Federal Reserve Bulletin, 1967-12

FEDERAL RESERVE B U LLETIN DECEMBER 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 tne 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 =- 2019 Industrial Developments 2029 Staff Economic Studies: Summary 2031 Statement to Congress 2035 Record of Policy Actions of the Federal Open Market Committee 2043 Law Department 2071 Announcements 2073 National Summary of Business Conditions 2076 Guide to Tabular Presentation 2077 Financial and Business Statistics, U.S. 2141 International Financial Statistics 2163 Board of Governors and Staff 2164 Open Market Committee and Staff; Federal Advisory Council 2165 Federal Reserve Banks and Branches 2166 Federal Reserve Board Publications 2170 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

Industrial Developments INDUSTRIAL PRODUCTION turned up in the summer as inventories were brought into better balance with sales. The upturn followed a moderate decline in the first half of the year. Strikes in the automobile industry and in some other industries reduced output again in the early fall. But with major strikes ended, the Board’s index of industrial production rose sharply in November to a level virtually as high as its peak in December 1966. For 1967 as a whole, industrial output is expected to exceed slightly the 1966 average. The rate of capacity utilization in manufacturing de­ clined until late in the year, then rose following strike settlements. The declines in output in the first half of 1967 were caused largely by efforts to reduce inventories, which had become generally excessive in late 1966. With demands for major con­ sumer goods and business equipment less active, cutbacks in pro­ duction were widespread, and they affected output of materials as well as final products. Some signs of improved demands appeared in the second quarter, and, aside from strike effects, demands strengthened further in the year. Expenditures for new plant and equipment declined during the first three quarters of 1967. But the most recent survey of business plans made by the Department of Commerce and the Securities and Exchange Commission indicates that businesses plan some­ what larger increases in such investment outlays in the current quarter of this year and in the first half of 1968 than had been reported earlier. However, production of business equipment, which had been declining since last December, did not turn up until November, following strike settlements. Production of de- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2020 FEDERAL RESERVE BULLETIN • DECEMBER 1967 11 INDUSTRIAL PRODUCTION recovers and RESOURCE USE increases RATIO SCALE, 1962-63-100 Power and freight, Federal Reserve combinations. Labor, BLS production worker manhours. * indicates per cent of capacity. Latest figures; preliminary for November. fense equipment rose during 1967, and this increase served, directly and indirectly, to offset some of the earlier slackening in private output. CONSUMER GOODS Readjustments during 1967 in production, sales, and inventories of consumer goods were centered in the cyclical items—autos, home goods, and apparel. Output of these types of goods has in­ creased from the low at midyear. The recovery has been due in part to rebuilding of retail inventories, which had been sub­ stantially reduced in the first half of 1967, and in part to a moderate increase in consumer takings in the second half along with a continued rapid expansion in consumer incomes. Further sustainable increases in production of these goods will depend primarily on a rise in unit sales at the retail level. Meanwhile, pro­ duction of consumer staples, such as foods, drugs, and fuel, has continued to expand at about the long-term annual rate of 4 per cent. Personal consumption exoenditures for durable goods declined in late 1966 and early 1967, although personal disposable income continued to rise. This decline was associated to some extent with the sharply lower level of private residential construction, a major market for household appliances. Inventories of consumer durable goods were at peak levels in early 1967, and with the easing in demands, production was curtailed sharply in the first half of the year. Retail sales of consumer durable goods firmed in the spring and summer quarters. As a result of this, together with rapid re­ covery in residential construction and completion of adjustments in inventories of some products by midyear, output of these goods increased in July and August. Work stoppages caused a curtail- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDUSTRIAL DEVELOPMENTS 2021 ment in output in September and October, but this cutback was followed by a sharp rise in November, partly as a result of the strike settlements. Retail prices of consumer durable goods, which had been rela­ tively stable in 1966, rose from February to October 1967 to a new high—2 per cent above a year earlier. Increases occurred in prices of appliances, television sets, and furniture, and most of the net rise came with the introduction of fall and winter lines. Retail prices of new cars sold in October—most of which were 1968 models—averaged 2.7 per cent higher than a year earlier, after allowance by the Bureau of Labor Statistics for improve­ ments in quality. Prices of apparel continued their strong advance over the year, and in October they were 4 per cent above a year earlier. Home goods and apparel. Output of home goods and apparel began to move downward in January 1967, and by midyear the combined index was down 6 per cent (Chart 2). Since then pro­ duction has increased; so too have retail and factory stocks, which had declined. Production readjustments were especially severe in the ap- 2 I INVENTORY ADJUSTMENT is limited in home goods and apparel 1962-63=100 Seasonally adjusted indexes. Stocks, Federal Reserve compilations. Latest figures: preliminary for November. pliance and television industries; unit sales of these goods de­ clined in early 1967 while stocks continued to rise to new highs. Output of appliances was cut 12 per cent between October 1966 and March of this year, but by November it had recovered about one-half of that loss. Production of television sets—sparked by rising demand, especially for color sets—hit a record high of 184 per cent in December 1966 (1957-59 average = 100). With a slackening in sales, production was cut back one-fourth over Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2022 FEDERAL RESERVE BULLETIN • DECEMBER 1967 the first 5 months of 1967. Manufacturers’ stocks of TV sets, however, continued to increase until June when work stoppages at a major producer curtailed output 20 per cent further to a 4-year low. Production recovered rapidly after the strike ended and in November the index recovered to the 168 level. Furniture and rug production, which had declined in the last half of 1966, con­ tinued to ease during the first half of 1967; since then it has shown moderate gains. The expansion in production of apparel that had begun in mid- 1963 continued into 1966. Output reached a peak early in that year and then, as in the case of home goods, changed little during the balance of the year. With a leveling off in demands in the last half of 1966, and with an upward surge of prices, the volume of retail sales declined. Output of apparel was cut back, and from December 1966 to May 1967 it declined by 6 per cent. In mid- 1967 retail sales of apparel increased rather sharply, and in August production started to rise. Since then both sales and prices have moved up, and output has continued to increase. Automobiles. Sales of new domestic autos in the 1967 model­ year, which ended in mid-September, amounted to 7.9 million units—7 per cent below the record total for the 1966 model-year. Sales of imported cars through November were running at an annual rate of about 750,000 units, up one-tenth from the very high level of last year. During the closing months of the 1966 calendar year, auto production and sales had eased further from their earlier ad­ vanced levels, and by February 1967 assemblies were at a low annual rate of 6.2 million—reflecting in part brief strikes at some plants and severe storms in some areas. Production recovered later and in August was at an annual rate of 8.5 million units, as shown in Chart 3. The model-changeover period this year was earlier and shorter than usual. One reason was that there were threats of strikes; another was that producers wanted to capi­ talize on anticipated strong consumer demands before the strikes got under way. As a result of work stoppages beginning Septem­ ber 7, auto output was reduced by about one-fifth in September and October; a partial recovery followed in November, after settlement of the strikes. Dealers’ sales of new domestic cars were off further in the first 5 months of this year, to an average annual rate of 7.4 million units. The sales rate recovered to 8.4 million units in June and July in anticipation of auto strikes and of increased prices of 1968 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDUSTRIAL DEVELOPMENTS 2023 . I AUTO OUTPUT is reduced by work stoppages and inventory {adjustments 1961 1963 1965 1967 Seasonally adjusted data. Sales and output, annual rates; stocks, index. Latest figures: pre­ liminary for November. models. Sales, however, dropped back one-tenth in August and continued down through November as work stoppages reduced dealers’ deliveries of 1968 models. Sales of new models produced by plants not subjected to strikes increased in October, but in November sales of these producers fell back to levels of a year earlier. With major work stoppages unlikely in December, auto sales should not be restricted by a shortage of models. During 1965 and 1966 there had been a marked build-up of dealers’ inventories of new cars accompanied by a rising trend in sales. With sales declining and with production being cut back in late 1966 and early 1967 and with a recovery in sales for a time around midyear, inventories were curtailed. At the end of September stocks were one-fourth below the previous year’s high level, but in late November they showed some recovery. Auto credit extended in 1967 has been running below that of last year. And since March there has been a slight decline in the proportion of autos bought on credit. However, the average size of loans on new autos has increased since September—reflecting the higher list price and smaller dealer discounts on 1968 models. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2024 FEDERAL RESERVE BULLETIN • DECEMBER 1967 BUSINESS EQUIPMENT After rising rapidly for 5 years, production of business equipment peaked at the end of 1966 (Chart 4) and then declined 5 per cent by the end of the third quarter of 1967. New orders for machin­ ery recovered by midyear—perhaps in part because of the restora­ tion in the spring of the investment tax credit. In November output of business equipment rose sharply following settlement of strikes at some equipment producers. MARKET CATEGORIES of industrial production show varying movements in 1967 BILLIONS OF 1958 DOLLARS CONSUMER NONDURABLES 1363 1965 1967 Seasonally adjusted annual rates. Series are based on pub­ lished production-index groupings except for defense equip­ ment. Latest figures: preliminary for November. The most recent plant and equipment expenditures survey by the Commerce Department and the Securities and Exchange Com­ mission taken in late October and November indicated that busi­ nessmen expect an upturn in their investment outlays in the fourth quarter—from the reduced level of the third quarter—and a stronger increase in the first half of 1968. By the second quarter of next year anticipated outlays will be 7 per cent above actual spending in the comparable quarter of 1967. While a part of this planned increase can be attributed to rising prices of machinery, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDUSTRIAL DEVELOPMENTS 2025 fulfillment of businessmen’s expectations implies that the index of business equipment output is likely to increase in the coming months. Production of industrial equipment—business equipment pur­ chased largely by manufacturing, mining, and public utility con­ cerns—declined steadily from January through October. In No­ vember output of such equipment rose sharply. The most recent OUTPUT of industrial equipment and rate of 5 capacity UTILIZATION turn up PER CENT OF CAPACITY RATIO SCALE 1957-39 0UTPUT=100 19631965 1967 Seasonally adjusted indexes. Capacity and utilization estimates based on data from Federal Reserve, Department of Commerce, and McGraw-Hill Economics Department. Capacity, end of year data; utilization and output, monthly (latest figures; pre­ liminary for November). Commerce-SEC survey indicates that businesses in the manu­ facturing sector expect to increase their investment expenditures slightly in the fourth quarter and by an additional 7 per cent in the first half of 1968. About two-thirds of this projected increase in manufacturing outlays is accounted for by producers of dur­ able goods. Capital expenditures by public utilities are expected to rise even more sharply than manufacturing in the first half of the year. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2026 FEDERAL RESERVE BULLETIN • DECEMBER 1967 Investment in most nonmanufacturing sectors continued to rise throughout 1967. Employment figures indicate that economic ac­ tivity in most of these areas continued to increase throughout the year in contrast to the decline in manufacturing. Some factors that worked to hold down real investment in 1967, especially in the manufacturing sector, may continue to provide some restraining influence in 1968. For the last 3 years produc­ tion of capital equipment has been very high relative to the pro­ duction of other goods, and this has led to a rapid and sustained increase in manufacturing capacity, as shown in Chart 5. By the third quarter of 1967, manufacturers were estimated to be operat­ ing at 84 per cent of their capacity, down from a high of 91 per cent in the second quarter of last year. Other factors—high inter­ est rates and reduced corporate profit margins—also tended to restrain business investment in 1967, but rising wages and expec­ tations of price and profit increases are becoming strong offsetting influences. Production of office machines and other commercial equip­ ment has remained virtually unchanged at the high level first MATERIALS and END PRODUCTS recover in late 1967 RATIO SCALE, 1957-59:100 MATERIALS FOR PROCESSING END PRODUCTS 1961 1963 1965 1967 Federal Reserve production indexes. Latest figures: preliminary for November. reached last spring. Production of freight and passenger equip­ ment—including aircraft, ships, railroad cars, and trucks—de­ clined in the first half of the year but has since recovered most of the loss. The decline was due to a decrease in the production of railroad equipment and trucks early in the year, partially as a re­ sult of the temporary suspension of the investment tax credit in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDUSTRIAL DEVELOPMENTS 2027 the fall of 1966. The softness in the economy also was reflected in lower freight carloadings, and the Commerce-SEC survey indi­ cates that spending for railroad equipment will remain at a low level through the first half of 1968. Production of commercial aircraft increased rapidly throughout the year, whereas output of private shipyards moved downward. Output of farm equipment has been decreasing since last spring. The fact that farm prices are substantially below their levels of a year earlier has contributed to a decline in purchases of equip­ ment. Stocks of unsold farm equipment are still high. INDUSTRIAL MATERIALS In late 1966 and early 1967, with demands for consumer goods and business equipment slackening and with manufacturers’ inven­ tories at record levels, production of industrial materials declined. The over-all decrease in output of steel, textile fibers, and other materials used for further processing was less than 4 per cent from the high in October 1966 to the low in May 1967, as shown in Chart 6. Since mid-1967 production of materials has increased, and in November output was only 1 per cent below the 1966 peak. Wholesale prices of industrial commodities had been stable from mid-February to mid-July as demand and output declined. STEEL INVENTORIES From then through mid-November, however, the industrial price LIONS TONS average increased at an annual rate of 2.8 per cent—reflecting both demand and supply influences. Steel production declined by 15 per cent between mid-1966 and mid-1967. Then from June to November 1967, ouput rose by one-tenth. Inventories of steel mill products held by consuming industries, which had been sharply reduced between the fall of 1965 and the spring of 1966, declined further (see chart) and by October 31, 1967, were at about their lowest levels since 1962. Stocks at steel mills, however, continued to increase—partly in anticipation of later inventory accumulation by consuming in­ dustries, which had reduced their stock to low levels, and partly because of a possible steel strike next summer. By the end of October mill stocks were 10 per cent above the high level of a ’64 '65 '66 '67 year earlier. Bureau of Census data. Plotted end of quarter except latest figures which Output of nonferrous metals and products also declined in the are for end of October. first half of 1967 and was reduced sharply further by strikes in the copper industry that began July 15. However, large inven­ tories of copper built up before the strikes helped to limit produc­ tion curtailments in copper and brass fabricating industries. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2028 FEDERAL RESERVE BULLETIN • DECEMBER 1967 Among other major industrial materials, output of textile mill fibers and products—which had declined in the last half of 1966— fell off further in early 1967. Whereas the 1966 decline involved for the most part manmade fibers and fabrics, the curtailments from late 1966 to July of this year also involved production of cotton and wool. Since then textile production has recovered and in November was at record rates. Output of industrial chemicals and paper products changed little in the first half of 1967 but has increased recently. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Staff Economic Studies The research staffs of the Board of Gover­ set forth are those of the authors and do not nors of the Federal Reserve System and of necessarily indicate concurrence by the the Federal Reserve Banks undertake studies Board of Governors, by the Federal Reserve that cover a wide range of economic and Banks, or by the members of their staffs. financial subjects, and other staff members Single copies of the full text of each of prepare papers related to such subjects. the studies or papers that are summarized From time to time the results of studies that below are available in mimeographed form. are of general interest to the economics pro­ The list of publications at the back of each fession and to others are summarized—or Federal Reserve Bulletin includes a sepa­ in some instances printed in full—in this rate section enumerating the studies for section of the Bulletin. which copies are currently available in that In all cases the analyses and conclusions form. Study Summary INTEREST RATES AND THE DEMAND FOR CONSUMER DURABLE GOODS Michael J. Hamburger—Staff, Federal Reserve Bank of New York Paper presented at a meeting of the Federal Reserve System Committee on Financial Analysis at the Federal Reserve Bank of Minneapolis, October 18, 1966 (revised May 1967); to be published in the American Economic Review. This paper examines the effects of monetary variables. Other variables that are con­ variables on the demand for consumer du­ sidered are the monetary base, the aggre­ rable goods. Since the publication of gate money supply, the rate of change in the Keynes’ General Theory, it has generally money supply, and the consumer stock of been assumed that consumption is insensi­ liquid assets. tive to interest rates. Therefore, the only A model to explain the purchases of two monetary variable that has been included in major components of durable goods—auto­ the consumption function with any regu­ mobiles and parts, and other durables—is larity has been liquid assets. The view developed and tested by using quarterly taken here is that monetary variables have data for the period 1953-64. The basic as­ a significant effect on consumer purchases sumption underlying the model is that the of durable goods and that interest rates desired stock of any consumer durable good are the most appropriate measures of these may be expressed as a linear function of in- 2029 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2030 FEDERAL RESERVE BULLETIN • DECEMBER 1967 come, a vector of interest rates, and the rates serve as proxies for other variables. price of the good relative to the prices of all None of the other monetary variables that other goods and services purchased by con­ are considered contribute in any substantial sumers. way to the explanatory power of the model. The results provide considerable support The results suggest (1) that monetary for the model, which explains a larger per­ policy has a direct effect on consumer be­ centage of the variance in the expenditures havior and (2) that this effect operates on consumer durable goods than is ex­ largely through interest rates. Although plained in any of a number of prominent these findings are not in complete agreement alternatives. More important, however, is with either the Keynesian view or the Chi­ the finding that interest rates are one of the major determinants of the demand for con­ cago view concerning the channels through sumer durable goods. Furthermore, there is which monetary policy operates, they may little or no support for the view that interest help to bring these two views closer together. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Statement to Congress Last September I was privileged to ap­ I don’t think any one here or abroad ques­ pear before this committee in support of tions the ability of our country to pay what­ the President’s proposals for reducing Fed­ ever it costs to fight the war in Vietnam eral expenditures and raising Federal in­ and to provide the essential public services come taxes.1 The need for such fiscal re­ the American public demands. But I think straint was clearly evident then. It has be­ there are a great many persons—probably come compelling now. an increasing number, in fact—who ques­ Inflation is no longer just a threat—it is tion whether we have the will to pay these a reality. Its pervasive effects are now costs. spreading through many aspects of our eco­ I am not opposed to government deficits, nomic life. The advance in prices has been per se, in any sense, for there are occasions rapid and widespread. Wage increases con­ when they may be fully justified. At the tinue to be far in excess of productivity same time, I am concerned lest there be gains. Financial markets have become heav­ acceptance of the idea that deficit financing ily congested and long-term interest rates is a way of life; and I am especially con­ have risen to the highest levels in decades, cerned when our government debt climbs despite continued generous provision of re­ at a faster rate than our economy as a whole serves to the banking system. And our —and this is the prospect we face unless balance of international payments has con­ our present fiscal course is altered. tinued in substantial deficit. Inflation is The events of the past 2 weeks are sober­ jeopardizing attainment of both our domes­ ing. Britain’s international payments prob­ tic and our international objectives. lems proved too large and too intractable The entire world is looking to the United to be resolved by partial solutions and emer­ States to see if it has the capability, the will, gency loans; drastic corrective measures and the determination to preserve and main­ were required. Along with the devaluation tain this period of prosperity which is now of the pound, the British public is bearing the longest in our history. In my judgment, the burden of an 8 per cent Bank of Eng­ the strategic element in demonstrating that land discount rate, severe restrictions on determination will be our success in reduc­ credit availability, an increase in taxes, and ing the prospective deficit for fiscal 1968 higher costs of imports. and thereafter to more manageable levels. In our case the need for restraint does not rest primarily on balance of payments considerations, important though they are. Note.—Statement of William McChesney Martin, Our economic discipline has slipped some­ Jr., Chairman, Board of Governors of the Federal Reserve System, before the Ways and Means Com­ what over the past 2 years, and this has cost mittee of the House of Representatives, November 29, 1967. us significantly in terms of domestic eco­ nomic progress. The consequence of allow­ 1The statement on September 14, 1967, appeared ing inflationary pressures to get ahead of in the Bulletin for September, pp. 1536-40. 2031 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2032 FEDERAL RESERVE BULLETIN • DECEMBER 1967 us in the latter half of 1965 and during 1966 Moreover, with the termination of some was a near cessation of economic growth major strikes this month, industrial produc­ earlier this year, as the distortions and in­ tion is resuming its upward trend. In com­ ventory excesses of last year were unwound. ing months, further acceleration in activity With the resumption of more rapid growth appears likely, as the automobile industry this summer, we have allowed price pres­ tries to catch up for output lost during the sures to get ahead of us again. Nearly half strikes, and as the steel industry tries to meet of the increase in our gross national prod­ orders placed by customers beginning to uct in the third quarter of the year reflected stockpile in anticipation of wage negotia­ rising prices, rather than growth in real tions next year. output. Consumer incomes, augmented by the Increased prices are being reflected and spurt in auto and steel production, are embedded in higher wage contracts of long­ scheduled to receive additional boosts from term duration, and establishing precedents proposed increases in social security bene­ for the many important wage negotiations fits, higher Federal pay, and from the rise scheduled to come up in 1968. These price in minimum wages. The likely increase in and wage developments fit closely the classic consumer spending resulting from such a interaction of cost-push and demand-pull surge in income would add an extra fillip inflation. American businesses have expe­ to business demands for inventories, and rienced sharp increases in production costs possibly to business spending for new plants over the past year and a half, increases and new processes. But even without re­ which they began to pass on in the form of sumption of an investment boom, the pro­ higher prices as soon as over-all demands spective rise in public and private demands picked up during the summer. With expe­ for goods and services appears large enough rienced labor still in short supply, reduced to reinforce and amplify the upward pres­ rates of utilization of manufacturing capac­ sure on prices generated by rising wage and ity did not prove to be much of a deterrent material costs. to price advances, which accelerated sharply The prospect of continuing price pres­ at both wholesale and retail. sures, together with heavy credit demands This fall, the underlying strength of ex­ resulting from the large Federal deficit, have pansionary forces has been obscured by the been reflected in congested financial markets effect of strikes in several major industries. and rising interest rates. In the spring, long­ Largely reflecting these strikes, industrial term interest rates began to rise under the production dipped and business orders for impetus of corporate efforts to rebuild li­ durable goods declined. The unemployment quidity by borrowing in the capital markets. rate also increased. Some of the edge has In short-term credit markets, however, inter­ been taken off the economic exuberance est rates continued to decline until about evident earlier. The reduction in demands midyear, as monetary ease permitted the resulting from these factors has been con­ banking system to acquire a large volume fined to a few industries, however, and the of liquid assets and as the Federal Govern­ pace of expansion in other sectors of the ment was able to retire a large volume of economy has continued rapid and prices short-term debt. By midyear, the cost of have continued to rise. short-term financing to the Treasury was Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 2033 about 2 full percentage points below the covered to peak levels earlier in the year, peak of such costs in 1966. have moderated in recent months as returns But after midyear, the Treasury had to on Treasury securities and other market in­ return to financial markets as a large net vestments have risen. Upward pressure on borrower of funds. The volume of Federal home mortgage rates has intensified, with cash borrowing in this half year has been discounts on insured mortgages widening. substantially larger than in any comparable In the present situation financial market period since World War II, and has been tensions cannot be tranquilized merely by reflected in a sharp rebound in short- and increasing the supply of money. Indeed, the intermediate-term interest rates. congestion in financial markets and the rise Along with the change in the Treasury’s in interest rates since midyear have oc­ financial position, from that of a major sup­ curred even though the reserves available plier of funds in the first half of the year to to the banking system have been expanding a major borrower in the second half, came rapidly. In the absence of fiscal restraint, a further increase in business demands for continued provision of reserves at such a long-term credit. With business activity rapid pace would only reinforce market ex­ picking up, and with mounting concern for pectations and induce even more urgent de­ the possibility of even greater stringency in mands for credit. Vigorous fiscal action to credit markets, corporations have been will­ reduce the prospects of further inflation and ing to pay record prices to borrow longer- of further large Federal demands on finan­ term funds. The volume of new corporate cial markets offers the best hope for alleviat­ security issues this fall has been about two- ing the intense upward pressure on interest thirds larger than last year, and interest rates. rates on new corporate issues have risen Fiscal action to reduce tensions in our substantially above the peaks of 1966. financial markets and to cool off demand The pressures that have developed in pressures would also be beneficial for our financial markets threaten to give rise, once balance of payments problem. Our basic again, to distortions in financial flows and in need, in this respect, is to sustain and im­ the structure of production such as marred prove our favorable trade balance in order our economic performance last year. For to move towards equilibrium in our over­ example, local governmental units are find­ all payments position. This entails both the ing it harder to compete in credit markets avoidance of excessively rapid growth in with heavy business and Federal financing our imports and the maintenance of com­ demands. In the past 6 months, more than petitive prices for our exports. And this, in 100 scheduled municipal bond issues, rep­ turn, depends on our success in keeping the resenting over three-quarters of a billion growth of our economy within the limits of dollars, have been postponed or cut back our capacity to produce at reasonably stable in size. prices. And, once again, competing financing It is clear, then, that our domestic eco­ demands are beginning to curtail the avail­ nomic needs and our international financial ability of funds for home mortgage financ­ responsibilities call for the same policy pre­ ing. Inflows to savings and loan associations scriptions. Restraint on spending—both pri­ and mutual savings banks, which had re­ vate and public—is essential to relieve finan- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2034 FEDERAL RESERVE BULLETIN • DECEMBER 1967 cial market pressures, to restore sound things we are unwilling to pay for. If we economic growth, to pay for the war, and are to achieve in fact the public goals we to protect the strength of the dollar at home feel most useful and desirable, then we must, and abroad. This restraint can be achieved as a self-governing people, be willing to ac­ most effectively and most equitably by a cept and adhere to some sensible order of fiscal program which moderates both the priorities among them in accord with the rise in Government spending—through national preferences. budget cuts—and the rise in private spend­ It is neither my prerogative nor my com­ ing—-through a tax increase. petence to suggest where and by how much Ours is the richest country that the world budget expenditures should be cut, nor what has ever known, and it is only fitting and types or amounts of tax increase should be right that we devote large sums to public enacted. But it is my duty and responsibility endeavors. But in our governmental activi­ to say that some combination of lower ties, as elsewhere, we must recognize—espe­ spending and higher taxes is urgently needed cially at a time when we are engaged in a to maintain the value of the dollar and the major war effort—that our resources are not social and economic progress that depend unlimited. And we must recognize also that on a sound dollar. We simply cannot afford we cannot keep on calling upon our gov­ the risks inherent in a failure to bring our ernments—Federal, State or local—to do fiscal affairs into order. 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 August 15 were published in the Bulletins for July, pages 1115-51; August, pages 1326-32; September, pages 1546­ 54; October, pages 1713-20; and November, pages 1893-1910. The record for the meeting held on September 12, 1967, follows: 2035 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2036 FEDERAL RESERVE BULLETIN • DECEMBER 1967 MEETING HELD ON SEPTEMBER 12, 1967 Authority to effect transactions in System Account. Economic activity had strengthened recently and the prospect was for more rapid growth in coming months. It appeared that industrial production had advanced in August at about the July rate and since June had recovered much of the decline expe­ rienced earlier in the year. Nonfarm employment also rose further in August, and the unemployment rate again edged down—to 3.8 per cent from 3.9 per cent in July. Housing starts, which had fallen slightly in June, rebounded in July. Real GNP was ex­ pected to rise at a substantial rate in the third quarter as a whole, despite a strike that began in early September at a major automobile producer. It appeared likely that growth in real GNP would accelerate further in the fourth quarter to a rate that would reinforce exist­ ing upward pressures on costs and prices. This expectation was premised on the assumptions—which were necessarily uncertain —that work stoppages in the automobile industry would be of relatively short duration and limited extent, and that a surcharge on Federal income taxes, which was now under consideration by Congress, would not go into effect before the end of the year. With growth in personal incomes accelerating as a result of more rapid increases in both employment and wage rates, consumer spending was expected to rise substantially, accounting for about half of the large advance in GNP foreseen for the fourth quarter. Also anticipated were continued sizable increases in Federal and State and local government spending, a moderate further rise in residential construction outlays, and some net growth in business inventories following the small decline expected for the third quarter. A Commerce-SEC survey taken in August indicated that businesses planned slightly smaller expenditures on plant and equipment during 1967 than had been reported in April and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 2037 May, but the latest survey still suggested that such outlays would be slightly higher in the second half of the year than in the first half. Prices of industrial commodities increased appreciably from mid-July to mid-August, according to preliminary estimates, al­ though the total wholesale price index declined because of a downturn in prices of farm products and foods following 3 months of advance. Price increases were being announced for a wide variety of industrial materials and products as producers sought to pass on, at a time of strengthening demands, the in­ creases in costs they had incurred earlier. The rise in industrial prices from July to August represented a departure from the pattern of stability that had prevailed over the preceding 5 months, when a downdrift in prices of materials had offset moderate advances in prices of industrial products. The con­ sumer price index rose substantially further in July, partly be­ cause of seasonal increases in food prices. With respect to the balance of payments, U.S. banks borrowed heavily through foreign branches during July and August, a period in which rates on Euro-dollar deposits were unusually low relative to rates offered by U.S. banks on domestic CD’s. As a result, a substantial surplus developed after midyear in the pay­ ments balance on the “official reserve transactions” basis of calculation. Tentative data suggested that the payments deficit on the “liquidity” basis was at a somewhat lower rate in July and Au­ gust than in the first half of 1967, but that it was still undesirably large. The surplus on merchandise trade was about unchanged in July at a level below the average for the first 5 months of the year. Thus far in 1967 imports had remained unexpectedly high and exports had shown no tendency to grow, in part because of continued stagnation of business activity in most industrial coun­ tries abroad. Moderately stimulative monetary and fiscal meas­ ures had been taken in some countries; the most recent of these Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2038 FEDERAL RESERVE BULLETIN • DECEMBER 1967 measures was a further reducton in Germany of minimum reserve requirements of commercial banks, effective September 1. How­ ever, the use of expansionary public policies had been restrained in many countries by concern over actual or prospective infla­ tionary pressures or, as in the United Kingdom, by balance of payments problems. On August 17, shortly after completing its mid-August re­ funding, the Treasury announced an offering of a 316 year, 5% per cent note (priced to yield 5.40 per cent), to raise $2.5 billion of new money. The payment date for the note, which car­ ried full tax-and-loan-account privileges, was August 30. It was reported that the Treasury was tentatively planning to obtain part of the new cash it would require in the fourth quarter by auction­ ing about $4.5 billion of tax-anticipation bills in early October. On Friday, September 8, the Treasury replenished its balances by selling a special certificate of indebtedness in the amount of $153 million to the Federal Reserve. The certificate was re­ deemed 3 days later. Recent System open market operations had been directed at maintaining generally steady conditions in the money market while the Treasury’s note financing was under way. In the 4 weeks ending September 6 free reserves of member banks aver­ aged about $285 million and member bank borrowings about $75 million, both little changed from the averages of the previous 4 weeks. In the latter part of August the interest rate on Federal funds fell to a level generally below the 4 per cent discount rate, and rates on bank loans to Government securities dealers also frequently dropped below the discount rate. In early September, however, rates of both types moved back to 4 per cent and above. Market rates on Treasury bills had fluctuated rather widely since the preceding meeting of the Committee, with the rate on 3month bills rising 18 basis points on balance to 4.34 per cent on the day before this meeting. Yields on most other types of short­ term securities fluctuated near their highs for the year. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 2039 Capital markets remained under pressure in the latter part of August as a result of continued heavy corporate bond flota­ tions and Treasury financing activity, and longer-term yields ad­ vanced to levels near or above the peaks reached earlier in the summer. The atmosphere in markets for U.S. Government notes and bonds and corporate securities subsequently improved, how­ ever, as the volume of publicly offered corporate bonds appeared to be moderating. In contrast, pressures persisted in markets for municipal securities, where the volume of new offerings in prospect for September was considerably above the reduced August level. Business loans outstanding at commercial banks, which had risen sharply in July, declined by nearly as much in August. These changes probably were related in large part to delays in loan repayments relative to the usual seasonal pattern, because of the need in July of this year to finance accelerated payments to the Treasury of taxes withheld on individual incomes. Despite the contraction in business loans, total bank credit expanded rapidly in August, as it had in July. Banks again acquired a sub­ stantial volume of newly issued Treasury securities and they in­ creased their loans to Government securities dealers considerably further. According to preliminary estimates the bank credit proxy—daily-average deposits of member banks—rose at an an­ nual rate of 17 per cent from July to August, slightly more than had been anticipated. Most of this increase in the proxy series occurred in late July and early August; growth slackened mark­ edly in the last 3 weeks of August. Among deposit categories, total time and savings deposits continued to grow rapidly from July to August as the volume of outstanding negotiable CD’s increased sharply further and inflows of other time and savings deposits remained large. Private de­ mand deposits—and the money supply—again rose substantially on average, although growth ceased in the latter part of August when credit demands abated. U.S. Government deposits in­ creased somewhat. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2040 FEDERAL RESERVE BULLETIN • DECEMBER 1967 Staff projections now suggested that the bank credit proxy would rise at an annual rate in the range of 9 to 12 per cent from August to September if money market conditions were un­ changed. Loan demands appeared likely to be relatively moder­ ate in September, and with U.S. Government deposits expected to rise slightly on average, it was anticipated that there would be little or no growth in private demand deposits and in the money supply. The rate of expansion in total time and savings deposits was expected to slacken considerably, primarily because banks were expected to become less aggressive in issuing negotiable CD’s. Considerable concern was expressed in the course of the Com­ mittee’s discussion about the evidences of developing inflationary pressures in the economy and the prospects for overly rapid growth in aggregate demands later in the year. The members agreed that congressional enactment of the surcharge on income taxes recommended by the President would make a needed con­ tribution to balanced economic growth. Many members also indicated that they were disturbed by the rapid rates of increase in bank credit and the money supply in recent months. The Committee was divided, however, with re­ gard to the appropriate course for monetary policy under current circumstances. The majority concluded that open market opera­ tions should be directed at maintaining prevailing conditions in the money market, with the proviso that operations should be modified as necessary to moderate any apparent tendency for bank credit to expand significantly more than currently expected. Members of the majority advanced various reasons in support of this course, including the desirability of waiting for firmer indications of the likely nature of action by Congress with regard to the President’s tax proposals. Other considerations cited were the risks that under present conditions in financial markets even a modest move toward greater monetary restraint at this time might have an exaggerated impact on market expectations and result in sharp further increases in interest rates, with attendant Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 2041 adverse effects on depositary-type financial intermediaries and on the position of sterling in foreign exchange markets. Also noted were existing uncertainties with respect to the extent, duration, and ultimate economic effects of the strike in the automobile industry. At the conclusion of the discussion the following current eco­ nomic 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 strengthened and, despite the strike in the automobile industry, that prospects favor more rapid growth later in the year. Upward pressures on costs persist and average prices of industrial commodities have turned up following several months of stability. While there recently have been large inflows of liquid funds from abroad, the balance of payments continues to reflect a substantial underlying deficit. 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 se­ curity market financing and of recent and prospective Federal financing. The President’s new fiscal program calling for a sizable increase in income taxes, which would make a substantial contribution to balanced economic growth, is now before Congress. In this situation, it is the policy of the Federal Open Market Committee to foster financial con­ ditions, including bank credit growth, conducive to sustainable eco­ nomic expansion, recognizing the need for reasonable price stability for both domestic and balance of payments purposes. To implement this policy, 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 as necessary to moderate any apparent tendency for bank credit to expand significantly more than currently expected. Votes for this action: Messrs. Martin, Brimmer, Daane, Maisel, Mitchell, Robertson, Sherrill, Swan, and Wayne. Votes against this action: Messrs. Hayes, Francis, and Scanlon. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2042 FEDERAL RESERVE BULLETIN • DECEMBER 1967 Messrs. Hayes, Francis, and Scanlon dissented from this action because they thought that greater monetary restraint was required in light of recent rates of growth in bank credit, present and pro­ spective inflationary pressures, and the unsatisfactory balance of payments situation. They considered it particularly important to modify monetary policy at this time because they felt that Treas­ ury financing operations would limit the opportunities for such action later in the year. The dissenting members differed, how­ ever, with respect to the degree of restraint they thought was ap­ propriate under present circumstances. Mr. Francis favored seeking significantly firmer money market conditions, and firming still further if growth in bank credit did not moderate substantially. In his judgment, both monetary policy and fiscal policy were characterized by excessive ease at present, the lagged effects of which would magnify the pressures on the economy expected in the months ahead. He observed that fiscal policy was likely to remain extraordinarily stimulative even if the President’s tax proposals were enacted in the form recom­ mended. He expressed the view that the limitation by appropriate monetary action of excessive demand, inflation, speculation, and further deterioration in the U.S. balance of payments appeared to be more crucial than any temporary hardships on the Treas­ ury, financial intermediaries, and long-term borrowers resulting from higher interest rates. Messrs. Hayes and Scanlon, on the other hand, agreed with members of the majority that there were risks in moving toward firmer money market conditions at present. In their judgment, however, those risks argued not for maintaining prevailing money market conditions but for exercising caution in probing toward moderately less easy conditions. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material RULES REGARDING DELEGATION OF AUTHORITY incidental changes in connection with the latter. The amendments read as follows: The Board of Governors, effective November 22, 1967, amended its Rules Regarding Delega­ tion of Authority, published in the 1967 Bulletin AMENDMENTS TO REGULATION F at page 965, to provide a more expeditious means Effective December 31, 1967, Regulation F is for performance of the Board’s functions relating amended as follows: to applications by State member banks to (1) establish domestic branches, (2) declare dividends 1. The following paragraph is added to section in excess of net profits, (3) reduce capital stock, 206.2: or (4) invest in bank premises in amounts in ex­ Section 206.2—Definitions cess of capital stock. The amendment reads as * * * * * follows: (fj) The terms “beneficial ownership’’, “benefi­ AMENDMENT cially owned", and the like, when used with re­ spect to the reporting of ownership of the bank’s Effective November 22, 1967, section 265.2(c) equity securities in any statement or report re­ is amended by adding subparagraph (10) as fol­ quired by this Regulation, shall include, in addi­ lows: tion to direct and indirect beneficial ownership by Section 265.2—Specific Functions Delegated the reporting person, ownership of such securities (1) by the spouse (except where legally separated) * * * * >js and minor children of such reporting person, and (c) The Director of the Division of Examina­ (2) by any other relative of the reporting person tions (or, in his absence, the Acting Director) is who has the same home as such person. authorized: 2. Section 206.5 is amended by (1) revising sub­ ❖ #k $ »^ ❖ paragraphs (d)(1) and (3) to read as set forth be­ low and (2) adding paragraph (k) as set forth (10) To exercise the functions described in below: subparagraphs (1), (2), (4), and (7) of para­ Section 206.5—Proxies, Proxy graph (f) of this section in cases in which the conditions specified in such subparagraphs as pre­ Statements, and Statements requisites to exercise of such functions by the Where Management Does Not Federal Reserve Banks are not present or in Solicit Proxies which, even though such conditions are present, (d ) Requirements as to proxy. (1) The form of the appropriate Federal Reserve Bank considers proxy (A) shall indicate in bold face type whether that nevertheless it should not take action on the or not the proxy is solicited on behalf of the man­ member bank’s request. agement of the bank, (B) shall provide a specifi­ cally designated blank space for dating the proxy, SECURITIES OF MEMBER STATE BANKS and (C) shall identify clearly and impartially each The Board of Governors, effective December matter or group of related matters intended to be 31, 1967, amended Regulation F, “Securities of acted upon, whether proposed by the management Member State Banks”, published in the 1965 Bul­ or by security holders. No reference need be made, however, to proposals as to which discre­ letin at page 13, to (1) add a definition of “bene­ tionary authority is conferred pursuant to sub­ ficial ownership”, (2) add a provision relating to inclusion of minority stockholders proposals in a paragraph (3) of this paragraph. bank’s proxy soliciting material, and (3) make :|S * * * =1; 2043 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2044 FEDERAL RESERVE BULLETIN • DECEMBER 1967 (3) A proxy may confer discretionary author­ (3) Notwithstanding subparagraphs (1) and ity with respect to other matters that may come (2) of this paragraph, the management may omit before the meeting, if (A) the persons on whose a proposal and any statement in support thereof behalf the solicitation is made are not aware a from its proxy statement and form of proxy under reasonable time prior to the time the solicitation any of the following circumstances: is made that any such other matters are to be (i) if the proposal is impossible to accomplish presented for action at the meeting and (B) a spe­ or, under applicable law, is not a proper subject cific statement to that effect, except with respect for action by security holders; or to proposals omitted pursuant to section 206.5 (k) (ii) if the proposal consists of a recommenda­ for which discretionary authority may also be con­ tion or request that the management take action ferred, is made in the proxy statement or form of with respect to a matter relating to the conduct of proxy. the ordinary business operations of the bank; or (iii) if it appears that the proposal is submitted ***** by the security holder principally for the purpose (k) Proposals of security holders. (1) If any of enforcing a personal claim or redressing a per­ security holder entitled to vote at a meeting of sonal grievance against the bank or its manage­ security holders of the bank shall submit to the ment, or principally for the purpose of promoting management of the bank, within the time herein­ general economic, political, racial, religious, so­ after specified, a proposal which is accompanied cial, or similar causes; or by notice of his intention to present the proposal (iv) if the management has at the security for action at the meeting, the management shall holder’s request included a proposal in its proxy set forth the proposal in its proxy statement and statement and form of proxy relating to either of shall identify it in its form of proxy and provide the two preceding annual meetings of security means by which security holders can approve or holders or any special meeting held subsequent to disapprove the proposal. The management of the the earlier of such two annual meetings, and such bank shall not be required by this section to in­ security holder has failed without good cause to clude the proposal in its proxy statement for an present the proposal, in person or by proxy, for annual meeting unless the proposal is submitted action at the meeting; or to management not less than 60 days in advance (v) if substantially the same proposal has pre­ of a day corresponding to the first date on which viously been submitted to security holders in the the management’s Statement was released to secu­ management’s proxy statement and form of proxy rity holders in connection with the preceding an­ relating to any meeting of security holders held nual meeting of security holders. A proposal to within the preceding five calendar years, it may be presented at any other meeting shall be sub­ be omitted from the proxy statement relating to mitted to the management of the bank a reason­ any meeting of security holders held within the able time before the solicitation is made. This three calendar years after the latest such previous paragraph (k) shall not apply, however, to elec­ submission, provided that (a) if the proposal was tions to office. submitted at only one meeting during such pre­ (2) If the management opposes the proposal, it ceding period, it received less than 5 per cent of shall also, at the written request of the security the total number of votes cast in regard thereto, holder, include in the proxy statement (i) the or (b) if the proposal was submitted at only two name and address of the security holder, or a meetings during such preceding period, it received statement that such name and address will be fur­ at the time of its second submission less than 10 nished upon request, and (ii) a statement of the per cent of the total number of votes cast in re­ security holder (which shall not include such gard thereto, or (c) if the proposal was submitted name and address) of not more than 100 words at three or more meetings during such period, it in support of the proposal. The statement and re­ received at the time of its latest submission less quest of the security holder shall be furnished to than 20 per cent of the total number of votes cast the management at the same time that the pro­ in regard thereto; or posal is furnished. Neither the management nor (vi) if, prior to the receipt of such proposal, the bank shall be responsible for such statement. substantially the same proposal has been received Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 2045 by the management from another security holder the resulting bank. Notice of the proposed merger, and is to be included in the bank’s proxy solicit­ in form approved by the Board, has been published ing material. pursuant to said Act. (4) Whenever the management asserts that a Upon consideration of all relevant material in proposal and any statement in support thereof may the light of the factors set forth in said Act, in­ properly be omitted from the proxy statement and cluding reports furnished by the Comptroller of form of proxy, it shall file with the Board, not the Currency, the Federal Deposit Insurance Cor­ later than 20 days prior to the date the prelimi­ poration, and the Attorney General on the com­ nary copies of the proxy statement and form of petitive factors involved in the proposed merger, proxy are filed pursuant to section 206.5(f) (1) or It is hereby ordered, for the reasons set forth such shorter period prior to such date as the in the Board’s Statement of this date, that said Board may permit, a copy of the proposal and any application be and hereby is approved, provided statement in support thereof as received from the that said merger shall not be consummated (a) security holder, together with a statement of the before the thirtieth calendar day following the reasons why the management deems such omis­ date of this Order or (b) later than three months sion to be proper in the particular case, and, after the date of this Order. where such reasons are based on matters of law, Dated at Washington, D. C., this 15th day of a supporting opinion of counsel. The management November, 1967. shall at the same time, if it has not already done By order of the Board of Governors. so, notify the security holder submitting the pro­ Voting for this action: Chairman Martin, and Gover­ posal of its intention to omit the proposal from nors Robertson, Mitchell, Maisel, Brimmer, and Sher­ its proxy statement and shall forward to him a rill. Absent and not voting: Governor Daane. copy of the statement of the reasons why the (Signed) Merritt Sherman, management deems the omission of the proposal Secretary. to be proper and a copy of such supporting opin­ [seal] ion of counsel. Statement ORDERS UNDER BANK MERGER ACT Franklin County Trust Company, Greenfield, The following Orders and Statements were Massachusetts (“Franklin”), with total deposits issued by the Board of Governors approving ap­ of about $18 million, has applied, pursuant to the plications for the merger of banks: Bank Merger Act (12 U.S.C. 1828(c)), for the Board’s prior approval of the merger of that bank FRANKLIN COUNTY TRUST COMPANY, with The Orange National Bank, Orange, Massa­ GREENFIELD, MASSACHUSETTS chusetts (“Orange Bank”), which has total de­ posits of about $4 million.1 The banks would In the matter of the application of Franklin merge under the charter and name of Franklin, County Trust Company for approval of merger which is a member of the Federal Reserve Sys­ with The Orange National Bank tem. As an incident to the merger, the sole office of Orange Bank would become a branch of Order Approving Merger of Banks Franklin, increasing the number of its offices to There has come before the Board of Governors, three. pursuant to the Bank Merger Act (12 U.S.C. Competition. Franklin operates its head office 1828(c)), an application by Franklin County and sole branch in Greenfield (population about Trust Company, Greenfield, Massachusetts, a 18,000); the sole office of Orange Bank is about State member bank of the Federal Reserve Sys­ 20 miles east of Greenfield in Orange (popula­ tem, for the Board’s prior approval of the merger tion about 6,000). In terms of deposits, Franklin of that bank and The Orange National Bank, and Orange Bank rank first and third, respectively, Orange, Massachusetts, under the charter and among the five commercial banks headquartered title of Franklin County Trust Company. As an in Franklin County (population about 55,000). incident to the merger, the sole office of The Orange National Bank would become a branch of 1 Figures are as of June 30, 1967. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2046 FEDERAL RESERVE BULLETIN • DECEMBER 1967 There is no meaningful competition between 1828(c)), an application by Quincy Trust Com­ Franklin and Orange Bank. Massachusetts law pany, Quincy, Massachusetts, a State member permits intra-county branching, but the develop­ bank of the Federal Reserve System, for the ment of competition between the two banks Board’s prior approval of the merger of that bank through de novo branching seems improbable in and Dedham Trust Company, Dedham, Massa­ view of the small size of Orange Bank and of the chusetts, under the charter of the former and community it serves. title of Hancock Bank and Trust Company. As an The principal competition for Orange Bank is incident to the merger, the six offices of Dedham furnished by three offices of two commercial banks Trust Company would become branches of the located within a four-mile radius of Orange in resulting bank. Notice of the proposed merger, in Athol (population about 12,000), situated in ad­ form approved by the Board, has been published jacent Worcester County. It does not appear that pursuant to said Act. either of these banks would be adversely affected Upon consideration of all relevant material in by the proposed transaction. the light of the factors set forth in said Act, in­ The merger would have no significant adverse cluding reports furnished by the Comptroller of effects on competition. the Currency, the Federal Deposit Insurance Cor­ Financial and managerial resources and pros­ poration, and the Attorney General on the com­ pects. The banking factors with respect to each of petitive factors involved in the proposed merger, the banks proposing to merge are satisfactory, as It is hereby ordered, for the reasons set forth they would be with respect to the resulting bank. in the Board’s Statement of this date, that said Convenience and needs of the communities. application be and hereby is approved, provided The merger would affect banking convenience that said merger shall not be consummated (a) and needs only in the area presently served by before the thirtieth calendar day following the Orange Bank. The larger credit needs of the area date of this Order or (b) later than three months are not being met by Orange Bank, due, in part, after the date of this Order. to its lending limit of $30,000. The conversion of Dated at Washington, D. C., this 30th day of Orange Bank into an office of Franklin would pro­ November, 1967. vide for the Orange community more convenient By order of the Board of Governors. access to broader credit accommodations and to a Voting for this action: Vice Chairman Robertson, and generally wider range of banking services. Governors Mitchell, Maisel, Brimmer, and Sherrill. Absent and not voting: Chairman Martin, and Gover­ Summary and conclusion. In the judgment of nor Daane. the Board, the proposed merger would benefit the (Signed) Merritt Sherman, banking convenience and needs of the community Secretary. presently served by Orange Bank, and would not have any significantly adverse consequences for [seal] banking competition. Accordingly, the Board concludes that the ap­ Statement plication should be approved. Quincy Trust Company, Quincy, Massachusetts (“Quincy Bank”), with total deposits of about QUINCY TRUST COMPANY $25.5 million, has applied, pursuant to the Bank QUINCY, MASSACHUSETTS Merger Act (12 U.S.C. 1828(c)), for the Board’s prior approval of the merger of that bank with fn the matter of the application of Quincy Trust Dedham Trust Company, Dedham, Massachusetts Company for approval of merger with Dedham (“Dedham Bank”), which has total deposits of Trust Company about $15.5 million.1 The banks would merge under the charter of Quincy Bank, which is a Order Approving Merger of Banks member of the Federal Reserve System, and the There has come before the Board of Governors, pursuant to the Bank Merger Act (12 U.S.C. ’ Figures are as of June 30, 1967. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 2047 name of the resulting bank would be changed to posits. The combined service areas of Quincy Bank Hancock Bank and Trust Company. As an in­ and Dedham Bank encompass roughly two-thirds cident to the merger, the six offices of Dedham of Norfolk County. In this combined area, seven Bank would become branches of Quincy Bank, banks operate 51 offices; the two largest banks in increasing the number of its offices to 12. Norfolk County operate offices throughout the Competition. All offices of the two banks are area and hold about 76 per cent of total deposits. in Norfolk County, which adjoins Suffolk County, If the proposed merger were consummated, the the location of the City of Boston. Massachusetts resulting bank would hold about 18 per cent of law permits intra-county branching. the deposits held by the area’s banking offices. Quincy Bank operates its head office in Quincy These concentration figures do not reflect the fact (1960 population about 87,000), which is about that many Norfolk County residents commute to eight miles south of downtown Boston and the Boston and thus have the option of banking there, largest city in Norfolk County. The bank’s six nor do the figures reflect the fact that there are branches are within a radius of approximately six several offices of large Boston-based banks situated miles of the main office. near the Suffolk County boundary within two or Dedham Bank operates its head office in Ded­ three miles of offices of Quincy Bank and Dedham ham (1960 population about 24,000), which is Bank. about nine miles west of Quincy and about 10 Neither Quincy Bank nor Dedham Bank has an miles southwest of downtown Boston. Each of the office in the western-rural area of Norfolk County, banks operates a branch in Randolph, which is in the only area where the development of competi­ the western sector of Quincy Bank’s service area;2 tion between them through de novo branching Dedham Bank’s other four branches are located would seem likely. Norfolk County Trust Com­ west of Randolph. pany and South Shore National Bank have been The town of Randolph (population about 22,­ extending their branch systems to include towns 000) is the only place where the service areas of in western Norfolk County. The bank resulting the two banks overlap. Dedham Bank obtains from the proposed merger would be in a stronger about 4 per cent of its IPC deposits and about 4 position than either Quincy Bank or Dedham Bank per cent of its loans from Quincy Bank’s service to establish branches in these towns and thereby area. Quincy Bank derives about 4 per cent of its offer competition for offices of the county’s largest IPC deposits and less than 1 per cent of its loans banks. from the service area of Dedham Bank. If the The effect of the merger on competition would merger were consummated, Quincy Bank’s office be slightly adverse. in Randolph, which was opened in 1964 and has Financial and managerial resources and pros­ generated little business, would be closed. pects. The banking factors with respect to each of There are three other commercial banking the banks proposing to merge are satisfactory, as offices in Randolph, two of which are operated by they would be with respect to the resulting bank. South Shore National Bank, Norfolk County’s Convenience and needs of the communities. second largest bank, and the other by Norfolk The merger would result in the elimination of County Trust Company, the largest bank in the Quincy Bank’s branch in Randolph, but four county. These three offices account for about 83 offices of three banks would remain, and these per cent of the IPC deposits held by the five bank­ include three offices of Norfolk County’s two ing offices in Randolph. largest banks. Moreover, the Randolph branch of Quincy Bank and Dedham Bank hold about 7 Quincy Bank is quite small and, it appears, un­ per cent and 4 per cent, respectively, of the de­ profitable; it is questionable whether the branch posits held by the 84 offices of the ten commercial would continue to operate if the proposed merger banks operating in Norfolk County; the two were not approved. largest banks hold about 73 per cent of such de- The respective lending limits of the proponent banks are $400,000 and $260,000. The resulting institution would be a stronger corporate enter­ 1 The area from which a bank derives 75 per cent or more of its deposits of individuals, partnerships, prise with a lending limit of $700,000. This would and corporations (“IPC deposits”). be helpful to commercial customers in the present Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2048 FEDERAL RESERVE BULLETIN • DECEMBER 1967 service areas of Quincy Bank and Dedham Bank. in the public interest that there be conducted Summary and conclusion. In the judgment of before the Board an oral presentation at which the Board, the merger would have a slightly ad­ representatives of the Independent Bankers of verse effect on competition; and while the poten­ Minnesota and Applicant could present views and tial benefits for banking convenience and needs comments with respect to this application. Ac­ are also limited, they are sufficient to cause the cordingly, Board to conclude that the application should be It is hereby ordered, That, pursuant to sec­ approved, even though it regards the case as a tion 262.3(f)(3) of the Board’s Rules of Pro­ very close one. cedure (12 CFR 262.2(f)(3)) an oral presenta­ tion be held with respect to this application com­ ORDERS UNDER SECTION 3 OF mencing at 2 p.m. on December 6, 1967, in Room BANK HOLDING COMPANY ACT 1 202 of the Federal Reserve Building, 20th and The Board of Governors issued the following Constitution Avenue, Washington, D. C. Order for oral presentation in connection with an It is further ordered, That said oral presen­ application by a bank holding company to acquire tation shall be public, and that participation in voting shares of a bank and issued the following the oral argument shall be limited to representa­ Orders and Statements in connection with actions tives of the Independent Bankers of Minnesota, approving applications by bank holding companies the Applicant, and the Board of Governors. for acquisition of voting shares of banks and Dated at Washington, D. C., this 24th day of applications for permission for corporations to November, 1967. become bank holding companies: By order of the Board of Governors. NORTHWEST BANCORPORATION, (Signed) Merritt Sherman, MINNEAPOLIS, MINNESOTA Secretary. [seal] In the matter of the application of Northwest Bancorporation, Minneapolis, Minnesota, pursuant CHARTER NEW YORK CORPORATION, to section 3 of the Bank Holding Company Act of 1956. ' NEW YORK, NEW YORK Order for Oral Presentation In the matter of the application of Charter New York Corporation, New York, New York, for On September 19, 1967, there was published in approval of acquisition of all of the outstanding the Federal Register (32 F.R. 13241) a notice of voting shares of Endicott Trust Company, Endi­ receipt by the Board of Governors of an applica­ cott, New York. tion filed pursuant to section 3(a) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842 Order Approving Application Under Bank (a)) by Northwest Bancorporation, Minneapolis, Holding Company Act Minnesota, a registered bank holding company, for the prior approval of the Board of the acquisi­ There has come before the Board of Governors, tion by Applicant of 85 per cent or more of the pursuant to section 3(a)(3) of the Bank Holding voting shares of The First National Bank of Ely, Company Act of 1956 (12 U.S.C. 1842(a)(3)) Ely, Minnesota. and section 222.4(a)(3) of Federal Reserve The aforestated published notice advised that Regulation Y (12 CFR 222.4(a)(3)), an applica­ the application was available for study at the office tion by Charter New York Corporation, New of the Board of Governors and the Federal Reserve York, New York, for the Board’s prior approval Bank of Minneapolis, and provided that within of the acquisition of all of the outstanding voting 30 days of publication comments and views on shares of Endicott Trust Company, Endicott, New the proposed acquisition could be filed with the York. Board. Within the period provided, opposition to As required by section 3(b) of the Act, the the proposal was filed on behalf of the Independent Board notified the New York State Superintendent Bankers of Minnesota, accompanied by a request of Banks of th^ application and requested his for a public hearing. views and recommendation. The New York State It appears to the Board that it is appropriate Banking Board advised the Board of its action, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 2049 consistent with a recommendation made to it by shares of Dutchess Bank & Trust Company, the Superintendent, approving an application, filed Poughkeepsie, New York. pursuant to the New York Banking Law, with As required by section 3(b) of the Act, the respect to the same transaction. Board notified the New York State Superintendent Notice of receipt of the application was pub­ of Banks of the application and requested his lished in the Federal Register on May 2, 1967 (32 views and recommendation. The New York State Federal Register 6749), providing an opportunity Banking Board advised the Board of its action, for interested persons to submit comments and consistent with a recommendation made to it by views with respect to the proposal. A copy of the the Superintendent, approving an application, application was forwarded to the United States filed pursuant to the New York Banking Law, with Department of Justice for its consideration. Time respect to the same transaction. for filing comments and views has expired and all Notice of receipt of the application was pub­ those received have been considered by the Board. lished in the Federal Register on May 19, 1967 It is hereby ordered, for the reasons set forth (32 Federal Register 7480), providing an oppor­ in the Board’s Statement of this date, that said tunity for interested persons to submit comments application be and hereby is approved, provided and views with respect to the proposal. A copy that the acquisition so approved shall not be con­ of the application was forwarded to the United summated (a) before the thirtieth calendar day States Department of Justice for its consideration. following the date of this Order or (b) later than Time for filing comments and views has expired three months after the date of this Order unless and all those received have been considered by such period is extended for good cause by the the Board. Board or by the Federal Reserve Bank of New It is hereby ordered, for the reasons set forth, York pursuant to delegated authority. in the Board’s Statement of this date, that said Dated at Washington, D. C., this 1 5th day of application be and hereby is approved, provided November, 1967. that the acquisition so approved shall not be con­ By order of the Board of Governors. summated (a) before the thirtieth calendar day Voting for this action: Chairman Martin, and Gover­ following the date of this Order or (b) later than nors Mitchell, Daane, Maisel, Brimmer, and Sherrill. three months after the date of this Order unless Voting against this action: Governor Robertson. such period is extended for good cause by the (Signed) Merritt Sherman, Board or by the Federal Reserve Bank of New Secretary. York pursuant to delegated authority. [seal] Dated at Washington, D. C., this 15th day of November, 1967. CHARTER NEW YORK CORPORATION, By order of the Board of Governors. NEW YORK, NEW YORK Voting for this action: Chairman Martin, and Gover­ In the matter of the application of Charter New nors Mitchell, Daane, Maisel, Brimmer, and Sherrill. York Corporation, New York, New York, for Voting against this action: Governor Robertson. approval of acquisition of all of the outstanding (Signed) Merritt Sherman, voting shares of Dutchess Bank & Trust Company, Secretary. Poughkeepsie, New York. [seal] Statement Order Approving Application Under Charter New York Corporation, New York, Bank Holding Company Act New York (“Applicant”), a registered bank hold­ There has come before the Board of Governors ing company, has applied to the Board of Gover­ pursuant to section 3(a)(3) of the Bank Holding nors, pursuant to section 3(a)(3) of the Bank Company Act of 1956 (12 U.S.C. 1842(a)(3)) Holding Company Act of 1956 (12 U.S.C. 1842 and section 222.4(a)(3) of Federal Reserve (a)(3)), for prior approval of the acquisition of Regulation Y (12 CFR 222.4(a)(3)), an applica­ all of the voting shares of Dutchess Bank & Trust tion by Charter New York Corporation, New Company, Poughkeepsie, New York (“Dutchess York, New York, for the Board’s prior approval Bank”), and Endicott Trust Company, Endicott, of the acquisition of all of the outstanding voting New York (“Endicott Trust”). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2050 FEDERAL RESERVE BULLETIN • DECEMBER 1967 Although the applications have been acted upon the third largest bank holding company and the separately, the Board has determined that unneces­ eighth largest banking organization in New York sary repetition of facts and conclusions applicable State, in terms of total deposits held by its sub­ to both of the applications may be avoided through sidiaries. The present applications are the first to the use of a combined Statement. Accordingly, be filed by Applicant since its formation. while separate Orders effecting the Board’s deter­ Irving, the seventh largest commercial bank in mination accompany this Statement, the Board’s New York City, is primarily a wholesale bank. Its findings, conclusions, and reasoning in respect to $3.1 billion of deposits1 are heavily concentrated each application are combined in this Statement. in large size accounts of business corporations, Views and recommendation of supervisory domestic banks, and foreign central banks. Al­ authority. As required by section 3(b) of the Act, though Irving operates nationally and interna­ the Board notified the New York State Superin­ tionally, only about 2 per cent of its deposits of tendent of Banks of receipt of the applications and individuals, partnerships, and corporations (“IPC requested his views and recommendation thereon. deposits”) originate in areas of New York State, In view of his coordinate responsibilities under outside New York City and the nearby counties New York law, the Superintendent did not com­ of Westchester, Suffolk, and Nassau. ment directly to the Board. The New York State Applicant’s other present subsidiary, Merchants, Banking Board, however, has advised the Board has total deposits of $149 million. It is the fourth of its action, consistent with a recommendation largest of five banks headquartered in Syracuse, of the Superintendent (a copy of which was also New York, and ranks fifth in deposit size among provided to the Board), approving applications 26 commercial banks located in New York State’s with respect to the same transactions pursuant to Sixth Banking District. Article III—A of the New York Banking Law. Endicott Trust operates four offices in the Statutory considerations. Section 3(c) of the Seventh Banking District, all of which are located Act provides that the Board shall not approve an in, or within two miles of, the Village of Endicott. acquisition that would result in a monopoly or With total deposits of $51 million, it is the larger would be in furtherance of any combination or of two banks in Endicott, the second largest of five conspiracy to monopolize or to attempt to monop­ banks headquartered in Broome County, and the olize the business of banking in any part of the fifth largest of 34 banks in the seventh Banking United States. Nor may the Board approve any District. other proposed acquisition the effect of which, in Dutchess Bank is headquartered in Pough­ any section of the country, may be substantially to keepsie in the Third Banking District, and operates lessen competition, or to tend to create a monop­ four banking offices with total deposits of $28 oly, or which in any other manner would be in million. It is the second largest of three commer­ restraint of trade, unless the Board finds that the cial banks headquartered in Poughkeepsie,2 the anticompetitive effects of the proposed transaction largest (with deposits of $118 million) being a are clearly outweighed in the public interest by subsidiary of Marine Midland Corporation, a the probable effect of the transaction in meeting registered bank holding company, and the smallest the convenience and needs of the community to (with deposits of $15 million) being a subsidiary be served. In each case the Board is required to of Bankers Trust New York Corporation, also a take into consideration the financial and mana­ registered bank holding company. Dutchess Bank gerial resources and future prospects of the bank is the third largest of 13 banks in Dutchess County holding company and the banks concerned, and and ranks seventeenth in deposit size among 52 the convenience and needs of the community to banks in the Third Banking District. be served. Acquisition by Applicant of the $79 million in Competitive effect of proposed transactions. Applicant began operations as a bank holding 'All banking data are as of December 31, 1966, company on July 1, 1966 with two subsidiary unless otherwise noted. 2 A fourth bank headquartered in Poughkeepsie, banks, Irving Trust Company, New York City Farmers-Matteawan National Bank, was merged into (“Irving”), and The Merchants National Bank & County National Bank, Middletown, on January 3, Trust Company, Syracuse (“Merchants”). It is 1967. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 2051 deposits involved in the two applications would cott Trust and each of which is a holding com­ increase its share of the total deposits held by pany subsidiary. Applicant has indicated its inten­ New York State commercial banks by only .1 per tion to pursue, through Endicott Trust, a vigorous cent. It would continue to hold just under 5 per branching policy which should increase the com­ cent of such deposits and its relative ranking petitive effectiveness of the bank both within the among the State’s largest holding companies and Endicott area and within a larger “Triple-Cities” banking organizations would remain unchanged. area which includes Binghamton and Johnson In upstate New York (that is, excluding New York City. It does not appear that the viability or com­ City, Nassau and Suffolk Counties) the number petitive effectiveness of smaller banks, which are of Applicant’s subsidiaries would increase from already subject to the competition of larger banks one to three, and its share of upstate commercial and holding company subsidiaries, would be ad­ bank deposits would increase from 1.3 per cent versely affected. to about 2 per cent. It therefore does not appear Acquisition of Dutchess Bank, the last inde­ that consummation of the proposed acquisitions pendent bank headquartered in Poughkeepsie, would significantly affect concentration in either would have the effect of removing “home office of these areas. Also, since each of the present and protection” from the City of Poughkeepsie, proposed subsidiaries is located in a different thereby permitting the introduction of new com­ Banking District and serves a distinct area, there petition through de novo branching. At least one would be no increase in concentration in any of bank has already applied for supervisory per­ the Banking Districts or primary service areas mission to establish a branch in Poughkeepsie, involved. contingent upon consummation of Applicant’s Since Endicott Trust and Dutchess Bank are proposal. Dutchess Bank has itself operated con­ located 150 miles apart in different Banking Dis­ servatively with respect to possible branch expan­ tricts, no existing or potential competition be­ sion and, to the extent that affiliation with Appli­ tween them would be eliminated by their affilia­ cant encourages more extensive branching, its tion with Applicant. Neither does it appear that acquisition could result in the introduction of a consummation of the proposed acquisitions would new competitive force in other areas of the Third have any significant effect on competition between Banking District as well. either bank and Applicant’s present subsidiaries. In view of New York branching restrictions, Endicott Trust is located about 200 miles north­ the only ppssibility for the development of com­ west of New York City and 70 miles south of petition between any of Applicant’s present and Syracuse; Dutchess Bank is situated 85 miles north proposed subsidiaries through branching results of New York City and 205 miles southeast of from the fact that Irving and Dutchess Bank can Syracuse. With regard to deposits or loans held both legally establish branches in Westchester by one bank but originating in the area served by County. However, in view of Irving’s strong in­ one of the others, only the overlap between Irving clination toward wholesale banking, and in view and Dutchess Bank is of any significance. Even here, the number of accounts and total amounts of Dutchess Bank’s size, location, and apparent involved are relatively small and no real competi­ lack of interest in extensive branching, the pros­ tion appears to be reflected. For the most part, pects that either one would do so are regarded as the accounts result from long-standing relation­ very improbable. ships, the fact that Irving offers services not It does not appear that the proposed acquisi­ available at Dutchess Bank, or represent local tions, if consummated, would result in a monopoly deposits of organizations having offices in both or be in furtherance of any combination, con­ New York City and Dutchess County. spiracy, or attempt to monopolize the business of As previously indicated, Endicott Trust is the banking in any relevant area. Neither does it larger of the two banks headquartered in the appear probable that consummation of either or Village of Endicott. However, both banks are both of Applicant’s proposals would substantially subject to the competition of the two leading banks lessen competition or restrain trade in any area. in the Seventh Banking District, each of which Financial and managerial resources and pros­ has competing offices in the area served by Endi­ pects. The financial condition, management, and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2052 FEDERAL RESERVE BULLETIN • DECEMBER 1967 prospects of Applicant and its present subsidiaries light of the factors set forth in section 3(c) of the are regarded as reasonably satisfactory. Act, it is the Board’s judgment that the proposed Endicott Trust’s financial condition and man­ transactions would be in the public interest and agement are regarded as satisfactory. Its prospects that the applications should be approved. would probably be enhanced as a subsidiary of Dissenting Statement of Governor Robertson Applicant, but would be considered favorable even In a case such as this where two viable, inde­ if it were to remain as an independent institution. pendent banks, each an effective service com­ Dutchess Bank has experienced good growth ponent in its banking district, are proposed to be and earnings and is considered adequately capi­ acquired by a bank holding company whose system talized. The bank apparently suffers to some ex­ already controls $3.2 billion of deposits, approval tent from a lack of strength in middle manage­ of such proposal should be given only if it is shown ment, with the result that too much of the present that the public interest will be better served thereby workload rests on its President. In view of these —i.e., by the transformation of these independent weaknesses and in view of the bank’s limited local sources of banking services into units of a branch system relative to other banks in the area, New York City based holding company. the prospects of Dutchess Bank are regarded as My dissent from the Board’s approval of Char­ only fair as an independent institution. The ex­ ter New York Corporation’s proposal is premised pansion of its branch system, as contemplated by upon the absence of any evidence of public benefit Applicant, and the influence which Applicant likely to result from these acquisitions. Endicott could exert in strengthening management should Trust Company, a $51 million institution, will not, enhance Dutchess Bank’s prospects considerably. as an affiliate of Charter New York Corporation, Considerations bearing on the banking factors significantly improve or expand its services to are consistent with approval of both applications, customers in the Seventh Banking District. Endi­ and lend some weight toward approval of the pro­ cott Trust is the larger of two banks located in posed acquisition of Dutchess Bank. Endicott, New York, the second largest of five Convenience and needs of the communities in­ banks in Broome County, and the fifth largest of volved. There is no evidence of any major banking 34 banks in the Seventh Banking District. Its con­ needs presently going unserved in the areas served tinued ability to render profitably full-scale bank­ by Endicott Trust or Dutchess Bank. It is asserted ing services as an independent institution stands by Applicant, however, that the expertise of Irving unchallenged in the record. The Dutchess Bank, and Merchants in specialized areas of lending with $28 million of deposits, is somewhat a lesser would assist both of the proposed subsidiary banks competitive force within its service area. It is the in expanding the scope of their lending activities third largest of 13 banks in Dutchess County and and in serving the requirements of their areas for seventeenth in size of the 52 banks in the Third business loans, construction loans, residential mort­ Banking District. Despite its size, it presently gage loans, and consumer loans. Greater local competes with two subsidiaries of two bank hold­ availability of construction financing is alleged to ing companies, one of which subsidiaries is over be of particular significance in the Endicott area. four times the size of Dutchess Bank. While Applicant also contemplates assisting both banks Dutchess Bank’s prospects might be bettered in developing broader branch systems to serve the through its acquisition by Applicant, there is noth­ needs of their communities. ing in the record before the Board to indicate that The assistance which Applicant could render the bank is not performing a valuable and profit­ to Endicott Trust and Dutchess Bank in expanding able service as an independent institution. In my both the range of services offered and the geo­ judgment, the sum of the benefits likely to flow graphic area served by them is a consideration from this proposal is insufficient to outweigh the which adds weight in favor of approval of both adverse competitive impact to result from expan­ applications. sion of Applicant’s holding company system by Summary and conclusion. On the basis of all acquisition of two independent sources of banking relevant facts contained in the record, and in the service. