 1962................................... 12’194 7,449 L 123 170 1,452 1962........................... 19,005 6,184 3,451 2,824 2,261 4,285 1963. (3,523 8,228 3 383 158 1 754 1963........................... 22,023 7,381 4,102 3,213 2,377 4,950 1964. 14,762 8301 3,*889 142 2,030 1964........................... 25'094 8,691 4,734 3,670 2,457 5,542 1965 16’138 9,241 4 429 123 2,345 1965........................... 29,173 10,310 5,721 4,266 2’543 6,333 1966 16,936 9,391 4329 110 2,606 1966........................... 32’155 11 ’370 6,165 5,101 2,567 6,952 1966— May..................... 16,263 9,289 4,479 113 2,382 1966—May.............. 30,507 10,852 6,037 4,491 2,502 6,625 June..................... 16,454 9,395 4', 538 111 2’.410 June.............. 31,013 11,075 6,124 4,581 2’529 6,704 July....................... 16'585 9,457 4,579 112 2’437 July............... 31,398 11'219 6,157 4,713 2355 6,754 Aug................ 16332 9,498 4,632 112 2*490 Aug,.............. 31’737 Hi 339 6,172 4^795 2380 6,851 Sept...................... 16'759 9 427 4 693 112 2*527 Sept........ 31,778 11,313 6,113 4,864 2,593 6,895 Oct................. 16,771 9,398 4326 112 2’535 Oct,............... 31 .’878 11,353 6,132 4,910 2,593 6,890 Nov....................... 16',790 9,395 4336 110 2,549 Nov............... 31'978 11,378 6,157 4,967 2,583 6,893 Dec............ 16,936 9'391 4,829 110 2,606 Dec................ 32,’155 11,370 6,165 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 Feb....................... 16,696 9,215 4,773 107 2,601 Feb.............. 31,967 11,214 6,121 5,218 2'502 6,912 Mar.......... 16,593 9,139 4'744 105 2,605 Mar............... 32,'068 11^234 6'153 5,242 2,486 6,953 Apr................. 16,590 9'128 4 749 104 2'609 Apr 32,299 111256 6'217 5,292 2,478 7'056 May...................... 16,615 9,150 4351 105 2,609 May............... 32,560 1IJ13 6; 307 5^42 2*489 7’109 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 >Uars) (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 (9 9 9 4 3 4 1 9 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 9 7 8 3 5 1 9 7 1 5 8 2 1 4 2 pape 2 3 2 r 6 0 4 loan 1 1 1 s 4 5 4 6 6 7 4 6 8 3 9 5 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 c n t n t i i s h a a o t l e n i n ­ r ­ s st m p D o a e r e r e n t ­ s ­ t 1 o O r u e t t t h l a e e i t l r s c C a r r e d d s it 2 S c e r r e v d i i c t e i960................................... 9,074 1,665 771 800 5,837 1961................................... 9,654 1,819 743 832 61257 1939............... 2,719 625 162 236 1,178 518 1962.......................... 10,583 2JU 751 815 61906 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 I960............... 13,196 3,884 623 941 3,952 436 3,360 1965 14’962 3'124 1 153 1,009 9,676 1961............... 14’151 4,413 723 948 3,907 469 3,691 1966 16'474 3,545 1 ,303 1,074 10,552 1962............... 15,130 4,690 766 927 4,252 505 3,990 1966-—May..................... 15,408 3,258 1,203 1,027 9,920 1963............... 16,303 5,205 912 895 4,456 520 4,315 June...................... 15,630 3,328 1,223 1,037 10,042 1964............... 17’894 5,950 1,004 909 4,756 635 4'640 July...................... 15,’762 3,362 1,241 1,044 10,115 1965............... 19,319 6,587 L095 968 5,055 723 4,891 Aug..................... 15'985 3,420 1,266 1,063 10,236 1966............... 20,130 6,714 1,130 n.a. n.a. 874 5,142 Sept....................... 16^076 3’453 1,278 1,066 10,279 Oct....................... 16,143 3,480 1 '286 1’065 10,312 1966—May.. is,883 6,784 1,141 n.a. n.a. 788 5,098 Nov..................... 16378 3J17 1,287 1,079 10',395 June.. 18,876 6,767 1,134 n.a. n.a. 824 5,067 Dec....................... 16,474 3,545 1,303 1,074 10,552 July... 18,788 6,720 1 J24 n.a. n.a. 861 5,056 Aug... 18,843 6,718 1,131 n.a. n.a. 916 5,021 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 Feb....................... 16’303 3,495 1,288 11057 10,463 Oct.., 18,826 6,656 1 J12 n.a. n.a. 898 4,951 Mar..................... 16'345 3,515 1’284 1,057 101489 Nov... 19,007 6,678 1,129 n.a. n.a. 878 5,001 Apr....................... 16'409 3,544 1’283 L054 10,528 Dec... 20,130 6,714 1,130 n.a. n.a. 874 5,142 May..................... 16,558 3',588 1,286 1,076 10,608 1967—-Jan.... 19,464 6,659 1,120 n.a. n.a. 908 5,213 Feb... 18,919 6,634 1,120 n.a. n.a. 895 5,341 Note.—Institutions represented are consumer finance companies, credit Mar... 18,928 6,647 1,122 n.a. n.a. 898 5,350 unions, industrial loan companies, mutual savings banks, savings and Apr.. . 19,249 6,758 1,132 n.a. n.a. 922 5,436 loan assns., and other lending institutions holding consumer instalment May.. 19,627 6,848 IJ69 n.a. n.a. 939 5,379 loans. See also Note to first table on previous page. l 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

1220 CONSUMER CREDIT JULY 1967 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper O g th o e o r d c s o p n a s p u e m r er mode R r e n p iz a a i t r i o a n n d l oans Personal loans Period S.A.1 N.S.A. S.A.l N.S.A. S.A.1 N.S.A. S.A.l N.S.A. S.AJ N.S.A. Extensions I960........................................... 49,560 17,654 14.470 2,213 15 223 1961........................................... 48,396 16’007 14,578 2 068 15 * 744 1962............................................. 55,{26 19,796 15,685 2 051 17*594 1963............................................ 61,295 22,292 17,102 2,198 19 703 1964............................................. 671505 24,435 19,473 21204 21393 1965............................................ 75’508 27,914 21 454 2,238 23 902 1966............................................. 78,896 28’491 23’502 2336 24'767 1966—May....................... 6,472 6,694 2,298 2,526 1,933 1,898 186 215 2 055 2,055 61675 7,236 2,419 746 1,944 2 013 189 21** 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 1J 995 2,023 187 225 2 076 2* 234 Sept................................. 6,578 6,189 2,387 2; 070 1,958 11935 175 187 2* 058 I 997 Oct................................. 6,522 6,403 2,378 2’369 1,941 1 949 166 171 2 037 1'914 Noy............................. 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 1328 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 Feb................................ 6,497 5,488 2,177 1,916 2,099 1,655 169 126 2^052 h791 Mar................................ 6,510 6,641 2,199 2,350 2.049 1,985 169 159 2,093 2 147 6,606 6^ 495 2'217 2,294 2,095 1,927 170 163 2 124 2 111 May................................ 6,554 7,062 2,238 2^59 2,032 2,074 180 219 2,104 2; 210 Repayments I960............................................. 45,972 16,384 13,574 1,883 14,130 1961............................................. 47,700 16,472 14,246 2,015 14,967 1962............................................ 50’620 17,478 14,939 1’996 16,206 1963............................................ 55,171 19,400 15,850 2,038 17,883 1964............................................. 61,121 211676 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—May................................ 5,979 6,028 2,159 2,215 1,784 1,763 172 175 1,864 1,875 June....................... 6,126 6,251 2,252 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 61247 2,223 2,305 1.792 1,798 172 181 11900 1,963 Sept............................... 6,103 6,000 2’213 2,195 1,784 1,761 168 171 L938 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 2354 1,796 11831 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 Feb................................. 6,281 5'905 2,217 2,075 1,915 1,878 176 163 1,973 1,789 Mar................................. 6,246 6,648 2,193 2,353 1,899 2,042 170 177 1’984 2,076 Apr................................. 6,393 6,246 2,235 2,186 1,968 1,920 179 175 21011 1,965 May..................... 6,361 6,612 2,219 2,342 1,948 2,008 178 185 2,016 2,077 Net change in credit outstanding 2 I960............................................. 3,588 1,270 896 330 1,093 1961............................................. '696 -465 332 53 777 1962............................................. 4,506 2,318 746 55 1,388 1963............................................. 6,124 2,892 1,252 160 1,820 1964............................................. 6,384 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—May,.............................. 493 666 139 311 149 135 14 40 191 180 June...................... 549 985 208 494 177 227 13 35 151 229 July................................. 564 668 145 278 247 206 15 34 157 150 Aug,............................... 602 778 208 238 203 225 15 44 176 271 Sept................................. 475 189 174 -125 174 174 7 16 120 124 Oct....................... 380 244 134 59 121 150 -3 -1 128 36 Nov.. * ............................ 444 418 206 85 111 231 ~3 2 130 100 Dec................................ 321 1,165 72 24 132 889 -2 -21 119 273 1967—Jan.. .............................. 280 -641 38 -272 149 -185 -10 -48 103 -136 Feb................................. 216 -417 -40 -159 184 -223 -7 -37 79 2 Mar.................. 264 -7 6 -3 150 -57 -1 -18 109 71 Apr, 213 249 -18 108 127 7 -9 -12 113 146 May................................ 193 450 19 217 84 66 2 34 88 133 i Includes adjustments for differences in trading days. sales of instalment paper, and certain other transactions may increase 2 Net changes in credit outstanding are equal to extensions less repay­ the amount of extensions and repayments without affecting the amount ments. outstanding. For back figures and description of the data, see “Consumer Credit,” Note.—Estimates are based on accounting records and often include Section 16 (New) of Supplement to Banking and Monetary Statistics^ 1965, financing charges. Renewals and refinancing of loans, purchases and and May 1966 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 CONSUMER CREDIT 1221 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p f a in n a i n es ce Ot i h n e st r i t f u in ti a o n n c s ial Retail outlets Period S.A J N.S.A. S.A. 1 N.S.A. S.A. i N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions I960. 49,560 18,269 11,456 12,073 7,762 1961. 48,396 17,711 10।667 12,282 7,736 (962. 55,126 20,474 11,999 13,525 9,128 1963. 61,295 23,344 12,664 14,894 10,393 1964. 67,505 25,950 14,020 16,251 11,284 1965. 75,508 29,738 15.075 18,120 12,575 1966. 78,896 31,114 14,951 18,986 5,845 1966-—May................................ 6 472 6,694 2,547 2,722 1,228 1,254 1,547 1,600 1,150 ,118 June...................... 6 675 7,236 2,619 2,912 1,260 1,383 1,643 1,772 1,153 ,169 July................................. 6 732 6,670 2,673 2,717 1,255 1,265 1,593 1,577 1,211 .111 Aug.................... 6 689 7,025 2,683 2,819 1,260 1,336 1,589 1,713 1,157 ,157 Sept................................. 6 578 6,189 2,634 2,422 1,242 1,162 1,587 1,517 1,115 ,088 Oct.................................. 6 522 6,403 2,583 2,520 1,226 1,235 1.582 1,505 1,131 ,143 Nov................................ 6 657 6,611 2,666 2,495 1,256 1,241 1,613 1,631 1,122 ,244 Dec................................. 6 433 7,442 2,553 2,523 1,241 1,374 1,570 1,822 1,069 ,723 1967-—Jan.................................. 6 501 5,674 2,588 2,348 1,190 1,033 1,563 1,333 1,160 960 Feb.................................. 6 497 5,488 2,537 2,231 1,215 1,032 1,577 1,349 1,168 876 Mar................................. 6 510 6,641 2,558 2,662 1,199 1,229 1,598 1,649 1,155 ,101 Apr................. 6 606 6,495 2,631 2,688 1,212 1,168 1,589 1.559 1,174 1,080 May.......................... 6 554 7,062 2,577 2,891 1,193 1,278 1,614 1,728 1,170 1,165 Repayments I960. 45,972 16,832 10,442 11,022 L676 1961. 47,700 18,294 . .............. . 10,943 11,715 6,749 1962. 50,620 18,468 11,434 12,593 8,125 1963. 55,171 20,326 12,211 13,618 9,016 1964. 61,121 22,971 13,161 14,825 10,164 1965. 67,495 25,663 13,699 16,443 11,690 1966. 72,805 28,132 14,153 17,474 13,046 1966—May................................ 5 979 6,028 2,270 2,342 1,164 1,182 1,414 1,413 1,131 ,091 June................................ 6 126 6,251 2,348 2,406 1,172 1,192 1,501 1,550 1,105 ,103 July................................. 6 168 6,002 2,382 2,332 1,180 1,134 1,476 1,445 1,130 1,091 Aug................................. 6 087 6,247 2,362 2,480 1,179 1,189 1,458 1,490 1,088 ,088 Sept................................. 6 103 6,000 2,396 2,381 1,156 1,135 1,481 1,426 1,070 ,058 Oct.................................. 6 142 6,159 2,400 2,420 1,193 1,223 1,472 1,438 1,077 ,078 Nov................................ 6 213 6,193 2,415 2,395 1,258 1,222 1,480 1,496 1,060 .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 Feb................................. 6 281 5,905 2,446 2,297 1,188 1,150 1,510 1,361 1,137 ,097 Mar................................. 6 246 6,648 2,412 2,561 1,187 1,332 1,540 1,607 1,107 ,148 Apr.................................. 6 393 6,246 2,516 2,457 1,192 1,171 1,536 1,495 1,149 1,123 May................................ 6 361 6,612 2,483 2,630 1,193 1,253 1,540 1,579 1,145 1,150 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.. .............9..3..2... 656 1963. 6,124 3,018 1,329 1,276 501 1964. 6,384 3,065 1,239 1,426 654 1965. 8,013 4,075 1,376 1,677 885 1966. 6,091 2,982 798 1,512 799 1966—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 Feb.................................. 216 -417 91 -66 27 -118 67 -12 31 -22t Mar............................... 264 -7 146 101 12 -103 58 42 48 -47 Apr.................................. 213 249 115 231 20 -3 53 64 25 -43 May................................ 193 450 94 261 0 25 74 149 25 15 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 forextensions 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

1222 INDUSTRIAL PRODUCTION: S.A. JULY 1967 MARKET GROUPINGS (1957-59 - 100) 1957-59 1966 1966 1967 pro­ aver­ Grouping por­ age” tion May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar,r Apr.r May Total index................................ 100.00 156.3 155.3 156 5 157 2 158.0 157 7 158.9 158.6 159 0 158,1 156.4 156 4 156.2 155 5 Final products, total,............................ 47.35 155.4 153.7 154.9 155.3 156.4 156,3 158.3 158 5 159 2 158 1 156.4 156 7 157 0 156 3 Consumer goods............................... 32,31 147.4 146.2 147 1 146 5 147.1 146 5 148 8 1488 149.1 147 8 145.2 146 0 146 6 146 1 Equipment, including defense.. .. 15.04 172.6 169.8 171.4 174*4 176.4 17714 178^8 17916 181,0 180.2 180,3 179.6 179.4 178 J Materials................................................. 52.65 157.1 157.1 158.0 158 8 159.6 159.2 159.9 159.1 158.9 158.0 156,2 155 8 155.8 155 1 Consumer goods Automotive products....................... 3.21 163.0 160.7 162.3 154 5 146.4 150. 7 168.5 162.8 162.6 147.0 135. 7 144.6 151.5 146 2 Autos..................................................... 1.82 169.5 166.0 167.8 151.5 141.7 148.6 177.8 166.7 167,3 141.3 120 5 136 5 149.6 149 9 Auto parts and allied products......... 1.39 154.4 153.6 155.2 158.6 152.7 153.5 156.2 157.8 156.4 154.4 155,7 155.3 154.1 14L 3 Home goods and apparel..................... 10.00 153.0 154.0 153.8 152.3 152.8 151.3 153.2 153.2 151.7 151.5 148.2 146.8 145.3 145.5 Home goods.......................................... 4.59 168.9 169.9 168,3 168 0 168 9 166 0 170,0 169.1 166.5 165.2 162.9 160.4 157.7 157 9 Appliances, TV, and radios........... 1.81 166.6 165.9 163,9 165.5 165.0 159,3 170.2 165.3 158.4 154,0 153,7 147.1 141.1 142.9 Appliances..................................... 1 .33 166.7 165.5 165.2 171.1 166 7 160 1 171 7 162 4 151 9 150.2 150.4 143.6 145,2 145.7 TV and home ratios................... .47 166.3 166.9 160,3 149.8 160.2 157.1 166.0 173 7 176.7 164.8 162.9 157.2 129.6 135.0 Furniture and rugs.......................... 1.26 165.7 169.1 170,1 165.2 168.0 165.9 16414 164.7 163,5 163.4 158.5 157.4 157.9 157.3 Miscellaneous home goods,...... 1,52 174.2 175.5 171,9 173.2 174.2 173,9 174.5 177.1 178.7 179.8 177.3 178.6 177.1 176.1 Apparel, knit goods, and shoes..... 5.41 139.6 140.5 141,6 139,0 139.1 138.8 139,0 139.8 139.1 139.9 135.8 135.4 134.8 Consumer staples........................... 19.10 141.8 139.7 141.6 142 1 144 2 143 3 143 2 144 2 145 0 145.4 145 2 145 6 146. 4 146.3 Processed foods.................................... 8.43 126.4 123.9 126,4 126.0 127 9 127'9 126 0 12713 130.1 130.4 129.9 129.6 1295 128.2 Beverages and tobacco....................... 2.43 131.7 129.5 131.5 130.2 134,0 Hi .0 133.1 133 0 133.7 132.9 134 1 133,5 140. 3 Drugs, soap, and toiletries................ 2.97 174.4 173,4 174 7 174 5 175 4 176 1 178 7 181 3 178 5 179.0 180 3 181.0 181,5 (81 7 Newspapers, magazines, and books. 1.47 136.6 136.9 138,5 138'9 138^2 13617 13719 13818 139.1 141.5 142,3 142,3 143.6 143.2 Consumer fuel and lighting. ...... 3.67 159.4 155,8 157.1 161.1 165.0 162.5 161.9 162.4 162.0 161.8 160.1 162.7 161.4 Fuel oil and gasoline....................... 1.20 128.6 128.7 128,6 128 8 129 1 131 8 134 0 129 8 129.2 125,5 125 7 128 0 129.9 128.4 Residential utilities........................... 2.46 174.4 169.0 171.0 176,8 182 5 177.4 175.5 178 2 178,0 179.5 176 9 179*6 176.8 Electricity...................................... 1.72 186.8 179.0 181.9 190.0 197.9 191.2 188.3 192.2 189,2 191.0 186.9 190.3 186.3 Gas................................................. .74 145.9 Equipment Business equipment............................... 11.63 181.2 178.3 180.0 182.7 184.4 185.7 187,2 187.5 189.3 187.4 186.6 184.4 183,8 181.7 Industrial equipment............................ 6.85 172.2 168.5 171.0 174,9 176 3 177 0 178.4 178.1 179.1 177.7 176.8 174.1 173.0 168.7 Commercial equipment....................... 2,42 190.0 190.1 191.0 189.8 194.1 194.8 195.5 196.9 196,0 196.7 199.8 199.1 200.7 200.9 Freight and passenger equipment. .. 1.76 208.5 204.9 205.7 208.8 208.1 209.2 212.7 216.9 220.3 214.5 215.0 21' .7 210.4 211.5 Farm equipment................................... .61 167,0 164.7 168.2 167.5 169.1 178.9 180.3 170.7 179,5 176.1 162,6 162.8 160 9 Defense equipment.............................. . 3.41 Materials Durable goods materials....................... 26.73 157.4 157.7 159.3 159 1 160.1 159.8 159.8 158.5 156.4 153.9 151.9 152.2 151,3 150.7 Consumer durable................................ 3.43 170.3 166.0 165.2 162,8 173.6 174,0 176.2 173.8 165,4 154.6 148.4 145,1 143.0 150.2 Equipment............................................. 7.84 180.7 177.1 179.1 183,7 187 9 189 1 189 7 191 0 190 3 190 6 186 5 185.6 183.2 180.7 Construction........................................... 9.17 141.6 141 8 142 3 141 0 140* 2 139 8 138.5 138 5 138 2 138 9 139 2 140 4 139.5 137.3 Meta! materials n.e.c................... 6.29 144.4 144.8 148 0 146 9 1453 142 7 145.2 139 6 139 5 139.6 140^3 135^6 133.8 130.6 Nondurable materials..................... 25.92 156.9 156,5 158 0 158.6 159 1 158 6 159.9 159 9 161.4 161 7 160.5 159.4 160,4 159.6 Business supplies. ................................. 9.11 148.9 147 8 150 3 149 9 150 1 150 7 151.6 150.9 153.0 153^4 152.1 151.1 152,4 151.9 Containers.......................................... 3.03 145.4 146.1 146*4 143,2 14314 14714 145.3 147.2 151.1 146.5 147.1 144.6 148,4 148.0 General business supplies............... 6.07 150.7 148.6 152.2 153.2 153 4 152 4 154,8 152.8 154,0 156 8 154 6 154.4 154,4 153.9 Nondurable materials n.e.c......... 7.40 192.8 192.0 192.9 194 5 195 6 193 8 197 1 198 7 198 1 199 3 197 8 194 6 193.7 193.0 Business fuel and power.................... 9.41 136.3 136,9 138 0 138 7 138 9 138 6 138 7 138.0 139 7 140 1 139 3 139.7 141 9 140 8 Mineral fuels..................................... 6.07 122.2 123.8 124 9 124 6 124 9 123 7 124 9 123 1 125.1 1247 1235 123.3 126 4 125.6 Nonresidential utilities........... 2.86 173,5 171.2 172.2 174 6 1759 1767 17418 175.7 177.5 179.7 179 3 181.5 181.8 Electricity................................ 2.32 174.5 172.8 173 8 176 7 178 2 179 1 176 7 177 8 179 0 181 8 181 3 184.0 184.4 General industrial................ 1.03 171.6 170.0 170 1 174 6 176 3 177.0 177.6 176.7 177.1 178.8 177 4 178.9 179.0 Commercial and other....... 1.21 184.3 182.0 184,1 186.2 187.5 188.5 183.6 186.4 188.4 192.4 192. 8 196.6 197.3 Oas.......................................... .54 164.4 Supplementary groups of consumer goods Automotive and home goods............ 7.80 166.5 166,1 165.8 162.’ 159 6 159 7 169.4 166.5 164.9 157,7 153.5 153.9 155,1 153.1 Apparel and staples............................. 24.51 141.4 139.8 141.6 141.4 143.0 142.3 142.2 143.3 143.7 144.2 143.1 (43.3 143.9 For a short article discussing new benchmark production measures for 1958 and 1963, see pp. 954-57, of June 1967 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 INDUSTRIAL PRODUCTION: S.A. 1223 INDUSTRY GROUPINGS (1957-59 = 100) 1957-59 1966 1966 1967 Grouping p p ti o r o o r n ­ ­ a a v g e e r ? ­ May June July Aug. Sept. Oct. Nov, Dec. Jan. Feb, Mar.r Apr.r May Total index....................................... 100.00 156.3 155.3 156.5 157.2 158.0 157.7 158.9 158.6 159.0 158.1 156.4 156 4 156.2 155 5 Manufacturing, total. ............... ........... 86.45 158. 7 157.6 158,9 159.4 160.1 160.0 161.5 161.0 161.3 160.1 158,5 158.1 158,0 157.2 Durable........................... 48.07 165 1 164.2 165 4 166 1 167 1 167.3 169.1 167.3 167.6 165.5 163 2 162 9 162 6 162 3 Nondurable........................................ 38.38 150.7 149.4 150.7 15L3 151 3 150.9 151,9 153.1 153 5 153.3 152 4 152.0 152.3 150 8 Mining.................................................... 8.23 120.3 120.7 122.0 122 0 122 1 121 0 121,6 121.0 123 0 123 0 122 4 121.6 122 8 120 7 Utilities............................ 5.32 173.4 170.2 171.7 175,7 179.0 177^0 175.2 176.9 177^7 179,6 178.2 180.6 179.5 181 *0 Durable manufactures Primary and fabricated metals. ..... J 2,32 151,5 153.7 154.0 154.5 154.2 153.6 153,4 149.9 150.4 147.0 146.3 143.9 142.6 143.1 Primary metals.................................... 6 95 142,7 146.5 148,0 148.6 148 7 146.4 145.0 138 4 136.2 131.9 131 9 129 2 129.0 129 0 Iron and steel.................................... 5.45 136.2 141.1 142.1 143.3 142,2 139.0 137.5 132.4 130.1 124.9 124*8 123.7 122.7 122 7 Nonferrous metais and products.. 1.50 166.5 165.0 166.2 162.4 162.1 164.7 168.2 161.7 163.5 163.2 167.2 162.1 161.0 155.8 Fabricated metal products................. 5.37 162,8 162.9 161.8 162 1 161 4 163 0 164.2 164.7 168 7 166.6 165 0 162.9 160.2 161 3 Structural metal parts............... 2.86 158.8 158.4 158,8 157.7 158*8 158.6 159.0 160.2 161.4 160.7 160 9 160.1 158,1 155.0 Machinery and related products......... 27.9S 176.5 173.7 175.5 177.4 179.0 179.8 183.4 181.9 182.0 179.6 176.2 177.0 177.0 176,6 Machinery............................................ 14.80 183.8 180 6 182 8 186 6 189 6 188 8 191 1 189 0 189 5 189.2 186 4 183 8 181 7 180 3 Nonelectrical machinery......... 8.43 181.9 177.7 180.3 184*7 186*7 188*6 189.9 188 2 190 4 190.7 1873 185.2 183^5 18E9 Electrical machinery........................ 6.37 186.5 184.4 186.0 189.1 193,4 189^2 192.6 190,1 188 3 187.2 185 3 182 0 179.4 178 2 Transportation equipment................ 10.19 168.3 165.8 167.1 166,0 166.0 168.3 174.6 172.9 171.5 164.6 159*4 164.5 167.7 168.2 Motor vehicles and parts............... 4.68 171.3 169.9 169.4 161.2 158,1 164.6 175.7 170.7 169.0 151.5 140,6 148.0 153.8 155.0 Aircraft and other equipment.... 5.26 165.2 161.9 164.7 169.6 172.5 171,1 173.7 174.6 173.7 176.0 175.6 178.8 179.8 180.0 Instruments and related products. .. 1.71 176.5 176.4 176.5 177.0 177.4 179.5 181.8 181,4 184.6 186.2 183.4 185.8 185.2 185.1 Ordnance and accessories................... 1.28 Clay, glass, and lumber........................ 4.72 132.9 133.3 134 4 131.7 129 8 129 8 128.1 126.6 128 I 129.3 129.6 129.5 129 2 127 3 Clay’ glass, and stone products......... 2.99 140.7 139.5 141.0 138,5 140,5 141*2 137.8 136.5 136.9 137.2 136.9 134*9 134^0 133*2 Lumber and products.................. 1 73 119 3 122 7 122 9 119 9 111 3 110 0 111.3 109 5 112 8 115 7 116 9 120 2 120 8 117 2 Furniture and miscellaneous............... 3.05 165.0 166.7 167.0 163.5 167.1 165.9 165.3 166.3 167.5 166 3 163 9 162.4 162,9 162.6 Furniture and fixtures....................... 1 54 171.9 173 8 174.6 169 7 175 3 173.2 173.2 173.9 174.0 172.1 170^6 166 5 166 5 166 5 Miscellaneous manufactures............. 1 51 157.9 159.5 159.3 157*2 158.7 158,4 157.2 158.5 160.9 160.3 157.1 158.2 1592 158*7 Nondurable manufactures Textiles, apparel, and leather............. 7.60 141.6 142.0 143.4 141.6 140 1 140 2 140.9 140 8 141.3 139.8 136.4 134.5 134,0 134.0 Textile mill products............................ 2 90 142.3 143.7 144 0 143 4 142.1 141 7 142.4 141 *8 141.4 139 3 136 7 136 2 135 0 135 0 Apparel products................................. 3 59 150.3 149.9 152.6 149.7 147 7 148 4 148.1 149.3 150,5 150.2 146 4 143.6 141.9 Leather and products.......................... i. i 1 1119 112 1 114 2 111 1 HO 4 109 9 113.9 110,8 111,1 107.7 103 7 100 5 106.2 Paper and printing.............................. 8.17 146 3 146 6 148.3 149 6 148 6 147 2 147.9 148.5 147.4 149.0 148 7 149 1 149.6 149.6 Paper and products............................. 3.43 152,1 153^0 154.1 1562 153 1 15L2 153,3 153.7 152.6 154.0 152 4 152.4 151,9 152.2 Printing and publishing...................... 4.74 142 2 142 1 144 1 144 8 145 3 144 3 144*1 144^7 143.7 145.5 146 1 146.8 147.9 147.6 Newspapers..............7....................... 1.53 134.2 133.8 135.4 136.3 137.7 139.1 135.7 135.2 133.2 133.7 134.8 130.9 133.8 133.1 Chemicals, petroleum, and rubber.... 11.54 181.7 179.3 180.1 182,0 182.4 182.8 186.1 187.8 187.3 186.7 187.3 186.1 185,3 181.5 Chemicals and products..................... 7 58 193 0 191 4 192 7 194 5 194 4 IQ1 5 196 9 199 4 198 7 198 6 148 8 Industrial chemicals........................ 384 220 1 218 2 219.9 222* 0 222 2 220 5 224 J 227^5 228*8 228*5 230 8 227 9 226 4 Petroleum products............................. 1 97 128 4 127 4 127.7 126 9 128 5 130 6 131.2 129.1 129 0 128.7 127 4 130.1 131.9 128 4 Rubber and plastics products....... 1 99 191 9 184 3 184 1 188*7 190 3 193 6 199.2 202.0 201.6 198.8 196 3 191.5 186 9 Foods, beverages, and tobacco........... 11 07 127.7 125 5 126 8 127 2 128 5 127 9 126,7 128.8 131.0 130 9 130 5 130,5 132.3 131.3 Foods and beverages.................. to 25 128 4 126 1 127 1 128 1 129*2 128*5 127 5 129 7 132 0 131.9 131 3 131 7 132 6 131 6 Food manufactures............. 8 64 126^6 124*4 125* 5 126 4 127 0 127 0 124 9 127 6 130 3 130.4 129 5 129.7 130 i 129*0 Beverages........................................... 1 61 137.8 135 4 135 9 137 2 141 t 136 4 141.4 141.1 141 0 140.2 i 41 t 142.3 146.2 Tobacco products............................... .82 119.8 117.9 122.7 it6.5 119.9 120,5 116.9 117.2 119.3 118.5 120*2 116.2 128.8 Mining Coal, oil, and gas.......................... 6.80 117.6 118.8 119,5 119,5 119.7 118.8 119.8 118.4 120.1 119.6 118.9 117.7 119,5 118.6 Coal......................................................... 1 16 115 7 116 9 120 7 120 8 120 7 114 7 121 5 114 0 125.2 120 7 115 7 115 1 125 5 120 1 Crude oil and natural gas................... 5.64 118*0 119.1 119.3 119.2 119.6 119*6 119^5 USM ii^o 1192 H9-.6 118.3 118*2 118^2 Oil and gas extraction........... 4 91 123 8 125 5 125 9 125 5 125 9 125 8 125 6 125 2 125 1 125 7 1 25 4 125 3 126 6 126 9 Crude oil...................................... 425 119 4 121 3 121 4 120 9 121 2 121 3 121 1 120*8 120 8 121 0 120^0 120 J 121,*3 121*7 Gas and gas liquids............ 66 151*7 152 2 154 4 155 J 155.5 154*4 154.6 153 J 152^3 155.7 Oil and gas drilling......................... 73 79 2 76 2 74 6 76 4 77 0 77 0 77 9 79 2 78 1 76 3 80 5 71 6 61 8 60 0 Metal, stone, and earth minerals........ 1.43 133.2 130.1 133.7 133.8 133.1 131.4 129.9 133.2 137.1 139,4 138.9 140.0 138.7 131.2 Metal mining........................................ 61 132 7 133 6 134 2 134 0 132 1 128 6 129 4 133 0 134 2 140 3 142 1 143 7 149 6 133 9 Stone and earth minerals............. .82 1333 127^5 133^3 133.7 133^8 i3T5 130 J 133^4 139*3 138*7 136*6 137,2 130^6 129^2 Utilities Electric............................................... 4 04 179 7 175 5 177,2 182 4 186 5 184 2 181.7 183 9 183.4 185.7 183.7 186,7 185.2 Gas.......................................................... L28 156 J 155 0 155.7 156^9 157^6 158.5 159.1 159.5 160.0 Note.—Published groupings include some series and subtotals not Industrial Production 1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1224 INDUSTRIAL PRODUCTION: N.S.A. JULY 1967 MARKET GROUPINGS (1957-59 = 100) 1957-59 1966 1966 1967 Grouping p p r o o r ­ ­ a a v g e e r p tion May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.r Apr.r May Total index 100,00 156.3 156.0 159.3 150.9 156.8 161.3 163.8 160.2 157.1 156.6 156.8 157.1 158.0 156.7 Final products, total....................... 47,35 155.4 152.9 157.8 150.0 154.7 161.2 164.7 160.0 157.2 156.8 156.7 157.2 157.5 155,9 Consumer goods...................... 32.31 147.4 144.8 150.0 139.8 146.0 153.6 157.8 151.3 145.5 145.7 145.6 146.2 146.9 145.3 Equipment, including defense. 15.04 172.6 170.3 174.6 172.0 173.5 177.8 179.4 178.7 182.4 180.6 180.4 180.8 180.3 178.8 Materials.......................................... 52.65 157.1 158.7 160.7 151.8 158.7 161.3 163.1 160.4 157.0 156.4 157.0 157.0 158.4 157.3 Consumer goods Automotive products.,.............. 3.21 163.0 170.9 174.2 127.5 86.2 153.6 185.4 177.4 165.5 154.6 142.2 151.8 161.9 155.4 Autos............................................ 1.82 169.5 184.3 190.4 112.1 32.6 150.1 202.7 193.4 175.7 155,4 132.6 151.5 167.6 166.4 Auto parts and allied products 1.39 154.4 153.3 152.8 147.7 156.9 158.3 162.5 156.3 152.1 153.7 154.8 152.3 154.2 141.0 Home goods and apparel...... 10.00 153.0 153.3 156.4 138.9 152.8 156.2 165.2 156.6 146.5 146.8 153.6 151.0 148.6 146.1 Home goods.......................... 4,59 168.9 169.2 170.5 152.8 164.1 174.4 184.6 176,5 170.9 162.3 166.5 165.3 159.3 159. 1 Appliances, TV, and radios. 1.81 166.6 169.4 171.7 140.8 149.3 170.9 191.6 173.1 163.1 153. 1 167.9 162.6 150.7 151,2 Appliances................ 1.33 166.7 174.5 177,2 150.5 145.8 168.1 190.1 163.0 155.2 153.4 166.7 165.1 161.3 158.5 TV and home radios......... .47 166.3 154.7 156.3 113.4 159.1 178.9 195.9 201.5 185.5 152.3 171.4 155.5 120.7 130.5 Furniture and rugs................. 1.26 165.7 162.7 167.2 157.3 171.0 170.5 173.0 170.8 169.6 159.8 156.6 155.5 153.5 151.3 Miscellaneous home goods.. 1.52 174.2 174.4 171.9 163.3 175.9 181.7 186.0 185.2 181.4 175.3 172.9 176.6 174.4 175.1 Apparel, knit goods, and shoes 5.41 139.6 139. 8 144.4 127.2 143.3 140.9 148.7 139.8 125.9 133.6 142.6 138.8 139.5 Consumer staples................................... 19,10 141.8 136.0 142.5 142.3 152.4 152.1 149.3 144.2 141.6 143.7 142.1 142.7 143.5 143.2 Processed foods.................................... 8.43 126.4 117.7 123.9 125.4 138.2 144.5 139.9 132.8 126.6 123.9 121.5 120.9 121.2 121.8 Beverages and tobacco....................... 2.43 131.7 139.0 150.2 136.4 145.0 134.4 137.1 126.3 115.4 117.0 122.7 130.6 141.8 Drugs, soap, and toiletries................. 2.97 174.4 171.8 180.8 167.5 181.2 179.6 185.0 183,1 177.6 180.8 180.3 181.0 186.8 182,6 Newspapers, magazines, and books. 1.47 136.6 136.5 137.9 137.5 139.9 137.9 137.8 137.0 138.8 140.2 141.7 144.4 144.2 142,8 Consumer fuel and lighting............... 3.67 159.4 146.4 150.7 166.3 171.8 164.8 154.1 153.0 165.5 177.2 170.4 168.5 159.1 Fuel oil and gasoline..........1....2..0.......1.2 8.6 124.4 127.1 131.1 132.9 131.9 130.6 129.0 132.2 130.8 128.8 126.7 123.1 124.1 Residential utilities.........2.....4.6......1...7..4..4 Electricity........................ 1.72 186.8 162.0 169.2 199.5 209.8 196.2 174.0 172.8 194.5 220.2 206.7 203.6 186.1 Gas..............7..4......1...4..5....9..................... Equipment Business equipment................................ 11.63 181.2 179.3 184.3 180.3 181,2 186.1 187.5 185.3 189.8 187.3 186.7 186.2 185.5 182.8 Industrial equipment............................ 6.85 172.2 168.7 174.6 m.i 175.8 178.6 177,3 175.6 180.2 177.7 175.9 174.3 172.1 168.9 Commercial equipment........................ 2,42 190.0 187.8 191.6 187.1 194.1 197.7 198,8 200.8 200.3 196.9 198.4 197.3 197.9 198.5 Freight and passenger equipment.,. 1.76 208.5 211.0 213.9 208.8 199.8 206.1 218.0 212.6 218.1 214.5 215.0 218.0 222,0 217,8 Farm equipment.................................... .61 167.0 173.6 179.3 149.8 136.4 167.3 169.1 154.3 174.9 179.3 180.6 183.8 180.8 Defense equipment. 