Federal Reserve Bulletin, 1968-03

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

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

FEDERAL RESERVE BULLETIN NUMBER 3 □ VOLUME 54 □ MARCH 1968 CONTENTS 245 Consumer Expenditures and Saving 254 Meeting of Governors of Central Banks Contributing to Gold Pool: Communique 255 Staff Economic Studies: Summary 257 Balance of Payments—Revised Guidelines for Banks and Non­ bank Financial Institutions 267 Treasury and Federal Reserve Foreign Exchange Operations 289 Record of Policy Actions of the Federal Open Market Committee 309 Law Department 334 Announcements 337 National Summary of Business Conditions Financial and Business Statistics A- 1 Contents A- 3 Guide to Tabular Presentation A- 4 U.S. Statistics A 66 International Statistics A- 99 Board of Governors and Staff A-100 Open Market Committee and Staff; Federal Advisory Council A-101 Federal Reserve Banks and Branches A-102 Federal Reserve Board Publications A-105 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover 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 edi­ torial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Consumer Expenditures and Saving CONSUMER EXPENDITURES rose sharply in early 1968, with outlays for both durable and nondurable goods showing substan­ tial gains. Although prices also were advancing at a fast pace, consumer purchases in real terms, as well as in current dollars, apparently showed the largest quarterly rise since 1965. This ex­ ceptional increase reflected mainly the very rapid growth in after­ tax incomes that stemmed from vigorous gains in employment, ac­ celerating wage advances, higher minimum wages, and enlarged social security benefits. Consumer saving, meanwhile, continued at about the relatively high rate of the past year. Consumer buying slowed relative to income gains in late 1966. The counterpart of the reduced propensity to spend was a rise in the rate of saving. This rate rose sharply in late 1966 from about 5.5 per cent of disposable income—a rate fairly typical of the earlier years of this decade—to 6.5 per cent, and since then it has averaged about 7 per cent. Curtailed expansion in consumer pur­ chases of goods contributed to the severe imbalance between inventories and sales in late 1966. Correction of this imbalance limited the rate of over-all economic expansion in the first half of 1967. Inventory investment rose in the second half of the year, but gains in consumer outlays continued to be small and the saving rate remained high. As a consequence of the high rate of saving, consumers have added substantially to their holdings of liquid assets and have improved their debt position. This growth in liquidity could facili- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

246 FEDERAL RESERVE BULLETIN □ MARCH 1968 1 |RATE of SAVING returns to high level in 1967 PER CENT '47 '49 '51 '53 '55 '57 '59 '61 '63 '65 '67 Ratio of saving to disposable personal income. Department of Commerce quarterly data at seasonally adjusted annual rates. tate decisions by consumers to spend a higher proportion of their income in the future, and with incomes rising rapidly, could place additional pressure on resources and make it easier to pass along cost increases in the form of higher prices. CONSUMPTION PATTERNS IN 1966 AND 1967 The change in consumer behavior that began in late 1966 was marked, whether measured in terms of a higher propensity to save —especially in liquid forms—or in terms of the composition of spending. An upsurge in consumer spending was a major factor in the sustained economic expansion that began in 1961. After the large tax reduction in 1964, consumer spending continued to parallel the rapid gains in disposable income, with only a brief lag. In 1966, however, growth in incomes moderated and con­ sumption slowed somewhat. Late in the year consumer spending was further dampened when gains in expenditures were less than the rise in incomes. This reduced propensity to spend persisted throughout 1967, and the rate of saving remained high. 1 I REAL VOLUME OF CONSUMER EXPENDITURES (Percentage increase from previous year) Type 1963 1964 1965 1966 1967 All types.......4.....4...........5.8 6.6 4.9 2.9 Durable goods......... 9.1 9.9 12.5 7.4 1.1 Nondurable goods. , 2.5 5.0 5.0 4.9 2.8 Services.................... 4.8 5. 1 6.1 3.9 3.7 Note.—Percentages are based on constant (1958) dollar totals. Department of Commerce national income accounts data. The advance in consumer expenditures in 1967, after adjust­ ment for price increases, was only three-fifths as large as in 1966 and less than half of the extraordinary rise in 1965 (Table 1). The slowdown was especially marked for durable goods, but was also substantial for nondurable goods. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONSUMER EXPENDITURES AND SAVING 247 The ratio of expenditures for services to disposable personal income leveled off in 1967, while that of nondurable goods con­ tinued its long established downtrend. The ratio of expenditures for durable goods to income, while lower than in 1966 and 1965, remained high, A sharp decline in expenditures for household durable goods was attributable in part to the reduced rate of home purchases. The decline may also have reflected consumer resistance to rising prices for these items after several years of near-stability. Ex­ pansion in outlays for foods was also sharply reduced in 1967 —following rapid gains in 1966—as the pace of retail price increases moderated greatly. After adjustment for changes in prices, the increase in per capita food consumption was small in both 1966 and 1967. Outlays for clothing and shoes also » । « advanced less last year. •64 '65 '66 67 Bureau of Labor Statistics con­ Easing of consumer demands for goods, particularly durables, sumer prices, quarterly data. was a significant influence in the extraordinarily heavy accumula­ tion of inventories in the fourth quarter of 1966. Indeed, output curtailments of durable goods were initiated late that year and were extended into 1967. An absolute decline in distributors’ stocks of durable goods in the first half of 1967, along with a much slower rate of growth in the build-up of business stocks generally, was the major factor in the cutbacks in industrial production and in the length of the manufacturing workweek. Over-all growth in employment and incomes slowed. However, the saving rate did not fall as it had in most previous periods of inventory adjustments. Over-all economic activity began to recover in the second quarter of 1967, even though inventory investment declined fur­ ther, and by the third quarter industrial production too was in­ creasing. In the second half real GNP expanded at an annual rate 2 (Major components of CONSUMPTION increase more slowly in 1967 Dept, of Commerce data, seasonally adjusted, billions of current and 1958 dollars. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

248 FEDERAL RESERVE BULLETIN □ MARCH 1968 of 4.5 per cent. Consumer income increased more rapidly than it had earlier in the year, and prices were also advancing at an ac­ celerating pace. Retail sales, however, showed little strength and in the fourth quarter were only slightly higher than they had been in the second quarter. CHANGES IN The recent higher rate of saving has had a considerable impact on SAVING PATTERNS the financial position of consumers. Net financial saving by con­ sumers rose moderately in 1966 and then increased by 50 per cent in 1967. These increases reflected exceptionally large acquisi­ tions of financial assets, particularly in 1967, and a sharply re­ duced rate of incurrence of debt, which is an offset to financial assets in measuring net financial saving. 9 I SELECTED COMPONENTS OF CONSUMER I GROSS SAVING (In billions of dollars) Component 1964 1965 1966 1967 Gross investment 1.................... 97.8 107.6 1 14.5 123.8 Direct investment 2................ 82.2 89.2 93.1 92.6 Net financial saving............... 15.6 18.4 21 .4 31.2 hi crease in financial assets.. . 42.9 48. J 43.4 53.4 Deposits in banks and other thrift institutions. 30.3 33.6 21.1 40.1 Securities *....................... 3.3 4.8 11.3 3.8 All other.......................... 9.3 9.9 1 1 .0 9.5 Less: Increase in debt.......... 27.2 29.9 22.0 22.2 Mortgage debt................. 17.0 17.1 13.1 1 1 .0 Consumer credit............. 8.0 9.4 6.9 4.9 All other.......................... 2.2 3.4 2.0 6.3 ' Gross investment equals gross saving except for discrepancy item. 2 Includes gross investment in homes, durable goods, and plant and equipment of nonprofit institutions. J includes corporate, foreign, and Federal, State, and local securities. FINANCIAL SAVING AND DEBT Source.— Federal Reserve flow of funds data. 9ILU0NS DOLLARS The slowdown in the rate of debt incurrence was marked both for consumer and for mortgage debt. The smaller rise in consumer credit was associated mainly with the easing in consumer outlays for durable goods—particularly automobiles. In addition, the slowing may have reflected the desire of some consumers to reduce NET FINANCIAL SAVING indebtedness. For example, in 1967 consumer repayment of instal­ -------------------------------------------------- 0 ment debt was faster than would have been expected on the basis of past experience. For mortgage debt the slow pace of expansion reflected the lagged effects of tight money on home construction early in the year, as well as slower sales of existing homes. '64 67 Growth in consumer holdings of financial assets had slowed in Flow of funds data. For compo­ nents of financial saving, see Table 1966. A sharp decline in the rate of expansion of deposits in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONSUMER EXPENDITURES AND SAVING 249 banks and other thrift institutions more than counterbalanced the spurt in holdings of bonds and other types of less liquid assets. When monetary policy was cased in late 1966, consumers began to rebuild their holdings of liquid assets at a fast rate and this trend continued during 1967. With expansion of debt continuing to moderate, net financial saving in 1967 rose by about $10 billion, a record increase. De­ posits in banks and other thrift institutions rose by almost $20 billion, but net acquisitions of fixed income securities, which had risen sharply in 1966 as yields on these assets increased, were re­ duced to a moderate pace. However, in late 1967 growth in de­ posits moderated to a considerable degree. The enlarged volume of net financial saving has added substantially to consumer liquid­ ity and may have improved the prospects for an expansion in spending. REASONS FOR INCREASE IN The rather abrupt shift to a higher saving rate in late 1966 appears THE SAVINGS RATE to have been related in part to the uncertainties occasioned by the war in Vietnam. Other factors that may have contributed to the high rate of saving include the reaction of consumers to inflation, Consumers SAVE more of their income 3 and SPEND less for goods in '67 PERCENTAGE GF DPI NONDURABLE GOODS SERVICES Ratios of expenditures and saving to disposable person­ al income. Dept, of Commerce data, seasonally adjusted. the prolonged and rapid growth in real income during the 1960’s, the large stock of recently purchased durable goods in consumer hands, the depressed rate of sales of new and used homes, and the possible adverse effects on spending of changes in the distribution of income. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

250 FEDERAL RESERVE BULLETIN □ MARCH 1968 Previous periods of high saving. In late 1966 and throughout 1967, as consumers recognized that the Vietnam defense effort would be prolonged and costly in both men and materials, they reacted in many ways as they had during the Korean war, despite important differences in monetary and fiscal policy and the use of direct controls in the earlier conflict. Although there was some scare-buying by consumers in late 1950 and early 1951, the rate of saving over the period 1951-53 averaged about 7.5 per cent. The saving rate was also high in 1956-58. The rise in that period appears to have been associated with the intensification of upward price pressures. After a 3-year period of relative stability, the consumer price index rose at an annual rate of 2.5 per cent, and the saving rate averaged 7 per cent of income. This record suggests that in periods of uncertainty and rising prices consumers become more cautious about spending and about incurring debt and attempt to increase their savings. Consumer surveys suggest that the reason for this may be a feeling that little can be done in the face of inflation and the fear that future rises in prices may outstrip increases in income. For example, in November 1967, when the Michigan Survey Research Center asked respondents what they could do to combat inflation, 18 per cent said “postpone buying or buy less”; 57 per cent said “can’t do anything”; and only 2 per cent said “buy in advance of price increases.” About 80 per cent of the families in FINANCIAL SAVING RISES that survey responded either that they expected no increase in income or that inflation would offset their expected income gains. Prolonged rise in real income. Gradually rising levels of real income in the postwar period have not resulted in a persistently higher rate of saving, although sharp increases in income have often resulted in a temporary elevation of the rate. Since 1962 real income per capita has increased by 21.5 per cent compared with about 6.8 per cent in the previous 5 years and about 10 per cent in each of the periods 1947-52 and 1952-57. With this sharp '50 '55 '62 '67 Flow of funds data. For compo­ increase in real income in the past 5 years, many families may nents and explanation of gross sav­ have turned to higher savings as a goal. ing, see Table 2. High stocks of durable goods. Sales of durable goods last year may have leveled off in real terms because consumers already owned a large, relatively new stock of such goods. Unit sales of new domestic cars dropped from 8.4 million to 7.6 million, and sales of household durable goods, as noted previously, were slug- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONSUMER EXPENDITURES AND SAVING 251 gish. Nevertheless, “consumption” of consumer durable goods, de­ fined in terms of the flow of services from the stock of these goods acquired in past years, continued to climb at a rapid rate—from $51 billion in 1965 to $59 billion last year, according to Federal Reserve flow of funds estimates. More generally, in terms of this flow of services, the ratio of the consumption of durable goods _ I SALES, STOCK, AND CONSUMPTION OF d I CONSUMER DURABLE GOODS (In billions of dollars) Consumption1 Period or year Sales Stock Percent­ Amount age of disposable income 1948 52................... 27.3 74.1 20.7 9.9 1953-57 ................... 37. 1 109.3 30.7 1 1.1 1958-62................... 44.2 140.0 40. 1 11.4 1963-67 ................... 64.3 ?Jl 83.1 51.8 10.9 1965......................... 66.0 2182.8 51.4 10.9 1966......................... 70.3 2196. 1 55.4 10.9 1967......................... 72.1 2*209.0 59.3 10.9 v Preliminary. 1 Defined as the How of services from accumulated stocks. 2 End of year. Source.-Sales, Department of Commerce national income ac­ counts data; stocks and consumption, Federal Reserve flow of funds data. to income, as might be expected, has been more stable than the ratio of current outlays for such goods to income. In 1967 this flow-of-service ratio was about 11 per cent, the same as it has been in other recent years. Housing. The relatively low level of purchases of household durable goods in 1967 was probably associated with the relatively low level of activity in the housing market. Although starts re­ covered significantly last year and were at an annual rate of more than 1.4 million units in the fourth quarter, home completions were below those of a year earlier. In addition, while there was a substantial recovery in sales of existing homes from earlier re­ duced levels, many owners were reluctant to place such houses on the market because of the large discounts involved in available financing arrangements, especially for Government-insured mort­ gages. Altogether, there was a drop in the number of families likely to incur the substantial expenditures for durable goods usually associated with the first few years of owning either a new or a different home. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

252 FEDERAL RESERVE BULLETIN □ MARCH 1968 DEVELOPMENTS Consumer demand so far this year has been showing renewed IN EARLY 1968 vigor. Retail sales in January and February rose sharply and averaged 3.5 per cent above the fourth-quarter 1967 level. A con­ tinuation of this pace in March would suggest an increase in per­ sonal consumption expenditures of $13 billion or more in the first quarter of 1968, more than double the rise in the previous quarter. Gains in sales of durable goods have been somewhat larger than those for nondurable goods, in part because of in­ creased buying of automobiles. With strikes in the industry mainly settled, domestic sales of autos in the first quarter appear to have risen to an annual rate of around 8 million cars, a signifi­ cant improvement over most of last year. Sales of household dur­ able goods also have been strengthening recently. Among non­ durable goods, sales of apparel and food appear to have rebounded after the poor showing in the latter part of 1967. Most of the rise in consumer outlays stems from a sharp jump in wage and salary income in the first quarter. Since the end of last year, employment has risen vigorously and gains in weekly earnings have been accelerating. In February, weekly earnings in manufacturing were almost 7 per cent above their year-earlier level, in part because of a longer workweek. A statutory in­ crease in minimum wages in February and a large rise in social security benefits in March also contributed to the substantial gain in income in the first quarter. Because most of the recent rise in consumption was associated with a rapid advance in after-tax income, the saving rate ap­ pears to have remained high. However, some recent develop­ ments may tend to lower the rate of saving as this year progresses. Consumers have improved their financial position significantly. Income gains for lower and medium income groups have been rela­ tively large this year, in contrast to 1967 when the income distri­ bution may have shifted somewhat in favor of the higher income CONSUMER EXPENDITURES groups, which typically save a larger proportion of their income. For example, last year interest payments rose strongly and salary income increased faster than wage income. The Michigan Survey taken last November had reported that most of the increased num­ ber of families who stated that they were worse oft in 1967 were in the lower income groups. On the other hand, continuation of the Vietnam conflict, rising prices, and the large stock of relatively new durable goods in con­ Dept, of Commerce data, season­ ally adjusted, billions of dollars. sumers’ hands may continue to retard consumer demands and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONSUMER EXPENDITURES AND SAVING 253 encourage their willingness to accumulate additional liquid assets. Home sales may increase this year, but the stimulus to expendi­ tures for durable goods arising from the housing sector will prob­ ably be moderate. For these reasons a large drop in the rate of saving seems unlikely. Even if the saving rate remains high, with the growth in spend­ ing merely keeping pace with rapidly rising incomes, expansion in consumer expenditures would be substantial and prices would con­ tinue to be subject to further upward pressures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Meeting of Governors of Central Banks Contributing to Gold Pool: Communique The Governors of the Central Banks of Bel­ economic stability, avoid as far as possible gium, Germany, Italy, the Netherlands, increases in interest rates or a tightening of Switzerland, the United Kingdom, and the money markets, and thus contribute to con­ United States met in Washington on March ditions that will help all countries move 16 and 17, 1968, to examine operations of toward payments equilibrium. the gold pool, to which they are active con­ The Governors agreed to cooperate fully tributors. The Managing Director of the to maintain the existing parities as well as International Monetary Fund and the Gen­ orderly conditions in their exchange markets eral Manager of the Bank for International in accordance with their obligations under Settlements also attended the meeting. the Articles of Agreement of the IMF. The The Governors noted that it is the de­ Governors believe that henceforth officiallytermined policy of the U.S. Government to held gold should be used only to effect trans­ defend the value of the dollar through ap­ fers among monetary authorities and, there­ propriate fiscal and monetary measures and fore, they decided no longer to supply gold that substantial improvement of the U.S. to the London gold market or any other gold balance of payments is a high-priority ob­ market. Moreover, as the existing stock of jective. monetary gold is sufficient in view of the They also noted that legislation approved prospective establishment of the facility for by Congress makes the whole of the gold Special Drawing Rights, they no longer feel stock of the nation available for defending it necessary to buy gold from the market. the value of the dollar. Finally, they agreed that henceforth they will They noted that the U.S. Government not sell gold to monetary authorities to re­ will continue to buy and sell gold at the place gold sold in private markets. existing price of $35 an ounce in trans­ The Governors agreed to cooperate even actions with monetary authorities. The Gov­ more closely than in the past to minimize ernors support this policy and believe it con­ flows of funds contributing to instability in tributes to the maintenance of exchange the exchange markets, and to offset as nec­ stability. essary any such flows that may arise. The Governors noted the determination In view of the importance of the pound of the U.K. authorities to do all that is sterling in the international monetary sys­ necessary to eliminate the deficit in the U.K. tem, the Governors have agreed to provide balance of payments as soon as possible and further facilities which will bring the total to move to a position of large and sustained of credits immediately available to the U.K. surplus. authorities (including the IMF standby) to Finally, they noted that the governments $4 billion. of most European countries intend to pur­ The Governors invite the cooperation of sue monetary and fiscal policies that en­ other central banks in the policies set forth courage domestic expansion consistent with above. 254 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Staff Economic Studies The research staffs of the Board of Gover­ In all cases the analyses and conclusions nors of the Federal Reserve System and of set forth are those of the authors and do the Federal Reserve Banks undertake studies not necessarily indicate concurrence by the that cover a wide range of economic and Board of Governors, by the Federal Reserve financial subjects, and other staff members Banks, or by members of their staffs. prepare papers related to such subjects. In Single copies of the full text of each of some instances the Board or the Federal Re­ the studies or papers that are summarized serve Banks finance similar studies by mem­ below are available in mimeographed form. bers of the academic profession. The list of Federal Reserve Board publica­ From time to time the results of studies tions at the back of each Bulletin includes that are of general interest to the economics a separate section entitled “Staff Economic profession and to others are summarized— Studies’’ that enumerates the studies for or they may be printed in full—in this sec­ which copies are currently available in that tion of the Bulletin. form. Study Summary EFFECTS OF MONEY ON INTEREST RATES William E. Gibson, formerly a Research Fellow at the Federal Reserve Bank of Chicago; presently Assistant Professor at the University of California, Los Angeles This paper was prepared under a Research fellowship at the federal Reserve Rank of Chicago. It is substantially the author’s doctoral dissertation submitted to the University of Chicago in December 1967. This study distinguishes three effects of within 5 months. If the money stock in­ money on interest rates: liquidity, income, creases at a constant proportional rate, and price-expectations effects. The magni­ liquidity effects are continuous and positive tude and timing of the combined operation income effects predominate less rapidly. of the three effects were estimated by using Even here, however, the negative effects are data for the United States covering the pe­ offset within 3 to 9 months. riod 1867-1966. The estimates show that a The relatively short period following a change in the money stock produces an im­ change in the money stock during which in­ mediate negative liquidity effect on market terest rates return to their previous levels interest rates and that a short time later it implies a short lag in the effect of money on also produces positive income effects that income. Assuming a unitary income elastic­ tend to offset the initial negative influence ity of demand for money, income increases 255 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