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 2053 CENTRAL WISCONSIN BANKSHARES, INC., duly selected by the Civil Service Commission on WAUSAU, WISCONSIN February 7-10, 1967, at which testimony and ex­ hibits bearing on the application were received. In the matter of the application of Central Wis­ Applicant and Protestants both filed Briefs and consin Bankshares, Inc., Wausau, Wisconsin, for Proposed Findings of Fact and Conclusions of approval of action to become a bank holding com­ Law, and the Hearing Examiner has filed with the pany through the acquisition of voting shares of Board a Report and Recommended Decision Mosinee Commercial Bank, Mosinee, Wisconsin. recommending approval of the application. Protes­ tants filed Exceptions to the Hearing Examiner’s Order Approving Application Under Report and Recommended Decision and a Brief Bank Holding Company Act in Support of the Exceptions; Applicant filed a Brief in Opposition to the Exceptions. There has come before the Board of Governors, Having considered all matters properly before pursuant to section 3(a)(1) of the Bank Holding the Board in this proceeding, Company Act of 1956 (12 U.S.C. 1842(a)(1)) It is hereby ordered, for the reasons set forth and section 222.4(a) of Federal Reserve Regula­ in the Board’s Statement of this date, that said tion Y (12 CFR 222.4(a)), an application by application be and hereby is approved, provided Central Wisconsin Bankshares, Inc., Wausau, Wis­ that the acquisition so approved shall not be con­ consin, for the Board’s prior approval of action summated (a) before the thirtieth calendar day whereby Applicant would become a bank holding following the date of this Order or (b) later than company through the acquisition of more than three months after the date of this Order unless 90 per cent of the outstanding voting shares of such period is extended for good cause by the Mosinee Commercial Bank, Mosinee, Wisconsin. Board or by the Federal Reserve Bank of Chicago In accordance with section 3(b) of the Act, the pursuant to delegated authority. Board gave written notice of receipt of the applica­ Dated at Washington, D. C., this 20th day of tion to the Commissioner of Banks for the State November, 1967. of Wisconsin and requested his views and recom­ By order of the Board of Governors. mendation thereon. A copy of the application was forwarded to the Department of Justice for its Voting for this action: Chairman Martin, and Gover­ nors Mitchell, Daane, and Maisel. Voting against this consideration. Notice of receipt of the application action: Governors Robertson, Brimmer, and Sherrill. was published in the Federal Register on Novem­ (Signed) Merritt Sherman, ber 18, 1966 (31 Federal Register 14705), which Secretary. provided an opportunity for interested persons to [seal] submit comments and views with respect to the Statement proposed transaction. Within the time provided, “comments and views” were filed by Intercity Central Wisconsin Bankshares, Inc., (“Appli­ State Bank, Schofield, Wisconsin; People’s State cant”), Wausau, Wisconsin, has filed with the Bank, Stettin, Wisconsin; Citizens State Bank and Board, pursuant to section 3(a)(1) of the Bank Trust Company, Wausau, Wisconsin; and the Holding Company Act of 1956 (“the Act”), an Bank of Edgar, Edgar, Wisconsin; (“Protestants”), application for approval of action to become a all of which urged denial of the application. bank holding company through the acquisition of Within 30 days after having been notified of more than 90 per cent of the voting shares of the Board’s receipt of the application, the Com­ Mosinee Commercial Bank, Mosinee, Wisconsin missioner of Banks for the State of Wisconsin (“Mosinee Commercial”). advised the Board in writing of his recommenda­ On June 28, 1961, the Board granted an appli­ tion that the application be disapproved. In such cation by Applicant to become a bank holding circumstances, the Board is required by section company pursuant to section 3 of the Act through 3(b) of the Act to order a hearing. Accordingly, the acquisition of 80 per cent or more of the the Board issued an Order for Public Hearing, outstanding voting shares of First American State which was published in the Federal Register on Bank, Wausau, Wisconsin, now First American January 13, 1967 (32 Federal Register 397), and National Bank (“First American”), and Wisconsin a hearing was held before a Hearing Examiner Valley Trust Company, Wausau, Wisconsin. Those Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2054 FEDERAL RESERVE BULLETIN • DECEMBER 1967 shares having subsequently been acquired, Appli­ cerning his views and recommendation that the cant became and continued to function as a bank application should be denied. All parties were holding company until July 1, 1966, at which represented by counsel and were afforded full time the Act was substantially amended by Public opportunity to present competent and relevant Law 89-485 (80 Stat. 236). By one such amend­ testimony and documentary evidence and to cross­ ment, the term “bank” was redefined to mean examine witnesses. Subsequent to the hearing, “any institution that accepts deposits that the proposed findings of fact, conclusions of law, and depositor has a legal right to withdraw on de­ supporting briefs were filed by Applicant and by mand.” Wisconsin Valley Trust Company does the Protestants. Oral argument was waived. not accept demand deposits and accordingly On August 28, 1967, the Hearing Examiner Applicant ceased to be, and presently is not, a filed with the Board a Report and Recommended bank holding company within the meaning of the Decision wherein he recommended that the appli­ Act. Applicant retains its ownership of approxi­ cation be approved. Exceptions to the Hearing mately 95 per cent of the voting shares of First Examiner’s Report and Recommended Decision, American and, upon consummation of the pro­ with brief in support of the Exceptions, were filed posed acquisition of Mosinee Commercial, would by the Protestants. Applicant filed a responding again become a bank holding company.1 brief. Views and recommendation of supervisory Statutory considerations. Section 3(c) of the authority. As required by section 3(b) of the Act, Act provides that the Board shall not approve an notice of receipt of the application was given to, acquisition that would result in a monopoly or and views and recommendation requested of, the would be in furtherance of any combination or Commissioner of Banks for the State of Wisconsin. conspiracy to monopolize or to attempt to monop­ Within 30 days thereafter, the Commissioner olize the business of banking in any part of the recommended that the application be denied and United States. Nor may the Board approve any therefore, as required by section 3(b) of the Act, other proposed acquisition the effect of which, in the Board, by Order dated January 6, 1967, any section of the country, may be substantially scheduled a public hearing to commence on Feb­ to lessen competition, or to tend to create a ruary 7, 1967. Notice of the hearing was pub­ monopoly, or which in any other manner would lished in the Federal Register on January 13, be in restraint of trade, unless the Board finds 1967 (32 Federal Register 397). that the anticompetitive effects of the proposed Public hearing. The hearing was held in Chi­ transaction are clearly outweighed in the public cago, Illinois, on February 7-10, 1967, before a interest by the probable effect of the transaction Hearing Examiner selected for the purpose by the in meeting the convenience and needs of the United States Civil Service Commission and duly community to be served. In each case the Board designated by the Board. Parties to the hearing is required to take into consideration the financial were the following: Applicant as proponent; and managerial resources and future prospects of Intercity State Bank, Schofield, People’s State the bank holding company and the banks con­ Bank, Stettin, Citizens State Bank and Trust Com­ cerned, and the convenience and needs of the pany, Wausau, and the Bank of Edgar, Edgar, all community to be served. of Wisconsin (“Protestants”), as opponents. Each Competitive effect of proposed transaction. of the Protestants had previously submitted com­ Applicant’s present subsidiary, First American, ments to the Board urging denial of the applica­ had deposits of $60.4 million as of June 30, 1966.2 tion. The Board was represented at the hearing by Acquisition of Mosinee Commercial (deposits, counsel appearing in a non-adversary capacity. $4.2 million) would therefore increase the de­ The Commissioner of Banks for the State of Wis­ posits under Applicant’s control to almost $65 consin appeared as a witness and testified conmillion. Applicant presently is and would remain the 1 If Applicant becomes a bank holding company, its State’s tenth largest banking organization. Upon ownership of Wisconsin Valley Trust Company is sub­ ject to the provisions of section 4 of the Act applicable to nonbanking subsidiaries. That issue, however, is not 2 All banking data are as of this date unless other­ presented at this time. wise noted. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 2055 consummation of the proposed transaction, the 15 banking offices in Marathon County. There Applicant would control about one per cent of the are, however, four banks in the Wausau area total deposits of all commercial banks in Wiscon­ competing with First American, including the sin; the ten largest banking organizations control second, third, and fourth largest in the County. about 42 per cent of such deposits. The Hearing Three of these banks have opened since 1951 (two Examiner found, and the Board agrees, that con­ of these since 1960), and all have shown good summation of the proposed acquisition would not growth, indicating that the size of First American significantly affect State-wide banking concentra­ has not represented a substantial barrier to new tion. entry. Further, it does not appear that acquisition First American and Mosinee Commercial are of Mosinee Commercial would materially affect located about 15 miles apart in Marathon County the position of Applicant or First American in in the approximate geographical center of Wiscon­ the Wausau area. Therefore, while the Board re­ sin, First American in the City of Wausau, and mains concerned over the high degree of concen­ Mosinee Commercial in the City of Mosinee. tration in the Wausau area,' that consideration The area designated by Applicant as the pri­ does not, in the Board’s judgment, preclude ap­ mary service area of First American (“the Wausau proval of the present application. area”)3 consists of the City of Wausau and sur­ Mosinee Commercial is the only commercial rounding townships. This area, which encompasses bank located in the Mosinee area; the closest 12 per cent of the land area of Marathon County, alternative source of commercial banking services is the County’s commercial and trade center and is Intercity State Bank, Schofield, located 13 miles has a population of 56,000, almost 60 per cent of north of Mosinee. The record indicates, and the the County population. The City of Wausau is Hearing Examiner found, that Mosinee Commer­ served by two railroads and by one airline. Three cial has operated with extreme conservatism, both paper mills are located in the Wausau area and with respect to its lending practices and with re­ a fourth in the City of Mosinee. The remainder of spect to the interest rate which it pays on savings the County is devoted primarily to dairy farming. and time deposits. With regard to the latter, Mosinee Commercial serves the City of Mosinee Mosinee Commercial pays an interest rate of only and a 12 mile square area of rural Marathon 2 per cent on savings deposits; the Wausau area County. This primary service area (“the Mosinee banks pay 4 per cent. While Mosinee Commercial area”) has a population of 4,500 persons, about increased its rate on one-year certificates of de­ 2,000 of whom reside in the City of Mosinee. The posit from 414 per cent to 5 per cent in May Mosinee area is contiguous to, but does not over­ 1966, the other banks have been paying 5 per lap, the Wausau area. cent on 90-day certificates. With respect to its There are 11 banks, including First American lending practices, Mosinee Commercial’s rates on and Mosinee Commercial, headquartered in Mara­ loans are competitive; in most categories, in fact, thon County. Of these 11, the Bank of Athens has its rates are somewhat lower than those charged two offices; the others are unit banks. In addition, by the other banks in the County, including First there are three offices in Marathon County of American. Its ratio of loans to deposits, however, banks headquartered outside the County. (Wis­ is only about 35 per cent, the lowest of any bank consin law presently prohibits the establishment of in the County. Only two of the ten other banks branches.) in the County had less than a 50 per cent loan to There is no bank of a size comparable to First deposit ratio. About two-thirds of the total loans American within 75 miles of Wausau. Although made by Mosinee Commercial are real estate its market share has declined somewhat since loans. It is not equipped to handle the floor 1950, First American controls over 61 per cent of the IPC deposits of all banks in the Wausau area ' It was this concern which caused the Board to deny and over 47 per cent of the IPC deposits held by an application by Applicant to acquire Central Na­ tional Bank of Stettin, a proposed new bank to be located about two miles from First American, in Jan­ ’The area from which the bank derives 75 per cent uary 1966. (50 Federal Reserve Bulletin 29 (1966)). of its deposits of individuals, partnerships, and corpo­ That bank was opened in April 1967, becoming the rations (“IPC deposits”). sixth bank in the Wausau area. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2056 FEDERAL RESERVE BULLETIN • DECEMBER 1967 planning or discounting of paper of Mosinee’s corporations typically confer the bulk of their two automobile dealers. According to the Appli­ patronage on banks in their local community; they cant, a high percentage of loans originating in find it impractical to conduct their banking busi­ the Mosinee area are being handled by nonbank­ ness at a distance.” ing institutions, and the record also reveals that Therefore, while the proposed acquisition would several of the other banks in the County derive eliminate a competitive alternative, and in that loans from the area. It appears, therefore, that respect would adversely affect competition, a judg­ although Mosinee Commercial has the capacity ment as to the substantiality of that adverse effect for an increased number and volume of loans, must take into effect the limited effectiveness of it has not been meeting the financial needs of the such competition. This is apparently the basis for area. the Hearing Examiner’s statement that “(w)hile Eleven other banks, including First American, American National’s business in the Mosinee compete to some extent in serving the Mosinee service area is not insignificant, on the entire area. The closest of these competing banks is 13 record I conclude that there is no substantial com­ miles from Mosinee Commercial; the furthest is petition between the two banks.” A further 26 miles distant. The most significant business ameliorating factor is that, to the extent that drawn from the Mosinee area by First American First American is regarded as an alternative consists of 531 savings accounts totaling $1.1 source of banking services for residents of the million, as of September 20, 1966. While this Mosinee area, ten other banks, and particularly amount represents only slightly more than 2 per the four others in the Wausau area, must be cent of the total IPC deposits held by First similarly regarded. Of the ten banks other than American, it equals 45 per cent of the total IPC First American and Mosinee Commercial re­ time deposits of Mosinee Commercial. And al­ portedly competing to some extent in the Mosinee though the volume of such deposits undoubtedly area, one is located closer to Mosinee than is results in large part from the noncompetitive rate First American, three are located approximately maintained by Mosinee Commercial on savings the same distance from Mosinee as First Ameri­ deposits, it nonetheless indicates that, despite the can, and three others are located less than five distance between the two banks, First American miles farther than First American. Consummation must be regarded as a competitive alternative to of Applicant’s proposal would leave available to Mosinee Commercial. the 4,500 residents of the Mosinee area seven alternative sources of banking services which are On the other hand, the limitations on First equally or nearly as convenient as First Ameri­ American’s ability to exert a competitive impact can,B and, in addition, provide a local source of on Mosinee Commercial are also evident. Al­ more complete and competitive services than now though a significant proportion of Mosinee area available. residents have responded to the more competitive rate on savings deposits offered by First American, To the extent that there may be greater Mosinee Commercial has been able to attract an acceptance by Mosinee area residents of services amount of savings deposits more than twice that offered by Mosinee Commercial under Applicant’s derived by First American from the area. The control, it is foreseeable that other banks which reason for this would appear to lie in the loca­ are now receiving business from this area may be tional advantage possessed by Mosinee Commer­ adversely affected by consummation of the pro­ cial with respect to residents of the Mosinee area, posed acquisition. It does not appear, however, which, while not sufficient to immunize it from that any other bank is so dependent on business the competition of the other banks in the County, derived from the Mosinee area that its viability or nevertheless serves to insulate it to a large degree competitive effectiveness is likely to be seriously from the effects usually expected of a truly com­ affected by the increase in competition which may petitive market. As the Supreme Court noted in United States v. Philadelphia National Bank, 374, " The recent chartering by State authorities of the River Valley State Bank of Rothschild presents the U.S. 321, 358 (1963): “In banking, as in most probability of still another alternative source of bank­ service industries, convenience of location is ing services, and one that will be located closer to essential to effective competition. Individuals and Mosinee than any of the other banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 2057 result from Applicant’s entry into the area through of the eleven other banks competing within the ownership of Mosinee Commercial. Mosinee area. From June 30, 1962 to June 30, Summarizing the probable effect of Applicant’s 1966, Mosinee Commercial’s annual rate of de­ proposal on competition, the Board concludes that posit growth was 6.2 per cent. During the same consummation of the proposed acquisition would period, the lowest annual rate of growth of any not result in a monopoly nor be in furtherance of of the nine other banks aforementioned was 7.8 any combination, conspiracy or attempt to mo­ per cent. The nearest bank. Intercity Bank, nopolize the business of banking in any area. Schofield, had an annual growth rate of 12.3 per Adverse effects on competition would result from cent. Mosinee Commercial’s prospects for growth the enhancement of the already dominant position and service under its present management are of First American in Marathon County and from therefore regarded as only fair, and would be en­ the elimination of present competition between hanced considerably by the proposed affiliation. First American and Mosinee Commercial. These In addition to being extremely conservative and effects, however, are partially offset by the fact nonaggressive, Mosinee Commercial’s manage­ that the acquisition will have little or no effect in ment is reaching an age level where replacements the Wausau area, which is the source of First must be found. Five of its six directors average 72 American’s strength and dominance,0 and by the years of age; its President is 69 and his brother, fact that, following this acquisition, several alter­ the bank’s cashier, is 63. The bank has made no native sources of banking services equally or attempt to develop successor management. There nearly as convenient to the Mosinee area as First is conflicting testimony in the record regarding the American will remain. A favorable effect on com­ availability of such personnel, but the Hearing petition is reasonably foreseen from the replace­ Examiner found that “small independent banks in ment of the nonaggressive policies and practices central Wisconsin have found it difficult to attract of Mosinee Commercial with the more aggressive and retain competent bank management person­ and competitive policies and practices likely to be nel.” Despite the Hearing Examiner’s finding, instituted by Applicant. On balance, while there however, the Board is not inclined to view hold­ will be some lessening of competition as a result ing company affiliation as an alternative to man­ of the acquisition, such lessening is not likely to agement’s fulfilling its responsibility to make be substantial. earnest efforts to provide for its successors. While Financial and managerial resources and future recognizing that Applicant’s proposal will provide prospects. First American’s overall condition ap­ a solution to Mosinee Commercial’s management pears to be reasonably satisfactory; its manage­ succession problem, in view of the conflicting ment is competent and its prospects are considered testimony as to the existence of other possible to be good. Applicant’s financial condition and solutions, and in view of the failure of Mosinee prospects, based upon the satisfactory condition Commercial’s present management to make any and prospects of First American, appear to be attempt to develop successor management by more satisfactory. Applicant’s principal management is traditional means, the Board believes that the identical with that of First American and therefore bank’s asserted need in this regard is entitled to is also regarded as satisfactory. little consideration as a justification for the acquisi­ As already noted, Mosinee Commercial, which tion. has been in existence since 1905, has a history of The banking factors, as related to the present sound but very conservative operations. Although application, are found to be consistent with ap­ its earnings have been satisfactory, its rate of proval, and the anticipated improvement in growth has been significantly below that of nine Mosinee Commercial’s prospects under Applicant’s ownership weighs in favor of approval of the “For example, of approximately $21 million in IPC application. demand deposits held by First American, only $843 Convenience and needs of the communities in­ thousand originates in portions of Marathon County volved. The record reflects that many banking outside the Wausau area. Therefore, even though needs of the Mosinee area are not being served by First American might be said to compete to some its only local institution. Residents of that area extent in other areas of the County, it seems clear that it is not a dominant competitor in those areas. have found it necessary to travel 13 to 26 miles to Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2058 FEDERAL RESERVE BULLETIN • DECEMBER 1967 other banks in the County to obtain savings de­ of approval of the application. posit terms equivalent to those readily available to Summary and conclusion. The issues presented other savers in communities throughout the na­ by Applicant’s proposal under the statutory tests tion. The more immediate availability to the are very complex and have not been easy for the Mosinee community of competitive savings de­ Board to resolve. The probable anticompetitive posit services, which consummation of the ac­ effects of the transaction, while not so substantial quisition would provide, is a consideration which as to bring it within that class of acquisitions which lends significant weight in favor of approval of the can only be approved, under the Act, by a finding application. that they are “clearly outweighed in the public A revision in Mosinee Commercial’s rate interest” by considerations of community con­ structure on loans to make it comparable to those venience and needs, are sufficiently serious that of other banks in the area, as contemplated by the Board would not find the transaction to be in Applicant, would result in an increase in the cost the public interest without a strong showing of of such services, since Mosinee Commercial’s rates, offsetting benefits to the community. Such a show­ reflecting its lower costs in obtaining deposits, are ing, in the Board’s judgment, has been made by somewhat lower than those prevailing at compet­ virtue of those facts indicating that the Mosinee ing banks. On its face, at least, such a revision in area is presently without a local source of essential Mosinee Commercial’s rate structure on loans banking services which Applicant’s proposal would would have a negative impact on community con­ provide. The anticompetitive effects of the pro­ venience and needs. However, Mosinee Commer­ posal are not so grave as to cause the Board to cial’s low loan to deposit ratio, its high proportion conclude that the provision of such services by of real estate loans, and the indications that non­ Applicant should be denied in the hope that they banking institutions and distant banks serve a may be offered through some other proposal of large portion of the community need for funds, all undefined dimensions and effects, point toward the conclusion that the lower loan On the basis of all relevant facts contained in rates presently obtaining at Mosinee Commercial the record, and in the light of the factors set forth in most categories of loans are extended so in section 3(c) of the Act, adopting, to the extent sparingly as to be of dubious benefit to the general not inconsistent herewith, the findings of fact and community. The greater availability of loan funds conclusions of law of the Hearing Examiner, it is to be anticipated under Applicant’s proposal, even the Board’s judgment that the proposed transac­ though accompanied by a slight increase in the tion would be in the public interest and that the rates applicable thereto, is believed to be more application should be approved. consistent with the goal of greater service to the community. Dissenting Statement of Governors It seems apparent that, under the proposed Robertson, Brimmer, and Sherrill affiliation, Mosinee Commercial would receive the financial and technical assistance, as well as the The action today approves an acquisition which management direction, that would enable it to is conceded to be anticompetitive in the interest offer banking services of such increased scope and of obtaining community benefits which, assuming quality as to substantially improve its ability to their desirability, would likely be achieved in any serve the convenience and needs of the Mosinee case through less anticompetitive means if the area. While there is no evidence that the Marathon application were to be denied. County banks, in toto, have failed to satisfy the Applicant’s present subsidiary, First American, reasonable banking needs of the Mosinee area, is, by any measure, the dominant commercial there is considerable evidence that Mosinee Com­ bank in Marathon County, holding 47 per cent of mercial has failed to do so. The provision of a the IPC deposits and 53 per cent of the loans local banking alternative which will obviate the held by the County’s 15 banking offices. In a necessity for Mosinee area residents to endure a market as concentrated as this, the Board’s ob­ 30-mile round trip in order to obtain banking jective should be to prevent even a slight increase services of a reasonable level of acceptability is a in concentration, and so to preserve the possibility consideration which weighs significantly in favor of eventual deconcentration. This was the ra- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 2059 tionale underlying the denial of Applicant’s pro­ petition, and the proposed acquisition, in eliminat­ posal last year to acquire voting shares of the ing the opportunity for Mosinee residents to Central National Bank of Stettin, a proposed new exercise their power of choice, substantially lessens bank. Approval of the acquisition of Mosinee competition. Commercial, the largest bank in Marathon The assurances that dissatisfied customers of County outside the Wausau area, represents an Applicant’s banks will continue to have other al­ unjustified departure from that rationale and ternatives available do not, in our opinion, over­ serves but to accelerate a trend toward concentra­ come the inherently anticompetitive effects of the tion which the earlier decision sought to forestall. proposed acquisition. In every case short of out­ As a result, Applicant’s share of County IPC right monopoly, the customer has some alterna­ deposits will immediately increase to 51 per cent tives; a fundamental purpose of the Bank Holding and its share of loans to almost 56 per cent, with Company Act is to arrest the trend toward con­ still further increases to be anticipated if the centration, the tendency toward monopoly, in Board is correct in its forecast that Mosinee Com­ banking markets. That purpose is ill-served by mercial will be more successful under Applicant’s permitting the elimination of any substantial com­ direction and control. And, to the extent that such petitor by a holding company possessing Appli­ success is achieved by drawing away customers cant’s dominant market share. who are presently served by other Wausau area Even if it be assumed that the policies estab­ banks, Applicant’s dominant position in the lished by Mosinee Commercial are not in the best Wausau area will also be enhanced. interest of the institution or the area it serves, The fact that differences exist in the deposit acquisition by Applicant is not necessary to re­ and loan rates of Mosinee Commercial and First solve that problem. Both the operating manage­ American is no more indicative, in itself, of the ment and the directors of Mosinee Commercial ineffectiveness of competition between them than have reached an age where they must, of necessity, is a uniformity of rates indicative of the presence be replaced in the near future regardless of the of aggressive competition. Management of each outcome of Applicant’s proposal. The President of bank is free, within limits established by law and the bank, who is also its principal stockholder, has regulation, to set rates premised upon its judgment indicated his determination to dispose of his in­ of the best interests of the community and the terest, in which case control would also be trans­ institution involved. If, in the judgment of Mosinee ferred to other hands even if the present applica­ Commercial’s management, its interests and those tion were denied. If present management has been of the community it serves are better promoted by insensitive to the needs of the community and the paying a lower rate on savings deposits and charg­ best interests of the bank, there is no reason to ing a lower rate on loans than do competing insti­ assume that successor management would follow tutions, the place for testing the validity of that the same course. It is certain, however, that no judgment is in the marketplace. The fact that alternative proposal would present anticompetitive Mosinee area residents presently have a choice consequences of the gravity presented by Appli­ between banking at Mosinee Commercial or at cant’s proposal—a proposal that, measured by First American is amply demonstrated by the every relevant consideration, should be denied. record, which indicates the substantial amount of business derived from the Mosinee afea by First Hearing Examiner’s Report and American. Approval of the application has the Recommended Decision effect of irrevocably exercising for the Mosinee area residents a choice which they are presently Central Wisconsin Bankshares, Inc. (“Appli­ able to make for themselves; it makes available cant”), a corporation organized under the laws to them in Mosinee the same rates as are already of the State of Wisconsin, has applied to the available to them from Wausau banks, but no­ Board, pursuant to section 3(a)(1) of the Bank where will they have available the more advan­ Holding Company Act of 1956 (“the Act”) tageous rate structure on loans which now pertains (12 U.S.C. 1842(a)), for the Board’s prior ap­ at Mosinee Commercial. The existence of a choice proval to become a bank holding company through —a true alternative—is the very essence of com­ the acquisition of more than 90 per cent of the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2060 FEDERAL RESERVE BULLETIN • DECEMBER 1967 outstanding stock of Mosinee Commercial Bank, briefs were filed by the Applicant and the Pro­ Mosinee, Wisconsin. Notice of the filing of the testants. Upon the entire record in the case and application was duly published in the Federal sideration of the aforementioned briefs, I make Register on November 18, 1966 (31 F.R. 14,705), the following further findings of fact, conclusions including a statement that comment and views of law, and recommendation: regarding the proposed acquisition could be filed with the Board within 30 days. STATEMENT OF THE CASE On or about November 18, 1966, counsel for Intercity State Bank, Schofield, Wisconsin, Peo­ On June 28, 1961 (47 Federal Reserve Bulle­ ple’s State Bank, Stettin, Wisconsin, Citizens State tin No. 7), the Board granted the application of Bank & Trust Company, Wausau, Wisconsin, and Applicant to become a bank holding company pur­ The Bank of Edgar, Edgar, Wisconsin, herein­ suant to section 3 of the Act through the acquisi­ after referred to as the Protestants, filed their tion of 80 per cent or more of the outstanding “comments and views” urging the Board to reject voting shares of First American State Bank, the instant application. As required by the pro­ Wausau, Wisconsin, now First American National visions of section 3(b) of the Act, the Board, by Bank (“American National”), and Wisconsin letter dated November 8, 1966, gave notice of Valley Trust Company, Wausau, Wisconsin. Those the filing of the application herein to the Comptrol­ shares having subsequently been acquired, Appli­ ler of the Currency, the Department of Justice, cant became and continued to function as a bank and the Commissioner of Banks for the State of holding company until July 1, 1966, when the Wisconsin. Of these three, only the Commissioner Act was substantially amended by Public Law of Banks, State of Wisconsin, has notified the 89-485. By one such amendment, the term “bank” Board recommending denial of the instant appli­ was redefined to mean “any institution that ac­ cation. cepts deposits that the depositor has a legal right On January 6, 1967, the Board ordered, pur­ to withdraw on demand.” Wisconsin Valley Trust suant to section 3(b) of the Act and section 222.4 Company does not accept suchs deposits. Accord­ of the Board’s Regulation Y (12 CFR Part ingly, on and after July 1, 1966, Applicant was 222.4(f)), that a public hearing with respect to not, and presently is not, a bank holding company said application be held commencing 10 a.m. on under the amended Act. If the instant applica­ February 7, 1967, at the Federal Reserve Bank tion is granted, Applicant’s right to retain owner­ of Chicago, Chicago, Illinois, before a duly desig­ ship of shares of stock in Wisconsin Valley Trust nated hearing examiner, such hearing to be con­ Company is subject to the divestiture provisions ducted in accordance with the Board’s Rules of of section 4 of the Act. That issue, however, is Practice for Formal Hearings (12 CFR Part 263). not involved in the instant proceeding. The present That order was duly published in the Federal Reg­ application, therefore, is predicated on the reten­ ister on January 13, 1967 (32 F.R. 397), On tion by Applicant of its present ownership of January 19, 1967, the undersigned Hearing Ex­ approximately 95 per cent of the voting shares aminer was duly designated by the Board to con­ of American National and the proposed acquisi­ duct that hearing. tion of more than 90 per cent of the voting shares Pursuant to the notice of hearing and designa­ of Mosinee Commercial Bank, Mosinee, Wis­ tion described above, a public hearing, in ac­ consin (“Mosinee Commercial”). cordance with applicable provisions of law and the Board’s Rules and Regulations, was held in STATUTORY FACTORS Chicago, Illinois, before the undersigned Hearing Examiner on February 7-10, 1967. The Applicant, Section 3(c) of the Act provides that the the Protestants, and the Board, the latter in a non­ Board shall not approve an acquisition that would adversary capacity, appeared at that hearing, were result in a monopoly, or would be in furtherance represented by counsel, and were afforded full of any combination or conspiracy to monopolize opportunity to present competent and relevant or to attempt to monopolize the business of bank­ evidence. Oral argument was waived. ing in any part of the United States. Nor may Proposed findings, conclusions of law, and the Board approve such other proposed acquisi- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 2061 tion, the effect of which in any section of the American National in the City of Wausau, and country may be substantially to lessen competi­ Mosinee Commercial in the City of Mosinee. tion, or tend to create a monopoly, or which in The County, covering an area 50 miles east and any other manner would be in restraint of trade, west and approximately 30 miles north and south, unless the Board finds that the anticompetitive has a population of about 95,000. Its industrial effects of the proposed transaction are clearly activities are centered in Wausau, a City with a outweighed in the public interest by the probable population of about 36,000, located in the north­ effect of the transaction in meeting the con­ central portion of the County. Wausau is located venience and needs of the community to be served. midway between Milwaukee and Minneapolis, In each case the Board is required to take into approximately 200 miles from each, 300 miles consideration the financial and managerial re­ from Chicago, 150 miles north of Madison, the sources and future prospects of the bank holding State capital, 95 miles west of Green Bay, and company and the banks concerned, and the con­ 95 miles northwest of Appleton. It is serviced venience and needs of the community to be by two railroads and by one airline. Three paper served. mills are operated in nearby towns, with a fourth such mill located in the City of Mosinee. The remainder of the County is devoted primarily to COMPETITIVE EFFECT OF PROPOSED ACQUISITION dairy farming. On June 30, 1966,1 the ten largest banking or­ American National is located in the heart of ganizations in the State of Wisconsin had 59 bank­ Wausau’s business district. Its primary service ing offices and total deposits of $2.5 billion, con­ area includes the townships of Maine, Texas, stituting 42.1 per cent of total deposits in all Stettin, Wausau, Rib Mountain, and Weston, in­ commercial banking organizations in that State. cluding the cities and villages therein, located in As previously stated, Applicant presently con­ north-central Marathon County. Total deposits trols American National with total deposits of in all banking offices in the County aggregate $60.4 million. If the instant application is granted, $117,213,000. Of this amount, American Na­ Applicant’s two banks would have total deposits tional had total deposits of $60,387,000. Citizens of approximately $65 million, equivalent to about State Bank & Trust Co., Wausau, its largest com­ one per cent of all deposits in all commercial petitor in the County and one of the Protestants banking organizations in the State.2 It would con­ herein, had total deposits of $15,011,000. First tinue to rank as tenth in size among the State’s National Bank, Wausau, the third largest bank largest banking organizations. It is thus apparent in the County, had total deposits of $7,293,000. that consummation of Applicant’s proposal will Applicant states that on September 20, 1966, not result in any significant change in the control American National’s IPC deposits aggregated of banking resources by Wisconsin’s largest bank­ $50,038,000 and that of this amount $1,139,000 ing organizations, including bank holding com­ or 2.3 per cent thereof, originated in the primary panies. On the basis of the aforestated data and service area of Mosinee Commercial. American other relevant facts of record, I conclude that National’s deposits so originating, were equivalenf Applicant’s acquisition of Mosinee Commercial to 29.1 per cent of Mosinee Commercial’s total would not result in a monopoly, or be in further­ IPC deposits. Applicant also states that on the ance of any combination or conspiracy to mo­ same date, American National’s total loans aggre­ nopolize or attempt to monopolize the business of gated $35,743,000 of which only $108,000 orig­ banking in that State. inated in the primary service area of Mosinee American National and Mosinee Commercial Commercial. The loans so originating were equiva­ are both located in Marathon County in the ap­ lent to 6.5 per cent of Mosinee Commercial’s proximate geographical center of Wisconsin, total loans. Applicant’s proposal involves no sig­ nificant change in the method and scope of Amer­ 1 All banking data are as of this date, unless other­ ican National’s operation. wise noted. Mosinee Commercial is located in the City of 2 The banking data for Applicant includes the nom­ Mosinee, population about 2,000, approximately inal deposits held by Wisconsin Valley Trust Com­ pany. 15 miles south of Wausau. The principal industry Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2062 FEDERAL RESERVE BULLETIN • DECEMBER 1967 of that City is provided by Mosinee Paper Mill $1.5 million. Company, employing approximately 650 people Because of the relative strength of all the banks with an annual payroll of about $5.2 million. The involved, their annual rate of growth, and their primary service area of Mosinee Commercial, distance from Mosinee Commercial, I conclude centered in and around the City of Mosinee, con­ that a grant of the pending application would not sists of a 12-mile square area extending from the eliminate, or significantly diminish, competition southerly boundary of Marathon County and ly­ between Mosinee Commercial and the ten other ing entirely southwesterly from the primary serv­ banks now reportedly competing in Mosinee ice area of American National. Applicant states Commercial’s primary service area, nor would it that on September 20, 1966, Mosinee Commercial result in a monopoly or restraint of trade in any had IPC deposits totaling $3,914,000 of which relevant area. only $43,045 originated within the primary serv­ In arriving at this conclusion I have not been ice area of American National, and loans aggre­ unmindful of the Board’s decision, dated January gating $1,582,000, of which amount only $13,000 4, 1966, denying the application of this Applicant originated in the primary service area of Ameri­ for the acquisition of up to 100 per cent of the can National. While American National’s busi­ voting shares of the Central National Bank of ness in the Mosinee service area is not insignifi­ Stettin, Stettin, Wisconsin, a proposed new bank, cant, on the entire record I conclude that there is hereafter referred to as the Stettin Bank. Among no substantial competition between the two banks. the reasons assigned by the Board for denying that As to the impact of Applicant’s acquisition of application was its finding “that Applicant’s system Mosinee Commercial on the other banks in the (American National and Wisconsin Valley Trust area, none of them are located within Mosinee Company) so dominates the banking structures of Commercial’s primary service area. On June 30, Marathon County and the Wausau area that even 1966, Mosinee Commercial had $3,756,000 IPC the relatively small increase in Applicant’s control deposits. Of the ten banks, other than American of banking resources in both areas that would National, reportedly competing in Mosinee Com­ result from consummation of its proposed acquisi­ mercial’s primary service area, the nearest is 13 tion of Bank would prove inimical to the preser­ miles distant, the furthest is 26 miles away. Six vation of banking competition in those areas.” of these banks had IPC deposits ranging from Though American National still maintains the $5,200,000 to $20,900,000. Three others had sub­ dominant position described by the Board, such stantially the same amount of IPC deposits as dominance does not, per se, foreclose holding Mosinee Commercial; only one of the ten, The company affiliation with Mosinee Commercial. Bank of Edgar, 23 miles distant, had less IPC Though dominance in the area is admittedly a deposits than Mosinee Commercial. factor, it is not the sole controlling factor—its During the period June 30, 1962 to June 30, effect must be weighed and appraised in light of 1966, Mosinee Commercial’s average annual rate the other factors prescribed by section 3(c) of of growth in total deposits was 6.2 per cent. Dur­ the Act. Here, consideration of the entire record ing the same period, the annual rate of growth in has brought me to the conclusion that the domi­ such deposits of eight of the ten banks afore­ nance referred to does not have the critical adverse mentioned ranged from 7.8 per cent to 45.8 per effect which it had in the Stettin Bank proceeding. cent. The nearest bank, Intercity Bank, Schofield, The Board’s decision in the former proceeding 13 miles away and one of the Protestants herein, discloses that the proposed Stettin Bank was to be had an annual rate of growth equivalent to 12.3 located only 1.8 miles from Applicant’s two sub­ per cent. On January 6, 1967, the president of sidiaries. Here, the bank to be acquired is approxi­ Peoples State Bank, Stettin (Wausau), another mately 15 miles away. In the former proceeding, Protestant herein, reported to the stockholders of the Board found that the Stettin Bank’s “desig­ that bank that 1966 was its most successful year,'1 nated primary area, except for portions of the that its deposits during that year were up almost westernmost boundary thereof, lies wholly within $2 million and its loans increased approximately the . . . primary service area designated for Ameri­ can National. . . .” Here, there is no overlapping ’ The bank opened in 1962; its annual rate of growth since then was 45.8 per cent. of American National’s primary service area with Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 2063 that of Mosinee Commercial. In the Stettin case, primary service area equal 45 per cent of the about $12.5 million, or more than 25 per cent of latter’s total time deposits. American National’s total IPC deposits, were Further evidencing Mosinee Commercial’s con­ estimated to be derived from Stettin Bank’s desig­ servative policies is its ratio of loans to deposits. nated primary service area, nearly three times the Thus, while the percentage of loans to deposits of dollar volume of total deposits projected for the all banks headquartered in Marathon County was Stettin Bank at the end of three years of opera­ 55.7 per cent, Mosinee Commercial’s percentage tion. Here, only 2.3 per cent of American Na­ was only 35 per cent, the lowest in the County. tional’s IPC deposits originated in the primary Only two other banks in Marathon County had less service area of Mosinee Commercial. I conclude than 50 per cent of their deposits invested in loans. that grant of the instant application would have On December 31, 1965, about 65 per cent of no inimical impact on the preservation of banking Mosinee Commercial’s Ioans were real estate loans. competition in the area involved. Although the City of Mosinee has both a Ford and a Chevrolet dealer, Mosinee Commercial, in the opinion of its president, is “not equipped . . . FINANCrAL AND MANAGERIAL RESOURCES to handle floor planning or discounting of [the] AND FUTURE PROSPECTS paper” of these dealers. In the opinion of John A. As previously stated, Applicant operated as a McPherson, president of Mosinee Paper Mills bank holding company from 1961 to July 1, 1966, Company and a director of Mosinee Commercial, during which period it owned, and presently owns, the bank has been “extremely conservative in its the controlling interest in American National. attitude toward loans” and “not aggressive” in its Applicant’s financial condition appears satisfactory loan policy. American National has consumer and its prospects, based upon the satisfactory con­ loans derived from Mosinee Commercial’s primary dition and prospects of American National, appear service area which equal 14 per cent of the latter’s favorable. Applicant’s principal executive officers total consumer loans, and commercial loans, and the members of its Board of Directors serve in similarly derived and not personally solicited, similar capacities with American National. The which equal 1 3 per cent of Mosinee Commercial’s management and direction of both institutions is total commercial loans.' Though a drive-in facility found to be satisfactory. was built two years ago, it has not yet been put to Mosinee Commercial has been in existence since use because of drainage and humidity problems. 1905. Its history reflects sound but extremely con­ According to the testimony of the bank’s presi­ servative management which has caused its annual dent, these problems will be “corrected even­ rate of growth in total deposits to fall behind that tually.” The bank presently has no data processing of eight of the ten banks competing within its or computer equipment. primary service area. From June 30, 1962 to June Mosinee Commercial has six employees, includ­ 30, 1966, Mosinee Commercial’s annual rate of ing Orin A. Boeyink, its president, who is 69 years growth in total deposits was 6.2 per cent. During old and plans “full retirement in the next few the same period, the annual rate of growth in such years.” His brother, William, who serves as cashier deposits of eight of the ten banks aforementioned and teller, is 63 years old. According to Mr. Mc­ ranged from 7.8 per cent to 45.8 per cent. Un­ Pherson, the bank has made no “attempt to de­ doubtedly contributing to Mosinee Commercial’s velop management or for anyone to take the place low rank in this respect is its policy of paying only of Orin Boeyink and there is no one presently 2 per cent interest on savings deposits, while employed at the bank able to take over its man­ Wausau banks were and are paying 4 per cent. In agement.” The average age of five of its six May 1966 Mosinee Commercial raised its rate on directors is 72 years. Though there is conflicting certificates of deposit from 4'/r to 5 per cent but testimony, on the entire record I am convinced only as to one year certificates; other Wausau area and find that small independent banks in central banks pay 5 per cent on 90-day certificates. It seems reasonable to conclude that this disparity 1 It seems reasonable to conclude that other Wausau banks also have deposits as well as consumer and explains the fact that time deposits of American commercial loans derived from Mosinee Commercial’s National originating in Mosinee Commercial’s primary service area. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2064 FEDERAL RESERVE BULLETIN • DECEMBER 1967 Wisconsin have found it difficult to attract and to Mosinee Commercial, it may reasonably be retain competent bank management personnel. concluded that a substantial part of the business Acquisition by Applicant would make young and so diverted would be channeled to Mosinee Com­ well trained officers of American National avail­ mercial, thereby substantially contributing to the able for successor and more aggressive manage­ growth of that bank and the convenience and ment. It would also more readily, and to some needs of the customers involved. Accordingly, extent, more effectively, provide Mosinee Com­ considerations relating to the convenience and mercial with data processing and computer service, needs of the Mosinee community lend support to employee training, and the many other services at the conclusion that the instant application should the disposal of a bank the size of American Na­ be approved. tional than would be the case under a corre­ spondent bank relationship. On the entire record I CONCLUSION conclude that grant of the application would sub­ stantially enhance the prospects of Mosinee On the basis of all the relevant facts contained Commercial. in the record, and in light of the factors set forth in section 3(c) of the Act, I conclude that the proposed acquisition would be consistent with the CONVENIENCE AND NEEDS OF AREA INVOLVED public interest and accordingly recommend that Except as hereafter noted, Marathon County the application should be approved. banks are, in toto, adequately supplying the bank­ Dated at Washington, D. C., this 28th day of ing requirements of that County. However, with August, 1967. respect to Mosinee Commercial, the only bank David London, located within its primary service area, I am con­ Hearing Examiner. vinced and find that the convenience and needs of the inhabitants and business enterprises within that COLORADO CNB BANKSHARES, INC., service area would be better served by Mosinee DENVER, COLORADO Commercial’s holding company affiliation with In the matter of the application of Colorado American National. CNB Bankshares, Inc., Denver, Colorado, for Typical of Mosinee Commercial’s failure to approval of action to become a bank holding com­ adequately serve the convenience and needs of the pany through the acquisition of at least 67 per Mosinee community is its failure to handle the cent of the voting shares of The Colorado Na­ financial requirements of the two automobile tional Bank of Denver; Northeast Colorado Na­ dealers in Mosinee. With respect to one of these tional Bank of Denver; and South Colorado dealers, the executive vice-president of American National Bank, Denver, all in Colorado. National testified that his bank was then carrying that dealer’s “floor plan line” of about $100,000 Order Approving Application Under and buying “his indirect automobile paper.” He Bank Holding Company Act further testified that if the proposed affiliation with Mosinee Commercial were approved, “there would There has come before the Board of Governors, be nothing to prevent” the transfer of that dealer’s pursuant to section 3(a)(1) of the Bank Holding entire banking business to Mosinee Commercial Company Act of 1956 (12 U.S.C. 1842(a)(1)) with the resultant benefit to the latter bank and and section 222.4(a)(1) of Federal Reserve the convenience of both the dealer and his cus­ Regulation Y (12 CFR 222.4(a)(1)), an applica­ tomers. tion by Colorado CNB Bankshares, Inc., Denver, Reference has also heretofore been made to Colorado, for the Board's prior approval of action the extent other Wausau and Marathon County whereby Applicant would become a bank holding banks hold deposits and loans derived from company through the acquisition of at least 67 Mosinee Commercial’s primary service area. If per cent of the voting shares of The Colorado holding company affiliation with the stronger National Bank of Denver; Northeast Colorado American National were granted, and the latter National Bank of Denver; and South Colorado bank’s broader range of facilities made available National Bank, Denver, all in Colorado. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 2065 In accordance with section 3(b) of the Act, Denver. As of December 31, 1966,1 Colorado the Board gave written notice of receipt of the National Bank operated but one office and held application to the Comptroller of the Currency total deposits of $229 million. The two proposed and requested his views and recommendation smaller subsidiary banks were both organized thereon. The Comptroller recommended approval under the auspices of Colorado National Bank. of the application. A copy of the application was Northeast Colorado National Bank commenced forwarded to the Department of Justice for its operations in July 1963 and has total deposits consideration. of $5 million; South Colorado National Bank Notice of receipt of the application was pub­ opened for business in June 1964 and has de­ lished in the Federal Register on May 19, 1967 posits of $4 million. Each bank operates but one (32 Federal Register 7480), which provided an office. Colorado National Bank ranks third in opportunity for the filing of comments and views deposit size of all banks and banking organiza­ regarding the proposed acquisition, and the time tions in Denver and in the State. Upon consum­ for filing such comments and views has expired mation of this proposal, Applicant would be the and all comments and views filed with the Board third largest banking organization in Denver and have been considered by it. in the State. It is hereby ordered, for the reasons set forth Views and recommendation of supervisory au­ in the Board's Statement of this date, that said thority. As required by section 3(b) of the Act, application be and hereby is approved, provided notice of receipt of the application was given to that the acquisition so approved shall not be con­ the Comptroller of the Currency, and his views summated (a) before the thirtieth calendar day and recommendation were requested. The Comp­ following the date of this Order or (b) later than troller recommended that the application be ap­ three months after the date of this Order unless proved. such period is extended for good cause by the Statutory considerations. Section 3(c) of the Board or by the Federal Reserve Bank of Kansas Act provides that the Board shall not approve an City pursuant to delegated authority. acquisition that would result in a monopoly or Dated at Washington, D.C., this 29th day of would be in furtherance of any combination or November, 1967. conspiracy to monopolize or to attempt to monop­ olize the business of banking in any part of the By order of the Board of Governors. United States. Nor may the Board approve any Voting for this action: Chairman Martin, and Gover­ other proposed acquisition the effect of which, nors Robertson, Mitchell, Maisel, Brimmer, and Sher­ rill. Absent and not voting: Governor Daane. in any section of the country, may be substan­ (Signed) Merritt Sherman, tially to lessen competition, or to tend to create Secretary. a monopoly, or which in any other manner would be in restraint of trade, unless the Board finds [seal] that the anticompetitive effects of the proposed transaction are clearly outweighed in the public Statement interest by the probable effect of the transaction in meeting the convenience and needs of the com­ Colorado CNB Bankshares, Inc., Denver, Col­ munity to be served. In each case the Board is orado (“Applicant”), has filed with the Board, required to take into consideration the financial pursuant to section 3(a)(1) of the Bank Holding and managerial resources and future prospects Company Act of 1956, an application for ap­ of the bank holding company and the banks con­ proval of action to become a bank holding com­ cerned, and the convenience and needs of the pany through the acquisition of at least 67 per community to be served. cent of the voting shares of the following three Competitive effect of proposed transaction. The banks located in the State of Colorado: The 215 insured commercial banks in Colorado hold Colorado National Bank of Denver; the North­ total deposits of $3 billion, of which the 10 largest east Colorado National Bank of Denver; and the banking organizations operating in the State South Colorado National Bank, Denver, the latter two of which are located, respectively, five miles ' Unless otherwise noted, all banking data are of northeast and four miles south of downtown this date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2066 FEDERAL RESERVE BULLETIN • DECEMBER 1967 (three bank holding companies and seven inde­ approximately 57 per cent and 88 per cent, re­ pendent banks) control $1.7 billion of deposits, spectively, of the slock of Colorado National Bank or about 57 per cent of such total. Applicant and Northeast Colorado National Bank was would control about 8 per cent of such total de­ owned by common stockholders. At the same posits, .5 per cent more than those now held by date, about 61 per cent and 80 per cent, re­ Colorado National Bank. Colorado National Bank spectively, of the stock of Colorado National Bank holds 11.5 per cent of the total deposits held by and South Colorado National Bank; and 80 per the 66 banks located in the Denver Standard cent of the stock of Northeast Colorado National Metropolitan Statistical Area (“SMSA”), which Bank, and 57 per cent of the stock of South area is composed of Adams, Arapahoe, Boulder, Colorado National Bank, was owned by common Denver, and Jefferson Counties. Applicant would stockholders. control 11.9 per cent of the total deposits in the Despite the fact that the stock of all three banks SMSA. appears somewhat widely held, the evidence of Colorado National Bank’s primary service area" record indicates that the existing affiliate rela­ is described by Applicant as including the City tionships are not likely to be discontinued in the and County of Denver and the surrounding area future. The scope and nature of the affiliate rela­ constituting an essential part of the Denver eco­ tionships existing between and among the three nomic complex. The primary service areas of proposed subsidiary banks make clear that com­ both of the smaller proposed subsidiary banks petition among them is insignificant. The three lie wholly within the primary service area of Col­ banks have common directors; the active officers orado National Bank. That bank now holds 12.3 and certain employees of the two smaller banks per cent of the deposits held by the 49 banks arc former employees of Colorado National Bank; within its primary service area. Applicant would the smaller banks’ loan committees include officers control an additional .5 per cent of such deposits. of Colorado National Bank, and both of the Within that primary service area, Colorado Na­ smaller banks operate under an effective dollar tional Bank is, and Applicant would be, the third loan limit established by the management of Col­ largest banking organization. First National Bank orado National Bank. In all major respects the of Denver (deposits of $441 million), Denver two smaller banks are closely affiliated with Col­ U.S. Bancorporation, Inc. (controlling deposits orado National Bank—an affiliation that has ap­ of $406 million) and Applicant (proposed control parently proved most beneficial to the smaller of deposits of $238 million) would, in combina­ banks. tion, control 57.8 per cent of the total deposits The existence of the affiliation described has in Colorado National Bank’s primary service and, in the Board’s judgment, will continue to area. The three bank holding companies that pres­ preclude the existence of competition between and ently operate offices within Colorado National among these banks. Applicant’s formation will Bank’s primary service area control deposits rep­ not, therefore, eliminate any existing competition resenting 33 per cent of the total deposits in the between or among the banks; nor will Applicant’s area; Applicant’s formation would increase this formation result in foreclosure of future competi­ concentration to 46 per cent. tion between or among them. As reflected in the foregoing data, Applicant’s Colorado National Bank presently competes formation will not significantly alter the existing directly and vigorously with four large banks banking concentration in the City and County located in downtown Denver, two of which arc of Denver, the Denver SMSA, or in the State. nearly twice its size. In addition, Colorado Na­ The record before the Board establishes that tional Bank competes with 42 other banks lo­ both Northeast Colorado National Bank and cated within its primary area, the deposit sizes South Colorado National Bank were organized of which range from $1 million to $43 mil'ion. by principal stockholders of Colorado National There is no reason to believe that these banks Bank and that, at the time of this application. will find it more difficult to compete with the three banks operating as components of Appli­ cant’s system than operating as presently affiliated. 2 The area from which Applicant estimates about The Board concludes that consummation of the 83 per cent of the deposits of individuals, partnerships, and corporations are derived. proposed transaction would not result in a mo- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 2067 nopoly nor be in furtherance of any combination proposal. Together, their service areas encompass or conspiracy to monopolize the business of bank­ Denver and all or parts of Adams, Arapahoe, and ing in any relevant area of Colorado. Further, Jefferson Counties. The record reflects marked consummation of the transaction would not sub­ population growth and economic expansion in stantially lessen competition, tend to create a Colorado in recent years, in large measure cen­ monopoly, or operate in restraint of trade. tered in the Denver SMSA. The Denver SMSA’s Financial and managerial resources and future population (1.1 million in 1967) constitutes 55 prospects. Applicant, a newly formed corporation, per cent of Colorado’s population. The State’s has no operating history. Since its assets for the manufacturing and financial activities are concen­ most part will consist of its stock interest in the trated in the Denver area. The location therein three proposed subsidiary banks, and since Appli- of numerous new manufacturing firms, the ex­ ant’s management will be drawn in the main pansion of older firms, a marked increase in Gov­ from management of Colorado National Bank, ernment employment at all levels, and the afore­ the financial condition, managerial resources, and mentioned population growth establish the Den­ future prospects of Applicant are dependent in ver SMSA as one of the most rapidly growing all major respects upon those of the banks it areas in the nation. proposes to acquire. The financial and managerial Colorado National Bank, the third largest bank­ resources of each of the three banks are reason­ ing organization in the Denver area, serves pri­ ably satisfactory, and the prospects of Colorado marily the City of Denver, deriving in excess of National Bank and Northeast Colorado National 70 per cent of its deposits of individuals, part­ Bank favorable. Somewhat less favorable are the nerships, and corporations from that area. The prospects of South Colorado National Bank. Its economic makeup of this area is mixed industrial, trade area, primarily industrial and commercial commercial, and residential. Northeast Colorado in nature, offers little evidence of economic National Bank’s primary service area, predomi­ viability. A factor contributing to the question­ nantly industrial in nature, is roughly the north­ able prospects of South Colorado National Bank eastern section of Denver, and the western part is the planned relocation of one of the two major of Adams County. South Colorado National Bank factories presently situated immediately adjacent serves primarily the southern portion of the City to the bank. While South Colorado National Bank of Denver, an area having industrial, commercial, has formulated plans to relocate its building to and residential characteristics. As earlier men­ a point closer to the center of commercial activity tioned, the service areas of the latter two banks in the area, its prospects for profitable operation lie wholly within the primary service area of Col­ appear to the Board to be somewhat more favor­ orado National Bank. The area is served by 46 able as a subsidiary of Applicant than would be banks in addition to Applicant’s proposed sub­ the case if South Colorado National Bank were sidiary banks. The record establishes that the to continue operation under the existing affilia­ major banking needs and convenience of the area tion. With respect to any future capital require­ are well served at the present time. More par­ ments of the three banks, the Board believes pro­ ticularly, it does not appear that the operation vision therefor will be more assured through Ap­ of Northeast Colorado National Bank and South plicant’s efforts than would be the case were the Colorado National Bank as subsidiaries of Appli­ banks to individually undertake such an effort. cant offers any significant advantages to the com­ This, in the Board’s judgment, is a consideration munities affected over those presently available favorable to approval. through the existing affiliation of these banks with In sum, the Board concludes that considera­ Colorado National Bank. Applicant concedes that, tions relating to the financial and managerial re­ under its direct ownership, the two smaller banks sources and future prospects of Applicant and are not expected to expand the services now its proposed subsidiaries are consistent with ap­ offered directly by them. However, Applicant proval of the application. asserts, and the Board finds reasonable, the like­ Convenience and needs of the communities in­ lihood that customers of the two smaller banks volved. As earlier indicated, Colorado National will have somewhat easier and more immediate Bank’s primary service area wholly encompasses access to the larger lending limit of Colorado those of the two smaller banks involved in this National Bank and to certain other banking serv- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2068 FEDERAL RESERVE BULLETIN • DECEMBER 1967 ices that only a major metropolitan bank can application. In refraining from urging denial, offer. In addition, as previously noted, Applicant however, I am constrained to repeat what I have appears to be a more reliable source of additional earlier said, namely, that the Bank Holding Com­ capital for each of the proposed subsidiary banks pany Act was primarily designed to control the than is presently available to them. expansion of bank holding companies. It was not The Board finds that considerations relating to designed as a vehicle for creating a new banking the convenience and needs of the communities system of multiple-office banking, which over involved are consistent with, and weigh in favor time would result in the elimination of independ­ of, approval of the application. ent banks. Continued use of the statute in this On the basis of all relevant facts contained in manner presents a formidable threat to existing the record, and in the light of the factors set forth banking structures in many States, including in section 3(c) of the Act, it is the Board’s judg­ Colorado. ment that the proposed transaction would be in ATLANTIC TRUST COMPANY, the public interest and that the application should JACKSONVILLE, FLORIDA be approved. In the matter of the application of Atlantic Trust Company, Jacksonville, Florida, for approval Concurring Statement of of acquisition of more than 80 per cent of the Governor Robertson voting shares of The Atlantic National Bank of In February 1963, I dissented from the Board’s Jacksonville, Jacksonville, Florida. action in approving the formation of a then sec­ Order Approving Application Under ond Denver-based bank holding company—the Bank Holding Company Act third operating in Colorado. Among the reasons I found requiring denial of that application was There has come before the Board of Governors, that “the Board’s action . . . will set in motion pursuant to section 3(a)(3) of the Bank Holding efforts by other large Denver banks to form bank Company Act of 1956 (12 U.S.C. 1842(a)(3)) holding companies.” I stated that while the Bank and section 222.4(a)(2) of Federal Reserve Reg­ Holding Company Act permitted the formation ulation Y (12 CFR 222.4(a)(2)), an application of new holding companies upon approval of the by Atlantic Trust Company, Jacksonville, Florida, Board of Governors, the Act was never intended for the Board’s prior approval of the acquisition to be used as a vehicle for altering the banking of more than 80 per cent of the outstanding vot­ structure of the State; and I repeated an even ing shares of The Atlantic National Bank of Jack­ earlier-stated conviction that approval of that sonville, Jacksonville, Florida. application would in all probability lead to like In accordance with section 3(b) of the Act, the applications by other large Denver banks, dill er­ Board gave written notice of receipt of the appli­ ent treatment of which by the Board would be cation to the Comptroller of the Currency and re­ made difficult by the precedent established by quested his views and recommendation thereon. the Board’s approval action in that case. The Comptroller offered no objection to approval Colorado CNB Bankshares’ application, and of the application. the Board’s action thereon, conform precisely to Notice of receipt of the application was pub­ the emerging pattern against which I spoke nearly lished in the Federal Register on October 12, 1967 five years ago, and bring closer to reality my (32 Federal Register 14166), which provided an stated expectation of the transformation of Col­ opportunity for the filing of comments and views orado’s banking structure from one consisting of regarding the proposed acquisition. A copy of the many independent single unit banks to one of application was forwarded to the Department of banks controlled by a few holding company sys­ Justice for its consideration. The time for filing tems. My concurrence in the Board’s action on comments and views has expired and all those re­ this application does not reflect a change in my ceived have been considered by the Board. original position, but in the light of previous It is hereby ordered, for the reasons set forth Board actions in the State of Colorado, and con­ in the Board’s Statement of this date, that said sidering the existing affiliations involved in this application be and hereby is approved, provided case, I cannot see my way clear to deny the that the acquisition so approved shall not be con- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 2069 summated (a) before the thirtieth calendar day Statutory considerations. Section 3(c) of the following the date of this Order or (b) later than Act provides that the Board shall not approve an three months after the date of this Order unless, acquisition that would result in a monopoly or for good cause, such period is extended by the would be in furtherance of any combination or Board or by the Federal Reserve Bank of Atlanta conspiracy to monopolize or to attempt to monop­ pursuant to delegated authority. olize the business of banking in any part of the Dated at Washington, D.C., this 30th day of United States. Nor may the Board approve any November, 1967. other proposed acquisition the effect of which, in By order of the Board of Governors. any section of the country, may be substantially to Voting for this action: Chairman Martin, and Gover­ lessen competition, or to tend to create a monop­ nors Robertson, Brimmer, and Sherrill. Absent and not voting: Governors Mitchell, Daane, and Maisel. oly, or which in any other manner would be in restraint of trade, unless the Board finds that the (Signed) Merritt Sherman, Secretary. anticompetitive effects of the proposed transac­ [seal] tion are clearly outweighed in the public interest by the probable effect of the transaction in meet­ Statement ing the convenience and needs of the community Atlantic Trust Company, Jacksonville, Florida to be served. In each case the Board is required (“Applicant”), a registered bank holding com­ to take into consideration the financial and mana­ pany, controls 10 banks, all in Florida, with de­ gerial resources and future prospects of the bank posits aggregating $212 million.1 In turn, Appli­ holding company and the banks concerned, and cant is a wholly-owned subsidiary of The Atlantic the convenience and needs of the community to National Bank of Jacksonville, Jacksonville, Flor­ be served. ida (“Atlantic National”), with deposits of $266 Competitive effect of proposed transaction. As million. Atlantic National is a registered bank earlier noted, Applicant’s proposal involves a re­ holding company because of its indirect ownership organization of the corporate units comprising the of the voting shares of the banks directly owned Atlantic Group; it does not involve an expansion by Applicant. of that Group, an increase in the banking re­ Consummation of Applicant’s proposal would sources thereby controlled, or an undue alteration effect a reorganization of existing corporate rela­ in the competitive situation presently existing tionships within the Atlantic Group. Applicant among the banks in the areas served by Appli­ proposes to acquire more than 80 per cent of the cant’s subsidiaries. While some slight increase in voting shares of Atlantic National by an exchange Applicant’s ability to compete may result from of Applicant’s stock for that of Atlantic National. the proposed reorganization, the benefits that Following an increase in Applicant’s outstanding Applicant anticipates will result, discussed here­ voting shares incident to the aforementioned stock after in relation to the financial prospects of the exchange, Atlantic National’s ownership of Appli­ institutions involved, most directly affect efficiency cant’s stock will be reduced to slightly in excess of of operation and ease in raising capital funds— 25 per cent of the total voting shares outstanding. results not patently inimical to continued healthy Thus, Atlantic National would become a subsid­ competition. iary of Applicant and would remain a bank hold­ Financial and managerial resources and pros­ ing company under the Act. pects. The acquisition of the stock of Atlantic Views and recommendation of supervisory au­ National would substantially increase Applicant’s thority. As required by section 3(b) of the Act, net worth. While its present financial condition is notice of receipt of the application was given to satisfactory, its prospects would be enhanced by the Comptroller of the Currency, and his views its acquisition of more than 80 per cent of Atlan­ and recommendation were requested. The Comp­ tic National’s outstanding shares. Applicant as­ troller submitted no objection to approval of the serts that by increasing substantially the number application. of its shareholders, its future ability to raise equity capital when needed will be greatly facilitated, and 1 All deposit data are as of December 31, 1966, un­ less otherwise noted. that Applicant’s increased net worth resulting from Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2070 FEDERAL RESERVE BULLETIN • DECEMBER 1967 its acquisition of Atlantic National will signifi­ and Atlantic National are consistent with approval cantly better its borrowing position should such of the application. action become necessary. The Board finds reason­ Convenience and needs of the areas affected. able the above conclusions by Applicant as to Approval of Applicant’s proposed acquisition will benefits likely to result from its proposal. Atlantic have no material effect on the convenience, needs, National has a history of sound and profitable and welfare of the communities served by the operation, and its prospects, and those of Appli­ banks involved. As mentioned, to the extent that cant and its existing subsidiaries, appear favor­ Applicant’s operations are facilitated and im­ able. Consummation of Applicant’s proposal will proved, the communities involved may be the in­ have no material effect upon the managerial re­ direct beneficiaries of such improvement. Viewed sources of either Applicant or Atlantic National. most favorably to Applicant, these considerations Management of Applicant is virtually synony­ are merely consistent with approval of the appli­ mous with the senior management of Atlantic cation. National. There is every reason to believe that the On the basis of all relevant facts contained in record of sound and experienced management will the record, and in the light of the factors set forth continue with respect to Applicant’s system, in­ in section 3(c) of the Act, it is the Board’s judg­ cluding Atlantic National. The Board concludes ment that the proposed transaction would be in that considerations relating to the financial and the public interest and that the application should managerial resources and prospects of Applicant be approved. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Announcements CHANGE IN DISCOUNT RATE References to all special tables that appeared The Board of Governors of the Federal Reserve during 1967 are listed in the annual index as System approved action by the directors of the well as in the monthly indexes of the issues in Federal Reserve Bank of St. Louis increasing the which they appeared. discount rate at that Bank to 414 per cent, effec­ tive November 27, 1967. As of that date the rate COMPILATIONS ON FEDERAL AND STATE in effect was 4 per cent at all Federal Reserve STATUTES Banks. Copies of “Compilation of Federal and State Statutes Relating to Branch Banking” and “Com­ NOTE ON BULLETIN INDEX pilation of Federal and State Laws Relating to Starting with the 1964 volume, the annual index Reserves Against Deposits in Banking Institu­ of the Bulletin has excluded references to statis­ tions,” which were prepared in the Legal Division tical tables that appear regularly in each monthly of the Board of Governors, as of October 1967, issue. A monthly index to these tables may be are now available. Requests for copies should be found at the back of each issue; the page num­ addressed to Publication Services, Division of bers for these indexes appear in the “Guide to Administrative Services, Board of Governors of Page References in Monthly Issues” at the top the Federal Reserve System, Washington, D.C., of the first page of the annual index (p. 2172). 20551. ' 2071 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication December 15 Industrial production and nonfarm employment passenger equipment rose from the strike-reduced increased sharply in November, retail sales rose, October level and output of commercial equip­ and the unemployment rate declined. The money ment increased. Production of iron and steel ad­ supply, bank credit, and time and savings deposits vanced further in November and output of most rose, the latter two more moderately than earlier other materials also increased. in the year. Between mid-November and mid-De­ cember, yields on Treasury bills and corporate EMPLOYMENT and municipal bonds increased, and stock prices Nonfarm employment rose by 480,000 in No­ rose. Federal Reserve Bank discount rates were vember including the return of about 200,000 increased November 19. workers from strikes. The largest increases in nonmanufacturing were in private services, trade, INDUSTRIAL PRODUCTION and State and local governments. Employment in Industrial production rose 1.7 per cent in No­ Federal government continued to decline. In man­ vember and was 159.0 per cent of the 1957-59 ufacturing, employment rose in both durable and average—compared with 156.4 per cent in Oc­ nondurable goods industries, but the increase in tober and 159.1 a year earlier. The gains in out­ the durable goods sector was due to the return put, although reflecting in part strike settlements, to work from strikes. The average workweek in were widespread for both final products and ma­ manufacturing rose 0.3 hours to 40.9 but was terials. 0.4 hours shorter than a year earlier. The unem­ Auto assemblies recovered partially (7 per cent) ployment rate declined to 3.9 per cent from 4.3 from the strike-reduced September-October level per cent in October, as a result of the sharp gain and were at an annual rate of 7.4 million units. in employment and a moderate increase in the A further increase in production is scheduled for labor force. December. Output of most other consumer goods, both durable and nondurable, advanced in No­ DISTRIBUTION vember. Production of industrial and freight and The value of retail sales rose 1.5 per cent in November and was 3.6 per cent above a year earlier, according to Census Bureau advance fig­ ures. Sales at durable goods stores in November were nearly one per cent higher than in October, despite a further decline in sales by the automo­ tive group. The number of new domestic autos sold in early December continued below year ago levels. Sales at nondurable goods stores were up about 2 per cent in November, with increases in most major lines. COMMODITY PRICES The wholesale commodity price index was un­ changed from mid-October to mid-November as a moderate decline in prices of farm products and foods was offset by a further rise in prices of industrial commodities. From mid-July to mid­ November, wholesale prices of farm and food 2073 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2074 FEDERAL RESERVE BULLETIN • DECEMBER 1967 products declined 3.6 per cent while industrial sharply in November, inflows of other time and prices rose 0.9 per cent; as a result the over-all savings deposits moderated. wholesale price index for November was slightly Free reserves averaged about $220 million over below the mid-year level. Since mid-November the five statement weeks ending November 29, or farm prices appear to have stabilized, while in­ about the same as over the previous four weeks. dustrial commodity prices have advanced further. Both borrowings and excess reserves were reduced slightly. Total and required reserves continued to BANK CREDIT, DEPOSITS, AND RESERVES increase. Commercial bank credit increased $1.7 billion in November—a continuation of the recent rela­ SECURITY MARKETS tively moderate growth trend following the sharp Treasury bill rates rose considerably between expansion of mid-summer associated with large mid-November and mid-December, following the Treasury financings. Accelerated acquisitions of devaluation of sterling and the rise in U.K. and municipal and agency securities accounted for U.S. discount rates. The 3-month bill was bid at most of the November rise. Holdings of U.S. Gov­ around 5 per cent in the middle of December. ernment securities and security loans declined Yields on intermediate-term U.S. Government while other major Ioan categories rose only mod­ securities changed little on balance over the same erately. period, while the average yield on long-term bonds The money supply increased in November at an declined moderately. annual rate of about 7 per cent; this was close to Since mid-November, yields on corporate and the over-all pace so far this year. The rise in time municipal bonds have advanced further to new and savings deposits was slightly less than the highs for the year. Stock prices, meanwhile, have September-October average, and well below the risen steadily—frequently in very heavy trading high rate of expansion earlier in the year. While —and have now erased more than half of the net sales of large negotiable CD’s increased earlier decline from their 1967 peak. INTEREST RATES PRICES WHOLESALE CONSUMER Discount rate, range or level for all F.R. Banks. Weekly average market yields for U.S. Govt, bonds maturing in 10 for October. years or more and for 90-day Treasury bills. Latest figures shown, week ending Dec. 8. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not c Corrected adjusted for seasonal variation IPC Individuals, partnerships, and corpora­ P Preliminary tions r Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets I, II, L Liabilities III, IV Quarters S Sources of funds n.a. Not available U Uses of funds n.e.c. Not elsewhere classified * Amounts insignificant in terms of the par­ S.A. Monthly (or quarterly) figures adjusted ticular unit (e.g., less than 500,000 for seasonal variation when the unit is millions) .... (1) Zero. (2) no figure to be expected, or (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. “U.S. Govt, securities" may include guaranteed issues of U.S. Govt, agencies (the flow of funds figures also in­ clude not fully guaranteed issues) as well as direct obligations of the Treasury. “State and local govt.” also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled Note (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds....................................O...c..t.,. ...1...9..6..7.. ..1..8.14-23 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 658-59 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 2076 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........ 2078 Reserve Bank discount rates; margin requirements; reserve requirements................... 2083 Bank deposits; open market transactions; Federal Reserve Banks................................. 2085 Bank debits; currency in circulation .............................................................................. 2088 Money supply and bank reserves; banks and the monetary system............................... 2090 Commercial and mutual savings banks, by classes ......................................................... 2094 Commercial banks ............................................................................................................. 2095 Weekly reporting banks....................................................................................................... 2098 Business loans .................................................................................................................... 2102 Interest rates ........................................................................................................................ 2103 Security prices; stock market credit .................................................................................. 2104 Open market paper; savings institutions ....................................................................... 2105 Federally sponsored credit agencies.................................................................................. 2107 Federal finance...................................................................................................................... 2108 U.S. Government securities................................................................................................. 2110 Security issues........................................................................................................................ 2114 Business finance ................................................................................................................ 2116 Real estate credit ................................................................................................................ 2118 Consumer credit .................................................................................................................. 2122 Industrial production ........................................................................................................... 2126 Business activity; construction............................................................................................ 2130 Employment and earnings .................................................................................................. 2132 Wholesale and consumer prices.......................................................................................... 2134 National product and income series.................................................................................... 2136 Flow of funds........................................................................................................................ 2138 Guide to tabular presentation............................................................................................. 2076 Index to statistical tables ................................................................................................... 2170 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). 2077 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2078 BANK RESERVES AND RELATED ITEMS DECEMBER 1967 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (Tn mHiions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other Treas­ than member bank Member bank P d e o a ri r t o e d U To .S ta . l Go B v r o o i t g u , u h g s t­ t e h c t u R r m c a i e h t g e i p a r e n s e u s t e e r s 1 ­ ­ c v D o a a a n u n i d s c n d * ­ e t s s Float 2 t T al o ­ 3 s G to o c ld k s r c o e t u i u a n n u r n r g c y t ­ ­ y d ­ r c C t e c u i i n u o i n l r c a n r ­ y ­ ­ T h c i r u n o e a r g a l s y d h s s ­ ­ T u r w e ry i a t s h ­ r F e . s F e R e i o g r . v r n ­ 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 re c r C s o a e e n n i u r n c d r v y ­ e 4 s Total Averages of daily figures 1929—June........ 179 179 978 61 1,317 4.024 2.018 4.400 210 30 30 376 2,314 ........... 2,314 1933—June........ 1,933 1.933 250 12 2,208 4.030 2,295 5,455 272 81 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 1,531 292 12,812 12.812 1945—Dec.......... 23,708 23,708 381 652 24,744 20.047 4.322 28,452 2,269 625 1,247 493 16.027 16.027 1950—Dec........... 20,345 20,336 9 142 1,117 21,606 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 1.443 26,186 22,769 5.144 31.932 768 385 345 186 1.063 19,420 19,420 1958—Dec........... 26.312 26.216 96 564 1.496 28.412 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 2.434 36,610 15.562 5,583 37.603 389 879 160 206 1,215 17,303 3.443 20.746 1964—Dec.......... 37,126 36,895 231 266 2,423 39,873 15,388 5,401 39,698 595 944 181 186 1,093 17,964 3.645 21,609 1965—Dec.......... 40,885 40,772 113 490 2,34943,853 13,799 5,565 42,206 808 683 154 231 389 18,747 3,972 22,719 1966—'Nov.......... 43,347 43,165 182 626 2,029 46,087 13,251 6,214 43,748 1,173 682 152 429 143 19,225 4,026 23,251 Dec........... 43,760 43,274 486 570 2,38346,864 13,158 6,284 44,579 1,191 291 164 429 83 19,568 4,262 23,830 1967—Jan............ 44,066 43.847 219 389 2,21546,802 13,158 6.350 43,957 1,225 566 153 442 203 19.765 4.305 24.070 Feb.......... 44,215 43,915 300 362 1 ,87546,587 13,144 6,409 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...4..6..,..6.12 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 1,571 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 r6,779 45,396 1.483 974 125 476 -80 20,402 4,206 24,608 Nov.......... 48,010 47,885 125 133 1,55549,752^12,907 7'6,782 ”45,969 ”1,463 1,167 146 449 -211 20,458 ”4,274”24,732 Week ending- 1966 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...4..3..,.4...7..4.. 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 2,267 46,216 13,159 6,375 43,343 1,242 598 138 431 344 19,654 4,255 23,909 8...4..4..,.1..3...3.. 43,928 205 354 2,017 46,630 13,159 6,392 43,405 1.252 448 145 482 393 20,056 3,793 23,849 15............... 44,244 43,987 257 456 1 ,92046,747 13,159 6,402 43,614 1,260 704 141 436 423 19,729 3,997 23,726 22............... 44,337 43,844 493 477 1 ,855 46,811 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 I ,85846,947 13,108 6,483 43,718 1,304 592 137 436 604 19,747 3,945 23,692 29............... 44,659 44,529 130 138 1,57746,480 13,108 6,496 43,674 1,324 656 137 447 598 19,247 4,082 23,329 Apr. 5............... 45,012 44,759 253 193 1,361 46,677 13,108 6,503 43,680 1,328 658 130 454 648 19,390 3,999 23,389 12............... 45,013 44,840 173 165 1 ,463 46,763 13,108 6,517 43,914 1,340 612 135 465 634 19,289 3,873 23,162 19............... 44,929 44,888 41 199 1,791 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 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 BANK RESERVES AND RELATED ITEMS 2079 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 t r o e d T U o .S ta . l Go B v r o o i t g u , u h t s g ­ t e h c t u R a r m c i g h e t e i r p a e e n s u s e t e s r ­ 1 ­ c v D o a a a n u n d is c n d ­ - e t s s Float 2 t T al o ­ 3 s G to o c ld k T s c o t r u i u a n e u r r n g a y t - ­ d s ­ ­ r c C e t c u i i n u o i n l r c a r n ­ y ­ ­ T h c i u r n o a e r g s l 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 e F e .R m s i o g e . b r n r ­ v e B e r a s O n . b k a th s n e k r2 c O F o a t u . h c R n ­ e . t r s B W F a n i R t k h M s e r m e c r C s o a e b e i n n u r e n d v c r r ­ y e -» b s an T k otal Averages of daily figures Week ending— 1967 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 ,088 148 508 360 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 1,188 116 468 368 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 1,38548,536 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 1,495 697 133 471 110 19,932 3,993 23,925 13............... 46,207 46,207 70 1,54447,880 13,007 6,726 45,398 1,483 202 126 491 103 19,810 4,229 24,039 20............... 46,055 46,055 106 1 ,75447,971 13,007 6,739 45,223 1,487 362 126 473 24 20,021 4,295 24,316 27............... 46,452 46,452•......... 74 1 ,53048,193 13,006 6,759 45,044 1,502 927 129 454 37 19,865 4,347 24,212 Oct. 4............... 46,976 46,976 144 1 ,49548,773 13,006 6,763 45,107 1,500 866 125 477 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 47,315 487 216 1,40249,515 13,007 6,781 45,559 1,484 942 131 485 -93 20,795 4,234 25,029 25............... 47,098 47,098 58 1,56448,773 13,007 6,792 45,429 1 ,482 I ,087 119 455 -210 20,210 4,339 24,549 Nov. 1............... 47,220 47,220 80 1 ,28948,643 12,978 6,787 45,341 1 ,483 929 124 462 -210 20,279 4,426 24,705 8............... 47,865 47,710 155 132 1,40749,458 12,907 6,777 45,563 1,474 928 127 470 -184 20,762 3,992 24,754 15............... 47,868 47,713 155 162 1 ,48749,570 12,907 6,782 45,878 1,470 1,096 133 451 -240 20,470”4,205P24.675 22............... 47,837 47,712 125 127 1,77749,796 12,906 6,782 46,089 1,451 1,051 148 442 -79 20,383 ”4,238”24,621 29............... 48,396 48,347 49 119 1,54850,117 12,908”6,785 ”46,347 fl,457 1,570 175 432 -345 20,176»4,471”24,647 End of month 1967 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 470390 120 1 ,30948,873 12,905 r6,779 r45,421 •■1,451 697 135 441 -208 20,604 4,671 25,275 Nov. 48,954 48,608 346 76 1,78050,869 12,908 6,789 46,449 1,441 1 ,581 168 440 -161 20,648 ”5,151”25,799 Wednesday 1967 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 4,368 25,225 11............... 47,991 47,319 672 118 1,26249,519 13,009 6,778 45,625 1,490 914 129 510 102 20,536 4,611 25,147 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 4,655 25,375 25............... 47,113 47,113 ........... 64 1,25748,488 13,009 6,794 45,421 1,490 934 133 461 -219 20,070 4,859 24,929 Nov. 1............... 47,556 47,556 151 1,36649,127 12,909 6,778 45,472 1,475 908 131 473 -210 20,565 4,698 25,263 8............... 47,713 47,713 169 1,09449,030 12,909 6,781 45,853 1,477 599 137 474 -231 20,411 4,375 24,786 15.............. 47,830 47,713 117 146 1,53949,569 12,909 6,782 46,038 1,465 1,183 140 456 7 19,971 ”4,776”24,747 22........ 48,176 48,176 90 1 ,49749,817 12,909 6,782 46,343 1,457 933 175 432 -352 20,520 ”4,731 ”25,251 29............... 48,545 48,501 44 136 1,35450,094 12,909 6,789 46,488 1,462 1,768 147 414 -198 19,712 ”5,102”24,814 1 U.S. Govt, securities include Federal agency obligations. on Wed. and end-of-month dates, see subsequent tables on F.R. Banks. 2 Beginning with 1960 reflects a minor change in concept; see Feb. See also note 2. 1961 Bulletin, p 164. . 4 Part allowed as reserves Dec. 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