3.41 Materials Durable goods materials. 26.73 157.4 160.0 162.4 152.1 158.4 162.7 163.5 159.6 155.4 153.0 152.3 152.7 153.4 153.9 Consumer durable........ 3.43 170.3 171.0 166.9 141.6 158.0 174.0 178.8 179.0 173.7 160.0 150.6 149.5 147.3 154.7 Equipment...................... 7.84 180.7 178.3 180.9 178.0 182.3 187.2 189.1 191.2 193.2 192.3 188.2 187.6 185.2 182.0 Construction................... 9.17 141.6 145.3 151.5 146.6 150.0 148.2 146.1 138.2 131.3 128.5 129.5 133.4 138.1 140.7 Metal materials n.e.c... 6.29 144.4 152.8 152.7 133.7 141.1 147.0 148.7 140.7 133.4 136.0 141.6 138.9 139.2 137.8 Nondurable materials...... 25.92 156.9 157.4 159.1 151.4 159.0 159.9 162.6 161,2 158.6 159.8 161.8 161.5 163.7 160.8 Business supplies.................. 9.11 148.9 150.3 151.8 141.4 149.8 153.9 157.7 153.1 147,9 148.0 151,5 153.4 157,6 154.5 Containers....................... 3,03 145.4 147.6 150.9 142.5 152.0 152.4 152.7 143.1 134.0 139.2 145.3 145.3 153.7 149.5 General business supplies 6.07 150.7 151.6 152.2 140.9 148.8 154.7 160.2 158.1 154.8 152.4 154.6 157.5 159.5 157.0 Nondurable materials n.e.c. 7.40 192.8 194.9 195.8 183.4 192.7 192.8 198,1 200.7 195.1 198.3 201.8 198.5 200.5 195.9 Business fuel and power......... 9.41 136.3 134.8 137.2 135.8 141.4 139.9 139.5 137.9 140.1 141.0 140.3 140.2 140.7 139.4 Mineral fuels......................... 6.07 122.2 122.6 122.7 116.6 123.4 122.3 125.7 124.6 126.9 126.9 127.3 126.1 127.8 125.6 Nonresidential utilities.... 2.86 173.5 Electricity.......................... 2.32 174.5 167.8 176.8 187.0 191.9 188.3 177 8 173.5 175.2 178.9 174.3 178,6 175.7 General industrial.... 1.03 171.6 170.0 173.5 173.7 179.8 179.7 178,0 176.7 175.3 177.9 172.8 178.0 176.7 Commercial and other. 1.21 184.3 172.4 186.9 206.7 210.9 204.0 185.4 178.2 182.7 187,6 183.2 186.0 182.5 Gas...................................... .54 164.4 Supplementary groups of consumer goods Automotive and home goods. 7.80 166.5 169.9 172.0 142.4 132.0 165.8 184.9 176.9 168.7 159.1 156,5 159.8 160.4 157.6 Apparel and staples................. 24.51 141.4 136.9 142.9 139.0 150.4 149.6 149.2 143.2 138.1 141,5 142.2 141.8 142.6 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 INDUSTRIAL PRODUCTION: N.S.A. 1225 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1966 1966 1967 pro­ Grouping por­ avertion age» May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.r Apr.7 May Total index....................................... 100.00 156.3 156,0 159.3 150.9 156.8 161.3 163.8 160.2 157. 1 156.6 156.8 157.1 158.0 156.7 Manufacturing, toted............................ 86.45 158.7 158.9 162.2 152.1 158.0 163.6 167.1 163.3 159.2 158.0 158,6 159.0 160.3 159.0 Durable.............................................. 48,07 165.1 166.1 169.0 158.2 160.4 169.5 173.2 170.2 168.3 164.7 163.7 164,7 165.1 164.9 Nondurable............................... 38.38 150.7 149.8 153.8 144.4 155,0 156.3 159.6 154.8 147.7 149.7 152.3 151.9 154.3 151.5 Mining. ................................................. 8.23 120.3 121.3 122.7 118.2 123.6 122.8 124.3 121.5 122.1 121.3 121.7 120,4 122.8 122.3 5.32 173.4 Durable manufactures Primary and fabricated metals........... 12.32 151.5 155.5 156.3 143.8 151.2 156.1 156 3 151.8 147.7 146 8 148.2 146.7 146.4 145.6 Primary metals........................... 6.95 142.7 150.3 149.5 131 5 139 5 144 8 146 4 139 8 132 1 134'5 139.4 137.2 136.4 134.2 Iron and steel.................................... 5.45 136.2 143.9 142.1 127'5 133 7 1390 139 6 133 7 126 8 127 4 131.0 129.9 127.6 125.9 Nonferrous metals and products.. 1.50 166.5 173.7 176.5 146.2 160.5 165.9 17U4 161*7 15M 160^4 169.7 163.9 168.1 164.1 Fabricated metal products................ 5.37 162.8 162.1 165.0 159.7 166.2 170 8 169 1 167.3 167,9 162 6 159,6 159,0 159.4 160.5 Structural metal parts................ 2.86 158.8 157.6 162.0 157.7 162.8 164 9 163 8 162.6 163 0 1575 154.5 153.9 153.4 154.8 Machinery and related products......... 27.98 176.5 175.9 179.1 168.1 166.4 180,2 186.7 185.2 185.7 181.0 178.4 180.1 180.0 179.6 Machinery..................................... 14.80 183.8 182,2 186.5 178.1 183.2 190.0 193 0 189 8 192 2 189 1 188,5 187.1 184.6 182.5 Nonelectrical machinery................ 8.43 181.9 182.1 184.6 180 1 179.8 186. t 186 5 185.2 191 7 190.7 189,9 190.4 189.0 186.4 Electrical machinery............... 6.37 186.5 182.5 189.0 175.6 187.8 195.2 201 5 196.0 192.9 186.8 186.8 182.7 178.7 177.4 Transportation equipment......... 10,19 168.3 169.7 171.4 153.5 140.5 167.4 180.3 180.0 177.2 168 9 162.3 168.4 171.8 173.5 Motor vehicles and parts............... 4.68 171.3 178.5 180.9 138.5 106,3 163.7 187.1 183,6 174.7 1595 146.6 155.2 161.2 164.7 Aircraft and other equipment. . .. 5.26 165,2 161.3 162.4 165.5 169.4 170.4 174.6 177.2 179.8 177.8 176.0 179.7 180.7 180,9 Instruments and related products . . . 1.71 176.5 174.6 178.3 175.2 178.8 181.5 183.8 184.7 186.8 184.0 182.5 184.9 184.8 183.2 Ordnance and accessories................... 1.28 Chy* glass, and lumber............ 4.72 132.9 138.0 143.6 137.2 142.0 139.3 136.2 126.9 118.1 116 8 120.5 124.3 129.3 131.8 Clay, glass,' and stone products. .... 2.99 140,7 144.5 151.3 147.2 152.0 149.2 145,4 138.5 129.4 125.5 125,3 130.2 135.6 138.0 Lumber and products........... 1.73 119.3 126.7 130.3 119 9 124 7 122 1 120 2 106 8 98 7 101 8 112.2 114.2 118.4 121.1 Furniture and miscellaneous......... 3,05 165.0 162.9 167.3 159.1 171.9 172 0 174.8 174.2 169 7 161 0 158.7 159.4 158.6 158.9 Furniture and fixtures................ 1.54 171.9 168.6 174.3 167,2 180 2 178 4 179.8 178.8 178 4 168 7 166.3 164.5 162,0 161.5 Miscellaneous manufactures.............. 1.51 157.9 157.1 160.1 iso.9 163.5 165 5 169.8 169.6 160'9 153 J 150.8 154.2 155.2 156.3 Nondurable manufactures Textiles, apparel, and leather............. 7.60 141.6 143.8 145.7 127.2 143.9 141.1 148.5 141.5 130.0 137.9 143.9 140.1 141.6 136.1 Textile mill products........................... 2.90 142.3 148.7 147.6 129.1 145.7 141 7 146.7 142,5 131 5 140 0 140,8 137.6 142.4 140.7 Apparel products............................... 3.59 150.3 149.9 154.3 134 0 150 7 149 9 159.9 150.8 137 0 145 7 156.7 152.9 152.5 Leather and products. ........................ 1.11 111.9 111.5 113.1 100 0 117 6 1115 116 7 108.6 103 7 107 2 110.9 105,5 104,1 Paper and printing............................... 8.17 146.3 147.9 148.2 140 2 146 6 149 2 154 9 151 6 144 2 146 1 149.3 150.6 153.9 150.7 Paper and products............................. 3.43 152.1 153.8 154.9 143 7 151 I 151 5 163 i 154 5 140'4 151 7 156.2 153 9 159,5 153.0 Printing and publishing...................... 4.74 142.2 143.5 143.3 1377 1419 146 0 148*8 149 5 144 4 148 3 149 8 149 0 Newspapers................................ 1.53 134.2 142.6 136.1 118*6 1260 138 4 145 6 148 7 136 5 123 0 129,4 134.8 142 ' 5 14k 9 Chemicals, petroleum, and rubber.... 11.54 181.7 181.0 186.0 174.7 183.3 185,3 189.7 187.8 184.0 185.7 188.8 188.0 190.1 184.9 Chemicals and products..................... 7.58 193.0 193.7 198.3 187 4 194.9 195.3 198.7 200.4 196 3 197 6 201.9 201,7 206.0 202.9 Industrial chemicals......................... 3.84 220.1 220.4 223.2 214 2 218 9 221.6 224, i 230.9 228 8 227.4 234.3 231.3 232,1 Petroleum products........................ 1.97 128.4 126.1 131.5 133 6 135 3 134 1 132'5 127.4 125 9 124.8 124.9 125.5 126.6 127.1 Rubber and plastics products............ 1.99 191.9 187,1 193 3 167 0 186 5 168 1 212 1 200 0 1945 200 8 202.2 197 4 192 7 Foods, beverages, and tobacco............ 11.07 127.7 122.8 129.8 127.6 139 2 141 8 139.3 131. 7 124 5 122 8 122.2 123.3 126 0 128.0 Foods and beverages.................. 10.25 128.4 122.8 129.7 129.6 140.0 143.1 140.2 132.7 126 7 123,3 122.4 124.0 125.8 127.’7 Food manufactures......................... 8.64 126.6 118.2 124,1 125.1 137.6 143 8 139.9 133.3 127,0 124.5 122,1 121.3 121.6 121.9 Beverages........................................... 1.61 137.8 147.6 159.8 153,4 152.8 139.1 142.1 129.8 124.8 116.9 124.2 138.7 148.5 Tobacco products............................ .82 119.8 122,1 131.3 103.1 129.7 125.2 127.3 119.5 97.1 117.2 119.6 114.5 128.5 Mining Coal, oil, and gas................. 6.80 117.6 117.3 117.4 112 4 118 9 118.1 120 8 119.7 121 6 121 6 122,2 119 8 120 4 118.3 Coal........................................................ 1.16 115.2 118.1 120.0 93 I 127 0 121 3 132 4 118.7 122 9 118*3 117,1 116 0 126.4 121.3 Crude oil and natural gas.................. 5.64 118.0 117.2 116.8 116.4 117^3 117.4 118.5 119.9 121 *4 122.3 123.2 120.6 119.2 117.7 Oil and gas extraction..................... 4.91 123.8 123.7 123.3 122 2 122 5 122 5 124.2 126.0 127 8 129.0 129.7 128.5 128.1 126.6 Crude oil.................................. 4.25 119.4 120.1 120,2 1185 118 8 118 9 119 9 120.8 122 0 122 8 123.6 122.5 123.2 122.3 Gas and gas liquids..................... .66 151.7 146.3 143.7 145.8 146 0 145 8 151.4 159.0 164^9 1685 Oil and gas drilling......................... .73 79.2 73.6 73.0 76.9 81.9 82 7 79 8 78.8 77 9 77 4 79.4 67.2 58,6 58.0 Metal, stone, and earth minerals..... 1.43 133'2 140.2 147.7 145.6 145.6 145.4 140.9 130.0 124.2 119.9 119.4 122.9 134.2 14!.4 Metal mining........................ .61 132.7 147 0 151.6 143 4 142.7 145 3 138 5 123 7 1 7.0 8 123 5 127 9 127 9 139 1 147 3 Stone and earth minerals................... .82 133.5 135.1 144.9 147.2 147,8 145.5 142.7 134.7 126'. 8 117,3 113.2 119.1 130 6 136.9 Utilities Electric.................................................... 4.04 179.7 165.3 173.5 192.3 199.5 191.7 176.2 173,2 183.5 196.5 188.1 189.0 180.1 Gas.......................................................... 1.28 156.1 Note.—Published groupings include some series and subtotals not Industrial Production—1957-59 Bate. 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

1226 BUSINESS ACTIVITY; CONSTRUCTION JULY 1967 SELECTED BUSINESS INDEXES (1957-59= 100) Industrial production fac M tu a r n in u g ­ 2 Prices 4 Nonag- Major market groupings Con­ ricul- Major industry struc­ tural Freight Total Period Total Final products groupings t c r ti a o o c n n t ­ s m p c l e m o a y t - — ­ p E lo m y ­ ­ Pay­ l i c o n a a g r d s - ­ s r a e l t e a s il 3 Con­ W sa h l o e l e­ Mate­ Total 1 meat rolls sumer com­ Total g s C o u o o m n d e ­ s r E m q e u n ip t ­ rials Mfg. M in i g n­ U iti t e il s ­ modity 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 ioi.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 1006 I960....................... 108.7 109.9 111.0 107.6 107.6 108.9 101,6 115.6 105 103.3 99.9 106.7 95 3 106 103.1 100 7 1961....................... 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 108 102.9 95.9 105.4 91.2 107 104.2 100.3 1962....................... 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 120 105.9 99.1 113.8 92.4 115 105.4 100.6 1963.............. 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 132 108.0 99.7 117.9 93.3 120 106.7 100.3 1964....................... 132.3 131.8 131.7 132,0 132.8 133.1 111.5 151.3 137 UI J 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 p.................. 156.3 155.4 147.4 172.6 157.1 158.7 120.3 173.4 145 121.6 112.7 150.4 96.5 148 113.1 105.9 1966—May...... 155.3 153,7 146,2 169.8 157.1 157.6 120.7 170.2 156 120.9 112.4 149.0 100 0 143 112.6 105.6 June 156.5 154.9 147.1 171.4 158.0 158.9 122.0 171.7 147 121.8 113.4 150.1 95.1 149 112.9 105.7 July........... 157.2 155,3 146.5 174.4 158.8 159.4 122.0 175.7 147 122,0 112.7 148.9 93.6 148 113.3 106.4 Aug........... 158.0 156.4 147.1 176.4 159.6 160.1 122.1 179.0 139 122.2 113.8 151.4 94.0 150 113.8 106.8 157.7 156.3 146.5 177.4 159.2 160.0 121.0 177.0 146 122.2 113.3 152.7 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 Nov........... 158.6 158.5 148.8 179.6 159.1 161.0 121.0 176,9 130 123.4 114.6 154.5 97.1 150 114.6 105.9 Dec........... 159.0 159.2 149.1 181.0 158.9 161.3 123.0 177.7 133 123.9 114.7 154.4 99.0 148 114.7 105.9 1967—Jan............ 158.1 158.1 147.8 180.2 158.0 160. 1 123.0 179.6 126 124.5 114.7 156.2 97.4 150 114.7 106.2 Feb........... 156.4 156.4 145.2 180.3 156.2 158.5 122.4 178.2 143 124.7 114.1 153.2 95.6 149 114.8 106.0 156.4 156,7 146.0 179.6 155.8 158.1 U21.6 180.6 149 124,9 113.5 152.9 95.9 151 115.0 105.7 Apr.......... rl56.2 r157.0 ’’146.6 ^179.4 '155.8 H58.0 H22.8 H79.5 138 124.7 HI2.4 ’‘151.0 95.9 152 115.3 105.3 155.5 156.3 r146.1 H78.3 155.1 ••157.2 U20.7 181.0 154 r124.5 rIlI.7 rl49.9 93.1 152 115.6 105.8 June?,.,. ■ 155.2 155.9 145.9 177.2 154.9 156,7 123,1 181,5 124.8 111.9 150.0 89.7 152 106.3 1 Employees only; excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential, 2 Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 3 F.R. index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; 4 Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. Note.—Data are seasonally adjusted unless otherwise noted. Freight carloadings: Based on data from Association of American Construction contracts: F. W, Dodge Co. monthly index of dollar Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1966 1967 Type of ownership and 1965 1966 type of construction May June July Aug. Sept Oct. Nov. Dec. Jan, Feb. Mar. Apr. May Total construction................................ 49,272 50,150 5,132 4,854 4,774 4,302 4,083 4,106 3,461 3,189 2,838 3,300 4,424 4,389 5,095 By type of ownership: 16,302 18,152 1,902 1.937 2,020 1,568 1,379 1,607 1,357 1,287 1,113 1.188 1,509 1,498 Private............................................... 32,970 31,998 3,230 2,916 2,754 2,733 2,704 2,499 2,104 1,902 1,725 2,112 2,916 2,891 ........... By type of construction: Residential building....................... 21,247 17,827 1,970 1,828 1,461 1,494 1,261 1,225 1,076 903 937 1,056 t,584 1,627 2,002 Nonresidential building................. 17,219 19,393 1,826 1,885 1,813 1,729 1,676 1,796 1,424 1,358 1,175 1,430 1,714 1,830 1,808 Nonbuilding................................... 10,805 12,930 1,335 1,140 1,499 1,079 1,146 1,086 961 928 726 814 1,127 931 1,285 Note.—Dollar value of total contracts as reported by the F. W. Dodge data exceed annual totals because adjustments—negative—arc 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

JULY 1967 CONSTRUCTION 1227 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Conser­ Period Total Total N f r a e o r s m n i­ ­ Buildings Total M ta i r l y i­ H w ig ay h­ d v e a v & t e i l o o n p ­ Other 2 dential Total Other Other ment jlndus- Com­ build­ trial mercial ings 1 1956................................ 47,601 34,869 20,178 14,691 3,084 3,631 2,103 5,873 12,732 1,360 4,415 826 6,131 1957 ................................ 49,139 35,080 19,006 16,074 3,557 3,564 2,435 6,518 14,059 1,287 4,934 971 6,867 1958................................ 50,153 34,696 19,789 14,907 2,382 3,589 2,704 6,232 15,457 1,402 5,545 1,019 7,491 19593 .............................. 55^305 39,235 24,251 14,984 2,106 3,930 2,823 6,125 16,070 1,465 5,761 1,121 7,723 1960................................ 53,941 38,078 21,706 16,372 2,851 4,180 3,118 6,223 15,863 1,366 5,437 1,175 7,885 1961................................ 55,447 38,299 21,680 16,619 2,780 4,674 3,280 5,885 17,148 1,371 5,854 1,384 8,539 1962 4............................. 59^667 41,798 24,292 17,506 2,842 5,144 3,631 5,889 17,869 1,266 6,365 1,524 8,714 1963 5............................. 62,968 43,642 25,843 17,799 2,906 4,995 3,745 6,153 19,326 1,227 7,091 1,690 9,318 1964................................ 66,221 45,914 26,507 19,407 3,572 5,406 4,020 6,409 20,307 968 7,144 1,729 10,466 1965 ................................ 71'930 49,999 26,689 23,310 5,086 6,704 4,731 6,789 21,931 883 7,547 2,017 11,484 1966?.............................. 74,369 50,623 24,633 25,990 6,779 6,887 5,068 7,256 23,746 1966—Apr..................... 78,578 54,347 27,437 26,910 7,175 7,097 5,300 7,338 24,231 887 8,791 2,226 12,327 May.......... 76'135 52,284 27,023 25,261 6,856 6,126 5,245 7,034 23,851 650 8,783 2,142 12,276 June................... 74'795 52,108 26,156 25,952 7,548 6,343 4,821 7,240 22,687 744 8,257 2,091 11,595 July..................... 72'456 50,061 25,115 24,946 7,164 6,482 4,238 7,062 22,395 800 8,175 2,107 11,313 Aug.................... 72'215 49,668 23,927 25,741 7,163 6,280 5,103 7,195 22,547 746 8,145 2,219 11,437 Sept..................... 73,757 49,725 23,100 26,625 6,913 7,054 5,371 7,287 24,032 848 8,191 2,187 12,806 Oct..................... 71'015 46,754 22,012 24,742 6,223 6,608 4,743 7,168 24,261 655 8,131 2,094 13,381 Nov..................... 71,449 46,811 20,830 25,981 6,444 7,051 5,036 7,450 24,638 716 7,961 2,427 13,534 Dec..................... 71'326 46 876 20,459 26,417 6 250 7,516 5,102 7 549 24 450 726 1967—Jan...................... 72,937 48 281 20,739 27,542 6 664 8,138 5,453 7 287 24,656 Feb.r.................. 73,359 48,960 21,249 27,711 7*054 7,925 5,365 7,367 24,399 Mar..................... 73 J 04 48,398 21,817 26'5 81 6,542 7,411 5,’237 7 391 24 706 Apr.?................. 71^893 47,624 22,234 25,390 5,879 7,019 5^212 7,280 24,269 ............... 1 Includes religious, educational, hospital, institutional, and other build­ 5 Beginning 1963, reflects inclusion of new series under “Public” (for ings. . State and local govt, activity only). 2 Sewer and water, formerly shown separately, now included in “Other.” Note.—Monthly data are at seasonally adjusted annual rates. Be­ 3 Beginning with 1959, includes data for Alaska and Hawaii. ginning with 1959, figures are Census Bureau estimates. Data before < Beginning July 1962, reflects inclusion of new series affecting most 1959 are joint estimates of the Depts, of Commerce and Labor. private nonresidential groups. NEW HOUSING STARTS (In thousands of units) Annual rate, By area By type of ownership Government- S.A. underwritten Period (private only) Total Metro­ m N e o tr n o ­ ­ Private Public Total N fa o rm n­ politan politan. Total fam 1- i ly fam 2- i ly M fam ul i t l i y ­ Total FHA VA 1956................................ 1,349 1,325 24 465 195 271 1957 ........................... 1,224 1,175 49 322 193 128 1958................................ 1,382 1’314 68 439 337 102 1959................................ 1,554 1,077 477 1,'517 1,234 56 227 37 458 349 109 I960................................ 1,296 889 407 1,252 995 44 213 44 336 261 75 196i................................ 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 ................................ 1 343 1,068 475 1,505 962 50 493 38 249 197 53 1966................................ 1^52 852 400 1,220 794 40 387 32 199 158 40 1966--May.................... 1,318 1,287 139 92 48 135 88 4 43 4 18 14 3 June.................... 1 ’285 1,261 131 88 43 128 84 4 40 3 19 15 4 July..................... 1 '088 1,068 105 70 35 104 71 3 30 1 17 13 4 Aug.................... 1'107 1,084 107 72 35 105 71 3 31 2 18 14 4 Sept.................... 1,075 1,050 95 64 31 92 62 3 27 3 13 10 3 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..................... 1,089 1 ,066 66 47 19 64 40 2 21 2 12 10 3 1967--Jan....................... 1,297 1,266 68 48 20 65 40 2 23 3 13 10 3 Feb...................... 1,163 1,147 66 47 19 64 40 2 22 2 12 9 3 Mar.................... 1,167 1.140 97 65 32 96 65 3 27 18 14 5 Apr..................... ”1’173 ”1,156 ”117 78 39 ”115 77 4 34 ”2 17 12 5 May.................... ”1,310 ”1,286 ”137 93 44 ”135 92 4 39 ”2 23 18 5 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

1228 EMPLOYMENT JULY 1967 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Period i T p n o s o N t p t i a t u . u S l l t a . n i A t o o i . n o n a n - l l N ab N o o t . r S in . f A o t . r h c e e T l f a S o o b . r A t c o a e . r l Total Total I E n m c n u p o lt l n u o a r y a g e l r d i- 1 In U pl n oy em ed ­ U (p n e m e r S r a m . e t A c n p e e . t l 2 n o t y ) ­ agriculture industries 1961............................. 121,343 48,312 73 031 70 459 65 746 60,546 5 200 4 714 6 7 1962............................. 1221981 49,539 73 442 70 614 66,702 61,759 4 944 3’911 5 5 1963............................. 125,154 50,583 74,571 71 833 67,762 63,076 4387 4,070 53 1964............................. 127,224 51,394 75 830 73 091 69 305 64,782 4,523 3,786 5 2 1965............................. 129^236 52,058 77 178 74 455 71 088 66326 4 361 3 366 4 5 1966............................. 131380 52,288 78 893 75 770 72 895 68,915 3,979 2,875 3.8 1966—June................. 131,083 50,356 78,767 75 668 72,730 68349 3,981 2,938 3.9 July......... 131,236 50,397 78 905 75,770 72'846 68,920 3,926 2 924 3 9 Aug......... 131,419 50,755 79,247 76,069 73,141 69,206 3,935 2,928 3.8 Sept................. 131,590 52,609 79,’268 76,039 73,195 69,309 3 386 2344 33 Oct................... 131'772 52,285 79,360 76 081 73'199 69320 3,779 2382 3 8 Nov................. 131'949 52354 79,934 76,612 73,897 70,005 3,892 2,715 3.5 Dec.................. 132,121 52’479 80,154 76364 73,893 69382 4,011 2’871 33 19673—Jan................. 132,295 53,589 80,473 77 087 74,255 70,240 4,015 2,832 33 Feb.............. 132,448 53,341 80,443 77,025 74’137 70’247 3,890 2,888 33 Mar............... 132,627 53'678 79,959 76’523 73347 69,892 3’855 2376 3.6 Apr................ 132395 53,234 80,189 76 740 73’910 70,020 3,890 2’830 3.7 May.............. 132369 53319 79,645 76,189 73,289 69,637 3,652 2,900 3.8 June.............. 133,168 50'704 80,681 77337 74,147 70,420 3,727 3390 4.0 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 NONAG RI 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 n r 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 11 778 2 877 8,325 9,225 1964............................................................... 58,332 17,274 634 3 050 3,951 12,160 2 957 8,709 9,596 1965............................................................... 60,770 18,032 632 3,181 4,033 12,683 3 019 9 098 10,091 1966............................................................... 63,864 19,081 628 3,281 4,136 13,220 3,086 9,582 10,850 SEASONALLY ADJUSTED 1966—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 J22 13 256 3 095 9 609 10,929 Aug.................................................... 64,199 19,262 636 3,251 4,105 13 264 3 100 9’647 10,934 Sept................................................... 64,168 19,204 628 3,228 4’168 13 268 3 100 9*649 10,923 Oct,.......................... 64 466 19,312 625 3 202 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 111104 Dec.................................................... 65,076 19,445 626 3,293 4,196 13 392 3 121 9 821 11,182 1967—Jan..................................................... 65,381 19,468 628 3,301 4,230 13 503 3 129 9,869 11,253 Feb.................................................... 65,497 19,402 626 3,350 4 225 13 524 3 142 9 919 11,309 Mar................................................... 65 600 19,355 627 3,321 4,223 13,547 3,159 9,981 11,387 Apr.................................................... 65,476 19 224 623 3 251 4,186 13 584 3,173 10,005 11’430 Mayp................................................ 65,412 19 124 617 3,146 4 238 13 596 3 184 10 025 11,482 Junep................................................. 65,565 19,153 620 3,155 4,236 13,596 3,201 ip;040 11,564 NOT SEASONALLY ADJUSTED 1966—June................................................... 64,563 19,258 645 3,521 4,180 13,239 3,112 9,702 10,906 July................................................... 64,274 19,123 645 3,623 4,171 13,225 3,148 9,782 10’557 Aug................................. 64 484 19 391 649 3 641 4 154 13 224 3’146 9 772 10’507 Sept................................................... 64,867 19,533 637 3,525 4,218 13253 3,109 9’707 10’885 Oct.................................................... 65 190 19 538 631 3,449 4,198 13 385 3,099 9,751 11,139 Nov................................................... 65,389 19,522 628 3,310 4^208 13 599 3,098 9,739 11,285 Dec.................................................... 65,904 19,430 625 3,128 4,200 14,241 3,105 9,733 11,442 1967—Jan..................................................... 64,334 19,233 614 2,925 4,162 13,322 3,095 9,672 11,311 Feb..................................................... 64,286 19,196 609 2,841 4,’153 13,205 3J14 9,750 11,418 Mar............................... 64,628 19,161 610 2,896 41168 13,317 3’137 9,841 11.498 Apr.................................................... 64j987 19,077 617 3,079 4,148 13,’ 394 3,160 9,985 11,527 Mayp................................................. 65,354 19,028 619 3,184 4,221 13,480 3,178 10,085 11’559 Junep................................................. 66,141 19,239 632 3,366 41274 13,620 3,223 10:201 11,586 , 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

JULY 1967 EMPLOYMENT AND EARNINGS 1229 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1966 1967 1966 1967 June Apr. Mayp June?’ June Apr. May?1 June’’ Total....................................................................................... 14,281 14,162 14,076 14,090 14,351 14,030 13,991 14,159 Durable goods....................................................................... 8,328 8,238 8,197 8,172 8,419 8,221 8,210 8,260 Ordnance and accessories......................................... 120 143 145 ' 148 '119 '142 142 146 Lumber and wood products.................................... 550 524 516 515 574 510 518 538 Furniture and fixtures................................................ 381 370 371 369 381 367 365 369 Stone clay, and glass products............................... 515 497 490 491 530 492 495 506 Primary metal industries............................................ 1,086 1,029 1,024 1,022 1,108 1,042 1,038 1,042 Fabricated metal products....................................... 1,048 1,050 1,042 1,045 1,061 1,043 1,042 1 ,058 Machinery..................................................................... 1,312 1,340 1'336 1,333 1'326 I '356 1'347 1,348 Electrical equipment and supplies.......................... 1,327 1 306 1 '289 1 '251 1J22 1 ,’290 1 ,271 1,246 Transportation equipment........................................ 1,358 1,343 1,352 1'365 1 J63 1,354 1'366 1,370 Instruments and related products........................... 276 287 '284 '284 '277 ’285 '282 '285 Miscellaneous manufacturing industries................. 355 349 348 349 358 340 344 352 Nondurable goods................................................................. 5,953 5,924 5,879 5,918 5,932 5,809 5,781 5,899 Food and kindred products................................ 1,166 I '177 1 ’ 181 1,184 1,152 1 '099 1'118 i,’ 170 Tobacco manufactures.............................................. 74 ’ 74 ' 74 ' 75 ' 62 63 ' 63 ’ 64 Textile-mill products.................................................. 854 830 826 832 862 828 825 839 Apparel and related products................................... 1,268 1 231 1,236 1,243 1,258 1,217 1,221 1,234 Paper and allied products......................................... 525 '531 '530 536 530 '527 526 541 Printing publishing, and allied industries............. 654 677 676 680 653 675 674 679 Chemicals and allied products.................................. 578 579 578 582 580 588 584 584 Petroleum refining and related industries........... . 115 114 114 115 117 113 114 117 Rubber and misc. plastic products......................... 403 409 365 372 400 405 363 371 Leather and leather products.............. . 316 302 299 299 318 294 293 300 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 June Apr. May?’ June” June Apr. May” June?* June Apr. May?’ June” Total.......................................................................... 41.3 40.5 40.4 40.2 112.74 112.56 113.52 113.81 2.71 2.80 2.81 2.81 Durable goods........................................................... 42.0 40.9 41.0 40.8 121.82 121.18 122.48 122.89 2.88 2.97 2.98 2.99 Ordnance and accessories............................. 42.1 41.5 42.0 41.7 134.20 133.31 134.92 135.01 3.18 3.22 3.22 3.23 Lumber and wood products........................ 40.5 40.6 40.2 40.1 93.94 94.94 95.99 98.33 2.28 2.35 2.37 2.41 Furniture and fixtures.................................... 41.8 40.2 40. 1 39.9 91.96 90.46 90.85 92.17 2.20 2.29 2.30 2.31 Stone clay, and glass products.................. 41.9 41.3 41.0 41.1 115.60 115.23 116.62 117.59 2.72 2.79 2.81 2.82 Primary metal industries.............................. 42.0 40.0 40.6 40.5 139.50 133.25 134.64 135.38 3.29 3.29 3.30 3.31 Fabricated metal products........................... 42.3 41.4 41.4 41.1 121.70 121.13 123.14 122.84 2.85 2.94 2.96 2.96 Machinery....................................................... 43.8 42.7 42.2 42.2 135.83 134.82 134.30 134.73 3.08 3. 15 3.16 3. 17 Electrical equipment and supplies.............. 41.2 39.8 39.9 39.9 108.62 107.84 109.73 110.80 2.63 2.73 2.75 2.77 Transportation equipment............................ 42.3 40.9 41.4 41.1 140.25 137.30 141.86 141.25 3.30 3.39 3.41 3.42 Instruments and related products............... 42.0 41.2 41.1 40.9 113.94 114.26 114.80 115.08 2.70 2.78 2.80 2.80 Miscellaneous manufacturing industries... 40.1 39.6 39.6 39.5 88.62 91.57 91.41 92.04 2.21 2.33 2.32 2.33 Nondurable goods................................................... 40.3 39.7 39.4 39.5 99.23 100.22 100.47 101.63 2.45 2.55 2.55 2.56 Food and kindred products......................... 41.0 40.8 40.6 40.9 104.24 106.27 107.18 108.50 2.53 2.65 2.64 2.64 Tobacco manufactures.................................. 38.0 39.7 38.2 39. 1 88.55 91.10 90.06 94,25 2.30 2.36 2.37 2.38 Textile-mill products...................................... 42.2 40.6 40. 5 40.2 84.35 81.20 81.81 82.42 1.98 2.02 2.02 2.03 Apparel and related products.................... 36.5 36.2 35.9 35.5 68.63 72.16 71.80 72.11 1.87 2.01 2.00 2.02 Paper and allied products............................ 43.4 42.7 42. 5 42.4 120.18 119.00 119.57 121,27 2.75 2.82 2.82 2.84 Printing, publishing, and allied industries. 39.0 38.7 38.2 38.5 122.54 124.03 124.48 125.18 3.15 3.23 3.25 3.26 Chemicals and allied products.......... 42.0 41.7 41.3 41.5 125.76 127.49 126.99 128.85 2.98 3.05 3.06 3.09 Petroleum refining and related industries.. 42.5 42.9 42.6 42.9 145.95 153.15 153.22 155.09 3.41 3.57 3.58 3.59 Rubber and misc. plastic products............. 41.7 41.2 40.9 41.1 111.30 109.89 107.98 109.71 2.65 2.70 2.64 2.65 Leather and leather products..................... 38.7 37.8 37.7 37.5 76.05 75.40 77.21 78.66 1.94 2.06 2.07 2.07 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