256 FEDERAL RESERVE BULLETIN □ MARCH 1968 in roughly the same proportion as money short-term rates a third of a percentage point within 5 months. If the money stock is and long-term rates a sixteenth of a point. constantly increased, income increases at In addition, there appears to be a cyclical roughly the same rate 3 to 9 months later. factor in the formation of price expectations The expectations effects of changes in in the United States, implying a higher-order current prices on interest rates are spread weighting pattern for past price changes. A over long periods, and a given effect is second peak comes after 3 years, the ap­ spread over a more extended period the proximate average duration of a reference longer the term of the rate. This suggests cycle. This suggests that the formation of that longer-term price expectations are based more heavily on less recent past price be­ price expectations is also influenced by the havior than are short rates. An increase of stage to which the economy has progressed 1 per cent in the rate of price change raises within the business cycle. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BALANCE OF PAYMENTS PROGRAM Revised Guidelines For Banks and Nonbank Financial Institutions' On January 1, 1968, a new program to re­ those countries. Each bank will reduce its duce the deficit in the nation’s balance of ceiling on each reporting date by the amount payments by a target amount of $3 billion of the reduction in term loans to Western in 1968 was announced by the President of Europe during the preceding month. the United States. An integral part of the All banks also are asked to reduce the program is a substantial tightening of re­ amount of short-term credit outstanding straint on foreign lending by financial in­ (loans with maturities of 1 year or less) to stitutions. Accordingly, the Board of Gov­ developed countries of continental Western ernors has revised the guidelines for banks Europe by 40 per cent of the amount of and other financial institutions as follows: such credit outstanding on December 31, 1967. This reduction is to be achieved at a THE REVISED 1968 PROGRAM FOR minimum rate of 10 per cent per quarter, COMMERCIAL BANKS cumulative, and the ceiling will be reduced The 1968 ceiling for banks accounting for correspondingly. That is, each bank is asked about 95 per cent of the 1967 ceiling will at the end of each quarter to reduce its ceil­ be 103 per cent of the-end-of 1964 base. ing for 1968 by 10 per cent of the amount Banks whose target ceiling for 1967 was of short-term credits to developed countries less than 2 per cent of total assets as of of Western Europe outstanding on Decem­ December 31, 1966, may take the latter ber 31, 1967, and to achieve at least an figure as their 1968 ceiling. However, such equivalent reduction in such credits during banks are asked to use not more than one- the quarter. third of the amount by which this figure These revisions in the guidelines are de­ exceeds their 1967 ceiling during the course signed to induce a net inflow of capital to of 1968. These banks are requested not to the financial institutions during 1968. Since exceed their 1967 ceiling, even within the the major effects of the revisions are focused limitation set forth above, except to make on the developed countries of continental priority credits, that is, export credits or Western Europe, it should be possible to credits to developing countries. achieve this inflow without endangering All banks are requested to reduce the other important national objectives, such as amount of term loans (loans with original export promotion and the supplying of capi­ maturities of more than 1 year) to residents tal to the developing countries. of developed countries of continental West­ ern Europe by not renewing such loans at THE REVISED 1968 PROGRAM FOR NONBANK FINANCIAL INSTITUTIONS maturity, and by not relending the repay­ ments of such loans to other residents of The program announced on January 1, 1968, has been changed as follows: 1 The Guidelines issued on January 1, 1968, have been re­ 1. Liquid funds in Canada, as well as vised to reflect the exclusion of Canada from the President’s balance of payments program, as announced by the Soard on short- and intermediate-term credits to Ca- March 13, 1968. 257 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

258 FEDERAL RESERVE BULLETIN □ MARCH 1968 nadians, are no longer considered to be held at the beginning of 1968 be carried “covered” assets. With this change, all claims throughout 1968 at the values reflected in on Canadians, regardless of maturity, are the report (on Form FR 392R-68) filed for exempt from the guideline ceiling. December 31, 1967, and that equities pur­ 2. All net investments in foreign busi­ chased during 1968 be carried at cost. nesses are now considered to be foreign fi­ Among the types of foreign assets covered nancial assets reportable under the program. by the program, institutions arc still re­ The effect of this change is to apply the same quested to give absolute priority to credits guideline treatment to investment in non­ that represent financing essential to the sale financial subsidiaries and affiliates located of U.S. goods abroad. They may invest in abroad as to investment in foreign branches, noncovered foreign assets as desired. financial subsidiaries and affiliates. Only financial institutions holding covered All institutions are still requested to re­ assets of $500,000 or more, or total foreign duce their holdings of foreign assets covered assets of $5 million or more, are asked to file by the program by 5 per cent or more during quarterly reports with their Federal Reserve 1968, with the target reduction based on the Bank. However, institutions with holdings amount of such assets held on December 31, below these amounts are also expected to 1967. They generally are expected to reduce abide by the provisions of the program. their holdings of liquid funds abroad (other The group of institutions covered by the than in Canada) to zero during 1968, except nonbank guidelines continues to include trust to the extent that minimum working bal­ companies and trust departments of com­ ances are required for the conduct of foreign mercial banks, mutual savings banks, insur­ business activities. ance companies, investment companies, fi­ Institutions are expected also to refrain nance companies, employee retirement and from making any new investments, in either pension funds, college endowment funds, debt or equity form, in the developed coun­ and charitable foundations. Also included tries of continental Western Europe, except are the U.S. branches of foreign insurance for new credits judged essential to the fi­ companies and of other foreign nonbank nancing of U.S. exports as evidenced by ex­ financial corporations. Investment under­ emption from the interest equalization tax writing firms, securities brokers and dealers, (IET) that otherwise would apply. and investment counseling firms also arc The definition of covered assets continues covered with respect to foreign financial as­ to: (a) exclude foreign assets of types other­ sets held for their own account and are re­ wise covered by the program but acquired quested to inform their customers of the as “free delivery” items after December 31, program in those cases where it appears 1967; and (b) provide that equity securities applicable. Guidelines for Banks 1. Ceiling and reporting izenship, except their agencies or branches located within the United States; branches, A. Meaning of terms: (1) “Foreigners” include individuals, subsidiaries, and affiliates of U.S. banks and partnerships, and corporations domiciled other U.S. corporations that are located in outside the United States, irrespective of cit- foreign countries; and any government of a Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISED GUIDELINES 259 foreign country or official agency thereof Prussia that are under the provisional ad­ and any official international or regional ministration of the Union of Soviet Socialist institution created by treaty, irrespective of Republics, and any part of Vietnam that is location. dominated or controlled by international (2) “Foreign long-term securities” are communism. those issued without a contractual maturity B. Specific inclusions and exclusions in or with an original maturity of more than 1 calculating the ceiling: year from the date of issuance. (3) “Other claims” include all long-term (1) Claims on foreigners should be in­ claims other than securities, real assets, net cluded without deduction of any offsets. investment in and advances to foreign Foreign long-term securities held for banks’ branches and subsidiaries, and all short-term own account should be included. Foreign claims (such as deposits, money market in­ customers’ liability for acceptances exe­ struments, customers’ liability on accept­ cuted should be included whether or not the ances, and loans). acceptances are held by the reporting bank. (4) “Nonexpert credit” means a foreign Participations purchased in loans to foreign­ credit other than one that arises directly out ers (except loans guaranteed or participated of the financing of exports of U.S. goods or in by the Export-Import Bank or insured services or that is reasonably necessary for by the Foreign Credit Insurance Associa­ the financing of such exports. tion) should be included; also, foreign as­ (5) “Developed countries” arc Abu sets sold to U.S. residents, including the Dhabi, Australia, Austria, the Bahamas, Export-Import Bank, with recourse should Bahrain, Belgium, Bermuda, Canada, Den­ be included. mark, France, Germany (Federal Republic), (2) Contingent claims, unutilized cred­ Hong Kong, Iran, Iraq, Ireland, Italy, Japan, its, claims held for account of customers, Kuwait, Kuwait-Saudi Arabia Neutral Zone, acceptances executed by other U.S. banks, Libya, Liechtenstein, Luxembourg, Mon­ loans guaranteed or participated in by the aco, Netherlands, New Zealand, Norway, Export-Import Bank or insured by the Portugal, Qatar, Republic of South Africa, Foreign Credit Insurance Association, and San Marino, Saudi Arabia, Spain, Sweden, any increase in claims on Canadian residents Switzerland, and the United Kingdom. Also over the amount of such claims held on to be considered “developed” are the follow­ February 29, 1968, should be excluded. ing countries: Albania, Bulgaria, any part C. Ceiling of China that is dominated or controlled by international communism, Cuba, Czech­ (1) Foreign credits included in the ceil­ oslovakia, Estonia, Hungary, any part of ing are a bank’s total claims on foreigners Korea that is dominated or controlled by held for own account, with the specific in­ international communism, Latvia, Lithuania, clusions and exclusions set forth in Section Outer Mongolia, Poland (including any area B above. The 1968 ceiling for a bank re­ under its provisional administration), Ru­ porting on Form F.R. 391 on October 31, mania, Soviet Zone of Germany and the 1967, and that had foreign assets of $500,­ Soviet sector of Berlin, Tibet, Union of 000 or more on that date is either: (1) 103 Soviet Socialist Republics and the Kurile per cent of the amount of foreign assets held Islands, Southern Sakhalin, and areas in East on December 31, 1964, or (2) an amount Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

260 FEDERAL RESERVE BULLETIN a MARCH 1968 equal to (a) its 1967 ceiling under the ers or originating in its normal trade area. guidelines issued in December 1966 plus In discussing the ceiling of such a bank, (b) one-third of the difference between that the Federal Reserve Bank will ascertain the amount and 2 per cent of the bank’s total bank’s previous history in foreign transac­ assets as of December 31, 1966, whichever tions, including acceptance of foreign de­ is larger. posits or handling foreign collections, and (2) All banks are requested, effective the reasons why the bank considers that it from the date of the announcement of these should engage in foreign transactions. revised guidelines, to refrain from renewing D. Reporting term loans (those with original maturities of more than 1 year) to residents of devel­ (1) Banks that report on Treasury For­ oped countries of continental Western Eu­ eign Exchange Forms B-2 or B-3, or that rope, or relending amounts received in re­ have been granted special ceilings under payment of such loans, except to make bona provisions of these guidelines, should file a fide export credits. The ceiling of each bank Monthly Report on Foreign Claims (Form receiving such repayments will be adjusted F.R. 391/68.2) with the Federal Reserve monthly by deducting therefrom the dollar Bank of the Federal Reserve district in amount of those repayments. which the bank is located. (3) All banks are requested further to (2) Copies of Form F.R. 391/68.2 are reduce the amount of outstanding short­ available at the Federal Reserve Banks. term credits (credits with original maturi­ ties of 1 year or less) to residents of de­ 2. Exclusions from the ceilings veloped countries of continental Western Loans guaranteed or participated in by Europe by 40 per cent of the amount of the Export-Import Bank or insured by the such credits held on December 31, 1967, Foreign Credit Insurance Association are during the course of 1968. This reduction excluded from the ceiling. The role of the should be made at a rate of at least 10 per­ Export-Import Bank within the framework centage points in each quarter; the ceiling of the President’s program is coordinated by for each bank will be reduced correspond­ the National Advisory Council for Interna­ ingly, that is, quarterly by an amount equal tional Monetary and Financial Policies. Also to 10 per cent of the amount outstanding excluded is any increase in claims on Cana­ on December 31, 1967. dian residents over the amount of such (4) Any bank that sells a foreign asset claims held on February 29, 1968. to a U.S. resident, including the Export­ Import Bank, without recourse should re­ 3. Credits in excess of ceiling duce its ceiling by an equivalent amount. (5) A bank that had no ceiling in 1967, A bank would not be considered as act­ or that had foreign assets of $500,000 or ing in a manner inconsistent with the pro­ less on October 31, 1967, may discuss with gram if it temporarily exceeds its ceiling as the Federal Reserve Bank of the Federal a result of the extension of bona fide export Reserve district in which it is located, the credits. possibility of adopting a special ceiling ade­ The bank should, however, refrain from quate to permit the bank to meet reasonable making new extensions of nonpriority cred­ priority credit demands of existing custom­ its so as to reduce its claims on foreigners Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISED GUIDELINES 261 to an amount within the ceiling as quickly should follow the guidelines with respect to as possible. It should also take every oppor­ nonbank financial institutions. tunity to withdraw or reduce commitments, including credit lines, that are not of a firm 6. Transactions for the account of customers nature and to assure that drawings under A bank should bear in mind the Presi­ credit lines are kept to normal levels and dent’s balance of payments program when usage. At time of renewal, each credit line acting for the account of a customer. Al­ should be reviewed for consistency with the though the bank is obliged to follow a program. customer’s instructions, it should to the ex­ A bank whose foreign credits are in ex­ tent possible discourage customers from cess of the ceiling will be invited periodically placing liquid funds outside the United to discuss with the appropriate Federal Re­ States, except in Canada. A bank should not serve Bank the steps it has taken and pro­ place with a customer foreign obligations poses to take to reduce its credits to a level that, in the absence of the voluntary credit within the ceiling. restrain program, it would have acquired or held for its own account. 4. Loan priorities 7. Foreign branches Within the ceiling, absolute priority should be given to bona fide export credits. Credits The voluntary credit restraint program is that substitute for cash sales or for sales not designed to restrict the extension of customarily financed out of nonbank or foreign credits by foreign branches if the foreign funds are not entitled to priority. funds utilized are derived from foreign With respect to nonexport credits, banks sources and do not add to the outflow of should give the highest priority to loans to capital from the United States. developing countries and should avoid re­ Total claims of a bank’s domestic oHices strictive policies that would place an undue on its foreign branches (including perma­ burden on Japan or the United Kingdom. nent capital invested in as well as balances A bank adopting a I 968 ceiling equal to due from such branches) represent bank 2 per cent of its total assets on December credit to nonresidents for the purposes of 31, 1966, will be expected to restrict the the program. use of any excess over its 1967 ceiling to priority credits (that is, export credits and 8. “Edge Act” corporations credits to developing countries) originating “Edge Act” and “Agreement” corpora­ among the bank’s regular customers or resi­ tions are included in the voluntary credit dents of its trade territory. That is, subject restraint program. Foreign loans and invest­ to the limitations set forth in Guideline ments of such corporations may be com­ 1C(1), holdings of foreign credits on any bined with those of the parent bank, or a reporting date should not exceed the 1967 separate ceiling may be adopted for the ceiling by more than the increase in hold­ parent bank and each such subsidiary cor­ ings of priority credits between October 31, poration. If such corporation is owned by a 1967, and the reporting date. bank holding company, its foreign loans and investments may be combined for pur­ 5. Trust departments poses of the program with any one or all Trust departments of commercial banks of the banks in the holding company group. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

262 FEDERAL RESERVE BULLETIN □ MARCH 1968 9. U.S. branches and agencies of foreign new loans that would directly or indirectly banks enable borrowers to use funds abroad in a Branches and agencies of foreign banks manner inconsistent with the Department located in the United States are requested of Commerce program or with the guide­ to act in accordance with the spirit of the lines for nonbank financial institutions. domestic commercial bank voluntary credit (B) Loans to U.S. subsidiaries and restraint program. branches of foreign companies that other­ wise might have been made by the bank to 10. Loans to U.S. residents and substitution the foreign parent or other foreign affiliate of domestic credit for credit from foreign of the company, or that normally would sources have been obtained abroad. There are a number of situations in which loans to domestic customers, individ­ 11. Management of a bank’s liquid funds ual as well as corporate, may be detrimen­ tal to the President’s balance of payments A bank should not place its own funds program and hence should be avoided. Ex­ abroad for short-term investment purposes, amples are: whether such investments are payable in (A) Loans to U.S. residents—individ­ foreign currencies or in U.S. dollars. This uals as well as corporations—that will aid does not, however, apply to investments in the borrower in making new foreign loans Canada, nor does it call for a reduction in or investments inconsistent with the Presi­ necessary working balances held with for­ dent’s program. Banks should avoid making eign correspondents. Guidelines for Nonbank Financial Institutions Through the end of calendar year 1968, gotiable instruments maturing in I year or each institution is requested to reduce its less. aggregate holdings of “covered” foreign Fi­ 2. All other claims on non-Canadian nancial assets to 95 per cent or less of its foreign obligors written to mature in 10 “adjusted base-date holdings.” years or less at date of acquisition. This cate­ Covered foreign financial assets, subject gory includes bonds, notes, mortgages, loans, to the guideline ceiling, include the following and other credits. Excluded arc bonds and types of investments, except for “free deliv­ notes of international institutions of which ery” items received after December 31, the United States is a member, and loans 1967: guaranteed or participated in by the Export­ 1. Liquid funds in all foreign countries Import Bank or insured by the Foreign other than Canada. This category comprises Credit Insurance Association, regardless of foreign bank deposits, including deposits in maturity. foreign branches of U.S. banks, and liquid 3. Net financial investment in foreign money market claims on foreign obligors, branches, subsidiaries and affiliates, located generally defined to include marketable ne­ in developed countries other than Canada Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISED GUIDELINES 263 and Japan.' Such financial investment in­ other than American investors or in other cludes payments into equity and other capi­ than U.S. markets. On each reporting date tal accounts of, and net loans and advances in 1968, “carrying” value should be the to, any foreign businesses in which the U.S. value reflected in the institution’s report (on institution has an ownership interest of 10 Form FR 392R-68) for December 31,1 967, per cent or more. Excluded are earnings of in the case of equities held on that date, and a foreign affiliate if they are directly retained it should be cost in the case of equities pur­ in the capital accounts of the foreign busi­ chased after that date. ness. “Adjusted” base-date holdings, to which 4. Long-term credits of foreign obligors the 95 per cent ceiling applies, are equal to domiciled in developed countries other than “base-date” holdings as defined above, with Canada and Japan.' Included in this cate­ the two types of adjustment for sales of in­ gory are bonds, notes, mortgages, loans, and cluded covered equities during the current other credits maturing more than 10 years quarter. after date of acquisition. Excluded are bonds In making foreign loans and investments of international institutions of which the that are subject to the guideline ceiling, in­ United States is a member. stitutions are asked to give absolute priority 5. Equity securities of foreign corpora­ to credits that represent the bona fide financ­ tions domiciled in developed countries other ing of U.S. exports—that is, financing neces­ than Canada and Japan ' except those ac­ sary to consummate the export sale. At the quired after September 30, 1965, in U.S. same time, institutions generally arc ex­ markets from American investors. The test pected to reduce their holdings of covered of whether an equity security is covered will foreign liquid funds (both deposits and depend on the institution’s obligation to pay money market instruments) to zero during the IET on acquisition. Exclusion from cov­ 1968, even though it entails a reduction in ered assets under this program normally total covered assets considerably larger than will be indicated when, in acquiring an 5 per cent. However, an institution may equity security that otherwise would be cov­ maintain such minimum working balances ered, the purchasing institution receives a abroad as are needed for the efficient con­ certificate of prior American ownership, or duct of its foreign business activities. In brokerage confirmation thereof. addition, institutions are requested to refrain “Base-date” holdings for any reporting from making any new investments, in either date in 1968 are defined as: (1) total hold­ debt or equity form, in the developed coun­ ings of covered foreign assets as of December tries of continental Western Europe, except 31, 1967; (2) minus, equity securities of for new credits judged essential to the financ­ companies domiciled in developed countries ing of U.S. exports as evidenced by exemp­ (except Canada and Japan),1 that are in­ tion from the IET that otherwise would apcluded in (1) but had been sold to American piyinvestors prior to the current quarter; (3) For some institutions, repatriation of liq­ plus, or minus, the difference between sales uid funds, cessation of new investment in the proceeds and “carrying” value of covered countries of continental Western Europe, equities sold prior to the current quarter to and maximum restraint on reinvestment of current maturities of other covered assets ^ee “Note” on p. 265. may not be sufficient to reduce total covered Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