2080 BANK RESERVES AND RELATED ITEMS DECEMBER 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 ld al qu R ir e e ­ d Excess B r F i o a n a . w n g R t s k . ­ 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 R w g t k s . ­ s s F e r r r e v e ­ e e s T h o e t l a d l qu R ir e e ­ d Excess B r i F 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 1 63 -62 1933—June 1 2,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec. 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—Dec. 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec. 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec. 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1 ,024 1,011 13 6 7 1950—Dec. 17,391 16,364 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 I960—Dec. 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1961—Dec. 20 118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 -22 1962—Dec. 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1,042 1 ,035 7 18 -11 1963—Dec. 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 5 26 -21 1964—Dec. 21 ,609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 1,086 -3 28 -31 1965—Dec. 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 23 -8 1966—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 11 26 -15 Apr. 23,362 23,053 309 134 175 4,644 4,613 31 41 -10 1,131 1,140 -9 11 -20 May 23,284 22,914 370 101 269 4,614 4,583 31 19 12 1,133 1,127 6 5 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.. 24,608 24,322 286 126 160 4,888 4,871 17 27 -10 1,194 1,188 6 2 4 Nov. P24.732 ”24,334 p398 133 p265 ”4,826 P4.784 P42 19 p23 Pl ,191 Pl,178 p13 2 ”11 Week ending— 1966—Nov. 2.... 23,380 23,101 279 594 -315 4,471 4,463 8 43 -35 1,130 1,127 3 12 -9 9. ... 23,355 22,977 378 646 -268 4,349 4,326 23 213 -190 1,095 1,092 3 43 -40 16.. 23,354 22,807 547 711 -164 4,235 4,206 29 152 -123 1,071 1,071 26 -26 23 ... . 22,923 22,739 184 439 -255 4,261 4,233 28 28 1,067 1 ,062 5 13 -8 30.... 23,226 22,766 460 636 -176 4,361 4,345 16 90 -74 1,063 1,059 4 26 -22 1967—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 -to 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. ... 25,029 24,468 561 216 345 4,925 4,890 35 98 -63 1,198 1,198 7 -7 25.... 24,549 24,359 190 58 132 4,977 4,893 84 .............84 1,193 1,187 6 .............6 Nov. 8 1 . . . . . . . . 2 2 4 4 , , 7 7 0 5 5 4 2 24 4 , , 4 4 2 1 4 4 2 3 9 3 1 0 1 8 32 0 2 1 1 9 1 8 4 4 , , 8 9 5 4 2 2 4 4 , , 8 9 2 1 4 9 2 2 3 8 5 3 2 1 5 8 1 1 , , 1 1 9 7 7 9 1 1 , , 1 1 9 8 4 0 -1 3 io - -1 7 15. ... ”24.675 ”24,170 ”505 162 P343 P4.687 P4.658 P29 36 p-7 p1,167 pl,159 p7 P7 22.... 1-24,621 ”24.404 ”217 127 P90 H,816 P4,797 P19 29 p-10 Pl,197 Pl,186 pH pH 29.... ”24,647 ”24,273 ”374 119 P255 p4,856 p4,808 p48 8 M0 p1,178 p1,173 p5 ............. P5 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 BANK RESERVES AND RELATED ITEMS 2081 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves Borrow­ Reserves Borrow­ ings at Free ings at Free T h o e t l a d l Required Excess B F a . n R k . s reserves T h o e t ld al Required Excess B F a . n R k . s reserves 1929—June................................ 761 749 12 409 -397 632 610 22 327 -305 1933—June................................ 648 528 120 58 62 441 344 96 126 -30 1939—Dec................................. 3,140 1,953 1,188 1,188 1 ,568 897 671 3 668 1941—Dec................................. 4,317 3,014 1,303 I 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—-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 9,860 18 42 -24 8,648 8,402 246 55 191 Nov................................. ”9,899 ”9,834 ”65 51 ”14 ”8,816 ”8,538 ”278 61 ”217 Week ending— 1966—Nov. 2................. 9,382 9,345 37 344 -307 8,396 8,166 230 195 35 9.........9..,.3...7..2......... 9,312 60 213 -153 8,538 8,247 291 177 114 16.......................... 9,297 9,270 27 362 -335 8,751 8,260 491 171 320 23.......................... 9,279 9,218 61 228 -167 8,316 8,226 90 198 -108 30.......................... 9,244 9,174 70 341 -271 8,558 8,188 370 179 191 1967—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..,.6..2...3......... 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.......................... 9,957 9,943 14 54 -40 8,949 8,436 513 57 456 25.......................... 9,924 9,866 58 10 48 8,456 8,413 43 48 -5 Nov. 1.......................... 9,917 9,897 20 28 -8 8,667 8,418 249 47 202 8.......................... 9,950 9,894 56 45 11 8,755 8,511 244 74 170 15.......................... ”9,845 ”9,802 ”43 71 ”-28 ”8,977 ”8,551 ”426 55 ”371 22.......................... ”9,910 »9,862 ”48 34 >44 ”8,698 ”8,559 ”140 64 ”76 29......................... ”9,813 ”9,754 ”59 63 ” — 4 ”8,800 ”8,538 ”262 48 ”214 1 This total excludes, and that in the preceding table includes, $51 Total reserves held: Based on figures at close of business through Nov. million in balances of unlicensed banks. 1959; thereafter on closing figures for balances with F.R. Banks and open­ ing figures for allowable cash; see also note 3 to preceding table. Note.—Averages of daily figures. Monthly data are averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks. Based on closing figures. weeks ending on Wed, that fall within the month. Beginning with Jan. 1964, reserves are estimated except for weekly averages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2082 MAJOR RESERVE CITY BANKS DECEMBER 1967 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less— Net— Gross transactions Net transactions Reporting banks and Total Bor­ week ending— s E e x r r v c e e e ­ s s s 1 r a o t B w F o in . r R ­ g . s F i b e n N d a t n e e e t r k r a ­ l S d u e r o f p i r c l u it s r P e e q a r o v u c ^ f i e r . e n d t ch P a u s r e ­ s Sales a 2 t c r - t a w io n a n s y ­ s 2 b c o P u h f y a u n s i r n e e ­ s t g s o S e f a l l l n i e n e s g t d L ea o t l o a e n r s s ’ de r f a i o r n l o w e g m r s ­ s 4 lo N a e n t s Banks funds reserves banks banks trans. Total—46 banks 1967—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 I ,477 1 ,508 345 1 ,459 70 1,390 25............. 118 751 -634 5.7 2,779 2,027 1,442 1,336 585 1,526 80 1 ,446 Nov. 1............. 31 16 549 -534 4.8 2,532 1,983 1,402 1,131 581 1,680 75 1 ,605 8............. 45 49 1,272 -1,276 11.6 2,935 1,663 1 ,381 1,554 282 1,507 77 1 ,430 15............. 44 90 1,170 -1,217 11.3 2,761 1,591 1,354 1,408 238 1 ,343 82 1 ,260 22.............. 42 57 839 -855 7.8 2,976 2,137 1,592 1,384 545 1,536 74 1 ,462 29.............. 84 48 208 -172 1.6 2,543 2,334 1,400 1,143 934 1,328 65 1,263 8 in blew York City 1967—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 Nov. 1............. 17 5 73 -61 1.4 897 824 586 311 238 1,002 75 927 8............. 27 299 -271 6.2 985 686 539 446 147 877 77 800 15............. 22 36 312 -326 7.7 967 655 605 362 50 753 82 670 22............. 10 29 -85 66 1.5 916 1 ,001 715 201 285 935 74 861 29.............. 35 8 -233 260 5.9 874 1,107 618 257 489 822 65 757 38 outside New York City 1967—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 1,085 863 1,093 222 794 794 25.............. 44 640 -596 9.0 1,844 1,204 823 1,022 381 749 749 Nov. 1.............. 15 11 476 -473 7.1 1,636 1,159 816 820 344 677 677 8............. 18 49 973 -1,004 15.2 1,949 977 842 1,108 135 630 630 15............. 21 54 858 -891 13.7 1,795 936 748 1,046 188 590 590 22............. 31 28 924 -920 14.0 2,060 1,136 877 1,183 259 601 601 29............. 49 40 441 -432 6.6 1,669 1,227 783 886 445 506 506 5 in City of Chicago 1967—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 2.5 386 353 268 118 85 59 59 Nov. 1....... 3 -45 49 4.6 289 335 257 32 77 19 19 8............. 2 10 27 -35 3.2 367 340 288 78 52 17 17 15............. -I -1 .1 333 333 291 42 42 12 12 2 2 2 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 -r1i2 - 7 7 7 7. . 3 7 3 3 7 1 1 5 3 3 5 9 8 2 2 2 6 85 7 4 8 8 6 1 7 25 4 7 7 33 others 1967—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 1,790 747 641 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 1,458 850 555 904 296 690 690 Nov. 1............. It 11 522 -521 9.4 1 ,346 825 558 788 267 659 659 8............. 16 39 946 -970 17.6 1,583 637 553 1,029 83 613 613 15.............. 23 54 858 -890 16.4 1,461 603 457 1,004 146 578 578 22.............. 26 28 912 -913 16.6 1,690 778 592 1,097 186 594 594 29.............. 48 40 518 -509 9.4 1,353 835 516 838 320 506 506 1 Based upon reserve balances, including all adjustments applicable to 4 Federal funds borrowed, net funds acquired from each dealer by the reporting period. Carryover reserve deficiencies, if any, are de­ clearing banks, reverse repurchase agreements (sales of securities to ducted. ... . . dealers subject to repurchase), resale agreements, and borrowings secured 2 Derived from averages for individual banks for entire week. Figure by Govt, or other issues. for each bank indicates extent to which its weekly average purchases and sales are offsetting. Note.—Weekly averages of daily figures. For description of series 3 Federal funds loaned, net funds supplied to each dealer by clearing and back data, see Aug. 1964 Bulletin, pp. 944-74. banks, repurchase agreements (purchases of securities from dealers subject to resale), or other lending arrangements. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 DISCOUNT RATES 2083 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under Advances and discounts under Advances under last par. Sec. 133 Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b)2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Nov. 30 date rate Nov. 30 date rate Nov. 30 date rate Boston................................................. 414 Nov. 20,1967 4 5 Nov. 20,1967 4*4 5*4 Nov. 20, 1967 5 New York.......................................... 4/4 Nov. 20,1967 4 5 Nov. 20,1967 4*4 6 Nov. 20’, 1967 5’4 Philadelphia........................................ 414 Nov. 21,1967 4 5 4*4 5*4 Nov. 21,1967 5’" Cleveland............................................ 414 Nov. 20,1967 4 5 Nov. 20,1967 4*4 6 Nov. 20’ 1967 5*4 Richmond........................................... 4*4 Nov. 20' 1967 4 5 Nov. 20,1967 4*4 5*4 Nov. 20, 1967 5'" Atlanta.............................................. 4*4 Nov. 20, 1967 4 5 Nov. 20,’ 1967 4*4 6*4 Nov. 20’ 1967 6 Chicago............................................... 4’A Nov. 20’ 1967 4 5 Nov. 20,1967 4*4 5*4 Nov. 20, 1967 5 St. Louis............................................. Nov. 27,1967 4 5 Nov. 27,1967 4(4 Nov. 27, 1967 5 Minneapolis....................................... 4*4 Nov. 20i 1967 4 5 Nov. 20,1967 4*4 5*4 Nov. 20’ 1967 5 Kansas City....................................... 4*4 Nov. 20,1967 4 5 Nov. 20,1967 4*4 5*4 Nov. 201967 5 Dallas.................................................. 4% Nov. 20,1967 4 5 Nov, 20,1967 4*4 5% Nov. 20; 1967 5 San Francisco.................................... 454 Nov. 20; 1967 4 5 Nov. 20,1967 4(6 5'4 Nov. 20’ 1967 5 1 Discounts of eligible paper and advances secured by such paper or 2 Advances secured to the satisfaction of the F.R. Bank. Maximum by U.S. 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 FR. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date all F R. of date all F.R. of date ah F.R. of Banks N.Y. Banks N.Y. Banks N.Y. 1955 1959 In effect Dec. 31, 1941..... 1 -1% 1 Apr. 14............................... 1*4-1 *4 2*4-3 3 * 15................................ 1*4-1 *4 16................................ 3 3 1942 May 2............ 1’4 3 -3*4 3*4 1 1’4-2*4 3*4 3*4 Oct. 15.................................... t '4-1 1 “ 5............................... 1’4-2 *4 2 3*4-4 4 30................................... t a t^ 12................................ 2 -2*4 2 * 18...........4....................4. Sept. 9............................... 2 -2*4 2*4 ‘ 13................................ 2*4 2% 1960 1946 r > t 4-1 I 1 Nov. 2 1 3 8 . . . . . . . . . 1 . . . . 9 . . . 5 . . . . 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 * 2 4 * -2 4 *4 ^ 1 1 0 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3*^ 4 ^ 1948 ‘ 20. A .... p .. r . . . ... 1 .. 3 ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........2 2 ..* ’ . 4 .4.. - -. 3 .3. 2 2 % % 3 3 J'A 3 3 Jan. 12..........................l. ....-..l.>../4 1*4 Aug. 24................................ 2’4-3 3 19.................................... 1*4 1*4 ’ 31................................ 3 3 1963 1*4-1% in July 17................................ 3 -3*4 ^ ~ 23.................................... 1% 1957 ' 26...........3...'4.................. Aug. 9.......................3.. ....-..3.*4 3 25........ 1 .. 9 .. 5 .. 0 ...................... t'4 1 - * 1 4 *4 ^ N D o ec v . . 2 1 2 5 3 .. . . .. . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. . .. , . 3 3 3 * -3 4 *4 3 3 3 *4 Nov. 2 3 4 0 . . . . . . . . 1 . . . . 9 . . . . 6 . . . . 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3'4 4 -4 4 4 1958 Jan. 22................ 2’4-3 3 1965 1953 24................................ 2r3 1 4 -4'4 4'4 Jan. 16.........................1..’4...-..2.. 2 Mar. 7................................ 2(4-3 13................................ 4'4 4'4 23................................. 2 2 13................................ 21................................ 2*4 1967 Apr. 1 14 5 . . . . F . . . . . . 1 e . . . 9 . b . . . 5 . . . . 4 . . . . . . . . . . 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .........i I .y...F O ....i. 1*4 S A M A e p u ' a p r g y t . . 2 1 1 1 9 3 5 8 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 ' ’ ’ 4 4 f 2 - - 2 2 f 2 2 i § Nov. 2 2 0 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ' . . . . . . . . . . . . . . 1 . . . . . 4 . . . ....... 4 4 .. ..4.. - - .. 4 4 . 4 .. ' ' ' . 4 4 4 ... ......... 4 . 4 4 4 % '4 ’ 16.................................. lit Oct. 24................................ 2 -2*4 2 May 21.................................. 1*4 Nov. 7............................... 2*4 2’4 4'4 4'4 t Preferential rate of one-half of 1 per cent for advances secured by against U.S. Govt, obligations was the same as its discount rate except U.S. Govt, obligations maturing in 1 year or less. The rate of 1 per cent in the following periods (rates in percentages): 1955 — May 4-6, 1.65; was continued for discounts of eligible paper and advances secured by Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. such paper or by U.S. Govt, obligations with maturities beyond 1 year. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3^1, 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

2084 RESERVE REQUIREMENTS DECEMBER 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 date* C re e s n e t r r v a e l Reserve Country cla o s f s es Effective date1 Reserve Country Savings ba c n it k y s3 b c a i n ty k s banks banks) b c a i n ty k s banks deposits Up to c I e n s s e x o ­ f $5 mil­ $5 mil­ lion lion In effect Dec. 31, 1949............. 22 18 12 1966—July 14,21............... >1614 5 12 *4 54 5 1951—Jan. 11,16.... Sept. 8, 15............... 6 Jan. 25, Feb. 1, 1953—July 9, 1......... 1967—Mar. 2............... 3 Vi 3% 1954—June 24, 16.... Mar. 16...................... 3 3" July 29, Aug. 1 1958—Feb. 27, Mar 1 . In effect Nov.30, 1967. ... 16W 12 3 3 6 Mar. 20, Apr. 1 Apr. 17............. Apr, 24............. 1960—Sept. 1............. Present legal Nov 24............. requirement: Dec, 1............. 1962—July 28............. Minimum.............................. 10 7 3 3 3 Oct. 25, Nov. 1 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, 1, 17, 24, 6, 20, 1933 1935 1936 1957 1962 1963 1964 1965 1966 1966 Savings deposits: Savings deposits..................... 4 4 12 months or more........ 3 2*4 3 4 4 4 4 Other time deposits:1 Less than 12 months..... 3 214 2H 3 3% 314 4s 4 Multiple-maturity: Other time deposits:1 90 days or more......... 5 5 12 months or more............. 3 2% % 3 4 4 s 14 Less than 90 days......... 4 4 6 months to 12 months... 3 3 ^ 4 (30-89 days) 90 days to 6 months........... 3 2% 4 Single-maturity: Less than 90 days............... 3 1 1 1 1 4 5(4 $100,000 or more.......... 5^4 (30-89 days) Less than $100,000.... 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. 1, 1936. maximum rates that may be paid Note,—Maximum rates that may be paid by member banks as estab­ by insured nonmember commercial banks, as established by the FDIC, lished by the Board of Governors under provisions of Regulation Q. have been the same as those in effect for member banks. MARGIN REQUIREMENTS (Per cent of market value) Effective date Regulation Jan. 4, Apr. 23, Jan. 16, Aug. 5, Oct. 16, July 28, July 10, Nov. 6, 1955 1955 1958 1958 1958 1960 1962 1963 Regulation T: For extensions of credit by brokers and dealers on listed securities.......................................................... 60 70 50 70 90 70 50 70 For short sales.................................................................. 60 70 50 70 90 70 50 70 Regulation U: For loans by banks on stocks...................................... 60 70 50 70 90 70 50 70 Note.—Regulations T and U, prescribed in accordance with Securities centage of its market value at the time of extension; margin requirements Exchange Act of 1934 limit the amount of credit that may be extended on are the difference between the market value (100 per cent) and the maxi­ a security by prescribing a maximum loan value, which is a specified per­ mum loan value. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 BANK DEPOSITS; OPEN MARKET ACCOUNT 2085 DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (tn 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 i f ty 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 Oct. 11, 1967 Four weeks ending Nov. 8, 1967 Gross demand—Total.... 155,612 32,091 6,977 56,629 59,915 Gross demand—Total.... 158,160 32,868 7,038 57,656 60,598 Interbank.................... 17,178 5,690 1,268 8,025 2,196 Interbank................... 17,230 5,662 1,273 8,071 2,225 U.S. Govt.................... 5,125 1,319 319 1,913 1,575 U.S. Govt.................. 5,821 1,605 326 2,330 1,560 Other............................ 133,308 25,082 5,390 46,692 56,145 Other............................ 135,109 25,602 5,439 47,255 56,814 Net demand 1..................... 122,771 22,772 5,493 44,038 50,467 Net demand i..................... 124,728 23,041 5,502 45,129 51,057 Time..................................... 146,213 20,588 5,973 55,390 64,262 Time..................................... 147,223 20,795 5,981 55,558 64,889 Demand balances due Demand balances due from dom. banks...... 8,317 286 157 1,971 5,905 from dom. banks...... 8,305 273 150 1,958 5,925 Currency and coin............ 4,213 345 83 1,289 2,496 Currency and coin............ 4,248 348 89 1,294 2,516 Balances with F.R. Balances with F.R. Banks............................... 20,180 4,505 1,106 8,451 6,118 Banks............................... 20,512 4,576 1,104 8,642 6,190 Total reserves held............ 24,393 4,850 1,189 9,740 8,614 Total reserves held............ 24,760 4,924 1,193 9,936 8,706 Required.................... 24,073 4,824 1,187 9,715 8,348 Required...................... 24,417 4,882 1,190 9,900 8,445 Excess............................. 320 26 2 25 266 Excess......................... 343 42 3 36 261 1 Demand deposits subject to reserve requirements are gross demand Note.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities by maturity Total Treasury bills Others within 1 year 1-5 years Month Exch., c G h p r a u o s r s e ­ s s G sa r l o e s s s Re ti d o e n m s p­ c G h p r a u o s r s e ­ s s G sa r l o e s s s Re ti d o e n m s p­ c G h p r a u o s r s e ­ s s G sa r l o e s s s m s a h t o i u f r r t s it , y c G h p r a u o s r s e ­ s s G sa r l o e s s s m E a x t o u c r r h i . . ty redemp­ shifts tions 1966—Oct............... 1,281 893 320 1,281 320 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..,.8..7...9.. 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.............. 1,110 623 127 919 623 127 24 121 44 Oct............... 700 27 200 700 27 200 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 r u x r m c it h y a . ­ c G h p r a u o s r s e ­ s s G sa r l o e s s s o E t r u x r m c it h y a . ­ c G h p r a u o s r s e ­ s s G sa r l o e s s s G s i e o ti c v e u s t. r­ p ( m a n u g e e r r c t 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 e p r a n e u s e t r e s ­ ­ , change 1 shifts shifts net 1966—Oct 275 275 69 4 21 94 No\ -203 1,775 1,153 937 3 56 996 Dec 3 5 3,751 3,746 370 34 15 47 466 1967—Jan 1,693 2,320 -818 -34 4 -124 -972 Feb -138 3,253 3,253 507 3 37 546 Ma r.... 14 8 3,399 3,253 938 13 -7 4 948 Apr 32 25 1,727 1,529 552 -3 -1 57 606 Maj 62 42 1,438 1,459 606 -10 2 -98 499 Jun 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 Sep t.... 27 - 44 19 453 453 361 -12 104 453 Oct 1,427 1,427 474 1 -104 370 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

2086 FEDERAL RESERVE BANKS DECEMBER 1967 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1967 1967 1966 Nov. 29 Nov, 22 Nov. 15 Nov. 8 Nov. 1 Nov. Oct. Nov. Assets Gold certificate account........................................... 10,498 10,510 10,511 10,541 10,543 10,498 10,553 10,852 Redemption fund for F.R. notes........................... 1 ,895 1,890 1,892 1,867 1,866 1,894 1,857 1,815 Total gold certificate reserves................................. 12,393 12,400 12,403 12,408 12,409 12,392 12,410 12,667 Cash.............................................................................. 350 357 354 358 361 351 360 293 Discounts and advances: Member bank borrowings.................................. 136 90 146 169 151 76 120 445 Other........................................................................ 13 Acceptances: Bought outright..................................................... 59 54 54 54 54 59 54 54 Held under repurchase agreements................... 77 federal agency obligations—Held under repurchase agreements.............................................................. 2 5 23 U.S Govt securities: Bought outright: Bills...................................................................... 15,496 15,171 14,894 14,894 14,737 15,603 14,571 11,473 Certificates—Special......................................... Other........................................... 4,351 Notes.................................................................... 26,918 26,918 26,804 26,198 26,198 26,918 26,198 21 ,278 Bonds................................................................... 6,087 6,087 6,015 6,621 6,621 6,087 6,621 6,188 Total bought outright.......................................... 48,501 48,176 47,713 47,713 47,556 48,608 47,390 43,290 Held under repurchase agreements................... 42 112 323 622 Total U.S. Govt, securities..................................... 48,543 48,176 47,825 47,713 47,556 48,931 47,390 43,912 Total loans and securities........................................ 48,740 48,320 48,030 47,936 47,761 49,089 47,564 44,501 Cash items in process of collection....................... 7,134 7,707 8,604 6,930 7,476 7,023 6,697 7,212 Bank premises............................................................ 112 111 111 111 111 111 111 103 Other assets: Denominated in foreign currencies................... 1,307 1,450 1,043 985 954 1,307 953 709 IMF gold deposited l......................................... 233 233 233 233 233 233 233 211 All other.................................................................. 194 162 152 583 551 197 544 232 Total assets.................................................................. 70,463 70,740 70,930 69,544 69,856 70,703 68,872 65,928 Liabilities F.R. notes.................................................................... 40,994 40,866 40,569 40,406 40,030 40,936 39,974 38,953 Deposits: Member bank reserves.................................... 19,712 20,520 19,971 20,411 20,565 20,648 20,604 19,093 U.S. Treasurer—General account.................... 1,768 933 1,183 599 908 1,581 697 299 Foreign.................................................................... 147 175 140 137 131 168 135 196 Other: IMF gold deposit 1............................................ 233 233 233 233 233 233 233 211 All other.............................................................. 181 199 223 241 240 207 208 188 Total deposits............................................................. 22,041 22,060 21,750 21,621 22,077 22,837 21,877 19,987 Deferred availability cash items............................. 5,780 6,210 7,065 5,836 6,110 5,243 5,388 5,432 Other liabilities and accrued dividends......... 301 303 284 289 286 337 286 271 Total liabilities............................................................ 69,116 69,439 69,668 68,152 68,503 69,353 67,525 64,643 Capita) accounts Capital paid in............................................................ 592 590 590 590 590 591 590 568 Surplus.......................................................................... 570 570 570 570 570 570 570 551 Other capital accounts............................................. 185 141 102 232 193 189 187 166 Total liabilities and capital accounts.................... 70,463 70,740 70,930 69,544 69,856 70,703 68,872 65,928 Contingent liability on acceptances purchased for foreign correspondents......................................... 153 163 166 164 161 151 163 203 U.S. Govt, securities held in custody for foreign account..................................................................... 9,410 8,406 8,033 7,831 7,871 9,456 7,861 7,450 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)............. 43,285 43,032 42,838 42,559 42,527 43,279 42,548 41,599 Collateral held against notes outstanding: Gold certificate account...................................... 6,589 6,589 6,549 6,664 6,714 6,589 6,714 6,442 Eligible paper............................................................ 48 U.S. Govt, securities............................................... 37,941 37,461 37,471 37,371 37,281 37,941 37,281 36,471 Total collateral..................................................... 44,530 44,050 44,020 44,035 43,995 44,530 43,995 42,961 1 See note 1(b) to table at bottom of p. 2144. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 FEDERAL RESERVE BANKS 2087 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1967 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i l i l ­ a a­ C l l a e n v d e­ m Ri o c n h d ­ At t l a an­ C ca h g i o ­ Lo S u t i . s M ap i o n l n is e­ K C s a a it s n y ­ Dallas F c S r i a s a c n n o ­ Assets Gold certificate account........................ 10,498 627 2,252 639 725 1,013 655 2,029 403 199 406 375 1 ,175 Redemption fund for F.R. notes........ 1,894 105 463 99 151 174 102 329 66 31 72 68 234 Total gold certificate reserves.............. 12,392 732 2,715 738 876 1,187 757 2,358 469 230 478 443 1,409 F.R. notes of other Banks.................... 552 53 166 26 35 32 55 32 21 13 27 23 69 Other cash................................................. 351 22 44 7 44 21 41 64 33 4 18 14 39 Discounts and advances; Secured by U.S. Govt, securities... 76 2 13 4 * 7 2 27 3 ? 11 2 5 Other..................................................... Acceptances: Bought outright.................................. 59 59 Held under repurchase agreements. Federal agency obligations—Held under repurchase agreements....... 23 23 U.S. Govt, securities: Bought outright.............................. 48,608 2,540 12,700 2,448 3,710 3,454 2,612 7,565 1,724 975 1,916 2,027 6,937 Held under repurchase agreements. 323 323 Total loans and securities..................... 49,089 2,542 13,118 2,452 3,710 3,461 2,614 7,592 1,727 975 1,927 2,029 6,942 Cash items in process of collection... 9,186 568 1,681 524 684 714 795 1,543 469 304 576 501 827 Bank premises.......................................... III 3 10 2 5 7 20 18 9 3 16 9 9 Other assets: Denominated in foreign currencies. 1,307 63 1340 68 118 68 81 189 46 31 57 76 170 IMF gold deposited2......................... 233 233 All other............................................... 197 9 51 ii 16 15 io 30 7 5 8 8 27 Total assets.............................................. 73,418 3,992 18,358 3,828 5,488 5,505 4,373 11,826 2,781 1,565 3,107 3,103 9,492 Liabilities F.R. notes................................................. 41,488 2,460 9,678 2,395 3,342 3,804 2,355 7,296 1,524 698 1,549 1,385 5,002 Deposits: Member bank reserves....................... 20,648 843 5,899 858 1,364 908 1,179 2,903 734 521 920 1,132 3,387 U.S. Treasurer—General account.. 1,581 84 506 79 70 114 75 132 105 64 95 91 166 Foreign.................................................. 168 7 364 7 13 7 9 20 5 4 6 8 18 Other: IMF gold deposit 2. . ................... 233 233 All other........................................... 207 * 165 1 * 6 i 1 i ♦ 2 1 29 Total deposits................................ .... 22,837 934 6,867 945 1,447 1,035 1,264 3,056 845 589 1,023 1,232 3,600 Deferred availability cash items...... 7,406 517 1,362 401 556 570 654 1,223 355 240 463 397 668 Other liabilities and accrued dividends 337 16 100 16 25 22 17 50 11 7 14 14 45 Total liabilities........................................ 72,068 3,927 18,007 3,757 5,370 5,431 4,290 11,625 2,735 1,534 3,049 3,028 9,315 Capital accounts Capital paid in........................................ 591 29 154 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................... 189 9 49 10 (4 13 H 32 6 3 7 8 27 Total liabilities and capital accounts.. 73,418 3,992 18,358 3,828 5,488 5,505 4,373 11,826 2,781 1,565 3,107 3,103 9,492 Ratio of gold certificate reserves to F.R. note liability (per cent): Nov. 30, 1967.............................. 29.9 29.8 28.1 30.8 26.2 31.2 32.1 32.3 30.8 33.0 30.9 32.0 28.2 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 Contingent liability on acceptances purchased for foreign correspond­ ents..................................................... 151 7 -*38 8 14 8 9 22 5 4 7 9 20 Federal Reserve Notes—federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)................................................. 43,279 2,524 10,136 2,461 3,568 3,917 2,456 7,546 1,592 728 1,613 1,498 5,240 Collateral held against notes out­ standing: Gold certificate account.................... 6,589 450 1,000 510 600 595 450 1,400 317 127 225 180 735 Eligible paper...................................... U.S. Govt, securities.......................... 37,941 2,096 9,200 2,000 3,000 3,370 2,050 6,450 1,370 625 1,400 1,380 5,000 Total collateral................................ 44,530 2,546 10,200 2,510 3,600 3,965 2,500 7,850 1,687 752 1,625 1,560 5,735 1 After deducting $967 million participations of other F, R. Banks. 3 After deducting $104 million participations of other F. R. Banks. 2 See note 2 to table at bottom of page 2146. * After deducting $113 million participations of other F. R. Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2088 FEDERAL RESERVE BANKS; BANK DEBITS DECEMBER 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 Nov. 29 Nov. 22 Nov. 15 Nov. 8 Nov. 1 Nov. 30 Oct. 31 Nov. 30 Discounts and advances—Total....................................... 136 90 146 169 151 76 120 458 Within 15 days.................................................................. 132 85 141 165 148 73 118 442 16 days to 90 days........................................................... 4 5 5 4 3 3 2 16 91 days to 1 year....................................................... Acceptances—Total............................................................. 59 54 54 54 54 59 54 131 Within 15 days.................................................................. 12 10 11 9 7 11 7 88 16 days to 90 days........................................................... 47 44 43 45 47 48 47 43 91 days to 1 year .............................................................. U.S. Government securities—Total................................. 48,545 48,176 47,830 47,713 47,556 48,954 47,390 43,912 Within 15 days1................................................................ 2,237 2,045 2,128 8,308 8,987 1,568 8,466 2,043 16 days to 90 days........................................................... 7,569 7,467 6,640 7,646 6,460 7,658 6,895 8,346 91 days to 1 year.............................................................. 20,998 20,923 21,507 15,431 15,781 21,987 15,701 24,692 Over 1 year to 5 years.................................................... 16,258 16,258 16,137 14,910 14,910 16,258 14,910 7,446 Over 5 years to 10 years................................................ 928 928 883 883 883 928 883 988 Over 10 years................................................................... 555 555 535 535 535 555 535 397 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) Nether­ End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d ar i s an F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese gu la i n ld d e s r s f S r w an is c s s 1966_.Dec.................................. 875 594 55 2 1 216 3 1 * 3 1967—Jan................................... 397 319 55 2 1 15 1 I * 3 Feb.................................. 293 228 55 3 1 1 1 3 Mar................................. 160 96 55 3 1 1 1 3 Apr.................................. 184 121 55 3 I 1 1 1 2 May............................... 149 115 25 3 1 1 1 1 2 June................................ 578 399 29 3 1 144 1 1 * 2 July................................. 579 566 4 3 1 2 I 1 2 Aug............................. 866 761 3 3 1 94 I 1 * 3 BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (in billions of dollars) Period S T M 2 o 3 S t 3 a A l ’s N Le .Y ad . ing S 6 M o S t A he ’s rs2 T S o N ( M t e a . x S Y l c A 2 l . . ) 3 ’s 2 SM o 2 th 2 S 6 e A r ’s SM T 2 o 3 S t 3 a A l ’s N Le .Y ad . ing S 6 M o S th A e ’s rs2 T S o N M ( t e a x Y S l c A . l 2 ) . 3 ’s 2 SM o 2 th 2 S 6 e A r ’s 1966—Oct.................................. 6,065.4 2,551.8 1,364.9 3,513.6 2,148.7 54.0 in.2 52.2 39.6 34.3 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 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 •••■••••■»••■••• 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 Nov................................. 6,997.7 3,100.8 1,557.8 3,896.9 2,339.1 58,4 130.2 55.7 41,2 34.8 1 Excludes interbank and U.S Govt demand deposit accounts. Note,—Total SMSA’s includes some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as S MSA’s. Los Angeles-Long Beach. For a description of series, see Mar. 1965 Bulletin, p. 390. All data shown here are revised. For description of revision, see Mar. 1967 Bulletin, p. 389. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 U.S. CURRENCY 2089 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in cir­ cula­ tion 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939........................ 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941........................ 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1.433 261 556 24 46 1945........................ 28’515 20’683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4.220 454 801 7 24 1947........................ 28^868 20,020 1>34 1,048 65 2,110 6; 275 9,119 8,850 2,548 5 ,'070 428 782 5 17 1950........................ 27,741 19,305 1,554 1,113 64 2,049 5’998 8,529 8,438 2,422 5,043 368 588 4 12 1955........................ 31'158 22,021 1,927 1,312 75 2,151 6’617 9,940 9,136 2,736 5,641 307 438 3 12 1958........................ 32.193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959........................ 32,591 23’264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960........................ 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5 ,’954 249 316 3 10 1961........................ 33’918 24’388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6J06 242 300 3 10 1962........................ 35’338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963................. 37^692 26,807 3,030 1,722 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 3 4 1964........................ 39^619 28 J00 3^405 1,806 Ill 2,517 7’543 12,717 11,519 3,381 7 J 590 248 293 2 4 1965........................ 42,056 29,842 4327 1,908 127 2’618 7,794 13,369 12^214 3,540 8,135 245 288 3 4 1966—Oct.............. 43,113 30,556 4,380 1,926 137 2,583 7,785 13,745 12,556 3,572 8,455 239 283 3 4 Nov............ 44'245 31,499 4,447 1,996 137 2,684 8,076 14,159 12,747 3,632 8,583 240 285 3 4 44,663 31,695 4,480 2,051 137 2,756 8,070 14,201 12,969 3,700 8,735 241 286 3 4 1967—jan.............. 43^363 30,532 4,461 1,939 137 2,599 7,730 13,667 12,831 3,629 8,673 239 283 3 4 43,585 30,758 4,481 1,933 137 2,612 7,840 13,755 12,827 3,622 8,677 239 282 3 4 43’583 30,753 4,518 1,939 137 2,599 7,801 13^759 12,831 3,621 8,683 239 281 3 4 Apr............ 43 ,'730 30,887 4,551 1,948 137 2,607 7,'817 13,827 12,844 3,625 8,692 238 282 3 4 44,443 31’509 4,600 1,984 137 2’671 7,979 14,138 12,935 3,660 8,743 238 282 6 6 June........... 44,712 3^684 4,641 1,879 137 2,635 8,035 14,357 13,029 3,699 8,805 238 280 3 4 July............ 44,866 31,774 4,674 1,873 137 2,625 7,989 14,476 13,094 3,724 8,844 238 281 3 4 45,071 31.884 4,720 1,878 136 2,628 8,001 14,521 13,186 3,749 8,911 238 281 3 4 Sept............ 45’,031 31,795 4,752 1,886 136 2,621 7,949 14,451 13,236 3,751 8,959 238 281 3 4 Oct........ 45321 32,095 4,803 1,913 136 2,658 8.013 14,572 13,325 3,766 9,031 238 283 3 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break­ Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Held by Kind of currency T s O t o a t c 1 n a t 9 d l . 6 i o 7 3 n 1 u g , t ­ c A g e a s o r s g t l s i i d a l f e v i i c c n e a u a r n s r t t d i e t s y Tr c e a a s s h ury A B F a F g a . n e n o R d n k r . t s s A B F a g a n . e n R d n k . t s s Oct. 31 1967 Sept. 30 O 1 c 9 t. 6 6 31 Gold....................................... 12,905 (12,409) M96 Gold certificates................... <12,409) 312,408 I Federal Reserve notes,,... 42,548 123 2,574 39,851 39,508 37,775 Treasury currency—Total.. 6,765 (383) 832 361 5,571 5,524 5,338 Standard silver dollars... 485 3 482 482 482 Silver bullion.................... 483 380 103 Silver certificates............. (383) 4 378 383 564 Fractional coin................ 5,388 ................... 715 ................... 352 4,321 4,270 3,898 United States notes........ 323 15 5 303 303 304 In process of retirement4 87 86 87 90 Total—Oct. 31, 1967........... 562,218 (12,792) 1,451 12,408 2,937 45,421 Sept. 30, 1967......... 562,121 (12,896) 1,463 12,509 3,118 45,031 Oct. 31, 1966.......... 560,548 (13,351) 1,144 12,774 3,516 43,113 i Outside Treasury and F.R. Banks. Includes any paper currency held s Does not include all items shown, as some items represent the security outside the United States and currency and coin held by banks. Esti­ for other items, gold certificates arc secured by gold, and silver certificates mated totals for Wed. dates shown in table on p. 2079. 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: (1) the Gold Certificate Note.—Prepared from Statement of United States Currency and Coin Fund—Board of Governors, FRS; and (2) the Redemption Fund for F.R. and other data furnished by the Treasury. For explanation of currency notes, reserves and security features, see the Circulation Statement or the Aug. 4 Redeemable from the general fund of the Treasury. 1961 Bulletin, p. 936, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2090 MONEY SUPPLY; BANK RESERVES DECEMBER 1967 MONEY SUPPLY AND RELATED DATE (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt, Total c C om ur p re o n n c e y n t D d e e m po a s n it d jus a t d ed ­ 1 Total c C om ur p re o n n c e y n t D d e e m po a s n it d jus a t d ed ­ 1 d d e e p m os a i n ts d 1 component component 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 46 1966—Nov....................................................... 170.1 38.1 132.0 157.4 171.5 38.5 133,0 156.1 3.7 Dec........................................................ 170.4 38.3 132.1 158.6 175.8 39.1 136.7 156.9 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 May.......................................... 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........................................ 180.2 39.9 140.3 180.8 180.6 40.0 140.6 180.3 6.2 Nov.”.................................................... 181,3 40.0 141.3 182.5 182.6 40.5 142.1 181.1 5.2 Week ending— 1967—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 3 179.9 5 2 18................................................ 180.5 40.0 140.5 180.9 181.1 40.1 141.0 180.3 6.7 25................................................ 179.6 39.9 139,7 181.2 179.8 39.9 139.9 180,4 7 0 Nov, 1....................................... 180.3 39.8 140.5 181,6 181.6 39.7 141.9 180.9 6.3 8..........1..8..1....3.................4..0.....0........ 141.3 181,7 182,7 40.4 142.3 180.9 5.7 15................................................ 181.3 40.0 141.3 182.3 182.9 40.5 142.5 181.0 4.2 22................................................ 181.3 40.1 141,2 182.9 182.2 40.6 141.5 180.9 5,8 29................................................ 181.1 40.1 141.0 183,2 182.1 40.6 141.5 181,3 5.2 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 ail 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 reserves1 Deposits subject to Member bank reserv es1 Deposits subject to reserve requirements2 reserve requirements2 Period Total r N o b w o o r n e ­ d ­ qu R ir e e ­ d Total s T a a v i n m in d g e s de v P m a r t a i e ­ n d d G e U m o . v S an t . , d Total r N o b w o on r e ­ d ­ qu R i e re ­ d Total s T a a v i n m in d e g s de v P m a r t a i e ­ n d d G e U m o .S v a . t n , 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—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 23.45 262,4 142.5 116,7 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........ 24.61 24.43 24.30 271.1 147.4 118.1 5.6 24.61 24.48 24.32 271.1 146.9 118.5 5.7 Nov.”.. 24.75 24.64 24.41 273.0 148.9 118.8 5.3 24.72 24.59 24.34 271,9 147.6 119.7 4.6 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

DECEMBER 1967 BANKS AND THE MONETARY SYSTEM 2091 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capita! Total Bank credit assets, net— Treas­ Total Date c u u ry r­ U.S. Government securities li i a ti b e i s l ­ Total Ca a p n i d t al Gold rency Other and deposits misc. st o i a n u n g t d ­ ­ Total n L e o t a 1 n , s , 2 Total s C a a v o n i m n d g l. s R F B e e a d s n e e r k r v a s e l 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 1947—Dec. 31 22,754 4,562 160,832 43,023 107,086 81,199 22.559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,008 184,384 14,624 1963—Dec. 20 15,582 5,586 333,203 189,433 103,273 69,068 33,552 653 40,497 354,371 323,251 31,118 1965—Dec. 31. 13,733 5,575 399,779 242,706 106,716 65,016 40,768 932 50,357 419,087 383,727 35,359 1966—Nov. 30. 13,200 6,200 412,400 254,200 104,500 59,300 43,900 1,300 53,700 431,800 389,200 42,600 Dec. 31 13,159 6,317 422,676 261,459 106,472 60,916 44,316 1,240 54,745 442,152 400,999 41,150 1967—Jan. 25. 13,200 6,400 418,800 257,000 106,100 60,700 44,200 1,200 55,700 438,300 396,900 41,400 Feb. 22. 13,100 6,400 420,700 256,300 107,300 61,300 44,700 1,400 57,200 440,300 396,900 43,400 Mar. 29. 13,100 6,500 426,100 259,700 107,700 62,500 44,500 700 58,700 445,700 403,500 42,200 Apr. 26. 13,100 6,600 430,600 262,100 107,600 60,600 45,400 1 ,500 61,000 450,300 406,900 43,400 May 31. 13,100 6,600 432,800 263,000 107,800 60,300 46,100 I ,400 62,000 452,500 408,300 44,200 June 30 13,110 6,612 439,966 268,967 106,752 58,537 46,718 l ,497 64,247 459,688 416,122 43,567 July 26. 13,100 6,600 442,600 268,200 109,800 61,500 46,900 1 ,400 64,600 462,300 417,800 44,500 Aug 30. 13,000 6,700 445,600 268,500 111,200 63,500 46,200 1 ,500 65,900 465,300 418,600 46,700 Sept. 27.. 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. 25p. 13,000 6,800 454,700 272,400 115,000 66,600 47,100 1 ,200 67,300 474,500 428,300 46,200 Nov. 29 p 13,000 6,800 458,000 273,000 117,000 67,100 48,500 1,300 68,000 477,700 431,400 46,300 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 s D p a t a o d e e n d s ­ ­ d i t s s Total o b r u C e a t n n u s c i k r d y ­ s e j d u e m s D p a t a o e d e n d s ­ ­ d i t s 5 Total b m C a e n o r k c m s ia ­ l 1 b M sa a v n u i t k n u s g a s l 6 S P t a S e o v m y s 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 a c a a v o A n n i m n d t k ! g s , s B F A a .R n t k . s 1947—Dec. 31... . 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.. . . 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1,293 2,989 668 1963—Dec. 20.... 153,100 31,700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 1,206 392 6,986 850 1965—Dec. 31.... 167,100 35,400 131,700 175,314 36,999 138,315 199,427 146,433 52,686 309 1,780 760 5,778 668 1966—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. 26.... 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... . 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 30... . 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 26.... 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. 30... . 175,100 38,400 1361700 173,500 38,600 134,900 236,500 177,900 58,600 1 J00 1 JOO 3 J00 1,300 176 600 38,600 138,000 175 500 38,700 136 800 237,500 178,300 59,200 1 JOO 1,500 7,300 711 Oct. 25p... 177.200 39,100 138,100 177,900 39,000 138,900 239 JOO 179 J00 59 J00 1 JOO 1 J00 6 J00 900 Nov. 29 p. . 178,300 39'000 139’300 180,700 39,700 141,000 240 JOO 180 J00 59’600 .......1. ..J..0.0 1 J00 5,200 1 JOO 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. 2095. million to demand deposits). 2 See note 2 at bottom of p. 2095. 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. I960. 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

2092 COMMERCIAL AND MUTUAL SAVINGS BANKS DECEMBER 1967 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total _______ assets— Cla a s n s d o d f a b t a e nk Total Loans G U o S . v S e t c . . urit O ie t s h 2 er a C ss a e s t h s 3 c b c T o a i a l a u o p i l n c t i t i n i d a ­ t a e a t - l s s l 4 Total 3 m D I a n e n t ­ e d rba T n i k m 3 e U. D S. e ma O O n t d t h h e e r r T 1 im . 5 e r B i o n o w g r s - - c c T a o a p o u c i t n t ­ a a t l s l N ba b u o n e m f r k s ­ Govt AH banks: 1941—Dec. 31................ 61,126 26.615 25,511 8,99927.344 90.908 81,816 10,982 44.355 26,479 23 8,414 14.826 1945—Dec. 31................. 140,227 30,361 101,288 8,57735,415 177.332 165,612 14,065 105,935 45,613 227 10,542 14.553 1947—Dec. 31 6.............. 134,924 43.002 81,199 10,723 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 65,016 50,35761,916435,483 385,196 18,426 1,009 5,532 160,847 199,381 4,56434,935 14,309 1966—Nov. 30............... 374,510261,520 59,25053,74061,700448,240387,980 17,110 900 3,810 155,680210,480 7,95036,770 14,288 Dec. 31............... 381,684266,022 60,91654,74570,085 464,376407,637 19,770 968 4,999 167,821 214,078 4,92936,926 14,271 1967—Jan. 25............... 379,860263,530 60,68055,65059,570451,390392,970 16,050 1,110 4,680 153,470217,660 7,010 36,910 14,266 Feb. 22. . ........... 380,920262,430 61,300 57,19061,260454,340394,860 16,640 1,180 6,200 150,490220,350 6,74037,140 14,260 Mar. 29............... 387,050265,860 62,47058,72058,500457,800399,140 16,350 1,350 5,520 151,510224,410 6,270 37,380 14,264 Apr. 26............... 389,660268,040 60,63060,99061,450463,590404,530 16,560 1,350 6,440 154,430 225,750 6,640 37,440 14,262 May 31............... 391,880269,630 60,26061,99064,810469,530409,520 17,520 1 ,370 4,160 157,450229,020 7,080 37,800 14,246 June 30............... 396,754273,970 58,53764,24766,210476,268417,790 18,030 1,469 5,159 161,138 231,995 5,208 38,217 14,247 July 26................ 401,010274,930 61 ,51064,57063,150477,020416,120 17,020 1 ,480 5,920 157,800233,900 6,910 37,940 14,247 Aug. 30................ 404,280274,870 63,51065,90059,840476,930414,950 16,750 1,550 3,640 156,220236,790 6,520 38,330 14,245 Sept. 27................ 409,200278,140 64,50066,56062,300484,480422,660 17,040 1 ,530 7,020 159,300 237,770 6,47038,160 14,244 Oct. 25 p............ 412,380278,430 66,63067,32062,300487,590425,670 17,170 1,430 6,680161,030239,360 6,14038,650 14,236 Nov. 29 p....... 414,810279,710 67,10068,00062,690490,450427,660 16,970 1 ,340 4,980 163,730240,640 6,92038,840 14,237 Commercial banks: 1941—Dec, 31............... 50,746 21.714 21.808 7.22526,551 79.104 71,283 10.982 44.349 15.952 23 7,173 14.278 1945—Dec. 31............... 124,019 26,083 90.606 7,331 34,806 160.312 150.227 14,065 105,921 30.241 219 8,950 14.011 1947—Dec. 316............. 116.284 38,057 69,221 9,00637,502 155,377 144.103 12,792 240 1,343 94.367 35.360 65 10,059 14,181 1965—Dec. 31............... 306,060201,658 59,54744,85560,899 377,264332,436 18,426 1,008 5,525 160,780 146,697 4,472 30,272 13,804 1966—Nov. 30............... 315,770213,460 54,39047,92060,890387,650333,460 17,110 900 3,810 155,630 156,010 7,95031,930 13,784 Dec. 31............... 322,661 217,726 56,16348,77269,119403,368352,287 19,770 967 4,992 167,751 158,$06 4,85932,054 13,767 1967—Jan. 25................ 320,320214,970 56,00049,35058,600389,820337,320 16,050 1,110 4,680 153,410 162,070 7,01032,050 13,762 Feb. 22............... 320,890213,600 56.60050,69060,220392,220 338,870 16,640 1,180 6,200 150,430 164,420 6,74032,240 13,756 Mar. 29............... 326,570216,750 57.83051,99057,360395,100 342,400 16,350 1,350 5,520 151,450 167,730 6,27032,470 13,760 Apr. 26............... 328,830218,730 56,15053,95060,380400,610 347,590 16,560 1 ,350 6,440 154,370 168,870 6,64032,580 13,758 May 31............... 330,400219,880 55,83054,69063,710405,880 352,140 17,520 1 ,370 4,160 157,380 171,710 7,08032,880 13,743 June 30............... 334,857223,952 54,23356,671 65,059412,118 359,531 18,029 1 ,468 5,152 161,048 173,833 5,16633,285 13,744 July 26............... 338,570224,780 57,11056,68062,070412,380357,750 17,020 1,480 5,920 157,730175,600 6,91033,030 13,746 Aug. 30............... 341,230224,340 59,14057,75058,810411,730356,250 16,750 1 ,550 3,640156,150178,160 6,52033,360 13,744 Sept. 27............... 345,780227,430 60,09058,26061,300418,910363,390 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 6,140 33,680 13,735 Nov. 29 p. ........... 350,950228,460 62,85059,64061,730424,500367,950 16,970 1,340 4,980 163,640 181,020 6,92033,890 13,736 Member banks: 1941—Dec. 31............... 43.521 18.021 19.539 5.961 23,123 68.121 61,717 10,385 140 1.709 37.136 12.347 4 5.886 6.619 1945—Dec, 31............... 107.183 22.775 78.338 6.07029.845 138.304 129,670 13,576 6422.179 69.640 24.210 208 7.589 6.884 1947—Dec. 31............... 97.846 32.628 57.914 7.30432.845 132.060 122,528 12,353 50 1,176 80.609 28.340 54 8.464 6.923 1965—Dec. 31............... 251,577 169,800 44,99236,78552,814 313,384275,517 17,454 840 4,890 132,131 120,202 4,23424,926 6,221 1966—Nov. 30................ 258,041 179,106 40,355 38,58053,564321,185 274,67616,188 730 3,448 127,757 126,553 7,45926,189 6,158 Dec. 31............... 263,687 182,802 41,92438,96060,738334,559291,063 18,788 794 4,432 138,218 128,831 4,61826,278 6,150 1967—Jan. 25................ 261,583 180,244 41.77339,56651,387322.412277,460 15,228 937 4,161 125,481 131,653 6,63826,285 6,137 Feb. 22................ 262,135 178,958 42.40440,77352,973 324.753279,014 15,828 1 ,006 5,506123,124 133,550 6,42626,453 6.130 Mar. 29................ 267,086 181,604 43,54541,93750,276327,040281,903 15,547 1,172 4,857 124,096136,231 6,04426,639 6,129 Apr. 26............... 268.466 182,821 42,001 43,64453,487 331,864286,486 15,742 1,172 5,899 126,642 137,031 6,40026,749 6,127 May 31................ 269,654183,480 41,90044,27456,487336,422290,441 16,716 1,194 3,629 129,570 139,332 6,76527,009 6,113 June 30 273,266 186,814 40,63645,81657,391 341,290296,548 17,167 1 ,314 4,580 132,546 140,942 4,92027,237 6,108 July 26............... 276,381 187,536 42,95745,88855,166341,784294,976 16,187 1 ,326 5,286 129,674 142,503 6,625 27,061 6,108 Aug. 30 278,259 187,130 44,41646,71352,060340,576293,115 15,891 1,393 3,128 128,086 144,617 6,20927,318 6,100 Sept. 27................ 281,993 189,870 45,00347,12054,477 346,853 299,334 16,162 1,377 6,318 130,683 144,794 6,141 27,233 6,095 Oct. 25............... 284,341 189,676 46,96747,69854,470349,107 301,584 16.284 1,275 6,051 132,075 145,899 5,80827,575 6,086 Nov. 29 p. ...... 285,700 190,515 47,091 48,09454,809350,888 302,689 16,082 1,189 4,356134,283 146,779 6,45627,734 6,083 Mutual savings banks: 1941—Dec. 31............... 10.379 4.901 3.704 1.774 793 11.804 10.533 6 10.527 1.241 548 1945—Dec. 31............... 16,208 4.279 10.682 1,246 609 17.020 15.385 14 15.371 7 1,592 542 1947—Dec. 31 6............. 18,641 4.944 11,978 1,718 886 19.714 17.763 1 3 14 17,745 1,889 533 1965—Dec. 31............... 56,260 45,288 5,470 5,501 1,017 58,219 52,760 8 67 52,686 92 4,663 505 1966—Nov. 30................ 58,740 48,060 4,860 5,820 810 60.590 54,520 50 54,470 4,840 504 Dec. 31............... 59,023 48,296 4,753 5,973 966 61,008 55,350 ........... 1 7 70 55,271 69 4,871 504 1967—Jan. 25............... 59.540 48,560 4,680 6,300 970 61,570 55,650 60 55,590 4,860 504 Feb. 22................ 60,030 48,830 4,700 6,500 1,040 62,120 55,990 60 55,930 4,900 504 Mar. 29............... 60,480 49,110 4,640 6,730 1,140 62,700 56,740 60 56,680 4.910 504 Apr. 26............... 60,830 49,310 4,480 7,040 1,070 62.980 56,940 60 56,880 4,860 504 May 31............... 61,480 49,750 4,430 7,300 1,100 63,650 57,380 70 57,310 4,920 503 June 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 63,420 50,710 4,410 8,300 1,000 65.570 59,270 70 59,200 4,970 501 Oct. 25................ 63,570 51,010 4,260 8,300 1,000 65,720 59,420 90 59,330 4,970 501 Nov. 29 p............ 63,860 51,250 4,250 8,360 960 65,950 59,710 90 59,620 .....4..,.9...50 501 For notes see p. 2095, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 COMMERCIAL AND MUTUAL SAVINGS BANKS 2093 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 3 Other Cla a s n s d o d f a b te ank Total Loans a C ss a e s t h s 3 bi a u li n a t d i - e s TotaP Demand r B i o n o w g r s ­ ­ c c T a o a o p u c t i n a ­ ta l t s l N ba b o u n e f m r k s ­ G U o . v S t . . Oth 2 er c c o a a p u c i n ­ ta ts l 4 m D a e n ­ d Time U.S. Other Time1 Govt. Reserve city member banks: New York City:7’8 1941—Dec. 31................... 12,896 4,072 7,265 1,559 6,637 19.862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31................... 26J43 7,334 17,574 1 ,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31................... 20.393 7,179 11,972 1 ,242 7,261 27,982 25.216 4,453 12 267 19,040 1.445 30 2.259 37 1965—Dec. 31................... 44,763 33,125 5,203 6,435 11,876 59,517 49,270 5,225 522 1 ,271 24,265 17,988 1,987 5,114 12 1966—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 24.754 19,678 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 5,311 816 1,686 24,506 19,731 1,688 5,680 12 Oct. 25................... 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 Nov. 29 »................. 49,805 36,799 6,257 6,749 13,106 66,251 52,163 5,254 752 828 24,83620,493 1,946 5,729 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 1! 1966—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 H 1967—Jan. 25.................... 11,648 8,316 1,712 1,620 2,673 14,779 11,705 1,169 16 191 5,226 5,103 1,072 1,196 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 II 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 II July 26.................... 12,272 8,961 1,679 1,632 2,920 15,702 12,877 1,321 10 293 5,416 5,837 655 1,214 11 Aug. 30............... 12,252 8,923 1,714 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 t ,610 2,791 15,556 12,986 1 .230 14 432 5,346 5.964 490 1,224 II Oct. 25................... 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 Nov. 29 »................. 12,350 8,843 1,701 1,806 2,560 15,375 12,860 1,156 9 227 5,430 6,038 650 1,225 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 28.990 11,423 1 2,844 353 1965—Dec. 31................... 91,997 65,117 14,35412,526 21,147 116,350 103,034 8,422 206 1,773 47,09245,541 1,548 9,007 171 1966—Nov. 30.................... 94,654 68,959 12,237 13,458 20,732 118,882 102,611 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 12,87513,796 20,283 118,870 103,332 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 13,72415,271 19,706 121,135 105,418 7,387 361 1,825 43,54452,301 2,725 9,589 (67 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 12,93816,79421,164123,823 107,604 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 13,43717,37421 ,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 17,505 20,084 125,091 108,768 7,514 446 1,198 44,751 54,859 2,959 9,792 165 Sept. 27................... 102,633 71,321 13,92617,38621,617 128.028 (11,366 7,532 478 2,499 45,83455,023 3,304 9,840 164 Oct. 25................... 103,434 71,515 14,409 17,510 21 ,311 128,525 112,050 7,705 404 2,474 46,27855,189 3,037 9,887 162 Nov. 29 p................. 103,221 71,628 14,127 17,466 21 ,957 128,973 112,429 7,555 322 1,803 47,335 55,414 2,937 9,931 162 Country member banks:7’8 1941—Dec. 31............... 12,518 5,890 4,377 2,250 6,402 19,466 17.415 792 30 225 10,109 6.258 4 1,982 6.219 1945—Dec. 31................... 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 11 2,525 6,476 1947—Dec. 31................... 36,324 10,199 22,857 3,268 10,778 47,553 44.443 1,056 17 432 28,378 14,560 23 2.934 6,519 1965—Dec. 31................... 103,362 63,338 23,735 16,288 17,366 123,227 110,738 2,371 74 1,501 55,11851,675 343 9,673 6,027 1966—Nov. 30.................... 107,688 67,355 22,289 18,044 17,035 127,416113,382 2,019 74 1,084 53,833 56,372 98410,252 5,965 Dec. 31.................... 109,518 68,641 22,41918,458 19,004 131,338 117,749 2,392 69 1,474 56,67257,144 308 10,309 5,958 1967—Jan. 25.................... 109,017 68,225 22,411 18,381 16,886 128,721 115,009 1,991 64 1,370 53,59957,985 74610,301 5,946 Feb. 22.................... 109,048 68,057 22,360 18,631 17,051 128,935 115,112 1,975 64 1,820 52,40758,846 630'10,335 5,939 Mar. 29.................... 110,439 69,056 22,491 18,892 16,600 129,920116,201 1,950 64 1,751 52,50659,930 448 10,407 5,939 Apr. 26.................... 111,770 70,121 22,28419,365 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 19,774 17,238 132,634118,522 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 22,43320,593 16,637 134,452 120,410 1,981 69 1,523 54,04862,789 572 10,508 5,920 Aug. 30.................... 116,244 71,843 23,33521.06616,430 135,435 121,040 2,033 69 1,229 54,07863,631 612 10,637 5,912 Sept. 27.................... 117,676 72,503 23,90421,26916,863 137,318 122,932 2,089 69 1 ,701 54,99764,076 659 10,489 5,908 Oct. 25................... 118,889 72,777 24,46321,64916.864 138,574 124,039 2,103 106 1 ,511 55,61064,709 660 10,746 5,901 Nov. 29 p............... 120,324 73,245 25,00622,073 17,1861140,289125,237 2,117 106 1,498 56,68264,834 923 10,849 5,898 For notes see p. 2095. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2094 COMMERCIAL AND MUTUAL SAVINGS BANKS DECEMBER 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 C a a l l n a l k s d s a a o n te f d Total L 1 o a . 2 ns G U o S . v S e t . c . urit O ie t s h 2 er as C s a e s ts h J c c o b T a i a u l a l p o i n i n c a t i t d - i t t a ­ e a s l s ^ l Total 3 m I D n a e n t ­ e d rba T n i k m 3 e U. D S. e ma O O n t t d h h e e r r Ti 1 m . 5 e r B i o n o w g r s ­ ­ c c T a o a o p u c t i n ­ a ta t l s l b N a b o u n e f m k r s ­ Govt. Insured commercial: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10.654 1,762 41,298 15,699 10 6,844 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 62,499 38,320 59,911 343,876 305,113 17,664 733 6.487 154.043 126,185 2.58027.377 13.486 1965—Dec. 31 . 303,593200,109 59,12044,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146.084 4,325 29,827 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 4,717 31,609 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 14,977 43,433 39,458 6.786 1,088 23,262 8.322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16.224 78 4.644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1964—Dec. 31.. 151.406 96,688 33,405 21,312 34,064 190,289 169,615 10,521 211 3.604 84,53470.746 1,109 15,048 4,773 1965—Dec. 31.. 176,605 118,537 32,347 25,720 36,880 219,744 193,860 12,064 458 3,284 92,533 85,522 2,627 17,434 4,815 1966—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.. 195,339 132,725 29,54433,070 39,461 242,039 211,098 11,330 746 3,202 93,063 102,757 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 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4, UI 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1964—Dec. 31.. 77,091 51,002 15,312 10,777 18,673 98,852 86,108 6,486 453 2,234 44,005 32,931 1,372 7,853 1,452 1965—Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,598 34,680 1,607 7,492 1,406 1966—Dec. 31.. 77,377 54,560 11,569 11,247 19,049 99,504 85,547 6,200 357 1,397 41.46436,129 1,498 7,819 1,351 1967—June 30.. 78,908 55,070 11,091 12,747 17,931 100,232 86,432 5,837 567 1,379 39,48239,166 1,501 8,140 1,328 Insured nonmember commercial: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 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 1,872 329 1,291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 31 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 4 7 5,504 3.613 18 1,288 7.662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31.. 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1964—Dec. 31.. 48,879 27,899 14,273 6,707 7,752 57,780 51,447 931 156 672 26,645 23,043 198 4,894 7,536 1965—Dec. 31.. 54,483 31,858 14,555 8,070 8,085 63,879 56,919 972 168 635 28,64926,495 238 5,345 7,583 1966—Dec. 31.. 59,257 35,206 14,239 9,812 8,381 69,092 61,506 983 173 560 29,53230,258 241 5,776 7,617 1967—June 30.. 61,882 37,429 13,597 10,855 7.667 71,119 63,274 862 154 571 28,50233,183 246 6,048 7,636 Insured mutual savings: 1941—Dec. 31.. 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1 1 9 9 4 4 7 5— —D D e ec c . . 3 3 1 1. . . . 1 1 0 2 . , 8 6 4 8 6 3 3 3 , , 0 5 8 6 1 0 7 8 , , 1 1 6 65 0 6 9 0 5 6 8 6 4 7 2 5 9 1 1 3 1 , , 4 4 9 2 9 4 1 1 0 2 , , 3 2 6 0 3 7 ........... i 2 12 12 1 1 0 2 , , 3 1 5 9 1 2 1 1 1 , , 2 0 5 3 2 4 1 1 9 9 2 4 1964—Dec. 31.. 45,358 36,233 4,110 5,015 893 47,044 42,751 2 7 32642,416 20 3,731 327 1965—Dec. 31 . 48,735 39.964 3,760 5,010 904 50,500 45,887 1 7 35945,520 91 3,957 329 1966—Dec. 31.. 51,267 42,591 3,324 5,352 847 53,047 48,254 1 6 381 47,865 69 4,140 330 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. 316 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1 1 9 9 6 6 4 5 — — D D e e c c . . 3 3 1 1 . . . . 7 7 , , 5 00 2 5 6 5 4 , , 3 8 2 5 5 2 1 1 , , 6 7 7 1 8 0 4 49 7 1 5 1 11 1 1 3 7 7 , , 1 7 9 2 5 0 6 6 , , 3 8 8 7 7 4 ........... 1 6 8 6 6 . , 3 8 8 6 1 5 i 7 6 0 7 6 0 1 1 7 7 8 7 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

