Federal Reserve Bulletin, 1967-11

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

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

CONTENTS NUMBER 11 VOLUME 53 NOVEMBER 1967 1855 Recent Price Developments 1867 Staff Economic Studies: Summary 1869 Balance of Payments: Revised Guidelines for Banks and Nonbank Financial Institutions 1877 Agreement on Plan for Creating Special Drawing Rights 1883 Statement to Congress 1893 Record of Policy Actions of the Federal Open Market Committee 1911 Law Department 1921 Announcements 1922 National Summary of Business Conditions 1924 Guide to Tabular Presentation 1925 Financial and Business Statistics, U.S. 1989 International Financial Statistics 2011 Board of Governors and Staff 2012 Open Market Committee and Staff; Federal Advisory Council 2013 Federal Reserve Banks and Branches 2014 Federal Reserve Board Publications 2017 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 Price Developments THE OUTLOOK for consumer and business demands improved be­ ginning last spring, and upward cost pressures have continued to accumulate. As a result, prices of industrial commodities have shown a pronounced upturn at wholesale since midyear, and con­ sumer prices of industrial products—already rising at a rapid pace in the spring—have increased sharply further. The upward movement in prices of industrial commodities has contrasted with recent declines in prices of foods and foodstuffs, primarily at the wholesale level. Because of sharp reductions for agricultural products, the total wholesale price index has declined somewhat since midyear, as well as from its level in the late sum­ mer of 1966. Meanwhile, the consumer price index has continued to move up, with food prices at a new high in August from which they receded only moderately in September and with prices of services continuing steadily upward. In July and August industrial production recovered much of the moderate decline it had sustained in the first half of the year. Following the earlier sharp reduction in the rate of inventory accumulation, output of consumer goods increased moderately, and production of business equipment stabilized. Production of defense equipment continued to rise. In September and October, however, production of consumer goods was curtailed by work stoppages in the automobile industry. The total index lost most of what it had recovered during the summer as output of both industrial equipment and materials was also depressed by the auto and other strikes, and as the sharp run-up in crude oil output during the summer gave way to decline when supplies from the Middle East increased. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1856 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 INDUSTRIAL From mid-July to mid-October wholesale prices of industrial com­ COMMODITIES modities rose at an annual rate of 2.7 per cent—the largest 3-month increase since the spring of 1966. From mid-1966 through last winter, the industrial price average had shown only a moderate rise and then had been stable from February to July this year. The recent upturn in wholesale prices of industrial commodities after 5 months of stability, and the earlier step-up in the pace of 1 {CONSUMER PRICES continue up, while OUTPUT changes little in recent months 1963 1965 1967 Bureau of Labor Statistics indexes for prices. Production in­ dexes seasonally adjusted. Latest figures: consumer prices, September; other indexes, October. advance in prices of industrial products at retail, have reflected a combination of demand and supply influences. Upward pressures on costs—associated in some cases with special supply factors— were important influences. But improvement in consumer and bus­ iness demands and growing expectations that the sluggishness of early 1967 would give way to renewed rapid economic advance later in the year provided a permissive setting for price increases. Demand influences. Consumer buying, particularly of durable goods, picked up in the spring after a slack period extending back to the early autumn of 1966. Responding to the increase in avail- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT PRICE DEVELOPMENTS 1857 ability of funds, residential building was recovering rapidly from its late 1966 low. New orders for machinery and equipment were rising again—in part as a result of the reinstatement of the invest­ ment tax credit that had been suspended in October 1966—and surveys indicated that businesses were planning to increase plant and equipment outlays in the second half of 1967 after a moderate cut-back in the first half. Defense spending remained a strong ex­ pansive force, as military activities in Vietnam increased, and exports were running at a level higher than in late 1966. Final sales in the private economy stepped up sharply in the second quarter, and for the first half of the year total final sales in real terms, including those to governments, increased at an annual rate of 6.3 per cent, the fastest pace since early 1966. With growing expectations of sustained or even larger increases in the last half of 1967 and with business stock/sales positions improved, there was a moderate reversal during the summer of the drop in the rate of inventory accumulation that had depressed over-all economic growth in the first half. In September and October work stoppages—most notably in the automobile industry—curtailed industrial production and employment and caused the previously accelerated rise in personal income to slow. Despite wage settlements at two major auto pro­ ducers in late October and early November, uncertainties remained about the possibility of additional work stoppages and about the length of time before restoration of full-scale output in the auto industry. In part because of the limited availability of autos but perhaps also because of the accelerated rise in living costs since early spring, consumer spending for goods was failing to carry through with its earlier promise of renewed rapid expansion. Also, a pro­ nounced slowing of the rise in Federal purchases for defense was reported for the third quarter. However, reports in early Novem­ ber from the annual McGraw-Hill fall survey indicated that busi­ nesses planned to increase their expenditures for new plant and equipment by 5 per cent in 1968. Cost and supply influences. Under the impact of slack consumer demands during the autumn of 1966 and last winter and of the sharp curtailment in business inventory and other investment in the first half of this year, industrial production leveled off in late 1966 and declined moderately from December to June. Despite a decline in hours of work beginning in late 1966 and some Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1858 FEDERAL RESERVE BULLETIN * NOVEMBER 1967 reduction in employment in the early months of this year, manu­ facturing productivity showed little increase from mid-1966 through last winter. Although industrial employment declined, the over-all labor market remained tight, as employment in other lines—particu­ larly in government and private services—-continued to expand and growth in the labor force slowed. The unemployment rate averaged 3.8 per cent in the first half, about the same low rate as in the last half of 1966. Stimulated in part by rising consumer prices as well as by a generally tight labor market, increases in wage rates continued to accelerate; because productivity increases were limited, unit labor costs rose sharply further in manufactur­ ing and apparently also in the distributive and service industries. With labor costs up by a large amount and prices up only a little, the ratio of manufacturing prices to unit labor costs by June was down to the lowest level since early 1963 and was only moderately higher than at the recession low in early 1961. Manu­ facturing profits per dollar of sales in the second quarter were 12 per cent below a year earlier and were also about as low as in early 1963. Wage contract settlements in the rubber and electrical machin­ ery industries in July and in the auto and construction machinery industries in late October and early November were in line with the earlier accelerated trend of wage rate increases. In July and August, when industrial production rose and productivity stepped up appreciably, unit labor costs showed only a slight rise. But in September and October, when output was depressed again, mainly because of strikes, unit labor costs rose to a new high. Upward cost pressures have been augmented in recent months by the institution, in August, of the first general increase in rail­ road freight rates since 1960 and by further increases in trucking CAPACITY UTILIZATION - MFG. rates. Moreover, there have been increases in costs of some basic PER CENT materials to industrial users—-in marked contrast to a declining trend from mid-1966 to mid-1967. The recent round of increases in industrial prices has occurred within a setting of generally ample manufacturing capacity and of - 80 a continuing large volume of imports. Over the period July through — 70 October the index of capacity utilization in manufacturing as a whole averaged about 84 per cent, as compared with 91 per cent - 60 a year earlier. Excess plant capacity exists in a wide range of manu­ Illi facturing industries, especially in those producing materials. '63 '65 '67 In some lines, however, price increases have been stimulated— Quarterly data, seasonally adjusted. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT PRICE DEVELOPMENTS 1859 or strongly supported—by supply shortages, Thus, increases in lumber prices were sharp during the summer, when drought and forest fires in the Northwest temporarily curtailed logging opera­ tions. Markets for rubber products were strengthened as a result of the liquidation of excessive inventories during the 3-month strike. As of mid-November, a similar situation was developing in INDUSTRIAL PRICES and unit labor COSTS rise further RATIO SCALE, 1957 59=100 MATERIALS 105 - 100 1963 ' 1965 1967 Federal Reserve price indexes based on components of BLS wholesale price indexes, and Census Bureau seasonally adjusted unit-labor-cost index. Latest figures: October. connection with the still unsettled strike in the copper industry. This year’s sharp run-up in prices of used cars has been stimulated in part by shortages of late models and in September by curtail­ ment of new-car supplies. Industrial materials. The upward price movement of recent months has encompassed industrial materials as well as products, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1860 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 but price increases for materials thus far have been more selective and more subject to special supply influences. And prices for some materials that had shown large increases during the summer have declined this autumn. Average prices of sensitive materials, which tend to respond promptly to changes in demand and to shifts in supplies, showed a pronounced upturn in August and September. The major in­ crease was for lumber and plywood, where there were acute supply shortages, as noted above, which coincided with continuing re­ covery in demands from the residential construction industry. In addition, prices of silver jumped when the U.S. Treasury announced in mid-July that it had stopped sales of the metal at $1.29 a troy ounce and that from then on it would sell, in limited amounts, at prevailing market prices. Prices of steel scrap rose as demands for steel were stimulated to some extent by the early model changeover in the automobile industry; prices of copper and of brass mill products began to move up as fabricators shifted to higher-priced secondary and foreign copper when new domestic supplies of primary copper were cut. Prices of cotton and of cotton goods strengthened as a result of some improvement in demand in this country and the prospect of a very small crop and shortages of longer-staple cotton. Meanwhile, prices of hides and leather, rubber, and residual fuel oil declined further. In October the price index for sensitive materials was unchanged from September. Lumber and plywood prices declined, because of greatly improved supplies and the beginning of seasonal slack­ ening in demands. Prices of steel scrap also decreased, owing in part to the temporary slackening of steel demands from the auto industry. Prices of copper products and textile materials, however, continued to rise. In general, the composite index of sensitive materials includes items that are sensitive to shifts in both foreign and domestic demand and supply. Further advance in the index will thus depend on resurgence of European as well as domestic demands. Apart from the temporary copper situation, world supplies of most metals and also hides and rubber appear ample. The rise since midyear is in marked contrast to the sharp decline from mid-1966 to mid-1967. In that period both foreign and domestic demands weakened at a time when world supplies had been expanded sharply in response to the large price run-up from mid-1963 to mid-1966. Prices of other industrial materials—sometimes referred to as Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT PRICE DEVELOPMENTS 1861 “sluggish”—have nearly four times as much weight in the whole­ sale price index as the sensitive grouping, and they tend to be less prompt and less volatile in their response to variations in demand. These prices continued to rise—although at a slackened pace— from mid-1966 to last April. From April to July they stabilized and then in August started a slow upcreep. For these sluggish materials too, this year’s upswing in resi­ dential construction has played a significant role in the price ad­ vance—leading to fairly widespread increases among such items as millwork, aluminum siding, hardware, and gypsum products. In addition, the rise in crude oil prices following the crisis in the Middle East contributed to the increase in the composite index, as did increases in various unfinished rubber products, following the strike settlement in July. Since midyear, list price increases have been announced for a number of steel mill products. In fact, prices have been raised for items that account for about one-third of all steel mill shipments, and the wholesale price index for steel mill products has increased 0.8 of 1 per cent to a level 4 per cent above its 1959-60 average. Domestic markets for steel are subject to strong competition from foreign supplies and from substitute materials, and there is a large margin of unutilized capacity in the domestic steel industry. While steel prices have shown a fairly steady upcreep, including last winter when output was declining, the increases of recent months —and of recent years—have been modest compared with the sharp boost that spearheaded the inflationary upsurge of the mid-1950’s. In October large price increases were effected for some basic chemicals—notably sulfur, chlorine, and calcium hypochlorite— and the index for industrial chemicals showed a pronounced pick­ up. For the entire chemicals group, average prices rose somewhat following a decline from May to September. In this sector, too, un­ utilized capacity remains generally large, and prices of some other chemicals have declined further since midyear. Producers’ equipment. Price increases for producers’ equip­ ment were accelerating sharply as late as the fourth quarter of 1966, when the extraordinary capital investment boom that had begun in 1963 was nearing an end. During the first half of 1967, when business capital outlays declined, the price advance slowed markedly. But since midyear, with businesses reporting plans for a renewed but moderate expansion in the last half and continuing in 1968, the price advance has stepped up again. In August and September average prices of producers’ equip- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1862 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 ment increased at a rate only a little faster than in the first half, but in October these prices spurted sharply. During the past 3 months increases have been widespread, covering metal-working and general-purpose machinery; agricultural, construction, food product, textile, and printing-trades machinery; and transportation equipment. Half of the exceptionally large rise in October reflected the effect of sizable price increases for 1968 model motor vehicles purchased by business. Consumer goods. In contrast to producers’ equipment and most materials, price increases for consumer industrial products—con­ sumer goods other than foods—showed little, if any, slackening at wholesale in the first half of 1967, From mid-1966 to mid-1967 average wholesale prices of these consumer products had increased by 1.7 per cent, as much as over the preceding 12 months. At retail, largely because of the sharp spurt in late spring and early summer, prices of these goods increased more from mid-1966 to mid-1967 than in the preceding year—by 2.3 per cent compared with 1.9 per cent. And during the late summer and early autumn, price increases for consumer goods were even more rapid—at both wholesale and retail. One of the features of recent price developments in the con­ sumer sector has been the rise in prices of durable goods, which followed a protracted period of relatively little change. In 1965 retail prices of consumer durable goods had declined somewhat, owing in part to reductions in Federal excise taxes on autos and appliances. During 1966 prices of these goods were relatively stable, except for furniture for which prices increased moderately. And at the beginning of this year the average retail price index for consumer durable goods was still somewhat below its level 2 years earlier and less than 3 per cent above the 1957-59 average. By September 1967, however, the consumer price average for durable goods had increased nearly 2 per cent from February, to a new high, and a further rise was likely for October. Over this period, furniture prices continued to rise; and with the introduc­ tion of the new year’s models, prices of many appliances and television sets were raised, reversing an earlier downward price trend. Prices of new cars held up better than usual as the 1967 model-year progressed, and price increases for the 1968 models were sizable. Owing in part to a reported shortage of late-model used cars, used-car prices showed a pronounced run-up in the spring and early summer and spurted further in September when the auto strike limited supplies of new cars. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT PRICE DEVELOPMENTS 1863 Price increases for consumer nondurable goods (except foods) have also shown some acceleration since midyear. Large increases for apparel beginning early in the year culminated in September in twice the usual seasonal advance associated with the introduction of new fall and winter lines. The advance in retail prices of apparel has far outpaced the rise in wholesale prices, as stronger retail sales permitted a pass-through of higher costs and also some widening of retail margins. Gasoline prices have risen substan­ tially this year—continuing on up in September despite the begin­ ning of seasonal reductions at wholesale; over the past year in­ creases at retail have also exceeded those at wholesale. Cigarette prices rose significantly in August in a delayed response to a June advance at wholesale, and taxes on cigarettes increased in several States. CONSUMER SERVICES During the first half of 1967 prices of consumer services were rising at an annual rate of about 3.5 per cent, down from the exceptionally high rate—-5.0 per cent—during 1966 but still well above the 1964-65 advance. Since July, however, price increases have speeded up somewhat, bringing the increase for the year through September to an annual rate of 3.7 per cent. The slower advance in prices this year as compared with last reflects in part the different behavior of mortgage interest rates— mirroring the contrast in credit conditions and in availability of mortgage funds between the two periods. During 1966 mortgage interest rates as measured by the consumer price index rose 12 per cent, but between December 1966 and June 1967 this series declined 2 per cent. Since midyear these rates have increased again. Other services associated with home ownership—notably property taxes and insurance rates—have been increasing at least as fast this year as last, and rents have been moving up somewhat faster—at an annual rate of nearly 2 per cent compared with around 1.5 per cent in 1966 and an average of 1 per cent a year during 1961-65—as expansion in the housing supply was cut sharply after early 1966. Prices of transportation services have shown much less in­ crease this year than during 1966, when local transit fares bulged sharply—particularly in New York City at midyear. Moreover, auto insurance rates and registration fees have risen less thus far in 1967 than in 1966. Prices of medical services, which rose faster than any other major category in 1966, have continued to rise this year at the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1864 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 unprecedented 1966 pace of 8 per cent, with steady increases in fees of doctors and dentists and in charges for hospital services. The latter item alone has increased more than 20 per cent over the past year—in large part because of an extraordinary spurt in wages for hospital personnel as a result of a lag in earlier adjust­ ments, work stoppages, and pressures of limited labor supplies. 3 (CONSUMER PRICES rise for major categories RATIO SCALE, 1957-59=100 1963 1965 1967 BLS consumer price indexes. Latest figures: September. FOODS AND FOODSTUFFS The sharp run-up in wholesale prices of farm products and foods that had begun in early 1965 culminated, a little over a year ago, in the highest average level since early 1951. Since September 1966 these prices have lost about half of the 1965-66 rise, although the decline was interrupted temporarily by an abrupt upturn in late spring. Retail prices of foods have moved in a similar but less pronounced fashion. Since the autumn of 1966 there has been a perceptible widening of the margin between wholesale and retail prices, and in September retail food prices were only moderately below their high of a year earlier. Fluctuations in prices of foods and foodstuffs are dominated to a much greater extent by changes in supplies than by changes Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT PRICE DEVELOPMENTS 1865 in demand. The sharp fluctuations over the past 216 years have reflected primarily shifts in supplies of livestock and products. Supplies of these products—particularly pork—declined abruptly in 1965, in reaction to low prices and unfavorable returns in the preceding year. The large price rise that accompanied the falloff in supplies—at a time when demands remained strong—prompted a sharp expansion in output beginning last autumn, which in turn led to a reversal of the earlier price rise. In late spring and early summer, prices ran up sharply, when pork production showed an unusually large seasonal drop and reports indicated that the pre­ ceding price decline was giving rise to the prospect later in 1967 of a reduction in supplies of meat and other livestock products. However, in late summer and early fall, supplies proved to be much larger than anticipated, and wholesale prices of livestock and products declined again after midyear. FOOD PRICES decline sharply at wholesale, 4 moderately at retail RATIO SCALE,1957-59-100 Retail price index is BLS “food at home” component of con­ sumer price index. Wholesale index, Federal Reserve grouping of BLS data. Latest figures: retail, September; wholesale, October. Supplementing the temporary, sharp spurt in meat prices was a run-up in prices of fresh fruits and vegetables caused by a cold, late, wet spring. During the summer and early fall large harvests brought down prices of produce. In recent months bumper crops of wheat, corn, and soybeans —more than ample to cover prospective needs—have led to sharply lower prices. Price declines have been augmented by a Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1866 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 lower level of commercial exports of U.S. farm products than had been anticipated for this year. World production of wheat, feed grains, and oilseeds has been substantially higher this year than last, when poor crops in some countries had resulted in unusually strong export demand for U.S. products and had contributed to a sharp price bulge in late summer 1966. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Staff Economic Studies The research staffs of the Board of Gover­ In all cases the analyses and conclusions nors of the Federal Reserve System and of set forth are those of the authors and do the Federal Reserve Banks undertake studies not necessarily indicate concurrence by the that cover a wide range of economic and Board of Governors, by the Federal Reserve financial subjects, and other staff members Banks, or by members of their staffs. prepare papers related to such subjects. In Single copies of the full text of each of some instances the Board finances similar the studies or papers that are summarized studies by members of the academic pro­ below are available in mimeographed form. fession. The list of Federal Reserve Board publica­ From time to time the results of studies tions at the back of each Bulletin includes that are of general interest to the economics a separate section entitled “Staff Economic profession and to others are summarized-—• Studies” that enumerates the studies for or they may be printed in full—in this sec­ which copies are currently available in that tion of the Bulletin. form. Study Summary NONLOCAL COMPETITION FOR TIME DEPOSITS IN ISOLATED ONE- AND TWO-BANK TOWNS Bernard Shull—Staff, Board of Governors Prepared as a staff paper; revised in September 1967. The general belief is that small commercial petition associated with regional or national banks in relatively isolated one- and two- rivalry for funds. Either or both of these bank towns in rural areas possess a high possibilities are plausible. degree of market power in the purchase of In this paper the two possibilities are time deposits from local depositors. In the evaluated through an analysis of rate past, banks in these areas have paid rela­ changes made by a small group of rela­ tively low rates; however, in recent years, tively isolated rural banks in Illinois in 1962. rates at many of these banks have risen Several tests are developed to distinguish considerably. The rate increases could re­ rate increases that derived from declines in flect either increases in bank demand for the supply of funds—associated with more deposits growing out of local economic intensive competition from outside the local growth, and/or an intensification of com- area—from those that derived from increases 1867 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1868 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 in local demand. Changes in effective in­ rate increases are believed to reflect prin­ terest rates on time deposits are calculated cipally the dissemination into local com­ and, in accordance with the analysis de­ munities of reliable information on higher veloped, related to income and balance rates oaid elsewhere. Information became sheet items, the number of banks and sav­ more readily available to depositors through ings institutions in each town, and distance the announcement by the Federal Reserve to nearby cities and metropolitan areas. System of an increase in maximum permis­ Findings suggest that the rate increases sible rates on time deposits and also through resulted principally from competition with publicity given to rate increases by large financial institutions outside the local banks in metropolitan areas. Over the long communities and that they reflected regional run the findings also imply difficulties asso­ or national competition for funds. The find­ ciated with rising costs and perhaps loss of ings thus indicate the lessening importance customers for small rural banks. This paper of local market structure in time deposit notes possible reactions of rural banks to markets. In the year studied—1962—the this change in market structure. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BALANCE OF PAYMENTS PROGRAM Revised Guidelines For Banks and Nonbank Financial Institutions The financial community has continued 1967 ceilings only for priority credits, that its excellent cooperation with the President’s is, export credits or credits to developing voluntary foreign credit restraint program countries. during 1967. Foreign credits of commercial The leeway available on September 30, banks increased by only $120 million in 1967, together with the increase in the 1968 the first three quarters of 1967, far less than ceiling related to the alternative method of would have been permitted by the guide­ calculating that ceiling, provides a potential lines. The banks were $783 million below leeway for an outflow of bank credit in 1968 the end-of-1967 ceiling on September 30, of about $1.4 billion. Therefore, each com­ 1967, and $532 million below the interim mercial bank again is requested to limit the ceiling effective on that date. Foreign claims use of its leeway over the year; that is, to of nonbank financial institutions subject to use not more than 20 per cent of the leeway the guidelines declined by $76 million, available as of October 31 before January or 3.9 per cent, during the first 6 months of 1, 1968, not more than 40 per cent before 1967. These institutions were $57 million April 1, 1968, not more than 60 per cent below the target ceiling at the end of June before July 1, 1968, and not more than 80 1967. per cent before October 1, 1968. However, the balance of payments situa­ Furthermore, banks are requested to hold tion has not improved during 1967, and it nonexport credits to developed countries of is considered necessary to continue the continental Western Europe to or below voluntary effort to restrain the outflow of the level of such credits outstanding on private capital. Accordingly, the Board of October 31, 1967. Governors has revised the guidelines for These revisions in the guidelines, effec­ financial institutions as set out hereinafter. tive October 31, 1967, are designed to tighten somewhat the over-all restraint on THE 1968 PROGRAM FOR COMMERCIAL flows of bank capital abroad, to reduce in­ BANKS equities which have built up over the life of The 1968 ceiling for banks accounting for the program, and to give a further stimulus about 95 per cent of the 1967 ceiling, will to banks to direct foreign credits to export remain at the level for 1967 generally 109 financing and to the financing of the de­ per cent of the end-of-1964 base. Banks veloping countries. whose ceiling target for 1967 was less than 2 per cent of total assets as of December 31, THE 1968 PROGRAM FOR NONBANK FINANCIAL INSTITUTIONS 1966, may take the latter figure as their 1968 ceiling. Such banks are requested to There are no substantial changes in the 1968 use the amount of the increase over their guidelines for nonbank financial institutions. 1869 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1870 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 The definition of “covered” assets estab­ other U.S. corporations that are located in lished in the 1967 guidelines still applies. foreign countries; and any government of a The target ceiling which is applicable to foreign country or official agency thereof covered assets has been increased from 105 and any official international or regional in­ per cent of adjusted base date holdings, ef­ stitution created by treaty, irrespective of fective through 1967, to 109 per cent for location. 1968. (2) “Foreign long-term securities” are Reporting requirements are eased by pro­ those issued without a contractual maturity viding that only financial institutions hold­ or with an original maturity of more than 1 ing covered assets of $500,000 or more, or year from the date of issuance. total foreign assets of $5 million or more, (3) “Other claims” include all long-term are expected to report to their Federal Re­ claims other than securities, real assets, net serve Bank. It is estimated that this will investment in and advances to foreign reduce the number of reporting institutions branches and subsidiaries, and all short­ from about 575 to about 340. term claims (such as deposits, money market The group of institutions covered by the instruments, customers’ liability on accept­ nonbank guidelines includes trust compa­ ances, and loans). nies and trust departments of commerical (4) “Leeway” means the difference be­ banks, mutual savings banks, insurance tween the ceiling for 1968 as described in companies, investment companies, finance Section C below and the amount of foreign companies, employee retirement and pen­ credits outstanding on October 31, 1967. sion funds, college endowment funds, and (5) “Nonexport credit” means a foreign charitable foundations. Also included are credit other than one that arises directly out the U.S. branches of foreign insurance com­ of the financing of exports of U.S. goods or panies and of other foreign nonbank finan­ services or that is reasonably necessary for cial corporations. Investment underwriting the financing of such exports. firms, securities brokers and dealers, and (6) “Developed countries” are Abu investment counseling firms also are covered Dhabi, Australia, Austria, the Bahamas, with respect to foreign financial assets held Bahrain, Belgium, Bermuda, Canada, Den­ for their own account and are requested to mark, France, Germany (Federal Repub­ inform their customers of the program in lic), Hong Kong, Iran, Iraq, Ireland, Italy, those cases where it appears applicable. Japan, Kuwait, Kuwait-Saudi Arabia Neu­ tral Zone, Libya, Liechtenstein, Luxem­ Guidelines for Banks bourg, Monaco, Netherlands, New Zealand, Norway, Portugal, Qatar, Republic of South 1. Ceiling and reporting Africa, San Marino, Saudi Arabia, Spain, A. Meaning of terms Sweden, Switzerland, and the United King­ (1) “Foreigners” include individuals, dom. Also to be considered “developed” are partnerships, and corporations domiciled the following countries within the Sinooutside the United States, irrespective of Soviet bloc: Albania, Bulgaria, any part of citizenship, except their agencies or branches China that is dominated or controlled by located within the United States; branches, international communism, Cuba, Czecho­ subsidiaries, and affiliates of U.S. banks and slovakia, Estonia, Hungary, any part of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISED GUIDELINES 1871 Korea that is dominated or controlled by 1967, and that had foreign assets of more international communism, Latvia, Lithu­ than $500,000 on that date, is the bank’s ania, Outer Mongolia, Poland (including 1967 ceiling for such credits or 2 per cent any area under its provisional administra­ of the bank’s total assets on December 31, tion), Rumania, Soviet Zone of Germany 1966, whichever is larger. and the Soviet sector of Berlin, Tibet, Union However, all banks are requested to limit of Soviet Socialist Republics and the Kurile their outstanding foreign credits: Islands, Southern Sakhalin, and areas in (a) Through December 31, 1967, to an East Prussia that are under the provisional amount not to exceed the amount outstand­ administration of the Union of Soviet Social­ ing on October 31, 1967, plus 20 per cent ist Republics, and any part of Vietnam that of the leeway. is dominated or controlled by international (b) During the first quarter of 1968, to communism. an amount not to exceed the amount out­ B. Specific inclusions and exclusions in standing on October 31, 1967, plus 40 per calculating the ceiling cent of the leeway. (1) Claims on foreigners should be in­ (c) During the second quarter of 1968, cluded without deduction of any offsets. to an amount not to exceed the amount Foreign long-term securities held for banks’ outstanding on October 31, 1967, plus 60 own account should be included. Foreign per cent of the leeway. customers’ liability for acceptances executed (d) During the third quarter of 1968, to should be included whether or not the ac­ an amount not to exceed the amount out­ ceptances are held by the reporting bank. standing on October 31, 1967, plus 80 per Participations purchased in loans to for­ cent of the leeway. eigners (except participations in loans (2) A bank that had no ceiling in 1967, guaranteed or participated in by the Export­ or that had foreign assets of $500,000 or Import Bank or insured by the Foreign less on October 31, 1967, may discuss with Credit Insurance Association) also should the Federal Reserve Bank of the Federal be included. Reserve district in which it is located, the (2) Contingent claims, unutilized credits, possibility of adopting a ceiling that would claims held for account of customers, ac­ permit the bank to meet the reasonable ceptances executed by other U.S. banks, and foreign credit requirements of existing cus­ loans guaranteed or participated in by the tomers or needs originating in its normal Export-Import Bank or insured by the trade area, but such special ceilings shall in Foreign Credit Insurance Association, no case be more than 2 per cent of a bank’s should be excluded. total assets as of December 31, 1966. C. Ceiling In discussing the ceiling of such a bank, (1) Foreign credits included in the ceil­ the Federal Reserve Bank will ascertain the ing are a bank’s total claims on foreigners bank’s previous history in foreign transac­ held for own account, with the specific in­ tions, including acceptance of foreign de­ clusions and exclusions set forth in Section posits or handling foreign collections, and B above. The 1968 ceiling for a bank re­ the reasons why the bank considers that it porting on Form F.R. 391 on October 31, should engage in foreign transactions. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1872 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 D. Reporting A bank whose foreign credits are in ex­ cess of the ceiling will be invited periodically (1) Banks that report on Treasury For­ to discuss with the appropriate Federal Re­ eign Exchange Forms B-2 or B-3 or that serve Bank the steps it has taken and have been granted a special ceiling under proposes to take to reduce its credits to a Section C(2) above should file a Monthly level within its ceiling. Report on Foreign Claims (Form F.R. 391/ 68) with the Federal Reserve Bank of the 4. Loan priorities Federal Reserve district in which the bank Within the ceiling, absolute priority is located. should be given to bona fide export credits. Credits that substitute for cash sales or for (2) Copies of Form F.R. 391/68 are sales customarily financed out of nonbank available at the Reserve banks. or foreign funds are not entitled to priority. 2. Loans guaranteed by the Export-Import With respect to nonexpert credits, banks Bank should give the highest priority to loans to Loans guaranteed or participated in by developing countries and should avoid re­ the Export-Import Bank or insured by the strictive policies that would place an undue Foreign Credit Insurance Association are burden on Canada, Japan, and the United excluded from the ceiling. The role of the Kingdom. Export-Import Bank within the framework It is further expected that the outstanding of the President’s program is coordinated by amount of nonexport credits to developed the National Advisory Council for Interna­ countries in continental Western Europe will tional Monetary and Financial Policies. not be increased during 1968 above the amount outstanding on October 31, 1967. 3. Credits in excess of ceiling A bank adopting a 1968 ceiling equal to A bank would not be considered as act­ 2 per cent of its total assets on December ing in a manner inconsistent with the pro­ 31, 1966, will be expected to use the excess gram if it temporarily exceeds its interim over its 1967 ceiling only for priority credits ceiling as a result of the (a) drawdown of —export credits and credits to developing binding commitments entered into before countries—originating among the bank’s November 16, 1967; or (b) extension of regular customers or residents of its trade bona fide export credits. territory. That is, holdings of foreign credits The bank should, however, refrain from on any reporting date should not exceed the making new extensions of nonpriority 1967 ceiling by more than the increase in credits so as to reduce its claims on foreign­ holdings of priority credits between October ers to an amount within the ceiling as 31, 1967, and the reporting date. quickly as possible. It should also take 5. Trust departments every opportunity to withdraw or reduce Trust departments of commercial banks commitments, including credit lines, that should follow the guidelines with respect to are not of a firm nature and to assure that nonbank financial institutions. drawings under credit lines are kept to normal levels and usage. At time of renewal, 6. Transactions for the account of customers each credit line should be reviewed for con­ A bank should bear in mind the Presi­ sistency with the program. dent’s balance of payments program when Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISED GUIDELINES 1873 acting for the account of a customer. Al­ mestic commercial bank voluntary credit though the bank must follow a customer’s restraint program. instructions, it should not encourage cus­ tomers to place liquid funds outside the 10. Loans to U.S. residents and substitution of domestic credit for credit from foreign United States. A bank should not place with sources a customer foreign obligations that, in the There are a number of situations in which absence of the voluntary credit restraint loans to domestic customers, individual as program, it would have acquired or held for well as corporate, may be detrimental to the its own account. President’s balance of payments program and hence should be avoided. Examples are: 7. Foreign branches (A) Loans to U.S. residents—individuals The voluntary credit restraint program is as well as corporations—that will aid the not designed to restrict the extension of for­ borrower in making new foreign loans or in­ eign credits by foreign branches if the funds vestments inconsistent with the President’s utilized are derived from foreign sources and program. Banks should avoid making new do not add to the outflow of capital from the Ioans that would directly or indirectly en­ United States. able borrowers to use funds abroad in a Total claims of a bank’s domestic offices on manner inconsistent with the Department of its foreign branches (including permanent Commerce program or with the guidelines capital invested in as well as balances due for nonbank financial institutions. from such branches) represent bank credit (B) Loans to U.S. subsidiaries and to nonresidents for the purposes of the pro­ branches of foreign companies that other­ gram. wise might have been made by the bank to the foreign parent or other foreign affiliate 8. “Edge Act” corporations of the company, or that normally would have “Edge Act” and “Agreement” corpora­ been obtained abroad. tions are included in the voluntary credit re­ straint program. Foreign loans and invest­ 11. Management of a bank’s liquid funds ments of such corporations may be combined A bank should not place its own funds with those of the parent bank, or a separate abroad for short-term investment purposes, ceiling may be adopted for the parent bank whether such investments are payable in and each such subsidiary corporation. If such foreign currencies or in U.S. dollars. This corporation is owned by a bank holding does not, however, call for a reduction in company, its foreign loans and investments necessary working balances held with for­ may be combined for purposes of the pro­ eign correspondents. gram with any one or all of the banks in the holding company group. Guidelines for Nonbank Financial Institutions 9. U.S. branches and agencies of foreign banks Through the end of calendar year 1968, Branches and agencies of foreign banks lo­ each institution is requested to limit its aggre­ cated in the United States are requested to gate holdings of “covered” foreign financial act in accordance with the spirit of the do­ assets to not more than 109 per cent of its Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1874 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 “adjusted base-date holdings.” Covered for­ years after date of acquisition. Excluded eign assets and adjusted base-date holdings are bonds of international institutions of are defined as in the 1967 program. which the United States is a member. Covered foreign financial assets, subject 5. Equity securities of foreign corpora­ to the guideline ceiling, include the follow­ tions domiciled in developed countries other ing types of investments: than Canada and Japan1 except those ac­ 1. Foreign bank deposits, including de­ quired after September 30, 1965, in U.S. posits in foreign branches of U.S. banks, markets from American investors. The test and liquid money market claims on foreign of whether an equity security is covered will obligors, generally defined to include mar­ depend on the institution’s obligation to pay ketable negotiable instruments maturing in the Interest Equalization Tax on acquisition. 1 year or less. Exclusion from covered assets under this 2. All other claims on foreign obligors program normally will be indicated when, written to mature in 10 years or less at date in acquiring an equity security that other­ of acquisition. This category includes all wise would be covered, the purchasing in­ bonds, notes, mortgages, loans, and other stitution receives a certificate of prior Amer­ credits, regardless of country of origin. Ex­ ican ownership, or brokerage confirmation cluded are bonds and notes of international thereof. institutions of which the United States is a “Base-date” holdings for any reporting member, and loans guaranteed or partici­ date are defined as: (1) the lesser of (a) pated in by the Export-Import Bank or in­ total holdings of covered foreign assets as sured by the Foreign Credit Insurance Asso­ of September 30, 1966, or (b) the amount ciation, regardless of maturity. of covered foreign assets that could have 3. Net financial investment in foreign been held as of September 30, 1966, in com­ branches, financial subsidiaries, and affili­ pliance with the guideline ceilings established ates, located in developed countries other by the 1966 voluntary program; less (2) than Canada and Japan.1 Such financial in­ equity securities of companies domiciled in vestment includes payments into equity and developed countries (except Canada and other capital accounts of, and net loans and Japan),1 that are included in (1) but had advances to, foreign corporations engaged been sold to American investors prior to the principally in finance, insurance, or real es­ current quarter. “Adjusted” base-date hold­ tate activities, in which the U.S. institution ings, to which the 109 per cent ceiling ap­ has an ownership interest of 10 per cent or plies, are equal to “base-date” holdings as more. Excluded are earnings of a foreign defined above, less sales of included covered affiliate directly retained in the capital ac­ equities during the current quarter. counts of the foreign corporation. In making foreign loans and investments 4. Long-term credits of foreign obligors subject to the guideline ceiling, institutions domiciled in developed countries other than are asked to give absolute priority to credits Canada and Japan.1 Included in this cate­ that represent the bona fide financing of U.S. exports, that is, financing necessary to gory are bonds, notes, mortgages, loans, consummate the export sale. In the case of and other credits maturing more than 10 credits to developed countries, a necessitous 1 See Note on p. 1876. export financing purpose will be indicated Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISED GUIDELINES 1875 whenever the credit is exempted from the and all equity securities issued by firms dom­ Interest Equalization Tax, which would iciled in these countries. otherwise apply. Temporary excesses above 3. Equity securities of firms in developed the guideline ceiling may be permitted, countries other than Canada and Japan that where necessary, in order to accommodate have been acquired in U.S. markets from these priority credits, but any institution American investors (see Point 5 above). that exceeds its target should consult with Each nonbank financial institution hold­ the Federal Reserve Bank of the Reserve ing, on any quarterly reporting date, cov­ district in which it is located regarding a ered assets of $500,000 or more, or total program for moving back within the ceil­ foreign financial assets of $5 million or ing in a reasonable period of time. more, is requested to file a statistical report, Within the leeway provided by the 109 covering its total holdings on that date, with per cent ceiling, institutions also are re­ the Federal Reserve Bank of the Federal Re­ quested to give priority consideration to the serve district in which its principal office is financing needs of the developing countries, located. The reports are due within 20 days and to avoid restrictive policies that would following the close of each calendar quarter, place an undue burden on Canada, Japan, and forms (F. R. 392R) may be obtained and the United Kingdom. But the invest­ by contacting the Federal Reserve Bank. ment of liquid funds abroad, in both bank deposits and money market instruments, GENERAL CONSIDERATIONS should be held to minimum practicable lev­ In cooperating in the voluntary foreign els consistent with the operating policies of credit restraint program, the nonbank finan­ the institution. Moreover, investments in cial institutions are requested to refrain from assets of all types in the developed countries making loans and investments inconsistent of continental Western Europe, except those with other aspects of the President’s balance directly financing U.S. exports, should not of payments program. Among these are the be permitted to exceed the total of such following: (1) noncovered credits under assets held on September 30, 1967. this program that substitute for loans that Foreign financial assets not covered by commercial banks would have made in the the guideline are still reportable on the quar­ absence of that part of the program ap­ terly statistical reports to the Federal Re­ plicable to them; (2) credits to U.S. cor­ serve Banks, but are not subject to ceiling porate borrowers that would enable them to limitations. Such noncovered foreign invest­ make new foreign loans and investments in­ ments include the following: consistent with that part of the program administered by the Department of Com­ 1. Bonds and notes of international insti­ merce; (3) credits to U.S. subsidiaries and tutions of which the United States is a mem­ branches of foreign companies that other­ ber, regardless of maturity. wise would have been made to the foreign 2. Long-term investments in Canada, parent, or that would substitute for funds Japan, and all developing countries, includ­ normally obtained from foreign sources. ing credit instruments with final maturities The voluntary foreign credit restraint of more than 10 years at date of acquisition, program for nonbank financial institutions direct investment in financial subsidiaries, does not apply to the investment, within the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1876 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 country involved, of reserves accumulated the guideline ceiling to the extent that the on insurance policies sold abroad, in funds for such investment are borrowed in amounts up to 110 per cent of such reserves. developed countries other than Canada and Furthermore, in view of the balance of pay­ Japan. Any such arrangements to offset for­ ments objectives of the program, it is noted eign borrowing against foreign investment that covered investments of nonbank finan­ should be discussed with the Federal Re­ cial institutions may be permitted to exceed serve Bank. Note.—Developed countries other than Canada and China which is dominated or controlled by interna­ Japan: continental Western Europe—Austria, Bel­ tional communism, Cuba, Czechoslovakia, Estonia, gium, Denmark, France, Germany (Federal Repub­ Hungary, any part of Korea which is dominated or lic), Italy, Liechtenstein, Luxembourg, Monaco, controlled by international communism, Latvia, Netherlands, Norway, Portugal, San Marino, Spain, Lithuania, Outer Mongolia, Poland (including any Sweden, and Switzerland; other developed countries area under its provisional administration), Rumania, are: Abu Dhabi, Australia, the Bahamas, Bahrain, Soviet Zone of Germany and the Soviet sector of Bermuda, Hong Kong, Iran, Iraq, Ireland, Kuwait, Berlin, Tibet, Union of Soviet Socialist Republics and Kuwait-Saudi Arabia Neutral Zone, Libya, New the Kurile Islands, Southern Sakhalin, and areas in Zealand, Qatar, Republic of South Africa, Saudi East Prussia which are under the provisional adminis­ Arabia, and the United Kingdom. Also to be con­ tration of the Union of Soviet Socialist Republics, and sidered “developed” are the following countries within any part of Vietnam that is dominated or controlled the Sino-Soviet bloc: Albania, Bulgaria, any part of by international communism. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Agreement on Plan for Creating Special Drawing Rights Four years of international discussion and Drawing Rights (SDR’s) are set forth in negotiation culminated at the annual meet­ the Outline, no attempt was made to in­ ing of the Board of Governors of the Inter­ corporate precise details, or the changes in national Monetary Fund, held in Rio de the Articles of Agreement of the Fund that Janeiro, Brazil, in September 1967, when the SDR plan will necessitate. These details it was decided to proceed to establish, within and amendments are to be formulated by the Fund, machinery for the creation of a the Executive Directors and submitted to supplement to existing international reserve the Fund’s Board of Governors not later assets. This decision has been widely hailed than March 31, 1968. as the most important action in the inter­ The member countries of the European national monetary field since the founding Economic Community have proposed cer­ of the IMF itself at Bretton Woods, New tain changes in the IMF, additional to those Hampshire, in 1944. that the establishment of machinery for the The main factors giving rise to the need creation and use of SDR’s will necessitate. for a method of supplementing existing types A Resolution adopted by the Fund’s Board of international reserve assets were cited of Governors at the 1967 Annual Meeting in the Annual Report of the Board of Gov­ provides for the carrying out of the further ernors of the Federal Reserve System for work required on both of these matters. 1966 (pages 295-97). Since 1963 a number of official docu­ International monetary discussion at the ments related to the studies of the interna­ meeting in Rio de Janeiro was based upon tional monetary system in progress since a document that had been prepared by the that year have been published in the Executive Directors of the IMF and the Federal Reserve Bulletin. They appeared Deputies of the Group of Ten. This docu­ in the following issues: October 1963 (pages ment, developed from four Joint Meetings 1357-58); August 1964 (pages 975-91); held by these two groups between November October 1965 (pages 1407-08); August 1966 and June 1967, is the “Outline of a 1966 (pages 1149-50). Facility Based on Special Drawing Rights Reproduced below are the texts of both in the Fund.” While the essential principles the Resolution and the Outline referred to to govern the creation and use of Special above. ESTABLISHMENT OF A FACILITY BASED ON SPECIAL DRAWING RIGHTS IN THE FUND AND MODIFICATIONS IN THE RULES AND PRACTICES OF THE FUND Whereas the functioning of the inter­ to existing reserve assets, have been the sub­ national monetary system and its improve­ ject of extensive study and international dis­ ment, including arrangements to meet the cussion resulting in the Outline of a Facility need, as and when it arises, for a supplement Based on Special Drawing Rights in the In- 1877 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1878 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 ternational Monetary Fund, which Outline and the experience of the Fund is attached to this Resolution; and since the adoption of the Ar­ ticles of Agreement of the Whereas studies are currently under way Fund; and on possible improvements in the present 2. Submit to the Board of Governors rules and practices of the Fund; as soon as possible but not later Now, therefore, the Board of Gover­ than March 31, 1968 nors hereby Resolves: (a) a report proposing amend­ That the Executive Directors are re­ ments to the Articles of quested to Agreement and the By-Laws for the purpose of establishing 1. Proceed with their work relating to both a new facility on the basis of the Outline, and (a) the establishment in the Fund (b) a report proposing such of a new facility on the basis amendments to the Articles of the Outline in order to meet of Agreement and the By-Laws the need, as and when it arises, as would be required to give for a supplement to existing re­ effect to those modifications serve assets, and (b) improvements in the present in the present rules and prac­ rules and practices of the Fund tices of the Fund that the Ex­ based on developments in ecutive Directors will recom­ world economic conditions mend. OUTLINE OF A FACILITY BASED ON SPECIAL DRAWING RIGHTS IN THE FUND Introduction establish a Special Drawing Account through which all the operations relating to special The facility described in this Outline is drawing rights will be carried out. The pur­ intended to meet the need, as and when it poses of the facility will be set forth in the arises, for a supplement to existing reserve introductory section of the Amendment. assets. It is to be established within the (b) The operations of and resources framework of the Fund and, therefore, by available under the Special Drawing Ac­ an Amendment of the Fund’s Articles. Pro­ count will be separate from the operations visions relating to some of the topics in this of the present Fund which will be referred Outline could be included in By-Laws to as the General Account. adopted by the Board of Governors or Rules (c) Separate provisions will be included and Regulations adopted by the Executive in the Amendment for withdrawal from or Directors rather than in the Amendment. liquidation of the Special Drawing Account; Article XVI, Section 2, and Schedules D I. Establishment of a Special Drawing and E on withdrawal and liquidation will Account in the Fund continue to apply as they do at present to (a) An Amendment to the Articles will the General Account of the Fund. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SPECIAL DRAWING RIGHTS 1879 II. Participants and Other Holders 3. Procedure for decisions, (a) Any deci­ sion on the basic period for, timing of, or 1. Participants. Participation in the Spe­ rate of allocation of special drawing rights cial Drawing Account will be open to any will be taken by the Board of Governors on member of the Fund that undertakes the the basis of a proposal by the Managing Di­ obligations of the Amendment. A member’s rector concurred in by the Executive Direc­ quota in the Fund will be the same for the tors. purposes of both the General and the Spe­ (b) Before formulating any proposal, the cial Drawing Accounts of the Fund. Managing Director after having satisfied 2. Holding by General Account. The Gen­ himself that the considerations referred to eral Account will be authorized to hold and in III.l have been met, will conduct such use special drawing rights. consultations as will enable him to ascertain that there is broad support among partici­ III. Allocation of Special Drawing Rights pants for the allocation of special drawing 1. Principles for decisions. The Special rights at the proposed rate and for the pro­ Drawing Account will allocate special draw­ posed basic period. ing rights in accordance with the provisions (c) The Managing Director will make of the Amendment. Special considerations proposals with respect to the allocation of applicable to the first decision to allocate special drawing rights: (i) within sufficient special drawing rights, as well as the prin­ time before the end of a basic period; (ii) ciples on which all decisions to allocate in the circumstances of III.4; (iii) within special drawing rights will be based, will be six months after the Board of Governors or included in the introductory section of the the Executive Directors request that he make Amendment and, to the extent necessary, a proposal. The Managing Director will in a Report explaining the Amendment. make a proposal for the first basic period when he is of the opinion that there is broad 2. Basic period and rate of allocation. The support among the participants to start the following provisions will apply to any de­ allocation of special drawing rights. cision to allocate special drawing rights: (d) The Executive Directors will review (i) The decision will prescribe a basic both the operations of the Special Drawing period during which special drawing rights Account and the adequacy of global reserves will be allocated at specified intervals. The as part of their annual report to the Board period will normally be five years in length, of Governors. but the Fund may decide that any basic period will be of different duration. The 4. Change in rate of allocation or basic first basic period will begin on the effective period. If there are unexpected major de­ date of the first decision to allocate special velopments which make it desirable to drawing rights. change the rate at which further special (ii) The decision will also prescribe the drawing rights are to be allocated for a basic rate or rates at which special drawing rights period, (i) the rate may be increased or de­ will be allocated during the basic period. creased, or (ii) the basic period may be Rates will be expressed as a percentage, uni­ terminated and a different rate of allocation form for all participants, of quotas on the adopted for a new basic period. Paragraph date specified in the decision. III.3 will apply to such changes. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1880 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 5. Voting majority, (a) For decisions on (c) Except as indicated in V.3(c), a the basic period for, timing of, amount and participant will be expected to use its spe­ rate of allocation of special drawing rights, cial drawing rights only for balance of pay­ an 85 per cent majority of the voting power ments needs or in the light of developments of participants shall be required. in its total reserves and not for the sole pur­ (b) Notwithstanding (a) above, the de­ pose of changing the composition of its re­ cisions to decrease the rate of allocation of serves. special drawing rights for the remainder of (d) The use of special drawing rights will the basic period will be taken by a simple not be subject to prior challenge on the basis majority of the voting power of participants. of this expectation, but the Fund may make representations to any participant which, in 6. Opting out. The Amendment will in­ the Fund’s judgment, has failed to observe clude provisions that will prescribe to what the expectation, and may direct drawings extent a participant will be required initially to such participant to the extent of such to receive special drawing rights, but will failure. stipulate that beyond any such amount a participant that does not vote in favor of a 2. Provision of currency. A participant’s decision to allocate special drawing rights obligation to provide currency will not ex­ may elect not to receive them under that tend beyond a point at which its holdings of decision. special drawing rights in excess of the net cumulative amount of such rights allocated IV. Cancellation of Special Drawing Rights to it are equal to twice that amount. How­ ever, a participant may provide currency, The principles set forth in III relating to or agree with the Fund to provide currency, the procedure and voting for the allocation of special drawing rights will be applicable, in excess of this limit. with appropriate modifications, to the can­ 3. Selection of participants to be drawn cellation of such rights. upon. The Fund’s rules and instructions relating to the participants from which cur­ V. Use of Special Drawing Rights rencies should be acquired by users of spe­ 1. Right to use special drawing rights, cial drawing rights will be based on the (a) A participant will be entitled, in accord­ following main general principles, supple­ ance with the provisions of V, to use special mented by such principles as the Fund may drawing rights to acquire an equivalent find desirable from time to time: amount of a currency convertible in fact. A (a) Normally, currencies will be acquired participant which thus provides currency from participants that have a sufficiently will receive an equivalent amount of special strong balance of payments and reserve drawing rights. position, but this will not preclude the (b) Within the framework of such rules possibility that currency will be acquired and regulations as the Fund may adopt, a from participants with strong reserve posi­ participant may obtain the currencies re­ tions even though they have moderate bal­ ferred to in (a) either directly from another ance of payments deficits. participant or through the Special Drawing (b) The Fund’s primary criterion will be Account. to seek to approach over time equality, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SPECIAL DRAWING RIGHTS 1881 among the participants indicated from time the desirability of pursuing over time to time by the criteria in (a) above, in the a balanced relationship between ratios of their holdings of special drawing their holdings of special drawing rights, or such holdings in excess of net rights and other reserves. cumulative allocations thereof, to total re­ (c) Reconstitution rules will be reviewed serves. before the end of the first and of each sub­ (c) In addition, the Fund will, in its rules sequent period and new rules will be and instructions, provide for such use of adopted, if necessary. If new rules are not special drawing rights, either directly be­ adopted for a basic period, the rules for tween participants or through the intermedi­ the preceding period shall apply unless it is ary of the Special Drawing Account, as will decided to abrogate reconstitution rules. The promote voluntary reconstitution and recon­ same majority as is required for decisions stitution under V.4. on the basic period, timing of, or rate of (d) Subject to the provisions of V.l (c), allocation of special drawing rights will be a participant may use its special drawing required for decisions to adopt, amend, or rights to purchase balances of its currency abrogate reconstitution rules. Any amend­ held by another participant, with the agree­ ment in the rules will govern the reconstitu­ ment of the latter. tion of drawings made after the effective date of the amendment, unless otherwise decided. 4. Reconstitution, (a) Members that use their special drawing rights will incur an VI. Interest and Maintenance of Gold Value obligation to reconstitute their position in accordance with principles which will take (a) Interest. A moderate rate of interest account of the amount and the duration of will be paid in special drawing rights on the use. These principles will be laid down holdings of special drawing rights. The cost in rules and regulations of the Fund. of this interest will be assessed against all (b) The rules for reconstitution of draw­ participants in proportion to net cumulative ings made during the first basic period will allocations of special drawing rights to be based on the following principles: them. (b) Maintenance of gold value. The unit (i) The average net use, taking into ac­ of value for expressing special drawing count both use below and holdings rights will be equal to 0.888671 gram of fine above its net cumulative allocation, gold. The rights and obligations of partici­ made by a participant of its special pants and of the Special Drawing Account drawing rights calculated on the will be subject to an absolute maintenance basis of the preceding five years, of gold value or to provisions similar to shall not exceed 70 per cent of its Article IV, Section 8, of the Fund’s Articles. average net cumulative allocation during this period. Reconstitution VII. Functions of Fund Organs and Voting under this subparagraph (i) will be brought about through the mechan­ 1. Exercise of powers. The decisions ism of transfers, by the Fund direct­ taken with respect to the Special Drawing ing drawings correspondingly. Account, and the supervision of its opera­ (ii) Participants will pay due regard to tions, will be carried out by the Board of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1882 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 Governors, the Executive Directors, the 2. Nonfulfillment of obligations, (a) If Managing Director, and the staff of the the Fund finds that a participant has failed Fund. Certain powers, and in particular to fulfill its obligations to provide currency those relating to the adoption of decisions in accordance with the Amendment, the concerning the allocation, cancellation, and Fund may suspend the right of the partici­ certain aspects of the use of special drawing pant to use its special drawing rights. rights, will be reserved to the Board of Gov­ (b) If the Fund finds that a partici­ ernors. All other powers, except those spe­ pant has failed to fulfill any other obligation cifically granted to other organs, will be under the Amendment, the Fund may sus­ vested in the Board of Governors which will pend the participant’s right to use any spe­ be able to delegate them to the Executive cial drawing rights allocated to, or acquired Directors. by, it after the suspension. 2. Voting. Except as otherwise provided (c) Suspension under (a) or (b) above in the Amendment, all decisions pertaining will not affect a participant’s obligation to to the Special Drawing Account will be provide currency in accordance with the taken by a majority of votes cast. The precise Amendment. formula for the voting power of participants, (d) The Fund may at any time terminate which will include basic and weighted votes, a suspension under (a) or (b) above. and possibly the adjustment of voting power in relation to the use of special drawing 3. Accounts. All changes in holdings of rights, will be the subject of later considera­ special drawing rights will take effect when tion. recorded in the accounts of the Special Drawing Account. VIII. General Provisions 1. Collaboration. Participants will under­ IX. Entry into Force take to collaborate with the Fund in order to facilitate the proper functioning and ef­ The Amendment would enter into force in fective use of special drawing rights within accordance with the terms of Article XVII the international monetary system. of the Fund’s Articles. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Statement to Congress I appreciate this opportunity to explore be used—for a careful consideration of all with you some of the questions raised by the relevant issues. entry of commercial banks into the credit NEEDED SCOPE FOR BANK INNOVATIONS card field, and to comment on behalf of the 1 shall focus on the specific provisions of Board of Governors on H.R. 12646. This this bill at a later point. But let me say at the bill would prohibit any insured bank from outset that there is an important difference issuing a credit card unless the person to between requiring that banks use care in whom the card is issued has requested it and selecting people to whom they mail credit has entered into a written agreement with cards and that they mail cards only to those the bank specifying a dollar limit on the who have asked for them. It is probable that amount of credit that may be outstanding the latter restriction would seriously ham­ under the card. per banks in launching new credit card The Board welcomes the interest this plans, giving those banks already in the field committee is showing in the problems asso­ a protected position and discouraging com­ ciated with large-scale bank entry into the petition—at least for a time. credit card field. We, too, have been con­ Moreover, we need to be careful not to cerned about certain aspects of this develop­ discourage banks from experimenting in de­ ment, and we have taken several steps to veloping improved ways to serve the public, keep ourselves better informed and to including consumers. Certainly banks have strengthen our bank examination proce­ been criticized in the past, often with justifi­ dures. At the same time, however, the Board cation, for their failure to recognize develop­ also believes that any decision as to whether ing needs for credit and for lack of imagina­ legislation is needed in this field should take tion in devising ways to meet these needs. In into account not only the necessity for assur­ determining whether statutory restrictions ing the safety and soundness of the banking upon bank credit cards are needed, care system, but also other considerations—such should be taken not to deny the public the as the need to avoid discouraging innovations advantages of continued innovation in the in banking that will contribute to public con­ provision of banking services. venience. We doubt that the problems in­ volved in guarding against unsafe or un­ DEVELOPMENT AND SCOPE OF CREDIT sound practices in this area are so pressing CARDS as to require immediate legislative solutions. Before proceeding further, it might be help­ Time is available—and we think it should ful if we tried to place the development of bank credit cards in perspective. Note.—Statement of Andrew F. Brimmer, Mem­ Credit cards for consumer purchases have ber, Board of Governors of the Federal Reserve Sys­ been with us for over half a century. Oil tem, before the Committee on Banking and Currency, House of Representatives, on H.R. 12646, a bill to companies and large department stores were prohibit Federally insured banks from making unsoli­ the first to find this device, a useful method cited commitments to extend credit, and for other purposes, November 8, 1967. for handling consumer purchases on credit. 1883 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1884 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 After World War II, we saw the develop­ 224 insured nonmember banks amounted to ment of the national travel and entertain­ a little over one-fourth of the total. The ex­ ment cards such as Diners Club, Carte pansion in the number of banks involved re­ Blanche, and American Express. A few flected the entrance into the field of many commercial banks entered this field in the smaller and medium-sized banks in recent 1950’s, but many of them found the credit months. Nearly one-half of the increase was card business unprofitable—or less profit­ accounted for by banks with total deposits able than anticipated—and discontinued between $10 million and $50 million, and their operations. It was not until late 1966 another one-fourth of the increase repre­ that banks began to enter the field in signifi­ sented the entrance of banks with deposits cant numbers. of from $50 million to $500 million. As of April 27, 1967, 627 insured com­ The October report provided separate in­ mercial banks reported some outstanding formation for the major types of credit card credit under either credit card or check­ and check-credit plans. A sizable number credit plans, and the total amount reported of banks were involved in more than one was $809 million. We have just completed a type of plan. Thus, while 848 banks re­ tabulation of the comparable information ported outstanding credit balances, the out­ reported to the Comptroller of the Currency, standings were—in fact—generated by more the Federal Deposit Insurance Corporation, than 970 different plans. and the Federal Reserve in the October Another finding of considerable interest 1967 call report. This latest tabulation and significance was that the number of shows that, on October 4, 848 insured com­ banks offering check-credit plans was much mercial banks reported total outstanding larger than the number of banks with credit credit of $1,137 million under credit card card operations. Indeed, the ratio of the and check-credit plans. In addition to the check-credit banks to credit card institutions banks reporting outstanding credit under was more than 2 to 1—579 banks to 258. credit card plans, almost 700 banks reported On the other hand, the total business gener­ participating through agency arrangements ated by check-credit plans was not nearly so under which they hold no outstanding credit. great as that arising under credit cards. Increases from April to October, both in Credit card outstandings amounted to $640 number of banks involved and in the amount million as of October 4, while check-credit of credit outstanding, were reported for all balances came to only $481 million. sections of the country and for each of the Finally, it may be noted that a sizable three classes of banks. The Chicago Federal number of banks—136 in all—have work­ Reserve District—with 173 banks involved ing arrangements involving cards issued by —-led all others in the number of banks par­ the national travel and entertainment credit ticipating in various credit card and check­ card companies. Most of these banks, how­ credit plans, with Atlanta, San Francisco, ever, have their own check-credit plan as and New York following somewhat further well. behind. Tables summarizing the credit card infor­ The 503 national banks again constituted mation from the April and October call re­ about three-fifths of the total number; State ports are shown at the end of this statement. member banks (numbering 121 institutions) The total amount reported outstanding by remained at one-seventh of the total, and the all insured commercial banks under credit Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 1885 card and check-credit programs now amounts plans are frequently being used in place of to only about 3 per cent of the total con­ small personal loans. sumer instalment credit held by banks and to Many holders of bank credit cards have a little over 1 per cent of total consumer used them primarily as a convenience in credit outstanding. As existing programs are facilitating payments rather than as a means expanded, however, and as additional banks of increasing their debt balances. Between enter the credit card field, the volume of a fifth and a third of cardholders under such credit will grow and its ultimate impact established plans pay off their credit card on the economy will become more evident. balances each month; in the initial stages the Thus, it is reasonable to expect that bank proportion is higher. Those that pay off in credit cards will contribute to the growth of instalments are repaying substantial portions consumer credit; but it is also reasonable to each month. Under existing plans, the mini­ expect that this growth will continue at mum monthly repayments permitted range about the rate that has existed throughout from 5 to 10 per cent, and the average much of the period since World War II. repayments exceed this minimum. Over the last decade, the total amount of consumer credit outstanding has grown from FEDERAL RESERVE SYSTEM RESEARCH EFFORT a little under 14 per cent of disposable per­ sonal income to about 17.5 per cent. The The Federal Reserve System in March of rate of growth of retail charge accounts and this year organized a special research effort revolving credit, the segment which will be to study bank credit card and check-credit primarily influenced by bank credit cards, operations. This study will assemble compre­ has been quite modest, increasing from hensive information on the nature of the about 1.8 per cent to 2 per cent of dispos­ various credit card and check-credit plans able personal income over the last 10 years. now in use by banks; assess the implications We have no basis for concluding that bank of bank activities in this area for bank com­ credit cards will cause any sharp divergence petition, bank supervision, and banking from these trends, which have primarily structure; compile data on the amount of been a reflection of gradual changes in the this type of credit in relation to the total payments habits of consumers. volume of consumer credit; and evaluate the Moreover, there are several factors limit­ impact that its further expansion may have ing the expansionary impact of bank credit on the financing of consumer expenditures cards that will probably continue for some and on consumer savings. time in the future. First, some of the credit Substantial headway has been made on extended under bank credit card plans has this assignment. A considerable number of been a replacement for existing credit. Many personal interviews have been conducted of the merchants signed up under bank with bank officials and other executives re­ credit card plans are using the bank plans to sponsible for the development and manage­ substitute for their own former credit ar­ ment of the principal credit card and check­ rangements. This is particularly true of spe­ credit plans. With the cooperation of the ciality shops and small- and medium-size re­ Comptroller of the Currency and the Fed­ tail merchants. In addition to this kind of eral Deposit Insurance Corporation, special substitution, the cash advances provided questions on the amount of bank credit out­ under both credit card and check-credit standing under such plans were added to the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1886 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 April and October call reports to provide these plans, as they do with all other forms benchmark information on the extent of of bank credit. As indicated on the examina­ bank activity in this field. A system of cur­ tion report (form shown on page 1892) re­ rent monthly reporting of credit extended cently adopted for these plans, examiners and the amount outstanding under bank ascertain the trend in total volume of re­ credit card and check-credit plans has been ceivables or billings since inception of each developed. The first statistical report under plan and the maximum volume the bank ex­ this program will cover operations during pects to attain, as well as the credit limits the coming month. and repayment requirements in effect under In continuing our study, we will conduct each plan. They also look into the total num­ within the next few weeks a complete survey ber and volume of delinquent accounts, the of all banks with credit card and check­ bank’s policy for charging off such accounts, credit plans to supplement the information and its loss experience. More importantly, we now have and to obtain the necessary in­ however, any unsatisfactory features or de­ formation for a comprehensive analysis by ficiencies in the operations of the plan— size of bank and geographic distribution. such as failure to investigate properly the This survey will cover not only the major creditworthiness of the individual customers features of the various plans, but also infor­ and the integrity of the participating mer­ mation on operations, such as number of chants, ineffective collection practices, lack cardholders, number of active accounts, of control over unissued cards, or inade­ number of merchants, and delinquency and quate procedures for reclaiming delinquent loss experience. We shall also develop in­ cards—are called to the attention of man­ formation on the major nonbank credit card agement and immediate correction is re­ plans to provide the necessary perspective quested. for evaluation of the bank plans. But I would also like to stress that we do We hope that the results of our study and not look upon our strengthened examination analysis, as they become available, will assist procedures as a vehicle for relieving banks the deliberations of this committee in this of their own responsibilities in the credit area. card field. We must rely in the first instance on bank management to exercise particular STRENGTHENING OF BANK EXAMINATION caution in venturing into this new field and PROCEDURES to weigh carefully the lessons that may be In the meantime, to identify any major learned from the experience of the innovat­ deficiencies in the credit card and check­ ing banks. It is reassuring that those banks creditplans operated by State member banks that experienced the most difficulty with and to keep informed of developments in their initial mailings of credit cards have their operation, the Federal Reserve System subsequently taken steps to tighten their pro­ has strengthened its examination procedures cedures. Other banks that have entered the to include a supervisory review of such credit card field more recently have taken plans. precautions against a repetition of the earlier Under the new procedures, the System’s experiences of banks that ran into difficul­ examiners are reviewing and appraising the ties. policies and practices followed by State These hearings should aid in evaluating member banks in establishing and operating these practices and in reminding bankers Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 1887 that the essential requirements of sound ance of credit cards. However, banks have credit administration—including mainte­ found both practices to be desirable in nance of proper credit appraisals, controls to launching credit card operations. This does minimize losses from unauthorized or im­ not mean that the individuals to whom cards proper use, and insistence on appropriate have been sent have not been selected with collection methods—apply to credit cards some care. Experience has varied on that and check-credit plans as well as to other point. All of the banks that we have con­ forms of credit, tacted reported that they found it desirable in launching their credit card plans to send LOSS EXPERIENCE out cards unsolicited to mailing lists in order As is generally known, it is costly to to develop a body of active accounts as launch a credit card operation, and many quickly as possible. The banks did this with banks have had to absorb losses during the the realization that there would be some start-up phase. However, to date, the losses problems and some losses during the initial have had a relatively minor effect on bank stages. But, as a matter of business judg­ earnings because lending through credit ment, they found this procedure helpful in cards has represented a minor share of total order to sign up merchants. They believed bank operations. We know of no instance in that the total costs of launching their plans which a bank’s capital was impaired because would have been less, even including losses, of losses incurred through credit cards. than would have been the case if a slower With respect to current operations, the in­ build-up had been undertaken through re­ formation that we have been able to gather quiring individual applications for credit on well-established credit card plans indi­ cards. All of the banks contacted, however, cates that losses on credit extended to card­ indicated that after their plans had been holders compare favorably with comparable launched in this fashion they relied primarily types of consumer credit extensions. Data on applications as a source of new card­ for a few banks show credit card losses holders. ranging from one-half to 1 per cent of the Characteristics of mailing lists. The initial amount of credit extended. For all banks, mailings of credit cards, while unsolicited, losses on consumer instalment credit have were on a selective basis. The banks started averaged about one-half of 1 per cent in re­ with lists of their customers—some using cent years. In comparison, the loss ratio on primarily demand deposit customers while personal loans has been roughly two-thirds others also used savings deposit and loan of 1 per cent. customer lists. Some banks also used lists of DISTRIBUTION OF UNSOLICITED CREDIT prominent individuals compiled by their CARDS bank officers. All of the banks undertook The mailing of unsolicited bank credit some screening of customer lists, although cards has attracted considerable attention. some banks were more careful in checking We have attempted to analyze this practice the lists than others. In some cases, a credit with some care, and we would like to share check was made through outside credit our tentative conclusions with the commit­ bureaus, but in a few instances screening tee. was limited to eliminating those names Inducements for mass mailings. Mass which had balances below a certain mini­ mailings need not involve unsolicited issu­ mum or adverse credit repayment records. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1888 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 It does appear that a very few banks also but also from other thefts, and from cards used mailing lists obtained from outside being sent to persons who are bad credit their banks. risks and who misuse their credit cards. Objections to unsolicited mailings. One Most of the banks have taken adequate pre­ objection has been that many people re­ cautions in the mailing process, sometimes ceived two or more credit cards and that working closely with the postal authorities, cards were sent to babies and small children. and most have done an adequate job of This did occur to some extent because de­ screening their customer lists to remove posit account lists were used and the check­ most of the poor credit risks. The headlines ing to eliminate duplicate names was not have been made in the few cases in which always as thorough as it should have been. careful procedures have not been followed. Furthermore, some persons have several ac­ As I mentioned before, those banks that counts under slightly different names or at have launched credit card programs most different banks, and the elimination of all recently appear to have learned this lesson such duplication is almost impossible. well, and the problems have been kept to a Babies with sizable savings accounts (fre­ minimum. quently opened by grandparents) could not readily be distinguished from adults. While DOLLAR LIMITS ON CREDIT OUTSTANDING this situation gave rise to some annoyance, it In adition to prohibiting insured banks does not appear to have caused any serious from issuing unsolicited credit cards, H.R. problems. 12646 would require a written agreement Another objection to the unsolicited mail­ between the bank and the cardholder speci­ ing is that bank customers have been irri­ fying a dollar limit on the credit that may be tated by receiving one or more credit cards outstanding under the card. which they did not want and have felt To a considerable degree such a require­ obliged to take the trouble to destroy them. ment would duplicate existing practice. All But our information is that the proportion of of the bank credit card and check-credit pro­ complaints that banks have received has grams of which we have knowledge specify a been quite low, amounting to much less than credit limit for each customer’s account. 1 per cent of the cards mailed, and the num­ They also have an additional control through ber of such complaints has been far exceeded the “floor limit” on individual credit card by the number of people who have wel­ purchases. This limit, which is usually $25 comed the receipt of an unsolicited card suf­ or $50, requires the merchant to call the ficiently to use it. Indeed if this were not the bank for specific authorization for any pur­ case, bank credit cards would rapidly de­ chase that is above the limit. cline in number, and their usage would As they gain experience, some banks raise shrink sharply. Opportunity for fraud. The opportunity for the total credit limits for those customers fraud that accompanies some of the mass who have good repayment records and mailing has been viewed with considerable whose credit purchases are pressing on their concern. The Federal Reserve System existing credit limits. For some banks, these shares that concern. The difficulty appears to changes in credit ceilings require the specific stem not only from problems of security application of the customer—but for other control in the initial mailing arrangements, banks they do not. In the latter cases, the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 1889 customer may not be aware that his credit substitute for the exercise of sound judg­ limit has been changed. We believe that the ment by bank management; we expect banks credit card customer should be fully in­ to recognize the risks in this field and make formed at all times as to his credit limit. In special efforts to ensure that the risks they particular, we are hopeful that the practice take are prudent ones. We are engaged in a —already followed by some banks—of not­ careful study of the implications of bank ing the credit limit on each monthly bill will credit cards and check-credit plans not only be generally adopted. from the standpoint of safety and soundness of bank operations, but from other points of CONCLUDING COMMENTS view as well. We will be glad to share the In summary, the Board is concerned about results of this study with the committee. the problems inherent in bank entry into the The Board suggests that it would be wise credit card field. We have strengthened our to defer action on legislation in this area un­ examination procedures to help ensure that til further experience, study, and systematic sound credit standards are maintained in appraisal have shed additional light on the credit card operations by State member extent and character of the problems in­ banks. But supervisory procedures cannot volved. TABLE 1 TOTAL CREDIT OUTSTANDING ON BANK CREDIT CARDS AND CHECK-CREDIT PLANS, BY FEDERAL RESERVE DISTRICT AND TYPE OF PLAN, OCTOBER 4, 1967 (Amounts shown in millions of dollars) Executive credit Credit cards Check-credit All plans and related plans 1 Federal Reserve district Amount Amount Amount Amount Number of Number of Number of Number of of banks credit of banks credit of banks credit of banks2 credit Boston...................... 17 22 7 * 55 54 65 76 New York................. 16 66 33 8 57 95 84 169 Philadelphia............. 6 17 4 ♦ 40 62 47 79 Cleveland.................. 7 27 3 * 39 34 43 61 Richmond................ 8 29 6 * 25 17 37 46 Atlanta...................... 25 33 26 2 65 22 101 57 Chicago.................... 69 126 14 1 111 53 173 180 St. Louis................... 15 12 8 1 45 11 57 25 Minneapolis............. 12 ♦ 2 * 36 5 49 6 Kansas City.............. 5 6 10 * 42 10 52 16 Dallas........................ 9 8 3 * 29 4 40 13 San Francisco........... 69 294 20 2 35 114 100 410 Total.............. 258 640 136 16 579 481 848 1,137 1 Revolving credit tied in with the credit cards issued by American Express, Carte Blanche, or Diners Club. 2 May not add to total because some banks offer more than one type of plan. *Less than $500,000. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1890 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 TABLE 2 TOTAL CREDIT OUTSTANDING ON BANK CREDIT CARDS AND CHECK-CREDIT PLANS, BY FEDERAL RESERVE DISTRICT AND TYPE OF BANK, OCTOBER 4, 1967 (Amounts shown in millions of dollars) State banks National banks All banks Federal Reserve Member Nonmember insured district Amount Amount Amount Amount Number Number Number Number of credit of credit of credit of credit Boston.................. 43 52 14 21 8 3 65 76 New York................. 36 90 30 67 18 12 84 169 Philadelphia.............. 28 26 9 45 10 8 47 79 Cleveland.................. 30 60 5 * 8 * 43 61 Richmond................. 21 28 5 16 11 2 37 46 Atlanta...................... 70 48 7 4 24 5 101 57 Chicago.................... 93 125 22 45 58 10 173 180 St. Louis................... 28 21 6 2 23 2 57 25 Minneapolis.............. 37 5 3 * 9 * 49 6 Kansas City.............. 39 14 5 2 8 * 52 16 Dallas........................ 25 4 3 2 12 7 40 13 San Francisco........... 53 364 12 31 35 16 100 410 Total.............. 503 838 121 235 224 65 848 1,137 ’Less than $500,000. TABLE 3 NUMBER OF INSURED COMMERCIAL BANKS REPORTING CREDIT CARD AND CHECK-CREDIT PLANS, OCTOBER 4, 1967 Distribution by size of bank and by amount of credit outstanding Size of bank Credit outstanding Credit Executive Check Credit Executive Check (total deposits, in Total (thousands of Total2 cards credit1 credit cards credit1 credit millions of dollars) dollars) Under 5.................... 12 6 21 38 Under 25............... 85 75 173 287 5-10........................ 39 9 37 85 25-50.................. 16 15 66 91 10-25...................... 46 18 117 170 50 - 100................. 18 12 76 95 25-50...................... 38 21 111 157 100-250............... 25 19 87 110 50 - 100.................... 34 28 87 130 250-500............... 24 6 52 71 100-500.................. 56 39 144 194 500-1,000........... 18 6 45 62 500-1,000............... 15 6 32 38 1,000- 10,000....... 60 3 68 103 1,000 and over......... 18 9 30 36 10,000 and over... 12 ... 12 29 Total 258 136 579 848 Total 258 136 579 848 1 Revolving credit tied in with the credit cards issued by American Express, Carte Blanche, or Diners Club. 2 May not add to total because some banks offer more than one type of plan. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 1891 TABLE 4 TOTAL CREDIT OUTSTANDING ON BANK CREDIT CARDS AND CHECK-CREDIT PLANS, BY FEDERAL RESERVE DISTRICT AND TYPE OF BANK, APRIL 25, 1967 (Amounts shown in millions of dollars) State banks National banks All banks Federal Reserve Member Nonmember insured district Amount Amount Amount Amount Number Number Number Number of credit of credit of credit of credit Boston...................... 28 44 11 13 8 2 47 59 New York................. 34 61 25 46 11 9 70 116 Philadelphia.............. 23 20 7 40 9 6 39 66 Cleveland.................. 27 54 1 8 1 36 55 Richmond................ 16 18 5 12 7 2 28 31 Atlanta...................... 51 40 7 3 23 5 81 48 Chicago.................... 78 95 12 18 48 9 138 122 St. Louis................... 22 10 6 2 17 2 45 13 Minneapolis............. 15 4 1 6 * 22 4 Kansas City.............. 29 10 6 1 5 * 40 12 Dallas....................... 19 3 3 2 11 5 33 10 San Francisco........... 30 248 6 13 12 11 48 272 Total.............. 372 607 90 150 165 52 627 809 * Less than $500,000. TABLE 5 NUMBER OF INSURED COMMERCIAL BANKS RE­ PORTING CREDIT CARD AND CHECK-CREDIT PLANS, APRIL 25, 1967 Distribution by size of bank and by amount of credit outstanding Size of bank Number Credit out­ Number (total deposits, of standing (thou­ of in millions of banks sands of dollars) banks dollars) Under 5............. 27 Under 25 . 194 5-10................. 58 25-50............. 50 10-25............... 113 50-100........... 71 25-50............... 103 100 - 250 87 50 - 100............. 98 250-500......... 61 100 - 500........... 159 500 - 1 000 65 500-1,000........ 36 1,000-10,000.. 77 1,000 and over.. 33 10,000 and over. 22 Total................. 627 Total................. 627 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1892 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 EXAMINATION REPORT FORM—CREDIT CARD AND CHECK CREDIT PLANS 1. Briefly describe the nature and type or types of (1) credit card or check credit plans operated by the bank, (2) credit card plans with which the bank is affiliated and acts as licensee or agent, and (3) credit card plans of an association of banks in which the bank participates. Indicate name of plans, date each plan was placed in operation, and, where applicable, include terms of any licensing arrangements, number of cards distributed or accounts approved, number of active cards or accounts, number of merchants participating, total unpaid balance of receivables or billings acquired for each type of plan offered. 2. Describe any credit card interchange system in which the bank participates and indicate terms of the inter­ change agreement. 3. Indicate the trend in the total volume of receivables or billings since inception of each of the plans offered and state the bank’s estimate of the maximum volume it expects to attain. 4. Does the bank obtain adequate credit information on individual customers before granting credit cards or approving check credit? 5. What are the maximum credit limits under each plan? 6. Describe the repayment requirements of each plan. 7. Are participating merchants required to obtain prior approval on credit card transactions over a stated amount? If so, what are the limits? 8. (a) What are the rates charged cardholders and check credit accounts? (h) State the initial fee charged the participating merchants, the discount rate for sales drafts, and rebate terms, if any. 9. (a) State the bank’s charge-off policy on delinquent accounts and indicate the number and total amount of delinquent accounts. PAST DUE (000 omitted) Per Cent of Total Estimated 30-89 days 90 days or more Total Outstanding Losses Accounts No. Amount No. Amount No. Amount No. Amount No. Amount Credit cards Check credit (6) State the amount of net losses during the past three calendar years: 19. . .. $.............................. 19. . . . $.............................. 19. . . . $.............................. 10. Describe any unsatisfactory features of the operation of the plans offered, other than those discussed above, such as lack of control over unissued credit cards, ineffective collection policies and practices, inadequate procedures for reclaiming credit cards when accounts become delinquent, lack of preprinted expiration dates on credit cards, failure to investigate merchants before they are enrolled in the plan, lack of provisions which limit the amount for which a check in a check credit plan can be drawn, and any other deficiencies in policies or practices. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Record of Policy Actions of the Federal Open Market Committee Records of policy actions taken by the Federal Open Market Committee at each meeting, in the form in which they will ap­ pear in the Board’s Annual Report, are now being released ap­ proximately 90 days following the date of the meeting and are subsequently being published in the Federal Reserve Bulletin. The record for each meeting includes the votes on the policy decisions made at the meeting as well as a resume of the basis for the decisions. The summary descriptions of economic and financial conditions are based on the information that was avail­ able to the Committee at the time of the meeting, rather than on data as they may have been revised since then. Policy directives of the Federal Open Market Committee are issued to the Federal Reserve Bank of New York—the Bank selected by the Committee to execute transactions for the System Open Market Account. Records of policy actions for the meetings held in 1967 through June 20 were published in the Bulletins for July, pages 1115-51; August, pages 1326-32; September, pages 1546-54; and October, pages 1713-20. The records for the meetings held on July 18, and August 15, 1967, follow: 1893 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1894 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 MEETING HELD ON JULY 18, 1967 1. Authority to effect transactions in System Account. Real GNP rose modestly in the second quarter, according to preliminary Department of Commerce figures. Final expendi­ tures expanded substantially further and the downdrag from inventory adjustments was considerably reduced. Staff projec­ tions continued to suggest that real GNP would grow at a faster rate in the third quarter, when it was expected that final sales would rise somewhat more rapidly and that the depressant influ­ ence of inventory adjustments would be reduced still more. The private sector accounted for a much larger proportion of the expansion in final sales in the second quarter than in the first. Consumer spending contributed substantially to the expan­ sion, with sales of automobiles especially strong. Residential construction activity increased significantly further but business outlays for fixed capital declined slightly. The rise in defense outlays was much smaller than in the first quarter, but State and local government purchases maintained their steady expansion. Businesses accumulated inventories at a low rate in the second quarter, according to Commerce Department estimates, and the prospect appeared to be for some net liquidation in the third quarter. Industrial production again edged down in June. How­ ever, manufacturing employment advanced somewhat following 4 months of decline, and total nonfarm employment rose strongly. The unemployment rate increased to 4.0 per cent from 3.8 per cent in May, mainly because of an exceptionally large expansion in the labor force. Prospects appeared favorable for another large increase in consumer spending in the third quarter, when rising employment was expected to result in a more rapid advance in wage incomes than in the spring quarter. Further gains in residential construc­ tion activity were suggested by a rise in building permits and a Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 1895 significant increase in lender mortgage commitments through May. Prospects for a modest advance in business spending for fixed capital were supported not only by the latest Commerce­ SEC survey but also by recent increases in new orders for ma­ chinery and equipment. Little new information was available on prospective defense spending but the staff projection assumed that such spending would rise in the third quarter by about as much as it had in the second quarter. The wholesale price index in June was officially estimated to have risen for the second consecutive month—reflecting a fur­ ther increase in prices of farm products and foods. The average of industrial prices continued stable. In May the consumer price index rose again and was 2.7 per cent above a year earlier. Benefits provided in recently negotiated wage contracts sug­ gested further upward pressure on unit labor costs in manufac­ turing in the months ahead. Tentative estimates indicated that the balance of payments deficit on the “liquidity” basis of calculation was about as large in the second quarter as in the first, despite an increase in official foreign acquisitions of long-term deposits. An improvement in the trade surplus apparently was more than offset by a turn from inflow to outflow of U.S. short-term bank credit. The deficit on the “official reserve transactions” basis was much smaller in the second quarter than in the first, as repayments of borrowings by U.S. banks from their foreign branches tapered off. Abroad, economic activity remained sluggish in most industrial countries, but expansion continued in Italy and Japan. System open market operations since the last meeting of the Committee had been directed toward maintaining about the same conditions in the money market as had prevailed during the preceding 4 weeks. A large volume of reserves was provided to meet seasonal needs, mainly through purchases of bills but partly through acquisitions of coupon securities. Growth in nonborrowed reserves of member banks slowed Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1896 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 further in June but total reserves increased moderately following the slight decline of May. Free reserves and member bank bor­ rowings fluctuated over a wide range in the 4 weeks ending July 12, reflecting in large part seasonal patterns that regularly develop around the midyear bank statement date and the July 4 holiday. Free reserves averaged $295 million, little changed from the $285 million average of the preceding 4 weeks, and borrowings averaged about $165 million compared with about $70 million in the prior period. The Federal funds rate remained close to 4 per cent, and rates on bank loans to Government securities dealers also changed little. Treasury bill rates rose sharply from late June to early July, and interest rates on other short-term market instruments also moved up generally, but less than did bill rates. The market rate on 3-month Treasury bills had reached a low for the year of 3.33 per cent on June 23; by July 5, the rate had advanced to a peak of 4.29 per cent. Subsequently the rate receded some­ what, but on the day before this meeting it was 4.17 per cent, almost 60 basis points higher than 4 weeks earlier. To some extent the rise reflected seasonal influences, but for the most part it was related to the large recent and prospective Treasury cash borrowing in the bill area. Following an announcement on June 28, the Treasury auc­ tioned $4 billion of March and April 1968 tax-anticipation bills on July 5 at average issuing rates of 4.86 and 4.90 per cent, respectively, for payment July 11. The Treasury also indicated that it would raise an additional $2.2 billion of new money by adding $100 million to each of its regular weekly and monthly bill auctions. Virtually all of the tax-anticipation bills, which carried 100 per cent tax-and-loan-account privileges, were acquired by commercial banks, and bank sales of the bills fol­ lowing the auction were relatively light. The Treasury was expected to announce in late July the terms on which it would Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 1897 refund coupon-bearing securities maturing in mid-August, of which the public held $3.6 billion. A record volume of publicly offered corporate bonds and a continuing large volume of municipal bonds were issued in June, and the calendar of offerings for July and August was heavy. Yields on long-term securities generally rose further in the second half of June and early July and then declined. Before turning down, yields on intermediate- and long-term Treasury bonds had reached new highs for the year, while those on new corporate issues in some cases had exceeded their highs of August 1966. Yields on municipal issues also reached new 1967 highs and then tended to level off in the first half of July. To some extent the recent improvement in the tone of longer-term securities markets reflected both enhanced expectations of a tax increase and diminished expectations of a large further build-up of troops in Vietnam. Yields on Treasury bonds apparently also were influenced by the low volume of dealer inventories and by System purchases of coupon issues. In markets for common stocks, trading was heavy and there appeared to have been an increase in speculative activity. In June contract rates on conventional first mortgages on homes edged up for the second consecutive month, and second­ ary market yields on Federally underwritten home mortgages rose further. The inflow of savings to nonbank depositary-type institutions was maintained in record volume. At commercial banks, credit demands were heavy during the tax and dividend period in June, and business loans increased sharply during the month. Banks liquidated sizable amounts of Treasury securities and increased their holdings of municipal securities at a less rapid rate than in other recent months. Bank offering rates on negotiable CD’s rose further in June and the outstanding volume of these deposits increased moder­ ately. Inflows of other time and savings deposits continued large and total time and savings deposits increased about as fast as in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1898 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 earlier months of the year. The money supply rose at a 13 per cent annual rate, almost as sharply as it had in May. Govern­ ment deposits at banks declined somewhat less than in May, and daily-average member bank deposits—the bank credit proxy— increased at an annual rate of almost 9 per cent. In the 6 months through June, time deposits had risen at an annual rate of 17 per cent; the money supply, almost 7 per cent; and the bank credit proxy, 12 per cent. Banks were expected to reduce their holdings of the new tax bills in July, and repayments of business loans appeared likely to result in liquidation of some private deposits. Nevertheless, the latest staff projections suggested that total bank credit, as meas­ ured by the proxy series, would rise from June to July at an annual rate in the 13 to 15 per cent range and the money supply at a rate in the 5 to 7 per cent range if money market conditions were unchanged. Government deposits were expected to increase following the declines of May and June, and time and savings deposits were projected to grow nearly as rapidly as they had in June. In August, business loans of banks were expected to increase relatively little on balance, as a result of repayment of the taxrelated borrowings of late June and early July and continued small needs for financing inventories. On the assumption that the Treasury would not raise new cash until early September, the rate of bank credit expansion was expected to be considerably slower in August than in July. For the 2 months together, the bank credit proxy was projected to grow at an annual rate in the 10 to 12 per cent range. In the course of the Committee’s discussion considerable con­ cern was expressed about the recent high rates of growth of bank credit and the money supply, particularly in view of the pros­ pects for more rapid economic expansion later in the year. It was generally agreed, however, that the Treasury’s forthcoming financing militated against seeking a change in money market Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 1899 conditions at present. Moreover, even apart from the Treasury financing, most members felt that it would be premature to seek firmer money market conditions at a time when resumption of expansion in over-all economic activity was in a fairly early stage; and some also referred in this connection to the growing expectations that the administration would press for measures of fiscal restraint. In addition, some members expressed concern about the possibility that any significant further increases in mar­ ket interest rates might reduce the flows of funds into mortgages and slow the recovery under way in residential construction activity. The Committee concluded that it would be appropriate at present to maintain about the prevailing conditions in the money market, although the members agreed that operations should be modified, insofar as permitted by “even keel” considerations associated with the Treasury financing, if there was a tendency for bank credit and the money supply to expand more than currently expected. It was noted that the growth rates in bank credit and money currently expected rested on particular as­ sumptions regarding the pattern of forthcoming Treasury financ­ ing activity and were subject to revision if the actual pattern differed from that assumed. Prior to the vote on the full text of the current economic policy directive to be issued at this meeting, a preliminary vote was taken on the question of whether a reference to operations in coupon issues for supplying part of reserve needs, such as had appeared in the second paragraph of the directives issued on May 23 and June 20, 1967, should be included in today’s direc­ tive. Votes for including such a reference: Messrs. Brim­ mer, Maisel, and Mitchell. Votes against: Messrs. Hayes, Robertson, Scanlon, Sherrill, Swan, Wayne, and Patterson. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1900 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 The majority favored omitting the reference in question for a number of reasons, including the imminent Treasury refunding, the small volume of net reserve needs projected for the interval up to the next meeting of the Committee, the substantial decrease in the market availability of coupon issues, and the recently more settled conditions in longer-term securities markets. It was stressed by members of the majority that operations in coupon issues from time to time were a normal part of open market operations, and that omission of the reference to them from the directive did not preclude such operations under appropriate circumstances. Members of the minority noted that the heavy calendar of prospective corporate issues could result in renewed upward pressures on long-term yields, with possibly adverse effects on mortgage markets. They expressed the view that recent opera­ tions in coupon issues had had some moderating effect on long­ term rates by affecting both market supplies and expectations of market participants, and that such operations could continue to serve a constructive purpose in dealing selectively with capital market pressures. Mr. Maisel thought that there remained a broad demand for liquidity in the economy, and that helping to meet that demand by purchases of coupon issues represented an appropriate System portfolio policy. Mr. Brimmer observed that appropriate circumstances for coupon operations might not arise in the coming period, and along with Messrs. Maisel and Mitchell he agreed that omission of the reference from the directive would not preclude them if the need arose. Nevertheless, these members felt that the refer­ ence should be retained in the present directive to clarify the Committee’s intent. The Committee then voted to issue the following current eco­ nomic policy directive to the Federal Reserve Bank of New York: Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 1901 The economic and financial developments reviewed at this meeting indicate that economic activity has been rising modestly and that pros­ pects are for further expansion. Output is still being retarded by adjust­ ments of excessive inventories, but growth in final demands continues strong, reflecting some strengthening in consumer expenditures for dur­ able goods and housing, and also further increases in Government outlays. The over-all indexes of both wholesale and retail prices have risen further, although wholesale prices of industrial commodities have re­ mained stable. Bank credit expansion has been large in recent weeks. Most short- and long-term interest rates, after reaching advanced levels under the influence of heavy public and private securities market financ­ ing, have declined somewhat recently. The balance of payments deficit has remained substantial despite some improvement in the foreign trade surplus. In this situation, it is the Federal Open Market Committee’s policy to foster money and credit conditions, including bank credit growth, conducive to continuing economic expansion, while recognizing the need for reasonable price stability for both domestic and balance of payments purposes. To implement this policy, while taking account of forthcoming Trea­ sury financing activity, System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining about the prevailing conditions in the money market; but operations shall be modified insofar as the Treasury financing permits to moderate any apparent tendency for bank credit and money to expand more than currently expected. Votes for this action: Messrs. Hayes, Brimmer, Maisel, Mitchell, Robertson, Scanlon, Sherrill, Swan, Wayne, and Patterson. Votes against this action: None. 2. Amendments to authorization for System foreign currency operations. At this meeting the Committee ratified an action taken by members on June 29, 1967, effective June 30, 1967, amending paragraph 2 of the Committee’s authorization for System foreign currency operations to change the maximum period authorized Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1902 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 for the reciprocal currency (swap) arrangement with the Neth­ erlands Bank from 3 to 6 months. Votes for ratification of this action: Messrs. Hayes, Brimmer, Maisel, Mitchell, Robertson, Scanlon, Sher­ rill, Swan, Wayne, and Patterson. Votes against rati­ fication of this action: None. Subsequently in the course of the meeting the Committee amended paragraph 2 of the authorization in certain other re­ spects. In the text of the paragraph the phrase “for periods up to a maximum of 12 months” was added following the direction to the Federal Reserve Bank of New York to maintain swap ar­ rangements with indicated foreign banks; and the column in the table contained in the paragraph that specified a maximum ma­ turity for each of the existing arrangements—12 months in 10 cases and 3 or 6 months in the others—was deleted. These changes, which were in line with the Committee’s interest in moving toward 12-month maturities for swap arrangements where agreeable with the foreign bank concerned, eliminated the necessity for amending the authorization each time the matu­ rity of an arrangement was changed. In addition, the paragraph was amended to reflect approval of increases (a) from $200 million to $250 million in the swap arrangement with the Swiss National Bank, (b) from $200 mil­ lion to $250 million in the arrangement with the Bank for Inter­ national Settlements covering System drawings in Swiss francs, and (c) from $200 million to $300 million in the arrangement with the Bank for International Settlements covering System drawings in authorized European currencies other than Swiss francs. These increases were considered desirable to provide broader margins of safety to deal wth unforeseeable contingen­ cies. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 1903 Votes for these actions: Messrs. Hayes, Brimmer, Maisel, Mitchell, Robertson, Scanlon, Sherrill, Swan, Wayne, and Patterson. Votes against these actions: None. Reflecting these amendments, paragraph 2 of the authoriza­ tion for System foreign currency operations read as follows: 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 for periods up to a maximum of 12 months with the following foreign 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: Amount of arrangement Foreign bank (millions of dollars equivalent) Austrian National Bank 100 National Bank of Belgium 150 Bank of Canada 500 National Bank of Denmark 100 Bank of England 1,350 Bank of France 100 German Federal Bank 400 Bank of Italy 600 Bank of Japan 450 Bank of Mexico 130 Netherlands Bank 150 Bank of Norway 100 Bank of Sweden 100 Swiss National Bank 250 Bank for International Settlements: System drawings in Swiss francs 250 System drawings in authorized European currencies other than Swiss francs 300 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1904 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 MEETING HELD ON AUGUST 15, 1967 Authority to effect transactions in System Account. Economic activity had been expanding more rapidly in recent weeks, according to reports at this meeting. The latest business developments lent support to the expectation that the rate of growth in real GNP would accelerate in the third quarter, when it was anticipated that final sales would continue to increase rapidly and that the depressant influence of inventory adjust­ ments would wane. In July industrial production turned up after declining irregu­ larly over the first half of the year, nonfarm employment rose further, and the unemployment rate edged down to 3.9 per cent from 4.0 per cent in June. According to the advance estimate, retail sales increased in July from a June level that had been revised upward substantially. Housing starts declined some­ what in June after rising sharply in May, but they remained above their reduced year-earlier level. Following the sharp con­ traction in the rate of accumulation earlier in the year, business inventories declined substantially in June, and in many indus­ tries stocks were moving into better relation with sales. In a message to Congress on August 3 the President proposed a new fiscal program, the main element of which was a 10 per cent surcharge on Federal income taxes, to be effective October 1, 1967, for individuals, and to be retroactive to July 1, 1967, for corporations. A staff projection suggested that, even if the President’s fiscal program was enacted promptly in the form recommended, the growth rate in real GNP in the fourth quarter would be slightly higher than that expected in the third. It was anticipated that the tax increases, if enacted, would moderate the pace of expansion in final spending—particularly by con­ sumers. However, it was thought likely that this effect would be about offset in terms of the rise in total GNP by a shift from Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 1905 small decumulation of inventories in the third quarter to mod­ erate accumulation in the fourth. Among the uncertainties affecting the projections for the second half of the year was the possibility of a strike in the automobile industry in early September when existing wage contracts would expire. The rise in the wholesale price index slowed in July, according to the advance estimate, as prices of farm products and foods increased only moderately further. However, average industrial prices apparently edged up after 4 months of stability, and increases for a number of industrial commodities had been announced following the mid-July date to which the index applied. In June, as in May, the consumer price index rose at a faster rate than in the first quarter. Unit labor costs in manu­ facturing advanced further in June, and for the second quarter as a whole they were estimated—after upward revisions in the data for some months—to be 5.5 per cent higher than a year earlier. Recent data on the U.S. balance of payments supported earlier estimates indicating that the deficit on the “liquidity” basis of calculation was about as large in the second quarter as in the first and that it was considerably above the 1966 rate. Although the merchandise trade surplus increased somewhat in the second quarter as a whole, there was no improvement after April, partly because industrial activity continued sluggish in important industrial countries abroad. The liquidity deficit apparently remained large in July, and there seemed to be little reason to expect it to decline substantially during the second half of the year. The deficit on the “official reserve transactions” basis was quite large in the second quarter, although only about half the record high of the first quarter. The balance on this basis had fluctuated widely over the past year as a result of marked swings in the indebtedness of U.S. banks to their foreign branches. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1906 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 Banks had borrowed heavily through their branches abroad from about the middle of 1966 until late in the year, had repaid a large amount of this debt over the ensuing period until mid-May 1967, and then had resumed such borrowing at a substantial rate. The President’s tax message was followed by a rally in the Government securities market, but this response was short-lived. Subsequently, yields on most coupon-bearing Treasury issues advanced to levels about equal to their previous 1967 highs, as market participants focused on the uncertainties of the congres­ sional reaction to the President’s recommendations and on the volume of Federal financing in prospect for the rest of the calendar year even if the tax program was enacted in the form recommended. Yields on municipal securities moved lower, how­ ever—mainly because the volume of new offerings had abated somewhat recently, but apparently also because the proposed tax increase enhanced the attractiveness of tax-exempt issues to investors. Markets for corporate bonds continued to be dom­ inated by the heavy flow of new issues, and yields remained close to the highs reached in late June. The volume of new corporate bonds offered publicly in July was more than four times that of a year earlier and was at a new record level; and the calendar for August was large, although not so large as in July. With a Treasury refunding under way in August, System open market operations since the preceding meeting of the Committee had been directed toward maintaining steady conditions in the money market. The market operations needed for this purpose proved to be relatively limited and were reflected in a small rise in System holdings of Treasury bills. Free reserves of member banks averaged about $265 million in the 4 weeks ending August 9, compared with $285 million in the preceding 4 weeks, and member bank borrowings continued light. Interest rates on Fed- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 1907 eral funds and on bank loans to Government securities dealers had remained relatively stable since the preceding meeting of the Committee, and the market rate on 3-month Treasury bills was about unchanged on balance. However, rates on a variety of short-term market instruments, including 9- and 12-month Treasury bills, had risen somewhat further. In its refunding operation the Treasury redeemed securities maturing in mid-August with the proceeds of a sale of a 5!A per cent, 15-month note (priced to yield 5.30 per cent), and it also raised $300 million of new cash. The Treasury was expected to raise an additional $2 billion to $2.5 billion of new cash later in August by the sale of another new issue, but the specific terms had not yet been decided upon. Secondary-market yields on Federally underwritten home mortgages, which had turned up in May, apparently rose little further in July, when inflows of funds to savings and loan asso­ ciations and mutual savings banks were unusually large for that time of the year. The pace of mortgage lending by such institutions had accelerated in June—bringing the net increase in outstanding mortgages on homes in the second quarter as a whole to the highest rate since early 1966. Commercial bank credit expanded markedly in July, partly because of bank acquisitions of tax-anticipation bills auctioned by the Treasury. Also, business loans at banks, which had risen seasonally in June in connection with midmonth corporate income tax payments, failed to show their usual decline in July; as compared with the pattern in other recent years, loan repay­ ments tended to lag, not appearing in volume until late July and early August. This development, which probably was related to the acceleration in the schedule on which businesses pay to the Treasury the taxes they withhold on individual incomes, resulted in a sharp rise in business loans after seasonal adjust­ ment on the basis of past patterns. Daily-average member bank Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1908 FEDERAL RESERVE BULLETIN ■ NOVEMBER 1967 deposits—the bank credit proxy—increased at an annual rate of about 15 per cent from June to July, reflecting a marked expan­ son in private demand deposits and the money supply, a rise in U.S. Government deposits, and continued rapid growth in time and savings deposits. The volume of negotiable CD’s out­ standing continued to increase as banks raised their offering rates on these deposits somewhat further. With business loan repayments becoming large, it appeared likely that growth in bank credit and money would slow over the course of August. For July and August together, however, the bank credit proxy was now projected to rise at an annual rate in the range of 14 to 16 per cent. This was somewhat higher than the range previously expected, partly because of differences between the emerging pattern of Treasury financing and the pattern that had been anticipated earlier. Staff projections suggested a slower rate of increase in the bank credit proxy from August to September—in the range of 7 to 9 per cent, annual rate—if money market conditions were unchanged. The money supply, which appeared likely to increase much less in August than in July, was projected to decline somewhat in September as Government deposits rose, and growth in time and savings deposits was expected to be some­ what slower. It was recognized that a strike in the automobile industry in September, should one develop, could alter the out­ look for bank credit and for demand and time deposits, since it would affect corporate cash flows, personal income, and credit demands. In the course of the Committee’s discussion the members agreed that the fiscal program recommended by the President would, if enacted, make a substantial contribution to balanced economic growth. They also agreed that the continuing sub­ stantial deficit in the U.S. balance of payments represented a serious national problem, and some members suggested that a Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 1909 strengthening of elements of the voluntary programs for limiting capital outflows might be desirable. A number of members expressed the judgment that both the impending Treasury financing and uncertainties about the outcome with respect to the fiscal program now under active consideration by Congress militated against a change in mone­ tary policy at present. At the same time, most members were of the view that recent rates of growth in bank credit were higher than should be sustained in light of the current economic out­ look. The Committee concluded that open market operations should be directed at maintaining about the prevailing condi­ tions in the money market, but that operations should be modi­ fied, insofar as the Treasury financing permitted, to moderate any apparent tendency for bank credit to expand more than cur­ rently expected. 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 indicate that economic activity has been expanding more rapidly in recent weeks. With strengthening of private demands for final products and further curtailment of inventory investment, a better balance between inventories and sales is emerging. Upward pressures on costs persist and the over-all indexes of both wholesale and consumer prices have risen further. The balance of payments deficit has remained substantial and is a serious national problem. Bank credit expansion has continued large, while most short- and long-term interest rates have fluctuated close to their highs of the year, under the combined pressure of heavy private security market financing and of current and prospective Federal financing. A new fiscal program has been proposed by the President, including a sizable increase in income taxes, which would make a substantial contribution to balanced economic growth. In this situation, it is the policy of the Federal Open Market Committee to foster financial conditions, including bank credit growth, conducive to continuing eco- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1910 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 nomic expansion, while recognizing the need for reasonable price stability for both domestic and balance of payments purposes. To implement this policy, while taking account of expected Treasury financing activity, System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining about the prevailing conditions in the money market; but operations shall be modified, insofar as Treasury financing permits, to moderate any apparent tendency for bank credit to expand more than currently expected. Votes for this action: Messrs. Robertson, Brimmer, Daane, Maisel, Mitchell, Scanlon, Sherrill, Swan, Ellis, Patterson, and Treiber. 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 ACQUISITION OF STOCK OF SMALL the bank and would seek to have such investors BUSINESS INVESTMENT COMPANIES contract with the bank for the servicing of such loans. The Act of Congress approved October 11, 1967 Under section 4 of the Bank Holding Company (Public Law 90-104) contained amendments to Act (12 U.S.C. 1843), a bank holding company the Small Business Investment Act, one of which is generally prohibited from acquiring “direct or increased the aggregate amount that a bank may indirect ownership” of stock of nonbanking cor­ invest in the stock of small business investment porations The two exceptions principally involved companies from 2 to 5 per cent of the bank’s in the question presented are with respect to capital and surplus, but limited such investments to 50 per cent of any class of equity securities is­ (1) stock that is eligible for investment by a national bank (section 4(c)(5) of the Act) and sued by such company and having actual or po­ (2) shares of a company “furnishing services to tential voting rights. This provision of law reads as or performing services for such bank holding follows: company or its banking subsidiaries” (section Section 302(b) of the Small Business Investment Act of 1958 is amended by striking “except that in no 4(c)(1)(C) of the Act). event shall any such bank hold shares in small busi­ The Board has previously indicated its view ness investment companies in an amount aggregating that a national bank is forbidden by the so-called more than 2 per cent of its capital and surplus.” and inserting “except that in no event may any such bank “stock-purchase prohibition” of paragraph “Sev­ acquire shares in any small business investment com­ enth” of section 5136 of the Revised Statutes pany if, upon the making of that acquisition, (12 U.S.C. 24) to purchase “for its own account “(1) the aggregate amount of shares in small busi­ ness investment companies then held by the bank . . . any shares of stock of any corporation” ex­ would exceed 5 per cent of its capital and surplus, or cept (1) to the extent permitted by specific pro­ “(2) the bank would hold 50 per cent or more visions of Federal law or (2) as comprised within of any class of equity securities issued by that in­ vestment company and having actual or potential the concept of “such incidental powers as shall voting rights.” be necessary to carry on the business of banking” referred to in the first sentence of said paragraph “Seventh”. There is no specific statutory pro­ BANK HOLDING COMPANY OWNERSHIP vision authorizing a national bank to purchase OF MORTGAGE COMPANIES stock in a mortgage company, and in the Board’s The Board of Governors recently considered view such purchase may not properly be regarded whether a bank holding company may acquire, as authorized under the “incidental powers” clause. either directly or through a subsidiary, the stock (See 1966 Federal Reserve Bulletin 1151; 12 of a so-called “mortgage company” that would be CFR 208.119.) Accordingly, a bank holding com­ operated on the following basis: The company pany may not acquire stock in a mortgage com­ would solicit mortgage loans on behalf of a bank pany on the basis of the section 4(c)(5) exemp­ in the holding company system, assemble credit tion. information, make property inspections and ap­ However, the Board does not believe that such praisals and secure title information. The com­ conclusion prejudices consideration of the ques­ pany would also participate in the preparation of tion whether such a company is within the section applications for mortgage loans, which it would 4(c)(1)(C) “servicing” exemption. The basic submit, together with recommendations with re­ purpose of section 4 of the Act is to confine a spect to action thereon, to the bank, which alone bank holding company’s activities to the manage­ would decide whether to make any or all of the ment and control of banks. In determining loans requested. The company would in addition whether an activity in which a bank could itself solicit investors to purchase mortgage loans from engage is within the servicing exemption, the 1911 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1912 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 question is simply whether such activity may scribed in the question presented. On the other appropriately be considered as “furnishing serv­ hand, in the Board’s view, a bank holding com­ ices to or performing services for” a bank. pany may not acquire, on the basis of the servicing As indicated in the Board’s interpretation pub­ exemption, a mortgage company whose functions lished in the 1958 Federal Reserve Bulletin at include such activities as extending credit for its page 431 (12 CFR 222.104), the legislative his­ own account, arranging interim financing, enter­ tory of the servicing exemption indicates that it in­ ing into mortgage service contracts on a fee basis, cludes the following activities: “auditing, apprais­ or otherwise performing functions other than ing, investment counseling” and “advertising, solely on behalf of a bank. public relations, developing new business, organiza­ tion, operations, preparing tax returns, and person­ BANK CREDIT CARD SERVICE ORGANIZATION AND nel”. The legislative history further indicates that THE BANK SERVICE CORPORATION ACT some other activities also are within the scope of The Board of Governors recently considered the exemption. However, the types of servicing whether the so-called Bank Service Corporation permitted under such exemption must be dis­ Act (12 U.S.C. 1861 ff.) and the Board’s Regu­ tinguished from activities of a “financial, fiduciary, lation S, “Bank Service Arrangements” (12 CFR or insurance nature”, such as those that might 219), are applicable where a bank credit card be considered for possible exemption under sec­ plan of a State member bank and other banks tion 4(c)(8) of the Act. uses the facilities of a non-profit no-stock service In considering the interrelation of these exemp­ organization. tions in the light of the purpose of the prohibition The functions of the service organization in­ against bank holding company interests in non­ clude the folowing: (1) performs cardholder banking organizations, the Board has concluded accounting for participating banks; (2) develops that the appropriate test for determining whether information concerning each credit card and a mortgage company may be considered as within holder, including such holder’s current balance the servicing exemption is whether the company owing to the card issuing bank and the amount of will perform as principal any banking activities— such balance that is delinquent; (3) assists in such as receiving deposits, paying checks, extend­ procedures relating to the presentation and settle­ ing credit, conducting a trust department, and ment of drafts and credit memoranda; (4) devel­ the like. In other words, if the mortgage com­ ops procedures relating to credit card security pany is to act merely as an adjunct to a bank for control; (5) upon telephonic request, advises the purpose of facilitating the bank’s operations, merchants and participating banks respecting the company may appropriately be considered as credit authorizations above certain specified lim­ within the scope of the servicing exemption.1 its; and (6) compiles lists of participating mer­ On this basis, the Board concluded that, insofar chants. as the Bank Holding Company Act is concerned, The Board expressed the view that, because the a bank holding company may acquire, either di­ service organization has no stock and the State rectly or through a subsidiary, the stock of a member bank does not otherwise “invest” therein mortgage company whose functions are as deby “the making of a loan, or otherwise, except a payment for rent earned, goods sold and de­ 1 Insofar as the 1958 interpretation referred to above livered, or services rendered prior to the making suggested that the branch banking laws are an ap­ of such payment” (section 1(d) of the Act), the propriate general test for determining the scope of the servicing exemption, such interpretation is hereby service organization is not a “bank service cor­ modified. Under the branch banking laws, a mortgage poration” within the meaning of section 1(c) company whose functions are restricted as indicated of the Act. in the question presented would constitute a branch within the meaning of section 5155 of the Revised However, the Board concluded that the func­ Statutes (12 U.S.C. 36). (See 1967 Federal Reserve tions described above do constitute “bank serv­ Bulletin at page 1334; 12 CFR 208.122.) In view of the different purposes to be served by such law and ices” as defined in section 1(b) of the Act. Under by section 4 of the Bank Holding Company Act, the the Act, such term “means services such as check Board has concluded that basing determinations under and deposit sorting and posting, computation and the latter solely on the basis of determinations under the former is inappropriate. posting of interest and other credits and charges, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1913 preparation and mailing of checks, statements, Bank in Cypress Gardens, Cypress Gardens, Flor­ notices, and similar items, or any other clerical, ida. bookkeeping, accounting, statistical, or similar As required by section 3(b) of the Act, the functions performed for a bank.” Board notified the Comptroller of the Currency Section 5 of the Act provides that no federally- of the applications and requested his views and insured bank may have any such bank services recommendation. The Comptroller recommended performed for it unless assurances satisfactory to approval of both applications. the appropriate supervisory agency “are furnished Notice of receipt of the applications was pub­ to such agency by both the bank and the party lished in the Federal Register on July 26, 1967 performing such services that the performance (32 Federal Register 10939), providing an op­ thereof will be subject to regulation and exami­ portunity for interested persons to submit com­ nation by such agency to the same extent as if ments and views with respect to the proposals. such services were being performed by the bank A copy of each of the applications was forwarded itself on its own premises.” to the United States Department of Justice for Accordingly, the State member bank and the its consideration. Time for filing comments and service organization are required to furnish assur­ views has expired and all those received have ances to the Board in accordance with the pro­ been considered by the Board. visions of Regulation S, which implements section It is hereby ordered, for the reasons set forth 5 of the Act. in the Board’s Statement of this date, that said applications be and hereby are approved, pro­ ORDER UNDER SECTION 3 OF vided that the acquisitions so approved shall not BANK HOLDING COMPANY ACT be consummated (a) before the thirtieth calendar day following the date of this Order or (b) later The Board of Governors issued the following than three months after the date of this Order Order and Statement approving an application by unless such period is extended for good cause a bank holding company for acquisition of voting shares of banks: by the Board or by the Federal Reserve Bank of Atlanta pursuant to delegated authority. BARNETT NATIONAL SECURITIES Dated at Washington, D. C., this 25th day of CORPORATION, JACKSONVILLE, FLORIDA October, 1967. By order of the Board of Governors. In the matter of the applications of Barnett Voting for this action: Chairman Martin, and Gov­ National Securities Corporation, Jacksonville, ernors Robertson, Daane, Maisel, and Brimmer. Ab­ Florida, for approval of acquisition of 80 per sent and not voting: Governors Mitchell and Sherrill. cent or more of the voting shares of The Ameri­ (Signed) Merritt Sherman, can National Bank and Trust Company in Winter Secretary. Haven, Winter Haven, Florida, and The Ameri­ [seal] can National Bank in Cypress Gardens, Cypress Statement Gardens, Florida. Barnett National Securities Corporation, Jack­ Order Approving Applications Under sonville, Florida (“Applicant”), a registered bank Bank Holding Company Act holding company, has applied to the Board of There have come before the Board of Gover­ Governors, pursuant to section 3(a)(3) of the nors, pursuant to section 3(a)(3) of the Bank Bank Holding Company Act of 1956 (12 U.S.C. Holding Company Act of 1956 (12 U.S.C. 1842 1842(a) (3) ), for prior approval of the acquisition (a)(3)) and section 222.4(a)(3) of Federal Re­ of 80 per cent or more of the voting shares of serve Regulation Y (12 CFR 222.4(a) (3)), appli­ The American National Bank and Trust Com­ cations by Barnett National Securities Corpora­ pany in Winter Haven, Winter Haven, Florida tion, Jacksonville, Florida, for the Board’s prior (“Winter Haven Bank”), and The American Na­ approval of the acquisition of 80 per cent or more tional Bank in Cypress Gardens, Cypress Gar­ of the voting shares of The American National dens, Florida (“Cypress Gardens Bank”). Bank and Trust Company in Winter Haven, Win­ Views and recommendation of supervisory au­ ter Haven, Florida, and The American National thority. As required by section 3(b) of the Act, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1914 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 the Board notified the Comptroller of the Cur­ large banks, lies between Applicant’s closest pres­ rency of receipt of the applications and requested ent subsidiary and the Winter Haven-Cypress his views and recommendation thereon. The Gardens area, it seems reasonable to conclude Comptroller recommended approval of both appli­ that no significant competition exists or is likely cations. to develop between the present and proposd sub­ Statutory considerations. Section 3(c) of the sidiaries. Upon consummation of its proposals, Act provides that the Board shall not approve Applicant would become the fourth bank holding an acquisition that would result in a monopoly company in Polk County and would control 6.9 or would be in furtherance of any combination or per cent of commercial bank deposits in the conspiracy to monopolize or to attempt to monop­ county. The four bank holding companies would olize the business of banking in any part of the control nine of the county’s 20 banks, and 37.1 United States. Nor may the Board approve any per cent of the total commercial bank deposits. other proposed acquisition the effect of which, Although Winter Haven Bank (deposits, $16.1 in any section of the country, may be substan­ million) and Cypress Gardens Bank (deposits, tially to lessen competition, or to tend to create $3.3 million) are located less than three miles a monopoly, or which in any other manner would apart, there is no effective competition between be in restraint of trade, unless the Board finds them and little prospect that such will develop in that the anticompetitive effects of the proposed the future. The latter bank was organized in 1964 transaction are clearly outweighed in the public by stockholders of Winter Haven Bank for the interest by the probable effect of the transaction purpose of competing more effectively for the in meeting the convenience and needs of the accounts of residents of the Cypress Gardens community to be served. In each case the Board is area. Since its opening, Cypress Gardens Bank required to take into consideration the financial has relied upon the Winter Haven Bank as a and managerial resources and future prospects source of management, income producing loans of the bank holding company and the banks and other business, and numerous operating serv­ concerned, and the convenience and needs of the ices. The strong relationship existing between community to be served. them is further evidenced by the fact that com­ Competitive effect of proposed transaction. mon stockholders hold almost 89 per cent of the Applicant, the fourth largest holding company stock of Winter Haven Bank and almost 93 per and fourth largest banking organization in the cent of the stock of Cypress Gardens Bank; State of Florida, presently controls eight banks three of the five officers and all members of the with aggregate deposits of $337 million? The board of directors of Cypress Gardens Bank hold ten largest banking organizations, seven of which similar positions at Winter Haven Bank. Further, are bank holding companies, presently control 39 Cypress Gardens Bank serves, principally, a resi­ per cent of the total commercial bank deposits dential area, while Winter Haven Bank serves in the State. Upon consummation of the pro­ the business community of its area. Affiliation posals, Applicant, which now controls 4.06 per with Applicant, therefore, would not eliminate cent of the total deposits held by the State’s 444 existing or potential competition between the two commercial banks, would control 4.29 per cent banks. of such deposits. Approval of the applications In addition to the two proposed subsidiaries, would therefore have only slight effect on the the Winter Haven-Cypress Gardens area is served present degree of State-wide concentration. by the Exchange National Bank of Winter Haven Both of the proposed subsidiary banks are (deposits, $33 million), which is affiliated with located in Polk County, Florida. Applicant pres­ the Exchange National Bank of Tampa (deposits, ently has no subsidiary in Polk County and none $167 million), and by Lake Region Bank of within 50 miles of Winter Haven or Cypress Commerce, Winter Haven, which has deposits of Gardens. Because of this fact and because the $8 million. Located within a distance of 5 to 15 City of Orlando, in which are located several miles from Winter Haven are four banks in the $5-$10 million size range, as well as the Peoples 1 Banking data are as of December 31, 1966, unless Bank of Lakeland, which is the largest bank in otherwise noted, and reflect acquisitions approved by the Board to date. Polk County, with deposits of $63 million. It does Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1915 not appear that the proposed acquisitions would completely adequate, Applicant, recognizing a have any significant adverse effect on the viability need for additional capital at Winter Haven Bank, or competitive effectiveness of competing insti­ has outlined a reasonable proposal for providing tutions. it. Prospects of both banks are good, and those In light of these facts, the Board concludes of Winter Haven Bank will be improved by the that consummation of the proposed acquisitions contemplated provision of additional capital. would not result in a monopoly nor be in further­ Consideration of the banking factors provides ance of any combination, conspiracy, or attempt additional weight toward approval of the appli­ to monopolize the business of banking in any cations. area. There is no probability that the acquisition Summary and conclusion. On the basis of all may have the effect of substantially lessening relevant facts contained in the record, and in the competition or tending to create a monopoly in light of the factors set forth in section 3(c) of any section of the country, nor would it in any the Act, it is the Board’s judgment that the pro­ other manner be in restraint of trade. posed transactions would be in the public interest Convenience and needs of the communities and that the applications should be approved. involved. The citrus industry is the dominant in­ dustry in the Winter Haven-Cypress Gardens area. ORDERS UNDER BANK MERGER ACT Upon consummation of the proposals, Applicant The following Orders and Statements were plans to employ one or more specialists thor­ issued in connection with actions by the Board oughly familiar with the industry, and to make of Governors with respect to applications for them available to its subsidiary banks. Applicant approval of the merger or consolidation of banks believes that the availability of such expertise will and for the acquisition of the assets of a bank: enable the proposed subsidiaries to accept credit risks in the area’s major industry that they are not now accepting, while at the same time maintain­ TRAVERSE CITY STATE BANK, ing desirable credit standards. TRAVERSE CITY, MICHIGAN Applicant also states its intention to provide In the matter of the application of Traverse both banks with the additional loan capacity, City State Bank for approval of consolidation with resources, and programs necessary to permit them State Bank of Elk Rapids. to more meaningfully extend their services to Florida’s phosphate industry, which is centered Order Approving Consolidation of Banks in Polk County. Although larger banks are apparently pres­ There has come before the Board of Gover­ ently serving the needs of both the citrus and nors, pursuant to the Bank Merger Act (12 U.S.C. phosphate industries, the provision by Applicant 1828(c)), an application by Traverse City State of a more meaningful conveniently located alter­ Bank, Traverse City, Michigan, a State member native source of such services, as well as the bank of the Federal Reserve System, for the possibility of greater facility which affiliation Board’s prior approval of the consolidation of would provide in arranging loan participations, that bank and State Bank of Elk Rapids, Elk are considerations weighing somewhat in favor Rapids, Michigan, under the charter and title of of approval of the subject applications. Traverse City State Bank. As an incident to the Financial and managerial resources. Applicant’s consolidation, the sole office of State Bank of financial condition, its management, and its pros­ Elk Rapids would become a branch of Traverse pects are considered satisfactory. City State Bank. Notice of the proposed consol­ Winter Haven Bank and Cypress Gardens Bank idation, in form approved by the Board, has been both share the same management, which is con­ publisher pursuant to said Act. sidered competent. Earnings of both banks have Upon consideration of all relevant material in been good, although earnings of Cypress Gardens the light of the factors set forth in said Act, in­ Bank have resulted, to a large extent, from loans cluding reports furnished by the Comptroller of generated by Winter Haven Bank. the Currency, the Federal Deposit Insurance The capital of Cypress Gardens Bank appears Corporation, and the Attorney General on the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1916 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 competitive factors involved in the proposed shopping and trading center with some tourist merger, trade. It is hereby ordered, for the reasons set forth Although the service areas2 of Traverse City in the Board’s Statement of this date, that said Bank and Elk Rapids Bank overlap slightly, there application be and hereby is approved, provided is no meaningful competition between them. Tra­ that said consolidation shall not be consummated verse City Bank derives some loans, and about 1 (a) before the thirtieth calendar day following the per cent of its deposits, from the Elk Rapids area. date of this Order or (b) later than three months Traverse City Bank obtains business from the Elk after the date of this Order. Rapids area principally because it has the re­ Dated at Washington, D. C., this 12th day of sources to accommodate borrowers who need October, 1967. larger amounts of credit than are available at Elk By order of the Board of Governors. Rapids Bank, and to provide other services that Voting for this action: Vice Chairman Robertson, and are not offered by Elk Rapids Bank. Potential Governors Mitchell, Maisel, Brimmer, and Sherrill. competition is limited by the distance separating Absent and not voting: Chairman Martin, and Gov­ the banks and by the fact that, under Michigan ernor Daane. (Signed) Merritt Sherman, law, Traverse City Bank cannot establish a de Secretary. novo branch in Elk Rapids, and, conversely, Elk [seal] Rapids Bank cannot establish a de novo branch in the communities in which Traverse City Bank has Statement offices. Traverse City State Bank, Traverse City, Michi­ Traverse City Bank is the largest bank in Tra­ gan (“Traverse City Bank”), with total deposits verse City and its chief competitors are the other two locally-headquartered banks. The resources to of about $38 million, has applied, pursuant to the Bank Merger Act (12 U.S.C. 1828(c)), for the be gained by Traverse City Bank through the Board’s prior approval of the consolidation of that acquisition of Elk Rapids Bank would not ma­ bank with State Bank of Elk Rapids, Elk Rapids, terially affect banking competition in Traverse Michigan (“Elk Rapids Bank”), which has total City. The nearest bank to Elk Rapids Bank is about seven miles to the east in the community deposits of about $2.5 million.1 The banks would of Alden. It does not appear that this bank, or any consolidate under the charter and name of Tra­ other banking office, would be adversely affected verse City Bank, which is a member of the Federal by the consolidation. Reserve System. As an incident to the consolida­ The effect of the consolidation on competition tion, the single office of Elk Rapids Bank would would not be significantly adverse. become a branch of Traverse City Bank, increas­ Financial and managerial resources and pros­ ing the number of its offices to five. pects. The banking factors with respect to each of Competition. Traverse City Bank operates its the banks proposing to consolidate are reasonably main office and one branch in Traverse City, one satisfactory, as they would be with respect to the branch in Suttons Bay (13 miles north of Traverse resulting bank. The chief executive officer of Elk City), and one branch in Kingsley (13 miles south Rapids Bank, who is also the bank’s controlling of Traverse City). Traverse City (estimated popu­ shareholder, has been incapacitated by illness. Al­ lation 19,200) is the seat of Grand Traverse though the bank is presently being operated in a County and is also the principal commercial cen­ competent manner, the consolidation would assure ter in the northwestern quadrant of the lower pen­ the continuance of capable management. insula of Michigan. Its economy is supported by Convenience and needs of the communities. The fruit farming, a substantial tourist trade, a large effect of the consolidation on banking convenience summer residential population, and a moderate and needs would be limited to the area served by amount of industrial activity. The sole office of Elk Rapids Bank. The replacement of Elk Rapids Elk Rapids Bank is located in Elk Rapids, approxi­ Bank by an office of Traverse City Bank would mately 17 miles northeast of Traverse City. Elk Rapids (estimated population 1,000) is a rural 2 The service area is the area from which a bank ob­ tains 75 per cent or more of its deposits of individuals, 1 Figures are as of December 31, 1966. partnerships, and corporations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1917 provide for the Elk Rapids community more con­ By order of the Board of Governors. venient access to broader credit accommodations Voting for this action: Chairman Martin, and Gov­ and to a generally wider range of banking services. ernors Robertson, Daane, Maisel, and Brimmer. Ab­ sent and not voting: Governors Mitchell, and Sherrill. Summary and conclusion. In the judgment of (Signed) Merritt Sherman, the Board, the proposed consolidation would bene­ Secretary. fit the banking convenience and needs of the Elk [seal] Rapids community, and would not have any signi­ ficant adverse effect on banking competition. Statement Accordingly, the Board concludes that the appli­ Exchange State Bank, Lanark, Illinois (“Ex­ cation should be approved. change Bank”), with total deposits of about $3.5 million, has applied, pursuant to the Bank Merger Act (12 U.S.C. 1828(c)), for the Board's prior EXCHANGE STATE BANK, LANARK, approval of its acquisition of assets and assump­ ILLINOIS tion of deposit liabilities of The National Bank of Lanark, Lanark, Illinois (“National Bank”), which In the matter of the application of Exchange has total deposits of about $2 million.1 As an in­ State Bank for approval of acquisition of assets of cident to the transaction, the single office of Na­ The National Bank of Lanark. tional Bank would be closed. Competition. Exchange Bank and National Bank Order Approving Acquisition of operate single offices, one block apart, in the main Bank’s Assets business district of Lanark (population about 1500), a predominantly agricultural community in There has come before the Board of Governors, northwestern Illinois. Each bank derives the pre­ pursuant to the Bank Merger Act (12 U.S.C. ponderance of its business from an area within a 1828(c)), an application by Exchange State Bank, radius of about eight miles of its office. Five other Lanark, Illinois, a State member bank of the banks (with deposits ranging from $1 to $9 mil­ Federal Reserve System, for the Board’s prior lion), situated within eight to 12 miles of Lanark, approval of its acquisition of assets and assump­ compete in this area. Among these seven banks, tion of deposit liabilities of The National Bank of Exchange Bank and National Bank rank fourth Lanark, Lanark, Illinois, the sole office of which and sixth, respectively, in terms of deposits held; would be closed. Notice of the proposed acquisi­ following the proposed acquisition, Exchange Bank tion of assets and assumption of deposit liabilities, would rank third, with approximately 18 per cent in form approved by the Board, has been pub­ of the total deposits held by the remaining six lished pursuant to said Act. banks. Upon consideration of all relevant material in National Bank has not been an aggressive com­ the light of the factors set forth in said Act, in­ petitor; its loans are equal to approximately 36 cluding reports furnished by the Comptroller of per cent of its deposits, compared to nearly 70 per the Currency, the Federal Deposit Insurance Cor­ cent in the case of Exchange Bank. National poration, and the Attorney General on the com­ Bank’s portfolio of U.S. Government securities petitive factors involved in the proposed transac­ equals about 58 per cent of its assets, compared to tion, about 13 per cent in the case of Exchange Bank. It is hereby ordered, for the reasons set forth National Bank has made no effort to modernize in the Board’s Statement of this date, that said its services, and its physical plant is in a serious application be and hereby is approved, provided state of disrepair. Such considerations as the bank’s that said acquisition of assets and assumption of size, the size of the community it serves, and the deposit liabilities shall not be consummated (a) condition of its physical facility make it of dubious before the thirtieth calendar day following the date attractiveness to prospective buyers, generally. The of this Order or (b) later than three months after fact that Illinois law prohibits branch banking the date of this Order. makes the acquisition of National Bank unattrac- Dated at Washington, D. C., this 19th day of October, 1967. 1 Figures are as of June 30, 1967. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1918 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 tive for banks located outside Lanark; without a the Board, the proposed transaction would benefit local office, an acquiring bank could not realisti­ the banking convenience and needs of the Lanark cally expect to retain much, if any, of the business community, and would not have an adverse effect now generated by National Bank. on banking competition. Recently, two officers of Exchange Bank ac­ Accordingly, the Board concludes that the quired a majority of the stock of National Bank; application should be approved. the prior controlling stockholders were contem­ plating liquidation of the bank. If the proposed THE UNION AND NEW HAVEN TRUST acquisition by Exchange Bank were not approved, COMPANY, NEW HAVEN, CONNECTICUT it seems likely that business realities would lead the present owners of National Bank to liquidate In the matter of the application of The Union the institution. If National Bank were liquidated, and New Haven Trust Company for approval of it is probable that the vast majority of its customers merger with The Tradesmens National Bank of would continue to prefer the convenience of bank­ New Haven. ing locally and would transfer their business to Exchange Bank. Thus, in terms of new business Order Denying Application for Approval of acquired by Exchange Bank, the ultimate con­ Merger of Banks sequences of the proposed acquisition would not differ materially from those that would result There has come before the Board of Governors, from the outright liquidation of National Bank. pursuant to the Bank Merger Act (12 U.S.C. The proposed transaction would not have an 1828(c)), an application by The Union and New adverse effect on banking competition. Haven Trust Company, New Haven, Connecticut, Financial and managerial resources and pros­ a State member bank of the Federal Reserve Sys­ pects. The banking factors with respect to tem, for the Board’s prior approval of the merger Exchange Bank are reasonably satisfactory, as of that bank and The Tradesmens National Bank they would be following the proposed acquisition. of New Haven, New Haven, Connecticut, under National Bank’s principal operating officers are the charter of the former and the title of The nearing the normal age of retirement and there is Union Bank and Trust Company. As an incident no provision for successor management. Further, to the merger, the four offices of The Tradesmens as indicated earlier, National Bank’s physical National Bank of New Haven would become plant is in a state of disrepair and its circum­ branches of the resulting bank. Notice of the stances, in general, indicate that the bank would proposed merger, in form approved by the Board, be liquidated outright if the proposed acquisition has been published pursuant to said Act. were not approved. The Lanark community has Upon consideration of all relevant material in supported Exchange Bank and National Bank for the light of the factors set forth in said Act, in­ many years, but both banks are small; combining cluding reports furnished by the Comptroller of their operations should result in a meaningful the Currency, the Federal Deposit Insurance Cor­ gain in operating efficiency for the acquiring bank, poration, and the Attorney General on the com­ thereby enhancing its prospects. petitive factors involved in the proposed merger, Convenience and needs of the community. The It is hereby ordered, for the reasons set forth proposal would reduce the alternative sources of in the Board’s Statement of this date, that said banking services in the Lanark community from application be and hereby is denied. two to one, but, for the reasons previously dis­ Dated at Washington, D. C., this 19th day of cussed, it appears that National Bank would be October, 1967. eliminated in any event. Combining the operations By order of the Board of Governors. of National Bank and Exchange Bank, as the pro­ Voting for this action: Vice Chairman Robertson, and posal contemplates, would probably result in a Governors Mitchell, Daane, Maisel, Brimmer, and significant gain in operating efficiency which Sherrill. Absent and not voting: Chairman Martin. would benefit the consumers of banking services (Signed) Merritt Sherman, in the Lanark community. Secretary. Summary and conclusions. In the judgment of [seal] Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1919 Statement and Tradesmens. These five banks operate 18 offices in New Haven and seven branches in Ham­ The Union and New Haven Trust Company, den. The only other commercial banking office in New Haven, Connecticut (“Union”), with total Hamden is the head office of the sole bank head­ deposits of about $104 million, has applied, pur­ quartered there. Under Connecticut law, a com­ suant to the Bank Merger Act (12 U.S.C. mercial bank may establish new branches in the 1828(c)), for the Board’s prior approval of the town in which it is headquartered, and in other merger of that bank with The Tradesmens Na­ towns within the State where no other commercial tional Bank of New Haven, New Haven, Con­ bank is headquartered. Thus, outside banks are necticut (“Tradesmens”), which has total deposits presently precluded from establishing de novo of about $24 million.1 The banks would merge offices in either New Haven or Hamden. under the charter of Union, which is a member Union and Tradesmens hold about 18 per cent of the Federal Reserve System, and the name of and 7 per cent, respectively, of the deposits held the resulting bank would be changed to The by the 26 commercial banking offices in the New Union Bank and Trust Company. As an incident Haven/Hamden area. Union is the third largest to the merger, the four offices of Tradesmens of the six banks operating offices in this area. would become branches of Union, increasing the Following the merger, Union and the two largest number of its offices to 15. banks would hold approximately 96 per cent of Competition. Union operates its head office and the commercial bank deposits in the New Haven/ one branch in New Haven, two branches in the Hamden area; these three banks would hold about adjoining town of Hamden, and seven other 92 per cent of the deposits held by the 43 offices branches within a radius of 30 miles of New of the 11 commercial banks operating in the New Haven. Tradesmens operates its head office and Haven Metropolitan Area. two branches in New Haven, and one branch in The effect of the merger on competition would Hamden. The head offices of the two banks are be adverse. about 200 feet apart. The two New Haven Financial and managerial resources and pros­ branches of Tradesmens are, respectively, about pects. The banking factors with respect to each of one-fourth of one mile northeast, and one mile the banks proposing to merge are satisfactory, as northwest of Union’s New Haven branch; the they would be with respect to the resulting bank. branches of the two banks in Hamden arc about Tradesmens lacks depth in senior management, one and three-tenths miles apart. but the problem is not urgent and could be re­ It appears that there is considerable competi­ solved, it appears, by means other than the tion between the two banks and potential for the proposed merger. development of further competition between Convenience and. needs of the communities. It them. All of the banking services offered by does not appear that the bank resulting from the Tradesmens are included in the somewhat wider merger would serve any important need for bank­ range of services offered by Union. The service ing services that is not now being met with reason­ area3 of Tradesmens consists of the combined able convenience by Union and other banking New Haven and Hamden area and lies wholly offices in the New Haven/Hamden area. Further, within the service area of Union. Union derives the proposed transaction would eliminate Trades­ approximately 49 per cent of its IPC deposits, mens as a convenient alternative source of com­ and about 44 per cent of its loans, from the New mercial banking services in the New Haven and Hamden communities. Haven/Hamden area. Summary and conclusion. In the judgment of There are three other commercial banks head­ the Board, the proposed merger would have an quartered in New Haven, in addition to Union adverse effect on banking competition, with in­ sufficient offsetting benefits under the banking 1 Figures are as of June 30, 1967. factors and the convenience and needs factor. 2 The area from which a bank obtains 75 per cent Accordingly, the Board concludes that the or more of its deposits of individuals, partnerships, and corporations (“IPC deposits”). application should be denied. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Announcements CHANGE IN FEDERAL RESERVE DISCOUNT RATE financial strength of the United States and pledged to do its full share in maintaining the soundness In the light of the action of the British Govern­ of the dollar, both domestically and internationally. ment to change the parity of the pound sterling, On November 20 the Board of Governors an­ the Federal Reserve System announced on Novem­ nounced that it had approved action by the direc­ ber 19, 1967, that it had taken actions to assure tors of the Federal Reserve Bank of Philadelphia the continued orderly functioning of U.S. financial increasing the discount rate at that Bank from 4 markets and to maintain the availability of reserves per cent to 416 per cent, effective November 21, to the banking system on terms and conditions that 1967. will foster sustainable economic growth at home and a sound international position for the dollar. The Board of Governors of the Federal Reserve REVISIONS IN INDUSTRIAL PRODUCTION System unanimously approved actions by the direc­ INDEXES tors of the Federal Reserve Banks of Boston, New The Federal Reserve indexes of industrial pro­ York, Cleveland, Richmond, Atlanta, Chicago, duction have been revised beginning with January Minneapolis, Kansas City, Dallas, and San Fran­ 1966, incorporating a periodic revision in seasonal cisco, increasing the discount rates of those Banks adjustment factors as well as in basic data for to 414 per cent, from 4 per cent, effective Mon­ some series. These revisions were combined with a day, November 20, 1967. In addition, the Board reprinting of the 1961-65 booklet, Industrial Pro­ affirmed that borrowing by member banks for duction Indexes, and copies were distributed with purposes of making adjustments to market pres­ the November 1967 issue of Business Indexes sures is an appropriate use of the discount mecha­ (G.12.3). Copies of the booklet may be obtained nism. from Publications Services, Division of Admini­ At the same time the Board of Governors ex­ strative Services, Board of Governors of the Fed­ pressed its confidence in the basic economic and eral Reserve System, Washington, D.C. 20551. 1921 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication November 15 Industrial production and retail sales declined industrial equipment declined further mainly be­ in October, partly because of work stoppages, and cause of a strike (settled October 25). Output of the unemployment rate rose further. Bank credit, commercial equipment continued at the level pre­ the money supply, and time and savings deposits vailing since last spring, while defense equipment increased. Between mid-October and mid-Novem- and commercial aircraft production advanced ber yields on U.S. Government, corporate, and further. municipal bonds increased, and stock prices de­ Output of iron and steel and other durable goods clined. materials was about unchanged in October, but production of nondurable materials declined under INDUSTRIAL PRODUCTION the impact of a 6 per cent cutback in crude oil Industrial production in October was 156.2 per production. cent of the 1957-59 average, off three-tenths of EMPLOYMENT one per cent from the upward revised September level as work stoppages and a further decline in The unemployment rate rose in October for the crude oil production dominated the September- second consecutive month, to 4.3 per cent from October change. 4.1 per cent in September, reflecting mainly con­ Auto assemblies continued at about the strike- tinued rapid growth in the labor force. Nonfarm reduced September level. With the settlement of employment rose by 118,000 in October to 66.2 a major work stoppage, output of autos, trucks, million, with gains centered in trade and State and and automotive parts, barring another strike, local governments. In manufacturing, employment should recover partially in November. Production continued to rise in the nondurable goods sector of appliances and television sets was maintained and held relatively firm in durable goods indus­ in October at about the improved September rate tries,- after allowance for new work stoppages. The and output of other consumer goods, both durable manufacturing workweek at 40.7 hours was down and nondurable, also changed little. Production of slightly over the month and was over one-half hour shorter than in October 1966. DISTRIBUTION The value of retail sales declined 2 per cent in October and was 2 per cent above a year earlier, according to advance Census estimates. Dealer sales of new domestic autos, which were affected by the automotive industry strike, declined sharply to an annual rate of 7 million units. Sales at other durable goods stores were down slightly from September, while at nondurable goods stores sales were about unchanged. AGRICULTURE Despite declining yield prospects in September and October, conditions on November 1 indicate that crop output will exceed last year by 4 per cent and top the 1965 record by 2 per cent. Wheat, corn, sorghum grain, soybean, and rice crops are 1922 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1923 of record size and, except for rice, are somewhat increased in October as bank holdings of these larger than prospective needs. The 8 million bale securities rose about $900 million. Total loans cotton crop is below needs and a 4 to 6 million increased $1.6 billion over the month; while some­ bale draft on stocks is likely. what smaller than in September, this was more rapid than the rate over the first half of the year. COMMODITY PRICES The money supply rose $1.0 billion in October The wholesale commodity price index edged following little change in the preceding month. down slightly from mid-September to mid-October Time and savings deposits increased $2.0 billion as farm and food products declined substantially as inflows accelerated somewhat from the reduced while industrial commodities continued to rise at pace of September. about the pace of the preceding two months. From Total and required reserves increased substan­ mid-July to mid-October prices of industrial com­ tially further. Borrowings of member banks rose modities increased about 0.7 per cent; farm and more than excess reserves, and net free reserves food products, meanwhile, declined 3 per cent dropped slightly to an average of $212 million over that period. Since mid-October, prices of over the four statement weeks ending October 25. livestock and feed grains have declined further, and the rise in the industrial average may have SECURITY MARKETS slowed, although prices of copper scrap and Yields on Treasury bills due within 6 months copper products have increased sharply further. changed little on balance between mid-October and mid-November, while longer maturities rose BANK CREDIT, DEPOSITS, AND RESERVES slightly. The 3-month bill was bid at around 4.64 Commercial bank credit rose $3.2 billion in per cent in the middle of November. Yields on October, reflecting in part heavy bank participa­ U.S, Government notes and bonds rose consider­ tion in the large Treasury financing early in the ably. month. The October increase, while more rapid Since mid-October, yields on seasoned corporate than in the previous month, was at only about bonds have advanced steadily, while yields on half the July-August rate, when Treasury cash municipal and new corporate bonds, aside from a financings also were large. Bank portfolios of U.S. brief decline at the end of October, have also Government securities rose on balance $700 mil­ risen. Stock prices, meanwhile, have declined lion over the month. Acquisitions of State and rather sharply in active trading. local obligations, which slackened in September, INTEREST RATES 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 Nov. 10. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted for seasonal variation c Corrected IPC Individuals, partnerships, and corpora­ P Preliminary tions r Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets i, n, L Liabilities III, IV Quarters S Sources of funds n.a. Not available U Uses of funds n.e.c. Not elsewhere classified * Amounts insignificant in terms of the par­ S.A. Monthly (or quarterly) figures adjusted ticular unit (e.g., less than 500,000 for seasonal variation when the unit is millions) (1) Zero. (2) no figure to be expected, or (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. “U.S. Govt, securities” may include guaranteed issues of U.S. Govt, agencies (the flow of funds figures also in­ clude not fully guaranteed issues) as well as direct obligations of the Treasury. “State and local govt.” also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled Note (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds.................................................... Oct. 1967 1814-23 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 65 8-59 Banking offices: Analysis of changes in number of................. Aug. 1967 1438 Flow of funds (assets and liabilities).............. Oct. 1966 1536-46 On, and not on, Federal Reserve Par List, number of............................................... Aug. 1967 1439 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.................... Sept. 1967 1646 List of, Dec. 31, 1966................................. June 1967 1042 Banking offices and deposits of group banks, Stock exchange firms, detailed debit and credit Dec. 31, 1966.......................................... Aug. 1967 1440 balances................................................... Sept. 1967 1647 1924 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......... 1926 Reserve Bank discount rates; margin requirements; reserve requirements................... 1931 Bank deposits; open market transactions; Federal Reserve Banks.................................. 1933 Bank debits; currency in circulation .................................................................................. 1936 Money supply and bank reserves; banks and the monetary system................................ 1938 Commercial and mutual savings banks, by classes ............................................................ 1942 Commercial banks ................................................................................................................. 1943 Weekly reporting banks............................................................................................................ 1946 Business loans ......................................................................................................................... 1950 Interest rates .............................................................................................................................. 1951 Security prices; stock market credit ...................................................................................... 1952 Open market paper; savings institutions ........................................................................... 1953 Federally sponsored credit agencies...................................................................................... 1955 Federal finance............................................................................................................................ 1956 U.S. Government securities...................................................................................................... 1958 Security issues.............................................................................................................................. 1962 Business finance ..................................................................................................................... 1964 Real estate credit ..................................................................................................................... 1966 Consumer credit ....................................................................................................................... 1970 Industrial production ................................................................................................................ 1974 Business activity; construction................................................................................................. 1978 Employment and earnings ....................................................................................................... 1980 Wholesale and consumer prices............................................................................................... 1982 National product and income series........................................................................................ 1984 Flow of funds.............................................................................................................................. 1986 Guide to tabular presentation................................................................................................. 1924 Index to statistical tables ........................................................................................................ 2017 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). 1925 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1926 BANK RESERVES AND RELATED ITEMS NOVEMBER 1967 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other than member bank Member bank P d e o a ri r t o e d U To .S ta . l Go B v r o o i t g u u , h g t s ­ t h ec t u R r m c a i e h t g e i p a r e n e s u s t e e s r 1 ­ ­ c v D o a a a u n n i d s n c d ­ - e t s s Float 2 t T al o ­ 3 s G to o c ld k T r s c o e t u i r u a n n u e r r n g c y a t - ­ y d s ­ ­ r c C t e c u i i n i o u n l r c a n r ­ y ­ ­ T h c i r u n o a e r g s l a y d h s s ­ ­ T u r w e ry a it s h ­ r F e . F e s R e i o g r . r n v ­ B es a , O nk t s her2 c O F o a t . u c h R n ­ e . t r s B W F a n i R t k h . s r c e r C o s a e e n n i u n r c d r v y ­ e * s Total Averages of daily figures 1929—June....... 179 179 ......... 978 61 1,317 4.024 2,018 4,400 210 30 30 376 2,314 ......... 2,314 1933—June....... 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 64 350 2,211 2.211 1939—Dec......... 2,510 2,510 8 83 2,612 17.518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec......... 2.219 2,219 5 170 2.404 22,759 3,239 10,985 2,189 592 1.53! 292 12,812 12,812 1945—Dec......... 23,708 23.708 381 65224,744 20.047 4.322 28.452 2,269 625 1,247 493 16,027 16.027 1950—Dec......... 20,345 20,336 9 142 1,11721,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1956—Dec......... 24,765 24.498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec......... 23,982 23,615 367 716 1,44326.186 22,769 5,144 31 .932 768 385 345 186 1.063 19.420 19,420 1958—Dec......... 26.312 26.216 96 564 1.49628,412 20,563 5,230 32,371 691 470 262 337 1.174 18,899 18.899 1959—Dec......... 27,036 26,993 43 911 1,42629,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 1960—Dec......... 27,248 27,170 78 94 1,66529,060 17,954 5,396 33.019 408 522 250 495 1,029 16,688 2,595 19.283 1961—Dec......... 29,098 29.061 37 152 1,921 31 ,217 16,929 5,587 33,954 422 514 229 244 1.112 17,259 2,859 20,118 1962—Dec......... 30,546 30,474 72 305 2,298 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 2,423 39,873 15,388 5,401 39,698 595 944 181 186 1.093 17,964 3.645 21.609 1965—Dec......... 40,885 40,772 113 490 2,34943,853 13,799 5,565 42,206 808 683 154 231 389 18,747 3,972 22,719 1966—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 2,383 46,864 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 1,385 715 128 464 609 19,388 4,130 23,518 July......... 46,807 46,784 23 91 1 ,58448,590 13,109 6,615 44,997 1,480 1,123 128 482 373 19,730 4,177 23,907 Aug........ 46,612 46,558 54 89 1,423 48,210 13,053 6,665 45,011 1,488 1,036 128 453 212 19,600 4,191 23,791 Sept........ 46,398 46,377 21 90 I ,571 48,147 13,007 6,737 45,189 1,491 566 127 472 65 19,980 4,220 24,200 Oct......... 47,367 47,203 164 126 1 ,40848,993 13,003 6,780 45,396 1,483 974 125 476 -80 20,402 P4.218 *24,620 Week ending—■ 1966 Oct. 5............. 42,999 42,989 10 843 1,82545,722 13,258 6,106 42,878 1,091 693 146 442 88 19,748 3,866 23,614 12............. 42,969 42,969 947 1,88045,891 13,258 6,121 43,228 1,099 680 157 445 92 19,570 3,788 23,358 19............. 42,521 42,521 805 2,15545,532 13,256 6,145 43,267 1,120 706 148 439 -56 19,309 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 43,265 150 726 1,951 46,165 13,259 6,212 43,765 1,168 714 130 452 59 19,347 4,007 23,354 23............. 42,977 42,959 18 455 2,45045,967 13,257 6,230 43,876 1,180 707 148 409 258 18,875 4,048 22.923 30............. 43,527 43,171 356 650 1,90246,191 .13,230 6,241 44,106 1,184 556 162 417 279 18,958 4,268 23,226 Dec. 7............. 43,792 43,312 480 462 2,01446,399 13.158 6,252 44,210 1,188 452 162 415 255 19,126 4.062 23,188 14............. 43,597 43,264 333 668 2,03246,407 13,158 6,283 44,603 1,199 127 181 412 63 19,262 4,256 23,518 21............. 43,492 43,126 366 485 2,671 46,808 13,158 6,291 44,675 1,188 203 155 416 32 19,588 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 2,01746,630 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 I ,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..4..4..,.5..5..0.. 44,276 274 202 1,55346,451 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 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 BANK RESERVES AND RELATED ITEMS 1927 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other P d e o a ri r t o e d T U o .S ta . l Go B v r o o i t g u , u h t s g ­ t e h c t u a R r m c i g t h e i e r p a e e n s s u e t e r s ­ * ­ c v D o a a a n u n d i c s d n ­ e ­ ts s Float 2 t T al o ­ 3 s G to o c ld k T r s c o e t r i u u a n n e u r n g r a c y t ­ ­ y s d ­ ­ r c C t e c u i i n i o u n l r c a n r ­ y ­ ­ T h c i u r n o a e r g l s y a d h s s ­ ­ T t u r h w e r a y a i n t s h ­ m F r e F e . e R m i s o g e . r b n r ­ v e B e r a s O n , b k t a h s n e k r 2 c O o F a t u . c h R n ­ e t . r s B W F a . n i R t k h M s e r m c e r C o s a e b e n i n u n e r d c r v r ­ y 4 e h s an T k o tal Averages of daily figures Week ending— 1967 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 35 465 634 19,289 3,873 23,(62 19............. 44,929 44,888 41 199 1,791 47,024 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 1,201 127 461 503 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 3,776 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 4,030 23,213 21............. 45,654 45,587 67 116 1,70847,552 13,108 6,608 44,598 1,393 520 121 450 525 19,661 4,106 23,767 28............. 45,940 45,924 16 165 1,40847,642 13,108 6,610 44,574 1,378 968 126 490 530 19,293 4,254 23,547 July 5............. 46,809 46,755 54 366 1,231 48,543 13,110 6,614 44,856 1,464 1,088 48 508 360 19,841 4,043 23,884 12............. 47,158 47,101 57 74 1,70449,097 13,110 6,610 45,256 1 ,479 1 ,073 134 484 470 19,921 4,145 24,066 19............. 46,471 46,471 53 1,84748,455 13,109 6,603 45,085 1,477 1,021 128 484 380 19,592 4,297 23,889 26............. 46,715 46,715 ......... 54 1,63248,479 13,109 6,616 44,864 1,485 1,188 16 468 368 19,716 4,305 24,021 Aug. 2............. 46,833 46,833 119 1,43948,470 13,094 6,632 44,849 1,473 1,390 115 464 250 19,655 4,319 23,974 9............. 46,931 46,804 127 91 1,385 48,536 13,057 6,642 44,985 1,480 920 128 457 226 20,038 3,922 23,960 16............. 46,716 46,604 112 129 1,36748,292 13,057 6,656 45,135 1,486 1,007 126 471 198 19,583 4,180 23,763 23............. 46,504 46,504 47 1,61448,238 13,058 6,674 45,020 1,497 1,021 133 442 257 19,602 4,171 23,773 30............. 46,249 46,249 ......... 46 1,29047,651 13,044 6,693 44,918 1,495 1,076 121 443 183 19,151 4,324 23,475 Sept. 6............. 46,693 46,600 93 79 1,41048,247 13,008 6,714 45,131 1,495 697 33 471 110 19,932 3,993 23,925 13............. 46,207 46,207 70 1,54447,880 13,007 6,726 45,398 1,483 202 26 491 103 19,810 4,229 24,039 20............. 46,055 46,055 106 1 ,75447,971 13,007 6,739 45,223 1,487 362 26 473 24 20,021 4,295 24,316 27............. 46,452 46,452 ......... 74 1,53048,193 13,006 6,759 45,044 1,502 927 29 454 37 19,865 4,347 24,212 Oct. 4............. 46,976 46,976 144 1,49548,773 13,006 6,763 45,107 1,500 866 25 477 54 20,413 4,229 24,642 11............. 47,563 47,319 244 145 1,41849,247 13,007 6,767 45,407 1,473 1,002 127 502 93 20,419 3,980 24,399 18............. 47,802 47,315 487 2(6 1,40249,515 13,007 6,781 45,559 1 ,484 942 31 485 -93 20,795 ”4,223 ”25,018 25........ 47,098 47,098 ......... 58 1,56448,773 13,007 6,792 45,429 1,482 1 ,087 119 455 -210 20,210 ”4,351 ”24,561 End of month 1967 Aug. 46,555 46,555 36 1,70748,363 13,008 6,698 45,071 1,476 1,051 44 449 88 19,789 4,812 24,601 Sept. 46,916 46,916 74 1,71448,860 13,007 6,741 45,031 1,463 778 117 491 38 20,686 3,853 24,539 Oct. ................. 47,390 47,390 ......... 120 1 ,30948,873 12,905 6,780 45,419 1 ,470 697 35 441 -208 20,604”4,725 ”25,329 Wednesday 1967 Sept. 6............. 47,061 46,607 454 139 1,56848.830 13,009 6,717 45,412 1 ,496 111 164 457 133 20,783 4,241 25,024 13............. 45,885 45,885 38 1 ,52247,503 13,009 6,730 45,441 1,485 276 124 493 11 19,412 4,796 24,208 20............. 46,055 46,055 320 1 ,617 48,046 13,009 6,739 45,191 1,498 713 125 459 26 19,781 4,693 24,474 27............. 46,702 46,702 ......... 171 1,32848,361 13,009 6,760 45,109 1,523 711 159 450 47 20,132 4,854 24,986 Oct. 4............. 47,319 47,319 138 1,431 49,076 13,009 6,758 45,280 1 ,497 525 134 478 73 20,857 ”4,372”25,229 11............. 47,991 47,319 672 118 1,26249,519 13,009 6,778 45,625 1,490 914 29 510 102 20,536*4,603 *25,139 18............. 47,592 47,292 300 137 1,77249,562 13,009 6,781 45,591 1,480 1,139 152 462 -192 20,720”4,631 ”25,351 25............. 47,113 47,113 ......... 64 1,25748,488 13,009 6,794 45,421 1,490 934 133 461 -219 20,070”4,832”24,902 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 I960 reflects a minor change in concept; see Feb. See also note 2. 1961 Bulletin, p 164. 4 Part allowed as reserves Dec. I, 1959—Nov 23, 1960; all allowed 3 Includes industrial loans and acceptances, when held (industrial thereafter. Beginning with Jan. 1963, figures are estimated except for loan program discontinued Aug. 21, 1959). For holdings of acceptances weekly averages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1928 BANK RESERVES AND RELATED ITEMS NOVEMBER 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 e t l a d l qu R ir e e ­ d Excess B r F i o a n a . n w g R t k s ­ . s s F e r r r e v e ­ e e s T h o e t l a d l qu R ir e e ­ d Excess B r F i o a n a . n w g R t k s . ­ s s F e r r r e v e ­ e e s T h o e t l a d l qu A ir c e ­ d Excess B r F i o n a a . n w g R t k s ­ . s s F e r r r e v e ­ e e s 1929—June 2,314 2,275 42 974 -932 762 755 7 .174 -167 161 161 I 63 -62 1933—June 1 2,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec. 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—Dec. 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec. 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec. 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 6 7 1950—Dec. 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1956—Dec. 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957—Dec. 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 8 85 -77 1958—Dec. 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 1,070 7 39 -31 1959—Dec. 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 1,038 104 -104 1960—Dec. 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1961—Dec. 20.118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 -22 1962—Dec. 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1,042 1,035 7 18 -11 1963—Dec. 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 5 26 -21 1964—Dec. 21,609 21,198 411 243 168 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 41 111 -70 1,143 1,128 15 23 -8 1966—Oct. 23,333 23,031 302 733 -431 4,438 4,435 3 127 -124 1,112 1,109 3 98 -95 Nov. 23,251 22,862 389 611 -222 4,339 4,299 40 111 -71 1,079 1,077 2 26 -24 Dec. 23,830 23,438 392 557 -165 4,583 4,556 27 122 -95 1,119 1,115 4 54 -50 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 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 1 June 23,518 23,098 420 123 297 4,701 4,664 37 30 7 1,150 1,138 12 15 -3 July. 23,907 23,548 359 87 272 4,787 4,749 38 18 20 1,152 1,162 -10 5 -15 Aug. 23,791 23,404 387 89 298 4,633 4,619 14 8 6 1,153 1,148 5 1 4 Sept. 24,200 23,842 358 90 268 4,797 4,747 50 11 39 1,172 1,169 3 3 Oct.. >■24,620*24,317 *303 126 *177 *4,888 *4,871 *16 27 p-11 *1,194 *1,188 *5 2 *3 Week ending— 1966—Oct. 5.... 23,614 23,300 314 828 -514 4,653 4,640 13 274 -261 1,147 1,144 3 30 -27 12.... 23,358 22,945 413 928 -515 4,389 4,355 34 234 -200 1,073 1,084 -11 248 -259 19.... 23,318 22,829 489 790 -301 4,306 4,302 4 99 -95 1,093 1,080 13 136 -123 26.... 23,267 23,120 147 518 -371 4,514 4,501 13 8 5 1,139 1,130 9 18 _9 1967—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 50 277 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.... 23,213 22,858 355 43 312 4,565 4,551 14 14 1,103 1,101 2 2 21. ... 23,767 23,506 261 91 170 4,874 4,865 9 27 -18 1,157 1,159 -2 9 -11 28. ... 23,547 23,116 431 141 290 4,677 4,663 14 14 1,156 1,150 6 2 4 July 5. ... 23,884 23,422 462 353 109 4,921 4,801 120 173 -53 1,191 1,185 6 77 -71 12. 24,066 23,423 643 69 574 4,780 4,719 61 61 1,148 1,143 5 5 19.... 23,889 23,653 236 51 185 4,773 4,742 31 31 1,141 1,138 3 3 26.... 24,021 23,589 432 54 378 4,735 4,727 8 8 1,179 1,170 9 9 Aug. 2.... 23,974 23,679 295 116 179 4,800 4,778 22 28 -6 1,189 1,183 6 2 4 9.... 23,960 23,589 371 91 280 4.699 4,684 15 1 14 1,177 1,173 4 4 16. . 23.763 23.381 382 129 253 4,593 4.578 15 6 9 1,135 1,134 1 3 -2 23.... 23,773 23,300 473 47 426 4,590 4,577 13 13 1,150 1,140 10 10 30.... 23,475 23,215 260 46 214 4,588 4,565 23 23 1,130 1,129 1 1 Sept. 6. ... 23.925 23,593 332 79 253 4,701 4,671 30 21 9 1,172 1,161 11 11 13. ... 24.039 23,653 386 70 316 4,664 4.630 34 34 1,147 1,132 15 15 20.... 24,316 23,908 408 106 302 4,782 4,756 26 21 5 1,171 1,171 27.... 24,212 24,001 211 74 137 4,858 4,839 19 19 1,202 1,194 8 8 Oct. 4. ... 24,642 24,229 413 144 269 4,955 4,929 26 4 22 1,206 1,204 2 2 11.... 24,399 24,150 249 145 104 4,804 4,771 33 21 12 1,177 1,178 -1 -1 18.... ”25,018*24,461 *557 216 *341 ”4,927 *4,890 *37 98 *-61 ”1,198 ”1,198 »......... 7 p-7 25. ... *24,561 *24,369 *192 58 *134 *4,977 *4,893 *84 ..........*.84 *1,193 *1,187 ”6 ...........”6 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 BANK RESERVES AND RELATED ITEMS 1929 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves Borrow­ Reserves Borrow­ ings at Free ings at Free T h o e t l a d l Required Excess B F a . n R k . s reserves T h o e t ld al Required Excess B F a . n R k . s reserves 1929—June 761 749 12 409 -397 632 610 22 327 -305 1933—June 648 528 120 58 62 441 344 96 126 -30 1939—Dec. 3,140 1,953 1,188 1,188 1,568 897 671 3 668 1941—Dec. 4,317 3,014 I ,303 1,302 2,210 1,406 804 4 800 1945—Dec. 6,394 5,976 418 96 322 4,576 3,566 1 ,011 46 965 1947—Dec. 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1956—Dec,. 8,078 7,983 96 300 -203 5,859 5,371 488 144 344 1957—Dec. 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec.. 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Dec. 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 1960—Dec. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961—Dec. 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962—Dec. 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 1963—Dec. 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 1964—Dec. 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 1965—Dec. 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 1966—Oct.. 9,344 9,311 33 279 -246 8,439 8,176 263 229 34 Nov. 9,306 9,258 48 293 -245 8,528 8,229 299 181 118 Dec. 9,509 9,449 61 220 -159 8,619 8,318 301 161 140 1967—Jan.. 9,584 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 May 9,319 9,282 37 46 -9 8,219 7,922 297 31 266 June 9,381 9,314 67 34 33 8,285 7,983 302 44 258 July. 9,564 9,542 22 10 12 8,403 8,095 308 54 254 Aug. 9,557 9,509 48 32 16 8,448 8,129 319 48 271 Sept. 9,649 9.623 26 32 -6 8,582 8,304 278 47 231 Oct.. ”9,878 ”9,861 ”17 42 ”-25 ”8,660 ”8,397 ”263 55 ”208 Week ending—■ 1966—Oct. 5....................... 9,418 9,383 35 238 -203 8,397 8,134 263 286 -23 12...................... 9,387 9,295 92 212 -120 8,508 8,211 297 234 63 19...................... 9,261 9,254 7 348 -341 8,658 8,193 465 207 258 26...................... 9,373 9,320 53 272 -219 8,241 8,170 71 220 -149 1967—Mar. 1...................... 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...................... 9,415 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 May 3...................... 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 9,319 25 57 -32 8,334 7,961 373 30 343 24..................... 9,272 9,220 52 23 29 8,145 7,909 236 27 209 31...................... 9,236 9,189 47 66 -19 8,146 7,856 290 36 254 June 7.................. 9,274 9,232 42 19 23 8,171 7,916 255 51 204 14...................... 9,260 9,227 33 8 25 8,285 7,979 306 35 271 21...................... 9,456 9,437 19 35 -16 8,281 8,044 237 20 217 28...................... 9,363 9,331 32 75 -43 8,352 7,973 379 64 315 July 5...................... 9,537 9,456 81 28 53 8,235 7,980 255 75 180 12...................... 9,506 9.460 46 11 35 8,632 8,100 532 58 474 19...................... 9,674 9,607 67 2 65 8,302 8,165 137 49 88 26...................... 9,608 9,582 26 11 15 8,499 8,110 389 43 346 Aug. 2...................... 9,626 9,598 28 36 -8 8,360 8,120 240 50 190 9................... 9,623 9,579 44 52 -9 8,461 8,152 309 37 272 16...................... 9,559 9,506 53 53 8,476 8,163 313 67 246 23...................... 9,492 9,467 25 3 22 8,540 8,117 423 44 379 30...................... 9,482 9,444 38 38 8,275 8,077 198 46 152 Sept. 6...................... 9,608 9,570 38 17 21 8,443 8,191 252 41 211 13...................... 9,592 9,560 32 19 13 8,636 8,331 305 51 254 20...................... 9,627 9,616 11 50 -39 8,736 8,364 372 35 337 27...................... 9,664 9,662 2 22 -20 8,487 8,307 180 52 128 Oct. 4...................... 9,827 9,783 44 68 -24 8,653 8,314 339 72 267 11...................... 9,840 9,796 44 60 -16 8,577 8,405 172 64 108 18...................... ”9,958 ”9,943 ”15 54 ”-39 ”8,935 ”8,429 ”506 57 ”449 25...................... ”9,924 ”9,866 ”58 10 i'48 ”8,468 ”8,424 ”44 48 p-4 1 This total excludes, and that in the preceding table includes, $51 Total reserves held: Based on figures at close of business through Now 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