264 FEDERAL RESERVE BULLETIN □ MARCH 1968 assets by the target objective of 5 per cent after December 31,1967. Such assets should or more. In such instances, or when there be reported as a memorandum item, as are other special circumstances—such as the should Ioans guaranteed or participated in existence at year-end 1967 of firm commit­ by the Export-Import Bank or insured by ments to invest, or the need to accommodate the Foreign Credit Insurance Association. requests for the bona fide financing of U.S. Each nonbank financial institution hold­ exports—an institution may consult with its ing, on any quarterly reporting date, covered Federal Reserve Bank with a view to work­ assets of $500,000 or more, or total foreign ing out an individually tailored program for financial assets of $5 million or more, is achieving an orderly reduction in the institu­ requested to file a statistical report, covering tion’s covered foreign assets. In the absence its total holdings on that date, with the Fed­ of such an arrangement, institutions will be eral Reserve Bank of the Federal Reserve expected to make progress from quarter to district in which its principal office is located. quarter on the reduction targeted for the The reports are due within 20 days following year as a whole. the close of each calendar quarter, and forms Foreign financial assets not covered by may be obtained by contacting the Federal the guideline are still reportable on the Reserve Bank. quarterly statistical reports to the Federal Reserve Banks, but are not subject to the General Considerations target reduction. Such noncovered foreign In cooperating in the voluntary foreign investments include the following: credit restraint program, the nonbank finan­ I. All financial assets in, or claims on cial institutions are requested to refrain residents of, the Dominion of Canada. from making loans and investments incon­ 2. Bonds and notes of international in­ sistent with other aspects of the President’s stitutions of which the United States is a balance of payments program. Among these member, regardless of maturity. are the following: ( I ) noncovered credits 3. Long-term investments in all develop­ under this program that substitute for loans ing countries and in Japan, including credit that commercial banks would have made instruments with final maturities of more in the absence of that part of the program than 10 years at date of acquisition, direct applicable to them; (2) credits to U.S. cor­ investment in subsidiaries and affiliates, and porate borrowers that would enable them to all equity securities issued by firms domiciled make new foreign loans and investments in­ in these countries. consistent with the corporate part of the 4. Equity securities of firms in developed program; (3) credits to U.S. subsidiaries countries other than Canada and Japan that and branches of foreign companies that have been acquired in U.S. markets from otherwise would have been made to the American investors (see Point 5 above). foreign parent, or that would substitute Foreign assets of types covered by the for funds normally obtained from foreign program and acquired as “free delivery" sources. items—that is, as new gifts or, in the case The voluntary foreign credit restraint pro­ of trust companies or trust departments of gram for nonbank financial institutions does commercial banks, in new accounts depos­ not apply to the investment, within the ited with the institution—are not now de­ country involved, of reserves accumulated on fined as covered assets, if they are acquired insurance policies sold abroad, in amounts Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISED GUIDELINES 265 up to 110 per cent of such reserves. Further­ Europe may be used to finance investments more, in view of the balance of payments in these countries, and funds borrowed in objectives of the program, it is noted that other developed countries (except Canada covered investments of nonbank financial and Japan) may be used to finance invest­ institutions may be permitted to exceed the ment in covered foreign assets elsewhere. guideline ceiling to the extent that the funds Any institution desiring to offset foreign for such investment are borrowed in coun­ borrowing against foreign investment, how­ tries that are subject to the same guideline ever, should discuss its plans with the Fed­ limitations. Thus, funds borrowed in the eral Reserve Bank before entering into such developed countries of continental Western an arrangement. Nori-:.—Developed countries other than Canada and ternational communism. Cuba. Czechoslovakia. Es- Japan: continental Western Europe—Austria, Bel­ lonia. Hungary, any part of Korea which is dominated gium. Denmark, France, Germany (Federal Repub­ or controlled by international communism. Latvia. lic), Italy, Liechtenstein, Luxembourg, Monaco, Neth­ Lithuania. Outer Mongolia. Poland (including any erlands, Norway. Portugal. San Marino, Spain. Sweden, area under its provisional administration). Rumania. and Switzerland; other developed countries are: Abu Soviet Zone of Germany and the Soviet sector of Ber­ Dhabi, Australia, the Bahamas. Bahrain. Bermuda. lin. Tibet, Union of Soviet Socialist Republics and the Hong Kong. Iran. Iraq. Ireland. Kuwait, Kuwait-Saudi Kurile Islands, Southern Sakhalin, and areas in East Arabia Neutral Zone, Libya. New Zealand. Qatar, Prussia which are under the provisional administration Republic of South Africa. Saudi Arabia, and the United Kingdom. Also to be considered “developed" of the Union of Soviet Socialist Republics, and any are the following countries: Albania. Bulgaria, any part of Vietnam that is dominated or controlled by part of China which is dominated or controlled by in- international communism. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Treasury and Federal Reserve Foreign Exchange Operations This twelfth joint interim report reflects the This report was prepared by Charles A. Treasury-Federal Reserve policy of making Coombs, Vice President in charge of the available additional information on foreign Foreign Department of the Federal Reserve exchange operations from time to time. The Rank of New York, and Special Manager, Federal Reserve Rank of New York acts as System Open Market Account. It covers agent for both the Treasury and the Federal the period September 1967 to early March Open Market Committee of the Federal Re­ 1968. Previous reports were published in serve System in the conduct of foreign ex­ Bulletins for September and March of change operations. each year beginning with September 1962. The shock effects on international financial tion, was in itself evidence of the remark­ markets of the cut in the sterling parity from able development of international financial $2.80 to $2.40 on November 1 8, 1967, dra­ cooperation in recent years. matically illustrated some of the reasons Much advance thinking had, of course, why the British Government, the Bank of been done on the damage-control measures England, and monetary authorities through­ that would be required in the event of a out the world had fought for the previous devaluation of sterling, and there was an 3 years to stave off such a devaluation of the immediate closing of the ranks among the pound. Without the strenuous effort made major industrial countries. By the end of by the Labor Government to defend the the first week after the devaluation of ster­ $2.80 parity by severe domestic restraint ling, a series of official announcements had programs, reinforced by foreign financial made it clear that no other major currency support, sterling might have collapsed in would follow. disorder long before, with far more damag­ As expected, however, the sterling deval­ ing repercussions on world trade and fi­ uation triggered heavy speculative buying nance. on the London gold market and massive As it was, the decision of the British Gov­ flows of funds across the exchanges. To deal ernment last November to reinforce its pro­ with these problems, the governors of the gram of shifting resources from domestic to central banks of Belgium, Germany, Italy, export uses by a moderate devaluation of the Netherlands, Switzerland, the United sterling was a deliberate, careful judgment Kingdom, and the United States convened based on prospective balance of payments in Frankfurt on November 26, 1967. As trends. The very choice of the new $2.40 noted in their subsequent communique, parity, a rate cut that provided a fully ade­ they “took decisions on specific measures quate stimulus to British overseas trade to ensure by coordinated action orderly con­ without simultaneously forcing any other ditions in the exchange markets and to sup­ major currency into a competitive deprecia­ port the present pattern of exchange rates 267 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

268 FEDERAL RESERVE BULLETIN □ MARCH 1968 based on the fixed price of $35 per ounce European currencies from the International of gold.” Monetary Fund (IMF) and issued $166 In addition to continuing operations in million of foreign currency securities. As a the London gold market, the Frankfurt result, by early March the debt to foreign meeting approved a number of specific new central banks incurred by the Federal Re­ measures designed to deal with the danger­ serve had been reduced by $1,234 million ously heavy flows of funds into central bank reserves that had been set off by the ster­ TABLE 1 ling devaluation. These included agreement FEDERAL RESERVE RECIPROCAL CURRENCY on a massive expansion of the Federal Re­ ARRANGEMENTS serve swap network, from $5,030 million to (In millions of dollars) $7,080 million. Most of the increases in in­ Amount Federal Reserve dividual swap lines were negotiated and of commitments facility announced within a few days’ time. Thus Mar. 8. 1968 Sept. I. Mar. 8, strengthened, the Federal Reserve swap net­ 1967 1968 work readily accommodated sizable addi­ Austrian National Bank....... 100 National Bank of Belgium. . . 225 120 । 120.8 34.5 tional drawings by the Federal Reserve in Bank of Canada.................... 750 National Bank of Denmark... 100 order to absorb flows of “hot” money into Bank of England................... I ,500 Bank of France..................... 100 the reserves of member central banks in the German Federal Bank........... 750 / ' 350 ' Bank of Italy......................... 750 ........ 500 325.0 network. Bank of Japan....................... 750 Bank of Mexico.................... 130 By late December 1967, such Federal Netherlands Bank................. 225 20' - 170 65.0 Bank of Norway................... 100 Bank of Sweden.................... 200 Reserve drawings had risen to a record level Swiss National Bank............. 400 173..............250 ”77.6' Bank for International Settle­ of $1,791 million, of which $650 million ments: Swiss francsfdollars........... 400 200 400 5 5.0 was in Swiss francs drawn from the Swiss Authorized European cur­ rencies'do liars............. 600 National Bank and the Bank for Interna­ Total........................ 7,080 513 1.790.8 556.5 tional Settlements (BIS), $500 million in Italian lire, $350 million in German marks, 1 Peak commitment of $150 million reached on Nov. 13, 1967. 2 Peak commitment of $185 million reached on Jan. 4, 1968. $170 million in Dutch guilders, and $121 million in Belgian francs. These drawings to $557 million. As shown in Table I, Fed­ were made in the expectation that much of eral Reserve swap commitments outstand­ the heavy flow of funds to continental ing as of March 8 consisted of $325 million European central banks would be reversed, in Italian lire, $132 million in Swiss francs, as the shock effects of the British devalua­ $65 million in Dutch guilders, and $34.5 tion began to wear off and the United States million in Belgian francs. took measures to protect the dollar. Among the increases in the Federal Re­ On January 1, 1968, President Johnson serve swap network announced shortly after announced a drastic program to improve the British devaluation was a rise in the the U.S. payments balance. Reflows of funds swap line with the Bank of England from out of continental European currencies sub­ $1,350 million to $1,500 million. In addi­ sequently developed in heavy volume, en­ tion to this $150 million increase in the abling the U.S. authorities to make very siz­ Federal Reserve credit line, new facilities able paydowns on their short-term commit­ totaling over $1,350 million were secured ments. In addition to such reflows, the U.S. by the Bank of England from the U.S. Treasury drew $200 million of continental Treasury and various foreign central banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 269 Such reinforcement of the defenses of the rose to a total of $850 million while similar new sterling parity was deemed desirable in forward operations by the central banks of view of the heavy Bank of England recourse Switzerland, the Netherlands, and Belgium, to the Federal Reserve and other credit on behalf of the Federal Reserve System lines (including temporary accommodation and the U.S. Treasury, not only helped to from time to time by the U.S. Treasury) to arrest speculative inflows to these markets cope with reserve drains prior to devalua­ but also provided cover for roughly $ 115 tion. Tn the case of the Federal Reserve million of placements abroad. swap line, sizable drawings by the Bank of Even as the rush of speculative capital England had been necessary from the time flows was subsiding, however, the approach hostilities broke out in the Middle East in of the year-end window-dressing period pro­ June until the final speculative onslaught duced new, heavy inflows of short-term on the Friday preceding devaluation. Dur­ funds to continental European markets. As ing this period the entire $1,350 million in previous years, a joint central bank effort then available was used, with a large draw­ was undertaken to maintain orderly condi­ ing on the last day of the $2.80 parity. Since tions in the Euro-dollar market by rechan­ then, the Bank of England has repaid $300 neling such funds back to the market. Rein­ million, thus leaving available $450 million forcing these efforts by the European cen­ under the Federal Reserve swap line. There tral banks to avoid undue year-end pressure were no other foreign central bank drawings in the Euro-dollar market, the BIS, at the on the Federal Reserve swap network dur­ suggestion of the Federal Reserve, drew ing the period under review except for a dollars on its swap line with the System for $250 million drawing by the Bank of Can­ placement in the market. By the year-end, ada at the end of January to offset the BIS drawings stood at $346 million. In re­ effects of speculation primarily engendered sponse to such smoothing operations, the by the announcement on January I of the Euro-dollar market continued to function U.S. balance of payments program. efficiently, with no more than a normal sea­ Other major developments during the pe­ sonal rise in rates. In the aggregate, such riod under review included sizable opera­ central bank operations designed to avert tions in the forward markets by the German potentially disruptive strains in the Euro­ Federal Bank, the Swiss National Bank, the dollar market during the devaluation and Netherlands Bank, and the National Bank pre-year-end period totaled approximately of Belgium, in a number of instances act­ $1.4 billion. By March 8 the Federal Re­ ing on behalf of the Federal Reserve and serve and the Treasury had reduced their U.S. Treasury. Tn fact, one of the major forward currency liabilities in connection decisions at the Frankfurt meeting was a with these various operations from $115 coordinated launching of central bank oper­ million to $60.4 million equivalent. ations in the forward market, specifically During the period under review, the designed to induce reflows into the Euro­ Treasury increased its foreign currency se­ dollar market of “hot” money that had gone curities indebtedness by $476.0 million, to into continental European financial markets $1,489.8 million equivalent (Table 2). In in the wake of the sterling devaluation. Dur­ order to fund some of the short-term Treas­ ing November and December such forward ury and System commitments, the Treasury operations by the German Federal Bank sold a 2-year, $60.4 million note to the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

270 FEDERAL RESERVE BULLETIN □ MARCH 1968 TABLE 2 U.S. TREASURY SECURITIES—FOREIGN CURRENCY SERIES (In millions or dollars equivalent) Issues, or redemptions (~) Outstand- Outstanding ing Issued to— Dec. 31, 1967 Mar. 8, 1966 Jan. 1- 1968 Mar. 8, I II III IV 1968 Austrian National Bank............... 50.3 50.3 National Bank of Belgium............ 30.2 -30.2 60.4 60.4 German Federal Bank.................. 350.7 125.5 124.9 124.9 726.1 Bank of Italy.................................. 124.8 124.8 Netherlands Bank.......................... 65.7 65.7 Swiss National Bank..................... 210.9 100.1 310.7 Bank for International Settle­ ments t................................... 92.6 60.2 151.8 Total....................... 859.5 30.0 125.5 185.3 290.7 1,489.8 1 Denominated in Swiss francs. Note.—Discrepancies in amounts are due to valuation adjustments, refundings, and rounding. National Bank of Belgium; a 12-month, tion with drawings on the IMF. When Can­ $65.7 million certificate of indebtedness to ada drew $426 million equivalent of con­ the Netherlands Bank; and a 15-month, vertible currencies from the IMF in late $100 million note to the Swiss National February, arrangements were made among Bank. The Treasury used most of the Dutch the respective Canadian, U.S., and Euro­ guilders to help meet special swap commit­ pean authorities so that the German marks, ments with the Netherlands Bank, maturing Italian lire, Belgian francs, and Dutch in January, and sold the Belgian franc, guilders (together the equivalent of $150 Swiss franc, and the residual Dutch guilder million) in the package could be employed proceeds to the System for System liquida­ to reduce U.S. official foreign currency tions of swap commitments in those curren­ commitments. On March 8 the U.S. Treas­ cies between November and March. In addi­ ury itself drew $200 million of continental tion, the Treasury issued to the German European currencies from the IMF, and Federal Bank the second and third of four the balances so acquired were used to make scheduled 4'/2-year, $125 million notes further liquidations of existing commit­ denominated in German marks. These notes ments. have been issued quarterly since last July to the German Federal Bank in conjunction STERLING with the agreement between the U.S. and During the first quarter of 1967 sterling German Governments regarding the offset­ staged a strong recovery from the specula­ ting of $500 million of U.S. military ex­ tive onslaught suffered during the summer penditures in Germany. of 1966. Unexpectedly good balance of pay­ Apart from the issuance of foreign cur­ ments figures for the fourth quarter of 1966 rency securities, the United States acquired encouraged hopes that the progressive curb­ certain continental currencies in connec­ ing of inflationary pressure during the pre- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 271 ceding 2 years might finally enable the La­ In this vulnerable situation, new heavy bor Government to close the payments burdens were suddenly thrust upon sterling deficit. The London money market regained by the Middle East war that flared up in a competitive edge in attracting interna­ the week of June 4. On June 1, market ex­ tional short-term funds as credit conditions pectations of an imminent outbreak of hos­ in foreign financial centers eased consider­ tilities in the Middle East sparked a burst ably. Spurred by these favorable develop­ of selling of sterling. Such apprehension of ments on both trade and capital account, war affected sterling not only directly but a surge of short covering heavily swelled also indirectly through the Euro-dollar mar­ market demand for sterling, and the Bank ket, where precautionary withdrawals of of England made exceptional reserve gains. funds and the usual pressures associated By the end of March the exchange inflow with midyear window dressing combined had enabled the Bank of England to liqui­ to create a sudden squeeze and a sharp hike date completely $1.3 billion of international in rates. These dual pressures were imme­ credits previously received from the Federal diately met by a coordinated central bank Reserve and other foreign financial authori­ response in both exchange and Euro­ ties, while remaining central bank credits currency markets. On June 1 the U.S. au­ linked specifically to changes in sterling thorities, in consultation with the Bank of overseas balances were paid of! early in England, purchased a total of $92.9 million the second quarter. of sterling in the New York market on a After this auspicious beginning, unfor­ swap basis—buying spot against forward tunately, the tide began to swing against sales. That same day the BIS began placing sterling with gradually cumulative force. in the Euro-dollar market new dollar funds Shortly after the announcement on May 4 drawn under its swap arrangement with the of the third cut in the discount rate of the Federal Reserve. (See section on Euro­ Bank of England since the beginning of dollar market for details.) When war broke the year, from 6 per cent to 5!^ per cent, out, the U.S. authorities temporarily took Euro-dollar rates began to firm, and cov­ another $20 million of sterling out of pri­ ered interest rate comparisons, which had vate hands through additional swap pur­ tended to favor London earlier in the year, chases in New York. With the cessation of started to turn adverse. Even more disturb­ actual hostilities, covering by the market of ing were indications that Britain’s foreign short positions in sterling boosted the spot trade account was lapsing into new difli- rate from a low of $2.7900 on June 6 to culties. The announcement on May I I that $2.7932 on June 7 while permitting the the British trade deficit had jumped from Bank of England to recoup its losses of the $36 million in March to $115 million in preceding few days. April was followed a few days later by As the month progressed, however, mar­ President de Gaulle’s sharply negative com­ ket anxieties were aggravated by rumors of ments at a press conference on Britain’s major withdrawals of sterling by Arab coun­ application to join the Common Market. tries. In the latter part of June, reports of By mid-May these and other adverse devel­ shifts of Arab-held sterling balances to Paris opments had eroded the earlier recovery of triggered heavy selling of sterling, and the confidence and brought the influx of ex­ Bank of England extended substantial sup­ change to a standstill. port in holding the rate at just under Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