DECEMBER 1967 COMMERCIAL BANKS 2095 LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total’, 2 Loans 1,2 Total i, 2 Loans’ ,2 U.S. Other 2 U S. Other 2 Govt. Govt. 1958—Dec. 31..................................................................... 181.2 95.6 65,1 20.5 184.4 97 5 66.4 20.6 1959—Dec. 31..................................................................... 185.9 107.5 57.9 20.5 189 5 110 0 58 9 20 5 1960—Dec. 31..................................................................... 194.5 113.8 59.8 20.8 198 5 116 7 61 0 20 9 1961—Dec. 30..................................................................... 209.6 120.5 65.2 23.9 214.4 123 9 66.6 23.9 1962—Dec. 31..................................................................... 227.9 134.1 64.5 29.2 233.6 137 9 66.4 29 3 1963—Dec. 31..................................................................... 246.2 149.7 61.5 35.0 252.4 153 9 63 4 35 1 1964—Dec. 31..................................................................... 267.2 167.7 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—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 56.2 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 51.1 314 5 207 2 56.6 50.7 Mar. 29..................................................................... 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 May 31...................................................................... 324.6 213.5 56.1 55.0 323.6 213 1 55 8 54 7 June 30...................................................................... 325.6 213.9 55.4 56.3 329.5 218,6 54.2 56.7 July 26.................................................................... 332.4 217.1 58.8 56.5 331.8 218 0 57 1 56 7 Aug. 30..................................................................... 337.3 218.2 61.8 57.3 334.2 217.3 59.1 57.8 339.5 220.2 61.6 57.7 338 8 220.4 60 I 58 3 Oct. 25 p................................................................... 342.6 221.8 62.3 58.6 341.6 220.2 62.4 59*0 Nov. 29 p................................................................... 344.3 222.3 61.8 60.2 343.9 221.5 62.8 59.6 1 Adjusted to exclude interbank loans. Note.—Data are for last Wed. of month except for June 30 and Dec. 2 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 tn 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..,..1..5..0..............1...,.2..2..3.. 1,272 AH member (cont.)— Insured ........1..,.1...5..0...............1..,.2..2..3........ 1,271 Other reserve city............................... 338 370 389 National member................................ 678 729 764 Country................................................. 532 571 591 State member....................................... 193 212 217 All nonmember....................................... 280 283 291 870 941 981 Insured.................................................. 279 282 291 New York City.................................... Noninsured.......................................... 1 City of Chicago.................................... Note.—These hypothecated deposits are excluded from “Time depos­ These deposits have not been deducted from “Loans” and “Time de­ its” and “Loans” at all commercial banks beginning with June 30, 1966, posits” in the table on p. 2094, or from “Loans” and “Time deposits, as follows: in the tables onpp.2091-93:in the table at the top of this IPC” in the tables on pp. 2096-97. page; and in the tables on pp. 2098-2101 (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. 2092-94. 8 Beginning with May 18, 1964 one New York City country bank with loans and investments of $1,034 million and total deposits of $982 million 1 See table “Deposits Accumulated at Commercial Banks for Payment was reclassified as a reserve city bank. Beginning with May 13, 1965, of Personal Loans" and its notes above. Toledo, Ohio, reserve city banks with total loans and investments of 2 Beginning June 30, 1966, loans to farmers directly guaranteed by $530 million and total deposits of $576 million were reclassified as country CCC were reclassified as securities, and Export-Import Bank portfolio banks. fund participations were reclassified from loans to securities. This reduced “Total loans” and increased “Other securities” by about $1 billion. Note.—Data are for all commercial and mutual savings banks in the “Total loans” include Federal funds sold, and beginning with June 1967 United States (including Alaska and Hawaii, beginning with 1959). For securities purchased under resale agreements, figures for which are shown definition of “commercial banks” as used in this table, and for other for commercial banks on the following two pages. banks that are included under member banks, see Note, p. 643, May 1964 3 Reciprocal balances excluded beginning with 1942. Bulletin. 4 Includes other assets and liabilities not shown separately. Comparability of figures for classes of banks is affected somewhat by 5 Figures for mutual savings banks include relatively small amounts changes in F.R. membership, deposit insurance status, and the reserve of demand deposits. Beginning with June 1961, also includes certain classifications of cities and individual banks, and by mergers, etc. accounts previously classified as other liabilities. Data for national banks for Dec. 31, 1964, have been adjusted to make 6 Beginning with Dec 31, 1947, the series was revised; for description, them comparable with State bank data. see note 4, p. 587. May 1964 Bulletin. Figures are partly estimated except on call dates. 7 Regarding reclassification of New York City and Chicago as reserve For revisions in series before June 30, 1947, see July 1947 Bulletin, cities, see Aug. 1962 Bulletin, p. 993. For various changes between pp. 870-71. 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

2096 COMMERCIAL BANKS DECEMBER 1967 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments For To purchasing financial U.S. Government Class of lo T a o n ta s l t F er e a d l ­ Com­ o s r e c c a u r r r it y i i e n s g institutions 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 3 in­ al 5 bro­ vid- Bills secu­ d tr u ia s l ­ k a e n r d s ot T h o er s Banks Others uals3 Total ce a r n t d if i­ Notes Bonds rities deal­ cates ers Total: 2 1947—Dec, 31.. 116,284 ...... 38,057 18,167 1,660 830 1 ,220 115 9,393 5,723 94769,221 9,982 6,03453,205 5,2763,729 1964—Dec. 31.. 277,376 175,589 60,2177,505 5,5422,843 3,491 10,91343,675 39,8095,15262,991 13,377 19,03930,57433,533 5,263 1965—Dec. 31.. 306,060 2,103 199,555 71,4378,2125,258 3,231 2,158 13,291 49,30045,4685,215 59,547 n.a. n.a. n.a. 38,655 6,201 1966—Dec. 31.. 323,885 2,544216,405 80,598 8,555 5,821 3,203 2,189 13,30253,95047,943 5,183 56,163 n.a. n.a. n.a. 41,003 7,769 1967—June 30.. 336,129 3,944221,28084,5399,333 4,5983,326 1,784 12,23455,275 49,530 5,065 54,233 n.a. n.a. n.a.46,8739,799 All insured: 1941—Dec. 31.. 49,290 21,259 9,2141,450 614 662 40 ........... 4,773 4,5 05 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,3143,1643,606 49 4,677 2,361 1,132 88,91221,526 16,045 51,342 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18,0121,610 823 1,190 114 9,266 5,654 91467,941 9,676 5,91852,347 5,1293,621 1964—Dec. 31.. 275,053 174,23459,7467,4825,355 2,794 3,419 10,81243,43639,627 5,11262,49913,275 18,93930,285 33,2945,026 1965—Dec. 31.. 303,593 2,064 198,04570,8878,191 5,088 3,172 2,093 13,14849,02645,2905,155 59,12013,134 13,233 33,858 38,4195,945 1966—Dec. 31.. 321,473 2,461 214,91880,060 8,5365,643 3,148 2,131 13,148 53,68647,7705,127 55,78812,080 13,439 31,53640,761 7,545 1967—June 30.. 333,742 3,874219,83384,0139,3134,383 3,273 1,701 12,11455,05649,3595,01753,871 8,563 14,653 31,918 46,6069,558 Member, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,0902,871 1945—Dec. 31.. 107,183 ........... 22,775 8,949 855 3,1333,378 47 3,455 1,900 1,057 78,338 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 4,662 839 57,914 7,803 4,81545,295 4,1993,105 1964—Dec. 31.. 228,497 147,69053,717 4,643 5,1422,411 3,250 10,17934,58732,0244,82448,717 9,932 15,23823,54828,3743,715 1965—Dec. 31.. 251,577 i,86i 167,93963,9795,099 4,915 2,714 2,008 12,475 38,98836,4184,83244,992 9,441 10,10626,367 32,5884,198 1966—Dec. 31.. 264,627 2,119 181,62472,553 5,318 5,3892,660 2,047 12,34942,38437,9254,75741 ,924 8,567 9,789 24,60933,8005,160 1967—June 30.. 274,247 3,377 184,41875,921 5,7374,1752,743 1,620 11,35443,13038,9124,63040,636 5,769 10,971 24,855 39,0856,731 New York City: 1941-Dec. 31.. 12,896 ........... 4,072 2,807 8 412 169 32 123 5:2 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 26 80 287 272 17,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 238 11,972 1,642 558 9,772 638 604 1964—Dec. 31.. 39,507 27,301 14,189 302,742 623 1,179 2,615 2,546 2,6541,371 6,178 1,958 1,972 2,248 5,579 449 1965—Dec. 31.. 44,763 412 32,713 18,075 202,866 665 1,010 3,471 3,139 2,928 1,340 5,203 1,538 987 2,876 5,879 556 1966—Dec. 31.. 46,536 109 35,83221,214 173,109 598 1,025 3,265 3,465 2,799 1,209 4,920 1,871 942 2,286 4,967 708 1967—June 30.. 47,701 423 36,01822,352 142,579 644 791 3,084 3,364 2,889 1,169 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 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 3 73 87 46 149 26 2,890 367 248 2,274 213 185 1964—Dec. 31.. 10,562 7,102 3,870 24 510 203 227 948 465 669 430 1,873 564 397 911 1,392 195 1965—Dec. 31.. 11,455 72 8,147 4,642 32 444 244 188 1,201 577 762 316 1,700 542 273 961 1,400 137 1966—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 1,459 855 387 29,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 351 20,196 2,731 1,901 15,563 1,342 1,053 1964—Dec. 31 . 84,670 57,555 21,102 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 9541,108 635 5,820 15,05614,305 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 1,0841,079 684 5,748 16,04414,375 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 16,09814,548 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 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35.002 5,596 1,484 648 42 471 4 1,881 707 35926,999 5,732 4,544 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 17,96415,899 1,04724,341 4,209 7,206 12,925 11,531 2,154 1965—Dec. 31.. 103,362 905 62,433 16,478 3,840 650 698 174 1,983 20,217 18,423 1,17723,735 4,389 5,565 14,098 13,8052,483 1966—Dec. 31.. 110,089 1,161 68,051 17,938 3,986 790 761 157 2,175 22,25320,000 1,30722,419 3,791 5,917 13,09615,4732,985 1967—June 30., 114,563 1,594 70,681 19,1204,323 591 830 116 1,92822,99620,735 1,383 21,557 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 7,4583,113 343 516 151 817 10,312 9,050 383 14,555 n.a. n.a. n.a. 6,0672,003 1966—Dec. 31.. 59,257 425 34,781 8,045 3,237 431 543 142 953 11,566 10,018 427 14,239 n.a. n.a. n.a. 7,203 2,609 1967—June 30.. 61,882 567 36,862 8,6183,596 423 583 164 879 12,14510,618 435 13,597 n.a. n.a. n.a. 7,7873,068 * Beginning with June 30, 1948, figures for various loan items are available before 1947; summary figures for earlier dates appear in 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, loans 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 of Personal Loans, p. 2095. 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

DECEMBER 1967 COMMERCIAL BANKS 2097 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Re­ Bal­ De­ b c C a a l n l a l k s d s a a o n te f d s B w F e a r . i n v R t k h e . s s r C c e a o n n u i c d r n y ­ b m a w a n d e n c i o s t k e t ­ h i s s c 7 ju m p s o a d a t s d e e n i - ­ d t d s 8 m D e I s n o ti t ­ c e r 7 ba e n F ig k o n r­ 9 G U o S v . t . S g l a o o t n c a v d a t t e l . c C c h o a f e e i e f n r e f r c s d d i t * k ­ i ­ s, IPC I b n a t n e k r­ G P U S i a n o o a n . g s v S v d t s t ­ . a , l S g l a o o t n c a v a d t t e l . IPC3 B in o g r s - c C o a t a u a c p l n ­ i t ­ s etc. Total: 3 1947—Dec. 31.... 17,796 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 2,679 27.795 1965—Dec. 31.... 17.992 4,851 15,300140,936 16,794 1,632 5,525 14,244 5,978 140,558 1,008 263 12,186 134,2474,47230,272 1966—Dec. 31 . . .. 19,069 5,450 15,870142,104 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 14,524137,267 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 1,248 23,740 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 13,414 145,7444,717 31,609 1967—-June 30.... 18,999 4,839 14,094136,024 16,185 1,593 5,135 15,108 7,420 137,463 1,399 267 15,614158,5605,05032,843 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 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31 .... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1964—Dec. 31.. .. 17,581 3,490 9,057 108,324 15,604 1,403 5,838 10,293 5,368 112,878 664 239 8.012 95,4252,481 22,901 1965—Dec. 31.. .. 17,992 3,757 8,957112,569 15,977 1,477 4,890 10,840 5,386 115,905 840 236 10,041 109,925 4,23424,926 1966—Dec. 31.. . . 19,069 4,249 9,400112,920 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.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1 ,418 30 2,259 1964—Dec. 31.... 3,730 278 180 17,729 4,112 976 1,486 441 2,940 20,515 436 74 677 13,534 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 1 2.844 1964—Dec. 31.... 7,680 1,065 2,433 37,047 7,962 326 2,195 3,508 1,238 42,137 134 77 3,840 35,728 841 8,488 1965— Dec. 31.... 7,700 1,139 2,341 37,703 8,091 330 1,773 3,532 1,180 42,380 206 71 4,960 40,510 1,548 9,007 1966—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 1 596 1964—Dec. 31 ... . 1,042 6,054 26,348 765 166 672 3,227 602 22,816 156 33 1,800 21,210 198 4,894 1965—Dec. 31.... 1,093 6,343 28,367 817 155 635 3,404 592 24,653 168 27 2,145 24,322 238 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..,.1...2..6 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

2098 WEEKLY REPORTING BANKS DECEMBER 1967 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans2 For purchasing or carrying securities To financial institutions Loans i Total Wednesday m i l n o a e v n a n e n d t s s s t ­ i v s n t e a e i r r o l e t v u ­ n o e a s f ­ i C n m t c a r o d i n i e a m u a d r l l s ­ ­ ­ A t c u u g r l r a ­ i l ­ G c U a T t s u i o n e e . o r S v ­ d s i . t ­ b , d r e o O a k c t l s e u t i e e e h r r r ­ s s e i s ­ r G c U t s u T i o e e . r S v o ­ s i t ­ . , o th O c e t s u i t r e e h s r s ­ e i­ r F ei o g r B n ­ ank c m m D s c o t i i e e a o m c s r l ­ ­ ­ ­ f s c P i a e a o n e N n t l a s c r e d s o . n . s , , . n ba O n t k her e R st e a a t l e s i C m n u s m o e t n n a e l ­ t r ­ g e o F i v g o t n r s ­ . ot A h l e l r V se t a r i r o e l v u ­ n e a s ­ Large banks— Total 1966 Nov. 2........... 184,523 134,853 59,723 1,768 680 2,802 102 2,124 1,501 2,677 6,203 4,442 27,517 16,149 1,159 10,788 2,782 9 184,322135,300 59,848 1,771 693 2,788 97 2,107 1,499 3,474 5,794 4,446 27,529 16,137 1,190 10,709 2,782 16........... 184,640135,630 60,267 1 ,771 586 2,720 94 2,114 1,515 3,546 5,901 4,386 27,585 16,018 1,200 10,703 2,776 23........... 183,435 134,591 60,027 1,773 273 2,649 96 2,121 1,519 3,377 5,709 4,376 27,587 16,019 1,230 10,609 2,774 30........... 185,096 135,181 60,042 1,772 470 2,641 93 2,135 1,520 3,440 5,991 4,358 27,561 16,001 1,193 10,731 2,767 1967 Oct. 4.....2..0..2..,046142,325 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 1,350 3,367 5,623 4,429 28,393 16,169 1,133 11,291 2,973 18........... 203,312 141,462 r63,296 "1 ,881 990 3,532 75 2,434 1,348 3,774 5,562 4,472 28,446 16,157 1,134 "11,331 2,970 25........... 202,748 141,117 •■63,083 '1,885 1,312 3,358 77 2,423 1,383 3,670 '5,378 '4,440 "28,480 16,157 "1,127 '11,314 2,970 Nov. 1........... 204,586 142,909 63,401 1,902 1,365 3,841 78 2,507 1,337 3,692 6,017 4,411 28,531 16,196 1,118 11,485 2,972 8........... 202,617 141,432 63,527 1,903 1,035 3,524 77 2,494 1,359 3,301 5,488 4,413 28,576 16,174 1,116 11,414 2,969 15........... 204,426142,413 63,857 1,906 1,195 3,550 81 2,479 1 ,400 3,471 5,526 4,424 28,692 16,179 1,123 11,497 2,967 22........... 203,372142,157 63,885 1,901 918 3,437 78 2,466 1,379 3,864 5,274 4,424 28,731 16,173 1 ,098 11,494 2,965 29...... 203,199 141,714 63,733 1,899 899 3,397 79 2,442 1,388 3,501 5,355 4,418 28,754 16,185 1,105 11,519 2,960 New York City 1966 Nov. 2........... 42,754 33,320 20,072 15 369 1 ,530 32 597 821 458 2,012 1,067 3,268 1,262 762 1,824 769 9........... 42,607 33,436 20,112 16 266 1,538 33 591 811 961 1,730 1,074 3,259 1,259 790 1,765 769 16........... 42,551 33,536 20,267 15 202 1,467 30 591 813 1 ,050 1 ,739 1,051 3,263 1,255 797 1,765 769 23........... 42,172 33,261 20,223 16 89 1,372 29 590 814 1,113 1,661 1,051 3,256 1,254 830 1,733 770 30........... 42,763 33,437 20,264 16 260 1,345 29 589 827 899 1 ,821 1,052 3,254 1 ,247 805 1,795 766 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 Nov. 1........... 47,485 35,450 21 ,169 13 629 2,342 13 854 648 805 1 ,842 1,032 3,025 1 ,241 761 1 ,911 835 8........... 46,619 34,872 21,242 13 385 2,052 13 835 671 1,038 1,516 1,029 3,033 1,240 753 1,886 834 15........... 47,178 35,312 21,312 13 502 2,069 15 827 691 1,126 1,590 1,046 3,055 1,248 758 1 ,895 835 22........... 46,683 35,087 21,208 12 360 1,958 15 818 664 1,452 1,448 1,056 3,056 1,249 743 1,882 834 29........... 47,050 35,075 21,205 12 377 1,936 14 796 670 1,357 1,572 1,056 3,036 1,252 736 1,890 834 Outside New York City 1966 Nov. 2........... 141,769 101,533 39,651 1,753 311 1,272 70 1,527 680 2,219 4,191 3,375 24,249 14,887 397 8,964 2,013 9 141,715 101,864 39,736 1,755 427 1,250 64 1,516 688 2,513 4,064 3,372 24,270 14,878 400 8,944 2,013 16 142,089 102,094 40,000 1,756 384 1,253 64 1,523 702 2,496 4,162 3,335 24,322 14,763 403 8,938 2,007 23........... 141,263 101,330 39,804 1,757 184 1,277 67 1,531 705 2,264 4,048 3,325 24,331 14,765 400 8,876 2,004 30........... 142,333 101,744 39,778 1,756 210 1,296 64 1,546 693 2,541 4,170 3,306 24,307 14,754 388 8,936 2,001 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 ''42,194 '1,868 765 1,456 62 1,650 697 2,338 3,963 3,470 25,421 14,922 369 "9,419 2,135 25........... 155,890106,403 "41,998 '1,872 837 1,371 64 1,651 704 2,521 "3,882 "3,449 '25,464 14,919 "364 '9,442 2,135 Nov. 1...... 157,101 107,459 42,232 1,889 736 1,499 65 1,653 689 2,887 4,175 3,379 25,506 14,955 357 9,574 2,137 8........... 155,998 106,560 42,285 1,890 65Q 1,472 64 1 ,659 688 2,263 3,972 3,384 25,543 14,934 363 9,528 2,135 15........... 157,248 107,101 42,545 1,893 693 1,481 66 1 ,652 709 2,345 3,936 3,378 25,637 14,931 365 9,602 2,132 22........... 156,689 107,070 42,677 1,889 558 1,479 63 1,648 715 2,412 3,826 3,368 25,675 14,924 355 9,612 2,131 29........... 156,149 106,639 42,528 1,887 522 1,461 65 1,646 718 2,144 3,783 3,362 25,718 14,933 369 9,629 2,126 For other notes see p. 2101. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 WEEKLY REPORTING BANKS 2099 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS-Continued (In millions of dollars) Investments Cash assets U.S, Government securities Other securities Balances with— Total Bills c C t a i e f t i e r - - s No m te a s t u a r n i d n g b — onds O o p b s f o l u i a l b S g n i d t a t d i a t i c i t v a o e . l s n s O co t s h e rp e c a , r u n r b s d i t o t o i n e c s d k s s , Total p c C i r o t o o e i l a c n l f m s e e h c s s ­ s b m D a e n o s k t ­ i s c b F e a i o g n r n k ­ s r C c e a o n n u i c d n r y ­ s B e w F R r a . v i n R e t e h k ­ . s s a o s A t s h e l e l ts r Wednesday With­ Tax Certif. Other tion 1 i y n r . 5 1 y t r o s . A 5 f y t r e s r . ra w n a t r s ­ 3 o A th h e r p pa a t r o i t o i f c n i * ­ s ri e t c ie u s ­ Large banks— Total 1966 22,863 3,200 672 3,329 9,213 6,449 2,642 20,955 975 2,235 40,664 18,767 3,950 205 2,459 15,283 7,694 .........Nov. 2 22,535 2,892 660 3,345 9,192 6,446 2,419 20,897 975 2,196 40,722 20,561 3,960 241 2,549 13,411 7,809 ......................9 22,560 2,610 277 3,202 10,429 6,042 2,270 21,001 966 2,213 42,744 21,495 4,279 223 2,540 14,207 7,705 ....................16 22,565 2,677 272 3,226 10,350 6,040 2,211 20,924 958 2,186 39,958 19,723 3,971 227 2,49013,547 7,626 ....................23 23,491 3 ;587 267 3; 244 10,365 6,028 2,231 20,977 934 2,282 42,094 19,963 4,422 237 2,762 14,710 7,905 ....................30 1967 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 ..... Oct. 4 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 ....................H 28,849 7,070 3,387 13,763 4,629 4,433 24,650 1,366 2,552 45,873 23,006 4,106 208 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 28,915 7,073 3,452 13,744 4,646 4,037 24,652 1,475 2,598 46,474 23,451 4,156 301 2,649 15,917 8,762 28,488 6,608 3.522 13,708 4,650 3,855 24,778 1,502 2,562 45,794 23,339 4,006 251 2,667 15,531 8,718 ......................8 29,053 6,252 3,716 14,059 5,026 3,977 24,886 1,560 2,537 46,573 24,430 4,147 236 2,711 15,049 8,632 ....................15 28,212 5,738 3,721 13 876 4 877 3,862 25,019 1,592 2,530 45,151 22,375 4,033 220 2,643 15,880 8,687 ....................22 28,400 5,'964 3,680 13,869 4,887 3,945 25,023 1,554 2,563 43,093 20,630 3’902 231 3,020 15,310 8,700 ....................29 New York City 1066 4,109 1,084 191 507 1,006 1,321 646 3,861 234 584 11,243 6,192 198 78 326 4,449 2,745 ........Nov, 2 3,964 926 194 506 1 010 1,328 562 3,841 233 571 12,476 8 374 186 108 355 3,453 2,863 ................... 9 3,813 766 22 445 1,271 1,309 476 3,918 234 574 11,542 7,253 244 94 320 3,631 2,838 ....................16 3,840 809 25 434 1,261 1,311 458 3,844 221 548 11,437 7,339 211 89 308 3,490 2,786 ................,.23 4,176 1,163 23 431 1 ,256 1,303 482 3,875 226 567 12,969 7,500 560 109 336 4,464 2,886 ....................30 1967 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 ........Oct. 4 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 6,056 2,354 921 1,888 893 1,170 4,107 58 644 14,688 9,453 263 131 342 4,499 3,202 ........Nov. 1 5.896 2,155 995 1,859 887 1,049 4,125 59 618 15,005 10,395 262 92 361 3,895 3,148 ................... 8 5,890 1,938 907 2,076 969 1,162 4 151 60 603 14,075 9,384 279 110 355 3; 947 3,191 ....................15 5,524 1 J35 879 1,977 933 1,244 4,185 60 583 13,129 8,092 206 106 341 4,384 3,319 ....................22 5,797 2,046 785 2,041 < 925 1,326 4,200 58 594 12,809 7,878 260 109 388 4,174 3,240 ....................29 Outside New York City 1966 18,754 2,116 481 2,822 8,207 5,128 1,996 17,094 741 1,651 29,421 12,575 3,752 127 2,133 10,834 4,949 ........Nov. 2 18,571 1,966 466 2,839 8 182 5 118 1,857 17,056 742 1 ,625 28,246 12,187 3,774 133 2,194 9,958 4,946 9 18,747 1,844 255 2,757 9^58 4 733 1,794 17 083 732 I 639 31,202 14,242 4,035 129 2,220 10,576 4,867 ....................16 18,725 1,868 247 2,792 9,089 4,729 1,753 17,080 737 1,638 28,521 12,384 3 760 138 2,18210,057 4'840 ....................23 19,315 2,424 244 2,813 9,109 4,725 1,749 17,102 708 1,715 29,125 12,463 3,862 128 2,426 10,246 5,019 ....................30 1967 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 ........Oct. 5 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 2,531 11,906 3,734 2,979 20; 506 1,307 1^65 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 ....................26 22 859 4,719 2,531 11,856 3,753 2,867 20,545 1,417 1,954 31,786 13,998 3,893 170 2,307 11,418 5 ,560 22.592 4,453 2,527 11,849 3,763 2,806 20,653 1,443 1,944 30,789 12,944 3,744 159 2’306 11,636 5,570 ................... 8 23,163 4,314 2,809 11 983 4,057 2,815 20,735 1,500 1 ,934 32,498 15,046 3,868 126 2,35611,102 5,441 ....................15 22,688 4,003 2,842 11,899 3,944 2,618 20,834 1,532 1 ,947 32,022 14,283 3,827 114 2,30211,496 5,368 ...........22 22,603 3,918 2,895 11,828 3,962 2,619 20,823 1,496 1,969 30,284 12,752 3,642 122 2,632 11,136 5,460 ....................29 For other notes see p. 2101. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2100 WEEKLY REPORTING BANKS DECEMBER 1967 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time Total Wednesday unad­ States Do­ Foreign IPC States Foreign justed and mes­ and Do­ Total 5 IPC p d s i o u c iv l a b i i l t ­ ­ ­ G U o .S vt . . 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 n e 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 Nov. 2..................... 196,410107,531 77,640 6,624 3,463 12,692 745 1,455 88,879 47,076 29,220 7,575 537 4,098 216 9...................... 194,957 106,134 76,572 5,767 2,321 13,719 685 1,369 88,823 47,128 29,164 7,525 531 4,095 213 16..................... 196,620108,178 80,467 5,752 1,476 13,383 703 1,433 88,442 47,091 28,877 7,450 525 4,114 217 23...................... 193,186 104,700 77,345 5,721 2,040 12,465 654 1,421 88,486 47,086 28,930 7,533 484 4,054 228 30...................... 197,483 108,956 79,482 6,310 2,782 13,077 747 1,441 88,527 47,038 28,967 7,631 481 4,032 212 1967 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 ’•116,915 84,016 5,284 5,210 13,679 834 1,530 ’•101,937 48,409 ’’37,687 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 Nov. 1.................... 220,814118,625 84,808 6,683 4,031 13,960 738 1,639 102,189 48,438 37,949 9,372 843 5,141 256 8..................... 217,820115,451 82,030 5,957 3,333 14,666 726 1,577 102,369 48,501 38,096 9,345 826 5,154 258 15................. 220,301 117,981 85,383 6,088 3,516 14,204 691 1,536102,320 48,489 38,171 9,270 813 5,136 251 22. .................... 216,650113,861 83,658 5,607 3,649 13,455 633 1,541 102,789 48,527 38,530 9,302 852 5,128 263 29...................... 216,390 113,421 83,521 5,607 3,368 12,774 786 1 ,557 102,969 48,533 38,788 9,297 852 5,045 268 New York City 1966 Nov. 2.................... 43,923 27,275 17,709 702 967 3,391 608 1,009 16,648 4,575 7,829 759 359 2,945 112 9...................... 44,275 27,631 17,380 281 518 4,123 556 940 16,644 4,609 7,791 753 360 2,943 108 16..................... 43,569 27,013 18,359 318 248 3,692 565 1,005 16,556 4,597 7,675 789 354 2,952 108 23...................... 43,259 26,793 17,761 261 398 3,661 527 954 16,466 4,591 7,681 769 323 2,904 115 30...................... 45,679 29,143 18,851 556 1,160 3,719 615 974 16,536 4,596 7,759 799 317 2,885 100 1967 Oct. 4..................... 50,296 31,428 19,464 527 1,137 4,163 536 1,058 18,868 4,741 8,908 939 631 3,431 144 It..................... 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 1,017 605 3,436 152 Nov. 1...................... 51,597 32,549 20,209 821 1,217 4,260 576 1,123 19,048 4,728 9,074 1,008 589 3,437 141 8..................... 50,859 31,709 19,118 430 894 4,636 575 1,087 19,150 4,744 9,143 1,026 584 3,442 140 15..................... 50,487 31,294 19,879 650 904 4,086 544 1 ,049 19,193 4,747 9,230 1,006 571 3,431 136 22...................... 48,774 29,414 19,438 345 804 4,044 485 1,062 19,360 4,751 9,380 992 601 3,426 150 29...................... 49,456 30,000 19,665 333 815 3,846 609 1 ,050 19,456 4,745 9,560 973 598 3,356 154 Outside New York City 1966 Nov. 2...................... 152,487 80,256 59,931 5,922 2,496 9,301 137 446 72,231 42,501 21,391 6,816 178 1,153 104 9..................... 150,682 78,503 59,192 5,486 1,803 9,596 129 429 72,179 42,519 21,373 6,772 171 1,152 105 16..................... 153,051 81,165 62,108 5,434 1,228 9,691 138 428 71,886 42,494 21,202 6,661 171 1,162 109 23...................... 149,927 77,907 59,584 5,460 1,642 8,804 127 467 72,020 42,495 21,249 6,764 161 1,150 113 30...................... 151,804 79,813 60,631 5,754 1,622 9,358 132 467 71,991 42,442 21,208 6,832 164 1,147 112 1967 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 '85,126 '64,321 4,881 3,424 9,777 153 500 '83,169 43,679 '28,821 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 Nov. 1...................... 169,217 86,076 64,599 5,862 2,814 9,700 162 516 83,141 43,710 28,875 8,364 254 1,704 115 8..................... 166,961 83,742 62,912 5,527 2,439 10,030 151 490 83,219 43,757 28,953 8,319 242 1,712 118 15..................... 169,814 86,687 65,504 5,438 2,612 10,118 147 487 83,127 43,742 28,941 8,264 242 1,705 115 22..................... 167,876 84,447 64,220 5,262 2,845 9,411 148 479 83,429 43,776 29,160 8,310 261 1,702 113 29..................... 166,934 83,421 63,856 5,274 2,553 8,928 177 507 83,513 43,788 29,228 8,324 254 1,689 114 For other notes see p. 2101. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 WEEKLY REPORTING BANKS 2101 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Memoranda Total assets— B F F a r . o n R m k . s o F t r h o e m rs li t a O b t i h li e ti r e s a C cc a o p u it n a t l s l a i c c a T a c b a o p o i n l t i u d i a t t n a i l e l t s s ad T l ( j o n u o a e s t t n t a ) e s , l d 8 v a e a d s T ( l n t j n o m u d o e a s t n t e t a i ) e n n s l , d ­ ts , 8 a D d d e e j p u m o s a t s e n it d d s 9 Total La o rg f e d I s e c s p e u o r e t s d if i t i c ^ ates Issued Wednesday issued to IPC’s to others Large banks— Total 1966 711 5,760 10,835 19,165 232,881 132,176 181,846 72,609 15,747 10,626 5,121 441 6,782 11,489 19,184 232,853 131,826 180,848 69,533 15,757 10,614 5,143 .............................. 9 443 6,920 11,977 19,129 235,089 132,084 181,094 71,824 15,572 10,472 5,100 .....16 250 6,784 11,703 19,096 231,019 131,214 180,058 70,472 15,537 10,508 5,029 23 325 6,693 11,369 19,225 235,095 131,741 181,656 73,134 15,507 10,513 4,994 ...............................30 1967 88 6,601 12,222 20,198 257,084 138,414 198,135 74,639 ’’19,982 r12,692 ’7,290.. ........Oct. 4 72 6,101 12,097 20,200 256,981 138,060 200,005 74,495 ’•20,068 r12,794 ’’7,274 ...............................11 ill 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 ...............................25 114 6,275 12,298 20,321 259,822 139,220 200,897 77,183 20,233 13,059 7,174 134 6,455 12,384 20,336 257,129 138,131 199,316 74,113 20,435 13,224 7,211 .............................. 8 107 6,156 12,781 20,286 259,631 138,942 200,955 75,831 20,646 13,475 7,171 ...............................15 57 7,062 13,181 20,260 257,210 138,293 199,508 74,382 20,931 13,772 7,159 ...............................22 75 6,094 12,135 20,298 254,992 138,204 199,689 76,649 21,131 13,946 7,185 ...............................29 New York City 1966 156 2,198 5,302 5,163 56,742 32,862 42,296 16,725 5,734 3,968 1,766 60 2,671 5,762 5,178 57,946 32,475 41,646 14,616 5,707 3,954 1,753 .............................. 9 2,446 5,750 5,166 56,931 32,486 41,501 15,820 5,564 3,827 1,737 ...............................16 4 2,252 5,734 5,146 56,395 32,148 41,059 15,395 5,482 3,829 1,653 ...............................23 2,531 5,215 5,193 58,618 32,538 41,864 16,764 5,458 3,872 1,586 ...............................30 1967 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 35 1,905 6,299 5,539 65,375 34,645 46,680 17,619 7,173 4,728 2,445 23 1,860 6,489 5,541 64,772 33,834 45,581 15,784 7,240 4,805 2,435 .............................. 8 1,615 6,803 5,539 64,444 34,186 46,052 16,920 7,250 4,859 2,391 ...............................15 54 1,726 7,057 5,520 63,131 33,635 45,231 16,474 7,393 5,004 2,389 22 1,801 6,319 5,523 63,099 33,718 45,693 17,461 7,507 5,130 2,377 ...............................29 Outside New York City 1966 555 3,562 5,533 14,002 176,139 99,314 139,550 55,884 10,013 6,658 3,355 381 4,111 5,727 14,006 174,907 99,351 139,202 54,917 10,050 6,660 3,390 .............................. 9 443 4,474 6,227 13,963 178,158 99,598 139,593 56,004 10,008 6,645 3,363 16 246 4,532 5,969 13,950 174,624 99,066 138,999 55,077 10,055 6,679 3,376 ...............................23 325 4,162 6,154 14,032 176,477 99,203 139,792 56,370 10,049 6,641 3,408 ...............................30 1967 88 4,904 5,629 14,692 192,992 104,158 152,613 57,642 '13,013 r8,198 ’4,815 ....................Oct. 4 72 4,338 5,395 14,700 192,630 104,150 153,693 57,847 r13,113 r8,289 ’4,824 U 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 79 4,370 5,999 14,782 194,447 104,575 154,217 59,564 13,060 8,331 4,729 111 4,595 5,895 14,795 192,357 104,297 153,735 58,329 13,195 8,419 4,776 .............................. 8 107 4,541 5,978 14,747 195,187 104,756 154,903 58,911 13,396 8,616 4,780 ...............................15 3 5,336 6,124 14,740 194,079 104,658 154,277 57,908 13,538 8,768 4,770 ...............................22 75 4,293 5,816 14,775 191,893 104,486 153,996 59,189 13,624 8,816 4,808 ...............................29 1 After deduction of valuation reserves. 2 Individual items shown gross. 1 o Certificates of deposit issued in denominations of $100,000 or more. 3 Includes short-term notes and bills (less than 1 year to maturity) issued by States and political subdivisions. 4 Federal agencies only. Note.—Beginning June 29, 1966, coverage of series was changed from s 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

2102 BUSINESS LOANS OF BANKS DECEMBER 1967 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during—• Industry 1967 1967 1967 1967 1966 N 2 o 9 v, N 2 o 2 v. N 1 o 5 v. No 8 v. No 1 v. Nov. Oct. Sept. III II I h 1 a s l t f h 2n al d f Durable goods manufacturing: Primary metals................................ 1,215 1,227 1 ,209 1,205 1,214 23 69 102 153 too 253 —135 Machinery............................................ 4^46 4,359 4,232 4,229 4,216 -5 -187 -4 -380 285 602 887 580 Transportation equipment. ............. 1 ,854 1,841 1,943 1,936 1 ,935 -47 -24 35 -23 -273 226 -47 474 Other fabricated metal products. .. 1 ,682 1,687 1 ,707 1,704 1 ,730 -56 -61 27 -176 266 143 409 -27 Other durable goods.......................... 1 ,991 2,000 2,006 2,008 2,006 -58 -99 52 10 118 57 175 84 Nondurable goods manufacturing: Food, liquor, and tobacco........... 2,531 2,581 2,400 2,378 2,359 219 14t 76 28 -105 -472 -577 575 Textiles, apparel, and leather........... 1 ,876 1,908 1 ,965 1 ,991 1 ,961 -123 -135 -38 -25 86 211 297 -274 Petroleum refining.............................. 1 ,501 1,501 1 ,521 I ,528 1 ,509 23 15 85 -207 180 61 241 -254 Chemicals and rubber....................... 2,276 2,308 2,307 2,339 2,328 -54 18 58 -112 1 308 309 133 Other nondurable goods................... 1 ,662 1,673 1,674 1,677 1 ,690 -54 -47 56 130 108 53 161 64 Mining, including crude petroleum and natural gas................................ 3,718 3,745 3,766 3,744 3,740 -21 -61 65 -220 1 194 195 182 Trade: Commodity dealers................... 1 ,525 1,463 1 ,415 1 ,376 1,311 296 125 23 178 -334 -145 -479 334 Other wholesale......................... 2,987 2,986 3,031 3,030 3,016 -2 94 12 -64 51 17 68 102 Retail............................................ 3,580 3,598 3,573 3,513 3,464 132 -89 217 19 157 -184 -27 -47 Transportation{ communication, and other public utilities: Transportation.................................... 4,163 4,167 4,169 4,144 4,152 33 +56 115 95 185 88 273 921 Communication.................................. 933 944 951 967 985 -32 -25 -9 -5 157 66 223 n.a. Other public utilities.......................... 2,301 2,257 2,351 2,304 2,316 85 -90 137 148 212 -321 -109 n.a. Construction............................................ 2,529 2,533 2,545 2,525 2,536 -8 -32 -41 117 -107 10 -173 Services...................................................... 4,821 4,832 4,821 4,825 4,800 62 67 -10 -74 89 -142 -53 n.a. All other domestic loans....................... 6,378 6,377 6,439 6,426 6,451 112 -90 93 108 273 285 558 -53 Bankers’ acceptances.............................. 1 ,164 1,179 1,133 1 ,069 1 ,083 19 150 77 253 -122 236 114 64 Foreign commercial and industrial loans................................................... 2,706 2,689 2,690 2,676 2,673 9 -68 4 -98 -113 93 -20 n.a. Total classified loans.............................. 57,739 57,855 57,848 57,594 57,475 553 -342 1,140 -354 1,492 1,369 2,861 2,550 Total commercial and industrial loans 63,733 63,885 63,857 63,527 63,401 650 -289 1,183 -412 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 series; mat and coverage as described on p. 209 of the Feb. 1967 Bulletin. these banks classify, by industry, commercial and industrial loans amount­ Data for earlier dates are not strictly comparable. ing to about 90 per cent of such loans held by all weekly reporting banks and about 70 per cent of those held by all commercial banks. BANK RATES ON SHORT-TERM BUSINESS LOANS Size of 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) Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. 1967 1967 1967 1967 1967 1967 1967 1967 1967 1967 1967 1967 Percentage distribution of dollar amount Less than 5.50................................ 2 5 1.5 0 8 1.0 0.5 0.7 1.1 1.2 1.3 2.7 4.1 1.6 5.50................................................... 30 9 33.0 1.2 1.3 4.7 4.8 16.0 17.0 30,0 26,6 44.8 51.7 5.51-5.75.......................................... 22 3 19 4 2 4 3.0 5.7 6.3 16.9 19.2 29,7 28.6 27,0 20.7 5.76-6,00.......................................... 12 5 15.4 14.2 14.9 19.3 19.1 19.7 17.7 13.7 16.3 7.3 13.0 6.01-6.49.......................................... 10 2 10 9 25 8 25.7 23.5 24.1 15.6 15.7 7.8 9.2 5.0 4.9 6.50................................................... 7 1 5.7 10.1 10.2 10.7 10.6 9.0 7.8 5.6 6.5 5.8 3.0 6.51-6.99.......................................... 4.6 4 9 13.8 13.9 11.9 12.1 7.1 6.5 4.1 4.2 1.6 2.1 7.00................................................... 4 3 3.3 11.7 10.6 8.6 7.9 6.1 6.0 3.7 2.3 2.4 0.8 Over 7.00......................................... 5 5 5.8 20.0 19.5 15,0 14.5 8.5 8.9 4.1 3.6 2.0 2.2 Total.................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Total loans: Dollars (millions)....................... 4 037.9 3 880.7 60.5 61.6 467.9 491.6 892.4 923.2 611.2 566.6 2,006.0 1,837.7 Number (thousands)............... ’ 37.8 38.9 15.9 16.1 15.4 16.3 4.7 4.8 1.0 .9 ' 0.9 .8 Center Weighted average rates (per cent per annum) 35 centers......................................... 5.96 5.95 6.60 6.58 6.48 6.46 6.17 6.16 5.90 5.89 5.73 5.72 New York City............. 5 71 5.66 6.37 6.33 6.22 6.25 5.95 5.88 5.70 5.69 5,63 5.58 7 Other Northeast.................... 6.29 6.29 6.59 6.61 6.69 6.70 6.42 6.42 6.19 6.08 5.95 5.99 8 North Central....................... 5.91 5.92 6.67 6.65 6.46 6.41 6.18 6.16 5.87 5.89 5,74 5.76 7 Southeast.................................. 5 94 5 92 6 46 6.38 6.25 6.18 5.96 5.97 5.75 5.78 5.68 5.67 8 Southwest........................ 6 03 6.01 6.61 6.54 6.36 6,32 6.09 6.10 5.95 5.95 5,82 5.78 4 West Coast.............................. 6.03 6.02 7.08 7.12 6.79 6.84 6.34 6.38 5.89 5.95 5.76 5.72 Note.—Beginning Feb. 1967 the Quarterly Survey of Interest Rates on 1960—Aug. 23 4W 1967—Jan. 26-27 5V4-5% Business Loans was revised For description of revised series see pp. 721­ 1965—Dec. 6 5 Mar. 27 5tt 27 of the May Bulletin. The weighted average rates have been derived 1966—Mar. 10 514 Nov. 20 6 by new weights. June 29 5% Bank prime rate was 5 per cent during the period Jan. 1, 1960-Aug. Aug. 16 6 22, 1960. Changes thereafter to new levels (in per cent) occurred on the following dates: Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 INTEREST RATES 2103 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 3 6-month bills 5 9- to 12-month issues 3- y t e o a r 5 m 4 o - n to th 6 s - * m d 3 i o - r e n t c o th t l 6 s y - , 2 90 a n d c a e y s s , 1 rate 3 n R ew at e i s o su n e M y a ie r l k d et n R ew at e i s o su n e M y a ie r l k d et B k i e ll t s y ( i m el a d r ) ­ s Other s issues 7 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—Nov................... 6.00 5.88 5.67 5.11 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 5.24 5.01 4.68 4.53 4.288 4.26 4,243 4.22 4.18 4.35 4.52 Apr.......... 4.83 4.57 4.29 4.05 3.852 3.84 3.894 3.90 3.90 4.03 4.46 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 5.17 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 5.07 4.96 4.88 3.88 4.588 4.55 5.100 5.06 5.21 5.32 5.52 Nov........... 5.28 5.17 4.98 4.12 4.762 4.72 5,286 5.24 5.38 5.55 5.73 Week ending— 1967—Nov. 4............ 5.13 5.08 4.88 4.00 4.542 4.57 5.044 5.07 5.31 5.40 5.68 11............ 5.13 5.13 4,88 3.96 4.672 4.64 5.180 5.13 5.31 5.53 5.80 18............ 5.13 5.13 4.88 4.09 4.648 4.63 5.155 5.12 5.27 5.56 5.76 25............ 5.50 5.20 5,13 4.02 4.989 4.85 5.517 5.43 5.47 5.61 5.71 Dec. 2...... 5.50 5.25 5.15 4.38 4.957 4.92 5.536 5.49 5.57 5.60 5.67 1 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily Averages of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range, 5 Bills quoted on bank discount rate basis. 3 Seven-day average for week ending Wednesday. 6 Certificates and selected note and bond issues. 7 Selected note and bond issues. BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and local rating group price ratio price ratio States Cong- Total! term) Total' 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—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 A .... ..... 4.51 3.67 3.50 3.90 5.42 5.11 5.83 5.37 5.51 5.37 5.03 3.24 May 4.76 3,94 3.71 4.23 5.56 5.24 5.96 5.46 5.62 5.59 5.17 3.19 June 4.86 4,02 3.80 4.31 5.75 5,44 6.15 5.64 5.80 5.80 5.30 3.19 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 4.99 4.14 3.81 4.48 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 Nov,....................................... 5.44 4.34 3.99 4.66 6.36 6.07 6,72 6.28 6.42 6.39 5.79 3.18 Week ending— 1967—Nov. 4................................ 5.35 4.28 3,92 4.64 6.24 5.95 6.60 6.13 6.36 6.26 5.73 3.17 11 5.44 4.30 3.97 4.64 6.31 6.02 6.66 6.22 6.41 6.29 5.11 3.23 18................................ 5.49 4.32 3,99 4.67 6.38 6.10 6.73 6.31 6.43 6,40 5.80 3.22 25................................ 5.45 4.35 4.03 4,68 6.41 6.08 6,77 6.34 6.41 6,46 5.83 3,15 Dec. 2................................. 5.39 4.35 4.03 4.68 6.44 6.13 6.81 6.36 6.47 6.51 5.84 3.12 ................... 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 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. State and local govt, bonds: General obligations only, based on adjusted at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2104 SECURITY MARKETS DECEMBER 1967 MORTGAGES: NEW AND EXISTING HOMES SECURITY PRICES (Per cent) Bond prices Common stock prices (per $100 bond) (1941-43=1 io) Vol­ Contract interest rate on ume 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 h t h i r a n o o a r g f u d e s s ­ . ) New New Existing New Existing 1964............... 84.46 111.5 95.1 81.37 86.19 45.46 69.91 4,888 1965............... 83.76 110.6 93.9 88.17 93.48 46.78 76.08 6,174 1961 ................. 5.69 5.97 6.04 1966............... 78.63 102.6 86.1 85.26 91.09 46.34 68.21 7,538 1 %2................... 5.60 5 93 5.99 1963................... 5.46 5.81 5.87 5.84 5.98 1966—Nov... 77.68 101.0 83.5 80.99 86.10 41.57 68.82 7,297 1964................... 5.45 5.80 5.85 5.78 5.92 Dec... 78.73 102.4 83.0 81.33 86.50 41.44 68.86 7,883 1965................... 5.47 5.83 5.89 5.76 5.89 1966................... 6.38 6.40 6.47 16.11 16.24 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 Mar.. 80.96 105.8 85.6 89.42 95.86 46.78 70.03 10,217 1966—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 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 Nov.. 70.53 95.2 76.8 92.66 100.90 42.95 63.48 10,578 Apr........ 6.29 6.40 6.45 6.37 6.36 May.... 6.44 6.45 6.50 6.28 6.31 Week June.... 6.51 6.50 6.50 6.29 6.30 ending- July.... 6.53 6.50 6.55 6.34 6.33 Aug........ 6.60 6.55 6.55 6.34 6.38 1967 Sept........ 6.63 6.55 6,60 '6.37 6.37 Oct..... 6.65 6.55 6.60 6.38 6.41 Nov. 4........ 71.36 96.4 77.7 93.10 101.49 43.62 62.89 10,560 Nov..... 6.77 6.65 6.70 ............... 11 70.48 95.8 77.1 91.61 99.77 42.79 62.49 10,458 18........ 69.98 95.1 76.6 92.11 100,25 42.69 63.42 10,227 25........ 70.36 94.6 76.9 93.08 101.33 42.82 63.97 11,681 1 New FHLBB series beginning July 1966. Dec. 2........ 70.95 94.2 76.2 94.33 102.62 43,41 64.60 10,221 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. 2121. STOCK MARKET CREDIT fin millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others than N.Y Stock Exchange brokers and dealers for pur­ Money borrowed on—• firms secured by— chasing or carrying— to C m us e ­ rs’ Month Total net o U s t e . h S c e u . r G r i t t o h ie v a s n t . se G c U u o . r v S it t . i , e s se O cu th ri e ti r e s se G c U u o r . v i S t t i . es se O cu th ri e ti r e s se G c U u o . r v S it t . i , e s Total Oth C e u r s s t e o c m u e ri r t ies Other c a f b r n r e a e c d l e e ­ i s t collateral collateral 1964—Dec........ 7,053 21 5,079 72 1,974 222 3,910 3,393 517 1,169 1965—Dec........ 7,705 22 5,521 101 2,184 130 3,576 2,889 687 1,666 1966—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 70 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 Oct......... 9,432 101 7,009 77 2,423 n.a. n.a. n.a. n.a. 2,513 Note.—Data in first 3 cols, and last col. are for end of month; in other partners of reporting firm. Balances are net for each customer—i.e., all ac­ cols for last Wed counts of one customer are consolidated. Money borrowed includes Net debit balances and broker and dealer credit: Ledger balances of borrowings from banks and from other lenders except member firms of member firms of N.Y. Stock Exchange carrying margin accounts, as national securities exchanges. reported to the Exchange. Customers’ debit and free credit balances Bank loans to others than brokers and dealers: Figures are for large exclude balances maintained with reporting firm by other member firms of commercial banks reporting weekly. national securities exchanges and balances of reporting firm and of general Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 OPEN MARKET PAPER; SAVINGS INSTITUTIONS 2105 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by— Based on— End of period Accepting banks F.R. Goods stored in or Placed Placed Total Banks Others p I o m rt ­ s p E o x rt ­ s Dollar shi p pp o e in d t s b i e n tw — een Total through direct­ into from ex­ dealers 1 ly 2 Total O bi w ll n s bo B u il g ls h t O ac w ct n . c F e o i o g r r r n ­ . U S n ta i t t e e s d U S n t i a t t e e d s change 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 es 1960........................ 4,497 1,358 3,139 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961........................ 4^686 1,711 2,975 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962........................ 6*000 2,088 3,912 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963........................ 6'747 1,928 4,819 2,890 1,291 1,031 260 162 92 1,345 567 908 56 41 1,317 1964........................ 8'361 2,223 6,138 3,385 1,671 1,301 370 94 122 1,498 667 999 111 43 1,565 1965........................ 9,058 U903 7,155 3,392 1,223 1,094 129 187 144 1,837 792 974 27 35 1,564 1966—Oct........ 13,045 2,977 10,068 3,359 961 861 100 72 230 2,096 982 756 75 57 1,489 Nov............ 14,169 3 J53 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............ 16,034 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 J 50 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 11,837 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 4J46 1,635 1,239 396 65 252 2,194 1,037 991 68 91 1,958 Oct........ 16,777 5,186 11,591 4,136 1,822 1,298 524 52 205 2,056 1,085 956 51 83 1,961 i As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total assets— End of period M ga o g r e t­ Other G U o . v S t . . S l a o t n c a d a te l C r o a a n r t p d e o ­ Cash O as t s h e e ts r g l T e i a a t n o i n b e e t i d a s r l a l i ­ l D i e ts p o 2 s­ l O ia t t i b h e i s e li r ­ G r c e o e s a u e n c r n e ­ v r t e s a l c M om or m tg i a tm ge e n lo ts a n 3 govt. other * reserve accts. Number Amount 1941................................ 4,787 89 3,592 H86 829 689 11,772 10,503 38 1,231 ............... 1945 ............. 4,202 62 10,650 57 606 185 16,962 15,332 48 1,582 1960................................ 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961................................ 28,902 475 6,160 667 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1962................................ 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 114,985 2,548 1963................................ 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 104,326 2,549 1964................................ 40,328 739 5,791 391 5,099 1,004 886 54,238 48,849 989 4,400 135,992 2,820 1965................................ 44,433 862 5,485 320 5,170 1,017 944 58,232 52,443 1.124 4,665 120,476 2,697 1966—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 5,719 953 1,024 60,982 55,006 1,114 4,863 88,808 2,010 1967—Jan...................... 47,484 1,076 4,679 247 6,053 969 1,062 61,570 55,456 1,259 4,855 88,479 2,013 Feb...................... 47.692 1,137 4.700 249 6,251 1,041 1,051 62,122 55.788 1.428 4.906 90,223 2,055 Mar..................... 47,973 1,136 4,645 246 6,480 1,140 1,081 62,701 56,538 1,249 4,914 91,125 2,172 Apr..................... 48,236 1,075 4,481 243 6,803 1,069 1,076 62,982 56,739 1,381 4,863 88,295 2,242 May.................... 48,493 1,261 4,433 235 7,062 1,095 1,074 63,654 57,185 1,546 4,923 92,754 2,495 June.................... 48,771 1,226 4,336 249 7,313 1,140 1,108 64,143 57,836 1,379 4,929 95,187 2,657 July..................... 49,010 1,144 4,396 246 7,642 1,084 1,116 64,639 58,169 1,563 4,908 91,559 2,647 Aug..................... 49,322 1,210 4,367 242 7,910 1,034 1,117 65,201 58,499 1,732 4,969 n.a. 2,592 Sept.r................. 49,557 1,152 4,406 243 8.054 999 1,147 65,559 59,066 1,525 4,967 n.a. 2.724 Oct...................... 49,827 1,169 4,299 228 8,080 959 1,134 65,696 59,257 1,489 4,950 n.a. 2,710 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. 2091. 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

2106 SAVINGS INSTITUTIONS DECEMBER 1967 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort­ Real Policy Other assets Total U St n a i t t e e s d Sta lo te c a a l nd Foreign 1 Total Bonds Stocks gages estate loans assets 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—Scot.’'......................... 164,432 10,866 4,751 3,197 2,918 68,149 60,802 7,347 63,615 4,820 8,658 8,324 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,III 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........................ 173,839 10,557 4,665 2,980 2,912 72,666 64,205 8,461 66,506 5,050 9,808 9,252 Sept................................. 174,664 10,501 4,616 2,966 2,919 73,075 64,456 8,619 66,701 5,080 9,875 9,432 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value, Month-end figures: Book value of ledger assets. Adjustments for interest due and Note,—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in “other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E p n er d i o o d f M ga o ge rt s ­ s G e U c o . u v S r t . i , ­ Cash Other J 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 o o rr n o e w y e 3 d L p o r a o n c s e s i s n Other c m o l e m o n a m t n s i 4 t­ ties profits 1941...................... 4,578 107 344 775 6,049 4,682 475 256 6' 1945...................... 5’376 2,420 450 356 8^747 7^365 644 336 402 I960...................... 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961...................... 68,834 5^211 3,315 4,’775 82,135 70,885 5,708 2,856 1,550 1,136 1,908 1962...................... 78,770 5^563 3^926 5^346 93^605 80,236 6,520 3,629 1,999 1,221 2,230 1963...................... 90.944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1,499 2,614 1964 ..................... 101,333 6,966 4,015 7,041 119,355 101,887 7,’899 5,601 2,239 1,729 2,590 1965...................... 110,306 7,414 3^900 7,960 129,580 110,385 8,704 6,444 2,198 1,849 2,751 1966—Oct............ 114,102 7,634 2,682 8,608 133,026 111,664 9,015 7,753 1,509 3,085 1,718 Nov...... 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 3,36! 8^672 133,997 114,010 9,’256 7,464 1,272 C995 1,512 114,229 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 Mar...... 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 U5O3 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........... 118.674 8’,857 3,127 9,221 139.879 120,677 9,265 4,399 2,130 3 ,'408 3,443 Septr.... 119,529 9,017 3,078 9,158 140,782 121,870 9,255 4,382 2,158 3,117 3,337 Oct............ 120,363 9,170 3,039 9,224 141,796 122,366 9,258 4,373 2,216 3,583 3,299 1 Includes other loans, stock in the Federal home loan banks, other * Commitments data comparable with those shown for mutual savings investments, real estate owned and sold on contract, and office buildings banks (on preceding page) would include loans in process. and fixtures. 2 Before 1958, mortgages are net of mortgage-pledged shares. Asset Note.—Federal Savings and Loan Insurance Corp, data; figures are items will not add to total assets, which include gross mortgages with no estimates for all savings and loan assns. In the United States. Data deductions for mortgage-pledged shares. Beginning with Jan. 1958, no beginning with 1954 are based on monthly reports of insured assns. and deduction is made for mortgage-pledged shares. These have declined annual reports of noninsured assns. Data before 1954 are based entirely consistently in recent years from a total of $42 million at the end of 1957, on annual reports. Data for current and preceding year are preliminary 3 Consists of advances from FHLB and other borrowing. even when revised. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 FEDERALLY SPONSORED CREDIT AGENCIES 2107 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National (s M eco o n rt d g a a r g y e m A a s r s k n e , t B f a o n r k s , inte F r e m de e r d a i l a te Fe la d n e d r al Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m a A e n to d m c ­ e ­ s I m nv e e n s ts t­ p C a o d a n s e s d i ­ t h s B n a o o n n te d d s s M po b d e s e e i m r ­ t s ­ C s a to p c it k al M l g o a a o g n r e s t ­ D n t a e u o n b r t e e d e s s n ­ c L a o t o o i c v a p o e n e s s r ­ D t e u b re e s n­ c L o a d o u n i a s n d n ­ t s s D t e u b re e s n­ M l g o a a o g n r e t s ­ Bonds bers (A) (L) (A.) (L) (A) (L) (A) (L) 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 1,650 1,585 2,828 2^431 1962............... 3,479 1,531 173 2,707 1,214 1,126 2,752 2,422 735 505 1,840 1.727 3,052 2,628 1963............... 4,784 1,906 159 4,363 1,151 1,171 2,000 1,788 840 589 2,099 1,952 3,310 2^834 1964............... 5,325 i;523 141 4,369 1,199 1,227 1,940 1,601 958 686 2,247 2,112 3’718 3,169 1965............... 5,997 1,640 129 5,221 1 ,045 1,277 2,456 1,884 1,055 797 2,516 2,335 4,28! 3,710 1966—Oct... 7,249 1,982 100 6,959 769 1,365 4,051 3,125 1,219 957 3,008 2,909 4,926 4,295 Nov... 7.084 2,210 87 6,859 865 1,369 4,160 3,152 1,276 1,067 2,901 2,814 4,938 4,295 Dec... 6,935 2,523 113 6,859 1,037 1,369 4,266 3,800 1,290 1,074 2,924 2,786 4,958 4,385 1967—Jan... 6.340 3,101 92 6,802 1,089 1,377 4,369 3,878 1,323 1,076 2,976 2,779 4,986 4,385 Feb... 5,800 3,305 92 6,285 1 ,241 1,384 4,431 3,984 1,342 1,113 3,056 2,850 5,035 4,450 Mar... 5,175 3,564 95 5,709 1,490 1,387 4,459 4,010 1,363 1,113 3,168 2,944 5,Hl 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 I ,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 4,474 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 Oct... 4,114 2,787 81 4,060 1,323 1 ,393 5,022 4,432 1,438 1,138 3,460 3,457 5,502 4,871 Note,—Data from Federal Home Loan Bank Board, Federal National bonds held within the FHLB System), and are not guaranteed by the U.S. Mortgage Assn., and Farm Credit Admin, Among the omitted balance Govt.; for a listing of these securities, see table below. Loans are gross sheet items are capital accounts of all agencies, except for stock of home of valuation reserves and represent cost for FNMA and unpaid principal loan banks. Bonds, debentures and notes are valued at par. They in­ for other agencies. clude only publicly offered securities (excluding, for the home loan banks. OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, OCTOBER 31, 1967 Amount Amount Amount Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions of dollars) of dollars) of dollars) Federal home loan banks Federal National Mortgage Federal land banks—Cont. Bonds: Association—Cont. Bonds: Nov. 27, 1967............................6 500 Debentures: Dec. 20, 1967......................5% 329 Ian. 25, 1968........................5»4 250 June 12. 1973.......................41/4 146 Jan. 22, 1968......................5'4 161 Feb. 26, 1968......................5.35 535 Feb. 10, 1977.......................4^ 198 Mar. 20, 1968......................4,4 111 Mar. 1,1968..........................4’/, 250 May 20, 1968......................5% 242 Mar. 25, 1968......................5.35 400 June 20, 1968.......................4 186 Apr. 25, 1968........................5% 625 Aug. 20, 1968......................4>4 160 May 27, 1968........................5% 300 Oct. 21,1968......................5.50 407 July 25, 1968......................5.45 300 Banks for cooperatives Jan. 20,1969........................4% 341 Nov. 25, 1968....................5% 300 Debentures: Mar. 20, 1969......................4% 100 Jan. 27, 1969........................5^ 300 Nov. 1, 1967......................4.30 258 Apr. 21, 1969....................5.60 250 Mar. 25, 1969........................5Y, 300 Dec. 4, 1967......................4.30 276 July 15, 1969......................4'4 130 Feb. 1, 1968......................5.20 309 July 15, 1969......................4% 60 Apr. 1, 1968......................5.35 268 Oct. 20, 1969......................4'4 209 Jan. 20,1970.......................5'4 209 Federal National Mortgage Associa­ Feb. 20, 1970.......................5'4 82 tion—Secondary market opera­ Apr. 1, 1970........................314 83 tions Federal intermediate credit banks July 20,1970.......................5i/g 85 Debentures: May 1,1971.......................3^ 60 1,045 Nov. 1, 1967......................5.15 463 Sept. 15, 1972.......................3’4 109 Dec. 4, 1967........................514 r403 Oct. 23, 1972........................5% 200 Jan. 2,1968....................4.45 413 Feb. 20, 1973-78................4/g 148 Debentures: Feb. 1, 1968......................4.40 397 Feb. 20, 1974.......................4U 155 Mar. 11, 1968.. .................3% 87 Mar. 4, 1968......................4.50 375 Apr. 21, 1975.......................4% 100 June 14, 1968...................... 4% 400 Apr. 1, 1968......................4.85 347 Feb. 24, 1976.......................5 123 Sept. 10, 1968........................5% 350 May 1, 1968........................514 345 July 20,1976........................5ft 150 Apr. 10, 1969 .................... 4i^o 88 June 3, 1968....................5.30 350 Apr. 20, 1978.......................5'4 150 May 12, 1969.........................4M 300 July 1, 1968.....................5.55 285 Jan. 22,1979.......................5 285 July 10, 1969.........................5«/8 250 Dec. 12, 1969.........................6 550 Tennessee Valley Authority Apr. 10, 1970.........................4% 142 Short-term notes....................... 200 Sept. 10, 1970.........................4>4 119 Bonds: Aug. 10, 1971.........................41/J 64 Federal land banks Nov. 15, 1985.....................4.40 50 Sept. 10, 1971.........................4>/i 96 Bonds: July 1, 1986.......................4% 50 Feb. 10, 1972.........................5|4 98 Feb. 15, 1967-72................4^ 72 Feb. 1, 1987.......................4'4 45 June 12, 1972........................4% 100 Oct. 1, 1967-70................ 41,4 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

2108 FEDERAL FINANCE DECEMBER 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 re N c e ts t . Bu n d e g t et f T P u r l n u u d s s s : t g I L n o e v t s r t s a . : ­ 1 E r T e q c o u t t a s a l . l s 2 : Budget f T P un l r u u d s s s : t 5 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 i e i a r n b e n c t g t e a I g L n e v b e n y e s s s : t & , L N c e a o s s n h s: ­ Eq N u e a t ls: &agen.) trusts debt Cal. year—1964............. 88,696 30,742 4,324 115,030 96,944 28,396 5,069 120,271 -5,241 9,084 2,684 619 5,780 1965 ............. 96,679 31,384 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—Oct................ 5,811 2,069 286 7,523 10,977 2,684 1,056 12,604 -5,080 2,270 -698 34 2,935 Nov................... 7,394 3,717 336 10,698 10,386 2,617 -651 13,654 -2,955 2,468 989 134 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 -110 -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 Oct................... 6,823 2,329 373 8,739 11,530 3,889 604 14,815 -6,076 5,058 - 432 264 5,225 Effects of operations on Treasurer’s account Net operating transactions Net financing transactions Change in Treasurer’s account cash balances (end of period) Period Agencies & trusts Change Operating bal. s B d u e u r o f d p i r g c l u i e t s t f T un ru d s s t 3 a C c l c e o a u ri n n t g s i M ss s u e a o c a r f . k n 3 e c t e i I G n n s e v o U c e v . s . t S 3 t , , . p d g d u i r e r i b o n e b s l c i t s c t T o r H u e t a e s s l i u d d r e y a T c u c r r e e o a r u ’ s n s ­ t Balance B F a . n R k . s a l T a c o n c a a d t x n s . O as n t s e h e t e t s r Fiscal year—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 12307 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?.... 4^40 8; 456 '208 -1,202 -7’, 481 -3;098 76 1J48 7^759 1,311 4,272 2; 176 Month: 1966—Oct................... -5,165 -614 736 130 698 2,140 119 — 2,194 6,417 809 4,181 1,427 Nov................. -2,993 1,101 -1,120 — 55 -989 2’523 84 -1’618 4’799 299 3’041 1,459 Dec................... 1’093 -371 -78 767 -166 -92 —60 1,213 6,011 416 4,096 1,499 1967—Jan................... —601 — 60 583 76 477 —450 — 134 158 6,170 813 3,687 1,670 Feb................... -1,702 2,290 -123 -241 -1,649 756 89 -760 5’410 386 3’299 1’725 Mar................ -304 '866 970 -462 -1’082 1,321 -101 1,411 6’821 828 4,430 1’563 Apr.................. 4,070 1,061 907 — 563 ’329 -3’145 595 2'064 8,884 1,360 5,415 2'109 May................ -4,626 2,471 -912 285 -4,213 3’087 -649 -3,259 5’626 574 3369 I ,'583 June?............... 8’104 1,828 -1,217 -296 -1'343 -4367 275 2,133 7’759 1,311 4.272 2,176 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 51213 -196 -944 61607 1,051 3,937 1,619 Sept.................. -63 -19 1,060 -384 1,003 ' 46 -87 1,729 8,336 '778 5:808 1,750 Oct............... -4,707 -1,559 ’ 34 452 432 4,606 -16 -794 7,542 697 5,171 1,674 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. J Includes 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. s Includes technical adjustments not allocated by functions. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 FEDERAL FINANCE 2109 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Estate Int. Total W I i n th d ­ ividual Co ra r t p e o­ Total a L b n i a d q c u c t o o o r ­ H w ig ay h­ Total F R a I n C .R d A . e U m n p - l . a g n if d t C to u m s s ­ r m e a p e n a n d y t s ­ fu R n e d ­ s Other Other held 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 I ,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—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 Apr............. 17,070 3,591 6,216 4,295 1,023 476 326 3,340 3,168 138 352 150 227 2,322 198 May........... 11,295 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 Oct.............. 8,739 4,171 298 913 1,222 n.a. 345 1,489 1,406 40 234 179 223 180 190 Cash payments to the public Period Total s t f i N e o d n n e a s ­ a ­ e l af I f n a t i i r , s s S e p r a a e r c c ­ e h A t c u g u r r l e ­ i­ so N u u r r r e a a c ­ t l e ­ s t m C ra a o e n n r m s d c p e ­ . c H d i o n e o m v g u e m & l s . ­ , l H a w b e e o a lf 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 v a 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—Oct.............. 12,604 5,532 637 493 584 322 763 362 3,043 281 600 373 207 Nov................. 13,654 5,557 529 458 137 325 690 -15 3,151 213 617 1,506 265 Dec................ 12,545 6,092 175 486 33 310 673 -33 3,175 264 664 598 210 1967—Jan.................. 11,641 6,198 535 464 40 236 460 -895 3,398 87 548 415 200 Feb.................. 11,852 5,806 -56 390 253 266 515 -635 3,433 302 645 1,571 175 Mar................ 13,167 7,025 389 468 159 251 562 -677 3,648 338 706 653 216 Apr................. 11,189 6,388 370 380 -191 224 336 -667 3,406 14 531 650 199 May................ 14,445 6,293 335 441 499 283 560 -534 3,522 496 614 1 ,752 239 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 1,516 198 Sept................ 14,201 6,627 502 377 802 326 733 329 3,456 356 580 437 198 Oct.................. 14,815 6,728 558 386 418 347 819 280 3,620 312 639 310 243 1965 1966‘ 1967® 1965 1966 1967 Item IV I II III IV I II? in IV I II HI IV I II? III Seasonally adjusted Not seasonally adjusted Cash budget: Receipts............................. 31.7 33.4 37.1 37.3 38.4 39.2 38.5 38.5 25.8 33.3 46.2 34.6 31.1 38.0 49.8 35.9 Payments ................................ 33.7 36.6 35.8 39.7 38.6 38.8 38.1 43.4 34.0 34.6 36.2 41.3 38.8 36.7 38.6 45.1 Net....................................... -2.0 -3.2 1.3 -2,5 -.2 .4 .4 -4.9 -8.1 -1.3 10.0 -6.7 -7.7 1.4 11.3 -9.2 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2110 U.S. GOVERNMENT SECURITIES DECEMBER 1967 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 Total Total Marketable Nonmarketable End of period d g e r b o t s s 1 d d g e i r r b o e t s c s t 2 Total C v ib e o l r n e t­ ­ S in a g v s ­ i S s p su e e c s ia l 6 Total Bills C c e a r t t e if s i­ Notes Bonds 4 bonds Total 5 & 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 20.0 1947—Dec........................................ 257.0 256.9 225.3 165.8 15,1 21.2 11.4 118.0 59.5 52.1 29.0 1959—Dec........................................ 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 I960—Dec........................................ 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Dec........................................ 296.5 296.2 249.2 196.0 43,4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962—Dec........................................ 304.0 303.5 255.8 203,0 48,3 22.7 53.7 78.4 4.0 48.8 47.5 43.4 1963—Dec...................................... 310.1 309.3 261.6 207.6 51.5 10.9 58.7 86.4 3.2 50.7 48.8 43.7 1964—Dec........................................ 318.7 317.9 267.5 212.5 56,5 59.0 97.0 3.0 52.0 49.7 46.1 1965—Dec........................................ 321.4 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52,9 50.3 46.3 1966—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 51.6 331.4 330.9 271.8 216.7 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 $8.3 336.4 335.9 274.7 218.6 63.7 57.6 97.3 2.6 53.5 51.4 57.7 341.0 340.5 279.9 223.3 68.9 57.1 97.3 2.6 54.0 51.6 57.2 Nov....................................... 345.6 345.1 284,2 226.1 69.5 .........6..1.....4 95.3 2.6 55.6 51.7 57.4 i Includes non-interest-bearing debt (of which $261 million on Nov. 30, s Includes (not shown separately): depositary bonds, retirement plan 1967, was not subject to statutory debt limitation) and guaranteed secu­ bonds, foreign currency series, foreign series, and Rural Electrification rities not shown separately. Administration bonds; before 1954, armed forces leave bonds; before 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 $18,761 million on Oct. 31, 1967. 6 Held only by U.S. Govt, agencies and trust funds. * Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds. Note.—Based on Daily Statement of U.S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public E pe n r d i o o d f T g d r o e o t b s a t s l ag G t U e a r o n n u S v c d s i . t t e , s B F a R nks Total m C b e a o r n c m k ia ­ s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u ie e r ­ s ­ r c O a o t t r i h o p e n o r s ­ g S l a o o t n c v a d a t ts e l . Savi I n n g d s i vidu O al t s her n F a i o t n a i r o n t e e d n i r g a ­ n l 1 O i m t n o v t i r h s e s c e s . ­ r 2 funds bonds securities 1941—Dec................. 64.3 9,5 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .4 .5 1945—Dec................. 278.7 27.0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21.2 2.4 6.6 1947—Dec................. 257.0 34.4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 2.7 5.7 1959—Dec................. 290.9 53.7 26.6 210.6 60,3 6.9 12,5 21.4 18.0 45.9 23.5 12.0 10.1 1960—Dec................. 290.4 55.1 27.4 207.9 62.1 6.3 11.9 18.7 18.7 45.6 20.5 13.0 11.2 1961—Dec................. 296.5 54.5 28.9 213.1 67.2 6.1 11.4 18.5 19.0 46.4 19.5 13,4 11.6 1962—Dec................. 304.0 55.6 30.8 217.6 67.2 6.1 11,5 18.6 20.1 46.9 19.2 15.3 12.7 1963—Dec................. 310.1 58.0 33.6 218.5 64.3 5.8 11,3 18.7 21.1 48.1 20.1 15.9 13.3 1964—Dec................. 318.7 60.6 37.0 221.1 64,0 5.7 11.1 17.9 21.2 48.9 21.1 16.7 14.5 1965—Dec.................. 321.4 61.9 40.8 218.7 60.8 5.4 10.4 15.5 22.9 49.6 22.7 16.7 14.7 1966—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 50.1 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 50,1 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 Aor. 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 June............... 326.7 75.8 46.7 204.2 55.1 4.2 8.7 11.3 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 22.4 50.8 23.3 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 Oct.................. 341.0 75.9 47.4 217.7 63.2 4.1 8.8 13.1 21.9 50.9 23.8 14.9 17.0 1 Includes investments of foreign balances and international accounts Note.—Reported data for F.R, Banks and U.S. Govt, agencies and in the United States. trust funds; Treasury estimates for other groups. 2 Includes savings and loan assns., dealers and brokers, nonprofit institutions, and corporate pension funds. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 U.S. GOVERNMENT SECURITIES 2111 OWNERSHIP OF MARKETABLE SECURITIES, BY .MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date Total y 1 e - a 5 rs y 5 e - a 1 r 0 s 1 y 0 e - a 2 r 0 s 20 O y v e e a r r s Total Bills Other All holders; 1964—Dec. 31...................................................... 212,454 88,451 56,476 31,974 64,007 36,421 6,108 17.467 1965—Dec. 31............................................................. 214,604 93,396 60,177 33,219 60,602 35,013 8,445 17,148 1966—Dec. 31............................................................. 218,025 105,218 64,684 40,534 59,446 28,005 8,433 16,923 1967—Sept. 30............................................................. 218,637 95,442 63,746 31,696 78,198 19,840 8,420 16,737 Oct. 31............................................................. 223,271 100,208 68,854 31 ,354 78,088 19,837 8,419 16,719 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—Sept. 30..................................................... 16,510 3,780 2,648 1,132 5,011 2,092 2,114 3,513 Oct. 31..................................................... 16,586 3,831 2,699 1,132 5,036 2,092 2,115 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—Sept. 30..................................................... 46,916 30,588 14,097 16,491 14,910 883 177 358 Oct. 31..................................................... 47,390 31,062 14,571 16,491 14,910 883 177 358 Held by public: 1964—Dec. 31.................................................... 163,264 65.33! 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—Sept. 30..................................................... 155,211 61 ,074 47,001 14,073 58,277 16,865 6,129 12,866 Oct. 31..................................................... 159,295 65,315 51,584 13,731 58,142 16,862 6,127 12,848 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—Sept. 30............................................ 50,030 15,390 8,970 6,420 27,219 6,449 491 481 Oct. 31............................................. 52,117 17,461 11,149 6,312 27,159 6,504 470 523 Mutual savings banks: 1964—Dec. 31............................................ 5.434 608 344 263 1,536 1,765 260 1,266 1965—Dec. 31........................................... 5,241 768 445 323 1,386 1,602 335 1,151 1966—Dec. 31........................................ 4,532 645 399 246 1,482 1,139 276 990 1967—Sept. 30............................................ 4,120 572 359 213 1,656 715 276 901 Oct. 31............................................ 4,009 617 409 208 1,544 697 268 883 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—Sept. 30............................................ 7,399 536 264 272 2,131 1,051 1,138 2,543 Oct. 31............................................ 7,426 601 332 269 2,130 1,037 1,162 2,496 Nonfinancial corporations: 1964—Dec. 31............................................ 9,136 6,748 5,043 1,705 2.001 272 3 112 1965—Dec. 31....................................... 8,014 5,911 4,657 1,254 1,755 225 35 89 1966—Dec. 31............................................. 6,323 4,729 3,396 1,333 1,339 200 6 49 1967—Sept. 30............................................ 3,783 2,681 1,979 702 999 71 3 30 Oct. 31............................................. 4,537 3,486 2,913 573 955 83 3 11 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—Sept. 30............................................. 4,434 968 656 312 1,899 819 270 478 Oct. 31............................................. 4,531 1,056 744 312 1,904 819 270 482 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—Sept. 30............................................. 14,750 5,707 4,804 903 2,343 1 ,080 1,634 3,986 Oct. 31............................................ 14,546 5,520 4,627 893 2,350 1,071 1,589 4,015 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—Sept. 30............................................ 70,695 35,220 29,969 5,251 22,030 6,680 2,317 4,447 Oct. 31............................................. 72,129 36,574 31,410 5,164 22,100 6,651 2,365 4,438 Note,—Direct public issues only. Based on Treasury Survey of about 90 per cent by the 5,876 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 nonfinancial corporations and 488 savings and loan assns.; and but for other groups are based on Treasury Survey data. Of total mar­ (3) about 70 per cent by 506 State and local govts. ketable issues held by groups, the proportion held on latest date by those “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