1230 PRICES JULY 1967 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period i . t A em H s Food Total Rent H o s w o h m n ip e e r - ­ F c a o o u n i a e l d l l t e r G a i l c n e a i c d s t ­ y o n F i t p a n i i n e o u s g d r h n r s a ­ ­ ­ A up p a k p n e a d e r p el T p t o r i a o r n t n a s ­ ­ Total M c ic a e a r d e l ­ s P c o a n e r r a e ­ ! r R e t a i c i e n n o r a g d e n d a ­ ­ g O s a i o e c t n o r h e v d d s e ­ s r 1929............................ 59.7 55.6 85.4 1933 ............................ 45.1 35.3 60,8 1941............................ 51.3 44.2 61.4 64.3 45.2 88.3 51.2 50.6 47.6 57.3 58.2 1945 ............................ 62.7 58.4 67.5 66.1 53.6 86.4 55.4 57,5 63,6 75.0 67.3 1958............................ 100.7 101.9 100,2 100.1 100,4 99.0 100.3 99.9 99.8 99,7 100.3 100.1 100,4 100,8 99.8 1959............................ 101.5 100.3 101.3 101.6 101.4 100.2 102.8 100.7 100.6 103.8 102.8 104.4 102 4 102.4 101.8 I960............................ 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101.5 102.2 103,8 105.4 108.1 104 1 104,9 103.8 1961............................ 104.2 102.6 103,9 104.4 104.4 101.6 107.9 101.4 103.0 105.0 107.3 111,3 104,6 107.2 104.6 1962............................ 105.4 103.6 104.8 105.7 105.6 102.1 107.9 101.5 103.6 107.2 109.4 114.2 106.5 109,6 105.3 1963 ............................ 106.7 105.1 106.0 106.8 107.0 104.0 107.8 102.4 104.8 107.8 111,4 117.0 107.9 111.5 107.1 1964............................ 108.1 106.4 107.2 107.8 109.1 103.5 107.9 102.8 105.7 109.3 113.6 119.4 109.2 114,1 108.8 1965 ............................ 109.9 108.8 108.5 108.9 111.4 105.6 107.8 103.1 106,8 111.1 115.6 122.3 109,9 115.2 111.4 1966............................ 113.1 114.2 111.1 110.4 115.7 108.3 108.1 105.0 109.6 112.7 119.0 127.7 112,2 117.1 114.9 1966—May. ....... 112.6 113.5 110.7 110.2 115.0 108.0 108.2 104.6 109.3 112.0 118.4 126.3 112.0 116.8 114.7 112.9 113.9 111.1 110.2 115.8 107.0 108.1 104.8 109.4 112.2 118.7 127.0 112.2 117.0 114.9 July................. 113.3 114.3 111.3 110.3 116.2 107.0 108,1 105.1 109.2 113,5 119.1 127.7 112 5 117.2 115.3 Aug................ 113.8 115.8 111.5 110.6 116.4 107.0 108,1 105.2 109.2 113.5 119,5 128.4 112.7 117.4 115.5 Sept................. 114.1 115.6 111.8 110.7 116.8 107.4 108,1 105.7 110.7 113,3 119.9 129.4 113.0 117,5 115.7 Oct................. 114.5 115.6 112.2 111,0 117.4 108,3 108,0 106.1 111.5 114,3 120.4 130.4 113.3 118,0 115.9 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.................. 114.7 114.7 113.1 111.4 118.7 110.5 108.3 106.7 111.3 113.4 121.4 132.9 113.8 118,5 116.2 Feb......... 114.8 114.2 113.3 111.7 118.9 111.1 108.3 107.0 111.9 113.8 121.8 133.6 114.1 118.6 116.3 Mar................ 115.0 114.2 113.3 111.8 118.6 111.1 108,3 107.3 112.6 114.2 122.2 134.6 114,4 118,9 116.4 115.3 113.7 113.6 111.9 119.0 111.0 108.4 107.7 113.6 115.1 122.6 135.1 114.9 119.4 116.6 May............... 115.6 113.9 113.9 112. 1 119.7 110.8 108.3 107.9 113.8 115.5 122,8 135,7 115.0 119.6 116.7 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59= 100) Industrial commodities Proc­ All Farm essed Ma­ Period com­ prod­ foods chin­ Non- Trans­ m ti o e d s i­ ucts f a e n ed 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 e tc m r . , ­ P e a t p c e . r, M e a t l e c s . t , ­ eq a e n u ry d ip ­ F t e u u t r r c e n . , i ­ t m m al i l e n i ­ c ­ e p t q o io u r n i t p a ­ ­ n c M e e o l i l s u a ­ s ­ ment erals ment 1958 100.4 103.6 102.5 99,5 98.9 96,0 98.7 100,4 100.1 97.4 100.1 99,1 100,0 100.2 99,9 n.a. 100,6 1959 100.6 97.2 99.9 101.3 100,4 109,1 98.7 100,0 99.7 104.1 101.0 101,2 102.1 100.4 101,2 n.a. 100.8 1960 100.7 96,9 100.0 101,3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.9 100.1 101.4 n.a. 101.7 1961 100.3 96,0 101.6 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.9 99.5 101,8 n.a. 102.0 1962 100.6 97,7 102.7 100,8 100,6 107,4 100.2 97.5 93.3 96.5 100.0 100,0 102.9 98.8 101.8 n.a. 102.4 1963 100.3 95,7 103.3 100.7 100,5 104,2 99.8 96.3 93.8 98.6 99.2 100,1 103.1 98.1 101.3 n.a. 103.3 1964 100,5 94.3 103.1 101.2 101,2 104,6 97.1 96.7 92.5 100.6 99.0 102,8 103.8 98.5 101.5 n.a. 104.1 1965 102,5 98,4 106.7 102,5 101.8 109.2 98.9 97.4 92.9 101.1 99,9 105.7 105.0 98,0 101.7 n.a. 104.8 1966 105.9 105.6 113.0 104,7 102.1 119,7 101.3 97.8 94.8 105.6 102.6 108,3 108.2 99.1 102,6 n.a. 106.8 1966—May 105,6 104.5 111.8 104.7 102,2 '122,8 100.4 97.7 95,4 109.6 102.7 108.4 107.8 98.9 102,4 n.a. 106.8 June 105.7 104,2 112.0 104,9 102.2 122.9 101.5 97.6 95.4 107.7 103.0 108.7 108.1 98.9 102.5 n.a. 106.9 July. 106.4 107,8 113.8 105.2 102.4 122.7 101.4 97.9 95.1 106.6 103.2 108,8 108.3 99.0 102,7 n.a. 107.1 Aug. 106.8 108.1 115.7 105.2 102.4 121,2 102.0 97.9 95.1 106.2 103.2 108.5 108.5 99.1 102.7 n.a. 107.1 Sept. 106.8 108.7 115.5 105.2 102,2 119.9 102.2 98.0 94.7 105.9 103.1 108,4 108.9 99.2 103,0 n.a. 107.1 Oct.. 106.2 104.4 113.9 105.3 102.2 118.7 102.6 97.9 94.6 104.8 103.1 108.6 109.4 99.7 103.2 n.a. 107.2 Nov. 105.9 102.5 112.6 105.5 102.1 117.5 102.7 98.0 95.0 103.0 103.0 109.0 110.2 100.3 103.3 n.a. 107.4 Dec,. 105.9 101.8 112.8 105.5 101.8 117.3 102.0 98.2 95.0 102.5 103.0 109.0 110.7 100.4 103.3 n.a. 107.5 1967—Jan.. 106.2 102.6 112.8 105.8 102.0 117.9 102.6 98.4 95.6 102.6 103.1 109.4 111.1 100.4 103.6 n.a. 107.9 Feb. 106.0 101.0 111.7 106.0 102.0 118.0 103.4 98.5 95.8 103.6 103.3 109.6 111.2 100.4 103.7 n.a. 108.0 Mar. 105.7 99.6 110,6 106.0 101.8 117.0 103.7 98.5 95.9 103,6 103,6 109.4 111.5 100.6 103,8 n.a. 107,7 105.3 97.6 110.0 106.0 101.8 116.0 103.3 98.8 95.9 104.1 103,9 109.1 111.6 100.6 103.9 n.a. 108.0 May 105.8 100.7 110.7 106.0 101.6 115.4 104.4 98,8 95.8 104.2 103,9 108.9 111.6 100.8 103,8 n.a. 108.0 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 PRICES 1231 WHOLESALE PRICES: DETAIL (1957-59= 100) 1966 1967 1966 1967 Group Group May Mar. Apr. May May Mar. Apr. May Farm products: Pulp, paper, and allied products: Fresh and dried produce....................... 103.3 98.4 99.6 104,4 Pulp, paper, and products, excluding Grains......................................................... 93.6 99.9 98.3 98.0 building paper and board................. 103.1 104.0 104.3 104.3 Li vestock................................................... 111.5 97.4 94.0 102.6 Woodpulp................................................ 98.0 98 0 98 0 98 0 Live poultry............................................... 101.3 90.8 89.0 85.6 Wastepaper.............................................. 112.0 79 ."7 79^ I 77.5 Plant and animal fibers......................... 90.3 70.3 69.9 69.9 Paper........................................................ 107 1 108 5 109 3 109 S Fluid milk................................................. 111.0 119.0 119.1 120.9 Paperboard ............................................ 97.2 97 3 97 3 07 3 Eggs............................................................ 86.9 90.8 77.0 74.5 Converted paper and paperboard.. .. 102.2 104^7 104^9 104^9 Hay and seeds.......................................... 120.2 120.5 118.4 117.8 Building paper and board.................... 92.4 92.3 92 2 91.7 Other farm products............................... 101.4 99.5 99.2 99,9 Processed foods and feeds: Metals and metal products: Cereal and bakery products................. 113.0 117.5 117.2 117.4 Iron and steel......................................... 101.8 103 3 103 2 103 2 Meat, poultry and fish........................... 110.9 101.7 100.6 103.8 Nonferrous metals................................... 122 5 1211 |7O 0 11 8 9 Dairy products......................................... 114.9 120.7 120. 1 120.8 Metal containers.............................,,, 110.1 1115 1115 1117 Processed fruits and vegetables............ 105.4 104.2 104.3 105.1 Hardware................................................. 109.6 1124 112 8 112 9 Sugar and confectionery....................... 109.3 112.5 111.8 112.0 Plumbing equipment.............................. 107,9 110.5 110.5 110.7 Beverages and beverage materials. . .. 105.7 105.6 105.9 106.0 Heating equipment............................... 92 1 92 2 92 0 92 0 Animal fats and oils................................ 107.7 89.6 91.5 89.8 Fabricated structural metal products. 103,8 104^8 104^9 105 J Crude vegetable oils................................ 105.6 94.2 93.8 93.9 Miscellaneous metal products............. 110.9 113.7 113,6 113.7 Refined vegetable oils............................. 108.5 96.9 96.8 96.6 Vegetable oil end products .................... 101 .9 101.8 101.6 101,6 Miscellaneous processed foods............ 113.1 112.0 112.9 112.4 Machinery and equipment: Manufactured animal feeds................. 123.1 124.8 122.9 118.7 Agricultural machinery and equip... . 118,2 121.9 121.8 121 .8 Textile products and apparel: Construction machinery and equip... 118.9 121.5 121.8 121.9 Metalworking machinery and equip.. 118.0 122.6 122.9 123.6 Cotton products...................................... 102.6 101.3 100.8 100.3 General purpose machinery and Wool products........................................ 106.4 104.0 102.9 103.1 109.3 113.0 113.0 113.2 Man-made fiber textile products......... 89.9 86.9 86.8 86.3 Special industry machinery and Silk yarns................................................... 140.9 164.1 164.5 167.0 equipment (Jan. 1961= 100)............ 110.8 115.4 115.8 116.1 Apparel...................................................... 104.9 106.0 106.2 106.3 Electrical machinery and equip........... 98 7 102 2 102 3 101 9 Textile housefurnishings......................... 104.1 105.1 105.2 105.5 Miscellaneous machinery............. 105.9 108.8 108^8 108.'9 Miscellaneous textile products............. 124.7 120.8 119.4 118.5 Hides, skins, leather, and products: Furniture and household durables: O H L F e o t i h d a o e e t t h s r w e l a e r e n . a a . d . r t . . h . . . s . . e . . k . . r . . i . . . n . p . . . . s r . . . . o . . . . . . . d . . . . . . . . u . . . . . . . c . . . . . . t . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 2 1 6 1 5 9 3 5 . . . , 1 3 0 4 1 1 1 9 2 1 1 9 1 4 4 . . . . 7 6 6 4 1 I 1 9 2 1 1 1 1 2 4 . . . . 5 3 9 5 1 1 1 8 1 1 2 9 0 4 1 . . . . 9 3 4 4 C H H F o l o o o m u u o s s m r e e c h h e o o r o c v l l d i d e a r l a f i u n p f r g u p n s r l i i n .. t a . i u . n t . r u . c . e . r e . . e . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1 0 9 8 0 5 7 9 8 * 9 4 3 5 1 1 9 8 1 0 3 9 2 9 * 8 3 8 4 1 1 9 8 1 0 3 9 9 2 * 1 8 3 4 1 1 9 8 1 1 3 9 2 1 9 7 4 1 Home electronic equipment................. 83 5 83'3 83'3 82 9 Fuels and related products, and power: Other household durable goods......... 110^4 115'2 115^7 115 8 Coal........................................................... 96.9 102.2 102,7 102.6 Coke........................................................... 107.3 112.0 112.0 112.0 Nonmetallic mineral products: Gas fuels (Jan. 1958= 100)................... 128.3 134.6 134.8 135,0 Electric power (Jan. 1958= 100).......... 100.2 100.6 100.6 100.6 Crude petroleum...................................... 97.2 98.3 98.3 98.3 Flat glass.................................................. 100.2 103 3 103 3 103 3 Petroleum products, refined................. 98.4 102.4 101.7 103.7 Concrete ingredients.............................. 103 7 105 8 106 0 105 9 Concrete products..................................... 102.7 104'5 104^6 105 2 Chemicals and allied products: Structural clay products excluding refractories....................................... 108.1 109 3 109.4 109 7 Industrial chemicals............................... 96.0 97.0 97.6 97.5 Refractories............................................. 103.9 104 9 104 9 104 9 P P a re in p t a r m ed a t p e a ri i a n l t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 0 0 6 . . 2 2 1 9 0 0 8 . . 8 8 1 9 0 1 8 . . 2 8 1 9 0 1 8 . .8 0 G A y sp p h su al m t r p o r o o f d in u g c . t .. s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 0 4 2 . . 4 2 1 9 0 4 2 .3 8 1 9 0 4 2 ^3 8 1 8 0 8 2 '3 3 D Fa ru ts g s a n a d n d o i p ls h , a i r n m ed a i c b e l u e t . i .. c .. a .. l . s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 0 4 2 . . 1 5 9 8 4 1. . 5 4 9 8 4 5. . 3 0 9 8 4 2 . . 1 9 O G t la h s e s r c n o o n n t m ai e n t e a r l s li . c .. .. m ... i .. n .. e .. r .. a .. l . s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 01 9 2 7 1 1 0 0 1 1 0 8 1 1 0 0 1 2 '0 0 1 1 0 0 1 2 ^ 0 1 Agricultural chemicals and products.. 103.6 105.9 105.2 105.2 Plastic resins and materials................... 88.4 90.3 90.4 90.7 Transportation equipment: Other chemicals and products............. 106.3 107.8 10S.6 108.7 Rubber and products: Motor vehicles and equipment........... 100 9 101 6 101 6 101 6 Railroad equipment (Jan. 1961= 100). 101.0 102'7 102’7 102^9 Crude rubber............................................ 90.0 86.5 86.5 85.9 Tires and tubes........................................ 94.4 94.9 94,0 94.0 Miscellaneous rubber products....... 98.7 100.9 101.5 101.5 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, 103.7 104 0 105 2 105 3 Lumber....................................................... 113.2 106.0 106.6 107.0 Tobacco products.................................. 110.3 110.3 110 3 110 3 Millwork.................................................... 110.4 111.2 111.6 111.7 Notions ................................................... 100.8 100. 8 100 8 100 8 Plywood..................................................... 100.3 87.7 87.9 87.5 Photographic equipment and supplies 108.7 110,1 110.2 110.1 Other wood products (Dec. 1966= 100) ............. 102.0 102.0 102.0 Other miscellaneous products............. 105.0 107.3 107.4 107.4 Note.—Bureau of Labor Statistics indexes as revised in Mar. 1967 to classification changes. Back data not yet available for some new classi­ incorporate (1) new weights beginning with Jan. 1967 data and (2) various fications. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1232 NATIONAL PRODUCT AND INCOME JULY 1967 GROSS NATIONAL PRODUCT (In billions of dollars) 1966r 1967 Item 1929 1933 1941 1950 1962 1963 1964’' 1965 r 1966r II III IV r IL’ Gross national product........................................ 103.1 55.6 124.5 284.8 560.3 590.5 632.4 683.9 743.3 736.7 748.8 762.1 766.3 775.3 Final purchases...................................................... 101.4 57.2 120.1 278.0 554,3 584.6 626.6 674.5 729.9 722.6 737.4 743.6 759.2 77? 2 Personal consumption expenditures,................. 77.2 45.8 80.6 191.0 355.1 375.0 401.2 433.1 465.9 461.6 470.1 473.8 480.2 488.9 Durable goods................................................ 9.2 3.5 9.6 30.5 49.5 53.9 59,2 66.0 70.3 68.2 70.9 70.6 69 4 72. 1 Nondurable goods..................................... 37.7 22.3 42.9 98.1 162.6 168.6 178.7 191.2 207.5 207.1 209. 5 210.3 214^ 2 216.6 Services............................................................. 30.3 20.1 28.1 62.4 143.0 152.4 163.3 175.9 188.1 186.3 189.8 192.9 196.6 200.2 Gross private domestic investment..................... 16.2 1.4 17.9 54.1 83.0 87.1 94.0 107.4 118.0 118.5 116.4 122.2 110.4 106.1 Fixed investment................................ 14.5 3.0 13.4 47.3 77.0 81.3 88.2 98.0 104,6 104.5 104.9 103.7 103.3 104.0 Nonresidential............................................... 10.6 2.4 9.5 27.9 51.7 54.3 61.1 71.1 80.2 78. 7 SI .2 82.8 81.9 81.3 Structures................................................. 5.0 .9 2.9 9.2 19.2 19.5 21.2 25.1 27.9 27.5 28 2 21 7 27.7 26 3 Producers* durable equipment........ 5.6 1.5 6.6 18.7 32.5 34.8 39.9 46,0 52.3 51.2 53.1 55 1 54.2 55 0 Residential structures................................. 4.0 .6 3.9 19.4 25.3 27.0 27. 1 27,0 24.4 25.8 23.7 20.9 21.4 22.7 Non farm.................................................... 3.8 . 5 3.7 18.6 24.8 26.4 26.6 26.4 23.8 25.3 23.2 20.4 20.9 22.1 Change in business inventories..................... i .7 -1.6 4.5 6.8 6.0 5.9 5.8 9.4 13 4 14.0 11.4 18.5 7.1 2 I Nonfarm........................................................ I .8 -1.4 4.0 6.0 5.3 5.1 6.4 8.4 13.7 14.4 12.0 19.0 7.3 2.2 Net exports of goods and services........... 1.1 .4 1.3 1.8 5.1 5.9 8.5 6. 9 5.1 5.4 4-6 4.3 5.3 5.2 Exports............................................................... 7.0 2.4 5.9 13.8 30.3 32.3 37.1 39.1 43.0 42.5 43.7 44.0 45.3 44.8 Imports............................................................. 5.9 2.0 4 6 12.0 25.1 26.4 28.6 32.2 37.9 37,1 39 0 39.7 39.9 39.6 Government purchases of goods and services. . 8.5 8.0 24.8 37.9 117.1 122.5 128.7 136.4 154.3 151.2 157.7 161.7 170.4 175.2 Federal. ........................................................... 1.3 2.0 16.9 18.4 63.4 64.2 65.2 66 8 77.0 74.9 79.5 81.5 87.1 89.5 National defense.......................................... 13.8 14.1 51.6 50.8 50.0 50.1 60.5 58.4 63 0 65 6 10.2 12.6 Other......................................................... ,. 3.1 4.3 It 8 13.5 15.2 16.7 16 5 16.6 16.6 15.9 16.8 16.9 State and local................................................ 7.2 6.0 7.9 19.5 53.7 58.2 63.5 69.6 77.2 76.2 78.1 80.2 83.3 85.6 Gross national product in constant (1958) dollars................................................................. 203.6 141.5 263.7 355.3 529.8 551.0 581.1 616.7 652.6 649.3 654.8 661.1 660.7 664.6 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. For hack data and explanation of series, see the Supplement to the Survey of Current Business for Aug., 1966 and July, 1967. NATIONAL INCOME (In billions of dollars) 1966' 1967 Item 1929 1933 1941 1950 1962 1963 1964r 1965' 1966r II HI IV IIP National income..................................................... 86.8 40.3 104.2 241.1 457.7 481.9 518.1 562.4 616.7 610.4 622.1 634.1 636.4 Compensation of employees................................ 51.1 29.5 64.8 154.6 323.6 341.0 365.7 393.9 435.7 430.7 441.2 450.2 459.1 463 1 Wages and salaries........................................... 50.4 29.0 62.1 146.8 296.1 311.1 333.7 359.1 394.6 390.2 399.6 407. 4 414.7 418 0 Private............................................................. 45,5 23.9 51 .9 124.4 240.1 251.6 269.4 289.8 316.7 313.8 320.1 326.1 331.4 333 0 Military..................................................... .3 .3 1 .9 5.0 10,8 10.8 11.7 12. 1 14.7 14.2 15.1 15.8 16.1 16 2 Government civilian.................................... 4.6 4.9 8.3 17.4 45.2 48.6 52.6 57.1 63.2 62.2 64.3 65.6 67.3 68 8 Supplements to wages and salaries................ ,7 .5 2.7 7.8 27.5 29.9 32.0 34.9 4i.I 40.5 41,6 42.7 44.4 45 2 Employer contributions for social in­ surance ................................................... ,1 . 1 2.0 4.0 13.7 15.0 15.4 16.2 20,3 20.0 20.6 21.1 22.2 22 3 Other labor income..................................... .6 .4 .7 3.8 13.9 14.9 16.6 18.6 20.8 20.5 21.1 21,7 22.2 22 9 Proprietors’ income.............................................. 15.1 5.9 17.5 37.5 50.1 51.0 52.3 56.7 59.3 59.3 59.2 58.6 57.8 57 7 Business and professional.............................. 9.0 3.3 11.1 24.0 37.1 37.9 40.2 41.9 43.2 43.3 43.3 43,4 43.2 43 4 Farm.................................................................... 6.2 2.6 6.4 13.5 13,0 13.1 12.1 14.8 16.1 16.0 15.9 15.1 14.6 14 3 Rental income of persons.................................... 5.4 2.0 3.5 9.4 16.7 17.1 18.0 19.0 19.4 19.3 19.4 19.6 19.8 20 0 Corporate profits and inventory valuation adjustment....................................................... 10.5 -1.2 15.2 37.7 55.7 58.9 66.3 74.9 82.2 81.3 81.9 84.6 78.1 Profits before tax.............................................. 10.0 1.0 17.7 42.6 55.4 59.4 66.8 76.6 83,8 83.6 84.0 83.9 79.0 Profits tax liability........................................ 1.4 .5 1.6 17.8 24.2 26.3 28.3 31.4 34.5 34.5 34,6 34,6 32.5 Profits after tax............... s.s .4 10.1 24.9 31.2 33.1 38.4 45.2 49.3 49.2 49.4 49.3 46.5 Dividends................................................... 5.8 2.0 4.4 8.8 15.2 16.5 17.8 19.8 21.5 21.6 21.6 21 .2 22.2 23 Undistributed profits.............................. 2.8 -1.6 5.7 16.0 16.0 16.6 20.6 25.4 27.8 27.6 27.8 28.2 24.2 Inventory valuation adjustment............. ,5 -2.1 -2.5 -5.0 .3 -.5 -.5 -1.7 -1.6 -2.3 -2.2 .7 -.8 6 Not interest............................................................. 4.7 4.1 3.2 2.0 11.6 13.8 15.8 17.9 20.2 19.8 20.4 21.1 21.6 22 1 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

JULY 1967 NATIONAL PRODUCT AND INCOME 1233 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1966" 1967 Item 1929 1933 1941 1950 1962 1963 1964" 1965 " 1966" II III IV Ir IP’ Cross national product................ 103.1 55.6 124.5 284. 8 560.3 590.5 632.4 683.9 743.3 736.7 748.8 762.1 766.3 775.3 L^lv' Capital consumption allowances.......... 7.9 7.0 8.2 18.3 50.0 52.6 56.1 59.9 63.5 63.1 63.9 64.7 65.5 66.4 Indirect business tax and nontax lia­ bility. ...................................................... 7.0 7.1 11.3 23,3 51.5 54.7 58.4 62.2 65.1 64.7 65.9 67.0 67.9 69.0 Business transfer payments...,..,,,, .6 .7 .5 .8 2.1 2.3 2.5 2.6 2.7 2.7 2.7 2.8 2.8 2.8 Statistical discrepancy............................. .7 .6 .4 1.5 .5 -.3 ~1.3 -2.0 -2.6 -2.2 -3.2 -3.8 -4.0 Plus: Subsidies less current surplus of gov­ ernment enterprises............ — .1 . 1 .2 1.4 .8 1.3 1.2 2.2 2.0 2.7 2.6 2.3 2.2 Equal!?: National income...................................... 86.8 40.3 104.2 241.1 457.7 481.9 518.1 562,4 616.7 610.4 622.1 634.1 636.4 Less: Corporate profits and inventory valu­ ation adjustment................................. 10,5 -1.2 15.2 37.7 55.7 58.9 66.3 74.9 82.2 81.3 81.9 84.6 78.1 Contributions for social insurance.... .2 .3 2.8 6.9 24.0 26.9 27.9 29.7 38.2 37.4 38.9 39.8 42.2 42.5 Excess of wage accruals over disburse­ ments .................................... Plus: Government transfer payments............ .9 1.5 2.6 14.3 31.2 33.0 34.2 37.2 41.2 39.2 41.3 44.7 48.1 48.6 Net interest paid by government and consumer......................................... 2.5 1.6 2.2 7.2 16.1 17.6 19.1 20.4 22.3 22.0 22.4 23.2 23.7 23.9 Dividends............................................. 5.8 2.0 4.4 8.8 15.2 16.5 17.8 19.8 21.5 21.6 21.6 21 ,2 22 2 23.1 Business transfer payments................... .6 .7 .5 .8 2.1 2.3 2.5 2.6 2.7 2.7 2.7 2.8 2.8 2.8 Equals: Personal income.................... 85.9 47.0 96.0 227.6 442.6 465.5 497.5 537.8 584.0 577.3 589.3 601.6 612.9 618.9 Less: Personal tax and nontax payments,... 2.6 (.5 3.3 20.7 57.4 60.9 59.4 65.6 75.2 74.1 76,9 79.6 80.2 78.6 Equals: Disposable personal income................. 83.3 45.5 92.7 206.9 385.3 404.6 438.1 472.2 508.8 503.3 512.4 522.0 532.7 540,2 Less: Personal outlays............................ 79.1 46.5 81.7 193.9 363.7 384.7 411.9 445.0 479.0 474.6 483,2 487.4 493.9 503.2 Personal consumption expenditures., 77.2 45.8 80.6 191.0 355.1 375.0 401.2 433,1 465.9 461.6 470.1 473.8 480.2 488.9 Consumer interest payments....... 1.5 .5 .9 2.4 8.1 9.1 10. I 11 .3 12.4 12.3 12.5 12.9 13.1 13.3 Personal transfer payments to for­ eigners ............................................ .3 .2 .2 .4 .5 .6 .6 .7 .6 .7 .6 .6 .7 1.0 Equals; Personal saving............................... 4.2 -.9 11.0 13.1 21.6 19.9 26.2 27.2 29.8 28.7 29.2 34.6 38.8 37.1 Disposable personal income in constant (1958) dollars............................................... 150.6 112.2 190.3 249.6 367.3 381.3 407.9 434.4 456.3 452.6 458.4 463,2 470.6 474.7 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Mayp Total personal income.......................... 535.1 580.4 573.0 577,2 580.0 585.4 590.0 594.4 598.5 601.8 607.5 609.3 612.7 614.1 616.9 Wage and salary disbursements........... 358.4 392.3 387.0 390 5 393.7 397.0 399.5 402.3 405.1 407.4 410.7 411.2 413.5 414.2 414.9 Commodity-producing industries... 144.3 158.2 156.8 158.1 158.2 159.8 160.7 161.5 162.4 162.9 163.9 163.0 163.4 163.0 162.3 Manufacturing only........................ 115.5 127.2 125.9 127.0 127.1 128.9 129.6 130.7 131.4 131.4 132.2 131.1 131.5 131.2 130.8 Distributive industries............ 86.7 93.2 91.9 92.8 93.6 93.9 94.4 95.1 95.8 96.5 97.5 97.7 98.1 98.0 98.4 Service industries................................ 58.1 63.5 62.5 63.0 64.0 64,5 64.9 65.4 65.8 66.2 66.7 67.2 67.8 68.4 68.8 Government......................................... 69.2 77 4 75.9 76.6 78.0 78.8 79.5 80.2 81.0 81.9 82.7 83.5 84.2 84.8 85.4 Other labor income................................ 18,5 20.8 20.6 20.7 20.9 21.1 21.3 21.5 21.7 21.9 22.2 22.5 22.8 23.1 23.4 Proprietors* income............................... 55.8 57.8 57.9 57.6 57.3 57.3 57.3 57,2 57.4 57.8 57.9 57.0 56.7 56.8 57.1 Business and professional.............., 40.7 41.8 41.6 41.7 41.8 41.9 42.0 42.1 42.2 42.4 42.7 42.2 42.1 42.2 42.3 Farm.................................................... 15.1 16.0 16.3 15.9 15. 5 15.4 15.3 15.1 15.2 15.4 15.2 14.8 14.6 14.6 14.8 Rental income......................................... 18.3 18.9 18.8 18.8 18.9 18.9 19.0 19.0 19.1 19.2 19.2 19.3 19.4 19.5 19.6 Dividends................................................ 19.2 20.9 21.2 21.1 21.1 21.0 21.2 21.2 21.2 19.8 21,3 21.5 21.7 21.9 22.2 Personal interest income....................... 38.4 42 8 42.1 42. 3 42.6 43.1 43.8 44.3 44.8 45.3 45.7 46.0 46.3 46.8 47.2 Transfer payments................................. 39.7 44,6 42.5 43.2 43.5 45.1 46.0 47.2 47.8 48.9 50.0 51.5 52.0 51.6 52.4 Less; Personal contributions for social insurance........................... 13.2 17.6 17,1 17.2 17.9 18.1 18.2 18.3 18.5 18.6 19.7 19.7 19.8 19.9 19.9 Nonagricultural income.......................... SIS.6 559.7 551 9 556.5 559.8 565.4 570.1 574.6 578.6 581.7 587.5 "589.6 593.1 594.4 597.0 Agriculture income.................................. 19.5 20.7 21.0 20.7 20.2 20.1 20.0 19.8 19.9 20.1 20.0 19.7 19.5 19.6 19.9 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

1234 FLOW OF FUNDS JULY 1967 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1964 1965 1966 Transaction category, or sector 1962 1963 1964 1965 1966 IV I II III IV I II III IV I. Saving and investment 1 Gross national saving........................... 134.5 144.5 159.4 178.4 188.5 165.S 176.8 175.3 178.4 183.0 188.2 188.3 186.0 191.6 1 2 Households....................................... 82,0 85.8 96.8 105.1 UO.f 98.5 100.9 100.1 109.1 110.5 111.2 107.6 108.4 115.2 2 3 Farm and noncorp, business........ 13.1 13.5 14.4 15.0 15.( 14.8 14.9 15.0 15.1 15,2 15.3 15.5 15.7 16.0 3 4 Corporate nonfin. business........... 41.1 43.9 50.8 55,3 58.1 51.3 55.0 54.5 55,5 56.4 57.7 57.8 57.9 61.4 4 5 U.S Government............................ -4.8 -.6 -4.3 .2 -.8 -l.f 3.2 2.7 -4.0 -1.1 1.2 2.1 -1.7 -4.8 5 6 State and local govt........................ -1.4 -1.5 1.4 -1.0 -.5 -.9 -.9 -1.0 -1.1 -.2 .9 1.1 .5 6 7 Financial sectors.............................. 3.8 3.5 3.1 3.6 3.8 3.1 3,6 3.9 3.9 3.1 3.0 4.5 4.5 3.3 7 8 Gross national investment................... 133.9 143.8 157.0 176.4 188.1 160.1 172.6 172.7 176.9 183.1 186.4 187.4 188.3 190.4 8 9 Consumer durable goods............... 49.5 53.9 59.* 66.1 69.3 58.8 65.1 64.4 66.7 68.0 70.3 67.1 70.2 69.6 9 10 Business inventories........................ 6.0 5.9 4.7 9.1 11.9 7.4 9.5 7.7 8.8 10.4 9.0 12.3 9.9 16.4 10 11 Gross pvt. fixed investment........... 77.0 81.3 88.3 97,5 105.1 90.0 94,4 96.0 98,0 101,5 105.6 106.2 105. 1 103.5 11 12 Households.................................. 21.9 22.4 23.2 23.7 23.5 23/ 22.9 23.2 23.6 24.9 24.7 24.4 24.2 22.3 12 13 Nonfinan. business.................... 54.4 57.9 64.2 73.0 80.6 65.8 70.5 71.9 73.5 76.1 80.0 80.9 80.5 80.8 13 14 Financial sectors......................... .6 1.0 .9 .8 .7 .9 .9 .9 .9 .4 .9 .9 .4 .4 14 15 Net financial investment................ 1.3 2,8 4.7 3.7 1.8 4.5 3.6 4.6 3.5 3.2 1.6 1.8 3.0 .8 15 16 Discrepancy (1-8)................................. .7 .6 2.4 2.0 .4 4.8 4.2 2.6 1.5 -.2 1.8 .9 -2.3 1.2 16 II. Financial flows—Summary 17 Net funds raised—Nonfinan. sectors. 54.2 58.5 67.0 72.1 71.1 67.4 76.3 72.3 61.2 78.8 84.1 82.9 63.5 53.7 .17 18 Loans and short-term securities.... 15.0 19.0 26.4 33,0 27.8 35.0 36,8 33.1 21.2 41.1 26.8 21.1 26.7 36.9 18 19 Long-term securities and mtgs.......... 39.2 39.5 40.6 39.1 43,2 32.5 39.5 39.2 40.0 37.7 57.4 61.8 36.8 16.8 19 By sector 20 U.S. Government................................ 7.9 5.0 7. 1 3.5 6.7 4.6 9.0 1.4 -4.5 8.2 14.9 2.8 7.0 2.2 20 21 Short-term mkt. securities............. .7 1.4 4.0 3.5 2.2 8.7 5.5 3.6 -3.5 8.3 1.3 -12.7 6.3 14.1 21 22 Other securities................................ 7.3 3.6 3.0 .1 4.5 -4.1 3.6 -2.3 -1.0 -.1 13.6 15.5 .8 -11.8 22 23 Foreign borrowers............................... 2.1 3.3 4.4 2.6 1.4 6.4 5.1 1.6 1.0 2.7 2.3 2.4 .9 23 24 Loans................................................. 1.1 2.2 3.7 1.9 1.0 4.4 4.3 1.1 .2 1.9 1.0 2.0 .2 .8 24 25 Securities........................................... 1 .0 1.1 .7 .8 .4 2.0 .8 .6 .8 .8 1.3 .3 .1 25 26 Pvt. domestic nonfin, sectors............ 44.2 50.2 55.6 66.0 62.9 56.4 62.1 69.2 64.7 67.8 66.9 77.8 56.3 50.5 26 27 Loans................................................. 13.3 15.5 18.7 27.7 24.6 21.8 27.0 28.4 24.5 30,9 24.5 31.8 20.2 22.0 27 28 Consumer credit........................... 5.5 7.3 8.0 9.4 6.9 7.2 10.0 9.6 9.3 8.9 9.2 7.0 6.9 4.6 28 29 Bank loans n.e.c............................ 4.8 5.4 6.5 13.6 10.8 11.4 14.1 12.4 11.2 16.7 9.0 17.4 7.9 8.8 29 30 Other loans................................... 3.0 2.7 4.2 4.7 6.9 3.1 2.9 6.4 4.1 5.3 6.2 7.4 5.4 8.6 30 31 Securities and mortgages............... 31 ,0 34.7 36.9 38.3 38.3 34.7 35.1 40.8 40,1 37.0 42.5 46.0 36.1 28.5 31 32 State and local obligations......... 5.0 6,7 5.9 7.4 5.9 5.8 6.1 8.6 6.8 8.1 5.4 7.2 4.8 6.2 32 33 Corporate securities.................... 5.1 3.6 5.4 5.4 11.4 3.1 4.4 7.0 7.4 2.9 11.9 15.2 11.7 6.9 33 34 1- to 4-family mortgages....... 13.0 15.2 15.7 16.0 12.5 15.2 15.9 15.5 16.2 16.5 15.2 14.0 11.3 9.5 34 35 Other mortgages.......................... 7.9 9.3 10.0 9.5 8.5 10.5 8.7 9.7 9.8 9.5 10.0 9.6 8.4 6.0 35 36 Net sources of credit (= line 17).... 54.2 58.5 67.0 72.1 71.1 67.4 76.3 72.3 61.2 78.8 84.1 82.9 63.5 53.7 36 37 Chg. in U.S. Govt cash balance.. 1.3 -.4 .2 -1.0 -.5 -1.4 5.2 -.9 -10.4 2.1 -5.1 8.9 -1.8 -4.0 37 38 U.S. Govt, lending......................... 3.3 2.7 3.8 4.7 7.5 3.6 5.3 6.4 3.1 3.9 11.3 10.0 6.6 1.9 38 39 Foreign funds................................... 2.2 1.9 2.5 .4 -.8 3.9 -.6 .5 -.9 2.7 -1.7 4.6 -4.0 -1.8 39 40 Pvt. insur. & pension reserves.... 9.0 10.1 11.1 11.6 12.8 11.9 10.9 12.0 12.0 11.7 12.9 11.2 13.5 13.4 40 41 Sources n.e.c...................................... 4.0 4.7 5.4 7.4 7.9 5.1 10.2 8.7 3.5 7.4 11.4 3.7 13.0 3.5 41 42 Pvt. domestic nonfin. sectors........ 34.4 39.5 44.1 48.9 44.2 44.4 45.2 45.6 54,0 51.0 55.3 44.5 36.3 40.5 42 43 Liquid assets............................... 31,4 37.4 33.0 43.3 24.0 38.0 44.5 35.2 44.3 49.1 33.4 26.7 10.3 25.4 43 44 Deposits.................................... 30. 1 34,4 35.3 40.4 22.5 42.7 38.2 31.5 43.4 48.6 27.7 27.3 13.4 21.6 44 45 Demand dep. and currency 2.1 5.9 6.5 7.8 2.9 10.2 3.1 2.6 8.7 16.8 2.8 3.5 -2.5 7.5 45 46 Time and svgs. accounts... 28.1 28.5 28.8 32.6 19.6 32.5 35.1 28.9 34.7 31.8 24.8 23.8 15.9 14.0 46 47 At commercial banks,... 15.0 13.4 13.0 19.5 12.3 17.2 21.8 16.6 21.5 18.1 15.1 19.0 10.6 4.6 47 48 At savings instit......... 13.0 15.1 15.8 13.1 7.3 15.2 13.3 12.3 13.2 13.6 9.7 4.8 5.3 9.4 48 49 Short-term U.S, Govt. sec.., 1.3 3.0 -2.3 2,8 1.5 -4.7 6.3 3.7 .9 .5 5.8 -.6 -3.1 3.9 49 50 Other U.S. Govt, securities.... .4 1.7 3.1 .2 6.6 1.6 -.7 3.5 -1.0 -1.1 7.2 6.9 8.7 3.6 50 51 Pvt. credit mkt instruments. . . 2.5 2.3 7.8 6.1 13.3 4.7 1.7 6.2 10.5 6.0 13.3 10.5 20.2 9.2 51 52 Less security debt....................... -.2 2.0 -.2 .6 -.3 ♦ .3 -.7 -.2 3.0 -1.3 - .4 2.9 -2.3 52 HI. Direct lending in credit markets 53 Total funds raised................................ 54.2 58.5 67,0 72.1 71.1 67.4 76.3 72.3 61.2 78.8 84,1 82.9 63.5 53.7 53 54 Less change in U.S. Govt, cash .... 1.3 -.3 .2 -1.0 -.5 -1.5 5.3 -.9 -10.4 2.1 -5.1 8.9 -1.8 -3.9 54 55 Total net of U.S. Govt. cash....... 52.9 58.8 66.9 73.1 71.5 68.9 71.0 73.2 71.6 76.7 89.2 74.0 65.3 57.6 55 56 Funds supplied directly to cr. mkts., 52.9 58.8 66.9 73,1 71.5 68.9 71.0 73.2 71.6 76.7 89.2 74.0 65,3 57.6 56 57 Federal Reserve System................. 1.9 2.6 3.2 3.8 3.3 3,4 5.8 4.1 3.1 2.4 2.5 . 1 6,3 4.3 57 58 Total............................................. 2.0 2.9 3.4 3.8 3.5 3.8 6.0 3.8 4.3 1.2 2.1 2.1 6.0 3.7 58 59 Less change in U.S. Govt, cash. .1 .3 .2 • .2 .4 .2 -.3 1.2 -1.2 -.4 2.0 -.3 -.7 59 60 Commercial banks, net.................. 18.2 19.7 21.7 29.3 18.9 29.5 25.8 21.3 29.9 40.3 22.9 29.9 10.0 12.8 60 61 Total........................................ 19.5 19.4 22.2 29.1 18.3 28.0 31.3 22.7 18.3 43.9 18.3 37.1 8.4 9.5 61 62 Less chg. in U.S. Govt. cash... 1.2 -.6 -1,0 -.6 -1.9 5.0 -.6 -11.6 3.3 -4.7 6.9 -1.5 -3.3 62 63 Security issues.......................... . 1 .3 .6 .8 .1 .4 .5 2.0 . 1 .4 . I .3 * ♦ 63 64 Nonbank finance, net.................... 23.8 28.0 28.9 27.1 21.7 29.6 28.0 27.1 26.9 26.4 26.6 15.4 22.5 22.4 64 65 Total......................................... 28.5 34.4 33.4 32.7 24.8 31.2 34.7 37.7 24.0 34.6 34.1 23.6 16.4 24.9 65 66 Less credit raised........................ 4.7 6.4 4.4 5.6 3.0 1.5 6.7 10.5 -2.9 8.2 7.5 8.2 -6.0 2.5 66 67 U.S. Government........................... 3,3 2.7 3.8 4.7 7.5 3.6 5.3 6.4 3.1 3.9 11.3 10.0 6.6 1.9 67 68 Foreign........................................ 1.5 .9 .6 -.2 —1.4 1.3 -.1 .2 -1,8 1.4 -1.6 1.4 -2.8 -2.7 68 69 Pvt. domestic nonfin....................... 4.3 5.1 8.8 8.5 21.7 1.7 7.0 14.1 10.6 2.4 27.7 17.2 22.9 19.0 69 70 Households........................ -1.7 .4 3.4 2.7 11.1 1.2 -3,0 11.7 3.8 — 1.9 12.2 10.4 15.1 6.5 70 71 Business......................................... 2.3 3.1 1.7 .9 3.3 -1.5 .2 -2.6 4.5 1.7 6.1 .9 3.7 2.4 71 72 State and local govts................... 3.6 3.5 3.6 5.5 7.0 2.1 10.0 4.3 2.1 5.7 8.0 5.4 6.9 7.7 72 73 Less net security credit............... -.2 2.0 -.2 .6 -.3 ♦ .3 -.7 -.2 3.0 -1.3 -.4 2.9 -2.3 73 1 1 Note.