1930 MAJOR RESERVE CITY BANKS NOVEMBER 1967 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less— Net— Gross transactions Net transactions Reporting banks and Bor­ week ending— s E e x r r v c e e e ­ s s s 1 r a o B i 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 k r r s a ­ l S d u e o r f p i r c l u it s r r P e e e q s a r e o v u c r g f i v e r . e e n s d t c P ha u s r e ­ s Sales a 2 c t T r - t a o i w o n t a a n s y l ­ s 2 b c o b P u h f a a y u n n s i r k n e e ­ s s g t s o b S e f a a l l n l n i e n k e s g s t d L ea o t l a o e n rs s 3 de r f i a r o n o l w g e m s r ­ s 4 lo N a e n t s trans. Total—~46 banks 1967—Sept. 6........... 58 34 699 -675 6.3 2,946 2,247 1,393 1,553 854 1,770 131 1,640 13............ 43 7 1,784 -1,747 16.5 3,574 1,790 1,423 2,151 367 2,032 70 1,962 20............ 25 56 1 ,767 -1,798 16.7 3,596 1,829 1,445 2,151 384 1,964 51 1,913 27............ 3 13 1,090 -1,100 10.1 3,265 2,176 1,609 1,656 567 1,638 61 1,578 Oct. 4........... 83 51 877 -846 7.6 2,769 1,892 1,412 1,358 480 1,615 79 1,536 11........... 42 72 1 ,624 -1 ,654 15,2 3,337 1,713 1,551 1,787 163 1,512 73 1,439 18........ 24 131 1,163 -1,271 11.4 2,985 1,822 1,477 1 ,508 345 1,459 70 1,390 25............ U8 751 -634 5.7 2,779 2,027 1,442 1,336 585 1,526 80 1 ,446 8 In New York City 1967—Sept. 6........... 23 21 282 -280 6.6 1,144 862 545 600 318 1,146 77 1,069 13............ 16 876 -860 20,3 1,360 485 422 938 63 1,234 66 1,168 20............ 18 21 671 -674 15.5 1,355 684 602 753 82 1,071 51 1,020 27............ 13 70 -58 1,3 1 ,009 938 676 333 263 837 61 776 Oct. 4........... 24 3 21 .5 847 844 599 249 246 913 79 834 11............ 25 21 527 -523 12,0 1,149 622 600 549 22 755 73 682 18........... 27 93 293 -359 8.0 1 ,029 737 614 415 123 665 70 596 25............ 74 111 -37 .8 934 823 620 315 203 777 80 696 38 outside New York City 1967—Sept. 6........... 35 12 417 -395 6.2 1 ,802 1,385 848 953 536 625 54 571 13........... 27 7 908 -888 14.0 2,214 1,306 1,001 1,213 304 797 4 794 20........... 7 35 1,095 -1,123 17.5 2,241 1,146 843 1 ,398 302 893 893 27............ -9 13 1,019 -1 ,042 16.1 2,257 1,237 933 1 ,323 304 802 ............. 802 Oct. 4........... 58 51 874 -867 13,2 1,922 1 ,048 813 1,109 235 702 702 11........... 17 50 1 ,097 -1,130 17,3 2,188 1 ,092 951 1 ,238 141 757 757 18........... -3 39 870 -912 13.7 1,956 I ,085 863 1 ,093 222 794 794 25............ 44 ............. 640 -596 9.0 1,844 1 ,204 823 1 ,022 381 749 ............. 749 5 in City of Chicago 1967—Sept. 6............ 9 -279 289 27.9 287 567 284 3 282 30 30 13........... 8 -2i8 235 23.4 396 624 396 228 31 31 20........... -3 -195 193 18.4 350 545 339 10 205 75 75 27............ 2 -224 226 21.2 324 548 324 224 36 36 Oct. 4........... 1 -115 116 10.8 313 428 292 21 135 34 34 11............ -2 54 -55 5.3 399 345 309 89 35 30 30 18............ 7 103 -109 10.2 370 267 249 121 19 34 34 25............ 6 32 -26 2.5 386 353 268 H8 85 59 59 33 others 1967—Sept. 6............ 26 12 696 -683 12.7 1,514 818 564 950 254 594 54 541 13........... 20 7 1,136 -1,123 21.1 1 ,818 682 605 1,213 77 766 4 762 20........... 10 35 1,291 -1,316 24.6 1 ,892 601 504 1,388 97 818 818 27........... -12 13 1 ,243 -1,268 23.4 1 ,932 689 609 1,323 80 765 ............. 765 Oct. 4........... 57 51 989 -983 17.9 1,609 620 521 1,088 99 668 668 11........... 18 50 1,043 -1,075 19.6 I ,790 747 641 1,149 106 728 728 18............ -3 31 768 -803 14,4 1,586 818 614 971 203 760 760 25............ 38 ............. 608 -570 10.3 I ,458 850 555 904 296 690 ............. 690 i 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

NOVEMBER 1967 DISCOUNT RATES 1931 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under Advances and discounts under Advances under last par. Sec. 13 3 Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b)2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Oct. 31 date rate Oct. 31 date rate Oct. 31 date rate Boston................................... 4 Apr. 7, 1967 4^ 414 Apr. 7 1967 5 5 Apr. 7, 1967 New York..................................... 4 Apr. i, 1967 414 4*4 Apr. 7, 1967 5 51/7 Dec. 6, 1965 5 Philadelphia................................. 4 Apr. 7' 1967 41/2 414 Apr. 7, 1967 5 5 Apr. 7, 1967 5’/z Cleveland..................................... 4 Apr. 7’ 1967 4'/2 414 Apr. 7, 1967 5 5 Apr. 7, 1967 6 Richmond.................................... 4 Apr. 7, 1967 414 414 Apr. 7 1967 5 5 Apr. 7, 1967 5’4 Atlanta........................................ 4 Apr. 10, 1967 414 414 Apr. 10, 1967 5 6 Apr. 10, 1967 6*4 Chicago....................................... 4 Apr. 7’ 1967 414 414 Apr. 7 1967 5 5 Apr. 7, 1967 5*4 St. Louis....................................... 4 Apr. 14’ 1967 414 4*4 Apr. 14, 1967 5 5 Apr. 14, 1967 5*4 Minneapolis.................................. 4 Apr. 7’ 1967 4’4 414 Apr. 7, 1967 5 5 Apr. 7, 1967 514 Kansas City 4 Apr. 7’ 1967 414 4*4 Apr. 7’ 1967 5 5 Apr. 7 1967 Dallas.......................................... 4 Apr. 7, 1967 414 4!4 Apr. 7, 1967 5 5 Apr. 7, 1967 5’4 San Francisco............................... 4 Apr. 7j 1967 4'/2 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. 1955 1959 In effect Dec. 31, 1941........ 1 -I>, 4 1 Apr. 14....................1..1..4..-.1’4 114 214-3 3 ‘ 15........................... i'/z-i’4 1’4 16.......................... 3 3 1942 May 2.......................... 1’4 1’4 May 29............................ 3 -314 3'/2 1 1 1’4-214 1’4 June 12...................... 314 3>A Oct. 15............................... 7 54-1 1 5........................... 1’4-214 Sept. 11............................ 3'4-4 4 30................. t 'A t’/4 12.......................... 2 -2'4 2 ‘ 18........................... 4 4 Sept. 9........................... 2 -2'4 2'4 ' 13........................... 2'4 2'4 I960 1946 t 14-1 1 Nov. 2 1 3 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . ........ 2'4 2 - 14 214 2 2 1 1 4 4 10. J .. u .. n .. e . .... 3 .. . . . . . . . . . . . . . . . . . . . . . . . . . . .......^....4... 4 3 14 1948 1 1 ’ 20. A ... 1 p .. 9 r . 5 . . . 6 .. 1 .. 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . .......2 2 ..1 ’ . 4 .4. - -.. 3 3 2 2’ ’4 4 A Se u p g t . . 1 1 9 4 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3' - 4 3’4 3 3 3 ^ Jan. 12.......................1. ...-I’, 4 1'4 Aug. 24................ 2’4-3 3 19................. 1*4 1'4 31........................... 3 3 114-1'/ 4 1'4 1963 ~ 23............................. t'/4 1'4 1957 July 17........................... 3 -3'4 Aug. 9....................3. ....-..314 3 ' 26........................... 3'4 23........................... 314 314 1950 Nov. 15........................... 3 -3'/4 3 U4-t’z 4 im Dec. 2.......................... 3 3 1964 “ 25............................... 1’4 1’4 Nov. 24.................3..'..4.-..4. 4 1958 30........................... 4 4 Jan. 22....................2..’4..-..3. 3 1953 24......................... 2’4-3 2% 1’4-2 2 Mar. 7........................... 2'4-3 2'4 1965 23............................. 2 2 13........................... 214-2’4 2'4 Dec. 6....................4.. ....-.4.'4 4«4 21........................... 2'4 2'4 13........................... 4'4 4*4 Apr. 18........................... 1’4-2’4 1954 May 9........................... 1’4 Feb. 5.....................1..’.4..-..2. Aug 15.. ..... 1’4-2 1967 15............................. 1’4 1’4-2 Apr, 7...................4.. ....-4>4 4 U4-I} 4 1*4 ' 23,.. . .. 2 2 Apr, 14........................... 4 4 ‘ 16............................. 114-1} 4 114 Oct 24........................... 2 -214 2 May 21............................. 1'4 114 2'/z 214 4 4 t Preferential rate of one-half of 1 per cent for advances secured by against U.S. Govt, obligations was the same as its discount rate except U.S. Govt, obligations maturing in 1 year or less. The rate of 1 per cent in the following periods (rates in percentages): 1955—May 4-6, 1.65; was continued for discounts of eligible paper and advances secured by Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. such paper or by U.S. Govt, obligations with maturities beyond 1 year. 24-29, 2.75; 1957—Aug. 22, 3.50; I960—Oct. 3l-Nov. 17, Dec. 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July Note.—Discount rates under Secs. 13 and 13a (as described in table 20, 31, Aug. 1-3, 2.50; Sept, 28-29, 2.75; Oct 5, 2.50; Oct. 23, Nov. 3, above). For data before 1942, see Banking and Monetary Statistics, 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, 1943, pp. 439-42. 28, 30, 31, 3.875; 1965—Jan. 4-8, 3.875. The rate charged by the F.R. Bank of N.Y. on repurchase contracts Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1932 RESERVE REQUIREMENTS NOVEMBER 1967 RESERVE REQUIREMENTS OF MEMBER BANKS (Per cent of deposits) Requirements through July 13, 1966 Requirements beginning July 14, 1966 Net Time deposits4 Net demand deposits2 demand deposits2 (all classes of banks) Time deposits Other (all time deposits Effective date1 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 b cl a a o n s k f s e s s ) Effective date1 R b e c a s i n e ty k r v s e C b o a u n n k t s ry d S e a p v o in si g t s s 5 U 5 p m t i o l­ J c I e 5 n s s m e x o il ­ f ­ lion lion In effect Dec. 31, 1949 22 18 12 5 1966—July 14, 21 5 16y2 5 12 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. 3ft 372 1954—June 24, 16.... 21 5 Mar. 16. 3 3 July 29, Aug. 1 20 18 12 1958—Feb. 27, Mar 1 . 19^ 1714 Utt In effect Oct, 31, 1967,... 16*4 12 3 3 6 Mar. 20, Apr. 1 19 17 Apr. 17........... 1814 Apr. 24.. 18 I6I/2 1960—Sept. 1........... 17^ Present legal Nov. 24............ 12 requirement: Dec. 1........... 1614 1962—July 28........... (’) Minimum. 10 7 3 3 3 Oct. 25, Nov. 1 4 Maximum 22 14 10 10 10 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. 5 See preceding columns for earliest effective date of this rate. 2 Demand deposits subject to reserve requirements are gross demand Note.—All required reserves were held on deposit with F.R. Banks deposits minus cash items in process of collection and demand balances June 21, 1917, until 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, 1, 17, 24, 6, 20, 26, 1933 1935 1936 1957 1962 1963 1964 1965 1966 1966 Savings deposits: Savings deposits.................. 4 4 12 months or more.......... 3 2',4 214 3 4 4 4 4 Other time deposits:1 Less than 12 months........ 3 2% 2'4 3 314 314 4 4 Multiple-maturity: Other time deposits:1 90 days or more........ 5 5 12 months or more...... 3 2>A 2 >,4 3 4 4 414 314 Less than 90 days..... 4 4 6 months to 12 months ... 3 2'A 214 3 2^ 4 414 51/4 (30-89 days) 90 days to 6 months..... 3 2W 2 214 2ft 4 4’4 514 Single-maturity: Less than 90 days......... 3 2',4 1 1 1 1 4 5'/4 $100,000 or more..... 5’4 514 (30-89 days) Less than $100,000. .. . 514 5 1 For exceptions with respect to foreign time deposits, see Oct. 1962 Under this regulation the rate payable by a member bank may not in Bulletin, p. 1279 and Aug. 1965 Bulletin, p. 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. I, 1936, maximum rates that may be paid Note.—Maximum rates that may be paid by member banks as estab­ by insured nonmember commercial banks, as established by the FDIC, lished by the Board of Governors under provisions of Regulation Q. have been the same as those in effect for member banks. MARGIN REQUIREMENTS (Per cent of market value) Effective date Regulation Jan. 4, Apr. 23, Jan. 16, Aug. 5, Oct. 16, July 28, July 10, Nov. 6, 1955 1955 1958 1958 1958 1960 1962 1963 Regulation T: For extensions of credit by brokers and dealers on listed securities.................................................. 60 70 50 70 90 70 50 70 For short sales.................................................. 60 70 50 70 90 70 50 70 Regulation U: For loans by banks on stocks.............................. 60 70 50 70 90 70 50 70 Note.—Regulations T and U, prescribed in accordance with Securities centage of its market value at the time of extension; margin requirements Exchange Act of 1934 limit the amount of credit that may be extended on are the difference between the market value (100 per cent) and the maxi­ a security by prescribing a maximum loan value, which is a specified per­ mum loan value. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 BANK DEPOSITS; OPEN MARKET ACCOUNT 1933 DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks All All Item m b e a m nk 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 m nk b s er Y N o e r w k C o it f y Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending Aug. 16, 1967 Four weeks ending Sept. 13, 1967 Gross demand—Total.... 150,697 30,436 6,865 55,228 58,168 Gross demand—Total.... 149,613 29,978 6,645 54,611 58,379 Interbank..................... 16,510 5,444 1,275 7,700 2,092 Interbank................ 16,743 5,459 1 ,273 7,878 2,133 U.S. Govt..................... 4,733 995 251 1,974 T.5I4 U.S. Govt................ 3,238 503 125 1,189 1 ,421 Other........................... 129,454 23,997 5,340 45,556 54,562 Other....................... 129,633 24,017 5,247 45,545 54,825 Net demand ’.................. 119,779 21,924 5,384 43,324 49,148 Net demand 1.................. 118,626 21,381 5,185 42,812 49,248 Time................................ 144,387 20,702 5,899 54,732 63,055 Time................................ 145,846 20,838 6,051 55,256 63,701 Demand balances due Demand balances due from dom. banks...... 8,166 262 244 1,965 5,697 from dom. banks...... 8,221 246 239 1,915 5,822 Currency and coin........... 4,181 338 82 1 ,280 2,482 Currency and coin........... 4,179 336 83 1,284 2,476 Balances with F.R. Balances with F.R. Banks........................... 19,749 4,369 1,088 8,325 5,968 Banks........................... 19,625 4,300 1,067 8,260 5,998 Total reserves held.......... 23,930 4,707 1,170 9,605 8,450 Total reserves held.......... 23,804 4,636 1,150 9,544 8,474 Required....................... 23,561 4,692 1,165 9,569 8,137 Required................. 23,441 4,611 1,141 9,510 8,179 Excess.......................... 369 15 5 36 313 Excess....................... 363 25 9 34 295 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; ail 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 p h r a u o s r s e ­ s s G sa r l o e s s s Re ti d o e n m s p­ c G p h r a u o s r s e ­ s s G sa r l o e s s s Re ti d o e n m s p­ c G p h r u a o s r s e ­ s s G sa r l o e s s s m re s a d h t o e i u f m r r t s i p t , y ­ c G h p r a u o s r s e ­ s s G sa r l o e s s s m E s a h x o t i u c f r r h t i s . t y tions 1966—Sept........... 1,976 1.419 170 1,976 1,419 170 Oct............. 1,281 893 320 1,281 893 320 Nov........... 860 223 323 860 223 323 6,456 -6,253 Dec............ 771 405 736 405 15 12 1967—Jan............. 904 656 439 904 656 439 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 June........... 1,681 567 223 1,332 567 223 17 185 55 July............ 1,221 956 94 1,221 956 94 Aug........... 591 440 400 591 440 400 -1,225 1,338 Sept............ 110 623 127 919 623 127 24 121 44 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 s a . ­ c G p h r a u o s r s e ­ s s G sa r l o e s s s o E t s r u h x r i m c i f t h t y 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 G s i o e ti c v e u s t, r ­ p ( m a n u g e r e r t c n e h t r e s a e ­ ) ­ se r O i n g u e h t t t ­ , a r m c e g h n p e r a e n e u s t e t r e s ­ ­ , change 1 1966—Sept.,.. 97 97 388 -1 387 Oct...... 275 275 69 4 21 94 Nov.... 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..... — FIR 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 1^38 1,459 606 -10 2 -98 499 June... 109 — 55 39 753 992 652 1 21 45 719 July.... 286 370 87 -1 -13 -45 28 Aug.... -113 450 450 — 249 — 14 —263 Sept.... 27 — 44 19 453 453 361 -12 104 453 1 Net change in U.S. Govt, securities, Federal agency obligations, and _ Note.—Sales, redemptions, and negative figures reduce System hold­ bankers’ acceptances. ings; all other figures increase such holdings. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1934 FEDERAL RESERVE BANKS NOVEMBER 1967 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1967 1967 1966 Oct. 25 Oct. 18 Oct. 11 Oct. 4 Sept. 27 Oct. Sept. Oct. Assets Gold certificate account............................................. 10,638 10,638 10,638 10,638 10,643 10,553 10,653 10,973 Redemption fund for F.R. notes............................... 1,862 1,864 1,869 1,871 1,860 1,857 1,857 1,803 Total gold certificate reserves,..................... 12,500 12,502 12,507 12,509 12 503 12,410 12 510 12,776 Cash............................................................................ 362 366 362 356 353 360 357 306 Discounts and advances: Member bank borrowings....................................... 64 „ 137 118 138 171 120 74 395 Other....................................................................... 15 Acceptances: Bought outright....................................................... 54 54 54 54 54 54 52 51 Held under repurchase agreements........................ 7 94 134 106 104 21 Federal agency obligations—Held under repurchase agreements.............................................................. 15 36 U.S. Govt, securities: Bought outright: Bills................................................................ 14,294 14,473 14,500 14,500 13,947 14,571 14,097 11,158 Certificates—Special............................................ Other.............................................. 4,366 Notes................................................................ 26,198 26,198 26,198 26,198 26,160 26,198 26,198 21,013 Bonds................................................................... 6,621 6,621 6,621 6,621 6,595 6,621 6,621 6,438 Total bought outright............................................. 47,113 47,292 47,319 47,319 46,702 47,390 46,916 42,975 Held under repurchase agreements........................ 285 636 Total U.S. Govt, securities............................. 47,113 47,577 47,955 47,319 46,702 47,390 46,916 42,975 Total loans and securities.......................................... 47,231 47,790 48,257 47,645 47,033 47,564 47,146 43,457 Cash items in process of collection............................. 6,969 8,391 7,144 7,478 7,168 6,697 6,758 6,345 Bank premises............................................................. 111 111 111 111 110 111 111 104 Other assets: Denominated in foreign currencies......................... 937 924 779 777 775 953 788 783 IMF gold deposited1............................................ 233 233 233 233 233 233 233 211 All other............................................................... 519 499 462 439 412 544 424 513 Total assets................................................................. 68,862 70,816 69,855 69,548 68,587 68,872 68,327 64,495 Liabilities F.R. notes................................................................... 39,971 40,149 40,197 39,874 39,718 39,974 39,617 37,900 Deposits: Member bank reserves......................... 20,070 20,720 20,536 20,857 20,132 20,604 20,686 19,338 U.S. Treasurer—General account........................... 934 1,139 914 525 711 697 778 809 Foreign................................................................... 133 152 129 134 159 135 117 194 Other: IMF gold deposit1............................................... 233 233 233 233 233 233 233 211 All other.............................................................. 228 229 277 245 217 208 258 215 Total deposits.............................................................. 21,598 22,473 22,089 21,994 21,452 21,877 22,072 20,767 Deferred availability cash items.................................. 5,712 6,619 5,882 6,047 5,840 5,388 5,044 4,301 Other liabilities........................................................... 267 298 292 279 261 286 261 242 Total liabilities*......................................................... 67,548 69,539 68,460 68,194 67,271 67,525 66,994 63,210 Capital accounts Capital paid in......................................*................... 589 589 589 589 589 590 589 566 Surplus...................................................................... 570 570 570 570 570 570 570 551 Other capital accounts............................................... 155 118 236 195 157 187 174 168 Total liabilities and capital accounts.......................... 68,862 70,816 69,855 69,548 68,587 68,872 68,327 64,495 Contingent liability on acceptances purchased for foreign correspondents............................................ 176 178 187 198 214 163 205 230 U.S. Govt, securities held in custody for foreign account.................................................................... 7,774 7,690 7,536 7,571 7,570 7,861 7,558 7,336 Federal Reserve Notes—Federal Reserve Agents* Accounts F.R, notes outstanding (issued to Bank),.............. 42,502 42,487 42,433 42,369 42,394 42,548 42,374 41,109 Collateral held against notes outstanding: Gold certificate account......................................... 6,714 6,714 6,714 6,727 6,727 6,714 6,727 6,455 Eligible paper.......................................................... 61 U.S. Govt, securities......................................... 37 081 37,081 37,081 37,081 37,081 37,281 37,081 36,431 Total collateral........................................ 43,795 43,795 43,795 43,808 43,808 43,995 43,808 42,947 1 See note 1(b) to table at bottom of p, 1992. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 FEDERAL RESERVE BANKS 1935 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 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 F c S i r a s a c n n o ­ Assets Gold certificate account.................... 10,553 636 2,552 624 699 963 618 1 ,871 338 207 380 342 1 ,323 Redemption fund for F.R. notes..... 1 ,857 105 455 96 147 156 103 330 66 32 72 66 229 Total gold certificate reserves............ 12,410 741 3,007 720 846 1,119 721 2,201 404 239 452 408 1 ,552 F.R. notes of other Banks................. 654 70 205 40 42 38 63 41 23 19 29 20 64 Other cash......................................... 360 21 43 9 47 21 42 64 34 5 16 15 43 Discounts and advances: Secured by U.S. Govt, securities... 120 2 I 1 * 4 1 14 3 ♦ 9 1 84 Acceptances: Bought outright.......................... 54 54 Held under repurchase agreements. Federal agency obligations—Held under repurchase agreements...... U.S. Govt, securities: Bought outright.......................... 47,390 2,451 12,128 2,374 3,630 3,409 2,535 7,729 1,689 937 1,862 2,006 6,640 Held under repurchase agreements. Total loans and securities............ 47,564 2,453 12,183 2,375 3,630 3,413 2,536 7,743 1,692 937 1 ,871 2,007 6,724 Cash items in process of collection... 8,554 520 1,695 518 628 667 706 1 ,464 408 263 533 434 718 Bank premises.................................... 111 3 10 2 5 7 20 19 9 3 15 9 9 Other assets: Denominated in foreign currencies. 953 46 1248 50 86 49 59 138 33 23 42 55 124 IMF gold deposited2..................... 233 233 All other......................................... 544 28 140 26 43 41 29 87 20 11 21 23 75 Total assets........................................ 71,383 3,882 17,764 3,740 5,327 5,355 4,176 11,757 2,623 I ,500 2,979 2,971 9,309 Liabilities F.R. notes.......................................... 40,628 2,409 9,437 2,316 3,259 3,731 2,284 7,204 1 ,490 693 1,536 1,355 4,914 Deposits’. Member bank reserves................... 20,604 794 5,973 850 1 ,323 911 1 ,134 3,000 715 504 862 1 ,134 3,404 U.S. Treasurer—General account,. 697 27 148 51 41 56 36 77 22 39 79 40 81 Foreign............................................ 135 6 339 7 12 7 8 19 4 3 6 7 17 Other: IMF gold deposit 2.................... 233 233 All other...................................... 208 1 130 2 ♦ 7 1 1 2 1 2 i 60 Total deposits.............................. 21,877 828 6,523 910 1,376 981 1,179 3,097 743 547 949 1,182 3,562 Deferred availability cash items......... 7,245 566 1 ,379 429 552 550 615 1 ,209 334 222 424 347 618 Other liabilities and accrued dividends 286 14 75 14 22 20 15 46 10 7 12 12 39 Total liabilities................................... 70,036 3,817 17,414 3,669 5,209 5,282 4,093 11,556 2,577 1 ,469 2,921 2,896 9,133 Capital accounts Capital paid in................................... 590 28 154 31 53 31 37 86 20 14 26 34 76 Surplus.............................................. 570 27 148 30 51 30 35 83 20 14 25 33 74 Other capital accounts....................... 187 10 48 10 14 12 11 32 6 3 7 8 26 Total liabilities and capital accounts.. 71,383 3,882 17,764 3,740 5,327 5,355 4,176 11,757 2,623 1,500 2,979 2,971 9,309 Ratio of gold certificate reserves to F.R. note liability (per cent): Oct. 31,1967......................... 30.5 30,8 31.9 31.1 26.0 30.0 31.6 30.6 27.1 34.5 29.4 30.1 31.6 Sept. 30, 1967......................... 31.0 34.8 30.2 29.1 31.0 30.4 31.4 31 .3 30.9 30.4 31.0 31.3 31.0 Oct. 31, 1966......................... 33.0 36.8 32.4 40.1 33.9 29.9 42.6 29.9 32.2 34.0 27.3 27.7 33.7 Contingent liability on acceptances purchased for foreign correspond­ ents. .......................................... 163 8 433 9 16 9 11 26 6 4 8 10 23 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)........................................ 42,548 2,494 9,971 2,374 3,486 3,852 2,398 7,461 1,581 723 1,591 1,462 5,155 Collateral held against notes out­ standing: Gold certificate account.......... 6,714 450 1,000 490 600 740 450 1,400 317 127 225 180 735 Eligible paper., U.S. Govt, securities...................... 37,281 2,096 9,200 2,000 3,000 3,160 2,050 6,450 1 ,370 625 I ,400 1,330 4,600 Total collateral........................... 43,995 2,546 10,200 2,490 3,600 3,900 2,500 7,850 1,687 752 1,625 1,510 5,335 1 After deducting $705 million participations of other F. R. Banks. 3 After deducting $96 million participations of other F. R. Banks. 2 See note 2 to table at bottom of page 1994. 4 After deducting $130 million participations of other F. R. Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1936 FEDERAL RESERVE BANKS; BANK DEBITS NOVEMBER 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 Oct. 25 Oct. 18 Oct. 11 Oct. 4 Sept. 27 Oct. 31 Sept. 31 Oct. 31 Discounts and advances—Total................................. 64 137 118 138 171 120 74 410 Within 15 days......................................................... 61 134 115 135 168 118 71 392 16 days to 90 days................................................... 3 3 3 3 3 2 3 18 91 days to 1 year..................................................... Acceptances—’Total..................................................... 54 61 148 188 160 54 156 72 Within 15 days......................................................... 6 17 105 147 117 7 115 34 16 days to 90 days................................................... 48 44 43 41 43 47 41 38 91 days to 1 year..................................................... U.S. Government securities—’Total............................ 47,113 47,592 47,991 47,319 46,702 47,390 46,916 42,975 Within 15 days1....................................................... 2,048 2,490 2,353 1,625 1 ,505 8,466 964 1,761 16 days to 90 days................................................... 13,471 13,416 13,940 13,977 13,733 6,895 13,962 5,146 91 days to 1 year..................................................... 15,266 15,358 15,370 15,389 15,195 15,701 15,662 20,780 Over 1 year to 5 years............................................. 14,910 14,910 14,910 14,910 14,865 14,910 14,910 13,699 Over 5 years to 10 years........................................ 883 883 883 883 873 883 883 1,192 Over 10 years.......................................................... 535 535 535 535 531 535 535 397 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S, dollar equivalent) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d ar ia s n F fr r a e n n c c s h G m er a m rk a s n Ita li l r i e an Jap y a e n n ese N gu l e a i n t ld h d e e s r r s ­ f S r w an is c s s 1966—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 * 3 Mar........................... 160 96 55 3 1 1 1 1 * 3 Apr............................. 184 121 55 3 1 1 1 1 * 2 May................. 149 115 25 3 1 1 1 I * 2 578 399 29 3 1 144 1 1 2 July............................ 579 566 4 3 1 2 1 1 * 2 BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (in billions or dollars) Period S T M 2 o 3 S t 3 a A l ’s L N e .Y ad . ing S 6 M o S t A he ’s rs2 T S o N ( M t e a . x S Y l c A 2 l . . ) 3 ’s 2 SM o 2 th S 26 e A r ’s S T M 2 o 3 S t 3 a A l ’s N Le .Y ad . ing S 6 M o S t A he ’s rs2 T S o N M ( t e a . x S Y l c A l 2 . . ) 3 ’s 2 S o M 2 th 2 S 6 e A r ’s 1966—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 tn.2 52.2 39.6 34.3 Nov........................ 6.078.5 2.566.6 1,373.8 3,511.9 2,138.1 54.6 111,3 52.5 39.6 33,9 Dec............................. 6,406.5 2,844.6 1,405.1 3,561.9 2,156.8 56.9 121.8 53.2 40.0 34.2 1967—Jan............. 6,409.1 2,847.3 1,362.2 3,561.8 2.199.6 57.2 124.7 50.9 39.4 34.8 Feb............................. 6,294.9 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 July............................ 6,688.7 2,857.1 1,560.5 3,831.6 2,271.1 56.8 119.8 55.5 40,7 34.5 Aug............................. 7,067.8 3,185.7 1,575.0 3,882.1 2,307.1 59.0 128.5 56.6 41.1 34.6 Sept........................... 6,799.4 2,952.4 1,513.6 3,847.0 2,333.4 57.4 120.6 55.4 40.8 35.1 Oct.............................. 6,993.0 3,102,4 1,537.7 3,890.6 2,352.9 58.3 125.5 54.6 40.8 35.1 1 Excludes interbank and U.S Govt demand deposit accounts. Note.—Total SMSA‘s includes some cities and counties not designated 2 Boston Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as S MSA’s. Los Angeles-Long Beach, For a description of series, see Mar. 1965 Bulletn, p. 390. All data shown here are revised. For description of revision, see Mar. 1967 Bulletin, p. 389. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 U.S. CURRENCY 1937 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir­ End of period cula­ tion 1 Total Coin $1 2 $2 $5 $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.................... IL 160 8’120 751 695 44 1'355 2’731 2,545 3 744 724 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 4720 454 801 7 24 1947.................... 28’868 20,020 1 '404 1 748 65 2’ll0 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 22321 1'927 1712 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 MU 85 2,216 6,672 10776 9’326 2703 5,913 261 341 3 5 1960.................... 32’869 23’521 2>27 1,533 88 2’246 6,691 10,536 9’348 2715 5754 249 316 3 10 1961.................... 33'918 24'388 2'582 1’588 92 2'313 6778 10735 9,531 2,869 6,106 242 300 3 10 1962.................... 35338 25756 2782 1'636 97 2'375 7771 UJ95 9783 2’990 6'448 240 293 3 10 1963.................... 37392 26’807 3'030 1,722 103 2'469 7773 12^10910,885 3,221 7,110 249 298 3 4 1964.................... 39’619 28 J00 3'405 1706 111 2717 7743 1277 11,519 3,381 7790 248 293 2 4 1965..................... 42356 29742 4727 1,908 127 2'618 7^794 13,369 12714 3740 8,135 245 288 3 4 1966—Sept.......... 42,802 30,318 4,342 1,899 138 2,551 7,730 13,659 12,483 3,562 8,392 239 283 3 4 Oct....... 43,113 30,556 4; 380 1,926 137 2,583 7’785 13,745 12756 3,572 8’455 239 283 3 4 44345 31,499 4747 1,996 137 2’684 8'076 14,159 12,747 3'632 8,583 240 285 3 4 Dec,...... 44,663 3L695 4'480 2751 137 2’,756 8,070 14’201 12769 3,700 8^735 241 286 3 4 1967—Jan............ 43’363 30’532 4761 1,939 137 2799 7’,73O 13767 12,831 3’629 8,673 239 283 3 4 Feb........... 43,585 30,758 4781 1,933 137 2,612 7,840 13,755 12727 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 3721 8*683 239 281 3 4 43730 30,887 4,’551 1,948 137 2,'607 7'817 13,827 12,844 3,625 8,692 238 282 3 4 May......... 44343 31'509 4',600 1’984 137 2’671 7,979 14'138 12'935 3760 8,743 238 282 6 6 44,712 31 784 4741 1,879 137 2*635 8,035 14’, 3 57 13,029 3,699 8,805 238 280 3 4 July........... 44366 31,774 4,674 1,873 137 2'625 7’989 14’476 13’094 3'724 8,844 238 281 3 4 Aug....... 45,071 31 ’,884 4,720 1 778 136 2’628 8,001 14,521 13 J86 3749 8,911 238 281 3 4 Sept.......... 45,031 31 ,’795 4752 1,886 136 2721 7 749 14751 13,236 3,751 8759 238 281 3 4 i Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; SI silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break­ Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Held by Total out­ Kind of currency s S ta e 1 n p 9 t d 6 . i 7 n 3 g 0, A g a s o s g l s i d l a e v i c n a e u r n s r t d i t y Tre c a as s h ury B F a F a . n o n R d k r . s A B F a g a . n e n R n d k . t s s 1967 1966 certificates Agents Sept. 30 Aug. 31 Sept. 30 Gold............................................................................ 13,007 (12,510) 2496 Gold certificates.......................................................... (12,510) 312,509 1 Federal Reserve notes................................................. 42,373 107 2,759 39,508 39,573 37,501 Treasury currency—Total........................................... 6,741 (386) 859 ................ 358 5,524 5,498 5,300 Standard silver dollars............................................ 485 3 ................. 482 482 482 Silver bullion........................................................... 501 383 118 Silver certificates...................................................... (386) 3 383 386 566 Fractional coin........................................................ 5,346 727 349 4,270 4,239 3,860 United States notes.................................................. 323 14 5 303 305 302 In process of retirement *....................................... 87 87 87 90 — — .— -------—— ------------—.————— Total—Sept. 30, 1967.................................................. 562,121 (12,896) 1,463 12,509 3,118 45,031 Aug. 31, 1967.................................................. 361,895 (12,889) 1,476 12,498 2,849 45,071 Sept. 30, 1966.................................................. 560,817 (13,360) 1,077 12,778 4,160 ................. 42,802 1 Outside Treasury and F.R. Banks. Includes any paper currency held 5 Doesnot 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. 1927. by standard silver dollars and monetized silver bullion. Duplications 2 Includes $156 million reserve against United States notes and $233 are shown in parentheses. million gold deposited by and held for the International Monetary Fund. 3 Consists of credits payable in gold certificates: (I) 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

1938 MONEY SUPPLY; BANK RESERVES NOVEMBER 1967 MONEY SUPPLY AND RELATED DATA (In billions of dollars) ' Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt, Total c C om ur p re o n n c e y n t co D d m e e m p p o o a s n n i e t d n t jus a t d ed ­ 1 Total c C om ur p re o n n c e y n t c D o d m e e m p p o o a s n n i e t d n t jus a t d ed ­ 1 d d e e p m os a i n ts d 1 1964—Dec................................................ 159.3 34.2 125.1 126.6 164.0 35.0 129.1 125.2 5 5 1965—Dec................................................ 166.8 36.3 130.5 146.9 172.0 37.1 134.9 145.2 4.6 1966—Oct............................................... 170.1 38.0 132.1 157.6 170.5 38.1 132.4 157.1 4.8 Nov................................................ 170.1 38.1 132.6 157.4 171.5 38.5 133,0 156.1 3 7 170 4 38,3 132.1 158.6 175.8 39.1 1 36.7 156.9 3 4 1967—Jan................................................ 170.3 38.5 131.8 160.8 175.3 38.5 136.8 160,7 4.1 Feb............................................... 171 .5 38.7 132.8 163.5 170.6 38.3 132.3 164.0 5 0 Mar............................................ 173.1 38.9 134.2 166.1 171.9 38.5 133.4 166.7 4.9 Apr................................................ 172.7 39.1 133.6 168.1 173.6 38.7 134.9 168,8 4.8 174.5 39.2 135.3 170.0 171.1 38.9 132.2 170.8 6.5 June............................................... 176.2 39.3 136.8 172.4 174.3 39.3 135.1 173.0 3.9 July................................................ 177.9 39.5 138.4 174.6 175,8 39.6 136.2 175.1 5.6 Aug................................................ 179.1 39.6 139.6 177.2 175.9 39.6 136.2 177.7 4.3 Sept................................................ 179.2 39.8 139.5 178.9 178.4 39,8 138.6 178,9 5.0 Oct.p.............................................. 180.2 39.9 140.3 180.8 180,6 40.0 140.6 180.3 6.2 Week ending— 1967—Sept. 6.................................... 179.7 39.7 139.9 178.4 177.4 40.0 137.4 178.8 4.2 ' 13.......................................... 179.9 39.8 140.2 178.6 179,0 40,0 139.0 179,0 3.3 20........................................ 178.0 39.7 138 2 179.0 179.5 39.8 139.8 178.7 4 7 27.......................................... 179.3 39.7 139.5 179,1 177.3 39.5 137.8 179.0 6.9 Oct. 4.......................................... 180.3 39.8 140.5 179,5 179.6 39.7 139.9 179.5 6.1 11.......................................... 180.9 39 9 140 9 180,1 180.6 40 3 140.1 179 9 5 2 18.......................................... 1 80.4 40.0 140.4 180,9 181.1 40.1 140.9 180.3 6.7 25......................................... 179.7 39 9 139.8 181 .2 179,9 39.8 140.1 180.5 7.0 Nov. 1......................................... 180.4 39.8 140.5 181 .6 181.6 39.7 142.0 180,9 6.3 1 At all commercial banks. and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) cur­ Note.-—Revised data. For description of revision of series and for back rency outside the Treasury, F.R. Banks, and vaults oi all commercial data beginning Jan. 1959, see Aug. 1967 Bulletin, pp. 1303-16; for banks. Time deposits adjusted are time deposits at all commercial monthly data 1947-58, see June 1964 Bulletin, pp. 679-89. banks other than those due to domestic commercial banks and the Averages of daily figures. Money supply consists of (1) demand U.S. Govt. Effective June 9, 1966, balances accumulated for payment of deposits at all commercial banks other than those due to domestic com­ personal loans were reclassified for reserve purposes and are excluded from mercial banks and the U.S, Govt, less cash items in process of collection time deposits reported by member banks, AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Member bank reserves 1 re D se e r p v o e s i r t e s q s u u ir b e j m ec e t n to ts 2 Member bank reserves t re D se e r p v o e s i r t e s q s u u i b re 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 m in d e g s de v P m a r a t i e ­ n d d G e U m o . v S an 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 21.86 236.4 121.2 111.0 4.2 22.76 22.31 22.32 239,0 119.8 115.2 4.0 1966—Oct....... 22.49 21.71 22.17 244.6 129.0 111.6 4.0 22.49 21.76 22.19 244.6 128.4 112.0 4.3 Nov...... 22.43 21.86 22.11 244.0 128.4 111.6 4.0 22.43 21,82 22.04 243.0 127.3 112.5 3.2 Dec....... 22.42 21.85 22.14 244.4 129.4 111.7 3.2 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 23.08 256.0 137,2 113.1 5.8 23.36 23.23 23.05 256.3 137.9 114.2 4.3 May.... 23.45 23.39 23.05 257.2 138.6 114.5 4.1 23.28 23.18 22.91 256.5 139.4 111.2 5.8 June.... 23.61 23.49 23.14 259.2 140.8 116.1 2.2 23.52 23.40 23. 10 258.9 141.3 114.2 3.4 July. . . . 23.84 23.80 23.45 262.4 142.5 416.7 3.2 23.91 23,82 23.55 263.2 143.1 115.1 5.1 Aug...... 24.10 24.09 23.76 266.1 144.8 117.6 3.7 23.79 23,70 23.40 263.7 145.2 114.8 3.7 Sept...... 24.30 24.18 23.94 268.4 146.3 117.6 4.5 24.20 24.11 23.84 267,3 146.0 116,9 4.4 Oct.?... 24,63 24.45 24.29 271.1 147.4 118.1 5.6 24.63 24.50 24.32 271.1 146.9 118,5 5.7 1 Averages of daily figures. Back data on member bank reserves adjust­ and demand balances due from domestic commercial banks. Effective June ed to eliminate effects of changes in reserve requirement percentages. 9, 1966 .balances accumulated for repayment of personal loans were elim­ Series reflect percentage reserve requirements made effective Mar. 16, 1967. inated from time deposits for reserve purposes. 2 Averages of daily figures. Deposits subject to reserve requirements in­ clude total time and savings deposits and net demand deposits as defined Note.-—Back data for the period 1947 to date may be obtained from by Regulation D, Private demand deposits include all demand deposits ex­ the Banking Section, Division of Research and Statistics, Board of Gover­ cept those due to the U.S. Govt., less cash items in process of collection nors of the Federal Reserve System, Washington, D. C. 20551. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 BANKS AND THE MONETARY SYSTEM 1939 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas­ Total Date c u u ry r­ U.S. Government securities li i a ti b e i s l- Total C a a n p d ital Gold rency Other and deposits misc. s o t i a n u n g t d ­ ­ Total n L e o t an L s , 2 Total s C a a v o n i m n d g ], s R Fe e d se e r r v a e l Other3 r s i e ti c e u s ­ 2 ca n p e it t al. cur a r n e d n cy co n a u c e n - t ts, banks Banks 1947—Dec. 3t................. 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 14341 199,008 184,384 14,624 1963—Dec. 20................. 15’582 5,586 333,203 189'433 103,273 69,068 33,552 653 40,497 354,371 323,251 31,118 1965—Dec. 31.................. 13,733 5,575 399’779 242^706 106,716 65,016 40,768 932 50357 419,087 383,727 35,359 1966—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 53 300 431,800 389,200 42,600 Dec. 31................... 13,159 6,317 422'676 261,459 106,472 60,916 44,316 1,240 54345 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 44^00 1,400 57300 440,300 396,900 43,400 Mar. 29.................. 13,100 6,500 426,100 259,700 107,700 62,500 44;500 700 58 300 445,700 403,500 42,200 13 100 6,600 430^00 262,100 107 600 60,600 45,400 1 500 61;ooo 450,300 406,900 43,400 May 31 r................. iVioo 6,600 432'800 263,000 107,800 60,300 46,100 1,400 62,000 452,500 408,300 44,200 June 30 r,............... 13,110 6,612 439’966 268,967 106,752 58'537 46^718 1 397 64,247 459,688 416,122 43,567 July 26 r................ 13,100 6; 600 442;600 268,200 109'800 61,500 46'900 1 ;4bo 64,600 462,300 417,800 44,500 Aug. 30 r............. 13,000 6; 700 445^600 268,500 111,200 63,500 46;200 1 500 65300 465.300 418,600 46,700 Sept. 27 r................. 13,000 6^800 451,200 272,000 112^600 64,500 46,700 1,400 66;600 470,900 424,400 46,600 Oct. 25®................. 13,000 6,800 454,700 272,400 115,000 66;600 47300 1,200 67,300 474,500 428,300 46,200 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 4 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 D s p a t a o d e e n s d ­ ­ d i t s 5 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 5 Total b m C a e n o r k c m s ia ­ l 1 b s M a a v n u i k t n u s g a s l 6 S P t a S o e v y s m i s t n a ­ 3 g l s e n F i e g o t n r ­ , 7 T h c i r u o n a e r g l s a y d h s s ­ ­ s b c a a v o a A n n i m n d t k g l s . s B F A a .R n t k . s 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.,.. 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1,293 2,989 668 1963—Dec. 20.... 153,100 31,700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 1,206 392 6,986 850 1965—Dec. 31.... 167,100 35,400 131,700 175,314 36,999 138,315 199,427 146,433 52,686 309 1,780 760 5,778 668 1966—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 56,700 100 1,800 1,300 5,800 700 Apr. 26r. 170,600 38,000 132,600 170,600 37,700 132,900 225,600 168,600 56,900 100 1,700 1,400 6,700 800 May 31 L.. 173,300 38,600 134,700 171,200 38,500 132,700 228,900 171,500 57,300 100 1,900 1,400 4,400 600 June 30r... 174,100 38,400 135,700 174,328 39,681 134,647 231,780 173,566 58,161 53 1,804 1,472 5,427 1,311 July 26L.. 173,500 38,500 135,000 173,300 38,600 134,700 233,600 175,300 58,300 1,800 1,500 6,200 1 ,300 Aug. 30r... 175,100 38,400 136,700 173,500 38,600 134,900 236,500 177;900 58,600 1,900 1 ;500 3;900 1,300 Sept. 27r... 176,600 38,600 138,000 175,500 38,700 136,800 237,500 178;300 59,200 1,900 1,500 7^00 711 Oct. 25 L.. 177,200 39,100 138,100 177,900 39,000 138,900 239,100 179,800 59,300 1,900 1,500 6,900 900 1 Beginning with data for June 30, 1966, about $1.1 billion in “Deposits June 1961, also includes certain accounts previously classified as other lia­ accumulated for payment of personal loans” were excluded from “Time bilities. deposits” and deducted from “Loans” at all commercial banks. These 7 Reclassification of deposits of foreign central banks in May 1961 re­ changes resulted from a change in Federal Reserve regulations. These hy­ duced this item by $1,900 million ($1,500 million to time deposits and $400 pothecated deposits are shown in a table on p. 1943. million to demand deposits). 2 See note 2 at bottom of p. 1943. 3 After June 30, 1967, Postal Savings System accounts were eliminated Note.—For back figures and descriptions of the consolidated condition from this Statement. statement and the seasonally adjusted series on currency outside banks 4 Series begin in 1946; data are available only last Wed. of month. and demand deposits adjusted, see “Banks and the Monetary System,” 5 Other than interbank and U.S. Govt., less cash items in process of Section 1 of Supplement to Banking and Monetary Statistics, 1962, and collection. Bulletins for Jan. 1948 and Feb. 1960. Except on call dates, figures 6 Includes relatively small amounts of demand deposits. Beginning with are partly estimated and are rounded to the nearest $100 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1940 COMMERCIAL AND MUTUAL SAVINGS BANKS NOVEMBER 1967 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank3 Other Total Num­ Cla a s n s d o d f a b te ank Total Loans a C ss a e s t h s 3 bi a l n i l t i d i a e ­ s Total3 Demand r B i o n o w g r s ­ ­ c c a o a p u c i n ­ ta ts l ba b o n e f k r s G U o . v S t . . Oth 2 er c c o a a u p c i n ­ t t a s l 4 m D a e n ­ d Time U.S. Other T 1 im . 5 e Govt. AU banks: 1941—Dec. 31., 61,126 26,615 25,511 8,99927,344 90.908 81 .816 to 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 . 362,320246,946 65,01650,35761,916435,483385,196 18,426 1,009 5,532 160,847 199,381 4,56434,935 14,309 1966—Oct. 26, 372,800259,780 58,520 54,500 57,780442,350384,250 16,020 1,010 4,720 151,560210,940 6,97036,420 14,294 Nov. 30. 374,510261,520 59,250 53,74061,700448,240387,980 17,110 900 3,810 155,680210,480 7,95036,770 14,288 Dec. 31 381,684266,022 60,91654,745 70,085 464,376407,637 19,770 968 4,999 167,821 214,078 4,92936,926 14,271 1967—Jan. 25 379,860 263,530 60,680 55,650 59,570451,390392,97016,050 1,110 4,680 153,470217,660 7,01036,910 14,266 Feb. 22, 380,920 262,430 61,300 57,190 61,260454,340394,860 16,640 1,180 6,200 150,490220,350 6,74037,140 14,260 Mar. 29. . 387,050265,860 62,470 58,720 58,500457,800399,140 16,350 1 ,350 5,520 151,510224,410 6,270 37,380 14,264 Apr. 26 r. 389,660 268,040 60,630 60,990 61,450463,590404,530 16,560 1 ,350 6,440 154,430225,750 6,64037,440 14,262 May 31 r. 391,880269,630 60,260 61 ,990 64,810469,530409,520 17,520 1 ,370 4,160 157,450229,020 7,080 37,800 14,246 June 30.. 396,754 273,970 58,537 64,247 66,210476,268417,790 18,030 1,469 5,159 161,138 231,995 5,208 38,217 14,247 July 26 r 401,010 274,930 61,510 64,570 63,150477,020416,120 17,020 1,480 5,920 157,800233,900 6,910 37,940 14,247 Aug. 30 r. 404,280 274,870 63,510 65,900 59,840476,930414,950 16,750 1,550 3,640 156,220236,790 6,52038,330 14,245 Sept. 27 r. 409,200 278,140 64,500 66,56062,300484,480422,660 17,040 1,530 7,020 159,300237,770 6,47038,160 14,244 Oct. 25 p. 412,380278,430 66,63067,32062,300487,590425,670 17,170 1,430 6,680 161,030239,360 6,14038,650 14,241 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. 316 116.284 38,057 69,221 9,006 37,502 155.377144,103 12,792 240 1.343 94,367 35.360 65 10.059 14.181 1965—Dec. 31. 306,060201,658 59,54744,855 60,899 377,264332,43618,426 1,008 5,525 160,780 146,697 4,47230.272 13,804 1966—Oct. 26, 314,220211,980 53,590 48,650 56,980381,940329,800 16,020 1,010 4,720 151,510 156,540 6,97031,630 13,789 Nov. 30, 315,770213,460 54,390 47,920 60,890387,650333,460 17,110 900 3,810 155,630 156,010 7,95031,930 13,784 Dec. 31 322,661 217,726 56,16348,77269,119403,368 352,287 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 58,600389,820337,32016,050 1,110 4,680 153,410162,070 7,01032,050 13,762 Feb. 22, 320,890213,600 56,600 50,69060,220392,220338,870 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 57,360395,100342,40016,350 1,350 5,520 151,450 167,730 6,27032,470 13,760 Apr. 26 r 328,830218,730 56,150 53,950 60,380400,610347,590 16,560 1 ,350 6,440 154,370 168,870 6,64032,580 13,758 May 31 T. 330,400 219,880 55,830 54,690 63,710405,880352,140 17,520 1,370 4,160 157,380 171,710 7,08032,880 13,743 June 30.. 334,857 223,952 54,233 56,671 65,059412,118359,531 18,029 1,468 5,152 161,048 173,833 5,16633,285 13,744 July 26 r 338,570 224,780 57,110 56,680 62,070412,380357,750 17,020 1 ,480 5,920 157,730 175,600 6,91033,030 13,746 Aug. 30 r. 341,230 224,340 59,140 57,750 58,810411,730356,250 16,750 1,550 3,640 156,150 178,160 6,52033,360 13,744 Sept. 27 r. 345,780227,430 60,090 58,260 61,300418,910363,390 17,040 1,530 7,020 159,230 178,570 6,47033,190 13,743 Oct. 25 p. 348,810227,420 62,37059,02061,300421,870366,250 17,170 1 ,430 6,680 160,940 180,030 6,14033,680 13,740 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 6422,179 69.640 24,210 208 7,589 6.884 1947—Dec. 31 97.846 32.628 57,914 7,30432.845 132.060 122.528 12,353 50 1,176 80.609 28.340 54 8.464 6.923 1965—Dec. 31 251,577 169,800 44,99236,785 52,814313,384275,517 17,454 840 4,890 132,131 120,202 4,23424,926 6,221 1966—Oct. 26, 256,797 177,818 39,652 39,327 50,210 316,324271,653 15,120 843 4,309 124,263 127,118 6,571 25,942 6,163 Nov. 30, 258,041 179,106 40,355 38,580 53,564321,185274,676 16,188 730 3,448 127,757 126.553 7,459^6,189 6,158 Dec. 31 263,687 182,802 41,92438,96060,738334,559291,063 18,788 794 4,432138,218 128,831 4,61826,278 6,150 1967—Jan. 25.. 261,583 180,244 41,773 39,566 51,387322,412277,460 15,228 937 4,161 125,481 131,653 6,63826,285 6,137 Feb. 22 .. 262,135 178,958 42,404 40,773 52,973324,753 279,014 15,828 1,006 5,506123,124 133,550 6,426 26,453 6,130 Mar. 29. . 267,086 181,604 43,545 41,937 50,276327,040281,903 15,547 1,172 4,857 124,096136,231 6,04426,639 6,129 Apr. 26.. 268,466 182,821 42,001 43,644 53,487 331,864286,486 15,742 1,172 5,899 126,642 137,031 6,40026,749 6,127 May 31.. 269,654 183,480 41,900 44,274 56,487336,422290,441 16,716 1,194 3,629 129,570 139,332 6,765 27,009 6,113 June 30.. 273,266 186,814 40,636 45,816 57,391 341,290296,548 17,167 1,314 4,580132,546140,942 4,92027,237 6,108 July 26. . 276,381 187,536 42,95745,888 55,166341,784294,97616,187 1 ,326 5,286 129,674142,503 6,625 27,061 6,108 Aug. 30. . 278,259 187,130 44,416 46,71352,060340,576293,115 15,891 1,393 3,128 128,086 144,617 6,20927,318 6,100 Sept. 27. . 281,993 189,870 45,003 47,120 54,477346,853299,33416,162 1,377 6,318 130,683 144,794 6,141 27,233 6,095 Oct. 25 p, 284,341 189,676 46,96747,69854,470349,107301,58416,284 1,275 6,051 132,075 145,899 5,80827,575 6,088 Mutual savings banks: 1941—Dec. 31.. 10.379 4,901 3.704 1,774 793 11.804 10 533 5 10.527 1.241 548 1945—Dec. 31.. 16.208 4,279 10.682 1,246 609 17.020 15.385 14 15,371 7 1,592 542 1947—Dec. 316. 18.641 4,944 11,978 1,718 886 19,714 17 763 1 3 14 17.745 1,889 533 1965—Dec. 31.., 56,260 45,288 5,470 5,501 1,017 58^2i9 52,760 8 67 52,686 92 4^663 505 1966—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 62,1 20 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 30.. 61,898 50,018 4,304 7,576 1,152 64,150 58,259 1 7 90 58,161 42 4,932 503 July 26. . 62,440 50,150 4,400 7,890 1,080 64,’640 58’370 70 58,300 4,910 501 Aug. 30. . 63,050 50,530 4,370 8,150 1,030 65 200 58 700 70 58,630 4’970 501 Sept. 27 r. 63,420 50,710 4,410 8,300 1,000 65 570 59.270 70 59’200 4,970 501 Oct. 25 p. 63,570 51,010 4,260 8,300 1,000 65,720 59,420 90 59,330 4,970 501 For notes see p. 1943. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 COMMERCIAL AND MUTUAL SAVINGS BANKS 1941 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 lia­ Bor­ Total Num­ Cla a s n s d o d f a b te ank Total Loans G U o . v S t . . Oth 2 er a C ss a e s t h s 3 c c b o a i a a l u p n i c t i n d i ­ t e t a s s l 4 TotaP m D a e n ­ d Time U. D S. ema O n t d her Time1 r i o ng w s ­ c c a o a p u c i n ­ ta ts l ba b o n e f k r s Govt. Reserve city member banks : New York City:7’8 1941—Dec. 31.....1..2..,.8.9.6 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31................ 26,143 7,334 17,574 1,235 6,439 32.887 30,121 4,640 17 6,940 17.287 1,236 i95 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—Oct. 26............. 44,547 34,411 4,242 5,89411,263 58,598 46,194 4,788 490 1,030 22,309 17,577 1,944 5,228 12 Nov. 30................ 44,325 34,510 4,303 5,512 13,112 60,367 47,230 5,000 416 1,182 23,348 17,284 2,554 5,303 12 Dec. 31................ 46,536 35,941 4,920 5,674 14,869 64,424 51,837 6,370 467 1,016 26,535 17,449 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 22,826 18,186 2,013 5,323 12 Feb. 22................ 45,474 34,396 5,115 5,963 12,200 60,537 47,404 4,987 601 1,065 22,547 18,204 2,280 5.443 12 Mar. 29................ 46,506 35,084 5,291 6,131 11,237 60,533 48,061 4,966 736 998 22,862 18,499 1,920 5,450 12 Apr. 26................. 46,656 35,541 4,766 6,349 12,756 62,311 49,602 5,287 726 1 ,768 23,630 18,191 2,163 5,485 12 May 31................ 46,240 35,151 5,130 5,959 15,394 64,794 51,682 5,954 733 695 25,59418,706 2,416 5,598 12 June 30 47,701 36,441 5,048 6,212 14,688 65,668 52,665 6,183 817 1 ,021 25,656 18,987 1,841 5,604 12 July 26................. 48,380 36,683 5,408 6,289 14,431 65,964 51,953 5,495 836 1,190 24,75419,678 2,536 5,600 12 Aug. 30................ 48,521 36,360 5,634 6,527 12,940 64,698 50,639 5,102 867 574 24,011 20,085 2,140 5,663 12 Sept. 27................ 49,435 36,981 5,599 6,855 13,206 65,951 52,050 5,3H 816 1,686 24,506 19,731 1,688 5,680 12 Oct. 25 r.............. 49,718 36,480 6,443 6,795 13,672 66,592 52,552 5,252 757 1,719 24,80220,022 1,695 5,708 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 11 1966—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 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—Ian. 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 II 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 11 370 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 30................ 12,133 8,924 1,576 1,633 2,432 15,073 12,814 1,270 20 299 5,537 5,686 359 1,224 11 July 26............. 12,272 8,961 1,679 1,632 2,920 15,702 12,877 t,32l 10 293 5,416 5,837 655 1,214 11 Aug. 30................. 12,252 8,923 I ,714 1,615 2,606 15,352 12,668 1,242 11 127 5,246 6,042 498 1,226 11 Sept. 27................. 12,249 9,065 1,574 I ,610 2,791 15,556 12,986 1,230 14 432 5,346 5,964 490 1,224 11 Oct. 25 i'.............. 12,300 8,904 1,652 1,744 2,623 15,416 12,943 1,224 8 347 5,385 5,979 416 1,234 11 Other reserve city;7’8 1941—Dec. 31............. 15.347 7,105 6.467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31................. 40,108 8,514 29,552 2,042 11,286 51,898 49.085 6,418 30 8,221 24,655 9,760 2 2.566 359 1947—Dec. 31................ 36.040 13,449 20,196 2,396 13.066 49,659 46,467 5,627 22 405 28,99011,423 2,844 353 1965—Dec. 31................. 91,997 65 117 14,354 12,52621,147 116,350 103,034 8,422 206 1,773 47,09245,541 1,548 9,007 171 1966—Oct. 26................. 93,627 68,231 11,760 13,63620,426 117,442 101,512 7,158 252 1,630 44,06648,406 2,999 9.387 170 Nov. 30................. 94,654 68,959 12,237 13,45820,732 118,882 102,611 7,918 223 1,074 45,21448,182 2,807 9,453 170 Dec. 31........... 95,831 69,464 13,040 13,32624,228 123,863 108,804 8,593 233 1,633 49,00449,341 1,952 9,471 169 1967—Jan. 25................. 95,162 68,491 12,875 13,79620,283 118,870 103,332 7,065 306 1,752 43,83050,379 2,807 9,465 168 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 12,93816,79421,164 123,823 107,604 7,477 386 1,375 45,11453,252 3,072 9,701 166 June 30................. 99,460 69,765 12,455 17,24022,222 125,502 110,225 7,667 370 1 ,880 46,39653,912 2,109 9,755 166 July 26................. 100,800 69,989 13,437 17,37421,178 125,666 109,736 7,390 411 2,280 45,45654,199 2,862 9,739 165 Aug, 30................. 101,242 70,004 13,733 17,50520,084 125,091 108,768 7,514 446 1,198 44,751 54.859 2,959 9,792 165 Sept. 27................. 102,633 71,321 13,926 17,38621,617 128,028 111,366 7,532 478 2,499 45,83455.023 3,304 9,840 164 Oct. 25 *............ . 103,434 71,515 14,409 17,51021,311 128,525 1(2,050 7,705 404 2,474 46,27855,189 3,037 9,887 164 Country member banks:7*® 1941—Dec. 31................. 12,518 5,890 4,377 2,250 6.402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6.219 1945—Dec. 31................. 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 11 2,525 6,476 1947—Dec. 31................. 36,324 10.199 22,857 3,268 10,778 47,553 44.443 1,056 17 432 28,378 14,560 23 2,934 6.519 1965—Dec. 31 ................. 103,362 63,338 23,735 16,288 17,366123,227 110,738 2,371 74 1,501 55,11851,675 343 9,673 6,027 1966—Oct. 26............... 107,325 66,983 22,225 18,117 15,880 125,916112,276 1,981 74 1,244 52,64956,328 798 10,161 5,970 Nov. 30................. 107,688 67,355 22,289 18,04417,035 127,416113,382 2,019 74 1,084 53,833 56,372 984 10,252 5,965 Dec. 31................. 109,518 68,641 22,419 18,458 19,004131,338 117,749 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 ;3,59957,985 746 10,301 5,946 Feb. 22.................. 109,048 68,057 22.36018,631 17,051 128,935 115,112 1,975 64 1,820 52,40758.846 630 10,335 5,939 Mar. 29................. 110,439 69,056 22.491 18,892 16,600’129,920 116,201 1,950 64 1,751 52,50659,930 448 10,407 5,939 Apr. 26................. 111,770 70,121 22,284 19.365 16,612 131,277 117,385 1,983 64 1,427 53,22660,685 485 10,420 5,938 May 31................. 112,513 70,729 22,010 19.774J7.238132,634118,522 1,966 64 1,405 53,37461 ,713 633 10,487 5,924 June 30. . 113,972 71,684 21,55720,731 18,049 135,047 120,845 2,047 106 1,380 54,95662,356 611 10,655 5,919 July 26................. 114,929 71,903 22,433 20,593 16,637 134,452120,410 1,981 69 1,523 54,04862,789 572 10,508 5,920 Aug. 30 116,244 71,843 23,33521,066 16,430 135,435 121,040 2,033 69 1,229 54,07863,631 612 10,637 5,912 Sept. 27 ............... 117,676 72,503 23,90421,269 16,863 137,318 122,932 2,089 69 1 ,701 54,99764,076 659 10,489 5,908 Oct. 25 r.............. H8,889 72,777 24,46321,649 16,864 138,574 124,039 2,103 106 1,511 55,61064,709 660 10,746 5,901 For notes see p. 1943. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1942 COMMERCIAL AND MUTUAL SAVINGS BANKS NOVEMBER 1967 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— b C a l n a k ss a o n f d Securities Cash b T i l l o i i a t t i a ­ e l s Interbank 3 Other r B o o w r­ ­ c T a o p t i a ta l l N b u e m r ­ call date Total Lo I , a n 2 s U.S. assets 3 ca a p n i d ta l TotaD De­ Demand ings co a u c n ­ ts ba o n f k s Govt, Oth 2 er cou ac n ­ ts2 mand Time U.S. Other Ti 1 m .5 e Govt. Insured commercial: 1941—Dec. 3L. 49.290 21,259 21.046 6,984 25.788 76,820 69,411 10.654 1,762 41,298 (5.699 10 6,844 13.426 1945—Dec. 31.. 121,809 25.765 88 912 7,131 34,292 157,544 147,775 13,883 23,740 80,27629.876 215 8,671 13.297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 1964—Dec. 31.. 275,053 174,234 62.49938,320 59,911 343.876 305,113 17,664 733 6.487 154.043 126.-185 2.58027.377 13.486 1965—Dec. 31 . 303,593200,109 59.12044,364 60,327 374,051 330,323 18,149 923 5,508 159.659 146 084 4,32529,827 13,540 1966—Dec. 31.. 321,473217,379 55,78848,307 68,515 401,409 351,438 19.497 881 4,975 166,689 159,396 4,71731,609 13,533 1967—June 30.. 333,742223,707 53,871 56,164 64,545 410,308 358,745 17,778 1,399 5,135 159,991 174,441 5,05032,843 13,525 National member: 1941—Dec. 31.. 27.571 11,725 12.039 3.806 (4,977 43.433 39.458 6,786 1.088 23.262 8.322 4 3.640 5.1(7 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20.114 90.220 84.939 9,229 14.0(3 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 33,405 21.312 34,064 190.289 169.615 10.521 211 3.604 84.53470.746 1.(09 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—Dec. 31.. 187,251 129,182 30,355 27,713 41,690 235,996 206,456 12,588 437 3,035 96,755 93,642 3,120 18.459 4,799 1967—June 30.. r195,339 132,725 29,544 ’‘33,070 ^39,461 242,039 211,098 11,330 746 3,202 r93,063 102,757 3,419 >• 19,098 4,780 ▲ 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 I 2,246 1 ,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1 ,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1 ,918 1964—Dec. 31.. 77.091 51,002 15,312 (0,777 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 39,598 34,680 1,607 7,492 1,406 1966—Dec. 31.. 77,377 54,560 11,56911,247 19,049 99,504 85,547 6,200 357 1,397 41.46436,129 1 ,498 7,819 1,351 1967—June 30., r78,908 r5S,O7O 11,091 U2.747 17,931 (00,232 r86,432 5,837 567 1,379 r39,48239,166 1 ,501 8 J 40 1,328 Insured nonmember commercial: J941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 7 1.083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 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—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 1967—June 30.. 59,505 35,912 13,243 10,350 7,154 68,049 61,216 611 85 555 27,445 32,519 130 5,617 7,418 Noninsured nonmem­ ber commercial: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1.872 319 I,291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 1131 I,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—Dec. 31.. 2,400 1,570 367 463 604 3,171 2,073 274 86 17 1,062 633 142 434 233 1967—June 30.. 2,376 1,517 354 506 513 3,071 2,058 251 69 16 1,057 664 116 430 218 Nonmember commercial: 1941—Dec. 31.. 7,233 3,696 2,270 1.266 3,431 10,992 9,573 457 5.504 3,613 18 1,288 7,662 1945—Dec. 31,. 16,849 3,310 12,277 1,262 4,962 22,024 20.571 425 14JOI 6,045 11 1,362 7,130 1947—Dec. 31.. 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 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—Dec. 31.. 59.257 35,206 14,239 9,8(2 8,381 69,092 61,506 983 173 560 29,53230,258 241 5,776 7,617 1967—June 30.. 61,882 37,429 13,59710,855 7,667 71,119 63,274 862 154 571 28,502 33,183 246 6,048 7,636 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 (' 10,351 1 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 1 2 12 (2,192 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 5,0(0 904 50,500 45,887 I 7 35945,520 91 3,957 329 1966—Dec. 31.. 51,267 42,591 3,324 5,352 847 53,047 48,254 1 6 381 47,865 69 4J40 330 1967—June 30.. 53,785 44,147 3,034 6,604 1,015 55,807 50,877 ......... 1 6 44550,424 42 4,191 332 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 1 2 5,553 ...... 637 339 1964—Dec. 31.. 7,005 4,852 1,678 475 111 7,195 6,387 6 6,381 670 178 1965—Dec. 31.. 7,526 5,325 1,7(0 491 113 7,720 6,874 I 8 6,865 706 177 1966—Dec. 31.. 7,756 5,705 1,429 621 119 7,961 7,096 1 19 7,076 732 174 1967—June 30.. 8,113 5,871 1,269 972 136 8,343 7,383 ......... 1 36 7,346 742 171 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 COMMERCIAL BANKS 1943 LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total t, 2 Loans1,2 Total!, 2 Loans1,2 G U o . v S t . . Other2 G U o S v . t . Other2 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 6 58 9 20'5 I960—Dec. 31............................................................ 194,5 113.8 59,8 20.8 198.5 116.7 61 0 209 1961—Dec. 30............................................................. 209.6 120.5 65.2 23.9 214.4 123.9 66.6 23.9 1962—Dec. 31............................................................ 227,9 134.1 64.5 29.2 233.6 137 9 66.4 29 3 1963—Dec. 31............................................................. 246.2 149.7 61.5 35.0 252.4 153.9 63.4 35.1 1964—bee. 31............................................................. 267.2 167.7 60.7 38.7 273.9 172.1 63.0 38.8 1965 Dec 31............................................................. 294.4 192.4 57,3 44.8 301.8 197 4 59 5 44 9 1966—Oct. 26........................................................ 308.9 207.2 53.4 48.4 308.0 205.8 53.6 48.7 Nov 30............................................................ 309.3 207.5 53.4 48 4 309 0 206 7 54 4 47 9 Dec. 31............................................................. 310.2 207.8 53.7 48.7 317.9 213 0 56b 48.8 1967—Jan. 25......................................................... 314,4 210.4 54.2 49,9 313.8 208.5 56.0 49.4 Feb 22............................................................. 318.0 211.0 55.9 5t. 1 314.5 207.2 56.6 50.7 321.4 211.3 57.8 52.3 320.1 210 3 57 8 52 0 323.2 213.5 56.1 53.6 322.5 212.4 56.2 54 0 324.6 213.5 56.1 55.0 323.6 213 I 55 8 54 7 325.6 213.9 55 4 56.3 329.5 218 6 54 2 56 7 July 26 r........................................................... 332.4 217.1 58.8 56.5 331.8 218 0 57 1 56b 337.3 218.2 61.8 57,3 334.2 217 3 59. 1 57.8 Sept 27r?......................................................... 339.5 220.2 61.6 57.7 338.8 220.4 60.1 58 3 Oct. 25”........................................................... 342.6 221,8 62.3 58,6 341.6 220,2 62.4 59.0 1 Adjusted to exclude interbank Ioans. . Note.—Data are for last Wed. of month except for June 30 and Dec. x Beginning June 9, 1966, about $1.1 billion of balances accumulated 31; data are partly or wholly estimated except when June 30 and Dec. 31 for payment of personal loans were deducted as a result of a change in are call dates. Federal Reserve regulations. The data in this table are revised. For a description of the revision and Beginning June 30, 1966, CCC certificates of interest and Export­ for back data beginning with January 1959, see the Sept. 1967 Bulletin, Import Bank portfolio fund participation certificates totaling an estimated pp. 1511-17; for data for 1948-58 see the Aug. 1966 Bulletin, pp. 952­ $1 billion are included in “Other securities” rather than “Other loans.” 55. For a description of the semiannually adjusted series, see the July 1962 Bulletin, pp. 797-802. ' DEPOSITS ACCUMULATED AT COMMERCIAL BANKS FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of bank June 30, Dec. 31, June 30, Class of bank June 30, Dec. 31, June 30, 1966 1966 1967 1966 1966 1967 All commercial................................... 1,150 1,223 1,272 All member (cont.)— Insured ......................................... 1,150 1,223 1,271 Other reserve city................. 338 370 389 National member ........................ 678 729 764 Country................... 532 571 591 State member................................. 193 212 217 All nonmember.................................. 280 283 291 All member......................................... 870 941 981 Insured........................................... 279 282 291 Npw 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. 1942, or from “Loans” and “Time deposits, as follows; in the tables onpp. 1939-41 tin the table at the top of this I PC” in the tables on pp. 1944-45. page; and in the tables on pp. 1946-49 (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, $268,000 on See June 1966 Bulletin, p. 808.) Dec. 31, 1966, and $37,000 on June 30, 1967. Notes to tables on pp. 1940-42. » 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 A Revised. was reclassified as a reserve city bank. Beginning with May 13, 1965, t See table ‘'Deposits Accumulated at Commercial Hanks for Payment Toledo, Ohio, reserve city banks with total loans and investments of of Personal Loans1' and its notes above. $530 million and total deposits of $576 million were reclassified as country 2 Beginning June 30, 1966, loans to farmers directly guaranteed by banks. CCC were reclassified as securities, and Export-Import Bank portfolio fund participations were reclassified from loans to securities. This reduced Note.—Data are for all commercial and mutual savings banks in the “Total loans” and increased "Other securities” by about $1 billion. United States (including Alaska and Hawaii, beginning with 1959). For “Total loans” include Federal funds sold, and beginning with June 1967 definition of "commercial banks” as used in this table, and for other securities purchased under resale agreements, figures for which are shown banks thatare included under member banks, see Note, p. 643, May 1964 for commercial banks on the following two pages. Bulletin. 3 Reciprocal balances excluded beginning with 1942. Comparability of figures for classes of banks is affected somewhat by * Includes other assets and liabilities not shown separately. changes in F.R. membership, deposit insurance status, and the reserve 5 Figures for mutual savings banks include relatively small amounts classifications of cities and individual banks, and by mergers, etc. of demand deposits. Beginning with June 1961, also includes certain Data for national banks for Dec. 31. 1964, have been adjusted to make accounts previously classified as other liabilities. them comparable with State hank data. 6 Beginning with Dec. 31, 1947, the series was revised; for description, Figures are partly estimated except on call dates. see note 4, p 587, May 1964 Bulletin. For revisions in series before June 30, 1947, see July 1947 Bulletin, 7 Regarding reclassification of New York City and Chicago as reserve pp. 870-71. cities, see Aug. 1962 Bulletin, p. 993. For various changes between reserve city and country status in 1960-63, see note 6, p. 587, May 1964 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1944 COMMERCIAL BANKS NOVEMBER 1967 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments For To purchasing U.S. Government Class of l T oa o n ta s l i F er e a d l ­ Com­ o s r e c c u ar r r i y ti i e n s g in f s in ti a t n u c ti i o al n s Other, securities 6 State bank and and funds mer­ Agri- Real to and Other call date invest­ sold, Total cial cul- es­ in­ Other local secur­ ments etc.2 3,4 and tur- To tate di­ 5 govt, rities 5 in­ al s bro­ vid- Bills secu­ d tr u ia s l ­ k a e n r d s ot T h o er s BanksOthers 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 6.034 53,205 5,276 3,729 1964—Dec. 31.. 277,376 175,589 60,2177,505 5,5422,843 3,491 10 91343,675 39,809 5,152 62,991 13,377 19,03930,574 33,533 5.263 1965—Dec. 31.. 306,060 ‘2303 199,555 71,4378,2125,2583,231 2,158 13 291 49,300 45,468 5,21559,547 n.a. n.a. n.a. 38,655 6,201 1966—Dec. 31.. 323,885 2,544216,405 80,5988,555 5,821 3,203 2,189 13 30253,950 47,943 5,183 56,163 n.a. n.a. n.a. 41,003 7,769 1967—June 30.. 336,129 3,944221,28084,5399,333 4,598 3,326 1,784 12 23455,27549,5305,065 54,233 n.a. n.a. n.a.46,8739,799 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,5 05 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 L3143,1643,606 49 4,677 2,361 1,13288,91221,526 16,045 5i;342 3,'873 3,258 1947—Dec. 31.. 114,274 37,’583 18,0121,610 823 1,190 114 9,266 5,654 91467,941 9,676 5,918 52,347 5,1293,621 1964—Dec. 3t„ 275,053 174,234 59,746 7,4825,355 2,794 3,419 10 81243,43639,627 5,11262,499 13,275 18,93930,28533,2945,026 1965—Dec. 31.. 303,593 *2^064 198,045 70,887 8,191 5,088 3,172 2,093 13 14849,02645,290 5,15559,120 13,134 13,233 33,858 38,4195,945 1966—Dec. 31.. 321,473 2,461 214,918 80,060 8,5365,643 3,148 2,131 13 148 53,68647,7705,12755,788 12,080 13,439 31,53640,761 7,545 1967—June 30.. 333,742 3,874219,833 84,0139,3134,3833,273 1,701 12 11455,05649,3595,01753,871 8,563 14,653 31,91846,6069,558 Member, total: 1941—Dec. 3k. 43,521 18,021 8,671 972 594 598 39 3,494 3,6 53 19,539 971 3,007 15,561 3.090 2,871 1945—Dec. 31.. 107,183 22,775 8,949 8553,133 3,378 47 3,455 1,900 1,05778,338 19,260 14’271 44,807 3,2542,815 1947—Dec. 31.. 97 ,’846 32,628 16,962 1,046 811 1,065 113 7,130 4,662 83957,914 7,803 4,81545,295 4,1993,105 1964—Dec. 31.. 228,497 147,69053,717 4,6435,1422,411 3,250 10 179 34,587 32,024 4,82448,717 9,932 15.23823,548 28,374 3,715 1965—Dec. 31.. 251,577 1,861 167,93963,9795,099 4,9152,714 2; 008 12 475 38,988 36,418 4,83244,992 9,441 10,10626,367 32,5884,198 1966—Dec. 31.. 264,627 2,119 181,624 72,553 5,318 5,3892,660 2,047 12 34942,384 37,9254,75741,924 8,567 9,78924,609 33,800 5,160 1967—June 30.. 274,247 3,377 184,418 75,921 5,7374,1752,743 1,620 11 35443,13038,9124,63040,636 5,769 10,971 24,85539,085 6,731 New York City: 1941—Dec> 31,, 12,896 4,072 2,807 8 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 26 80 287 27217,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 '545 ’267 93 111 564 238 11,972 1,642 558 9,772 638 604 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. 3L. 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—Dec. 31.. 46,536 109 35,832 21,214 173,109 598 1,025 3 265 3,465 2,799 1,209 4,920 1,871 942 2,286 4,967 708 1967—June 30.. 47,701 423 36,01822,352 142,579 644 791 3 084 3,364 2,8891,169 5,048 1,216 1,753 2,274 5,485 728 City oj 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 M64 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—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 1967—June 30.. 12,133 192 8,732 5,562 41 309 205 174 1 019 671 741 281 1,576 308 385 951 1,434 199 Other reserve city: 1941—Dec. 31 . 15,347 7,105 3,456 300 114 194 4 1,527 1.508 6,467 295 751 5,421 956 820 1945—Dec. 31 . 40,108 8,’514 3^661 205 427 1,503 17 1,459 855 38729,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7^088 225 170 484 15 3,147 1,969 351 20,196 2,731 11901 15,563 1,342 1,053 1964—Dec. 31 . 84,670 57,55521,102 1,095 1,060 986 1,134 4 887 13,611 12,802 1,977 16,326 3,200 5,662 7,463 9,871 918 1965—Dec. 31.. 91,997 ” '471 64,64624,784 1,206 954 1,108 635 5 820 15,056 14,305 1,999 14,354 2,972 3,281 8,432 11,504 1,022 1966—Dec. 31.. 96,201 817 69,01728,090 1,251 1,084 1,079 684 5 748 16,044 14,375 1,968 13,040 2.552 2,673 8,222 12,033 1,294 1967—June 30.. 99,850 1,168 68,98728,887 1,360 695 1,064 539 5 323 16,098 14,548 1,798 12,455 1,539 2,918 8,360 15,2402,000 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 M28 4,377 110 481 3,787 1,2221,028 1945—Dec. 31.. 35.002 5*596 1,484 648 42 471 4 1,881 707 359 26,999 5,732 4.544 16,722 1,342 1,067 1947—Dec. 31.. 36,324 10,’199 3,096 818 23 227 5 3,827 1,979 22422,857 3,063 2,108 17,687 2;006 1,262 1964—Dec. 31.. 93,759 55,733 14,5563,493 830 599 710 1 730 17,964 15,899 1,047 24,341 4,209 7,206 12,925 11,531 2,154 1965—Dec. 31,. 103,362 905 62,433 16,4783,840 650 698 174 I 98320,217 18,423 1,17723,735 4; 389 5,565 14,098 13,8052,483 1966—Dec. 31.. 110,089 1,161 68,051 17,9383,986 790 761 157 2 175 22,25320,000 1,30722,419 3,791 5,917 13,096 15,4732,985 1967—June 30.. 114,563 1,594 70,681 19,1204,323 591 830 116 1 92822,99620,735 1,38321,557 2,706 5,915 13,270 16,9263,804 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 9,088 7,786 328 14,273 3,’445 3,801 7,026 5,159 1,548 1965—Dec. 31.. 54,483 “'242 31,616 7,458 3,113 343 516 151 817 10,312 9,050 383 14,555 n.a. n.a. n.a. 6,067 2.003 1966—Dec. 31.. 59,257 425 34,781 8,0453,237 431 543 142 953 11,566 10,018 427 14,239 n.a. n.a. n.a. 7,2032,609 1967—June 30.. 61,882 567 36,862 8,6183,596 423 583 164 879 12,145 10,618 435 13,597 n.a. n.a. n.a. 7,7873,068 1 Beginning with June 30, 1948, figures for various loan items are available before 1947; summary figures for earlier dates appear tn the shown gross (i.e., before deduction of valuation reserves); they do not preceding table. add to the total and are not entirely comparable with prior figures. Total 5 Beginning with June 30. 1966, Ioans to farmers directly guaranteed loans continue to be shown net. by CCC were reclassified as “Other securities," and Export-Import Bank 2 Includes securities purchased under resale agreements prior to June portfolio fund participations were reclassified from loans to “Other se­ 30, 1967—they were in loans, for the most part in loans to banks. Prior curities." This increased “Other securities" by about $1 billion. * to Dec. 1965, Federal funds sold were included with total loans and loans 6 Beginning with Dec. 31, 1965. components shown at par rather than to banks. at book value; they do not add to the total (shown at book value) and are 3 See table (and notes) entitled Deposits Accumulated at Commercial not entirely comparable with prior figures. Banks for Payment oj Personal Loans, p. 1943. For other notes see opposite page. 4 Breakdowns of loan investment and deposit classifications are not Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 COMMERCIAL BANKS 1945 RESERVES AND LIABILITIES BY CLASS OE BANK (In millions of dollars) Demand deposits Time deposits Re­ Bal­ De­ b c C a a l n l a l k s d s a a o n te f d s B e w F a r . i n v R th e k . s s r C c a e o n n u i c d r n ­ y b m a a w d n n e o c i s t k e t ­ h i s s c 7 ju m p s o d a a t d s e e n i - ­ d t d s 8 D In o t ­ erban F k or­ G U o S v . t. S l a o t n c a d a te l C c a o f e e i n f e r r f d d i t s ­ i ’ ­ IPC I b n a t n e k r­ G P U a o o n . s S v d t . t a . l S l a o t n c a d a te l IPC3 B r i o n o w g r s - ­ c C o a t a u a c p l n ­ i t ­ s mestic7 eign’ govt. ch e e tc c . ks, S in a g v s ­ govt. 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—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 1967—June 30.... 18,999 4,854 14,524 137,267 16,338 1,691 5,152 15,207 7,527 138,314 1 ,468 267 15,669 159,170 5,16633,285 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 I ,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 9,766 116,147 2.58027,377 1965—Dec. 31.... 17,992 4,833 14,801 139,601 16,620 1,529 5,508 14,152 5,913 139,594 923 263 12,135 133.6864.325 29,827 1966—Dec. 31.... 19,069 5,426 15,348 140,835 17,713 1,784 4,975 14,951 6,956 144,782 881 238 13,414 145,744'4,71731,609 1967—June 30.... 18,999 4,839 14,094 136,024 16,185 1,593 5,135 15,108 7,420 137,463 1,399 267 15,614 158,560 5,05032,843 Member, total: 1941—Dec 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1 ,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31 .... 15,811 1,438 7,117 64,184 12,333 1 ,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7.589 1947—Dec. 31. ... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1964—Dec. 31 .... 17,581 3,490 9,057 108,324 15,604 1,403 5,838 10,293 5,368 112,878 664 239 8,012 95,425 2,481 22.901 1965—Dec. 31.... 17,992 3,757 8,957 112,569 15,977 1,477 4,890 10,840 5,386 115,905 840 236 10,041 109,9254,23424,926 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 1967—June 30.... 18,999 3,728 8,686109,132 15,610 1,557 4,580 11,566 6,857 114,123 1 ,314 239 12,747 128,9364,92027,237 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 Hl 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 13,534 1,224 4,471 1965—Dec. 31.. .. 3,788 310 122 18,190 4,191 1,034 1,271 620 2,937 20,708 522 84 807 17,097 1 ,987 5,114 1966—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 1967—June 30.... 4,397 279 188 17,459 5,072 1,111 1,021 796 4,086 20,774 817 85 1,129 17,772 1,841 5,604 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 59 345 328 126 5,202 39 4 210 4.785 355 1,132 1966—Dec. 31.... 815 92 136 4,502 1,362 71 310 286 146 5,575 25 1 356 4,541 484 1,199 1967—June 30.... 954 80 153 4,370 1,209 62 299 307 169 5,061 20 1 470 5,215 359 1,224 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 t 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,C07 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 44,204 1 ,952 9,472 1967—June 30.... 8,084 1,131 2,165 36,147 7,325 342 1,880 3,399 1,380 41,617 370 78 6,094 48,1302,109 9,755 Country: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1 ,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 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—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 1967—June 30.... 5,565 2,237 6,180 51,156 2,005 42 1,380 7,064 1,222 46,670 106 75 5,054 57,819 611 10,655 Nonmember:3 1947—Dec. 31.... 544 3,947 13,595 385 55 167 1,295 180 12.284 190 6 172 6,858 12 1 506 1964—Dec. 31.... 1,042 6,054 26,348 765 166 672 3,227 602 22,816 156 33 1 ,800 21,210 198 4,894 1965—Dec. 31.... 1,093 6,343 28,367 817 155 635 3,404 592 24,653 168 27 2,145 24,322 238 5,345 1966—Dec. 31.... 1,201 6,471 29,184 815 167 560 3,641 655 25,237 173 26 2,479 27,753 241 5.776 1967—June 30.,,. 1,126 5,838 28,135 728 134 571 3,641 670 24,191 154 28 2,921 30,234 246 6,048 7 Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, see Note, p. 589, May 1964 8 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 9 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