2112 U.S. GOVERNMENT SECURITIES DECEMBER 1967 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt, Period agency Total Dealers and brokers securities Within 1-5 5-10 Over Com­ All 1 year years years 10 years U.S Govt, m b e a r n c k ia s l other securities Other 1966-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.................................. 2'712 2,059 427 160 66 1,114 121 978 500 232 1%7—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 2,111 1 1738 262 82 28 813 76 746 475 222 21075 1'636 332 77 30 784 63 720 507 188 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................................. 11884 1,578 243 33 30 662 60 662 500 159 Sept................................. 1,937 1,705 177 30 24 715 52 711 459 200 2.168 1,941 150 43 33 796 66 841 465 202 Week ending— 1967—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 Nov. 1.......................... 2,414 2,072 179 135 29 894 80 860 581 176 8.........2..,.3..0...1......... 1,795 340 133 33 829 82 905 485 152 15.......................... 2,352 1,903 321 84 43 852 78 870 552 224 22.......................... 2,445 2,046 279 85 34 858 67 894 625 272 29.......................... 2,267 1,976 177 59 55 846 79 818 524 262 Note.—The transactions data combine market purchases and sales of ties under repurchase agreement, reverse repurchase (resale), or similar U.S. Govt, securities dealers reporting to the F.R. Bank of N.Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of, and exchanges for, new U.S. Govt, securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi­ DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity U.S. Commercial banks Period a G ge o n v c t y , Period All Corpora­ All mat A ur ll i ties W 1 y it e h a in r y 1 e - a 5 r s 5 O y v e e a r r s securities sources Y N o e r w k w E h ls e e r ­ e tions 1 other City 1966—Oct.........2..,500 2,224 109 166 353 Nov.......... 3'756 2,925 639 193 429 1966—Oct.............. 2,346 508 580 823 435 Dec...... 4,158 3,447 530 181 502 3’575 605 687 1,614 668 Dec............. 4,233 999 893 1,412 929 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............. 41530 1,391 11331 1,069 740 3,902 3^296 382 223 450 4,298 1,289 1,461 825 723 M^ay......... 3375 2,503 744 129 371 Apr............ 4,162 1,093 1,576 829 664 June..... 2,869 2,389 406 74 314 3,612 935 11156 764 757 July...... 2,239 2,115 106 18 239 31262 1,121 984 665 492 2,903 2’564 312 26 265 July....... 2,147 649 622 598 276 2,545 2,305 202 38 242 Aug....... 2',717 835 734 868 280 Oct........... 2,880 2,837 22 20 379 2,669 1,010 873 582 204 Oct........ 2,660 '844 688 744 383 Week ending— Week ending— 1967—Sept. 6.. 2,853 2,455 362 36 265 13. . 2,709 2,388 280 41 208 1967—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... 2,180 841 785 360 194 Oct. 4.. 2,120 2,059 29 32 240 11.. 2,858 2,801 21 36 274 Oct. 4. .. 1,943 644 660 435 205 18. . 2,872 2,838 19 16 452 11. 2,189 601 549 644 395 25.. 3,032 3,016 6 11 480 18. 2,876 816 637 738 685 25... 2,999 985 834 916 265 Note.—The figures include all securities sold by dealers under repur­ chase contracts regardless of the maturity date of the contract, unless the 1 All business corporations, except commercial banks and insurance contract is matched by a reverse repurchase (resale) agreement or delayed companies. delivery sale with the same maturity and involving the same amount of securities. Included in the repurchase contracts are some that more clearly represent investments by the holders of the securities rather than Note.—Averages of daily figures based on the number of calendar days dealer trading positions. in the period. Both bank and non bank dealers are included. See also Average of daily figures based on number of trading days in the period Note to the opposite table on this page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 GOVERNMENT SECURITIES 2113 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, NOVEMBER 30, 1967 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont Dec. 7, 1967............... 2,402 May 2, 1968................... I ,000 Feb. 15, 1971........ .5% 2,509 Aug. 15, 1970........ .4 4,129 Dec. 14, 1967................... 2,401 May 9, 1968................... 1 ,001 Apr. 1, 1971.........■1'4 35 Aug. 15 197!........ .4 2,806 Dec. 21, 1967................... 2,400 May 16, 1968.................... 1 ,000 May 15, 1971.....•5>/4 4,265 Nov. 15, 1971.........• 3% 2,760 Dec. 28, 1967................... 2,402 May 23, 1968................... 1 ,000 Oct. 1,1971........ • 1'4 72 Feb. 15, 1972........ .4 2,344 Dec. 31, 1967............... 1,401 May 31, 1968................... 2,403 Nov. 15, 1971.........• S% 1,734 Aug. 15, 1972........ .4 2,579 Jan. 4, 1968................... 2,401 June 24, 1968*................. 3,006 Feb. 15, 1972........ .4'4 2,006 Aug. 15, 1973........ .4 3,894 Jan. 11, 1968................... 2,502 June 30, 1968................... 1,501 Apr. 1, 1972........ •1'4 34 Nov. 15, 1973........ .4'4 4,353 Jan. 18, 1968................... 2,501 July 31, 1968................... t ,501 May 15, 1972.,....4'4 5,310 Feb. 15, 1974........ •4'A 3,130 Jan. 25, 1968................... 2,501 Aug. 31, 1968................. 1 ,501 Oct. 1, 1972........ • 1'4 4 May 15, 1974.........•4U 3,590 Jan. 31, 1968................... 1,401 Sept. 30, 1968................... 1 ,000 Nov. 15, 1974........ ■ 5'4 1,652 Nov. 15, 1974........ .3% 2,242 Feb. 1, 1968................... 2,501 Oct. 31, 1968................... 1 ,002 May 15, 1975-85..• 4>/4 1 ,217 Feb. 8, 1968................... 2,502 Nov. 30, 1968................... 1 ,000 Treasury bonds June 15, 1978-83.. 3'4 1 ,571 Feb. 15, 1968................... 2,501 Dec. 15, 1963-68..■ 2'4 1,788 Feb. 15, 1980........ .4 2,603 Feb. 23, 1968................... 2,501 June 15, 1964-69..•2'4 2,543 Nov. 15, 1980........ • 3'4 1,909 Feb. 29, 1958................... 3,905 Treasury notes Dec. 15, 1964-69..•2'4 2,491 May 15, 1985..........3'4 1,119 Mar. 7, 1968................... 1,001 Feb. 15, 1968...........5% 2,635 Mar. 15, 1965-70..• 2'4. 2,286 Aug, 15, 1987-92.. 4'4 3,817 Mar. 14, 1968................... 1,001 Apr. 1,1968..........1'4 212 Mar. 15, 1966-71...2'4 1,225 Feb. 15, 1988-93...4 249 Mar. 21, 1968................... 1,000 May 15, 1968_____4% 5,587 June 15, 1967-72,. 1,256 May 15, 1989-94...4'4 1,559 Mar. 22, 1968*................. 2,003 Aug. 15, 1968..........4*4 6,444 Sept. 15, 1967-72...2'4 1 ,952 Feb. 15, 1990........ •3'4 4,886 Mar. 28, 1968................... 1,000 Nov. 15, 1968...........5 9,913 Nov. 15, 1967........ 2,019 Feb. 15, 1995........ .3 1,816 Mar. 31, 1968................... 1,400 Oct. 1,1968..........UA 115 Dec. 15, 1967-72..•2'4 2,628 Nov. 15, 1998........ 3'4 4,370 Apr. 4, 1968................... 1,000 Apr. 1,1969..........DA 61 May 15, 1968........ • 3% 2,460 Apr. 11, 1968................... 1,001 Oct. 1,1969..........1% 159 Aug. 15, 1968........ .3% 3,747 Apr. 18, 1968................... 1,000 Nov. 15, 1969...........5% 10,738 Nov. 15, 1968..........3’4 1,591 Apr. 22, 1968*................. 3,507 Apr. 1,1970..........IK 88 Feb. 15, 1969........ .4 3,728 Convertible bonds Apr. 25, 1968................... 1,001 Oct. 1,1970..........UA 113 Oct. 1, 1969........ .4 6,250 Investment Series B Apr. 30, 1968................... 1,402 Nov. 15, 1970..........5 7,675 Feb. 15, 1970..........4 4,381 Apr. 1, 1975-80...2’4 2,559 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 amount Period Total G g o a e b t a n i l l o i e ­ n r s ­ R n e u v e e­ PHA1 G l U o o a . v S n t s . , State S d s i p a s t e n a t 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 i u on ­ b R r a i o d n a g d d e s s i U tie ti s l­ 4 H in o g u 5 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. I960.................. 7,292 4,771 2,095 302 125 1,110 1,984 4,198 7,102 7,247 2,405 1,007 1,316 426 201 1,891 1961.................. 8,566 5,724 2,407 315 120 1 '928 2,165 4’473 8,301 8’463 2,821 1.167 1,700 385 478 1,913 1962.................. 8’845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2’963 1 J 14 1,668 521 125 2,’177 1963................... 10,538 5,855 4J80 254 249 I ,'620 3’636 5’281 10,496 9,151 3’029 '812 2,344 598 2’369 1964................... 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 1965.................. 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11 ,538 10,471 3,619 900 1 '965 626 50 3.311 1966.................. 11’395 6,804 3,955 325 312 2’590 4,110 4,695 n.a. 11’294 3'738 1,476 1 ’880 533 3,667 1966—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 40 213 940 397 533 11 IOC 568 272 n.a. 940 297 280 87 131 164 1967 J F a e n b .. . . . .. . .. . . 1 1 ,2 4 3 8 0 8 9 9 4 3 3 3 5 2 1 8 8 7 2 T 7 o1 3 2 9 57 7 3 3 3 0 1 7 7 66 5 5 9 n n . . a a . . 1 1 . . 4 1 8 9 2 6 4 4 0 6 8 8 2 1 1 3 9 3 1 1 6 1 3 7 1 ♦ 6 4 9 7 1 8 Mar.. . . 1,455 841 460 117 37 231 548 676 n.a. 1,438 427 123 339 126 423 Apr..... 1,131 849 256 26 182 246 703 n.a. 1.112 460 59 213 to 370 May.... 1,244 760 454 30 315 298 630 n.a. 1,218 486 116 102 11 503 J une.... 1 '498 860 492 117 29 138 682 677 n.a. I ’497 597 26 228 148 498 July.. . . 949 664 246 39 186 260 503 n.a. ’941 282 36 187 7 429 854 585 251 18 195 233 426 n.a. 852 208 141 208 52 243 Sept.... 1,266 548 593 105 19 291 506 469 n.a. 1,256 303 134 234 110 .........4..7..6 t Only bonds sold pursuant to 1949 Housing Act, which are secured 5 Includes urban redevelopment loans. by contract requiring the Public Housing Administration to make annual contributions to the local authority. Note.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S. Govt, loans. Based on date of delivery to purchaser difference is in the treatment of U.S Govt, loans and payment to issuer, which occurs after date of sale. Investment Bankers Assn, data; par amounts of long-term issues 4 Water, sewer, and other utilities. based on date of sale unless otherwise indicated Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2114 SECURITY ISSUES DECEMBER 1967 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues 1 Proposed use of net proceeds, all corporate issues 6 Noncorporate Corporate New capital Re­ Period Bonds Stock tire­ Total G U o . v S t . .2 G a U c g o y e S v n 3 t . , ­ l S o U a c t n . a a S d t l e . 4 Other 5 Total Total P li u cl b y ­ v P at r e i l ­ y fe P r r r e e ­ d C m o o m n ­ Total Total m N on e e w y 7 O p p o t u h s r e e ­ s r s m ri e o t e c i 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 I960..................... 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8,758 895 271 1961..................... 35,527 12,253 1,448 8,360 303 13,165 9,420 4,700 4,720 450 3,294 12,885 12,017 10,715 1,302 868 1962..................... 29,956 8,590 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 10,501 9,747 8,240 1,507 754 1963..................... 35,199 10,827 1,168 10,107 887 12,211 10,856 4,713 6,143 343 1,011 12.049 10,523 8,898 1,625 1,526 1964..................... 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 13.792 13,038 11,233 1,805 754 1965..................... 40,108 9,348 2,731 11,148 889 15.992 13.720 5,570 8,150 725 1,547 15,801 14,805 13,063 1 ,741 996 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—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 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 1,159 10 1,418 1,262 900 362 17 139 1,400 1,399 1,375 24 1 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 4,229 393 650 1,129 41 2,015 1,768 1,368 410 144 94 '1,985 1,973 1.891 82 12 May........ 4,002 438 810 1,209 26 1,518 1,361 965 396 47 111 '1,493 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......... ■■4,376 415 407 925 '34 '2,590 '2,376 1,888 '487 85 130 '2,635 2,546 '2,181 '275 89 Aug......... '10,625 6,458 250 840 '52 '2,481 '2,231 1,813 '418 '105 144 '2,474 '2,440 '2,184 '222 '34 Sept......... 4,218 362 599 1,273 103 1,763 1,549 902 647 41 173 1,742 1,733 1,581 142 10 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o a u n s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Period Retire­ Retire­ Retire­ Retire­ Retire­ Retire­ New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ rities rities rities rities rities rities 1959................................................... 1,941 70 812 28 942 15 3,189 15 707 1,801 6 I960................................................... 1,997 79 794 30 672 39 2,754 51 1,036 1 2,401 71 1961................................................... 3,691 287 1,109 36 651 35 2,883 106 1,435 382 2,248 22 1962................................................... 2,958 228 803 32 543 16 2,341 444 1,276 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 14 643 91 63 2 81 198 307 Oct. ......... 331 46 38 ♦ 39 254 97 71 228 2 58 204 320 10 168 107 673 4 93 266 4 409 152 42 1967 Jan ...................................... 624 20 103 144 220 293 ♦ 264 1 Feb ....................................... 563 * 72 * 140 274 105 244 ♦ 1,254 16 112 214 503 145 89 2 1,128 7 102 4 100 394 107 141 588 1 94 199 I 403 17 91 100 * 1,298 16 218 3 128 471 350 146 July, '925 '22 '257 '23 '379 20 446 24 '39 '409 '1,229 10 '95 '3 '99 509 19 356 '119 2 637 5 285 3 150 1 265 200 184 1 Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of flotation. number of units by offering pnce. 1 For plant and equipment and working capital. 2 Includes guaranteed issues. 8 AU issues other than those for retirement of securities. 3 Issues not guaranteed. 4 See Note to’table at bottom of opposite page. Note.—Securities and Exchange Commission estimates of new issues 5 Foreign governments, International Bank for Reconstruction and maturing in more than 1 year sold for cash in the United States. Development, and domestic nonprofit organizations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 SECURITY ISSUES 2115 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire­ Net New Retire­ Net issues ments change issues ments change In co v s e J st, 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 1,567 2,300 688 1963. 15,641 8,711 6,930 10,556 4,979 5,577 3,138 1,948 1,536 2,197 1,602 -249 1964. 18,826 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 III................ 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--I................... 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 o o nd te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1962. 1,355 -242 294 -201 -85 -25 1,295 479 1,172 357 833 2,619 1963. 1,804 -664 339 -352 316 -19 876 245 438 447 1,806 1,696 1964. 1.303 -516 507 -483 317 -30 1,408 476 458 1,699 2,644 2,753 1965. 2,606 -570 614 -70 185 -I 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—11................. 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--I................... 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 i Open-end and closed-end companies. exclude foreign and include offerings of open-end investment cos., sales of 2 Extractive and commercial and misc. companies. securities held by affiliated cos. or RFC, special offerings to employees, 3 Railroad and other transportation companies. and also new stock issues and cash proceeds connected with conversions 4 Includes investment companies. of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for Note.—Securities and Exchange Commission estimates of cash trans- that purpose shown on opposite page. ac tions 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 of period) Year Month Sales 1 Re ti d o e n m s p­ s N al e e t s Total * po C si a t s io 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 s a it s i h o n3 Other 1955............... 1,207 443 765 7,838 438 7,400 1966—Oct.. . 329 133 196 33.483 3,244 30.239 1956................ 11347 433 914 9,046 492 81554 Nov... 295 143 152 34.497 3,206 31,291 1957............... L39i 406 984 81714 523 8,191 Dec... 300 151 149 34,829 2,971 31,858 1958............... 1,620 511 1,109 131242 634 12,608 1967—Jan.... 391 183 209 37,230 2,869 34,361 1959............... 2,280 786 1,494 15,818 860 14,958 Feb... 298 179 120 38,034 2,866 35,168 I960............... 2,097 842 1 ,'255 171026 973 16,053 Mar.. 389 226 163 39,443 2,682 36,761 1961............... 21951 1,160 11791 221789 980 21,809 Apr... 358 214 144 41,191 2,666 38,525 1962............... 2,699 1,123 11576 211271 1,315 19,956 May.. 357 258 99 39,847 2,608 37,239 June.. 375 225 150 40,795 2,503 38,292 1963............... 2,460 1,504 952 25,214 1,341 23,873 July... 425 222 203 43,064 2,515 40,549 1964............... 3,404 1’875 1,528 291116 1,329 27,787 Aug... 347 249 98 42,663 2,370 40,293 1965............... 4,359 1'962 21395 351220 1,803 331417 Sept... 352 246 106 43,585 2,244 41,341 1966............... 4;671 2,005 2,665 34,829 2,971 31,858 Oct... 409 270 139 42,652 2,218 40,434 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

2116 BUSINESS FINANCE DECEMBER 1967 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1965 1966 1967 Industry 1962 1963 1964 1965 1966 IV I II III IV I IIr III Manufacturing Total (177 corps.): Sales................................................... 136,545 147,380 158,253177,237 *196,136 46,601 c47,695 c49,850 *46,202 *52,389 c48,585 51,679 48,668 Profits before taxes......................... 15,330 17,337 18,734 22,046 23,420 5,787 6,020 6,460 4,881 6,059 5.153 5,608 4,238 Profits after taxes............................ 8,215 9,138 10,462 12,461 13,244 3,270 3,353 3,643 2,845 3,403 2,918 3,190 2,489 Dividends.......................................... 5,048 5,444 5,933 6,527 c6,920 2,062 1,570 1,754 cl,631 1,965 1,670 1,701 1,681 Nondurable goods industries (78 corps.):1 Sales................................................... 52,245 55,372 59,770 64,897 c73,498 16,697 *17,721 *18,496 <=18,297 *18,984 *18,743 19,535 19,637 Profits before taxes......................... 5,896 6,333 6,881 7,846 9,107 2,017 2,204 2,444 2,305 2,158 2,153 2,250 2,170 Profits after taxes..................... 3,403 3,646 4,121 4,786 5,419 1,251 1,305 1,427 1,389 1,298 1,319 1,343 1,327 Dividends........................................ 2,150 2,265 2,408 2,527 2,729 707 651 682 673 723 720 756 730 Durable goods industries (99 corps.):2 Sales................................................... 84,300 92,008 98,482112,341 122,638 29,904 29,974 31,354 27,905 33,405 29,842 32,144 29,051 Profits before taxes......................... 9,434 11,004 11,853 14,200 14,313 3,770 3,815 4,020 2,577 3,901 3,000 3,358 2,068 Profits after taxes............................ 4,812 5,492 6,341 7,675 7,824 2,019 2,047 2,216 1,456 2,105 1 ,599 1,847 1,162 Dividends......................................... 2,898 3,179 3,525 4,000 c4,191 1,356 919 1,072 *958 1,242 950 945 952 Selected industries: Foods and kindred products (25 corps.): Sales................................................... 13,457 14,301 15,284 16,427 *18,932 4,217 *4,595 *4,673 *4,759 *4,905 *4,963 5,060 5,173 Profits before taxes......................... 1,460 1,546 1,579 1,710 1,912 439 439 488 504 481 447 482 527 Profits after taxes........................... 698 747 802 896 1,006 237 230 257 262 257 236 253 275 Dividends......................................... 425 448 481 509 564 133 137 142 139 146 148 144 146 Chemical and allied products (20 corps.): Sales................................................... 13,759 14,623 16,469 18,158 19,998 4,656 4,885 5,216 4,824 5,063 4,998 5,163 5,116 Profits before taxes......................... 2,162 2,286 2,597 2,891 3,073 707 760 874 789 650 694 700 641 Profits after taxes........................... 1,126 1,182 1,400 1,630 1,737 409 428 480 443 386 396 404 370 Dividends.......................................... 868 904 924 926 948 285 221 224 234 269 238 235 235 Petroleum refining (16 corps.): Sales................................................... 15,106 16,043 16,589 17,828 20,844 4,504 4,945 5,114 5,298 5,487 5,390 5,808 5,885 Profits before taxes....................... 1,319 1,487 1,560 1,962 2,619 522 656 668 631 664 684 741 701 Profits after taxes............................ 1,099 1,204 1,309 1,541 1,846 400 457 467 479 443 505 504 510 Dividends.......................................... 566 608 672 737 817 196 200 204 204 209 232 280 246 Primary metals and products (34 corps.): Sales................................................... 21,260 22,116 24,195 26,548 28,572 6,167 6,567 7,457 7,309 7,239 6,801 7,040 6,975 Profits before taxes......................... 1,838 2,178 2,556 2,931 3,277 623 682 928 857 810 693 670 518 Profits after taxes........................... 1,013 1,183 1,475 1,689 1 ,903 373 402 537 490 474 395 411 309 Dividends.......................................... 820 734 763 818 924 221 216 218 230 260 222 214 228 Machinery (24 corps.): Sales................................................... 19,057 21,144 22,558 25,364 30,141 6,785 6,985 6,889 7,538 8,729 7,704 7,933 8,090 Profits before taxes......................... 1,924 2,394 2,704 3,107 3,613 788 894 915 851 953 868 807 837 Profits after taxes............................ 966 1,177 1,372 1,626 1,880 410 456 480 444 500 421 417 438 Dividends.......................................... 531 577 673 774 912 207 217 225 226 244 232 233 227 Automobiles and equipment (14 corps.): Sales................................................... 29,156 32,927 35,338 42,712 43.641 12,033 11,718 11,728 8,046 12,149 10,413 11,875 8,334 Profits before taxes......................... 4,337 5,004 4,989 6,253 5,273 1,797 1,779 1,615 313 1,566 1,050 1,436 217 Profits after taxes........................... 2,143 2,387 2,626 3,294 2,866 923 934 893 224 815 583 782 142 Dividends......................................... 1,151 1,447 1,629 1,890 1,775 759 360 503 361 551 363 365 362 Public utility Railroad: Operating revenue.......................... 9,440 9,560 9,778 10,208 10,654 2,668 2,518 2.728 2,690 2,718 2,536 2,628 n.a. Profits before taxes......................... 729 816 829 980 1,088 328 213 327 280 268 145 163 n.a. Profits after taxes............................ 572 651 694 816 902 276 172 259 227 244 121 143 n.a. Dividends.......................................... 367 383 438 468 496 161 113 109 113 161 124 156 n.a. Electric power: Operating revenue.......................... 13,489 14,294 15,156 15,816 16,908 3,997 4,401 4,026 4,236 4,246 4,697 4,280 4,406 Profits before taxes......................... 3,583 3,735 3,926 4,213 4,395 1,000 1,215 987 1,153 1,041 1,279 1,026 1 ,161 Profits after taxes............................ 2,062 2,187 2,375 2,586 2,764 637 758 632 702 673 799 666 717 Dividends.......................................... 1,462 1,567 1,682 1,838 1,932 577 473 486 475 505 518 510 509 Telephone: Operating revenue......................... 9,196 9,796 10,550 11,320 12,420 2,944 2,992 3,091 3,135 3,202 3,229 3,312 3,341 Profits before taxes......................... 2,639 2,815 3,069 3,185 3,537 806 851 907 911 868 869 923 953 Profits after taxes.......................... 1,327 1,417 1,590 1,718 1,903 432 460 488 487 468 472 497 515 Dividends................................. 935 988 1,065 1,153 1,248 296 302 309 317 320 334 337 341 1 Includes 17 corporations in groups not shown separately. Telephone: Data obtained from Federal Communications Commis­ 2 Includes 27 corporations in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Note.—Manufacturing corporations: Data are obtained primarily from Lines and General Depts, of American Telephone and Telegraph Co.), published reports of companies. and for 2 affiliated telephone companies. Dividends are for the 20 opera­ Railroads: Interstate Commerce Commission data for Class I line­ ting subsidiaries and the 2 affiliates. haul railroads. All series: Profits before taxes are income after all charges and before Electric power: Federal Power Commission data for Class A and B Federal income taxes and dividends. electric utilities, except that quarterly figures on operating revenue and Back data available from the Division of Research and Statistics. profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 BUSINESS FINANCE 2117 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t r e a o f x o f e i r s t e s c ta o I x n m e ­ s e P t a r a o f x t f e e i r t s 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 t e s s d ­ co c a n a l t l s i p o o u i w n t m a ­ l p ­ Quarter P b t r e a o f x o f e i r s t e s c ta o I x n m e ­ e s P t a r a f o x t f e e i r s ts d C d e i a n v s d i h ­ s t U r p i r b n o u d f t i i e t s s d ­ co c a n t a l i s l o p o u n i w t m a ­ l p ­ ances 1 ances 1 1959............... 52.1 23.7 28.5 12.6 15.9 23.5 1966—1. . . . 83.7 34,5 49.2 21.4 27.8 38,3 1960............... 49.7 23.0 26.7 13.4 13,2 24.9 II.... 83.6 34.5 49.2 21.6 27.6 38.7 III. .. 84.0 34.6 49.4 21.6 27.8 39.2 1961............... 50.3 23.1 27.2 13.8 13,5 26.2 IV. .. 83.9 34.6 49.3 21.2 28.2 39.8 1962................ 55.4 24.2 31.2 15.2 16.0 30.1 1963................ 59.4 26.3 33.1 16.5 16.6 31.8 1967—1.... 79.0 32.5 46.5 22.2 24.2 40,3 1964............... 66.8 28.3 38.4 17.8 20,6 33.9 11. . . 78.9 32.5 46.5 23.1 23.4 40.9 1965............... 76.6 31.4 45.2 19.8 25.4 36.5 HI”.. 80.1 33.0 47,2 23,4 23.7 41.8 1966............... 83.8 34.5 49,3 21.5 27.8 39.0 1 Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts, Notes and accts, End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i , ­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties G U o . v S t . .1 Other G U o . v S t . J Other taxes 1961................................. 148.8 304.6 40.7 19.2 3.4 133.3 95.2 12.9 155.8 1.8 110.0 14.2 29.8 1962.......................... 155.6 326.5 43.7 19.6 3.7 144.2 100.7 14.7 170.9 2.0 119.1 15.2 34.5 1963............................ 163.5 351.7 46.5 20.2 3.6 156.8 107.0 17.8 188.2 2.5 130,4 16.5 38.7 1964................................. 172.3 372.6 47.1 18.8 3.4 170.6 114.0 18.8 200.3 2.7 139.6 17.2 40.7 1965 ................................ 183,4 407.9 49,2 16.7 3.9 189.6 126.3 22.1 224.5 3.1 157.6 19.2 45.0 1966—1........................... 186,0 413.7 46.9 16.9 3.9 192.5 130.2 23.4 227.7 3.8 157.5 19.1 47.3 II,................. 190.4 423.6 47.7 15.3 4.0 198.4 134.4 23.7 233.1 3.9 163.4 16.7 49.1 HI................ 191.5 431.4 46.9 14.6 4.2 202.8 139.4 23.5 239.9 4.4 167.1 17,9 50.4 IV....................... 192.7 441.6 49.3 15.5 4.5 204.4 144. 5 23.3 248.9 4.9 173.4 19.1 51.6 1967—1........................... 195.2 442.4 46.5 14.4 4.4 204.4 148.2 24.5 247.2 5.4 170.8 18.6 52.4 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 payables to, the U.S. Govt, exclude amounts Note.—Securities and Exchange Commission estimates; excludes offset against each other on corporations* books. banks, savings and loan assns., insurance companies, and investment companies, BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Mining u P t u il b it l i i e c s n C i o c m ati m on u s ­ Other 1 a ( n S n . u A a . l Durable d N ur o a n bl ­ e Railroad Other rate) 1959............................................ 32.54 5.77 6.29 .99 .92 2.02 5.67 2.67 8.21 I960............................................ 35.68 7.18 7.30 .99 1.03 1.94 5.68 3.13 8.44 1961............................................ 34.37 6.27 7.40 .98 .67 1.85 5.52 3.22 8.46 1962............................................ 37.31 7.03 7.65 1,08 .85 2.07 5.48 3.63 9.52 1963............................................ 39.22 7.85 7.84 1,04 1.10 1.92 5.65 3.79 10.03 1964............................................. 44.90 9.43 9.16 1.19 1.41 2.38 6.22 4.30 10.83 1965............................................. 51.96 11,40 11.05 1.30 1.73 2.81 6.94 4.94 11.79 1966............................................. 60.63 13.99 13.00 1.47 1.98 3.44 8.41 5,62 12.74 19672r......................................... 61.48 13 78 13.07 1.43 1.55 3.88 9.59 18.20 1966—I....................................... 12.77 2.87 2.74 .33 .40 .75 1.60 1,26 2.83 58.00 II..................................... 15.29 3.51 3.27 .40 .55 1.00 2.09 1.42 3.06 60 10 .......1..5.....5..7.................3....5.4 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 II..................................... 15.61 3.46 3.34 .34 .41 1.12 2.46 1,49 2.99 61.50 HI.................................... 15.40 3.33 3.15 .37 .35 .98 2.66 1.46 3.09 60.90 IV2 r................................ 16.87 3.90 3.55 ,40 .37 1.08 2.63 4.95 62.05 1968—I2..................................... 14.32 3.17 2.90 .37 .34 1.10 2.22 4.22 65.05 i Includes trade, service, finance, and construction, Note.—Dept, of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corporate and noncorporate business, excluding agriculture. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2118 REAL ESTATE CREDIT DECEMBER 1967 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nontarm Other Multifamily and Mortgage E pe n r d i o o d f All Fi c n ia a l n ­ holders2 AU Fi c n ia a l n ­ Other All 1- to 4-family houses4 commercial properties 5 type 6 h e o r l s d­ tu i t n io st n i­ s 1 a U c g i . e e S n s . ­ v o I i a t d n h n u d e d a i r ­ l s s h e o r l s d­ tu i t n i s o t n i­ s1 h e o rs ld 3 ­ h e o r l s d­ Total tu F i t i n n i s o a t n i n ­ s , 1 O h e o th r l s d e ­ r 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 w u F V n r H i d A t A t e e - r - n ­ t C i v o e o n n n a ­ ­ l 1941............. 37.6 20.7 4.7 12.2 6.4 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............ 362.3 264.6 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 r223.9 1966?.......... 347.3 280.8 15.7 50.8 23,3 8.4 14.9 324.0 224.1 192.6 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 12.8 292.3 205.1 177.4 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—I’... 332.3 269.6 13.5 49.2 21.8 8.0 13.7 310.5 216.9 187.8 29.1 ^93.8 73.8 19.9 82.1 228.4 II?.. 338.8 274.7 14.4 49.7 22.5 8.2 14,2 316,3 220.2 190.4 29.9 96.1 76.1 20.0 82,6 233,7 IIP.. 343,5 278.2 15.2 50.2 23.0 8.4 14.6 320.5 222.4 191.7 30.7 98.2 78.1 20.1 83.4 237,1 IV?.. 347.3 280.8 15.7 50.8 23.3 8.4 14.9 324.0 224.1 192.6 31.4 99.9 79.7 20.2 84.0 240.0 1967—I?... 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 II?.. 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 IIIp. 362.4 1 Commercial banks (including nondeposit trust companies but not 6 Data by type of mortgage on nonfarm 1- to 4-family properties alone trust depts.), mutual savings banks, life insurance companies, and savings are shown on second page following. and 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 Other Total Total FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ f n a o r n m ­ Farm Total Total FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ O n fa t o r h n m e ­ r Farm sured anteed tional sured anteed tional 1941.................................. 4,906 3,292 1,048 566 4,812 3,884 900 28 1945.................................. 4,772 3^395 '856 521 4,208 3’387 797 24 1961.................................. 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9.029 2,753 51 1962.................................. 34'476 23,482 6,520 2^654 14’308 8,972 2,022 32.320 29,181 9,238 9.787 10,156 3,088 51 1963.................................. 39,414 26,476 7,105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 1964.................................. 43,976 28.933 7,315 2,742 18.876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965............................... 49'675 32,387 7',702 2,688 21,997 14,377 2,911 44,617 40,096 13.791 11.408 14,897 4,469 52 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 11,664 11,228 13,465 4,112 52 II......................... 46,548 30.383 7,469 2,712 20,202 13371 2,794 42367 38,214 13336 11 322 13.856 4,202 51 III....................... 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 H.......................... 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 HI......................... 53^606 34.469 7^687 2,620 24,162 16'028 3J09 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 II.......................... 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 and part of 1963 and on special F.R. inter­ 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. polations thereafter. For earlier years, the basis for first- and third-quarter estimates included F.R. commercial bank call data and data from the Note.—Second and fourth quarters, Federal Deposit Insurance Corpo­ National Assn, of Mutual Savings Banks. ration series for all commercial and mutual savings banks in the United Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 REAL ESTATE CREDIT 2119 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total i F ns H u A re - d a g n V u t A e a e r - d ­ Other 1 Farm 1 Total Total in F s H u A re - d a g n V u t A e a e r - d ­ Other Farm 1945................................................... 976 6,637 5,860 1,394 4,466 766 1961................................................... 6,785 6,233 1,388 220 4,625 552 44.203 41,033 9,665 6,553 24,815 3,170 1962................................................... 7’478 6359 1,355 469 5’035 619 46,902 43,502 10,176 6395 26331 3300 1963................................................... 9’172 8’306 1,598 678 6330 866 50,544 46i752 10,756 6,401 29,595 3 392 1964................................................... 10333 9’386 1,812 674 6300 1,047 55,152 50^848 11 384 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 12351 6301 40,817 5,240 1966—Sept.P............................ 791 745 82 36 627 46 63,615 58,388 12,315 6,199 39,874 5,227 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 12J93 6,195 40,530 5 335 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 5 328 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 12334 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 5 304 Aug,............................... 676 618 68 32 518 58 66,506 61,073 12^89 6,144 42,640 5,433 Sept....................................... 688 631 62 36 533 57 66,701 61,239 12,263 6,131 42,845 5,462 1 Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because (1) 1959 and with “other” nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and (2) data for year-end adjustments are more complete. Note.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Advances outstanding (end 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 t r s s’ Total 1 s c tr o u n c ­ ­ c p h u a r s ­ e Total 2 su in re ­ d a g n u te a e r­ d ti v o e n n a ­ l Total t S e h rm or t­ 1 t L 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 7307 68,834 4,167 7,152 57,515 1962......................... 4,111 3 394 3,479 2,005 1,474 1,213 1962........... 20’,754 5 379 8 324 78,770 4376 7310 67 384 1963......................... 5 301 4,296 4,784 2363 1,921 1,151 1963........... 24335 7,039 9320 90344 4396 6,960 79,288 1964......................... 5.565 5,025 5,325 2,846 2.479 1,199 1964........... 24305 6,515 10397 101,333 4394 6,683 89,756 1965......................... 5,007 4335 5,997 3,074 2,923 1,043 1965........... 23,847 5,922 10,697 110,306 5; 145 6398 98,763 1966............. 3,804 2,’866 6,’935 5,006 1 ,'929 1,036 1966r......... 16 320 3,606 7346 1141447 5,270 6,158 103,019 1966—Oct............. 300 226 7,249 4,939 2,310 767 1966-Oct.r. 946 208 473 114,362 5,255 6,191 102,916 Nov............. 104 269 7384 4,993 2,091 863 Nov.r 866 185 423 114,343 5,261 6,174 102,908 Dec........ 68 217 6,935 5; 006 1329 1,036 Dec.T 935 189 422 114,447 5,270 6,158 103,019 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 5300 4,730 1,070 1,240 Feb., 950 205 420 114,395 5,278 6,141 102,976 Mar............. 30 655 5; 175 4362 '913 1,490 Mar.. 1,347 306 571 114,797 5,296 6,143 103,358 Apr....... 59 452 4382 3376 806 1348 Apr.. 1,339 312 586 115,233 5,321 6,141 103,771 May............ 59 420 4321 3376 644 1331 May. 1,738 400 779 115,909 5,365 6,127 104,417 June............ 89 208 4302 3; 696 606 1,925 June. 2,162 435 1,046 116,944 5,384 6,169 105,391 July............. 193 274 4321 3; 680 541 1321 July.. 1,860 382 951 117,676 5,437 6,187 106,052 Aug............. 134 202 4J53 3,659 494 1 343 Aug.. 2,228 424 1,186 118,674 5,514 6,223 106,937 Sept............. 102 133 4322 3342 480 1,317 Sept.. 1,971 381 1.017 119,529 5,576 6,258 107,695 Oct............... 160 169 4,114 3,681 433 1,323 Oct.p 1,950 412 949 120,363 5,659 6,293 108,411 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. 1 year but not more than 10 years. 2 Beginning with 1958, includes shares pledged against mortgage loans; beginning with 1966, includes junior liens and real estate sold on contract; Note.—Federal Home Loan Bank Board data. and beginn'ng with 1967, includes downward structural adjustment for change in universe. Note.—Federal Home Loan Bank Board data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2120 REAL ESTATE CREDIT DECEMBER 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 om 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 I m p P e r i e r o m r n o t v y t p ­ e s ­ ­ 2 Total 3 h N om M ew e o s rtga h i g s o E e t m i x r n ­ e g s E pe n r d io o d f Total Total s F u i H n re ­ A d - a g n V t u e A a e r - d ­ 1 t C i v o o e n n n a ­ ­ l 1945................. 18.6 4.3 4.1 .2 14.3 1945............................... 665 257 217 20 171 192 1961................. 153.1 59.1 29.5 29.6 93.9 1961................................ 6,546 1,783 2,982 926 855 1,829 1,170 656 1962................ 166.5 62.2 32.3 29.9 104.3 1962................................ 7,184 1,849 3,421 1,079 834 2,652 1’357 1,292 1963................. 182.2 65.9 35.0 30.9 116.3 1963............................... 7,216 1,664 3,905 '843 804 3,045 1,272 1,770 1964................. 197.6 69.2 38.3 30.9 128.3 1964............................... 8’130 1,608 4.965 895 663 2,846 1,023 1,821 1965.................. 213.7 73.1 42.0 31 .1 140.6 1965............................... 8,689 1.705 5,760 591 634 2,652 876 1.774 1966.................. r224.1 76.0 44.8 31.2 ’’148.1 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—Oct..................... 508 140 275 38 54 271 110 160 II.......... 189.8 67.3 36.3 30.9 122.5 Nov................... 446 130 238 26 51 247 110 137 Ill......... 193.9 68.4 37.4 31.1 125.4 Dec.................... 409 113 214 35 46 226 104 121 IV......... 197.6 69.2 38.3 30.9 128.3 1967-—Jan..................... 449 116 263 26 44 214 100 113 1965—1,......... 200.7 70.1 39.0 31.1 130.6 Feb.................... 364 91 210 32 31 169 77 91 II.......... 205.1 70.7 39.7 31.0 134,4 Mar.......... 490 96 292 55 47 195 83 112 in..... 209.6 72.0 40.9 31.1 137.5 Apr.................... 440 89 270 41 40 184 70 114 IV 213.7 73.1 42.0 31.1 140.6 May.................. 508 87 320 44 58 231 76 154 June.......... 626 105 403 57 61 266 81 185 1966—I........... 216.9 74.1 43.0 31.1 142.7 July................... 595 103 399 36 58 296 82 214 II.......... 220.2 74.6 43.7 30.9 145.7 Aug................... 762 129 525 45 62 340 97 243 Ill........ 222.4 75.4 44.4 31.0 147.0 Sept................... 758 129 514 58 56 352 101 251 IV......... 224.1 76.0 44.8 31.2 148.1 Oct..................... 817 150 515 88 64 434 125 310 1967—P.....2..2..5.5 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 SI,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 tr M an o s r a t c g t a io ge n s Com­ All residential Multifamily 1 (during 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 n c n i s a a t l i n ­ ­ h O ol t d h e e r r s Total F in i c 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 ,’327 913 200 793 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—Oct................... 6,731 5,146 1,585 168 576 1964................. 230.8 195.2 35.6 33 2 24.8 8.4 Nov................. 6'891 5,272 1^19 188 617 1965................. 250.7 213.7 37.0 37.0 28.5 8.5 Dec.................. 7,063 5,407 1’656 202 705 1966P............... 263.6 223.5 40.1 39.5 30.9 8.6 1967—Jan................... 7,216 5,522 1,694 181 695 1965—1........... 234.7 199.0 35.8 34.0 25.6 8.4 Feb.................. 7^331 5^615 1 '716 144 641 II..... 240.1 204.0 36.1 34.9 26.6 8.3 Mar................. 7,415 5,692 1,723 119 706 III. 245.5 209.1 36.4 36.0 27.6 8.4 Apr.................. 7’461 5,740 1,721 78 744 IV.... 250.7 213.7 37.0 37.0 28.5 8.5 May................. 7'484 5,767 017 65 1 835 June................. 7,524 5,811 013 88 6 1,104 1966—1»......... 254.7 217.0 37.7 37.8 29.3 8.5 July................. 7,624 5,890 1,734 136 1,333 IIP.... 258.8 220.3 38.5 38.5 29.9 8.6 Aug.................. 7’872 6,076 1'796 291 1 1,447 HIP.. . 261.5 222.1 39.4 39.1 30.5 8.6 Sept................. 8,105 6,249 1,856 272 L473 IV?... 263.6 223.5 40.1 39.5 30.9 8.6 Oct................... 8,371 6i441 1,930 307 .....1..,.5..3...5 1967—If......... 265.7 224.9 40.8 40.2 31.5 8.7 IP.... 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

DECEMBER 1967 REAL ESTATE CREDIT 2121 TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period C c t ( r r e p a o a n e t n c e t r t ) ­ c F c h e ( e a p e n r e s g t r ) e & 1 s M (y a e t a u r r s i ) ty L c p r ( a o e p r t i n a e i c t n o r e ) / (t d h c p o o P h r l u u l i a a s c r s . r e ­ e s o ) f (t a h d m L o o l u o o la s a 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 t g ) r e & 1 s M (y a e t a u r r s i ) ty L c p r ( a o e p r t n i a e i c t n o r e ) / (t d h c o 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 n s o ) t f 1963......................... 5.84 .64 24.0 73.3 22.5 16.3 5.98 .60 19.2 70.8 17.8 12.6 1964......................... 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 1965......................... 5.76 .54 24.8 74.1 24.7 18.1 5.89 .50 20.4 72.0 19.7 14.1 1966......................... 6.11 .69 24.4 72.8 26.4 19.0 6.24 .59 20.0 65.1 20.4 14,4 1966—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 Apr.............. 6.37 .99 23.6 73.3 25.8 18.9 6.36 .72 20.8 72.0 21.6 15.6 May....... 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.............. 6.37 .83 24.2 73.6 27.5 20,2 6.37 .72 21.2 72.8 22.3 16.2 Oct.P........... 6.38 .90 24.4 74.0 27.5 20,4 6.41 .77 21.3 72.8 22.3 16.2 1 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. 2104. based on probability sample survey of characteristics of mortgages DELINQUENCY RATES ON HOME MORTGAGES NONFARM MORTGAGE FORECLOSURES (Per 100 mortgages held or serviced) Rate Loans not in foreclosure Period Number (per cent of End of period but delinquent for— Lo f a o n re s ­ in (thousands) s m tr o u r c tg tu a r g e e s d ) Total 30 days 60 days o 9 r 0 m da o y r s e closure 1961.................................... 73.1 .37 1962 86.4 .42 1963........ 98.2 .45 1961............................ 3.10 2.27 .50 .33 .29 1962............................ 3.04 2.26 .50 .29 .30 1964........ 108,6 .48 1963............................ 3.30 2.32 .60 .38 .34 1965......... 116.7 .49 1964............................ 3.21 2.35 .55 .31 .38 1966........ 117.5 .48 1965............................ 3.29 2.40 .55 .34 .40 1966............................ 3.40 2.54 .54 .32 .36 1965—1.. 27.9 .48 II. 30.1 .52 1965—1....................... 2.94 2.06 .54 .34 .37 HI 29.1 .50 ..................... 3.00 2.18 .52 .30 .38 IV. 29.6 .50 in............. 3.20 2.30 .56 .34 .38 IV.. 3.29 2.40 .55 .34 .40 1966—1.. 28.8 .48 II. 30.8 .51 1966—1....................... 3.02 2.13 .55 .34 .38 Ill 29.3 .48 II.............. 2.95 2.16 .49 .30 .38 IV. 28.6 .46 HI............ 3.09 2.25 .52 .32 .36 IV................... 3.40 2.54 .54 .32 .36 1967—1.1 29.5 .48 II. 29.7 .48 1967—1...................... 3.04 2.17 .56 .31 .38 Ill 29.2 .47 II..................... 2.85 2.14 .45 .26 .34 in............. 3.15 2.36 .52 .27 .31 Note.—-Federal Home Loan Bank Board estimates of number ot nontarm mortgaged structures at end ot period and or non­ Note.—Mortgage Bankers Association of America data from reports on 1- farm properties acquired during period through foreclosure to 4-family FHA-insured VA-guaranteed and conventional mortgages held proceedings (excluding voluntary deeds in lieu of foreclosure and by more than 400 respondents, including mortgage bankers (chiefly), commercial defaults on real estate contracts). Data exclude Alaska and banks, savings banks, and savings and loan associations. Hawaii. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2122 CONSUMER CREDIT DECEMBER 1967 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Other Repair Total m A p o a u p b t i e o l r e ­ co g p n o a s o p u d e m s r er e a r n n l d o i z a m a n t s o i o 1 d n ­ Pe l r o s a o n n s al Total p S a l i y o n m a g n l e e s n ­ t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939............................................. 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941............................................. 9'172 6,085 2,458 C929 376 1,322 3387 845 1 345 597 1945............................................ 5’665 2,’462 455 ’816 182 1309 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 17323 11,857 3,191 11,256 14,151 5; 136 5'324 3 691 1962............................................. 63;164 48,034 19340 12305 3^46 12,643 15;130 5 356 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 16328 17394 6,954 6,300 4*640 1965............................................. 87.884 68^65 28.843 17,693 3,675 18354 19,319 7382 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--Oct................. 91,899 73,073 30,852 18,714 3,770 19,737 18,826 7.768 6,107 4 951 Nov................................. 92,498 73 391 30;937 18345 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 3 366 19,976 18,’919 7354 5 324 5 341 Mar................................. 92’519 73391 30,527 19,369 3,648 20,047 18,928 7369 5,809 5*350 Apr.................................. 93,089 73,840 30,635 19,376 3,636 20,193 19349 7,890 5,923 5 436 May........... 93'917 74,290 30,852 19,442 3370 20 J26 19,627 8317 6,231 5 379 June................................ 94^813 75,051 31,208 19,580 3,696 20,567 19 362 8 377 6,334 5 351 July........................ 95,115 75J48 31.364 19,607 3,711 20.666 19,767 8J00 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;O39 31 296 19,914 3 342 2! ,087 19,847 8; 179 6,387 5 281 Oct.............................. 96^94 76,223 31,237 20342 3,746 21,198 19,871 8,189 6,471 5311 1 Holdings of financial institutions; holdings of retail outlets are in­ hold, family, and other personal expenditures, except real estate mortgage cluded in "other consumer goods paper.” loans. For back figures and description of the data, see “Consumer Credit,” Section 16 (New) of Supplement to Banking and Monetary Note.—Consumer credit estimates cover loans to individuals for house­ Statistics, 1965, and May 1966 Bulletin. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Total m b C e a o r n c m k ia s ­ l fi S n c a a o l n s e . c s e u C n r i e o d n i s t fi s C n u a m o n n e c ­ r e 1 Other 1 Total D st m o ep r e e a n s r t t 2 ­ F st t u o u r r r n e e s i ­ A s a t p o n p r c e e l s i ­ d m A ea o u l b e to i r l ­ s e 3 Other 1939................................ 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941................................ 6;085 4380 1326 1,797 198 759 1,605 320 496 206 188 395 1945................................ 2; 462 1; 776 '745 '300 102 629 686 131 240 17 28 270 I960................................ 42,832 37,218 16,672 11,472 3,923 3,670 1,481 5,615 2,414 1,107 333 359 1,402 1961................................ 43;527 37335 17308 11 373 4,'330 3 399 1 325 5,595 2,’421 1358 293 342 1,481 1962................................ 48^34 41382 19;OO5 12,194 4302 4,131 1 350 6,252 3313 1373 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 53J41 25 394 14;762 6358 5378 1 349 7 307 3,922 i; 152 286 370 1 377 1965................................ 68,565 60,273 29.173 16,’ 138 7,512 5,606 1,844 8,292 4 488 1 ,’235 302 447 1,820 1966................................ 74356 65 365 32,155 16,936 8,549 6,014 1,911 9,091 n.a, n.a. n.a. 490 n.a. 1966—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 65346 31378 16;790 8380 5 381 1317 8; 445 n.a. n.a. n.a. 490 n.a. Dec...................... 74,656 65,565 32,155 16,936 8,549 6,014 1311 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 8329 5365 1 309 8,632 n.a. n.a. n.a. 485 n.a. 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 65 398 32399 16,590 8,561 5351 1,897 8,542 n.a. n.a. n.a. 490 n.a. May.................... 74,290 65,733 32360 16,615 8365 5347 1,946 8357 n.a. n.a. n.a. 494 n.a. 75,051 66,452 32,966 16.721 8,826 5 395 1 344 8,599 n.a. n.a. n.a. 502 n.a. July..................... 75^348 66,781 33335 16347 8,864 6,009 1326 8367 n.a. n.a. n.a. 506 n.a. 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 33337 16^701 9326 6,067 1345 8,663 n.a. n.a. n.a. 507 n.a. Oct....................... 76^23 67,513 33,723 16,698 9,054 6386 1,952 8,710 n.a. n.a. n.a. 506 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

DECEMBER 1967 CONSUMER CREDIT 2123 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) End of period Total ch P A a u s u r e ­ t p d o a m pe o D r b i i r l e e c t s O g p c u o a o t m o p h n d e e e ­ r s r r e R m l r a t o e n i n a o o p i n d z n d a a s ­ ir ­ s l P o o a e n n r a ­ s l End of period Total m A p o a u p b t e i o l r e ­ s O g p c u o a o t m o p h n d e e e ­ s r r r m R iz l a o o e a n a d p ti n d e a o s i r n r n ­ l s P o o a e n n r a ­ s l 1939................................... 1,197 878 115 148 56 1939........................... 1,079 237 178 166 135 363 1941................................... 1’797 1,363 167 201 66 1941........................... 1,726 447 338 309 161 471 1945................................... '300 164 24 58 54 1945........................... '745 66 143 114 110 312 1960................................... 11,472 7,528 2,739 139 1,066 I960........................... 16,672 5,316 2,820 2,759 2,200 3,577 1961................................... 11,273 6'811 3,100 161 1,201 1961........................... 17'008 5^391 2,860 2’761 2,198 3,798 1962.................................. 12,194 7'449 3,123 170 1 '452 1962........................... 19’005 6J84 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 2457 5,542 1965............................. .. 16,138 9,241 4,429 123 2^345 1965........................... 29J73 10,310 5,721 4,266 2,543 6,333 1966.................................. 16,936 9,391 4,829 110 2,606 1966........................... 32,155 11,370 6,165 5’101 2,567 6,952 1966—Oct......................... 16,771 9,398 4,726 112 2,535 1966—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 9,391 4,829 110 2,606 Dec................ 32,155 11'370 6,165 5,101 2,567 6,952 1%7—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 32'299 11,256 6,217 5,292 2,478 7'056 May.................... 16^615 9J50 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 33^536 11^538 6394 5’556 2,536 7'412 Sept............... 16^701 9^079 4,824 107 2,691 33,’637 11 ,'497 6’490 5’619 2^538 7’493 Oct........................ 16,698 9’024 4; 863 107 2; 704 Oct......... 33,723 11,463 6,515 5,'656 2,539 7,550 See Note to first table on previous page. See Note to first table on previous page. INSTALMENT CREDIT HELD BY OTHER FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT (In millions of dollars) (In millions of dollars) Other Repair Single­ Auto­ con­ and Per­ payment Charge accounts End of period Total mobile sumer modern­ sonal loans paper goods ization loans 1 1 1 9 9 9 4 4 3 1 5 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 9 73 8 5 1 9 7 1 5 8 2 1 4 2 pape 2 2 3 r 0 4 6 loan 1 1 1 s 4 5 4 6 6 7 4 6 8 3 9 5 End of period Total C b m c a o i n e a m r k l ­ s ­ t O f u i i n c t n t i i s h o a a t e l n i n ­ r ­ s s m t p D o a e r e r n e t ­ t ­ s 1 o O r u e t t t h l a e e i t l r s c C a r r e d d s it 2 S c e r r e v d i i c t e 1960................................... 9,074 1,665 771 800 5,837 1961................................... 9^654 1’819 743 832 6,257 1939............... 2,719 625 162 236 1,178 518 1962................................... 10’583 2'111 751 815 6^906 1941............... 3,087 693 152 275 1,370 597 1945............... 3,203 674 72 290 L322 845 1963................................... 11,859 2,394 835 870 7,760 1964.................................. 13,285 2'699 997 933 8,656 I960.............. 13,196 3,884 623 941 3,952 436 3,360 1965 14,962 3,124 1,153 1,009 9,676 1961............... 14'151 4713 723 948 3,907 469 3.691 1966 16’474 3’545 1303 1,074 10,552 1962............... 15,130 4,690 766 927 4,252 505 3,990 1966-—Oct............ 16,143 3,480 1,286 1,065 10 312 1963............... 16,303 5,205 912 895 4,456 520 4,315 Nov............ 16,278 3,517 1,287 1,079 I0J95 1964............... 17794 5,950 1,004 909 4,756 635 4,640 Dec...................... 16,474 3,545 1’303 1 ’074 10’552 1965............... 19,319 6,587 1,095 968 5,055 723 4,891 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 Feb....................... 16,303 3’495 1,288 1,057 10,463 1966—Oct... 18,826 6,656 1,112 n.a. n.a. 898 4,951 Mar...................... 16’345 3,515 1 ,'284 1,057 10^489 Nov... 19.007 6,678 1,129 n.a. n.a. 878 5,001 Anr....................... 16'409 3,544 1 '283 1,054 10'528 Dec.., 20,130 6,714 1,130 n.a. n.a. 874 S,142 May...................... 16,558 3,588 1,286 1,076 10,608 June..................... 16^765 3’652 1'291 1,085 10737 1967—Jan.... 19,464 6,659 1,120 n.a. n.a. 908 5,213 July....................... 16,799 3'666 1,294 1,084 10755 Feb... 18,919 6,634 1,120 n.a. n.a. 895 5,341 Aug..................... 16,982 3,715 1^310 1,100 10757 Mar... 18,928 6,647 1,122 n.a. n.a. 898 5,350 Sept....................... 17,’038 3,723 1 ,’315 1,097 10,903 Apr... 19,249 6,758 1,132 n.a. n.a. 922 5,436 Oct........................ 17^92 3,729 r,3i9 1,100 10,944 May.. 19,627 6,848 1,169 n.a. n.a. 939 5,379 June.. 19,762 6,902 1,175 n.a. n.a. 965 5,351 July... 19,767 6,927 1,173 n.a. n.a. 1,024 5,32J Note.—Institutions represented are consumer finance companies, credit Aug... 19,795 6,950 1,186 n.a. n.a. 1,057 5,291 unions, industrial loan companies, mutual savings banks, savings and Sept,.. 19,847 6,994 1,185 n.a. n.a. 1 ,083 5,281 loan assns., and other lending institutions holding consumer instalment Oct... 19,871 7,001 1,188 n.a. n.a. 1,056 5,211 loans. See also Note to first table on previous page. 1 Includes mail-order houses. 2 Service station and miscellaneous credit-card accounts and homeheating-oi) accounts. See also Note to first table on previous page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2124 CONSUMER CREDIT DECEMBER 1967 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a su p m er er mode R rn ep iz a a i t r i o a n n d l oans Personal loans Period S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.AJ 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 17 594 1963............................................. 61,295 22,292 17 102 2 198 19 703 1964............................................ 67'505 24,435 19,473 2 204 21 393 1965............................................. 75,508 27.914 21,454 2 238 23*902 1966............................................. 78,896 28,491 23,502 2 136 24,767 1966—Oct.................................. 6,522 6,403 2,378 2 369 1 941 I 949 166 171 2 037 1 914 Nov................. 6,657 6'611 2,461 2 346 1 947 2,044 166 168 2 083 2’053 Dec................................ 6,433 7,442 2,297 2 178 1 928 2,720 159 140 2 049 2*404 1967—Jan.................................. 6,501 5,674 2,240 1,923 2,031 1,808 157 120 2 073 1 823 Feb.................................. 6,497 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 1,985 169 159 2 ’093 2’l47 Apr.................................. 6,606 6,495 2,217 2,294 2 095 1,927 170 163 2,124 2 111 6,554 7,062 2’238 2 559 2,032 2,074 180 219 2 104 2X2IO June............................... 6,823 7,458 2,338 2,678 2,081 2,155 190 215 2,214 2 410 July................................. 6,776 6,859 2,266 2’396 2,147 2,071 175 191 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 2 167 Oct.................................. 6,942 6312 2’321 2355 2^165 2,215 171 178 2385 2^164 Repayments 1960............................................. 45,972 16,384 13,574 1,883 14,130 1961............................................. 47'700 16,472 14346 2,015 14,967 1962............................................. 50’620 17,478 14339 1 396 16’206 1963............................................. 55,171 19 400 15,850 2 038 17.883 1964............................................. 61 j21 21,676 17,737 2 078 19,630 [965............................................. 67,495 24,267 19,355 2,096 21,777 1966............................................ 72’805 26 373 21 361 2,060 23,011 1966—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 1 353 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 1 359 Feb.................................. 6,281 5 ,905 2,217 2’075 1 315 1,878 176 163 I 373 1 j789 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 2J86 1,968 1,920 179 175 2311 1 365 6,361 6,6(2 2’219 2,342 1,948 2,008 178 185 2,016 2'077 6’531 6,697 2’281 2,322 1,995 2’017 184 189 2'071 2 J 69 July................................. 6,551 6,562 2328 2,240 2,074 2'044 175 176 2'074 2,102 Aug,................................ 6’585 6'682 2340 2301 2,079 2’081 171 178 2395 2 J22 Sept................................. 6’689 6,440 2,280 2'201 2’106 2’046 178 177 2’125 2,016 Oct.................................. 6,631 6^28 2301 2,414 2,093 2387 170 174 2367 2353 Net change in credit outstanding 2 I960............................................. 3,588 1,270 896 330 1,093 1961............................................. '696 -465 332 53 777 1962............................................ 4,506 2,318 746 55 1,388 1963............................................ 6,124 2,892 1,252 160 1,820 1964............................................. 6384 2’759 1'736 126 1'763 1965............................................. 8313 3,647 2,099 142 2,125 1966............................................ 6,091 2,118 2,141 76 1,756 1966—Oct................. 380 244 134 59 121 150 -3 -1 128 36 Nov................................ 444 418 206 85 111 231 -3 2 130 100 Dec................................. 321 1,165 72 24 132 889 -2 -21 119 273 1967—Jan.................................. 280 -641 38 -272 149 -185 -10 -48 103 -136 Feb.................................. 216 -417 -40 -159 184 -223 -7 -37 79 2 Mar................................ 264 -7 6 -3 150 -57 -I -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............................... 292 761 57 356 86 138 6 26 143 241 July................................. 225 297 38 156 73 27 * 15 114 99 Aug............................... 344 541 45 91 133 148 4 32 162 270 Sept................................ 284 150 42 -159 128 159 -12 -1 126 151 Oct.................................. 311 184 20 -59 72 128 1 4 218 111 1 Includes adjustments for differences in trading days. sales of instalment paper, and certain other transactions may increase 2 Net changes in credit outstanding are equal to extensions less repay­ the amount of extensions and repayments without affecting the amount ments. outstanding. . For back figures and description of the data, see “Consumer Credit,” Note.—Estimates are based on accounting records and often include Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, financing charges. Renewals and refinancing of loans, purchases and and May 1966 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 CONSUMER CREDIT 2125 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.AJ N.S.A. S.A.i N.S.A. S.AJ N.S.A. S.AJ N.S.A. Extensions I960............................................. 49,560 18,269 11,456 12,073 7,762 1961............................................. 48/96 17'711 10,667 12'282 7,736 I 962............................................. 55’126 20/74 11 999 13’525 9,128 1963............................................ 61,295 23,344 12,664 14,894 10 393 1964............................................. 67’505 25’950 14,020 16,251 11,284 1965............................................ 75'508 29’738 15.075 18,120 12,575 1966............................................. 78,896 31J14 14,951 18,986 13 845 1966—Oct.................................. 6,522 6,403 2,583 2,520 1,226 1,235 1,582 1,505 1,131 1,143 Nov.............................. 6,657 6,611 2/66 2/95 1'256 1’241 1,613 1,631 1'122 1,244 Dec................................. 6,433 7,442 2,553 2'523 1’241 L374 1,570 1,822 1 /69 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 2/37 2/31 1’215 1,032 1,577 1,349 1,168 876 Mar................................ 6,510 6’641 2,’558 2’662 1’199 1 229 1 '598 1,649 1 155 1,101 Apr................................. 6'606 6.495 2/31 2,688 1'212 1,168 j/89 1 ’559 1,174 1,080 May.................... 6'554 7,062 2/77 2'891 1,193 1,278 1,614 1,728 1'170 1,165 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 /00 1,223 1,601 1,627 1,237 1' 152 Aug,................................ 6’929 7,223 2,796 2,945 1 /03 1,260 1 ,677 1 /75 1 ,253 1,243 Sept................................. 6,973 6/90 2,828 2/36 1,206 1,142 1,675 1,588 1 ,264 1,224 Oct.................................. 6,942 6/12 2,767 2; 769 1,263 1,284 1 /86 1,606 1 /26 1'253 Repayments I960 .......................................... 45,972 16,832 10/42 11,022 7/76 1961........................................... 47/00 18,294 10,943 111715 6,749 1962........................................... 50/20 18,468 11,434 12/93 8,125 1963............................................. 55,171 20,326 12,211 13/18 9,016 j %4............................................ 61 ,’l2l 22,971 131161 14,825 10,164 1965............................................ 67/95 25/63 13/99 16/43 111690 1966............................................. 72,805 28,132 14,153 17/74 13,046 1966—Oct.. .............................. 6,142 6,159 2,400 2/20 1,193 1,223 1,472 1/38 1,077 1,078 Nov................................ 6,213 6,193 2/15 2’395 1,258 11222 1 /80 1 .496 11060 1,080 Dec................................. 6,112 6,277 2,418 2,346 1'198 1,’228 1/67 1,626 1,029 1,077 1967—Jan.................................. 6,221 6,315 2,435 2/70 1,190 1,155 1,500 1,492 1,096 1,198 Feb.................................. 6,281 5,905 2,446 2,297 1,188 1 J 50 1,510 1/61 11137 1,097 Mar............................... 6,246 6,648 2,412 2,561 1,187 1/32 1/40 1,607 1/07 1,148 Apr............................ 6'393 6,246 2,516 2/57 1,192 1J71 1 /36 1/95 1,149 11123 May............................... 6,361 6/12 2/83 2,630 1/93 1/53 1 /40 1/79 11145 1,150 June.......................... 6,531 6/97 2,548 2,598 1,234 1/61 1/85 1 ,668 1,164 11170 July................................. 6,551 6,562 2’562 2’588 1,215 11197 1/64 1 ,593 1 /10 1,184 Aug........................ 6/85 6/82 2'566 2/44 11255 1/52 1/78 1/92 11186 11194 Sept................................. 6'689 6,440 2/16 2’535 1,252 1/96 1 /15 11532 1,206 1,177 Oct.................................. 6,631 6,728 2/00 2/83 1,249 1/87 1/73 1/52 1/09 1/06 Net change in credit outstanding 2 I960............................................ 3,588 1,446 1,152 1,051 -61 1961............................................. '696 '335 -199 578 -20 1962........................................... 4,506 1,997 921 932 656 1963............................................. 6,124 3,018 1/29 1,276 501 1964............................................. 6/84 3’065 1/39 1 '426 654 1965............................................. 8.013 4'075 1/76 1/77 885 1966............................................ 6,091 2,982 '798 1/12 799 1966—Oct.................................. 380 244 183 100 33 12 110 67 54 65 Nov................................ 444 418 251 100 -2 19 133 135 62 164 Dec.................................. 321 1,165 135 177 43 146 103 196 40 646 1967—Jan.................................. 280 -641 153 -122 -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 -43 193 450 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 Oct.................................. 311 184 167 86 14 -3 113 54 17 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