—Quarterly data are seasonally adjusted totals at annual rates. For notes see p. 853 of May 1967 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 FLOW OF FUNDS 1235 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1964 1965 1966 Transa o c r ti o se n c t c o a r tegory, 1962 1963 1964 1965 1966 IV I II III IV I II III IV I. Demand deposits and currency 1 Net incr. in banking system liability,, 4.5 5.8 7.4 7.6 2.5 10.3 7.7 1.7 -.1 21.1 -3.6 14.1 -5.4 4.9 1 2 U.S. Govt, deposits...................... 1.3 - .3 .2 —1.0 — .5 -1.5 5.3 - .9 — 10.4 2.1 -5.1 8.9 — 1.8 -3.9 2 3 Other................................................... 3.2 6.1 7.3 8.6 3.0 11.8 2.5 2.6 10.3 19.0 1.5 5.2 -3.6 8.8 3 4 Domestic sectors.................... 3.1 6.0 6.8 8.5 3.2 10.7 3.1 3.1 9.6 18.3 1.4 4.0 -1.8 9.1 4 5 Households........................... 2.7 4.3 6.7 7.2 2.1 13.9 6.3 .9 6. 1 15.4 -3,4 2.6 . 5 8.9 5 6 Nonfinancial business........ -.9 -.8 -2.5 -1,9 .7 -8.7 .6 -3.1 -4.5 -.6 4.0 1.6 -.7 -2.0 6 7 State and local govts................ .9 2.4 1.4 1.0 1.5 3.3 -4.5 4.6 3.2 .7 1.4 3.1 .6 .9 7 8 Financial sectors............ 1.1 .2 .3 .7 .3 .5 .5 .9 1.5 -1.4 .5 .7 1.6 8 9 Mail float,.................................. -.6 -.1 .9 1.5 - 1.5 1.7 .6 4.0 1.3 .8 -3.7 -2.9 -.3 9 10 Rest of the world.......................... .1 .1 .5 .1 -.2 1.1 -.7 -.5 .7 .8 .1 1.2 -1.9 -.3 10 II. Time and savings accounts 11 Net increase—Total............................... 28.7 29.5 30.4 32.9 20.3 34.5 35.5 29.5 34.4 32.2 24.3 25.3 16.2 IS.2 11 12 At commercial banks—-Total..... 15.6 14.3 14.5 20.0 13.2 19.0 22.7 17.6 21.4 18.4 14.9 20,9 11.2 5.8 12 13 Corporate business........................ 3.7 3.9 3.2 3.9 -.7 3.4 6.4 5.7 2.5 .9 4.1 1.7 -3.9 -4.6 13 14 State and local govts..................... 1.0 1.6 1.7 2.4 1.4 2.7 1.9 1.1 3.1 3.3 -.3 2.3 1.9 1.9 14 15 Foreign depositors................. .6 t.O 1.4 .6 .9 1.6 .8 .8 .2 .5 -.2 2.0 .6 1.2 15 16 Households..................................... 10.3 7.9 8.2 13.3 11.6 11.2 13.5 9.8 15.8 13.9 11.3 15.0 12.6 7.4 16 17 At savings institutions........... 13.1 15.2 15.9 12.9 7.1 15.4 12.8 11.9 13.0 13.8 9.4 4.4 5.0 9.4 17 18 Memo: Households total..................... 23.4 23.0 23.9 26.4 18.9 26.4 26.8 22.1 29.1 27.6 21.0 19.8 17.9 16.7 18 III. U.S. Govt, securities 19 Total net issues....................................... 7.9 5.0 7.0 3.5 6.7 4.4 9.0 1.4 -4.5 8.2 14.9 2.8 7.0 2.2 19 20 Short-term marketable..................... .6 1.4 4.0 3.5 2.2 8.6 5.5 3.6 -3.5 8.3 1.3 -12.7 6.3 14.1 20 21 Other.................................................... 7.3 3.6 3.0 4.5 -4.1 3.6 -2.3 -1.0 -. 1 13.6 15.5 .8 -11.8 21 22 Net acquisitions, by sector............ 7.9 5.0 7.0 3.5 6.7 4.4 9.0 1.4 -4.5 8.2 14.9 2.8 7.0 2,2 22 23 Federal Reserve System................... 1.9 2.8 3.5 3.7 3.5 3.7 5.9 4.2 4.3 .5 2.4 1.8 6.8 3. 1 23 24 Short-term...................................... 2.0 4.9 2.1 3.7 5.4 3.5 12.4 6.2 -.3 -3.6 5.2 -3.5 6.9 13.0 24 25 Commercial banks. .......................... 1.4 -2.6 .4 -2.3 -2.8 1.7 -2.6 -10.2 -1.7 5.3 -1.9 .5 -5.7 -4.2 25 26 Short-term marketable.............. . -5.2 -3.5 3.9 -1.7 8.5-10.6 -5.7 2.4 7.2 -10.7 -4.9 -2.9 26 27 Other direct.................................... 5.2 .5 -4.1 — 1.4 1.0 -9.3 7.9 -5.3 -6.1 -2.3 8.3 — .9 -2.0 -1.6 27 28 Nonguaranteed *..................... 1.4 .3 .6 .8 .8 2.4 .8 2.1 .4 .5 6.3 -3.8 .3 28 29 Nonbank finance.............................. 1.6 -.5 2.0 -.8 .6 .6 2.2 -.8 -5.9 1.5 4.0 -4.3 4.4 -1.9 29 30 Short-term marketable................. .8 -1.3 1.2 -.3 1.3 .6 .1 -.1 -4.4 3.2 3.0 -2.8 4,8 .4 30 31 Other direct.................................... .6 .6 .5 -.7 j 1 -.7 2. 1 - 1.4 -2.1 -1.5 .1 -1.8 -. 5 -2.3 31 32 Nonguaranteed............................. .2 .3 .3 . 3 .4 .6 ♦ .7 .5 .9 .4 . 1 32 33 Foreign....................................... 1.3 .6 .5 -.2 —2.6 1.7 -2.0 .9 — 1.0 1.5 -2.6 -1.5 - 4.0 -2.3 33 34 Short-term...................................... 2.2 -.6 .1 - .4 — .8 1.7 -1.9 -. 1 -(.5 1.8 — 1.7 - .1 — 2.1 .7 34 35 Pvt. domestic nonfinan. sector.... 1.7 4.7 .8 3.0 8.1 -3.2 5.6 7.2 -.2 -.7 13.0 6.2 5,6 7.5 35 36 Short-term marketable................. .9 1.8 -3.3 2.2 .9 -5.9 5.5 3.3 .3 -.3 5.4 — 1.3 -3.4 3.0 36 37 Other direct.................................... -.1 1.0 2.8 -1.1 2.4 1.6 -1.3 .5 -2.3 -1.3 3.3 -3.6 6,0 4.0 37 38 Nonguaranteed.............................. .5 .7 .4 1.3 4.2 • .5 3.0 1.3 .2 3.9 10.5 2.7 -.4 38 39 Savings bonds—Households.... .4 1.2 .9 .6 .6 i.O .8 .4 .5 .8 .3 .7 .3 .9 39 IV. Other securities 11.5 13.1 14.6 16.2 18.6 13.0 13.3 20.0 16.6 14.9 20.3 23.3 18.3 12.4 40 41 State and local govts......................... 5.0 6.7 5.9 7.4 5.9 5.8 6.1 8.6 6.8 8.1 5.4 7.2 4.8 6.2 41 42 Nonfinancial corporations........ 5.1 3.6 5.4 5.4 11.4 3.1 4.4 7.0 7.4 2.9 H.9 15.2 11.7 6.9 42 43 Commercial banks............................ .3 .6 .8 , 1 .4 .5 2.0 .1 .4 .3 43 44 Finance companies........................... .3 1.4 2.1 1.9 .8 1.7 1.6 1.8 1.5 2.7 1.6 .3 1.9 -.8 44 4S Rest wnrfd.............................. 1.0 1.0 .7 .9 1.0 2.0 1.3 1.0 ,7 .8 1.7 J .0 .6 .6 45 11.5 13.1 14.6 16.2 18.6 13.0 13.3 20.0 16.6 14.9 20.3 23,3 18.3 12.4 46 47 Households.................................... -1.7 -2.9 1.8 .7 3.3 -1.0 -2.6 2.5 3.6 -.7 4.9 .2 8.9 -.9 47 48 Nonfinancial corporations.............. -.4 .9 .2 .7 .8 .3 .6 .7 .8 ,8 .8 .8 .7 .8 48 49 State and local govts............. 2.0 2.5 2.7 2.7 5.2 2.9 2.5 1.5 3.3 3.3 4.2 6.6 5.3 4.8 49 50 Commercial banks............................ 4.4 5.2 3.6 4.9 1.7 4.2 5.0 6.5 4.1 4.1 3.3 5.0 1.2 -2.5 50 51 Insurance and pension funds.......... 7.5 7.6 7,3 9.7 9.5 7.4 9.0 9.6 10.7 9.4 11.0 8.4 9.7 8.8 51 52 Finance n.e.c.............».............. — .3 -.2 — .8 -2.0 — 3.1 - .2 -1.4 .2 -5.0 -1.8 -4.9 .3 —8.2 .6 52 53 Security brokers and dealers.... .4 .2 -.4 -.4 .3 .4 .6 -2.8 . 1 -2.2 2.5 -4.2 2.2 53 54 Investment cos., net..................... -.8 -.5 -.8 -1.6 -2.6 -.5 -1.8 -.4 -2.2 -1.9 -2.8 -2.2 -4.0 -1.6 54 55 Portfolio purchases................... 1.1 1.1 1.6 1.4 2.1 .8 1.9 1.3 2.3 2.5 1.1 - .2 2.0 55 56 Net issues of own shares......... 1.9 1.8 3.1 4.0 2.6 2.6 2.3 3.5 4.2 5.3 3.3 3.8 3,6 56 57 Rest of the world.............................. ♦ .2 -.2 -.5 .5 -.1 .1 -1.0 -1.0 -.1 .6 1.0 . 1 .1 57 V. Mortgages 58 Total net lending.................. 21.3 25.0 25.4 25,4 20.0 25.4 24.7 25.4 25,7 25.8 25.6 22.4 17.9 14.3 58 59 I- to 4-family......................... 13.4 15.7 15.4 16.0 11.6 14.9 15.9 15.7 16.0 16.3 15.6 12.9 9, 5 8.3 59 60 In process........................................ .4 .5 -.3 - .1 — .9 -.3 ♦ .2 -.2 -.2 .4 -1.1 -1.8 -1.2 60 61 Disbursed....................................... 13.0 15.2 15.7 16.0 12.5 15.2 15.9 15.5 16.2 16.5 15.2 14.0 11.3 9.5 61 62 Other..................................................... 7.9 9.3 10.0 9.5 8.5 10.5 8.7 9.7 9.8 9.5 10.0 9.6 8.4 6.0 62 63 Net acquisitions............................. 21.3 25.0 25.4 25.4 20.0 25.4 24.7 25.4 25.7 25.8 25.6 22.4 17.» 14.3 63 64 Households.......................................... — .3 — .1 -.6 -.9 -.6 -1.1 .1 -2.5 .3 1.0 1,1 64 65 U.S. Government..................... .3 -1,0 .3 1.0 3.4 - .2 .7 1.0 .7 1.5 4.6 4.1 3.0 1.9 65 66 Commercial banks........................... 4.0 4.9 4. 5 5.6 5.0 4.6 4.7 5.6 6.4 5.8 5.3 5.3 5.0 4.5 66 67 Savings institutions........................... 13.2 16.1 14.8 13.0 6,6 14.7 13.0 13.0 13.1 12.8 11.4 7.2 3.7 4.0 67 68 Insurance............................................. 3.0 4.0 5.1 5.5 5.2 5.6 5.9 5.5 5.1 5.3 6.0 5.8 5.5 3.7 68 69 Mortgage companies......................... .5 .8 .4 .5 -.6 .2 .9 .5 1.0 -.1 .4 -.6 -.7 -1.3 69 VI, Bank Ioans n.e.c. 6.2 7.6 8.7 16.4 9.4 13.7 19.2 13.9 12.9 19.6 7.9 21.3 2.4 6.1 70 71 Nonfinancial business,.................... 4. 3 5.0 5.1 12.3 11.0 8.3 13.5 11.0 9.9 14.8 10.5 16.5 7,6 9.2 71 72 Nonbank- finance............................... 1.0 1.7 .5 2.4 - 1.2 2.3 2.6 1.3 3.3 — .4 3.4 -5.6 -2.3 72 73 Households......................................... . 5 .4 1.4 1.3 - .2 3.1 .6 1.4 1.3 1.9 -1.4 .8 .3 -.4 73 74 Rest of the world.............................. .4 .5 1.7 .4 -.2 2.2 2^8 -1.1 .4 -.4 -.7 .4 .1 -.5 74 Note.—Quarterly data are seasonally adjusted totals at annual rates. For notes see p. 853 of May 1967 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1236 BANKS AND THE MONETARY SYSTEM JULY 1967 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Date Gold T r c e u r u e n ry a r c ­ s y ­ U.S. Government securities Other l T i i a a t o n i b e t d i a s l l ­ de T a p o n o t d s a i l t s C m a a i n p s d i c t . a l s o t i a n u n g t d ­ ­ Total Lo n a e n t s, Total m C a e o n rc m d i a ­ l R Fe e d se e r r v a e l Other s ri e t c ie u s ­ ca n p e it t al, currency co n a u c e n t ­ ts savings Banks banks 1929—June 29. ... 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30 ... . 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30.... 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 ,941—Dec. 31.... 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31... . 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31.... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. . . . 22,706 4,636 171,667 60.366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1955—Dec. 31.... 21,690 5,008 217,437 100,031 96,736 70,052 24,785 1,899 20,670 244,135 224,943 19,193 I960—Dec. 31.... 17,767 5,398 266,782 144,704 95,461 67,242 27,384 835 26,617 289,947 263,165 26,783 1962—Dec. 28.... 15,978 5,568 309,389 170,693 103,684 72,563 30,478 643 35,012 330,935 302,195 28,739 1963—Dec. 20.... 15,582 5,586 333,203 189,433 103,273 69,068 33,552 653 40,497 354,371 323,251 31,118 1964—Dec. 31 . ... 15,388 5,405 365,366 214,254 106,825 68,779 37,044 1,002 44,287 386,159 352,964 33,193 1965—June 30 . ... 13,934 5,413 378,834 228,721 102,318 62,606 39,100 612 47,795 398,181 362,370 35,814 Dec. 31 .... 13,733 5,575 399,779 242,706 106,716 65,016 40,768 932 50,357 419,087 383,727 35,359 1966—Jan. 26..... 13,700 5,600 394,800 238,600 106,100 65,200 40,000 900 50,000 414,100 377,600 36,500 Feb. 23 .... 13,700 5,700 393,900 239,500 103,800 62,900 40,000 900 50,700 413,300 374,900 38,400 Mar. 30.. .. 13,600 5,700 397,700 244,100 102,500 61,000 40,500 1,000 51,100 417,100 379,400 37,800 Apr. 27. 13,600 5,800 401,400 246,900 102,400 60,800 40,700 900 52,100 420,800 383,300 37,500 May 25.... 13,500 5,900 402,700 248,800 101,100 58,900 41,100 1,100 52,800 422,100 382,700 39,400 June 30. , . . 13,434 5,978 410,775 254,693 101,630 58,625 42,169 836 54,452 430,187 391,731 38,454 July 27........ 13,300 6,000 406,900 251,800 100,600 57,800 42,000 800 54,400 426,200 387,700 38,500 Aug. 31.... 13,300 6,000 408,800 252,400 102,100 58,800 42,500 800 54,400 428,200 387,600 40,500 Sept. 28.... 13,300 6,100 410,700 254,000 102.000 58,700 42,000 1,300 54,700 430,000 387,800 42,200 Oct. 26........ 13,300 6,200 410,500 253,500 102,500 58,500 42,800 1,200 54,500 429,900 388,300 41,600 Nov. 30.... 13,200 6,200 412,400 254,200 104,500 59,300 43,900 1,300 53,700 431,800 389,200 42,600 Dec. 31..., 13,159 6,317 422,676 261,459 106,472 60,916 44,316 1,240 54,745 442,152 400,999 41,150 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 1 Not seasonally adjusted Time U.S. Government Date For­ At Total o b r u C e a t n n u s c i k r d y ­ s e d ju m e s D p a t a o d e e n d s ­ ­ d i t 1 s Total o b r C u e a t n u n s c i k r d y ­ s e d j m u e s D p a a t o d n e e s d d ­ ­ i ts 3 Total m b C e a o r n c m k ia s ­ l b M sa a v n u i k t n u s g a s l 2 S P a S t o e v y s m i s t n a ­ g l s n e e ig t n 3 T h c i u r o n a e r g l s a y d h s s ­ ­ sa c m a c v o i n i e m a n d r l g ­ ­ s B F A a .R n t k . s banks 1929—June 29.. - - 26,179 3,639 22; 540 28,611 19,557 8,905 149 365 204 381 36 1933—June 30.. .. 19,172 4,761 14,411 21,656 10,849 9,621 1,186 50 264 852 35 1939—Dec. 30.... 36,194 6,401 29,793 27,059 15,258 10,523 1,278 1,217 2,409 846 634 1941—Dec. 31.... 48,607 9,615 38,992 27,729 15,884 10,532 1,313 1,498 2,215 1,895 867 1945—Dec. 31.... 102,341 26,490 75,851 48,452 30,135 15,385 2,932 2,141 2,287 24,608 977 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 59,247 36,314 20,009 2,923 2,518 1,293 2,989 668 1955—Dec. 31.... 133,500 27,400 106,100 138,199 28,285 109,914 78,378 48,359 28,129 1,890 3,167 767 4,038 394 I960—Dec. 31... . 139,200 28,200 111,000 144,458 29,356 115,102 108,468 71,380 36,318 770 3,184 377 6,193 485 1962—Dec. 28.... 147,600 29,600 118,000 153,162 30,904 122,258 139,448 97,440 41,478 530 1,488 405 7,090 602 1963—Dec. 20.... 153,100 31,700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 1,206 392 6,986 850 1964—Dec. 31.... 159,300 33,500 125,800 167,140 34,882 132,258 175,898 126,447 49,065 386 1,724 612 6,770 820 1965—June 30.... 161,000 34,100 126,900 158,878 34,524 124,354 188,348 137,088 50,918 342 1,631 779 12,062 672 Dec. 31.... 167,100 35,400 131,700 175,314 36,999 138,315 199,427 146,433 52,686 309 1,780 760 5,778 668 1966—Jan. 26.... 167,200 36,000 131,200 169,500 35,500 134,000 200,700 147,600 52,800 300 1,600 800 4,200 700 Feb. 23.... 165,000 36,100 128,900 164,200 35,700 128,500 201,700 148,400 53,000 300 1,600 800 5,700 900 Mar, 30.... 169,300 36,200 133,100 166,100 35,800 130,300 204,700 151,000 53,400 300 1,700 900 5,400 500 Apr. 27.... 169,000 36,200 132,800 169,100 35,900 133,200 206,000 152,600 53,100 300 1,700 900 5,300 300 May 25.... 165,500 36,300 129,200 163,500 36,200 127,300 207,700 154,200 53,200 300 1,700 1,000 8,000 700 June 30.... 167,600 36,300 131,300 168,089 37,128 130,961 208,647 154,798 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 i,too 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.... 168,000 37,200 130,800 168,700 37,100 131,600 210,900 156,300 54,400 200 1,800 1,200 4,900 800 Nov. 30.... 169,200 37,300 131,900 171,500 38,000 133,500 210,300 155,800 54,500 100 1,800 1,200 4,000 300 Dec. 31.... 170,400 37,600 132,800 178,304 39,003 139,301 213,961 158,568 55,271 122 1,904 1,176 5,238 416 1 Other than interbank and U.S. Govt., less cash items in process of NOTE.—For back figures and descriptions of the consolidated condition collection. statement and the seasonally adjusted series on currency outside banks 2 Includes relatively small amounts of demand deposits. Beginning and demand deposits adjusted, see “Banks and the Monetary System/’ with June 1961, also includes certain accounts previously classified as Section I of Supplement to Banking and Monetary Statist les, 1962, and other liabilities. Jan. 1948 and Feb. 1960 Bulletins. 3 Reclassification of deposits of foreign central banks in May 1961 Except on call dates, figures are partly estimated and are rounded to reduced this item by $1,900 million ($1,500 million to time deposits and the nearest $100 million. $400 million to demand deposits). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 COMMERCIAL AND MUTUAL SAVINGS BANKS 1237 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank.1 Other Cla a s n s d o d f a b te ank Total Loans G U o . v S t . . Other a C ss a e s t h s 1 c c b o a i a l l a p u c i i a n t i ­ n i t ­ d e a ts s l 2 Total1 m D a e n ­ d Time U. D S. e ma O n t d her Time J r B i o n o w g r s ­ ­ c c T a o a o p u c i t n ­ t a a t l s l N ba b o u n e m f r k s ­ Govt. All banks: 1939—Dec. 30................. 50,884 22J65 19,417 9,30223,292 77,068 68,242 9,874 32,516 25,852 26 8,194 15,035 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 (945—Dec. 31................. 140,227 30,362 101,288 8,57735,415 177,332 165,612 14,065 105,935 45,613 227 10,542 14,553 1947-Dec, 314............... 134,924 43,002 81,199 10,723 38,388 175,091 161,86512,793 240 1,346 94,381 53,105 66 11,948 14,714 1950—Dec. 30................. 148,021 60,386 72,894 14,741 41,086 191,317 175,296 13,577 462 2,809 101,936 56,513 90 13,837 14^650 1955—Dec. 31................. 190,780 100,057 70,05220,67047,803242,008220,441 15,059 1,587 3,712 123,238 76,844 163 18,112 14'243 1960—Dec. 31................. 238,623 144,764 67,24226,61753,022298,126266,196 17,080 1 ,800 5,949 133,408 107,959 16724,539 13,986 1962—Dec. 28................. 280,397 172,822 72,56335,01254,939343,201 303,653 16,008 535 6,839 141,084 139,188 3,63528,046 13,940 1963—Dec. 20................. 302,251 192,686 69,06840,49751,536362,394319,636 15,267 528 6,734 141,576 155,531 3,70229,882 14,079 1964—Dec. 31................. 329,739216,674 68,77944,28761,493401,161 356,308 17,938 821 6,517 155,248 175,785 2,70032,196 14,266 1965—June 30................. 342,138231,737 62,60647,795 58,083410,935362,611 16,172 1,034 11,802 145,319 188,284 3,72634,015 14,295 Dec. 31 ......... 362,320246,946 65,01650,35761,9(6435,483385,196(8,426 1,009 5,532 160,847 199,381 4,56434,935 14,309 1966—Jan. 26......... 358,890243,740 65,18049,97055,420425,520372,85015,410 1 ,050 3,930 151,780200.680 6,17034,910 14,299 Feb. 23................. 358,990245,440 62,90050,65056,560426,640372,70015,830 1,060 5.440 148,7 30.201,640 6,75035,020 14,299 Mar. 30................. 361,710249,580 61,03051,10055,030428,100374,58015,240 1,070 5,120 148,470(204.680 6,16035,180 14,306 Apr. 27................. 364,280251,380 60,79052,HO 57,280432,790380,28015,560 1,090 5,030 152,700205,900 4,94035,380 14,307 May 25................. 365,550253,890 58,890 52,77055,030431,960377,630 14,920 1,080 7,780146,180207,670 5,61035,550 14,307 June 30................. 371,684258,607 58,62554,45260,978444,807391,731 17,034 1,099 11,005 153,907208,687 4,444 36,071 14,307 July 27................. 370,240258,030 57,83054,38057,280439,560382,56015,480 1 ,090 6,180149,370210,440 7,23035,830 14,305 Aug. 31................. 372,300259,150 58,78054,37056,360440,790382,900 15,930 1,130 4,720149,830211,290 7,17036,19014,305 Sept. 28................. 373,370260,000 58,69054,68056,110441,490383,210 16,310 1,060 6,000 148,490211,350 7,05036.330 14,294 Oct. 26................. 372.800259,780 58,52054,50057,780442,350384,250 16,020 1,010 4,720151,560210,940 6,97036,420 14,294 Nov. 30................. 374,510261,520 59,25053,74061,700448,240387,980 17,110 900 3,810 155,680210,480 7,95036,770 14,288 Dec. 31................. 381,684266,022 60,91654,74570,085464,376407,637 19,770 968 4,999 167,821 214,078 4,929 36,926 (4,271 Commercial banks: 1939—Dec. 30.....4..0.,668 17,238 16,316 7,11422,474 65,216 57,718 9,874 32,513 15,331 26 6,885 14,484 1941—Dec. 31................. 50,746 21 ,714 21,808 7,22526,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31................. 124,019 26,083 90,606 7,331 34,806160,312 150,227 14,065 105,921 30,241 219 8,950 14,011 1947—Dec. 31«............... 116,284 38,057 69,221 9,00637,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 1950—Dec. 30................. 126,675 52,249 62,02712,39940,289 168,932 155,265 13,577 462 2,806 101,917 36,503 9011,590 14,121 1955—Dec. 31................. 160,881 82,601 61,592 16,68846,838210,734192,254 15,058 1,585 3,709 123,187 48,715 159 15,300 13,716 I960—Dec. 31................. 199,509 117,642 61,003 20,86452 150257,552229,843 17,079 1,799 5,945 133,379 71,641 163 20,986 13,472 1962—Dec. 28................. 235,839 140,106 66,43429,29854,049297,116262,12216,008 535 6,829 (41,041 97,709 3,62724,094 13,429 1963—Dec. 20................. 254,162156,006 63,19634,95950,711 312,773275,120 15,267 526 6,729 141,534111,064 3,66425,677 13,570 1964—Dec. 31................. 277,376 175,589 62,991 38,79660,489346,921 307,170 17,938 819 6,510 155,184 126,720 2,67927,795 13,761 1965—June 30................. 287,723188,641 56,853 42,22957,063 354,553311,632 16,171 1,032 11,796 145,266 137,366 3,68229,479 13,79! Dec. 31................. 306,060201,658 59,54744,85560,899377,264332,43618,426 1,008 5,525 160,780 146,697 4,47230,272 13,804 1966—Jan. 26................. 302,190 198,130 59,63044,43054,500366,930319,97015,410 1,050 3,930151,730 147,850 6,17030,240 13,794 Feb. 23................. 302,030199,6(0 57,31045,11055,640367,790319,670 15,830 1,060 5,440 148,680 148,660 6,75030,31013,794 Mar. 30................. 304,350203,490 55,43045,43054,130368,840321,090 15,240 1,070 5,120148,420 151,240 6,16030,440 13,801 Apr. 27................. 307,110205,180 55,45046,48056,430373,780327,120 15,560 1,090 5,030 152,650 152,790 4.94030,670 13,802 May 25................. 308,120207,430 53,55047,14054,180372,710324,36014,920 1,080 7,780146,130 154,450 5,61030,790 13,802 June 30................. 314,238211,980 53,50348,75560,013 385,393 338,00417,034 1 ,098 10,998 (53,846 155,029 4,353 31,309 13,802 July 27................. 312,380211,050 52,72048,61056,420379,790328,840 15,480 1,090 6,180 149,320 156,770 7,23031,090 13,801 Aug. 31................. 3(3,980211,820 53,73048,43055,530380,630329,010 15,930 1,130 4,720 149,780157,450 7,17031,360 13,801 Sept. 28................. 314,920212,500 53,61048,81055,260381,160328,940 16,310 1,060 6,000 148,440 157,130 7,05031,51013,790 Oct. 26................. 314,220211,980 53,59048,65056,980381,940329,800 16,020 1,010 4,720 151,5(0 156,540 6,97031,630 13,789 Nov. 30................. 315,770213,460 54,39047,92060,890387,650333,460 17,HO 900 3,810 155,630156,010 7,95031,930 13,784 Dec. 31................. 322,661217,726 56,16348,77269,119403,368 352,287 19,770 967 4,992 167,751 158,806 4,85932,054 13,767 Member banks: 1939—Dec. 30................. 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,257 154 743 27,489 11,699 3 5,522 6,362 1941—Dec. 31 . ............... 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31................. 107,t83 22,775 78,338 6,07029,845138,304129,67013,576 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 1950—Dec. 30................. 107,424 44,705 52,365 10,35535,524144,660133,089 13,106 341 2,523 87,783 29,336 79 9,695 6,873 1955—Dec. 31................ 135,360 70,982 50,697 13,68041,416 179,414 163,75714,512 1,353 3,327 105,400 39,165 137 12,783 6,543 I960—Dec. 31................. 165,619 99,933 49,106 16,57945,756216,577 193,029 16,436 1 ,639 5,287 112,393 57,272 130 17,398 6,174 1962—Dec. 28................. 195,698 118,637 52,968 24,09247,427249,488219,468 15,309 358 6,086 117,999 79,716 3,550 19,854 6,049 1963—Dec. 20................. 210,127 131,712 49,34229,07344,395261,469229,376 14,518 382 5,986 117,562 90,929 3,49921,054 6,112 1964—Dec. 31................. 228,497 147,690 48,71732,089 52,737289,142255,724 17,007 664 5,838 128,539 103,676 2,481 22,901 6,225 1965—June 30................. 237,328 158,832 43,39635,100 50,198296,049259,743 15,355 851 10,806 120.077 112,654 3,45524,323 6,235 Dec. 31................. 251,577 169,800 44,99236,78552,814313,384275,517 17,454 840 4,890132,131 120,202 4,23424,926 6,221 1966—Jan. 26............. 247,921 166,717 44,80936,39547,366304,(63264,155 14,606 879 3,387 124,(79 121,104 5,87324,896 6,212 Feb. 23................. 247,810168,112 42,73236,96648,453 3O5,117i264,O32 15,054 895 4,691 121,740121,652 6,361 24,955 6,208 Mar. 30................. 249,847171,495 41,23037,12246,883305,819 265,256 14,477 897 4,431 121,558 123,893 5,75725,050 6,203 Apr. 27................. 252,103172,702 41,37038,031 49,323310,342,270,866 14,795 918 4,617 (25,479 125,057 4,55425,239 6,199 May 25................. 252,528174,354 39,68638,48847,548309,186 268,286 14,198 916 6,858 120,016126,298 5,11425,345 6,198 June 30.................. 257,767178,257 39,94239,56952,853320,350,280,339 16,164 928 9,979 126,572126,696 3,98525,678 6,194 July 27................. 255,819177,210 39,07239,53749,749315,068 271,464 14,630 923 5,523 122,416127,972 6,80525,531 6,184 Aug. 31................. 257,315178,023 39,98439,30848,650315,639 271,521 15,047 963 4,202122,874 128,435 6,63325,766 6,175 Sept. 28 257,809178,421 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 39,65239,32750,210316,324 271,653 15,120 843 4,309 124,263 127,118 6,571 25,942 6,163 Nov. 30................. 258,041 179,106 40,355 38,58053,564321,185 274,676 16,188 730 3,448 127,757126,553 7,45926,189 6,158 Dec. 31................. 263,687 (82,802 41,92438,96060,738334,559|291,063 18,788 794 4,432 138,218 128,831 4,61826,278 6,150 For footnotes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1238 COMMERCIAL AND MUTUAL SAVINGS BANKS JULY 1967 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (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 Loans Securities Cash_ c b T a i a l l p o i n i a t i t d i t a - e a l s l Total 1 Interbank 1 Dema O n t d her r B i o n o w g r s - - c c T a o a o p u c t i n ­ a ta t l s l b N a b u o n e m f k r s ­ G U o .S vt . . Other ac­ m D a e n ­ d Time Time5 counts 2 U.S. Other Govt. Mutual savings banks: 1939—Dec. 30................... 10,216 4,927 3,101 2,188 818 11,852 10,524 10,521 1,309 551 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. 31< .. ........... 18,641 4,944 11,978 1,718 886 19,714 17,763 1 3 1417,745 1,889 533 1950—Dec. 30................... 21,346 8,137 10,868 2,342 797 22,385 20,031 3 1920,009 2,247 529 1955—Dec. 31................... 29,898 17,456 8,460 3,982 965 31,274 28,187 2 4 51 28,129 4 2,812 527 I960—Dec. 31................... 39,114 27,122 6,239 5,752 872 40,574 36,353 4 2936,318 4 3,553 514 1962—Dec. 28................... 44,558 32,716 6,129 5,714 890 46,086 41,531 10 4341,478 8 3,951 511 1963—Dec. 20................... 48,089 36,679 5,872 5,539 826 49,621 44,516 6 4244,467 38 4,205 509 1964—Dec. 31 . ................ 52,363 41,085 5,788 5,490 1,004 54,239 49,138 2 7 6449,065 21 4,401 505 1965—June 30................... 54,415 43,096 5,753 5,566 1,020 56,382 50,980 1 7 53 50,918 43 4,536 504 Dec. 31 ................... 56,260 45,288 5,470 5,501 1,017 58,219 52,760 ...........8 6752,686 92 4,663 505 1966—Jan. 26................... 56,700 45,6(0 5,550 5,540 920 58,590 52,880 5052,830 4,670 505 Feb. 23................... 56,960 45,830 5,590 5,540 920 58,850 53,030 5052,980 4,710 505 Mar. 30................... 57,360 46,090 5,600 5,670 900 59,260 53,490 5053,440 4,740 505 Apr. 27................... 57,170 46,200 5,340 5,630 850 59,010 53,160 5053,110 4,710 505 May 25................... 57,430 46,460 5,340 5,630 850 59,250 53,270 5053,220 4,760 505 June 30................... 57,446 46,627 5,122 5,697 965 59,414 53,727 7 61 53,657 92 4,761 505 July 27................... 57,860 46,980 5,110 5,770 860 59,770 53,720 5053,670 4,740 504 Aug. 31................... 58,320 47,330 5,050 5,940 830 60,160 53,890 5053,840 4,830 504 Sept. 28................... 58,450 47,500 5,080 5,870 850 60,330 54,270 5054,220 4,820 504 Oct. 26................... 58,580 47,800 4,930 5,850 800 60,410 54,450 5054,400 4,790 505 Nov. 30................... 58,740 48,060 4,860 5,820 810 60,590 54,520 5054,470 4,840 504 Dec. 31.................... 59,023 48,296 4,753 5,973 966 61,008 55,350 ........... 1 7 7055,271 69 4,871 504 Reserve city member banks:5 New York City: 1939—Dec. 30................... 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,231 7 74 9,459 736 1,592 36 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 1950—Dec. 30................... 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,370 268 451 (8,836 1,722 70 2,351 23 1955—Dec. 31................... 23,583 14,640 6,796 2,148 8,948 33,228 29,378 4,515 1,085 756 20,719 2,303 1 2,745 18 1960—Dec. 31................... 27,726 18,465 6,980 2,282 10,301 39,767 33,761 5,289 1,216 1,217 21,833 4,206 3,554 15 1962—Dec. 28................... 32,989 21,954 7,017 4,017 11,050 46,135 37,885 4,783 207 1,408 22,231 9,256 i,728 3.898 17 1963—Dec. 20. ........ . 34,827 23,577 6,154 5,095 9,372 46,434 38,327 4,289 214 1,419 20,960 11,446 1,438 3,984 13 1964—Dec. 31................... 39,507 27,301 6,178 6,028 11,820 53,867 45,191 5,088 436 1,486 23,896 14,285 1,224 4,471 13 1965—June 30................... 42,225 30,975 4,907 6,342 12,186 57,150 47,322 5,065 579 2,561 22,380 16,738 1,423 5,094 13 Dec. 31................... 44,763 33,125 5,203 6,435 11,876 59,517 49,270 5,225 522 1 ,271 24,265 17,988 1,987 5,114 12 1966—Jan. 26................... 43,410 32,404 4.852 6,154 10,141 56,377 45,598 4,429 566 618 21,707 18,278 2,104 5,101 12 Feb. 23................. 43,167 32,602 4,260 6,305 11,181 57,358 46,014 5,001 578 822 21,745 17,868 2,304 5,115 12 Mar. 30................... 44,003 33,737 4,27! 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 24,02019,025 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 21,75618,331 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 22,30917,577 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 23,34817,284 2,554 5,303 12 Dec. 31.................... 46,536 35,941 4,920 5,674 14,869 64,424 51,837 6,370 467 1.016 26,53517,449 1,874 5,298 12 City of Chicago:5 1939—Dec. 30................... 2,105 569 1,203 333 1,446 3,595 3,330 888 80 1,867 495 250 14 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 1950—Dec. 30................... 5,569 2,083 2,911 576 2,034 7,649 7,109 1,225 3 174 4,604 1,103 490 13 t955—Dec. 31................... 6,542 3,342 2,506 695 2,132 8,720 8,010 1,286 11 222 5,165 1,327 3 628 13 1960—Dec. 31................... 7,050 4,485 1,882 683 2,046 9,219 8,197 1,380 61 327 4,899 1,530 35 822 10 1962—Dec. 28................... 8,957 5,418 2,129 1,409 2,280 11,432 9,993 1,277 18 410 5,264 3,025 262 948 13 1963—Dec. 20................... 9,615 6,220 1,705 1,690 1,970 11,776 10,296 1,211 17 395 4,887 3,787 255 996 12 1964—Dec. 31................... 10,562 7,102 1,873 1,587 2,366 13,289 11,807 1,448 22 396 5,362 4,578 204 1,056 12 1965—June 30................... 10,835 7,367 1,761 1,707 2,31! 13,535 11,699 1,297 27 699 4,926 4,749 438 1,096 11 Dec. 31................... 11,455 8,219 1,700 1,536 2,426 14,290 12,475 1,437 39 345 5,656 4,999 355 1,132 (1 1966—Jan. 26................... 10,976 7,722 1,753 1,501 2,274 13,675 11,514 1,214 32 121 5,257 4,890 638 1,125 11 Feb. 23................... 10,940 7,877 1,533 1,530 2,444 13,857 11,606 1,174 34 223 5,100 5,075 613 1,122 11 Mar. 30................... 11,202 8,100 1,532 1,570 2,172 13,900 11,570 1,182 35 203 5,035 5,115 619 1,123 11 Apr. 27................... 11,260 8,161 1,470 1,629 2,568 14,289 12,319 1,222 32 530 5,412 5,123 367 1,131 H May 25................... 11,148 8,064 1,461 1,623 2,349 13,989 11,922 1,169 26 457 5,087 5,183 428 1,143 11 June 30................. 11,715 8,567 1,585 1,564 2,322 14,490 12,385 1,230 43 680 5,249 5,184 521 1,152 It July 27................... 11,400 8,331 1,363 1,706 2,447 14,371 11,959 1,160 31 310 5,224 5,234 637 1,146 11 Aug. 31................... 11,495 8,364 1,475 1,656 2,382 14,297 11,876 1,201 29 248 5,157 5,241 886 1,165 11 Sept. 28................... 11,538 8,366 1,480 1,692 2,506 14,455 11,751 1,159 26 358 5,148 5,060 1 ,033 1,156 11 Oct. 26................. 11,298 8,193 1,425 1,680 2,641 14,368 11,671 1,193 27 405 5,239 4,807 830 1,166 11 Nov. 30................... 11,374 8,282 1 ,526 1,566 2,685 14,520 11,453 1 ,251 17 108 5,362 4,715 1,114 1,181 II Dec. 31................... 11,802 8,756 1,545 1,502 2,638 14,935 12,673 1,433 25 310 6,008 4,898 484 1,199 11 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 COMMERCIAL AND MUTUAL SAVINGS BANKS 1239 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (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 Loans G U o S . v S e t . c . urit O ie t s her a C ss a e s t h s 1 c b T a i a l l a o p i n i c a t i t d i ­ t a ­ e a l s l TotaU m D I a n e n t ­ e d rba T n im k1 e Dema O n t d her Time r B i o n o w g r s ­ ­ c c T a o a p o u c i t n ­ a ta t l s l b N a b u o n e m f k r s ­ counts 2 U.S. Other Govt. Other reserve city: < 1939—Dec. 30................... 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,565 120 435 9,004 4,6(6 1,828 346 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 28,99011,423 1 2,844 353 1950—Dec, 30................... 40,685 17,906 19,084 3 695 13,998 55,369 51,437 6,391 57 976 32,366 11,647 3,322 336 1955—Dec. 31................... 52,459 28,622 18,826 5,011 16,994 70,478 64,733 7,207 239 1,288 39,835 16,164 82 4,641 292 I960—Dec. 31................... 62,953 40,002 17,396 5,554 18,668 83,464 75,067 7,989 326 1,960 42,26722,525 73 6,423 217 1962—Dec, 28................... 73,130 46,567 18,398 8,165 19,539 94,914 84,248 7,477 82 2,337 43,60930,743 1,388 7,263 191 1963—Dec. 20................... 78,370 51,891 16,686 9,79218,778 99,643 87,994 7,225 95 2,212 43,459 35,004 1,417 7,697 (90 1964—Dec. 31................... 84,670 57,555 16,326 10,78921,607 109,053 97,145 8,289 134 2,195 46,88339,645 841 8,488 182 1965—June 30................... 