272 FEDERAL RESERVE BULLETIN □ MARCH 1968 $2.7900. The market had also become con­ Reserve during the third quarter, bringing cerned over the probable adverse conse­ its commitments under the swap line to $650 quences for the British balance of payments million. of the Suez Canal closure, and the an­ The rearguard action being fought by nouncement at midmonth of disappointing Bank of England officials in the exchange trade figures for May created still more ap­ markets became progressively more difficult prehension. Finally, the pull of foreign in­ and costly in October and November. In terest rates, particularly during a brief mid-October it was reported that Britain’s squeeze in the Euro-dollar market at the trade balance for September had deterio­ end of June, exerted further pressure. To rated sharply to a deficit of $ 146 million, the cushion the reserve impact of these devel­ largest in 15 months. As expected, the clos­ opments, the Bank of England drew $225 ing of the Suez Canal had raised the cost of million during June under its $1,350 mil­ fuel oil imports, but the trade figures also ap­ lion swap arrangement with the Federal Re­ peared to indicate a weakening trend in ex­ serve. ports. The outbreak in late September of a This swap drawing enabled the Bank of strike on the Liverpool docks, which subse­ England to cut its June reserve loss to $120.4 quently spread to London, raised justifiable million, but announcement of this figure fears that exports might show even sharper early in July nevertheless confirmed to the declines in October, and market confidence market that sterling had once more come in sterling deteriorated sharply. under pressure. During the month outflows Even more important, the unremitting of short-term funds continued for reasons selling pressure on sterling since the Middle of confidence and for higher yields abroad. East war had fanned into lively debate long- At midmonth, announcement of a further smoldering doubts held by many respon­ widening of the trade deficit in June touched sible publications and private individuals, off heavy sales of sterling and by the end of both in the United Kingdom and abroad, July the spot rate had declined to $2.7858. as to whether the $2.80 parity was econom­ The mid-August announcement of a sharp ically viable. In this debate, the basic gov­ swing in the U.K. trade balance in July—to ernment policy of seeking to shift domestic a small surplus from a large deficit the resources into exports by restraining domes­ month before—provided a brief respite tic demand came increasingly under attack. from the continuing pressures on the pound. In the eyes of the market, the lagging recov­ Moreover, market concern over the risk of ery of exports, the rise in unemployment, a breakdown in intergovernmental discus­ and the decision of the British Government sions of international liquidity was relieved to ease instalment credit controls in late after it was announced on August 26 that August increasingly suggested that a policy an agreement along general lines had been impasse had been reached. reached by the Group of Ten and that a These market fears were translated into plan to strengthen the international mone­ a heavy wave of selling of sterling, in both tary system would be ready for submission the spot and forward markets, during the to the IMF at its annual meeting in Septem­ first 2 weeks in October. Despite heavy in­ ber. Nevertheless, short-term outflows per­ tervention by the Bank of England, the sisted on balance, and the Bank of England sterling rate by October 12 had dropped to drew a further $425 million on the Federal $2.7824. In an effort to reassert official de- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 273 termination to hold the parity and to reduce the trade deficit in October had jumped to the still-continuing covered incentive in fa­ $300 million equivalent, the largest ever vor of the Euro-dollar market, the Bank of recorded, dramatized the disastrous effects England raised its discount rate by 1/2 per­ of the dock strike and very nearly extin­ centage point to 6 per cent on October 19. guished any remaining hopes in the mar­ The British rate action was immediately ket that the $2.80 parity could be held. At supported by the BIS which, in agreement this critical juncture, however, rumors be­ with the Federal Reserve, made placements gan to circulate that negotiations were in of funds in the Euro-dollar market by progress for sizable new international cred­ drawing on its swap facility with the Sys­ its to tide the United Kingdom over its dif­ tem, in an effort to prevent a rise in Euro­ ficulties once more. If a new credit package dollar rates from offsetting rate increases had in fact materialized, the grossly over­ on sterling money market instruments. But sold position of sterling might have led to market reaction was one of disappointment massive short covering such as had occurred that the British bank rate had not been in late 1965 and again in early 1967. raised a full percentage point, and heavy Accordingly, traders began to hedge their sales of sterling resumed, requiring very siz­ exposed positions in sterling, and on Thurs­ able intervention by the Bank of England day, November 16, short covering pushed in both the spot and forward markets that the sterling rate to $2.7848. That afternoon same day. In an effort to stabilize sterling in London, however, Chancellor Callaghan quotations in New York, the U.S. Treas­ refused in Parliament to confirm or deny ury initiated purchases of sterling at rates that such negotiations were in progress. Fi­ just under $2.7830. These operations, even­ nancial markets throughout the world imme­ tually involving total purchases of $47.1 diately concluded that the last hope of a million equivalent, continued through Mon­ turnaround in the sterling situation had dis­ day, October 23, and seemed to help calm appeared. On the next day, Friday, the mar­ the market somewhat during the final week ket was inundated by offers of sterling in of October. the expectation that a decision to devaluate The announcement on November 2 of a that weekend had already been taken. To $75.6 million reserve gain for October, help meet the avalanche of offerings of ster­ after taking credit for a loan of $103 mil­ ling, the Bank of England, which had lion equivalent from Swiss commercial already made further use of the Federal banks, was brushed aside by a market that Reserve swap line, drew the remainder avail­ had become increasingly persuaded that a able under this arrangement, bringing the devaluation of sterling was imminent. Sales total amount outstanding to $1,350 million. of sterling in pre-weekend trading were On Saturday, November 18, Chancellor heavy, and on November 9 the Bank of Callaghan announced the British Govern­ England, for the second time in 3 weeks, ment’s decision to devalue the pound by raised its discount rate by 14 percentage 14.3 per cent to $2.40. In order to stiffen point, to 614 per cent. Once again the BIS the defense of the new parity, the Bank of backed up the move with operations in the England raised its discount rate to 8 per Euro-dollar market by additional drawings cent per annum (the highest level in 53 on the Federal Reserve swap line. years) and redirected bank credit toward The announcement on November 14 that exports, while the Government announced Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

274 FEDERAL RESERVE BULLETIN □ MARCH 1968 curbs on consumer instalment credit and rates—and the spot rate for sterling de­ programed cuts in government spending and clined sharply. The market took no special an increase in the corporation tax. The notice of the announcement of a $127.2 Prime Minister set as the target of his gov­ million reserve gain during November, re­ ernment’s policy a major improvement in the flecting incorporation into the reserves of country’s balance of payments designed to the $490 million remainder of the U.K. bring the external accounts into substantial dollar portfolio. (In November the authori­ surplus by the second half of 1968. A $1.4 ties also announced that the $250 million billion standby agreement with the IMF debt repayment falling due on Britain’s was formally requested. In addition, the 1964 IMF drawing had been repaid, with British Government reported that negotia­ the reserve impact offset by a new credit tions for an additional $1.5 billion of cen­ from central banks and the U.S. Treasury.) tral bank credits were in progress. Despite subsequent mediation of the rail­ When markets in London reopened on way difficulties, the market remained uneasy, Tuesday, November 21, after a special bank and by December 7 the spot rate had moved holiday on Monday, trading was hectic as below $2.4100. Prior to the Christmas holi­ banks and commercial interests scrambled days, however, the market quieted and ster­ to purchase or borrow sterling to meet ling took on a firmer tone. After the long immediate and near-term requirements, in­ Christmas holiday, there were reports that cluding maturing forward sales undertaken the British Government was planning siz­ earlier. The demand for pounds pushed able cuts in welfare and defense-spending sterling firmly against its new upper limit programs to backstop its devaluation pack­ ($2.4200), and the Bank of England made age, with details scheduled for release in large dollar gains. Such abnormally heavy mid-January 1968. These cuts were duly demand for sterling to meet immediate cash announced on January 16, and although commitments soon faded, but the Bank of their major impact was not to take effect England continued to buy dollars on a mod­ until 1969-70, as Britain would phase out erate scale. its military operations east of Suez, a sig­ As in earlier periods of recovery the Bank nificant reduction in programed spending of England used its gains to reduce short­ —by some 300 million pounds—was sched­ term debts, repaying $300 million to the uled for this year. The trade figures for Federal Reserve. Bank of England commit­ both December and January showed major ments under the $1,350 million credit line, improvements over the pre-devaluation defi­ which had been fully utilized to help meet cits while export orders were reported to be pressures prior to devaluation, were thereby on an encouraging uptrend. Toward the reduced by the end of November to $1,050 end of January the sterling rate moved firmly million. On November 30 the reciprocal above $2.4100. During that month and currency arrangement with the Bank of February there was a steady demand for England was increased to $1.5 billion, along sterling that enabled the Bank of England with the other increases in the System’s to liquidate a large volume of maturing for­ swap network. ward commitments. Market atmosphere changed abruptly in Reviewing the sterling devaluation and early December—in view of a British rail­ its aftermath in an address to the Overseas way labor dispute and higher U.S. interest Bankers Club in early February, Governor Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 275 O’Brien of the Bank of England noted the as a result of Swiss official needs for dollars; following: thus outstanding commitments stood at $380 million equivalent. Those who so readily advocated devaluation before we had made any attempt to apply other As the exchanges settled down in August, correctives had scant regard for our obligations there was some further shifting of funds out abroad, for the risks entailed for ourselves and of Switzerland into the Euro-dollar market, others, and for the harsh medicine which must be and by late August the rate for the franc taken to make devaluation work. All these things had eased considerably. Short-term outflows are now being made abundantly clear. Those who from Switzerland continued through early thought devaluation was a soft alternative to strict, internal policies have been disabused. November and kept the spot Swiss franc close to the low for 1967 (SO^Olki) SWISS FRANC reached on September 12. Although the The Swiss National Bank’s dollar holdings Swiss National Bank did not have to supply rose sharply in May and early June, as any dollars to the market during this period, funds poured into Switzerland prior to and the Federal Reserve was able to make some during the crisis in the Middle East. In order progress in liquidating its Swiss franc swap to absorb these heavy inflows and further commitments, as a substantial amount of moderate gains by the National Bank near dollars was required by Swiss official agen­ the end of June, the Federal Reserve took cies during the fall. In order to replenish on commitments of $390 million under its dollar balances sold to the Swiss Govern­ Swiss-franc swap facilities—$190 million ment, the National Bank purchased a total from the Swiss National Bank and $200 of $57 million from the Federal Reserve. million from the BIS—out of credit facili­ The System used the francs so acquired to ties then totaling $400 million. reduce its outstanding swap commitments The heavy inflows to Switzerland left to the Swiss National Bank to $123 million Swiss commercial banks in a highly liquid by mid-November. position, and after midyear there was an The growing pressures on sterling in early easing in Swiss interest rates. To reinforce November were quickly reflected in an in­ this trend, the National Bank reduced its crease in the rate for spot francs. In addi­ discount rate from 31/2 per cent to 3 per tion, the Swiss money market was tightened cent on July 10. Although there was some by the payment of the $103 million equiva­ immediate outflow of funds from Switzer­ lent Swiss franc loan granted to the U.K. land, there were no sizable offerings of Government by three large Swiss commer­ Swiss francs as the exchange market at­ cial banks. With continuing international mosphere remained highly uncertain. Under uncertainties and the approach of the year­ the circumstances, with the System’s Swiss end, the franc rate advanced further. Despite franc lines almost fully utilized, it was the turbulence in the exchanges in connec­ agreed in mid-July that these swap facilities tion with the devaluation of the pound on with the National Bank and the BIS should November 18, the Swiss National Bank pur­ each be expanded by $50 million to $250 chased only a small amount of dollars in million. By the end of July the only repay­ market intervention during the rest of the ment that had been made on the System’s month. As a consequence of unrest in the Swiss franc swap drawings was $10 million exchange market, however, the premium equivalent acquired by the Federal Reserve on the forward Swiss franc then widened, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

276 FEDERAL RESERVE BULLETIN □ MARCH 1968 and following the Frankfurt meeting of pressure, on December 14 the Swiss Na­ Gold Pool members, the Swiss National tional Bank initiated forward sales of Swiss Bank—as part of the general cooperative francs jointly for Federal Reserve and U.S. effort—indicated to the market its willing­ Treasury accounts. A total of $65.5 million ness to sell forward francs on behalf of the equivalent of forward francs was sold by U.S. authorities. This move helped restore December 19, before the market responded a calmer atmosphere and the premium on to this evidence of official reassurance and 3-month forward Swiss francs dropped sub­ the demand for both spot and forward francs stantially below 2 per cent per annum, the eased. Thereafter, a more normal trading premium prevailing just before the Swiss pattern emerged, and Swiss commercial National Bank’s offer to sell forward francs. banks began to make use of the usual year­ In November the System purchased from end swap facilities offered by the National the Bank of England $80.1 million equiv­ Bank to obtain additional Swiss franc alent of the Swiss franc proceeds of the 1- liquidity. year Ioan by Swiss commercial banks. (The In order to increase its capacity to deal U.S. Treasury also purchased $14.3 million with the heavy inflows to the Swiss Na­ equivalent of the loan proceeds and used tional Bank, the Federal Reserve, after dis­ the francs to pay off the remainder of an cussions with the Swiss National Bank and earlier sterling/Swiss franc swap with the the BIS, increased its Swiss franc swap fa­ BIS.) The System used the francs, together cilities by $150 million equivalent each on with a small amount in balances and $4 mil­ December 15, bringing each credit line to lion equivalent purchased from the National $400 million. The Federal Reserve subse­ Bank in connection with Swiss Govern­ quently drew $127 million on the Swiss Na­ ment needs, to reduce swap drawings from tional Bank—raising Swiss franc commit­ the BIS to $115 million by November 30. ments to that institution to $250 million By the end of that month total Federal Re­ equivalent. The System also drew $285 mil­ serve commitments under its Swiss franc lion on the BIS, thus fully utilizing that swap lines were thus reduced to $238 mil­ $400 million Swiss franc credit line. lion. After the turn of the year, and following Heavy inflows to Switzerland resumed the President’s balance of payments mes­ on December 1, and during the first half sage on New Year’s Day, there was a sharp of the month the Swiss National Bank pur­ reversal in the market as Swiss commercial chased about $350 million as the Swiss fi­ banks moved to rebuild their dollar invest­ nancial community prepared for its year­ ments. By mid-January outflows from Switz­ end liquidity needs. In past years these erland had become quite large. The spot inflows had been accommodated on a swap rate dropped sharply, and the National basis by the National Bank, but in view Bank extended sizable support in the spot of the tense international monetary situa­ market. The bank covered its losses from tion the Swiss banks were reluctant to enter exchange market intervention by purchasing into such swap transactions. Indeed, not dollars from the Federal Reserve, which only was the spot franc in demand but the used the Swiss francs, together with mod­ premium on the forward franc again wid­ erate amounts purchased in the market and ened, especially during the midmonth flare- obtained in special transactions, to reduce up in the gold market. To deal with this its swap obligations in Swiss francs by $343 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 277 million. Moreover, early in March the Fed­ policy, the German Federal Bank not only eral Reserve was able to pay off an addi­ stimulated the regeneration of domestic eco­ tional $175 million of its drawings on the nomic growth during the latter part of the BIS and the Swiss National Bank through year but also facilitated very large outflows Treasury issuance of a $100 million equiv­ of capital, both long- and short-term funds, alent Swiss franc security and the purchase into the Euro-dollar and other markets. of $75 million equivalent of Swiss francs During the early fall months, Euro-dollar from the Swiss National Bank. The Swiss rates firmed up, and there was some re­ National Bank simultaneously purchased financing in German marks of maturing $25 million of gold from the U.S. Treas­ Euro-dollar credits. But the principal result ury. These transactions brought the Sys­ of easier monetary conditions in Germany tem’s outstanding Swiss franc commitments continued to be further placements of funds to $132 million, a reduction of $518 mil­ abroad by commercial banks. As a result, lion from the peak at the end of 1967. the spot mark traded narrowly just below In addition, the U.S. authorities were able par through October. The Federal Reserve to pay off at maturity the first $10 million took advantage of occasional offers of spot of forward sales of Swiss francs concluded marks in New York to build up balances, by the Swiss National Bank for the accounts and between August and early November of the System and the U.S. Treasury late in purchased $20.1 million equivalent of 1967, leaving $55.5 million still outstand­ marks. ing, divided evenly between System and On November 3 the growing uneasiness Treasury accounts. in the sterling market and a tightening in the German money market were reflected GERMAN MARK in repatriation of funds by German interests Germany’s international position main­ and a consequent sharp strengthening in tained in the second half of 1967 the the spot quotation for marks. The demand strength that had characterized the first 6 for marks intensified on November 7, as months of the year. With relatively slack growing speculation in the gold and ex­ domestic demand continuing through most change markets spawned wide-ranging of the year, the trade account remained in rumors of imminent changes in currency surplus, and for the year as a whole the arrangements, including an upward revalu­ current-account surplus reached $2.4 bil­ ation of the mark. In the ensuing heavy lion. Had the foreign exchange earned as buying of marks the German Federal Bank a result of this surplus flowed into official purchased a total of $57 million as the reserves rather than remaining in private spot rate advanced to $0.25121/2. A flat hands, the stresses in the international cred­ denial by the German authorities of any it markets and the exchanges during the intention to revalue led some speculators to summer and fall months would have been cover their positions, and the spot mark immeasurably greater. The huge surplus was eased slightly. not permitted to put pressure on interna­ This burst of demand for marks had no tional financial markets, however, as the sooner died down than another wave of German authorities acted throughout the buying developed, partly reflecting the year to avoid any massive increase in official massive selling of sterling on Friday, No­ reserves. By maintaining an easy monetary vember 17. The heavy demand was repeated Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