1946 WEEKLY REPORTING BANKS NOVEMBER 1967 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans 2 or F ca o r r r y p i u n r g c h se a c si u n r g it ies To financial institutions Total Loans 1 loans net of Com­ To brokers Wednesday m in a e v n n e d t s s t ! ­ v se t a r i r l o e v u ­ n e a s ­ in m t c a r d i n i e a a u d r l l s ­ ­ A t c u u g r l r a ­ i l ­ U an .S d . de O al t e h rs er U T .S o . oth O e t r h s er Bank m D s e o s ­ ­ P a e N n r d s o , n bank e R st e a a t l e s i C m n u s m o e t n a n e l ­ t r ­ g e o F i v g o t n r s ­ . o A th l e l r V se t a r i r o e l v u ­ n e a s ­ G c t s u i o e e r v ­ s i- t, c t s u i e e r ­ s i­ G c t s u i o e e r s v ­ i­ t c t s u i e e r ­ s i­ F ei o g r n ­ c m o ti e m c r ­ ­ f s c i a n o l a s e . n s , . Other cial etc. Large banks— Total 1966 Oct. 5......... 185,751 135,874 59,651 1,780 395 3,157 96 2,153 1 ,515 3,176 6,483 4,678 27,402 16,140 1,143 10,892 2,787 12......... 184,329135,114 59,609 1,773 389 2,926 92 2,140 1,509 2,983 6,288 4,599 27,444 16,136 1,162 10,851 2,787 19......... 185,703 135,373 59,580 1 ,775 891 2,885 94 2,142 1,511 3,127 5,982 4,537 27,482 16,128 1,160 10,865 2,786 26......... 184,168 134,233 59,492 1,774 616 2,657 95 2,133 1,523 2,985 5,696 4,533 27,520 16,132 1,155 10,705 2,783 1967 Sept 6......... 198,839 139,352 62,238 1 ,907 1,057 3,533 77 2,271 1 ,330 3,557 5,323 4,393 28,107 16,136 1,138 11,243 2,958 13 199,083 139,370 62,285 1 ,898 1,296 3,542 73 2,281 1 ,326 3,242 5,265 4,421 28,202 16,125 1,138 11,235 2,959 20. 201,313 141,396 63,149 1,893 1,422 3,719 77 2,308 1,336 3,471 5,529 4,566 28,286 16,137 1,133 11,330 2,960 27......... 201,365 141,648 63,372 1,888 1,279 3,535 96 2,337 1,342 3,639 5,614 4,571 28,337 16,159 1,126 11,312 2,959 202,046 142,325 63,569 1 ,885 1,056 3,746 74 2,431 1 399 3,911 5,785 4,456 28,342 16,171 1,136 11,339 2,975 11......... 203,372 141,427 63,385 1 ,875 1,058 3,805 76 2,446 11350 3,367 5,623 4,429 28,393 16,169 1,133 11,291 2,973 18......... 203,312 141,462 63,300 1,884 990 3,532 75 2,434 1,348 3,774 5,562 4,472 28,446 16,157 1,134 11,324 2,970 25......... 202,748 141,117 63,081 1,882 1,312 3,358 77 2,423 1,383 3,670 5,383 4,438 28,482 16,157 1,168 11,273 2,970 New York City 1966 Oct. 5......... 43,565 34,055 20,030 13 177 1,869 29 611 842 951 2,000 1,167 3,274 1,267 751 1,844 770 12......... 43,023 33,700 20,037 15 134 1,691 29 604 828 968 1,887 1,135 3,271 1 ,262 768 1,842 771 19......... 43,830 34,061 19,960 16 385 1,558 29 604 835 1,477 1,729 1,096 3,269 1,262 768 1,844 771 26......... 42,993 33,375 19,921 15 332 1,400 30 605 850 1,091 1,699 1,106 3,273 1,261 766 1,796 770 1967 Sept. 6......... 45,740 34,426 20,919 10 493 2,151 12 652 678 883 1,562 1,029 3,014 1,232 773 1,852 834 13......... 45,410 34,029 20,850 11 502 2,128 12 654 671 708 1,465 1,026 3,018 1,233 761 1,824 834 20......... 46,615 34.915 21,140 11 518 2,288 12 679 666 780 1,657 1,100 3,033 1,237 759 1,869 834 27...... 46,658 35,227 21,255 12 420 2,079 12 695 656 1,151 1 ,716 1,115 3,031 1,237 758 1 ,924 834 Oct. 4...... 46,626 35,360 21,328 12 322 2,325 11 784 700 1,104 1,683 1,015 3,019 1,237 773 1,882 835 11 47,248 34,846 21,239 12 258 2,312 14 782 650 936 1,582 996 3,016 1,240 765 1 ,879 835 18......... 47,443 35,003 21,102 13 225 2,076 13 784 651 1 ,436 1,599 1,002 3,025 1,235 765 1,912 835 25......... 46,858 34,714 21,085 13 475 1,987 13 772 679 1,149 1,496 991 3,016 1,238 763 1,872 835 Outside New York City 1966 Oct 5......... 142,186 101,819 39,621 1,767 218 1,288 67 1,542 673 2,225 4,483 3,511 24,128 14,873 392 9,048 2,017 12......... 141,306 101,414 39,572 1 ,758 255 1,235 63 1 ,536 681 2,015 4,401 3,464 24,173 14,874 394 9,009 2,016 19......... 141,873 101,312 39,620 1,759 506 1,327 65 1,538 676 1,650 4,253 3,441 24,213 14,866 392 9,021 2,015 26......... 141,175 100,858 39,571 1,759 284 1,257 65 1,528 673 1,894 3,997 3,427 24,247 14,871 389 8,909 2,013 1967 Sept. 6......... 153,099 104,926 41,319 1,897 564 1,382 65 1 ,619 652 2,674 3,761 3,364 25,093 14,904 365 9,391 2,124 13......... 153,673 105,341 41,435 1 ,887 794 1,414 61 1 ,627 655 2,534 3,800 3,395 25,184 14,892 377 9,411 2,125 20......... 154,698 106,481 42,009 1 ,882 904 1,431 65 1,629 670 2,691 3,872 3,466 25,253 14.900 374 9,461 2,126 27......... 154,707 106,421 42,117 1 ,876 859 1,456 84 1,642 686 2,488 3,898 3,456 25,306 14,922 368 9,388 2,125 Oct. 4......... 155,420 106,965 42,241 1,873 734 1,421 63 1,647 699 2,807 4,102 3,441 25,323 14,934 363 9,457 2,140 11......... 156,124106,581 42,146 1,863 800 1,493 62 1,664 700 2,431 4,041 3,433 25,377 14,929 368 9,412 2,138 18......... 155,869 106,459 42,198 1,871 765 1,456 62 1,650 697 2,338 3,963 3,470 25,421 14,922 369 9,412 2,135 25......... 155,890 106,403 41,996 1,869 837 1,371 64 1,651 704 2,521 3,887 3,447 25,466 14,919 405 9,401 2,135 For other notes see p. 1949. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 WEEKLY REPORTING BANKS 1947 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments Cash assets U.S. Government securities Other securities Balances with— Obligations Total Bills C ti e fi r ­ ­ No m te a s tu an ri d n g b — onds o p s f u o a b l S n i d t t d i a i c t v a e . s l O co t s h e r e p c a r u . s n r b t i d o t o i c n es k ds s , Total p i C r t o e o • a c m n s f e h s s s m D es o ti ­ c F ei o g r n ­ r c C a e o n n u i c d n r y ­ se F w R r . v i R e t e h ­ s . a o s A t s h e l e l t s r Wednesday cates collec­ banks banks Banks W 1 i i y n t r h . ­ 5 1 y t r o s . A 5 f y t r e s r . ra w T n a a t x r s ­ 3 o A th l e l r p C a e r o t r i f t c i f i­ . O s ri e t t c i h e u e s ­ r tion pation4 Large banks— Total 1966 22,385 2,636 727 3,240 9,241 6,541 3,027 21,145 1,114 2,206 40,546 19,968 3,861 217 2,336 15,228 7,812 .......Oct. 5 21 ,837 2,185 707 3,247 9,179 6,519 3,002 21,088 1,105 2,183 41,610 20,131 4,139 193 2,573 13,510 7,793 ..................12 23,098 3,469 697 3,253 9,198 6,481 2,883 21,035 1,106 2,208 39,175 18,827 4,370 200 2,568 14,311 7,732 .................19 22,752 3,158 696 3,294 9,191 6,413 2,915 20,918 1,118 2,232 40,276 18,085 3,932 216 2,652 14,290 7,585 .................26 1967 26,822 4,676 5 3,534 13,475 5,132 4,272 24,379 1,285 2,729 45,490 22,385 4,229 200 2,565 16,111 8,717 27,138 5,039 5 3,531 13,422 5,141 4,223 24,422 1 ,252 2,678 44,242 22,124 4,141 203 2,809 14,965 8,631 .................13 27,423 5,278 ....3..,.5..31 13,811 4,803 4,304 24,285 1 ,260 2,645 44,112 21,713 4,168 227 2,722 15,282 8,504 .................20 27,043 5,065 3,541 13,706 4,731 4,387 24,341 1 ,277 2,669 42,860 20,449 3,842 241 2,807 15,521 8,695 .................27 26,835 5,056 3,402 13,716 4,661 4,518 24,457 1,293 2,618 46,149 23,108 4,185 244 2,472 16,140 8,889 29,114 7,319 3,395 13;759 4,641 4,444 24,507 1 *292 2,588 45,023 22,529 3,847 220 2 680 15,747 8,586 ................11 28,849 7,070 3,387 13,763 4,629 4,433 24,650 1,366 2,552 45 ,’873 23,006 4,(06 208 2,742 15,811 8,501 .................18 28,658 6,877 3,381 13,759 4,641 4,312 24,643 1,474 2,544 42,689 20,047 3,948 261 2,816 15,617 8,560 .................25 New York City 1966 3,838 831 216 487 957 1,347 875 3,974 273 550 12,297 7,302 229 92 319 4,355 2,904 .......Oct. 5 3,657 652 217 483 959 1,346 891 3,948 277 550 10,949 6,870 200 68 334 3,477 2,910 .................12 4,204 1,180 232 491 930 1,371 822 3,911 268 564 11,108 6,287 241 77 322 3,418 2,871 .................19 4,099 1,080 221 524 969 1,305 792 3,871 272 584 10,345 6,956 231 91 326 3,504 2,726 ..................26 1967 5,198 1,414 ........8.87 1,984 913 1,269 4,208 69 570 13,381 8,424 183 81 349 4,344 3,166 5,289 1,552 904 1,920 913 1,295 4,153 65 579 12,596 7,756 248 93 350 4,149 3,168 .................13 5,500 1 ,697 ........8.86 2,030 887 1 ,422 4,144 64 570 12,494 7,668 279 106 342 4,099 3,127 .................20 5,163 1,488 877 1,912 886 1,494 4,116 61 597 12,875 7,863 287 112 348 4,265 3,211 .................27 4,939 1,330 841 1 ,880 888 1 ,543 4,139 56 589 14,089 9,131 240 101 323 4,294 3,377 6,119 2,490 855 1 ,883 891 1 ^539 4,088 61 595 13,926 8,964 254 96 339 4,273 3,177 .................11 6,196 2,588 856 1 ,857 895 1,454 4,144 59 587 13,609 8,893 270 95 344 4,007 3,061 .................18 5,923 2,320 844 1,871 888 1,444 4,124 61 592 13,391 7,954 267 91 348 4,731 3,105 .................25 Outside New York City 1966 18,547 1,805 511 2,753 8,284 5,194 2,152 17,171 841 1,656 29,597 12,666 3,632 125 2,017 10,873 4,908 .......Oct. 5 18,180 1,533 490 2,764 8,220 5,173 2,111 17,140 828 1 ,633 29,313 13,261 3,939 125 2,239 10,033 4,883 .................12 18,894 2,289 465 2,762 8,268 5,110 2,061 17,124 838 1,644 28,067 12,540 4,129 123 2,246 10,893 4,861 .................19 18,653 2,078 475 2,770 8,222 5,108 2,123 17,047 846 1 ,648 29,931 11,129 3,701 125 2,326 10,786 4,859 .................26 1967 21,624 3,262 5 2,647 11,491 4,219 3,003 20,171 1.216 2,159 32,109 13,961 4,046 119 2,21611,767 5,551 .......Sept. 6 21,849 3,487 5 2,627 11,502 4,228 2,928 20,269 1,187 2,099 31,646 14,368 3,893 110 2,459 10,816 5,463 .................13 21,923 3,581 2,645 11,781 3,916 2,882 20,141 1,196 2,075 31,618 14,045 3,889 121 2,380 11,183 5,377 .................20 21,880 3,577 2,664 11,794 3,845 2,893 20,225 1,216 2,072 29,985 12,586 3,555 129 2,459 11,256 5,484 .................27 21,896 3,726 2,561 11,836 3,773 2,975 20,318 1,237 2,029 32,060 13,977 3,945 143 2,149 11,846 5,512 22,995 4; 829 2,540 11,876 3,750 2,905 20,419 1,231 1,993 31,097 13,565 3,593 124 2,341 11 474 5; 409 .................11 22,653 4,482 ....2..,.5..31 11,906 3,734 2,979 20,506 1,307 1,965 32,264 14,113 3,836 113 2,398 11,804 5,440 .................18 22,735 4,557 2,537 11,888 3,753 2,868 20,519 1,413 1,952 29,298 12,093 3,681 170 2,468 10,886 5,455 .................25 For other notes see p. 1949. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1948 WEEKLY REPORTING BANKS NOVEMBER 1967 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time Total Wednesday unad­ States Do­ Foreign IPC States Foreign justed and mes­ and Do­ TotaD IPC p d s i o i c u v l a b i i l t ­ ­ ­ G U o . v S t . . c m c o t i i e m a c r l ­ ­ G e o tc v . t 6 ., 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 e n s r k ­ ­ 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 Oct. 5............1..9..8..,.372 108,172 77,188 5,909 4,247 13,251 648 1 ,415 90,200 47,306 30,170 7,702 611 4,018 222 12................... 196,093 106,033 78,304 5,277 2,061 13,544 635 1 ,453 90,060 47,199 30,125 7,737 602 4,005 223 19................... 197,191 107,915 78,761 5,170 4,331 12,886 834 1,464 89,276 47,128 29,536 7,670 585 3,952 229 26................... 195,012 105,701 77,307 5,563 3,494 11,947 676 I ,467 89,311 47,136 29,464 7,680 572 4,063 234 1967 Sept. 6................... 214,607 112,759 81,557 5,533 2,415 14,468 637 1,503 101,848 48,002 37,439 9,813 I ,099 5,032 269 13................... 213,320 111,521 83,826 5,110 1 ,035 13,812 617 1 ,554 101,799 48.027 37,406 9,761 I ,090 5,052 268 20................... 215,331 113,917 82,569 5,171 5,061 13,430 667 1 ,556 101,414 48,109 37,087 9,611 1 ,056 5,090 270 27................... 214,702 113,043 81,444 5,665 5,353 12,846 675 1,505 101,659 48,349 37,174 9,542 1,057 5,080 265 Oct. 4................... 217,975 116,106 82,636 6,020 3,993 14,366 676 1 ,561 101,869 48,391 37,514 9,409 1 ,009 5,091 261 11................... 218,511 116,442 83,073 5,612 5,382 14,036 672 1 ,487 102,069 48,414 37,741 9,383 994 5,089 255 18.................. 218,852 116,919 84,020 5,284 5,210 13,679 834 1,530 101,933 48,409 37,683 9,397 944 5,061 250 25................... 215,916 113,743 82,193 5,320 5,157 12,870 668 1,568 102,173 48,428 37,804 9,404 941 5,139 265 New York City 1966 Oct. 5..............4..5..,.695 28,218 17,830 474 1,269 3,627 524 986 17,477 4,645 8,643 755 382 2,852 119 12................... 43,718 26,383 17,597 302 449 3,556 496 1,006 17,335 4,613 8,525 784 374 2,839 120 19................... 44,611 27,776 18,012 333 1,367 3,655 673 1,014 16,835 4,599 8,073 778 370 2,809 126 26................... 44,658 27,788 17,964 408 1 ,000 3,461 535 1,013 16,870 4,591 8,008 784 368 2,922 123 1967 Sept. 6................... 48,906 29,880 18,873 320 579 4,082 495 1,031 19,026 4,720 8,930 1 ,053 711 3,386 156 B........... 47,593 28,692 19,337 401 95 3,834 475 1,064 18,901 4,720 8,804 1 ,056 706 3,390 153 20................... 48,882 30,150 19,271 387 1,711 3,776 528 1,062 18,732 4,724 8,696 996 673 3,418 153 27................... 49,339 30,597 19,421 443 1,668 3,881 538 1 ,018 18,742 4,742 8,741 956 669 3,414 147 Oct. 4....................... 50,296 31,428 19,464 527 1,137 4,163 536 I ,058 18,868 4,741 8,908 939 631 3,431 144 11................... 50,386 31,517 19,407 585 1,831 4,074 536 1,029 18,869 4,730 8,929 942 630 3,425 139 18....................... 50,557 31,789 19,695 403 1 ,786 3,902 681 1,030 18,768 4,730 8,866 970 601 3,391 139 25................... 49,839 30,864 19,460 370 1,661 3,783 520 1,066 18,975 4,732 8,960 I ,017 605 3,436 152 Outside New York City 1966 Oct. 5............1..5..2..,.677 79,954 59,358 5,435 2,978 9,624 124 429 72,723 42,661 21,527 6,947 229 1,166 103 12................... 152,375 79,650 60,707 4,975 1 ,612 9,988 139 447 72,725 42,586 21,600 6,953 228 1,166 103 19................... 152,580 80,139 60,749 4,837 2,964 9,231 161 450 72,441 42,529 21,463 6,892 215 1,143 103 26................... 150,354 77,913 59,343 5,155 2,494 8,486 141 454 72,441 42,545 21,456 6,896 204 1,141 111 1967 Sept. 6................... 165,701 82,879 62,684 5,213 1,836 10,386 142 472 82,822 43.282 28,509 8,760 388 1,646 113 13................... 165,727 82,829 64,489 4,709 940 9,978 142 490 82,898 43,307 28,602 8,705 384 1 ,662 115 20................... 166,449 83,767 63,298 4,784 3,350 9,654 139 494 82,682 43,385 28,391 8,615 383 1 ,672 117 27. ................. 165,363 82,446 62,023 5,222 3,685 8,965 137 487 82,917 43,607 28,433 8,586 388 1,666 118 Oct. 4................... 167,679 84,678 63,172 5,493 2,856 10,203 140 503 83,001 43,650 28,606 8,470 378 1 ,660 117 11.................. 168,125 84,925 63,666 5,027 3,551 9,962 136 458 83,200 43,684 28,812 8,441 364 1,664 116 18.................. 168,295 85,130 64,325 4,881 3,424 9,777 153 500 83,165 43,679 28,817 8,427 343 1 ,670 111 25.................. 166,077 82,879 62,733 4,950 3,496 9,087 148 502 83,198 43,696 28,844 8,387 336 1 ,703 113 For other notes see p. 1949. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 WEEKLY REPORTING BANKS 1949 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Memoranda Total assets— lia O b t i h li e ti r e s a C cc a o p u it n a t l s lia T b a o i n l t i d a t i l e s Total T lo o a t n a s l Demand La o r f g e d e c p er o ti s f i i t c 1 a ® tes Wednesday B F F a r . o n R k m . s o F t r h o e m rs ac c c a o pi u t n al t s ad ( l j o n u e a s t n t ) e s . d8 a a d ( n j n u d e s t t i ) e n , d ­ , a d d e j p u o s s te it d s 9 Total Issued Issued vestments8 issued to IPC’s to others Large banks— • Total 1966 614 6,549 10,576 19,062 235,173 132,698 182,575 70,706 16,709 11,530 5,179 ................Oct. 5 355 6,309 10,833 19,078 232,668 132,131 181,346 70,297 16,654 11,445 5,209 ...........................12 722 6,003 10,758 19,037 233,711 132,246 182,576 71,871 15,972 10,838 5,134 ...........................19 451 5,713 10,709 19,043 230,928 131,248 181,183 72,175 15,927 10,778 5,149 ...........................26 1967 115 6,184 12,052 20,088 253,046 135,795 195,282 73,491 20,610 13,125 7,485 15 6,402 12,137 20,082 251,956 136,128 195,841 74,550 20,437 12,938 7,499 ...........................13 294 6,054 12,199 20,051 253,929 137,925 197,842 73,713 19,899 12,563 7,336 ...........................20 117 5,790 12,239 20,072 252,920 138,009 197,726 74,395 19,897 12,557 7,340 ..........................27 88 6,601 12,222 20,198 257,084 138,414 198,135 74,639 19,988 12,693 7,295 .................Oct. 4 72 6,101 12,097 20,200 256,981 138,060 200,005 74,495 20,075 12,796 7,279 11 111 6,375 12,173 20,175 257,686 137,688 199,538 75,024 19,993 12,719 7,274 ...........................18 25 5,553 12,311 20,192 253,997 137,447 199,078 75,669 20,107 12,804 7,303 ..........................25 New York City 1966 228 2,470 5,245 5,128 58,766 33,104 42,614 16,020 6,443 4,640 1,803 8 2,571 5,459 5,126 56,882 32,732 42,055 15,508 6,366 4,559 1,807 ...........................12 40 2,094 5,174 5,127 57,046 32,584 42,353 16,467 5,890 4,126 1,764 ...........................19 55 1,838 5,157 5,119 56,827 32,284 41,902 16,371 5,871 4,086 1,785 ...........................26 1967 1,854 6,044 5,483 62,287 33,543 44,857 16,795 7,195 4,634 2,561 2,019 6,079 5,483 61,174 33,321 44,702 17,007 7,058 4,473 2,585 ..........................13 1,750 6,127 5,477 62,236 34,135 45,835 16,995 6,865 4,376 2,489 ..........................20 1,532 6,398 5,475 62,744 34,076 45,507 17,185 6,864 4,368 2,496 ........................ 27 1,697 6,593 5,506 64,092 34,256 45,522 16,997 6,969 4,494 2,475 1,763 6,702 5,500 64,351 33,910 46,312 16,648 6,955 4,505 2,450 ...........................11 1,524 6,530 5,502 64,113 33,567 46,007 17,208 6,879 4,462 2,417 ...........................18 1,512 6,500 5,503 63,354 33,565 45,709 17,466 7,032 4,542 2,490 ..........................25 Outside New York City 1966 386 4,079 5,331 13,934 176,407 99,594 139,961 54,686 10,266 6,890 3,376 .................Oct. 5 347 3,738 5,374 13,952 175,786 99,399 139,291 54,789 10,288 6,886 3,402 ........................12 682 3,909 5,584 13,910 176,665 99,662 140,223 55,404 10,082 6,712 3,370 ...........................19 396 3,875 5,552 13,924 174,101 98,964 139,281 55,804 10,056 6,692 3,364 .........................26 1967 115 4,330 6,008 14,605 190,759 102,252 150,425 56,696 13,415 8,491 4,924 15 4,383 6,058 14,599 190,782 102,807 151,139 57,543 13,379 8,465 4,914 .....................'..13 294 4,304 6,072 14,574 191,693 103,790 152,007 56,718 13,034 8,187 4,847 ..........................20 117 4,258 5,841 14,597 190,176 103,933 152,219 57,210 13,033 8,189 4,844 ..........................27 88 4,904 5,629 14,692 192,992 104,158 152,613 57,642 13,019 8,199 4,820 72 4,338 5,395 14,700 192,630 104,150 153,693 57,847 13,120 8,291 4,829 ...........................11 111 4,851 5,643 14,673 193,573 104,121 153,531 57,816 13,114 8,257 4,857 ...........................18 25 4,041 5,811 14,689 190,643 103,882 153,369 58,203 13,075 8,262 4,813 .........................25 1 After deduction of valuation reserves. 2 Individual items shown gross. l0 Certificates of deposit issued in denominations of $100,000 or more. 3 Includes short-term notes and bills (less than 1 year to maturity) issued by States and political subdivisions. * Federal agencies only. Note.—Beginning June 29, 1966, coverage of series was changed from 5 Includes certified and officers’ checks, not shown separately. Weekly Reporting Member Banks to Weekly Reporting Large Commer­ 6 Deposits of foreign governments and official institutions, central cial Banks (earlier figures for 1966 are comparable with the new series). banks, and international institutions. Also beginning June 29, 1966, detailed breakdown is shown of "All other 7 Includes U.S. Government and postal savings not shown separately. loans,” of “Other securities,” and of ownership of time certificates of 8 Exclusive of loans to domestic commercial banks. deposit in denominations of $100,000 or more. For description of revisions, 9 All demand deposits except U.S. Government and domestic com­ see Aug. 1966 Bulletin, pp. 1137-40. mercial banks, less cash items in process of collection. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1950 BUSINESS LOANS OF BANKS NOVEMBER 1967 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during—■ Industry 1967 1967 1967 1967 1966 Oct. Oct. Oct. Oct. Sept. Oct. Sept. Aug. III II I 1st 2nd 25 18 11 4 27 half half Durable goods manufacturing: Primary metals........................... 1,192 1,195 1,204 1,193 1,191 1 68 -41 102 153 100 253 -135 Machinery...................................... 4,351 4,349 4,403 4,507 4,540 -189 -2 -306 -380 285 602 887 580 Transportation equipment............. 1,901 1 ,836 1,862 1,946 1,925 -24 35 -42 -23 -273 226 -47 474 Other fabricated metal products. .. 1,738 I ,739 1,775 1,791 1 ,801 -63 29 -103 -176 266 143 409 -27 Other durable goods...................... 2,049 2,072 2,132 2,124 2,148 -99 52 7 10 118 57 175 84 Nondurable goods manufacturing: Food, liquor, and tobacco......... 2,312 2,300 2,257 2,231 2,171 141 76 -28 28 -105 -472 -577 575 Textiles, apparel, and leather......... 1,999 2,083 2,116 2,135 2,134 -135 -38 13 -25 86 211 297 -274 Petroleum refining.......................... 1 ,474 1 ,463 1,476 1,475 1,460 14 82 -281 -207 180 61 241 -254 Chemicals and rubber.................... 2,330 2,346 2,349 2,334 2,312 18 58 -73 -112 1 308 309 133 Other nondurable goods................ 1 ,716 1 ,743 1,763 1 ,761 1,763 -47 56 39 130 108 53 161 64 Mining, including crude petroleum and natural gas,.......................... 3,739 3,742 3,751 3,758 3,800 -61 65 -225 -220 1 194 195 182 Trade: Commodity dealers................ 1,229 1,174 1,108 1,116 1,104 125 23 75 178 -334 -145 -479 334 Other wholesale...................... 2,958 2,947 2,923 2,915 2,897 61 14 -76 -64 51 17 68 102 Retail...................................... 3,452 3,578 3,488 3,525 3,539 -87 219 -126 19 157 -184 -27 -47 Transportation; communication, and other public utilities............ Transportation............................ 4,130 4,113 4,106 4,104 4,074 56 115 -39 95 185 88 273 921 Communication.............................. 965 987 993 1 ,023 990 -25 -9 -8 -5 157 66 223 n.a. Other public utilities...................... 2,216 2,313 2,382 2.388 2,306 -90 137 -103 148 212 -321 -109 n.a. Construction.......................... 2,537 2,559 2,567 2,575 2,573 -36 4 -52 -41 117 -107 10 -173 Services............................................. 4,759 4,738 4,707 4,727 4,701 58 -1 -33 -74 89 -142 -53 n.a. All other domestic loans.................... 6,400 6,361 6,366 6,408 6,435 -35 69 -105 108 273 285 558 -53 Bankers* acceptances.......................... 1,052 1,047 1,017 933 902 150 77 69 253 -122 236 114 64 Foreign commercial and industrial loans.......................................... 2,687 2,706 2,741 2,720 2,754 -67 3 8 -98 -113 93 -20 n.a. Total classified loans.......................... 57,186 57,391 57,486 57,689 57,520 -334 1,132 -1,430 -354 1,492 1,369 2,861 2,550 Total commercial and industrial loans 63,083 63,296 63,385 63,569 63,372 -289 1,200 -1,519 -395 1,822 1,215 3,037 4,671 1 Beginning with data for Dec. 28, 1966, this series was revised in for­ Note.—About 161 weekly reporting banks are included in this senes; 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 loan (in thousands of dollars) All sizes 1,000 1-9 10-99 100-499 500-999 and over Interest rate (per cent per annum) Aug. May Aug. May Aug. May Aug. May Aug. May Aug. May 1967 1967 1967 1967 1967 1967 1967 1967 1967 1967 1967 1967 Percentage distribution of dollar amount Less than 5.50............................ 1.5 2.1 1.0 0.7 0.7 0.6 1.2 1.0 2.7 2.8 1.6 2.7 5.50............................................. 33.0 32.1 1.3 1.4 4.8 4.6 17.0 16.6 26.6 27.9 51.7 46.5 5.51-5.75..................................... 19.4 21.4 3.0 1.9 6.3 5.9 19.2 19.6 28.6 29.3 20.7 24.1 5.76-6.00..................................... 15.4 14.0 14.9 14.5 19.1 19.0 17.7 19.0 16.3 13.7 13.0 10.7 6.01-6.49............................... 10.9 11.2 25.7 25.9 24.1 24.0 15.7 15.4 9.2 10.5 4.9 6.4 6.50............................................ 5.7 5.5 10.2 10.2 10.6 10.5 7.8 6.9 6.5 4.4 3.0 3.9 6.51-6.99.................................... 4.9 4.8 13.9 14.0 12.1 11.8 6.5 6.7 4.2 3.4 2.1 2.5 7.00............................................. 3.3 3.8 10.6 10.6 7.9 8.8 6.0 6.2 2.3 3.1 0.8 1.6 Over 7.00.................................... 5.8 5.4 19.5 20.8 14.5 14.8 8.9 8.5 3.6 4.9 2.2 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)................ 3,880.7 4,441.0 61.6 63.6 491.6 500.8 923.2 991.8 566.6 576.6 1,837.7 2,308.1 Number (thousands)............... 38.9 40.3 16.1 16.8 16.3 16.4 4.8 5.2 .9 1.0 .8 1.0 Center Weighted average rates (per cent per annum) 35 centers.................................. 5.94 5.95 6.58 6.61 6 46 6 48 6.16 6.16 5.88 5.88 5.72 5.73 New York City....................... 5.67 5.67 6.33 6.41 6 25 6 28 5 88 5.88 5.69 5.66 5.58 5.59 7 Other Northeast................... 6.30 6.32 6.61 6.61 6 70 6 70 6 42 6.48 6.08 6.10 5.99 6.00 8 North Central...................... 5.92 5.91 6.65 6,64 6 41 6 44 6 15 6 13 5.89 5.89 5.76 5.75 7 Southeast............................. 5.93 5.94 6.37 6.44 618 6*77 5 97 5 95 5.78 5 71 5 67 5 74 8 Southwest............................ 6.01 6.04 6.54 6^63 6*32 6 37 6 10 6J2 5.95 5.97 5’78 5.81 4 West Coast.......................... 6.05 6.08 7.12 7.14 6.84 6.86 6.38 6.32 5.95 6.03 5.72 5.78 Note.—Beginning Feb. 1967 the Quarterly Survey of Interest Rates on 1960—Aug. 23 414 1967—Jan. 26-27 5^-5% Business Loans was revised. For description of revised series see pp. 721­ 1965—Dec. 6 5 Mar. 27 5^ 27 of the May Bulletin. 1966—Mar. 10 5^ 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 following dates: Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 INTEREST RATES 1951 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime Period p c a o p m e l r . , 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- to 5- 4- to 6- directly, ances, rate 3 year months 1 3- to 6- 90 days 1 Rate on Market Rate on Market Bills (mar­ issues 7 months 2 new issue yield new issue yield ket yield) 5 Other 6 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—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 18 435 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 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 July................ 4.92 4.70 4.58 3.79 4.308 4.20 4.798 4.72 4*90 4^98 5 J7 Aug................ 5.00 4.75 4.77 3,89 4.275 4.26 4.821 4.82 5 04 5 10 5.28 Sept................ 5.00 4.77 4.76 4.00 4.451 4.42 4.964 4.96 5.10 5 21 5.40 Oct........... 5.07 4.96 4.88 3.88 4.588 4.55 5.100 5.06 5.21 5 32 5.52 Week ending—• 1967 Sept. 30.......... 5.00 4.83 4.88 4.00 4.629 4.47 5,143 5.05 5.14 5 30 5 45 Oct 7...... 5.00 4.88 4.88 3.96 4.514 4.47 5.089 5.04 5.16 5 27 5 44 14.......... 5.00 4.94 4.88 4.04 4.564 4.57 5.022 5.03 5.19 5 28 5 48 21.......... 5.13 5.00 4.88 4.04 4.676 4.61 5.165 5.11 5.24 5 35 5 55 28......... 5.13 5.00 4.88 3.50 4.597 4.56 5.125 5.07 5.24 5^37 5.57 1 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance 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. 4 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 Total» term) Total l 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 1966—Oct................. 4.70 4.09 3.82 4.42 5.67 5,41 6.10 5.63 5.67 5.72 5.28 3.76 Nov................................. 4.74 4.01 3.78 4 33 5.65 5.35 6.13 5.59 5.72 5 64 5.21 3 66 Dec................................... 4.65 4.01 3.79 4 29 5.69 5.39 6.18 5.63 5,78 5.65 5.24 3 59 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 5.60 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 4.86 4.02 3.80 4.31 5.75 5.44 6.15 5.64 5.80 5.80 5.30 3.19 5.85 July.......................... 4.86 4.11 3.86 4.43 5.86 5.58 6.26 5.79 5.88 5.91 5.34 3.15 Aug......................... 4.95 4,07 3.78 4.37 5.91 5.62 6.33 5.84 5.94 5.96 5 35 3 11 Sept.................................. 4.99 4.14 3.81 r4.48 6.00 5.65 6.40 5.93 6.03 6.02 5.41 3.07 Oct..................... 5.18 4.24 3.88 4.64 6,14 5.82 6.52 6.05 6.24 6.12 5,59 3.07 Week ending— 1967—Sept, 30............................ 5.04 4.21 3.83 4.61 6.01 5.66 6.41 5.96 6.07 6.02 5.43 3 03 Oct. 7............................ 5.04 4.22 3.83 4.64 6.06 5.72 6.45 5.98 6.13 6.06 5.48 3,04 14............................ 5.10 4.22 3.83 4.64 6.08 5.76 6.46 5.98 6.20 6,06 5.53 3.04 21.................... 5.24 4.28 3.92 4.64 6.15 5.83 6.53 6.06 6.26 6.10 5.63 3.08 28............................ 5,29 4.28 3.92 4.64 6.22 5.90 6.60 6.13 6,33 6.21 5.71 3.10 ................. Number of issues........................ 10-11 20 5 5 120 30 30 40 40 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep­ Thurs. figures. 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 IQ 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

1952 SECURITY MARKETS NOVEMBER 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 1 0) prices V um ol e ­ Contract interest rate on period o i n n Y s F i u e H r l e d A d - F c H o A nv s e e n r t i i e o s nal first F m H o L r B tg B a g s e e s ries Period ( G t l U e o o r . n m S v g t . ) , ­ S l a o t n c a d a te l A C p a A o o te r r A - . Total d t I r u n ia s ­ l ­ R ro a a i d l­ P u i l u t t i i y c b l ­ ­ ( s t t h r h i a a n o d o r g e u ­ f s s ) . New New Existing New Existing 1964............ 84.46 111.5 95.1 81.37 86.19 45.46 69.91 4,888 1965............ 83.76 110.6 93.9 88.17 93.48 46.78 76,08 6,174 1961................ 5 69 5 97 6.04 1966............. 78.63 102.6 86.1 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—Oct... 78.07 100.5 83.5 77.13 82.01 39.44 65.41 6,971 1964................ 5 45 5 80 5.85 5.78 5.92 Nov... 77.68 101.0 83.5 80.99 86.10 41.57 68.82 7,297 1965................ 5,47 5,83 5.89 5.76 5.89 Dec... 78.73 102.4 83.0 81.33 86.50 41.44 68.86 7,883 19661 6.38 6 40 6.47 6.11 6.24 1967—Jan... 81.54 106.0 85.9 84.45 89.88 44.48 70.63 9.885 Feb... 80.73 106.4 86.4 87.36 93.35 46.13 70.45 9,788 1966—Sept....... 6.63 6.65 6.70 6,30 6.45 Mar.. 80.96 105.8 85.6 89.42 95.86 46.78 70.03 10,217 Oct........ 6 70 6.75 6.39 6.50 Apr. . 80.24 104.9 85.4 90.96 97.54 45.80 71.70 9,389 Nov....... 6.81 6.70 6.75 6.45 6.54 May.. 77.48 101.1 83.4 92.59 99.59 47.00 70.70 9,933 Dec,.... 6.77 6.65 6.70 6.49 6.55 June . 76,37 100,2 81.7 91.43 98.61 48,19 67.39 9,666 July .. 76.39 99.3 81.1 93.01 100,38 49.91 67,77 10,834 Aug.. 75.38 99.6 80.3 94.49 102,11 50.43 68.03 9,037 1967 -Jan...... 6.62 6.60 6.65 6.47 6.54 Sept.. 75.04 98,0 80.0 95.81 '103.84 49.27 67.45 10,251 Feb....... 6.46 6.50 6.55 6.44 6.50 Oct,.. 73.01 95.9 78.5 95.66 104.16 46.28 64.93 10,223 Mar....... 6.35 6.45 6,50 6.41 6.44 Apr....... 6.29 6.40 6.45 6.37 6.36 Week May.... 6.44 6.45 6.50 6.28 6.31 ending—■ June.... 6.51 6.50 6.50 6.29 6.30 July.. . . 6.53 6.50 6,55 6.34 6.33 1967 Aug....... 6.60 6.55 6.55 6.34 6.38 Sept....... 6.63 6.55 6.60 6.38 6.37 Sept. 30....... 74.46 97.1 79.8 '96.93 105.31 48.37 66,88 10,172 Oct........ 6,65 6.55 6.60 Oct, 7....... 74.46 96.3 79.2 96,67 105.07 47,90 66.53 9,888 14....... 73.83 95.9 79.0 96.49 105.03 46.95 65.61 10.246 i New FHLBB series. 21....... 72.41 95.4 78.2 95.26 103.75 45.90 64,53 10.202 28....... 71.97 95.9 77.6 94.76 103,28 45.20 63.78 10.178 Note.—Annual data are averages of monthly figures. The FHA data are based on opinion reports submitted by field offices on prevailing conditions in their localities as of the first of the Note.—-Annual data are averages of monthly figures. Monthly and weekly succeeding month. The yields are derived from weighted aver­ data are averages of daily figures unless otherwise noted and are computed as ages of private secondary market prices for Sec. 203, 30-year follows: U.S. Govt, bonds, derived from average market yields in table at bottom of mortgages with minimum downpayments and an assumed pre­ preceding page on basis of an assumed 3 per cent, 20-year bond. Municipal and payment at the end of 15 years. Gaps in the data are due to corporate bonds, derived from average yields as computed by Standard and Poor’s periods of adjustment to changes in maximum permissible con­ Corp., on basis of a 4 per cent, 20-year bond; Wed. closing prices. Common tract interest rates. The FHA series on average interest rates stocks, Standard and Poor's index. Volume of trading, average daily trading in on conventional first mortgages are unweighted and are rounded stocks on the N.Y. Stock Exchange for a S^-hour trading day. to the nearest 5 basis points. For FHLBB series, see footnote to table on Conventional First Mortgages, p. 1969. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others than N.Y Stock Exchange brokers and dealers for pur­ Money borrowed on— Cus­ Month Total firms secured by— chasing or carrying— tomers’ securities net other than Other securities free U.S. Govt, se G c U u o r . v S it t . i , e s se O cu th ri e ti r e s se G c U u o r . v i S t t i . es se O cu th ri e ti r e s se G c U u o . r S v it . t i es Total C co u l s l t a o te m ra e l r co O ll t a h te e r r a l c a b r n e a c d l e ­ i s t 1964—Dec..... 7,053 21 5.079 72 1,974 222 3,910 3,393 517 1,169 1965—Dec....... 7,705 22 5,521 101 2,184 130 3,576 2,889 687 1,666 1966—Aug....... 7,811 35 5,609 115 2,202 109 3,676 3,082 594 1,595 Sept....... 7,525 45 5,355 106 2,170 103 3,434 2,859 575 1,528 Oct........ 7,302 47 5,169 95 2,133 198 3,151 2,627 524 1.520 Nov...,« 7,352 57 5,217 93 2,135 97 3,166 2,597 569 1,532 Dec....... 7,443 58 5,329 76 2,114 240 3,472 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 June.... 8,333 29 6,166 70 2,167 n.a. n.a. n.a. n.a. 2,231 July....... 8,800 33 '6,603 76 2,197 n.a. n.a. n.a. n.a. 2.341 Aug...... 8,898 r70 '6,607 77 2,256 n.a. n.a. n.a. n.a. 2,281 Sept....... 9,162 119 6,825 96 2,337 n.a. n.a. n.a. n.a. 2,401 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 ot general Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 OPEN MARKET PAPER; SAVINGS INSTITUTIONS 1953 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS’ ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by— Based on—• End of period Accepting banks F.R. Goods stored in or Total th P r la o c u e g d h P di l r a e c c e t d ­ Total Banks Others p i I o n m r to t ­ s f p r E o o x r m t ­ s D e o x l ­ lar ship p p o e in d t s b i e n tw — een dealers 1 ly 2 Total O bi w ll n s b B ou il g ls h t O ac w ct n . c F e o i o g rr r n . ­ U S n ta i t t e e s d U S n ta it t e e d s change U S n ta i t t e e s d c F o o u r n e t i r g i n e s 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 2 ,'975 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962.................... 6'000 2,088 3312 2,650 1,153 865 288 IIO 86 1,301 541 778 186 171 974 1963 .................... 6,747 1328 4'819 2,890 1,291 1,031 260 162 92 1,345 567 908 56 41 1,317 1964.................... 8'361 2,223 6,138 3,385 1,671 1 ,301 370 94 122 1,498 667 999 ill 43 1,565 1965.................... 9,058 1303 7,155 3,392 1,223 1,094 129 187 144 1,837 792 974 27 35 1,564 1966—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 10368 3,359 961 861 100 72 230 2,096 982 756 75 57 1,489 Nov....... 14 J 69 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 1,077 290 110 232 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 12,354 3,964 1,339 1,147 192 70 348 2,207 949 998 38 46 1,933 June......... 16'150 4,934 11,216 4,131 1,361 1,191 170 136 379 2,254 1,001 1,007 45 39 2,038 July.......... 17,044 4,’976 12,068 4,116 1,549 1 ,252 297 136 379 2,052 974 1,040 65 41 1,996 Aug.......... 16’816 4,979 1 1,837 4,103 1,584 1,195 389 78 324 2,118 1 ,020 989 70 75 1,949 Sept.......... 16,220 5,124 11,096 4,146 1,635 1,239 396 65 252 2,194 1 ,037 991 68 91 1,958 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 End of period M ga o g r e t­ Other G U o . v S t . . S l a o t n c a d a te l Co r a a n r t p d e o ­ Cash O as t s h e e ts r g l e i a a t n i n b e e d i s r l a i­ l D i e ts p o 2 s­ l O ia t t i b h e i s e li r ­ r c e o s a u e c r n ­ v t e s commitments 3 govt. other l reserve accts. Number Amount 1941............................ 4,787 89 3,592 1 / 829 689 11,772 10,503 38 1,231 1945............................ 4'202 62 10,650 1 2S7 606 185 16362 15332 48 1382 I960............................ 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961............................ 28'902 475 6,160 667 5,040 937 640 42’829 38’277 781 3’771 61 ,'855 1'654 1962............................ 32,056 602 6,107 527 5’177 956 695 46'121 41’336 828 3'957 114385 2'548 1963............................ 36,007 607 5,863 440 5,074 912 799 49,702 44.606 943 4,153 104,326 2,549 1964............................ 40,328 739 5,791 391 5,099 1,004 886 54,238 48 849 989 4'400 135’992 2’820 1965............................ 44,433 862 5385 320 5^70 1,017 944 58,232 52,443 1,124 4’665 120,476 2,’697 1966—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 1'023 4*913 260 5,588 833 1,037 60,390 54 178 1,400 4,812 97*283 2'151 Nov................. 46,953 1,131 4,848 254 5,644 799 1,029 60,658 54 326 1,463 4'869 91'634 2,072 Dec.................. 47/193 1,078 4,764 251 5 J19 953 1,024 60,982 55 006 1,114 4,863 88,808 2310 1967—Jan................... 47,484 1,076 4,679 247 6,053 969 1,062 61,570 55 456 1,259 4,855 88,479 2,013 Feb................... 47,692 1 j37 4.700 249 6,251 1,041 1,051 62.122 55 788 1.428 4306 90 323 2 055 Mar................. 47373 1,136 4,645 246 6,480 1,140 1,081 62,701 56 538 1,249 4,914 91,125 2,172 Apr.................. 48,236 1,075 4,481 243 6,803 1,069 1,076 62,982 56 739 1381 4’863 88’295 2,'242 May................. 48,493 1'261 4,433 235 7,062 1,095 1,074 63,654 57,185 1 346 4,923 92*754 2’495 June................. 48,771 1,226 4’336 249 7313 1’140 IJ08 64,143 57’836 1379 4,929 95'187 2,657 July.................. 49,010 1'144 4,396 246 7,642 I 384 1,116 64.639 58,169 1363 4,908 91 ,’559 2347 Aug.................. 49,322 1,210 4,367 242 7'910 1'034 1,117 65,201 58,499 1 '732 4,969 n.a. 2392 Sept................. 49,577 1,117 4,406 243 8 354 '999 1383 65,’559 59,066 1,525 4367 n.a. 2324 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. 1939. 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. Data include building loans agencies. Loans are shown net of valuation reserves. beginning with Aug. 1967. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1954 SAVINGS INSTITUTIONS NOVEMBER 1967 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort­ Real Policy Other assets Total United State and Foreign 1 Total Bonds Stocks gages estate loans assets States local Statement value: 1941...................................... 32,731 9,478 6,796 1,995 687 10.174 9,573 601 6,442 1,878 2,919 1,840 1945...................................... 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1960...................................... 119,576 11,679 6,427 3.588 1,664 51,857 46,876 4,981 41,771 3,765 5.231 5,273 1961...................................... 126,816 11,896 6,134 3.888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962...................................... 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 1963...................................... 141.121 12.438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6.385 1964...................................... 149.470 12.322 5,594 3,774 2,954 63,579 55,641 7.938 55,152 4,528 7,140 6,749 1965...................................... 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 Book value: 1964—Dec............................. 149.470 12,343 5,594 3,785 2,964 62,112 55,735 6,377 55.197 4,534 7.141 8,143 1965—Dec............................ 158,884 11,703 5,119 3,546 3,038 65,801 58,532 7,269 60,057 4,686 7,679 8,958 1966—Aug.r......................... 163,850 10,931 4,876 3,225 2,920 68,160 60,752 7,408 63,274 4,786 8,435 8,264 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 May.......................... 171,238 10,655 4,746 3,015 2,894 70,610 62,607 8,003 66.253 4,952 9,615 9,153 June........................... 171,881 10,487 4,620 2,994 2,873 71,108 62,990 8,118 66,414 4,987 9,695 9,190 July............................ 173,129 10,516 4,605 3,001 2,910 72,194 63,856 8,338 66,324 5,026 9,735 9,334 Aug.r......................... 173,839 10,557 4,665 2,980 2,912 72,666 64,205 8,461 66,506 5,050 9,808 9,252 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 S v r . t i , ­ Cash Other1 a li s a T s b e o i t l t s i a t 2 i l — e s S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n ow ey e 3 d L p o r a o n c s e s i s n Other c m o l 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 6. 16 1945................... 5,376 2,420 450 356 8,747 7,365 644 336 4()2 1960................... 60,070 4.595 2,680 4.131 71,476 62,142 4.983 2,197 1.186 968 1,359 1961................... 68,834 5.211 3,315 4,775 82,135 70,885 5,708 2.856 1,550 1,136 1,908 1962................... 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 2,230 1963................... 90.944 6,445 3.979 6,191 107,559 91.308 7,209 5,015 2,528 1,499 2,614 1964 .................. 101,333 6,966 4.015 7,041 119,355 101.887 7,899 5,601 2,239 1 ,729 2,590 1965................... 110,306 7,414 3,900 7,960 129,580 110,385 8,704 6,444 2,198 1,849 2,751 1966—Sept......... 114,107 7,482 2,631 8,648 132,768 111,720 9,008 7,701 1,656 2,683 1,869 Oct....... H4,t02 7,634 2,682 8,608 133,026 111,664 9,015 7,753 1,509 3,085 1,718 114,081 7.935 2,856 8,843 133.715 112,278 9,009 7,570 1,364 3,494 1,626 Dec......... 114,192 7,772 3,361 8,672 133,997 114,010 9,256 7,464 1,272 1,995 1,512 1967—Jan.......... 114,229 7,883 3,170 8,442 133,724 114.194 9.084 6.708 1,189 2,549 1,661 Feb.......... 114,395 8,079 3,364 8,554 134,392 114,957 9,073 6,107 1,217 3,038 1,925 114,797 8,058 3,544 8,754 135,153 116,414 9,064 5,441 1,365 2,869 2,269 Apr.......... 115,233 7,950 3,638 8,936 135,757 116,911 9,062 5,027 1,503 3,254 2,699 May........ 115,909 8,072 3,859 9,376 137,216 118,041 9,055 4,630 1,710 3,780 3,081 June........ 116,944 7,987 3,997 9,232 138,160 119,976 9.268 4,559 1,918 2.439 3,250 July......... 117,676 8,378 3,412 9,169 138,635 120,031 9,270 4,456 2,019 2,859 3,420 Aug.r. ... 118,674 8,857 3,127 9,221 139.879 120,677 9,265 4,399 2,130 3,408 3,443 Sept.”.. .. 119,521 9,068 3,073 9,171 140,833 121,809 9,248 4,393 2,161 3,222 3,338 * Includes other loans* stock tn the Federal home loan banks, other 4 Commitments data comparable with those shown for mutual savings investments, real estate owned and sold on contract, and office buildings banks (on preceding page) would include loans in process. and fixtures 2 Before 1958, mortgages are net of mortgage-pledged shares. Asset Note.—Federal Savings and Loan 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