87,225 61,079 14,030 12,116 19,864 110,063 97,418 7,168 173 4,325 42,97142,781 1,271 8,774 179 Dec. 31................... 91,997 65,117 14,354 12,52621,147 116,350103,034 8,422 206 1,773 47,09245,541 1,548 9,007 171 1966—Jan. 26................... 90,687 64,146 14,029 12,512 19,313 113,025 98,559 6,992 210 1,368 44,25145,738 2,537 9,015 171 Feb. 23................... 90,857 65,012 13,159 12,68619,095 112,909 98,188 6,990 212 1 ,875 43,09546,016 2,676 9,032 171 Mar. 30................... 91,071 66,041 12,259 12,771 18,555 112,776 98,661 6,900 184 1,610 43,11646,851 2,155 9,089 170 Apr. 27................... 92,397 66,743 12,583 13,071 20,021 115,509 100,917 6,896 194 1,720 44,75147,356 2,225 9,167 170 May 25................... 92,355 66,817 11,832 13,706 19,064114,547 100,037 6,702 193 2,824 42,36547,953 1,990 9,200 170 June 30 93,831 67,779 12,182 13,86920,764 118,152 103,985 7,153 215 3,968 44,51948,131 1,756 9,297. 170 July 27................... 93,519 67,738 11,791 13,99020,070116,873 101,489 6,795 238 2,242 43,71648,498 2,744 9,291 170 Aug. 31................... 93,994 68,102 12,085 13,807 19,608 117,027 101,572 7,261 292 1,562 43,72748,730 2,600 9,361 170 Sept. 28................... 93,899 68,359 11,718 13,822 19,590 116,951 lOt,100 7,056 281 1,921 43,26248,580 2,821 9,368 170 Oct. 26................... 93,627 68,231 11,760 13,63620,426117,442101,512 7,158 252 1,630 44,06648,406 2,999 9,38? 170 Nov. 30................... 94,654 68,959 12,23713,45820,732118,882 102,611 7,918 223 1,074 45,21448,182 2,807 9,453 170 Dec. 31................... 95,831 69,464 13,04013,32624,228 123,863 108,804 8,593 233 1,633 49,00449,341 1,952 9,471 169 Country member banks:6 1939—Dec. 30................... 10,224 4,768 3,159 2,297 4,848 15,666 13,762 572 26 154 7,158 5,852 3 (.851 5,966 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 3,26810,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934 6,519 1950—Dec. 30................... 40,558 14,988 21,377 4,193It,571 52,689 48,897 1,121 12 922 31,977 14,865 9 3,532 6,501 1955—Dec. 31................... 52,775 24,379 22,570 5,82613,342 66,988 61,636 1,505 18 1,061 39,681.19,372 52 4,769 6,220 I960—Dec. 31................... 67,890 36,981 22,848 8,06014,740 84,126 76,004 t,778 37 1 ,783 43,39529,011 23 6,599 5,932 t962—Dec. 28................... 80,623 44,698 25,425 10,501 14,559 97,008 87,342 1,773 51 1,931 46,89536,692 172 7,744 5,828 1963—Dec. 20................... 87,316 50,023 24,797 12,49614,274103,6t5 92,759 1,793 56 1,960 48,25640,693 390 8,377 5,897 1964—Dec. 31. 93,759 55,733 24,341 13,68516,944 112,932 101,581 2,182 71 1,760 52,39845,169 213 8,886 6,018 1965—June 30................... 97,043 59,411 22,697 14,93515,837 115,302103,304 1,825 71 3,222 49,80048,386 323 9,359 6,032 Dec. 31................... 103,362 63,338 23,735 16,28817,366 (23,227 110,738 2,371 74 1,501 55,118 51,675 343 9,673 6,027 1966—Jan. 26................... 102,848 62,445 24,175 16,228 15,638 12(,O86 108,484 1,971 71 1,280 52,96452,198 594 9,655 6,018 Feb. 23................... 102,846 62,621 23,780 16,44515,733 120,993 108,224 1,889 71 1,771 51,80052,693 768 9,686 6,014 Mar. 30................... 103,571 63,617 23,16816,786 15,666121,660108,599 1,869 71 1,638 51,651 53,370 814 9,742 6,010 Apr. 27............. 104,208 64,371 22,891 16,946 15,782 122,524109,499 1,873 71 966 52,841 53,748 762 9,815 6,006 May 25................... 104,792 65,157 22,451 17,184 15,402 122,678 109,125 1,763 71 2,177 50,951 54,163 988 9,854 6,005 June 30 105,768 66,115 21,709 17,94416,836125,301 112,170 1,912 64 3,052 52,78554,357 416 (0,050 6,001 July 27 105,904 66,352 21,831 17,721 15,796 124,552111,141 1,862 74 1,963 52,03755,205 850 9,933 5,991 Aug. 3t................... 106,086 66,270 21,994 (7,822 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 15,542125,209111,642 2,380 74 1,659 51,56255,967 737 10,113 5,978 Oct. 26................... 107,325 66,983 22,225 18,117 15,880125,916112,276 1,981 74 1,244 52,64956,328 798 10,I6t 5,970 Nov. 30................... 107,688 67,355 22,289 18,044 17,035 127,416 113,382 2,019 74 1,084 53,833 56,372 984 10,252 5,965 Dec, 31................... 109,518 68,64t 22,419 18,458 19,004 131,338 117,749 2,392 69 1,474 56,67257,144 308 10,309 5,958 1 Reciprocal balances excluded beginning with 1942. Reclassification Beginning with June 1963, 3 New York City banks with loans and in­ of deposits of foreign central banks in May 1961 reduced interbank vestments of $392 million and total deposits of $441 million were reclas­ deposits by a total of $1,900 million ($1,500 million time to other time sified as country banks. Beginning with the last Wednesday in May 1965, and $400 million demand to other demand). total assets of country banks were increased and Other Reserve City banks * Includes other assets and liabilities not shown separately. decreased by $645 million as a result of the reclassification of Toledo, 3 Figures for mutual savings banks include relatively small amounts of Ohio, banks from reserve city to country banks. Also see note 6, Oct. demand deposits. Beginning with June 1961, also includes certain ac­ 1962 Bulletin, p. 1315. counts previously classified as other liabilities, 4 Beginning with Dec. 31, 1947, the series was revised. A net of 115 Note.—Data are for all commercial and mutual savings banks in the noninsured nonmember commercial banks with total loans and invest­ United States (including Alaska and Hawaii, beginning with 1959). ments of about $110 million were added, and 8 banks with total loans Commercial banks represent all commercial banks, both member and and investments of $34 million were transferred from noninsured mutual nonmember; stock savings banks; and nondeposit trust companies. Com­ savings to nonmember commercial banks. mercial banks exclude, and member banks include, a national bank in the s These data reflect the reclassification of New York City and city of Virgin Islands that became a member in May 1957, and in the period 1941 Chicago as reserve cities effective July 28, 1962; for details see Aug. 1962 to July 1962, from 1 to 3 mutual savings banks. Bulletin, p. 993. See also second paragraph of note 6 to this table. Comparability of figures for classes of banks is affected somewhat by 6 Beginning with Feb. 1960 reserve city banks with total loans and in­ changes in F.R. membership, deposit insurance status, and the reserve vestments of $950 million and total deposits of $1,070 million were re­ classifications of cities and individual banks, and by mergers, etc. classified as country banks. Beginning with Aug. 23, 1962 (Topeka and Figures are partly estimated except on call dates. Wichita, Kansas) and Sept. 6, 1962 (Kansas City, Kansas) reserve city For revisions in series before June 30, 1947, see July 1947 Bulletin, banks with total loans and investment of $500 million and total deposits pp. 870-71. of $600 million were reclassified as country banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Financial Statistics International U.S. balance of payments .................................................................................................. 1242 Foreign trade.......................................................................................................................... 1243 U.S. gold transactions and reserve assets ........................................................................ 1244 U.S. position in the IMF ................................................................................................... 1245 International capital transactions of the United States ................................................... 1246 Reported gold reserves of central banks and governments .......................................... 1258 Gold production ................................................................................................................... 1259 Money rates in foreign countries....................................................................................... 1260 Arbitrage on Treasury bills ................................................................................................ 1261 Foreign exchange rates ...................................................................................................... 1262 Guide to tabular presentation ........................................................................................... 1172 Index to statistical tables . ................................................................................................ 1269 The tables on international capital transactions of New York, and International Monetary are based on Treasury Department data and on Fund and from foreign central bank statements data reported to that Department by banks and and official statistical bulletins. For some of the brokers in the United States. Other data are series, back data are available in Banking and obtained from the Treasury Department, De­ Monetary Statistics and its Supplements (see partment of Commerce, Federal Reserve Bank list of publications at the end of the Bulletin). 1241 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1242 U.S. BALANCE OF PAYMENTS JULY 1967 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1965 1966' 1967 Item 1964r 1965' 1966' IV r I II III IV I* Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted Exports of goods and services—Total 1........................ 37,099 39,147 43,039 10,119 10,511 10,618 10,913 10,997 11,317 Merchandise.................................................................. 25,297 26,244 29,168 6,925 7,203 7,181 7,382 7,402 7,690 Military sales................................................................ 747 844 847 212 209 222 206 210 338 Transportation............................................................. 2,324 2,390 2,589 633 636 642 661 650 675 Travel...................................................*......................... 1,207 1,380 1,573 379 374 383 408 408 409 Investment income receipts, private....................... 4,929 5,376 5,650 1,278 1 316 1,382 1,444 1,508 1,420 Investment income receipts, Govt........................... 460 512 595 75 ”153 153 143 146 162 Other services................................................................ 2,135 2,401 2,617 617 620 655 669 673 623 Imports of goods and services—Total.......................... -28,637 -32,203 -37,937 -8,599 -8,997 -9,265 -9,762 -9,913 -9,981 Merchandise................................................................... -18,62! -21,472 -25,510 -5,772 -6,025 -6,225 -6,580 -6,680 -6,689 Military expenditures................................................... -2,861 -2,921 -3,694 -785 -861 -911 -953 -969 -1,041 Transportation. ............................................................ -2,462 -2,674 -2,914 -708 -722 -709 -727 -756 -753 Travel..................................................................... -2,211 -2,438 -2,657 -625 -637 -674 -672 -674 -678 Investment income payments.................................... -1,455 -1.729 -2,074 -469 -475 -471 -565 -563 -531 Other services............................................................... -1,027 -969 -1,088 -240 -277 -275 -265 -271 -289 Balance on goods and services I...................................... 8,462 6,944 5,102 1,520 1,514 1,353 1,151 1,084 1,336 Remittances and pensions................................................. -896 -1,024 -1,010 -243 -241 -245 -278 -246 -258 1. Balance on goods, services, remittances and pensions....................................................................... 7,566 5,920 4,092 1,277 1,273 1,108 873 838 1,078 2. U.S, Govt, grants and capital flow, net.................... -3,560 -3,37S -3,446 -862 -975 -988 -759 -724 -1,205 Grants, z loans, and net change in foreign currency holdings, and short-term claims............ -4,263 -4,277 -4,680 -991 -1,185 -1,194 -1,177 -1,124 -1,419 Scheduled repayments on U.S. Govt, loans. . . 580 681 806 106 207 199 192 208 214 Nonscheduled repayments and selloffs............... 123 221 428 23 3 7 226 192 3. U.S. private capital flow, net.................................... -6,542 -3,743 -4,132 -812 -981 -1,135 -932 -1,084 -1,006 Direct investments.................................................. -2,435 -3,418 -3,462 -718 -634 -1,006 -900 -922 -695 Foreign securities...................................................... -677 -758 -482 -231 -358 9 -50 -83 -240 Other long-term claims: Reported by banks............................................ -941 -232 337 128 123 -27 73 168 153 Reported by others............................................ -343 -88 -112 -68 -17 -51 -28 -16 -67 Short-term claims: Reported by banks............................................... -1,523 325 -84 140 85 -61 16 -124 -82 Reported by others............................................ -623 428 -329 -63 -180 1 ~43 -107 -75 4. Foreign capital flow, net, excluding change in liquid assets in U.S.................. . 685 278 2,512 248 265 1,091 376 780 795 Long-term investments...................................... 109 -68 2,176 152 309 1,014 180 673 641 Short-term claims..................................................... 113 149 269 47 39 63 112 55 66 Nonliquid claims on U.S. Govt, associated with—' Military contracts................................................. 228 314 341 78 44 45 106 146 103 U.S. Govt, grants and capital.......................... 50 -85 -213 -18 -64 -1 -12 -136 -36 Other specific transactions.......................... 208 -25 -12 -5 -10 -4 13 -11 2! Other nonconvertible, nonmarketable, medium-term U.S. Govt, securities3.................. -23 -7 -49 -6 -53 -26 -23 53 ♦ 5. Errors and unrecorded transactions......................... -949 -415 -383 -110 -233 -198 277 -229 -206 Balances A, Balance on liquidity basis Seasonally adjusted (=* 14-2+3+4+5}... -2,800 -1,335 -1,357 -259 -651 -122 -165 -419 -544 Less: Net seasonal adjustments................ 76 -604 27 530 47 -301 Before seasonal adjustment.................................... -2,800 -1,335 -1,357 -335 -47 -149 -695 -466 -243 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted........................... -2,800 -1,335 -1,357 -259 -651 -122 -165 -419 -544 Plus: Seasonally adjusted change in liquid assets in the U.S. of: Commercial banks abroad....................... 1,454 116 2,697 -383 154 492 1,062 989 -1,001 Other private residents of foreign countries.. 343 306 212 48 109 66 91 -54 86 International and regional organizations other than IMF....................................... -243 -291 -525 -142 -38 -355 -24 -108 -36 Less: Change in certain nonliquid liabilities to foreign central banks and govts................. 303 100 802 180 17 256 103 426 327 Balance B, seasonally adjusted............................. -1,549 -1,304 225 -916 -443 -175 861 -18 -1,822 Less: Net seasonal adjustments.......................... 209 -846 210 456 180 -543 Before seasonal adjustment.................................... -1,549 -1,304 225 -1,125 403 -385 405 -198 -1,279 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE 1243 1. U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1965 1966' 1967 Item 1964r 1965' 1966' IV' I II III IV Ip Transactions by which balances were settled—Not seasonally adjusted A. To settle balance on liquidity basis................................ 2,800 1,335 1,357 335 47 149 695 466 243 Change in U.S. official reserve assets (increase, ~).......................................................... 171 1,222 568 271 424 68 82 -6 1,027 Gold...................................................................... 125 41,665 571 119 68 209 173 121 51 Convertible currencies..................................... ~22O -349 -540 178 222 -163 -426 -173 1,007 IMF gold tranche position............................. 266 4-94 537 -26 134 22 335 46 -31 Change In liquid liabilities to all foreign accounts 2,629 113 789 64 \ -377 81 613 472 -784 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities 5.................................................... 376 122 -945 -50 — 367 -176 -226 — 176 72 Marketable U.S. Govt, bonds and notes 5. -58 -20 -245 — 19 -5 6 -254 8 5 Deposits, short-term U.S. Govt, securities, etc......................................................... 757 -154 -582 740 -611 206 -146 -31 -177 IMF (gold deposits).......................................... 34 177 26 131 18 28 17 Commercial banks abroad.............................. 1,454 116 2,697 -539 404 316 1,144 833 -751 Other private residents of foreign countries. 343 306 212 48 109 66 91 -54 86 Internationa’ and regional organizations other than IMF.............................................. -243 -291 -525 -142 -38 -355 -24 -108 -36 B. Official reserve transactions...................................... 1,549 1,304 -225 1,125 -403 385 -405 198 1,279 Change in U.S. official reserve assets (increase, —)........................................................... 171 I ,222 568 271 424 68 82 -6 1,027 Change in liquid liabilities to foreign central banks and govts, and IMF (see detail above under A.).............................................................. 1,075 -18 -1,595 697 -852 54 -598 -199 -83 Change in certain nonliquid liabilities to foreign central banks and govts,: Of U.S private organizations................... 149 -38 788 28 43 284 88 373 306 Of U.S. Govt.................................................. 154 (38 14 129 -18 -21 23 30 29 1 Excludes transfers under military grants, 5 With original maturities over 1 year. 2 Excludes military grants. 3 Includes certificates sold abroad by Export-Import Bank. Note.—Dept, of Commerce data. Minus sign indicates net payments 4 Reflects $259 million payment of gold portion of increased U.S. (debits); absence of sign indicates net receipts (credits). subscription to IMF. 2. MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports 1 Imports 2 Export surplus Period 1964 1965 1966 1967 1964 1965 1966 1967 1964 1965 1966 1967 Month: Jan....................... 2,040 3 1,228 2,274 2,620 1 ,418 31,199 1,948 2,296 622 3 28 327 325 Feb..................... 2,058 3 1,623 2,374 2,601 1 ,459 31,606 2,005 2,204 599 3 17 369 397 Mar...................... 2,075 3 2,739 2,569 2,569 1 ,518 31,861 2,068 2,185 557 5 878 501 384 Apr..................... 2,061 3 2,406 2,359 2,659 1,537 31,811 2,109 2,224 524 3 595 250 435 May..................... 2,047 3 2,299 2,411 2,545 1,530 31,797 2,063 2,119 517 3 503 348 426 June..................... 2,077 32,235 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 <♦558 251 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 7,791 4,395 3 4,666 6,020 6,684 1 ,778 3 923 1,196 1,106 II.......................... 6,185 3 6,940 7,259 4,581 3 5,456 6,306 1,604 31,484 953 ni......................... 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 Years..................... 25,671 26,700 29,395 ..............1..8..,684 21,366 25,550 ................6.,987 5,334 3,845 ................. 1 Exports of domestic and foreign merchandise; excludes Dept, of ^ Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Significantly affected by strikes and by change in statistical procedures. Mutual Security Program. 5 Sum of unadjusted figures. 2 Genera) 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

1244 U.S. GOLD TRANSACTIONS AND RESERVE ASSETS JULY 1967 3. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (Net sales (—) or net acquisitions; in millions of dollars at $35 per fine troy ounce) 1966 1967 Area and country 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 ii in IV Western Europe: Austria............... — 84 -83 -143 -82 -55 -100 -25 Belgium............................... 3 -329 -39 -141 -144 -63 -40 -83 France................................. -266 -173 -4S6 -518 -405 -884 -601 -221 -277 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 -20 United Kingdom............... -900 -350 -550 -306 -387 329 618 150 80 -7 126 -20 Bank for Inti Settlements -178 -32 -36 -23 Other.................................... 8 -41 -48 -96 -53 -12 -7 -37 -50 -4 -12 -18 Total 68 -2,326 -827 -1,718 -754 -1,105 -399 -88 -1,299 “659 -221 -172 -92 -15 Canada 5 190 200 50 50 Latin American republics: Argentina.................7..5.. 67 -50 -90 85 -30 -39 -28 Brazil.......................... -2 -2 57 72 54 25 Colombia..................... -6 38 10 29 7 Venezuela......................... 65 -25 Other....................6..............2 -35 -42 -17 -5 -9 -13 -6 -5, 8 -2 Total 81 69 19 -100 -109 175 32 56 17 -41 -4 -34 -3 -3 Asia: Japan -30 -157 -15 -56 Other. 18 -4 -28 -97 1 -101 2 -93 12 3 -24 -30 -2 -12 10 -20 Total 18 -34 -186 -113 -101 -93 12 3 -24 -86 -2 -12 10 -20 All other, —3; -5 -38 -6 -36 -7 -16 -22 -8 -4 2 Total foreign countries 172 -2,294 -998 -1,969 -970 -833 -392 -36-1,322 -608 -185 -172 -86 -36 Inti. Monetary Fund 600 3 -44 < 300 150 5-225 6 177 <s 18 «29 M6 Grand total 772 -2,294 -1,041-1,669 -820 -833 -392 -36 -1,547 -431 -167 -143 -86 -20 1 Includes sales of $21 million to Lebanon and $48 million to Saudi million in 1956, and $300 million in 1959 and in 1960) with the right of Arabia. repurchase; proceeds from these sales invested by IMF in U.S. Govt, 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and securities, $13 million to Saudi Arabia. 5 Payment to the IMF of $259 million increase in U.S. gold subscription, 3 Payment to the IMF of $344 million increase in U.S. gold sub­ less gold deposits by the IMF, scription, less sale by the IMF of $300 million (see note 4). 6 Represents gold deposit by the IMF; see note 1(b) to table below. 4 imf sold to the United States a total of $800 million of gold ($200 4. U.S. GOLD STOCK, HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES, AND RESERVE POSITION IN IMF (In millions of dollars) Total Gold stock i ve C r o ti n b ­ le p R o e s s i e ti r o v n e Total Gold stock 1 ve C r o ti n b ­ le Reserve End of year reserve foreign in End of month reserve foreign position assets Total 2 Treasury currencies IMF 3 assets Total 2 Treasury curren­ IM in F 3 cies 5 1957.......................... 24,832 22,857 22,781 1,975 1966—J une............. 14,958 13,529 13 433 722 707 1958.......................... 22'540 20 ,'582 20,534 1,958 July. ... 15,148 13 413 13 332 1 093 642 Aug. 15,015 13,319 13,259 1 1299 397 1959.......................... 21,504 19,507 19,456 1,997 Sept.............. 14*876 13,356 13 258 I 148 372 i960.......................... 19,359 17i804 17,767 1,555 Oct............... 14 880 13 311 13 257 1 213 356 Nov.............. 14,715 13,262 □ J59 L 108 345 1961........................ 18,753 16,947 16,889 116 1,690 Dec.,........... 14^882 13;235 13,'159 1'321 326 1962......................... 17,220 16,'057 15 ,'978 99 1,064 1967—Jan............... 14,196 13,202 13,157 645 349 1963 .......................... 16,843 15,596 15,513 212 1,035 Feb............... 13’998 13/161 13,107 480 357 1964.......................... 16,672 15,471 15'388 432 '769 Mar.. 13,855 13,184 13 107 314 357 Apr 13,906 13’234 13 109 315 357 1965.......................... 15,450 *13,806 413,733 781 4863 May 13,943 13,214 13 109 363 366 1966.......................... 14,882 13^235 13,159 1,321 326 June............. 14;274 13'169 13,110 738 367 1 Includes (a) gold sold to the United States by the International Mon­ 4 Reserve position includes, and gold stock excludes, $259 million gold etary Fund with the right of repurchase, and (b) gold deposited by the subscription to the IMF in June 1965 for a U.S. quota increase which IMF to mitigate the impact on the U.S. gold stock of foreign purchases became effective on Feb. 23, 1966. In figures published by the IMF from for the purpose of making gold subscriptions to the IMF under quota June 1965 through Jan. 1966, this gold subscription was included in the increases. For corresponding liabilities, see Table 6. U.S, gold stock and excluded from the reserve position. 2 Includes gold in Exchange Stabilization Fund, 3 For holdings of F.R. Banks only, see pp, 1182 and 1184. 3 In accordance with IMF policies the United States has the right to draw foreign currencies equivalent to its reserve position in the IMF vir­ Note.—See Table 18 for gold held under earmark at F.R. Banks for tually automatically if needed. Under appropriate conditions the United foreign and international accounts. Gold under earmark is not included States could draw additional amounts equal to the U.S, quota. See Table 5. in the gold stock of the United States. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 U.S. POSITION IN THE IMF 1245 5. U.S. POSITION IN THE INTERNATIONAL MONETARY FUND (In millions of dollars) Transactions affecting IMF holdings of dollars IMF holdings (during period) of dollars (end of period) U.S. transactions with IMF Transactions by re U se .S rv . e other countries position Period with IMF in IMF P s t u a d io y b o n m s o ll c s f a e r r i n i s p n t ­ s by s g N I a o M l e l e d t s F i D c f r o c u a i r r w o e e r s f i e i g n n 2 n g ­ s I i M d n o c F i l o n la m n rs e e t D d ra o w o ll f a i n rs gs R d m o e i e l p n l n a a t r y s s ­ c T h o an ta g l e Amount P q e U u r o . o c S f t e . a nt p ( e e r n io d d o ) f 3 1946-1957.................................. 2,063 4594 -45 -2,664 827 775 775 28 1,975 1958.................................. — 2 -252 271 17 792 29 1,958 1959.................................. 1,031 2 -139 442 1,336 2,128 52 1,997 1960.................................. 11 -149 580 '442 2’570 62 1’555 1961................................. 150 16 -822 521 - 135 2'435 59 1’690 1962.................................. 17 -110 719 626 3,061 74 1 ^064 1963.................................. 16 -194 207 29 3,090 75 1 '035 1964.................................. 525 18 -282 5 266 3,356 81 769 1965.................................. 435 12 -282 165 3’521 85 5863 1966.......................... ... 776 680 15 - 159 i 1,313 4^834 94 326 1966—June................................. 1 — 14 -13 4,453 86 707 July................................... 71 -6 65 4,518 88 642 Aug................................... 282 i — 38 245 4,763 92 397 Sepl................................... 35 1 -12 i 25 4,788 93 372 Oct................................... 31 1 — 16 16 4,804 93 356 Nov. ..............................- 12 2 -3 11 4,815 93 345 Dec................................... 30 -11 19 4,834 94 326 1967-Jan.............................. 3 -26 -23 4,811 93 349 Feb................................... 3 — 10 -7 4,804 93 357 Mar................................. 1 -2 -1 4,803 93 357 Apr................................... 4,803 93 357 May.................................. 4 — 13 -9 4,’794 93 366 June.................................. 2 -3 -I 4,793 93 367 1 Represents net IMF sales of gold to acquire U.S. dollars for use in 4 Represents a $600 million IMF gold sale to United States (1957), IMF operations. Does not include transactions in gold relating to gold less $6 million gold purchase by IMF from another member with U.S. deposit or gold investment (see Table 6). dollars (1948). 2 Represents purchases from the IMF of currencies of other members 5 Includes $259 million gold subscription to the IMF in June 1965 for for equivalent amounts of dollars. The United States has a commitment a U.S, quota increase, which became effective on Feb. 23, 1966. In figures to repay drawings within 3 to 5 years, but only to the extent that the published by the IMF from June 1965 through Jan. 1966, this gold sub­ holdings of dollars of the IMF exceed 75 per cent of the U.S. quota. scription was included in the U.S. gold stock and excluded from the Drawings of dollars by other countries reduce the U.S. commitment to reserve position. repay by an equivalent amount. 3 Represents the U.S. gold tranche position in the IMF (the U.S. Note.—The initial U.S. quota in the IMF was $2,750 million. The U.S. quota minus the holdings of dollars of the IMF), which is the amount quota was increased to $4,125 million in 1959 and to $5,160 million in that the United States could draw in foreign currencies virtually automati­ Feb. 1966, Under the Articles of Agreement, subscription payments equal cally if needed. Under appropriate conditions, the United States could to the quota have been made 25 per cent in gold and 75 per cent in dollars. draw additional amounts equal to its quota. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1246 INTL. CAPITAL TRANSACTIONS OF THE U.S. JULY 1967 6. U. S. LIQUID LIABILITIES TO FOREIGNERS (In millions of dollars) Liabilities to Inti. Liabilities to foreign countries Liabilities to non­ Monetary Fund arising monetary inti, and from gold transactions Official institutions s Banks and other foreigners regional organizations5 Non­ p E e o r n i f o d d Total Gold Gold S l t i h a e b o rm i r l t ­ ­ M U a a b r .S k le , e t­ c m o a n a ib b r v l k l e e e e r t t ­ ­ S l t i h e a o b rm i r l t ­ ­ M U a a b r . k S le e . t­ S l t i h e a r o b m r il t ­ ­ M a U a b r . k l S e e . t­ Total po de si ­ t1 i m nv e e n s t t 2 ­ Total i p ti o e r s t e r d e­ b G o o n v d t s , T U re .S as . ­ Total i p ti o e r s t e r d e­ b G o o n v d t s , Total i p ti o e r s t e r d e­ b G o o n v d t s , ba b n y k s no an te d s 4 bo u n ry d s ba b n y k s n a o n te d s 4 ba b n y k s n a o n te d s 4 in U.S. and in U.S. in U.S.« notes 1957.............. 715,825 200 200 7,917 n.a. n.a. 5,724 n.a. n.a. 542 n.a. 1958.............. 716,845 200 200 8,665 n.a. n.a. 5,950 n.a. n.a. 552 n.a. 1959.............. 19,428 500 500 10,120 9,154 966 7,618 7,077 541 1,190 530 660 19608............ 120,994 800 800 11^078 10312 866 7,591 7,048 543 1,525 750 775 121,027 800 800 11,088 10312 876 7,598 7,048 550 1,541 750 791 19618............ (22,853 800 800 11,830 10,940 890 8,275 7,759 516 1,948 703 1,245 122,936 800 800 11,830 10,940 890 8,357 7,841 516 1,949 704 1,245 19628............ 1 12 2 4 4 , , 0 0 6 6 8 8 8 8 0 0 0 0 8 8 0 0 0 0 1 1 2 2 , , 7 7 4 1 8 4 1 1 1 1 ' 3 9 6 9 3 7 7 75 5 1 1 8 8 , 3 3 5 5 9 9 7 7, , 9 9 1 1 1 1 4 4 4 4 8 8 2 2 , , 1 16 9 1 5 1 1 , , 2 2 8 5 4 0 9 91 1 1 1 19638............ / 1 2 2 6 6 . , 3 3 6 2 1 2 8 8 0 0 0 0 8 8 0 0 0 0 1 1 4 4 , , 3 3 8 5 7 3 1 12 2 ' ' , 4 4 6 6 7 7 1 1 , , 1 2 8 1 3 7 7 70 0 3 3 9 9 , , 2 2 0 1 4 4 8 8 , , 8 8 6 6 3 3 3 3 4 5 1 1 1 1, , 9 9 6 6 5 0 8 8 0 0 8 8 1 1, , 1 1 5 5 7 2 19648............ 128,951 800 800 15,428 13324 1,125 1,079 11,001 10,625 376 1,722 818 904 129,002 800 800 15'424 13320 1,125 1 ,079 11,056 10,680 376 1,722 818 904 1965.............. 29,115 834 34 800 15372 13 366 1,105 1,201 11,478 11,006 472 1,431 679 752 1966—Apr... 28,862 981 181 800 14,386 12,527 1 ,100 759 12,168 11,674 494 1,327 839 488 May.. 28,935 983 183 800 14,618 12,809 1,100 709 12,191 11,706 485 1,143 706 437 June.. 28,819 983 183 800 14,425 12,661 1,106 658 12373 11,883 490 1 ,038 605 433 July. . 29,511 984 184 800 14,469 13,033 853 583 12,978 12,481 497 1 ,080 647 433 Aug.. 29,697 1,003 203 800 14,264 12,905 852 507 13,391 12,870 521 1 ,039 650 389 Sept. . 29,432 1,011 211 800 13,799 12,515 852 432 13,608 13,121 487 1 ,014 625 389 Oct... 30,212 1,011 211 800 13,966 12309 852 205 14,245 13,739 506 990 600 390 Nov.. 30,548 1,011 211 800 14,018 12,953 860 205 14,546 14,027 519 973 612 361 Dec.8. ( ( 2 2 9 9 , , 7 9 7 0 3 4 1 1 , , 0 0 1 1 1 1 2 21 1 1 1 8 8 0 0 0 0 1 1 3 3 , , 6 6 0 5 0 6 1 1 2 2 , , 5 4 4 8 0 4 8 8 6 6 0 0 2 2 5 5 6 6 1 14 4 , , 2 3 0 8 1 7 1 1 3 3, , 6 8 7 5 3 9 5 5 2 28 8 9 90 0 5 6 5 5 8 8 1 0 3 3 2 2 5 5 1967—Jan... *■28,957 1,012 212 800 13,333 12,145 860 328 13,657 13,129 528 955 651 304 Feb. . 28,908 1,013 213 800 13,347 12,154 865 328 13,693 13,163 530 855 608 247 Mar.. 28,982 1,028 228 800 13,556 12,363 865 328 13,528 12,998 530 870 638 232 Apr.’*. 29,376 1,030 230 800 14,103 12,874 901 328 13,380 12,851 529 863 630 233 1 Represents liability on gold deposited by the International Monetary 8 Data on the two lines shown for this date differ because of changes in Fund to mitigate the impact on the U.S. gold stock of foreign purchases reporting coverage. Figures on the first line are comparable with those for the purpose of making gold subscriptions to the IMF under quota in­ shown for the preceding date; figures on the second line are comparable creases. with those shown for the following date. 2 U.S. Govt, obligations at cost value and funds awaiting investment obtained from proceeds of sales of gold by the IMF to the United States Note.