278 FEDERAL RESERVE BULLETIN □ MARCH 1968 the following Friday, when the intense Apart from these operations, at the end pressures in the London gold market led of November the Federal Reserve drew $50 to further precautionary repatriations of million equivalent of marks under the swap German funds from abroad. During this line and held the marks for possible direct period the German Federal Bank took in market intervention related to prevailing nearly $300 million. The market atmos­ uncertainties and expected year-end pres­ phere changed abruptly, however, when on sures. (On November 30, as part of a gen­ November 26 the active members of the eral strengthening of the swap network, the Gold Pool met in Frankfurt and pledged swap facility with the German Federal Bank concerted support of the existing exchange was increased by $350 million to $750 mil­ parities based on the $35 price of gold. lion.) Demand for marks began to grow in As part of the coordinated central bank mid-December, as heavy speculative pres­ effort to calm the exchange markets follow­ sures again struck the London gold market ing the Frankfurt meeting, the German Fed­ and there was a renewed heavy inflow of eral Bank acted to return dollars to the funds to the German Federal Bank. When market on a swap basis in transactions with the backwash of these demands spilled over German commercial banks—selling dollars into the New York exchange market on spot against repurchase at a later date. December 15, the Federal Reserve sold These operations relieved the stringency some $7 million equivalent of the marks that was developing in the Euro-dollar mar­ drawn for market operations. ket because of the earlier heavy withdraw­ The heavy inflows into Germany result­ als of funds and helped cut the covered ing from market uncertainties proved con­ incentive to move additional funds out of siderably larger than necessary to meet Ger­ dollars as a result of the wide premiums man commercial banks’ usual year-end then being quoted on the forward mark needs, in good part because the German (nearly 3 per cent per annum for 3-month Federal Bank had assisted the banks in maturity, by November 24). Initially, the arranging for such mark liquidity in ad­ swap facilities were offered to the German vance by selling them a large amount of commercial banks at rates representing a money market paper scheduled to mature premium on the forward mark of IM per in mid-December. Moreover, it also became cent per annum; this rate provided an incen­ apparent that the earlier heavy selling of tive of close to 1 per cent per annum to dollars had depleted the German banks’ switch funds into Euro-dollar investments. investment portfolios. By December 21, By November 30, about $600 million had with the German money market becoming been shifted from official reserves to private quite liquid and the exchanges returning to holders at premiums on the mark ranging a more normal atmosphere, funds began to up to 214 per cent. Euro-dollar rates re­ flow back into Euro-dollar investments. sponded immediately by moving sharply As German commercial banks bid strong­ lower. The Federal Reserve participated in ly for dollars on a covered basis, the Ger­ this operation by drawing $300 million man authorities sold an additional $250 equivalent of German marks on its swap million on a swap basis, before raising the line with the German Federal Bank, to this swap rates offered to the banks, and per­ extent providing cover for part of the dol­ mitted the spot mark to move lower. By lars purchased forward by that bank. the end of the year, outflows from Ger- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 279 many had offset the German Federal Bank’s curities denominated in German marks, in dollar gains earlier in December. In the conjunction with the German Government’s last few trading days of the year the spot agreement to offset part of the cost of sta­ mark moved still lower, and the Federal tioning U.S. troops in Germany. The first Reserve began buying to replace the small of four equal quarterly purchases of $125 amount of marks sold from the earlier million was made on July 3, the second $50 million swap drawing. By January on October 2, and the third on January 5, 5, 1968, the System’s balances had been 1968, bringing the outstanding total of fully reconstituted and the swap was re­ such special U.S. Treasury notes denomin­ paid in advance of maturity. ated in German marks to $375 million Demand for dollars in Germany con­ equivalent. As a result the total of all tinued through the first 2 months of 1968. mark-denominated Treasury securities rose Part of the outflow of funds reflected the to $726.1 million equivalent. usual seasonal pattern, but more signifi­ cant was the fact that the German economy ITALIAN LIRA still was not absorbing all the liquidity In 1967 the Italian balance of payments available in the domestic market, and the was in surplus by some $325 million, rep­ German commercial banks again were in­ resenting a further reduction from sur­ vesting very sizable excess funds in the pluses of $700 million in 1966 and $1.6 Euro-currency and other markets. As a re­ billion in 1965. During the course of 1967, sult, the supply of German marks in the however, the trend was reversed, perhaps exchange market increased substantially, only temporarily, as the surplus widened and the Federal Reserve purchased marks significantly in the second half. Thus, for in New York almost continuously through the 6 months through June, the accounts January and February—using them to re­ were actually in deficit by $220 million duce its swap drawings on the German Fed­ (compared with a $280 million surplus for eral Bank. By the end of February the Sys­ the first half of 1966). This deficit—which tem had purchased sufficient marks to re­ in part reflected unusually heavy Italian pay fully its $300 million swap commit­ investments in the Euro-bond market—was ment, thereby restoring the full $750 mil­ financed largely by a running-down of Ital­ lion facility to a standby basis. In the cur­ ian commercial bank net short-term assets rency packages put together by the IMF abroad rather than by a reduction in of­ for the Canadian and U.S. drawings late ficial reserves. Over the course of the sum­ in February and early March, Germany mer, when tourist receipts are a strong supplied a total of $100 million equivalent factor for Italy, there emerged an official in marks. Under arrangements worked out reserve build-up well in excess of usual with the various parties, the Federal Re­ seasonal gains. Even after seasonal demands serve purchased these marks and sold them receded, Italian official reserves continued to the Bank of Italy, against lire (using the to increase in October and early November, lire to repay part of the System’s swap ob­ and the gain for the second half of the year ligations in that currency). amounted to nearly $500 million. During the period under review, the Ger­ This renewed surplus was largely unex­ man Federal Bank continued its purchases pected, given the buoyant demand in Italy of special U.S. Treasury medium-term se­ that had been swelling imports and the slug- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

280 FEDERAL RESERVE BULLETIN □ MARCH 1968 gish rate of expansion in northern Euro­ equivalent of German marks which it con­ pean economies that had been exerting verted into lire. These transactions enabled a drag on Italian exports. Indeed, the im­ the System to reduce its swap obligations pressive trade performance may indicate to the Italian authorities by $175 million that Italy’s recent strong record of relative equivalent to $325 million equivalent. price stability is beginning to show through Federal Reserve and Treasury commit­ in increased competitiveness in European ments in forward lire, which had arisen and other markets. In addition to a stronger in connection with dollar/lira swaps the than expected trade account, Italian long­ Bank of Italy has extended to its commer­ term capital outflows tapered off in the cial banks were rolled over during the pe­ second half of the year and, like other coun­ riod in review; in addition, the Treasury tries, Italy was affected by developments added a moderate amount to its forward in the sterling market through a sizable lira commitments. repatriation of funds. Under the circumstances, between Sep­ DUTCH GUILDER tember 19 and November 30, the Federal Relatively tight money market conditions Reserve drew a total of $500 million equiv­ in Amsterdam during the spring of 1967 alent of lire, using the lire to absorb dol­ induced Dutch commercial banks to repatri­ lars from the Italian official reserves. (With ate funds from abroad in order to strengthen the $600 million swap facility almost fully their liquidity in guilders. The Netherlands utilized, the System and the Bank of Italy Bank dealt with this inflow by purchasing agreed in late November to increase their a substantial amount of dollars on a swap arrangement by $150 million to $750 mil­ basis (that is, against resale forward), thus lion; this was part of the general move to avoiding a large build-up in its net dollar strengthen the swap network.) holdings. These operations built up rapidly Late in the year, delayed seasonal out­ in May and rose to a peak of $150 million flows finally began to emerge. The lira in early June. rate declined somewhat in December and At that point the Middle East crisis and .even further in early January 1968, when related pressures on sterling generated fur­ adverse seasonal influences were reinforced ther demand for guilders. As funds flowed by market concern over possible reduc­ into the Netherlands, the spot rate rose tions in U.S. tourist and other expenditures sharply and the central bank took in dol­ in Italy as a result of the U.S. payments lars outright as well as on a swap basis. program. Nevertheless, the spot rate re­ To cushion these pressures, the Federal mained above par, and outflows from Italy Reserve reactivated its swap facility with were insufficient to permit liquidation of the Netherlands Bank—drawing $10 mil­ U.S. commitments in lire. In late Febru­ lion of guilders on July 26 and $10 million ary and early March the Federal Reserve more before the end of the month. purchased some $75 million equivalent of Further inflows into the Netherlands lire from the Bank of Canada and from the continued intermittently through the fall U.S. Treasury in connection with the Ca­ months, reflecting firmness in the Amster­ nadian and U.S. drawings from the IMF. dam money market, an improvement in the From the same drawings the Federal Re­ Dutch balance of payments, and repatria­ serve was able to acquire $100 million tions of Dutch money from London. The Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 281 resulting increases in the dollar reserves radic during early December, but a tight­ of the Netherlands Bank were taken over ening of the money market in Amsterdam by a series of Federal Reserve drawings on in the latter part of the month produced the swap facility until the full $150 mil­ more substantial inflows. Just before the lion line had been utilized by November 13. year-end, commercial demand for guilders The exchange market turbulence arising boosted the spot rate to $0.278214, and out of the devaluation of sterling and sub­ the Netherlands Bank purchased a further sequent speculation in the gold market was sizable amount of dollars. The Federal Re­ accompanied by further heavy inflows of serve swap line with the Netherlands Bank funds into the Netherlands. These specu­ meanwhile had been increased to $225 mil­ lative influences also were reflected in the lion, and by January 4 an additional $35 forward market, where the premium on the million equivalent had been drawn, raising guilder reached nearly 2 per cent per an­ the System’s drawings to a peak of $185 num for 3-month maturities. Joining in a million. concerted central bank effort to restrain Shortly after the year-end, the money such speculation, on November 23 the market in Amsterdam began to ease and Netherlands Bank initiated forward sales the spot guilder softened as Dutch commer­ of guilders on behalf of the Federal Re­ cial banks started to move excess funds serve and the U.S. Treasury. Most of these back into the Euro-dollar market. In mid­ forward sales were part of swap transac­ January, outflows from Amsterdam were tions—that is, spot purchases of guilders sufficiently large for the Netherlands Bank against resale at a later date—designed to to provide support for the guilder. The return dollars to the international markets Netherlands Bank then restored its dollar while at the same time curbing the risk position through purchases from the Fed­ that the wide forward premium on guilders eral Reserve Bank of New York acting for might stimulate further inflows. By Novem­ account of the U.S. Treasury. Through ber 29, when $37.5 million equivalent of these transactions the Treasury obtained forward guilders had been sold, speculative $23 million equivalent of guilders, which pressures eased sufficiently for operations were used to reduce Treasury commitments to be discontinued. Meanwhile, in order under its swap with the Netherlands Bank to absorb the heavy inflows into the Nether­ to $103 million. lands Bank during November, the Federal These outflows from the Netherlands Reserve Bank of New York executed tem­ were short-lived, however, and the Federal porary swap drawings of guilders on be­ Reserve was able to make only a modest half of the U.S. Treasury, and by the end start in repaying its commitments outstand­ of November Treasury commitments under ing under the swap with the Netherlands these ad hoc arrangements totaled $126 Bank. Accordingly, on January 29 the U.S. million. Such swap drawings by the U.S. Treasury issued to the Netherlands Bank Treasury, combined with already outstand­ a 12-month certificate of indebtedness de­ ing Federal Reserve drawings of $150 mil­ nominated in guilders equivalent to $65.7 lion under the regular swap line, lifted the million. The Treasury used $55.7 million U.S. swap debt in guilders to $276 million equivalent plus a small amount in balances equivalent. to reduce its swap commitments to $47 mil­ Buying of guilders was small and spo­ lion. The Federal Reserve purchased the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

282 FEDERAL RESERVE BULLETIN ° MARCH 1968 balance of the guilders and used them to absorb dollars purchased by the National reduce its swap indebtedness to the Nether­ Bank of Belgium through early September, lands Bank to $165 million. the Federal Reserve drew $97.5 million On February 21 the Treasury repaid its equivalent of francs under its swap facility, remaining $47 million equivalent of swap bringing commitments in Belgian francs to commitments to the Netherlands Bank with $125 million equivalent. Later in the guilders purchased from that bank. The month, Belgian Government requirements Netherlands Bank in turn then purchased for dollars again enabled the Federal Re­ $23.5 million in gold from the Treasury. serve to purchase francs from the National Shortly afterward, Canada made its drawing Bank and reduce its swap commitments in from the IMF; included was $30 million Belgian francs to $115 million equivalent equivalent of guilders, which the Bank of by the end of September. Canada converted to U.S. dollars through The Belgian balance of payments on cur­ the Netherlands Bank. This reduced the rent account strengthened in October. In Dutch dollar position enough for the U.S. addition, the money market tightened, fol­ authorities to purchase sufficient guilders to lowing the flotation of a large government liquidate the $37.5 million in forward con­ bond issue. The resulting demand for francs tracts (entered into last November) ma­ pushed the spot rate to the ceiling, and the turing in late February and early March. National Bank acquired still more dollars. Finally, the U.S. Treasury drawing from The surplus on current payments persisted the IMF included $100 million equivalent as the Belgian economy remained sluggish. in guilders, which were used by the Fed­ The Federal Reserve continued to use its eral Reserve to make a further reduction swap facility to cover the National Bank’s on its swap obligation with the Netherlands dollar gains, and by November 13, the full Bank. As of March 8, the swap debt of the $150 million had been employed. Federal Reserve to the Netherlands Bank During the period immediately preceding was thus reduced to $65 million. the British devaluation, and in the days of heavy speculative activity afterward, the BELGIAN FRANC Belgian authorities took in further substan­ During the early part of 1967 the surplus tial amounts of dollars. With the Federal in Belgium’s current international pay­ Reserve swap line fully utilized, on Novem­ ments kept the franc at or near its upper ber 24, the U.S. Treasury issued a $60.4 intervention point. To absorb these inflows, million equivalent, 24-month Belgian francthe Federal Reserve reactivated its swap denominated Treasury note in order to fund line and by early June had drawn a total a portion of outstanding System commit­ of $37.5 million. Shortly afterward, how­ ments. The Federal Reserve purchased these ever, Belgian Government dollar needs en­ francs and used them to repay outstanding abled the System to purchase francs and swap drawings. Then at the month-end the reduce its swap commitment to $27.5 mil­ System absorbed a total of $41.2 million lion as of the end of June. from the National Bank by drawing once Demand for Belgian francs intensified in again on the swap line. Thus Federal Re­ July and August, partly as a consequence of serve commitments in Belgian francs under the continuing Middle East crisis and the the line with the National Bank stood at growing pressure on sterling. In order to $130.8 million equivalent at the end of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 283 November. (On November 30, as part of further its swap indebtedness to $80.8 mil­ the general strengthening in the swap net­ lion. In February, however, the tendency work, the total Belgian swap line was raised was briefly reversed, and the National Bank by $75 million to $225 million equivalent.) once again purchased dollars which the Sys­ The National Bank of Belgium, in co­ tem covered by drawing $7.5 million equiv­ operation with U.S. authorities, also took alent of francs on the swap. Subsequently, action to keep the forward market calm in the System was able to make further reduc­ the aftermath of the sterling devaluation. tions in its Belgian franc commitments. On December 4, the National Bank initiat­ Late in February the Federal Reserve ac­ ed forward sales of Belgian francs on be­ quired $13.5 million of francs from the Na­ half of the U.S. authorities (divided equally tional Bank, when that bank needed dol­ between System and Treasury accounts) to lars, and $30.2 million equivalent follow­ reduce the large premium on forward francs ing Canada’s IMF drawing. Moreover, the and discourage further shifts of funds from System acquired $10 million of Belgian dollars. Pressures subsided almost immedi­ francs in connection with the U.S. Treas­ ately, and few additional forward sales were ury’s Fund drawing. These francs were used necessary through the end of December. to make swap repayments, and by March These were the first operations conducted 8 such commitments had been reduced to in forward Belgian francs and involved only $34.5 million equivalent. The remainder a modest commitment of $11.8 million of the Treasury’s $15 million Belgian franc equivalent. drawing was used in the liquidation of Sys­ The spot Belgian franc eased somewhat tem and Treasury forward contracts, and below its ceiling during December, and the on March 8, $5 million equivalent re­ National Bank of Belgium lost a moderate mained outstanding. amount of dollars in market support opera­ tions as the Belgian economy showed signs CANADIAN DOLLAR of revived growth and import demand Canada’s balance of payments was in siz­ picked up. The Federal Reserve, therefore, able surplus in 1967, with a strong export was able to acquire Belgian francs as the performance during the last quarter of the Belgian authorities required dollar balances year contributing significantly to the year’s to meet market needs; the System also ob­ over-all results. In the exchange markets, tained some francs from conversion of part there was substantial demand for Cana­ of the proceeds of an IMF member’s draw­ dian dollars during most of the year. ing. These francs were used to reduce Fed­ During the summer months, the success eral Reserve commitments under the swap of EXPO 67 attracted an exceptional num­ line with the National Bank of Belgium ber of visitors to Canada and stimulated an to $105.8 million equivalent by the year­ unusually large volume of tourist receipts end. which helped keep the spot Canadian dollar In late January the National Bank pur­ close to $0.9300. In late summer the Ca­ chased $25 million from the System to cov­ nadian banks sought to relieve domestic er moderate losses in market support and liquidity pressures through conversion of to meet anticipated dollar requirements of U.S. dollar assets, and intensified such con­ the Belgian Government. The Federal Re­ versions with the approach of the end of serve used the franc proceeds to reduce their fiscal year on October 31. Demand Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

284 FEDERAL RESERVE BULLETIN □ MARCH 1968 from this quarter converged with buying prehension that the program might adverse­ of Canadian dollars during the last min­ ly affect U.S. direct investment in Canada ute rush to EXPO and with the increased and the balance of short-term capital flows movement of shipping prior to the winter between the two countries. With exchange closing of the St. Lawrence Seaway. As a markets still unsettled following sterling’s result, the spot rate rose to its effective devaluation and the subsequent rush into ceiling of $0.9324 by October 11 and held gold, the new uncertainties created by the at about that level through the end of the U.S. program had a grossly exaggerated month. In the 3 months to the end of Oc­ impact on Canadian dollar trading. By the tober, Canadian holdings of gold and U.S. third week of January, sales of Canadian dollars (including Canada’s net creditor dollars reached heavy proportions and the position with the IMF) increased by $121.5 Bank of Canada was required to provide million to $2,570 million. This gain more substantial support in the market. To coun­ than offset the modest losses sustained du­ ter these speculative pressures, which be­ ring the first half of 1967. came particularly severe on Friday, Jan­ The Canadian dollar remained strong uary 19, the Bank of Canada announced until the devaluation of sterling on Novem­ on January 21 a 1 percentage point increase ber 18, after which it began to decline. in its discount rate to 7 per cent. In addi­ Some Canadian funds joined the general tion, it obtained the agreement of Canadian reflow into sterling, but there was also a banks to discourage the use of bank credit sizable movement of short-term Canadian for abnormal transfers of funds abroad. At capital into Euro-dollars. These outflows the same time, the U.S. Treasury issued a might have been larger except for the 1 statement emphasizing that: “The United percentage point rise in the Bank of Can­ States balance-of-payments program does ada’s discount rate to 6 per cent, which fol­ not call for and is not intended to have the lowed discount rate increases by the Bank effect of causing abnormal transfers of earn­ of England (by U/2 percentage points to ings or withdrawals of capital by United 8 per cent) and the Federal Reserve (by States companies having investments in ¥2 percentage point to 414 per cent). The Canada.” The selling diminished consider­ sterling devaluation came at a time when ably following these measures, but the the market was in any case assessing the market remained uneasy and was put off likely impact on the Canadian dollar of stride by political developments in Canada EXPO’s closing and the sizable grain crops during February. abroad that might limit Canadian wheat The impact on Canadian reserves of the sales over the near term. Moreover, with selling pressures of January and February winter coming on, the Canadian payments was cushioned by the use of some of Can­ position was moving into its seasonally weak ada’s credit facilities. In January the Bank period. of Canada drew $250 million under its Against this background, the announce­ $750 million swap facility with the Federal ment of the U.S. balance of payments pro­ Reserve, thereby reducing the January re­ gram had a further disturbing effect on mar­ serve loss to slightly less than $100 million. ket operations. Despite the fact that the new And in February, the Canadian Govern­ program did not restrict Canada’s access ment made a $426 million drawing on the to the U.S. bond market, there was ap­ IMF. Of this drawing, some $241 million Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 285 represented Canada’s creditor position in the Euro-currency and foreign exchange the Fund and was already included in pub­ markets—also had destabilizing effects on lished reserve figures. Consequently, the the exchange markets. drawing improved Canada’s reported re­ Whereas central banks are accustomed serves by some $185 million. This increase to dealing with periods of temporary stress was substantially greater than the amounts in their own national money markets, there that had been used in support opera­ is no comparable international institution tions in the market in February with the responsible for the smooth functioning of result that, for the month, Canada reported the Euro-currency market. Nevertheless, as a reserve gain of $71.6 million. the experience of the last year indicates, When market uncertainties continued in the Euro-currency market itself is surpris­ early March, the Canadian Government re­ ingly resilient in the face of fairly severe sponded by announcing a new series of fis­ shocks and, so long as national central cal measures designed to restrain domestic banks are prepared to cooperate in temper­ demand and reinforce the defense of the ing the pressures to which the market is Canadian dollar. These steps were then subjected, the risk of serious repercussions backed up by a major bolstering of Can­ being transmitted by and through the mar­ ada’s international credit lines, with $900 ket can be minimized. million in new facilities—over and above As noted in the March 1967 report in the $500 million still available under the this series, Federal Reserve swap line made available The Euro-dollar market, which has become a by the U.S. Export-Import Bank, the Ger­ multi-billion dollar operation, functions as a truly man Federal Bank, the Bank of Italy, and international money market and consequently can­ the BIS. At the same time the U.S. authori­ not rely, as can a national money market, on the ties made clear their wholehearted support support of any single central bank to relieve tem­ for Canada’s determination to defend the porary stringencies or knots in the market. There is a great deal which the central banks whose na­ $0.9250 parity by announcing the complete tionals use the Euro-dollar market can do in an exemption of Canada from the restraints ad hoc, informal way, however, to alleviate unde­ on capital flows announced in the Presi­ sirable strains on the market. dent’s January 1 program. Prospective developments in the Euro-dol­ EURO DOLLAR MARKET lar market are regularly discussed at the During 1967 the Euro-dollar market was monthly meetings of central banks in Basle, subjected to major strains, first during the with central banks increasingly prepared to spring and early summer as the Middle undertake operations of various sorts to re­ East crisis triggered heavy withdrawals of duce the impact on the Euro-currency mar­ funds and again later in the year when spec­ ket of shifts of liquid funds by their own ulation in the gold and exchange markets commercial banks. In fact such operations generated massive repatriations into conti­ have become more or less routine during nental centers. These sudden shifts of funds periods of seasonal pressures, such as mid­ out of the Euro-dollar market not only year and at the year-end when banks in threatened to disrupt the normal continuity some countries repatriate very sizable of credit and deposit transactions in that amounts to meet their own liquidity needs market, but—given the close links between as well as those of their customers. The Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