NOVEMBER 1967 FEDERALLY SPONSORED CREDIT AGENCIES 1955 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (Tn millions of dollars) Federal home loan banks F M ed o e r r tg al a g N e a A tio ss n n a , l Banks Federal Federal (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m a b A n t e e o d c m r s e ­ ­ s I m nv e e n s ts t­ p C a o d a n s e s d i ­ h t s B n a o o n n 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 a e u ( o L n b r t e d e e ) s s n ­ c L a o t ( o o i t A v a o p e ) n e s s r ­ D t e u (L b re e ) s n­ c L o a d ( o u A n i a s n d n ) ­ t s s D tu e (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............ 2,662 1,153 159 1,571 1,180 1,107 2,770 2,453 697 435 <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 I ,906 159 4^363 1,151 1’171 2^000 1.788 840 589 2,099 1,952 3,310 2’834 1964............ 5,325 1,523 141 <369 1 J 99 <227 <940 1,601 958 686 2^247 2 JI2 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—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 I ,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 June.. 4,302 3,738 95 4,577 1,927 1,392 4,450 4,078 1,296 1,042 3,545 3,297 5,303 4,611 July.. 4,221 3,420 81 4,585 1 ,522 1,392 4,507 3,469 1,335 1,072 3,639 3,419 5,358 4,644 Aug... 4,153 3,160 73 4,395 1,344 1,392 M.474 4,049 1,368 785 3,696 3.465 5,404 4,787 Sept... 4,122 2,898 63 4,160 1,318 1,394 4,838 3,927 1 ,384 1 ,094 3,523 3,450 5,449 4,787 Note,—Data from Federal Home Loan Bank Board, Federal National bonds held within the FHLB System), and are not guaranteed by the U.S, Mortgage Assn., and Farm Credit Admin. Among the omitted balance Govt.' for a listing of these securities, see table below. Loans are gross sheet items are capital accounts of all agencies, except for stock of home of valuation reserves and represent cost for FNMA and unpaid principal loan banks. Bonds, debentures and notes are valued at par. They in­ for other agencies. clude only publicly offered securities (excluding, for the home loan banks, OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, SEPTEMBER 30, 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: Oct. 26, 1967........................6 700 Debentures: Oct. 23, 1967...................4i/8 174 Nov. 27. 1967........................6 500 June 12, 1973...................4% 146 Oct. 23 1967...................5’4 150 Jan. 25, 1968.....................5% 250 Feb. 10, 1977...................4# 198 Dec. 20, 1967...................5% 329 Feb. 26, 1968...................5.35 535 Jan. 22, 1968...................5ft 161 Mar. 1,1968......................4^ 250 Mar. 20, 1968...................4*4 111 Mar. 25, 1968...................5.35 400 May 20, 1968...................5'4 242 Apr. 25. 1968.....................5% 625 June 20, 1968...................4 186 July 25, 1968...................5.45 300 Banks for cooperatives Aug. 20. 1968....................4'4 160 Jan. 27, 1969.....................5*4 300 Debentures: Oct. 21. 1968..................5.50 407 Mar. 25, 1969.....................5% 300 Oct. 2,1967...................4.50 250 Jan. 20, 1969....................4ft 341 Nov. 1, 1967...................4.30 258 Mar. 20, 1969....................4ft 100 Dec. 4, 1967...................4.30 276 Apr. 21, 1969..................5,60 250 Feb. 1,1968...................5.20 309 July 15, 1969....................4’4 130 Federal National Mortgage Associa­ July 15. 1969....................4% 60 tion—Secondary market opera­ Oct. 20, 1969....................4*4 209 tions Feb. 20, 1970...................5*4 82 Federal intermediate credit banks Apr. 1, t970....................3'4 83 Discount notes............................... 789 Debentures: July 20, 1970....................5ft 85 Oct. 2 1967..................5.60 369 May 1, 1971....................3'4 60 Debentures: N D o ec v . . 1 4 , , 1 1 9 9 6 6 7 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 .. . 5 1 ' 5 4 4 4 6 0 3 4 S F e e p b t . . 2 1 0 5 , , 1 1 9 9 7 7 2 3 . - .. 7 . 8 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 3 * ’/ /g , 1 1 0 4 9 8 O M c a t r . . 1 1 1 1 , ,19 1 6 9 7 6 . 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 3% '4 1 8 5 7 0 J F a e n b . . 2 1 , , 1 1 9 9 6 6 8 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 4 . . 4 4 0 5 4 3 1 97 3 F A e p b r . . 2 2 1 0 , . 1 1 9 9 7 7 4 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4% ft 2 1 0 5 0 5 June 14, 1968.................. 4'2 400 Mar. 4, 1968..................4.50 375 Feb. 24, 1976...................5 123 Sept. 10 1968.................. 5% 350 Apr. 1,1968..................4.85 347 July 20, 1976................... 5ft 150 A M p a r y . 1 1 0 2 , , 1 1 9 9 6 6 9 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 4 ... 0 4 $ % o 30 8 0 8 J M un ay e 1 3 , , 1 1 9 9 6 6 8 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 .5 .3 '4 0 3 3 4 5 5 0 J A a p n r . . 2 2 0 2 . , 1 1 9 9 7 7 9 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 5 ft 2 1 8 5 5 0 July 10, 1969.....................5'/, 250 Dec. 12, 1969.....................6 550 Tennessee Valley Authority Apr. 10, 1970.....................454 142 Short-term notes.................... 200 Sept. 10, 1970.....................4/8 119 Bonds: Aug. 10, 1971.....................4*/g 64 Federal land banks Nov. 15, 1985.................4.40 50 Sept. 10, 1971.....................4'4 96 Bonds: July 1, 1986...................4ft 50 Feb. 10, 1972.....................5 ft 98 Feb. 15,1967-72.............4*/8 72 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

1956 FEDERAL FINANCE NOVEMBER 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 i n u u d s s s : t g I L o n e v t s r t s a . : ­ 1 E r T q e o c u t t a s a l . l s 2 ; Budget f T P un l r u u d s s s : t 3 A m L d e e j n s u s t s s : t 4 - E p T q a o u y t a t a s l l s . : pa o y r t s. C & (d d h a i e a i r g n b n e e c t g n t e . ) a I g t L n r e u v b e n e y s s s s t s : t & , L N d ca e e o s s b n h s t : ­ Eq N u e a t ls: Cal. year—1964............ 88,696 30,742 4,324 115,030 96,944 28,396 5,069 120,271 -5,241 9,084 2,684 619 5,780 1965 ........... 96,679 31,384 4,449 123,376 101,379 31,014 4,473 127,919 -4,543 4,673 1,386 417 2.872 1966............ 110,802 40,011 4,792 145,137 118,077 36,791 4,003 150,867 -5,730 13,526 8,396 342 4,788 Fiscal year—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 1967*........ 115,794 44,632 6,056 153,533 125,732 34,493 4,929 155,296 -1,763 6,742 10,851 -314 -3,795 Half year: 1965—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 1967—Jan.-June*.... 66,609 25,322 3,643 87,852 61,669 16,866 3,324 75,211 12,641 -4,300 7,481 -527 -11,254 Month: 1966—Sept............ 12.475 2,681 330 14,748 11,883 2,655 1,388 13,150 1,598 350 142 118 89 Oc t................ 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 2,468 989 134 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 Apr................ 13,534 3,850 233 17,070 9,464 2,789 1,063 11,189 5,881 -3,708 -329 -77 -3.302 May............... 6,289 5,367 303 11,295 10,915 2,897 -634 14,445 -3,150 3,372 4,213 -25 -816 June»............. 18,249 5,254 1 ,982 21,438 10,145 3,426 655 12,916 8,522 -4,963 1,343 -I 10 -6,197 July................ 6,371 3,029 424 8,938 11,502 3,660 624 14,538 -5,600 4,690 -465 -155 5,310 Aug............... 7,301 4,995 459 11,766 12,730 3,472 -123 16,325 -4,559 5,147 1,723 76 3,348 Sept................ 12,404 3,108 279 15,176 12,468 3,127 1,394 14,201 975 -338 -1,003 54 610 Effects of operations on Treasurer’s account Change in Treasurer’s account Net operating transactions Net financing transactions cash balances (end of period) Period Agencies & trusts Operating bal. Change s B d u e u r o f d p i r g c l u i e t s t f T u r n u d s s t 2 a C c l c e o a u ri n n t g s i M ss s u e a o a c r f k n , 3 e c t e i I n G s n e v o U c e v . s t S 3 t , , . p d g d u i r e i r b o n e b l s c i t s c t T o r H u e t a e s s i i d u d r e y a T c u c r r e o e a r u ’ s n s ­ t Balance B F a . n R k . s a l a T c o n c a a d t x n s . O as n t s h e e t e t s r Fiscal year—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 1967».... -9,938 10,139 -813 428 -10,851 6,314 -73 -4,648 7,759 1,311 4,272 2,176 Half year: 1965—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 1967—Jan.-June*.... 4,940 8,456 '208 -1,202 -7,481 -3,098 76 1,748 7,759 1,3H 4,272 2 J 76 Month: 1966—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 l’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 j09 May,............. -4,626 2,471 -912 285 -4,213 3,087 -649 -3,259 5^626 574 3,469 1,583 June*............. 8J04 1,828 -1,217 —296 — 1,343 — 4,667 275 2,133 7’759 1 ,311 4,272 2J76 July............... -5,131 -631 '355 274 ’465 4,416 -44 -208 7’551 1’340 4,552 1,659 Aug............... -5,428 1,523 -658 — 66 -1,723 5*213 -196 -944 6,607 1,051 3,937 1,619 Sept............... -63 -19 1,060 -384 1,003 46 -87 1,729 8,336 '778 5,808 11750 1 Primarily interest payments by Treasury to trust accounts and accumu­ 6 Seasonally adjusted data include accelerated corporate tax payments lations to U.S. employee trust funds. of about $3 billion in calendar year 1966 and $5 billion in calendar year 2 Includes small adjustments not shown separately, 1967. 11ncludes net transactions of Govt.-sponsored enterprises. 4 Primarily (1) intragovt, transactions, (2) noncash debt, (3) clearing Note.—Based on Treasury Dept, and Bureau of the Budget data. accounts. 5 Includes technical adjustments not allocated by functions. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 FEDERAL FINANCE 1957 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Total W I i n th d ­ ividual C r o a r t p e o­ Total a L b n i a d q c u c t o o o r ­ H w ig ay h­ Total F R a I n C .R d A . e U m n p - l . E a g s n i ta f d t t e C to u m s s ­ r m e a I p e n n a n t d . y t s ­ fu R n e d ­ s Other held Other Fiscal year—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 1967*.. 153,533 50,477 18,848 34,915 14,130 6,156 4,652 32,854 28,695 3,656 3,001 1,972 2,721 9,581 4,196 Half year: 1965—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 13,789 11,969 1,569 1,258 1,017 1,493 1,142 1 ,835 1967—Jan.-June*. 87,852 25,836 14,865 22,870 7,368 3,050 2,339 19,065 16,726 2,087 1,743 955 1,228 8,439 2,361 Month: 1966—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 1,761 1,673 52 204 161 536 168 387 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 17,070 3,591 6,216 4,295 1,023 476 326 3,340 3,168 138 352 150 227 2.322 198 ....1..1..,.2.95 4,987 701 1,065 1,274 591 355 4,587 3,669 874 445 166 207 2,392 255 June* 21,438 4,160 3,070 9,324 1,309 606 348 2,697 2,610 49 182 176 211 847 1,156 July.......... 8,938 3,843 264 946 1 ,241 n.a. 369 2,129 1,977 104 207 160 197 261 212 Aug........... 11,766 5,164 211 642 1,125 n.a. 463 3,981 3,319 620 308 178 189 257 225 Sept.......... 15,176 4,236 2,864 4,032 1 ,088 n.a. 355 2,270 2,144 92 199 163 189 195 330 Cash payments to the public Period Total 5 t f i N e d o n e n a s ­ a ­ e l af I f n a t i i r , s s S e p r a e a r ­ c c e h A t c u g u r r e l­ i­ so N u u r r r e a a c ­ t l e ­ s t m C ra a o e n n r m s d c p e ­ . c H d i o n e m o g v u e m & s l. ­ , l H a w b e e o l a f r l a t , r h e & , E t d io u n ca­ e V ra e n t­ s In e t s e t r­ G g e o r e a v n l t ­ Fiscal year—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 1967*.. . . 155,296 71,726 4,454 5,426 4,203 3,528 7,197 -1,804 38,997 3,291 7,012 10,373 2,643 Half year: 1965—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 2,235 3,094 803 1,464 2,829 2,271 16,873 2,072 2,968 4.856 1,146 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 1967—Jan.-June*... 75,210 37,879 1,997 2,570 568 1,525 2,825 -3,603 20,809 1,534 3,541 5,744 1,262 Month: 1966—Sept.......... 13,150 6,035 375 483 910 329 807 218 3,047 368 593 368 242 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 -19! 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 June*........... 12,916 6,169 423 427 -192 265 392 -195 3,402 297 497 703 233 July............ 14,538 6,440 468 351 648 349 716 524 3,731 229 585 222 270 Aug.............. 16,325 6,864 374 410 945 387 862 326 3,583 328 592 l ,516 198 Sept.............. 14,201 6,627 502 377 802 326 733 329 3,456 356 580 437 198 1965 r 19666 r 19676' 1965 1966 1967 Item III IV I II III IV I II III IV I II III IV I II* Seasonally adjusted Not seasonally adjusted Cash budget: Receipts.......................... 31.2 31.7 33.4 37.1 37.3 38.4 39.2 38.5 29.2 25.8 33.3 46.2 34.6 31.1 38.0 49.8 Payments............................ 31.9 33.7 36.6 35.8 39.7 38.6 38.8 38.1 33.1 34.0 34.6 36.2 41.3 38.8 36.7 38.6 Net................................. -.7 -2.0 -3.2 1.3 -2.5 -.2 .4 .4 -3.9 -8.1 -1.3 10.0 -6.7 -7.7 1.4 11.3 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1958 U.S. GOVERNMENT SECURITIES NOVEMBER 1967 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 End of period d T g e r o b o t t s a s l 1 d d T g e i r o r b o e t t s a c s l t 2 Total Marketable C v ib e o l r n e t­ ­ Nonmarket S i a n a b g v l s ­ e i S s p su ec e i s a l 6 Total Bills C c e a r t t e if s i­ Notes Bonds 4 bonds Total s & b o n n o d te s s 1941—Dec.................................. 64.3 57.9 50.5 41.6 2.0 6.0 33,6 8.9 6 1 7.0 1945—Dec.................................. 278.7 278.1 255.7 198.8 17.0 38.2 23.0 120.6 56.9 48 2 20.6 1947—Dec.................................. 257.0 256.9 225.3 165.8 is. i 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 6 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 (966—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 July........................... 331.2 330.6 270 9 215 0 62.8 5.6 49.1 97.4 2.6 53.4 51.3 56.2 Aug................ 336.4 335.9 274.1 218.3 63.3 57,5 97,4 2.6 53.3 51.4 58.3 Sept.................................. 336.4 335.9 274.7 218.6 63.7 57.6 97.3 2.6 53.5 51.4 57.7 Oct.......................... 341.0 340.5 279.9 223.3 68.9 ........5..7...1. 97.3 2.6 54.0 51.6 57.2 1 Includes non-interest-bearing debt (of which $261 million on Oct. 31 bonds, foreign currency series, foreign series, and Rural Electrification 1967, was not subject to statutory debt limitation) and guaranteed secu­ Administration bonds; before 1954, armed forces leave bonds; before rities not shown separately. 2 Excludes guaranteed securities. 1956. tax and savings notes; and before Oct, 1965, Series A investment 3 Includes amounts held by U.S. Govt, agencies and trust funds, which bonds. totaled $18,687 million on Sept. 30, 1967. 6 Held only by U.S. Govt, agencies and trust funds. 4 Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds. Note.—Based on Daily Statement of U.S. Treasury, 5 Includes (not shown separately): depositary bonds, retirement plan OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by- Held by the public E pe n r d i o o d f T g d r o e o t b s a t s l ag G u e o n v s c . t i e , s FR Com­ Mutual I a n n s c u e r ­ Other S a t n a d te Individuals Fo a r n e d ig n O m t i h sc e . r t a r n u d st Banks Total m b e a r n c k ia s l s b a a v n in k g s s p c a o n m ie ­ s r c a o ti r o p n o s ­ g l o o v ca ts l . Savings Other na i t n io te n r a ­ l 1 i t n o v r e s s ­ 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 90.8 107 24'0 22*2 6*5 42 9 21.2 2 4 6.6 1947—Dec............... 257.0 34.4 22.6 2OO’l 68^7 12 0 23 9 14 J 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 I 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 1 114 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 1 8.6 20.1 46.9 19.2 15.3 12.7 1963—Dec............... 310. i 58.6 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 6 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 66 8 5 4 10 4 15 5 22'9 49 6 22.7 16.7 14.7 1966—Sept............... 325.3 69.2 42.9 213.2 54 8 5 0 9.7 13 5 24.2 49.9 25.8 15.2 15,0 Oct................ 327.4 68.0 43.0 216 4 55 3 4 8 9.6 14 9 24.2 49,9 26.2 15.2 16.1 Nov............... 329.9 68.9 43.9 217 1 55 5 4 8 9.7 16 0 24.1 50, i 25.9 15.4 15.7 Dec............... 329.8 68.8 44.3 216 7 57 5 4.7 9.6 14.7 23.8 50.2 25.4 14.5 16.4 1967—Jan................ 329.4 68.2 43.5 217 7 57.6 4 5 9.5 14 9 23 4 50 I 25.8 14.0 17.7 Feb............... 330.1 69.6 44.0 216*6 57.2 4.6 9.3 15.0 23.7 50.3 25.3 14.1 17.1 Mar............... 331.5 70.7 44.9 215 9 57 8 4 5 9.2 14.1 23.5 50.4 25.5 14.5 16.5 Apr............... 328.3 70.4 45.5 212.5 56.9 4.3 9.0 12.9 23.5 50.5 24.4 15.0 16.0 May, 331.4 74.6 46.1 210 8 56.1 4 3 9 0 13 4 23.1 50.5 23.8 15.0 15.6 J une............. 326.7 75.8 46.7 204,*2 55 1 4 2 8.7 1 i .3 22.3 50.6 22.8 14.7 14.6 July............... 331.2 75.5 46.8 208.9 57.9 4.2 8.7 12.1 22.0 50.7 22.9 14.4 16.0 Aug......... 336.4 77.2 46.6 212.6 59 8 4.2 8 7 12 8 r22.4 50.8 r23.3 14.3 16.3 Sept............... 336.4 76.4 46.9 213.1 60.7 4.2 8.7 12.0 22.2 50.8 23.4 14.7 16.3 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

NOVEMBER 1967 U.S. GOVERNMENT SECURITIES 1959 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date Total 1-5 5-10 10-20 Over years years years 20 years Total Bills Other All holders: 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—Aug. 31..................................................... 218,258 95,040 63,344 31,696 76,244 21,793 8,422 16,758 Sept. 30..................................................... 218,637 95,442 63,746 31,696 78,198 19,840 8,420 16,737 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—Aug. 31............................................ 16,735 4,021 2,892 1,129 4,960 2,127 2,114 3,512 Sept. 30.............................................. 16,510 3,780 2,648 1,132 5,011 2,092 2,114 3,513 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—Aug. 31............................................. 46,555 . 30,394 13,927 16,465 14,745 900 174 342 Sept. 30.............................................. 46,916 30,588 14,097 16,491 14,910 883 177 358 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—Aug. 31.............................................. 154,968 60,625 46,525 14,102 56,539 18,766 6,134 12,904 Sept. 30............................................ 155,211 61,074 47,001 14,073 58,277 16,865 6,129 12,866 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 8,771 7,067 21,112 9,343 435 454 1967—Aug. 31...................................... 49,441 14,906 8,442 6,464 26,013 7,561 448 515 Sept. 30...................................... 50,030 15,390 8,970 6,420 27,219 6,449 491 481 Mutual savings banks: 1964—Dec. 31....................................... 5.434 608 344 263 1,536 1,765 260 1.266 1965—Dec. 3!...................................... 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—Aug. 31...................................... 4,101 543 318 225 1,628 746 278 905 Sept. 30...................................... 4,120 572 359 213 1,656 715 276 901 Insurance companies: 1964—Dec. 31....................................... 9.160 1,002 480 522 2.045 2.406 818 2,890 1965—Dec. 31.................................... 8.824 993 548 445 1,938 2,094 1,096 2,703 1966—Dec, 31...................................... 8,158 847 508 339 1,978 1,581 1,074 2,678 1967—Aug. 31....................................... 7,403 536 264 272 2,001 1,186 1,109 2,572 Sept. 30...................................... 7,399 536 264 272 2,131 1,051 1,138 2,543 Nonfinancia) 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—Aug. 31...................................... 4,702 3,486 2,778 708 1,037 134 3 42 Sept. 30...................................... 3,783 2,681 1,979 702 999 71 3 30 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—Aug. 31...................................... 4,320 942 625 317 1,771 860 269 476 Sept. 30...................................... 4,434 968 656 312 1,899 819 270 478 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—Aug. 31.................................... 14,884 5,839 4,890 949 2,269 1,115 1,660 4,000 Sept. 30...................................... 14,750 5,707 4,804 903 2,343 1,080 1,634 3,986 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 3,962 1966—Dec. 31................................... 73,690 38,685 32,646 6,039 18,896 9,619 2,215 4,275 1967—Aug. 31...................................... 70,117 34,373 29,208 5,167 21,821 7,164 2,367 4,394 Sept. 30...................................... 70,695 35,220 29,969 5,251 22,030 6,680 2,317 4,447 Note.—Direct public issues only. Based on Treasury Survey of about 90 per cent by the 5,879 commercial banks, 501 mutual savings Ownership. banks, and 763 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 nonfinanciat 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 “All others,” a residual, includes holdings of all those not reporting reporting in the Survey and the number of owners surveyed were: (1) in the Treasury Survey, including investor groups not listed separately. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1960 U.S. GOVERNMENT SECURITIES NOVEMBER 1967 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S Govt, Period agency Dealers and brokers securities Total Within 1-5 5-10 Over Com­ A11 1 year years years 10 years U.S Govt, Other m b e a r n c k ia s l other securities 1966—Sept............................ 2,004 1,682 198 82 43 741 101 730 431 170 Oct..................... 2,329 2,019 192 82 35 782 93 915 538 180 Nov........................... 2.339 1 .864 334 118 24 849 94 896 501 204 Dec............................ 2,7t2 2,059 427 160 66 1,114 121 978 500 232 1967—Jan.............................. 2,266 1,827 288 102 49 912 110 791 453 281 Feb............................. 2,186 1,744 331 79 32 774 90 826 496 217 Mar.................... 2,434 2,012 296 87 39 1,057 140 794 443 222 Apr................. 2,111 1,738 262 82 28 813 76 746 475 222 May........................... 2,075 1,636 332 77 30 784 63 720 507 188 June.......................... 1,802 1,502 226 52 23 659 56 621 466 199 July........................... 2,084 1,857 161 45 21 740 58 741 544 219 Aug...................... 1,884 1.578 243 33 30 662 60 662 500 159 Sept............................. 1,937 1,705 177 30 24 715 52 711 459 200 Week ending— 1967—Sept. 6...................... 2,035 1,778 204 28 26 639 60 872 465 151 13...................... 1,811 1,580 170 34 27 612 42 656 501 188 20...................... 1,718 1 ,538 135 26 20 673 56 582 407 166 27...................... 1,922 1,697 174 22 29 727 48 686 453 246 Oct. 4...................... 2,711 2,449 203 38 21 989 59 1,077 587 206 11...................... 2,189 1,990 139 18 41 763 59 906 461 124 18...................... 2,105 1 ,851 170 32 52 825 68 765 448 314 25...................... 1,735 1,555 126 32 23 669 63 634 369 227 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 US. Commercial banks Period mat A ur ll i ties W 1 i y t e h a in r y 1 e - a 5 rs 5 O y v e e a r r s se a G c g u e o r n v i c t t i y , e s Period sou A r l c l es Y N o e r w k w E h ls e e r ­ e C t o io rp n o s r i a­ ot A h l e l r City 1966—Sept........2.,229 2.043 108 78 269 Oct.......... 2’500 2,224 109 166 353 1966—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 Dec........... 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 L391 1,331 1,069 740 Apr...... 3.902 3,296 382 223 450 Mar.......... 4,298 1’289 1 ^461 825 723 May..... 3.375 2.503 744 129 371 Apr,...... 4’162 1.093 1,5"6 829 664 June........ 2.869 2,389 406 74 314 3.612 '935 1'156 764 757 July......... 2.239 2,115 106 18 239 June......... 3,262 1,121 984 665 492 Aug...... 2,903 2,564 312 26 265 July....... r2.l47 '649 622 598 276 Sept......... 2,545 2,305 202 38 242 Aug,........ r2.717 835 734 868 280 Sept.......... 2,’669 1,010 873 582 204 Week ending— Week ending—• 1967—Aug. 2.. 2,932 2,718 172 43 265 9. . 3,122 2,598 467 57 244 1967—Aug. 2... 2,610 906 793 708 203 16. . 2,775 2,469 281 25 247 ,9. 2,737 777 779 798 384 23. . 2,413 2,278 132 3 299 16. 2,764 883 621 908 352 30.. 3,175 2,811 353 11 275 23. 2,637 766 711 956 204 30. .. 2,625 812 747 851 215 Sept 6.. 2,853 2,455 362 36 265 13. . 2,709 2,388 280 41 208 Sept. 6... 2,966 1.009 887 828 242 20.. 2,757 2,541 172 45 240 13. 3,015 1,159 893 760 203 27.. 2,204 2,050 123 31 268 20... 2,885 1,232 1,008 478 167 27. .. 2,180 84! 785 360 194 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 ‘he 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 non hank dealers are included. See also Average of daily figures based on number of trading days in the period. Note to the opposite table on this page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 GOVERNMENT SECURITIES 1961 U.S GOVERNMENT MARKETABLE AND CONVERTIBLE, OCTOBER 31, 1967 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Nov. 2, 1967................ 2,405 Apr. 11, 1968................ 1 001 Apr. 1, 1971..........D/z 35 Aug. 15 1970..........4 4 129 Nov. 9’ 1967................ 2,400 Apr. 18’ 1968................. 1,000 May 15' 1971..........5’4 4.265 Aug. 15’ 1971..........4 2’806 2300 Apr. 22’ 1968*............... 3,507 Oct l' 1971...... 1 (4 72 Nov. 15 1971..........3% 2 760 Nov. 24' 1967................ 2^402 Apr. 25^ 1968................ 1 301 Feb. 15. 1971..........5% 2,509 Feb. 15' 1972..........4'“ 2,344 Nov. 30 ’ 1967................ 3'802 Apr. 30, 1968 ............... 1 302 Nov. 15, 1971..........5% I ’734 Aug. 15 1972,........4 2579 Dec. 7; 1967................ 2,402 May 31, 1968................ 1,401 Feb. 15; 1972..........4% 2^006 Aug. 15; 1973..........4 3,894 Dec. 14^ 1967................ 2’401 June 24, 1968*.............. 3'006 Apr. 1, 1972....l(4 ’ 34 Nov. 15’ 1973..........4’/8 4 354 Dec. 21, 1967................ 2’400 June 30’ 1968................ 1,501 May 15’ 1972..........4’4 5,310 Feb. 15’ 1974..........4’4 3,130 Dec. 28, 1967................ 2,402 July 31, 1968.......... 1 ’501 Oct. L 1972..........1)4 ’ 3 May 15 1974..... .4*4 3,590 Dec. 3h 1967................ 1,401 Aug. 31’ 1968................ 1,000 Nov. 15,’ 1974..........3’4 2,242 Jan. 4’ 1968................ 2,401 Sept. 30, 1968................ 1,000 May 15,’ 1975-85.. .4’4 I ’217 Jan. 113968................ 2,502 Oct. 31, 1968................ 1’002 June 15’ 1978 83...3’4 1 ’572 Jan 18* 1968................ 2'501 Dec. ’15, 1963-68.. .21/4 1 ,788 Feb. 15 1980..........4 2'603 Jan 25’ 1968................ 2,501 June 15’ 1964-69... 2(4 2,543 Nov. 15’ 1980..........3’4 1 ,909 Jan 31'1968................ 1 401 Dec. 15, 1964-69... 2’/i 2’491 May 15’ 1985 ... .3’4 1,119 Feb. i; 1968................ 1,000 Nov. 15, 1967..........4% 8,135 Mar. 15,' 1965-70.. .2(4 2’286 Aug. 15, 1987-92.. .4’4 3’817 Feb 8' 1968................ 1,000 Feb. 15' 1968..........5% 2’635 Mar. 15’ 1966-71...2(4 1 ^225 Feb. 15’ 1988-93.. .4" 249 Feb. 15’ 1968................ 1,001 Apr. 1’ 1968..........1(4 '212 June 15, 1967-72... 2(4 I '257 May 15,’ 1989-94...4’4 1,559 Feb. 23’ 1968................ 1,001 May 15' 1968..........4% 5,587 Sept. 15, 1967-72... 2’4 1 ’952 Feb. 15, 1990..........3’4 4,888 Feb. 29’ 1958................ 2,403 6’444 Nov. 15, 1967..........3% 2,019 Feb. 15’ 1995..........3 " 1,833 Mar. 7^ 1968................ 1,001 Nov. 15, 1968..........514 9,913 Dec. 15, 1967-72.. .2’4 2,629 Nov. 15; 1998..........J'/i 4,372 Mar. 14’ 1968................ 1,001 Oct. 1’1968.........11/2 115 May 15’ 1968..........3% 2'460 Mar. 21 1968................ 1,000 Apr. 1‘ 1969..........U/2 61 Aug. 15, 1968..........3’4 3,747 Mar. 22' 1968*.............. 2,003 Oct. 1’ 1969..........1’^ 159 Nov. 15^ 1968..........3% 1 ’591 Mar. 28' 1968................ 1,000 Apr. 1,’ 1970..........1(4 88 Feb. 15^ 1969..........4'“ 3,728 Mar. 31 1968................ 1'400 Oct. 1'1970..........1(4 113 Oct. 1' 1969..........4 6’250 Apr. 4, 1968................ 1,000 Nov. 15; 1970..........5' 7,675 Feb. 15, 1970..........4 4381 Apr. 1, 1975-80... 2% 2,560 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 Use of proceeds Total Period amount Total G g o a e b t a n i l l o e i­ n r­ s R n e u v e e­ PHA’ G l U o o a S v n . t s State S di p s a s t e n t a c r d t i i c a t l Other2 e d r e e l d iv 3 ­ Total c E at d io u n ­ b R r a i o d n a g d d e s s i U tie ti s l ' ­ ’ H in o g u ’ s­ V a a e n i t d s e ' r ­ O p p o t u s h e r e s ­ r 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 J66 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 1 368 521 125 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 3^19 900 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—Aug..... 775 453 287 35 134 275 366 n.a. 773 279 32 103 6 353 Sept.. . • 1 ,032 441 453 120 18 79 572 381 n.a. 1 ,020 218 220 222 124 236 Oct....... ’759 539 178 34 216 256 287 n.a. '755 306 12 99 9 328 Nov.« .. 976 598 364 12 231 334 410 n.a. 969 381 108 226 40 213 Dec...... 940 397 533 11 100 568 272 n.a. 940 297 280 87 131 164 1967—Jan....... q ,488 943 518 27 397 331 759 n.a. 1,482 408 219 163 1 691 Feb....... H ,230 933 287 10 257 307 665 n.a. 1 i 196 468 133 117 478 Mar.... 1 ,455 841 460 117 37 231 548 676 n.a. 1338 427 123 339 126 423 Apr...... 'I,131 849 256 26 182 246 703 n.a. 1,112 460 59 213 10 370 May.... H ,244 760 454 30 315 298 630 n.a. I '218 486 116 102 [ 1 503 June..,. rl 398 860 492 117 29 138 682 677 n.a. 1.497 597 26 228 148 498 July '949 664 246 39 186 260 503 n.a. 941 282 36 187 7 429 Aug...... 854 585 251 ...........18 195 233 426 n.a. 852 208 141 208 52 ........2.4..3 1 Only bonds sold pursuant to 1949 Housing Act, which are secured 5 Includes urban redevelopment loans. by contract requiring the Public Housing Administration to make annual contributions to the local authority. Note.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts, following page, which are based on Bond Buyer data. The principal 3 Excludes U.S Govt loans. Based on date of delivery to purchaser difference is in the treatment of U.S Govt, mans and payment to issuer, which occurs after date of sale. Investment Bankers Assn, data; par amounts of long-term issues * Water, sewer, and other utilities. based on date ol sale unless otherwise indicated Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1962 SECURITY ISSUES NOVEMBER 1967 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues 1 Proposed use of net proceeds, al) corporate issues 6 Noncorporate Corporate New capital Re­ Period Total G U o . v S t . .2 G a U c g o y e S v n 3 t . ­ , l S o U a c t n a . a S d t l e 4 Other 5 Total Total B P l o i u c n l b y d ­ s v P at r e i l ­ y fe P r r r e e S ­ d toc C k m o o m n ­ Total Total m N on ew ey 7 O p p o t u h s r e e ­ s r m s r t e i i o t r e c i e f e n u ­ s ­ t offered placed 1959.................. 31,074 12,322 707 7,681 616 9,748 7,190 3,557 3,632 531 2,027 9,527 9,392 8,578 814 135 1960.................. 27^541 7’906 1,672 7’230 579 10,154 8'081 4; 806 3^275 409 1^64 9,924 9^653 8,758 895 271 1961.................. 35,527 12’253 1,448 8,360 303 13,165 9,420 4,700 4,720 450 3,294 12,885 12,017 10,715 1,302 868 1962.................. 29,956 8,590 1 ,188 8,558 915 10,705 8,969 4,440 4,529 422 U314 10,501 9^747 8^240 1,507 754 1963.................. 35,199 10,827 I ,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.................. 37,122 10’656 1 ^205 10,544 760 13^957 10'865 3^623 7,243 412 2'679 13,792 13,038 11,233 1,805 754 1965.................. 40.108 9,348 2,731 11148 889 15,992 13^720 5,570 8,150 725 1 ,547 15,801 14,805 13,'063 1 .741 996 1966.................. 45,015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1,939 17,841 17,601 15,806 1,795 241 1966—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—Jun......... 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 1J59 10 1,418 1,262 900 362 17 139 1,400 1,399 1,375 24 I 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........ 4,229 393 650 1,129 41 2,015 1 ,768 1,368 410 144 94 1 ,964 1 ,973 1.891 82 12 May....... 4,002 438 810 1 ;209 26 1,518 1,361 '965 396 47 111 1,478 1 ^474 1,418 56 19 June....... 5,373 410 650 1 ,461 179 2.674 2,343 1,684 659 17 313 2,631 2,611 2.363 248 20 July....... 4,377 415 407 925 32 2,598 2,384 1,888 496 85 130 2,554 2,466 2,214 251 89 Aug....... 10,653 6,458 250 840 592 2,512 2,263 1,813 450 106 144 2,472 2,440 2,214 226 32 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o 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 capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ rities rities rities rities rities rities 1959............................................ 1,941 70 812 28 942 15 3,189 15 707 * 1,801 6 1960............................................ 1,997 79 794 30 672 39 2,754 51 1 036 f 2,401 71 1961............................................ 3^691 287 1,109 36 651 35 2'883 106 1 ,435 382 2’248 22 1962............................................ 2’958 228 '803 32 543 16 2,341 444 1,276 11 1^825 23 1963............................................ 3,272 199 756 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—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.................................. 1,128 7 102 4 100 394 107 141 May................................. 588 1 94 199 1 403 17 91 100 * June................................. 1 ,298 16 218 3 128 471 350 146 July.................................. 934 22 270 23 372 20 446 24 40 404 Aug......... 1,243 10 97 1 102 509 19 356 134 1 Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of flotation. number of units by offering pnce. t For plant and equipment and working capital. 2 Includes guaranteed issues. 8 All issues other than those for retirement of securities. 3 Issues nof guaranteed. * See Note to table at bottom of opposite page. Note.—Securities and Exchange Commission estimates of new issues 5 Foreign governments. International Bank for Reconstruction and maturing in more than 1 year sold for cash in the United States. Development, and domestic nonprofit organizations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 SECURITY ISSUES 1963 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire­ Net New Retire­ Net issues ments change issues ments change I c n o ve s s . t 1 . Other In c v o e s s .1 t 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 I ,567 2,300 688 1963...................... 15,641 8,71 1 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—11............... 7,517 2,233 5,286 3,993 1,153 2,841 1,518 2,006 548 532 970 1,475 Ill.............. 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 1,111 2,225 1,657 622 431 993 1,226 -371 1967—1................. 7,252 2,344 4,908 4,274 1,202 3,522 1,742 786 592 550 1,150 235 II............... 7,394 2,599 4,795 4,978 1,318 3,660 1,375 1,041 701 581 674 461 Type of issuer Manu­ Commercial Transpor­ Public Communi­ Real estate Period facturing and other 2 tation 3 utility cation and financial 4 & B n on o d te s s Stocks & B n on o d te s s Stocks & B o n n o d te s s Stocks & 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—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 1,133 1967—1................ 1,489 52 130 -6 372 19 642 90 511 97 379 1,251 II............... 1,858 107 178 52 198 47 1,089 117 320 158 41 655 1 Open-end and closed-end companies. exclude foreign and include offerings of open-end investment cos., sales of 2 Extractive and commercial and misc. companies. securities held by affiliated cos. or RFC, special offerings to employees, 3 Railroad and other transportation companies. and also new stock issues and cash proceeds connected with conversions 4 Includes investment companies. of bonds into stocks. Retirements include the same types of issues and also securities retired with internal funds or with proceeds of issues for Note.—Securities and Exchange Commission estimates of cash trans­ that purpose shown on opposite page. actions only. As contrasted with data shown on opposite page, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares ai end ot 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 ii s o h n 3 Other Sales 1 Re ti d o e n m s p­ s N al e e t s Total 2 po C si a t s i h o n3 Other 1955............. 1,207 443 765 7,838 438 7,400 1966—Sept.,. 327 145 182 32,223 3,036 29,187 1956............. 1’347 433 914 9,046 492 8,554 Oct.. . 329 133 196 33,483 3'244 30,239 1957............. 1'391 406 984 8,714 523 8.191 Nov... 295 143 152 34’497 3'206 31.291 1958............. 1,620 511 1,109 13,242 634 12,608 Dec... 300 151 149 34,829 2,971 31,858 1959............. 2,280 786 1,494 15,818 860 14,958 1967—Jan..., 391 183 209 37,230 2,869 34,361 1960............. 2397 842 1,255 17,026 973 16,053 Feb... 298 179 120 38,034 2,866 35,168 1961............. 2,951 1,160 1,791 22,789 980 21,809 Mar. . 389 226 163 39’443 2,682 36,761 1962............. 2,699 1,123 1,576 21,271 1,315 19,956 Apr.. . 358 214 144 41,191 2,666 38,525 May.. 357 258 99 39'847 2,608 37339 1963............. 2,460 1,504 952 25,214 1,341 23,873 June.. 375 225 150 40,795 2,503 38,292 1964............. 3,404 1,875 1 ,528 29,116 1,329 27387 July... 425 222 203 43,064 2,515 40,549 1965............. 4,359 1,962 2’395 35.220 1.803 33.417 Aug,.. 347 249 98 42,663 2,370 40,293 1966............. 4,671 2,005 2,665 34,829 2,971 31,858 Sept.. 352 246 106 43,585 2; 244 41341 1 Includes contractual and regular single purchase sales, voluntary 3 Cash and deposits receivables all 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

1964 BUSINESS FINANCE NOVEMBER 1967 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1965 1966 1967 Industry 1962 1963 1964 1965 1966 III IV I II III IV I II Manufacturing Total (177 corps.): Sales.................................... 136,545 147,380 158,253 177,237 196,488 42,060 46,601 47,778 49,909 46,225 52,576 48,646 51,386 Profits before taxes.............. 15,330 17,337 18,734 22,046 23,420 4,717 5,787 6,020 6,460 4,881 6,059 5,153 5,574 Profits after taxes................. 8,215 9,138 10,462 12,461 13,244 2,729 3,270 3,353 3,643 2,845 3,403 2,918 3,172 Dividends............................. 5,048 5,444 5,933 6,527 7,205 1,430 2,062 1,570 1,754 1,916 1,965 1,670 1,655 Nondurable goods industries (78 corps.):1 Sales....5..2.,.2..4..5.....5..5..,.3..7..2.. ...5..9..,.770 64,897 73,850 16,408 16,697 17,804 18,555 18,320 19,171 18,804 19,578 Profits before taxes..................... 5,896 6,333 6,881 7,846 9,107 2,010 2,017 2,204 2,444 2,305 2,158 2,153 2,250 Profits after taxes........................ 3,403 3,646 4,121 4,786 5,419 1,219 1,251 1,305 1,427 1,389 1,298 1,319 1 ,343 Dividends.................................... 2,150 2,265 2,408 2,527 2,729 613 707 651 682 673 723 720 704 Durable goods industries (99 corps.):2 Sales..................................... 84,300 92,008 98,482 112,341 122,638 25,652 29,904 29,974 31,354 27,905 33,405 29.842 31,808 Profits before taxes.............. 9,434 11,004 11,853 14,200 14,313 2,707 3,770 3,815 4,020 2,577 3,901 3.000 3,324 Profits after taxes................ 4,812 5,492 6,341 7,675 7,824 1,511 2,019 2,047 2,216 1,456 2,105 1.599 1,829 Dividends............................ 2,898 3,179 3,525 4,000 4,476 817 1,356 919 1,072 1,243 1,242 950 951 Selected industries: Foods and kindred products (25 corps.): Sales........................................ 13,457 14,301 15,284 16,427 19,284 4,252 4,217 4,678 4,732 4,782 5,092 5,024 5,103 Profits before taxes.................. 1,460 1,546 1,579 1,710 1,912 453 439 439 488 504 481 447 482 Profits after taxes.................... 698 747 802 896 1,006 235 237 230 257 262 257 236 253 Dividends........................ 425 448 481 509 564 126 133 137 142 139 146 148 144 Chemical and allied products (20 corps.): Sales........................................ 13,759 14,623 16,469 18,158 19,998 4,657 4,656 4,885 5,216 4,824 5,063 4,998 5,163 Profits before taxes.................. 2,162 2,286 2,597 2,891 3,073 737 707 760 874 789 650 694 700 Profits after taxes.................... 1,126 1,182 1,400 1,630 1,737 411 409 428 480 443 386 396 404 Dividends.............................. 868 904 924 926 948 215 285 221 224 234 269 238 235 Petroleum refining (16 corps.): Sales........................................ 15,106 16,043 16,589 17,828 20,844 4,381 4,504 4,945 5,114 5,298 5,487 5,390 5,808 Profits before taxes................ 1,319 1,487 1,560 1,962 2,619 497 522 656 668 631 664 684 741 Profits after taxes.................... 1,099 1,204 1,309 1,541 1,846 395 400 457 467 479 443 505 504 Dividends................................ 566 608 672 737 817 183 196 200 204 204 209 232 227 Primary metals and products (34 corps.): Sales........................................ 21,260 22,116 24,195 26,548 28,572 6,657 6,167 6,567 7,457 7,309 7,239 6,801 7,040 Profits before taxes................. 1,838 2,178 2,556 2,931 3,277 690 623 682 928 857 810 693 669 Profits after taxes.................... 1,013 1,183 1,475 1,689 1,903 397 373 402 537 490 474 395 411 Dividends................................. 820 734 763 818 924 202 221 216 218 230 260 222 227 Machinery (24 corps.): Sales........................................ 19,057 21,144 22,558 25,364 30,141 6,291 6,785 6,985 6,889 7,538 8,729 7,704 7,597 Profits before taxes.................. 1,924 2,394 2,704 3,107 3,613 772 788 894 915 851 953 868 774 Profits after taxes................ 966 1,177 1,372 1,626 1,880 408 410 456 480 444 500 421 399 Dividends.................................... 531 577 673 774 912 188 207 217 225 226 244 232 227 Automobiles and equipment (14 corps.): Sales........................................ 29,156 32,927 35,338 42,712 43.641 8,294 12,033 11,718 11,728 8,046 12,149 10,413 11,875 Profits before taxes.................. 4,337 5,004 4,989 6,253 5,273 752 1,797 1,779 1,615 313 1,566 1,050 1 ,436 Profits after taxes.................... 2,143 2,387 2,626 3,294 2,866 428 923 934 893 224 815 583 782 Dividends................................. 1,151 1,447 1,629 1,890 1,775 307 759 360 503 361 551 363 365 Public utility Railroad: Operating revenue. ............ 9,440 9,560 9,778 10,208 10,654 2,575 2,668 2,518 2.728 2,690 2,718 2,536 2,628 Profits before taxes.............. 729 816 829 980 I ,088 248 328 213 327 280 268 145 n.a. Profits after taxes................. 572 651 694 816 902 206 276 172 259 227 244 121 n a. Dividends............................. 367 383 438 468 496 81 161 113 109 113 161 124 n.a. Electric power: Operating revenue............... 13,489 14,294 15,156 15,816 16,908 3,878 3,997 4,401 4,026 4,236 4,246 4,697 4,280 Profits before taxes.............. 3,583 3,735 3,926 4,213 4,395 1,050 1,000 1 ,215 987 1,153 1 ,041 1,279 1.026 Profits after taxes................. 2,062 2,187 2,375 2,586 2,764 630 637 758 632 702 673 799 666 Dividends,........................... 1,462 1,567 1,682 1,838 1,932 357 577 473 486 475 505 518 510 Telephone: Operating revenue.............. 9,196 9,796 10,550 11,320 12,420 2,854 2,944 2,992 3,091 3,135 3,202 3,229 3,312 Profits before taxes..................... 2,639 2,815 3,069 3,185 3,537 830 806 851 907 911 868 869 923 Profits after taxes...................... 1,327 1,417 1,590 1,718 1,903 447 432 460 488 487 468 472 497 Dividends.................................. 935 988 1,065 1,153 1,248 294 296 302 309 317 320 334 337 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 Noth.—Manufacturing corporations: Data are obtained primarily from Lines and General Depts, of American Telephone and Telegraph Co.), published reports of companies. and for 2 affiliated telephone companies. Dividends are for the 20 opera­ Railroads; Interstate Commerce Commission data for Class I line­ ting subsidiaries and the 2 affiliates. haul railroads. All series; Profits before taxes are income after all charges and before Electric power: Federal Power Commission data for Class A and B Federal income taxes and dividends. electric utilities, except that quarterly figures on operating revenue and Back, data available from the Division of Research and Statistics. profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 BUSINESS FINANCE 1965 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r s t e s c ta o I x n m e ­ e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h ­ s tr U p i r b n o u d f t i i e t s s d ­ co c a n a t l i l s p o o u i n w t m a ­ l p ­ Quarter P b t r a e o x fo f e i r s t e s c ta o I x n m e ­ e s P t a a r f o x t f e e i r s t s d C d e i a n v s d i h ­ s tr U p i r b n o u d f t i i e t s s d ­ co c a t n 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—11.... 75.6 30.9 44.6 19.4 25.2 36.0 I960............. 49.7 23.0 26.7 13.4 13.2 24.9 III... 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 II.. 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 1966............. 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 II. . . 78.9 32.5 46.5 23.1 23.4 40.9 1 Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts, Notes and accts, End of period working U. S. receivable payable Accrued capital Total Cash s G ec o u v r t i , ­ I t n o v ri e e n s ­ Other Total i F n e c d o e m ra e l Other ties G U o . v S t . .1 Other G U o . v S t . .1 Other taxes 1961............................ 148.8 304.6 40,7 19.2 3.4 133.3 95.2 12.9 155 8 1.8 110.0 14 2 29.8 1962............................ 155.6 326.5 43.7 19.6 3.7 144.2 100.7 14.7 170.9 2.0 119.1 15^2 34.5 1963............................ 163.5 351.7 46.5 20.2 3.6 156.8 107.0 17.8 188.2 2.5 130 4 16 5 38.7 1964............................ 172,3 372.6 47.1 1 8.8 3,4 170.6 114.0 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 33 157.6 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 in.................... 191 .5 431.4 46.9 14.6 4.2 202.8 139,4 23.5 239.9 4 4 167 I 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—I....................... 1^5.2 442.4 46.5 14.4 4.4 204.4 148.2 24.5 247.2 5.4 170 8 18.6 52.4 II...................... 196.4 443.3 47.0 11.5 4.6 206.7 149.4 24.1 246.9 5.9 174.3 12.6 54.0 1 Receivables from, and pavables 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 Mining Public Commu­ Other 1 (S.A. Durable du N r o ab n l ­ e Railroad Other utilities nications an ra n t u e) al 1959...................................... 32.54 5,77 6.29 .99 .92 2.02 5.67 2.67 8.21 1960.......................... 35.68 7.18 7,30 ,99 1.03 1.94 5.68 3,13 8.44 1961...................................... 34.37 6.27 7.40 .98 .67 1.85 5.52 3.22 8.46 1962...................................... 37.31 7.03 7.65 1.08 .85 2.07 5.48 3,63 9.52 1963...................................... 39. 22 7.85 7.84 1.04 1.10 1.92 5.65 3.79 10 03 1964...................................... 44,90 9.43 9.16 1.19 1.41 2.38 6.22 4,30 10,83 1965...................................... 51 ,96 11.40 11.05 1.30 1.73 2.81 6.94 4.94 11,79 1966...................................... 60.63 13.99 13.00 1.47 1.98 3.44 8.41 5.62 12.74 19672.................................... 62.03 14.10 13.21 1.48 1.57 3.92 9.41 18.34 1965—11................................ 12 81 2.76 2.70 .33 .44 .77 1.71 t.24 2.85 50.35 ......1..3....4.1............ 2.91 2.82 .32 .44 .72 1.88 1.22 3. 10 52.75 IV............................... 14.95 3.48 3.24 .35 .46 .73 2.04 1.41 3.25 55,35 1966—1................................. 12. 77 2.87 2.74 .33 .40 .75 1.60 1.26 2.83 58.00 II................................ 15.29 3.51 3.27 .40 .55 1.00 2.09 1.42 3.06 60 10 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 ................................ 15.61 3.46 3.34 .34 .41 1.12 2.46 1.49 2.99 61.50 HI 2............................. 15,77 3.44 3.28 .39 .37 1.05 2.61 4.63 62.50 IV2............................. 17.06 4.12 3.57 .42 .37 1.06 2.51 5.01 62.65 1 Includes trade, service finance, and construction. Note,—Dept of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corporate and noncorporate business, excluding agriculture. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1966 REAL ESTATE CREDIT NOVEMBER 1967 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Noniarm Other Multifamily and Mortgage E pe n r d i o o d f All Finan­ holders2 All Finan- Other All 1- to 4-family houses4 commercial properties3 type 6 h e o r l s d­ tu i t n c i i o s a t n l 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 h e o r l s d­ tu . i t c n i i s o a t n i ! ­ s1 h e o r l s d 3 ­ h e o r l s d­ Total tu F i t n i i n o s a t n i n ­ s , 1 O h e o t r h l s d e ­ r Total tu F i t n i i n s o a t n i n ­ s 1 O h e o t r h l s d e ­ r w u F n V r H i d t A A t e e - r - n ­ t C i v o o e n n n a ­ ­ l 1941.......... 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945.......... 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 1961....... 226.3 172.6 11.8 41.9 13.9 5.0 8.9 212.4 153.1 128.2 24.9 59.3 39.4 19.9 65.5 146.9 1962.......... 248.6 192.5 12.2 44.0 15.2 5.5 9.7 233.4 166.5 140.4 26.0 66.9 46.6 20.4 69.4 164.1 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 11.9 281.2 197.6 170.4 27.2 83.6 63.7 19.9 77.2 204.0 1965.......... r362.3 r264.6 12.4 49.3 21.2 7.8 13.4 ’305,1 213.7 185.1 28.6 ’91.4 ’71.7 19.7 81.2 223,8 1966»......... 347.0 280.5 15,7 50,8 23.3 8.4 14.9 323.7 223.8 192.4 31.4 99,9 79,7 20.2 84,0 239.7 1965—1.. .. 305.3 245.8 11.6 47.9 19.5 7.2 12.3 ’285.9 200.7 173.3 27.4 ’85.2 65.3 19.8 77.9 ’208.0 II. . . 312.5 ’’252.3 11.7 48.6 20.2 7.4 12.8 292.3 205. I 177.4 27.7 87.2 ’67.5 19.8 78.7 213.6 III. . ’■319.5 ’258.7 11.9 49.0 20.7 7.6 13.1 ’298.8 209.6 181.5 28.0 ’89.3 ’69.5 19.7 80.0 ’218.8 IV... ’’326.3 ’264.6 12.4 49.3 21.2 7.8 13.4 ’■305.1 213.7 185,1 28.6 ’91.4 ’71.7 19.7 81.2 ’223.9 1966—1». . . 332.1 269.4 13.5 49.2 21.8 8.0 13.7 310.3 216.7 187.6 29.1 93.6 73.8 19.9 82.1 228.2 II*.. 338.6 274.5 14.4 49.7 22.5 8.2 14.2 316.1 220.0 190.2 29.9 96.1 76.1 20.0 82.6 233.5 III*.. 343.3 277.9 15.2 50.2 23.0 8.4 14.6 320.3 222.2 191.4 30.7 98.1 78.1 20.1 83.4 236.9 IV’.. 347.0 280.5 15.7 50.8 23.3 8.4 14.9 323.7 223.8 192,4 31.4 99.9 79.7 20.2 84.0 239.7 1967—1*... 350.7 283.2 16.4 51.1 23.7 8.5 15.2 327.0 225.5 193.4 32.0 101.5 81.2 20.3 84,4 242.6 I*... 356.2 287.9 16.7 51.6 24.2 8.7 15.5 332.0 228.3 195.9 32.4 103,7 83.3 20.4 85.3 246.7 1 Commercial banks (including nondeposit trust companies but not 6 Data by type of mortgage on nonfarm I - to 4-family properties alone trust depts.), mutual savings banks, life insurance companies, and savings are shown on second page following. and loan 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. 5 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 Total Total FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ O f n a t o r h n m e ­ r Farm Total Total FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ O f n a 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,'3 20 29 J 81 9,238 9,787 10.156 3,088 51 1963............................. 39^414 26,476 71105 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 2t,997 14’377 2,911 44,617 40.096 13.791 11,408 14,897 4.469 52 1966............................. 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 41,521 37,357 12,664 11,228 13,465 4,112 52 II...................... 46.548 30.383 7,469 2’712 20,202 13,371 2,794 42,467 38,214 13.036 11,322 13.856 4.202 51 HI..................... 48,353 31.574 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—1........................ 50,650 32,822 7,717 2,659 22,446 14,840 2,988 45,370 40,700 13,956 11,408 15,336 4,617 53 ii....................... 52,306 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 UI..................... 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 34,890 7,444 2,547 24,899 16,468 3,173 48,107 42,879 14,723 11,619 16,537 5,176 52 n....................... 55,731 35,487 7,396 2,495 25;596 17,970 3,274 48,893 43,526 14,947 11,768 16,811 5,316 51 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 an'd 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

NOVEMBER 1967 REAL ESTATE CREDIT 1967 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H u A re - d a g n V u t A e a e r - d ­ Other 1 Farm 1 Total Total in F s H u A re - d a g V n u t A e a e r - ­ d Other Farm 1945. 976 ............. 6,637 5,860 1,394 4,466 766 1961. 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962. 7,478 6,859 1,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 3,400 1963. 9,172 8,306 1 ,598 678 6,030 866 50,544 46,752 10,756 6,401 29,595 3,792 1964. 10,433 9,386 1 ,812 674 6,900 1 ,047 55,152 50,848 11,484 6,403 32,961 4,304 1965. 11,137 9,988 1 ,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 4,823 1966” 10,202 9,210 1,311 458 7,441 992 64,609 59,369 12,351 6,201 40,817 5,240 1966--Aug.r............................... 798 753 94 39 620 45 63,274 58,066 12,312 6,211 39,543 5,208 Sept.................................. 781 735 83 35 617 46 63,683 58.457 12,344 6,191 39,922 5.226 Oct................................... 718 675 86 41 548 43 64,007 58,775 12,362 6,190 40,223 5,232 Nov................................. 708 673 89 41 543 35 64,353 59,118 12.393 6,195 40,530 5,235 Dec.................................. 947 888 82 47 759 59 64,803 59,563 12,411 6,209 40,943 5,240 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 65,503 60,259 12,459 6,211 41 589 5,244 Mar................................. 721 632 80 44 508 89 65,798 60,525 12,468 6,217 41,840 5,273 Apr.................................. 603 536 50 25 461 67 66,024 60,721 12,449 6,202 42,070 5,303 May................................. 641 582 57 31 494 59 66,253 60.924 12,434 6,183 42,307 5,329 June................................. 643 569 60 31 478 74 66,414 61,038 12,397 6,163 42,478 5,376 July................................. 563 506 36 27 443 57 66,324 60,920 12,311 6,161 42,448 5,404 Aug................................. 676 618 68 32 518 58 66,506 61,073 12,289 6,144 42,640 5,433 1 Certain mortgage Loans secured by land on which oil drilling or monthly figures may not add to annual totals and for Joans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-ycar 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 ot period) Period h N o e m w e Home FHA- VA- Con­ Period va A n d c ­ es R m e e p n a ts y­ M de e p m o b si e ts rs’ Total1 s c tr o u n c ­ ­ c p h u as r­ e Total 2 su in rc - d a g n u te a e r­ d ti v o e n n a ­ l Total S te h rm or t­ 1 t L er o m 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...................... 4,111 3,294 3,479 2,005 1.474 1,213 1962......... 20,754 5,979 8,524 78,770 4,476 7,010 67,284 1963..................... 5.601 4.296 4,784 2,863 1 ,921 1'151 1963......... 24,735 7,039 9,920 90,944 4,696 6,960 79,288 1964..................... 5.565 5,025 5^325 2,846 2.479 1 ’ 199 1964......... 24,505 6,515 10,397 101,333 4,894 6,683 89,756 1965..................... 5,007 4’335 5^997 3,074 2,923 1 '043 1965......... 23,847 5,922 10,697 110,306 5,145 6,398 98,763 1966..................... 3'804 2,866 6,935 5’006 1 329 1’036 1966......... 16,729 3,604 7,748 114,192 5,270 6,157 102,765 1966—Sept........... 99 150 7,175 4,627 2,548 727 1966—Sept.. 1,1(9 241 572 114,107 5,257 6,210 102,640 Oct............ 300 226 7’249 4^939 2'310 767 Oct... 947 208 473 114,102 5,255 6,190 102,657 Nov........... 104 269 7'084 4’993 2391 863 Nov,. 866 184 423 114,081 5,261 6,174 102,646 68 217 6^935 5,006 1 329 1,036 Dec., 936 189 423 114,192 5,270 6,157 102,765 1967—Jan............ 224 818 6,340 4,814 1,526 1,088 1967-Jan. . 788 165 365 114,229 5,277 6,144 102,808 Feb............ 49 589 5,800 4,'730 1,070 1,240 Feb.. 950 205 420 114,395 5,278 6,141 102,976 Mar....... 30 655 5,' 175 4’262 913 1 ,’490 Mar.. 1,347 306 571 114,797 5,296 6,143 103,358 Apr.......... 59 452 4^782 3’976 806 1,648 Apr.. 1,339 312 586 115,233 5,321 6,141 103,771 May.......... 59 420 4,421 3,776 644 1,831 May. 1,738 400 779 115,909 5,365 6,127 104,417 June.......... 89 208 4,302 3,696 606 1 ’925 June. 2,162 435 1,046 116,944 5,384 6,169 105,391 July........... 193 274 4,221 3,680 541 1,521 July.. 1,860 382 951 117,676 5,437 6,187 106,052 Aug....... 134 202 4'153 3,659 494 1,343 Aug.. 2,228 424 1,186 118,674 5,514 6,223 106,937 Sept........... 102 133 4,122 3,642 480 1 ,317 Sept.f 1,944 389 1,002 119,521 5,569 6,259 107,693 1 Secured or unsecured loans maturing in 1 year or less. 1 Includes loans for repairs, additions and alterations, refinancing, etc., 2 Secured loans, amortized quarterly, having maturities of more than not shown separately. I year but not more than 10 years. 2 Beginning with (958, 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

1968 REAL ESTATE CREDIT NOVEMBER 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 x s n ' e g s e P c r t o s j­ 1 m p P e r e i r o m r n o t v y t p ­ s e ­ ­ 2 Total 3 h N o M m ew e o s rtga h i g o s E e t m i x s n ­ e g s E pe n r d i o 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 ­ t 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 J 30 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 1966............... 223.8 76.0 44 8 31.2 147.9 1966........................... 7,320 1^729 4^366 583 641 2,600 980 1,618 1964—1.. ... . 185.4 66.6 35.7 31.0 118.8 1966—Sept................ 610 149 367 27 66 257 96 161 II......... 189.8 67 3 36. 3 30.9 122.5 Oct., 508 140 275 38 54 271 110 160 Ill....... 193.9 68.4 37.4 31.1 125.4 Nov.......... 446 130 238 26 51 247 110 137 IV....... 197.6 69.2 38.3 30.9 128.3 Dec................. 409 113 214 35 46 226 104 121 1965—I.......... 200.7 70.1 39.0 31.1 130.6 1967—Jan............. 449 116 263 26 44 214 100 113 II......... 205.1 70.7 39.7 31.0 134.4 Feb................. 364 91 210 32 31 169 77 91 Ill....... 209.6 72.0 40.9 31,1 137.5 Mar................ 490 96 292 55 47 195 83 112 IV....... 213.7 73.1 42.0 31.1 140.6 Apr................. 440 89 270 41 40 184 70 114 May................ 508 87 320 44 58 231 76 154 1966—I.......... 216.7 74.1 43.0 31.1 142.5 June................ 626 105 403 57 61 266 81 185 220.0 74.6 43.7 30.9 145.5 July................ 595 103 399 36 58 296 82 214 HI 222,2 75.4 44.4 31.0 146.8 Aug................ 762 129 525 45 62 340 97 243 IV........ 223.8 76.0 44.8 31.2 147.9 Sept................ 758 129 514 58 56 352 101 251 1967—P........ 225.5 76.4 45.2 31.2 149,0 IP....... 228.3 77.2 45.7 31.5 151.1 1 Monthly figures do not reflect mortgage amendments included in annual totals. 2 Not ordinarily secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separately; only such 1 Includes outstanding amount of VA vendee loans in amounts of more than $1,000 need be secured. accounts held by private investors under repurchase agreement. Note.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans gross amounts of loans Note.—For total debt outstanding, figures are closed. Figures do not take into account principal repayments on previously insured or FHLBB and F.R. estimates. For conventional, guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on figures are derived, number and average amount of loans closed. Based on data from Federal Home Loan Bank 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 AH residential Multifamily 1 (dunng mit­ End of period) ments period Total F su H in re A ­ d - a g n V u t A e a e r - d ­ Pur­ Sales bu d u r i n s s e ­ ­ d E pe n r d i o o d f Total F i i c n n i s a a t l i n ­ ­ h O ol t d h e e r r s Total F i c i n n i s a a t l i n ­ ­ h O ol t d h e e r r s chases tutions tutions 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 3.017 1.634 290 1,114 191 1964......................... 4,412 2,996 1,416 424 251 313 1961.............. 176.0 143.0 33.0 23.0 14.8 8.2 1965...,.................. 4,731 3'404 1,327 91 3 200 793 1962............... 192.5 157.9 34.6 25.8 17.5 8.3 1966........................ 7^063 5’407 1,656 2,701 705 1963........... 211,2 176.7 34.5 29.0 20.7 8.3 1966—Sept............... 6,592 5,028 1,564 159 532 1964.............. 230.8 195.2 35.6 33 2 24.8 8.4 Oct............... 6,731 5'146 1,585 168 576 1965.............. 250.7 213.7 37.0 37.0 28.5 8.5 Nov............... 6,891 5,272 1,619 188 617 1966”............. 263.4 223.3 40 1 39.5 30.9 8.6 Dec................ 7,063 5’407 1,656 202 705 1965—J.......... r234.7 199.0 35.8 r34 0 r25.6 8.4 1967—Jan................ 7,216 5,522 1,694 181 695 n 240.1 204.0 36.1 r34.9 26.6 r8.3 Feb................ 7,331 5.615 1,716 144 641 in.. 245.5 209. 1 36.4 36.0 27.6 8.4 Mar............... 7,415 5,692 1,723 119 706 IV..., 250.7 213.7 37.0 37.0 28.5 8.5 Apr... 7,461 5,740 1’721 78 744 May.............. 7.484 5'767 1.717 65 1 835 1966—1”....... 254.5 216.8 37.7 37.8 29.3 8.5 June......... 7,524 5,81 i 1,713 88 6 1,104 IP.... 258.6 220.1 38.5 38.5 29.9 8.6 July............... 7,624 5,890 1,734 136 1 1 ,’333 III”. . . 261.2 221.9 39.3 39.1 30.5 8.6 Aug............. 7'872 6,076 1,796 291 1 1347 IV”.... 263.4 223.3 40.1 39.5 30.9 8.6 Sept............... 8,105 6,249 1,856 272 1,473 1967—ip....... 265.7 224.9 40.8 40.2 31.5 8.7 11”.. .. 269.4 228.2 41.2 41.0 32.3 8.7 Note,—Federal National Mortgage Assn, data, including mortgages subject to participation pool of Government Mortgage Liquidation Trust, but excluding conventional mortgage loans acquired by FNMA i Structures, of 5 or more units. For 1- to 4-family mortgage debt see from the RFC Mortgage Co , the Defense Homes Corp., the Public second preceding page. 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

NOVEMBER 1967 REAL ESTATE CREDIT 1969 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 e s g t ) r e & I s M (y a e t a u r r s i ) ty L c r p ( a o e p r t i n a e i c n o t r e ) / (t d h c o p o P h l r u u l a i a s c s r r . e ­ e s o ) f (t a h d m L o o l u o 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 c n e t r ) t ­ c F c h e e ( a p e n r e s g t ) r e & t 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 n o r e ) / (t d h c o o p P h l u r u l a i a s c r s . r e ­ e s o ) f (t a d h m L o o l u o o l s a a u . r n s n o ) t f 1963...................... 5.84 .64 24.0 73.3 22.5 16.3 5.98 .60 19.2 70.8 17.8 12.6 1964...................... 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 1965...................... 5.76 .54 24.8 74. 1 24.7 18.1 5.89 .50 20.4 72.0 19.7 14.1 1966...................... 6.11 .69 24.4 72.8 26.4 19.0 6.24 .59 20.0 65.1 20.4 14.4 1966—Sept.......... 6.30 .94 23.4 71.8 25.4 18.2 6.45 .76 20.2 71.0 20.3 14.4 Oct............ 6.39 1.06 23.3 71.8 25.8 18.5 6.50 .78 19.8 70.3 20.4 14.3 Nov........... 6.45 1.08 22.9 71.8 25.0 18.0 6.54 .82 20.1 70.3 20.5 14.4 Dec............ 6.49 1.25 23.3 72.4 25.5 18.5 6.55 .81 20.2 70.9 20.8 14.7 1967—Jan............. 6.47 1.16 23.8 73.3 26.3 19.3 6.54 .78 20.6 71.4 21.2 15.2 Feb............ 6.44 1.06 23.6 73.8 24.8 18.3 6.50 .75 20.3 71.6 21.3 15.3 Mar............ 6.41 1.05 23.6 74.1 25.6 19.0 6.44 .77 21.0 71.8 21.4 15.4 6.37 .99 23.6 73.3 25.8 18.9 6.36 .72 20.8 72.0 21.6 15.6 ........6....28 .96 24.2 74.8 26.2 19.6 6.31 .68 21.1 72.3 22.3 16.1 June........... 6.29 .93 24.0 73.6 26.3 19.4 6.30 .67 21.4 72.2 23.0 16.6 July........... 6.34 .89 24.2 74.4 27.0 20.1 6.33 .70 21.3 72.7 22.5 16.4 Aug............ 6.34 .83 24.0 74.3 27.3 20.3 6.38 .71 21.5 73.1 22.7 16.6 Sept.7’......... 6.38 .82 24.2 73.7 27.5 20.3 6.37 .71 21.3 72.9 22,5 16.4 i Fees and charges—related to principal mortgage amount—include originated by major institutional lender groups (including mortgage loan commissions, fees, discounts, and other charges, which provide companies) for purchase of single-family homes. Data exclude loans for added income to the lender and are paid by the borrower. They exclude refinancing, reconditioning, or modernization; construction loans to any closing costs related solely to transfer of property ownership. home-builders; and permanent loans that are coupled with construction loans to owner-builders. Series beginning July 1966, not strictly compar­ Note.—■Compiled by Federal Home Loan Bank Board in cooperation able with earlier data. See also the table on Mortgages; New and Exist­ with Federal Deposit Insurance Corporation. Data are weighted averages ing Homes, p. (952. based on probability sample survey of characteristics of mortgages DELINQUENCY RATES ON HOME MORTGAGES NONFARM MORTGAGE FORECLOSURES (Per 100 mortgages held or serviced) Rate Number (per cent of Loans nor in foreclosure Period (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 2 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...... 7 8 3 6 . . 1 4 . . 4 37 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 HI....................... 29.1 .50 1965—r................... 2.94 2.06 .54 .34 .37 IV....................... 29.6 .50 H.................. 3.00 2.18 ,52 .30 .38 in................ 3.20 2.30 .56 .34 .38 1966—I................................. 28.8 .48 IV................. 3.29 2.40 .55 ,34 .40 fl.............................. 30.8 .51 Ill.............................. 29.3 .48 1966—1................... 3.02 2.13 .55 .34 .38 IV............................... 28.6 .46 II.................. 2.95 2.16 .49 .30 .38 III............... 3.09 2.25 .52 .32 .36 1967—1................................. 29.5 .48 IV................ 3.40 2.54 .54 .32 .36 II................................ 29.7 .48 1967—1................... 3.04 2.17 .56 .31 .38 II.................. 2.85 2.14 .45 .26 .34 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 lieu 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

1970 CONSUMER CREDIT NOVEMBER 1967 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e i o l r ­ e co O g p n o a s t o p h u d e m e s r r e r e a r n R n l d o i e z a p m a n a t s o i i o r d 1 n ­ Pe l r o s a o n n s al Total p S a l i y o n m a g n l e e s n ­ t a C cc h o a u rg n e ts S c e r r e v d ic it e 1939...................................... 7,222 4,503 1.497 1,620 298 1,088 2,719 787 1,414 518 1941....................................... 9’172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945...................................... 5’665 2'462 455 816 182 1 '009 3,'203 746 1’612 845 1960...................................... 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,360 1961....................................... 57^678 43’527 17,223 11’857 3’191 11^256 14,151 5,136 5; 324 3^691 1962....................................... 63,164 48’034 19340 12,605 3’246 12'643 15J30 5,456 5,684 3,990 1963...................................... 70,461 54,158 22,433 13,856 3,405 14,464 16,303 6,117 5,871 4,315 1964...................................... 78^442 60,548 25,195 15,593 3'532 16^228 17,894 6^954 6,300 4,640 1965....................................... 87’884 68,565 28343 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—Sept............................ 91,639 72,829 30,793 18,564 3,771 19,701 18,810 7,814 5,993 5,003 Oct.........................i .. 91 ^899 73,073 30,852 18,714 3,770 19,737 18,826 7’768 6J07 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 7,144 5,142 1967—Jan.............................. 93,479 74,015 30,689 19.649 3,703 19,974 19,464 7,779 6,472 5,213 Feb............................. 92,517 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 93,089 73,840 30,635 19,376 3'636 20,193 19,249 7,890 5,923 5,436 93,917 74'290 30,852 19,442 3’670 20’326 19,627 8,017 6^231 5^379 June..................... 94’813 75,051 31,208 19,580 3^696 20,567 19,762 8; 077 6,334 5^351 July........................... 95,115 75,348 31,364 19,607 3,711 20,666 19,767 8,100 6,346 5,321 Aug............ 95^684 75,889 31,455 19,755 3,743 20,936 19,795 8,’136 6,368 5,291 Sept............................ 95,886 76^039 31,296 19^914 3^742 21’087 19^47 8,179 6’387 5,281 1 Holdings of financial institutions; holdings of retail outlets are in­ hold, family, and other personal expenditures, except real estate mortgage cluded in “other consumer goods paper.” Joans. 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 Com­ Salos Con­ Depart­ Furni­ Appli­ Auto­ Total m b e a r n c k ia s l fin c a o n s. ce u C n r i e o d n i s t fi s n u a m n e c r e 1 Other1 Total st m or e e n s t 2 st t o u r r e e s s a to n r c e e s d m ea o l b e i r l s e 4 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 J26 1'797 198 759 1,605 320 496 206 188 395 1945............................ 2’462 1,776 '745 ’300 102 629 686 131 240 17 28 270 1960............................ 42,832 37,218 16,672 11,472 3,923 3 670 1,481 5,615 2,414 1,107 333 359 1 ,402 1961............................ 43’527 37,935 17,008 1 L 273 4,330 3,799 1 '525 5,595 2’421 1 ^058 293 342 1 ,481 1962............................ 48’034 41,782 19^005 12’194 4,902 4,131 1 ,550 6,252 3^013 1 '073 294 345 1 ,527 1963............................ 54,158 47,405 22,023 13,523 5,622 4,590 1,647 6,753 3,427 1,086 287 328 1,625 1964............................ 60 ,’548 53,141 25’094 14,762 6 ,’458 5,078 1 ,’749 7,’407 3,922 1,152 286 370 1,677 1965............................ 68,565 60’273 29’173 16’138 7,512 5^606 1 '844 8'292 4388 1 ^235 302 447 1 ,820 1966............................ 74,656 65,565 32,155 16,936 8,549 6,014 1 ’911 9,091 n.a. n.a. n.a. 490 n.a. 1966—Sept........... 72,829 64,613 31,778 16,759 8 324 5 858 1 894 8,216 n a. n.a. n.a. 487 n.a. Oct................... 73^073 64,792 31,878 16,771 8,391 5’863 1,889 8,281 n.a. n.a. n.a. 489 n.a. Nov.................. 73,491 65,046 31,978 16.790 8,480 5,881 1,917 8,445 n.a. n.a. n.a 490 n.a. Dec................... 74,656 65,565 32,155 16,936 8,549 6,014 1,911 9,091 n a. n.a. n.a. 490 n.a. 1967—Jan................... 74,015 65,162 32,033 16,814 8,443 5,969 1,903 8,853 n.a. n.a. n.a. 488 n.a. Feb.................. 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 5,951 1,909 8’585 n.a. n.a. n.a. 486 n.a. Apr................... 73,840 65,298 32,299 16,590 8,56! 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 1,946 8’557 n.a. n.a. n.a. 494 n.a. 75,051 66,452 32,966 16,721 8,826 5 995 1,944 8,599 n.a. n.a. 502 n.a. July.................. 75 J48 66’781 33,235 16,747 8,864 6,009 1,926 8,567 n.a. n.a. n.a. 506 n.a. Aug.................. 75,889 67,273 33.536 16’755 8 991 6’036 1 ,955 8,616 n.a. n.a. n.a. 508 n.a. Sept.................. 76,039 67,376 33,637 16,701 9,026 6,’067 1,945 8,663 n.a. n.a. n.a. 507 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