—Based on Treasury Dept, data and on data reported to the to acquire income-earning assets. Upon termination of investment, the Treasury Dept, by banks and brokers in the United States. Data correspond same quantity of gold can be reacquired by the IMF, to statistics following in this section, except for minor rounding differences. ^ Includes Bank for International Settlements and European Fund. Table excludes IMF “holdings of dollars,” and holdings of U.S. Treasury 4 Derived by applying reported transactions to benchmark data; letters of credit and non-negotiable, non-interest-bearing special U.S. breakdown of transactions by type of holder estimated for 1960-63. notes held by other international and regional organizations. Includes securities issued by corporations and other agencies of the U.S. The liabilities figures are used by the Dept, of Commerce in the statistics Govt, that are guaranteed by the United States. measuring the U.S. balance of international payments on the liquidity 5 Principally the International Bank for Reconstruction and Develop­ basis; however, the balance of payments statistics include certain adjust­ ment and the Inter-American Development Bank. ments to Treasury data prior to 1963 and some rounding differences, and 6 Includes difference between cost value and face value of securities in they may differ because revisions of Treasury data have been incorporated IMF gold investment account. Liabilities data reported to the Treasury at varying times. The table does not include certain nonliquid liabilities include the face value of these securities, but in this table the cost value of to foreign official institutions that enter into the calculation of the official the securities is included under “Gold investment.” The difference, which reserve transactions balance by the Dept, of Commerce. amounted to $32 million at the end of 1966, is included in this column. 7 Includes total foreign holdings of U.S. Govt, bonds and notes, for which breakdown by type of holder is not available. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1247 7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o T o u r o n e t t i a r g l i n e s E W u e ro st p e e rn 1 Canada A re m L pu e a b r ti i l n c ic a s n Asia Africa cou O n t t h r e ie r s 2 1963................................................................................................. 14,353 8,445 1,789 1 ,058 2,731 154 176 1964................................................................................................. 15,424 9,220 1,608 1 '238 3,020 160 178 1965.................................................................................................. 15,372 8,608 1’528 I '497 3 >00 194 245 1966—-Apr................................................................................... 14,386 7,602 1,387 1,415 3,519 229 234 May..................................................................................... 14,618 7 >22 1,364 1 ,442 3,532 235 223 June.................................................................................... 14,425 7 >48 1,327 1 >21 3,438 237 254 July..................................................................................... 14,469 8,184 1 ,288 1'159 3,380 234 224 Aug..................................................................................... 14,264 8,’008 1 '221 1 '153 3,411 252 219 Sept..................................................................................... 13,799 7’585 1,215 1 ,'O49 3,459 266 225 Oct.................................................................................... 13,966 7 ,’687 1,196 1,110 3,464 282 227 Nov.................................................................................... 14>18 7,758 1,212 1,101 3,430 293 224 Dec.3 ................................................................................ ( 1 1 1 3 3 > ,6 0 5 0 6 7 7 , , 4 4 8 8 8 8 1 1 , , 1 1 8 8 9 9 1 1 , , 1 1 3 3 4 4 3 3, , 3 2 4 8 0 4 2 2 7 7 7 7 2 2 2 2 8 8 1957—Jan....................................................................................... 13,333 7,236 1,186 1,139 3,256 276 240 Feb...................................................................................... 13’347 7’,285 1,134 1,167 3,264 255 242 Mar. ................................................................................ 13,556 7,’493 1,127 1 '246 3,204 259 227 Apr J'.................................................................................. I4JO3 7,832 1 J 56 1,455 3,147 284 229 i Includes Bank for International Settlements and European Fund. Note.—Data represent short-term liabilities to the official institutions 2 Includes countries in Oceania and Eastern Europe, and Western Euro­ of foreign countries, as reported by banks in the United States, and foreign pean dependencies in Latin America. official holdings of marketable and convertible nonmarketable U.S. Govt, 3 Data on the two Unes shown for this date differ because of changes securities with an original maturity of more than I year. in reporting coverage. Figures on the first line are comparable in coverage with those shown for the preceding date; figures on the second line are comparable with those shown for the following date. 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional Foreign E pe n r d i o o d f G to r t a a n l d 1 Total 1 Inti. J gi R on e a ­ l2 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 O c t o r t i u h e n e s ­ r 1963........................2..2..,.8..7.7 1,547 1 ,411 136 21,330 12,467 8,863 10,770 2,988 3,137 4 001 241 194 1964* 25'518 1,618 1,447 171 23,900 13 >20 10,680 12,236 2 >84 3 >63 4,687 238 192 1965. 25'551 1,479 1 ,'361 118 24,072 13 >66 11 >06 11 >27 2’574 4,027 5,286 280 278 1966--May.................... 26,021 1,506 1 ,393 113 24,515 12,809 11,706 11,868 2,359 4,149 5,541 336 262 June.................... 25'949 1,405 1,295 110 24'544 12>61 11’883 12,331 2,171 3>33 5 470 334 305 July..................... 26,961 1,447 1 ’337 110 25’514 13,033 12,481 13,349 2 >91 3 "881 5,393 329 269 Aug..................... 27,225 1,450 1,344 106 25 >75 12,905 12’870 13,785 2'164 3,817 5,405 339 264 Sept.................... 27 >61 1 ,425 1 '298 127 25 >36 12,515 13’121 13'534 2' 191 3,800 5,481 363 267 Oct...................... 28,048 1 ’400 1,274 126 26 >48 12'909 13>39 14>78 2'400 3>10 5'517 376 268 Nov..................... 28,392 1 ,412 1'294 118 26>80 12,953 14 >27 14>74 2'456 3,861 5,425 398 266 Dec, 5................. > (2 2 7 7 , , 5 7 9 2 3 4 1 1 , > 3 8 8 1 0 1 1 ' , 2 2 7 7 0 0 1 1 1 1 1 0 2 2 6 6 , , 3 2 4 1 3 3 1 1 2 2 , , 5 4 4 8 0 4 1 1 3 3 , , 8 6 5 7 9 3 1 13 4 , '0 93 0 3 0 2 2 , > 5 0 0 9 2 3 3 , , 8 8 8 8 3 3 5 5 , , 2 2 9 4 9 4 3 3 8 8 5 7 2 26 6 6 6 1967--Jan...................... 26,725 1 ,451 1,298 153 25,274 12,145 13,129 13,204 2,358 3,918 5,119 390 285 Feb............... 26 >25 1,408 1,277 131 25'317 12'154 13,163 13'324 2 >27 3,971 5,132 379 284 Mar. ................. 26’799 1 ,438 1 ’315 123 25,361 12>63 12>98 13>l 1 2 >65 4,063 5,086 357 278 Apr.1’.................. 27,155 1 ,430 1,311 119 25 >25 12 >74 12,’851 13,406 2,298 4 >73 5,084 389 275 Mayp.................. 27'321 1 >06 1 >87 119 25>15 13^088 12^827 13,422 2 >29 4>66 5,129 392 277 8a. 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—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........ 14,178 208 418 285 57 1,096 2,423 141 1,447 335 265 320 155 674 Nov....... 14,574 183 462 272 53 1,124 2,571 145 1,367 364 283 343 160 655 /14,000 196 420 305 58 1,071 2,583 129 1,410 364 283 358 162 656 113,933 196 420 305 58 1,070 2,538 129 1,410 364 283 358 162 656 1967—Jan. , .. 13,204 190 426 315 69 992 2,162 138 1,255 294 246 363 191 609 Feb........ 13,324 182 421 307 69 966 2,375 127 1,208 320 258 373 147 628 Mar.. . . 13,311 181 410 305 65 948 2,412 110 1,232 332 274 350 142 615 Apr.p... 13,406 150 426 297 94 929 2,392 117 1,319 328 287 353 121 623 May7’... 13,422 159 478 274 89 958 2,376 108 1,410 402 301 345 117 651 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1248 INTL. CAPITAL TRANSACTIONS OF THE U.S. JULY 1967 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 8a, Europe—Continued 8b. 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 sla u v g i o a ­ W E O u e t r s h o t e e p r r e n e 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— 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 40 333 6 33 3,910 438 365 238 183 10 555 Nov....... 1,764 30 4,414 33 314 5 33 3,861 417 362 226 176 9 606 Dec.L.. U 11 , , 8 8 0 0 5 5 4 43 3 3 3 , , 8 8 3 1 9 7 3 3 7 7 2 2 3 3 5 4 8 8 4 4 0 0 3 3 , , 8 8 8 8 3 3 4 4 1 1 8 8 2 2 9 9 9 9 2 2 6 6 1 1 1 1 7 7 8 8 8 8 6 6 3 3 2 2 1967-—Jan......... 1,699 38 3,754 35 386 6 36 3,918 414 297 242 170 8 636 Feb........ 1,723 29 3,796 37 312 6 37 3,971 412 308 247 162 9 695 Mar........ 1,686 30 3,833 36 320 3 27 4,063 459 319 248 174 9 699 Apr. p... 1,700 31 3,813 34 355 4 33 4,273 524 339 258 195 9 704 Mayp... 1 ,735 25 3,531 41 386 4 30 4,366 645 33! 252 158 9 762 8b. Latin America—Continued 8c. Asia E pe n r d io o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ O L r t e . 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 r c a Total C M la h a n i i n d n a ­ H K o o n n g g India n d I e n o si ­ ­ a Israel 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—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. . .. 144 230 180 735 541 165 117 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 5,481 36 135 151 53 115 Oct........ 148 237 156 738 521 178 121 23 5,517 36 142 151 62 108 Nov....... 152 236 161 694 517 174 108 24 5,425 36 135 167 60 102 /150 249 161 707 522 177 104 17 5,299 36 142 180 54 117 (150 249 161 707 522 177 104 17 5,244 36 142 179 54 117 1967—Jan......... 147 239 164 750 533 192 108 19 5,119 36 147 198 62 109 Feb........ 147 234 167 718 550 198 107 18 5,132 36 140 206 51 113 Mar........ 152 257 168 704 563 184 107 19 5,086 36 142 205 46 100 Apr. p.. . 160 245 156 776 577 204 107 19 5,084 36 150 217 51 104 May”... 145 257 155 732 576 218 107 20 5,129 36 167 223 49 107 8c. Asia—Continued 8d. Africa 8e. Other countries Congo E pe n r d io o d f Japan Korea P p h in il e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total 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 ca r Total t A ra u l s ia ­ o A th l e l r 1963...................... 2,484 113 209 149 382 353 241 26 49 41 14 112 194 180 13 1964...................... 2i 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—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........... 2,760 129 316 242 603 902 339 12 35 56 22 215 264 236 28 Sept.......... 2',739 134 317 244 612 945 363 13 40 64 15 231 267 240 27 Oct............ 2’680 138 315 246 612 1 ,028 376 12 41 64 26 232 268 243 25 Nov.......... 2'624 158 288 238 611 1,007 398 14 38 73 45 229 266 242 24 UCC. ■’..,. / ( 2 2 , , 6 6 9 6 1 4 1 1 7 6 2 2 2 28 8 5 6 2 22 3 8 2 5 5 9 9 8 8 7 79 7 1 9 3 3 8 8 7 5 1 1 5 5 3 31 2 7 7 1 1 3 39 9 2 22 3 9 0 2 2 6 6 6 6 2 2 4 4 3 3 2 2 2 2 1967—Jan............ 2,561 171 282 235 610 708 390 13 33 61 33 250 285 262 23 Feb........... 2,502 181 271 232 635 766 379 13 31 62 22 251 284 258 26 Mar. . .. 2; 490 178 255 229 658 748 357 13 32 58 34 220 278 252 26 Apr.”........ 2,447 175 267 227 655 756 389 11 30 56 26 266 275 249 25 May”.... 2,449 168 268 225 663 773 392 11 32 58 18 273 277 253 24 1 Data exclude the “holdings of dollars” of the International Monetary follows (in millions of dollars): Total +50; Foreign other +50; Europe Fund. — 17; Canada +1; Latin America +26; Asia +49; Africa —9. 2 Latin American, Asian, African, and European regional organiza­ 5 Data on the two lines shown for this date differ because of changes in tions, except Bank for International Settlements and European Fund reporting coverage. Figures on the first line are comparable in coverage which are included in “Europe.” with those shown for the preceding date; figures on the second line are 3 Foreign central banks and foreign central govts, and their agencies, comparable with those shown for the following date. and Bank for International Settlements and European Fund. 6 Includes Bank for International Settlements and European Fund. 4 Includes revisions arising from changes in reporting coverage as For Note see end of Table 8. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1249 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 8f. Supplementary data 7 (end of period) 1965 1966 1967 1965 1966 1967 Area or country Area or country Dec. Apr. Dec. Apr. Dec. Apr. Dec. Apr. Other Western Europe: Other Asia—Cont.: Iceland.......................................... 5.8 4.0 6.6 5.7 I raq................................................... 12.0 27.1 17.6 n.a. Ireland, Rep. of............................. 6.2 6.6 8.9 7.4 Jordan............................................. 16.0 16.0 39.7 45.2 Luxembourg............................ 21.1 28,2 25.3 21.7 Kuwait.................................... 35.5 24.6 49.2 28.6 Laos................................................. 3.2 5.7 4.6 6.5 Other Latin American republics: Lebanon......................................... 99.7 92.0 100.1 112.2 Bolivia.......................................... 67.4 64.4 66.9 57.9 Malaysia......................................... 25.9 31.2 38.3 34.9 Costa Rica....................................... 34.2 32.9 34.6 41.9 Pakistan.......................................... 19.4 21.0 49.2 45.3 Dominican Republic..................... 72.3 54.3 53.2 53.9 Ryukyu Islands (inch Okinawa). 24.0 39.5 815.9 31.2 Ecuador........................................... 69.6 62.3 86.3 92.4 Saudi Arabia................................. 283.6 291.0 176.1 96.4 El Salvador,.................................... 67.0 78.3 68.9 96-4 Singapore...................................... 8.9 4.9 34.6 n.a. Guatemala....................................... 68.1 86.9 64.2 83.9 Syria....................................... 4.0 4.8 3.4 4.7 Haiti................................. 16.3 16.7 16.3 16.8 Vietnam.........................................., 39,0 123.8 132.0 146.3 Honduras............................. 31.4 43.2 26.8 28,6 Jamaica.......................................... 8.6 11.5 11.7 19.3 Other Africa: Nicaragua........................................ 67.0 75.0 72.8 62,7 Algeria...................................... 7.6 13.6 11.3 Paraguay..................... 13.8 15.0 14.9 16,6 Ethiopia, (inch Eritrea)........ 44.1 58.9 53.5 40.2 Trinidad & Tobago...................... 3.6 6.3 4.7 5.4 Ghana............................................. 2.6 2,9 6.9 5.3 Liberia............................................ 17,9 19.7 21.2 21.6 Other Latin America: Libya............................................... 34.8 26.7 37.1 76.0 British West Indies.................. 11.5 8.9 14.6 14.2 Mozambique,..................... 1.6 1.7 5.0 French West Indies & French Nigeria............................................ 21,7 20.3 25.7 Guiana......................................... 2.2 1.5 1.3 1.7 Somali Republic......................... .8 .9 .8 .8 Southern Rhodesia............ 3.3 3.5 2.7 3.3 Other Asia: Sudan.............................................. 3.7 3.3 3.4 6.7 Afghanistan.............................. 5.6 8.0 9.5 7.8 Tunisia........................................... 1.8 1.0 1.1 1.0 Burma............................................... 49.1 34. 6 34.4 Zambia................................. 7.2 16.1 34.7 n.a. Cambodia........................................ 2.7 3.1 1-1 1.3 Ceylon.............................................. 2.4 3.3 3.2 2.7 AU other; Iran................................................... 66.9 79.2 36.6 44.0 New Zealand..,....,..,,...., 18.7 27.1 13.6 16.7 7 Represent a. partial breakdown of the amounts shown in the “other” their date of issue. Data exclude the “holdings of dollars” of the Interna­ categories (except “Other Eastern Europe”) in Tables 8a-8e. tional Monetary Fund; for explanation see note following Tables 17 and 8 Data exclude $12 million resulting from changes in reporting cover­ 18. Data exclude also U.S. Treasury letters of credit and non-negotiable, age and classification. non-interest-bearing special U.S. notes held by the Inter-American De­ tim N e o ) t a e n .— d S U h .S or . t- G te o r v m t, s li e a c b u i r l i i t t i i e e s s m ar a e t ur p i r n i g n ci in p a n ll o y t d m e o p r o e s i t t h s a n ( de 1 m y a e n ar d fr a o n m d vel F o o p r m d e a n t t a B o a n n k lo a n n g d -t e th rm e I l n ia t b er il n it a i t e i s o , n s a e l e D T e a v b e l l e o p 14 m . ent Association. 9. 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, official and international institutions1 To all other foreigners Payable End of period Total in foreign Deposits U.S. Deposits U.S. currencies Total T bi r l e ls a s a u n r d y Other J Total T bi r l e ls a s a u n r d y Other 3 Demand Time 2 certificates Demand Time 2 certificates 1963...................................... 22,877 19,696 5,575 3,673 8,571 1,878 3,047 1,493 966 119 469 134 1964 4.................................. 25^518 22,051 6,684 3,990 8,727 2,650 3,377 1,531 1,271 72 503 90 1965..................................... 25’551 21'905 6'518 3,963 8,269 3’155 3'587 1,574 1,594 87 332 59 1966—May......................... 26,021 21,880 7,231 3,769 7,464 3,416 3,704 1,531 t ,718 88 367 437 June................ 25^949 21'750 7’234 3,654 7,384 3’478 3 743 1^526 1,756 72 389 456 July.......................... 26'961 22,750 7^801 3,686 7,605 3,658 3,726 i ,’490 1,759 80 397 485 Aug,................... 27'225 23'016 8'147 3,701 7,529 3^638 3’653 1,413 1 '765 81 394 556 Sept............ .. 27^061 22'615 7,840 3'846 7,363 3,566 3'839 1 >531 1,803 108 397 608 Oct........................... 28,048 23^526 8,381 3',998 7,671 3,476 3'820 1,479 1 >6 98 427 702 Nov.......................... 28^392 23’896 8,542 4,065 7’896 3,393 3,790 1392 1,809 89 400 705 Dec.5...................... / ( 2 2 7 7 ; ,5 ? 9 2 3 4 2 2 3 3 , , 2 3 6 7 1 1 8 8 , , 5 3 3 7 1 1 4 4 ^ ,0 0 5 0 0 0 7 7 , , 4 4 6 6 4 4 3 3 , , 3 3 7 7 6 6 3 3^ ,7 7 4 4 4 4 ^ 1, 5 5 1 1 3 3 M 1,8 I 1 9 9 8 8 3 3 3 3 2 2 9 9 6 5 0 8 9 8 1967—-Jan........................... 26,725 22,500 7,663 3,966 7,386 3,485 3,712 1,460 1,825 80 347 514 Feb........................... 26,725 22,444 7,573 3,861 7,559 3^451 3^776 1'512 M45 89 330 506 Mar.......................... 26,799 22'473 7; 462 3,663 7'910 3'438 3'822 I '556 1,853 79 334 503 Apr.”................. 27,155 22; 827 7; 470 3^586 8,277 3,494 3 ;783 1,535 1,845 73 330 545 May71....................... 27,321 22,977 7,654 3,450 8,253 3,621 3,824 1,577 1 ,855 86 305 521 t Data exclude “holdings of dollars” of the International Monetary follows (in millions of dollars): Total +50; foreign banks, etc. 4-55; Fund. other foreigners +23; payable in foreign currencies —28. 2 Excludes negotiable time certificates of deposit, which are included s Data on the two lines shown for this date differ because of changes in in “Other.” reporting coverage. Figures on the first line are comparable in coverage ^ principally bankers’ acceptances, commercial paper, and negotiable with those shown for the preceding date; figures on the second line are time certificates of deposit. comparable with those shown for the following date. 4 Includes revisions arising from changes in reporting coverage as Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1250 INTL. CAPITAL TRANSACTIONS OF THE U.S. JULY 1967 10. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. GOVERNMENT BONDS AND NOTES (End of period: in millions of dollars) 1966 1967 Area and country 1965 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.p May1’ Europe: Austria.............................. 3 3 3 3 3 3 3 3 3 3 3 3 3 3 Denmark............................... 14 13 13 13 13 13 13 13 13 13 13 12 12 12 France.................................... 7 7 7 7 7 7 7 7 7 7 7 7 7 7 Germany............................... 1 1 1 1 1 I 1 1 1 I 1 1 I Italy........................................ 1 I 1 1 1 2 2 2 2 2 2 2 2 2 Netherlands.......................... 6 5 5 5 5 5 5 5 5 5 5 5 5 5 Norway................................. 49 44 51 51 51 51 51 51 51 51 51 51 51 51 Spain...................................... 2 2 2 2 2 2 2 2 2 2 2 2 2 Sweden............................ 24 24 24 24 24 24 24 24 24 24 24 24 24 24 Switzerland........................... 89 92 93 94 94 93 93 93 93 92 93 93 92 91 United Kingdom................. 553 556 560 312 330 298 321 333 348 350 353 353 355 359 Other Western Europe.... 51 51 50 50 50 50 50 50 49 49 49 50 50 50 Eastern Europe................. 7 7 7 7 7 7 7 7 7 7 7 7 7 7 Total.............................. 807 806 817 570 588 556 579 591 605 606 610 609 611 613 Canada...................................... 676 685 686 689 695 693 690 698 692 692 695 695 722 719 Latin America: Panama.............................. 1 1 1 1 1 I I 2 2 2 2 2 2 Other Latin American rep,. 5 6 6 6 6 6 6 6 6 6 6 6 5 5 Other Latin America.......... 21 22 20 18 18 18 18 18 19 18 18 18 18 18 Total.............................. 27 28 25 24 23 23 24 24 25 24 24 24 24 24 Asia: Japan.................................. 9 9 9 9 9 9 9 9 9 9 9 9 9 9 Other Asia............................ 42 42 42 42 42 42 42 42 42 42 42 42 42 53 Total.............................. 51 51 51 51 51 51 51 51 50 50 51 50 50 62 Africa . ................................ 16 16 16 16 15 15 15 15 15 15 15 15 23 28 Other countries........................ I 1 1 I 1 1 1 1 1 1 1 1 1 Total foreign countries........... 1,577 1,585 1,596 1,350 1,373 1,339 1,358 1,379 1,388 1,388 1,395 1,395 1,430 1 ,446 International and regional: International........................ 679 364 359 359 314 314 314 286 250 228 187 172 172 172 Latin American regional... 74 73 74 74 74 75 75 75 75 76 60 60 60 61 Total.............................. 752 437 433 433 389 389 390 361 325 304 247 232 233 234 Grand total.................. 2,329 2,022 2,029 1,783 1,762 1,728 1,748 1,740 1,713 1,692 1,642 1,627 1,663 1,680 Note.—Data represent estimated official and private holdings of mar­ monthly reports of securities transactions (see Table 15 for total trans­ ketable U.S. Govt, securities with an original maturity of more than 1 actions). year, and are based on a July 31, 1963 survey of holdings and regular 11. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) Payable in dollars Payable in foreign currencies End of period Total Total Canada1 Italy2 Sweden Total Austria Belgium Germany Italy Sw la i n tz d er­ B.I.S. 1962 ....................... 251 251 200 51 1963.......................... 893 163 125 13 25 730 50 30 275 200 175 1964......................... 1,440 354 329 25 1,086 50 30 679 257 70 1965......................... 1,692 484 299 160 25 1’208 101 30 602 125 257 93 1966 Tune ........... 1 101 512 299 188 25 589 75 30 200 125 158 July 1 002 512 299 188 25 490 75 30 150 125 110 *927 512 299 188 25 415 50 30 100 125 110 Sept . ... 852 512 299 188 25 340 25 30 50 125 110 Oct............. 623 385 174 186 25 238 25 30 125 58 Nov............ 593 355 144 186 25 238 25 30 125 ' 58 695 353 144 184 25 342 25 30 50 125 111 1967 Jan. . 767 353 144 184 25 414 25 30 101 125 133 Feb ........ 767 353 144 184 25 414 25 30 101 125 133 766 352 144 183 25 414 25 30 101 125 133 Apr.............. 766 352 144 183 25 414 25 30 101 125 133 784 349 144 1 80 25 434 25 151 125 133 June............. 809 349 144 180 25 460 25 .........1..5..1.... 125 159 ................. i Includes bonds issued to the Government of Canada in connection through Oct. 1966; and $144 million, Nov. 1966 through latest date. with transactions under the Columbia River treaty. Amounts outstanding 2 Bonds issued to the Government o f Italy in connection with mili­ were $204 million, Sept. 1964 through Oct, 1965; $174 million, Nov. 1965 tary purchases in the United States. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1251 12. 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 ......................................................................................... 5,975 939 638 1,742 2,493 104 58 1964........................................................................................ 7'469 1,217 725 2,212 3,137 120 58 19641...................................................................................... 7357 * 1'230 1,004 2,235 3,294 131 64 1965 2...................................................................................... /t;632 ♦ 1301 593 2; 288 3; 343 139 67 \7,734 1,208 669 2,293 3,358 139 67 1966—May............................................................................. 7,560 I 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 I 1’304 563 2’268 3386 128 61 Sept.. .......................................................................... 7'420 I 1'315 556 2303 3,063 124 59 Oct.. .................................................................... 7’445 1 1,319 610 2'335 2,989 129 61 Nov,........................................................................... 7*547 ] 1'417 598 2'354 2384 134 60 Dec.2.......................................................................... J 1 7 7 , , 8 9 1 11 9 1 I 1 1, , 3 3 8 6 1 8 6 6 2 08 0 2 2, '4 4 8 9 9 3 3 3, J 2 3 2 5 2 1 1 4 4 4 4 6 62 2 1967—Jan................................................................................ 7,760 1,304 599 2,488 3,184 125 60 Feb............................................................................... 7’755 2 1,258 628 2'502 3'174 130 62 Mar................................................................... 7,932 2 1,268 616 2,546 3'293 146 62 Apr p........................................................................... 8,003 1 1,282 625 2’493 3,403 136 62 May®.......................................................... 8,131 I 1,308 596 2,522 3309 132 62 12a. Europe End of period Total A tr u ia s­ g B iu e m l­ m De a n rk ­ l F a i n n d ­ France G Fe e d r o . m f R an e y p , . Greece Italy N la e e n r t d ­ h s ­ N w o ay r­ t P u o ga r­ l Spain S d w en e­ 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 19652................................ /I.201 8 52 37 87 72 190 13 110 38 51 26 50 52 l1,208 8 52 37 87 72 190 13 110 38 51 26 50 52 1966—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...................... 1315 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.2..................... / U L , 3 3 6 81 8 1 1 6 6 6 6 7 7 6 6 2 2 9 9 1 1 7 7 3 3 2 2 1 3 5 4 1 1 6 6 1 1 0 0 8 8 4 4 0 0 7 7 6 6 4 44 4 6 6 7 7 7 7 4 4 1967—Jan.......................... 1,304 19 69 42 90 60 203 15 84 36 64 44 75 68 Feb......................... 1’258 20 76 42 91 64 175 15 78 45 60 41 71 77 Mar............. 1 ,’268 19 73 44 92 66 180 14 70 44 62 39 69 78 Apr.®..................... 1'282 17 73 35 97 72 201 15 64 35 60 39 68 77 May®..................... 11308 18 67 34 100 65 199 17 73 34 60 34 71 72 12a. Europe—Continued 12b. 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 i n m t g ed ­ Y sl u av g i o a ­ W E O u e r t s h o te p e r r e n U.S.S.R. E E O u as r th o te e p r r e n Total A t r i g n e a n­ Brazil Chile l C o b m 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................................ lit 37 310 16 20 20 2,235 203 126 176 338 17 644 19652................................. 1 I 7 7 3 3 4 4 2 2 2 2 1 1 6 0 2 2 8 8 2 2 8 8 6 6 2 2 7 7 2 2, , 2 2 9 8 3 8 2 2 3 3 2 2 9 9 4 4 1 1 7 7 4 4 2 2 7 70 0 1 1 6 6 6 6 7 6 4 9 1966—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 HO 158 279 16 743 Sept 78 47 216 18 34 17 2303 182 112 150 287 16 736 Oct......................... 76 48 200 20 36 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.2..................... J I 8 8 3 8 5 5 2 2 2 1 1 98 0 1 1 9 9 3 37 7 2 2 1 1 6 6 2 2, 3 4 8 9 9 3 1 1 9 9 3 3 1 1 1 1 4 4 1 1 5 5 9 9 3 3 0 0 8 8 1 1 6 6 7 7 6 6 7 7 1967—Jan.......................... 80 50 224 23 39 2 17 2,488 185 119 152 295 16 792 Feb.................. 82 27 213 22 39 2 17 2,502 175 122 150 286 16 821 Mar........................ 81 37 218 22 39 1 20 2,’546 186 128 147 274 16 857 Apr®...................... 81 47 216 23 42 1 20 2393 186 123 151 249 16 836 May®..................... 84 37 267 24 32 * 21 2322 179 123 152 230 16 872 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1252 INTL. CAPITAL TRANSACTIONS OF THE U.S. JULY 1967 12. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 12b. Latin America—Continued 12c. Asia Other Baha­ Neth. Other 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 ­ re L l p i . c A u s b . ­ m B m u & e a d r s ­ a A S n n u a t & i m r l i l ­ es A L m a ic t e a in 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 19652........./ 1 .5. ” ..?.... 1 1 7 7 0 0 4 4 5 5 2 2 2 2 0 0 2 25 5 0 0 5 5 3 3 1 1 4 4 2 23 3 3 3 , , 3 3 4 5 3 8 1 2 29 9 1 1 7 7 2 2 8 8 6 6 1966—May.... 64 175 56 174 200 57 16 22 3.317 1 33 28 1 81 June.... 67 186 55 174 205 57 16 21 3,298 1 33 29 1 89 July.... 66 177 57 180 218 55 17 16 3,135 1 32 26 6 88 Aug....... 67 177 39 184 224 56 17 16 3,086 I 30 27 6 90 Sept.... 65 175 39 212 234 57 20 17 3,063 1 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 J7 18 2,984 1 31 13 5 98 Dec.2.,. /84 211 45 226 272 61 18 17 3,135 1 31 16 6 98 185 213 45 226 272 61 18 17 3,222 I 31 16 6 98 1967—Jan......... 79 214 44 226 271 63 17 17 3,184 1 31 12 6 102 Feb. ... 78 226 39 220 274 62 17 17 3,174 1 31 12 6 106 Mar.... 80 233 56 220 260 56 17 16 3,293 1 33 13 5 96 Apr.?... 75 238 59 205 258 61 17 17 3,403 I 31 14 5 89 MayP... 75 262 60 218 249 51 18 16 3,509 1 35 14 5 94 12c. Asia—Continued 12d. Africa 12e ()ther countries End of period Japan Korea P p h in il e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total C s ( h K o a n i s n g a ­ o ) Mo co 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 t l r u i a a s ­ ­ o A th l e l 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.......................... 810 21 203 9 65 82 131 1 20 42 67 64 48 16 19652.......................... P (2 .7 ,7 5 6 1 8 2 2 2 2 2 2 3 3 1 0 1 1 5 5 8 82 2 1 10 0 7 8 1 13 3 9 9 I 2 2 3 3 4 4 4 43 3 6 60 0 6 6 7 7 5 52 2 1 1 5 5 1966—May............... 2,759 14 205 15 70 110 142 ♦ 2 50 39 50 63 52 11 June............... 2,733 16 191 17 69 U8 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.2............. / ( 2 2 ; , 5 5 0 8 2 8 3 3 1 1 2 2 2 2 0 0 1 1 4 5 8 81 1 1 13 3 5 4 1 1 4 4 4 4 1 1 2 2 5 5 0 0 2 2 5 5 6 6 6 6 6 6 2 2 5 5 2 2 1 1 0 0 1967—jan.................. 2,509 33 233 23 83 151 125 3 38 18 66 60 51 9 Feb................. 2^507 34 228 26 86 137 130 ♦ 4 43 15 69 62 53 8 Mar................ 2,626 38 232 30 89 131 146 1 2 42 30 70 62 53 9 Apr p............. 2,732 52 245 33 84 116 136 * 2 37 26 71 62 53 9 Mtayp............ 2,841 44 249 30 83 114 132 * 5 34 31 62 62 52 10 i 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 Data on the two lines shown for this date differ because of changes in and foreign, currency balances held abroad by banks and bankers and reporting coverage. Figures on the first line are comparable in coverage their customers in the United States. Excludes foreign currencies held with those shown for the preceding date; figures on the second line are by U.S. monetary authorities. comparable with those shown for the following date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1253 13. 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— Collec­ Accept­ g F o o v r t e , ig se n ­ End of period Total Total Total O i t n i f o s f t i n c i s t i u a 1 l ­ Banks Others s t t o i i a o n u n n g t d ­ s ­ f e m o o a i r f g n a n a c f d o c e e e c s r r s t ­ , Other Total D w e e i i g p th n o e s f r i o t s r s ­ c a u n c p n o r a a i d n m t p i c e f e l e i . r s ­ , Other 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 19642.............................. 7'957 7,333 2,773 221 1'403 1 ,150 1J35 2,621 803 624 336 187 102 19653.............................. J 1 7 7 , , 6 7 3 3 2 4 7 7 , ; 2 1 4 5 3 8 2 2^ ,9 9 7 6 0 7 2 27 7 1 1 1 1 , , 5 5 6 6 6 7 1 1 , , 1 1 3 3 0 2 1 L , 2 2 6 72 8 2 2, ^ 5 0 0 1 8 4 4 9 2 2 2 4 47 9 4 2 3 3 2 2 5 9 5 68 4 9 9 5 6 1966—May.................... 7,560 7,139 2,835 224 1,520 1,091 1,298 2,542 464 421 253 62 106 June.................... 7^649 7,179 2; 911 248 1’584 1 '079 1'320 2^475 473 469 294 63 113 July..................... 7,503 7,078 2; 860 215 1’570 1,075 1340 2,383 495 425 252 59 113 Aug.................... 7'411 6,971 2,820 216 1’548 1,056 1'374 2,324 453 440 260 57 123 Sept..................... 7,'420 6,992 2,943 256 1’619 1,068 1,'374 2,'267 409 427 241 61 125 Oct...................... 7'445 7^011 2,’970 274 1'607 1,089 1,354 2,251 436 434 253 73 108 Nov..................... 7’547 7,095 3,015 273 1 ’619 1,123 1,363 2^276 441 452 269 77 106 uec. •’............. 