286 FEDERAL RESERVE BULLETIN □ MARCH 1968 particular measures taken at any given The outbreak of hostilities in the Middle time have been tailored to the prevailing East early last June set off a sharp rise circumstances and to the institutional re­ in Euro-dollar rates, as precautionary with­ quirements of the central banks involved. drawals of funds added to stresses associa­ For example, the Swiss National Bank has ted with usual preparations for the midyear normally rechanneled funds to the Euro­ by continental European banks. These pres­ dollar market either directly or through sures were quickly countered, however, by the BIS. For its part, the Federal Reserve BIS placements of dollars drawn on the has also placed funds in the market, via swap line with the Federal Reserve or ob­ the BIS, to mitigate year-end strains. Other tained from other central banks. As a re­ central banks, such as the German Federal sult the market calmed, and with the cessa­ Bank, have sought to minimize seasonal tion of fighting, the rapid rise in rates was pressures of this sort by providing special halted. Interest rates on 3-month deposits domestic paper timed to mature in Decem­ eased from about 5% per cent per annum ber. to about 514 per cent by June 9, and with Similarly, during periods of speculative ample liquidity available in the Euro-dollar — as distinguished from seasonal — pres­ market by the end of June, the BIS began sures, central banks have acted to rechan­ to withdraw the funds placed earlier in that nel funds to the international markets, fre­ market. By July 17, all outstanding draw­ quently by providing forward cover to their ings on the Federal Reserve by the BIS— banks (either for their own account or in which had reached a total of $143 million cooperation with the U.S. authorities) at —had been repaid and the swap facility rates that make profitable a covered out­ reverted fully to a standby basis. flow. In a somewhat different case, the Ital­ Although the Euro-dollar market re­ ian authorities have provided forward cover mained quite liquid during the summer on a sustained basis to regulate domestic months, covered interest arbitrage incen­ liquidity and at the same time provide funds tives continued to favor Euro-dollars over to the Euro-dollar market during a period sterling. Some of the funds moving out of of payments surplus. sterling were absorbed by foreign branches Another important form of central bank of U.S. banks along with additional dollars intervention in the Euro-dollar market has coming into the market from the continent. been the Federal Reserve swap line with In late September, however, Euro-dollar the BIS. Under this arrangement the BIS rates began to move up as interest rates in can draw dollars from the System for place­ the United States rose and as continental ment in the Euro-dollar market, and in a interests, faced with increasing uncertain­ number of operations since late 1966 such ties, began to anticipate requirements for short-term placements have n mounted to the approaching year-end. Interest rates on $700 million. This facility was expanded 3-month Euro-dollar deposits reached 5-% to a total of $600 million during the past per cent per annum at the end of Septem­ year, both because of the unprecedented ber and remained at or above 516 per cent stresses encountered during this period and during the early weeks of October. Con­ because experience had demonstrated the fidence in sterling was steadily deteriorat­ usefulness of this facility in meeting such ing, and when the Bank of England raised pressures. its discount rate by 16 percentage point to Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 287 6 per cent on October 19, the BIS—at the ket by the central banks. Even more im­ suggestion of the Federal Reserve—reac­ portant in terms of size was the very large tivated its swap line and placed a small volume of swaps entered into by the Ger­ amount of dollars in the Euro-dollar mar­ man Federal Bank at the end of Novem­ ket to help forestall an offsetting rise in ber (in which the Federal Reserve partici­ rates. Additional placements on a more sub­ pated through a $300 million drawing on stantial scale were made on November 8 to its reciprocal currency arrangement with reinforce the second 16 point rise in the the German Federal Bank). The $600 mil­ British discount rate in 3 weeks to 616 lion channeled into the Euro-dollar market per cent. Once again these operations— by these German operations was especially which raised BIS drawings on the System effective in bringing down Euro-dollar rates to $68 million—helped to steady the mar­ —from nearly 7 per cent per annum for 3 ket. months to about 614 per cent by early De­ The November 18 devaluation of the cember—and in cutting the forward pre­ pound and the accompanying increase in mium on the German mark. In addition, at the Bank of England’s discount rate by 116 the end of November the BIS placed $38 percentage points to 8 per cent, followed million in the market, using dollars drawn immediately by the 16 point rise in the Fed­ under its swap line with the System, to re­ eral Reserve discount rate to 416 per cent, inforce the effects of the outflow generated caused a sharp jump in Euro-dollar rates. by the German Federal Bank. Such opera­ Speculation against the dollar and general tions through the BIS continued during uncertainties in the exchanges generated much of December, bringing the total large withdrawals of funds from the Euro­ amount of BIS drawings outstanding to dollar market, thus adding to the stringen­ $346 million at the year-end. Moreover, cies associated with normal year-end re­ the German Federal Bank swapped out a patriations. It was clear that coordinated further $250 million before the end of the central bank action was imperative if the year. As a result, interest rates held in a speculation erupting in the gold and ex­ narrow range, and the market generally re­ change markets and the corresponding mained steady despite the considerable heavy pressures being generated in the stresses and uncertainties in the exchanges Euro-dollar market were to be held in near the year-end. check. After the turn of the year Euro-dollar Among the various measures agreed upon rates moved sharply lower, despite wide­ by the active members of the Gold Pool spread expectations in the market that there who met in Frankfurt on the weekend fol­ would be a further rise following the an­ lowing sterling’s devaluation, the central nouncement of the President’s new balance banks of Belgium, the Netherlands, and of payments program. Yet the fall in rates Switzerland agreed to sell their currencies should not have been surprising. Money forward in cooperation with U.S. authori­ markets in most of the major continental ties, with a sizable amount of the sales centers remained highly liquid, and there conducted on the basis of market swaps were substantial outflows into the Euro-dol­ (forward purchase of U.S. dollars against lar market from Germany, France and spot sale) so that dollars simultaneously Switzerland, as well as more modest flows were pumped out into the Euro-dollar mar­ from the Netherlands and Belgium. Much Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

288 FEDERAL RESERVE BULLETIN □ MARCH 1968 of this shift of funds was, of course, of a market. Thus, by the end of January, inter­ normal seasonal nature. Moreover, the spate est rates on 3-month deposits had declined of longer-term Euro-bond issues undoubt­ to about 5 lA per cent, and they held at that edly resulted in the temporary accumulation level through February. of excess funds by some of the borrowers, Under these circumstances the BIS was who then placed the proceeds in short­ able to reverse its earlier placements in the term deposits. Euro-dollar market made from the pro­ At the same time, the heavy pressures on ceeds of drawings on the Federal Reserve the Canadian dollar during January un­ swap line. By the end of January the $346 doubtedly resulted in a shift of short-term million outstanding at the end of 1967 was money from Canada into the Euro-dollar fully repaid. 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 November 14 were published in the Bulletins for July, pages 1115-51; August, pages 1326-32; September, pages 1546-54; October, pages 1713-20; November, pages 1893­ 1910; December, pages 2035-42; January 1968, pages 72-78; and February, pages 151-66. The record for the meetings held on November 27, and December 12, 1967, follow: 289 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

290 FEDERAL RESERVE BULLETIN □ MARCH 1968 MEETING HELD ON NOVEMBER 27, 1967 1. Authority to effect transactions in System Account. On Saturday, November 18, 1967, the par value of the pound sterling was reduced by 14.3 per cent, from $2.80 to $2.40. The British authorities simultaneously announced a broad series of measures designed to reduce domestic demands and in general to facilitate the economic adjustments required to achieve a sub­ stantial improvement in the balance of payments of the United Kingdom. These measures included an increase in the discount rate of the Bank of England from 6C2 to 8 per cent, its highest level in 53 years. On November 19 the Federal Reserve an­ nounced an increase in its discount rate from 4 to 4'/2 per cent, effective the next day. Today’s meeting had been called for the purposes of reviewing the latest developments and making such revisions in the Open Market Committee’s policy instruments as were needed in the light of recent events. Following the British devaluation, all of the other major in­ dustrial countries comprising the “Group of Ten” announced promptly that the par values of their currencies would not be changed. The announcement for the United States took the form of a statement on November 18 by President Johnson, unequiv­ ocally reaffirming the U.S. commitment to the existing price of $35 per ounce for gold. Some countries did devalue after the British action, but together they accounted in 1966 for only about 6 ppr cent of world trade, less than Britain alone. Among the countries devaluing, Spain, Ireland, and Israel reduced the par values of their currencies by the same percentage as Britain had; New Zealand by more; and Denmark and Hong Kong by less. Conditions in markets for foreign exchange and gold had been turbulent since the Committee’s preceding meeting on November 14. Pressures on sterling had increased after publication that day Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 291 of British foreign trade figures for October, which indicated that a deficit of record proportions had been incurred. The pressures eased over most of the next 2 days, when there were rumors regarding negotiations for foreign central bank credit assistance to the United Kingdom, but they resumed late on Thursday, November 16. On Friday there were press reports that a devalua­ tion of the pound was imminent, and the markets were flooded by offers of sterling. Demands for gold in the London market and other foreign centers increased substantially, and some central banks in continental Europe acquired sizable amounts of dollar reserves as a result of shifts by market participants from sterling into continental European currencies. The British authorities declared a bank holiday for the Mon­ day following devaluation. When foreign exchange trading re­ sumed in London on Tuesday, November 21, spot sterling was quoted at its new ceiling rate of $2.42, where it remained for the rest of the week. Market demands for gold continued to mount, however, and reached unprecedented levels during the week. Continental central banks experienced only small changes in their dollar reserves during most of the week, but made sizable acquisi­ tions on Friday. On Sunday, November 26, the following statement was issued in Washington: The Secretary of the Treasury and the Chairman of the Federal Reserve Board made available a communique issued in Frankfurt, Germany, today which reads as follows: The Governors of the Central Banks of Belgium, Germany, Italy, Netherlands, Switzerland, United Kingdom and the United States con­ vened in Frankfurt on November 26, 1967. They noted that the President of the United States has stated: “I reaffirm unequivocally the commitment of the United States to buy and sell gold at the existing price of $35 per ounce.” They took decisions on specific measures to ensure by coordinated action orderly conditions in the exchange markets and to support the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

292 FEDERAL RESERVE BULLETIN □ MARCH 1968 present pattern of exchange rates based on the fixed price of $35 per ounce of gold. They concluded that the volume of gold and foreign exchange re­ serves at their disposal guarantees the success of these actions; at the same time they indicated that they would welcome the participation of other central banks. On the following day—the day of this Committee meeting-—the market demand for gold was considerably below its levels during the preceding week. In domestic financial markets both short- and long-term interest rates had fluctuated widely since the Committee’s Novem­ ber 14 meeting. Yields initially declined, following the postpone­ ment of a large bond issue by a major U.S. corporation and the reports concerning negotiations for credit assistance to Britain. They advanced on Friday, November 17, however, in the wake of the mounting pressures on sterling and rumors of imminent devaluation. On Monday, November 20, both short- and long­ term interest rates rose sharply in the initial reaction to the events of the preceding weekend. A large commercial bank increased its prime lending rate from 51/2 to 6 per cent that day, and various other banks followed shortly. The securities markets began to rally on Monday afternoon, and they strengthened further on the following 2 days. Factors underlying the rally included large-scale purchases of Govern­ ment securities by the System, the postponement of a number of corporate and municipal bond issues, and an announcement that the House Ways and Means Committee would reopen hearings shortly on the administration’s proposals for increased fiscal restraint. Market interest rates rose sharply again on Friday, November 24, however, when uncertainties were increasing in foreign ex­ change and gold markets. Yields on municipal and seasoned corporate bonds advanced to new record levels, but yields on intermediate- and long-term Government securities did not re- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 293 attain the highs they had reached on the day before the Com­ mittee’s preceding meeting. Most short-term yields had increased considerably, on balance, since that time; the market rate on 3-month Treasury bills, at about 4.90 per cent, was up approx­ imately 30 basis points over the period. Major banks raised their offering rates on large-denomination CD’s, and rates on CD’s maturing in 3 months or more were now generally at the 514 per cent ceiling established by Regulation Q. The System conducted large-scale open market operations on the Monday after the devaluation of sterling and the announce­ ment of the increase in Federal Reserve discount rates, with a view to facilitating orderly adjustments to the new circumstances brought about by these events. Early in the day the System placed bids with Government securities dealers for a substantial volume of securities maturing in more than 1 year. After purchasing $ 186 million of such securities it also bought $427 million of Treasury bills. These operations absorbed some of the overhanging supply of securities that might otherwise have been pressed onto an unreceptive market; and as sentiment improved, market conditions quickly became relatively normal. No further System operations were carried out in the market during the rest of the week, although on Friday $191 million of Treasury bills were pur­ chased directly from foreign accounts. Free reserves of member banks were at the relatively low level of about $90 million in the statement week ending November 22, despite the large volume of reserves provided by both the System’s security purchases on Monday and by various inter­ national transactions. Interest rates on Federal funds and on bank loans to Government securities dealers, like other market rates, had fluctuated widely in recent weeks. By the Friday before this meeting, however, money market rates had moved into closer alignment with the new level of the discount rate; the effective rate on Federal funds that day, at 414 per cent, was equal to the discount rate, and dealer loan rates also had risen. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

294 FEDERAL RESERVE BULLETIN □ MARCH 1968 In considering the domestic open market policy to be followed in the period until its next meeting, the Committee took note of the various crosscurrents that were likely to be at work as a consequence of the increase in Federal Reserve discount rates and of recent events abroad, and of the continuing uncertainties with respect to international developments and their possible impact on domestic financial markets. At the conclusion of the discussion the following current economic policy directive was issued to the Federal Reserve Bank of New York: System open market operations until the next meeting of the Committee shall be conducted with a view to facilitating orderly market adjustments to the increase in Federal Reserve discount rates; but operations may be modified as needed to moderate any unusual pressures stemming from in­ ternational financial uncertainties. Votes for this action: Messrs. Martin, Brimmer, Francis, Maisel, Mitchell, Robertson, Scanlon, Sher­ rill, Swan, and Ellis. Votes against this action: None. 2. Amendments to authorization for System foreign currency operations. At this meeting the Committee amended its authorization for System foreign currency operations in a number of respects, against the background of the discussions by the central bank governors at their meeting in Frankfurt. The amendments in­ cluded an increase in the limit, specified in paragraph 1C(3) of the authorization, on forward commitments by the System Account to deliver foreign currencies; and enlargements of the swap arrangements, specified in paragraph 2, with a number of central banks and the Bank for International Settlements. In a further action, related to the change approved in the size of the swap arrangement with the Bank of England, the limit on authorized System Account holdings of sterling purchased on a covered or guaranteed basis, specified in paragraph IB(3), was reduced to the level prevailing prior to the amendment to that paragraph that was approved on November 14, 1967. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 295 With respect to the first of these actions, one of the agreements reached at the Frankfurt meeting was that the foreign central banks represented there, in collaboration with U.S. monetary authorities, would undertake coordinated operations in forward markets. In these operations the central banks would sell their own currencies forward against dollars, to discourage further large accruals of dollar reserves such as had occurred on the Fridays before and after the sterling devaluation and, if possible, to encourage some reflows from European currencies to the Euro­ dollar market. The U.S. Treasury had agreed to cooperate in this program, and forward operations in certain currencies had already begun, with the System Account participating on the basis of the authority contained in paragraph IC(3) of the authorization for System foreign currency operations. It was noted that the existing authority to undertake forward commit­ ments up to $275 million equivalent might well prove adequate to the System’s needs in this connection. However, the Committee concurred in the recommendation of the Account Management that the limit contained in paragraph 1C(3) be doubled, to $550 million equivalent, to provide against the possibility of larger needs. The increases in a number of System swap arrangements, which were for the purpose of providing a broader margin of safety for the stability of the international monetary system, were approved on the understanding that enlargements of certain additional swap arrangements might be proposed subsequently. Paragraph 2 of the authorization was amended to change the size of the reciprocal currency arrangements with (1) the National Bank of Belgium, from $150 million to $225 million equivalent; (2) the Bank of Italy, from $600 million to $750 million equiv­ alent; (3) the Netherlands Bank, from $150 million to $225 million equivalent; (4) the Bank of Sweden, from $100 million to $200 million equivalent; (5) the Bank for International Settlements (the arrangement providing for System drawings in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

296 FEDERAL RESERVE BULLETIN □ MARCH 1968 authorized European currencies other than Swiss francs), from $300 million to $600 million equivalent; (6) the Bank of England, from $1,350 million to $1,500 million equivalent; (7) the Bank of Japan, from $450 million to $750 million equivalent; and (8) the German Federal Bank, from $400 million to $750 million equivalent. On advice that negotiations looking toward the indicated increases had already been conducted with the first five foreign banks listed above, the corresponding changes in the authorization were approved effective immediately. The changes relating to the swap arrangements with the central banks of England, Japan, and Germany were approved on the basis that they would become effective upon a determination by Chairman Martin that preliminary negotiations had been satisfactorily com­ pleted. The Chairman made such a determination with regard to the swap arrangements with the central banks of England and Japan on November 28, and with regard to the arrangement with the German Federal Bank on November 30. With respect to the amendment to paragraph IB(3), an in­ crease in the limit specified there on System holdings of sterling had been approved at the preceding meeting of the Committee, at a time when it appeared that the United Kingdom might find it possible to maintain the par value of the pound at $2.80. In light of the subsequent devaluation, the Committee concluded that any expansion of credit facilities between the Federal Reserve and the Bank of England would more appropriately take the form of an increase in the size of the swap arrangement between the two central banks. Accordingly, the language of the affected paragraph was restored to the form in effect before the November 14 action. Votes for these actions: Messrs. Martin, Brimmer, Francis, Maisel, Mitchell, Robertson, Scanlon, Sherrill, Swan, and Wayne. Votes against these actions: None. Subsequent to this meeting, on November 30, the Special Manager recommended that paragraph 2 of the authorization for Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 297 System foreign currency operations be further amended to change the size of the swap arrangement with the Bank of Canada from $500 million to $750 million equivalent. This recommendation was unanimously approved by available members of the Com­ mittee, namely, Messrs. Martin, Hayes, Brimmer, Maisel, Mitchell, Robertson, Scanlon, Sherrill, Swan, and Wayne. As a result of these several actions, the first two paragraphs of the authorization for System foreign currency operations read as follows: 1. The Federal Open Market Committee authorizes and directs the Fed­ eral Reserve Bank of New York, for System Open Market Account, to the extent necessary to carry out the Committee’s foreign currency directive: A. To purchase and sell the following foreign currencies in the form of cable transfers through spot or forward transactions on the open market at home and abroad, including transactions with the U.S. Stabilization Fund established by Section 10 of the Gold Reserve Act of 1934, with for­ eign monetary authorities, and with the Bank for International Settle­ ments : Austrian schillings Belgian francs Canadian dollars Danish kroner Pounds sterling French francs German marks Italian lire Japanese yen Mexican pesos Netherlands guilders Norwegian kroner Swedish kronor Swiss francs B. To hold foreign currencies listed in paragraph A above, up to the following limits: (1) Currencies held spot or purchased forward, up to the amounts necessary to fulfill outstanding forward commitments; (2) Additional currencies held spot or purchased forward, up to the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