2126 INDUSTRIAL PRODUCTION: S.A. DECEMBER 1967 MARKET GROUPINGS (1957-59 = 100) 19 p 5 r 7 o - ­ 59 1966 1966 1967 Grouping por­ a a v g e e r­ tion Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept.r Oct. Total index......................................... 100.00 156.3 159.4 159.1 159.5 158.2 156.6 156.4 156.5 155.6 155.6 156.6 158,1 156.8 156.4 Final products, total............................. 47.35 155.5 158.7 159.0 159.6 158.1 157.0 157.1 157.3 156.3 156.8 157.1 158.2 157.1 157.0 Consumer goods............................... 32.31 147.5 149.3 149.2 149.8 148.0 146.1 146.6 147.1 146.0 146,9 147.1 148.6 147.1 147.9 Equipment, including defense.... 15.04 172.6 179.0 180.0 180.7 179.9 180.3 179.6 179.2 178.5 178,1 178.4 178.9 178.6 176.5 Materials................................................. 52.65 157.0 159.7 159.0 159.2 157.9 155.8 155.5 156.0 154.6 154.9 156.1 157.9 157.0 156.3 Consumer goods Automotive products.............................. 3.21 163.0 168.5 162.8 162.6 147.0 135.7 144.6 151.3 145.8 151.2 155.2 161.1 142.2 145.3 Autos....................................................... 1.82 169.5 177.8 166.7 167.3 141.3 120.5 136.5 149.6 149.9 156.0 160,7 163.7 133.4 135.3 Auto parts and allied products......... 1.39 154.4 156.2 157.8 156.4 154.4 155.7 155,3 153.6 140.5 144.8 148.0 157.8 153.8 158.6 Home goods and apparel........... 10.00 153.0 153.2 153.4 153.3 152.8 149.5 147.9 145.9 144.1 143.9 144.0 147.9 148.9 149.1 Home goods........................................... 4.59 168.9 170.0 169.4 168.1 168.0 164.1 162.7 158.9 158,5 156.6 157.3 163.4 164.0 163.4 Appliances, TV, and radios...... 1.81 166.6 170.2 166.3 160,2 160.5 156,9 152.9 144.2 143.8 138.6 143,3 155.0 155.7 156,1 Appliances...................................... 1.33 166.7 171.7 162.4 151.9 158.9 154.8 151.3 149.4 147.0 149,7 152,2 153.9 153.4 154.9 TV and home radios................... .47 166.3 166.0 177.4 183.7 164.8 162.9 157.2 129.6 135,0 107.3 118,0 158.3 162,0 159.2 Furniture and rugs........................... 1.26 165.7 164.4 164.7 163.5 163.4 158.5 157.4 157.9 157.2 157.3 156.3 156.9 157.8 159.6 Miscellaneous home goods............. 1.52 174.3 174.5 177.1 181.4 180.7 177,3 178.6 177.1 177.1 177,3 174,8 178.8 178.9 175.3 Apparel, knit goods, and shoes......... 5.41 139.5 139.0 139.8 140.7 139.9 137.1 135.5 135.0 131.9 133,2 132,8 134.8 136.2 ........... Consumer staples.................................. 19.10 142.0 144.0 144.8 145.8 145.7 146.1 146.3 147.1 147.0 147.8 147.3 146.9 146.9 147.7 Processed foods..................................... 8.43 126.4 125.9 127.9 130.0 130.4 130.2 129,6 129.6 130.3 130.2 129,0 129.8 129.8 129,5 Beverages and tobacco........................ 2.43 133.2 133.8 134.0 134.6 133.3 135.9 136.0 136.1 133.2 136.5 136.3 137.9 135,8 Drugs, soap, and toiletries................. 2.97 173.5 179.3 180.7 180.1 179.2 180.5 181.2 182.4 182.3 182,7 184,0 178,0 179.9 183.2 Newspapers, magazines, and books. 1.47 136.5 137.9 138.8 139.1 141.5 142,3 142.3 143.6 142.5 141.4 142.1 140.9 136.2 134.9 Consumer fuel and lighting,............. 3.67 159.9 165 4 163 5 164.5 162.9 162.7 164.2 166.6 166.9 169.3 168.3 168.8 170.5 Fuel oil and gasoline........................ 1.20 128.5 134.0 129^8 129.2 125.5 125.7 128,0 131.9 130.5 135.9 131.3 130.7 138.6 138.6 Residential utilities........................... 2.46 175 2 180.6 180.0 181.7 181.2 180.8 181.9 183.5 184.6 185,6 186,4 187,4 186,0 Electricity............................. 1 72 186.6 193.3 192.2 194.5 194.4 193,9 195.4 197.3 198.6 199,5 200.4 201.6 199.5 Gas................................................... ‘.74 148.9 Equipment Business equipment......................... 11.63 181.2 187.2 187.8 188.9 186.9 186.6 184.4 183.5 182.1 181.3 180,8 180.6 179.8 177.2 Industrial equipment............................ 6.85 172.3 178.4 178.1 179.1 177.3 176,8 174.1 172.1 169,1 169.0 169.0 166.8 166,6 162.7 Commercial equipment................. 2.42 190.1 195.5 198.4 196.0 196.7 199.8 199.1 201.7 200.8 200.5 201.1 201 .9 200.3 199.4 Freight and passenger equipment. .. 1.76 208.3 212.7 216.9 220.3 214.5 215.0 211.7 210.4 211,7 208,9 210,2 214.1 210.4 209,6 Farm equipment................................... .61 167.5 180.3 170.7 179.5 176.1 162.6 162.8 161.5 167.6 162,8 148.6 154,3 158.5 ........... Defense equipment................................ 3.41 Materials Durable goods materials...................... 26.73 156.9 159.1 157.8 156.8 154.2 151.3 151.5 151.0 149.7 148.9 149.7 151.8 149.0 148.8 Consumer durable................................ 3.43 166.5 170.0 166.9 158.3 148.6 142,8 139.5 137.5 143,7 143,3 141.8 142.7 134.9 133.3 Equipment.............................................. 7.84 180.7 189.7 191.0 190,3 190.6 186.5 185.6 183.2 180.9 179.6 181,2 186,3 184.7 184,0 Construction........................................... 9.17 141.7 138.7 138.7 139.9 138.9 139,2 139.7 139.2 137.1 137.2 138,1 139.0 139,7 138,0 Metal materials n.e.c............................ 6.29 144.3 145.2 139.7 139.7 139.7 140.3 135.6 133.9 130.0 130,1 132,4 129,8 125.0 129.9 Nondurable materials........................... 25.92 157.2 160.3 160.2 161.6 161.6 160.4 159.7 161.1 159.6 161.1 162.6 164.2 165.3 164.0 Business supplies................................... 9.11 149.0 151.9 150.8 152.8 152.6 151.0 150.0 153.4 150.1 151.3 150.9 151.7 152,5 150.5 Containers............................. 3.03 145.6 146.9 147.2 151.1 146,6 147,1 144.6 148.5 146.2 145.1 141.7 143.0 150,3 149,7 General business supplies............... 6.07 150,6 154.4 152.6 153.7 155.6 153.0 152.7 155.8 152.0 154,4 155.5 156.0 153.6 150.9 Nondurable materials n.e.c................. 7.40 193.4 196.6 198.7 199.5 199.7 198,2 197.1 195.7 196.0 196,1 195,8 198.9 202.9 205,4 Business fuel and power..................... 9.41 136.6 139.8 139.0 140,3 140.4 139.6 139.8 141.3 140.3 143,0 147.7 149.1 148,0 144.5 Mineral fuels...................................... 6.07 122.5 125.2 123.9 125.9 125.0 123.6 123.2 125.3 124,3 128,2 135,1 137.1 134.8 129.3 Nonresidentia! utilities.................... 2.86 172.9 177.3 177.3 177.5 180.0 180.2 181.9 182.1 181.0 181.1 182.1 182.5 183.8 ........... Electricity... ................................ 2.32 174.4 179.0 178.9 179.0 181.8 181.7 184.0 184.4 183.2 183.4 184,6 185.1 186.6 General industrial.................... 1.03 171.7 177.6 176.7 177.1 178.8 178.3 178.9 179.0 180.5 180,6 182.9 183.9 185.5 Commercial and other............ 1.21 184.0 188.0 188.6 188.4 192.4 192.8 196.6 197.3 193.7 194.1 194.5 194.5 196.1 Gas.................................................. 54 166.1 Supplementary groups of consumer goods Automotive and home goods............. 7.80 166.5 169.4 166.7 165.8 159.3 152.4 155.2 155.8 153.3 154,3 156.4 162.5 155.0 156.0 Apparel and staples.............................. 24.51 141.4 142.9 143.7 *144.7 144.4 144.1 143.9 144.4 143.7 144.6 144.1 144,2 144.6 For footnotes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 INDUSTRIAL PRODUCTION: S.A. 2127 INDUSTRY GROUPINGS (1957-59 = 100) 1957-59 1966 1967 Grouping p p r o o r ­ ­ a 1 v 9 e 6 r 6 ­ tion age Oct. Nov, Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept.r Oct. Total index........................................ 100.00 156. 3 159 4 159.1 159. 5 158.2 156.6 156.4 156.5 155.6 155.6 156.6 158.1 156 8 156.4 Manufacturing, total............................ 86.45 158.6 161.8 161.5 161.7 160.1 158.5 158.2 158.2 157.2 157.0 157.6 159.4 158.0 157.9 Durable............................................. 48.07 164. 8 168 9 167,7 167.7 165,5 162.9 162.6 162.5 162.2 161.5 162 5 163 6 161 1 160,2 Nondurable....................................... 38.38 150.8 152,8 153,6 154.1 153.4 152.9 152.6 152.8 151.1 151.4 151 5 154.0 154.2 155.0 Mining..................................................... 8.23 120.5 121 9 121,6 123.8 123.2 122.4 121 5 122.0 120.2 123.8 128 0 127 8 125 2 121.4 Utilities.................................................. 5.32 173.9 178.9 178.5 179.4 180.6 180.5 181.9 182.7 182.7 183.2 184.1 1844 184 8 186.0 Durable manufactures Primary and fabricated metals........... 12.32 151.5 153.4 151.1 151.2 147.5 146.3 143.9 143.0 142.8 142.9 142.8 142.3 141.8 142.9 Primary metals.................................... 6.95 142.7 145.0 140.5 137.6 132.6 131.9 129.2 129.1 128.9 129.0 129.6 129 3 129 2 132.6 Iron and steel.................................... 5.45 136.2 137.6 132.4 130,1 124.9 124,8 123.7 122, 7 122.9 121.2 122.3 124.3 125 7 128.6 Nonferrous metals and products.. 1.50 166.2 168.1 161.7 163.5 163.5 167.2 162. 1 161.4 154.4 156.4 155.3 144.2 141’6 143.7 Fabricated metal products................ 5.37 163.0 164 2 164.7 168.7 166.7 165.0 162.9 161.0 160.8 160.8 159 8 159 I 158 0 156. 3 Structural metal parts..................... 2.86 158.8 159 0 160.2 161.4 160.7 160.9 160.1 158 1 156.4 156.9 156.1 1 56 8 156 0 155.4 Machinery and related products......... 27.98 176.1 182.7 181.6 181.5 179.5 175.8 176.7 176.5 176.5 175.5 177.5 179.6 175.0 173.1 Machinery,............................................. 14.80 183.8 191 1 189.8 190.3 190.3 186.8 184.5 182.1 180.5 177.5 180 0 182 8 182 2 179.1 Nonelectrical machinery......... 8.43 181.9 189 9 188.2 190.4 190 7 187.3 185.2 183,5 181.7 181.3 182 2 182 6 182 1 176.9 Electrical machinery........................ 6.37 186.4 192.6 191.8 190.2 189.7 186.2 183.6 180.3 178.9 172.4 177 1 183 2 182 4 181.9 Transportation equipment................. 10.19 166.9 172 6 170.6 169.1 162,6 157 5 162.6 165.7 167.5 169.3 170 8 1719 159 2 159 0 Motor vehicles and parts........ 4.68 168.7 17L2 165.8 163.7 147.2 136,5 1 43.8 149.5 152,0 154.5 156 7 1580 129*4 128.7 Aircraft and other equipment. . .. 5.26 165.0 173,7 174,6 173,7 176,0 175.6 178.8 179.8 181.4 181.8 182,6 183.6 184.3 184.7 Instruments and related products. .. 1.71 176.5 181.8 183.2 184.6 186.2 183.4 185.8 185.2 185.3 184.1 182.9 183.2 183.1 183,3 Ordnance and accessories................... 1.28 Clay, glass, and lumber............ 4.72 132.9 129 5 129.1 128.8 128.6 128.9 128.4 129.8 127.8 126.7 127.3 126 7 129 2 128.6 Clay,' glass, and stone products......... 2.99 140.7 139^5 139,2 138.1 137.2 136.9 134.9 136.0 134.8 133.5 134.1 1364 138^4 137.3 Lumber and products.................... 1.73 119 4 112 3 111,8 112 8 113.7 115,2 117 3 119.1 115,6 114 9 115 5 109 2 113 3 113.6 Furniture and miscellaneous............... 3.05 165.0 166.0 167.1 168.1 166 3 163.9 162.4 162.9 162.3 161.5 159 1 159 9 161 4 160.6 Furniture and fixtures......................... 1.54 171 9 173 2 175.6 175.2 172 1 170,6 166 5 166.5 166.5 166.3 162.7 164 8 166 3 166 5 Miscellaneous manufactures............. 1.51 157.9 158.'7 158.5 160.9 160.3 157,1 158.2 159.2 158.1 156.7 155.4 154 9 156.4 154.6 Nondurable manufactures Textiles, apparel, and leather....... 7.60 141.6 142.3 142.2 142.2 140.3 137.6 135.5 135.5 135.3 134.8 135.3 137 6 139 4 140.7 Textile mill products........................... 2.90 142 5 141 7 141.8 141 7 140 7 138.9 138 8 137.8 137,8 136.6 136 8 138 7 1413 143.8 Apparel products................................. 3.59 150 1 1516 152.3 152 2 150,2 147.1 143.6 142.5 142.6 142 4 144.2 146 4 147 4 Leather and products. ........................ 1.11 111.7 1139 110 8 111 .1 107 7 103,7 101 0 107.1 105.0 105.4 103 0 106*5 (or 4 Paper and printing................................ 8.17 146.4 147 9 148 5 147.4 148 4 148. 7 149 5 149.9 149.1 149.4 148.6 MO 1 148 5 148.5 Paper and products............................. 3,43 152 I 153 * 3 153.7 152*6 152 5 152 4 152 4 152.1 151.4 151.6 149 0 1528 152 9 153.9 Printing and publishing....................... 4.74 142 1 144 1 144.7 143 7 145 5 146 1 147 4 148.3 147 4 147 8 148.3 148 6 1 45 4 144.6 Newspapers........................................ I 53 134 2 135*7 135,2 133 2 133 7 134 8 132 8 133 8 133 I 134 3 136.1 1 37 0 135'7 1 34.0 Chemicals, petroleum, and rubber.... 11.54 181.9 186.3 188.5 188.6 187.1 186.5 186.8 186.4 182.2 183.0 184.0 189.5 190.9 191.9 Chemicals and products.................... 7 58 193 2 197 1 200 6 201 0 200 3 200 6 201 1 200. 1 199 6 199.9 201.0 200 7 202 3 205.2 Industrial chemicals........................ 3 84 221 0 223'6 229,7 231 7 231 6 230 9 231 3 228.3 228 8 227 5 227 6 231 4 234 0 Petroleum products...................... 1 97 128'3 1312 129 1 129 0 128'7 127 4 130 1 133 1 132 1 134 4 132 8 133'2 138 6 136 8 Rubber and plastics products....... 1 .99 191 9 199* 9 201 6 200 7 195.1 191.6 188 4 186,9 165.7 166.9 170.1 203'1 199 2 Foods, beverages, and tobacco....... 11 07 128.1 128 6 128.9 131 2 131.0 131.5 131 1 131 8 130.9 131.3 130.9 131 0 130 5 131.0 Foods and beverages........................... 10.25 128.7 129 ' 5 129,9 132.1 132.0 132 4 132 3 133 1 132 0 131.9 131 5 1317 1313 131.9 Food manufactures.......................... 8 64 126.6 127 1 127 5 130.2 130.4 130 3 129.7 130,6 130 3 129.9 129,4 129 0 129 0 129.4 Beverages........................................... t 61 139 9 142' 4 142 5 142 4 140 8 143 9 146 1 146,3 141 2 142 9 142 8 146 3 143 8 Tobacco products............................ ^82 120^0 116*9 117^2 119 J 1184 120.2 1164 116.0 117.4 123.9 123.6 121 4 120'2 Mining Coal, oil, and gas.............................. 6 80 117 8 120 I 119 1 120 8 119.8 119.0 117 6 118 5 118 0 121.7 128.0 128 8 126 6 122.2 Coal......................................................... 1' 16 1170 122 7 117 0 127*6 120.7 115 7 115*1 125 5 120 1 122.5 122 6 117 2 115 5 112 3 Crude oil and natural gas................... 5 64 1180 119 6 119.6 119 4 119.7 119.6 118 1 117 1 117 5 121,6 129.1 1312 128 9 124,3 Oil and gas extraction.................... 491 123 8 125*8 125 6 125 5 126 1 125 4 125 1 125 3 125 3 129 5 138 0 141 9 139 3 133 3 Crude oil..................................... 4*25 1193 121 1 L2O18 120 8 1 21 0 120 0 12o' 1 119 6 119 6 123 6 1334 138*6 1354 128.0 Gas and gas liquids..................... ^66 152^0 155 6 155^9 1554 1584 160.0 1564 161 4 1613 167.3 Oil and gas drilling.............. 73 79 1 77 9 79 2 78 I 76 3 80 5 71 0 61 8 65.5 67.7 69.0 58 9 58 5 63 4 Metal, stone, and earth minerals..... 1.43 133.5 130.1 133.5 137.9 139.4 138.9 140.0 138.7 130.8 133.6 127.7 123.4 118.7 117.2 Metal mining.......................... 61 133 4 1 29 8 133 7 136 1 140 3 142 1 143 7 149 5 132 9 133 9 119 7 105 7 94 8 95 7 Stone and earth minerals.................... .82 133^5 130*3 133.4 1394 138> 136.'6 1374 1304 129.2 133.3 133 7 1364 136.5 133.1 Utilities Electric.................. 4 04 179 6 185 1 184.6 185.6 187.2 186.9 188.8 189.9 189.7 190.3 191,4 192.1 192.1 Gas........................................................... l.*28 156*1 Note.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2128 INDUSTRIAL PRODUCTION: N.S.A. DECEMBER 1967 MARKET GROUPINGS (1957-59 = 100) 1957-59 1966 1967 pro- 1966 Grouping por- avertion age Oct, Nov. Dec. Jan. Feb. Mar, Apr. May June July Aug.' Sept.r Oct. Total index ........................................ 100.00 156.3 163.7 160.1 156.9 156.4 156.6 157.0 157,9 156.0 159,0 150.5 157.9 161.1 160.9 Pinal products total. .............. 47.35 155.5 164.7 160.1 157.2 157.0 156.8 157.2 157.7 155.2 159.8 151.2 156.9 163.4 162,3 Consumer goods............................... 32.31 147.5 157.9 151.4 145.4 145.9 145.8 146.2 147.1 144.2 150.5 139.9 147.7 155,8 155,3 Equipment, including defense.... 15.04 172.6 179.5 178.8 182.4 180.7 180.4 180,8 180.3 179.0 180.0 175.3 176.4 179.5 177.2 Materials .............................................. 52.65 157.0 162.8 160.0 156.6 155.9 156.5 156.7 158.1 156.6 158.3 150.0 158.9 159.1 159.6 Consumer goods Automotive products............................. 3.21 163.0 185.4 177.4 165.5 154.6 142.2 151.8 161.9 155.1 162.5 114.2 106.1 148.3 155.8 Autos,..................................................... 1.82 169,5 202.7 193.4 175.7 155.4 132.6 151.5 167.6 166.4 177.1 94.8 62.2 140.1 148.8 Auto parts and allied products..... 1.39 154.4 162.5 156.3 152.1 153.7 154.8 152.3 154.2 140.3 143.2 139.8 163.9 159.0 165,0 Home goods and apparel........... 10.00 153.0 165,2 156.6 146.5 147.9 154.2 151.3 149.8 144.0 148.6 132.7 149.0 155.2 158.4 Home goods.......................................... 4.59 168.9 184.6 176.5 170.9 164.7 167.8 165.9 161,8 159.8 161.6 145.9 159.3 171.9 176,1 Appliances, TV, and radios........... 1.81 166.6 191.6 173.1 163.1 159.3 171.2 164.0 157.0 152,0 152.8 128.0 140.4 164.9 172.8 Appliances................................. 1.33 166.7 190.1 163.0 155.2 161 8 171.1 167.0 169.8 159.7 169.9 141.8 134.5 160.1 167.5 TV and home radios................... .47 166.3 195.9 201.5 185,5 152.3 171 .4 155.5 120.7 130,5 104.6 89.3 157.2 178.2 187.8 Furniture and rugs................... 1.26 165.7 173.0 170.8 169,6 159 8 156.6 155.5 153.5 151.2 155,4 148.8 160.5 163.8 167.9 Miscellaneous home goods....... 1.52 174.3 186.0 185.2 181.4 175.3 172.9 176.6 174.4 176.0 177,3 164,8 180.6 186.9 186.9 Apparel, knit goods, and shoes..... 5.41 139.5 148.7 139.8 125.9 133.6 142.6 138.9 139.7 130.6 137.6 121.5 140.2 141.0 Consumer staples. ......................... 19.10 142.0 149.4 144.3 141.4 143 4 142.0 142.6 143.3 142.4 149.4 148.0 154.1 157.4 153.7 Processed foods................................... 8.43 126.4 139.8 132.8 126.5 123 9 121.7 120.9 121.3 122.5 128 9 128.4 137.1 149.8 143.8 Beverages and tobacco....................... 2.43 133.2 137.8 127.2 116.3 117.3 124.3 133.0 141.8 143,0 156.2 142.8 149.3 139.3 Drugs, soap, and toiletries................. 2.97 173.5 183.6 181.6 176.0 179.2 178.7 179.4 185.1 180.7 189.1 179,4 183.9 185.3 190.5 Newspapers, magazines, and books. 1.47 136.5 137.8 137.0 138.8 140.2 141.7 144.4 144.2 142.1 140,8 140,7 142.6 137.4 134.8 Consumer fuel and lighting............... 3.67 159.9 155.2 154.1 165.5 176.8 169,8 167.7 159.0 156,2 163.2 173.7 176.7 172.4 Fuel oil and gasoline....................... 1.20 128.5 130.6 129.0 132,2 130.8 128.8 126.7 125.0 126.2 134.3 133.6 134.5 138.7 135.0 Residential utilities.......................... 2.46 175.2 Electricity...................................... 1.72 186.6 174.0 172.8 194.5 220.2 206.7 203.6 186.1 178.8 187.5 210.4 215.7 203.5 Gas................................................... .74 148.9 Equipment Business equipment................ 11.63 181.2 187.5 185.3 189.8 187.3 186.7 186.2 185.5 183.2 184,2 177.4 178.0 181,1 177.6 Industrial equipment........................ 6.85 172.3 177.3 175.6 180,2 177.7 175,9 174.3 172 I 169.3 170 7 167 3 166.3 168 1 161.7 Commercial equipment....................... 2.42 190.1 198.8 200.8 200,3 196 9 198.4 197.3 197.9 198.4 201.1 198,3 201 9 203.3 202.8 Freight and passenger equipment... 1.76 208.3 218.0 212.6 218,1 214.5 215,0 218.0 222.0 218.1 217.3 202.8 205.5 212.5 214.8 Farm equipment................................... .61 167.5 169.1 154.3 174.9 179.3 180.6 183.8 181.6 178.0 173.3 134.9 135,8 148.6 Defense equipment................................. 3.41 Materials Durable goods materials....................... 26.73 156.9 162.8 158.8 154.5 152.2 151.5 151.9 152.5 152.5 154.3 145.0 152.5 151.9 152.4 Consumer durable................................ 3.43 166.5 172.6 171.9 166.2 153 8 144 9 143.7 141.6 148.0 146.2 123.4 147 0 133 6 135,3 Equipment.............................................. 7.84 180.7 189.1 191.2 193,2 192.3 188.2 187.6 185.2 182.2 181.4 175.6 180 7 182 9 183.4 Construction................... 9.17 141.7 146.3 138.4 131,5 128.5 129 5 133.4 137 8 139.2 146.9 143.6 148 7 148 1 145.6 Metal materials n.e.c........................... 6.29 144.3 148.7 140.8 133,6 136.1 141.6 138.9 139.3 137.2 135.6 120.5 126 0 128 8 133.0 Nondurable materials........................... 25.92 157.2 162.8 161 3 158,7 159 7 161 7 161.7 163.9 160 9 162 4 155.2 165 4 166 4 167 0 Business supplies................. 9 11 149 6 158.0 153 0 147.7 147 2 150 4 152 8 157.7 152.6 154 0 141 5 151 9 154 2 156 6 Containers.......................................... 3 03 145 6 154 4 143 1 134 0 139 3 145 3 145.3 153.8 147.7 153 1 138.2 153 0 155 4 157 3 General business supplies............... 6.07 150 6 159.8 157 9 154 5 1512 153 0 156 5 159.7 155.0 154 4 143.1 1513 153 6 156.2 Nondurable materials n.e.c............... 7.40 193.4 197.6 200 7 195.5 198 7 202.2 200,1 201.6 198.9 199.0 184.6 198 9 202 9 208.5 Business fuel and power..................... 9.41 136 6 139.9 138 5 140.4 141 1 140.6 140.1 140 2 139 0 141 9 145.3 152 1 149 5 144 4 Mineral fuels..................................... 6 07 122.5 126.0 125^2 127,3 127.0 127 6 125.8 126.9 124.3 125.2 128.1 135.5 133.2 129.8 Nonresidential utilities.................... 2.86 172.9 Electricity....................................... 2.32 174 4 177 8 173 5 175.2 178 9 174 3 178 0 175 7 178 2 187 5 193 9 201 8 197 2 General industrial........... 1.03 171 7 178 0 176 7 175 3 1779 172.8 178.0 176.7 181 4 184 2 182.0 189 4 188 3 Commercial and other............ L21 184.0 185.4 178.2 182.7 187^6 183.2 186.0 182.5 183.4 198.9 213.0 221 7 214.1 Gas................................................... .54 166.1 Supplementary groups of consumer goods Automotive and home goods............ 7.80 166.5 184.9 176.9 168.7 160 6 157.2 160.1 161.8 157.8 162.0 132.9 137 4 162,2 167,8 Apparel and staples.............................. 24.51 141.4 149.2 143.3 138.0 141.3 142.1 141.8 142.5 139.8 146.8 142.2 151.1 153,8 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 INDUSTRIAL PRODUCTION: N.S.A. 2129 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1966 1966 1967 Grouping pro­ aver­ por­ age tion Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.' Sept.r Oct. Total index........................................ 100.00 156.3 163.7 160.1 156.9 156.4 156.6 157.0 157.9 156,0 159.0 150.5 157.9 161.1 160.9 Manufacturing, total............................. 86.45 158.6 166.9 163.1 158.8 157.8 158.4 158.9 160.3 158.1 161.0 150.5 158.3 162,6 163.3 Durable.............................................. 48.07 164.8 172.9 169.7 167.8 164.5 163.4 164,4 164.9 164.1 165.6 154.7 158.9 (63.7 (63.8 Nondurable........................................ 38.38 150.8 159.4 154.7 147.6 149.4 152.1 152.1 154.4 150,6 155,3 145.1 157.4 161.1 162.7 Mining..................................................... 8.23 120.5 124.5 122.0 122.6 121.4 121.9 120.1 122.1 121.8 123.9 124.8 129.0 126.5 123.6 Utilities.................................................. 5.32 173.9 Durable manufactures Primary and fabricated metals........... 12.32 151.5 156.4 151.8 147.7 146.9 148.2 146.7 146.5 145.0 145.3 135.1 142.2 145.0 145.7 Primary metals...................................... 6.95 142.7 146.5 139.8 132.1 134.6 139.4 137.2 136.5 133.4 130.9 117.9 125.4 129.2 133.9 Iron and steel.................................... 5.45 136.2 139.7 133.7 126.8 127.4 131.0 129.9 127.6 125.4 121.2 111,9 120.6 125,7 130.5 Nonferrous metals and products.. 1.50 166.2 (71.3 161.7 151.1 160.7 169.7 163.9 168,5 162.6 166. 1 139.8 142.8 142.0 146.4 Fabricated metal products................. 5.37 163.0 169.1 167.3 167.9 162.7 159.6 159,0 159.4 160.0 164.0 157,4 163.9 165.6 161.0 Structural metal parts..................... 2.86 158.8 163.8 162.6 163.0 157.5 154.5 153.9 153.4 154.8 160.0 156.1 160.7 162.2 160.1 Machinery and related products......... 27.98 176.1 186.0 184.4 184.8 180.7 177.9 179.5 179.7 178.8 179.8 166.9 i69.1 175.8 175.8 Machinery.............................................. 14.80 183.8 193.0 189.8 192.2 189.8 188.9 187,2 185.4 182.5 182.2 173,7 177.2 182.6 180.6 Nonelectrical machinery................. 8.43 181.9 186.5 185.2 191.7 190.7 189.9 190.4 189.0 186.2 186.4 177,6 (75.8 179.7 173.7 Electrical machinery........................ 6.37 186.4 201.5 196.0 192.9 188.6 187.7 183.1 180.5 177,6 176.7 168.5 178.9 186.4 189,7 Transportation equipment................. 10. 19 166.9 178.2 177.7 174.7 166.8 160.4 166,4 169.8 171.4 174.0 151.4 150.8 160.8 163.4 Motor vehicles and parts............... 4.68 168.7 182.5 178.4 169.2 155.0 142.4 151.0 157,0 160.4 165.2 119,5 116.0 134.0 137.2 Aircraft and other equipment. . . . 5.26 165.0 174.6 177.2 179.8 177.8 176.0 179.7 180.7 180.7 180.9 178,2 180.3 183.6 185.6 Instruments and related products. .. 1.71 176.5 183.8 184.7 186.8 184.0 182.5 184.9 184.8 183,4 185.9 181.1 184.7 185.1 185.3 Ordnance and accessories................... 1.28 Clay, glass, and lumber....................... 4.72 132.9 137.2 126.9 118.1 116.8 120.5 124.4 129.5 130.0 136.7 133.5 139.1 138.3 136.4 Clay, glass, and stone products..... 2.99 140.7 147.2 138.5 129.4 125.5 125.3 130.2 135.5 138,3 144.6 143.9 149.5 146.3 144,9 Lumber and products......................... 1.73 119.4 120.2 106.8 98.7 101.8 112.3 114.4 119.1 1 15,6 122.9 115,5 121,2 124.6 121.5 Furniture and miscellaneous................ 3.05 165.0 174.8 174.2 169.7 161.0 158.7 159.4 158.6 158,6 161.8 154.8 164.5 167.4 169.1 Furniture and fixtures......................... 1.54 171.9 179.8 178.8 178.4 168.7 166.3 164.5 162.0 161.5 166.0 160.3 169.4 171.3 172.8 Miscellaneous manufactures.............. 1.51 157.9 169.8 169.6 160.9 153.1 150.8 154.2 155.2 155.7 157.5 149,2 159.5 163.4 165.4 Nondurable manufactures Textiles, apparel, and leather............. 7.60 141.6 148.3 141.4 130.1 137.9 144.3 140.7 142.3 135.2 139.2 121.9 142.0 143.0 147.3 Textile mill products........................... 2.90 142.5 146.0 142,5 131.8 140.0 141.7 138,8 144.0 141.9 140.7 124,2 142.2 144.1 151.0 Apparel products............................... 3 59 150 I 159.9 150.8 137.0 145,7 156.7 152,9 152.5 141 2 148.8 129,1 150.8 152.3 Leather and products......................... in 11K 7 116.7 108.6 103.7 107.2 110.9 106.0 105.0 98'.7 104.3 92.7 113.4 110.0 Paper and printing................ 8.17 146.4 154.9 151.6 144.2 146.1 149.3 150.6 153.5 150.2 150.8 139,7 149.0 150.5 156.2 Paper and products.............................. 3.43 152.1 163.3 154.5 140.4 151.7 156.2 153.9 158.2 152.2 156.1 137.1 154.3 155.2 (65.9 Printing and publishing...................... 4.74 142.1 148.8 149.5 146.9 142.0 144.4 148.3 150,2 148.7 147.1 141,6 145.2 147.2 149.2 Newspapers........................................ 1.53 134.2 145.6 148.7 136.5 123.0 129.4 134.8 142.5 141,9 135.0 118.4 125.4 135.0 143.8 Chemicals, petroleum, and rubber.... 11.54 181.9 189.2 187.5 183.7 184.9 187.6 187.8 190.2 183.6 188.5 177.5 190.8 194.1 196.3 Chemicals and products.................... 7.58 193.2 198.2 200.0 196.2 197.4 201.4 202.3 205.7 201.8 205.6 194.6 202.3 206.1 208,7 Industrial chemicals......................... 3.84 221 .0 223.6 230.8 229.4 228.1 234.4 233.6 232,9 231.1 230.9 219,6 230.2 237,6 Petroleum products............................. I .97 128.3 132.5 127.4 125.9 124.8 124.9 125.5 127.8 130,8 138,4 139.8 140.3 142.3 138.2 Rubber and plastics products............ 1.99 191.9 210.9 199.6 193.7 197.1 197.3 194.2 192.7 166.5 172.7 149.7 197,0 199.8 Foods, beverages, and tobacco............ 11.07 128.1 139,3 131.9 124.6 122.9 122.7 123.9 126.1 127.1 135.0 131.3 139.5 146.9 143.0 Foods and beverages........................... 10.25 128.7 140.3 132.9 126.8 123,4 122.9 124.6 125.9 127.6 135.2 133.1 140.1 148.7 144.0 Food manufactures. ....................... 8.64 126.6 139.8 133.2 126.9 124.5 122.2 121.3 121.7 122.6 129.0 128.1 136.7 149.1 (43.6 Beverages........................................ 1.61 139.9 143.1 131.1 126.0 117.4 126.6 142.4 148.6 153.9 168.1 159,7 158.4 146.7 Tobacco products................ .82 120.0 127.3 119.5 97.1 117.2 119.6 114.5 128.5 121.6 132.6 109.4 131.4 124.9 ........... Mining Coal, oil, and gas................. 6.80 117.8 121.1 120.2 122.0 121.7 122.4 119.5 119.6 117.8 118.9 121,9 127,7 125.6 122.9 Coal......................................................... 1.16 117.0 133.7 121.8 125.3 118.3 117.1 116.0 126.4 121,3 116.5 99.9 123,3 122,2 122.4 Crude oil and natural gas................... 5.64 118.0 118.5 119.9 121.4 122.4 123.5 120.3 118,2 117.0 119.4 126.4 128.6 126.3 123.0 Oil and gas extraction..................... 4.91 123.8 124.2 126.0 127.8 129.0 130.0 128.1 127.0 125.0 127.2 134.8 138.3 135,8 131.5 Crude oil...................................... 4.25 119.3 119.9 120.8 122,0 122.8 123.6 122.5 121.5 120.2 122.4 131,2 135,2 132.3 126.7 Gas and gas liquids..................... .66 152.0 151.4 159.0 164.9 168.7 171.0 163.9 162.0 155.7 157.9 Oil and gas'drilling.......................... .73 79.1 79.8 78.8 77.9 77.4 79.4 67.2 58.6 63.3 66.3 69.5 62.6 62.1 65.0 Metal stone, and earth minerals........ 1.43 133.5 141.1 130.3 125.0 119.9 119.4 122.9 134.2 140.9 147.6 139,1 135.3 131.1 127.2 Metal mining......................................... .61 133.4 138.9 124.3 122.5 123.5 127.9 127.9 139,0 146.2 151.3 128.1 114.2 107.1 102.4 Stone and earth minerals................... .82 133.5 142.7 134.7 126.8 117.3 113.2 119.1 130.6 136.9 144.9 147.2 150.9 148.8 145.7 Utilities Electric................................................... 4.04 179.6 176.2 173.2 183.5 196.5 188.1 189.0 180.1 178.4 187.5 200.9 207.7 199.9 Gas........................................................... 1.28 156.1 Note.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2130 BUSINESS ACTIVITY; CONSTRUCTION DECEMBER 1967 SELECTED BUSINESS INDEXES (1957-59= 100) Industrial production fac M tu a r n in u g ­ 2 Prices 4 Nonag- Major market groupings Con­ ricul- Period Total Final products Ma g j r o o r u i p n i d ng u s stry s t c r t t i a r o o u c n n c t ­ s ­ m p t e u e l m o r n a y t ­ l — ­ p E lo m y ­ - Pay­ F l c i o r n e a a g i r d g s - ­ ht s T r a e o l t e a ta i s l l 3 Con­ W sa h l o e l e­ Mate­ Total i ment rolls sumer com­ Con­ rials modity Total sumer E m q e u n ip t ­ Mfg. M in i g n­ U iti t e il s ­ goods 1951....................... 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 63 91.1 106.1 80.2 121.5 76 90.5 96 7 1952....................... 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 67 93.0 106. 1 84.5 115.0 79 92.5 94 0 1953....................... 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 70 95.6 111 6 93.6 116.6 83 93.2 92.7 1954....................... 85.8 85.7 84.3 88.9 85.9 86. 3 90.2 71.8 76 93.3 101.8 85.4 104.6 82 93.6 92.9 1955....................... 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.5 105.5 94.8 115.3 89 93.3 93.2 1956....................... 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.8 106.7 100.2 115.9 92 94.7 96,2 1957....................... 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.7 104.7 101.4 108.2 97 98.0 99 0 1958....................... 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 102 97.8 95.2 93.5 93.8 98 100.7 100.4 1959....................... 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 105 101.5 100. 1 105.1 97.9 105 101.5 100.6 I960....................... 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.3 99.9 106.7 95.3 106 103.1 100.7 1961....................... 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 108 102.9 95.9 105.4 91.2 107 104.2 100.3 1962....................... 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 120 105,9 99.1 113.8 92.4 115 105.4 100.6 1963....................... 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 132 108.0 99.7 117.9 93.3 120 106.7 100.3 1964....................... 132.3 131.8 131.7 132.0 132.8 133.1 111.5 151.3 137 111.1 101,5 124.3 95.5 127 108.1 100 5 1965....................... 143.4 142.5 140.3 147.0 144.2 145.0 114,8 160.9 143 115.8 106.7 136,6 96.6 138 109.9 102.5 1966....................... 156.3 155.5 147.5 172.6 157.0 158.6 120.5 173.9 145 121.8 113.3 151.4 96.5 148 113 1 105 9 1966—Oct............ 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 Dec............ 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 Mar........... 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 Apr............ 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 June.......... 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 Aug 158.1 158.2 148.6 178.9 157.9 159.4 127.8 184.8 165 126.0 112.7 155.0 89.7 155 116.9 106.1 Sept........... 156.8 157.1 147.1 178.6 157.0 158.0 125.2 184.8 168 H25.8 rl 11.2 r154.5 90.2 156 117.1 106.2 Oct............ 156,4 157,0 147.9 176.5 156.3 157.9 121.4 186.0 171 r!26.l rui .3 rl 54.2 88.7 153 117.5 106.1 Nov.’’.... 159.0 159.5 149.7 180.5 158.4 160,8 122.8 185.5 127.0 113.3 159.0 92.8 155 106.1 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 a ata for Alaska and Hawaii. 3 F.R. index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; 4 Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. Note.—Data are seasonally adjusted unless otherwise noted. Freight carloadings: Based on data from Association of American Construction contracts: F. W. Dodge Co. monthly index of dollar Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1966 1967 Type of ownership and 1965 1966 type of construction Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total construction............................... 49,272 50,150 4,106 3,461 3,189 2,838 3,300 4,424 4,389 5,095 5,414 4,879 5,104 4,695 5,053 By type of ownership: Public................................................ 16.302 18,152 1,607 1,357 1 287 1,113 1,188 1,509 1,498 1,820 2,169 1.989 1.824 1 ,677 1,526 Private.............................................. 32,970 31,998 2,499 2,104 1,902 1,725 2,112 2’916 2,891 3,275 3’245 2,890 3,280 3,018 3*527 By type of construction: Residential building....................... 21,247 17,827 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 1,796 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 1,086 961 928 726 814 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

DECEMBER 1967 CONSTRUCTION 2131 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 vat & io n Other 2 dential Total Indus­ Com­ b O u t i h ld er ­ Other de m ve e l n o t p­ trial mercial ings l 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 >67 1958................................ 50,153 34,696 19,789 14,907 2’382 3,589 2^704 6,232 15,457 1,402 5,545 1 019 7 491 19593.............................. 55 >05 39,235 24,251 14,984 2,106 3>30 2>23 6,’125 16,070 1>65 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>80 16>I9 2,780 4,674 3 >80 5 >85 17,148 1,371 5 >54 1,384 8,539 1962 4............................. 59,667 41,798 24,292 17,506 2'842 5,144 3,631 5 >89 17 >69 1'266 6>65 I 524 8 714 1963 5.............................. 63,423 44,057 26>87 17,870 2,906 4,995 3,745 6 >24 19,366 1,189 7,084 I 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 >74 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 >31 6,703 6,890 5^014 8,024 23,925 713 8,359 2,173 12,680 1966—Oct................... 72,255 47,883 21,587 26,296 6,673 6,685 4,911 8,027 24.372 643 8,017 2,203 13,509 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 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 >38 27,036 763 10,189 2,173 13,911 73,084 46 >06 20,829 26>77 6 >97 7,194 4 >83 7,903 26', 178 Apr..................... 71'961 46,042 21,130 24,912 5,579 6 >26 4,749 7,658 25,919 73’904 47’813 22,107 25'706 6^006 7,093 4’744 7 >63 26>91 June.................... 74’197 48,052 22,885 25 J 67 5,886 6,683 4,716 7,882 26'145 July..................... 75’906 49’151 23 >52 25,499 6,154 6’739 4'748 7 >58 26^755 77,045 50’170 24'619 25>51 6,011 6,437 5'189 7,914 26>75 78', 886 51 ’,726 25 >06 26 >20 6,577 6’,731 5 >82 8 >30 27 J 60 Oct.p,......... 78,680 51,363 25,941 25 >22 5,795 6,432 5,239 7,’956 27,317 1 Includes religious, educational, hospital, institutional, and other build­ s Beginning 1963, reflects inclusion of new series under “Public” (for ings. State and local govt, activity only). 2 Sewer and water, formerly shown separately, now included in “Other.” Note.—Monthly data are at seasonally adiusted 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 Private Total N fa o rm n­ M po e li t t r a o n ­ p m N o e l o i t t r n a o ­ n ­ Total fam 1. i ly fam 2- i ly M fam ul i t l i y ­ Public Total FHA VA 1956. 1,349 1,325 24 465 195 271 1957. 1>24 1>75 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 >13 974 44 295 52 328 244 83 1962................................ 1,492 1,054 439 1,463 991 49 422 30 339 261 78 1963................................ 1>42 1,152 490 1,610 1,021 53 536 32 292 221 71 1964................................ 1,563 1,093 470 1,529 972 54 505 32 264 205 59 1965................................ 1,510 1,035 475 1,473 964 51 458 37 246 197 49 1966................................ 1,196 808 388 1,165 779 35 351 31 195 158 37 1966—...................... 845 824 79 51 28 77 54 4 20 3 12 9 3 Nov.................... c975 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 >49 1,132 63 44 19 61 40 2 19 2 12 9 3 Mar..................... 1 >94 1>67 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 42 132 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 >56 126 88 39 125 82 5 38 1 20 15 5 Aug.................... 1,407 1>81 130 90 40 127 84 4 40 3 23 17 6 Sept.................... p1 >29 ri ,399 *124 87 37 Pl 20 77 4 40 *4 20 16 5 Oct...................... »1,496 ’1,477 ”137 99 38 P135 82 5 48 ’2 25 19 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

2132 EMPLOYMENT DECEMBER 1967 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Total non- Not in the Total Employed1 Un m em en p t l oy­ Period i p n o s N t p it . u S u l t . a i A t o i . n o a n l lab N o . r S . f A o . rce l f S a o b . r A c o e . r Total In nonagri- In U pl n o e y m ed ­ (pe r S r a . t A c e e . 2 n t) Total cultural agriculture industries 1961............................. 121,343 48,312 73,031 70,459 65,746 60,546 5,200 4314 6.7 1962............................. 122^981 49,539 73'442 70'614 66,'7O2 61,759 4’944 3,911 5.5 1963............................. 125,154 50,583 74,571 71’833 67'762 63,076 4,687 4,070 53 1964............................. 127'224 51394 75’830 73’091 69,305 64,782 4,523 3’786 5.2 1965............................. 129’236 52358 77,’ 178 74’455 71 388 66326 4,361 3,366 4.5 1966............................. 131,180 52,288 78,893 15,110 72’895 68,915 3,979 2,875 3.8 1966-Nov................. 131,949 52,054 79,934 76,612 73,897 70,005 3,892 2,715 3.5 Dec.......1...3..2..,.1..2.1 52379 80 J54 76’764 73,893 69,882 4,011 2,’871 3.7 19673—Jan................. 132,295 53,589 80,473 77,087 74,255 70,240 4,015 2,832 3.7 Feb................ 132,448 53’341 80’443 77325 74’137 70,247 3,890 2388 33 Mar............... 132,627 53,678 79359 76’523 73’747 69’892 3,855 2,776 3.6 Apr................ 132,795 53,234 80,189 76340 73’910 70,020 3,890 2’830 33 132’969 53,419 79,645 76 J 89 73,289 69.637 3,652 2,900 3.8 June.............. 133,168 50’704 80,681 77,237 74 J 47 70,420 3327 3’090 4.0 July............... 133’366 50’446 80,954 77305 74389 70333 3’856 3’016 3.9 Aug................ 133,645 51,074 81,160 77301 74,718 70,726 3,992 2,983 3.8 Sept............... 133’847 52’865 81’259 77’803 74,625 70,949 3'676 3,178 4.1 Oct................. 134’045 52’450 81’460 77 397 74330 70323 3,707 3,367 4.3 Nov........... 134,224 52,641 81,576 78,106 75 383 71,254 3,829 3,023 3.9 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 NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n ri u n f g ac­ Mining c C o o n n s t t r r a u c c t ­ T tio ra n n s & p o p r u t b a ­ ­ Trade Finance Service G m ov e e n r t n­ tion lic utilities 1961................................................................ 54,042 16.326 672 2,816 3,903 11,337 2,731 7,664 8,594 1962................................................................ 55396 16.853 650 2,902 3,'906 11,566 2300 8,028 8,890 1963............................................................... 56,702 16.995 635 2363 3,903 111778 2,877 8.325 9.225 1964............................................................... 58,332 17,274 634 3,050 3,951 12,160 2,957 8,709 9,596 1965............................................................... 60,832 18’062 632 3 J86 4,036 12,716 3,023 9,087 10,091 1966............................................................... 63 382 19,186 625 3*292 4,151 13311 3,102 9,545 io;871 SEASONALLY ADJUSTED 1966—Nov................................................... 65,014 19,498 621 3,241 4,212 13,406 3,132 9,744 11,160 Dec.................................................... 65’251 19,526 623 3'291 4,218 13’416 3,144 9,781 11,252 1967—Jan..................................................... 65,564 19,558 625 3,311 4,242 13,515 3.152 9,840 11,321 Feb.................................................... 65 392 19,507 624 3352 4,247 13341 3,165 9,883 11,373 Mar................................................... 65’749 19,445 624 3,313 41246 13357 31179 9,946 11,439 Apr.................................................... 65,653 19331 620 3t276 4,212 13,572 3,194 9,973 11,475 May................................................ 65’639 19’238 617 3,192 4,267 131609 31205 91987 11,524 June..................................... 65 ’903 19 285 619 3,187 4,266 13 348 3,227 10,035 11,636 July................................................... 65,939 19*169 623 3331 4,'292 13'647 3,234 10,074 11,669 Aug. ........................ 66J190 19,318 606 3,223 4,283 13,664 3,253 10,130 11,713 Sept................................................... 66,055 19,142 601 3,238 4,262 13,719 3,264 10,161 11,668 Oct.®................................................ 66,231 19,162 596 3,235 4'255 13,769 3,268 101198 11,748 Nov.®............................................... 66309 19313 598 3 348 4389 13333 3,286 10,260 11,782 NOT SEASONALLY ADJUSTED 1966—Nov................................................... 65,559 19,625 624 3,328 4329 13,603 3,116 9,695 11,339 Dec.................................................... 66387 19334 622 3,146 4,222 14348 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.................................................... 64391 19,297 606 2,863 41175 13,218 3,133 9,725 11,474 Mar................................................... 64,843 19363 607 2,922 4,191 13,332 3,157 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 41250 131503 3,202 10,057 11,604 June................................................... 66314 19’382 633 3,407 4,304 13,675 3,253 10,196 11,664 July................................................... 66’129 19,156 636 31548 4335 13,629 3,289 10,265 11,271 Aug.................................................... 66308 19,435 620 3394 4,330 13,622 3,305 10,262 11,240 Sept................................................... 66,672 19,443 609 3,513 4,317 13,689 3,274 10,212 11,615 Oct.®................................................. 66,903 19383 600 31461 41285 13,801 3,265 10,229 11,879 Nov.®............................................... 67,269 19340 601 3,336 4,306 14,036 3,270 10,209 11,971 Note.—Bureau of Labor Statistics; data include all full- and part­ domestic servants, unpaid family workers, and members of the armed time employees who worked during, or received pay for, the pay period forces are excluded. that includes the 12th of the month. Proprietors, self-employed persons, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 EMPLOYMENT AND EARNINGS 2133 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1966 1967 1966 1967 Nov. Sept. Oct.” Nov.” Nov. Sept. Oct.” Nov.” Total....................................................................................... 14,490 14,003 14,025 14,266 14,619 14,290 14 242 14,394 D|irnhle goods....................................................................... 8,505 8 091 8,077 8,275 8,572 8,182 8 157 8 341 Ordnance and accessories.......................................... 133 154 155 153 135 155 ’156 155 T.limber and wood products..................................... 521 508 513 516 522 525 521 517 Furniture and fixtures................................................. 389 370 374 375 394 376 380 380 Stone clay and glass products................................ 512 494 499 508 515 510 506 510 Primary meta* industries............................................ 1,116 1 003 1,009 1,026 1,096 1,006 993 1 008 Fabricated metal products........................................ 1,069 1 1023 1,021 I j036 1,081 1,034 1 033 1*048 Machinery.................................... 1,384 1*365 1 '330 1371 1,367 I’358 1,317 1,355 Electrical equipment and supplies........................... 1,352 1,260 1 ^272 1’286 1,375 1,273 1 296 1,308 Transportation equipment........................................ 1’396 1*297 1,286 1,381 1,430 1,304 1 310 1 414 Instruments and related products............................ 284 *281 283 286 286 '284 284 288 Miscellaneous manufacturing industries......... 349 336 335 337 37 i 357 361 358 Nondurable goods................................................................. 5,985 5,912 5,948 5,991 6,047 6,108 6 085 6,053 Food and kindred products...................................... 1,195 1,175 1,186 1,199 1,222 1,310 1,273 1,227 Tobacco manufactures............................................... ' 72 ’ 69 ’ 70 78 ' 79 84 87 ’ 86 Textile-mill products..................................... 856 842 846 849 861 849 852 854 Apparel and related products................................. 1,252 1,218 1,223 1,230 1,263 1,237 1,240 1 241 Paper and allied products....................................... 526 527 529 '532 ’530 '534 533 *536 Printing, publishing, and allied industries............. 660 669 669 672 663 672 673 675 Chemicals and allied products................. 584 585 593 595 579 587 589 590 Petroleum refining and related industries.............. 117 120 121 122 117 123 122 121 Rubber and misc plastic products........................ 408 407 408 409 415 410 413 416 Leather and leather products............................. 315 300 303 305 318 302 303 307 Note.—Bureau of Labor Statistics; data cover production and related workers only (full- and part-time) who worked during, or received pay for, the pay period that includes the 12th of the month. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked Average weekly earnings Average hourly earnings (per week; S.A.) (dollars per week; N.S.A.) (dollars per hour; N.S.A.) Industry group 1966 1967 1966 1967 1966 1967 Nov. Sept. Oct.” Nov.” Nov. Sept. Oct.” Nov.” Nov. Sept. Oct.” Nov.” Total........................................................................... 41.3 40.8 40.6 40.9 113.99 116.57 116.00 118.20 2.76 2.85 2,85 2.89 Durable goods........................................................... 42.1 41.6 41.3 41.6 123.77 126.05 125.44 127.71 2.94 3.03 3.03 3.07 Ordnance and accessories............................. 42.4 42.4 41.7 42,5 136.75 138.65 137.43 141.34 3.21 3.27 3.28 3,31 Lumber and wood products........................ 40.5 40.5 40.6 41.2 91.43 99.72 100,21 99.55 2.28 2.45 2.45 2.44 Furniture and fixtures.................................... 41.0 40.7 40.4 40.3 93.15 97.41 97,41 97.27 2.25 2.37 2.37 2.39 Stone clay and glass products................... 41.7 42.0 41.8 42.0 116.20 121.11 120,83 122.09 2.78 2.87 2.87 2.90 Primary metal industries.............................. 42.3 41.0 41.2 41.3 139.02 138.58 137.16 138.58 3.31 3.38 3,37 3,38 Fabricated metal products.......................... 42.3 41.8 41.4 41.6 123.81 126.00 124.38 125.93 2.92 3.00 2.99 3.02 Machinery........................................................ 43.8 42.7 42.3 42.2 136.78 136.10 135.88 136.31 3.13 3.21 3.22 3.23 Electrical equipment and supplies........ 40.9 40.2 40.5 40.7 110.56 112.31 114.49 116.16 2.69 2.78 2.82 2.84 Transportation equipment............................ 41.9 42.7 41.5 42.2 145.18 147.48 146,43 153.08 3.40 3.47 3.47 3.56 Instruments and related products............... 41.9 41.2 41.1 41.2 116.20 118.53 118.53 119.23 2.76 2.87 2,87 2.88 Miscellaneous manufacturing Industries... 39.9 39.5 39.3 39.6 90.45 92,66 93.69 94.96 2.25 2.34 2.36 2.38 Nondurable goods......................................... 40.2 39.9 39.7 40.0 100.10 104.66 104.14 105.20 2.49 2.61 2.61 2.63 Food and kindred products......................... 41.1 41.0 40.7 40 5 104.90 109.67 107.98 108.67 2.54 2.63 2,64 2.67 Tobacco manufactures.................................. 38.5 38.0 38.9 39.0 81.24 86.33 85.44 83.46 2.11 2.18 2.12 2.14 Textile-mill products...................................... 41.2 41.4 41.3 41.4 83.42 86.73 88.19 88.62 2.01 2.10 2.12 2.13 Apparel and related products....................... 36.5 36.3 35.8 36.4 70.25 74.73 73.75 75.50 1.93 2.07 2.06 2.08 Paper and allied products............................ 43.3 42.8 42.8 42.9 121.80 125.85 125.85 126.28 2.80 2.92 2,92 2.93 Printing, publishing, and allied industries. 39.0 38.3 38.0 38.3 124.87 128.21 127.25 127.59 3.21 3.33 3.34 3.34 Chemicals and allied products..................... 42.1 41.5 41.5 41.8 127.98 130,31 103.73 132.09 3.04 3.14 3.15 3.16 Petroleum refining and related industries.. 42.5 42.4 43.2 42.8 146.70 155,52 155.95 155.43 3.46 3.60 3.61 3.64 Rubber and misc. plastic products............. 41.9 41.9 41.9 42.0 113.67 119.71 119.99 120.69 2.70 2.83 2.85 2.86 Leather and leather products....................... 38.6 38.9 38.7 39.3 76.03 80.26 80.43 82.11 1.98 2.09 2.10 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

2134 PRICES DECEMBER 1967 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em ll s Food Total Rent H ow s o h m n ip e e r - ­ F c a o o u n i a e d l l l t e r G a i l n c e a i d c s t ­ y o n F p i a n i n e u s g d r h r s a ­ ­ ­ A up p a k p n e a d e r e p l T p t o r i a o r n t n a s ­ ­ Total M c ic a e a r d l e ­ s c P o a e n r r a e ­ l r R e a i c e n n r a g d e d a ­ ­ O g s a o e t n o r h v d d e ­ s r tion tion ices 1929............................ 59.7 55.6 85.4 1933............................ 45.1 35.3 60.8 1941............................ 51.3 44.2 61.4 64.3 45.2 88.3 51.2 50.6 47 6 57 3 58 2 1945............................ 62.7 58.4 67.5 66.1 53.6 86.4 55.4 57.5 63.6 75 0 67 3 1958............................ 100.7 101.9 100.2 100.1 100.4 99.0 100.3 99,9 99.8 99 7 100 3 100.1 100 4 100 8 99 8 1959............................ 101.5 100.3 101.3 101.6 101.4 100.2 102.8 100.7 100,6 103 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 1072 1046 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—Oct.................. 114.5 115.6 112.2 1H.0 117.4 108.3 108.0 106,1 111.5 114.3 120.4 130.4 113 3 118 0 115 9 Nov......... 114.6 114.8 112.6 111 .2 117.8 108.9 108,1 106.5 112.0 114 5 120.8 131.3 113.4 118 3 116 0 Dec................. 114.7 114.8 113.0 111.3 118.6 110.2 107.9 106.7 112.3 113 8 121.0 131.9 113.7 118 4 115.9 1967—Jan.................. 114.7 114.7 113.1 111.4 118.7 110.5 108.3 106.7 111.3 113.4 121.4 132.9 113.8 118.5 116.2 Feb................. 114.8 114.2 113.3 111.7 118.9 111.1 108.3 107.0 111.9 113.8 121.8 133.6 114.1 118.6 116 3 Mar................ 115.0 114.2 113.3 111.8 118.6 111. I 108,3 107.3 112.6 114.2 122.2 134.6 114.4 118 9 116 4 Way................ 1 1 1 1 5 5. . 3 6 1 1 1 1 3 3 . . 9 7 1 1 1 1 3 3 . , 9 6 1 11 1 2 1 . . 1 9 1 11 1 9 9 . . 7 0 1 1 1 1 0 1 . . 8 0 1 1 0 0 8 8 . . 3 4 1 10 0 7 7 . . 9 7 1 1 1 1 3 3 .0 8 1 1 1 1 5 5 .1 5 1 1 2 2 2 2 . . 8 6 1 1 3 35 5 . . 1 7 1 1 1 1 4 5 . . 9 0 1 11 1 9 9 .6 4 1 11 1 6 6 .7 6 June............... 116.0 115.1 114.1 112.2 119.9 110.5 108,2 108.1 113.9 i 15 7 123.2 136.3 115.3 119.7 116.9 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................. 116.9 116.6 114.7 112.6 120.8 111.7 108.5 108,3 113.8 116.4 124.2 137.5 116.1 120.0 118^8 117.1 115.9 115.0 112,8 121.1 112.3 108.9 108 8 115.1 116 8 124.9 138 5 116 4 120 5 119.7 Oct.......... 117.5 115.7 115.3 1 13.0 121.5 112.5 108.9 109.1 116.0 117.7 125.5 139.0 116.5 121.4 120.3 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59= 100) Industrial commodities Period m c t A o i o e m l d s l i ­ ­ p F u r a c o r t m d s ­ P f e f o a e s r s o n e o e d d d c d s s ­ Total T til e e x s, ­ H e i t d c e . s, F e u tc e . l, C ic h a e l m s, ­ R be u r b , ­ L b u e m r, ­ P e a t p c e . r, M al e s t , ­ c M a e h n r i y a d n ­ ­ F tu u r r e n , i ­ N t m al o l e n i ­ c - T p t r o i a o r n n ta s ­ ­ c M el i l s a ­ ­ etc. etc. etc. etc. etc. equip­ etc. min­ equip­ neous 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 1041 101 0 101 2 102.1 100 4 101 *2 n a ioo.8 I960................................ 100.7 96.9 100.0 101 3 101 5 105 2 99 6 100 2 99 9 100 4 101 8 101 3 102 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 9 988 100 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 5 933 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 I 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 i08.2 99 1 102 6 n a 106 8 1966—Oct...................... 106.2 104.4 113.9 105 3 102.2 118,7 102.6 97 9 94 6 104 8 103.1 108 6 109.4 99.7 103 2 n a 107 2 Nov..................... 105.9 102.5 112.6 105.5 102.1 117,5 102.7 98 0 95 0 103 0 103 0 109 0 1 io.2 100 3 103 3 n a 107 4 Dec..................... 105.9 101.8 112.8 105.5 101.8 117.3 102.0 98.2 95.0 102.5 103.0 109.0 110.7 100.4 103 3 n a 107 5 1967—Jan...................... 106.2 102.6 112.8 105.8 102.0 117.9 102.6 98.4 95.6 102 6 103.1 109 4 111. 1 100 4 103 6 n a 107 9 Feb..................... 106.0 101.0 111.7 106.0 102.0 118.0 103 4 98 5 95 8 103.6 103 3 109 6 111.2 100 4 103 7 IOS 0 105 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 Apr..................... 105.3 97.6 110.0 106.0 101.8 115.7 103.3 98 8 959 104* 1 103*9 i 09 1 11L6 100*6 103 ’9 n a 1080 May.................. 105.8 100.7 iio.7 106 0 101 6 115 2 104 4 98 8 95 8 i 04 2 103 9 108 9 111 6 100 8 103 8 108 0 106.3 102.4 112.6 106 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 Oct................... 106.1 97.1 111.7 106.8 102.2 114.8 103.0 98.2 98.8 107.3 104.3 109^8 112.2 101.7 104.9 n.a. 110.5 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 PRICES 2135 WHOLESALE PRICES: DETAIL (1957-59= 100) 1966 1967 1966 1967 Group Group Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Farm products: Pulp, paper, and allied products: Fresh and dried produce....................... 97.9 96.6 92.2 91.6 Pulp, paper, and products, excluding Grains......................................................... 98.9 86.1 85.6 86.6 building paper and board................. 103.5 104.5 104.6 104,8 Livestock................................................... 106.5 106.3 103.5 101.8 Woodpulp................................................ 98.0 98.0 98.0 98,0 Live poultry.............................................. 83.1 77.3 72.9 73.8 Wastepaper.............................................. 98.8 74.6 75.4 76.6 Plant and animal fibers.......................... 71.4 71.4 72.4 72.4 Paper........................................................ 108.4 110.9 110.9 111.2 Fluid milk................................................. 125.8 120.9 123.7 123.5 Paperboard............................................... 97.2 97.3 97.3 97.3 Eggs............................................................ 114.7 82.1 93.1 76.8 Converted paper and paperboard.... 103.0 104.6 104.8 104.9 Hay and seeds........................................ 121.5 111.6 109.0 108.5 Building paper and board................... 93.0 91.3 91.4 92.1 Other farm products............................... 100.8 99.3 97.7 97.4 Processed foods and feeds: Metals and metal products: Cereal and bakery products................. 118.7 116.8 116.6 116.8 Iron and steel.......................................... 102.5 103.5 104.0 103.9 Meat, poultry and fish........................... 108.1 107.4 108.6 104.7 Steelmill products................................... 105.1 105.7 106,3 106,5 Dairy products........................................ 124.5 122.1 122.8 123.0 Nonferrous metals................................. 120.3 118.9 119.4 120.7 Processed fruits and vegetables............ 105.7 107.1 107.9 109.3 Metal containers..................................... 110.1 111,7 111.7 111,7 Sugar and confectionery........................ 111.6 113.8 113.8 113.9 Hardware................................................. 110.9 115,2 115.3 115.4 Beverages and beverage materials.. ., 105.6 106.6 106.7 107.3 Plumbing equipment............................. 110,6 110,1 110.2 110,2 Animal fats and oils............................... 108.9 83.0 79.6 76.3 Heating equipment................................ 93,3 92.5 92.7 92.9 Crude vegetable oils................................ 100.1 89.8 87.9 83.3 Fabricated structural metal products. 104.6 105.5 105.6 105.7 Refined vegetable oils............................. 97.0 91.9 91.3 88.1 Miscellaneous metal products............. 112.7 114.2 114.1 114,1 Vegetable oil end products................... 108.2 101.0 102.0 101.8 M M i a s n c u e f ll a a c n t e u o re u d s p an ro im ce a s l s e f d e e f d o s o .. d ... s .. . . . . . . . . . . . . . . . . . . . . . . . . 1 1 2 1 8 5 . . 1 1 1 1 1 12 9 . . 1 6 1 1 1 2 2 1 . . 5 5 1 1 1 2 2 0 . . 6 6 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip., .. 118.5 122.0 122.2 122.3 Construction machinery and equip... 119.8 122.4 122.4 124.3 Cotton products...................................... 103.3 98.8 99.2 99.1 Metalworking machinery and equip,. 121.1 124.4 124.4 124.6 Wool products.......................................... 105.6 102.9 102.7 102,8 General purpose machinery and Man-made fiber textile products......... 88.1 85.9 86.3 86.9 equipment............................................ 111.8 113.6 114.0 114.4 Silk yarns.................................................. 161.1 172.6 175.7 179.5 Special industry machinery and Apparel...................................................... 105.3 107.3 107.4 107.5 equipment (Jan. 1961= 100)............ 113,9 116.7 116.7 118.2 Textile housefurnishings........................ 105.2 105.3 106.8 107.4 Electrical machinery and equip........... 99.5 101.6 101.5 101.5 Miscellaneous textile products............. 118.8 116.0 115.6 115.9 Miscellaneous machinery..................... 107.4 109.4 109.7 109.9 Hides, skins, leather, and products: Furniture and household durables: Hides and skins........................................ 120.8 86.8 93.2 86.8 Leather....................................................... 117.5 109.2 105.3 104.7 Household furniture........................... 110,3 112.8 113.0 113.4 Footwear................................................... 120.1 121.2 121.8 123.6 Commercial furniture........................... 107,3 111.9 112.0 112.0 Other leather products........................... 115.6 112.5 111.8 111.9 Floor coverings...................................... 96.6 92.6 93.4 94.8 Household appliances........................... 88.9 90.1 90.3 90.5 Fuels and related products, and power: Home electronic equipment................. 83.8 81.8 81.6 82.1 Other household durable goods......... 113.6 117.9 118.2 118.9 Coal............................ 100.6 103.0 104.1 103,8 C G o as k e f . u .. e .. l . s . .. ( .. J . a .. n ... . . .. 1 .. 9 .. 5 .. 8 .. = .. .. 1 .. 0 ... 0 .. ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 13 1 0 2 . . 7 0 1 13 1 2 2 . . 0 0 1 1 1 3 2 2 . . 0 6 1 13 1 2 2 . . 7 0 Nonmetallic mineral products: Electric power (Jan. 1958= 100).......... 100.2 100.5 100.7 100.8 Crude petroleum..................................... 98.1 99.0 99.0 99.0 Flat glass.................................................. 102.1 106.9 106.9 107.0 Petroleum products, refined................. 101.3 104.6 103.9 101.0 Concrete ingredients............................. 104.3 106.0 106.1 106.3 Concrete products.................................. 103.5 105.8 105.9 105,9 Chemicals and allied products: Structural clay products excluding refractories.......................................... 108.8 110.4 110.7 110.7 Industrial chemicals................................ 95.9 97.1 97.1 98,3 Refractories............................................. 104.2 104.9 104.9 104,9 Prepared paint.......................................... 107.3 108.8 109.9 109.9 Asphalt roofing...................................... 97.6 91.8 95.1 95.1 Paint materials........................................ 90.2 90.7 90.6 91.0 Gypsum products.................................. 102.7 100.7 100.7 103.9 Drugs and pharmaceuticals.................. 95.0 93,6 93.5 93.6 Glass containers..................................... 101.1 101.1 101.1 101.1 Fats and oils, inedible. ......................... 94.5 77.2 77.1 78.5 Other nonmetallic minerals................. 102,0 101.8 101.7 101.9 Agricultural chemicals and products.. 102.8 101.8 101.2 101.6 O Pl t a h s e ti r c c r h e e s m in i s c a a l n s d a n m d a p te r r o ia d l u s. c .. t . s .. . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 0 0 6 . . 2 9 1 8 0 9 8 . . 5 7 1 8 0 7 8 . . 7 7 1 8 0 6 8 . , 1 8 Transportation equipment: Rubber and products: Motor vehicles and equipment...... 101.7 101,3 101.5 103.7 Railroad equipment (Jan. 1961= 100). 101,0 102.9 102.9 104.5 Crude rubber............................................ 87.4 84.8 83.9 84.2 T M ir i e sc s e a ll n a d n e t o u u b s e r s u .. b ... b .. e .. r . .. p .. r .. o .. d ... u .. c .. t . s .. . . . . . . . . . . . . . . . . . . . . . . . . 9 9 8 3 . . 9 4 1 9 0 8 2 . . 7 3 1 9 0 8 3 . .7 7 1 9 0 8 4 . . 7 8 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition........................................ 105.0 105,8 106.1 106.3 Lumber.................................................. 108.0 109.0 112.0 111.2 Tobacco products................................. 110.3 114.8 114.8 114.8 Millwork.................................................... 110.8 112.6 113.1 113.4 Notions..................................................... 100.8 100.8 100.8 100,8 Plywood..................................................... 88.1 90.9 95.7 90.2 Photographic equipment and supplies 108.4 111.3 111.6 113,6 Other wood products (Dec. 1966= 100) 101.6 101.3 101.5 Other miscellaneous products............. 105.6 108.5 108.7 108.7 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 Jan. 1967 data and (2) various fications. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2136 NATIONAL PRODUCT AND INCOME DECEMBER 1967 GROSS NATIONAL PRODUCT (In billions of dollars) 1966 1967 Item 1929 1933 1941 1950 1962 1963 1964 1965 1966 in 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 1 791 2 Fino! 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 6 787 4 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 3 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 72 7 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 2 217.2 218 5 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 0 204 1 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 1 112 2 Fixed investment......................... 14.5 3.0 13.4 47.3 77.0 81.3 88.2 98.0 104.6 104.9 IO1 7 103 3 104 6 108 4 Nonresidential................................................ 10.6 2.4 9.5 27.9 51.7 54.3 61.1 71.1 80.2 81.2 82 8 8F9 815 82 8 Structures................................................ 5.0 .9 2.9 9.2 19.2 19.5 21.2 25 1 27.9 28.2 27 7 27 7 26 3 26 6 Producers’ durable equipment........ 5.6 1.5 6.6 18.7 32.5 34.8 39.9 46.0 52.3 53.1 55 11 54 2 55^2 56 2 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 I 25 6 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 25 0 Change tn business inventories,.................... 1.7 4.5 6.8 6.0 5.9 5.8 9.4 13.4 11 4 18 5 7 1 0 5 3 8 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 06 34 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 4 Exports............................................................... 7.0 2.4 5.9 13 8 30 3 32.3 37.1 39.1 43,0 43 7 44 6 45 3 45 1 45 6 Imports............................................................... 5.9 2.0 4.6 12.6 25.1 26.4 28.6 32.2 37.9 39.0 39.7 39 9 39.8 402 Government purchases of goods and services. . 8.5 8.0 24.8 37.9 117.1 122.5 128.7 136.4 154.3 157.7 161.7 170.4 175.0 178,2 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 90 9 National defense.......................................... 13.8 14 1 51 6 50.8 50.0 50.1 60.5 63 0 65 6 70 2 72.5 73 3 Other............................................................... 3.1 4.3 11.8 13.5 15.2 16.7 16.5 16.6 15.9 16.8 17 0 17,6 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 87.4 Gross national product in constant (1958) dollars................................................................. 203.6 141.5 263.7 355.3 529.8 551.0 581.1 616.7 652.6 654.8 661.1 660.7 664.7 672.0 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. For back data and explanation of series, see the Survey of Current Business, 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 40.3 104.2 241.1 457.7 481.9 518.1 562.4 616.7 622.1 634.1 636.4 641.6 653.6 Compensation of employees.............................. 51.1 29.5 64.8 154.6 323.6 341.0 365.7 393.9 435.7 441.2 450.2 459.1 463.4 472.6 Wages and salaries.......................................... SO. 4 29.0 62.1 146.8 296.1 311.1 333.7 359.1 394.6 399.6 407.4 414.7 418.3 426.2 Private............................................................. 45.5 23.9 51.9 124.4 240.1 251.6 269.4 289.8 316.7 320.1 326.1 331.4 333.2 339.4 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.................................... 4.6 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 46.4 Employer contributions for social insurance...................................................... .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 79.3 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 80.1 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 33.0 Profits after tax............................................. 8.6 .4 10.1 24.9 31.2 33.1 38.4 45.2 49.3 49.4 49.3 46.5 46.5 47.2 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 23.7 Inventory valuation adjustment.................... .5 -2.1 -2.5 -5.0 .3 -.5 -.5 -1.7 -1.6 -2.2 .7 -.8 -.7 -.8 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 22.7 Note.— Dept of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 NATIONAL PRODUCT AND INCOME 2137 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 III* Gross national product........................................ 103.1 55.6 124.5 284.8 560.3 590.5 632.4 683.9 743.3 748.8 762.1 766.3 775.1 791.2 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 67.6 Indirect business tax and nontax liability........................................................ 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 70.2 Busmess 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 -1.3 Plus: Subsidies less current surplus of government 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 40.3 104.2 241.1 457.7 481.9 518.1 562.4 616.7 622.1 634.1 636.4 641.6 653.6 Less: Corporate profits and inventory valuarion 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 79.3 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- 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 49.6 Net interest paid by government and consumer................................................ 2.5 1.6 2.2 7.2 16.1 17.6 19.1 20.4 22.3 22.4 23.2 23.7 23.9 24.2 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 96.0 227.6 442.6 465.5 497.5 537.8 584.0 589.3 601.6 612.9 619.1 631.0 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 92.7 206.9 385.3 404.6 438.1 472.2 508.8 512.4 522.0 532.7 540.0 548.2 Less: Persona! outlays........................................ 79.1 46.5 81.7 193.9 363.7 384.7 411.9 445.0 479.0 483.2 487.4 493,9 504.0 509,6 Personal consumption expenditures.. 77.2 45.8 80.6 191.0 355.1 375.0 401.2 433.1 465.9 470.1 473.8 480.2 489.7 495.3 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 foreigners................................................ .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 38.5 Disposable personal income in constant (1958) dollars................................................................. 150.6 112.2 190.3 249.6 367.3 381.3 407.9 434.4 456.3 458.4 463.2 470.6 474.9 477.5 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.” Total personal income............................ 537.8 584.0 597.5 602.1 605.0 610.4 612.6 615.6 616.5 618.2 622.6 627.0 '•631.6 634.4 636.0 Wage and salary disbursements........... 359.1 394.6 404.8 407.6 410.0 413.8 414.2 416.2 416.7 417.2 420.9 423.4 426.7 428.5 429.4 Commodity-producing industries... 144.5 159.3 163.2 164.1 164,9 166.2 165.2 165.6 165.0 164.3 165.2 166,1 168.0 168.2 167.8 Manufacturing only........................ 115.6 128.1 132.1 132.8 132.8 133.7 132.7 132.9 132.5 132.2 133.0 133.2 135.3 135.4 134.8 Distributive industries....................... 86.9 93.9 95.9 96.5 97.2 98.4 98.6 99.1 99.1 99.3 100.4 101.3 101.8 102.1 102.5 Service industries............................... 58.3 63.5 64.9 65.6 65.9 66.4 66.9 67.6 68.2 68.6 69.5 69.6 70.1 70.8 71.2 Government............................... 69.3 77.9 80.8 81.4 82.0 82.7 83.4 84.0 84.5 85.0 85,7 86.4 86.9 87.4 87.9 Other labor income................................ 18.6 20.8 21.4 21.7 21.9 22.1 22.2 22.4 22.6 22.8 23.1 23.3 23.6 23.8 24.0 Proprietors* income................................ 56.7 59.3 58.3 58.6 58.8 58.3 57.8 57.4 57.7 57.8 57.9 58.4 58.8 59.2 59.1 Business and professional................. 41.9 43,2 43.3 43.5 43.5 43,3 43.2 43.1 43.3 43.4 43.6 43.7 43.8 43.9 44.0 Farm..................................................... 14.8 16,1 15.0 15.1 15.3 15.0 14.6 14.3 14.4 14.4 14.3 14.7 15.0 15.3 15.1 Rental income......................................... 19.0 19.4 19.5 19.6 19,7 19.7 19.8 19.9 20.0 20.0 20.1 20.2 20.2 20.3 20.3 Dividends................................................. 19.8 21.5 21.6 21.6 20.2 21.8 22.3 22.6 22.8 23.1 23.3 23,5 23.5 23.4 23.2 Personal interest income....................... 38.4 42.4 43.8 44.3 44.8 45.0 45.2 45.5 45.8 46.0 46.1 46.4 r46.9 47.3 47.7 Transfer payments.................................. 39.7 43.9 46.6 47.4 48.5 49.7 51.1 51.7 51.0 51.5 51.6 52,2 52.4 52.5 52.8 Less: Personal contributions for social insurance............................. t3.4 17.9 18.6 18.7 18.8 20.0 20.0 20.1 20.1 20.1 20.3 20.4 20.6 20.6 20.6 Nonagricultural income.......................... 518.4 563.1 577.5 581.9 584.8 590.2 593.0 596.2 596.9 598.8 603.2 607.2 611.4 614.0 615.8 Agriculture income.................................. 19.3 20.9 19.9 20.2 20.3| 20.2 19.6 19.5 19.5 19.5 19.4 19.8 20.2 20.4 20.2 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