1 V 7 , ,8 9 1 i 9 t 7 7 , , 3 4 9 9 9 8 3 3, , 1 1 3 3 9 9 2 2 5 5 8 8 h 1, 7 7 3 3 8 8 1 1 , , 1 1 4 4 3 3 l 1 ’ , ,3 3 6 6 7 7 2 2 , , 4 5 5 4 0 0 4 4 4 5 3 2 4 41 2 3 0 2 23 4 3 0 7 7 0 0 1 1 1 1 0 0 Jan...................... 7,760 7,394 2,996 257 1,592 1,147 1,370 2,575 453 367 2U 73 83 Feb..................... 7'755 7,348 2’967 238 1 ’576 1,153 1'376 2,566 440 407 245 70 92 Mar..................... 7'932 7,513 3,01 8 254 1,606 1,158 1'436 2,628 432 419 272 50 97 Apr.P.................. 8’003 7,590 2,952 273 1 '526 1'153 1^23 2J47 469 413 252 73 88 May”................. 8,131 7’721 2^909 246 1 ,547 1J16 1330 2,922 461 409 259 62 89 i Includes central banks. 3 Data on the two lines shown for this date differ because of changes in 2 Differs from data in line above because of the exclusion, as of Dec. reporting coverage. Figures on the first line are comparable in coverage 31, 1964, of $58 million of short-term U.S. Govt, claims previously in­ with those shown for the preceding date; figures of the second line are cluded; because of the addition of $546 million of short-term claims comparable with those shown for the following date. arising from the inclusion of claims previously held, but first reported as of Dec. 31, 1964; and because of revision of preliminary data. 14. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Liabilities Claims Type Country or area End of period Total F c o t o r r i u e e i n s g ­ n n re I a g n a ti i n t o o e d n n r ­ a a l l Total P L a o y a a n b s le in d o o t A h l l l e l a r rs P f r o e a c n r y i u e c n a r i i b g ­ e l n s e U K d n o i i n m t g ed ­ E O u t r h o e p r e Canada Am La e t r i i n c a Japan O A t s h i e a r t O c r o i t e u h s e n r ­ 1 1963................... 69 28 42 3,030 2,811 217 2 38 1,063 290 1,015 249 194 181 /306 200 106 3,971 3'777 195 77 1,611 273 1,162 385 238 227 1964 2............... (310 204 106 4,285 3,995 288 1 87 1,632 327 1,275 430 255 278 1965................... 513 203 311 4,517 4,211 297 9 86 1 ,518 346 1,296 445 391 436 1966—May.... 847 375 472 4,431 4,153 271 7 85 1,412 308 1,318 425 406 476 June.. .. 1,009 524 485 4,389 4,108 272 8 87 1 ,386 311 1,306 406 410 481 July.... 1,073 573 500 4,389 4,111 270 8 81 1,349 328 1,300 403 428 502 Aug........ 1,093 596 497 4,368 4,095 265 8 78 1 ,328 322 1,296 393 428 523 Sept.... 1,109 613 496 4,287 4,004 266 16 75 1,270 320 1,306 374 430 510 Oct........ 1,170 668 502 4,247 3,969 262 16 76 1 ,225 321 1,295 355 432 543 Nov.,.. 1,188 678 510 4,296 4,026 254 17 72 1,222 314 1,373 339 421 555 Dec........ 1,489 983 506 4,180 3,915 247 18 70 1,158 314 1,346 326 408 559 1967—Jan........ 1,558 1,050 508 4,073 3,816 240 16 72 1,131 285 1,320 312 391 562 Feb........ 1,658 1,114 545 4,024 3,782 227 15 72 1,108 267 1,320 301 391 566 Mar. ,.. 1,861 1,291 571 4,031 3,782 232 16 68 1,082 313 1,319 287 377 584 Apr.’’... 1,981 1,410 571 4,031 3,781 231 20 69 1 ,065 326 1,320 278 380 593 Mayp... 2,035 1,449 586 4,005 3,756 232 17 65 1,036 315 1,322 263 384 621 1 Includes Africa. with those shown for the preceding date; figures on the second line are 2 Data on the two lines shown for this date differ because of changes in comparable with those shown for the following date. reporting coverage. Figures on the first line are comparable in coverage Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1254 INTL. CAPITAL TRANSACTIONS OF THE U.S. JULY 1967 15. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) Marketable 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 Inti, Foreign ch P a u s r e ­ s Sales c N ha e s t e p s u o r r ­ c P ha u s r e ­ s Sales c N ha e s t e p s u o r r ­ ch P a u s r e ­ s Sales c N ha e s t e p s u o r r ­ Total and sales sales sales regional Total Official Other 1963................................ 671 302 369 2,980 2,773 207 991 2,086 -1,095 696 644 51 1964................................ -338 -315 -23 3,537 3,710 -173 915 1,843 -928 748 548 200 1965................................ -76 -151 75 4,395 4,770 -375 1,198 2,440 -1,242 906 617 290 1966................................ -616 -427 -189 6,318 5,616 703 1,778 2,688 -910 960 731 229 1966—May................. -60 -51 -9 742 583 159 152 161 -9 94 55 39 June................... 6 -5 11 614 509 105 200 217 -17 91 52 40 July................... -246 -246 428 439 -11 135 248 -113 69 39 30 Aug.................... -21 -44 23 379 381 -2 90 69 21 76 65 11 Sept.. ................ -34 -35 502 378 124 99 194 -95 86 42 44 Oct........... 20 20 383 347 36 293 351 -59 69 37 32 Nov.................... -7 -28 21 433 400 33 116 187 -71 58 41 17 Dec.................... -27 -36 9 563 542 21 152 151 85 53 31 1967—Jan..................... -21 571 527 44 112 265 -153 71 63 8 Feb..................... -57 7 579 557 23 98 168 -70 66 53 13 Mar.................... -14 775 718 57 215 265 -51 74 65 9 Apr.p................. 35 699 563 137 154 259 -106 67 53 15 May1’................. 16 864 757 107 127 166 -39 68 65 3 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to Note.—-Statistics include transactions of international and regional official institutions of foreign countries; see Table 11. organizations. 2 Includes State and local govt, securities, and securities of U.S. Govt, agencies and corporations that are not guaranteed by the United States. 16. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Type of security Country or area Period Total Stocks Bonds France S z w er i ­ t­ U K n in it g ed ­ E O u t r h o e p r e E T u o ro ta p l e Canada A L m ati e n r­ Asia Africa c O o t u h n er ­ I a n n t d i, land dom ica tries regional 1963............... 207 198 9 -8 -14 206 16 199 -47 14 17 0) 21 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 -80 116 140 224 65 18 1 4 251 1966—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.. -2 -16 14 2 -3 -24 -5 -29 18 1 8 • Sept... 124 -3 127 -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 1 * 2 Dec... 21 -115 136 1 -32 6 * -24 33 6 2 * * 4 1967—jan.. , 44 -6 50 1 19 -19 -4 -2 33 3 9 -1 2 Feb... 23 -28 50 7 4 -16 16 11 4 4 1 * 3 Mar. . 57 -8 65 10 5 12 18 45 9 8 -5 Apr.p. 137 66 71 8 34 -3 13 51 8 5 1 72 MayP. 107 5 102 5 9 65 11 90 10 _4 t 10 -I * 1 Not reported separately until May 1963. Note.—Statistics include State and local govt, securities, and securities 2 Includes Africa. of U.S. Govt, agencies and corporations that are not guaranteed by the United States. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1255 17. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM 18. DEPOSITS, U.S GOVT. SECURITIES, AND FOREIGN SECURITIES, BY AREA GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Period Total g I a i r n o n e t n d ­ i, a l c T e f o o i o u g t r n a n ­ l ­ r E o u pe ­ C a a d n a ­ A L i a m c t a i e n r­ Asia r A ic f a ­ O c t o r t i h u e e n s r ­ E pe n r d i o o d f Deposits U.S. A G ss o e v ts t . in c E us a t r o m d a y rked tries securities1 gold 1963..................... -1,044 -96 -949 -49 -614 -26 -252 (i) 2-8 1963............... 171 8 675 12 954 1964..................... -728 -140 -588 163 -670 -36 -77 7 25 1964............... 229 8,389 12,698 1965..................... -953 -164 -788 108 -659 -55 -131 3 -54 1965............... 150 8,272 12^896 1966..................... -681 -171 -510 214 -722 -9 -7 16 —2 1966—June.. 313 7,517 12,955 1966—May........ 30 -22 53 75 -13 -14 4 Julv... 548 7.307 13,016 June........ 23 11 12 20 17 -4 -8 * -13 Aug... 170 7,042 13,066 July......... -83 -50 -33 15 -37 -11 -5 1 4 Sept... 159 7,092 12,904 32 7 25 4 34 -4 -9 Oct.... 194 7,336 12,876 Sept......... -50 6 -56 19 -74 3 4 -9 Nov... 196 7,450 12,912 -27 -20 -7 -6 -36 17 10 8 1 Dec... 174 7,036 12,946 Nov......... -54 6 -60 -50 -4 -8 2 32 2 30 20 17 -12 -10 ♦ 15 1967—Jan.... 148 7,141 12,961 Feb.. . 145 7,334 12,984 1967„ Jan.......... -145 -52 -93 13 -80 2 -8 1 -21 Mar... 131 7,547 12,972 Feb.......... -57 6 -64 -6 -62 6 -3 1 Apr... 123 7,912 12,975 Mar......... -41 -87 46 25 -50 28 27 6 11 May.. 193 7,799 12,972 Apr.p.... -91 -94 3 5 13 -5 -12 I June.. 147 7,667 12,977 MayP.... -36 -1 -35 12 -21 -23 -6 1 2 1 U.S. Treasury bills, certificates of indebtedness, 1 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. Notes to Tables 3-21 Note.—The tables in this section (Nos. 3-21) provide Data on short-term liabilities to foreigners shown in data on U.S. reserve assets and liabilities and other sta­ Tables 8 and 9 (formerly Tables 1 and 2) were revised to tistics related to the U.S. balance of payments; see Table exclude the holdings of dollars by the IMF derived from 1. A number of changes were introduced in the May 1967 payments of the U.S. subscription and from the exchange issue of the Bulletin to increase the usefulness of this transactions and other operations of the IMF. (Liabilities section. representing the “gold investment” of the IMF continue At that time the table showing the U.S. gold stock and to be included.) This change in the treatment of the holdings of convertible foreign currencies (now Table 4) “holdings of dollars” of the IMF is related to the revision was revised to include in the reserve assets of the United of the table on U.S. monetary reserve assets (Table 4) to States its reserve position in the International Monetary include the U.S. reserve position in the IMF. The “hold­ Fund. In accordance with IMF policies, the United ings of dollars” of the IMF do not represent liabilities to States has the right to draw foreign currencies equivalent foreigners in the same sense as do other reported liabili­ to this amount virtually automatically if needed. (Under ties to foreigners. They are more accurately viewed as appropriate conditions the United States could draw contingent liabilities, since they represent essentially the additional amounts equal to the U.S. quota of $5,160 amount of dollars available for drawings from the IMF million.) This presentation corresponds to the treatment by other member countries. Changes in these holdings of U.S. monetary reserves in the U.S. balance of pay­ (arising from U.S. drawings and repayments of foreign ments. currencies, from drawings and repayments of dollars Table 5 shows the factors that affect the U.S. position by other countries, and from other dollar operations of in the IMF. the IMF) give rise to equal and opposite changes in the Table 6 brings together the various statistical compo­ U.S. gold tranche position in the IMF. In the absence of nents of the liabilities that enter into the U.S. balance of U.S. lending to the IMF, the gold tranche position is payments calculated on the liquidity basis. The inclu­ equal to the U.S. reserve position in the IMF. Since the sion of the U.S. reserve position in the IMF in Table 4 reserve position is included in U.S. reserve assets, it is requires that the “holdings of dollars” of the IMF be necessary, in order to avoid double-counting, to exclude excluded from the data on liabilities to foreigners, in the “holdings of dollars” of the IMF from U.S. liabilities order to avoid double counting. For further explanation to foreigners. The revised presentation conforms to the of this change in the liabilities statistics, see next to last treatment of these items in the U.S. balance of payments paragraph. and the international investment position of the United Table 7 (formerly Table 1), presenting an area break­ States. down of U.S. liquid liabilities to official institutions of Table 10 shows estimated foreign holdings of market­ foreign countries, was revised to include holdings of able U.S. Govt, bonds and notes. convertible nonmarketable U.S. Govt, securities with an original maturity of more than 1 year. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1256 INTL. CAPITAL TRANSACTIONS OF THE U.S. JULY 1967 19. 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 Dec. Mar. June Sept. Dec. Dec, Mar. June Sept. Dec. Europe: Austria......................................................... 2 2 3 3 2 6 8 7 7 8 Belgium........................................................ 28 30 32 30 32 45 46 45 42 53 Denmark..................................................... 1 2 2 3 9 8 8 10 14 Finland........................................................ I 1 1 1 I 6 6 6 4 4 France......................................................... 51 45 48 57 62 82 97 94 102 110 Germany, Fed. Rep. of........................... 71 60 71 85 78 112 118 98 120 127 Greece......................................................... 3 3 3 2 2 13 11 18 15 15 Italy.............................................................. 18 23 27 52 54 77 118 111 107 101 Netherlands................................................ 55 54 65 67 68 41 48 42 42 48 Norway........................................................ 2 2 2 2 2 8 8 7 9 8 Portugal....................................................... 3 7 6 6 9 5 9 8 6 7 Spain............................................................ 21 21 23 25 27 50 56 63 51 61 Sweden........................................................ 10 12 12 14 17 20 28 30 27 36 Switzerland................................................. 39 45 61 58 58 27 20 20 22 18 Turkey......................................................... 4 4 4 4 2 7 10 6 6 6 United Kingdom...................................... 137 139 137 172 179 323 440 492 599 576 Yugoslavia.................................................. 1 1 2 1 2 2 2 4 4 Other Western Europe............................ 3 4 2 3 4 8 9 9 9 11 Eastern Europe......................................... 2 1 1 1 1 3 3 6 3 2 Total.................................................... 453 454 500 586 601 842 1,047 1 ,070 1,185 1,209 Canada............................................................ 94 120 117 138 146 599 566 550 509 489 Latin America: Argentina............................................... 4 6 5 6 6 31 34 34 34 39 Brazil............................................................ 13 11 11 9 10 93 80 78 73 63 Chile............................................................ 4 5 4 3 4 30 31 31 31 32 Colombia.................................................... 9 8 7 5 7 19 2! 22 21 25 Cuba............................................................. 3 3 3 3 3 Mexico......................................................... 5 9 10 10 11 76 74 79 78 95 Panama........................................................ 11 9 4 9 10 13 11 13 12 12 Peru.............................................................. 6 7 5 6 7 28 30 28 28 31 Uruguay...................................................... 1 2 1 1 1 8 7 5 6 7 Venezuela................................................... 22 27 26 25 36 49 52 49 49 62 Other L.A. republics................................ 16 11 12 18 20 55 56 55 59 63 Bahamas and Bermuda........................... 2 2 1 2 3 8 12 8 11 18 Neth. Antilles & Surinam...................... 7 7 9 7 7 4 4 3 4 4 Other Latin America............................... 2 1 2 2 1 9 9 9 11 10 Total.................................................... 102 105 98 104 124 429 424 417 420 464 Asia: Hong Kong............................................. 2 2 2 2 3 7 5 7 6 7 India............................................................ 25 25 20 17 17 36 35 29 32 34 Indonesia.................................................... 9 12 11 3 2 3 3 3 3 7 Israel............................................................ 3 1 2 2 2 6 5 4 5 5 Japan........................................................... 32 27 27 23 27 162 172 155 146 164 Korea........................................................... 1 t 2 4 3 13 6 4 5 5 Philippines................................................... 6 7 7 7 7 17 16 18 17 17 Taiwan......................................................... 1 5 6 7 4 5 6 4 5 7 Thailand...................................................... 2 1 1 1 4 6 8 9 11 11 Other Asia.................................................. 32 33 36 34 31 66 76 76 69 75 Total.................................................... 113 112 116 101 100 320 331 309 299 331 Africa: Congo (Kinshasa)............................... 1 1 1 1 2 2 1 2 2 South Africa............................................... 11 11 11 10 17 20 18 18 17 24 U.A.R. (Egypt)......................................... 1 1 2 2 1 10 11 17 11 11 Other Africa............................................... 7 9 9 7 6 30 27 30 30 32 Total.................................................... 20 22 22 19 24 61 58 66 59 69 Other countries: Australia................................................. . 23 31 35 51 58 40 40 45 57 58 All other.............................................. 7 4 5 4 6 8 7 10 7 8 Total................................................... 29 35 40 55 64 48 47 55 63 66 International and regional.......................... * * * * * * • 1 1 ' ♦ Grand total........................................ 810 849 891 1,003 1,060 2,299 2,473 2,468 2,536 2,629 Note.—Reported by exporters, importers, and industrial and com- Data exclude claims held through U.S. banks, and intercompany accounts mercial concerns and other nonbanking institutions in the United States. between U.S. companies and their foreign affiliates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1257 20. SHORT TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (In millions of dollars) Liabilities Claims Payable in foreign currencies End of period Total Pay in ab le P fo a r y i e n a i b g l n e Total Pay in a ble Deposits with dollars currencies dollars b i a n n r k e s p a o b rt r e o r a ’s d Other name 1962—Sept........................................................................................... 678 554 123 2,136 1.685 197 254 Dec............................................................................................ 637 508 129 2’051 1,625 214 212 Dec. t........................................................................................ 644 513 130 2,098 1,668 217 212 1963—Mar........................................................................................... 614 470 144 2,113 1,712 201 200 Mar. i.................................................................................... 616 472 144 2 J 62 11758 204 200 June.......................................................................................... 674 529 146 2’282 1,877 222 183 Sept........................................................................................... 691 552 139 21257 1,830 225 202 Dec............................................................................................ 626 478 148 2,131 11739 201 191 Dec.2........................................................................................ 626 479 148 2,188 1,778 199 211 1964—Mar........................................................................................... 631 475 156 2,407 1,887 239 282 June........................................................................................... 622 471 151 2'482 2,000 220 262 June 3........................................................................................ 585 441 144 2,430 1,952 219 260 Sept........................................................................................... 650 498 152 2,719 21168 249 302 Dec............................................................................................ 695 553 141 21776 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 21411 11966 198 248 Sept........................................................................................... 779 585 195 21406 1,949 190 267 Dec............................................................................................ 807 600 207 2,397 2,000 167 229 Dec.4....................................................................................... 810 600 210 2,299 1 ,’911 166 222 1966—Mar......................................................................................... 849 614 235 2,473 2,033 211 229 June......................................................................................... 891 654 237 2,468 21062 191 215 Sept........................................................................................... 1,003 760 243 21536 2J43 166 227 Dec........................................................................................... 1^60 798 262 2,629 21226 167 236 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 Dec. in line above because of changes viously held but not reported. in reporting coverage. 3 Includes reports from firms having $500,000 or more of liabilities or 21. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (In millions of dollars) Claims Country or area End of period Total 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 ca Japan O A t s h i e a r Africa o A th U e r 1963—Sept........................... 153 881 14 85 42 127 102 188 123 87 98 16 Dec. *....................... 148 734 16 83 56 61 69 154 90 93 96 16 1964—Mar.......................... 143 761 30 85 58 64 74 158 89 94 96 13 June2................... 140 815 68 92 64 67 78 145 94 99 94 14 Sept........................... 112 832 64 102 90 68 74 142 90 96 93 13 Dec........................... 107 962 51 109 95 215 72 135 89 95 88 14 Dec. 3........................ 107 1,081 56 116 190 215 73 137 89 98 91 15 1965—Mar........................... 115 1,075 35 121 203 220 74 137 81 96 91 18 June.......................... 110 1’081 31 118 208 221 70 144 85 96 91 17 Sept........................... 120 1,101 31 116 230 217 74 138 89 96 91 18 Dec........................... 136 1,169 31 112 233 209 69 196 98 114 89 17 Dec. 3....................... 147 1,139 31 112 236 209 65 198 98 87 85 18 1966—Mar.......................... 176 1,156 27 124 239 208 61 206 98 87 87 19 June.......................... 192 1,207 27 167 251 205 61 217 90 90 86 14 Sept.......................... 228 1’235 23 174 267 202 64 207 102 91 90 14 Dec........................... 305 1^56 27 198 272 203 56 212 95 93 87 13 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 Dec. in line above because of changes 2 As a result of an increase in the exemption level from $100,000 to 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

1258 GOLD RESERVES JULY 1967 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti­ Inti. Esti­ End of mated Mone­ United mated Afghan­ Argen­ Aus­ Aus­ Bel­ period total tary States rest of istan tina tralia tria gium Brazil Burma Canada Chile world1 Fund world 1960 40,540 2,439 17,804 20,295 n.a. 104 147 293 1,170 287 885 45 1961 41,120 2,077 16,947 22,095 36 190 162 303 1,248 285 946 48 1962 41,475 2,194 16,057 23,225 36 61 190 454 1,365 225 42 708 43 1963 42,305 2,312 15,596 24,395 36 78 208 536 1,371 150 42 817 43 1964 43,015 2,179 15,471 25,365 36 71 226 600 1,451 92 84 1,026 43 1965 ......................... 243,225 31,869 13,806 27,280 35 66 223 700 1,558 63 84 1,151 44 1966-—May. ....... 2,557 13,582 35 65 223 700 1,556 45 84 1,061 43 June............... 43,290 2,562 13,529 27,200 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 .............3..5 70 226 700 1,529 45 84 997 45 Sept................. 43,230 2,645 13,356 27,230 35 74 225 701 1,527 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................. 43,180 2,652 13,235 27,295 35 84 224 701 1,525 45 84 1,046 45 1967-—Jan.................. 2,659 13,202 35 84 227 701 1,524 45 84 1,056 45 Feb................. 2,661 13,161 35 84 227 701 1,523 45 84 1,070 45 Mar................ M3,115 2,652 13,184 ^27,280 35 84 228 701 1,524 45 84 1,084 46 Apr................. 2,657 13,234 35 84 228 701 1,525 84 1,042 46 May............... 2,658 13,214 35 ...........2..2..8 701 1 ,524 84 1,053 47 Ger- E pe n r d i o o d f lo C m o b ­ ia D m e ar n k ­ l F a i n n d ­ France m F a e n d y . , Greece India I n n e d si o a ­ Iran Iraq Israel Italy Japan Rep. of 1960. 78 107 41 1,641 2,971 76 247 58 130 98 2,203 247 1961. 88 107 47 2,121 3,664 87 247 43 130 84 10 2,225 287 1962. 57 92 61 2,587 3,679 77 247 44 129 98 41 2,243 289 1963. 62 92 61 3.175 3,843 77 247 35 142 98 60 2,343 289 1964. 58 92 85 3,729 4,248 77 247 141 112 56 2,107 304 1965........................... 35 97 84 4,706 4,410 78 281 ............... 146 110 56 2,404 328 1966--May................ 24 108 55 4,953 4,311 98 243 132 106 46 2,370 June................ 24 108 55 5,026 4,310 109 243 132 106 46 2,369 329 July................. 24 108 55 5,117 4,302 112 243 132 106 46 2,362 Aug................. 25 108 55 5,209 4,297 112 243 131 106 46 2,358 Sept................. 25 108 55 5,241 4,295 116 243 131 106 46 2,356 329 Oct.................. 25 108 54 5,236 4,289 116 243 131 106 46 2,351 Nov................. 26 108 51 5,237 4,290 119 243 131 106 46 2,382 Dec................. 26 108 45 5,238 4,292 120 243 •............. 130 106 46 2,414 329 1967--Jan.................. 27 108 45 5,236 4,290 120 243 130 106 46 2,412 Feb.................. 28 108 45 5,235 4,289 120 243 130 106 46 2,411 Mar................. 28 108 48 5,240 4,294 123 243 145 106 46 2,416 330 Apr................. 28 108 48 5,241 4,296 127 243 145 106 46 2,417 May................ 108 48 5,241 4,294 132 243 ............... 145 106 2,416 E pe n r d i o o d f Kuwait a L n e o b n ­ Libya M c e o xi­ Mo co roc­ N l e an th d e s r­ Nigeria N w o ay r­ P s a ta k n i­ Peru P p h in il e i s p­ Po g r a t l u­ A S r a a u b d i i a 1960. n.a. 119 137 29 1,451 30 52 42 15 552 18 1961. 43 140 112 29 1,581 20 30 53 47 27 443 65 1962. 49 172 3 95 29 1,581 20 30 53 47 41 471 78 1963. 48 172 7 139 29 1,601 20 31 53 57 28 497 78 1964. 48 183 17 169 34 1,688 20 31 53 67 23 523 78 1965. 52 182 68 158 21 1,756 20 31 53 67 38 576 73 1966--May................ 58 193 68 142 21 1,730 20 18 53 65 44 605 69 June............... 61 193 68 141 21 1,730 20 18 53 65 45 607 69 July................. 62 193 68 140 21 1,730 20 18 53 65 47 612 69 Aug................. 62 193 68 138 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 68 111 21 1,730 20 18 53 65 52 641 69 Dec................. 67 193 68 109 21 1,730 20 18 53 65 44 643 69 1967--Jan.................. 71 193 68 116 21 1,730 20 18 53 65 45 646 69 Feb.................. 71 193 68 114 21 1,731 20 18 53 65 47 647 69 Mar................. 73 193 68 113 21 1,731 20 18 53 55 47 650 69 Apr................. 73 193 68 21 1,731 20 18 53 55 49 651 69 May............... 73 68 21 1 ,731 20 18 53 45 51 69 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 GOLD RESERVES AND PRODUCTION 1259 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f S A o fr u i t c h a Spain Sweden Sw la i n tz d er­ Taiwan T la h n a d i­ Turkey ( U E . g A y . p R t) . U K d n i o i n m t g ed ­ U gu r a u y ­ V zu e e n l e a ­ Y sl u av g i o a ­ S I e f n t o t t r l i e . ­ ments 4 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—May.................. 581 785 203 2,630 55 92 116 139 155 401 20 -36 J une.................... 640 785 203 2'648 59 92 116 139 2,041 155 401 20 -191 July................ 677 785 203 2’683 59 92 106 139 155 401 20 — 401 Aug............. 672 785 203 2’681 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 ..................... 611 784 203 2,679 66 92 102 93 146 401 21 -274 Feb...................... 581 784 203 2,678 66 92 97 93 146 401 21 — 289 Mar..................... 540 784 203 2,679 74 92 97 93 1,677 146 401 21 -15 Apr..................... 519 784 203 2'643 74 92 97 93 146 401 22 37 May.................... 482 203 2,619 92 97 93 146 401 -87 1 Includes reported or estimated gold holdings of international and those matched by gold mitigation deposits with the United States and regional organizations, central banks and govts, of countries listed in United Kingdom; adjustment is $270 million. this table and also of a number not shown separately here, and gold to be 3 Excludes gold subscription payments made by some member countries distributed by the Tripartite Commission for the Restitution of Monetary in anticipation of increase in Fund quotas: for most of these countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun­ the increased quotas became effective in Feb. 1966. tries, and China Mainland. 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold The figures included for the Bank for International Settlements are assets minus gold deposit liabilities. the Bank’s gold assets net of gold deposit liabilities. This procedure avoids the overstatement of total world gold reserves since most of the Note.—For back figures and description of the data in this and the gold deposited with the BIS is included in the gold reserves of individual following tables on gold (except production), see “Gold,” Section 14 of countries. Supplement to Banking and Monetary Statistics, 1962. 2 Adjusted to include gold subscription payments to the IMF, except 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 i ­ 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 a i g c u a a ­ Co ■b lo ia m- India P p h in il e ip s ­ t A ra u l s ia ­ ot A h l e l r 1960. 1,175.0 748.4 19.6 30.8 58.8 162.0 10 5 7.0 15.2 5.6 14 4 38.0 53.6 1961. 1,215.0 803.0 20.1 29.2 8.1 54.8 156.6 9 4 7.9 14.0 5.5 14 8 37.7 53.9 1962. 1,295.0 892.2 19.4 31,1 7.1 54.5 146.2 8 3 7.8 13.9 5.7 14 8 37.4 56.6 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, 1,405.0 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 62.8 1965. 1,440.0 1,069.4 19.0 26.4 2.3 58.6 125.6 7 6 6.9 11.2 4.6 15 3 30.7 62.4 1966. 1,080.8 114.6 9.8 4.2 15 6 32.0 1966—Apr., 90.8 10.3 3 .8 .4 3 2.8 May 91.9 10.4 4 .8 .4 3 2.9 June, 89.3 21.3 9.2 9 .8 .3 2 3.3 July. 89,4 9.3 5 .8 '.4 2.6 Aug. 90.1 9.2 8 .8 .4 Sept. 91.7 9.2 6 .8 .3 24 0 2.4 Oct.. 89.7 9.1 5 .9 .4 2.5 Nov. 90.8 8.7 .8 .3 f2.4 Dec., 87.7 9.6 .7 .3 24 0 2.7 1967—Jan.. 89.5 8.7 .9 Feb.. 87.8 8.9 Mar. 89.5 9.1 Apr. 89.1 8.9 1 Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 Quarterly data. countries and Bureau of Mines. Data for the United States are from the Bureau of the Mint. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1260 MONEY RATES JULY 1967 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of June 30, 1966 Rate Country 1966 1967 Ju a n s e o 3 f 0 , 1967 Per Month cent effective July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Argentina................................ 6.0 Dec. 1957 6 0 Austria...................................... 4.5 June 1963 4.25 4.25 Belgium.................................... 5.25 June 1966 5.0 4.75 4.5 4 5 Brazil........................................ 12.0 Jan. 1965 12.0 Burma...................................... 4.0 Feb. 1962 4 0 Canada '.................................. 5.25 Mar. 1966 5.0 4.5 4.5 Ceylon...................................... 5.0 May 1965 5.0 Chile 2...................................... 15.86 Jan. 1966 15.84 15.84 Colombia................................. 8.0 8 0 Costa Rica............................... 3.0 Apr. 1939 3 0 Denmark.................................. 6.5 6.5 Ecuador.................................... 5.0 Nov. 1956 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........ 5.0 May 1966 4.5 4.0 3.5 3.0 3.0 Chana...................................... 7.0 Jan. 1966 6.0 6 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 Tran............................................ 4.0 Oct 1963 5.0 5.0 Ireland...................................... 5.94 June 1966 6.87 6.94 7.00 6.81 6.87 6.50 6.25 5.88 5.56 5.44 5.44 Israel......................................... 6.0 Feb. 1955 6 0 Italy............................. 3.5 June 1958 3.5 Jamaica.................................... 5.0 Nov. 1964 5.5 5.0 5.0 Japan........................................ 5.48 June 1965 5,48 Korea........................................ 28.0 Dec. 1965 28.0 Mexico..................................... 4.5 June 1942 4 5 Netherlands............................. 5.0 May 1966 4.5 4.5 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.............. 4.75 6 0 6.0 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...................................... 6.0 5.5 5.0 5.0 Switzerland.............................. 2.5 July 1964 3.5 3.5 Taiwan 4.................................. 14.04 July 1963 14.04 Thailand.................................. 