298 FEDERAL RESERVE BULLETIN □ MARCH 1968 amount necessary for System operations to exert a market influence but not exceeding $150 million equivalent; and (3) Sterling purchased on a covered or guaranteed basis in terms of the dollar, under agreement with the Bank of England, up to $200 million equivalent. C. To have outstanding forward commitments undertaken under para­ graph A above to deliver foreign currencies, up to the following limits: (1) Commitments to deliver foreign currencies to the Stabilization Fund, up to $350 million equivalent; (2) Commitments to deliver Italian lire, under special arrangements with the Bank of Italy, up to $500 million equivalent; and (3) Other forward commitments to deliver foreign currencies, up to $550 million equivalent. D. To draw foreign currencies and to permit foreign banks to draw dollars under the reciprocal currency arrangements listed in paragraph 2 below, provided that drawings by either party to any such arrangement shall be fully liquidated within 12 months after any amount outstanding at that time was first drawn, unless the Committee, because of exceptional circumstances, specifically authorizes a delay. 2. The Federal Open Market Committee directs the Federal Reserve Bank of New York to maintain reciprocal currency arrangements (“swap” arrangements) for System Open Market Account for periods up to a maximum of 12 months with the following foreign banks, which are among those designated by the Board of Governors of the Federal Reserve System under Section 214.5 of Regulation N, Relations with Foreign Banks and Bankers, and with the approval of the Committee to renew such arrangements on maturity: Amount of arrangement Foreign bank (millions of dollars equivalent) Austrian National Bank 100 National Bank of Belgium 225 Bank of Canada 750 National Bank of Denmark 100 Bank of England 1,500 Bank of France 100 German Federal Bank 750 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 299 Amount of arrangement Foreign bank (millions of dollars equivalent) Bank of Italy 750 Bank of Japan 750 Bank of Mexico 130 Netherlands Bank 225 Bank of Norway 100 Bank of Sweden 200 Swiss National Bank 250 Bank for International Settlements: System drawings in Swiss francs 250 System drawings in authorized European currencies other than Swiss francs 600 At this meeting the Committee also reviewed certain trans­ actions in sterling that had been made during the preceding week by the Federal Reserve Bank of New York with a number of U.S. commercial banks. Specifically, the New York Bank had sold sterling from System Account holdings to the U.S. com­ mercial banks, for delivery on Tuesday, November 21, and had concurrently repurchased forward an equivalent amount of ster­ ling from each bank for delivery on Friday, November 24. Similar transactions were conducted for Treasury account, with sales for delivery on Wednesday and repurchases for delivery on Friday. These transactions were carried out to enable the U.S. com­ mercial banks to make deliveries of sterling on Tuesday and Wednesday, under contracts they had made on Friday, November 17. The commercial banks involved had originally entered into those contracts in order to balance their positions in sterling, in accordance with their customary practice, after accommodating commercial customers and correspondent banks that had desired to sell sterling forward. At the time they made the spot contracts, the commercial banks had expected to acquire the necessary ster- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

300 FEDERAL RESERVE BULLETIN □ MARCH 1968 ling in the market on Monday, November 20, but were unable to do so because the British authorities had declared that day to be a bank holiday. The New York Bank took measures to insure that such trans­ actions did not provide relief to any commercial bank to the extent that it was short sterling as a result of operations on its own initiative. In cases where the banks had over-all short positions in sterling as of Friday, November 17, an amount equal to that short position was deducted from the amount made available by the New York Bank, except where the short position could be explicitly justified by the bank in question. The broad purpose of these transactions, from the System’s point of view, was to avoid the disorder in the foreign exchange market that might have resulted from widespread defaults on foreign exchange contracts. The transactions were carried out with the concurrence of a majority of the Subcommittee author­ ized, under the terms of paragraph 6 of the authorization for System foreign currency operations, to act on behalf of the Federal Open Market Committee when necessary to enable the New York Bank to engage in foreign currency operations before the Committee could be consulted. After discussion at this meet­ ing, the Committee unanimously approved, ratified, and con­ firmed these transactions, along with other System transactions in foreign currencies since the previous meeting. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 301 MEETING HELD ON DECEMBER 12, 1967 1. Authority to effect transactions in System Account. Evidence was accumulating of a resurgence in economic activity following settlement of strikes in the automobile industry and in other industries. It now appeared highly probable that growth in over-all activity would accelerate in early 1968 and that up­ ward pressures on prices would persist as the effects of higher costs were reinforced by those of rapidly expanding demands. Preliminary indications were that industrial output had re­ bounded in November, that employment had risen sharply in both manufacturing and other areas, and that the unemployment rate had declined to less than 4 per cent from 4.3 per cent in October. Retail sales had increased significantly, according to the advance estimate, and residential construction activity had continued to expand. Average prices of industrial commodities had advanced further from mid-October to mid-November, and numerous in­ creases were announced in subsequent weeks. A sizable rise in the consumer price index in October brought its increase since March to an annual rate of over 3.5 per cent. The business outlook for early 1968 appeared strong despite an anticipated slowing of the advance in Federal expenditures, including defense outlays. Consumer spending was expected to rise in pace with rapidly growing incomes. Although the latest Commerce-SEC survey of business capital spending plans in­ dicated a slightly lower level of outlays in the second half of 1967 than that shown by earlier surveys, it suggested that plant and equipment expenditures would rise considerably in the first half of 1968. The rate of business inventory accumulation also was expected to increase substantially after the turn of the year, both because of the heightened pace of over-all activity and because of efforts to rebuild strike-depleted stocks of autos and to accumulate steel against the possibility of a strike in that industry. Outlays for residential construction appeared likely to continue Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

302 FEDERAL RESERVE BULLETIN □ MARCH 1968 upward for a time, although the pace and duration of the ad­ vance was in doubt because of uncertainties regarding prospective supplies and costs of mortgage funds. With respect to the U.S. balance of payments, available data for October and November suggested that in the fourth quarter the deficit on the “liquidity” basis of calculation would be larger than in the third quarter and that the balance on the “official reserve transactions” basis would revert to deficit from the surplus recorded in the third quarter. Part of the deterioration reflected the conversion in October and November of official British hold­ ings of U.S. securities to assets of more liquid form. Part, how­ ever, reflected other factors, including a further weakening of the U.S. merchandise trade surplus in October. Continued large deficits seemed to be in prospect for early 1968. Gold holdings of the U.S. Treasury were reduced by $475 million in the week ending December 6, mainly to settle the U.S. share of sales made by the gold pool in London during the first 2 weeks after the devaluation of sterling on November 1 8 and to cover U.S. sales to foreign central banks. Foreign demand for gold subsequently dropped sharply, but it turned up again on the day before this meeting following press reports that possible measures to restrict access to the London gold market were under discussion. In foreign exchange markets spot sterling remained at its new ceiling rate of $2.42 until early December, when the rate weakened following a labor dispute involving British railway workers. Subsequently the sterling exchange rate fluctuated below the ceiling. Forward operations by some continental central banks, undertaken in cooperation with U.S. monetary authorities, had helped to minimize speculative movements into continental currencies and to stimulate short-term investment outflows from them. System open market operations since the preceding meeting of the Committee had been directed at facilitating continuing Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 303 orderly adjustments to the increase in Federal Reserve discount rates, against the background of the massive international flows of funds that followed the devaluation of sterling. Operations were complicated by the need to offset the effects on member bank reserves of those flows and of the large reduction in the Treasury’s gold stock. Money market conditions remained rela­ tively stable, however, with the Federal funds rate fluctuating around the 414 per cent discount rate. In the 2 weeks ending December 6 free reserves averaged about $240 million and mem­ ber bank borrowings about $105 million, compared with aver­ ages of $210 million and $125 million, respectively, in the preceding 4 weeks. Interest rates on most types of market securities had risen after the increase in Federal Reserve discount rates and the devaluation of sterling. Most recently, many rates had advanced further as the waning likelihood that a tax increase would be enacted this year strengthened market expectations of greater monetary restraint. Since the preceding meeting of the Committee interest rates had increased on such short-term instruments as bankers’ acceptances, finance company paper, and CD’s; some banks were now offering the 514 per cent ceiling rate on CD’s of relatively short maturity. In early December the market rate on 3-month Treasury bills reached 5.01 per cent—its highest level in 1967— but it subsequently declined and on the day before this meeting was 4.90 per cent, about the same as 2 weeks earlier. In the capital markets yields on intermediate- and long-term Treasury securities had moved irregularly lower in recent weeks, but those on municipal and corporate bonds, particularly the former, had risen further. The rise in corporate bond yields was moderated by postponements and cutbacks of scheduled new issues, which reduced the November volume of public offerings to little more than half the total expected earlier. Upward interest rate pressures appeared to be persisting on home mortgages. Commercial bank credit increased less rapidly in November Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

304 FEDERAL RESERVE BULLETIN □ MARCH 1968 than in other recent months, with bank acquisitions of municipal and Federal agency issues accounting for much of the rise. Hold­ ings of Treasury securities and loans on securities both declined, and growth in business loans, while somewhat faster than in the two preceding months, was still moderate. The bank credit proxy —daily-average member bank deposits—increased at an annual rate of about 8.5 per cent in November, compared with average annual rates of 11 per cent in September and October together and 13.5 per cent in the first 8 months of the year. Growth in total time and savings deposits was maintained in November at the 12 per cent average annual rate of the two preceding months by substantial bank sales of short-maturity CD’s; expansion in other time and savings deposits moderated further. The pace of growth in private demand deposits and the money supply in­ creased somewhat—the latter to an annual rate of about 7.5 per cent—as Government deposits declined. With continued expansion in over-all economic activity in prospect, demands for business loans were expected to strengthen in December and January. However, growth in total bank credit was expected to slow further in December; it was anticipated that the funds available to banks would be limited by run-offs of CD’s, a large volume of which matured around the midmonth tax date. The bank credit proxy was projected to rise at an annual rate in the range of 2 to 5 per cent in December if prevailing money market conditions were maintained. Faster growth ap­ peared likely in January, when it was anticipated that banks would be the initial purchasers of a large proportion of the tax­ anticipation bills the Treasury was expected to issue then. It was thought likely that a slight firming of money market conditions would have relatively little effect on bank credit growth in December, but that it would reduce the growth rate in January from what would otherwise be expected, in part by causing some further attrition in outstanding CD’s. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 305 The Committee decided that open market operations in the period until its next meeting should be directed at moving slightly beyond the firmer conditions that had developed in the money market partly as a result of the increase in Federal Reserve dis­ count rates. The Committee also agreed that operations should be modified if necessary to moderate any significant deviation of bank credit from current expectations, particularly in an upward direction, or any unusual liquidity pressures that might develop in financial markets. It was noted in the discussion that events of recent weeks had shifted the balance of conflicting considerations in favor of a firming of monetary policy. Efforts to achieve a measure of fiscal restraint through enactment of a surcharge on income taxes had proved unavailing in the 1967 session of Congress. Prospects for accelerated growth in economic activity and for the continua­ tion of inflationary pressures had heightened following the settle­ ment of major strikes. The balance of payments situation had deteriorated further and pressures on the U.S. gold stock had increased. At the same time, the constraint on monetary policy resulting from the pressures on sterling in foreign exchange mar­ kets had been relaxed, although not completely removed, by the devaluation of the pound; and the constraint imposed from time to time by Treasury financing activity was absent for the time being. It was for these reasons that the Committee decided to seek firmer money market conditions at present. The decisions to move toward only slightly firmer conditions—-and to provide for modification of operations in the event that unusual liquidity pressures developed—reflected in part continuing concerns about possible adverse effects of higher interest rates on financial inter­ mediaries, especially around the year-end dividend- and interest­ crediting periods when such institutions were particularly exposed to withdrawals of funds. Various other considerations were cited as grounds for caution in increasing monetary restraint at this Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

306 FEDERAL RESERVE BULLETIN □ MARCH 1968 time. These included the fact that the growth rate of bank credit had moderated in November and was expected to decline further in December; the judgment that the current high levels of interest rates were already imposing a considerable degree of restraint on borrowing and spending; and the fact that pressures on ster­ ling had not completely dissipated following the devaluation. In the course of the Committee’s discussion a number of mem­ bers expressed the view that serious consideration should be given to an increase at an early date in member bank reserve require­ ments against demand deposits, as a further step in a gradual and orderly firming of monetary policy. At the conclusion of the discussion the following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting indicates that industrial out­ put and employment have rebounded following strike settlements in the automobile and other industries, and that prospects have heightened for more rapid expansion of over-all economic activity in the months ahead. Both industrial and consumer prices have continued to rise at a substantial rate. The imbalance in U.S. international transactions has worsened, partly because of weakening in the export surplus since midyear. Foreign pur­ chases of gold have been large following the devaluation of the pound sterling. Bank credit expansion has lessened, with diminished bank buying of Government securities and continued moderate loan growth. Most in­ terest rates have risen further in reaction to the British devaluation and Bank rate increase, the rise in Federal Reserve discount rates, and waning expectations of enactment of the President’s fiscal program. In this situa­ tion, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to resistance of inflationary pressures and progress toward reasonable equilibrium in the country’s balance of pay­ ments. To implement this policy, System open market operations until the next meeting of the Committee shall be conducted with a view to moving slightly beyond the firmer conditions that have developed in money mar­ kets partly as a result of the increase in Federal Reserve discount rates; provided, however, that operations shall be modified as needed to moder­ ate any apparently significant deviations of bank credit from current expectations or any unusual liquidity pressures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 307 Votes for this action: Messrs. Martin, Hayes, Brimmer, Francis, Mitchell, Robertson, Scanlon, Sherrill, Swan, and Wayne. Vote against this action: Mr. Maisel. Mr. Maisel dissented from this action in part because he thought the directive was susceptible to an interpretation under which growth in member bank reserves and bank deposits would be slowed too abruptly, and perhaps succeeded by contraction. He favored seeking growth rates in reserves, deposits, and bank credit considerably below the average rates thus far in 1967, but still high enough to facilitate expansion in GNP at a some­ what faster rate than had prevailed on average in the first three quarters of the year. He noted that whether or not interest rates would rise further under the course he advocated would depend upon the strength of market demands for funds in relation to the supplies that would be available under such a Committee policy. Mr. Maisel also thought that the statement of the Committee’s general policy stance contained in today’s directive had far too narrow a focus; in particular, he objected to the omission of reference to the basic policy goal of facilitating sustainable economic expansion. This omission resulted from the substitu­ tion of language stating that it was the Committee’s policy “to foster financial conditions conducive to resistance of inflationary pressures and progress toward reasonable equilibrium in the country’s balance of payments” for the language of other recent directives stating that it was the Committee’s policy “to foster financial conditions, including bank credit growth, conducive to sustainable economic expansion, recognizing the need for reason­ able price stability for both domestic and balance of payments purposes.” 2. Amendments to authorization for System foreign currency operations. At this meeting the Committee ratified the action taken by mem- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

308 FEDERAL RESERVE BULLETIN □ MARCH 1968 bers on November 30, amending paragraph 2 of the authoriza­ tion for System foreign currency operations to change the size of the swap arrangement with the Bank of Canada from $500 million to $750 million equivalent. Votes for ratification of this action: Messrs. Mar­ tin, Hayes, Brimmer, Francis, Maisel, Mitchell, Robertson, Scanlon, Swan, and Wayne. Votes against ratification of this action: None. Subsequent to this meeting, on December 14, 1967, the Special Manager recommended that paragraph 2 of the authorization be further amended to change (1) the size of the swap arrangement with the Bank for International Settlements providing for System drawings in Swiss francs, and (2) the size of the arrangement with the Swiss National Bank, each from $250 million to $400 million equivalent, effective immediately, to supplement the enlargements of the System’s swap network that had been approved on November 27 and November 30. The recommenda­ tion was unanimously approved by available members of the Committee, namely, Messrs. Martin, Hayes, Brimmer, Daane, Francis, Maisel, Mitchell, Robertson, Scanlon, Swan, and Wayne. (This action was ratified by the Committee at its following meet­ ing, on January 9, 1968.) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material FOREIGN BANKING AND FINANCING CORPORATIONS The Board of Governors, effective February 8, 1968, amended section 211.8 of Regulation K—Corporations Engaged in Foreign Banking and Financing Under the Federal Reserve Act, to eliminate from the regula­ tion the “General consent” under which so-called “Edge Act” and “Agreement” corporations had been permitted to make certain equity investments in a foreign business without the prior specific consent of the Board. The text of the amendment reads as follows: AMENDMENT TO REGULATION K Issued by the Board of Governors of the Federal Reserve System Effective February 8, 1968, section 211.8 is amended to read as follows: SECTION 211.8—INVESTMENTS IN SHARES OF OTHER CORPORATIONS (a) Specific consent.—Prior specific consent of the Board is required with respect to the acquisition of any shares by a Corporation, except as provided in the ninth paragraph of section 25(a) of the Act (relating to purchases of stock to prevent loss on debts previously contracted). (b) Conditions.—(1) Shares of stock in a corporation shall be dis­ posed of as promptly as practicable if (i) such corporation should engage in the business of underwriting, selling, or distributing securities in the United States or (ii) the Corporation is advised by the Board that their holding is inappropriate under section 25(a) of the Act or this part. (2) In computing the amount which may be invested in the shares of any corporation under section 25(a) of the Act, there shall be in­ cluded any such investments in other corporations controlled by such corporation. Unless otherwise specified, “shares” in this section include any rights to acquire shares, except that prior Board consent is not re­ quired for the acquisition and exercise of stock rights in lieu of dividends which are declared on shares already held by a Corporation and which do not result in an increase in percentage ownership of the corporation. (c) Reports.—A Corporation shall inform the Board through the Federal Reserve Bank of its district within thirty days after the close of each quarter with respect to any acquisition or disposition of shares during that quarter, including the following information concerning any corporation whose shares it acquired for the first time (unless previously 309 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