2138 FLOW OF FUNDS DECEMBER 1967 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1965 1966 1967 Transa o c r ti o se n c t c o a r tegory, 1962 1963 1964 1965 1966 II III IV I II in IV 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........................................ 82.0 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 -1.4 -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 66.0 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 l.l -.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 17 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 18 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 19 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.° 2.2 10.1 -24.0 20 21 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 1.0 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 Bank 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 42.4 32 33 Corporate securities..................... 5.1 3.6 5.4 5.4 11.4 7.0 7.4 2.9 11.9 15.2 14.7 6.9 14.0 15.3 33 34 I- to 4-family mortgages............. 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 34 35 Other mortgages........................... 7.9 9.3 40.0 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, tending.......................... 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 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 13.0 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.......1...3....0... 15.1 15.8 13.1 7.3 12.3 13.2 43.6 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 m. Direct lending in credit markets 53 Total funds raised................................ 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 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 Federal Reserve System................. 1.9 2.6 3.2 3.8 3.3 4.1 3.1 2.4 2.5 .1 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 Leas 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

DECEMBER 1967 FLOW OF FUNDS 2139 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1965 1966 1967 Transa o c r ti o se n c t c o a r tegory, 1962 1963 1964 1965 1966 II III 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 .1 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. Timo 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 J3.3 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 III. U.S. Govt, securities 19 Total 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 -J -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............................ .3 .6 .8 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 -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 net 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 .................................................................................. 2142 Foreign trade.......................................................................................................................... 2143 U.S. gold transactions and reserve assets ........................................................................ 2144 U.S. position in the IMF .................................................................................................... 2145 International capital transactions of the United States................................................... 2146 Reported gold reserves of central banks and governments .......................................... 2158 Gold production .................................................................................................................. 2159 Money rates in foreign countries....................................................................................... 2160 Arbitrage on Treasury bills ............................................................................................... 2161 Foreign exchange rates ...................................................................................................... 2162 Guide to tabular presentation ........................................................................................... 2076 Index to statistical tables ................................................................................................... 2170 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). 2141 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2142 U.S. BALANCE OF PAYMENTS DECEMBER 1967 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1966 1967 Item 1964 1965 1966 I II III IV I II* Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted Exports of goods and services—Total l........................ 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 2,40i 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............................................................................... — 2,2H -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 services 1...................................... 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 by 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 by others.............................................. -623 428 -329 -180 t -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 « 14-24-34'44-5)....... -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; Seasonal!) 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

DECEMBER 1967 U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE 2143 1. U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1966 1967 Item 1964 1965 1966 I II ni IV I n» 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 41,665 571 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 81 633 472 -792 612 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities3.............3..7..6.................1..2..2............-..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, securities, etc................................................... 757 -154 -582 -611 206 -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 International and regional organizations other than IMF.............................................. -243 -291 -525 -38 -355 -24 -108 -36 -80 B. Official reserve transactions...................................... 1,540 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 centra) 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 govts.: Of U.S private organizations.................... 149 -38 788 43 284 88 373 309 60S Ot U.S. Govt,....................................... 154 138 14 -18 -21 23 30 29 -22 1 Excludes transfers under military grants. 5 With original maturities over 1 year. 2 Excludes military grants. 3 Includes certificates sold abroad by Export-Import Bank. Note.—Dept, of Commerce data. Minus sign indicates net payments 4 Reflects $259 million payment of gold portion of increased U.S. (debits); absence of sign indicates net receipts (credits). subscription to IMF. 2. MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports 1 Imports 2 Export surplus Period 1964 1965 1966 1967 1964 1965 1966 1967 1964 1965 1966 1967 Month: Jan........... 2,040 3 1,228 2,274 2,620 1,418 31,199 1,948 2,296 622 3 28 327 325 Feb.................. 2,058 31,623 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 31,861 2,068 2,185 557 3 878 501 384 Apr....................... 2,061 3 2,406 2,359 2,659 1,537 31 ,811 2,109 2,224 524 3 595 250 435 May..................... 2,047 3 2,299 2,411 2,545 1,530 31,797 2,063 2,119 517 3 503 348 426 June..................... 2,077 32,235 2,490 2,584 1,514 31,848 2,135 2,228 563 3 386 354 355 July...................... 2,119 2,300 2,456 2,587 1,573 4 1,742 2,205 2,235 546 4 558 251 352 Aug...................... 2,100 2,329 2,455 2,561 1,608 1,825 2,113 2,114 492 504 342 447 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 2,383 1,551 1,885 2,262 2,216 605 464 320 167 Nov...................... 2,206 2,378 2,486 1,698 1,941 2,192 3 508 438 295 Dec....................... 2,426 2,362 2,415 1,642 1,911 2,231 3 784 451 184 Quarter: I.. 6,173 35,589 7,216 7,791 4,395 3 4,666 6,020 6,684 1,778 3 923 1,196 1,106 II.......................... 6,185 3 6,940 7.259 7,788 4,581 35,456 6,306 6,571 1,604 31,484 953 1,217 Ill......................... 6,480 6,920 7,453 7,780 4,744 45,425 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 Year3....................... 25,671 26,700 29,395 ..............1..8.,684 21,366 25,550 ................6.,987 5,334 3,845 ................. 1 Exports of domestic and foreign merchandise; excludes Dept, of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Significantly affected by strikes and by change in statistical procedures. Mutual Security Program. 3 Sum of unadjusted figures. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Note.—Bureau of the Census data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2144 U.S. GOLD TRANSACTIONS AND RESERVE ASSETS DECEMBER 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 III IV I II III 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 -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 -20 -30 United Kingdom................. -900 -350 -550 -306 -387 329 618 150 80 126 -20 3 -34 -77 Bank for Inti Settlements. -178 -32 -36 -23 Other...................................... -41 -48 -96 -53 -12 i -7 -37 -50 -1 -12 -18 20 19 Total............................. -2,326 -827 -1,718 -754 -1,105 -399 -88 -1,299 -659 -172 -92 -15 -44 -58 Canada...................................... 190 ............. 200 50 .............50 ............. Latin American republics: Argentina.............................. 67 -50 -90 85 -30 -39 -28 -11 Brazil...................................... -11 -2 -2 57 72 54 25 -3 -1 ♦ * * * Colombia.............................. — 6 38 10 29 7 * Venezuela.............................. 65 -25 Other...................................... 2 -35 -42 -17 -5 -ii -9 -13 -6 -5 8 -2 13 6 Total............................. 69 19 -100 -109 175 32 56 17 -41 -34 -3 -3 12 6 Asia: Japan...................................... -30 -157 -15 -56 Other................................ -4 -28 -97 '-101 2 -93 12 3 -24 -30 -12 10 -20 -1 -1 Total.............................. -34 -186 -113 -101 -93 12 3 -24 -86 -12 10 -20 -1 -1 All other................................... -3 -5 -38 -6 -I -36 „7 -16 -22 -4 ♦ 2 -6 -1 Total foreign countries........... -2,294 -998 -1,969 -970 -833 -392 -36 -1,322 -608 -172 -86 -36 12 -53 Inti. Monetary Fund............. 3 -44 4 300 150 ............. 5-225 6 177 6 29 ..........6.. .16 65 6 * Grand total.................. -2,294 -1,041 -1,669 -820 -833 -392 -36 -1 ,547 -431 -143 -86 -20 17 -53 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 tothe 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) End of year r a T e s s o s e t e r a v t l s e To G ta o l l 2 d sto T c r k ea s 1 ury cu v fo C r e r r r e o e ti n i n b g c ­ l n i e e s p R I o e M s s i i e n t F i r o v 3 n e End of month r a T e s s o s e t e r a v t l s e To G ta o l l z d sto T c r k ea s 1 ury v c fo C e u r r r o e t r i i n e b g n ­ l n e ­ p R I o M e s s i i n e F ti r o v 3 n e cies 5 1957.......................... 24.832 22,857 22.781 1,975 1966—Nov........1..4....7.15 13,262 13,159 1,108 345 1958.......................... 22,540 20,582 20,534 1 958 Dec.............. 14,882 13,235 13,159 1 321 326 1959.......................... 21.504 19,507 19.456 1,997 1967—Jan........1..4..,.1..96 13.202 13,157 645 349 I960.......................... 19,359 17,804 17,767 1,555 Feb.............. 13,998 13,161 13 107 480 357 M ar.............. 13,855 13,184 13,107 314 357 1961.......................... 18,753 16,947 16,889 116 1,690 Apr.............. 13,906 13^234 13,109 315 357 1962.......................... 17,220 16^57 15,978 99 1,064 May............. 13,943 13,214 13,109 363 366 June............ 14,274 13,169 13,110 738 367 1963.......................... 16,843 15,596 15.513 212 1,035 July........1..4..,.224 13’136 13’108 719 369 1964.......................... 16,672 15,471 15,388 432 769 Aug........ 14,605 13,075 13,008 1,162 368 Sept.......1...4..,.6.49 13'077 13,006 1 '200 372 1965.......................... 15,450 4 13.806 413,733 781 4 863 Oct........ 14^927 13^039 12,905 1,509 379 1966.......................... 14^82 13,235 13,159 1,321 326 Nov.............. 15,438 12,965 12,908 2,092 381 1 Includes (a) gold sold to the United States by the International Mon­ 4 Reserve position includes, and gold stock excludes, $259 million gold etary Fund with the right of repurchase, and (b) gold deposited by the subscription to the IMF in June 1965 for a U.S. quota increase which IMF to mitigate the impact on the U.S. gold stock of foreign purchases became effective on Feb. 23, 1966 In figures published by the IMF from for the purpose of making gold subscriptions to the IMF under quota June 1965 through Jan. 1966, this gold subscription was included in the increases. For corresponding liabilities, see Table 6. U.S. gold stock and excluded from the reserve position. 2 Includes gold in Exchange Stabilization Fund. 5 For holdings of F.R. Banks only, see pp. 2086 and 208 8. 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

DECEMBER 1967 U.S. POSITION IN THE IMF 2145 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 U.S. other countries reserve Period with IMF position in IMF P s t u a d io b y o n s m o ll c s f a e r r i n . i s p n t s ­ by s g N I a o M l e l e d t s F 1 D c f r o c u a i r r w o e e r s f i e i g n n 2 n g ­ s I i M d n o c F l i o n l a m n rs e e t D d ra o w o ll f a i n rs gs R m e e i p n n a t y s ­ c T ha o n ta g l e Amount P q e U u r o . o c t S t e . a nt p ( e e r n io d d o ) f 2 dollars 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 1960................................ H -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 1 1 9 9 6 6 5 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 776 4 6 3 8 5 0 1 1 2 5 - - 2 1 8 5 2 9 i 1,3 1 1 6 3 5 4 3. , 5 8 2 3 1 4 9 8 4 5 5 8 3 6 2 3 6 1966—Nov................................. 12 2 -3 11 4.815 93 345 Dec................................. 30 -11 19 4,834 94 326 1967—Jan.................................. 3 -26 -23 4,811 93 349 Feb.................................. 3 -10 -7 4.804 93 357 Mar................................. 1 -2 -1 4.803 93 357 Apr................................. 4.803 93 357 May................................ 4 -13 -9 4,794 93 366 June................................ 2 -3 -1 4,793 93 367 July................................. -3 -2 4,791 93 369 Aug................................. 2 -1 1 4,792 93 368 Sept............................... -1 -3 -4 4.788 93 372 Oct.................................. 3 -10 -7 4,781 93 379 Nov................................. 2 -4 ..............-..2... 4,779 93 381 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

2146 INTL. CAPITAL TRANSACTIONS OF THE U.S. DECEMBER 1967 6. U. S. LIQUID LIABILITIES TO FOREIGNERS (In millions of dollars) Liabilities to foreign countries Liabilities to Inti. Liabilities to non­ Monetary Fund arising monetary inti, and from gold transactions Official institutions 3 Banks and other foreigners regional organizations $ Non­ p E e o r n i f o d d Total Gold Gold S l t i h e a r b o m i r l t ­ ­ M a U a b r . k l S e e . t­ c m o a n a ib b r v l k l e e e e r t t ­ ­ S l t i h e a r o b m i r l t ­ ­ M a U a b r . k l S e e . t­ S l t i h e a r o b m i r l t ­ ­ M a U a b r . k l S e e . t­ Total po de si ­ t1 i m nv e e n s t t 2 ­ Total i i p t n b i o e a b r U s n y t k e . r S d s e . ­ n b G o a o o n t n e v d d s t s , 4 T b U a o r u e n n r .S a y d d s . s ­ Total i i p t b n i o a e b r s n U y t k e r .S d s e ­ . b n G o o a o n n te v d d s t s , 4 Total i i n p t b i o e a U b r s n y t . k e S r d s e . ­ 6 n b G o a o o n t n e v d d s t 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 ( 1 2 2 1 0 , , 0 9 2 9 7 4 8 8 0 0 0 0 8 8 0 0 0 0 1 1 1 1 , , 0 0 7 8 8 8 1 1 0 0 , , 2 2 1 1 2 2 8 87 6 6 6 7 7 , ,5 5 9 9 1 8 7 7 , , 0 0 4 4 8 8 5 5 4 5 3 0 1 1, , 5 5 4 2 1 5 7 7 5 5 0 0 7 79 7 1 5 19618 1 (2 2 2 2 , , 8 9 5 3 3 6 8 8 0 0 0 0 8 8 0 0 0 0 1 1 1 1 , , 8 8 3 3 0 0 1 10 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 1 6 6 1 1 , , 9 9 4 4 9 8 7 7 0 0 3 4 1 1 , , 2 2 4 4 5 5 19628 ( 1 2 2 4 4 , , 0 0 6 6 8 8 8 8 0 0 0 0 8 8 0 0 0 0 1 1 2 2 , , 7 7 4 1 8 4 1 11 1 , , 9 9 6 9 3 7 7 75 5 1 1 8 8 , , 3 3 5 5 9 9 7 7 , , 9 9 1 1 1 1 4 4 4 4 8 8 2 2, , 1 1 9 6 5 ! 1 1 , , 2 2 5 8 0 4 9 91 1 1 I 1963 8 / 1 2 2 6 6 . , 3 3 6 2 1 2 8 8 0 0 0 0 8 8 0 0 0 0 1 1 4 4 , , 3 3 8 5 7 3 1 1 2 2 , , 4 4 6 6 7 7 1 1 , , 1 2 8 1 3 7 7 7 0 0 3 3 9 9 , , 2 2 1 0 4 4 8 8 , , 8 8 6 6 3 3 3 3 5 4 1 1 1 1, , 9 9 6 6 5 0 8 8 0 0 8 8 1 1, , 1 1 5 5 7 2 (28,951 800 800 15,428 13,224 1,125 1 ,079 11,001 10,625 376 1,722 818 904 1964* (29,002 800 800 15,424 13,220 1,125 1 ,079 11,056 10,680 376 1,722 818 904 1965. 29,115 834 34 800 15,372 13,066 1,105 1,201 11,478 11,006 472 1,431 679 752 1966—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 1,011 211 800 14,018 12,953 860 205 14,546 14,027 519 973 612 361 Dec.8. 4 1 2 2 9 9 ,7 ,9 8 0 1 4 1 1 , , 0 0 1 1 1 1 2 2 1 1 1 1 8 8 0 0 0 0 1 1 3 3 , , 6 6 0 5 0 6 1 1 2 2 , , 4 5 8 4 4 0 8 8 6 6 0 0 2 2 5 5 6 6 '1 1 4 4 , , 2 3 0 8 8 7 '1 1 3 3 , , 6 8 8 5 0 9 5 5 2 28 8 '9 9 0 0 6 6 '5 5 8 8 1 1 3 3 2 25 5 1967--Jan.. . '28,963 1,012 212 800 13,338 12,150 860 328 '13,658 ’13,130 528 955 651 304 Feb... *•28,916 1 ,013 213 800 13,355 12,162 865 328 '13,693 '13,163 530 855 608 247 Mar.. '28,992 1 ,028 228 800 13,561 12,368 865 328 '13,533 '13,003 530 870 638 232 Apr... '29,381 1 ,030 230 800 14,106 12,877 901 328 '13,382 '12,853 529 '863 '630 233 May.. '29,613 1 ,030 230 800 14,383 13,118 917 348 '13,359 '12,830 529 841 607 234 June.. 29,633 1 ,033 233 800 14,103 12,812 917 374 13,705 13,167 538 792 562 230 July. . '30,099 1 ,033 233 800 ’■14,174 ’12,883 917 374 14,056 13,515 541 '836 '609 227 Aug. . 30,836 1,033 233 800 14,076 12,716 911 449 14,941 14,393 548 786 579 207 Sept.? 31,216 1,033 233 800 14,384 12,974 911 499 15,063 14,511 552 736 528 208 I Represents liability on gold deposited by the International Monetary s 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 Jine 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 tn the statistics Govt, that are guaranteed by the United States. measuring the U.S. balance of international payments on the liquidity 5 Principally the International Bank for Reconstruction and Develop­ basis; however, the balance of payments statistics include certain adjust­ ment and the Inter-American Development Bank. ments to Treasury data prior to 1963 and some rounding differences, and 6 Includes difference between cost value and face value of securities in they may differ because revisions of Treasury data have been incorporated IMF gold investment account. Liabilities data reported to the Treasury at varying times. The table does not include certain non liquid 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

DECEMBER 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 2147 7. U.S LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period fo T r o e t i a g l n E W u e ro st p e e r n J Canada Am La er ti i n ca n Asia Africa cou O n t t h r e ie r s 2 countries republics 1963................................................................................................. 14,353 8,445 1,789 1,058 2.731 154 176 1964................................................................................................. 15 424 9,220 1 608 1 238 3.020 160 178 1965................................................................................................. 15 372 8,608 1,528 1 497 3,300 194 245 1966—Sept..................................................................................... 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 ................................................... \ J1 1 3 3 . , 6 6 0 5 0 6 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 , , 2 3 8 4 4 0 2 2 7 7 7 7 2 2 2 2 8 8 1967—'Jan...................................................................................... 13,338 7,236 1,186 1,139 3,260 276 241 Feb...................................................................................... 13'355 7'285 1,134 1.167 3,271 255 243 Mar..................................................................................... 13’561 7’493 1 ’127 1^246 3’210 259 226 Apr...................................................................................... 14,106 7^32 1,156 1^455 3’150 284 229 May......................................................................... 14,383 8’017 1,154 1 ’508 3,184 284 236 June.................................................................................... 14,103 8,216 909 1,290 3’158 270 260 July.............................................................................. rf 4’ 174 8,299 909 1,317 171 246 r232 Aug............................................................................ 14^076 8,360 912 1189 3,124 252 239 Sept?................................................................................. 14,384 8,652 903 1,186 3,173 223 247 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. pean dependencies in Latin America. Note.—Data represent short-term liabilities to the official institutions 3 Data on the two lines shown for this date differ because of changes of foreign countries, as reported by banks in the United States, and foreign 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 1 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 Other E pe n r d i o o d f G to r t a a n l d 1 Total 1 Intl.> gi R on e a ­ l2 Total c O i f a fi l ­ Other Europe Canada A L m a e t r in ic a Asia Africa c t o ri u e n s ­ 1963........................2..2..,.8...7.7 1,547 1,411 136 21,330 12,467 8,863 10.770 2,988 3,137 4.001 241 194 19644 25^18 1,618 1,447 171 23’900 13,220 10,680 12,236 2.984 3,563 4.687 238 192 1965. 25^51 1,479 1,361 118 24,072 13,066 11,006 11327 2,574 4,027 5,286 280 278 1966—Oct..................2..8..048 1,400 1,274 126 26.648 12,909 13,739 14,178 2,400 3,910 5,517 376 268 Nov..................... 28.392 1,412 1 ’294 118 26,980 12,953 14,027 14,574 2356 3,861 5,425 398 266 Dec. 5,............... 1 27,724 1381 1,270 111 26,343 12384 13359 14;ooo 2309 3,883 5399 387 266 Ir27,601 '1,381 1,270 rl 11 '26,220 12,540 rl 3,680 13,933 2,502 3,883 r5,252 385 266 1967—-Jan,........... '26,731 1 451 I ,298 153 '25 280 12,150 '13 130 13,204 2,358 3,918 '5/25 390 285 Feb...................... '26,733 1 ,408 1 ,277 131 '25.325 12,162 '13,163 13321 2 327 3,971 '5/43 379 284 Mar..................... '26,809 1 ,'438 1 ,315 123 '25 371 12368 '13,003 13311 2 365 4,063 '5,095 357 278 Apr..................... r27,160 '1 ,430 1,311 '119 '25,730 12,877 ’•12,853 13,406 2,298 4,273 '5,089 389 275 May.................... r271355 1 ,407 1,287 120 '25,948 13318 ’•12330 13,424 2 329 4,366 ’‘5,160 392 277 June.................. 27,341 1 ’362 1,252 110 25 979 12,812 13; 167 13399 2,083 4,148 5/71 376 303 July..................... r27'807 rl ,409 1,296 '113 '26,398 ’ll,'883 ’‘13,515 14,141 2,’274 4/51 '5,210 339 284 Aug..................... 28^88 1,379 1 '248 131 27,109 12,716 14393 14,935 2,266 4,019 5,246 366 277 Sept.f................. 28,813 11328 1,205 123 27,485 12374 14311 15/16 2329 4,047 5 370 328 296 Oct.*............... 29'920 1,315 1,187 128 28;605 13 ,'408 15,197 15,780 2388 4,139 5,358 329 309 8a. Europe Ger­ E p n er d i o o d f Total Austria Belgium m D a e r n k ­ l F a i n n d ­ France m F a e n d y, Greece Italy N l e an th d e s r­ Norway Po g r a t l u­ Spain Sweden Rep. of 1963................... 10,770 365 420 161 99 1,478 3,041 188 803 360 133 191 205 409 1964................... 12,236 323 436 336 127 1,663 2,010 171 1,622 367 184 257 394 644 1965................... 11,627 250 398 305 108 997 1,429 151 1,620 339 323 322 183 647 1966—Oct........ 14,178 208 418 285 57 1,096 2,423 141 1,447 335 265 320 155 674 Nov....... 14,574 183 462 272 53 1,124 2,571 145 1,367 364 283 343 160 655 (14,000 196 420 305 58 1,071 2,583 129 1 ,410 364 283 358 162 656 vec. 5 ,. 113,933 196 420 305 58 1,070 2,538 129 1,410 364 283 358 162 656 1967—Jan. ... 13,204 190 426 315 69 992 2,162 138 1,255 294 246 363 191 609 Feb........ 13,321 182 421 307 69 966 2,375 127 1,208 320 258 373 147 628 Mar.... 13.311 J81 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.1’... 15,116 188 585 242 102 1 ,048 2,294 148 1 ,908 400 370 378 187 659 Oct."... 15,780 176 618 211 98 1,080 2,221 161 1 ,993 494 379 409 158 634 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2148 INTL. CAPITAL TRANSACTIONS OF THE U.S. DECEMBER 1967 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 8a. Europe—Continued 8b. Latin America E p n er d i o o d f Sw la i n tz d er­ Turkey U K d n 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 t e e p r r e n 6 U.S.S.R. E E O a u s t r h t o e e p r r n e Total A t r i g n e a n­ Brazil Chile Co b l i o a m­ Cuba Mexico 1963................... 906 21 1,483 16 465 2 24 3,137 375 179 143 169 11 669 1964 ................. 1,370 36 1,884 32 358 3 19 3',563 291 258 176 209 12 735 1965................... 1,369 34 2,714 36 369 4 30 4,027 432 383 219 214 10 703 1966—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... U 11 ,8 ,8 O 0 5 5 4 4 3 3 3 3 , , 8 8 3 1 9 7 3 3 7 7 2 2 3 3 5 4 8 8 4 4 0 0 3 3, , 8 8 8 8 3 3 4 4 1 1 8 8 2 2 9 9 9 9 2 2 6 6 1 1 1 1 7 7 8 8 8 8 6 63 3 2 2 1967—Jan........ 1,699 38 3,754 * 35 386 6 36 3,918 414 297 242 170 8 636 Feb........ 1,723 29 3,794 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. ... 1,644 23 4,319 25 581 4 35 4,019 609 196 229 135 9 704 Sept.”... I ,701 28 4,221 26 592 5 32 4,047 606 216 224 166 9 696 Oct.”... 1,629 27 4,843 25 585 6 33 4,139 591 263 222 151 10 689 8b* Latin America—Continued 8c. Asia E pe n r d i o o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ O L re t . h A p e . . r B B e a r h m & am ud a a s A S n u N t r i e l i l n t e h a s . m & A O L m a t e h t r i e n ic r a Total C M la h a n i i n d n a ­ H K o o n n g g India n d I e n o si ­ ­ a Israel 1963................... 129 158 113 591 355 136 93 15 4,001 35 66 51 48 112 1964................... 99 206 111 734 416 189 114 14 4,687 35 95 59 38 133 1965................... 120 257 137 738 519 165 113 17 5,286 35 113 84 31 127 1966—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... /150 249 161 707 522 177 104 17 5,299 36 142 180 54 117 1150 249 161 707 522 177 104 17 ’•5,252 36 142 179 54 117 1967—Jan......... 147 239 164 750 533 192 108 19 *•5,125 36 147 198 62 109 Feb........ 147 234 167 718 550 198 107 18 *■5,143 36 140 206 51 113 Mar.. .. 152 257 168 704 563 184 107 19 *•5,095 36 142 205 46 100 Apr........ 160 245 156 776 578 204 107 18 ^5,089 36 150 217 51 104 May.... 145 257 155 732 576 218 107 20 '5,160 36 167 223 49 107 June.... 145 265 133 691 567 236 121 19 5,171 36 158 216 47 166 July.... 155 270 136 764 544 192 110 17 '5,210 36 165 220 58 167 Aug....... 157 257 128 725 520 209 116 24 5,246 36 181 242 50 149 Sept.?... 159 250 138 706 521 219 121 17 5,370 36 187 243 47 144 Oct.”... 164 250 131 778 515 234 123 18 5,358 36 194 233 59 150 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 n g a ­ o ) r M oc o co ­ A So fr u i t c h a ( U E . g A y . p R t) . A O f t r h i e 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...................... 2,767 104 233 221 458 543 238 26 7 47 24 135 192 176 15 1965................... 3,014 108 304 211 542 718 280 12 17 51 30 170 278 254 24 1966—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.s.. .. ! l r 2 2 , , 6 6 9 7 1 1 1 1 6 7 2 2 2 2 8 8 5 6 2 2 2 3 8 2 5 5 9 9 8 8 7 7 9 7 1 9 3 3 8 8 7 5 1 1 5 5 3 3 1 2 7 7 1 1 3 3 9 9 2 2 2 3 9 0 2 2 6 6 6 6 2 2 4 4 3 3 2 2 2 2 1967—Jan.......... r2,567 171 282 235 610 708 390 13 33 61 33 250 285 262 23 Feb........... *•2,512 181 27! 232 635 766 379 13 31 62 22 251 284 258 26 Mar........ *•2,500 178 255 229 658 748 357 13 32 58 34 220 278 252 26 Apr......... *■2,455 175 267 227 655 753 389 It 30 56 26 266 275 249 25 May. ... r2,480 168 268 225 663 773 392 11 32 58 18 273 277 253 24 June.... 2,516 171 260 227 617 755 376 to 31 67 18 250 303 276 27 July..........*■2,459 190 276 227 663 749 339 13 35 63 15 214 284 255 28 Aug.......... 2,443 185 269 230 685 775 366 17 33 73 21 223 277 252 25 Sept.”... 2,554 193 284 230 684 768 328 14 37 55 17 204 296 271 25 Oct.”*..., 2,523 193 273 229 663 805 329 16 32 59 15 208 309 284 25 1 Data exclude the “holdings of dollars” of the International Monetary follows (in millions of dollars): Total 4-50; Foreign other 4-50; Europe Fund. — 17; Canada + 1; Latin America 4*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 in coverage which are included in “Europe." with those shown for the preceding date; figures on the second line are 3 Foreign central banks and foreign central govts, and their agencies, comparable with those shown for the following date. and Bank for International Settlements and European Fund, 6 Includes Bank for International Settlements and European Fund. 4 Includes revisions arising from changes in reporting coverage as For Note see end of Table 8. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 2149 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 8f. Supplementary data 7 (end of period) 1965 1966 1967 1965 1966 1967 Area or country Area or country Dec. Apr. Dec. Apr. Dec. Apr. Dec. Apr. Other Western Europe: Other Asia—Cont.: Iceland.............................................. 5.8 4.0 6.6 5.7 Iraq......................................... 12.0 27.1 17 6 Ireland Rep. of............................. 6.2 6.6 8.9 7.4 Jordan............................................. 16.0 16 0 39.7 45.2 Luxembourg.................................... 21.1 28.2 25.3 21,7 Kuwait............................... 35.5 24 6 49.2 28.6 Laos................................................. 3.2 5.7 4 6 6.5 Other Latin American republics: Lebanon......................................... 99.7 92.0 100.1 112.2 Bolivia,............................................. 67.4 64.4 66.9 57.9 Malaysia...................................... 25 9 31 2 38 3 34 9 Costa Rica.................... 34.2 32.9 34.6 41.9 Pakistan......................................... 19.4 21 0 49 2 45.3 Dominican Republic..................... 72,3 54.3 53.2 53.9 Ryukyu Islands (incl. Okinawa) 24.0 39 5 815 9 31.2 Ecuador............................................ 69.6 62.3 86.3 92.4 Saudi Arabia............................... 283.6 291 0 176 1 96.4 El Salvador.................................... 67.0 78.3 68.9 96’4 Singapore....................................... 8.9 4.9 34 6 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 I 58 9 53 5 40 2 Trinidad & Tobago........................ 3.6 6.3 4.7 5.4 Ghana............................................. 2^6 2^9 6’9 5^3 Liberia...................... 17.9 19.7 21.2 21.6 Other Latin America: Libya............................................... 34.8 26.7 37.1 76.0 British Wesl Indies..,................... 11.5 8.9 14.6 14.2 Mozambique................................. 1.6 1.7 5 0 n.a 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: Iran................................................... 66.9 79.2 36.6 44.0 New Zealand................ 18.7 27.1 13.6 16.7 7 Represent a partial breakdown of the amounts shown in the “other” their date of issue. Data exclude the "holdings of dollars’’ of the Interna­ categories (except “Other Eastern Europe”) in Tables 8a-8e. tional Monetary Fund; for explanation see note following Tables 17 and 8 Data exclude $12 million resulting from changes in reporting cover­ 18. Data exclude also U.S. Treasury letters of credit and non-negotiable, age and classification. non-interest-bearing special U.S. notes held by the Inter-American De­ tim N e o ) t a e n .— d S U h .S or . t- G te o r v m t, s li e a c b u i r l i i t t i i e e s s m ar a e t u p ri 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 ( d 1 e m y a e n ar d fr a o n m d vel F o o p r m d e a n t t a B o a n n k lo a n n g d -t e t r h m e I l n ia t b e i r l 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 End of period Total in foreign Deposits U.S. Deposits U.S. currencies Total T bi r l e ls a s a u n r d y Other 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 I 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 + 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—Oct.. 28,048 23,526 8,381 3,998 7,671 3,476 3,820 1,479 1,816 98 427 702 Nov......................... 28'392 23’896 8,542 4,065 7,896 3,393 + 790 1,492 1,809 89 400 705 Dec. 8....................... / 27,724 23,371 8,531 4,000 7,464 3,376 3; 744 1,513 L819 83 329 609 lr27,60l -23,267 8,371 4,050 7,464 r3,382 3,744 1,513 1,819 83 329 r589 1967-—Jan.............. r26,731 r22 505 7,663 3,970 7 386 r3 486 3,712 1 ,460 1 825 80 347 514 Feb........................... r26,733 r22 451 7 573 3,865 7 559 r3 454 3,776 1 512 1 845 89 330 r5O7 Mar............... r26,809 ’"22,484 7,463 3,669 7,910 r3/42 3.822 1 ,556 1 ,853 79 334 504 Apr........................... r27,160 r22’83O 7’469 3*589 8'277 r3'495 3,783 1,535 1 ,845 73 330 '546 May. ........................ p27,355 r23,010 7,656 3 ,479 8 253 '3 622 3,823 1 ,578 1 ,’855 86 305 '522 June......................... 27,341 23,020 7 874 3,617 7’866 3’,663 3,825 1 ,615 1,844 68 297 496 July............. r27’807 r23 ’492 8,213 '3,760 7 89! 3,628 3,813 1,580 1 ,871 66 296 503 Aug.............. 28,488 2+225 8^915 3,745 7,896 3 668 3 ,831 1,515 1,916 69 331 432 Sept.p................... 28,813 24’528 9'042 3 ,809 8,035 3,642 3 ,907 1 ,578 1 ,937 76 315 379 Oct."........................ 29,920 25 ,'656 9,'846 3,959 8,117 3,734 3,982 1,577 1,989 84 332 282 1 Data exclude "holdings of dollars” of the International Monetary follows (in millions of dollars): Total 4-50; foreign banks, etc. -f-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

2150 INTL. CAPITAL TRANSACTIONS OF THE U.S. DECEMBER 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.P Oct.” Europe: Austria.............................. 3 3 3 3 3 3 3 3 3 3 3 3 3 3 Denmark............................... 14 13 13 13 13 13 12 12 12 12 12 12 12 12 France.................. 7 7 7 7 7 7 7 7 7 7 6 6 6 7 Germany............................... 1 1 1 1 1 1 I 1 1 1 1 1 Italy....................................... 1 2 2 2 2 2 2 2 2 9 9 9 9 9 Netherlands.......................... 6 5 5 5 5 5 5 5 5 4 4 4 4 5 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 2 Sweden................. 24 24 24 24 24 24 24 24 24 24 24 24 24 24 Switzerland........................... 89 93 93 93 92 93 93 92 91 90 88 87 87 91 United Kingdom................. 553 321 333 348 350 353 353 355 359 364 368 375 379 383 Other Western Europe.... 51 50 50 49 49 49 50 50 50 50 50 51 51 51 Eastern Europe................... 7 7 7 7 7 7 7 7 7 7 7 7 7 7 Total............... 807 579 591 605 606 610 609 611 613 624 626 633 637 Canada...................................... 676 690 698 692 692 695 695 722 719 716 717 717 718 716 Latin America: Latin American republics.. 6 7 7 8 8 8 8 7 7 6 6 6 6 6 Other Latin America.......... 21 18 18 19 18 18 18 18 18 18 18 18 18 18 Total .............................. 27 24 24 25 24 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 53 53 54 54 54 54 Total.............................. 51 51 51 50 50 51 50 50 62 62 63 63 63 63 Africa....................................... 16 15 15 15 15 15 15 23 28 28 28 22 22 22 Other countries........................ 1 1 1 1 1 1 I 1 1 1 1 1 1 1 Total foreign countries........... 1,577 1,358 1,379 1,388 1,388 1,395 1,395 1,430 1,446 1,455 1,458 1,459 1,463 1,472 International and regional: International........................ 679 314 286 250 228 187 172 172 172 172 169 169 169 169 Latin American regional... 74 75 75 75 76 60 60 60 61 57 58 38 38 38 Other regional..................... 1 1 1 1 1 Total............................ 752 390 361 325 304 247 232 233 234 230 227 207 207 207 Grand total.................. 2,329 1,748 1,740 1,713 1,692 1,642 1,627 1,663 1,680 1,685 1,685 1,666 1,671 1,679 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 Switzer­ Total Canada1 Italy2 Sweden Total Austria Belgium Germany Italy land 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—Nov.............. 593 355 144 186 25 238 25 30 125 58 Dec.............. 695 353 144 184 25 342 25 30 50 125 111 1967—Jan............... 767 353 144 184 25 414 25 30 101 125 133 Feb............... 767 353 144 184 25 414 25 30 101 125 133 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 Nov............. 1,563 516 314 177 25 1,047 50 60 601 125 211 t Includes bonds issued to the Government of Canada in connection through Oct. 1966; $14 4 million, Nov. 1966 through Oct. 1967; and $114 with transactions under the Co lumbia River treaty. Amounts outstanding million for Nov. 1967. were $204 million, Sept. 1964 through Oct. 1965; $17 4 million, Nov. 1965 2 Bonds issued to the Government of Italy in connection with mili­ tary purchases in the United States. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 INTE. CAPITAL TRANSACTIONS OF THE U.S. 2151 12. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) End of period Grand Inti, and Europe Canada Latin Asia Africa Other total regional America countries 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...................................................................................... (7^632 * 1,20! 593 2,288 3J43 139 67 V.734 1,208 669 2,293 3,358 139 67 1966—Oct............................................................................ 7,445 1 1,319 610 2,335 2,989 129 61 Nov,............. 7*547 1 I 417 598 2'354 2.984 134 60 Dec.2.......................................................................... / l r 7 7, ’ 8 8 4 1 1 9 1 I rl 1 * ,3 3 6 6 7 6 6 6 0 2 8 0 2 2 , , 4 4 8 5 9 2 3 3* ,2 1 0 3 6 5 1 1 4 4 7 7 6 6 2 2 1967—Jan...................................................................... r7,682 4 rl,283 597 2,448 3,166 128 60 Feb.............................................................................. r7 676 1 rl,238 626 2.465 3,'152 132 62 Mar........................................................................... '7,862 1 rl ,252 614 2,508 3*278 148 62 Apr.............................................................................. '7,948 rl*268 625 21468 3'387 139 62 May............................................................................ r8 102 1 rl *298 594 2,516 3,497 133 63 June............................................................................ r8,253 1 1,278 592 2'545 3,640 127 71 July.,,.............................................................. 8^233 I *253 602 2,574 3’612 117 74 Aug............................................................................. 8,280 1 1 '338 602 2’589 3*560 119 71 Sept.P..................................................................... 8 328 1 *309 562 2,579 3'692 114 71 Oct J’........................................................................... 8,263 * 1*254 575 2^52 3^04 108 70 12a. Europe Germany, Neth­ 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 Fed o f Rep. Greece Italy la e n r d ­ s N w o ay r­ t P u o ga r­ l Spain S d w en e­ 1963.................................... 939 8 26 13 52 70 121 9 97 33 40 14 26 30 1964.................................... 1,217 10 42 28 85 79 159 9 109 39 43 19 40 47 1964 1.................................. 1,230 11 48 26 84 81 152 10 114 36 43 23 40 49 19652................................ / ( I 1 , , 2 '2 0 0 8 1 8 8 5 5 2 2 3 3 7 7 8 8 7 7 7 7 2 2 1 1 9 9 0 0 1 13 3 1 1 1 1 0 0 3 3 8 8 5 5 1 1 2 2 6 6 5 5 0 0 5 5 2 2 1966—Oct......................... 1,319 13 70 61 95 64 217 16 105 43 53 40 60 83 Nov....................... 1 ^417 19 73 63 95 81 237 16 no 44 62 36 72 74 Dec.2..................... I I r M 1,3 6 6 6 7 1 16 6 6 6 7 7 6 6 2 2 9 9 1 1 r 7 7 3 4 2 2 1 2 5 7 1 1 6 6 1 1 0 0 8 8 4 40 0 7 7 6 6 4 4 1 1 6 67 7 r 7 7 4 5 1967—Jan......................... O ,283 19 69 42 90 60 191 15 84 36 64 41 75 r70 Feb........................ '1,238 20 76 42 91 64 164 15 78 45 60 38 71 '79 Mar....................... rI,252 19 73 44 92 66 170 14 70 44 62 37 69 r79 Apr........................ '1^268 17 73 35 97 72 193 15 64 35 60 36 68 '78 May................. '1,298 18 67 34 100 r66 192 17 73 34 60 34 71 '73 June....................... 'I,278 17 65 40 101 69 188 14 68 29 44 28 72 '75 July........................ 1 ,’253 13 61 37 97 73 198 15 68 31 50 27 68 62 Aug....................... 1,338 16 65 37 93 71 184 15 61 30 51 26 61 68 Sept.p.......... 1^309 24 66 33 90 77 189 18 57 36 52 26 53 65 Oct."..................... 1.254 10 72 36 85 58 198 20 78 31 51 24 56 71 12a. Europe—Continued 12 b. Latin America End of period S l w a e n r i ­ t d z­ T k u ey r­ U K d n i o n i m t g e ­ d Y sl u a g v o ia ­ W E O u e t r s h o te e p r r e n U.S.S.R. E E O u a t s r h o te e p r r e n Total A t r i g n e a n­ Brazil Chile l C o b m i o a ­ ­ Cuba M ic e o x 1963.................................... 70 48 237 7 23 16 1,742 188 163 187 208 18 465 1964................................... 97 36 319 15 20 ♦ 20 2,212 210 145 188 319 17 630 19641.................................. 111 37 310 16 20 * 20 2,235 203 126 176 338 17 644 19652................................. / |7 7 3 3 4 4 2 2 2 2 1 1 6 0 2 2 8 8 2 2 8 8 6 6 2 2 7 7 2 2 , , 2 2 8 9 8 3 2 2 3 3 2 2 9 9 4 4 1 1 7 7 4 4 2 2 7 7 0 0 1 1 6 6 6 6 7 6 4 9 1966—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................... J83 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 I 20 2,508 180 125 146 274 16 853 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’,574 185 115 161 239 16 913 Aug............... 119 47 321 22 28 * 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 Oct."..................... 117 34 240 19 33 * 19 2,552 199 121 172 228 16 929 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2152 INTL. CAPITAL TRANSACTIONS OF THE U.S. DECEMBER 1967 12. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 12b. Latin America—Continued 12c. Asia 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 ­ 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 a e t & i m t r l h i l ­ e . s A O L m i a t c h t a e i e n r r ­ Total C M la h a n i i n d n a ­ H K o o n n g g India I n n e d si o a ­ Israel 1963................... 35 99 65 114 135 42 9 16 2,493 2 It 17 22 1964................... 41 102 76 165 222 58 18 20 3,137 2 26 22 7 44 19641................. 49 108 78 168 224 65 18 21 3,294 2 28 21 7 47 19652................. / 1 5 5 9 9 1 1 7 7 0 0 4 4 5 5 2 2 2 2 0 0 2 25 5 0 0 5 53 3 1 1 4 4 2 2 3 3 3 3 , 3 3 4 5 3 8 1 I 2 2 9 9 1 1 7 7 2 2 8 8 6 6 1966—Oct......... 71 204 37 224 246 55 17 16 2,989 I 30 19 5 96 Nov....... 76 197 43 222 263 56 17 18 2,984 1 31 13 5 98 /84 211 45 226 272 61 18 17 3,135 I 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 I 36 17 5 88 July. ... 64 255 63 212 247 65 17 20 3,612 1 37 13 5 78 Aug.. . . 62 244 60 214 249 59 18 19 3,560 1 35 ll 5 69 Sept.”... 60 231 45 211 258 58 15 19 3,692 1 36 12 5 59 Oct.”... 53 236 43 211 266 49 9 19 3,704 1 36 It 6 59 12c. Asia—Continued 12d. Africa 12e Other countries End of period Japan Korea P p h in il e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total C s ( h K o a n i s n g a ­ o ) Mo co roc­ A So fr u i t c h a ( U E . g A y . p R t) . A O f t r h ic e a r Total A t l r i u a a s ­ ­ o A th l e ! r 1963............................ 2,171 25 113 8 52 7t 104 1 1 15 28 59 58 48 9 1964............................ 2'653 21 202 9 64 88 120 1 2 19 42 56 58 48 10 19641.......................... 2;8io 21 203 9 65 82 131 1 2 20 42 67 64 48 16 19652......................... / 1 2 2 , , 7 7 5 6 1 8 2 22 2 2 2 3 3 1 0 1 1 5 5 8 8 2 2 1 1 0 0 8 7 1 1 3 3 9 9 1 2 2 3 3 4 4 4 4 3 3 6 6 0 0 6 6 7 7 5 5 2 2 1 15 5 1966—Oct.................. 2,400 24 208 16 67 123 129 1 3 37 37 51 61 51 11 Nov................ 2,389 26 211 15 72 122 134 2 45 30 57 60 50 10 Dec.2....... J 1 2 2 . , 5 5 0 7 2 2 3 3 1 1 2 2 2 2 0 0 1 15 4 8 8 1 1 1 13 3 5 4 1 1 4 47 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 to 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 1 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................. 2,864 46 299 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 Oct.».............. 2,986 48 323 27 84 124 108 * 2 35 18 53 70 57 13 1 Differs from data in line above because of the exclusion as of Dec. 31, Note.—Short-term claims are principally the following items payable 1964, of $58 million of short-term U.S. Govt, claims previously included; on demand or with a contractual maturity of not more than 1 year: loans and because of the addition of $546 million of short-term claims arising made to, and acceptances made for, foreigners; drafts drawn against from the inclusion of claims previously held but first reported as of Dec. foreigners, where collection is being made by banks and bankers for 31, 1964; and because of revision of preliminary data. their own account or for account of their customers in the United States; 2 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

DECEMBER 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 2153 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— Foreign End of period Total Total Total O i t n i f o s f t i n i c t s i u a i l ­ Banks Others C s t o t o i i a o n u n n g l t l d ­ s e ­ c- f A e m o o i a c r f g a n c n a d f c e c o e e e p c r r s t s ­ t ­ , Other Total D w e e i i g p th n o e s f i r o t s r s ­ g c a o c u n p n v o r a a d i t m n p t , i c e e f l s e i . r s e ­ , ­ Other 1963................................ 5,975 5,344 1,915 186 955 774 832 2,214 384 631 432 157 42 1964................................ 7^69 6,810 2,652 223 1,374 1,055 1,007 2,600 552 659 400 182 77 19642.............................. 7,957 7,333 2,773 221 1,403 1,150 1J35 21621 803 624 336 187 102 19653.............................. 1 (7 1 , , 7 6 3 3 4 2 7 7, J 2 5 4 8 3 2 2 , , 9 9 6 7 7 0 2 2 7 7 1 1 * 1 . , 5 5 6 6 6 7 1 1 , , 1 1 3 3 0 2 1 1 1 ,2 2 7 6 2 8 2 2 1 ,5 5 0 01 8 4 4 2 9 2 2 4 4 7 9 4 2 3 3 2 2 5 9 5 6 4 8 9 9 5 6 1966—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 H619 1,123 1,363 2,276 441 452 269 77 106 Dec. 3................. / t r 7 7 ^ ,8 8 4 1 1 9 * 7 7 , , 3 4 9 21 9 - 3 3 , , 1 1 3 4 8 0 2 2 5 5 6 6 1 1 , , 7 73 3 9 9 * 1 1 , , 1 1 4 4 3 5 1 1 , , 3 2 6 8 7 8 2 2 , ; 5 4 4 5 0 0 4 4 4 5 3 2 4 42 2 0 0 2 24 4 1 0 7 7 0 0 n 11 o 0 1967—Jan...................... *7,682 *7,313 r2,996 258 1 ,592 rl ,146 1 ,288 2,575 453 369 213 73 83 Feb...................... *7,676 *7,266 *2,969 239 1,579 *1'151 I 1292 21566 440 410 248 70 92 Mar.................... *7,862 *7’439 r3,O23 252 1,611 *1 J60 1,356 2,628 432 423 275 50 97 Apr..................... nJ 948 *7:528 r2,969 271 1:536 *1,162 1,352 2,’739 467 421 256 77 88 May.................... *8,102 *7,689 2,927 246 11557 *1,125 11385 21914 462 413 263 62 89 June................... *8:253 *7:854 2,917 253 11553 *1,112 11430 31028 478 400 262 54 83 July..................... 8,233 7:818 2'878 260 1 1484 11134 1 ,430 31039 472 415 281 57 78 Aug,.......... 8:280 7,769 2,919 286 1 ,498 1,135 1 1440 21944 466 510 368 70 73 Sept.3’................. 8,328 7^906 3,046 270 11595 1 1180 1 ,452 2,929 479 422 291 48 83 Oct.”................... 8,263 7,830 2,980 269 1,559 1,152 1,456 2,899 495 434 293 60 81 i 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 line 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 Payable in dollars P fo a r y i e n a i b g l n e U K n i i n t g ed ­ 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 O o t u h n er ­ Loans All cur- dom tries 1 other rencies 1963................... 69 28 42 3,030 2,811 217 2 38 1,063 290 1 ,015 249 194 181 [306 200 106 3,971 3,777 195 • 77 1,611 273 1,162 385 238 227 1964 2............... (310 204 106 4,285 3,995 288 1 87 1,632 327 1,275 430 255 278 1965................... 513 203 311 4,517 4,211 297 9 86 1,518 346 1,296 445 391 436 1966—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........ '1,493 -987 506 4,180 3,915 247 18 70 1,155 314 1 ,346 326 408 562 1967—Jan......... ■■1,557 *1,048 508 4,073 3,817 240 16 72 1,129 287 1,318 312 391 565 Feb........ *1,657 *1,112 545 4,026 3,783 227 16 72 1,105 265 1 ,314 304 391 575 Mar.. .. *1,864 *1,288 576 4,027 3,779 232 16 68 1,079 310 1 ,312 287 377 593 Apr........ -1,987 *1,411 576 4,020 3,771 233 16 69 1,063 319 1,309 278 380 602 May.... -2,016 -1,424 592 3,995 3,746 232 17 65 1 ,036 317 1 ,309 263 384 621 June.,.. 2,468 *1,867 600 3,836 *3,583 237 17 40 943 321 1 ,347 195 *380 610 July.... *2,433 *1,829 604 *3,840 *3,584 238 17 48 964 343 1 ,408 185 *391 500 Aug....... 2,502 1,861 642 3,890 3,632 242 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 Oct.”... 2,261 1,631 630 3,982 3,694 272 15 53 870 365 1 ,536 204 404 548 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

2154 INTL. CAPITAL TRANSACTIONS OF THE U.S. DECEMBER 1967 15. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) Marketable U.S. Govt, bonds and notes 1 U. s S e . c u c r o i r ti p e o s ra 2 te Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d i, Foreign ch P a u s r e ­ s Sales c N ha s e a s t l e e p s s u o r r ­ c P ha u s r e ­ s Sales c N ha s e a s t l e e p s s u o r r ­ ch P a u s r e ­ s Sales c N ha s e a s t l e e p s s u o r r ­ regional Total Official Other 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—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 '264 '-152 71 63 8 Feb..................... -50 -57 7 5 2 579 557 23 98 168 r —69 66 55 11 Mar.................... -15 -14 1 -1 775 718 57 215 265 '-50 75 '68 '7 Apr.................... 35 * 35 35 700 563 137 154 259 -105 67 '55 '12 May.................. 17 1 16 16 '915 r760 r156 127 '168 '-41 68 65 3 June................... 5 -3 9 -3 11 926 821 105 248 '305 '-57 71 95 -24 July.................... -3 3 3 943 740 203 145 '314 '-169 68 74 -6 Aug.................... -19 -20 I -6 7 877 793 84 147 225 -78 67 106 -39 Sept p ............. 5 5 5 1,107 857 250 350 482 -132 81 123 -42 Oct.P................. 9 « 8 ............... 8 '957 1,141 -185 195 326 -131 77 91 -14 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 ­ re I g a n i n o t d i n . al 1963............... 207 198 9 -8 -14 206 16 199 -47 14 17 G) 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—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 II 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.. '156 '14 141 9 20 67 29 126 '21 -4 3 10 -I June.. 105 64 41 6 21 8 3 37 63 5 -2 * I July.. 203 87 115 61 56 10 11 139 28 3 6 24 I 2 Aug. . 84 71 13 ll 29 5 -4 41 25 9 * 1 8 Sept,p 250 142 108 37 49 15 24 125 42 15 8 1 60 Oct.*. -185 61 -246 13 48 -301 28 -213 8 24 3 * ♦ -8 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

DECEMBER 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 2155 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) Total Assets in custody Period Total g I a i n r o n e t n d i ­ , a l c e f o i o u g r n n ­ ­ 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 h u e e n s r ­ E pe n r d i o o d f Deposits U.S Govt, Earmarked tries securities1 gold 1963..................... -1,044 -96 -949 -49 -614 -26 -252 (0 2-8 1963.............. 171 8,675 12 954 1964..................... -728 -140 -588 163 -670 -36 -77 7 25 1964............... 229 8,389 12,698 1965..................... -953 -164 -788 108 -659 -55 -131 3 —54 1965............... 150 8 272 12 896 1966..................... -685 -171 -514 214 -726 —9 -7 16 —2 1966—Nov .. 196 7,450 12,912 1966—O N c o t v .. . . . . . . . . . . . . . . . . . - -5 2 4 7 -20 6 -6 -7 0 -6 ♦ - -5 3 0 6 - 1 4 7 - 1 8 0 8 t 1 Dec... 174 7,036 12,946 Dec......... 32 2 30 20 17 -12 -10 * 15 1967—Jan.... 148 7,141 12,961 Feb.. . 145 7,334 12,984 1967—Jan.......... r-l44 -52 »--92 13 -80 2 ’-7 1 -21 Mar... 131 7,547 12,972 Feb.......... -59 6 ’-65 -8 -62 6 ’-2 1 Apr... 123 7,912 12,975 Mar..... ’-43 -87 ’44 ’22 ’-51 29 ’28 6 11 May.. 193 7,799 12,972 ’-93 -94 ’1 ’2 1 13 -5 -12 1 June.. 147 7,667 12,977 May........ ’-39 -I ’-38 11 ’-23 -23 ’-5 1 2 July... 117 7,665 12.976 June........ ’•-80 -9 ^-72 22 -45 5 ’-44 -10 Aug... 144 7,535 12,993 July......... ’-175 -14 ’-162 27 -117 3 ’-58 I — 18 Sept... 117 7,558 12,992 Aug..... -H7 -43 -75 -23 -24 2 -31 -I 2 Oct.... 135 7,861 13,000 Sept.p. .. -174 -72 -102 -3 -108 3 5 -2 2 Nov... 168 9,456 13,032 Oct.’.... -144 13 -157 7 -151 -6 -9 * 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

2156 INTL. CAPITAL TRANSACTIONS OF THE U.S. DECEMBER 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. Junef June Sept. Dec. Mar. June” 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 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 I 2 4 4 4 3 Other Western Europe............................ 2 3 4 5 5 9 9 11 12 13 Eastern Europe......................................... 1 1 I 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 39 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 I 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 1 I 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 11 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 nonbankiug 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

DECEMBER 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 2157 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 Payable Payable Payable Total in *n. Total tn dollars cu f r o r r e e n ig ci n e s dollars b D a e n p k o s s i a ts b r w o i a t d h Other in reporter’s 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. 1....................................................................................... 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 2,338 205 310 1965__Mar........................................................................................... 695 531 165 2,612 2,147 189 277 June.. .......................................................................... 740 568 172 2,411 1,966 198 248 Sept.......................................................................................... 779 585 195 2,406 1,949 190 267 Dec .......................................................................................... 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 ”....................................................................................... 1J92 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 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 O La th ti e n r Japan O A t s h i e a r Africa o A th l e l r America 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 p...................... 429 1,489 28 257 303 214 88 290 110 98 85 15 t 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

2158 GOLD RESERVES DECEMBER 1967 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti­ Inti. Esti­ End of mated Mone­ United mated Afghan­ Argen­ Aus­ Aus­ Bel­ period total tary States rest of istan tina tralia tria gium Brazil Burma Canada Chile world1 Fund world 1960. 40,540 2,439 17,804 20,295 n.a. 104 147 293 1,170 287 885 45 1961 41,120 2,077 16,947 22,095 36 190 162 303 1,248 285 946 48 1962. 41,475 2,194 16,057 23,225 36 61 190 454 1,365 225 42 708 43 1963. 42,305 2,312 15,596 24,395 36 78 208 536 1,371 150 42 817 43 1964. 43,015 2,179 15,471 25,365 36 71 226 600 1,451 92 84 1.026 43 1965. 243,225 31,869 13,806 27,280 35 66 223 700 1,558 63 84 1,151 44 1966--Oct.................. 2,645 13,311 35 77 226 701 1,524 45 84 1,021 45 Nov................ 2,648 13,262 35 80 225 701 1,524 45 84 1,034 44 Dec................. 43,180 2,652 13,235 27,295 35 84 224 701 1,525 45 84 1,046 45 1967-—Jan................... 2,659 13,202 35 84 227 701 1 ,524 45 84 1,056 45 Feb................. 2,661 13,161 35 84 227 701 1,523 45 84 1,070 45 Mar................ 43,115 2,652 13,184 27,280 35 84 228 701 1,524 45 84 1,084 46 Apr................. 2,657 13,234 35 84 228 701 1,525 45 84 1,042 46 May............... 2,658 13,214 35 84 228 701 1,524 45 84 1 ,053 47 June............... 42,980 2,669 13,169 27,140 35 84 229 701 1,522 45 84 1,066 47 July................. 2,674 13,136 35 84 229 701 1,520 45 84 1 ,074 47 Aug................. 2,678 13,075 35 84 229 701 1 ,516 45 84 1,086 46 Sept................. ”42,950 2,679 13,077 P27,195 33 84 228 701 1 ,514 84 1 ,099 46 Oct.................. 2,680 13,039 33 ...........2..3..0 701 1,512 .............8..4 1,104 ............... Ger- E pe n r d i o o d f lo C m o b ­ ia D m e ar n k ­ l F a i n n d ­ France m F a e n d y . , Greece India I n n e d si o a ­ Iran Iraq Israel Italy Japan Rep of 1960. 78 107 41 1,641 2,971 76 247 58 130 98 2,203 247 1961 88 107 47 2,121 3,664 87 247 43 130 84 10 2,225 287 1962 57 92 61 2,587 3,679 77 247 44 129 98 41 2,243 289 1963 62 92 61 3.175 3,843 77 247 35 142 98 60 2,343 289 1964 58 92 85 3.729 4,248 77 247 141 112 56 2,107 304 1965 35 97 84 4,706 4,410 78 281 146 110 56 2,404 328 1966-—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 ...........1..3..0 106 46 2,414 329 1967-—Jan.................. 27 108 45 5.236 4,290 120 243 130 106 46 2,412 Feb................. 28 108 45 5,235 4,289 120 243 130 106 46 2,41 1 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 June............... 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 Aug................. 30 108 47 5,234 4,283 149 243 145 94 46 2,400 Sept................. 30 108 47 5,234 4,284 130 243 145 94 46 2,401 Oct.................. 108 47 5,234 4,281 132 243 ...........1..4..5 94 46 2,398 ............... 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 la e n th d e s r­ Nigeria N w o ay r­ P st a a k n i­ Peru P p h in il e i s p­ Po g r a t l u­ A S r a a u b d i i a 1960. n.a. 119 137 29 1,451 30 52 42 15 552 18 1961. 43 140 112 29 1,581 20 30 53 47 27 443 65 1962. 49 172 3 95 29 1,581 20 30 53 47 41 471 78 1963. 48 172 7 139 29 1.601 20 31 53 57 28 497 78 1964. 48 183 17 169 34 1,688 20 31 53 67 23 523 78 1965. 52 182 68 158 21 1,756 20 31 53 67 38 576 73 1966—Oct.................. 63 193 68 117 21 1,730 20 18 53 65 51 633 69 Nov................. 64 193 68 111 21 1,730 20 18 53 65 52 641 69 Dec................. 67 193 68 109 21 1,730 20 18 53 65 44 643 69 1967--Jan.................. 71 193 68 116 21 1,730 20 18 53 65 45 646 69 Feb.................. 71 193 68 114 21 1,731 20 18 53 65 47 647 69 Mar................. 73 193 68 112 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............... 73 193 68 149 21 1,731 20 18 53 45 51 654 69 June............... 89 193 68 160 21 1,731 20 18 53 30 53 661 69 July................. 89 193 68 159 21 1,731 20 18 53 25 54 668 69 Aug................. 89 193 68 157 21 1,731 20 18 53 20 56 686 69 Sept................. 89 193 68 155 21 1,731 20 18 53 20 57 690 69 Oct................. 193 68 21 1,731 20 18 53 69 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1967 GOLD RESERVES AND PRODUCTION 2159 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 I960................................ 178 178 170 2,185 41 104 134 174 2,800 180 401 4 -19 1961................................. 298 316 180 2'560 43 104 139 174 2,268 180 401 6 115 1962................................ 499 446 181 2'667 43 104 140 174 2'582 180 401 4 -50 1963................................ 630 573 182 2’820 50 104 115 174 2'484 171 401 14 -279 1964................................. 574 616 189 2^725 55 104 104 139 2’136 171 401 17 -50 1965................................ 425 810 202 3,042 55 96 116 139 2,265 155 401 19 — 558 (966—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—Sept..................... 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 37 482 784 203 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..................... 489 785 203 2'841 81 92 97 93 1 ,831 146 401 22 -364 Oct............ 518 203 2; 840 92 97 93 401 -358 1 Includes reported or estimated gold holdings of international and those matched by gold mitigation deposits with the United States and regional organizations, central banks and govts, of countries listed in United Kingdom; adjustment is $270 million. this table and also of a number not shown separately here, and gold to be 3 Excludes gold subscription payments made by some member countries distributed by the Tripartite Commission for the Restitution of Monetary in anticipation of increase in Fund quotas: for most of these countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun­ the increased quotas became effective in Feb. 1966. tries, and China Mainland. * Net gold assets of BIS, i.e., gold tn 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 R de h s o ia ­ Ghana C s ( h K o a n i s n g a o ­ ) U St n a i t t e e s d C a a d n a ­ M ic e o x­ r N 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 l e l 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 1,440.0 I.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—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 2.4 Feb., 87.8 8.9 .6 .8 2.1 Mar. 89.5 9.1 .6 .5 2.2 Apr.. 89.1 8.9 .6 .8 2.6 May. 91.2 8.9 .8 2.3 June. 89.1 9.1 .8 2.6 July. 88.9 8.4 .7 Aug. 90.5 8.3 .8 Sept. 89.9 8.0 .8 i 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 Quarteny 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

2160 MONEY RATES DECEMBER 1967 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Nov. 30, 1966 Rate as of Country 1966 1967 Nov. 30, 1967 Per Month cent effective Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Argentina 6.0 Dec. 1957 6.0 A UQtriiAd« • « ....»••• . ■ .... . ■ 4.5 June 1963 4.25 3.75 3.75 Rdgium 5.25 June 1966 5.0 4.75 4.5 4.25 4.00 4.0 12.0 Jan. 1965 12.0 Bn rma 4.0 Feb. 1962 4.0 Canada 1 5.25 Mar. 1966 5.0 4.5 5.0 6.0 6.0 (~V»ylnn . . , ........... 5,0 May 1965 5.0 Chile 2 ........... 15.84 July 1966 15.84 C*n|ninbia 8.0 May 1963 8.0 3.0 Apr. 1939 3.0 Denmark 6.5 June 1964 6.5 Ecuador 5.0 Nov. 1956 5.0 Fl Salvador • • 4.0 Aug. 1964 4.0 Pinland 7.0 Apr. 1962 7.0 France 3.5 Apr. 1965 3.5 Germany Fed Rep n^ 5.0 May 1966 4.5 4.0 3.5 3.0 3.0 Ohana 7.0 Jan. 1966 6.0 6.0 Fl rppce 5.5 Jan. 1963 4.5 4.5 Hnndnmc 3 3.0 Jan. 1962 3.0 TPoland 9.0 Jan. 1966 9.0 India 6.0 Feb. 1965 6.0 Indonesia ............. 9.0 Aug. 1963 9.0 Fran 5.0 Aug. 1966 5.0 Ireland...................................... 6.87 Nov. 1966 ........... 6.50 6.25 5.88 5.56 5.44 5.50 5.56 5.50 5.53 5.94 6.50 6.50 Israel 6.0 Feb. 1955 6.0 Italy ■ -............... 3.5 June 1958 3.5 fumaica 5.5 July 1966 5.0 6.0 6.0 Japan.,. . ...................... 5.48 June 1965 5.84 5.84 R cir&a 28.0 Dec. 1965 28.0 Mp.y (CO 4.5 June 1942 4.5 Netherlands .................... 5.0 May 1966 4.5 4.5 New Zealand 7.0 Mar. 1961 7.0 Nicu 6.0 Apr. 1954 6.0 Norway 3.5 Feb. 1955 3.5 Pakistan 5.0 June 1965 5.0 9.5 Nov. 1959 9.5 Philippine Republic 4.75 Jan. 1966 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 3.0 3.0 Taiwan 4 .... 14.04 July 1963 13.3 13.3 Thailand . . ......... 5.0 Oct. 1959 5.0 Tnnicia > - - ,......... 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 58.0 8.0 Venezuela ................. 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks Brazil—8 per cent for secured paper and 4 per cent for certain agricultural was fixed at 6 per cent. Rates on loans to money market dealers will paper; continue to be ,25 of 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. t, 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; 5 Effective Nov. 9 the rate was 6.5 per cent. _ 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—A 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

DECEMBER 1967 MONEY RATES; ARBITRAGE 2161 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e . r R m e a p n . y o , f Netherlands Sw la i n tz d er­ Month 3 T m r b e o i a l n s ls u t , h ry s 1 D m a 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 , r h y s D m a d o y a n - y e t o y ­ a B d ll e o a p n w o o k n a s e n i r t c s s e ’ D m a o d y a n - y e t o y ­ 3 T 6 d r b e 0 a i a - l y s l 9 s s u 0 , 4 r y m D o a d y n a - e y t y o 5 ­ T 3 r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e t o y ­ 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—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 4.34 2.75 3.13 4.48 3.69 4.00 Oct,....... 4.91 4.82 5.79 5.60 4.81 3.71 2.75 2.19 4.50 4.60 3.75 * Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. Note.-—For description and back data, see “International Finance,” 4 Rate in effect at end of month. Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Premium Net (+) or Net Date United (4-) or incentive Canada discount incentive Kingdom Spread discount (favor Spread (-) on (favor q ( u a o U d t j . a S ti . t o o n U S n ta i t t e e s d L ( o f n a o v d f o o n r ) f ( p o — o rw u 1 n a o r d n d Lon o d f o n) qu A o in t s e d qu A o U d t j . a . S ti . t o o n U St n a i t t e e s d C ( a f n a o v a f d o r a ) C f d o a o n rw l a l d a a r i r a s d n Can o a f d a) basis) Canada basis 1967 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 4.47 .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 9............. 6,10 4.62 1.48 -1.35 + .13 4.96 4.82 4.62 + .20 -.90 -.70 17................ 6,26 4.57 1.69 -1.64 + .05 4.97 4.85 4.57 + .28 -.90 -.62 24................ 7.40 4.76 2.64 -.99 + 1.65 5.39 5.27 4,76 + .51 -.81 -.30 Dec. 1............... 7.33 4.93 2.40 -1.17 + 1.23 5.46 5.33 4.93 + .40 -.17 + .23 Note.—Treasury bills: All rates are on the latest issue of 91-day bills, All series: Based on quotations reported to F.R. Bank of New York U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K. by market sources. rates are Friday opening market offer rates in London. For description of series and for back figures, see Oct. 1964 Bulletin, Premium or discount on forward pound and on forward Canadian dollar: pp. 1241-60. For description of adjustments to U.K. and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 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