5,0 Oct. 1959 5.0 Tunisia................................... 4.0 Oct. 1962 5.0 5.0 Turkey...................................... 7.5 May 1961 7.5 United Arab Rep. (Egypt).. 5.0 May 1962 5.0 United Kingdom.................... 6.0 June 1965 7.0 6.5 6.0 5.5 5.5 Venezuela................................. 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks Brazil—8 per cent for secured paper and 4 per cent for certain agricultural was fixed at 6 per cent. Rates on loans to money market dealers will paper; continue to be .25 of 1 per cent above latest weekly Treasury bill tender Colombia—5 per cent for warehouse receipts covering approved lists of average rate, but will not be more than the bank rate. products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at for rediscounts in excess of an individual bank’s quota; the average rate charged by banks in the previous half year. Old redis­ Costa Rica—5 per cent for paper related to commercial transactions counts remain subject to old rates provided their amount is reduced by (rate shown is for agricultural and industrial paper); one-eighth each month beginning with May 1, 1959, but the rates are Ecuador—6 per cent for bank acceptances for commercial purposes; raised by 1.5 per cent for each month in which the reduction does not Indonesia—various rates depending on type of paper, collateral, com­ occur. modity involved, etc.; 3 Rate shown is for advances only. Japan—penalty rates (exceeding the basic rate shown) for borrowings 4 Rate shown is for call loans. from the central bank in excess of an individual bank’s quota; Peru—8 per cent for agricultural ndustrial, and mining paper; Note.—Rates shown are mainly those at which the central bank either Philippines—3 per cent for financing the production, importation, and dis­ discounts or makes advances against eligible commercial paper and/or tribution of rice and corn and 4.75 per cent for credits to enterprises en­ govt, securities for commercial banks or brokers. For countries with gaged in export activities. Preferential rates are also granted on credits to more than one rate applicable to such discounts or advances, the rate rural banks; and shown is the one at which it is understood the central bank transacts Venezuela—4 per cent for rediscounts of certain agricultural paper and the largest proportion of its credit operations. Other rates for some for advances against govt, bonds or gold and 5 per cent on advances of these countries follow: against securities of Venezuelan companies. Argentina—3 and 5 per cent for certain rural and industrial paper, de­ pending on type of transaction; Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1967 MONEY RATES; ARBITRAGE 1261 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 a il n s ls u th , r s y I m D o a d y n a - e y t y o 2 ­ 3 B a a m a c n n c o c e k e n p e s t t r h , ­ s s ’ T 3 r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e t o y ­ a B l d l e o a p w n o o k n a s e n i r t c s s e ’ m Da o d y n a - e y t y o ­ 3 Tr 6 d b e 0 a i a y - l s l 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 i a v o t a e 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—May............. 5.10 5.04 5.97 5.65 4.96 4.00 4.83 5.00 5.06 4.87 4.90 3.50 June............. 5.06 4.99 5.94 5.69 4.85 4.00 4.79 5.00 6.31 4.95 4.87 3.50 July............. 5.07 5.01 6.56 6.31 5.48 4.58 4.79 5.00 5.75 4.94 5.11 3.88 Aug.............. 5.07 4.75 6.97 6.70 5.98 5.00 4.78 5,00 5.44 4.90 4.65 4.00 Sept............. 5.03 4.82 7.01 6.75 6.05 5.00 4.85 5.00 5.50 4.73 3.89 4.00 Oct............... 5.13 4.89 6,97 6.61 6,03 5.00 5.26 5.00 5.81 4.96 4.70 4.00 Nov.............. 5.18 4.94 6.93 6.62 6.02 5.00 5.41 5.00 5.25 5.00 5.22 4.00 Dec........ 5.05 4.71 6.94 6.64 6.00 5.00 5.68 4.75 5.81 4.90 3.68 4.00 1967—Jan............... 4.83 4.78 6.77 6.29 5.93 4.90 5.57 4.13 5.13 4.87 4.31 4.25 Feb.............. 4.62 4.43 6.40 5.99 5.50 4.50 5.06 3.75 5.00 4.78 5.04 4.25 Mar.............. 4.26 4.24 6.18 5.72 5.30 4.26 5.02 3.75 4.00 4.64 4.57 4.25 Apr.............. 4.00 3.90 5.69 5.39 4.98 4.00 5,03 3.75 4.19 4.47 4.25 4,25 May............. 4.14 4.12 5.47 5.23 4.55 3.56 ................. 3.00 3.00 4.56 4.36 4.25 t Based on average yield of weekly tenders during month. s Based on average of lowest and highest quotation during month 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. Note.—For description and back data, see “International Finance,” 4 Rate in effect at end of month. Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Premium Date United d ( i + sc ) o u o n r t inc N en e t t i ve Canada d ( i + sc ) o u o n r t inc N en e t t i ve Kingdom Spread (favor Spread (-) on (favor (a U dj . . S . t o U St n a i t t e e s d (fa o v f o r f ( p o - o r ) w u n a o r d n d Lon o d f o n) qu A ot s e d A U dj . . S . t o U S n ta i t t e e s d (fa o v f o r C f a o n rw ad a i r a d n Can o a f d a) qu b o a t s a i t s i ) on London) Can in a da qu b o a ta si t s ion Canada) dollars 1967 Feb. 3................ 5.79 4.44 1.35 -.75 4-. 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 + .55 4.55 4.44 4.59 -.15 -.15 -.30 5.83 4,35 1.48 -.79 + .69 4.48 4.37 4.35 + .02 .00 + .02 10............... 5.73 4,33 1.40 -.80 + .60 4.35 4.24 4.33 -.09 + ♦15 + .06 17................ 5.55 4.21 1.34 -.70 + .64 4.22 4.12 4.21 — .09 + .22 + .13 23................ 5.49 4.11 1.38 -.85 + .53 4.08 3.98 4.11 -.13 + .13 .00 31................ 5.44 4.09 1.35 -.82 + .53 4.13 4.03 4.09 -.06 + .17 + .11 5.44 3.88 1.56 -.89 + .67 4.05 3.96 3.88 + .08 + .17 + .25 14................ 5,30 3,86 1.44 -.89 + .55 3.95 3.86 3.86 .00 - 10 —. 10 21................ 5,28 3.75 1.53 -.89 + .64 3.95 3.86 3.75 + .11 — 04 + .07 28................ 5.30 3.68 1.62 -.99 + .63 4.00 3.91 3.68 + .23 — .13 +. io 5.12 3.65 1.47 -.81 + .66 4.02 3,93 3.65 + .28 - .17 + .11 ' 12................ 5.09 3.63 1.46 -.78 + .68 4.10 4.02 3.63 + .39 -.17 + .22 19................ 5.09 3.52 1.57 -.70 + .87 4.16 4.06 3.52 + .54 - .09 + .45 26................ 5.13 3.45 1.68 - .69 + .99 4.21 4.11 3,45 + .66 - .15 + .51 5.12 3.37 1.75 -.70 + 1.05 4.24 4.14 3.37 +.77 — .28 + .49 9................ 5.12 3.40 1.72 -.45 + 1.27 4.33 4.23 3.40 + .83 -.22 + .61 16................ 5.12 3.56 1.56 -.48 + 1.08 4.42 4.32 3.56 + .76 — .30 + .46 23................ 5.12 3.35 1.77 -.39 + 1.38 4.35 4.24 3.35 + .89 -.22 + .67 30................ 5.12 3.82 1.30 -.43 + .87 4,28 4.18 3.82 + .36 - .22 + .14 July 7................ 5.18 4.19 .99 -.29 + .70 4.27 4.17 4.19 -.02 -.21 -.23 Note.—Treasury bills: All rates are on the latest issue of 91-day bills. All series: Based on quotations reported to F.R. Bank of New York U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K. by market sources. rates are Friday opening market offer rates in London. For description of series and for back figures, see Oct. 1964 Bulletin, Premium or discount on forward pound and on forward Canadian dollar: pp. 1241-60. For description of adjustments to U.K. and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260, bid and offer) at 11 a.m. Friday in New York for both spot and forward Oct. 1964 Bulletin. pound sterling and for both spot and forward Canadian dollars. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1262 FOREIGN EXCHANGE RATES JULY 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 uii. 22 3.8686 2.0067 92.811 20.946 14.475 31.061 1966-—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....................................................... 4.4691 111.11 3.8718 2.0122 92.992 20.929 14.436 31.062 Sept...................................................... .4594 111.13 3.8720 2.0035 92,904 20.928 14.471 31.063 Oct......................................................... .4590 111.22 3.8700 2.0001 92.631 20.929 14.488 31.062 Nov....................................................... 5.4106 111.20 3.8668 2.0012 92.398 20.927 14.474 31.062 Dec........................................................ .4039 111.16 3.8651 1.9987 92.319 20.926 14.484 31.062 1967-—Jan......................................................... .4035 111.20 3.8648 2.0005 92.623 20.927 14.468 31.062 Feb........................................................ .3993 111.32 3.8653 2.0100 92.529 20.932 14.444 31.062 Mar....................................................... 6.3103 111.41 3.8679 2.0116 92.415 20.938 14.467 31.062 Apr........................................................ .2850 111.52 3.8679 2.0121 92.378 20.954 14.472 31.063 May....................................................... .2851 111.43 3.8686 2.0145 92,400 20.946 14.453 31.062 June............................................... .2851 .................1..11.20 3.8698 2.0143 92.544 20.917 14.439 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 l t i a 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 l i a e l n t d h d e ­ r s ) 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, 720.404 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 25.007 816.596 279.30 .16014 .27598 32.538 8.0056 27.630 1966-—June...................................................... 20.403 24.963 814.393 278.98 .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 Mar....................................................... 20.203 25.165 13.280 279.63 .16006 .27607 32.556 8.0056 27.682 Apr........................................................ 20.227 25.167 13.294 279.92 .16009 .27625 32.589 8,0056 27,683 May....................................................... 20.319 25.147 13.267 279.69 .16008 .27628 32.572 8.0056 27.739 June....................................................... 20.375 25.122 13.242 279.12 .16007 .27627 32,519 8,0056 27.756 Period Ze N a e la w n d N (k o r r o w ne a ) y Po g r a t l u ­ South Africa (p S e p s a e i t n a) S (k w ro ed n e a n ) S er w la i n tz d ­ U K d n i o n i m t g e - d (pound) (escudo) (pound) (rand) (franc) (pound) 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--June...................................................... 276.22 13.971 3.4806 138.97 1.6658 19.383 23.169 278.98 July........................................................ 276.12 13.974 3.4777 138.92 1.6655 19.352 23.164 278.88 Aug........................................................ 276.12 13.988 3.4776 138.92 I.6639 19.358 23.110 278.88 Sept..................................................... 276.17 13.989 3.4773 138.95 1.6639 19.345 23.102 278.93 Oct........................................................ 276.40 13.993 3.4807 139.06 1.6641 19.330 23.064 279.16 Nov....................................................... 276.35 13.995 3.4794 139.03 1.6638 18.336 23.141 279.11 Dec........................................................ 276.25 13.989 3.4783 ................... 138.99 1.6638 19.327 23.129 279.01 1967--Jan......................................................... 276.34 13.978 3.4786 139.03 1.6636 19.337 23.089 279.10 Feb......................................................... 276.65 13.980 3.4783 139.18 1.6634 19.353 23.061 279.41 Mar........................................................ 276.86 13.984 3.4811 139.29 1.6633 19.367 23.079 279.63 Apr.................................................. 277.15 13.993 3.4858 139.44 1,6631 19,397 23.126 279.92 May....................................................... 276.92 13.990 3.4830 139.32 1.663! 19.399 23.169 279.69 June...................................................... 276.35 13.992 3.4810 .................1..39.04 1.6632 19,415 23.166 279.12 1 A new markka, equal to 100 old markkaa, was introduced on Jan. 1, ? 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. 8 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, <s Quotations not available Mar. 7-14. 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 George W. Mitchell J. Dewey Daane Sherman J. Maisel Andrew F. Brimmer William W. Sherrill 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 DIVISION OF EXAMINATIONS Karl E. Bakke, Assistant Secretary 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 Examiner Thomas J. O’Connell, Assistant General 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 Joseph E. Kelleher, Director Stanley J. Sigel, Associate Adviser Harry E. Kern, Assistant Director Tynan Smith, Associate Adviser James B. Eckert, Assistant Adviser OFFICE OF THE CONTROLLER Murray S. Wernick, Assistant Adviser John Kakalec, Controller DIVISION OF INTERNATIONAL FINANCE OFFICE OF DEFENSE PLANNING Robert Solomon, Director Innis D. Harris, Coordinator Robert L. Sammons, Associate Director A. B. Hersey, Adviser DIVISION OF DATA PROCESSING Reed J. Irvine, Adviser Lawrence H. Byrne, Jr., Director Samuel I. Katz, Adviser Lee W. Langham, Assistant Director John E. Reynolds, Adviser John H. Rhinehart, Assistant Director Ralph C. Wood, Adviser David S. Staiger, Assistant Director 1263 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1264 FEDERAL RESERVE BULLETIN • JULY 1967 FEDERAL OPEN MARKET COMMITTEE Wm. McC. Martin, Jr., Chairman Alfred Hayes, Vice Chairman Andrew F. Brimmer Sherman J. Maisel William W. Sherrill 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 1265 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President or branch Deputy Chairman First Vice President in charge of branch Zip code Boston.................... ...02106 Erwin D. Canham George H. Ellis 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 Castle W. Jordan 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. 1069-72 of the June 1967 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, Colom­ Related Items. 1962. 64 pp. $.50. Sec. 11. Cur­ bia, Costa Rica, Cuba, Dominican Republic, rency. 1963. 11 pp. $.35. Sec. 12. Money Rates Ecuador, Guatemala, Haiti, Republic of Hon­ and Securities Markets. 1966. 182 pp. $.65. duras, Mexico, Nicaragua, Panama, Paraguay, Sec. 14. Gold. 1963. 24 pp. $.35. Sec. 15. Inter­ Peru, El Salvador, Uruguay, and Venezuela; 10 national Finance. 1962. 92 pp. $.65. Sec. 16 or more of same issue sent to one address, $5.00 (New) Consumer Credit. 1965. 103 pp. $.65. per annum or $.50 each. Elsewhere, $7.00 per annum or $.70 a copy. Bank Mergers & the Regulatory Agencies: Application of the Bank Merger Act of Federal Reserve Chart Book on Financial and 1960. 1964. 260 pp. $1.00 a copy; 10 or more Business Statistics. Monthly. Annual sub­ sent to one address, $.85 each. scription includes one issue of Historical Chart Banking Market Structure & Performance in Book. $6.00 per annum or $.60 a copy in the Metropolitan Areas: A Statistical Study United States and the countries listed above; of Factors Affecting Rates on Bank Loans. 10 or more of same issue sent to one address, 1965. 73 pp. $.50 a copy; 10 or more sent to $.50 each. Elsewhere, $7.00 per annum or $.70 one address, $.40 each. a copy. Farm Debt. Data from the 1960 Sample Survey Historical Chart Book. Issued annually in Sept. of Agriculture. 1964. 221 pp. $1.00 a copy; 10 Subscription to monthly chart book includes or more sent to one address, $.85 each. one issue. $.60 a copy in the United States and Merchant and Dealer Credit in Agriculture. countries listed above; 10 or more sent to one 1966. 109 pp. $1.00 a copy; 10 or more sent to address, $.50 each. Elsewhere, $.70 a copy. one address, $.85 each. Treasury-Federal Reserve Study of the Gov­ Monetary Theory and Policy: A Bibliography. ernment Securities Market. Pt. I. 1959. 108 Part I—Domestic Aspects. 1 37 pp. $1.00 a copy; pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. 10 or more sent to one address, $.85 each. Set of 3, $2.50; individual books $1.00 each. Regulations of the Board of Governors of Flow of Funds in the United States, 1939-53. the Federal Reserve System. 1955. 390 pp. $2.75. Rules of Organization and Procedure—Board Debits and Clearing Statistics and Their Use. of Governors of the Federal Reserve Sys­ 1959. 144 pp. $1.00 a copy; 10 or more sent to tem. 1962. 40 pp. one address, $.85 each. Published Interpretations of the Board of The Federal Funds Market. 1959. Ill pp. Governors, as of Dec. 31, 1965. $2.50. $1.00 a copy; 10 or more sent to one address, Trading in Federal Funds. 1965. 116 pp. $1.00 $.85 each. a copy; 10 or more sent to one address, $.85 each. All-Bank Statistics, 1896-1955. 1959. 1,299 pp. $4.00. U.S. Treasury Advance Refunding. June 1960- July 1964. 1966. 65 pp. $.50 a copy; 10 or Industrial Production—1957-59 Base. 1962. more sent to one address, $.40 each. 172 pp. $1.00 a copy; 10 or more sent to one Survey of Financial Characteristics of Con­ address, $.85 each. sumers. 1966. 166 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. The Federal Reserve Act, as amended through Nov. 5, 1966, with an appendix containing pro­ The Performance of Bank Holding Companies. visions of certain other statutes affecting the 1967. 29 pp. $.25 a copy; 10 or more sent to Federal Reserve System. 353 pp. $1.25. one address, $.20 each. 1266 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 1267 STAFF ECONOMIC STUDIES The Financing of Capital Investment in the USSR, by Paul Gekker. June 1967. Studies and papers on economic and financial sub­ jects that are of general interest in the field of Federal Fiscal Policy and Aggregate De­ economic research. mand, 1956-1966, by Helen B. Junz. June 1967. ' Summaries only printed in the Bulletin. Businesses View Banking Services: A Survey of Cedar Rapids, Iowa, by Lynn A. Stiles. July (Limited supply of mimeographed copies of full 1967. ' ' text available upon request for single copies.) The Impact of Monetary Variables: A Selec­ Cyclical Determinants of Capital Expendi­ tive Survey of the Recent Empirical Lit­ tures: A Regression Study of the United erature, by Michael J. Hamburger. July 1967. States Steel Industry, by James P. Bennett. July 1966. Empirical Literature on The U. S. Balance of Trade, by Charles K. Harley. July 1967. The European Economic Community’s Com­ mon Agricultural Policy and Its Impact Printed in full in the Bulletin. on U.S. Exports, by Thomas M. Klein. July 1966. ' (Reprints available as shown in following list.) A Theory of Household Asset Selection, by William J. Hocter. Aug. 1966. REPRINTS Liquidity Considerations and Monetary (From Federal Reserve Bulletin unless preceded Management, by Leonall C. Andersen (with by an asterisk.) commentaries by Arthur L. Broida and Rich­ ard G. Davis). Sept. 1966. Adjustment for Seasonal Variation. Descrip­ tion of method used by Board in adjusting eco­ The Overseas Dollar Bond Market and Re­ nomic data for seasonal variations. June 1941. cent U.S. Borrowing Abroad, by Carl H. Stem. Sept. 1966. H PP- Seasonal Factors Affecting Bank Reserves. Mexico’s Economic and Financial Record, by Feb. 1958. 12 pp. Yves Maroni. Oct. 1966. Measures of Industrial Production and Final Liquidity and Public Policy, Staff Paper by Stephen H. Axilrod. Oct. 1961. 17 pp. Demand, by Clayton Gehman and Cornelia Motheral. Jan. 1967. Seasonally Adjusted Series for Bank Credit. July 1962. 6 pp. Firms’ Demands For Money: The Evidence From the Cross-Section Data, by William J. Interest Rates and Monetary Policy, Staff Frazer, Jr. Jan. 1967. Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. The Relative Impact of Money and Income Industrial Production—1957-59 Base. Oct. 1962. 10 pp. on Interest Rates: An Empirical Investi­ gation, by William E. Gibson and George G. Flow of Funds Seasonally Adjusted. Nov. Kaufman. Feb. 1967. 1962. 15 pp. The Effect of Credit Conditions on State A Sectoral Analysis of Velocity, Staff Paper and Local Bond Sales and Capital Outlays by Paul F. McGouldrick. Dec. 1962. 14 pp. Since World War II, by Paul F. McGouldrick. New Foreign Bond Issues in the U.S. Market, Feb. 1967. ' Staff Paper by Robert F. Gemmill. May 1963. 13 pp. Investment by Manufacturing Firms: A Quar­ terly Time Series Analysis of Industry Recent Changes in Liquidity, Staff Paper by Data, by Robert W. Resek. Mar. 1967. Daniel H. Brill. June 1963. 10 pp. Individuals as a Source of Loan Funds for Measures of Member Bank Reserves. July State and Local Governments, Helmut 1963. 14 pp. Wendel. Apr. 1967. Measuring and Analyzing Economic Growth, Variable-Rate Mortgages, by Robert Moore Staff Paper by Clayton Gehman. Aug. 1963. Fisher. May 1967. 14 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1268 FEDERAL RESERVE BULLETIN • JULY 1967 Changes in Banking Structure, 1953-62. Sept. Balance of Payments Program: Guidelines 1963. 8 pp. for Banks and Nonbank Financial Institu­ Economic Change and Economic Analysis, tions. Dec. 1966. 8 pp. Staff Paper by Frank R. Garfield. Sept. 1963. The Role of Financial Intermediaries in U.S. 17 pp. Capital Markets, Staff Economic Study by Federal Reserve Security Transactions, 1954­ Daniel H. Brill, with Ann P. Ulrey. Jan. 1967. 63, Staff Paper by Stephen H. Axilrod and Size and Composition of Consumer Saving. Janice Krummack. July 1964. 16 pp. Jan. 1967. 19 pp. Yield Differentials in Treasury Bills, 1959­ Recent Bank Credit and Monetary Develop­ 64, Staff Paper by Samuel I. Katz. Oct. 1964. ments. Feb. 1967. 13 pp. 20 pp. Revised Series on Commercial and Industrial Research into Banking Structure and Com­ Loans by Industry. Feb. 1967. 2 pp. petition. Nov. 1964. 17 pp. Auto Loan Characteristics at Major Sales Bank Credits to Foreigners. Mar. 1965. 10 pp. Finance Companies. Feb. 1967. 5 pp. Measures of Banking Structure and Competi­ Consumer Instalment Credit. Mar. 1967. tion. Sept. 1965. 11 pp. 12 pp. Time Deposits in Monetary Analysis, Staff Treasury and Federal Reserve Foreign Ex­ Economic Study by Lyle E. Gramley and Sam­ change Operations. Mar. 1967. 12 pp. uel B. Chase, Jr. Oct. 1965. 25 pp. The Balance of Payments in 1966, Apr. 1967. Fiscal Policy and Debt Management. Nov. 16 pp. 1965. 11 pp. Changes in Time and Savings Deposits, May Cycles and Cyclical Imbalances in a Chang­ 1966-January 1967. Apr. 1967. 17 pp. ing World, Staff Paper by Frank R. Garfield. Survey of Finance Companies, Mid-1965. Apr. Nov. 1965. 15 pp. 1967. 26 pp. Research on Banking Structure and Per­ Monetary Policy and Economic Activity: A formance, Staff Economic Study by Tynan Postwar Review. May 1967. 22 pp. Smith. Apr. 1966. 11 pp. Revision in Quarterly Survey of Interest Commercial Bank Liquidity. Staff Economic Rates on Business Loans. May 1967. 7 pp. Study by James Pierce. Aug. 1966. 9 pp. Monetary Policy and the Residential Mort­ Changes in Time and Savings Deposits, De­ gage Market. May 1967. 13 pp. cember 1965—May 1966. Aug. 1966. 3 5 pp. Evidence on Concentration in Banking Mar­ Revision of Weekly Reporting Member Bank kets and Interest Rates, Staff Economic Series. Aug. 1966. 4 pp. Study by Almarin Phillips. June 1967. 11 pp. Interest Rates in Western Europe. Sept. Bank Financing of Agriculture. June 1967. 1966. 19 pp. 23 pp. Revision of Money Supply Series, Sept. 1966. New Benchmark Production Measures 1958 13 pp. ‘ and 1963. June 1967. 4 pp. Interest Rates in U.S. Capital Markets, Nov. Banking and Monetary Statistics, 1966. 1966. 16 pp. Selected series of banking and monetary statis­ Toward Understanding of the Whole De­ tics for 1966 only. Mar. and July 1967. 20 pp. veloping Economic Situation, Staff Eco­ Recent Credit and Monetary Developments. nomic Study by Frank R. Garfield. Nov. 1966. July 1967. 12 pp. 14 pp. Changes in Time and Savings Deposits, Jan­ A Revised Index of Manufacturing Capacity, uary-April 1967. July 1967. 16 pp. Staff Economic Study by Frank de Leeuw with Frank E. Hopkins and Michael D. Sherman. Revised Indexes of Manufacturing Capacity Nov. 1966. 11 pp. and Capacity Utilization. July 1967. 3 pp. Time Deposits and Financial Flows. Dec. The Public Information Act—Its Effect on 1966. 14 pp. Member Banks. July 1967. 6 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page 1172.) Acceptances, bankers’, 1181, 1199, 1201 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 1192, 1194 Accumulated at commercial banks for payment Arbitrage, 1261 of personal loans, 1191 Assets and liabilities (See also Foreign liab. & Adjusted, and currency, 1 183, 1236 claims): Banks, by classes, 1181, 1188, 1193, 1196, Banks and the monetary system, 1187, 1236 1201, 1237 Banks, by classes, 1188, 1192, 1194, 1201, 1237 Federal Reserve Banks, 1182, 1255 Corporate current, 1213 Postal savings, 1 180, 1187, 1236 Federal Reserve Banks, 1182 Subject to reserve requirements, 1186 Automobiles: Discount rates, 1179, 1260 Consumer instalment credit, 1218, 1219, 1220 Discounts and advances by Reserve Banks, 1174, 1182, Production index, 1222, 1223 1184 Dividends, corporate, 1212, 1213 Dollar assets, foreign, 1245, 1250 Bankers’ balances, 1193, 1195 (See also Foreign liabilities and claims) Banking and monetary statistics for 1966, 1236 Earnings and hours, manufacturing industries, 1229 Banks and the monetary system, 1187, 1236 Employment, 1226, 1228, 1229 Banks for cooperatives, 1203 Bonds (See also U.S. Govt, securities): Fann mortgage loans, 1214, 1215, 1216 New issues, 1209, 1210, 1211 Federal finance: Prices and yields, 1199, 1200 Cash transactions, 1204 Business expenditures on new plant and equip­ Receipts and expenditures, 1205 ment, 1213 Treasurer’s balance, 1204 Business indexes, 1226 Federal funds, 1178, 1192 Business loans (See Commercial and industrial loans) Federal home loan banks, 1203, 1215 Federal Housing Administration, 1200, 1214, 1215, 1216 Capital accounts: Federal intermediate credit banks, 1203 Banks, by classes, 1188, 1193, 1197, 1237 Federal land banks, 1203 Federal Reserve Banks, 1182 Federal National Mortgage Assn., 1203, 1216 Carloadings, 1226 Federal Reserve Banks: Central banks, foreign, 1258, 1260 Condition statement, 1182 Certificates of deposit, 1197 U.S. Govt, securities held, 1174, 1182, 1184, Coins, circulation, 1185 1206, 1207 Commercial and industrial loans: Federal Reserve credit, 1174, 1182, 1184 Commercial banks, 1192 Federal Reserve notes, 1182, 1185 Weekly reporting banks, 1194, 1198 Federally sponsored credit agencies, 1203 Commercial banks: Finance company paper, 1199, 1201 Assets and liabilities, 1188, 1192, 1194, 1237 Financial institutions, loans to, 1192, 1194 Consumer loans held, by type, 1219 Float, 1174 Deposits at, for payment of personal loans, 1191 Flow of funds, 1234 Number, by classes, 1188, 1237 Foreign currency operations, 1182, 1184, 1244, Real estate mortgages held, by type, 1214 1245, 1250 Commercial paper, 1199, 1201 Foreign deposits in U.S. banks, 1174, 1182, 1187, Condition statements (See Assets and liabilities) 1193, 1196, 1236, 1255 Construction, 1226, 1227 Foreign exchange rates, 1262 Consumer credit: Foreign liabilities and claims: Instalment credit, 1218, 1219, 1220, 1221 Banks, 1246, 1247, 1249, 1251, 1253, 1255 Noninstalment credit, by holder, 1219 Nonfinancial concerns, 1256 Consumer price indexes, 1226, 1230 Foreign trade, 1243 Consumption expenditures, 1232, 1233 Corporations: Sales, profits, taxes, and dividends, 1212, 1213 Gold: Security issues, 1210, 1211 Certificates, 1182, 1185 Security prices and yields, 1199, 1200 Earmarked, 1255 Cost of living (See Consumer price indexes) Net purchases by U.S., 1244 Currency in circulation, 1174, 1185, 1186 Production, 1259 Customer credit, stock market, 1200 Reserves of central banks and govts., 1258 Stock, 1174, 1187, 1236, 1244 Debits to deposit accounts, 1184 Gross national product, 1232, 1233 Debt (See specific types of debt or securities) Demand deposits: Hours and earnings, manufacturing industries, 1229 Adjusted, banks and the monetary system, Housing starts, 1227 1187, 1236 Adjusted, commercial banks, 1184, 1186, 1193 Income, national and personal, 1232, 1233 Banks, by classes, 1181, 1188, 1193, 1196, 1237 Industrial production index, 1222, 1226 Subject to reserve requirements, 1186 Instalment loans, 1218, 1219, 1220, 1221 Turnover, 1184 Insurance companies, 1202, 1206, 1207, 1215 1269 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1270 FEDERAL RESERVE BULLETIN • JULY 1967 Insured commercial banks, 1190, 1191, 1192 Reserves: Interbank deposits, 1181, 1188, 1193, 1237 Central banks and govts., 1258 Interest rates: Commercial banks, 1193, 1195 Business loans by banks, 1198 Federal Reserve Banks, 1182 Federal Reserve Bank discount rates, 1179 Member banks, 1174, 1176, 1181, 1186, 1193 Foreign countries, 1260, 1261 Residential mortgages loans, 1214, 1215, 1216, 1217 Money market rates, 1199, 1261 Retail credit, retail sales, 1218, 1226 Mortgage yields, 1200, 1217 Time deposits, maximum rates, I 180 Sales finance companies, loans, 1218, 1219, 1221 Vields, bond and stock, 1199 Saving: International capital transactions of the U.S., 1246 Flow of funds series, 1234 International institutions, 1244, 1245, 1258, 1260 National income series, 1233 Inventories, 1232 Savings and loan assns., 1202, 1207, 1215 Investment companies, new issues, 1211 Savings deposits (See Time deposits) Investments (See also specific types of investments): Savings institutions, principal assets, 1201, 1202 Banks, by classes, 1188, 1192, 1195, 1201, 1237 Securities (See also U.S. Govt, securities): Commercial banks, 1191 Federally sponsored agencies, 1203 Federal Reserve Banks, 1182, 1184 International transactions, 1254, 1255 Life insurance companies, 1202 New issues, 1209, 1210, 1211 Savings and loan assns., 1202 Silver coin and silver certificates, 1185 State and local govts.: Labor force, 1228 Deposits of, 1193, 1196 Loans (See also specific types of loans): Holdings of U.S. Govt, securities, 1206, 1207 Banks, by classes, 1 188, 1192, 1194, 1201, 1237 New security issues, 1209, 1210 Commercial banks, 1191 Ownership of obligations of, 1192, 1195, Federal Reserve Banks, 1174, 1182, 1184 1201, 1202 Insurance companies, 1202, 1215 Prices and yields of securities, 1199, 1200 Insured or guaranteed by U.S., 1214, 1215, 1216 State member banks, 1190, 1191 Savings and loan assns., 1202, 1215 Stock market credit, 1200 Manufactures, production index, 1223, 1226 New issues, 1210, 1211 Margin requirements, 1180 Prices and yields, 1199, 1200 Member banks: Assets and liabilities, by classes, 1188, 1192, 1237 Tax receipts, Federal, 1205 Borrowings at Reserve Banks, 1176, 1182 Time deposits, 1180, 1181, 1186, 1187, 1188, 1193, Deposits, by classes, 1181 1196, 1236, 1237 Number, by classes, 1189, 1237 Treasurer’s account balance, 1204 Reserve position, basic, 1178 Treasury cash, Treasury currency, 1174, 1185, 1187, Reserve requirements, I 180 1236, 1237 ' ' Reserves and related items, 1174, 1186 Treasury deposits, 1174, 1182, 1204 Mining, production index, 1223, 1226 Money rates (See Interest rates) Unemployment, 1228 Money supply and related data, 1186 U.S. balance of payments, 1242 Mutual funds (See Investment companies) U.S. Govt, balances: Mutual savings banks, 1187, 1188, 1190, 1201, 1206, Commercial bank holdings, 1193, 1196 1207, 1214, 1236, 1238 Consolidated monetary statement, 1187, 1236 Member bank holdings, 1186 National banks, 1190, 1191 Treasury deposits at Federal Reserve Banks, National income, 1232, 1233 1174, 1182, 1204 National security expenditures, 1205, 1232 U.S. Govt, securities: Nonmember banks, 1190, 1191, 1192, 1193 Bank holdings, 1187, 1188, 1192, 1195, 1201, 1206, 1207, 1236, 1237 Open market transactions, 1181 Dealer transactions, positions, and financing, 1208 Federal Reserve Bank holdings, 1174, 1182, 1184, Payrolls, manufacturing, index, 1226 1206, 1207 Personal income, 1233 Foreign and international holdings, 1182, 1250, Postal Savings System, 1180, 1187, 1236 1254, 1255 ' Prices: International transactions, 1250, 1254 Consumer and wholesale commodity, 1226, 1230 New issues, gross proceeds, 1210 Security, 1200 Open market transactions, 1181 Production, 1222, 1226 Outstanding, by type of security, 1206, 1207, 1209 Profits, corporate, 1212, 1213 Ownership of, 1206, 1207 Real estate loans: Prices and yields, 1199, 1200, 1261 Banks, by classes, 1192, 1194, 1201, 1214 United States notes, 1185 Delinquency rates on home mortgages, 1217 Utilities, production index, 1223, 1226 Mortgage yields, 1200, 1217 Vault cash, 1174, 1180, 1193 Nonfarm mortgage foreclosures, 1217 Veterans Administration, 1214, 1215, 1216 Type of holder and property mortgaged, 1214, 1215, 1216 ' Weekly reporting banks, 1194 Reserve position, basic, member banks, 1178 Reserve requirements, member banks, 1180 Yields (See Interest rates) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

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