NOVEMBER 1967 CONSUMER CREDIT 1971 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 Aut p o a m p o er bile s O c u o t m h n e e ­ r r e R m r a e n n o p i d z a d a i ­ r ­ s P o e n r a ­ l End of period Total m A pa o u p b t e i o l r e ­ s O g c u o o t m o h n d e e ­ s r r m R iz o a e a n p d ti d a e o i r n r n ­ l s o P o a e n n r a ­ s l ch P a u s r e ­ d Direct g p o a o p d e s r lo ti a o n n s loans paper loans 1939.............................. 1,197 878 115 148 56 1939....................... 1,079 237 178 166 135 363 1941.............................. 1’797 1,363 167 201 66 1941....................... 1326 447 338 309 161 471 1945.............................. 300 164 24 58 54 1945....................... 745 66 143 114 1(0 312 I960............................. 11,472 7,528 2,739 139 1 ,066 1960....................... 16,672 5,316 2,820 2,759 2,200 3,577 1961............................... 11'273 6,811 3,100 161 1J201 1961....................... 17,008 5,391 2,860 2,761 2,198 3,798 1962.............................. 12,194 7,449 3,123 170 L452 1962......................., 19'005 6,184 3,451 2,824 2,261 4,285 1963.............................. 13,523 8,228 3,383 158 1,754 1963....................... 22,023 7,381 4,102 3,213 2,377 4,950 1964.............................. 14,762 8;701 3,889 142 2,030 1964....................... 25,094 8',691 4,734 3,670 2,457 5,542 1965 ............................. 16J38 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 4,829 HO 2,606 1966....................... 32’155 11,’ 370 6,165 5,101 2,567 6,952 1966-Sept.................... 16,759 9,427 4,693 112 2,527 1966~Sept.. .......... 31,778 11,313 6,113 4,864 2.593 6,895 Oct..................... 16,771 9,398 4; 726 112 2,535 Oct......... 31,878 11 ,353 6,132 4,910 2,593 6,890 Nov.................. 16.790 9,395 4,736 110 2,549 Nov. 31,978 11,378 6,157 4,967 2,583 6,893 Dec.................... 16,936 9391 4,829 110 2,606 Dec.............. 32,155 11370 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........... 32399 11 ',256 6,217 5,292 2', 478 7.056 May................... 16’615 9,150 4,751 105 2,609 May.........,. 32,560 11,313 6,307 5,342 2,489 7,109 June.................. 16,721 9,238 4,761 106 2,616 June........... 32,966 11'414 6,402 5,431 2; 505 7,214 ■ July................... 16;747 9; 252 4',752 108 2,635 July............. 33,235 11,489 6,451 5,500 2,519 7,276 Aug.................. 16,755 9,200 4,781 107 2,667 Aug. 33,536 11,538 6,494 5,556 2,536 7,412 Sept............... 16;701 9,079 4; 824 107 2,691 Sept............. 33 ,’637 11,497 6,490 5^19 2^38 7; 493 See Note to first table on previous page. See Note to first table on previous page. INSTALMENT CREDIT HELD BY OTHER FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT (In millions of dollars) (In millions of dollars) Other Repair Single­ Auto­ con­ and Per­ payment Charge accounts End of period Total mobile sumer modern­ sonal loans paper goods ization loans paper loans Service 1 1 1 9 9 9 4 3 4 5 9 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . 7 9 73 8 5 1 9 7 12 8 5 1 4 2 2 2 3 4 0 6 1 1 1 4 5 4 6 6 7 4 8 6 3 5 9 End of period Total C b 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 o a t e l n i n ­ r ­ s s m t p D o a e r r e n e t ­ ­ t s 1 o O r u e t t t h l a e e i t l r s c C a r r e d d s it 2 credit 1960 9,074 1,665 771 800 5,837 1961. 9; 654 1,819 743 832 6,257 1939............. 2,719 625 162 236 1,178 518 1962. 10383 2,111 751 815 6; 906 (941........... 3387 693 (52 275 1,370 597 1945 . . 3303 674 72 290 1322 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 3360 1965 14,962 3; 124 1,153 1.009 9376 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 4352 505 3,990 1966-—Sept................... 16,076 3,453 1,278 1,066 10379 1963............. 16,303 5305 912 895 4,456 520 4315 Oct............ 16; 143 3380 1,286 1,065 10,312 1964............. (7,894 5,950 1,004 909 4,756 635 4,640 Nov.................. 16,278 3,517 1 ,287 1,079 10395 1965........ 19,319 6,587 1,095 968 5,055 723 4,891 Dec.................... 16,474 3,545 1,303 1,074 10,552 1966............ 20,130 6,714 1,130 n.a. n.a. 874 5,142 1967-—Jan............ 16,315 3,501 1,291 1,062 10,461 1966—Sept... 18,810 6,692 1,122 n.a. n.a. 932 5,003 Feb.................... 16303 3,495 1388 1,057 10,463 Oct. .. 18,826 6356 1,112 n.a. n.a. 898 4,951 Mar.................. 16,345 3,515 1384 1,057 10,489 Nov... 19.007 6378 1.129 n.a. n.a. 878 5,001 Apr.................... 16309 3,544 1,283 1 354 10328 Dec... 20,130 6,714 1,130 n.a. n.a. 874 5,142 May........... 16358 3,588 1,286 1 376 10', 608 June........... 16,765 3,652 1,291 1,085 10,737 1967—Jan.... 19,464 6,659 1,120 n.a. n.a. 908 5,213 July............... 16,799 3 366 I 394 1,084 10,755 Feb... 18,919 6,634 1,120 n.a. n.a. 895 5,341 Aug............ 16,982 3,715 1 310 1,100 10357 Mar... 18,928 6,647 1,122 n.a. n.a. 898 5,350 Sept............. 17,038 3,723 1,315 1,097 lo;9O3 Apr... 19,249 6,758 1,132 n.a. n.a. 922 5,436 May.. 19,627 6,848 1,169 n.a. n.a. 939 5379 June.. 19,762 6,902 1,175 n.a. n.a. 965 5351 Note.—Institutions represented are consumer finance companies, credit July... 19,767 6,927 1,173 n.a. n.a. I ,024 5321 unions, industrial loan companies, mutual savings banks, savings and Aug... 19,795 6,950 1,186 n.a. n.a, 1,057 5,291 loan assns., and other lending institutions holding consumer instalment Sept... 19347 6,994 1,185 n.a. n.a. 1,083 5,281 loans. See also Note to first table on previous page. t Includes mail-order houses. 2 Service station and miscellaneous credit-card accounts and home­ heat ing-oi! accounts. See also Note to first table on previous page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1972 CONSUMER CREDIT NOVEMBER 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 rn ep iz a a i t r i o a n nd l oans Personal loans Period S.A.1 N.S.A. S.A.1 N.S.A. S.A J N.S.A. S.A.' N.S.A. S.AJ N.S.A. Extensions 1960....................................... 49,560 17,654 14,470 2 213 15,223 1961....................................... 48,396 16,007 14,578 2 068 15 744 1962....................................... 55'126 19,796 15,685 2 051 17594 1963...................................... 61,295 22,292 17,102 2 198 19 703 1964...................................... 67’505 24'435 19 473 2 204 21*393 1965...................................... 75’508 27 914 21 454 2,238 23,902 1966....................................... 78,896 28'491 23^502 2,136 24,767 1966—Sept............................ 6,578 6,189 2,387 2,070 1 958 1 935 175 187 2 058 1 997 Oct................. 6,522 6,403 2^378 2 369 1 941 1 949 166 171 2 037 1*914 Nov.......................... 6^657 6.611 2,461 2,346 1 *947 2*044 166 168 2 083 2 053 Dec,............................ 6333 7,442 2’297 2,178 1 928 2 720 159 140 2 049 2,404 1967—Jan.............................. 6,501 5,674 2,240 1,923 2 031 I 808 157 120 2,073 1,823 Feb............................ 6397 5,488 2'177 1,916 2,099 1,655 169 126 2,052 1,791 Mar............................ 6,510 6,641 2’ 199 2^350 2,049 1385 169 159 2,'093 2,147 Apr............................. 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 2’559 2 032 2 074 180 219 2’ 104 2,210 June........................... 6,823 7’458 2'338 2,678 2,081 2 J55 190 215 2,214 2,410 July............................ 6,776 6,859 2,266 2,396 2 ’ 147 2371 175 191 2' 188 2,201 Aug............................. 6'929 7,223 2 285 2 392 2 212 2,229 175 210 2 257 2 392 Sept............................ 6,973 6,590 2,322 2,042 2 ,*234 2,205 166 176 2*251 2J67 Repayments I960..................................... 45,972 16,384 13,574 1,883 14,130 1961..................................... 47,700 16,472 14,246 2,015 14,967 1962...................................... 50,620 17'478 14,939 1,996 16,206 1963....................................... 55,171 19,400 15,850 2,038 17.883 1964..................................... 61,121 21,676 17,737 2,078 19,630 j 065...................................... 67,495 24,267 19,355 2.096 21,777 1966..................................... 72,805 26,373 21,361 2,060 23,011 1066— 6,103 6,000 2,213 2,195 1,784 1,761 168 171 1,938 1,873 Oct................. 6,142 6,159 2,244 2,310 1 ’820 1,799 169 172 1,909 1,878 Nov,,.............. 6,213 6.193 2'255 2,261 1 836 1,813 169 166 1.953 1,953 Dec............................. 6,112 6,277 2'225 2,154 1,796 1,831 161 161 1,930 2,131 1967-—Jan.. .................. 6,221 6,315 2.202 2,195 1,882 1,993 167 168 1,970 1,959 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 2,011 1,965 May........................... 6'361 6'612 2,219 2,342 1,948 2,008 178 185 2,016 2,077 Tune........................... 6,531 6,697 2'281 2,322 I 395 2,017 184 189 2'071 2,169 July............................ 6,551 6,562 2,228 2340 2,074 2,044 175 176 2374 2,102 Aug. ........................... 6,585 6,682 2,240 2,301 2,079 2,081 171 178 2,095 2,122 Sept............................ 6,689 6,440 2; 280 2^01 2,106 2,046 178 177 2,125 2,016 Net change in credit outstanding 2 3,588 1,270 896 330 1,093 1961....................................... 696 -465 332 53 777 1962....................................... 4,506 2,318 746 55 1,388 1061 ...................... 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 1066................................. 6,091 2,118 2,141 76 1,756 1966--Sept................. 475 189 174 -125 174 174 7 16 120 124 Oct,................ 380 244 134 59 121 150 -3 -I 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 June............................ 292 76! 57 356 86 138 6 26 143 241 July.................*......... 225 297 38 156 73 27 15 114 99 Auk 344 541 45 91 133 148 4 32 162 270 Sept............................ 284 150 42 -159 128 159 -12 -1 126 151 1 Includes adjustments for differences in trading days. sales of instalment paper, and certain other transactions may increase 1 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

NOVEMBER 1967 CONSUMER CREDIT 1973 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p fi a n n a i n e c s e Ot i h n e st r i t f u in ti a o n n c s ial Retail outlets Period S.A.1 N.S.A. S.A.i N.S.A. S.AJ N.S.A. S.A.i N.S.A. S.A.1 N.S.A. Extensions 19(50 .................................... 49,560 18,269 11,456 12,073 7,762 1961...................................... 48,396 17,711 10,667 12,282 7'736 1962...................................... 55,126 20'474 11’999 13,’525 9 128 1963...................................... 61,295 23,344 12,664 14,894 10 393 1964.................................... . 67,505 25'950 14'020 16,251 11,284 1965...................................... 75,508 29’738 15.075 18 J 20 12 575 1966....................................... 78,896 31,114 14,951 18,986 13 845 1966—Sept............................ 6,578 6,189 2,634 2,422 1 ,242 1,162 1,587 1,517 1,115 1,088 Oct.............................. 6,522 6' 403 2,583 2,520 1,226 1,235 1,582 1,505 1 J31 1,143 Nov...................... 6^657 6^11 2,666 2,495 1'256 1,241 1,613 1,631 1,122 1,244 Dec........................ 6'433 7,442 2'553 2,523 1,241 1,374 1,570 1,822 I 069 1 ’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 1398 1 ,’649 t ’(55 1,101 Apr............................ 6'495 2,631 2,688 t'212 1,168 1.589 1.559 1,(74 1,080 May 6,554 7,062 2,577 2,891 1,193 1,278 1 ,614 1,728 1,170 1 J 65 June........ 6,823 7,458 2,698 3,004 1'235 1,367 1,697 1,875 1,193 1,212 July............................ 6,776 6,859 2,738 2,857 1,200 1 ’ 223 1,601 1,627 I ^237 ! J52 Aug............................ 6^29 7'223 2^796 2'945 1^203 1,260 1,677 1,775 1 '253 1,243 Sept............................ 6,973 6,590 2,828 2,636 1,206 1,142 1,675 1,588 1,264 1,224 Repayments I960...................................... 45 972 16,832 10,442 11,022 7,676 1961................................ 47’700 18,294 10^943 11,715 6,749 1962...................................... 50'620 18^468 11,434 12^593 8'125 1963....................................... 55,171 20,326 12,211 13,618 9 016 1964................ . 61’121 22,971 13,161 14,825 10,164 1965...................................... 67’495 25^663 13’699 16343 11,690 1966...................................... 72,805 28,132 14,153 17,474 13,046 1966—Sept............................ 6,103 6,000 2,396 2,381 1,156 1,135 1,481 1,426 1,070 1,058 Oct......................... 6,142 6,159 2,400 2,420 1,193 1,223 1 ’ 472 1,438 1,077 1,078 Nov................. 6,213 6,193 2',415 2'395 1,258 1,222 1,480 I .496 1,060 1,080 Dec,........................... 6,112 6,277 2,418 2,346 1,198 1’228 1,467 1,626 1,029 1,077 1967—Jan.............................. 6,221 6,315 2,435 2,470 1,190 1 ,155 1 .500 1,492 1,096 1,198 Feb............................ 6,281 5,905 2,446 2,297 1,188 G150 1,510 1’361 1,137 1,097 Mar.......................... 6'246 6,648 2^412 2’561 1 187 1 J 32 1,540 1 ,'607 1,107 1,148 Apr............................. 6,393 6,246 2,516 2,457 i,’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 June,............... 6,531 6,697 2,548 2'598 1,234 1,261 1,585 1,668 1,164 1,170 July............................. 6,551 6,562 2,562 2,588 1,215 1 ,197 1,564 1,593 1,210 1 J 84 Aug.................... 6,585 6,682 2,566 2,644 1,255 1,252 1,578 1,592 1,186 1'194 Sept........................... 6^89 6,440 2,616 2,535 1,252 1J96 1,615 1,532 1,206 1,177 Net change in credit outstanding 2 1960...................................... 3,588 1,446 I ,152 1,051 -61 1961...................................... ’696 335 -199 578 -20 1962................................... 4.506 1,997 921 932 656 1963 .................................... 6.124 3,018 1,329 1,276 501 1964....................................... 6,384 3,065 1'239 1,426 654 1965...................................... 8'013 4'075 1,376 1.677 885 1966...................................... 6,091 2,982 '798 1 ,512 799 1966—Sept............................ 475 189 238 41 86 27 106 91 45 30 Oct.. 380 244 183 100 33 12 no 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 -122 63 -159 64 -238 Feb..................... 216 -417 91 -66 27 -118 67 -12 31 -221 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 25 74 149 25 15 June........................ 292 761 150 406 1 106 112 207 29 42 July.......................... 225 297 176 269 -15 26 37 34 27 -32 Aug................. 344 541 230 301 -52 8 99 183 67 49 Sept.............. 284 150 212 101 -46 -54 60 56 58 47 i Includes adjustments for differences in trading days. payments for some particular holders do not equal the changes in their 2 Net changes in credit outstanding are equal to extensions less repay­ outstanding credit. Such transfers do not affect total instalment credit ments, except in certain months when data for extensions and repayments extended, repaid, or outstanding. have been adjusted to eliminate duplication resulting from large transfers See also Note to previous table. of paper. In those months the differences between extensions and re­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1974 INDUSTRIAL PRODUCTION: S.A. NOVEMBER 1967 MARKET GROUPINGS (1957-59 = 100) 1957-59 1966 1966r 1967r pro­ aver­ Grouping por­ age r tion Sept Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total index.................................. 100 00 156 3 158 1 159 4 159 1 159 5 158 2 156 6 156 4 1 56 5 155 6 155 6 1 56 6 1 58 2 156 7 Final products, total. ................ 47.35 155 5 156 6 158 7 159.0 159 6 158 1 157 0 157 1 1^7 3 116 3 116 8 157 1 118 2 156 8 Consumer goods......................... 32 31 147 5 146'9 149 3 149 2 149*8 148*0 146*1 146 6 147 1 146 0 146 9 147 1 148 6 Equipment, including defense.... 15.04 172^6 177;4 179^0 180^0 180^7 179*9 180.3 179:6 17^2 178.5 178,1 178.4 178,9 iis'.o Materials...................................... 52.65 157 0 159.6 159.7 159.0 159.2 157 9 155 8 155 5 156 n 1 SA 6 Consumer goods Automotive products....................... ? 71 163 0 150 7 168 5 162 8 162, 6 147 0 131 7 144 6 151 3 145 8 151 2 161 I 140 0 Autos............................................... 1 82 169 5 148 6 177 8 166* 7 167* 3 141 3 120' 5 136*5 149 6 156 0 160 7 163 7 Auto parts and allied products. .... L39 154'4 153'5 156^2 157*8 156^4 154.4 155:7 155.3 153.6 146:5 144.8 148.0 157.8 148.6 Home goods and apparel.................. 10.00 151.0 152 2 153 2 153 4 153 3 152 8 149 5 147 9 145 9 144 1 143 9 144 0 147 8 148 7 Home goods.................................... 4 59 168 9 168 1 170 0 169 4 168 I 168*0 164 1 162 7 158 9 158*5 156 6 157 3 163*4 Appliances, TV, and radios......... 181 166 6 164*8 170*2 166*3 160*2 160 5 156 9 152 9 (44 2 143*8 138 6 143 3 155*6 155 5 Appliances................................ 1 33 166 7 165 6 1717 162 4 1519 158*9 154* 8 1513 149 4 147*0 149 7 152 2 1539 153 1 TV and home radios................. 47 166* 3 162 6 1660 177*4 183*7 164 8 162*9 1 57 2 129 6 13-5 0 1073 H8 0 1583 162 0 Furniture and rugs....................... 1'26 165.7 165*9 164* 4 164 7 163*5 163*4 158 5 157*4 1 579 157*2 1 57 3 1 56* 3 156 6 1 57 9 Miscellaneous home goods........... 1 52 174 3 173 9 174*5 177! 1814 1 RO 7 1 77* 3 178 6 177 1 177 I 177*3 174 8 178*6 178:4 Apparel, knit goods, and shoes....... 5'41 139^5 138.8 139.0 139 8 140*7 139*9 137* 1 135*5 135*0 131 9 133*2 132 8 134 6 Consumer staples.......... ...... 1^ 10 142 0 143 5 145 8 145 7 146 1 147 1 Processed foods............................... 126 4 127 8 125 9 127 9 130 0 130 4 130 2 129 6 129 6 130 3 130 0 Beverages and tobacco..................... 2 43 133*2 132 0 133 8 134 0 1 34 6 133 3 135 9 1360 136 1 133 2 136 5 136 3 137*0 Drugs, soap, and toiletries............... 2 97 173* 5 174* 9 179 3 180*7 180* 1 170*2 180 5 1812 182*4 182* 3 182*7 184*6 178*0 181 2 Newspapers, magazines, and books. L47 136^5 i36*7 137.9 138.8 139.1 141*5 142:3 142.3 143.6 142.5 141 .4 142.1 140:9 137:3 Consumer fuel and lighting............. 3 67 159 9 164 1 165 4 163 5 164 5 162 9 162 7 164 2 166 6 166 9 169 3 168 3 168 4 Fuel oil and gasoline.................. LIO 128^5 BUS 134.0 129^8 129^2 125^5 125.7 128 :o 131 ’.9 130.5 135.9 I31J 129:6 137.2 Residential utilities...................... 2 46 175 2 179 9 1 80 6 180 0 181 7 181 2 180 8 181 9 183 5 184 6 185 6 1 86 4 187 4 Electricity................................. I 72 186*6 192*4 193*3 192*2 194 4 193 9 195'4 1Q7 T 201 6 Gas........................................... 74 148.9 Equipment Business equipment....................... 11,63 181.2 185.7 187.2 187.8 188.9 186.9 186.6 184.4 183,5 182.1 181.3 180.8 180.6 179.1 Industrial equipment....................... 6.85 172.3 177.0 178.4 178.1 179.1 177.3 176.8 174.1 172.1 169.1 169.0 169.0 166.8 165.5 Commercial equipment.................... 9 42 190 I 201 7 701 1 201 9 200 8 Freight and passenger equipment.,. 1.76 208.3 20^2 212.7 216.9 220.3 214.5 215,0 211.7 210.4 211.7 208.9 210^ 214J 210^ Farm equipment............................. 61 167 5 180 3 176 1 162.6 161 5 167 6 162 8 154.0 Defense equipment........................... 3.41 Materials Durable goods materials................. 26.73 156.9 159,1 159. i 157.8 156.8 154,2 151.3 151.5 151.0 149.7 148.9 149.7 152.1 149,0 Consumer durable........................... 3.43 166.5 169.6 170.0 166.9 158.3 148.6 142,8 139.5 137.5 14-3.7 1 43. .3 141.8 142.7 135.1 Equipment....................................... 7.84 180.7 189.1 189.7 191 .0 190.3 190.6 186.5 185.6 183.2 180.9 179.6 181.2 186.3 184.4 Construction.................................... 9.17 141.7 140.0 138.7 138.7 139.9 138.9 139,2 139.7 139,2 137.1 137.2 138.1 139.0 139,5 Metal materials n.e.c...................... 6.29 144.3 142.9 145.2 139.7 139.7 139.7 140.3 135,6 133.9 130.0 130.1 132.4 130,9 127.7 Nondurable materials...................... 25.92 157.2 160.1 160.3 160.2 161.6 161.6 160.4 159.7 161,1 159.6 161.1 162.6 165.3 165.2 Business supplies............................. 9.11 149.0 151.7 151.9 150.8 152.8 152.6 151.0 150,0 153.4 150.1 151.3 150.9 152.3 152.7 Containers.................................... 3.03 145.6 146.1 146.9 147.2 151.1 146.6 147.1 144,6 148.5 146,2 145.1 141.7 143.0 148.5 General business supplies............. 6.07 150,6 154.5 154.4 152.6 153.7 155.6 153.0 152.7 155.8 152.0 154.4 155.5 156.9 156.7 Nondurable materials n.e.c.............. 7.40 193,4 197.6 196.6 198.7 199.5 199.7 198,2 197.1 195.7 196.0 196.1 195.8 201.9 203.0 Business fuel and power................. 9.41 136.6 138.7 139.8 139.0 140,3 140.4 139.6 139.8 141.3 140.3 143.0 147.7 149.1 147.4 Mineral fuels................................ 6.07 122.5 123.9 125.2 123.9 125.9 125.0 123.6 123.2 125.3 124.3 128.2 135.1 136.9 134.5 Non residential utilities................. 1 7? 0 182 1 181 1 182 1 1 83 ? Electricity.................................. 184 6 185*9 General industrial................. 179 0 180 5 (80 6 182.9 185*7 Commercial and other.......... 1 21 188 6 188 4 192 4 192.8 196.6 197 3 193 7 194 J 194.5 194^ Gas.......................................... 54 166 J Supplementary groups of consumer goods Automotive and home goods........... 7.80 166.5 161.0 169.4 166.7 165.8 159.3 152.4 155,2 155.8 153,3 154.3 156.4 162.4 153.9 Apparel and staples......................... 24.51 141,4 142.5 142.9 143.7 141.9 144.4 144.1 143.9 144.4 143,7 144.6 144.1 144.2 ...... Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 INDUSTRIAL PRODUCTION: S.A. 1975 INDUSTRY GROUPINGS (1957-59 - (00) 1957-59 1966r 1967' pro­ 1966 Grouping por­ aver­ tion age' Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total index................................... 100.00 156.3 158.1 159 4 159.1 159.5 158 2 156.6 156.4 156 5 155 6 155.6 156.6 158.2 156.7 Manufacturing, total........................ 86 45 158.6 160 4 161 8 161.5 161.7 160.1 158.5 158.2 158.2 157.2 157.0 157.6 159 5 158.0 Durable........................................ 48 07 164.8 167.2 168 9 167.7 167.7 165.5 162.9 162.6 162.5 162.2 161.5 162.5 163.8 161.0 Nondurable................................. 38 38 1 50.8 151 9 152 8 153 6 1 54.1 153 4 152.9 152.6 152 8 151 1 151.4 151.5 154,1 154.3 Mining........................................... 8 23 120.5 121.1 121 9 121.6 123,8 123.2 122.4 121.5 122.0 120.2 123.8 128.0 127.6 125.2 Utilities............................................ 5.32 173.9 178,0 178 9 178.5 179 4 180.6 180 5 181.9 182.7 182.7 183.2 184 1 185 1 185.0 Durable manufactures Primary and fabricated metals.......... 12.32 151.5 153 8 153 4 151.1 151,2 147.5 146.3 143.9 143 0 142.8 142. 9 142.8 142 8 142.3 Primary metals............................... 6 95 142.7 146 6 1450 140.5 137,6 132 6 131.9 129.2 129 1 128 9 129.0 129.6 130 3 131.2 Iron and steel.................... 5 45 136.2 139 0 137 6 1 32 4 130 I 124 9 124 8 123.7 122 7 122 9 121.2 122 3 125 6 127.0 Nonferrous metals and products.. 1.50 166.2 165^3 168'. 1 161.7 163.5 163 3 167/ 162.1 16L4 154^ 156.4 1553 1443 145.6 Fabricated metal products............... 5 37 163 0 163 1 164 2 164 7 168 7 166 7 165 0 162.9 161 0 160 8 160 8 159 8 159 0 156.6 Structural metal parts................. 2 86 158.8 1586 159 0 160 2 161 4 160 7 160 9 160,1 158'1 156 4 156^ 156 1 1563 156.2 Machinery and related products....... 27.98 176.1 179.6 182.7 181.6 181,5 179.5 175.8 176.7 176.5 176.5 175.5 177.5 179.6 174.7 Machinery...................................... 14 80 183 8 190 0 191 1 189 8 190 3 190 3 186 8 184 5 182 1 180 5 177 5 180 0 182 8 181.6 Nonelectrical machinery........ 8.43 181.9 188 6 1 89 9 188'2 190.4 190 7 1 87.3 1852 183'5 1817 181 3 182 2 182 6 181.0 Electrical machinery..................... 6 37 186 4 191 9 192 6 JOI' 8 190 2 189 7 186 2 183 6 180 3 178 9 172 4 177 1 183 2 182 4 Transportation equipment.............. 10 19 166'9 166 ' 3 172 6 17()' 6 169 1 162 6 157 5 162 6 165*7 167 5 169 3 170 8 1719 159 4 Motor vehicles and parts........ 4 68 168 7 160 1 1712 165 8 163 7 147 2 136 5 143 8 149 5 152 0 154 5 156 7 15R 0 129.4 Aircraft and other equipment. . .. 536 165.0 171 J 1733 1743 173.7 1763 175.6 178^8 n'LB 18L4 I8L8 182.6 183^6 184.5 Instruments and related products... 1.71 176.5 179.5 181,8 183.2 184.6 186.2 183.4 185,8 185.2 185.3 184.1 182.9 183.2 184.3 Ordnance and accessories................ 1 28 Clay, glass, and lumber. ........... 4 7? 132 9 129 7 f79 5 129 1 128 8 178 6 128 9 128 4 129 8 127 8 126 7 127 3 126 7 128 5 Clay, glass, and stone products..... 2 99 140 7 139 7 1 39 5 139 2 1 38 1 1 37 2 136 9 1349 1 36 0 134 8 1335 134* 1 136 9 138 5 Lumber and products...................... 1'73 119 4 111 0 1123 1118 112 8 113 7 115 2 117 3 119 1 115 6 114 9 115 5 109*9 11 1.3 Furniture and miscellaneous............ 3 05 165 0 165 9 166 0 167 1 168 1 166 3 161 9 167 4 162 9 167 ? 161 5 1 59 1 159 9 161.5 Furniture and fixtures..................... 1 54 171 9 173 2 173 2 175 6 175 2 172 1 170 6 166 5 166 5 166 5 166 3 162 1 164 8 166.6 Miscellaneous manufactures........ 151 157*9 158'. 4 158 7 1 58 5 160.9 160.3 157 3 158.2 159'.2 158 1 156‘.7 155.4 154.9 156.4 Nondurable manufactures textiles, apparel, and leather........... 7 60 141.6 141 4 147 ? 142 2 142 2 140 3 117 6 135 5 135 5 IIS 1 134 8 135 3 137 4 139.2 Textile mill products..................... 2 90 142 5 1419 141 7 141 8 141 7 140 7 138 9 138 8 137 8 137 8 136'6 136*8 1385 141 2 Apparel products............................. 3 59 150* 1 150 7 1516 152 3 152 2 1502 147' 1 143 6 142* 5 142 6 142 4 144*2 146 1 Leather and products..................... 111 1117 109 0 113 9 110 8 1111 107 7 1037 101 0 107 1 105 0 105 4 103 0 106 2 Paper and printing............................ 8.17 146.4 147.2 147.9 148.5 147,4 148.4 148.7 149.5 149.9 149.1 149.4 148.6 150.3 148.7 Paper and products......................... 3.43 152.1 151.2 153.3 153.7 152.6 152.5 152.4 152.4 152,1 151.4 151.6 149.0 152.8 152.7 Printing and publishing................... 4,74 142. 1 144.3 144.1 144.7 143.7 145.5 146.1 147.4 148.3 147.4 147.8 148.3 148.6 145.8 Newspapers................................... 1 53 1 34 9 1 39 1 1 35 7 135 2 133 2 133 7 1 34 R 132 8 1 33 8 1 33 1 I 34 3 1 36 1 1 37 0 135.7 Chemicals, petroleum, and rubber.... 11.54 181.9 185.1 186.3 188.5 188.6 187.1 186.5 186.8 186.4 182.2 183.0 184.0 189.9 191.3 Chemicals and products.................. 7 58 193 2 1 96 1 197 1 200 6 901 0 200 3 200 6 201 1 200 1 109 6 199 9 901 0 900 7 202.5 Industrial chemicals..................... 3 R4 221 0 226'3 223.6 2^0 7 9317 231 6 230 9 231 3 728 3 228^ 2-27'5 927 6 231 5 Petroleum products......................... L97 1283 130 3 131.2 129.1 129^0 1283 127:4 130/ 133J 132.1 134:4 1323 1323 136.9 Rubber and plastics products.......... 1 99 191 9 197 0 199 9 201 6 200 7 195.1 191 6 188 4 186 9 165 7 166 9 170 1 205 9 Foods, beverages, and tobacco.......... / / 07 128 1 178 J 128 6 128 9 J11 2 1110 111 5 131 1 111 8 130 9 /U ? 110 9 111 I 130.2 Foods and beverages....................... 1025 128'7 128'7 129 5 132 I 132 0 132 4 132 3 133 1 1 32 0 131 o 1315 1319 130 9 Food manufactures.............. 8 64 126 6 12.7 0 127 1 197 5 1 30 2 1 30 4 1 30 3 129'7 1 30 6 1 30 3 129 9 1 20 4 190 2 129^2 Beverages...................................... 1 61 139 9 137 9 142 4 142 5 142 4 140 8 143 9 146 1 146 3 1 41 2 142*9 142'8 146 3 Tobacco products................. ' 82 120’0 12o3 116*9 ll?:? 1193 1183 120^ 116:2 H6:b 117 4 123^ 1233 1213 Mining Coal, oil, and gas............................. 6.80 117.8 119.0 120.1 119.1 120.8 119,8 119.0 117.6 118.5 118.0 121.7 128.0 128.5 126.3 Coal................................................ I 16 117 0 116 2 122 7 117 0 127 6 120 7 115 7 115 1 125 5 120 1 122 s 122 6 117 2 113.9 Crude oil and natural gas................ 5'64 1183 119.’5 119.6 It 9'. 6 1193 1193 119:6 118J U7J 117:5 I2l3 129 3 130.8 128.9 Oil and gas extraction.................. 4.91 123.8 125.7 125.8 125.6 125.5 126.1 125.4 125.1 125.3 125.3 129.5 138.0 141.5 139.3 Crude oil.................................. 4 25 119 3 121 3 121 1 190 8 120 8 121 0 120 0 120 1 119 6 110 6 123 6 133.9 137.6 135 0 Gas and gas liquids................. 66 152 0 153 8 155 6 1 55 9 155 4 158 4 160 0 156 7 161*5 1613 1673 Oil and gas drilling....................... .73 79.1 77/9 77’9 793 78J 76.3 803 71.0 6i :8 65^ 67.7 69,0 58.9 58.5 Metal, stone, and earth minerals....... 1.43 133.5 131.5 130.1 133.5 137.9 139.4 138.9 140.0 138.7 130.8 133.6 127.7 123.5 120.0 Metal mining................................... 61 133 4 128 8 129 8 133 7 1 36 1 140 3 142 1 143 7 1 49 s 132 9 (33 9 119 7 10S 8 9g. 3 Stone and earth minerals................ 82 1335 133,5 130.3 133.4 139.3 138'.7 136:6 137:2 13o3 129.2 1333 1333 136.6 136.1 Utilities Electric............. 4 04 179 6 184.2 185.1 184.6 IRS 6 187 2 186.9 188 8 189.9 180 7 190.3 191.4 192.6 Gas................................................... 1*28 156J 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

1976 INDUSTRIAL PRODUCTION: N.S.A. NOVEMBER 1967 MARKET GROUPINGS (1957-59 - 100) 1957-59 1966* 1967*pro­ 1966 Grouping por­ aver­ tion age*' Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total index................................... 100.00 156.3 161,3 163.7 160,1 156.9 156.4 156.6 157.0 157,9 156.0 159,0 150.5 158.0 161.0 Pinal praducts^ total. . ................ 47.35 155.5 161.3 164.7 160.1 157.2 157.0 156.8 157.2 157.7 155.2 159,8 151.2 156.8 162.8 Consumer goods. ,.,,.,......,,. 32.31 147.5 153.6 157.9 151.4 145.4 145.9 145.8 146.2 147.1 144.2 150,5 139.9 147.7 155.3 Equipment, including defense. . . . 15.04 172.6 177.7 179.5 178.8 182.4 180.7 180.4 180.8 180.3 179,0 180,0 175.3 176.4 179.0 Materials........................ 52.65 157.0 161.3 162.8 160,0 156.6 155.9 156.5 156.7 158.1 156.6 158,3 150.0 159.0 159.3 Consumer goods Automotive products..................... 3.21 163.0 153.6 185.4 177.4 165.5 154.6 142.2 151.8 161.9 155.1 162,5 114.2 106.1 145.8 Autos................................ 1.82 169.5 150.1 202,7 193.4 175.7 155.4 132.6 151.5 167.6 166.4 177,1 94.8 62.2 140.1 Auto parts and allied products........ 1.39 154.4 158.3 162.5 156.3 152.1 153.7 154.8 152.3 154.2 140,3 143.2 139.8 164.0 153,4 Home goods and apparel........... 10.00 153.0 156.2 165.2 156.6 146.5 147.9 154.2 151.3 149.8 144.0 148.6 132.7 148.8 154.2 Home goods................................... 4.59 168.9 174.4 184.6 176.5 170.9 164.7 167.8 165.9 161,8 159,8 161.6 145.9 159.2 171.6 Appliances, TV, and radios...... 1.81 166.6 170.9 191.6 173.1 163.1 159.3 171.2 164.0 157,0 152,0 152,8 128.0 140,4 164.5 Appliances................................ 1.33 166.7 168.1 190.1 163.0 155.2 161.8 171.1 167.0 169,8 159,7 169,9 141.8 134,5 159.7 TV and home radios................ .47 166.3 178.9 195.9 201.5 185.5 152.3 171.4 155.5 120,7 130.5 104,6 89.3 157.2 178.2 Furniture and rugs....................... 1.26 165.7 170.5 173.0 170.8 169.6 159.8 156.6 155.5 153,5 151.2 155.4 148.8 160.5 163.9 Miscellaneous home goods....... 1.52 174.3 181,7 186.0 185.2 181,4 175.3 172.9 176,6 174,4 176.0 177,3 164.8 180.4 186.4 Apparel knit goods, and shoes....... 5.41 139.5 140.9 148.7 139. 8 125 9 133.6 142.6 138,9 139,7 130,6 137.6 121.5 140.0 Consumer staples................. 19.10 142.0 152.3 149.4 144.3 141.4 143,4 142.0 142.6 143.3 142.4 149.4 148.0 154.1 157.5 Processed foods.............................. 8.43 126.4 144.4 139.8 132.8 126.5 123.9 121.7 120.9 121.3 122.5 128,9 128.4 137,1 150,1 Beverages and tobacco ..................... 2.43 133.2 135.5 137.8 127.2 116. 3 117.3 124.3 133.0 141,8 143.0 156.2 142.8 149.3 Drugs, soap, and toiletries......... 2.97 173.5 178.4 183.6 181.6 176.0 179,2 178.7 179.4 185.1 180,7 189,1 179.4 183.9 184.8 Newspapers' magazines, and books. 1.47 136.5 137.9 137.8 137.0 138.8 140.2 141.7 144.4 144.2 142,1 140.8 140.7 142.6 138,5 Consumer fuel and lighting............. 3,67 159.9 165.9 155.2 154.1 165.5 176.8 169.8 167,7 159,0 156,2 163,2 173.7 176.3 Fuel oil and gasoline.................... 1.20 128.5 131.9 130.6 129.0 132.2 130.8 128. 8 126.7 125.0 126,2 134,3 133.6 133.4 137.2 Residential utilities....................... 2.46 175.2 Electricity.................................. 1.72 186.6 196.2 174.0 172.8 194.5 220.2 206.7 203.6 186.1 178.8 187.5 210.4 215.7 Gas....................................... .74 148.9 Equipment Business equipment................ 11.63 181.2 186.1 187.5 185.3 189.8 187.3 186.7 186.2 185,5 183.2 184.2 177.4 178.0 180.5 Industrial equipment....................... 6 85 172 3 178 6 177.3 175.6 180 2 177.7 175 9 174 3 172 t 169.3 170 7 167,3 166.3 167.0 Commercial equipment.................... 2.42 190^ 1 197*7 198.8 200,8 200.3 196.9 198.4 197.3 197^9 198.4 201.1 198.3 201.9 203.8 Freight and passenger equipment. .. 1.76 208.3 206.1 218.0 212.6 218.1 214.5 215.0 218.0 222,0 218,1 217.3 202.8 205.5 212.8 Farm equipment.............................. 61 167.5 167.3 169.1 154.3 174 9 179.3 180.6 183.8 181.6 178.0 173,3 134.9 135.8 Defense equipment............................ 3.41 Materials Durable goods materials............ 26.73 156.9 162.0 162.8 158.8 154.5 152.2 151.5 151.9 152.5 152.5 154,3 145.0 152.8 152.4 Consumer durable........................... 3.43 166.5 167.9 172,6 171.9 166 2 153.8 144 9 143.7 141.6 148 0 146.2 123.4 147.0 133.7 Equipment....................................... 7 84 180 7 187.2 189.1 191.2 193.2 192.3 188.2 187.6 185,2 182,2 181,4 175.6 180.7 182.6 Construction.................................... 9 17 141 7 148 4 146 3 138 4 131 5 128.5 129 5 133 4 137,8 139 2 146 9 143.6 148,7 147.9 Metal materials n.e.c,..................... 6 29 144.3 14?'2 148*7 140.8 133^6 136 1 141.6 138.9 139 3 137,2 135.6 120.5 127.1 131.5 Nondurable materials.............. 23 92 157 2 160 7 162,8 161.3 158.7 159 7 161.7 161.7 163,9 160.9 162.4 155.2 165.5 166.5 Business supplies............................. 9 11 149 0 153 4 158 0 153 0 147.7 147 2 150 4 152 8 157 7 152,6 154 0 141 5 152.5 155.6 Containers.................................... 3*03 145 6 1511 154 4 143 1 134.0 139.3 145 3 145 3 153 8 147 7 153.1 138.2 153.0 153.6 General business supplies........ 6 07 150 6 154*5 159 8 157 9 154 5 151.2 153 0 156.5 159,7 155.0 154,4 143.1 152.2 156.7 Nondurable materials n.e.c.............. 7.40 193.4 195*6 197.6 200.7 195.5 198.7 202.2 200.1 201.6 198.9 199,0 184.6 198.9 202.1 Business fuel and power.................. 9.41 136.6 140 3 139 9 138.5 140.4 141.1 140 6 140.1 140.2 139.0 141.9 145.3 151.8 148.9 Mineral fuels................................ 6 07 122.5 122^6 126.0 125.2 127.3 127.0 127.6 125.8 126.9 124.3 125,2 128,1 135.2 132.8 Nonresidential utilities................. 2.86 172.9 Electricity................... 2 32 174 4 188 3 177 8 173 5 175 2 178 9 174 3 178 0 175 7 178 2 187 5 193.9 201.8 General industrial................. 1.03 171 .*7 179*7 178,0 176.7 175^3 177.9 172.8 178^0 176.7 181,4 184.2 182.0 189.4 Commercial and other.......... 1.21 184 0 204.0 185.4 178.2 182.7 187.6 183,2 186.0 182,5 183,4 198.9 213.0 221.7 Gas........................................... .54 166.1 Supplementary groups of consumer goods Automotive and home goods........... 7.80 166.5 165.8 184.9 176.9 168.7 160.6 157.2 160.1 161.8 157.8 162.0 132.9 137.3 161.0 Apparel and staples.. .7................. 24.51 141.4 149.7 149.2 143.3 138.0 141,3 142.1 141.8 142.5 139.8 146.8 142.2 151.0 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 INDUSTRIAL PRODUCTION: N.S.A. 1977 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1966 1966" 1967r pro- averpor- age' tion Sept. Oct. Nov. Dec. Jan. Feb. Mar, Apr. May June July Aug. Sept. Total index................................... 100.00 156.3 161.3 163.7 160.1 156.9 156.4 156.6 157.0 157.9 156.0 159.0 150.5 158,0 161.0 Manufacturing, total......................... 86.45 158.6 163.6 166.9 163.1 158,8 157.8 158.4 158.9 160.3 158.1 161.0 150.5 158,4 162.4 Durable........................................ 48.07 164.8 169.0 172.9 169.7 167.8 164,5 163.4 164.4 164.9 164.1 165.6 154.7 159,1 163.7 Nondurable................................... 38.38 150.8 156 8 1 59 4 154 7 147 6 149 4 1 52 1 1 52 1 1 54 4 1 50 6 |55 3 145 1 157 5 160 9 Mining............................................. 8.23 120.5 123 J 124^5 122*0 122^6 iii *4 121^9 120.1 iii j 121*8 123^9 124^8 128’8 126^5 Utilities............................................ 5.32 173.9 Durable manufactures Primary and fabricated metals.......... 12.32 151.5 156.3 156.4 151.8 147.7 146.9 148.2 146.7 146.5 145.0 145.3 135.1 142,7 145.6 Primary metals................................. 6.95 142.7 145.0 146.5 139.8 132.1 134.6 139.4 137.2 136.5 133.4 130,9 117.9 126,4 131.2 Iron and steel............................... 5 45 136 2 1 39 0 176 8 127 4 131 0 121 2 111 9 121 8 127 0 Nonferrous metals and products.. 1 .50 166^2 166.5 171.3 161 .7 151.1 160,7 169.7 163.9 168.5 162.6 166.1 139,8 143,0 146.6 Fabricated meta) products............... 5.37 163.0 170.9 169.1 167,3 167.9 162.7 159.6 159.0 159.4 160.0 164.0 157,4 163.8 164.1 Structural metal parts.................. 2.86 158.8 164.9 163.8 162.6 163.0 157,5 154.5 153.9 153.4 154.8 160.0 156.1 160,7 162.4 Machinery and related products........ 27.98 176 ;i 179.4 186,0 184.4 184.8 180.7 177.9 179.5 179.7 178.8 179.8 166.9 169,1 175.6 Machinery........................................ 14.80 183.8 189.9 193.0 189.8 192,2 189.8 188.9 187.2 185.4 182.5 182.2 173.7 177,2 182.0 Nonelectrical machinery............... 8.43 181 .9 186,1 186,5 185.2 191.7 190.7 189.9 190.4 189.0 186.2 186.4 177.6 175.8 178.6 Electrical machinery..................... 6.37 186.4 194.9 201.5 196.0 192.9 188,6 187,7 183,1 180.5 177,6 176.7 168.5 178,9 186.4 Transportation equipment............... 10.19 166.9 1 65.6 178.2 177.7 174.7 166,8 160.4 166.4 169,8 171.4 174.0 151.4 150,8 160.9 Motor vehicles and parts............. 4.68 168.7 1 59.7 182.5 178.4 169.2 155.0 142.4 151,0 157,0 160.4 165.2 119.5 116,0 133.9 Aircraft and other equipment. . .. 5.26 165.0 170,4 174.6 177.2 179.8 177.8 176.0 179.7 180,7 180.7 180.9 178.2 180,3 183.8 Instruments and related products. .. 1.71 176.5 181.5 183.8 184.7 186.8 184.0 182.5 184.9 184.8 183.4 185.9 181 .1 184,7 186.3 Ordnance and accessories................ 1 .28 Clay, glass, and lumber................... 4.72 132.9 138.3 137.2 126.9 118.1 116.8 120.5 124.4 129.5 130.0 136.7 133.5 139.1 137.6 Clay, glass, and stone products........ 2.99 140.7 147.7 147.2 138.5 129.4 125.5 125.3 130.2 135.5 138.3 144.6 143.9 149,5 146.4 Lumber and products...................... 1.73 119.4 122.1 120.2 106.8 98,7 101.8 112,3 114.4 119,1 115.6 122.9 115.5 121,2 122.4 Furniture and miscellaneous.............. 3.05 165.0 172.0 174.8 174.2 169.7 161.0 158.7 159.4 158,6 158.6 161,8 154.8 164.5 167.5 Furniture and fixtures...................... 1.54 171.9 178.4 179.8 178.8 178.4 168.7 166,3 164,5 162.0 161.5 166.0 160.3 169.4 171.6 Miscellaneous manufactures............ 1.51 157.9 165.5 169.8 169.6 160,9 153.1 150,8 154,2 155.2 155.7 157.5 149.2 159.5 163.4 Nondurable manufactures Textiles, apparel, and leather.......... 7.60 141.6 140.9 148.3 141.4 130.1 137.9 144.3 140.7 142.3 135.2 139.2 121.9 141,8 142.0 Textile mill products........................ 2.90 142.5 141.2 146.0 142.5 131.8 140.0 141,7 138.8 144.0 141.9 140.7 124,2 142,0 144.0 Apparel products.......................... 3.59 1 50 | Leather and products....................... 1.11 111 7 111 5 116 7 108 6 1072 110 9 106 0 105 0 104 3 92 7 113 1 Paper and printing.......................... 8.17 146.4 149.2 154.9 151.6 144.2 146,1 149.3 150.6 153,5 150.2 150.8 139.7 149.0 150.7 Paper and products.......................... 3.43 152.1 153.5 163,3 154.5 140.4 151.7 156.2 153,9 158,2 152.2 156.1 137.1 154,3 155,0 Printing and publishing.................... 4.74 142.1 146.0 148.8 149.5 146,9 142.0 144,4 148.3 150,2 148,7 147.1 141.6 145,2 147.6 Newspapers.................................. 1.53 134.2 138.4 145.6 148.7 136.5 123.0 129.4 134.8 142.5 141.9 135.0 118.4 125,4 135.0 Chemicals,.petroleum, and rubber.... 11.54 181.9 187.0 189.2 187.5 183.7 184.9 187.6 187.8 190.2 183.6 188.5 177.5 191.1 194.1 Chemicals and products.................. 7.58 1 93 7 198 0 197 4 201 4 205.6 Industrial chemicals...................... 3.84 221 0 727 4 223.6 230,8 229 4 228 1 234 4 233^ 232,9 231 1 230 9 219 6 210 3 Petroleum products......................... 1.97 128.3 134^ 1 132^5 127^4 125^9 124^8 12<9 125.5 127.8 130.8 138.4 139.8 139^4 140.6 Rubber and plastics products.......... I .99 191 9 197 6 710 9 199 6 193 7 197 1 197 3 194 2 1 92 7 166 5 1 72 7 149 7 199 7 Foods, beverages, and tobacco.......... JI.07 128.1 141. 9 139.3 131.9 124.6 122.9 122.7 123.9 126.1 127.1 135.0 131.3 139.5 146.7 Foods and beverages........................ 10.25 128.7 143.3 140.3 132.9 126,8 123.4 122.9 124.6 125.9 127.6 135.2 133.1 140,2 148.3 Food manufactures...................... 8.64 126.6 143.8 139.8 133.2 126.9 124.5 122.2 121.3 121.7 122.6 129.0 128.1 136.8 149.4 Beverages...................................... I 61 139 9 140 7 143 1 131 1 126 0 117 4 126 6 168 1 159 7 158 4 Tobacco products............................ .82 1 20'0 125.2 127,3 119 5 97 1 117.2 119.6 114^5 121 6 132 6 109 4 131,3 Mining Coal, oil, and gas............................ 6.80 117.8 118.3 121.1 120.2 122.0 121.7 122.4 119.5 119.6 117.8 118.9 121.9 127.4 125.3 Coal................................................. 1.16 117 0 122 9 133 7 118 3 117 1 123 3 120 5 Crude oil and natural gas................ 5.64 118 0 117 4 118 5 119 9 1 21 4 122 4 121 5 120 3 118 2 117 0 119 4 126 4 128 1 126*3 Oil and gas extraction.............. 4.91 123^8 iii^' 124^2 126.0 127^8 129.0 130.0 128 J 127.0 125.0 127^2 I34; 8 138^0 1 35'8 Crude oil................................... 4.25 119.3 1 18.9 119.9 120.8 122.0 122.8 123.6 122.5 121.5 120.2 122.4 131.2 134.8 132,3 Gas and gas liquids.................. .66 152.0 145 8 15 1 4 159 0 164 9 168 7 I7I 0 163 9 162 0 155 7 157 9 Oil and gas drilling...................... .73 79.1 82^7 79^8 78b 77^9 77^4 79^4 6?:2 58^6 63*3 66b 69.5 62.6 62,1 Metal stone, and earth minerals....... 1.43 133.5 145.5 141.1 130.3 125.0 119.9 119.4 122.9 134.2 140.9 147.6 139.1 135.3 132.5 Metal mining................................... .61 133.4 145.5 138.9 124.3 122.5 123.5 127,9 127.9 139,0 146.2 151.3 128.1 114.3 111.1 Stone and earth minerals................ . 82 133 5 145 5 142.7 134.7 126.8 117 3 113.2 119.1 130 6 136 9 144.9 147.2 150.9 148.4 Utilities Electric........................................... 4.04 179.6 191 7 176.2 173.2 181 5 196.5 188.1 189.0 180.1 178.4 187.5 200.9 207.7 Gas.................................................. 1.28 156 J 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

1978 BUSINESS ACTIVITY; CONSTRUCTION NOVEMBER 1967 SELECTED BUSINESS INDEXES (1957-59= 100) Industrial production 5 fac M tu a r n in u g ­ 2 Prices 4 Nonag- Major market groupings Major industry s C tr o u n c ­ ­ r t i u c r u a l l - F c re a i r g ­ ht Total Period Total Final products Mate­ groupings t c t r i a o o c n n t ­ s T m p o e l e m t o n a y l ­ t ­ — 1 p m E lo e m n y ­ t ­ P ro a l y ls ­ l i o n a g d s ­ s r a e l ta e i s l 3 s C um on e ­ r W m c s o o a h m l d o e i l ­ t e y ­ Con­ Equip­ rials Min­ Util­ Total g s o u o m d e s r ment Mfg. ing ities 1951.................... 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 63 91.1 106.1 80.2 121.5 76 90.5 96.7 1952.................... 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 67 93.0 106. 1 84.5 115.0 79 92.5 94.0 1953.................... 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 70 95.6 111 6 93.6 116.6 83 93.2 92. 7 1954.................... 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 76 93.3 101.8 85.4 104.6 82 93.6 92.9 1955.................... 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.5 105.5 94.8 115.3 89 93.3 93.2 1956.................... 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.8 106.7 100.2 115.9 92 94.7 96.2 1957.................... 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.7 104.7 101 .4 108.2 97 98.0 99.0 1958.................... 93.7 94.8 96.4 91 .3 92.7 93.2 95,6 98.1 102 97.8 95.2 93.5 93.8 98 100.7 100.4 1959.................... 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 105 101.5 100. 1 105. 1 97.9 105 101.5 100.6 1960.................... 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.3 99.9 106.7 95.3 106 103.1 100.7 1961.................... 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 108 102.9 95.9 105.4 91.2 107 104.2 100.3 1962.................. 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 120 105.9 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 lll.t 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 ’■115.8 ’106.7 ’136.6 96.6 138 109.9 102.5 1966.................... 156.3 155.5 147.5 172.6 157.0 158.6 120.5 173.9 145 H21.8 '113.3 '151.4 96.5 148 113.1 105.9 158.1 156.6 146.9 177.4 159.6 160.4 121.1 178.0 146 122.2 113.3 152.7 95.0 150 114.1 106.8 159.4 158.7 149.3 179.0 159.7 161.8 121.9 178.9 139 122.7 113,9 153.8 93.9 149 114.5 106.2 Nov 159.1 159.0 149.2 180.0 159.0 161.5 121.6 178.5 130 123.4 114.6 154.5 97.1 150 114.6 105.9 159.5 159.6 149.8 180.7 159.2 161.7 123,8 179.4 133 123.9 114.7 154.4 99.0 148 114.7 105.9 1967—Jan........... 158.2 158.1 148.0 179.9 157.9 160.1 123.2 180.6 126 124.5 114.7 156.2 97.4 150 114.7 106.2 Feb.......... 156.6 157.0 146.1 180.3 155.8 158.5 122.4 180.5 143 124.7 114.1 153.2 95.6 149 114.8 106.0 156.4 157.1 146.6 179,6 155,5 158.2 121.5 181.9 149 124.9 113.5 152.9 95.9 151 115.0 105.7 156.5 157.3 147,1 179,2 156.0 158.2 122.0 182.7 138 124.7 112.4 151.0 95.9 152 115.3 105.3 May...... 155.6 156.3 146.0 178.5 154.6 157.2 120,2 182.7 154 124.6 111.7 150.1 93.1 151 115.6 105.8 155.6 156.8 146.9 178.1 154.9 157.0 123.8 183.2 164 125.5 112.5 151.7 89.3 155 116.0 106.3 July......... 156.6 157.1 147.1 178.4 156.1 157.6 128.0 184,1 149 125.5 111.6 151.4 85.2 155 116.5 106.5 158.2 158.2 148.6 178.9 158.6 159.5 127.6 185.1 165 ’126.0 ’112.7 ’155.0 89.7 155 116.9 106.1 156.7 156.8 146.9 178.0 157.0 158,0 125.2 185,0 168 ’125.7 ’111.3 ’154.7 90.2 156 117.1 106.2 Oct?........ 156.2 156.3 146.9 176.5 156.6 157.6 121.4 185.5 ....... 126,0 111.4 154.3 88.7 153 .....1.0..6....1 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 oata foi 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. 5 For description of revisions see announcement on page 1921. Prices: Bureau of Labor Statistics data. Freight carloadings: Based on data from Association of American Note.—Data are seasonally adjusted unless otherwise noted. Railroads. Construction contracts: F. W. Dodge Co. monthly index of dollar CONSTRUCTION CONTRACTS (In millions of dollars) 1966 1967 Ty ty p p e e o o f f o c w o n n e s r tr s u h c ip ti o a n nd 1965 1966 Sept. Oct. Nov. Dec. Tan, Feb. Mar. Apr. May June July Aug. Sept. Total construction.......... 49,272 50,150’4,103 4,106 3,461 3,189 2,838 3,300 4,424 4,389 5,095 5,414 4,879 5,104 4,695 By type of ownership; Public........................................ 16,302 18,152 1,379 1,607 1.357 1,287 1.113 1.188 1,509 1,498 1,820 2.169 1,989 1.824 Private........................................ 32,970 31,998 r2,724 2,499 2,104 1'902 1,725 2,112 2^916 2,891 3,275 3.245 2,890 3,280 By type of construction: Residential building.................... 21,247 17,827 ’1 ,280 1,225 1.076 903 937 1,056 1.584 1,627 2.002 2.000 1.829 1,912 1,741 Nonresidential building............. 17’219 19,393 1,676 1,796 1,424 1,358 1,175 1,430 1.714 1,830 1,808 2,070 1,749 1,847 1,786 Nonbuilding..............7............... 10,805 12^930 1,146 H086 961 928 726 '814 1,127 931 1,285 1,344 1,302 1,345 1,169 Note.—Dollar value of total contracts as reported by the F. W. Dodge data exceed annual totals because adjustments—negative—are made to Co. does not include data for Alaska or Hawaii. Totals of monthly accumulated monthly data after original figures have been published. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 CONSTRUCTION 1979 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Period Total Non­ Conser­ Total f r a e r s m i­ Buildings Total M ta i r l y i­ H w ig ay h­ va & tio n Other 2 dential Total Indus­ Com­ b O u t i h l e d r ­ Other de m ve e l n o t p­ 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 1959j.......................... 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.......................... 63,423 44,057 26,187 17,870 2,906 4,995 3,745 6,224 19,366 1,189 7,084 1,690 9,403 1964............................ 66,200 45,810 26,258 19,552 3,565 5,396 3,994 6,597 20,390 938 7,133 1,729 10,590 1965............................ 71,912 49,840 26,266 23,574 5,128 6,745 4,711 6,990 22,072 852 7,554 2,017 11,649 1966............................ 74,371 50,446 23,815 26,631 6,703 6,890 5,014 8,024 23,925 713 8,359 2,173 12,680 1966—Sept........... 73,981 50,107 22,678 27,429 6,895 7,078 5,317 8,139 23,874 690 8,089 2,148 12,947 Oct............ 72,255 47,883 21,587 26,296 6,673 6,685 4,91! 8,027 24.372 643 8,017 2,203 13,509 Nov............. 71,987 47,096 20,324 26,772 6,876 6,689 5,098 8,109 24,891 612 8,245 2,341 13,693 Dec........... 72,169 46,410 19,844 26,566 6,469 7,027 5,011 8,059 25,759 755 9,058 2,309 13,637 1967—Jan................... 74,836 48,334 19,928 28,406 7,130 7,925 5,426 7,925 26,502 716 9,489 2,302 13,995 Feb................... 74,996 47,960 20,278 27,682 7,054 7,697 5,093 7,838 27,036 763 10,189 2,173 13,911 Mar.................. 73,084 46,906 20,829 26,077 6,097 7,194 4,883 7,903 26,178 Apr.................. 71,961 46,042 21,130 24,912 5,579 6,926 4,749 7,658 25,919 May................. 73,904 47,813 22,107 25,706 6,006 7,093 4,744 7,863 26,091 June................. 74,197 48,052 22,885 25,167 5,886 6,683 4,716 7,882 26,145 July.................. 75,906 49,151 23,652 25,499 6,154 6,739 4,748 7,858 26,755 Aug.................. 77,045 50,170 24,619 25,551 6,011 6,437 5,189 7,914 26,875 Sept.7'........ 78,202 51,129 25,419 25,710 6,055 6,494 5,131 8,030 27,073 1 Includes religious, educational, hospital, institutional, and other build- 5 Beginning 1963, reflects inclusion of new scries 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 4 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 S.A. Government- (private only) underwritten Period Total Non­ Private Metro­ Total N fa o rm n­ politan p m o e li t t r a o n ­ Total fam 1- i ly fam 2- i ly f M am ul i t l i y ­ Public Total FHA VA 1956............................ 1,349 1,325 24 465 195 271 1957............................ 1 '224 1,175 49 322 193 128 1958............................ 1’382 1 314 68 439 337 102 1959............................ 1,'554 1,077 477 1,517 1,234 56 227 37 458 349 109 1960............................ 1,296 889 407 1,252 995 44 213 44 336 261 75 1961............................ 1,365 948 417 1,313 974 44 295 52 328 244 83 1962............................ 1,492 1 054 439 1 363 991 49 422 30 339 261 78 1963............................ 1,642 1,152 490 1,610 1,021 53 536 32 292 221 71 1964............................ I ,563 1 ,093 470 1,529 972 54 505 32 264 205 59 1965............................ 1,510 1,035 475 1 373 964 51 458 37 246 197 49 1966............................ 1,196 808 388 1,165 779 35 351 31 195 158 37 1966—Sept.................. 1,048 1,020 92 61 31 89 59 2 27 3 13 10 3 Oct.................. '845 824 79 51 28 77 54 4 20 3 12 9 3 Nov. 957 956 75 48 27 73 50 3 20 2 13 10 3 Dec.................. 931 910 62 44 19 60 38 2 20 2 12 10 3 1967—Jan................... 1,111 1 .079 62 43 19 59 40 2 17 3 13 10 3 Feb................... 1,149 1,132 63 44 19 61 40 2 19 2 12 9 3 1 ^094 1,067 93 63 30 92 67 2 23 1 18 14 4 Apr................ 1,116 1,099 116 77 38 114 80 4 30 2 16 12 4 May................ 1.274 1 ,224 134 92 42 1 32 87 5 40 2 23 18 5 June.......... 1,233 1 '214 132 88 44 125 88 3 35 6 24 19 5 July................. 1 ’369 1 ’356 126 88 39 125 82 5 38 1 20 15 5 Aug........... ”1,403 Pl '377 Pl 30 90 40 Pl 27 83 4 40 P3 23 17 6 Sept.................. pJ,457 Pl 327 71127 89 37 Pl 23 78 4 41 p4 20 16 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

1980 EMPLOYMENT NOVEMBER 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 S a o o b . r A t c o a e . r l Total Employed1 Unem­ U (p n e e m r r a m e t c n e p e t 2 l n o t y ) ­ In nonagrL In ployed S.A. Total in c d u u lt s u t r r a ie l s agriculture 1961......................... 121,343 48,312 73,031 70,459 65,746 60,546 5,200 4,714 6.7 1962......................... 122'981 49^539 73,442 70^614 66;702 61 759 4^44 3,911 5.5 1963......................... 125;154 50,583 74^571 71 ,833 67,762 63,076 4; 687 4,070 5.7 1964......................... 127,224 51’394 75^830 73’091 69,305 64,782 4; 523 3,786 5.2 1965......................... 129,236 52,058 77,178 74 ,'455 71,088 66,726 4'361 3,366 4.5 1966......................... 131,180 52^288 78,893 75,770 72,895 68,915 3,979 2^75 3.8 1966—Oct................ 131,772 52,285 79,360 76,081 73,199 69,420 3,779 2,882 3.8 Nov......... 131 ,'949 52,’05 4 79,934 76,612 73.897 70,005 3; 892 2,715 3.5 Dec............... 132;i21 52^479 80;154 76^64 73;893 69,882 4,011 2,871 3.7 19673—Jan.............. 132,295 53,589 80,473 77,087 74,255 70,240 4,015 2,832 3.7 Feb.............. 132,448 53,341 80,443 7?;025 74,137 70;247 3,890 2^888 3.7 Mar............. 132,'627 53,678 79,959 76,523 73,’ 747 69,892 3,855 2,776 3.6 Apr............. 132^795 53,'234 80,189 76,740 73;910 70,020 3 ;890 2^830 3.7 May........... 132^969 53^19 79,645 76;189 73,289 69.637 3 ,'652 2,900 3.8 June............ 133,168 50,704 80,681 77,237 74;147 70,420 3; 727 3 ;090 4.0 July............ 133,366 50;446 80;954 77;505 74.489 7O;633 3; 856 3,016 3.9 Aug............. 133,645 51,074 81; 160 77 ,'701 74,718 70 ,’726 3,992 2,983 3.8 Sept............ C133.847 52,865 81,259 77,803 74,625 70;949 3,676 3,178 4.1 Oct.............. 134,045 52,450 81^460 77;997 74’630 70,923 3,707 3 ,’367 4.3 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 Jan. 1967 data not strictly comparable with previous data. to the calendar week that contains the 12th day; annual data are averages Description of changes available from Bureau 01 Labor Statistics. of monthly figures. EMPLOYMENT IN NON AGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n ri u n f g ac­ Mining c C o o n n s t t r r a u c c t ­ t T io ra n n & sp o p r u t b a ­ ­ Trade Finance Service G m ov e e n r t n­ tion lic utilities 1961...................................................... 54,042 16,326 672 2,816 3,903 11,337 2,731 7,664 8,594 1962...................................................... 55,596 16.853 650 2,902 3,906 11;566 2;800 8,028 8; 890 1963...................................................... 56;702 16,995 635 2; 963 3 903 11 778 2^77 8,325 9; 225 1964...................................................... 58,332 17,274 634 3,050 3,951 12J60 2^57 8; 709 9;596 1965...................................................... 60,832 18,062 632 3 186 4 036 12 716 3’023 9,087 io;o9i 1966...................................................... 63,982 19,186 625 3 *292 4,151 13,211 102 9,’545 10,871 SEASONALLY ADJUSTED 1966—Oct.................................. 64,694 19,422 623 3 239 4 190 13 354 3 120 9,675 11,071 Nov............................................ 65,014 19,498 621 3 ‘241 4,’2I2 13,'406 3; 132 9,744 11,160 Dec............................................ 65^51 19,526 623 3 291 4;218 13 416 3 J144 9;781 11,252 1967—Jan............................................. 65,564 19,558 625 3,311 4,242 13 515 3,152 9,840 11,321 Feb............................................. 65,692 19,507 624 3 352 4; 247 13,541 3,165 9,883 11,373 Mar.......................................... 65,749 19,445 624 3 313 4,’246 13,557 3,179 9,946 11,439 Apr........................................... 65,653 19,331 620 3,276 4'212 13 572 3,194 9 ;973 11,475 May........................................... 65,639 19,238 617 3 192 4,267 13,609 3,205 9,987 11,524 June........................................... 65,903 19,285 619 3,187 4,266 13,648 3,227 10.035 11,636 July.......................................... 65^39 19,169 623 3’231 4 292 13 647 3; 234 10,074 11,669 Aug................................... 66,190 19,318 606 3 ,'223 4; 283 13,664 3,’253 10,130 11,713 Sept.£........................................ 66,047 19,153 599 3’235 4; 266 13,706 3,263 10,167 11,658 Oct.”.......................................... 66,165 19,166 595 3,224 4;256 13'748 3,270 10J77 11,729 NOT SEASONALLY ADJUSTED 1966—Sept............................................ 65,017 19,638 634 3 540 4,238 13,251 3,127 9,667 10,922 Oct............................................. 65,351 19,640 627 3,466 4,219 13;385 3,117 9,704 11,193 Nov.......................................... 65;559 19,625 624 3,328 4 ,’229 13;603 3,116 9;695 11,339 Dec............................................ 66,’087 19^34 622 3 146 4; 222 14,’248 3,125 9,693 11,497 1967—Jan............................................. 64,531 19,333 611 2,947 4,183 13,334 3,114 9,643 11,366 Feb............................................. 64,’491 19,297 606 2,863 4’175 13,218 3,133 9,725 11,474 Mar........................................... 64,843 19;263 607 2^22 4; 191 13,332 3J57 9,817 11,554 Apr........................................... 65,215 19,181 614 3,106 4,'174 13,412 3’181 9,963 11,584 May........................................... 65;594 19,133 618 3,227 4; 250 13;5O3 3; 202 10,057 11,604 June.......................................... 66;514 19,382 633 3;407 4; 304 13,675 3 ;253 10,196 11,664 July........................................... 66;129 19,156 636 3,548 4^35 13;629 3,289 10,265 11,271 Aug......................... 66,408 19,435 620 3,594 4330 13;622 3; 305 10,262 11,240 Sept.?....................................... 66,665 19,455 607 3,510 4,321 13,676 3,273 10,218 11,605 Oct.”.......................................... 66,831 19,382 599 3,450 4;286 13,780 3,267 10,208 11,859 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 pav period forces are excluded. that includes the 12th of the month. Proprietors, self-employed persons, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 EMPLOYMENT AND EARNINGS 1981 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1966 1967 1966 1967 Oct. Aug. Sept.? Oct.p Oct. Aug. Sept.P Oct.p Total............. ..... ..... ........... 14 434 14 191 14 025 14 026 14 653 14 261 14 314 14 243 Durable goods.............................................................. 8 488 8 299 8 113 8,083 8 574 8,193 8,205 8 167 Ordnance and accessories.................................... ‘ 130 155 154 156 ’l 31 ’153 155 ’ 157 Lumber and wood products............................... 522 509 509 510 531 533 526 518 Furniture and fixtures.......................................... 386 369 370 372 393 375 376 378 Stone clay, and glass products......................... 512 497 494 500 520 516 510 508 Primary meta* industries...................................... I 117 1 024 1 007 1,005 I 099 1,028 1 010 990 Fabricated metal products.................................. 1*062 1 048 1^023 1,019 1,075 1 046 1 034 1 031 Machinery............................................................ I 380 1 375 1 .’363 1,332 1 ,366 I 364 1 356 1 ’319 Electrical equipment and supplies...................... I '356 1 290 i ^264 IJ 265 1 382 1,284 1,277 1 ’289 Transportation equipment................................. 1'393 1 410 1’312 1'304 1 420 1 ^259 1 ,'320 1'330 Instruments and related products....................... '283 '285 '281 284 284 285 284 285 Miscellaneous manufacturing industries.............. 347 337 336 336 373 350 357 362 Nondurable goods....................................................... 5 946 5 892 5 912 5,943 6 079 6,068 6,109 6 076 Food and kindred products....................... 1’174 1 ’ 148 1 178 1,182 I 259 1,266 1 '315 1 *267 Tobacco manufactures......................................... ’ 67 72 ’ 69 71 83 78 84 ’ 88 Textile-mill products.................................. 858 839 842 845 864 847 849 851 Apparel and related products............................. 1 248 1 223 1,218 1,223 1,266 1,245 1 237 1 240 Paper and allied products.................................... *522 534 528 '530 ’525 541 535 ’534 Printing publishing, and allied industries.......... 658 673 669 672 661 672 672 675 Chemicals and allied products............................ 581 585 584 592 577 590 586 587 Petroleum refining and related industries........ 116 118 U9 119 117 122 121 120 Rubber and misc plastic products...................... 406 401 405 408 411 401 408 413 Leather and leather products............................... 316 299 300 301 316 306 302 301 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.j (dollars per week, N.S.A.) (dollars per hour, N.S.A.) Industry group 1966 1967 1966 1967 1966 1967 Oct. Aug. Sept.p Oct.p Oct, Aug. Sept.P Oct.p Oct. Aug. Sept.11 Oct.p Total............................................................... 41 3 40.7 40 8 40.7 113.85 114.77 116 57 116.28 2.75 2 82 2.85 2 85 Durable goods................................................. 42 1 41.3 41 5 41.4 124,07 123.30 125 75 125.75 2 94 3 00 3 03 3 03 Ordnance and accessories......................... 42.1 41.9 42.3 42.1 136.21 135.11 138.74 139.17 3.22 3.'24 3,28 3*29 Lumber and wood products.................... 40 4 39.7 40 3 40.2 94 02 96 88 98.82 98 42 2,31 2 41 2 44 2 43 Furniture and fixtures............................... 41.2 40 2 40 7 40 5 94 28 95.06 97.41 97.64 2,25 233 2.37 2 37 Stone, clay, and glass products................ 41.9 41.6 42 0 41.9 116 89 119.99 121.11 121.11 2.77 2.85 2.87 287 Primary metal industries.......................... 42 5 41 0 41 0 40 8 139 02 137 50 138 58 135 01 3.31 3 37 3.38 3 35 Fabricated metal products........................ 42 4 41 5 41 8 41 6 124 26 123 55 126 00 124 98 2.91 2 97 3 00 2 99 Machinery........................................... .. 43 8 42 2 42 7 42 4 136 34 132 82 135 68 135.78 3 12 3 17 3 20 3 21 Electrical equipment and supplies............ 41 ^0 40.4 40'2 • 40.2 109^74 111.76 112'31 112.84 2.67 2^78 2.78 2'80 Transportation equipment........................ 42 2 42 5 42.7 42 3 146 29 143 52 147 48 150 07 3.41 3 45 3 47 3 49 Instruments and related products........... 42.0 41.2 41 5 41.5 116.05 117.14 119 39 119 68 2.75 285 2 87 2'87 Miscellaneous manufacturing industries... 40.0 39.4 39.4 39.2 90.09 92.04 92.43 92.66 2.23 2,33 2,34 2^4 Nondurable goods............................................ 40 1 39 7 39 9 39 6 99 94 102 80 104 66 103 88 2 48 2 57 2 61 2 61 Food and kindred products............ 41.1 40 8 41 0 40.6 104,08 107.94 109 67 107.71 252 2.62 2.63 2 64 Tobacco manufactures............................. 38 0 389 38 0 38 8 82 14 87 75 86 72 85.63 2 09 2 25 2.19 2 13 Textile-mill products................................. 41.4 41 0 41 4 41.2 83.40 83,84 87 J 4 87.98 200 204 2.11 2*12 Apparel and related products................... 36 6 35 8 36 3 35 8 70 64 74 05 74 73 73 75 1 93 2 04 2.07 2 06 Paper and allied products......................... 43.2 42'6 42.7 42.7 121 37 124.41 125 56 125.56 2.79 290 2.92 292 Printing, publishing, and allied industries. 39.0 38 J 38.3 38.1 125,51 126.28 127.82 127.21 3.21 3.28 3,32 3/33 Chemicals and allied products.................. 42.1 41 5 41 4 41.6 127,56 129.17 130,00 131.04 3.03 3.12 3,14 3.15 Petroleum refining and related industries.. 42.4 43.1 42.6 43.0 145.01 153.79 157,04 154.80 3,42 3.56 3.61 3.60 Rubber and misc. plastic products....... 42.0 42 0 41.9 42 0 113.94 116.89 120.13 119.85 2.70 2 77 2.84 2 84 Leather and leather products.................... 38.5 3s; 3 38.9 38.6 74,68 80.11 80,26 80.22 1.96 2.07 2.09 2.10 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