2162 MONEY RATES DECEMBER 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 .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 ................................................................. .4869 2223.4! 3111.22 3.8686 2.0067 92.811 20.946 14.475 31.061 1966--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--Tan . .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 M a r s.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 Tune .2851 111,20 3.8698 2,0143 92.544 20.917 14.439 31.062 July. .2850 111,05 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 110.88 3.8693 2.0147 93.149 20.889 14.416 626.672 Nov .2849 111.28 3.8656 2.0145 93.004 719.806 14.028 23.714 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 l i a e l n t d h d e ­ r s ) 1961................................................................... 20.384 24.903 20.980 280.22 . 16099 .27690 32.659 8.0056 27.555 1962................................................................... 20.405 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27.755 1963................................................................... 820.404 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 1066 ........................................................................... 20.352 25.007 916.596 279.30 .16014 .27598 32.538 8.0056 27.630 1966--Nov. 20.231 25.150 13.258 279.11 .16003 .27578 32.453 8.0056 27.641 Dec 20.199 25.169 13.256 279.01 .16011 .27577 32.442 8.0056 27.642 1967--Jan.. 20.199 25.140 13.257 279.10 .15996 .27577 32.473 8,0056 27.679 Feb.. 20.217 25.168 13.272 279.41 .15993 .27576 32.535 8.0056 27.694 Mar. 20.203 25.165 13.280 279.63 .16006 .27607 32.556 8.0056 27.682 Apr. 20.227 25.167 13,294 279.92 .16009 .27625 32.589 8.0056 27.683 May. 20.319 25.147 13.267 279.69 .16008 .27628 32.572 8.0056 27.739 June. 20.375 25.122 13.242 279.12 .16007 .27627 32.519 8.0056 27.756 July. 20.395 24.996 13.224 278.73 .16020 .27620 32,478 8.0056 27.866 Aug. 20.386 24.985 13.220 278.53 .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 Nov. 20.401 25.072 713.236 10266.18 .16059 .27621 H32.472 8.0056 27.805 rerioa (pou N n e d w ) Zeal ( a d n o d llar) N (k o r r o w n a e y ) (e P s o g c r a u t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) ( S k w ro ed n e a n ) ( e S f r r w l a a n i n t c z d ) ­ ( U p K d o n i o u n i m t n g e d d - ) 1961............................................ 277.45 14.000 3.4909 279.48 139.57 1.6643 19.353 23.151 280.22 1962 ............... 278.00 14.010 3,4986 139.87 1.6654 19.397 23.124 280.78 1963 ............... 277.22 13,987 3.4891 139.48 1.6664 19.272 23.139 280.00 1964 ..................... 276.45 13.972 3.4800 139.09 1.6663 19.414 23,152 279.21 1065 .............................. 276.82 13.985 3.4829 139.27 1.6662 19.386 23.106 279.59 1 _______ 276.54 13.984 3.4825 139.13 1.6651 19.358 23.114 279.30 1966- 276.35 13.995 3.4794 139.03 1.6638 18.336 23.141 279.11 276.25 13.989 3.4783 138.99 1.6638 19.327 23.129 279.01 1967- 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 23.061 279.41 276.86 13.984 3.4811 139.29 1.6633 19.367 23.079 279.63 277.15 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. 12276.12 13137.97 13.986 3.4788 138.85 1.6634 19.412 23.128 278.73 Amr 137.89 13.981 3.4766 138.75 1.6637 19.394 23.061 278.53 137.81 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 Nov 128,28 13.985 3.4654 139.05 101,5831 19.326 23.146 10266.18 i A new markka, equal to 100 old markkaa, was introduced on Jan. 1, * o Quotations not available Nov. 21, 1967. 1963. 11 Quotations not available Nov. 21-27, 1967. 2 Based on quotations through Feb. 11, 1966. 12 Based on quotations through July 7, 1967. 3 Effective Feb. 14, 1966, Australia adopted the decimal currency 13 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, 1967. 5 Quotations not available Mar. 7-14, 1967. Note.—After the devaluation of the pound sterling on Nov. 18, 1967, <* Effective Oct. 12, 1967, the Finnish markka was devalued from 3.2 the following countries devalued their currency in relation to the U.S. to 4.2 markkaa per U. S. dollar. Quotation not available Oct. 12. dollar: Ceylon, Denmark, Ireland, New Zealand, and Spain. The averages ^ Quotations not available Nov. 21-24, 1967. for Nov. 1967 reflect the extent of the devaluation. 8 Effective Jan. 1, 1963, the franc again became the French monetary Averages of certified noon buying rates in New York for cable transfers. unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, I960. For description of rates and back data, see “International Finance,’’ ^ Effective June 6, 1966, the Indian rupee was devalued from 4.76 to Section 15 of Supplement to Banking and Monetary Statistics, 1962. 7.5 rupees per U.S. dollar. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Wm. McC. Martin, Jr., Chairman J. L. Robertson, Vice Chairman George W. Mitchell J. Dewey Daane Sherman J. Maisel Andrew F. Brimmer William W. Sherrill Daniel H. Brill, Senior Adviser to the Board Robert C. Holland, Adviser to the Board Robert Solomon, Adviser to the Board Charles Molony, Assistant to the Board Robert L. Cardon, Legislative Counsel Clarke L. Fauver, Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS Merritt Sherman, Secretary John R. Farrell, Director Kenneth A. Kenyon, Assistant Secretary M. B. Daniels, Assistant Director Elizabeth L. Carmichael, Assistant Secretary John N. Kiley, Jr., Assistant Director Arthur L. Broida, Assistant Secretary DIVISION OF EXAMINATIONS Karl E. Bakke, Assistant Secretary Frederic Solomon, Director LEGAL DIVISION Brenton C. Leavitt, Assistant Director Howard H. Hackley, General Counsel James C. Smith, Assistant Director David B. Hexter, Associate General Counsel Lloyd M. Schaeffer, Chief Federal Reserve Examiner Thomas J. O’Connell, Assistant General Counsel Frederick R. Dahl, Assistant Director Jerome W. Shay, Assistant General Counsel Jack M. Egertson, Assistant Director Wilson L. Hooff, Assistant General Counsel Thomas A. Sidman, Assistant Director Charles C. Walcutt, Assistant Chief Federal Reserve Examiner DIVISION OF RESEARCH AND STATISTICS Daniel H. Brill, Director DIVISION OF PERSONNEL ADMINISTRATION Albert R. Koch, Deputy Director Edwin J. Johnson, Director J. Charles Partee, Associate Director John J. Hart, Assistant Director Kenneth B. Williams, Adviser Stephen H. Axilrod, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES Lyle E. Gramley, Associate Adviser 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 OFFICE OF DEFENSE PLANNING Robert Solomon, Director Robert L. Sammons, Associate Director Innis D. Harris, Coordinator A. B. Hersey, Adviser DIVISION OF DATA PROCESSING Reed J. Irvine, Adviser 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 2163 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2164 FEDERAL RESERVE BULLETIN • DECEMBER 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 2165 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President or branch Deputy Chairman First Vice President in charge of branch Zip code Boston..................... ...02106 Erwin D. Canham George H. Ellis Charles W. Cole Earle O. Latham New York............... ...10045 Everett N. Case Alfred Hayes Kenneth H. Hannan William F. Treiber Buffalo.............. ...14240 Robert S. Bennett A. A. Maclnnes, Jr. Philadelphia...............19101 Willis J. Winn Karl R. Bopp Bayard L. England Robert N. Hilkert Cleveland................ ...44101 Joseph B. Hall W. Braddock Hickman Logan T. Johnston Walter H. MacDonald Cincinnati......... ...45201 Barney A. Tucker Fred O. Kiel Pittsburgh......... ...15230 F. L. Byrom Clyde E. Harrell Richmond................ ...23213 Edwin Hyde Edward A. Wayne Wilson H. Elkins Aubrey N. Heflin Baltimore.......... ...21203 E. Wayne Corrin Donald F. Hagner Charlotte........... ...28201 James A. Morris Edmund F. MacDonald Atlanta.................... ...30303 Jack Tarver Harold T. Patterson Edwin I. Hatch Monroe Kimbrel Birmingham.......35202 C. Caldwell Marks Edward C. Rainey Jacksonville....... ...32201 Castle W. Jordan Thomas C. Clark Nashville........... ...37203 Robert M. Williams Robert E. Moody, Jr. New Orleans.......70160 Frank G. Smith, Jr. Morgan L. Shaw Chicago................... ...60690 Franklin J. Lunding Charles J. Scanlon Elvis J. Stahr Hugh J. Helmer Detroit.............. ...48231 Guy S. Peppiatt Russel A. Swaney St. Louis................. ...63166 Frederic M. Peirce Darryl R. Francis Smith D. Broadbent, Jr. Dale M. Lewis Little Rock....... ...72203 Reeves E. Ritchie John F. Breen Louisville.......... ...40201 C. Hunter Green Donald L. Henry Memphis........... ...38101 James S. Williams 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 Haigren 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 The material listed may be obtained from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons not accepted.) The Federal Reserve System—Purposes and Supplement to Banking and Monetary Statis­ Functions. 1963. 298 pp. tics. Sec. 1. Banks and the Monetary System. 1962. 35 pp. $.35. Sec. 2. Member Banks. 1967. Annual Report. 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36 Federal Reserve Bulletin, Monthly. $6.00 per pp. $.35. Sec. 6. Bank Income, 1966. 29 pp. annum or $.60 a copy in the United States and $.35. Sec. 9. Federal Reserve Banks. 1965. 36 its possessions, Bolivia, Canada, Chile, Colom­ pp. $.35. Sec. 10. Member Bank Reserves and bia, Costa Rica, Cuba, Dominican Republic, Related Items. 1962. 64 pp. $.50. Sec. 11. Cur­ Ecuador, Guatemala, Haiti, Republic of Hon­ rency. 1963. 11 pp. $.35. Sec. 12. Money Rates duras, Mexico, Nicaragua, Panama, Paraguay, and Securities Markets. 1966. 182 pp. $.65. Peru, El Salvador, Uruguay, and Venezuela; 10 Sec. 14. Gold. 1963. 24 pp. $.35. Sec. 15. Inter­ or more of same issue sent to one address, $5.00 national Finance. 1962. 92 pp. $.65. Sec. 16 per annum or $.50 each. Elsewhere, $7.00 per (New) Consumer Credit. 1965. 103 pp. $.65. annum or $.70 a copy. Bank Mergers & the Regulatory Agencies: Federal Reserve Chart Book on Financial and Application of the Bank Merger Act of Business Statistics. Monthly. Annual sub­ 1960. 1964. 260 pp. $1.00 a copy; 10 or more scription includes one issue of Historical Chart sent to one address, $.85 each. Book. $6.00 per annum or $.60 a copy in the Banking Market Structure & Performance in United States and the countries listed above; Metropolitan Areas: A Statistical Study 10 or more of same issue sent to one address, of Factors Affecting Rates on Bank Loans. $.50 each. Elsewhere, $7.00 per annum or $.70 1965. 73 pp. $.50 a copy; 10 or more sent to a copy. one address, $.40 each. Historical Chart Book. Issued annually in Sept. Farm Debt. Data from the 1960 Sample Survey Subscription to monthly chart book includes of Agriculture. 1964. 221 pp. $1.00 a copy; 10 one issue. $.60 a copy in the United States and or more sent to one address, $.85 each. countries listed above; 10 or more sent to one Merchant and Dealer Credit in Agriculture. address, $.50 each. Elsewhere, $.70 a copy. 1966. 109 pp. $1.00 a copy; 10 or more sent to Treasury-Federal Reserve Study of the Gov­ one address, $.85 each. ernment Securities Market. Pt. I. 1959. 108 Monetary Theory and Policy: A Bibliography. pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. Part I—Domestic Aspects. 137 pp. $1.00 a copy; Set of 3, $2.50; individual books $1.00 each. 10 or more sent to one address, $.85 each. Flow of Funds in the United States, 1939-53. Regulations of the Board of Governors of 1955. 390 pp. $2.75. the Federal Reserve System. 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 The Federal Funds Market. 1959. Ill pp. Governors, as of June 30, 1967. $2.50. $1.00 a copy; 10 or more sent to one address, Trading in Federal Funds. 1965. 116 pp. $1.00 $.85 each. a copy; 10 or more sent to one address, $.85 each. All-Bank Statistics, 1896-1955. 1959, 1,299 pp. $4.00. U.S. Treasury Advance Refunding. June 1960- July 1964. 1966. 65 pp. $.50 a copy; 10 or Industrial Production—1957-59 Base. 1962. more sent to one address, $.40 each. 172 pp. $1.00 a copy; 10 or more sent to one Survey of Financial Characteristics of Con­ address, $.85 each. sumers. 1966. 166 pp. $1.00 a copy; 10 or more The Federal Reserve Act, as amended through sent to one address, $.85 each. 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. 2166 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 2167 PERIODIC RELEASES Consumer Credit at Consumer Finance Com­ panies (G.22) WEEKLY Consumer Instalment Credit at Commercial Banks (G.18) Applications and Reports Received, or Acted Debits, Demand Deposits, and Turnover at on, by the Board (H.2) 233 Individual Centers (G.ll) Commercial and Industrial Loans Outstand­ Federal Reserve Par List (Also annual list) ing by Industry (H.12) (G.3) Condition Report of Large Commercial Banks Interdistrict Settlement Fund (G.15) in New York and Chicago (H.4.3) Index Numbers of Wholesale Prices (G.8) Condition Report of Large Commercial Banks Maturity Distribution of Outstanding Nego­ (H.4.2) tiable Time Certificates of Deposits (G.9) Demand Deposits, Currency, and Related Monthly Foreign Exchange Rates (G.5) Items (H.6) National Summary of Business Conditions (G.12.2) Factors Affecting Bank Reserves and Con­ Open Market Money Rates and Bond Prices dition Statement of F. R. Banks (H.4.1) (G.13) Reserve Positions of Major Reserve City Sales Finance Companies (G.20) Banks (H.5) State Member Banks of the Federal Reserve Weekly Foreign Exchange Rates (H.10) System and Nonmember Banks that Main­ Weekly U.S. Government Security Yields and tain Clearing Accounts with Federal Re­ Prices (H. 15) serve Banks (Also annual list) (G.4) Summary of Equity Security Transactions (G.16) SEMIMONTHLY-IRREGULAR Monthly U.S. Government Security Yields and Prices (G.14) Assets and Liabilities of all Banks in the United States (J.4) QUARTERLY—SEMIANNUALLY Changes in State Bank Membership (K.3) Deposits, Reserves, and Borrowings of Mem­ All Banks in the United States and Other ber Banks (J.I) Areas—Principal Assets and Liabilities, by Research Library—Recent Acquisitions (J.2) States (E.4) Bank Rates on Short-Term Business Loans (E.2) Capacity Utilization in Manufacturing (E.5) MONTHLY Summary Report—Assets and Liabilities of Aggregate Reserves and Member Bank De­ Member Banks (E.3.1) posits (G.10). All Member Banks, by Class of Bank (E.3.4) Assets and Liabilities of all Member Banks, by Districts (G.7.1) Sales, Profits, and Dividends of Large Cor­ porations (E.6) Automobile Loans by Major Sales Finance Companies (G.25) Automobile Instalment Credit Develop­ ANNUALLY ments (G.26) Bank Debits to Demand Deposit Accounts Bank Debits and Deposit Turnover (G.6) Except Interbank and U.S. Government Business Indexes (G. 12.3) Accounts (C.5) Consumer Credit (G.19) Member Bank Income (C.4) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2168 FEDERAL RESERVE BULLETIN • DECEMBER 1967 STAFF ECONOMIC STUDIES Nonlocal Competition for Time Deposits in Isolated One- and Two-Bank Towns, by Studies and papers on economic and financial sub­ Bernard Shull. Nov. 1967. jects that are of general interest in the field of economic research. Interest Rates and the Demand for Con­ sumer Durable Goods, by Michael J. Ham­ burger. Dec. 1967. Summaries only printed in the Bulletin. Printed in full in the Bulletin. (Limited supply of mimeographed copies of full (Reprints available as shown in following list.) text available upon request for single copies.) REPRINTS Measures of Industrial Production and Final Demand, by Clayton Gehman and Cornelia (From Federal Reserve Bulletin unless preceded Motheral. Jan. 1967. by an asterisk.) Firms’ Demands For Money: The Evidence Adjustment for Seasonal Variation. Descrip­ From the Cross-Section Data, by William J. tion of method used by Board in adjusting eco­ Frazer, Jr. Jan. 1967. nomic data for seasonal variations. June 1941. 11 PP- The Effect of Credit Conditions on State and Local Bond Sales and Capital Outlays Seasonal Factors Affecting Bank Reserves. Feb. 1958. 12 pp. Since World War II, by Paul F. McGouldrick. Feb. 1967. Liquidity and Public Policy, Staff Paper by Stephen H. Axilrod. Oct. 1961. 17 pp. Investment by Manufacturing Firms: A Quar­ terly Time Series Analysis of Industry Seasonally Adjusted Series for Bank Credit. Data, by Robert W. Resek. Mar. 1967. July 1962. 6 pp. Individuals as a Source of Loan Funds for Interest Rates and Monetary Policy, Staff State and Local Governments, by Helmut Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. Wendel. Apr. 1967. Industrial Production—1957-59 Base. Oct. Variable-Rate Mortgages, by Robert Moore 1962. 10 pp. Fisher. May 1967. Flow of Funds Seasonally Adjusted. Nov. 1962. 15 pp. The Financing of Capital Investment in the USSR, by Paul Gekker. June 1967. Recent Changes in Liquidity, Staff Paper by Daniel H. Brill. June 1963. 10 pp. Federal Fiscal Policy and Aggregate De­ mand, 1956-1966, by Helen B. Junz. June Measures of Member Bank Reserves. July 1967. ' 1963. 14 pp. Businesses View Banking Services: A Survey Measuring and Analyzing Economic Growth, of Cedar Rapids, Iowa, by Lynn A. Stiles. Staff Paper by Clayton Gehman. Aug. 1963. July 1967. 14 pp. Changes in Banking Structure, 1953-62. Sept. The Impact of Monetary Variables: A Selec­ 1963. 8 pp. tive Survey of the Recent Empirical Lit­ erature, by Michael J. Hamburger. July 1967. Economic Change and Economic Analysis, Staff Paper by Frank R. Garfield. Sept. 1963. Empirical Literature on The U. S. Balance 17 ppof Trade, by Charles K. Harley. July 1967. The Open Market Policy Process. Oct. 1963. The Boom in Office Buildings, by Robert 11 PP- Moore Fisher. Aug. 1967. New Series on Federal Funds. Aug. 1964. Customers View Bank Markets and Services: 31 pp. A Survey of Elkhart, Indiana, by George G. Yield Differentials in Treasury Bills, 1959­ Kaufman. Aug. 1967. 64, Staff Paper by Samuel I. Katz. Oct. 1964. A Test of the Deposit Relationship Hypoth­ 20 pp. esis, by Neil B. Murphy. Sept. 1967. Research into Banking Structure and Com­ Economic Trends in Latin America in the petition. Nov. 1964. 17 pp. 1960’s, by Yves Maroni. Oct. 1967. Bank Credits to Foreigners. Mar. 1965. 10 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 2169 Revision of Bank Debits and Deposit Turn­ Revision in Quarterly Survey of Interest over Series. Mar. 1965. 4 pp. Rates on Business Loans. May 1967. 7 pp. Measures of Banking Structure and Compe­ Monetary Policy and the Residential Mort­ tition. Sept. 1965. 11 pp. gage Market. May 1967. 13 pp. Time Deposits in Monetary Analysis, Staff Bank Financing of Agriculture. June 1967. Economic Study by Lyle E. Gramley and Sam­ 23 pp. uel B. Chase, Jr. Oct. 1965. 25 pp. Evidence on Concentration in Banking Mar­ Cycles and Cyclical Imbalances in a Chang­ kets and Interest Rates, Staff Economic ing World, Staff Paper by Frank R. Garfield. Study by Almarin Phillips. June 1967. 11 pp. Nov. 1965. 15 pp. Research on Banking Structure and Per­ New Benchmark Production Measures, 1958 formance, Staff Economic Study by Tynan and 1963. June 1967. 4 pp. Smith. Apr. 1966. 11 pp. Banking and Monetary Statistics, 1966. Commercial Bank Liquidity. Staff Economic Selected series of banking and monetary statis­ Study by James Pierce. Aug. 1966. 9 pp. tics for 1966 only. Mar. and July 1967. 20 pp. Revision of Weekly Reporting Member Bank Recent Credit and Monetary Developments. Series. Aug. 1966. 4 pp. July 1967. 12 pp. Toward Understanding of the Whole De­ Revised Indexes of Manufacturing Capacity veloping Economic Situation, Staff Eco­ and Capacity Utilization. July 1967. 3 pp. nomic Study by Frank R. Garfield. Nov. 1966. The Public Information Act—Its Effect on 14 pp. Member Banks. July 1967. 6 pp. A Revised Index of Manufacturing Capacity, Staff Economic Study by Frank de Leeuw with Interest Cost Effects of Commercial Bank Frank E. Hopkins and Michael D. Sherman. Underwriting of Municipal Revenue Bonds. Aug. 1967. 16 pp. Nov. 1966. 11 pp. The Role of Financial Intermediaries in U.S. Revision of Money Supply Series. Aug. 1967. Capital Markets, Staff Economic Study by 14 pp. Daniel H. Brill, with Ann P. Ulrey. Jan. 1967. Changes in Time and Savings Deposits, April- Size and Composition of Consumer Saving. July 1967. Sept. 1967. 22 pp. Jan. 1967. 19 pp. Revision of Bank Credit Series. Sept. 1967. Revised Series on Commercial and Industrial 7 PP- Loans by Industry. Feb. 1967. 2 pp. Treasury and Federal Reserve Foreign Ex­ Auto Loan Characteristics at Major Sales change Operations. Sept. 1967, 13 pp. Finance Companies. Feb. 1967. 5 pp. Commercial Banks and the Supply of Money: Consumer Instalment Credit. Mar. 1967. A Market-Determined Demand Deposit 12 pp. Rate, Staff Economic Study by John H. The Balance of Payments in 1966. Apr. 1967. Kareken. Oct. 1967. 14 pp. 16 pp. The Economic Pause in Western Europe. Survey of Finance Companies, Mid-1965. Apr. Oct. 1967. 17 pp. 1967. 26 pp. Balance of Payments Program: Guidelines Monetary Policy and Economic Activity: A for Banks and Nonbank Financial Institu­ Postwar Review. May 1967. 22 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 2076.) Acceptances, bankers’, 2085, 2103, 2105 Deposits—Continued Agricultural loans of commercial banks, 2096, 2098 Banks, by classes, 2085, 2092, 2097, 2100, 2105 Arbitrage, 2161 Federal Reserve Banks, 2086, 2155 Assets and liabilities {See also Foreign liab. & claims): Postal savings, 2084, 2091 Banks and the monetary system, 2091 Subject to reserve requirements, 2090 Banks, by classes, 2092, 2096, 2098, 2105 Discount rates, 2083, 2160 Corporate, current, 2117 Discounts and advances by Reserve Banks, 2078, Federal Reserve Banks, 2086 2086, 2088 Automobiles: Dividends, corporate, 2116, 2117 Consumer instalment credit, 2122, 2123, 2124 Dollar assets, foreign, 2145, 2150 Production index, 2126, 2127 Earnings and hours, manufacturing industries, 2133 Bankers’ balances, 2097, 2099 Employment, 2130, 2132, 2133 {See also Foreign liabilities and claims) Banks and the monetary system, 2091 Farm mortgage loans, 2118, 2119, 2120 Banks for cooperatives, 2107 Federal finance: Bonds (See also U.S. Govt, securities): Cash transactions, 2108 New issues, 2113, 2114, 2115 Receipts and expenditures, 2109 Prices and yields, 2103, 2104 Treasurer’s balance, 2108 Business expenditures on new plant and equip­ Federal funds, 2082, 2096 ment, 2117 Federal home loan banks, 2107, 2119 Business indexes, 2130 Federal Housing Administration, 2104, 2118, Business loans (See Commercial and industrial loans) 2119, 2120 Federal intermediate credit banks, 2107 Capital accounts: Federal land banks, 2107 Banks, by classes, 2092, 2097, 2101 Federal National Mortgage Assn., 2107, 2120 Federal Reserve Banks, 2086 Federal Reserve Banks: Carloadings, 2130 Condition statement, 2086 Central banks, foreign, 2158, 2160 U.S. Govt, securities held, 2078, 2086, Certificates of deposit, 2101 2088, 2110, 2111 Coins, circulation, 2089 Federal Reserve credit, 2078, 2086, 2088 Commercial and industrial loans: Federal Reserve notes, 2086, 2089 Commercial banks, 2096 Federally sponsored credit agencies, 2107 Weekly reporting banks, 2098, 2102 Finance company paper, 2103, 2105 Commercial banks: Financial institutions, loans to, 2096, 2098 Assets and liabilities, 2092, 2096, 2098 Float, 2078 Consumer loans held, by type, 2123 Flow of funds, 2138 Deposits at, for payment of personal Ioans, 2095 Foreign currency operations, 2086, 2088, 2144, Number, by classes, 2092 2145, 2150 Real estate mortgages held, by type, 2118 Foreign deposits in U.S. banks, 2078, 2086, 2091, Commercial paper, 2103, 2105 2097, 2100, 2155 Condition statements (See Assets and liabilities) Foreign exchange rates, 2162 Construction, 2130, 2131 Foreign liabilities and claims: Consumer credit: Banks, 2146, 2147, 2149, 2151, 2153, 2155 Instalment credit, 2122, 2123, 2124, 2125 Nonfinancial concerns, 2156 Noninstalment credit, by holder, 2123 Foreign trade, 2143 Consumer price indexes, 2130, 2134 Consumption expenditures, 2136, 2137 Gold: Corporations: Certificates, 2086, 2089 Sales, profits, taxes, and dividends, 2116, 2117 Earmarked, 2155 Security issues, 2114, 2115 Net purchases by U.S., 2144 Security prices and yields, 2103, 2104 Production, 2159 Cost of living (See Consumer price indexes) Reserves of central banks and govts., 2158 Currency in circulation, 2078, 2089, 2090 Stock, 2078, 2091, 2144 ' Customer credit, stock market, 2104 Gross national product, 2136, 2137 Debits to deposit accounts, 2088 Hours and earnings, manufacturing industries, 2133 Debt (See specific types of debt or securities) Housing starts, 2131 Demand deposits: Adjusted, banks and the monetary system, 2091 Income, national and personal, 2136, 2137 Adjusted, commercial banks, 2088, 2090, 2097 Industrial production index, 2126, 2130 Banks, by classes, 2085, 2092, 2097, 2100 Instalment loans, 2122, 2123, 2124, 2125 Subject to reserve requirements, 2090 Insurance companies, 2106, 2110, 2111, 2119 Turnover, 2088 Insured commercial banks, 2094, 2095, 2096 Deposits (See also specific types of deposits): Interbank deposits, 2085, 2092, 2097 Accumulated at commercial banks for payment Interest rates: of personal loans, 2095 Business loans by banks, 2102 Adjusted, and currency, 2087 Federal Reserve Bank discount rates, 2083 2170 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES 2171 Interest rates—Continued Reserves—Continued Foreign countries, 2160, 2161 Federal Reserve Banks, 2086 Money market rates, 2103, 2161 Member banks, 2078, 2080, 2085, 2090, 2097 Mortgage yields, 2104, 2121 Residential mortgage loans, 2118, 2119, 2120, 2121 Time deposits, maximum rates, 2084 Retail credit, retail sales, 2122, 2130 Yields, bond and stock, 2103 International capital transactions of the U.S., 2146 Sales finance companies, loans, 2122, 2123, 2125 International institutions, 2144, 2145, 2158, 2160 Saving: Inventories, 2136 Flow of funds series, 2138 Investment companies, new issues, 2115 National income series, 2137 Investments (See also specific types of investments): Savings and loan assns., 2106, 2111, 2119 Banks, by classes, 2092, 2096, 2099, 2105 Savings deposits (See Time deposits) Commercial banks, 2095 Savings institutions, principal assets, 2105, 2106 Federal Reserve Banks, 2086, 2088 Securities (See also U.S. Govt, securities): Life insurance companies, 2106 Federally sponsored agencies, 2107 Savings and loan assns., 2106 International transactions, 2154, 2155 New issues, 2113, 2114, 2115 Labor force, 2132 Silver coin and silver certificates, 2089 Loans (See also specific types of loans): State and local govts.: Banks, by classes, 2092, 2096, 2098, 2105 Deposits of, 2097, 2100 Commercial banks, 2095 Holdings of U.S. Govt, securities, 2110, 2111 Federal Reserve Banks, 2078, 2086, 2088 New security issues, 2113, 2114 Insurance companies, 2106, 2119 Ownership of obligations of, 2096, 2099, Insured or guaranteed by U.S., 2118, 2119, 2120 2105, 2106 Savings and loan assns., 2106, 2119 Prices and yields of securities, 2103, 2104 State member banks, 2094, 2095 Manufactures, production index, 2127, 2130 Stock market credit, 2104 Margin requirements, 2084 Stocks: Member banks: New issues, 2114, 2115 Assets and liabilities, by classes, 2092, 2096 Prices and yields, 2103, 2104 Borrowings at Reserve Banks, 2080, 2086 Deposits, by classes, 2085 Tax receipts, Federal, 2109 Number, by classes, 2093 Time deposits, 2084, 2085, 2090, 2091, 2092, Reserve position, basic, 2082 2097, 2100 Reserve requirements, 2084 Treasurer’s account balance, 2108 Reserves and related items, 2078, 2090 Treasury cash, Treasury currency, 2078, 2089, 2091 Mining, production index, 2127, 2130 Treasury deposits, 2078, 2086, 2108 Money rates (See Interest rates) Money supply and related data, 2090 Unemployment, 2132 Mutual funds (See Investment companies) U.S. balance of payments, 2142 Mutual savings banks, 2091, 2092, 2094, 2105 U.S. Govt, balances: 2110, 2111, 2118 Commercial bank holdings, 2097, 2100 National banks, 2094, 2095 Consolidated monetary statement, 2091 National income, 2136, 2137 Member bank holdings, 2090 National security expenditures, 2109, 2136 Treasury deposits at Federal Reserve Banks, Nonmember banks, 2094, 2095, 2096, 2097 2078, 2086, 2108 U.S. Govt, securities: Open market transactions, 2085 Bank holdings, 2091, 2092, 2096, 2099, 2105 2110, 2111 Payrolls, manufacturing, index, 2130 Dealer transactions, positions, and financing, 2112 Personal income, 2137 Federal Reserve Bank holdings, 2078, 2086, Postal Savings System, 2084, 2091 2088, 2110, 2111 Prices: Foreign and international holdings, 2086, 2150, Consumer and wholesale commodity, 2130, 2134 2154, 2155 Security, 2104 International transactions, 2150, 2154 Production, 2126, 2130 New issues, gross proceeds, 2114 Profits, corporate, 2116, 2117 Open market transactions, 2085 Outstanding, by type of security, 2110, Real estate loans: 2111, 2113 Banks, by classes, 2096, 2098, 2105, 2118 Ownership of, 2110, 2111 Delinquency rates on home mortgages, 2121 Prices and yields, 2103, 2104, 2161 Mortgage yields, 2104, 2121 United States notes, 2089 Nonfarm mortgage foreclosures, 2121 Utilities, production index, 2127, 2130 Type of holder and property mortgaged, 2118, 2119, 2120 ... Vault cash, 2078, 2084, 2097 Reserve position, basic, member banks, 2082 Veterans Administration, 2118, 2119, 2120 Reserve requirements, member banks, 2084 Reserves: Weekly reporting banks, 2098 Central banks and govts., 2158 Commercial banks, 2097, 2099 Yields (See Interest rates) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX TO VOLUME 53 GUIDE TO PAGE REFERENCES IN MONTHLY ISSUES Issue Total Index to Issue Total Index to tables tables January ................. 1- 186 185- 186 July ..................... 1075-1270 1269-1270 February ............. 187- 340 339- 340 August ................ 1271-1470 1469-1470 March ................... 341- 498 497- 498 September .......... 1471-1678 1677-1678 April ..................... 499- 690 689- 690 October .............. 1679-1854 1853-1854 May ..................... 691- 900 899- 900 November .......... 1855-2018 2017-2018 June ........... 901-1074 1073-1074 December ............ 2019-2180 2170-2171 Pages Pages Accounting practices, letter on, from each Articles—Continued Reserve Bank to each State member bank . . . 783 Statements to Congress (See Statements to Congress) Adams, Charles F., appointed director, Portland Time and savings deposits, surveys: Branch ......................................................... 81 May 1966-Jan. 1967............................ 517 Agriculture, article on bank financing of........... 927 Jan.-Apr. 1967 ...................................... 1099 Apr.-July 1967 ................................. 1488 Allied Bankshares Corp., Order under Bank Treasury and Federal Reserve foreign ex­ Holding Company Act...................................... 761 change operations ..............355, 1362, 1518 Annual Report, 1966, Board of Governors........ 785 Atlantic Trust Company, Order under Bank Holding Company Act ...................................2068 Articles: Atwood, J. L., appointed director, Los Angeles Agreement on plan for creating special draw­ Branch ....................................................... 76 ing rights .............................................1877 Auto loan characteristics at major sales finance Agriculture, bank financing of ................... 927 companies, article ...................................... 204 American business investments in foreign Automobile instalment credit developments, new countries ...............................................1317 statistical release on .................................. 590 Auto loan characteristics at major sales finance companies ............................... 204 Balance of payments (See U.S. balance of pay­ Balance of payments in 1966 ..................... 499 ments) Bank credit and monetary developments . . 187 Bank credit and monetary developments, article . 187 Bank credit series, revision ...............................1511 Bank credit cards and check credit: Benchmark production measures 1958 and Bank credit card service organization, use of 1963, new ................................................ 954 by State member bank, applicability of Commercial and industrial loans by industry, Regulation S and Bank Service Corpora­ revised series ........... 209 tion Act to ......................................... 1912 Consumer instalment credit ....................... 341 Federal Reserve System study of field, Consumer saving, size and composition ... 32 announcement ............................... 388 Corporate financing, recent shifts ...............1271 Statement of Governor Brimmer concerning 1883 Credit and monetary developments ...........1075 Bank credit series, revision .................................1511 Economic pause in Western Europe .........1679 Bank debits and deposit turnover series, revision Economic trends in mid-1967 ................... 901 and new series ............................................389 Finance companies, mid-1965, survey ... 534 Bank Holding Company Act: Housing and residential mortgage markets Banking offices and deposits of group banks, in 1967 ................................................ 1471 Dec. 31, 1966 .......................................... 144C Industrial developments .............................2019 Interpretations: Industrial production in 1966 ................... 1 Bank holding company ownership of Interest rates on business Ioans, revision in mortgage companies ....................1911 quarterly survey ........................... ... 721 Investment in bank premises by holding Manufacturing capacity and capacity utiliza­ company banks ............................1334 tion, revised indexes ............................1096 List of companies Dec. 31, 1966, registered Member bank income, 1966 ................... 715 pursuant to Section 5 ..........................1042 Monetary policy and economic activity, Orders issued under: postwar review .................................... 691 Allied Bankshares Corp........................ 763 Money supply series, revision ....................1303 Atlantic Trust Company ......................2068 Price developments, recent ..........................1855 Barnett National Securities Corpora­ Public Information Act—its effect on mem­ tion ...............................................1913 ber banks ........................................ .1087 Baystate Corporation ......................... 59 Revenue bond underwriting by commercial BT New York Corporation ............... 769 banks, interest cost effects of .............1287 Central Wisconsin Bankshares, Inc. 57, 2053 Staff economic studies (See Staff economic Charter New York Corporation 2048, 2049 studies) Colorado CNB Bankshares, Inc...........2064 2172 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX VOLUME 53 2173 Pages Pages Bank Holding Company Act—Continued Bank securities—Continued Orders issued under—Continued State-chartered banks filing registrations Commercial Bancorp, Inc. . 62, 577, 967 under Securities Exchange Act, list .....1742 Dominion Bankshares Corporation . . .779 Banking and monetary statistics for First at Orlando Corporation . .235, 760 1966 ..................................456-70, 591, 1236-39 First Florida Bancorporation ............. 58 Banking markets and interest rates, staff eco­ First Holding Company, Inc...............1571 nomic study ................................................ 916 First National Bank of Tampa and Banking offices: Union Security & Investment Com­ Changes in number .............................310, 1438 pany ...............................................1567 Par and nonpar offices, number..311, 1439 First National Corporation ............... 582 Banking structure study: First Virginia Corporation 373, 776, 1560 The Performance of Bank Holding Compan­ First Wisconsin Bankshares Corpora­ ies, by Robert J. Lawrence ...................1169 tion ............................................761, 774 Banks and branches, number, by class and State . 658 General Bancshares Corporation ........ 65 Barnett National Securities Corporation, Order Geneva Shareholders, Inc.................... 767 under Bank Holding Company Act .............1913 Hawkeye Bancorporation ....................1573 Barth, Robert J., appointed director, Cincinnati Huntington Bancshares Incorporated 971 Branch ............................................................. 79 Lincoln First Group, Inc...................... 382 Baystate Corporation, Order under Bank Holding Marshall & Ilsley Bank Stock Corpora­ Company Act .............................................. 59 tion ............................................380, 968 Belcher, W. A., appointed director, San Antonio Northwest Bancorporation ..................2048 Branch ......................................................... 76 Otto Bremer Company and Otto Bremer Benedict, Andrew, Jr., appointed director, Nash­ Foundation .......................... 1555, 1559 ville Branch ................................................ 80 Society Corporation ..............................1576 Board of Governors: Southeast Bancorporation Inc............ 1562 Annual Report, 1966 .................................. 785 Valley Bancorporation ..................578, 752 Delegation of authority, rules Virginia Commonwealth Bankshares, regarding............................. 965, 975, 2043 Inc........................................... 1162, 1725 Discount arrangements, special announce­ Whitney Holding Corporation, granting ment of termination of ....................... 83 of motion to withdraw application 57 Interpretations (See Interpretations) Bank Merger Act: Members: Orders issued under: List, 1913-67 ...................................... 750 Bank of Sussex County, Franklin, N.J. 570 Martin, Wm. McC., Jr., redesignation as Bank of Virginia, Richmond, Va......... 54 Chairman .................................... 589 Detroit Bank and Trust Company, Shepardson, Charles N., resignation and Detroit, Mich.....................................1721 appointment as consultant to the Exchange State Bank, Lanark, Ill.......1917 Board .....................................589, 783 First Trust Company of Albany, Sherrill, William W., appointment . . . 783 Albany, N.Y.......................................1165 Statements to Congress (See Statements Franklin County Trust Company, to Congress) Greenfield, Mass............................2045 Members and officers .................................2163 Manufacturers and Traders Trust Com­ Public information (See Public information) pany, Buffalo, N.Y............................ 757 Publications (See Publications) Quincy Trust Company, Quincy, Mass. 2046 Regulations (See Regulations) Savings & Trust Company of Indiana, Rules of Organization, revision ........ . 1354 Indiana, Pa....................................... 234 Rules of Practice for Formal Hearings, Seattle Trust and Savings Bank, Seattle, revision ................................................1342 Wash................................................1166 Rules of Procedure, revision .....................1358 Security Bank, Webster, S. Dak.......... 53 Staff changes: Security Bank and Trust Company, Lin­ Brill, Daniel H., appointed Senior Ad­ coln Park, Mich............................... 232 viser to Board ............................ 82 State Bank of Albany, Albany, N.Y. 575 Eckert, James B., appointed Assistant Traverse City State Bank, Traverse City, Adviser, Division of Research and Mich ................................................1915 Statistics ...................................... 82 Egertson, Jack M., appointed Assistant Union and New Haven Trust Com­ Director, Division of Examinations 82 pany, New Haven, Conn...................1918 Rhinehart, John H., appointed Assistant Union County Trust Company, Eliza­ Director, Division of Data Proc­ beth, N.J........................................... 755 essing .......................................... 783 Wachovia Bank and Trust Company, Sidman, Thomas A., appointed Assis­ Winston-Salem, N.C...................... 572 tant Director, Division of Examina­ Bank of Sussex County, Franklin, N.J., Order tions ........................................... 241 under Bank Merger Act ............................ 570 Thompson, Andrew N., retirement as Bank of Virginia, Richmond, Va., Order under Assistant Director, Division of Exam­ Bank Merger Act ........................................... 54 inations ....................................... 241 Bank securities: Wernick, Murray S., appointed Assis­ State member banks, amendments to Regula­ tant Adviser, Division of Research tion F ..........................................753, 2043 and Statistics................................ 82 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2174 FEDERAL RESERVE BULLETIN • DECEMBER 1967 Pages Pages Board of Governors—Continued Commercial banks—Continued Staff changes—Continued Revenue bond underwriting, article, and Yager, Charles A., appointed Associate statement ...................................1287, 1531 Adviser, Division of International Staff economic study ...................................1699 Finance, and death ........... 1362, 1749 Commingled investment account by national Young, Ralph A., retirement as Senior bank prohibited, court opinion ..................1728 Adviser to Board ......................... 388 Consumer Credit Protection Act and related bills, Voluntary foreign credit restraint program statement by Vice Chairman Robertson .....1318 (See Voluntary foreign credit restraint Consumer instalment credit, article ................... 341 program) Consumer saving, size and composition, article 32 Branch banks: Coombs, Charles A., reports on Treasury Compilations of Federal and States statutes and Federal Reserve foreign exchange opera­ relating to, announcement....................2071 tions ............................................... 355, 1518 Federal Reserve: Corporate financing, article on recent shifts 1271 Directors (See Directors, Federal Re­ Cothran, Will T., appointed director, Birming­ serve branch banks) ham Branch ............................................... 79 Vice Presidents in charge ................. 2165 Cragg, Henry, appointed director, Jacksonville Loan “production offices” as branches, inter­ Branch ....................................................... 783 pretation ................................................1334 Credit: Number, by class and State ....................... 659 Automobile instalment credit developments, Brill, Daniel H.: new statistical release on ................... 590 Appointed Senior Adviser to Board ......... 82 Bank credit cards and check credit (See Bank Staff economic study.................................... 18 credit cards and check credit) Brimmer, Andrew F., bank credit cards and Bank credit series, revision ....................... 1151 check credit, statement concerning ...........1883 Consumer Credit Protection Act and related Britt, Gerald F., appointed director, Buffalo bills, and Truth in Lending Act, state­ Branch ....................................................... 75 ments of Vice Chairman Robertson 741, 1318 Brown, D. R. C., appointed director, Denver Monetary policy and residential mortgage Branch ........................................................... 76 market, report to Congress................. 728 BT New York Corporation, Order under Bank Mortgage market, statement on easing diffi­ Holding Company Act ............................... 769 culties of ........................................... 962 Buckley, R. M., appointed director, Houston Recent credit and monetary developments, Branch ........................................................ 975 article .............................................. 1075 Business conditions, national summary . . 84, 242, Customer credit, N.Y. Stock Exchange firms, 390, 593, 786, 976, 1170, 1364, 1580, 1750, June 1960-67 ............................................. 1647 1922, 2073 Cagle, Caroline H., articles.............517, 1099, 1488 Day, Carl A., appointed director, Buffalo Branch 75 Campbell, Donald B., resignation as director, Debits to deposit accounts, announcement of new Houston Branch .......................................... 590 release ......................................................... 389 Cantey, J. Willis, appointed director, Charlotte Deposits: Branch ...................................................... 79 Revision of series on aggregate reserves and Cawthorne, Del R., appointed director, Cincinnati member bank deposits ........................1169 Branch, and subsequent resignation.........75, 1168 Time and savings deposits: Central Wisconsin Bankshares, Inc., Orders under Amendments to Regulations D and Q to Bank Holding Company Act ....................57, 2053 sharpen technical distinctions be­ Chairmen and Deputy Chairmen of Federal Re­ tween ............................................ 51 serve Banks ........................................ 73, 2165 Christmas and vacation club accounts, Chappell, L. V., appointed director, Jacksonville savings and certain time deposits, Branch ........................................................ 80 reductions in reserve requirements . 51, Charter New York Corporation, Orders under 373, 388 Bank Holding Company Act ......... 2048, 2049 Maximum interest rates on, flexible Chase, Paul, appointed director, Louisville authority for supervisory agencies to Branch ....................................................... 80 set, statement and extension of Check clearing and collection, revision of Regula­ tion J and revocation of Regulation G .......1335 Surveys: Cole, Charles W., appointed Deputy Chairman, May 1966-Jan. 1967 .................. 517 Boston ....................................................... 73 Jan.-Apr. 1967 .................................. 1099 Colorado CNB Bankshares, Inc., Order under Apr.-July 1967 .............................. 1488 Bank Holding Company Act ................... 2064 Time deposits of Foreign Exchange Bank of Commercial Bancorp, Inc., Orders under Bank Korea and Bank of Taiwan, interest on . . 231 Holding Company Act ......................62, 577, 967 Turnover of, announcement of new release. 389 Commercial banks: Detroit Bank and Trust Company, Detroit, Mich., Antitrust exemption for voluntary foreign Order under Bank Merger Act ..................1721 credit restraint agreements or programs 1555 Directors, Federal Reserve Banks: Banking offices, changes in number . .310, 1438 Chairmen and Federal Reserve Agents 73, 2165 Branches, number, by State ....................... 658 Class B, elections ................................388, 590 Income, expenses, and dividends ................1646 Class C, appointments ................................ 74 Number, by class and State ..................... 658 Deputy Chairmen ................................73, 2165 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX VOLUME 53 2175 Pages Pages Directors, Federal Reserve Banks—Continued Federal Reserve and Treasury foreign exchange List ..................................................... 217 operations, reports on and announcements 355, 1518 Resignation ................................................. 82 Federal Reserve Banks: Directors, Federal Reserve branch banks: Accounting practices, letter on, sent to each Appointments....75, 79, 83, 783, 975, 1 168 State member bank ............................ 783 List ............................................................. 217 Advances by, statement on legislative pro­ Resignations ...................................... 590, 1168 posal ................................................... 367 Discount arrangements, special announcement of Authority to buy and sell Federal agency termination of ........................................... 83 obligations, statement and extension of Discount rates at Federal Reserve Banks: law .......................................... 1540, 1721 Increase in ...........................................1921 Branches (See Branch banks) Reduction in ............................................... 590 Chairmen and Deputy Chairmen . . 73, 2165 Dividends: Collection of checks and other items, revi­ Federal Reserve Banks ....................83, 308 sion of Regulation J ..........................1335 Insured commercial banks....................... 1646 Delegation of certain Board authority Member banks ....................716, 718, 719, 862 to ............................................... 965, 975 Dominion Bankshares Corporation, Order under Directors (See Directors, Federal Reserve Bank Holding Company Act....................... 779 Banks) Discount rates: Earnings and expenses: Increase in . 1921 Reduction in ........................................ 590 Federal Reserve Banks ...........................83, 308 Earnings and expenses ........................ 83, 308 Insured commercial banks ..........................1646 General Auditors ........................................ 586 Member banks ................................715, 862-70 Member bank borrowing (See Member Eckert, lames B., appointed Assistant Adviser, banks) Division of Research and Statistics ........... 82 Presidents and First Vice Presidents, list 2165 Egertson, Jack M., appointed Assistant Director, Vice Presidents, list .................................2165 Division of Examinations .......................... 82 Federal Reserve notes, interest paid to Elkins, Wilson H., appointed Deputy Chairman, Treasury....................................................... 83, 308 Richmond ................................................... 74 Federal Reserve System: Exchange State Bank, Lanark, Ill., Order under Admissions of State banks to member­ Bank Merger Act.........................................1917 ship ..................... 83, 241, 591, 1 169, 1363 Executive officers of member banks, loans to: Balance of payments program (See Volun­ Amendment to Federal Reserve Act.........1333 tary foreign credit restraint program) Amendment to Regulation O excluding cer­ Foreign exchange operations: tain indebtedness arising from use of Investment of foreign currencies held charge accounts and credit card or check by, statement................................ 370 credit plans ....................................... 964 Reciprocal currency arrangements, re­ Statement regarding the provisions of S. marks by Chairman Martin and an­ 714 ......................................................... 370 nouncements ................958,975, 1362 Treasury and Federal Reserve reports on, and announcements .........355, 1362, 1518 Federal Open Market Committee: Public information (See Public information) Foreign exchange operations, reports. .355, 1518 Study of bank credit card and check credit Members and staff .....................................2164 field ..................................................... 388 Minutes, 1961, availability ..........................1168 Finance companies, mid-1965, survey ............ 534 Policy actions ............. 1115, 1326, 1546, 1713, Financial intermediaries in U.S. capital markets, ' 1893, 2035 staff economic study ................................ 18 Reciprocal currency arrangements, statement First at Orlando Corporation, Orders under Bank of Chairman Martin and announce­ Holding Company Act ........................ 235, 760 ments ................................958, 975, 1362 First Florida Bancorporation, Order under Bank Revision in rules of, to conform to changes Holding Company Act ................................ 58 in public information law ..................1158 First Holding Company, Inc., Order under Bank Federal Reserve Act: Holding Company Act ................................1571 Interpretations: First National Bank of Tampa and Union Security & Investment Company, Order under Acquisition by Edge corporation of Bank Holding Company Act .........................1567 stock of combination export manager 752 Investment in bank premises by holding First National Corporation, Order under Bank company banks ...........................1334 Holding Company Act ................................ 582 Loan “production offices” of State mem­ First Trust Company of Albany, Albany, N.Y., ber banks as branches ................1334 Order under Bank Merger Act ..................1165 Section 14(b): First Virginia Corporation, Orders under Bank Holding Company Act............... 373, 776, 1560 Authority of Reserve Banks to buy and First Wisconsin Bankshares Corporation, Orders sell Federal agency obligations, ex­ under Bank Holding Company Act . 761, 774 tension ...........................................1721 Flow of funds: Section 22(g): Financial assets and liabilities ................. 860 Loans to executive officers of member Saving and financial flows ..................... 148-57, banks, amendment ......................1333 850-59, 1428-37, 1814-23 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2176 FEDERAL RESERVE BULLETIN • DECEMBER 1967 Pages Pages Foreign activities of national banks, revision of Interest on deposits: Regulation M ...................................... 568 Maximum rates on time and savings Foreign banking and financing corporations: deposits, flexible authority for super­ Acquisition by Edge corporation of stock of visory agencies to set, statement and ex­ combination export manager, interpreta­ tension of law ......................... 1540, 1721 tion ..................................................... 752 Time and savings deposits: Amendments to Regulation K ................. 570 Amendments to Regulations D and Q Foreign exchange operations: to sharpen technical distinctions Reciprocal currency arrangements: between ........................................ 51 Announcements ....................... 975, 1362 Time deposits of Foreign Exchange Statement of Chairman Martin .... 958 Bank of Korea and Bank of Taiwan, Treasury and Federal Reserve operations, interpretation .............................. 231 reports on ................................ 355, 1518 Interest rates: Foreign investments by American business, Com­ Discount rates at Federal Reserve Banks: merce Department survey ..........................1317 Increase in .................................1921 Franklin County Trust Company, Greenfield, Reduction in ......................................590 Mass., Order under Bank Merger Act . . . 2045 Maximum rates on deposits or share ac­ Frost, T. C., Jr., appointed director, San Antonio counts, flexible authority for supervisory Branch ........................................................ 81 agencies to set, and related proposals, statement and extension of law . . 1540, 1721 General Bancshares Corporation, Order under On business loans, article ........................ 721 Bank Holding Company Act ................. 65 Interlocking relationships between national bank Geneva Shareholders, Inc., Order under Bank and its commingled investment account pro­ Holding Company Act ................................ 767 hibited, court opinion ..................................1728 Giles, William L., appointed director, Memphis International financial statistics, changes in....... 785 Branch ........................................................ 76 International Monetary Fund, agreement on plan Gottsche, A. L., appointed director, New for creating special drawing rights..............1877 Orleans Branch ........................................ 80 Interpretations: Gottshall, Ralph K., resignation as Class B Acquisition by Edge corporation of stock of director, Philadelphia ................................. 82 combination export manager ............. 752 Guidelines for banks and nonbank financial in­ Bank credit card service organization, use stitutions, voluntary foreign credit restraint of by State member bank, applicability of program .......................................................1869 Regulation S and Bank Service Corpora­ tion Act.................................................1912 Bank holding company ownership of mort­ Halgren, S. Alfred, appointed Class C director gage companies ..................................1911 and Deputy Chairman, San Francisco .... 74 Bank loans to replenish working capital used Hartz, Jake, Jr., appointed director, Little Rock to purchase mutual fund shares .......... 964 Branch ........................................................ 75 Investment in bank premises by holding com­ Hawkeye Bancorporation, Order under Bank pany banks .........................................1334 Holding Company Act.....................................1573 Loan “production offices” of State member Higdon, Emerson G., appointed Class C director, banks as branches ................................1334 Chicago .................................................... 74 Published interpretations of Board.............1579 Hosford, Williard D., Jr., appointed Class C Time deposits of Foreign Exchange Bank director, Kansas City ................................. 74 of Korea and Bank of Taiwan, interest Housing and residential mortgage markets in on ....................................................... 231 1967, article .............................................1471 Investments: Huntington Bancshares Incorporated, Order Acquisition of stock of small business invest­ under Bank Holding Company Act .......... 971 ment companies by banks, amendment to Hurley, Evelyn M., article ............................. 534 Small Business Investment Act ...........1911 American business investments in foreign Income and expenses: countries, Commerce Department sur­ Federal Reserve Banks ............. 83, 308 vey ......................................................1317 Member banks ............................. 715, 862-70 Commingled investment account by national Insured commercial banks ..........................1646 bank prohibited, court opinion ...........1728 Industrial developments, article ..........................2019 Foreign currencies held by Federal Reserve, Industrial production: statement on S. 965 ............................ 370 Article .................................................. 1 Holding company banks, investment in bank Revisions in indexes ..................................1921 premises, interpretation .....................1334 Information, public (See Public information) Revenue bond underwriting by commercial Instalment credit developments, automobile, banks, article and statement...... 1287, 1531 announcement of new statistical release .... 590 Insured commercial banks: Banking offices, changes in number . . 310, 1438 Johnson, Howard W., appointed Class C director, Branches, number, by State ..................... 658 Boston ...................................................... 74 Income and expenses ................................1646 Interest rates on time and savings deposits, flexible authority for Federal supervisory Kareken, John H., staff economic study 1699 agencies to set maximum .................1721 Keir, Peter M., joint article on revenue bond Number, by State........................................ 658 underwriting .................................................1287 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX VOLUME 53 2177 Pages Pages Kichline, James, joint article on revenue bond Loans—Continued underwriting .................................................1287 Interest rates on business loans, article 721 Kleinkauf, Henry Y., appointed director, Omaha Investment in bank premises by holding Branch ....................................................... 83 company banks, interpretation ...........1334 Loan “production offices” as branches of State member banks, interpretation . 1334 Lawrence, Robert J., The Performance of Bank Holding Companies .............................. 1169 Maisel, Sherman J., statement on easing the Lawson, Robert W., Jr., appointed Class C di­ difficulties of the housing market ......... 962 rector, Richmond ........................................ 74 Manufacturers and Traders Trust Company, Legislation: Buffalo, N.Y., Order under Bank Merger Act 757 Advances by Reserve Banks, statement by Manufacturing capacity and capacity utilization, Vice Chairman Robertson on S. 966.... 367 revised indexes .............................................1096 Antitrust exemption for voluntary foreign Margin requirements: credit restraint agreements or programs, Bank loans to replenish working capital extension of law ..................................1555 used to purchase mutual fund shares, Authority of Reserve Banks to buy and sell interpretation ...................................... 964 Federal agency obligations: Marshall & Ilsley Bank Stock Corporation, Extension of law ................... 1721 Orders under Bank Holding Company Act 380, 968 Statement of Vice Chairman Robert­ Martin, Wm. McC., Jr.: son .................................................1540 Investment tax credit, statement on rein- Bank credit cards and check credit, state­ statement of ............................................ 564 ment of Governor Brimmer on H.R. Monetary policy, statement ....................... 211 12646 ..................................................1883 President’s tax program, statements 1536, 2031 Consumer Credit Protection Act, statement Reciprocal currency arrangements, state­ of Vice Chairman Robertson on H.R. ment .................................................... 958 11601 and related bills ......................1318 Redesignated Chairman of Board of Executive officers of member banks, loans Governors .................................... 589 to: . . Small businesses, statement concerning . . 560 Amendment to Federal Reserve Act . 1333 Marx, Graham E., appointed director, Cin­ Statement by Vice Chairman Robertson cinnati Branch ............................................ 75 on S. 714 .................................... 370 McGee, Dean A., appointed Deputy Chairman, Investment of foreign currencies held by Kansas City ................................................ 74 Federal Reserve, statement of Vice Chair­ Melichar, Emanuel, article ................................ 927 man Robertson on S. 965 ................. 370 Member banks: Investment tax credit, statement on H.R. Banking offices, changes in number . 310, 1438 6950 ....................................................... 564 Borrowings at Reserve Banks: Public information, amendment of law with Data on number, announcement . 389 respect to ............................................1153 Weekly averages for 1966, table . 456 Rate ceilings on deposits or share accounts, Branches, number, by State ..................... 658 flexible authority for Federal supervisory Executive officers, loans to: agencies to set maximum, and related pro­ Amendment to Federal Reserve Act 1333 posals: Amendment to Regulation O exclud­ Extension of law ..................................1721 ing certain indebtedness arising frorn Statement of Vice Chairman Robert­ use of charge accounts and credit son .................................................1540 card or check credit plans ..... 964 Reserve requirements of member banks, ex­ Statement regarding S. 714 ............... 370 panded authority for changes in: Income and expenses ................. 715, 862-70 Extension of law ................................1721 National banks (See National banks) Statement of Vice Chairman Robert­ Number, by class and State ..................... 658 son .................................................1540 Operating ratios .................................... 660-62 Small Business Investment Act: Public information (See Public information) Amendment to Act ......................1911 Reserve requirements (See Reserve require­ Statement of Chairman Martin re­ . ments) garding ........................................ 560 Reserves (See Reserves) Truth in Lending Act, statement on S. 5 . . 741 State member banks (See State member Lincoln First Group, Inc., Order under Bank banks) Holding Company Act ................................. 382 Time and savings deposits: Loans: Amendments to Regulations D and Q Auto loan characteristics at major sales to sharpen technical distinctions between ........................................ 51 finance companies, article ................. 204 Christmas and vacation club accounts, sav­ Bank loans to replenish working capital ings and certain time deposits, reductions used to purchase mutual fund shares, in reserve requirements......... 51, 373, 388 interpretation ...................................... 964 Maximum interest rates on, flexible authority Commercial and industrial, by industry, for supervisory agencies to set, state­ article .................................................. 209 ment and extension of law ... 1540, 1721 Executive officers of member banks (See Membership in Federal Reserve System: Executive officers of member banks, Admissions of State banks ................... 83, 241, loans to) 591, 1169, 1363 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2178 FEDERAL RESERVE BULLETIN • DECEMBER 1967 Pages Pages Minutes of Federal Open Market Committee, Public information: 1961, availability...........................................1168 Amendment of law with respect to, and Mitchell, George W., statement on revenue bond Board and Federal Open Market Com­ underwriting by commercial banks...............1531 mittee revised or amended rules to con­ Monetary developments, recent bank credit, form ....................................................1153 articles ................................................ 187, 1075 Announcement of rules of Board and Fed­ Monetary policy: eral Open Market Committee regarding Economic activity and, postwar review ... 691 availability of information to public . . 1168 Residential mortgage market and, report to Article regarding effect on member banks Congress ................................................ 728 of amendment of public information Statement of Chairman Martin ................. 211 law .....................................................1087 Money supply series, revision ..........................1303 Publications in 1967, Board of Governors: Mortgage companies, bank holding company own­ Annual Report, 1966 ........................... 785 ership of, interpretation ..............................1911 Compilations of Federal and State statutes Mortgage markets: relating to branch banking and reserves, Article on housing and residential mortgage announcement of availability ..............2071 markets in 1967 ................................ 1471 Industrial Production Indexes......................1921 Monetary policy and residential mortgage List .............................................................2166 market, report to Congress.................. 728 Performance of Bank Holding Companies, Statement of Governor Maisel on easing diffi­ by Robert J. Lawrence .......................1169 culties of housing market ..................... 962 Published interpretations of Board ............1579 Mutual savings banks: Banking offices, changes in number . .310, 1438 Quincy Trust Company, Quincy, Mass., Order Branches, number, by State ..................... 659 under Bank Merger Act .............................2046 Number, by State........................................ 658 Reciprocal currency arrangements (See Foreign National banks: exchange operations) Banking offices, changes in number . 310, 1438 Record of policy actions of Federal Open Market Branches, number, by State......................... 658 Committee . . .1115, 1326, 1546, 1713, 1893, 2035 Commingled investment account prohibited, Regulations, Board of Governors: court opinion ......... 1728 D, Reserves of Member Banks: Foreign activities, revision of Regulation Christmas and vacation club accounts, M ......................................................... 568 savings and certain time deposits, Number, by State ......................................... 658 reductions in reserve requirements National summary of business conditions 84, 242 relating to.........................51, 373, 388 390, 592, 786, 976, 1170, 1364, 1580, Time and savings deposits, amendments 1750, 1922, 2073 to sharpen technical distinctions be­ Nonmember banks: tween ........................................... 51 Banking offices, changes in number . .310, 1438 Delegation of authority, rules on .... 965, 2043 Branches, number, by State......................... 658 F, Securities of Member State Banks: Income and expenses, insured commercial Amendments .................... 753, 2043 banks .....................................................1646 Banks filing registrations under Securi­ Number, by State........................................ 658 ties Exchange Act, list ................1742 Northwest Bancorporation, Order under Bank G, Collection of Noncash Items: Holding Company Act ...................................2048 Revocation ...................................1335 J, Collection of Checks and Other Items by Federal Reserve Banks: Open Market Committee (See Federal Open Revision................................................1335 Market Committee) K, Corporations Engaged in Foreign Bank­ Operating ratios, member banks ......................660-62 ing and Financing Under the Federal Re­ Otto Bremer Company and Otto Bremer Foun­ serve Act: dation, Orders under Bank Holding Company Acquisition by Edge corporation of Act ................................................... 1555, 1559 stock of combination export manager, interpretation .............................. 752 Amendments ....................................... 570 Par and nonpar banking offices, number . .311, 1439 M, Foreign Activities of National Banks: Phillips, Almarin, staff economic study ........... 916 Revision....................................... 568 Policy actions, Federal Open Market Com- O, Loans to Executive Officers of Member Banks: Pratt, D. M., resignation as director, Jacksonville Amendment, excluding certain indebted­ Branch ........................................ 590 ness arising from use of charge ac­ Presidents of Federal Reserve Banks, list.........2165 counts and credit card or check credit Price developments, recent, article ......................1855 plans ............................................... 964 Production: Q, Payment of Interest on Deposits: Industrial production in 1966, article ........ 1 Time and savings deposits, amendments New benchmark production measures 1958 to sharpen technical distinctions be­ and 1963, article ................................. 954 tween ........................................... 51 Profits: Time deposits of Foreign Exchange Insured commercial banks ..................1646 Bank of Korea and Bank of Taiwan, Member banks ............................ 716, 718, 862 interpretations ............................ 231 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX VOLUME 53 2179 Pages Pages Regulations, Board of Governors—Continued Securities—Continued S, Bank Service Arrangements: Revenue bond underwriting by commercial Bank credit card service organization, banks, article, and statement ... 1287, 1531 use of by State member bank, inter­ Securities Exchange Act, State-chartered banks pretation as to applicability under .1912 registering their securities under Act, list . . . 1742 U, Loans by Banks for the Purpose of Pur­ Security Bank, Webster, S. Dak., Order under chasing or Carrying Registered Stock: Bank Merger Act ...................................... 53 Bank loans to replenish working capital Security Bank and Trust Company, Lincoln used to purchase mutual fund shares, Park, Mich., Order under Bank Merger Act 232 interpretation ............................... 964 Shelton, Ellis E., appointed director, Little Rock Reserve requirements, member banks: Branch ........................................................... 80 Christmas and vacation club accounts, sav­ Shepardson, Charles N., resignation as member ings and certain time deposits, reductions of Board of Governors and appointment as in reserve requirements............51, 373, 388 consultant to Board .......................... 589, 783 Expanded authority for changes in, statement Sherrill, William W., appointed member of and extension of law ................. 1540, 1721 Board of Governors ................................ 783 Revision of series on aggregate reserves Sidman, Thomas A., appointed Assistant Direc­ and member bank deposits subject to re­ tor, Division of Examinations ................... 241 serve requirements ..............................1169 Simons, Dolph, designated Chairman and Fed­ Time and savings deposits, amendments to eral Reserve Agent, Kansas City ............. 73 sharpen technical distinctions between , 51 Simpson, Neil G., elected Class B director, Min­ Reserves, compilation of Federal and State stat­ neapolis ..................................................... 388 utes relating to, announcement....................2071 Small businesses: Reserves, member banks: Amendment to Small Business Investment Reserve requirements (See Reserve require­ Act relating to acquisition of stock by ments) banks .....................................................1911 Reserves and borrowings, weekly averages Statement regarding .................................. 560 for 1966 ................................................. 456 Society Corporation, Order under Bank Holding Seasonally adjusted series on aggregate re­ Company Act ...............................................1573 serves and deposits, revision ...............1169 Southeast Bancorporation Inc., Order under Bank Revenue bond underwriting by commercial Holding Company Act ................................1560 banks, article, and statement............ 1287, 1531 Special tables: Rhinehart, John H., appointed Assistant Direc­ Bank holding companies: tor, Division of Data Processing................. 783 Banking offices and deposits of group Robertson, J. L.: banks, Dec. 31, 1966 ............... 1440 Advances by Federal Reserve Banks, state­ List, Dec. 31, 1966 ............................1042 ment on legislative proposal ............. 367 Banking and monetary statistics Consumer Credit Protection Act and related for 1966 ...................456-70, 591, 1236-39 bills, statement ......................................1318 Banking offices: Extension of Public Law 89-597 and pro­ Analysis of changes in number 310, 1438 posed audit of System, statement regard­ On, and not on, Federal Reserve Par ing ........................................................1540 List, number ................... 311, 1439 Investment of foreign currencies held by Banks and branches, number, by class and Federal Reserve, statement ..................... 370 State ....................................................... 658 Loans to executive officers of member banks, Flow of funds: statement.............................................. 370 Financial assets and liabilities .....860 Truth in Lending Act, statement on S. 5 . . 741 Saving and financial flows .148-57, 850-59, ’ 1428-37 Saunders, A. E., appointed director, Seattle Branch 82 Income and expenses: Saving: Federal Reserve Banks ............. 308 Flow of funds series . . 148-57, 850-59, 1428-37, Insured commercial banks ................1646 . 1814-23 Member banks: Savings & Trust Company of Indiana, Indiana, Calendar year ........................ 862-70 Pa., Order under Bank Merger Act........... 234 Operating ratios ..................... 660-62 Savings deposits (See Deposits) N.Y. Stock Exchange firms, detailed debit Schoenberg, Judith K., article............................ 32 and credit balances, June 1960-67 . . 1647 Schroeder, Carl E., appointed director, Los Spink, E. Perry, appointed director, Buffalo Angeles Branch .............................................. 81 Branch ....................................................... 79 Schweitzer, Paul R., article................................ 204 Staff economic studies: Scott, Archie B., appointed director, El Paso Commercial banks and supply of money: a Branch............................................................. 81 market-determined demand deposit rate 1699 Seattle Trust and Savings Bank, Seattle, Wash., Concentration in banking markets and in­ Order under Bank Merger Act....................1166 terest rates, evidence on ....................... 916 Securities: Financial intermediaries in U.S. capital Authority of Reserve Banks to buy and markets, role ...................................... 18 sell Federal agency obligations, state­ Summaries..................... 15, 201, 353, 515, 713, ment and extension of law ........ 1540, 1721 913, 1093, 1283, 1486, 1697, 1867, 2029 Member State banks, amendments to Reg­ Stahr, Elvis J., appointed Deputy Chairman, ulation F ................................... 753, 2043 Chicago ....................................................... 74 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2180 FEDERAL RESERVE BULLETIN • DECEMBER 1967 Pages Pages Stanford, Henry King, appointed director, Jack­ Thornell, W. G., appointed director, Houston sonville Branch .......................................... 75 Branch ....................................................... 81 Stanton, P. H., appointed director, Seattle Branch 82 Thouron, Henry A., elected Class B director, State Bank of Albany, Albany, N.Y., Order Philadelphia ............................................... 590 under Bank Merger Act .............................. 572 Time deposits (See Deposits) Traverse City State Bank, Traverse City, Mich., State member banks: Order under Bank Merger Act ..................1915 Accounting practices, letter on, from each Federal Reserve Bank ............................. 783 Treasury and Federal Reserve foreign exchange operations, reports .............................355, 1518 Admissions to membership in Federal Re­ serve System ... 83, 241, 591, 1169, 1363 Banking offices, changes in number . 310, 1438 Ulrey, Ann P., staff economic study ................. 18 Branches, number, by State ..................... 658 Union and New Haven Trust Company, New Investment in bank premises by holding Haven, Conn., Order under Bank Merger Act 1918 company banks, interpretation ...............1334 Union County Trust Company, Elizabeth, N.J., Loan “production offices” as branches, in­ Order under Bank Merger Act ................. 755 terpretation ...............................................1334 U.S. balance of payments (See also Voluntary Mergers (See Bank Merger Act) foreign credit restraint program): Number, by State ...................................... 658 American business investments in foreign countries, Commerce Department survey 1317 Securities * Amendments, Regulation F ........753, 2043 In 1966, article ......................................... 499 International financial statistics, changes in 785 Bank securities, list of banks filing U.S. Govt, securities: registrations under Securities Authority of Reserve Banks to buy and sell Exchange Act ....................................1742 Federal agency obligations, statement and Statements to Congress: extension of law .......................... 1540, 1721 Advances by Federal Reserve Banks . 367 Audit of Board of Governors and Reserve Banks by General Accounting Office 1540 Valley Bancorporation, Order under Bank Hold­ Authority for System to buy and sell Federal ing Company Act ...............................578, 752 Veenstra, T. A., article ...................................... 715 agency obligations, extension .................1540 Virginia Commonwealth Bankshares, Inc., Orders Bank credit cards and check credit .............1883 under Bank Holding Company Act . 1162, 1725 Consumer Credit Protection Act and related Voluntary foreign credit restraint program: bills ..........................................................1318 Announcements on ......... 241, 784, 1362 Investment of foreign currencies held by Antitrust exemption for voluntary agree­ Federal Reserve .................................. 370 ments or programs ........................ .1555 Investment tax credit, reinstatement ......... 564 Guidelines for banks and nonbank financial Loans to executive officers of member institutions ........................................1869 banks .................................................... 370 Monetary policy........................................ 211 Monetary policy and residential mortgage Wachovia Bank and Trust Company, Winston- Salem, N.C., Order under Bank Merger Act 572 market, report .................................... 728 Weekly reporting banks, Wednesday data for Mortgage market, easing difficulties of . . 962 1966 .......................................................... 458 President’s tax program ................... 1536, 2031 Weiss, Gertrude S., article ................................. 32 Rate ceilings on deposits or share accounts, Wentling, Thomas L., appointed director, Pitts­ flexible authority for Federal supervisory burgh Branch .............................................. 79 agencies to set, extension .....................1540 Wernick, Murray S., appointed Assistant Ad­ Reserve requirements of member banks, ex­ viser, Division of Research and Statistics . . 82 panded authority for changes in, extension 1540 Whitmore, John E., appointed director, Houston Revenue bond underwriting by commercial Branch ...................................................... 81 banks .........................................1287, 1531 Whitney Holding Corporation, Order under Small businesses .......................................... 560 Bank Holding Company Act granting motion Truth in Lending Act, proposed law ........ 741 to withdraw application.................................. 57 Stauffer, Dr. John N., appointed director, Cin­ Whyel, George L., appointed director, Detroit cinnati Branch ............................................1168 Branch......................................................... 80 Stock market credit (See Special tables) Stone, Wayne A., appointed director, Little Rock Branch ........................................................... 80 Division of international Finance, and Strader, Natalie C., article ................................. 32 death................................................... 1362, 1749 Swan, Joyce A., appointed Class C director and Young, Ralph A., retirement as Senior Adviser designated Chairman and Federal Reserve to Board ..................................................... 388 Agent, Minneapolis ................................ 73, 74 Thompson, Andrew N., retirement as Assistant Zaloudek, F. W., appointed director, Oklahoma Director, Division of Examinations ........... 241 City Branch ............................................... 76 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

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