1982 PRICES NOVEMBER 1967 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em ll s Food Total Rent o H w s o h n m ip e e r - ­ c F a o o u n i a e d l l l t e r G a i l c n e a i c d s t ­ y o n F t i p a i n i n o u e s g d n r h r s a ­ ­ ­ A up p a k p n e a d e r e p l T p t o r i a o r n t n a s ­ ­ Total M c ic a e a r d e l ­ s c P o a e n r r a e ­ l r R e t a i c i e n n o r a g e d n d a ­ ­ g O s a o i 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. I 100.4 99.0 100.3 99.9 99.8 99,7 100.3 100.1 100.4 100.8 99.8 1959. 101.5 100.3 101.3 101.6 101.4 100.2 102.8 100.7 100.6 103.8 102.8 104.4 102.4 102.4 101.8 1960. 103.1 101.4 103.1 103.1 103.7 99,5 107.0 101.5 102.2 103.8 105.4 108.1 104.1 104.9 103.8 1961 . 104.2 102.6 103.9 104.4 104.4 101 .6 107.9 101 .4 103.0 105,0 107.3 111.3 104.6 107.2 104.6 1962. 105.4 103.6 104 8 105.7 105.6 102.1 107.9 101.5 103,6 107,2 109,4 114.2 106,5 109.6 105.3 1963 . 106.7 105.1 106.0 106.8 107.0 104.0 107.8 102.4 104.8 107.8 111.4 117.0 107.9 111.5 107.1 1964. 108.1 106.4 107.2 107.8 109.1 103.5 107.9 102.8 105.7 109.3 113,6 119.4 109,2 114.1 108.8 1965 . 109.9 108.8 108.5 108.9 111.4 105,6 107.8 103.1 106.8 111,1 115,6 122.3 109,9 115,2 111.4 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--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 H5.9 Nov.............. 114.6 114.8 112.6 Hl.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 Apr............. 115.3 113.7 113.6 111.9 119.0 111.0 108.4 107.7 113.0 115.1 122.6 135.1 114.9 119.4 116.6 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 1 19.6 116.7 June............. 116.0 115.1 114.1 1 12.2 119,9 1 10.5 108.2 108.1 113.9 115.7 123.2 136.3 115.3 119.7 1 16.9 July.............. 116.5 116.0 114.3 112.4 120.2 111.4 108.3 108.2 113.7 116.2 123.6 136,9 115.5 119.8 117.8 Aug.............. 116.9 116.6 114.7 112.6 120,8 111.7 108.5 108.3 113.8 116.4 124,2 137.5 116.1 120.0 118.8 Sept.............. 117.1 115.9 115,0 112.8 121.1 112.3 108,9 108.8 115,1 116.8 124,9 138,5 116.4 120,5 119.7 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59= 100) Industrial commodities Period co A m ll ­ p F r a o rm d­ f P e o s r s o o e d c d s ­ c M hi a n ­ ­ 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 e t u c r b . , ­ L b e u t e c m r . , ­ P e a t p c e . r, M e a t l c e s . t , ­ 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 h e n ­ c ­ e p t q o io u r n i t p a ­ ­ n c M e e o l i l u s 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—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 U8.7 102,6 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.I 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 97.6 110.0 106.0 101.8 115.7 103.3 98.8 95.9 104.1 103.9 109.1 111.6 100.6 103.9 n.a. 108.0 May 105.8 100.7 110,7 106.0 101.6 115.2 104.4 98.8 95.8 104.2 103.9 108.9 111.6 100.8 103.8 n.a. 108.0 June 106.3 102,4 112.6 106.0 101.6 115.6 104.0 98.5 95.8 104.7 103.9 108.9 111.6 100.8 103.9 n.a. 109.6 July. 106.5 102.8 113.1 106.0 101 .5 115,2 103.9 98.3 95.8 105.3 104.1 109.0 111.6 100.9 104.2 n.a. 109.7 Aug. 106.1 99.2 112.1 106.3 101.7 114,4 104.7 98.0 97.8 106.1 104.0 109.2 111.8 101.0 104.5 n.a. 110.0 Sept. 106.2 98.4 112.7 106.5 102.0 114.4 104.5 97.9 98.2 108.7 104.1 109.6 111.9 101.2 104,7 n.a. 110.2 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 PRICES 1983 WHOLESALE PRICES: DETAIL (1957-59= 100) 1966 1967 1966 1967 Group Group Sept. July Aug. Sept. Sept. July Aug. Sept. Farm products: Pulp, paper, and allied products: Fresh and dried produce.................... 110.4 107.9 96.6 92.2 Pulp, paper, and products, excluding Grains............................................... 104.6 92.6 86.1 85.6 building paper and board.............. 103.6 104.6 104.5 104.6 Livestock............................................ 109.2 107.4 106,3 103.5 Woodpulp.......................................... 98.0 98.0 98.0 98.0 Live poultry........................................ 87.5 91 .9 77.3 72.9 Wastepaper........................................ 102.9 76,2 74.6 75.4 Plant and animal fibers...................... 71.7 70.9 71.4 72.4 Paper................................................. 108.4 110.9 110.9 110.9 Fluid milk.......................................... 125.4 121.3 120.9 123.7 Paperboard......................................... 97.2 97.3 97.3 97.3 Eggs.................................................... 128.0 86.0 82.1 93.1 Converted paper and paperboard.. .. 103.0 104.7 104.6 104.8 Hay and seeds.................................... 126.3 117.1 111.6 109.0 Building paper and board................. 92.7 91.5 91.3 91.4 Other farm products........................... 102.3 99.7 99.3 97.7 Processed foods and feeds: Metals and metal products: Cereal and bakery products............... 118.9 116.9 116.8 116.6 Iron and steel..................................... 102.5 103.4 103.5 104.0 Meat, poultry and fish....................... 112.2 109.9 107,4 108.6 Steelmill products............................... 105.1 105.7 105.7 106.3 Dairy products................................... 124.2 122.0 122.1 122.8 Nonferrous metals............................. 119.9 118.6 118.9 119.4 Processed fruits and vegetables.......... 103.7 107.0 107.1 107.9 Metal containers................................ 110.1 111.7 111.7 Hl.7 Sugar and confectionery.................... 111.4 113.7 113.8 113.8 Hardware.......................................... 110.3 113.8 115.2 115.3 Beverages and beverage materials.... 105.6 106.4 106,6 106.7 Plumbing equipment.......................... 110.6 110.0 110.1 110.2 Animal fats and oils........................... 115.9 77.4 83.0 79.6 Heating equipment............................ 92.9 92.6 92.5 92.7 Crude vegetable oils........................... 112.4 86.8 89.8 87.9 Fabricated structural metal products. 104.4 105.1 105,5 105.6 Refined vegetable oils......................... 107.6 88.3 91.9 91.3 Miscellaneous metal products........... 112.4 113.8 114,2 114.1 Vegetable oil end products................. 110.4 101 .3 101.0 102,0 Miscellaneous processed foods........... 114.2 113.1 112.1 112.5 Manufactured animal feeds................ 132.3 123.2 119.6 121.5 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip.... 118.2 121.9 122.0 122.2 Construction machinery and equip... 119.4 122.1 122.4 122.4 Cotton products................................ 103.1 98.9 98.8 99.2 Metalworking machinery and equip.. 120.5 123.9 124.4 124.4 Wool products.................................. 106.1 103.3 102.9 102.7 General purpose machinery and Man-made fiber textile products........ 88.6 85.5 85,9 86.3 equipment...................................... 111.1 113,2 113.6 114.0 Silk yarns............................................ 158.6 168.4 172.6 175.7 Special industry machinery and Apparel............................................... 105. 1 107.1 107.3 107.4 equipment (Jan. 1961 = 100).......... 113.2 116.3 116.7 116.7 Textile housefurnishings.................... 105. 1 105.3 105.3 106.8 Electrical machinery and equip......... 99.2 101.7 101.6 101.5 Miscellaneous textile products........... 120.3 117.1 116,0 115.6 Miscellaneous machinery.................. 106.8 109.1 109.4 109.7 Hides, skins, leather, and products: Furniture and household durables: Hides and skins................................ 134.2 93.4 86,8 93.2 Leather............................................... 121.8 109.5 109,2 105.3 Household furniture.......................... 109.8 112.6 112.8 113.0 Footwear............................................ 119.1 121 .4 121.2 121.8 Commercial furniture........................ 106.0 111.9 111.9 112.0 Other leather products....................... 115. 1 112.9 112.5 111.8 Floor coverings................................. 96.6 92.9 92.6 93.4 Household appliances........................ 88.7 90.1 90.1 90.3 Fuels and related products, and power: Home electronic equipment............... 83.3 81.8 81.8 81.6 Other household durable goods........ 112.6 116.6 117.9 118.2 Coal............................................ 99.6 103.0 103.0 104.1 Coke................................................... 112.0 112.0 112.0 112.0 Gas fuels (Jan. 1958— 100)................. 129.2 131.8 132.0 132.6 Nonmetalllc mineral products: Electric power (Jan. 1958= 100)......... 100.3 100.6 100.5 100.7 Crude petroleum................................ 97.7 98.4 99.0 99.0 Flat glass........................................... 100.6 104.5 106.9 106,9 Petroleum products, refined............... 101.0 103.3 104.6 103.9 Concrete ingredients........................ 103.9 106.0 106.0 106.1 Concrete products............................. 103.6 105.8 105.8 105.9 Chemicals and allied products: Structural clay products excluding refractories.................................... 108.7 109.9 110.4 110.7 Industrial chemicals........................... 95.8 97.2 97.1 97.1 Refractories....................................... 103.9 104.9 104.9 104,9 Prepared paint.................................... 106.8 108.8 108,8 109.9 Asphalt roofing................................ 97.6 91.6 91.8 95.1 Paint materials................................... 90.3 90.9 90,7 90.6 Gypsum products...................... 102.7 100.7 100.7 100.7 Drugs and pharmaceuticals................ 94.8 94.1 93.6 93.5 Glass containers................................ 99.2 101.1 101.1 101.1 Fats and oils, inedible........................ 103.8 77.1 77.2 77.1 Other nonmetallic minerals............... 101.8 102.2 101.8 101.7 Agricultural chemicals and products.. 102.2 103.5 101.8 101.2 Plastic resins and materials................ 89.9 90.0 89.5 87.7 Other chemicals and products............ 106.8 108.7 108.7 108.7 Transportation equipment: Rubber and products: Motor vehicles and equipment.......... 100.1 101.3 101.3 101.5 Railroad equipment (Jan. 1961 = 100). 101.0 102.9 102.9 102.9 Crude rubber...................................... 87.9 85.7 84.8 83.9 Tires and tubes.................................. 93.4 94.0 98.7 98.7 Miscellaneous rubber products........... 99.0 iOl.6 102.3 103.7 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition................................... 104.8 105.6 105.8 106.1 Lumber............................................... 109.5 108.3 109,0 112.0 Tobacco products.......................... 110,3 114.8 114.8 114.8 Millwork............................................ 110.9 112. 1 112.6 113.1 Notions............................................. 100.8 100.8 100.8 100.8 Plywood............................................. 89.2 89.4 90.9 95.7 Photographic equipment and supplies 108.4 110.1 HI.3 Hl.6 Other wood products (Dec. 1966= 100) 102.0 101.6 101.3 Other miscellaneous products.......... 105.5 108.3 108.5 108.7 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 Ian. 1967 data and (2) various fications. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1984 NATIONAL PRODUCT AND INCOME NOVEMBER 1967 GROSS NATIONAL PRODUCT (In billions of dollars) 1966 1967 Item 1929 1933 1941 1950 1962 1963 1964 1965 1966 III IV I II IIP Gross national product................................... 103.1 55.6 124.5 284.8 560.3 590.5 632.4 683.9 743.3 748.8 762.1 766.3 115.1 790.1 Final purchases............................................. 101.4 57.2 120.1 278.0 554.3 584.6 626.6 674.5 729.9 737.4 743.6 759.2 774.6 788.6 Persona! consumption expenditures................ 77.2 45.8 80.6 191.0 355.1 375.0 401.2 433.1 465.9 470.1 473.8 480.2 489.7 495.8 Durable goods............................................ 9.2 3.5 9.6 30.5 49.5 53.9 59.2 66.0 70.3 70.9 70.6 69.4 72.5 73.0 Nondurable goods...................................... 37.7 22.3 42.9 98.1 162.6 168.6 178.7 191.2 207.5 209.5 210.3 214.2 217,2 219.0 Services....................................................... 30.3 20.1 28.1 62.4 143.0 152.4 163.3 175.9 188.1 189.8 192.9 196.6 200.0 203.8 Gross private domestic investment.................. 16.2 1.4 17.9 54.1 83.0 87.1 94.0 107.4 118.0 116.4 122.2 110.4 105.1 109.8 Fixed investment........................................ 14.5 3.0 13.4 47.3 77.0 81.3 88.2 98.0 104.6 104.9 103.7 103.3 104.6 108.2 Nonresidential.......................................... 10.6 2.4 9.5 27.9 51.7 54.3 61.1 71.1 80,2 81.2 82.8 81.9 81.5 82.9 Structures.................................. 5.0 .9 2.9 9.2 19.2 19.5 21.2 25.1 27.9 28.2 21.1 21.1 26.3 26.4 Producers* durable equipment............ 5.6 1.5 6.6 18.7 32.5 34.8 39.9 46.0 52.3 53.1 55.1 54 2 55.2 56.5 Residential structures............................ 4.0 .6 3.9 19.4 25.3 27.0 27.1 27.0 24.4 23.7 20.9 21.4 23.1 25.4 Nonfarm............................................. 3.8 .5 3.7 18.6 24.8 26.4 26.6 26.4 23.8 23.2 20.4 20.9 22.5 24.8 Change in business inventories.................. 1.7 -1.6 4.5 6.8 6.0 5.9 5.8 9.4 13.4 11.4 18.5 7. I 0.5 1.5 Nonfarm................................................. 1.8 -1.4 4.0 6.0 5,3 5.1 6.4 8.4 13.7 12.0 19.0 7.3 0.6 1.1 Net exports of goods and services.................. 1.1 .4 1.3 1.8 5.1 5.9 8.5 6.9 5.1 4.6 4.3 5.3 5.3 5.6 Exports....................................................... 7.0 2.4 5.9 13.8 30.3 32.3 37.1 39.1 43.0 43.7 44.0 45.3 45.1 45.8 Imports....................................................... 5.9 2.0 4.6 12.0 25.1 26.4 28.6 32.2 37.9 39.0 39.7 39.9 39.8 40.2 Government purchases of goods and services.. S.5 8.0 24.8 37.9 117.1 122.5 128.7 136.4 154.3 157.7 161.7 170.4 175.0 178.9 Federal........................................................ 1.3 2.0 16.9 18.4 63.4 64 2 65.2 66.8 77.0 79.5 81.5 87.1 89.5 91.4 National defense............................... 13.8 14.1 51.6 50.8 50.0 50.1 60.5 63.0 65.6 10.2 12.5 73.9 Other................................................ 3.1 4.3 11.8 13.5 15.2 16.7 16.5 16.6 15.9 16.8 17.0 17.5 State and local............................................ 7.2 6.0 7.9 19.5 53.7 58.2 63.5 69.6 77.2 78.1 80.2 83.3 85.4 87.6 Gross national product in constant (1958) dollars................................................... 203.6 141.5 263.7 355.3 529.8 551.0 581.1 616.7 652.6 654.8 661.1 660.7 664.7 671.6 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. For hack data and explanation of series, see the Survey of Current Business, July 1967, and Supplement, Aug. 1966. NATIONAL INCOME (In billions of dollars) 1966 1967 Item 1929 1933 1941 1950 1962 1963 1964 1965 1966 III IV I II IIP National income.......................... 86.8 40.3 104.2 241.1 457.7 481.9 518.1 562.4 616.7 622.1 634.1 636.4 641.6 Compensation of employees........................... 51.1 29.5 64.8 154.6 323.6 341.0 365.7 393.9 435.7 441.2 450.2 459.1 463.4 472.3 Wages and salaries..................................... 50.4 29.0 62.1 146.8 296.1 311.1 333.7 359.1 394.6 399.6 407.4 414.7 418.3 425.9 Private.................................................... 45.5 23.9 51.9 124.4 240.1 251.6 269.4 289,8 316.7 320.1 326, i 331.4 333.2 339.0 Military................................................. .3 .3 1.9 5 0 10 8 10 8 11.7 12.1 14.7 15.1 15.8 16.1 16.2 16.3 Government civilian............................... 4.9 8.3 17.4 45.2 48.6 52.6 57.1 63.2 64.3 65.6 67.3 68.9 70.6 Supplements to wages and salaries......... ,7 .5 2.7 7.8 27.5 29.9 32.0 34.9 41.1 41.6 42.7 44.4 45.2 46.3 Employer contributions for social insurancc............................................... .1 .1 2.0 4.0 13.7 15.0 15.4 16.2 20.3 20.6 21.1 22.2 22.3 22.8 Other labor income................................. .6 .4 ’7 3.8 13.9 14.9 16.6 18.6 20.8 21.1 21.7 22.2 22.9 23.6 Proprietors’ income........................ 15.1 5.9 17.5 37.5 50.1 51.0 52.3 56.7 59.3 59.2 58.6 57.8 57.8 58.8 Business and professional.......................... 9.0 3.3 11.1 24,0 37.1 37.9 40.2 41.9 43.2 43.3 43.4 43.2 43.4 43.8 Farm........................................................... 6.2 2.6 6.4 13.5 13.0 13.1 12.1 14.8 16.1 15.9 15.1 14.6 14.3 15.0 Rental income of persons............................... 5,4 2.0 3.5 9.4 16.7 17.1 18.0 19.0 19.4 19.4 19.6 19.8 20.0 20.2 Corporate profits and inventory valuation adjustment................................................... 10.5 — 1.2 15.2 37.7 55.7 58.9 66.3 74,9 82.2 81.9 84.6 78.1 78.3 Profits before tax............................... 10.0 1.0 17.7 42.6 55.4 59.4 66.8 76.6 83.8 84.0 83.9 79.0 78.9 Profits tax liability.................................. 1.4 .5 7.6 17.8 24.2 26.3 28.3 31.4 34.5 34.6 34.6 32.5 32.5 Profits offer tax................................... 8.6 10.1 24.9 31.2 33.1 38.4 45.2 49.3 49.4 49.3 46.5 46.5 Dividends............................................ 5.8 2.0 4.4 8.8 15.2 16.5 17.8 19.8 21.5 21.6 21.2 22.2 23.1 23.4 Undistributed profits.......................... 2.8 -1.6 5.7 16.0 16.0 16.6 20.6 25.4 27.8 27.8 28.2 24.2 23.4 Inventory valuation adjustment.......... .5 -2.1 "2.5 — 5.0 .3 — .5 -.5 -1.7 - 1.6 ~2.2 .7 -.8 -.7 — .7 Net interest..................................................... 4.7 4.1 3.2 2.0 11.6 13.8 15.8 17.9 20.2 20.4 21.1 21.6 22.1 22.6 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 NATIONAL PRODUCT AND INCOME 1985 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 III IV I II IIP’ Gross national product................................... 103.1 55.6 124.5 284.8 560.3 590.5 632.4 683.9 743.3 748.8 762.1 766.3 775.1 790.1 Less: Capital consumption allowances......... 7.9 7.0 8.2 18.3 50.0 52.6 56.1 59.9 63.5 63.9 64.7 65.5 66.4 67.5 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 65.9 67.0 67.9 69.1 70.5 Business transfer payments................. .6 ,7 .5 .8 2.1 2.3 2.5 2.6 2.7 2.7 2.8 2.8 2.8 2.8 Statistical discrepancy... .................... .7 .6 .4 1.5 .5 — .3 — 1.3 -2.0 -2.6 -3.2 -3.8 -4.0 -2.8 Plus: Subsidies less current surplus of gov­ ernment enterprises........... 1 . 1 .2 1.4 .8 1.3 1.2 2.2 2.7 2.6 2.3 2.0 1 6 Equals: National income................................ 86.8 40.3 104.2 241.1 457.7 481.9 518.1 562.4 616.7 622.1 634.1 636.4 641.6 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 81.9 84.6 78.1 78 3 Contributions for social insurance.... .2 .3 2.8 6.9 24.0 26.9 27.9 29.7 38.2 38.9 39.8 42.2 42.5 43,3 Excess of wage accruals over disburse­ ments............................................ Plus: Government transfer payments........... .9 1.5 2.6 14.3 31.2 33.0 34.2 37.2 41.2 41.3 44.7 48.1 48.6 49.7 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 22.4 23.2 23.7 23.9 24.3 Dividends............................................ 5.8 2.0 4.4 8.8 15.2 16.5 17.8 19.8 21.5 21.6 21.2 22.2 23.1 23 4 Business transfer payments................. .6 .7 .5 .8 2.1 2.3 2.5 2.6 2.7 2.7 2.8 2.8 2.8 2.8 Equals: Personal income................................ 85.9 47.0 96.0 227.6 442.6 465.5 497.5 537.8 584.0 589.3 601.6 612.9 619.1 630.7 Less: Personal tax and nontax payments... . 2.6 1.5 3.3 20.7 57.4 60.9 59.4 65.6 75.2 76.9 79.6 80.2 79.1 82.8 Equals: Disposable personal income............. 83.3 45.5 92.7 206.9 385.3 404.6 438.1 472.2 508.8 512.4 522.0 532.7 540.0 547.9 Less' Personal outlays.................................. 79.1 46.5 81.7 193.9 363.7 384.7 411.9 445.0 479.0 483.2 487.4 493.9 504.0 510.1 Personal consumption expenditures., 77.2 45.8 80.6 191.0 355. 1 375.0 401.2 433.1 465.9 470.1 473.8 480.2 489.7 495.8 Consumer interest payments........... 1.5 .5 .9 2.4 8.1 9.1 10.1 11.3 12.4 12.5 12.9 13.1 13.3 13.5 Personal transfer payments to for­ eigners ...................................... .3 .2 .2 .5 .5 .6 .6 .7 .6 .6 .6 .7 1.0 . 8 Equals: Personal saving............................... 4.2 -.9 11.0 13.1 21.6 19.9 26.2 27.2 29.8 29.2 34.6 38.8 36.0 37.8 Disposable personal income in constant (1958) dollars...................... 150.6 112.2 190.3 249.6 367.3 381.3 407.9 434.4 456.3 458.4 463.2 470.6 474.9 477.7 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July' Aug. Sept.’ Total personal income........................ 537.8 584.0 594.1 597.5 602.1 605.0 610.4 612.6 615.6 616.5 618.2 622.6 627.0 631.5 633. Wage and salary disbursements......... 359.1 394.6 401.9 404.8 407.6 410.0 413.8 414.2 416.2 416.7 417.2 420.9 423.4 426.7 427. Commodity-producing industries... 144.5 159.3 162.2 163.2 164.1 164.9 166.2 165.2 165.6 165.0 164.3 165.2 166.1 168.0 167. Manufacturing only..................... 115.6 128.1 130.8 132.1 132.8 132.8 133.7 132.7 132.9 132.5 132.2 133.0 133.2 135.3 135. Distributive industries.................... 86.9 93,9 95.0 95.9 96.5 97,2 98.4 98.6 99.1 99.1 99.3 100.4 101.3 101.8 101. Service industries........................... 58.3 63.5 64.7 64.9 65.6 65.9 66.4 66.9 67.6 68.2 68.6 69,5 69.6 70.1 70. Government................................... 69.3 77,9 80.1 80.8 81.4 82.0 82.7 83.4 84.0 84.5 85.0 85.7 86.4 86.9 87. Other labor income........................... 18.6 20.8 21.3 21.4 21.7 21.9 22.1 22.2 22.4 22.6 22,8 23.1 23.3 23.6 23. Proprietors’ income........................... 56.7 59,3 59.2 58.3 58.6 58.8 58.3 57,8 57.4 57.7 57.8 57.9 58.4 58.8 59. Business and professional............... 41.9 43.2 43.4 43.3 43.5 43.5 43.3 43.2 43.1 43.3 43.4 43.6 43.7 43.8 43. Farm.............................................. 14.8 16.1 15.8 15.0 15.1 15.3 15.0 14,6 14.3 14.4 14.4 14.3 14.7 15.0 15. Rental income.................................... 19.0 19.4 19.4 19.5 19.6 19.7 19.7 19.8 19.9 20,0 20.0 20.1 20.2 20.2 20. Dividends........................................... 19.8 21.5 21.7 21.6 21.6 20.2 21.8 22.3 22.6 22.8 23.1 23.3 23.5 23.5 23. Personal interest income.................... 38.4 42.4 43.3 43.8 44.3 44.8 45.0 45.2 45.5 45.8 46.0 46.1 46.4 46.8 47. Transfer payments............................. 39.7 43.9 45.8 46.6 47.4 ■48.5 49.7 51.1 51.7 51.0 51.5 51.6 52.2 52,4 52. Less: Personal contributions for social insurance.......................... 13.4 17.9 18.4 18.6 18.7 18.8 20.0 20,0 20.1 20.1 20.1 20.3 20.4 20.6 20. Nonagricultural income...................... 518.4 563.1 573.4 577.5 581.9 584.8 590.2 593.0 596.2 596.9 598,8 603.2 607.2 611.4 613. Agriculture income............................. 19.3 20.9 20.7 19.9 20.2 20.3 20.2 19.6 19.5 19.5 19,5 19.4 19.8 20.2 20. 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

1986 FLOW OF FUNDS NOVEMBER 1967 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1965 1966 1967 Transaction category, or sector 1962 1963 1964 1965 1966 II III IV I II 111 1 I II I. Saving and investment 1 Gross national saving....................... 134.5 144.5 160.3 179.0 192.6 176.2 178.9 184.5 189.4 191.2 191.9 198.0 186.4 182.8 1 2 Households ................................. 82.(] 85.8 98.3 106.6 114.2 101.5 110.2 111.8 112.3 110.7 113.6 120.1 123.4 123.6 2 3 Farm and noncorp, business....... 13.1 13.5 14.5 14.8 15.5 14.7 14.9 15.0 14.8 15.7 15.8 15.8 16.6 17.2 3 4 Corporate nonfin business......... 41.8 43.9 50.5 55,7 60.3 54.6 56.1 57.8 58.8 59.2 59,8 63.5 58.6 58.7 4 5 U.S Government........................ -4.8 -.6 -4.3 .1 -.9 3.2 -4.8 -1.2 1.2 1.5 -1.9 -4.5-12.6 -16.3 5 6 State and local govt..................... -1.4 -1.5 -1.1 -1.4 .3 -1.3 -1.0 -1.5 -.2 .3 .6 .3 -3.0 -4.3 6 7 Financial sectors......................... 3.8 3.5 2.7 3.3 3.3 3.6 3.5 2.6 2.6 3.8 3.9 2.7 3.3 4.0 7 8 Gross national investment................ 133.9 143.8 158.0 177.2 190.1 173.9 177.8 184.1 188.3 188.5 190.3 193.6 180.9 177.1 8 9 Consumer durable goods............. 49.5 53.9 59.2 66.C 70.3 64.2 66.1 68.6 71.6 68.2 70.9 70.6 69,4 72.1 9 10 Business inventories.................... 6.0 5.9 5.9 9.4 13.4 8.8 9.4 9.9 9.9 14.0 11.4 18.5 7.1 .5 10 11 Gross pvt. fixed investment......... 77.0 81.3 88.2 98.0 104.6 96.3 98.8 102.4 105.3 104.5 104.9 103.7 103.3 104.6 11 12 Households.............................. 21.9 22.4 22,9 23,2 22.8 23.0 23.2 23.6 23.8 23.5 22.8 20.7 18.7 19.0 12 13 Nonfinan, business.................. 54.4 57.9 64.5 74.1 81.1 72.4 74.7 78.4 80.5 80.0 81.7 82.6 83.7 84.8 13 14 Financial sectors...................... .6 1.0 .9 .8 .7 .9 .9 .5 .9 .9 .4 .4 .8 .8 14 15 Net financial investment.......... .. 1.3 2.8 4.7 3.7 1.8 4.6 3.5 3.2 1.6 1.8 3.0 .8 1.1 -.1 15 16 Discrepancy (1-8)............................ .7 .6 2.3 1.9 2.5 2.3 1.1 .5 1.1 2.6 1.6 4.4 5.5 5.7 16 II. Financial flows—Summary 17 Net funds raised—Nonfinan, sectors. 54.2 58.5 67.0 72.1 71.1 72.3 61.2 78.8 84.1 82.9 63.5 53.7 72.2 43.9 'I 18 Loans and short-term securities.... 15.0 19.0 26.4 33.0 27.8 33.1 21 .2 41.1 26.8 21.1 26.7 36.9 33.8 -19.8 19 Long-term securities and mtgs.... .. 39.2 39.5 40.6 39.1 43.2 39.2 40.0 37.7 57.4 61.8 36,8 16.8 38.4 63.7 I9 By sector 20 U.S. Government............................ 7.9 5.0 7.1 3.5 6.7 1.4 -4.5 8.2 14.9 2.8 7.0 2.2 10.1 -24.0 20 2! Short-term mkt. securities........... .7 1.4 4.0 3.5 2.2 3.6 -3.5 8.3 1.3 -12.7 6.3 14.1 12.7 -41.0 21 22 Other securities........................... ' 7.3 3.6 3.0 .1 4.5 -2.3 -1.0 -.1 13.6 15.5 .8 -11.8 -2.5 16.9 22 23 Foreign borrowers...................... 2.1 3.3 4.4 2.6 1.4 1.6 1.0 2.7 2.3 2.4 .1 .9 4.6 4.7 23 24 Loans.......................................... 1.1 2.2 3.7 1.9 1.0 1.1 .2 1.9 1.0 2.0 .2 .8 3.5 3.8 24 25 Securities.......,............... 1.0 1.1 .7 .8 .4 .6 .8 .8 1.3 .3 * .1 1.0 1.0 25 26 Pvt. domestic nonfin. sectors.......... 44.2 50.2 55.6 66.0 62.9 69.2 64.7 67.8 66.9 77.8 56.3 50.5 57.5 63.2 26 27 Loans............................. 13.3 15.5 18.7 27.7 24.6 28.4 24.5 30.9 24.5 31.8 20.2 22.0 17.6 17.4 27 28 Consumer credit........................ 5.5 7.3 8.0 9.4 6.9 9.6 9.3 8.9 9.2 7.0 6.9 4.6 4.3 4.2 28 29 Rank loans n,e.c........................ 4.8 5.4 6.5 13.6 10.8 12.4 11.2 16.7 9.0 17.4 7.9 8.8 7.9 8.5 29 30 Other loans............................... 3.0 2.7 4.2 4.7 6.9 6.4 4.1 5.3 6.2 7.4 5.4 8.6 5.4 4.7 30 31 Securities and mortgages............. 31.0 34.7 36.9 38.3 38.3 40.8 40.1 37.0 42.5 46.0 36.1 28.5 39.9 45.8 31 32 State and local obligations....... 5.0 6.7 5.9 7.4 5.9 8.6 6.8 8.1 5.4 7.2 4.8 6.2 9.5 12.1 32 33 Corporate securities.............. 5.1 3.6 5.4 5.4 11.4 7.0 7.4 2.9 11.9 15.2 11.7 6.9 14.0 15.3 33 34 1- to 4~family mortgages........... 13.0 35.2 15.7 16.0 12.5 15.5 16.2 16.5 15.2 14.0 11.3 9.5 9.8 11.7 34 35 Other mortgages....................... 7.9 9.3 10,0 9.5 8.5 9.7 9.8 9.5 10.0 9.6 8.4 6.0 6.5 6.7 35 36 Net sources of credit (= line 17).... 54.2 58.5 67.0 72.1 71.1 72.3 61.2 78.8 84.1 82.9 63.5 53.7 72.2 43.9 36 37 Chg. in U.S. Govt, cash balance.. 1.3 -.4 .2 -1.0 -.5 -.9 -10.4 2.1 -5.1 8.9 -1.8 -4.0 -2.3 -12.7 37 38 U S. Govt, lending...................... 3.3 2.7 3.8 4.7 7.S 6.4 3.1 3.9 11.3 10.0 6.6 1.9 4.3 -.8 38 39 Foreign funds............................ 2.2 1.9 2.5 .4 -.8 .5 -.9 .27 -1.7 4.6 -4.0 -1.8 2.1 10.0 39 40 Pvt. insur. & pension reserves.... 9.0 10.1 11.1 11.6 12.8 12.0 12.0 11.7 12.9 11.2 13.5 13.4 11.9 13,3 40 41 Sources n.e.c................................ 4.0 4.7 5.4 7.5 8.1 8.8 3.6 7.5 11.6 3.8 13.2 3.9 .2 .7 41 42 Pvt. domestic nonfin. sectors....... 34.4 39.5 44.1 48.9 43.9 45.5 53.8 50.9 55.1 44.4 36.1 40.2 56.0 33.4 42 43 Liquid assets............................ 31.4 37.4 33.0 43.3 24.0 35.2 44.3 49.1 33.4 26.7 10.3 25.4 56.0 39,3 43 44 Deposits............................... 30.1 34.4 35.3 40.4 22.5 31.5 43.4 48.6 27.7 27.3 13,4 21.6 59.0 51,5 44 45 Demand dep. and currency 2.1 5.9 6.5 7.8 2.9 2.6 8.7 16.8 2.8 3.5 -2.5 7.5 9.7 8,9 45 46 Time and svgs. accounts... 28.1 28.5 28.8 32.6 19.6 28.9 34.7 31.8 24.8 23.8 15.9 14.0 50.2 42.6 46 47 At commercial banks.... 15.0 13.4 J3.0 19.5 12.3 16.6 21.5 18.1 15.1 19.0 10.6 4.6 33.7 22.3 47 48 At savings Inst it.............. 13.0 15.1 15.8 13.1 7.3 12.3 13.2 13.6 9.7 4.8 5.3 9.4 16.4 20.3 48 49 Short-term U.S. Govt. sec... 1.3 3.0 -2.3 2.8 1.5 3.7 .9 .5 5.8 -.6 -3.1 3.9 -3.8 -12.1 49 50 Other U.S. Govt, securities.... .4 1.7 3.1 .2 6.6 3.5 -1.0 -1.1 7.2 6.9 8.7 3.6 -9.6 -8.5 50 51 Pvt. credit mkt instruments ,.. 2.5 2.3 7.8 6.1 13.1 6.1 10.4 5.9 13.1 10.4 20.1 8.8 8.0 2.4 51 52 Less security debt.................... -.2 2.0 -.2 .6 -.3 -.7 -.2 3.0 -1.3 -.4 2.9 -2.3 -1.6 -.2 52 III. Direct lending in credit markets 53 Total funds raised.......................... 54.2 58.5 «7.0 72.1 71.1 72.3 61.2 78.8 84.1 82.9 63.5 53.7 72.2 43.9 53 54 Less change in U.S. Govt, cash.... 1.3 -.3 .2 -1.0 -.5 -.9 -10.4 2.1 -5.1 8.9 -1.8 -3.9 -2.4 -12.7 54 55 Total net of U.S. Govt, cash........... 52.9 58.8 66.9 73.1 71.5 73.2 71.6 76.7 89.2 74.0 65.3 57.6 74.7 56.6 55 56 Funds supplied directly to cr. mkts.. 52.9 58.8 66.9 73.1 71.5 73.2 71.6 76.7 89.2 74.0 65.3 57.6 74.7 56.6 56 57 Federa/ Reserve System.............. 1.9 2.6 3.2 3.8 3.3 4.1 3.1 2.4 2.5 6.3 4.3 2.7 57 58 Total........................................ 2.0 2.9 3.4 3.8 3.5 3.8 4.3 1.2 2.1 2.1 6.0 3.7 4.5 3.0 58 59 Less change in U.S. Govt. cash. .1 .3 .2 * .2 -.3 1.2 -1.2 -.4 2.0 -.3 -.7 1.8 3.0 59 60 Commercial banks, net.......... 18.2 19.7 21.8 29.2 18.9 21.3 29.9 40.2 22.9 29.9 10.0 12.8 42.9 37.3 60 61 Total........................................ 19.5 19.4 22.3 29.0 18.3 22.7 18.4 43.9 18.3 37.1 8.4 9.5 39.5 21.7 61 62 Less chg. in U.S. Govt. cash... 1.2 -.6 -1.0 -.6 -.6 -11.6 3.3 -4.7 6.9 -1.5 -3.3 -4.2 -15.8 62 63 Security issues...................... .1 .3 .6 .8 .1 2.0 .1 .4 .1 .3 ♦ * .8 .1 63 64 Nonbank finance, net.................. 23.8 28.0 28.9 27.2 21.9 27.2 27.0 26.6 26.8 15.6 22.6 22.7 25.8 33.1 64 65 Total........................................ 28.5 34.4 33.4 32.9 25.0 37.7 24.1 34.7 34.4 23.8 16,6 25.2 27.6 24.7 65 66 Less credit raised...................... 4.7 6.4 4.4 5.6 3.0 10.5 -2.9 8.2 7.5 8.2 -6.0 2.5 1.8 -8.4 66 67 U.S. Government........................ 3.3 2.7 3.8 4.7 7.5 6.4 3.1 3.9 11.3 10.0 6.6 1.9 4.3 -.8 67 68 Foreign........................................ 1.5 .9 .6 -.2 -1.4 .2 -1.8 1.4 -1.6 1.4 -2.8 -2.7 2.8 5.2 68 69 Pvt, domestic nonfin.................... 4.3 5.1 8.8 8.5 21.5 14.0 10.4 2.3 27.4 17.0 22.7 18.6 -3.9 -18.0 69 70 Households............................... -1.7 .4 3.4 2.5 10.8 11.6 3.7 -2.1 11.9 10.3 15.0 6.1 -9.1 -11.3 70 71 Business.................................... 2.3 3.1 1.6 1.0 3.3 -2.6 4.4 1.7 6.1 .9 3.7 2,4 .5 -6.0 71 72 State and local govts................ 3.6 3.5 3.6 5.5 7.0 4.3 2.1 5.7 8.0 5.4 6.9 7.7 3.2 -1.0 72 73 Less net security credit........... -.2 2.0 -.2 .6 -.3 -.7 -.2 3.0 -1.3 -.4 2.9 -2.3 -1.6 -.2 73 Note.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Oct. 1967 Bulletin, p. 1817. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 FLOW OF FUNDS 1987 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1965 1966 1967 Transa o c r t io se n c t c o a r t egory ' , 1962 1963 1964 1965 1966 II HI IV I II III IV I II I. Demand deposits and currency 1 Net incr. in banking system liability. . 4.5 5.8 7.4 7.6 2.5 1.7 -.1 21.1 -3.6 14.1 -5.4 4.9 6.2 .3 1 2 U.S. Govt, deposits....................... 1.3 —. 3 .2 -1.0 -.5 -.9 -10.4 2.1 -5.1 8.9 -1.8 -3.9 -2.4 -12.7 2 3 Other.............................................. 3.2 6.1 7.3 8.6 3.0 2.6 10.3 19.0 1.5 5.2 -3.6 8.8 8.7 13.0 3 4 Domestic sectors........................ 3.1 6.0 6.8 8.5 3.2 3.1 9.6 18.3 1.4 4.0 -1.8 9.1 10.6 10.5 4 5 Households............................. 2.7 4.3 6.7 7.2 2.1 .9 6.1 15.4 -3.4 2.6 .5 8.9 12.3 7.5 5 6 Nonfinancial business............. -.9 -.8 -2.5 -1.9 .7 -3.1 -4.5 -.6 4.0 1.6 -.7 -2.0 -4.2 .6 6 7 State and local govts.............. .9 2.4 1.4 1.0 1.5 4.6 3.2 .7 1.4 3.1 .6 .9 1.8 2. 1 7 8 Financial sectors.................... 1.1 .2 .3 .7 .3 .5 .9 1.5 -1.4 .5 .7 1.6 .9 1.7 8 9 Mail Float............................... -.6 -. 1 .9 1.5 -1.5 4.0 1.3 .8 -3.7 -2.9 -.3 -.3 -1.3 9 10 Rest of the world....................... . 1 . 1 .5 . 1 -.2 -.5 .7 .8 . 1 1.2 -1.9 -.3 -2.0 2.4 10 II. Time and savings accounts 11 Net increase—Total........................... 28.7 29.5 30.4 32.9 20.3 29.5 34.4 32.2 24.3 25.3 16.2 15.2 51.8 46.3 11 12 At commercial banks—Total........ 15.6 14.3 14.5 20.0 13.2 17.6 21.4 18.4 14.9 20.9 11.2 5.8 35.1 24.7 12 13 Corporate business.................... 3.7 3.9 3.2 3.9 -.7 5.7 2.5 .9 4.1 1.7 -3.9 -4.6 10.0 -.9 13 14 State and local govts.................. 1.0 1.6 1.7 2.4 1.4 1.1 3.1 3.3 -.3 2.3 1.9 1.9 5.7 3.4 14 15 Foreign depositors..................... . 6 1.0 1.4 .6 .9 .8 .2 .5 -.2 2.0 .6 1.2 1.2 2.4 15 16 Households................................ 10.3 7.9 8.2 13.3 11.6 9.8 15.8 13.9 11.3 15.0 12.6 7.4 18.0 19.8 16 17 At savings institutions................... 13.1 15.2 15.9 12.9 7.1 11.9 13.0 13.8 9.4 4.4 5.0 9.4 16.7 21.6 17 18 Memo: Households total.................. 23.4 23.0 23.9 26.4 18.9 22.1 29. 1 27.6 21.0 19.8 17.9 16.7 34.4 40.1 18 HI. U.S. Govt, securities 19 Tota' net issues.................................. 7.9 5.0 7.1 3.5 6.7 1.4 -4.5 8.2 14.9 2.8 7.0 2.2 10.1 -24.0 19 20 Short-term marketable.................. .7 1.4 4.0 3.5 2.2 3.6 -3,5 8.3 1.3 - 12.7 6.3 14.1 12.7 -41 .0 20 21 Other.............................................. 7.3 3.6 3.0 . 1 4.5 -2.3 -1.0 -. 1 13.6 15.5 .8 -11.8 -2.5 16.9 21 22 Net acquisitions by sector................ 7.2 5.9 7.1 3.5 6.7 1.4 -4.5 8.2 14.9 2.8 7.0 2.2 10.1 -24.0 22 23 Federal Reserve System................ 1.9 2.8 3.5 3.7 3.5 4.2 4.3 .5 2.4 1.8 6.8 3.1 4.8 2.9 23 24 Short-term................................. 2.0 4.9 2.1 3.7 5.4 6.2 -.3 -3.6 5.2 -3.5 6.9 13.0 2.5 -7.9 24 25 Commercial banks........................ 1.4 -2.6 .4 -2.3 -2.8 -10.2 -1.7 5.3 -1.9 .5 -5.7 -4.2 18.0 -1.3 25 26 Short-term marketable............... -5.2 -3.5 3.9 -1.7 -4.6 -5.7 2.4 7.2 -10.7 -4.9 . 1 -2.9 9.4 -11.3 26 27 Other direct............................... 5.2 .5 -4.1 -1.4 1.0 -5.3 -6.1 -2.3 8.3 -.9 -2.0 -1.6 6.0 5.1 27 28 Nonguaranteed........................... 1.4 .3 .6 .8 .8 .8 2.1 .4 .5 6.3 -3.8 .3 2.6 4.9 28 29 Nonbank finance........................... 1.6 -.5 2.0 -.8 .6 -.8 -5.9 1.5 4.0 -4.3 4.4 -1.9 -1.4 -7.0 29 30 Short-term marketable............... .8 -1.3 1.2 -.3 1.3 -.1 -4.4 3.2 3.0 -2.8 4.8 .4 2.8 -9.6 30 31 Other direct............................... .6 .6 .5 -.7 -1.1 -1.4 -2.1 -1.5 . 1 -1.8 -.5 -2.3 -5.0 1.1 31 32 Nonguaranteed.......................... .2 .3 .3 .3 .4 .7 .5 -. 1 .9 .4 . 1 * .8 1.4 32 33 Foreign......................................... 1.3 . 6 .5 -.2 -2.6 .9 -1.0 1.5 -2.6 -1.5 -4.0 -2.3 2.1 2.1 33 34 Short-term.................................. 2.2 —. 6 . 1 -.4 -.8 -.1 -1.5 1.8 -1.7 -.1 -2.1 .7 2.6 .8 34 35 Pvt. domestic nonfinan. sector.... 1.7 4.7 .8 3.0 8.1 7.2 -.2 -.6 13.0 6.2 5.6 7.5 -13.4 “20.7 35 36 Short-term marketable............... .9 1.8 -3.2 2.2 .9 3.3 .3 -.3 5.4 -1.3 -3.4 3.0 -4.7 “13.0 36 37 Other direct............................... -.1 1.0 2.8 -1.1 2.4 .5 -2.3 -1.3 3.3 -3.6 6.0 4.0 -7.8 -7.2 37 38 Nonguaranteed.......................... .5 .7 .4 1.3 4.2 3.0 1.3 .2 3.9 10.5 2.7 -.4 -1.9 -1.3 38 39 Savings bonds—Households .... .4 1.2 .9 .6 .6 .4 .5 .8 .3 .7 .3 .9 .8 .9 39 IV. Other securities 40 Total net issues, by sector................. 11.5 13.1 14.6 16.2 18.6 20.0 16.6 14.9 20.3 23.3 18.3 12.4 26.9 27.9 40 41 State and local govts...................... 5.0 6.7 5.9 7.4 5.9 8.6 6.8 8.1 5.4 7.2 4.8 6.2 9.5 12.1 41 42 Nonfinancial corporations............. 5.1 3.6 5.4 5.4 11.4 7.0 7.4 2.9 11.9 15.2 11.7 6.9 14.0 15.3 42 43 Commercial banks........................ . 1 .3 .6 .8 . 1 2.0 . 1 .4 .1 .3 .8 . 1 43 44 Finance companies........................ .3 1.4 2.1 1.9 .8 1.8 1.5 2.7 1.6 .3 1.9 -.8 1.5 -.5 44 45 Rest of the world.......................... 1.0 1.1 .7 .8 .4 . 6 .8 .8 1.3 .3 .1 1.0 1.0 45 46 Net purchases.................................... 11.5 13.1 14.6 16.2 18.6 20.0 16.6 14.9 20.3 23.3 18.3 12.4 26.9 27.9 46 47 Households.................................... -1.7 -2.9 1.8 .6 3.1 2.4 3.5 -.8 4.7 8.8 -1.2 -3.9 -6.3 47 48 Nonfinancial corporations............. -.4 .9 .2 .7 .8 .7 .8 .8 .8 .8 .7 .8 .7 .7 48 49 State and local govts..................... 2.0 2.5 2.7 2.7 5.2 1.5 3.3 3.3 4.2 6.6 5.3 4.8 5.9 7.8 49 50 Commercial banks........................ 4.4 5.2 3.6 4.9 1.7 6.5 4.1 4.1 3.3 5.0 1.2 -2.5 9.5 12.1 50 51 Insurance and pension funds......... 7.5 7.6 7.3 9.7 9.5 9.6 10.7 9.4 11.0 8.4 9.7 8.8 12.7 10.3 51 52 Finance n.e.c.................................. -.3 — .2 -.8 -1.9 -2.8 .3 -4.9 -1.6 -4.7 .5 -8.0 .9 -.9 -1.0 52 53 Security brokers and dealers.. .. .4 .2 -.4 -.4 .6 -2.8 .1 -2.1 2.6 -4.2 2.3 -.8 -.8 53 54 Investment cos., net................... -.8 -.5 -.8 -1.5 -2.5 -.3 -2.1 -1.8 -2.6 -2.1 -3.9 -1.4 -.1 -.2 54 55 Portfolio purchases................. 1.1 .8 1.1 1.6 1.4 1.9 1.3 2.3 2.5 1.1 -.2 2.0 3.0 1.3 55 56 Net issues of own shares........ 1.9 1.2 1.9 3.0 3.8 2.2 3.5 4.0 5.1 3.2 3.7 3.4 3.2 1.5 56 57 Rest of the world.......................... .1 .3 -.1 -.4 .9 -1.0 -.9 .1 .7 2.0 .4 .4 .5 1.1 57 V. Mortgages 58 Total net lending............................... 21.3 25.0 25.4 25.4 20.0 25.4 25.7 25.8 25.6 22.4 17.9 14.3 17.0 19.7 58 59 1- to 4-family................................. 13.4 15.7 15.4 16.0 11.6 15.7 16.0 16.3 15.6 12.9 9.5 8.3 10.4 13.0 59 60 In process................................... .4 .5 -.3 -.1 -.9 .2 -.2 -.2 .4 -1.1 -1.8 -1.2 .6 1.3 60 61 Disbursed................................... 13.0 15.2 15.7 16.0 12.5 15.5 16.2 16.5 15.2 14.0 11.3 9.5 9.8 11.7 61 62 Other.............................................. 7.9 9.3 10.0 9.5 8.5 9.7 9.8 9.5 10.0 9.6 8.4 6.0 6.5 6.7 62 63 Net acquisitions................................. 21.3 25.0 25.4 25.4 20.0 25.4 25.7 25.8 25.6 22.4 17.9 14.3 17.0 19.7 63 64 Households.................................... * -.3 -.1 -.6 -.6 -1.1 .1 -2.5 .3 1.0 1.1 -.2 -1.1 64 65 U.S. Government.......................... .3 -1.0 .3 1.0 3.4 1.0 .7 1.5 4.6 4.1 3.0 1.9 2.5 1.9 65 66 Commercial banks........................ 4.0 4.9 4.5 5.6 5.0 5.6 6.4 5.8 5.3 5.3 5.0 4.5 2.0 3.6 66 67 Savings institutions........................ 13.2 16.1 14.8 13.0 6.6 13.0 13.1 12.8 11.4 7.2 3.7 4.0 6.8 10.2 67 68 Insurance....................................... 3.0 4.0 5.1 5.5 5.2 5.5 5.1 5.3 6.0 5.8 5.5 3.7 4.9 3.4 68 69 Mortgage companies..................... .5 .8 .4 .5 -.6 .5 1.0 -.1 .4 -.6 -.7 -1.3 .5 1.2 69 VI. Bank loans n.e.c. 70 Total ne* borrowing........................... 6.2 7.6 8.7 16.4 9.4 13.9 12.9 19.6 7.9 21.3 2.4 6.1 1.4 10.8 70 71 Nonfinancial business.................... 4.3 5.0 5.1 12.3 11.0 11.0 9.9 14.8 10.5 16.5 7.6 9.2 6.5 7.9 71 72 Nonbank finance........................... 1.0 1.7 .5 2.4 -1.2 2.6 1.3 3.3 -.4 3.4 -5.6 -2.3 -5.6 2.3 72 73 Households.................................... .5 .4 1.4 1.3 -.2 1.4 1.3 1.9 -1.4 .8 .3 -.4 1.4 .6 73 74 Rest of the world.......................... .4 .5 1.7 .4 -.2 -1.1 .4 -.4 -.7 .4 . 1 -.5 -1.0 * 74 Note.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Oct. 1967 Bulletin, p. 1817. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Financial Statistics International U.S. balance of payments ...................................................................................................... 1990 Foreign trade............................................................................................................................... 1991 U.S. gold transactions and reserve assets ........................................................................... 1992 U.S. position in the IMF ........................................................................................................ 1993 International capital transactions of the United States ..................................................... 1994 Reported gold reserves of central banks and governments ............................................ 2006 Gold production ....................................................................................................................... 2007 Money rates in foreign countries ........................................................................................... 2008 Arbitrage on Treasury bills .................................................................................................... 2009 Foreign exchange rates .......................................................................................................... 2010 Guide to tabular presentation ............................................................................................... 1924 Index to statistical tables ........................................................................................................ 2017 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 ). 1989 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1990 U.S, BALANCE OF PAYMENTS NOVEMBER 1967 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1966 1967 Item 1964 1965 1966 I II in । iv I IIP Transactions other than changes tn foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted Exports of goods and services—Total1.................... 37,099 39,147 43,039 10,511 10,618 10,913 10,997 11,383 11,338 Merchandise....................................................... 25,297 26,244 29,168 7,203 7,181 7,382 7,402 7,691 7,723 Military sales........................................................ 747 844 847 209 222 206 210 339 334 Transportation..................................................... 2,324 2,390 2,589 636 642 661 650 669 658 Travel.................................................................... 1,207 1,380 1,573 374 383 408 408 422 390 Investment income receipts, private..,................ 4,929 5,376 5,650 1,316 1,382 1,444 1,508 1,423 1,386 Investment income receipts, Govt......................... 460 512 595 153 153 143 146 162 164 Other services...................................................... 2,135 2,401 2,617 620 655 669 673 677 683 Imports of goods and services—Total....................... -28,637 -32,203 -37,937 -8,997 -9,265 -9,762 -9,913 -10,034 -10,038 Merchandise....................................................... -18,621 -21,472 -25,510 -6,025 -6,225 -6,580 -6,680 -6,692 -6,587 Military expenditures......................................... -2,861 -2,921 -3,694 -861 -911 -953 -969 -1,045 -1,052 Transportation.................................................... -2,462 -2,674 -2,914 -722 -709 -727 -756 -759 -718 Travel................................................................... -2,211 -2,438 -2,657 -637 -674 -672 -674 -685 -847 Investment income payments....................................... -1,455 -1,729 -2,074 -475 -471 -565 -563 -557 -545 Other services...................................................... -1,027 -969 -1,088 -277 -275 -265 -271 -296 -289 Balance on goods and services1................................. 8,462 6,944 5,102 1,514 1,353 1,151 1,084 1,349 1,300 Remittances and pensions......................................... -896 -1,024 -1,010 -241 -245 -278 -246 -264 -390 1, Balance on goods, services, remittances and pensions.................................................... 7,566 5,920 4,092 1,273 1,108 873 838 1,085 910 2. U.S. Govt, grants and capital flow, net................. -3,560 -3,375 -3,446 -975 -988 -759 -724 -1,205 -931 Grants,2 loans, and net change in foreign cur­ rency holdings, and short-term claims....... -4,263 -4,277 -4,680 -1,185 -1,194 -1,177 -1,124 -1,419 -1,237 Scheduled repayments on U S. Govt, loans. .. 580 681 806 207 199 192 208 214 306 Nonscheduled repayments and selloffs............. 123 221 428 3 7 226 192 * 3. U.S. private capital flow, net................................ -6,542 -3,743 -4,213 -981 -1,135 -932 -1,165 -958 -1,130 Direct investments...................................................... -2,435 -3,418 -3.543 -634 -1,006 -900 -1,003 -622 -684 Foreign securities............................................. -677 -758 -482 -358 9 -50 -83 -263 -171 Other long-term claims: Reported by banks.................................... -941 -232 337 123 -27 73 168 150 153 Reported b'- others....................................... -343 -88 -112 -17 -51 -28 -16 -67 -143 Short-term claims: Reported by banks.................................... -1,523 325 -84 85 -61 16 -124 -88 -329 Reported bj others...................................... -623 428 -329 -180 1 -43 -107 -68 44 4. Foreign capital flow, net, excluding change in liquid assets in U.S............................. 685 278 2,512 265 1,091 376 780 824 1,215 Long-term investments..................................... 109 -68 2,176 309 1,014 180 673 679 934 Short-term claims............................................ 113 149 269 39 63 112 55 57 127 Nonliquid claims on U.S. Govt, associated with— Military contracts.......................................... 228 314 341 44 45 106 146 103 168 U.S Govt, grants and capital...................... 50 -85 -213 -64 -1 -12 -136 -36 -14 Other specific transactions............................ 208 -25 -12 -10 -4 13 -11 21 * Other nonconvertible, nonmarketable, me­ dium-term U.S. Govt, securities3............. -23 -7 -49 -53 -26 -23 53 * • 5. Errors and unrecorded transactions. ..................... -949 -415 -302 -233 -198 277 -148 -284 -576 Balances A. Balance on liquidity basis Seasonally adjusted = 14-24-3+4-1-5).. -2,800 -1,335 -1,357 -651 -122 -165 -419 -538 -512 Less: Net seasonal adjustments.............. -604 27 530 47 -303 -319 Before seasonal adjustment...................... -2,800 -1,335 -1,357 -47 -149 -695 -466 -235 -193 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted........................ -2,800 -1,335 -1,357 -651 -122 -165 -419 -538 -512 Plus; Seasonally adjusted change in liquid assets in the U.S. of: Commercial banks abroad........................... 1,454 116 2,697 154 492 1,062 989 -1,003 341 Other private residents of foreign countries.. 343 306 212 109 66 91 -54 80 13 International and regional organizations other than IMF........................................ -243 -291 -525 -38 -355 -24 -108 — 36 -80 Less: Change in certain nonliquid liabilities to foreign central banks and govts............... 303 100 802 17 256 103 426 330 576 Balance B, seasonally adjusted......................... -1,549 -1,304 225 -443 -175 861 -18 -1,827 -814 Less: Net seasonal adjustments.................... -846 210 456 180 -545 -132 Before seasonal adjustment............................... -1,549 -1,304 225 403 -385 405 -198 -1,282 -682 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE 1991 1. U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1966 1967 Item 1964 1965 1966 I II in IV I IIP Transactions by which balances were settled—-Not seasonally adjusted A. To settle balance on liquidity basis...................... 2,800 1,335 1,357 47 149 695 466 235 193 Change in U.S. official reserve assets (increase, —)................................................... 171 1,222 568 424 68 82 -6 1,027 -419 Gold........................................................... 125 M,665 571 68 209 173 121 51 15 Convertible currencies................................. -220 -349 -540 222 -163 -426 -173 1,007 -424 IMF gold tranche position.......................... 266 4-94 537 134 22 335 46 -31 -10 Change In liquid liabilities to all foreign accounts 2,629 113 789 -377 81 613 472 -792 612 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities 5............................................. 376 122 -945 -367 -176 -226 -176 72 46 Marketable U.S, Govt, bonds and notes 5. -58 -20 -245 -5 6 -254 8 5 52 Deposits, short-term U.S. Govt, securi­ ties, etc.............................................. 757 -154 -582 -61! 206 -146 -31 -177 415 34 177 131 18 28 17 5 Commercial banks abroad......................... 1,454 116 2,697 404 316 1,144 833 -753 161 Other private residents of foreign countries. 343 306 212 109 66 91 -54 80 13 Internationa’ and regional organizations other than IMF..................................... -243 -291 -525 -38 -355 -24 -108 -36 -80 B. Official reserve transactions................................. 1,549 1,304 -225 -403 385 -405 198 1,282 682 Change in U.S. official reserve assets (increase, —).................................................. 171 1,222 568 424 68 82 -6 1,027 -419 Change in liquid liabilities to foreign central banks and govts, and IMF (see detail above under A.)................................................ 1,075 -18 -1,595 -852 54 -598 -199 -83 518 Change in certain nonliquid liabilities to foreign central banks and jovts.: Of U.S private organizations................. 149 -38 788 43 284 88 373 309 605 Of U.S. Govt............................................ 154 138 14 -18 -21 23 30 29 -22 t Excludes transfers under military grants. 5 With original maturities over 1 year. l 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 31,228 2,274 2,620 1,418 31,199 1,948 2,296 622 3 28 327 325 Feb.................... 2,058 11,623 2,374 2,601 1,459 31,606 2,005 2,204 599 3 17 369 397 Mar.................. 2,075 32,739 2,569 2,569 1,518 3 1,861 2,068 2,185 557 3 878 Mi 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 3 2,235 2,490 2,584 1,514 31,848 2,135 2,228 563 3 386 354 355 July................... 2,119 2,300 2,456 2,587r 1,573 41,742 2,205 2,235 546 4 558 251 352r Aug................... 2,100 2,329 2,455 2,561 1,608 1,825 2,113 2,114r 492 504 342 447 r Sept................... 2,261 2,291 2,542 2,632 1,563 1,858 2,301 2,215 698 433 240 417 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 n..................... 6,185 3 6,940 7,259 7,788 4,581 35,456 6,306 6,571 1,604 31,484 953 1,217 HI..,.......... 6,480 6,920 7,453 7,780 4,744 4 5,425 6,618 6,564 1,736 41,495 834 1,215 IV............ 3 6,788 7,090 7,484 3 4,891 5,736 6,685 3 1,897 1,353 799 Years........... 25,671 26,700 29,395 18,684 21,366 25,550 6,987 5,334 3,845 1 Exports of domestic and foreign merchandise; excludes Dept, of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Significantly affected by strikes and by change in statistical procedures. Mutual Security Program. * Sum of unadjusted figures. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Note.—Bureau of the Census data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1992 U.S. GOLD TRANSACTIONS AND RESERVE ASSETS NOVEMBER 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 1958 1959 1960 1961 1962 1963 1964 1965 1966 II III IV I II Western Europe: Austria............ -84 -83 -1 -143 -82 -55 -100 -25 Belgium............................. -329 -39 -141 -144 -63 -40 -83 France............................... -266 -173 -456 -518 -405 -884 -601 -221 -277 Germany, Fed. Rep. of... -34 -23 -225 Italy.................................. -349 100 200 -80 -60 -60 Netherlands...................... -261 -30 -249 -25 -60 -35 Spain.......................... 32 - 114 -156 -146 -130 -32 -180 Switzerland....................... -215 20 -324 -125 102 -81 -50 -2 11 -20 -30 United Kingdom.............. -900 -350 -550 -306 -387 329 618 150 80 -7 126 -20 3 -34 Bank for Ind Settlements. -178 -32 -36 -23 Other................................. -41 -48 -96 -53 -12 1 -7 -37 -50 -4 -1 -12 -18 20 Total........................ -2,326 -827 -1,718 -754 -1,105 -399 -88 -1,299 -659 -221 -172 -92 -15 -44 Canada................................. 190 200 50 50 50 Latin American republics: Argentina...................... 67 -50 -90 85 -30 -39 -28 -11 Brazil................................ -11 -2 -2 57 72 54 25 -3 -1 -1 * ♦ Colombia............... -6 38 10 29 7 * Venezuela.................. 65 -25 Other................... 2 -35 -42 -ii -5 -ii -9 -13 -6 -3 -5 8 -2 13 Total.......................... 69 19 -100 -109 175 32 56 17 -41 -4 -34 -3 -3 12 Asia: Japan............................. -30 -157 -15 -56 Other................................. -4 -28 -97 1-101 2 -93 12 3 -24 -30 -2 -12 10 -20 -1 Total.......................... -34 -186 -113 -101 -93 12 3 -24 -86 -2 -12 10 -20 -1 All other............................... -3 -5 -38 -6 -1 -36 -7 -16 -22 -8 -4 * 2 -6 Total foreign countries...... -2,294 -998 -1,969 -970 -833 -392 -36 -1,322 -608 -185 -172 -86 -36 12 Inti. Monetary Fund........... 3 -44 4 300 150 5-225 6 177 6 18 6 29 6 16 65 Grand total......... -2,294-1,041 -1,669 -820 -833 -392 -36 -1,547 -431 -167 -143 -86 -20 17 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) Gold stock 1 Con­ Reserve Gold stock 1 Con­ Reserve End of year r T a e s s o s e t e r a t v s l e Total 2 Treasury cu v fo r e r r r e e t n i i b g c l n i e e s p I o M s i i n t F io 3 n End of month r a T e s s o s e t e r a t v s l e Total 2 Treasury v c f c o u e i r r r e e t r s i i e b g n 5 l n e ­ p I o M s i i n F ti o 3 n 1957...................... 24,832 22,857 22,781 1,975 1966—Oct......1..4..,.8..80 13,311 13,257 1,213 356 1958 ...................... 22,540 20,582 20,534 1,958 Nov........ 14,715 13^262 13’159 1,108 345 Dec............ 14,882 13,235 13,159 1,321 326 1959...................... 21,504 19,507 19,456 1,997 1960....................... 19^359 17,804 17,767 1,555 1967—Jan.......1..4.,.1..96 13,202 13,157 645 349 Feb............. 13,998 13,161 13.107 480 357 1961....................... 18,753 16,947 16 889 116 1,690 Mar............ 13.855 13,184 13 J07 314 357 1962...................... 17^220 16,057 15,978 99 1,064 Apr............... 13,906 13,234 13,109 315 357 May........... 13,943 13,214 13,109 363 366 1963...................... 16.843 15,596 15.513 212 1,035 June............. 14,274 13J69 13,110 738 367 1964...................... 16,672 15,471 15,388 432 769 July......1..4..’..224 13.136 13 J08 719 369 Aug........ 14,605 13,075 13^008 1,162 368 1965...................... 15,450 4 13,806 413.733 781 4 863 Sept............ 14^649 13^077 13,006 1’200 372 1966....................... 14^82 13,235 13,159 1,321 326 Oct............. 14^27 13^039 12,905 1,509 379 t 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. 1934 and 1936. 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

NOVEMBER 1967 U.S. POSITION IN THE IMF 1993 S. 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 ol 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 a e f r r n i . i s p n t s ­ by s g N I a o M l e l e d t s F 1 D c f r c o u a i r r w e o e r s i f e i g n n 2 n g ­ s I i d M n o c F i l o n l a m n rs e e t D d ra o w o ll f a i n rs gs R d m o e e i 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 r u o . o c l S t e . a n t p ( e e r n i d o d o ) f 3 1946 1957........................... 2,063 4 594 — 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 I960........................... 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 5 863 1966............................ 776 680 15 — 159 1 1,313 4,834 94 326 1966—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 M ar........................ 1 -2 -1 4.803 93 357 Apr.......................... 4,803 93 357 May............. 4 -13 -9 4,794 93 366 June.......................... 2 -3 -1 4’793 93 367 July........................... 1 -3 -2 4,791 93 369 2 -1 1 4,'792 93 368 Sept..................... — 1 -3 -4 4^788 93 372 Oct............................ 3 -10 -7 4,781 93 379 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 s 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

1994 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 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 3 Banks and other foreigners regional organizations 5 Non­ p E e o r n i f o d d Total Total p G o d o s e i l ­ t d 1 i m n G v e o e n l s d t t 2 ­ Total i p S t l i t i o e h e a r s r b o t m e i r r l t d e ­ ­ ­ M b G a U a o o b r n . k l S v d e e t . s , t ­ c m T o a U a n i r b b e r v . k l l a S e e e e s . r ­ t t ­ ­ Total i p S t l i t i o e h e a r s b r o t m i e r r l t d e ­ ­ ­ M b G o a U a n o b r . k v l S d e e t . s , t ­ Total i p S t l i t i o e h e a r s b r o t m e i r r l t d e ­ ­ ­ M b G a U a o o b r n . k v l S d e e t . s , t ­ in b a b n U y k . S s . no an te d s 4 b a o u n n ry d d s in b a b U n y k . S s . no an te d s 4 in b a U b n y . k S s . 6 no an te d s 4 notes 1957. 715,825 200 200 n.a. 7,917 n.a. n.a. 5,724 n.a. n.a. 542 n.a. 1958. 716,845 200 200 n.a. 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 20,994 800 800 11,078 10,212 866 7,591 7,048 543 1,525 750 775 21,027 800 800 11,088 10,212 876 7,598 7,048 550 1,541 750 791 19618 2 2 2 2 , , 8 9 5 3 3 6 8 8 0 0 0 0 8 8 0 0 0 0 1 11 1 , , 8 8 3 3 0 0 1 1 0 0 , , 9 9 4 4 0 0 8 8 9 9 0 0 8 8 , , 2 3 7 5 5 7 7 7, , 8 7 4 5 1 9 5 5 1 16 6 1 1 , , 9 9 4 4 8 9 7 7 0 0 3 4 1 1 , ,2 2 4 4 5 5 19628, 24,068 800 800 12,748 11,997 751 8,359 7,911 448 2,161 1,250 911 24,068 800 800 12,714 11,963 751 8,359 7,911 448 2,195 1 ,284 91 1 1963 8 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 1 2 2 , , 4 4 6 6 7 7 1 1 , , 2 1 1 8 7 3 7 7 0 03 3 9 9 , , 2 2 1 0 4 4 8 8 , , 8 8 6 6 3 3 3 3 4 51 1 1 1 , , 9 96 6 5 0 8 8 0 0 8 8 1 1 , , 1 1 5 5 7 2 19648, 2 2 8 9 , , 9 0 5 0 1 2 8 8 0 0 0 0 8 8 0 0 0 0 1 1 5 5 , , 4 4 2 2 8 4 1 1 3 3 , ,2 2 2 2 0 4 1 1 , , 1 1 2 2 5 5 1 1 , , 0 0 7 7 9 9 1 1 1 1 , , 0 0 0 5 1 6 1 1 0 0 , , 6 6 2 8 5 0 3 37 7 6 6 1 1 , , 7 7 2 2 2 2 8 8 1 1 8 8 9 9 0 0 4 4 1965.. 29,115 834 34 800 15,372 13,066 1,105 1,201 11,478 11,006 472 1,431 679 752 1966—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 12,909 852 205 14,245 13,739 506 990 600 390 Nov. 30,548 1 ,01 I 211 800 14,018 12,953 860 205 14,546 14,027 519 973 612 361 Dec. 8 (29,904 1,011 211 800 13,600 12,484 860 256 14,387 13,859 528 906 581 325 \29,776 1,011 211 800 13,656 12,540 860 256 14,204 13,676 528 905 580 325 1967—Jan.. ^28,961 1,012 212 800 '13,338 '12,150 860 328 '13,656 '13,128 528 955 651 304 Feb.. ^28,915 1,013 213 800 '13,355 '12,162 865 328 '13,692 '13,162 530 855 608 247 Mar. '28,990 1 ,028 228 800 '13,561 '12,368 865 328 13,531 13,001 530 '870 '638 232 Apr.. '29,379 1,030 230 800 '14,106 '12,877 901 328 13,381 12,852 529 862 629 233 May. '29,610 I ,030 230 800 '14,383 '13,118 917 348 13,356 12,827 529 841 607 234 June. '29,633 1 ,033 233 800 '14,103 '12,812 917 374 13,705 13,167 538 792 562 230 July. 30,089 1,033 233 800 14,165 12,874 917 374 14,056 13,515 541 835 608 227 Aug.** 30,834 1,033 233 800 14,076 12,716 911 449 14,939 14,391 548 786 579 207 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. 3 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 s 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

NOVEMBER 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1995 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 o T u r o n e t t i a r g i l n e s E W ur e o st p e e r n 1 Canada A re m p L u a e b t r i i l n c ic a s n Asia Africa cou O n t t h ri e e r s 2 1963.................................................................................... 14,353 8,445 1,789 1,058 2,731 154 176 1964.................................................................................... (5.424 9,220 1,608 1,238 3.020 160 178 1965................................................................................... 15,372 8'608 1,528 1,497 3,300 194 245 1966—Aug........................................................................ 14.264 8.008 1,221 1,153 3.411 252 219 13.799 7.585 1,215 1.049 3,459 266 225 Oct.................................................................. 13.966 7,687 1'196 1,110 3,464 282 227 Nov...................................................................... 14,018 7,758 1.212 1,101 3.430 293 224 Dec. 3 ................................................................... \ J 1 1 3 3 , . 6 6 5 0 6 0 7 7 , , 4 4 8 8 8 8 1 1 , , 1 18 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 1967—Jan........................................................................... *•13,338 7,236 1,186 1,139 r3,260 276 r241 Feb............................................................ *■13,355 7,285 1,134 1,167 r3,27l 255 f243 Mar........................................................................ r13,561 7,493 1,127 1 '246 r3'21O 259 r226 Apr.......................................................................... rl 41106 7,832 IJ56 1 355 *•3 ’ 150 284 229 May......................................................................... *•14,383 8,017 1,154 1,508 r3 J84 284 *236 June....................................................................... r14,103 8,216 '909 1,290 *3,158 270 260 July........................................................................ 14'165 8’299 909 1,317 3’161 246 233 Aug.”...................................................................... 14,076 8,359 912 1,189 3,124 252 240 1 Includes Bank for International Settlements and European Fund. with those shown for the preceding date; figures on the second line are 2 Includes countries in Oceania and Eastern Europe, and Western Euro­ comparable with those shown for the following date. pea 3 n D d a e t p a e n o d n e t n h c e ie t s w in o L li a n t e i s n s A ho m w e n ri c f a o . r this date differ because of changes of N fo o re t i e g .— n c D o a u t n a t ri r e e s p , r e a s s e r n e t p o sh rt o e r d t -t b e y r m ba n l k ia s b i in li t t i h es e t U o ni t t h e e d o S f t f a ic te ia s l , a in n s d t i f tu or ti e o ig n n s in reporting coverage. Figures on the first line are comparable in coverage official holdings of marketable and convertible nonmarketable U.S. Govt, securities with an original maturity of more than I year. 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 al n d 1 Total i Inti.1 gi R on e­ al2 Total c O i f a fi l ­ Other Europe Canada A L m a e t r i i n c a Asia Africa c O t o r t i u h e n e s r ­ 1963............................ 22,877 1,547 1,411 136 21.330 12,467 8.863 10,770 2,988 3,137 4.001 241 194 1964**.......................... 25^18 1,618 1 '447 171 23.900 13,220 10,680 12,236 2,984 3.563 4.687 238 192 1965............................ 25,551 1 ’479 1’361 118 24,072 13,066 11,006 11;627 2; 574 4,027 5,286 280 278 1966—Sept................ 27,061 1,425 1 ,298 127 25,636 12,515 13,121 13,534 2,191 3,800 5,481 363 267 Oct.................. 28,048 1 ’400 1,274 126 26,648 12,909 13’739 14J78 2; 400 3,910 5,517 376 268 Nov,. ............. 28,392 1 ,412 1,294 118 26,980 12,953 14,027 14,574 2; 456 3.861 5,425 398 266 1 27’724 1’381 11270 111 26;343 I2;484 13,859 14,000 2,509 3,883 5,299 387 266 Dec, 5.............. ( 27,596 1,380 1,270 110 26,216 12,540 13,676 13,933 2,502 3,883 5,247 385 266 1967—Jan................... *26,729 1 ,451 t ,298 153 r25,278 *12,150 *13,128 13,204 2,358 3,918 *5,123 390 285 Feb................... r26,732 1,408 1,277 131 *•25,324 *12,162 *13,162 13,321 2,227 3,971 *5; 142 379 284 Mar.................. r26,807 *1 ,438 1,315 r123 *•25,369 *12,368 13,001 13,311 2,265 4,063 r5 ;094 357 278 Apr.................. *■27,158 1,429 1 '311 1 18 r25,729 *12,877 12,852 13,406 2,298 4,273 *5,088 389 275 May................. r27 352 1,407 1,287 120 r25'945 *13,118 12,827 13;424 2;329 4,366 *5,157 392 277 June................. *27,341 1,362 1,252 110 r25,979 *12,812 13,167 13^99 2;083 4,148 *5,171 376 303 July.................. 27’797 1 '408 1 '296 112 26;389 12,874 13,515 14,141 2,274 4,151 5,200 339 284 Aug.”............... 28’,486 1’379 1 '248 131 27,107 12,716 14,391 14^35 2,266 4,019 5; 244 366 277 Sept.”............... 28,813 1,328 1,205 123 27385 12,974 14,511 15,116 2,329 4; 047 5,370 328 296 8a, Europe Ger­ E p n er d i o o d f Total Austria Belgium D m e ar 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—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 1,367 364 283 343 160 655 114,000 196 420 305 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—Ian. . .. 13,204 190 426 315 69 992 2,162 138 1,255 294 246 363 191 609 Feb...... 13,321 182 421 307 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...... 13,406 150 426 297 94 929 2,392 117 1,319 328 287 353 121 623 May.... 13,424 159 480 274 89 958 2,376 108 1,410 402 301 345 117 651 June.... 13,899 173 557 276 96 948 2,342 103 1,422 396 348 352 122 659 July.... 14,141 197 545 262 91 1,021 2,297 106 1,573 405 379 357 181 660 Aug,”. . 14.935 181 563 235 91 1,064 2.278 122 1 .773 367 396 370 191 674 Sept.”... 15,116 188 585 242 102 1,048 2,294 148 1,908 400 370 378 187 659 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1996 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 1967 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in minions of dollars) 8a. Europe—Continued 8b. Latin America End of Switzer­ United Yugo­ Other Other Argen­ Colom­ period land Turkey K d i o n m g­ slavia W Eu e r s o te p rn e 6 U.S.S.R. E E a u s r t o e p rn e Total tina Brazil Chile bia Cuba Mexico 1963................ 906 21 1,483 16 465 2 24 3,137 375 179 143 169 11 669 1964 ............... 1,370 36 M84 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—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. 5... (1,805 43 3,839 37 235 8 40 3,883 418 299 261 178 8 632 \t ,805 43 3,817 37 234 8 40 3,883 418 299 261 178 8 632 1967—Jan..... 1,699 38 3,754 35 386 6 36 3,918 414 297 242 170 8 636 Feb....... 1,723 29 3,794 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....... 1,700 31 3,814 34 355 4 34 4,273 524 339 258 195 9 704 May.... 1,735 25 3,531 41 386 4 30 4,366 645 331 252 158 9 762 June.... 1,783 26 3,667 33 557 5 34 4,148 578 249 249 169 8 717 July. . .. 1,714 23 3,641 27 630 4 30 4,151 603 219 233 153 8 748 Aug.p.. 1,648 23 4,315 25 581 4 35 4.019 609 196 229 135 9 704 SeptX.. 1,701 28 4,221 26 592 5 32 4,047 606 216 224 166 9 696 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 re t . h A p e . . r B B e a r h m & am u d a a s A S n u N t r i e i l n l t e h a s . m & A O L m a t e h t r i e n i r c a Total C M la h a n i i n d n a ­ H K o o n ng 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................ 99 206 111 734 189 114 14 4,687 35 95 59 38 133 1965................ 120 257 1 738 5 165 113 17 5,286 35 113 84 31 127 1966—Sept...... 149 216 156 679 510 179 H5 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 Dec.5... \ 1 1 1 5 5 0 0 2 2 4 4 9 9 1 1 6 6 1 1 7 7 0 07 7 5 5 2 2 2 2 1 1 7 7 7 7 1 1 0 04 4 1 1 7 7 5 5 , , 2 2 9 4 9 7 3 3 6 6 1 1 4 4 2 2 1 1 8 7 0 9 5 54 4 1 1 1 1 7 7 1967—Jan....... 147 239 164 750 533 192 108 19 '5,123 36 147 198 62 109 Feb....... 147 234 161 718 550 198 107 18 '5,142 36 140 206 51 113 Mar.. . . 152 257 16J 704 563 184 107 19 '5,094 36 142 205 46 100 Apr....... 160 245 156 776 578 204 107 18 '5,088 36 150 217 51 104 May.... 145 257 155 732 576 218 107 20 '5,157 36 167 223 49 107 June... . 145 265 133 691 567 236 121 19 ■5,171 36 158 216 47 166 July. .. . 155 270 13€ 764 544 192 110 17 5,200 36 165 220 58 167 Aug.p... 157 257 128 725 520 209 116 24 5,244 36 181 242 50 149 Sept.”... 159 250 138 706 521 219 121 17 5,370 36 187 243 47 144 8c. Asia—Continued 8d. Africa 8e. Other countries E pe n r d i o o d f Japan Korea P p h i i n l e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total C s ( h K o a n i s g n a o ­ ) r M oc o co ­ A So fr u i t c h a U (E . g A y . p R t) . A O f t r h i e c r a 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.................. 2,767 104 233 221 458 443 238 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—Sept......... 2.739 134 317 244 612 945 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 Dec.5...• / I 2 2 , , 6 6 9 6 1 7 1 16 7 2 2 2 2 8 85 6 2 2 3 2 2 8 5 5 9 9 8 8 7 7 9 7 1 9 3 3 8 8 7 5 1 1 5 5 3 31 2 7 7 1 1 3 3 9 9 2 22 3 9 0 2 2 6 6 6 6 2 24 4 3 3 2 2 2 2 1967—Tan........ ■■2,565 171 282 235 610 708 390 13 33 61 33 250 285 262 23 Feb......... ■■2,511 181 271 232 635 766 379 13 31 62 22 251 284 258 26 Mar...... ■2,498 178 255 229 658 748 357 13 32 58 34 220 278 252 26 Apr......... ■2,454 175 267 227 655 753 389 11 30 56 26 266 275 249 25 ■2,478 168 268 225 663 773 392 11 32 58 18 273 277 253 24 June.... ■2,516 171 260 227 617 755 376 10 31 67 18 250 303 276 27 July....... 2,449 190 276 227 663 749 339 13 35 63 15 214 284 255 28 Aug.p... 2,443 183 269 230 685 775 366 17 33 73 21 223 277 252 25 Sept.p...• 2,554 193 284 230 684 768 328 14 37 55 17 204 296 271 25 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 4-49; 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 tn 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

NOVEMBER 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1997 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 ? (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 Iraq.................................. 12.0 27,1 17.6 n.a. Ireland Rep. of......................... 6.2 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 Fl 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 A 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 n.a. 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 All other: Tran................................... 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. tiona! 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 l e ia c b u i r l i i t t i i e es s m ar a e t ur p i r n in g c i i n 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 a d r 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 le lo 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 in End of period Total foreign Deposits U.S. Deposits U.S. currencies Total T bi r l e ls a s a u n r d y Other 3 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—Sept.. ................... 27,061 22,615 7,840 3,846 7,363 3,566 3,839 1,531 1,803 108 397 608 Oct........................ 28 >48 23,526 8,381 3,998 7,671 3,476 3 >20 1 >79 1>16 98 427 702 Nov....................... 28;392 23,896 8,542 4,065 7; 896 3,393 3,790 1 >92 1 >09 89 400 705 Dec. 5.................... 1 I 2 2 7 7 , , 7 5 2 9 4 6 2 23 3 ; , 3 2 7 6 1 4 8 8 ; ,3 5 7 3 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 9 3 3 , > 7 4 4 4 4 1 1, > 5 1 1 3 3 1 1 , , 8 8 1 1 9 9 8 83 3 3 3 2 29 9 6 58 0 8 9 1967—Jan........................ '26,729 '22,504 7,663 '3,970 7,386 3,485 3,712 1 ,460 1 ,825 80 347 514 Feb....................... '26,732 '22,450 7,573 '3,865 7,559 3,453 3,776 1,512 1 ,845 89 330 506 Mar,........... '26,807 '22.483 7 >63 '3,669 7 >10 3,441 3,822 1,556 1 ,853 79 334 504 Apr....................... '27,158 '22,829 7 >69 '3,589 8,277 3,494 3,783 1,535 1,845 73 330 545 May...................... '27,352 '23;009 7>56 '3 >79 8,253 3 >21 '3,823 '1,578 1,855 86 305 521 June...................... '27,341 '23,020 7 >74 '3,617 7,866 3 >63 3,825 1,615 1,844 68 297 496 July....................... 27 ,’797 23^82 8>13 3,750 7 >91 3 >28 3,813 1,580 1,871 66 296 503 Aug.^.................... 28,486 24'225 8,913 3,745 7,899 3 >68 3 >31 1,515 1 >16 69 331 429 Sept,*.................... 28,813 24,528 9,042 3 >09 8,035 3 >42 3,907 1,578 1,937 76 315 379 1 Data exclude “holdings of dollars” of the International Monetary follows (in millions of dollars): Total +50; foreign banks, etc. +55; Fund, other foreigners +23; payable in foreign currencires —28. 2 Excludes negotiable time certificates of deposit, which are included 5 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 3 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

1998 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.p Sept.® Europe: Austria............................. 3 3 3 3 3 3 3 3 3 3 3 3 3 3 Denmark....................... 14 13 13 13 13 13 13 12 12 12 12 12 12 12 France............................... 7 7 7 7 7 7 7 7 7 7 7 6 6 6 Germany........................... 1 1 I 1 I Italy.................................. 1 2 2 2 2 2 2 2 2 2 9 9 9 9 Netherlands...................... 6 5 5 5 5 5 5 5 5 5 4 4 4 4 Norway............................. 49 51 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 93 93 93 93 92 93 93 92 91 90 88 87 87 United Kingdom.............. 553 298 321 333 348 350 353 353 355 359 364 368 375 379 Other Western Europe.. . . 51 50 50 50 49 49 49 50 50 50 50 50 51 51 Eastern Europe........... 7 7 7 7 7 7 7 7 7 7 7 7 7 7 Total.......................... 807 556 579 591 605 606 610 609 611 613 624 626 633 637 Canada................................. 676 693 690 698 692 692 695 695 722 719 716 717 717 718 Latin America: Latin American republics.. 6 7 7 7 8 8 8 8 7 7 6 6 6 6 Other Latin America......... 21 18 18 18 19 18 18 18 18 18 18 18 18 18 Total.......................... 27 23 24 24 25 24 24 24 24 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 53 53 54 54 54 Total........................ 51 51 51 51 50 50 51 50 50 62 62 63 63 63 Africa................................... 16 15 15 15 15 15 15 15 23 28 28 28 22 22 Other countries.................... 1 1 1 1 1 1 Total foreign countries......... 1,577 1,339 1,358 1,379 1,388 1,388 1,395 1,395 1,430 1,446 1,455 1,458 1,459 1,463 International and regional: International..................... 679 314 314 286 250 228 187 172 172 172 172 169 169 169 Latin American regional... 74 75 75 75 75 76 60 60 60 61 57 58 38 38 Other regional.................. 1 1 1 1 Total........................ 752 389 390 361 325 304 247 232 233 234 230 227 207 207 Grand total................ 2,329 1,728 1,748 1,740 1,713 1,692 1,642 1,627 1,663 1,680 1,685 1 ,685 1,666 1,671 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 Italy 2 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—Oct........... 623 385 174 186 25 238 25 30 125 58 Nov........ 593 355 144 186 25 238 25 30 125 58 Dec............ 695 353 144 184 25 342 25 30 50 125 ill ............... 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 Mar............ 766 352 144 183 25 414 25 30 101 125 133 Apr............ 766 352 144 183 25 414 25 30 101 125 133 May........... 784 349 144 180 25 434 25 151 125 133 June........... 809 349 144 180 25 460 25 151 125 159 July............ 934 349 144 180 25 585 25 276 125 159 Aug............ 1,007 347 144 178 25 660 50 326 125 159 Sept............ 1,257 546 344 178 25 710 50 376 125 159 Oct............. 1,483 546 344 178 25 937 50 551 125 211 •............. 1 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 of 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

NOVEMBER 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1999 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 i i n c a Asia Africa co O un th tr e ie r s 1963............................................................................. 5 975 1 939 638 1,742 2 493 104 58 1964............................................................................. 7,469 1 1,217 725 2,212 3 137 120 58 19641......................................................................... 7,957 1^230 1,004 2,235 3,294 131 64 19652........................................................................ J7,632 ♦ 1,201 593 2’288 3^343 139 67 (7,734 1,208 669 2,293 3,358 139 67 1966—Sept.................................................................. 7,420 1 1 ,315 556 2,303 3,063 124 59 Oct. * ......................................... 7,445 I 1,319 610 2J35 2,989 129 61 Nov................................................................. 7,547 ( I ,417 598 2,354 2,984 134 60 Dec. 2.............................................................. J7,819 1J66 620 2; 489 3,135 147 62 (7,840 I 1,365 608 2,452 3,206 147 62 1967—Jan.................................................................... 7 680 * 1,281 597 2 448 3 166 128 60 Feb................................................................... 7’674 1 1,236 626 2,465 3’152 132 62 Mar.......................................................... 7 860 1 1 '251 614 2 508 3 278 148 62 Apr................................................................... 7*947 1,266 625 2 468 3,387 1 39 62 May................................................................. 8 JOI 1 1,297 594 2^516 3,497 133 63 June..................................................... 8,252 1 1 ,'277 592 2 545 3 640 127 71 July................................................................. 8 233 * 1 '253 602 2’574 3 612 117 74 Aug.p.............................................................. 8,285 1,337 609 2 589 3,560 119 71 Sept.n.............................................................. 8,328 * 1 ,309 562 2,579 3,692 114 71 12a. Europe End of period Total A tr u ia s­ g B iu e m l­ m D a e r n k ­ 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 1 3 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 JI ,’201 8 52 37 87 72 190 13 110 38 51 26 50 52 V ,208 8 52 37 87 72 190 13 110 38 51 26 50 52 1966--Sept.................... 1,315 13 60 60 92 72 225 17 105 40 51 42 56 68 Oct............. 1J19 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.................. /I ,'366 16 67 62 91 73 215 16 108 40 76 41 67 74 (1,365 16 67 62 91 73 227 16 108 40 76 41 67 74 1967--Jan................ 1,281 19 69 42 90 60 191 15 84 36 64 41 75 68 Feb..................... 1 '236 20 76 42 91 64 164 15 78 45 60 38 71 77 Mar.................... 1 ,'25 i 19 73 44 92 66 170 14 70 44 62 37 69 78 Apr..................... 1,266 17 73 35 97 72 193 15 64 35 60 36 68 77 May................... 1,297 18 67 34 100 65 192 17 73 34 60 34 71 72 June............... 1 ,277 17 65 40 101 69 188 14 68 29 44 28 72 74 July..................... 1,253 13 61 37 97 73 198 15 68 31 50 27 68 62 Aug.p................. l’337 16 65 37 93 71 184 15 61 30 51 26 61 67 Sept.p........... 1,309 24 66 33 90 77 189 18 57 36 52 26 53 65 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 o i 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 t r h t o e e p r r e n Total A t r i g n e a n­ Brazil Chile l C o bi m o a ­ ­ Cuba M ic e o x­ 1963.............................. 70 48 237 7 23 ♦ 16 1,742 188 163 187 208 18 465 1964............................... 97 36 319 15 20 * 20 2,212 210 145 188 319 17 630 19641............................. 111 37 310 16 20 * 20 2,235 203 126 176 338 17 644 19652............................. p3 42 210 28 28 6 27 2,288 232 94 174 270 16 669 V3 42 216 28 28 6 27 2,293 232 94 174 270 16 674 1966—'Sept.................... 78 47 216 18 34 2 17 2,303 182 112 150 287 16 736 Oct..................... 76 48 200 20 36 1 18 2,335 181 106 150 288 16 724 Nov................... 94 45 221 19 37 2 17 2.354 177 109 141 294 16 724 Dec.2.................. /83 52 210 19 37 2 16 2,489 193 114 159 308 16 767 (88 52 191 19 37 2 16 2,452 187 112 158 305 16 757 1967—Jan...................... 80 50 217 23 39 2 17 2 448 179 117 151 293 16 785 Feb..................... 82 27 206 22 39 2 17 2 465 169 120 149 285 16 817 Mar.................... 81 37 213 22 39 1 20 2,508 180 125 146 274 16 853 Apr..................... 81 47 210 23 42 1 20 2,468 181 121 150 249 16 837 May.................. 84 37 263 24 32 21 2 516 175 123 153 232 16 877 June.................... 86 38 268 24 31 1 22 2,545 185 116 155 223 16 861 July..................... 102 39 232 25 33 * 22 2,574 185 115 16! 239 16 913 Aug,p................. 118 47 320 22 29 * 24 2 589 185 117 160 243 16 943 Sept.p................. 110 49 284 23 36 2 20 2,579 189 118 170 245 16 943 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2000 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 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 I2c. Asia E pe n r d i o o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ r O e L li p t c . h A u s e b . r ­ m B m B a u & e h a d r s a a ­ ­ A N S n n u e a t & i t m r l h i l ­ e . s A O L m a i t c h t a e i e n r r ­ Total C M la h a n i i n d n a ­ H K o o n n g g India I n n e d si o a ­ Israel 1963................ 35 99 65 114 135 42 9 16 2,493 2 11 17 22 1964................ 41 102 76 165 222 58 18 20 3,137 2 26 22 7 44 19641.............. 49 108 78 168 224 65 18 21 3’294 2 28 21 7 47 170 45 220 250 53 14 23 3; 343 1 29 17 2 86 159 170 45 220 250 53 14 23 3,358 1 29 17 2 86 1966—-Sept.... 65 175 39 212 234 57 20 17 3,063 28 28 6 88 Oct....... 71 204 37 224 246 55 17 16 2,989 1 30 19 5 96 Nov...... 76 197 43 222 263 56 17 18 2,984 I 31 13 5 98 J84 211 45 226 272 61 18 17 3,135 1 31 16 6 98 (86 212 45 220 261 61 18 16 3,206 1 31 16 6 98 1967—Jan....... 78 213 44 219 259 63 17 15 3,166 1 31 12 6 102 Feb....... 77 225 39 213 262 62 17 16 3,152 1 31 12 6 106 Mar.. .. 79 232 56 212 247 56 17 15 3,278 1 33 13 5 96 Apr...... 75 238 59 200 248 61 17 16 3,387 1 31 14 5 89 May.... 75 262 60 217 241 51 18 16 3,497 1 35 14 5 94 June.. .. 69 285 64 210 248 78 17 18 3,640 1 36 17 5 88 July. . .. 64 255 63 212 247 65 17 20 3,612 I 37 13 5 78 Aug.P. . 62 244 60 214 249 59 18 19 3,560 I 34 11 5 72 Sept.p... 60 231 45 211 258 58 15 19 3,692 1 36 12 5 59 12c, Asia-—Continued 12d. Africa 12e Other countries End of period Japan Korea P p h i i n l e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total C s ( h K o a n i s n g a ­ o ) M c o o roc­ A So fr u i t c h a ( U E . g A y . p R t) . A O f t r h ic e a r Total A t l r i u a a s ­ ­ ot A h l e l r 1963 ........................ 2,171 25 113 8 52 71 104 I 1 15 28 59 58 48 9 1964........................ 2^653 21 202 9 64 88 120 I 2 19 42 56 58 48 10 19641...................... 2^810 21 203 9 65 82 131 1 2 20 42 67 64 48 16 19652..................... / (2 2 , J 7 5 6 I 8 2 22 2 2 2 3 3 1 0 1 1 5 5 8 82 2 1 1 0 0 8 7 1 1 3 39 9 1 I 2 2 3 34 4 4 4 3 3 6 6 0 0 6 6 7 7 5 5 2 2 1 1 5 5 1966—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 I 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........... J (2 2 , . 5 5 7 0 2 2 3 3 1 1 2 2 2 2 0 0 1 1 4 5 8 8 1 1 1 13 3 5 4 1 14 4 7 7 1 1 2 2 5 5 0 0 2 2 5 5 6 6 9 9 6 6 2 2 5 5 2 2 1 1 0 0 1967—Jan............... 2,491 33 233 23 83 151 128 3 38 18 68 60 51 9 Feb............... 2'486 34 228 26 86 137 132 4 43 15 71 62 53 8 Mar.............. 2,611 38 232 30 89 131 148 1 2 42 30 73 62 53 9 Apr............... 2,’716 52 245 33 84 116 139 2 37 26 74 62 53 9 May............. 2,828 44 250 30 83 114 133 5 34 31 63 63 52 11 June............. 2,939 49 270 27 87 122 127 I 2 30 27 66 71 60 12 July,............ 2,909 55 289 29 81 116 117 1 2 31 26 58 74 62 12 Aug.p........... 2,861 48 297 23 88 119 119 2 33 25 59 71 59 13 Sept*........... 2,977 48 323 29 84 119 114 * 3 35 18 58 71 58 13 i Differs from data in line above because of the exclusion as of Dec. 31, Note.—Short-term claims arc 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

NOVEMBER 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 2001 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 i e . ig se n ­ End of period Total tions m a a n d c e e s Deposits curities, Total Total O i t n i f o s f t i n i c t s i u a 1 ­ l Banks Others s o t i a n u n g t d ­ ­ f e o o i i f g n a fo e c r c r s ­ t, Other Total w ei i g th n e f r o s r­ a n c p n o a a d n m p c e l f e . i r ­ 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 1964 2.......................... 7,957 7,333 2,773 221 1 303 1,150 1,135 2,621 803 624 336 187 102 (7,632 7,158 2'967 271 1,566 1,130 1,268 2,501 422 474 325 54 95 19653.......................... (7,734 7,243 2,970 271 1,567 1,132 1,272 2,508 492 492 329 68 96 1966—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 Dec. 3......... /7,819 7,399 3,138 256 1,739 1,143 1,367 2,450 443 420 240 70 110 \7,840 7,420 3,138 256 1,739 1,143 1,288 2,540 452 420 241 70 110 1967—Jan................... 7,680 7,311 2,995 258 1,592 1,145 1,288 2,575 453 369 213 73 83 Feb................... 7,674 7,264 2,968 239 1,579 1,150 1,292 2,566 440 410 248 70 92 Mar.................. 7’860 7’438 3,022 252 1,611 1,158 1,356 2,628 432 423 275 50 97 Apr.................. 7^947 7,526 2,968 271 1 336 1,161 1,352 2,739 467 421 256 77 88 May................. 8,101 7^687 2; 927 246 1,557 1,124 1 ,385 2,914 462 413 263 62 89 June................. 8,252 7,852 2,917 253 1,553 1111 1 ,430 3,028 478 400 262 54 83 July.............. 8’233 7,818 2'878 260 1,484 1'134 1 ,430 3,039 472 415 281 57 78 Aug.*............... 8^285 7,’775 2,925 286 1,498 1,142 1,441 2,944 465 509 368 69 73 Sept.’............... 8,328 7,906 3; 046 270 1,595 1,180 1,452 2,929 479 422 291 48 83 1 Includes central banks. of Dec. 31, 1964; and because of revision of preliminary data. 2 Differs from data in line above because of the exclusion, as of Dec. 3 Data on the two lines shown for this date differ because of changes in 31, 1964, of $58 million of short-term U.S. Govt, claims previously in­ reporting coverage. Figures on the first line are comparable in coverage cluded; because of the addition of $546 million of short-term claims with those shown for the preceding date; figures on the second fine are arising from the inclusion of claims previously held, but first reported as comparable with those shown for the following date. 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 Inter­ End of period Total F c o t o r r i u e e i n s g ­ n n re a g a ti i n o o d n n a a l l Total P L a o y a a n b s le in d o o A th l l l e l a r rs P f r o e a c n y r i u e n c a r i i b g ­ e l n s e U K d n i o n i m t g e ­ d E O u t r h o e p r e Canada A L m a e t r i i n c a Japan O A t s h i e a r c t O r o i t e u h s n e ­ 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............ 1310 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—Sept.... 1,112 616 496 4,287 4,004 266 16 75 1,270 320 1,306 374 430 510 Oct....... 1,173 671 502 4,247 3,969 262 16 76 1,225 321 1,295 355 432 543 Nov.... 1,191 681 510 4,296 4,026 254 17 72 1,222 314 1,373 339 421 555 Dec....... 1,492 986 506 4,180 3,915 247 18 70 1,155 314 1,346 326 408 562 1967—Jan....... -1,556 *■1,047 508 4,073 3,817 240 16 72 1,129 287 1,318 312 391 565 Feb....... *•1,656 4,111 545 4,026 3,783 227 16 72 1,105 265 1,314 304 391 575 Mar.... ’■1,863 -l,287 576 4,027 3,779 232 16 68 1,079 310 1,312 287 377 593 Apr...... *■1,986 *■1,410 576 4,020 3,771 233 16 69 1,063 319 1,309 278 380 602 May.... r2,015 ■•1,423 592 3,995 3,746 232 17 65 1,036 317 1,309 263 384 621 June.... -2,468 -1,868 600 3,836 3,582 237 17 40 943 321 1,347 195 379 610 July.... 2,443 1,839 604 3,839 3,583 238 17 48 964 343 1,408 185 390 500 Aug.’... 2,502 1,861 642 3,890 3,631 242 17 51 956 340 1,450 176 394 522 Sept.’.., 2,293 1,639 654 3,913 3,624 270 19 52 922 352 1,499 171 392 525 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

2002 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 1967 15. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. corporate Marketable U.S. Govt, bonds and notes 1 Foreign bonds Foreign stocks securities 2 Net purchases or sales Period Pur­ Net pur­ Pur­ Net pur­ Pur­ Net pur­ Total I a n n t d i. Foreign chases Sales cha sa s l e e s s or chases Sales ch s a a s l e e s s or chases Sales ch s a a s l e e s s or regional Total Official Other 1963. 671 302 369 2,980 2,773 207 991 2,086 -1,095 696 644 51 1964, -338 -315 -23 -59 36 3,537 3,710 -173 915 1,843 -928 748 548 200 1965, -76 -151 75 -20 95 4,395 4,770 -375 1,198 2,440 -1,242 906 617 290 1966. -616 -427 -189 -245 56 6,318 5,616 703 1,778 2,692 -914 960 731 229 1966—Sept. -34 -35 -35 502 378 124 99 194 -95 86 42 44 Oct., 20 20 20 383 347 36 293 351 -59 69 37 32 Nov. -7 -28 21 7 13 433 400 33 116 187 -71 58 41 17 Dec. -27 -36 9 9 563 542 21 152 151 1 85 53 31 1967—Jan. .. -21 -21 571 527 44 112 265 -153 71 63 8 Feb... -50 -57 7 5 2 579 557 23 98 168 -70 66 55 11 Mar.. -15 -14 775 718 57 215 265 -51 75 65 11 Apr... 35 35 35 700 563 137 154 259 -105 67 53 15 May.. 17 16 16 902 757 145 127 167 -39 68 65 3 June.. 5 -3 9 -3 12 926 821 105 248 309 -61 71 95 -24 July.. -3 3 3 943 740 203 145 315 -171 68 74 -6 Aug.p. -19 -20 -6 7 900 820 80 145 226 -81 67 107 -40 Sept.?' 5 5 5 1,107 857 250 350 482 -131 81 123 -42 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 l z a w e n r i d ­ t­ U K d n o i i n m t g ed ­ E O u t r h o e p r e E T u o r t o a p l e Canada A L i m a c t a i e n r­ Asia Africa O c t o r t i u h e n e s r ­ reg I a n i n o t d i n . al 1963............. 207 198 9 -8 -14 206 16 199 -47 14 17 (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—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 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... 137 66 71 8 34 -3 13 51 8 5 ♦ 1 72 May.. 145 5 141 9 20 67 29 126 10 -4 3 10 -1 June.. 105 64 41 6 21 8 3 37 63 5 -2 1 July. . 203 87 115 61 56 10 11 139 28 3 6 24 1 2 Aug.p. 80 67 13 11 24 6 -4 37 26 9 I 8 Sept.0. 250 142 108 37 49 15 24 125 42 15 8 ♦ I 60 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

NOVEMBER 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 2003 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 op u­ e C a a d n a ­ A L i a m c t a i e n r ­ Asia r A ic f a ­ O c t o r t i u h e n e 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..,.0..4...4..... -96 -949 -49 -614 -26 -252 (l) 2-8 1963............. 171 8,675 12,954 1964.......-..7..2..8.....-140 -588 163 -670 -36 -11 7 25 1964............. 229 8,389 12,698 1965.......-.9..5...3.....-164 -788 108 -659 —55 -131 3 -54 1965............. 150 8'272 12,896 1966.................. -685 -171 -514 214 —726 —9 —1 16 -2 1966—Oct.,.. 194 7,336 12,876 1966—Sept........ -50 6 -56 19 -74 3 4 * -9 Nov... 196 7,450 12,912 Oct......... -27 -20 -7 -6 -36 17 10 8 1 Dec... 174 7,036 12,946 Nov........ -54 6 -60 -50 -4 -8 * 2 Dec...... 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......... -59 6 -8 -62 6 -3 1 Apr... 123 7,912 12,975 Mar.. ... -40 -87 47 25 -50 29 27 6 11 May.. 193 7,799 12,972 Apr........ -90 -94 4 5 1 13 -5 -12 I June.. 147 7,667 12,977 May....... -37 -1 -36 11 -21 -23 -6 2 July... 117 7,665 12,976 June....... -85 _9 -76 22 -45 5 -48 ♦ -10 Aug... 144 7,535 12,993 July........ -177 -14 -163 27 -117 3 —59 1 -18 Sept... 117 7,558 12,992 Aug,?.... -121 -43 -78 -23 -23 I -34 -I 2 Oct.... 135 7,861 13,000 Sept.”. .. -174 -11 -102 -3 -108 3 5 -2 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

2004 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 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 1966 1967 1966 1967 June Sept. Dec. Mar. June” June Sept. Dec. Mar. JuneP Europe: Austria................................................. 3 3 2 2 2 7 7 8 8 9 Belgium................................................ 32 30 32 34 28 45 42 53 63 39 Denmark.............................................. 2 2 3 5 8 8 10 14 11 10 Finland................................................ 1 1 1 1 2 6 4 4 4 5 France................................................. 48 57 62 61 55 94 102 110 122 102 Germany, Fed. Rep. of....................... 70 81 78 81 85 98 120 127 122 122 Greece................................................ 3 2 2 2 2 18 15 15 17 18 Italy..................................................... 27 52 54 62 65 111 107 101 98 80 Netherlands......................................... 65 67 68 80 78 42 42 48 45 47 Norway................................................ 2 2 2 2 3 7 9 8 7 7 Portugal............................................... 6 6 9 7 5 8 6 7 6 7 Spain................................................... 23 25 27 30 36 63 51 61 76 62 Sweden................................................ 12 14 17 19 21 30 27 36 18 18 Switzerland.......................................... 61 58 58 47 51 20 22 18 26 24 Turkey.................................................. 4 4 2 2 2 6 6 6 7 8 United Kingdom................................. 141 201 208 236 233 ’ 492 599 579 646 577 Yugoslavia........................................... 1 2 1 1 * 2 4 4 4 3 Other Western Europe........................ 2 3 4 5 5 9 9 11 12 13 Eastern Europe................................... 1 1 1 1 6 3 2 3 5 Total............................................. 502 611 631 678 682 1,070 1,185 1,212 1,296 1,157 Canada................................................. 117 138 146 173 199 550 509 489 482 494 Latin America: Argentina............................................. 5 6 6 3 4 35 37 39 59 35 Brazil................................................... 11 9 10 11 10 78 73 65 61 60 Chile.................................................... 4 3 4 5 6 31 31 32 30 31 Colombia............................................. 7 5 7 5 9 22 21 25 24 24 Cuba................................................... 3 3 3 2 2 Mexico......................................... 10 10 11 16 16 79 78 95 96 125 Panama................................................ 4 9 10 4 3 13 12 12 11 10 Peru..................................................... 5 6 7 6 5 28 28 31 31 29 Uruguay.............................................. 1 1 1 1 1 5 6 7 7 9 Venezuela............................................ 26 25 36 38 37 49 49 62 56 53 Other L.A. republics.............. 12 18 20 15 17 55 59 60 62 56 Bahamas and Bermuda....................... 2 3 7 5 8 11 18 12 21 Neth. Antilles & Surinam.................... 9 7 7 6 8 3 4 4 5 5 Other Latin America........................... 2 2 1 1 1 9 11 10 9 10 Total............................................. 98 104 124 118 122 418 422 463 445 470 Asia: Hong Kong................................ 2 2 3 4 4 7 6 7 7 9 India................. 20 17 17 13 15 29 32 34 33 35 Indonesia............................................. 10 2 2 2 4 3 3 7 5 5 Israel.................................................... 2 2 2 1 4 5 5 5 4 Japan........................... 27 23 27 30 38 155 146 164 163 179 Korea............................................ 2 4 3 2 2 4 5 5 7 6 Philippines........................................... 7 7 7 6 7 18 17 17 17 23 Taiwan......................................... 6 7 4 5 2 4 5 7 12 10 Thailand.............................................. 1 1 4 4 4 9 11 11 10 8 Other Asia.......................................... 38 35 31 41 39 76 69 75 88 80 Total............................................. 116 101 100 107 114 309 299 331 346 358 Africa: Congo (Kinshasa).............................. 1 1 1 I 1 2 2 2 2 South Africa....................................... 11 10 17 5 8 18 17 24 16 16 U.A.R. (Egypt)................................. 2 2 1 2 2 17 11 II 9 7 Other Africa........................................ 9 7 6 7 8 30 30 32 35 32 Total............................................. 22 19 24 15 19 66 59 69 62 58 Other countries: Australia............................................ 35 51 58 52 49 45 57 58 54 44 All other............................................. 5 4 6 6 7 10 -7 8 8 6 Total............................................. 40 55 64 58 56 55 63 66 61 50 International and regional...................... * * * * * 1 1 * * * Grand total.................................. 894 1,028 1,089 1,148 1,192 2,469 2,539 2,631 2,692 2,588 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

NOVEMBER 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 2005 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 P d a o y l i l n a a b r l s e cu P fo r a r r y e i e n a n i b g c l n i e e s Total P d a o y i l n l a a b r l s e b D a e n p k o s s i a ts b r w o i a t d h in reporter’s Other name 1963—June.............................................................................. 674 529 146 2,282 1,877 222 183 Sept.............................................................................. 691 552 139 2'257 1 830 225 202 Dec............................................................................... 626 478 148 2,131 1,739 201 191 Dec.i............................................................................ 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 June2,....................................................................... 585 441 144 2,430 1 952 219 260 Sept............................................................................. 650 498 152 2,719 2,168 249 302 Dec............................................................................... 695 553 141 2,776 2,306 189 281 Dec. 3.......................................................................... 700 556 144 2,853 2,338 705 310 1965 Mar.. ........................................................................ 695 531 165 2,612 2,147 189 277 June.............................................................................. 740 568 172 2'411 1'966 198 248 Sept.............................................................................. 779 585 195 2,406 1,949 190 267 Dec............................................................................... 807 600 207 2,397 2,000 167 229 Dec. 3............................................................. 810 600 210 2^299 1,911 166 222 1966—Mar.............................................................................. 849 614 235 2,473 2,033 211 229 June,............................................................................ 894 657 237 2'469 2^063 191 215 Sept.............................................................................. 1,028 785 243 2,539 2,146 166 227 Dec............................................................................... 1,089 827 262 2,631 2'228 167 236 1967—Mar............................................................................... 1,148 864 285 2,692 2,249 192 252 June ”........................................................................... 1,192 905 287 2,588 2,113 200 275 1 Includes data from firms reporting for the first time and claims pre­ of claims; for previous series the exemption level was $100,000. viously held but not reported. 3 Data differ from that shown for Dec. in line above because of changes 2 Includes reports from firms having $500,000 or more of liabilities or in reporting coverage. 21. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (In millions of dollars) Claims Country or area End of period t 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 c a Japan O A t s h i e a r Africa o A th ll e r 1964—June................. 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.1............ 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. 1................... 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...................... 188 1 ,'207 27 167 251 205 61 217 90 90 86 14 Sept....................... 249 1 '235 23 174 267 202 64 207 102 91 90 14 Dec....................... 329 1,256 27 198 272 203 56 212 95 93 87 13 1967—Mar...................... 454 1,324 31 232 283 203 58 210 108 98 84 17 June *............ 429 i;489 28 257 303 214 88 290 110 98 85 15 1 Data differ from that shown for Dec. in line above because of changes in reporting coverage. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2006 GOLD RESERVES NOVEMBER 1967 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti­ Tntl. Esti­ E p n er d i o o d f m to a t t a e l d M ta o r n y e ­ U St n a i t t e e s d r m es a t t e o d f A i f s g t h an an­ A t r i g n e a n­ t A ra u l s ia ­ A tr u ia s­ g B iu e m l­ Brazil Burma Canada Chile world1 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 11,869 13,806 27^280 35 66 223 700 1,558 63 84 .151 44 1966--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 ,021 45 Nov.............. 2,648 13,262 35 80 225 701 1,524 45 84 ’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 .056 45 Feb............... 2,661 13,161 35 84 227 701 1,523 45 84 ,070 45 Mar.............. 43 115 2,652 13,184 27,280 35 84 228 701 f ,’524 45 84 ,084 46 Apr.......... 2,657 13,234 35 84 228 701 1 525 45 84 ’042 46 May............ 2,658 13,214 35 84 228 701 1,524 45 84 ,053 47 June............. ?’42 975 2,669 13,169 *27,135 35 84 229 701 1,522 45 84 ,066 47 July............ 2,674 13,136 35 84 229 701 1,520 45 84 ,074 47 Aug.. ...... 2,678 13^075 35 84 229 701 1,516 84 '086 46 Sept.............. 2,679 13,077 33 228 701 1,514 84 ,099 46 Ger­ E pe n r d i o o d f lo C m o b ­ ia m De 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 s o ia ­ Iran Iraq Israel Italy Japan Rep of I960........................ 78 107 41 1,641 2,971 76 247 58 130 98 2,203 247 1961........................ 88 107 47 2,121 3,664 87 247 43 130 84 10 2,225 287 1962.. ................. 57 92 61 2,587 3,679 77 247 44 129 98 41 2.243 289 1963........................ 62 92 61 3, 175 3,843 77 247 35 142 98 60 J. 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 no 56 2^404 328 1966- 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- 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 29 108 48 5,241 4,294 132 243 145 106 2.416 Tune . ....... 29 108 47 5,235 4,292 149 243 145 94 2^412 330 July - 29 108 47 5'233 4,285 150 243 145 94 2.406 30 108 47 5,234 4,283 149 243 145 94 46 2’400 Sept . . ... 108 47 5,234 4,284 130 243 145 94 46 2,401 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 I960.................. 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-—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 (8 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 68 112 21 1,731 20 18 53 55 47 650 69 Apr............... 73 193 68 120 21 1,731 20 18 53 55 49 651 69 May......... 73 68 149 21 1,731 20 18 53 45 51 654 69 ] une............. 89 68 160 21 1,731 20 18 53 30 53 661 69 July............... 89 68 159 21 1’731 20 18 53 25 54 668 69 Aug............... 89 68 157 21 1,731 20 18 53 20 56 686 69 Sept . 89 68 1,731 20 18 53 57 69 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 GOLD RESERVES AND PRODUCTION 2007 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E p n er d i o o d f A So fr u i t c h a Spain Sweden Sw la i n tz d er­ Taiwan T la h n a d i­ Turkey ( U E . g A y . p R t) . U K d n i o i n t m 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—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 482 784 203 2,619 74 92 97 93 146 401 22 -87 June 468 784 203 2,831 81 92 96 93 1,708 146 401 22 -266 July. 493 784 203 2,844 81 92 96 93 146 401 21 -271 Aug. 487 784 203 2,843 81 92 96 93 146 401 22 -375 Sept. 489 ............. 203 2,841 ............. 92 97 93 ............. 401 ■ *......... -364 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 J 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 1 ­ A So fr u i t c h a d R e h s o ia ­ Ghana C s ( h K o a n i s g n a o ­ ) U S n ta i t t e e s d C a a d n a ­ M ic e o x­ r N a i g c u a a ­ Co b l i o a m­ India P p h i i n l e ip s , t A ra u l s ia ­ ot A h 1 e 1 r I960................................. 1,175.0 748.4 19.6 30.8 11.1 58.8 162.0 10,5 7.0 15.2 5.6 14.4 38.0 53.6 1961................................. 1'215.0 803.0 20.1 29.2 8.1 54.8 156.6 9.4 7.9 14.0 5.5 14.8 37.7 53.9 1962................................. 1’295.0 892.2 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 11.4 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................................ h440.0 1.069,4 19.0 26.4 3.2 58.6 125,6 7.6 6.9 11.2 4.6 15.3 30.7 61.5 1966........................................ 1,445.0 1,080,8 19.3 24.0 5.6 63.1 114.6 7.5 7.0 9.8 4.2 15.6 32.0 61.5 1966 —Aug.................. 90 1 2.0 9.2 .8 .8 .4 2.9 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 .6 .8 .3 2.4 Dec....................... 87.7 9.6 .4 .7 .3 24.0 2.7 1967-—Jan.............. 89.5 8.7 .6 .9 Feb...................... 87.8 8.9 .6 .8 Mar...................... 89.5 9.1 .6 .5 Apr,...................... 89.1 8.9 .6 .8 May..................... 91,2 8.9 .8 June...................... 89.1 9.1 .8 July...................... 88.9 8.4 .7 Aug....................... 90.5 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

2008 MONEY RATES NOVEMBER 1967 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Oct. 31, 1966 Rate Country 1966 1967 O a c s t . o 3 f 1 1967 Per Month cent effective Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Argentina............................. 6.0 Dec 1957 6.0 Austria................................ 4.5 June 1963 4.25 3.75 3.75 Belgium............................... 5.25 June 1966 5.0 4.75 4.5 4.25 4.00 4.0 Brazil................................... 12.0 Jan 1965 12.0 Burma.............................. 4.0 Feb 1962 4.0 Canada 1............................. 5.25 Mar. 1966 5.0 4.5 5.0 5.0 Ceylon................... 5.0 Mav 1965 5.0 Chile 2......................... . 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 El Salvador.............. 4.0 Aug, 1964 4.0 Finland................................ 7.0 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 Ghana................................. 7.0 Jan. 1966 6.0 6.0 Greece................... 5.5 Jan 1963 4.5 4.5 Honduras 3......................... 3.0 Jan. 1962 3.0 Iceland................................. 9.0 Jan. 1966 9.0 India.................................... 6.0 Feb. 1965 6.0 Indonesia............................. 9.0 Aug 1963 9.0 Iran...................................... 5.0 Aug. 1966 5.0 Ireland................................. 6.81 Oct. 1966 6.87 6.50 6.25 5.88 5.56 5.44 5.50 5.56 5.50 5.53 5.53 Israel................................... 6.0 Feb. 1955 6.0 Italy................................... 3.5 June 1958 3.5 Jamaica............................... 5.5 July 1966 5.0 5.0 Japan................................... 5.48 5.84 5.84 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 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....................... 6.0 July 1966 6.0 Spain.................................. 4.0 June 1961 4.0 Sweden................................ 6.0 June 1966 5.5 5.0 5.0 Switzerland......................... 3.5 July 1966 3.6 3.0 Taiwan 4............................. 14.04 July 1963 13.3 13.3 Thailand.............................. 5.0 Oct. 1959 5.0 Tunisia................................. 5.0 Sept. 1966 5.0 Turkey.......................... 7.5 May 1961 7.5 United Arab Rep. (Egypt).. 5.0 May 1962 5.0 United Kingdom.... /.,... 7.0 July 1966 6.5 6.0 5.5 6.0 6.0 Venezuela............................ 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks Brazil—H 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 I 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 I. 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, industrial, 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; shown is the one at which it is understood the central bank transacts Spain—4.6 per cent for financial paper rediscounted for banks (rate shown the largest proportion of its credit operations. Other rates for some is for commercial bills); and of these countries follow: Venezuela—4 per cent for rediscounts of certain agricultural paper and Argentina—3 and 5 per cent for certain rural and industrial paper, de­ for advances against govt, bonds or gold and 5 per cent on advances pending on type of transaction; against securities of Venezuelan companies. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1967 MONEY RATES; ARBITRAGE 2009 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e . r R m e a p n . y o , f Netherlands Sw la i n tz d er­ Month 3 T m r b e o i a U n s s t u h , r s y > m Da o d y n a - y e t y o 2 ­ 3 B a a m a c n n c o c k e n e p e s t r t h , s ­ s ’ 3 T r m b e i a o l s l n s u t , h ry s D m a d o y a n - y e t o y ­ a d B ll e o a p w n o o k n a s e n i r t c s s e ’ m D o a d y n a - e y t y o ­ 3 T 6 d r b e 0 a i a y - l s l 9 s s u * 0 , r y m D o a d n y a e - y t y o 5 ­ 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—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 4.79 3.00 3.00 4.56 4.36 4.25 June........... 4.34 4.27 5.44 5.27 4.54 3.50 4.29 2.75 3.63 4.56 4.38 4.25 July............ 4.27 3.68 5.47 5.34 4.51 3.50 4.76 2.75 2.38 4.54 4.38 4.13 Aug............ 4.33 4.16 5.53 5.32 4.56 3.50 4.46 2.75 2.56 4.49 3.83 4.00 Sept...... -. 4.50 4.24 5.54 5.34 4.58 3.50 ........2....7..5.. 3,13 4.48 3.69 4.00 1 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 q K ( u U i a b o n U d n a t g j s . i a d S t i t e s o i . t ) d o o m n U St n a i t t e e s d L S ( o f p n a o r v d e f o o a d r n ) d f ( ( p o i 4 - s o r c ) - w u i o o n a u o n r d n r d t i L n ( o c f N n a e o n v d e f t o t o i v r n e ) C q a u A n o in a t s e d d C a ana q d A u a o b U d a t j . a s . S t i . s i t o o n U St n a i t t e e s d C S ( a f p n a o r v a e f d o a d a r ) C d f ( d ( o a i + — s o n r c w l a ) ) l o d a a o u o r i r n n s a r d n t _ i C n ( a c f N e a n o n v a e f t o d t i r v a ) e 1967 June 2............. 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 14............. 5.21 4.10 1.11 -.43 + .68 4.20 4,13 4.10 + .03 -.37 -.34 21.............. 5.21 4.20 1.01 -.67 + .34 4.30 4.20 4.20 .00 -.58 -.58 28.............. 5.21 4.10 1.11 -.62 + .49 4.34 4.23 4.10 + .13 -.71 -.58 Aug. 4............. 5,21 4.13 1.08 -.57 + .51 4.32 4.22 4.13 + .09 -.65 -.56 11............. 5.21 4.13 1.08 -.65 + .43 4.33 4.23 4.13 + .10 -.75 -.65 18............. 5. 16 4.17 .99 -.69 + .30 4.33 4.23 4.17 + .06 -.97 -.91 25.............. 5.16 4.34 .82 -.75 + .07 4.32 4.22 4.34 -.12 -.97 -1.09 Sept. 1............. 5.14 4.33 .81 -.80 + .01 4.33 4.22 4.33 -.11 -.97 -1.08 8............. 5.14 4.27 .87 -.81 + .06 4.37 4.26 4.27 -.01 -1.03 -1.04 15............. 5.14 4.36 .78 -.80 + .02 4.47 4.36 4.36 .00 -1.14 -1.14 22.............. 5.24 4.55 .69 -.69 .00 4.51 4.39 4.55 -.16 -1.18 -1.34 29............. 5.33 4.37 .96 -.68 + .28 4.78 4.67 4.37 + .30 -1.22 -.92 Oct. 6.............. 5.33 r4.47 '.86 -.69 '+.17 4.76 4.65 4.47 + .18 -.90 -.72 13............. 5.33 4.58 .75 -.75 .00 4.91 4.79 4.58 + .21 -1.16 -.95 20.............. 5.58 4.53 1.05 -.96 + .09 4.96 4.84 4.53 + .31 -1.44 -1.13 27.............. 5.58 4.50 1.08 -.98 + .10 4.97 4.85 4.50 + .35 -1.44 -1.09 Nov. 3............. 5.73 4.56 1.17 -1.11 + .06 4.94 4.82 4.56 + .26 -1.01 -.75 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 It 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. 1460, 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

2010 MONEY RATES NOVEMBER 1967 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia Period Argentina Austria Belgium Canada Ceylon Denmark Finland (peso) (schilling) (franc) (dollar) (rupee) (krone) (markka) (pound) (dollar) 1961. 1.2076 223.28 .3.8481 2.0052 98.760 21.023 14.481 .3110 1962. .9080 223.73 3.8685 2.0093 93.561 21.034 14.490 .3107 1963. .7245 223.10 3.8690 2.0052 92.699 21.015 14.484 131.057 1964. .7179 222.48 3.8698 2.0099 92.689 20.988 14.460 31.067 1965. .5952 222.78 3.8704 2.0144 92.743 20.959 14.460 31.070 1966. .4869 2223.41 3111.22 3.8686 2.0067 92.811 20.946 14.475 31.061 1966--Oct............................... .4590 111.22 3.8700 2.0001 92.631 20.929 14.488 31.062 Nov............................ 4.4106 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............................ 5.3103 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 111.20 3.8698 2.0143 92.544 20.917 14.439 31.062 July............................ .2850 11.05 3.8714 2.0147 92.766 20.903 14.413 31.062 Aug.............................. .2850 110.97 3.8728 2.0148 92.937 20.900 14.403 31.062 Sept.......................... .2851 110.90 3.8720 2.0146 92.989 20.894 14.417 31.062 Oct.............................. .2850 ...............1..10.88 3.8693 2.0147 93.149 20.889 14.416 626.672 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 l a a a y r) ­ M (p e e x s i o c ) o ( e g N r u la e il 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--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 3.257 279.10 .15996 .27577 32.473 8.0056 27.679 Feb.............................. 20.217 25.168 3.272 279.41 .15993 .27576 32.535 8.0056 27.694 Mar............................. 20.203 25.165 3.280 279.63 .16006 .27607 32.556 8.0056 27.682 Apr.............................. 20.227 25.167 3.294 279.92 .16009 .27625 32.589 8.0056 27.683 May............................. 20.319 25.147 3.267 279.69 .16008 .27628 32.572 8.0056 27.739 June............................. 20.375 25.122 3.242 279.12 .16007 .27627 32.519 8.0056 27.756 July.............................. 20.395 24.996 3.224 278.73 .16020 .27620 32.478 8.0056 27.866 Aug............................. 20.386 24.985 3.220 278.53 .16041 .27599 32.467 8.0056 27.797 Sept............................ 20.382 24.988 13.217 278.37 .16049 .27618 32.441 8.0056 27.799 Oct............................... 20.393 24.974 13.215 278.32 .16061 .27622 32.432 8.0056 27.809 Period New Zealand N (k o r r o w n a e 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 ) ( e S f r r w l a a i n n tz c d ­ ) U K d n i o n i m t g e - d (pound) (dollar) (escudo) (pound) (rand) (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 ...............1..39.13 1.6651 19.358 23.114 279.30 1966--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 ...............1..38.99 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 1.6631 19.399 23.169 279.69 June....................... 276.35 13.992 3.4810 139.04 1.6632 19.415 23.166 279.12 July............................ 9276.12 10137.97 13.986 3.4788 138.85 1.6634 19.412 23.128 278.73 Aug........................... 137.89 13.981 3.4766 138.75 1.6637 19,394 23.061 278.53 Sept............................. 137.81 13.978 3.4755 138.66 1.6640 19.381 23.027 278.37 Oct............................. 137.78 13.979 3.4736 138.64 1.6635 19.341 23.035 278.32 i A new markka, equal to 100 old markkaa, was introduced on Jan. 1. 8 Effective June 6, 1966, the Indian rupee was devalued from 4.76 to 1963. 7.5 rupees per U.S. dollar. 2 Based on quotations through Feb. 11, 1966. 9 Based on quotations through July 7, 1967. 3 Effective Feb. 14, 1966, Australia adopted the decimal currency to Effective July 10, 1967, New Zealand adopted the decimal currency system. The new unit, the dollar, replaces the pound and consists of 100 system. The new unit, the dollar, replaces the pound and consists of 100 cents, equivalent to 10 shillings or one-half the former pound. cents, equivalent to 10 shillings or one-half the former pound. 4 Quotations not available Nov. 4 and 7. s Quotations not available Mar. 7-14. Note.—Averages of certified noon buying rates in New York for 6 Effective Oct. 12, 1967, the Finnish markka was devalued from 3.2 cable transfers. For description of rates and back data, see “International to 4.2 markkaa per U. S. dollar. Quotation not available Oct. 12. Finance,” Section 15 of Supplement to Banking and Monetary Statistics, 7 Effective Jan. 1, 1963, the franc again became the French monetary 1962. unit. It replaces, at a 1 to I ratio, the new franc introduced Jan. 1, i960. 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 Karl E. Bakke, Assistant Secretary DIVISION OF EXAMINATIONS Frederic Solomon, Director LEGAL DIVISION Brenton C. Leavitt, Assistant Director Howard H. Hackley, General Counsel James C. Smith, Assistant Director David B. Hexter, Associate General Counsel Lloyd M. Schaeffer, Chief Federal Reserve Thomas J. O’Connell, Assistant General Examiner Counsel Frederick R. Dahl, Assistant Director Jerome W. Shay, Assistant General Counsel Jack M. Egertson, Assistant Director Wilson L. Hooff, Assistant General Counsel Thomas A. Sidman, Assistant Director Charles C. Walcutt, Assistant Chief Federal Reserve Examiner DIVISION OF RESEARCH AND STATISTICS Daniel H. Brill, Director DIVISION OF PERSONNEL ADMINISTRATION Albert R. Koch, Deputy Director J. Charles Partee, Associate Director Edwin J. Johnson, Director Kenneth B. Williams, Adviser John J. Hart, Assistant Director Stephen H. Axilrod, Associate Adviser Lyle E. Gramley, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES Stanley J. Sigel, Associate Adviser Joseph E. Kelleher, Director Tynan Smith, Associate Adviser Harry E. Kern, Assistant Director James B. Eckert, Assistant Adviser Murray S. Wernick, Assistant Adviser OFFICE OF THE CONTROLLER John Kakalec, Controller DIVISION OF INTERNATIONAL FINANCE Robert Solomon, Director OFFICE OF DEFENSE PLANNING Robert L. Sammons, Associate Director Innis D. Harris, Coordinator A. B. Hersey, Adviser Reed J. Irvine, Adviser DIVISION OF DATA PROCESSING Samuel I. Katz, Adviser Lawrence H. Byrne, Jr., Director John E. Reynolds, Adviser Lee W. Langham, Assistant Director Ralph C. Wood, Adviser John H. Rhinehart, Assistant Director 2011 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2012 FEDERAL RESERVE BULLETIN • NOVEMBER 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 James Parthemos, 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 2013 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President Deputy Chairman First Vice President in charge of branch Zip code Boston.................... ...02106 Erwin D. Canham George H. Ellis Charles W. Cole Earle O. Latham New York.............. ...10045 Everett N. Case Alfred Hayes Kenneth H. Hannan William F. Treiber Buffalo............... ...14240 Robert S. Bennett A. A. Maclnnes, Jr. Philadelphia........... ...19101 Willis J. Winn Karl R. Bopp Bayard L. England Robert N. Hilkert Cleveland................ ...44101 Joseph B. Hall W. Braddock Hickman Logan T. Johnston Walter H. MacDonald Cincinnati......... ...45201 Barney A. Tucker Fred O. Kiel Pittsburgh......... ...15230 F. L. Byrom Clyde E. Harrell Richmond............... ...23213 Edwin Hyde Edward A. Wayne Wilson H. Elkins Aubrey N. Heflin Baltimore........... ...21203 E. Wayne Corrin Donald F. Hagner Charlotte........... ...28201 James A. Morris Edmund F. MacDonald Atlanta.................... ...30303 Jack Tarver Harold T. Patterson Edwin I. Hatch Monroe Kimbrel Birmingham.......35202 C. Caldwell Marks Edward C. Rainey Jacksonville....... ...32201 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 Eugene A. Leonard 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 Hatgren A. B. Merritt 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 William R. Sandstrom 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 Bank Mergers & the Regulatory Agencies: annum or $.70 a copy. Application of the Bank Merger Act of Federal Reserve Chart Book on Financial and 1960. 1964. 260 pp. $1.00 a copy; 10 or more Business Statistics. Monthly. Annual 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. 137 pp. $1.00 a copy; pp. Pt. IL 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. 1967. 16 pp. one address, $.85 each. Published Interpretations of the Board of Governors, as of June 30, 1967, $2.50. The Federal Funds Market. 1959. Ill pp. $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. U.S. Treasury Advance Refunding. June 1960- $4.00. 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. 2014 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 2015 STAFF ECONOMIC STUDIES Businesses View Banking Services: A Survey of Cedar Rapids, Iowa, by Lynn A. Stiles. July Studies and papers on economic and financial sub­ 1967. ' jects that are of general interest in the field of The Impact of Monetary Variables: A Selec­ economic research. tive Survey of the Recent Empirical Lit­ erature, by Michael J. Hamburger. July 1967. Summaries only printed in the Bulletin. Empirical Literature on The U. S. Balance of Trade, by Charles K. Harley. July 1967. (Limited supply of mimeographed copies of full The Boom in Office Buildings, by Robert text available upon request for single copies.) Moore Fisher. Aug. 1967. Cyclical Determinants of Capital Expendi­ Customers View Bank Markets and Services: tures; A Regression Study of the United A Survey of Elkhart, Indiana, by George G. States Steel Industry, by James P. Bennett. Kaufman. Aug. 1967. July 1966. A Test of the Deposit Relationship Hypoth­ The European Economic Community’s Com­ esis, by Neil B. Murphy. Sept. 1967. mon Agricultural Policy and Its Impact Economic Trends in Latin America in the on U.S. Exports, by Thomas M. Klein. July 1960’s, by Yves Maroni. Oct. 1967. 1966. Nonlocal Competition for Time Deposits in A Theory of Household Asset Selection, by Isolated One- and Two-Bank Towns, by Ber­ William J. Hocter. Aug. 1966. nard Shull. Nov. 1967. Liquidity Considerations and Monetary Management, by Leonall C. Andersen (with Printed in full in the Bulletin. commentaries by Arthur L. Broida and Rich­ (lieprints available as shown in following list.) ard G. Davis). Sept. 1966. The Overseas Dollar Bond Market and Re­ REPRINTS cent U.S. Borrowing Abroad, by Carl H. (From Federal Reserve Bulletin unless preceded Stem. Sept. 1966. by an asterisk.) Mexico’s Economic and Financial Record, by Yves Maroni. Oct. 1966. Adjustment for Seasonal Variation. Descrip­ Measures of Industrial Production and Final tion of method used by Board in adjusting eco­ Demand, by Clayton Gehman and Cornelia nomic data for seasonal variations. June 1941. Motheral. Jan. 1967. 11 PP- Firms’ Demands For Money: The Evidence Seasonal Factors Affecting Bank Reserves. From the Cross-Section Data, by William J. Feb. 1958. 12 pp. Frazer, Jr. Jan. 1967. Liquidity and Public Policy, Staff Paper by The Relative Impact of Money and Income Stephen H. Axilrod. Oct. 1961. 17 pp. on Interest Rates: An Empirical Investi­ Seasonally Adjusted Series for Bank Credit. gation, by William E. Gibson and George G. July 1962. 6 pp. Kaufman. Feb. 1967. Interest Rates and Monetary Policy, Staff The Effect of Credit Conditions on State Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. and Local Bond Sales and Capital Outlays Industrial Production—1957-59 Base. Oct. Since World War II, by Paul F. McGouldrick. 1962. 10 pp. Feb. 1967. ' Flow of Funds Seasonally Adjusted. Nov. Investment by Manufacturing Firms: A Quar­ 1962. 15 pp. terly Time Series Analysis of Industry A Sectoral Analysis of Velocity, Staff Paper Data, by Robert W. Resek. Mar. 1967. by Paul F. McGouldrick. Dec. 1962. 14 pp. Individuals as a Source of Loan Funds for New Foreign Bond Issues in the U.S. Market, State and Local Governments, by Helmut Staff Paper by Robert F. Gemmill. May 1963. Wendel. Apr. 1967. 13 pp. Variable-Rate Mortgages, by Robert Moore Recent Changes in Liquidity, Staff Paper by Fisher. May 1967. Daniel H. Brill. June 1963. 10 pp. The Financing of Capital Investment in the Measuring and Analyzing Economic Growth, USSR, by Paul Gekker. June 1967. 1963. 14 pp. Federal Fiscal Policy and Aggregate De­ Measuring and Analyzing Economic Growth, mand, 1956-1966, by Helen B. Junz. June Staff Paper by Clayton Gehman. Aug. 1963. 1967. 14 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2016 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 Changes in Banking Structure, 1953-62. Sept. Consumer Instalment Credit. Mar. 1967. 1963. 8 pp. 12 pp. Economic Change and Economic Analysis, Treasury and Federal Reserve Foreign Ex­ Staff Paper by Frank R. Garfield. Sept. 1963. change Operations. Mar. 1967. 12 pp. 17 pp. The Balance of Payments in 1966. Apr. 1967. Federal Reserve Security Transactions, 1954­ 16 pp. 63, Staff Paper by Stephen H. Axilrod and Changes in Time and Savings Deposits, May Janice Krummack. July 1964. 16 pp. 1966-January 1967. Apr. 1967. 17 pp. Yield Differentials in Treasury Bills, 1959­ Survey of Finance Companies, Mid-1965. Apr. 64, Staff Paper by Samuel I. Katz. Oct. 1964. 1967. 26 pp. 20 pp. Monetary Policy and Economic Activity: A Research into Banking Structure and Com­ Postwar Review. May 1967. 22 pp. petition. Nov. 1964. 17 pp. Revision in Quarterly Survey of Interest Time Deposits in Monetary Analysis, Staff Rates on Business Loans. May 1967. 7 pp. Economic Study by Lyle E. Gramley and Sam­ Monetary Policy and the Residential Mort­ uel B. Chase, Jr. Oct. 1965. 25 pp. gage Market. May 1967. 13 pp. Fiscal Policy and Debt Management. Nov. Evidence on Concentration in Banking Mar­ 1965. 11 pp. kets and Interest Rates, Staff Economic Cycles and Cyclical Imbalances in a Chang­ Study by Almarin Phillips. June 1967. 11 pp. ing World, Staff Paper by Frank R. Garfield. Bank Financing of Agriculture. June 1967. Nov. 1965. 15 pp. 23 pp. Research on Banking Structure and Per­ formance, Staff Economic Study by Tynan New Benchmark Production Measures, 1958 Smith. Apr. 1966. 11 pp. and 1963. June 1967. 4 pp. Commercial Bank Liquidity. Staff Economic Banking and Monetary Statistics, 1966. Study by James Pierce. Aug. 1966. 9 pp. Selected series of banking and monetary statis­ Changes in Time and Savings Deposits, De­ tics for 1966 only. Mar. and July 1967. 20 pp. cember 1965-May 1966. Aug. 1966. 35 pp. Recent Credit and Monetary Developments. Revision of Weekly Reporting Member Bank July 1967. 12 pp. Series. Aug. 1966. 4 pp. Changes in Time and Savings Deposits, Jan­ Interest Rates in Western Europe. Sept. uary-April 1967. July 1967. 16 pp. 1966. 19 pp. Revised Indexes of Manufacturing Capacity Revision of Money Supply Series, Sept. 1966. and Capacity Utilization. July 1967. 3 pp. 13 pp. The Public Information Act—Its Effect on Interest Rates in U.S. Capital Markets. Nov. Member Banks. July 1967. 6 pp. 1966. 16 pp. Interest Cost Effects of Commercial Bank Toward Understanding of the Whole De­ Underwriting of Municipal Revenue Bonds. veloping Economic Situation, Staff Eco­ Aug. 1967. 16 pp. nomic Study by Frank R. Garfield. Nov. 1966. Revision of Money Supply Series. Aug. 1967. 14 pp. 14 pp. A Revised Index of Manufacturing Capacity, Changes in Time and Savings Deposits, April- Staff Economic Study by Frank de Leeuw with July 1967. Sept. 1967. 22 pp. Frank E. Hopkins and Michael D. Sherman. Nov. 1966. 11 pp. Revision of Bank Credit Series. Sept. 1967. Time Deposits and Financial Flows. Dec. 7 pp. 1966. 14 pp. Treasury and Federal Reserve Foreign Ex­ The Role of Financial Intermediaries in U.S. change Operations. Sept. 1967, 13 pp. Capital Markets, Staff Economic Study by Commercial Banks and the Supply of Money: Daniel H. Brill, with Ann P. Ulrey. Jan. 1967. A Market-Determined Demand Deposit Size and Composition of Consumer Saving. Rate, Staff Economic Study by John H. Jan. 1967. 19 pp. Kareken. Oct. 1967. 14 pp. Recent Bank Credit and Monetary Develop­ The Economic Pause in Western Europe. ments. Feb. 1967. 13 pp. Revised Series on Commercial and Industrial Oct. 1967. 17 pp. Loans by Industry. Feb. 1967. 2 pp. Balance of Payments Program: Guidelines Auto Loan Characteristics at Major Sales for Banks and Nonbank Financial Institu­ Finance Companies. Feb. 1967. 5 pp. tions. Nov. 1967. 8 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page 1924.) Acceptances, bankers’, 1933, 1951, 1953 Deposits—Continued Agricultural loans of commercial banks, 1944, 1946 Banks, by classes, 1933, 1940, 1945, 1948, 1953 Arbitrage, 2009 Federal Reserve Banks, 1934, 2003 Assets and liabilities (See also Foreign liab. & claims): Postal savings, 1932, 1939 Banks and the monetary system, 1939 Subject to reserve requirements, 1938 Banks, by classes, 1940, 1944, 1946, 1953 Discount rates, 1931, 2008 Corporate, current, 1965 Discounts and advances by Reserve Banks, 1926, Federal Reserve Banks, 1934 1934, 1936 Automobiles: Dividends, corporate, 1964, 1965 Consumer instalment credit, 1970, 1971, 1972 Dollar assets, foreign, 1993, 1998 Production index, 1974, 1975 Earnings and hours, manufacturing industries, 1981 Bankers’ balances, 1945, 1947 Employment, 1978, 1980, 1981 (See also Foreign liabilities and claims) Banks and the monetary system, 1939 Farm mortgage loans, 1966, 1967, 1968 Banks for cooperatives, 1955 Federal finance: Bonds (See also U.S. Govt, securities): Cash transactions, 1956 New issues, 1961, 1962, 1963 Receipts and exependitures, 1957 Pricesand yields, 1951, 1952 Treasurer’s balance, 1956 Business expenditures on new plant and equip­ Federal funds, 1930, 1944 ment, 1965 Federal home loan banks, 1955, 1967 Business indexes, 1978 Federal Housing Administration, 1952, 1966, 1967, 1968 Business loans (See Commercial and industrial loans) Federal intermediate credit banks, 1955 Federal land banks, 1955 Capital accounts: Federal National Mortgage Assn., 1955, 1968 Banks, by classes, 1940, 1945, 1949 Federal Reserve Banks: Federal Reserve Banks, 1934 Condition statement, 1934 Carloadings, 1978 U.S. Govt, securities held, 1926, 1934, 1936 Central banks, foreign, 2006, 2008 1958, 1959 Certificates of deposit, 1949 Federal Reserve credit, 1926, 1934, 1936 Coins, circulation, 1937 Federal Reserve notes, 1934, 1937 Commercial and industrial loans: Federally sponsored credit agencies, 1955 Commercial banks, 1944 Finance company paper, 1951, 1953 Weekly reporting banks, 1946, 1950 Financial institutions, loans to, 1944, 1946 Commercial banks: Float, 1926 Assets and liabilities, 1940, 1944, 1946 Flow of funds, 1986 Consumer loans held, by type, 1971 Foreign currency operations, 1934, 1936, 1992, Deposits at, for payment of personal loans, 1943 1993, 1998 Number, by classes, 1940 Foreign deposits in U.S. banks, 1926, 1934, 1939, Real estate mortgages held, by type, 1966 1945, 1948, 2003 Commercial paper, 1951, 1953 Foreign exchange rates, 2010 Condition statements (See Assets and liabilities) Foreign liabilities and claims: Construction, 1978, 1979 Banks, 1994, 1995, 1997, 1999, 2001, 2003 Consumer credit: Nonfinancial concerns, 2004 Instalment credit, 1970, 1971, 1972, 1973 Foreign trade, 1991 Noninstalment credit, by holder, 1971 Consumer price indexes, 1978, 1982 Gold: Consumption expenditures, 1984, 1985 Certificates, 1934, 1937 Corporations: Earmarked, 2003 Sales, profits, taxes, and dividends, 1964, 1965 Net purchases by U.S., 1992 Security issues, 1962, 1963 Production, 2007 Security prices and yields, 1951, 1952 Reserves of central banks and govts., 2006 Cost of living (See Consumer price indexes) Stock, 1926, 1939, 1992 Currency in circulation, 1926, 1937, 1938 Gross national product, 1984, 1985 Customer credit, stock market, 1952 Hours and earnings, manufacturing industries, 1981 Debits to deposit accounts, 1936 Housing starts, 1979 Debt (See specific types of debt or securities) Demand deposits: Income, national and personal, 1984, 1985 Adjusted, banks and the monetary system, 1939 Industrial production index, 1974, 1978 Adjusted, commercial banks, 1936, 1938, 1945 Instalment loans, 1970, 1971, 1972, 1973 Banks, by classes, 1933, 1940, 1945, 1948 Insurance companies, 1954, 1958, 1959, 1967 Subject to reserve requirements, 1938 Insured commercial banks, 1942, 1943, 1944 Turnover, 1936 Interbank deposits, 1933, 1940, 1945 Deposits (See also specific types of deposits): Interest rates: Accumulated at commercial banks for payment Business loans by banks, 1950 of personal loans, 1943 Federal Reserve Bank discount rates, 1931 Adjusted, and currency, 1935 Foreign countries, 2008, 2009 2017 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2018 FEDERAL RESERVE BULLETIN • NOVEMBER 1967 Interest rates—Continued Reserves—Continued Money market rates, 1951, 2009 Federal Reserve Banks, 1934 Mortgage yields, 1952, 1969 Member banks, 1926, 1928, 1933, 1938, 1945 Time deposits, maximum rates, 1932 Residential mortgage loans, 1966, 1967, 1968, 1969 Yields, bond and stock, 1951 Retail credit, retail sales, 1970, 1978 International capital transactions of the U.S., 1994 International institutions, 1992, 1993, 2006, 2008 Sates finance companies, loans, 1970, 1971, 1973 Inventories, 1984 Saving: Investment companies, new issues, 1963 Flow of funds series, 1986 Investments (See also specific types of investments): National income series, 1985 Banks, by classes, 1940, 1944, 1947, 1953 Savings and loan assns., 1954, 1959, 1967 Commercial banks, 1943 Savings deposits (See Time deposits) Federal Reserve Banks, 1934, 1936 Savings institutions, principal assets, 1953, 1954 Life insurance companies, 1954 Securities (See also U.S. Govt, securities): Savings and loan assns., 1954 Federally sponsored agencies, 1955 International transactions, 2002, 2003 Labor force, 1980 New issues, 1961, 1962, 1963 Loans (See also specific types of loans): Silver coin and silver certificates, 1937 Banks, by classes, 1940, 1944, 1946, 1953 State and local govts.: Commercial banks, 1943 Deposits of, 1945, 1948 Federal Reserve Banks, 1926, 1934, 1936 Holdings of U.S. Govt, securities, 1958, 1959 Insurance companies, 1954, 1967 New security issues, 1961, 1962 Insured or guaranteed by U.S., 1966, 1967, 1968 Ownership of obligations of, 1944, 1947, Savings and loan assns., 1954, 1967 1953, 1954 Prices and yields of securities, 1951, 1952 Manufactures, production index, 1975, 1978 State member banks, 1942, 1943 Margin requirements, 1932 Stock market credit, 1952 Member banks: Stocks' Assets and liabilities, by classes, 1940, 1944 New issues, 1962, 1963 Borrowings at Reserve Banks, 1928, 1934 Prices and yields, 1951, 1952 Deposits, by classes, 1933 Number, by classes, 1941 Tax receipts, Federal, 1957 Reserve position, basic, 1930 Time deposits, 1932, 1933, 1938, 1939, 1940 Reserve requirements, 1932 1945, 1948 Reserves and related items, 1926, 1938 Treasurer’s account balance, 1956 Mining, production index, 1975, 1978 Treasury cash, Treasury currency, 1926, 1937, 1939 Money rates (See Interest rates) Treasury deposits, 1926, 1934, 1956 Money supply and related data, 1938 Mutual funds (See Investment companies) Unemployment, 1980 Mutual savings banks, 1939, 1940, 1942, 1953, 1958, U.S. balance of payments, 1990 1959, 1966 U.S. Govt, balances: Commercial bank holdings, 1945, 1948 National banks, 1942, 1943 Consolidated monetary statement, 1939 National income, 1984, 1985 Member bank holdings, 1938 National security expenditures, 1957, 1984 Treasury deposits at Federal Reserve Banks, Nonmember banks, 1942, 1943, 1944, 1945 1926, 1934, 1956 U.S. Govt, securities: Open market transactions, 1933 Bank holdings, 1939, 1940, 1944, 1947, 1953, 1958, 1959 . Dealer transactions, positions, and financ­ Payrolls, manufacturing, index, 1978 ing, 1960 Personal income, 1985 Federal Reserve Bank holdings, 1926, 1934, 1936, Postal Savings System, 1932, 1939 1958, 1959 Prices: _ Foreign and international holdings, 1934, 1998, Consumer and wholesale commodity, 1978, 1982 2002, 2003 Security, 1952 International transactions, 1998, 2002 Production, 1974, 1978 New issues, gross proceeds, 1962 Profits, corporate, 1964. 1965 Open market transactions, 1933 Outstanding, by type of security, 1958, 1959, 1961 Real estate loans: Ownership of, 1958, 1959 Banks, by classes, 1944, 1946, 1953, 1966 Prices and yields, 1951, 1952, 2009 Delinquency rates on home mortgages, 1969 United States notes, 1937 Mortgage yields, 1952, 1969 Utilities, production index, 1975, 1978 Nonfarm mortgage foreclosures, 1969 Type of holder and property mortgaged, 1966, Vault cash, 1926, 1932, 1945 1967, 1968 Veterans Administration, 1966, 1967, 1968 Reserve position, basic, member banks, 1930 Reserve requirements, member banks, 1932 Reserves: Weekly reporting banks, 1946 Central banks and govts., 2006 Commercial banks, 1945, 1947 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 ☆ (f 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