310 FEDERAL RESERVE BULLETIN □ MARCH 1968 furnished): (1) Recent balance sheet and income statement, (2) brief descriptions of the corporation’s business (including full information concerning any such business transacted in the United States), the shares acquired, and any related credit transaction, (3) lists of directors and principal officers (with address and principal business affiliation of each) and of all shareholders (known to the issuing corporation) hold­ ing 10 per cent or more of any class of the corporation’s shares (and the amount held by each), and (4) information concerning the rights and privileges of the various classes of shares outstanding. RULES OF PROCEDURE The Board of Governors, effective March 15, 1968, amended section 262.3(f) (1) of its Rules of Procedure by changing the section reference contained therein from 222.4(e)(2) to 222.3(b)(3) to conform this reference to an amendment to Regulation Y effective as of this date. BANK HOLDING COMPANIES The Board of Governors, effective March 15, 1968, amended Regula­ tion Y—Bank Holding Companies, primarily to incorporate into the regulation the substantive changes made in the law by the 1966 amend­ ments to the Bank Holding Company Act. The text of the amended regulation reads as follows: Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 311 REGULATION Y (12 CFR 222) As amended effective March 15, 1968 BANK HOLDING C*OMPANIES SECTION 222.1—DEFINITIONS (a) Terms used in the Act.—As used in this Part, the terms “bank holding company”, “company”, “bank”, “subsidiary”, and “Board” have the same meanings as those given such terms in the Act. (b) Federal Reserve Bank.—-The term “Federal Reserve Bank” as used in this Part with respect to action by, on behalf of, or directed to be taken by a bank holding company or other organization shall mean either the Federal Reserve Bank of the Federal Reserve district in which the operations of the bank holding company or other organization are principally conducted, as measured by total deposits held or controlled by it on the date on which it became, or is to become, a bank holding company, or such Reserve Bank as the Board may designate. SECTION 222.2—REGISTRATION (a) Registration statement.—Within 180 days after becoming a bank holding company, such company shall register with the Board by filing a registration statement with the Federal Reserve Bank on forms pre­ scribed by the Board. Upon timely application on behalf of any bank holding company and upon a satisfactory showing as to the need there­ for, the time prescribed herein for the filing of a registration statement may be extended by the Board. (b) Date of registration.—The date of registration of a bank holding company shall be the date on which its registration statement is filed with the Federal Reserve Bank. SECTION 222.3—ACQUISITION OF BANK SHARES OR ASSETS (a) Submission of applications.—An application for approval by the Board of any transaction requiring approval under section 3(a) of the Act shall be filed with the Federal Reserve Bank. A separate application shall be filed with respect to each bank the voting shares or assets of which are sought to be acquired by an existing bank holding company or nonbanking subsidiary thereof. (b) Procedure on applications.—(1) Applications under this section are processed in accordance with the procedures described in this Part and those described in § 262.3 of the Board’s Rules of Procedure (Part 262 of this Chapter). * The text corresponds to the Code of Federal Regulations, Title 12, Chapter II, Part 222; cited as 12 CFR 222. The Act and this regulation are in addition to, and do not take the place of, provisions of other laws or regulations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

312 FEDERAL RESERVE BULLETIN □ MARCH 1968 (2) If either the applicant, or a bank the voting shares or assets of which are sought to be acquired, is a national bank or a District bank, the Board will transmit a copy of the application to the Comptroller of the Currency, requesting written submission of the Comptroller’s views and recommendation. If either the applicant, or a bank the voting shares or assets of which are sought to be acquired, is a State bank, the Board will transmit a copy of the application to the bank supervisory authority of the State in which such bank is located, requesting written submission of the State authority’s views and recommendation. A copy of each application will also be forwarded to the U. S. Department of Justice. (3) Following the receipt of an application under this section, the Board will publish a notice of such receipt in the Federal Register, containing the names and addresses of the applicant and the bank or banks involved, indicating the general nature of the proposed transaction, and allowing 30 days (or a shorter period in exceptional circumstances) for the submission of written comments or views. Such comments or views shall be submitted to the Board. (4) As indicated in § 262.3(/)(l) of the Board’s Rules of Procedure, the Board issues each week a list identifying applications filed pursuant to section 3 of the Act. Pursuant to § 262.3(/)(7) of the Board’s Rules of Procedure, each application is made available for inspection by the public except for portions thereof as to which the Board determines that non-disclosure is warranted. (c) Hearings on applications.—(1) In any case in which the Board receives written advice of disapproval of the application from the Comptroller of the Currency or the appropriate State supervisory authority, as the case may be, within 30 days from the date of receipt of the application by the notified authority, the Board will so notify the applicant in writing, directing the applicant’s attention to the pro­ visions of section 3(b) of the Act. Within three days after the date of the sending of such notice to the applicant, the Board will notify in writing the applicant and the Comptroller of the Currency or the appro­ priate State supervisory authority, as the case may be, of the date fixed by the Board for the commencement of a hearing on the application and of the place and time at which such hearing will be held. Any such hearing will be commenced not less than ten days nor more than thirty days after the date on which the Board sent the applicant notice of receipt of written advice from the disapproving supervisory authority. (2) Apart from any hearing ordered by the Board under this section or under § 222.4 or § 222.5 of this Part, the Board may, as provided in § 262.3(/) of the Board’s Rules of Procedure, afford the applicant or other person whom the Board determines to have a proper interest an Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 313 opportunity to present views orally before the Board or its designated representative. (d) Action on applications.—(1) In any case in which a hearing is held in accordance with paragraph (c) of this section, the Board, after the conclusion of such hearing, will by order grant or deny the applica­ tion on the basis of the record made at such hearing. In all other cases, the Board will by order grant or deny the application after receipt by it of advice that the Comptroller of the Currency or the appropriate State supervisory authority, as the case may be, does not disapprove the application, or, if no such advice is received, after the expiration of thirty days from the date of receipt of the copy of the application by the Comptroller of the Currency or such State authority. (2) As required by the Act, the Board notifies the Attorney General of the United States of Board action on any transaction proposed under this section. (3) Action by the Board on an application pursuant to this section will be taken in the manner described in subparagraphs (4) and (5) of § 262.3(f) of the Board’s Rules of Procedure, and any request for reconsideration of its action on any such application will be treated as provided in subparagraph (6) of § 262.3(f). SECTION 222.4—INTERESTS IN NONBANKING ORGANIZATIONS (a) Shares of financial, fiduciary, or insurance companies.—Any bank holding company that is of the opinion that a company’s activities, all of which are or are to be of a financial, fiduciary, or insurance nature, are so closely related to the business of banking or of managing or controlling banks (as conducted by such bank holding company or its banking subsidiaries) as to be a proper incident thereto and as to make it unnecessary for the prohibitions of section 4 of the Act to apply in order to carry out the purposes of the Act, may request the Board for such a determination pursuant to section 4(c)(8) of the Act. Any such request shall be filed with the Federal Reserve Bank. The Board will advise the bank holding company whether a hearing is to be held and of the place and time for any such hearing. The Board will by order make or decline to make the requested determination. (b) Tax certifications.—Any bank holding company desiring a cer­ tification by the Board for purposes of the provisions of sections 1101 - 1103 of the Internal Revenue Code of 1954 as amended (26 U.S.C. 1101-3) may file an application for such certification with the Federal Reserve Bank. On the basis of an application under this paragraph, the Board will either issue a certification or by order deny the application. A duplicate original of each certification will be transmitted by the Board to the Internal Revenue Service of the Treasury Department. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

314 FEDERAL RESERVE BULLETIN □ MARCH 1968 (c) Determination regarding control by transferor.—(1) In any case in which the Board, pursuant to section 2(g)(3) of the Act, affords opportunity for a hearing for the purpose of determining that a trans­ feror is not in fact capable of controlling a transferee, the Board will give notice of opportunity for such hearing by publication in the Federal Register. Any request for a hearing shall be filed, in duplicate, with the Board. The Board will notify the applicant, the transferor, and the transferee of the time and place for any hearing ordered. Upon the con­ clusion of such hearing, and on the basis of the record made at the hearing, the Board will by order make or decline to make the subject determination. (2) If no hearing is requested by any party in interest within the time prescribed in the notice of opportunity for hearing, or if a hearing so requested is denied, the Board may dispense with a hearing, and, on the basis of the documentary evidence before it, will proceed to take action with respect to the determination contemplated by section 2(g)(3). SECTION 222.5—HEARINGS AND PROCEEDINGS (a) Hearings.—Apart from hearings required by the Act (see § 222.3(c) and § 222.4(a) and (c)), a hearing may be ordered by the Board with respect to any application or request under this Part, either upon its own motion or upon the request of any party in interest, if the Board deems such hearing to be in the interests of the parties or the public. Notice of any hearing required by the Act will be published in the Federal Register a reasonable time in advance of the date fixed for the hearing; and any hearing so required will ordinarily be held before a hearing examiner appointed in accordance with the provisions of Title 5 of the United States Code. All hearings under this Part will be conducted in accordance with the Board’s Rules of Practice for Formal Hearings (Part 263 of this Chapter). (b) Record of proceedings.—The record in any proceeding under this Part upon which an order of the Board is based shall include, but is not necessarily limited to, the application or request filed with the Board in connection with such proceeding; any views or recommendations received by the Board from the Comptroller of the Currency or the appropriate State supervisory authority pursuant to section 3(b) of the Act; the transcript of any hearing held with respect to such application or request and any report and recommendation made by the hearing examiner or hearing officer before whom such hearing was held; and any order of the Board granting or denying the application or request, and any statement in support thereof. SECTION 222.6—REPORTS AND EXAMINATIONS Each bank holding company shall furnish to the Board in a form Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 315 prescribed by the Board a report of the company’s operations for the fiscal year in which it becomes a bank holding company, and for each fiscal year thereafter until it ceases to be a bank holding company. Each such annual report shall be filed with the Federal Reserve Bank. Each bank holding company shall furnish to the Board additional information at such times as the Board may require. The Board may examine any bank holding company or any of its subsidiaries and the cost of any such examination shall be assessed against and paid by such bank hold­ ing company. As far as possible the Board will use reports of examina­ tions made by the Comptroller of the Currency, the Federal Deposit Insurance Corporation, or the appropriate State bank supervisory authority. SECTION 222.7—COPIES In connection with the filing of any document pursuant to this regula­ tion, the appropriate Federal Reserve Bank should be consulted as to the number of copies required to be submitted. CREDIT IN STOCK MARKET TRANSACTIONS The Board of Governors, effective February 29, 1968, in order to mitigate the administrative burden connected with handling a substantial volume of ministerial agency transactions involved in effectuating the requirements of sections 221.3(h) of Regulation U—Credit by Banks for the Purpose of Purchasing or Carrying Registered Stocks, 207.4(f) of Regulation G—Credit by Persons Other than Banks, Brokers, or Dealers for the Purpose of Purchasing or Carrying Registered Equity Securities, and 220.7(f) of Regulation T—Credit by Brokers, Dealers and Members of National Securities Exchanges, deferred the effective date of such paragraphs from March 11 to April 10, 1968. The deferred provisions restrict the services which may be performed by a bank, broker/dealer, or other lender subject to margin regulation, as agent, in connection with credit that is secured by registered securities. The Board of Governors, effective March 11, 1968, adopted the following technical amendments to Regulations G, T, and U: Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

316 FEDERAL RESERVE BULLETIN □ MARCH 1968 CREDIT BY PERSONS OTHER THAN BANKS, BROKERS, OR DEALERS FOR THE PURPOSE OF PURCHASING OR CARRYING REGISTERED EQUITY SECURITIES AMENDMENTS TO REGULATION G Effective March 11, 1968, Regulation G is amended in the following respects: 1. Section 207.1(d)(1) and (4) is amended to read as follows: SECTION 207.1—GENERAL RULE * * * (d) Credit on convertible debt securities.—(1) A lender may extend credit for the purpose specified in paragraph (c) of this section on collateral consisting of any debt security convertible into a registered equity security or any debt security carrying a warrant or right to sub­ scribe to or purchase such a registered equity security (such a convertible debt security is sometimes referred to herein as a “convertible security”). * * * (4) In the event that any registered stock is substituted for a convertible security held as collateral for a credit extended under this section, such registered stock and any credit extended on it in compliance with this Part shall thereupon be treated as subject to paragraph (c) of this section and not to this paragraph and the credit extended under this paragraph shall be reduced by an amount equal to the maximum loan value of the security withdrawn. * * * * * 2. Section 207.2(x') is amended to read as follows: SECTION 207.2—DEFINITIONS * * * (g) The term- “indirectly secured” includes, except as provided in § 207.4(a)(3), any arrangement with the customer under which the customer’s right or ability to sell, pledge, or otherwise dispose of regis­ tered equity securities owned by the customer is in any way restricted so long as the credit remains outstanding, or under which the exercise of such right, whether by written agreement or otherwise, is cause for acceleration of the maturity of the credit: Provided, That the foregoing shall not apply (1) if such restriction arises solely by virtue of an arrangement with the customer which pertains generally to the cus- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 317 REGULATION (, tomer’s assets unless a substantial part of such assets consists of regis­ tered equity securities, or (2) if the lender in good faith has not relied upon such securities as collateral in the extension or maintenance of the particular credit: And provided further, That the foregoing shall not apply to stock held by the lender only in the capacity of custodian, depositary or trustee, or under similar circumstances, if the lender in good faith has not relied upon such securities as collateral in the exten­ sion or maintenance of the particular credit. 3. Section 207.4(a) (1 ) is amended to read as follows: SECTION 207.4—MISCELLANEOUS PROVISIONS (a) Stock option and employee stock purchase plans. * * * (1) Sections 207.1(c), (d), (f), (g), (h), (if, and (j) of this Part shall not apply (i) to any such credit extended to finance the exercise of such rights granted to any named officer or employee prior to February 1, 1968, and effectively exercised by such officer or employee prior to February 1, 1969, or (ii) to any credit extended prior to February 1, 1969, to a plan-lender pursuant to a bona fide written commitment in existence on February 1, 1968, to finance the exercise of such rights and by such plan-lender from the proceeds of such credit to any officer or employee to finance the exercise of rights granted pursuant to a stock purchase plan under which the exercise price does not exceed 50 per cent of the market value of the stock subject to purchase, valued as of the offering date thereof. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

318 FEDERAL RESERVE BULLETIN □ MARCH 1968 SUPPLEMENT TO REGULATION G SECTION 207.5—SUPPLEMENT Effective March 11, 1968, as amended (a) Maximum loan value of registered equity securities,—For the purpose of § 207.1, the maximum loan value of any registered equity security, except convertible securities subject to § 207.1(d), shall be 30 per cent of its current market value, as determined by any reasonable method. (b) Maximum loan value of convertible debt securities subject to § 207.1(d).—For the purpose of § 207.1, the maximum loan value of any security against which credit is extended pursuant to § 207.1(d) shall be 50 per cent of its current market value, as determined by any reasonable method. (c) Retention requirement.—For the purpose of § 207.1, in the case of a loan which would exceed the maximum loan value of the collateral following a withdrawal of collateral, the “retention require­ ment” of a registered equity security and of a security against which credit is extended pursuant to § 207.1(d) shall be 70 per cent of its current market value, as determined by any reasonable method. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 319 CREDIT BY BROKERS, DEALERS, AND MEMBERS OF NATIONAL SECURITIES EXCHANGES AMENDMENTS TO REGULATION T Effective March 11, 1968, Reguation T is amended in the following respects: 1. Section 220.3 O), U)(l)> (c)(2), (d)(3), and (g) is amended to read as follows: SECTION 220.3—GENERAL ACCOUNTS (a) Contents of general account.—All financial relations between a creditor and a customer, whether recorded in one record or in more than one record, shall be included in and be deemed to be parts of the customer’s general account with the creditor, except that the relations which § 220.4 permits to be included in any special account provided for by that section may be included in the appropriate special account, and all transactions in commodities, and, except to the extent provided in paragraph (b)(2) of § 220.3, all transactions in non-equity securities, exempted securities, and in other securities having no loan value in a general account under the provisions of § 220.3(c) and § 220.8 (the Supplement to Regulation T) (except unissued securities, short sales and purchases to cover short sales, securities positions to offset short sales, and contracts involving an endorsement or guarantee of any put, call, or other option), shall be included in the appropriate special account pro­ vided for by § 220.4. During any period when such § 220.8 specifies that registered equity securities shall have no loan value in a general account, any transaction consisting of a purchase of a security other than a pur­ chase of a security to reduce or close out a short position shall be effected in the special cash account provided for by § 220.4(c) or in some other appropriate special account provided for by § 220.4. (b) General rule.—(1) A creditor shall not effect for or with any customer in a general account, special bond account subject to § 220.4(f), or special convertible debt security account (sometimes referred to herein as “special convertible security account”) subject to § 220.4(f) any transaction which, in combination with the other trans­ actions effected in such account on the same day, creates an excess of the adjusted debit balance of such account over the maximum loan value of the securities in such account, or increases any such excess, unless in connection therewith the creditor obtains, as promptly as possible and in any event before the expiration of five full business days following the date of such transaction, the deposit into such account of cash or secur­ ities in such amount that the cash deposited plus the loan value of the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

320 FEDERAL RESERVE BULLETIN □ MARCH 1968 securities deposited equals or exceeds the excess so created or the increase so caused. * * * (c) Maximum loan value and current market value. * * * (2) Except as otherwise provided in this paragraph, the maximum loan value of a security in a general account, special bond account sub­ ject to § 220.4(f), or special convertible security account subject to § 220.4 (/) shall be such maximum loan value as the Board shall pre­ scribe from time to time in § 220.8 (the Supplement to Regulation T). No collateral other than an exempted security or a registered non-equity security held in such account on March 11, 1968 and continuously thereafter, or registered equity security shall have any loan value in a general account except that a registered equity security eligible for a special convertible security account pursuant to § 220.4(/) shall have loan value in a general account only if held in the account on March 11, 1968 and continuously thereafter. * ♦ * (d) Adjusted debit balance. * * * (3) the current market value of any securities (other than un­ issued securities) sold short in the general account plus, for each such security (other than an exempted security), such amount as the Board shall prescribe from time to time in § 220.8 (the Supplement to Regula­ tion T) as the margin required for such short sales, except that such amount so prescribed in such § 220.8 need not be included when there are held in the general account the same securities or securities ex­ changeable or convertible within 90 calendar days, without restriction other than the payment of money, into such securities sold short; ♦ * * (g) Transactions on given day.—For the purposes of paragraph (b) ot this section, the question of whether or not an excess of the adjusted debit balance of a general account, special bond account sub­ ject to § 220.4(f), or special convertible security account subject to § 220.4 (/) over the maximum loan value of the securities in such account is created or increased on a given day shall be determined on the basis of all the transactions in the account on such day exclusive of any deposit of cash, deposit of securities, covering transaction or other liquidation that has been effected on such day, pursuant to the require­ ment of paragraphs (b) or (e) of this section, in connection with a transaction on a previous day. In any case in which an excess so created, or increase so caused, by transactions on a given day does not exceed $100, the creditor need not obtain the deposit specified therefor in sub­ paragraph (h)(1) of this section. Any transaction which serves to meet Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 321 the requirements of paragraph (e) of this section or otherwise serves to permit any offsetting transaction in an account shall, to that extent, be unavailable to permit any other transaction in such account. For the purposes of this Part (Regulation T), if a security has maximum loan value under subparagraph (c)( 1) of this section in a general account, a sale of the same security (even though not the same certificate) in such account shall be deemed to be a long sale and shall not be deemed to be or treated as a short sale. >K :|: :|: * * 2. Section 220.4(f) (1), (2), and (4) is amended to read as follows: SECTION 220.4—SPECIAL ACCOUNTS st * .1= (j) Special convertible debt security account.— (1) In a special convertible debt security account a creditor may extend credit on any registered equity security consisting of a debt security convertible into stock or a debt security carrying a warrant or right to subscribe to or purchase stock. (2) A special convertible debt security account shall be subject to the same conditions to which it would be subject if it were a general account except that the maximum loan value of the securities in the account shall be as prescribed from time to time in § 220.8 (the Supple­ ment to Regulation T), (4) In the event any stock is to be substituted for a security held in this account, or if a security held in this account is to be used to offset a short sale in the general account, such security shall thereupon be trans­ ferred to the customer’s general account against a deposit of cash or registered equity securities eligible for an extension of credit in this account (counted at their maximum loan value) equal to at least the maximum loan value of the security for which such substitution is made, without regard to the retention requirement of section 220.3(d) (2). 3. Section 220.6(&) is amended to read as follows: SECTION 220.6—CERTAIN TECHNICAL DETAILS * * * (k) Innocent mistakes.—If any failure to comply with this Part results from a mechanical mistake made in good faith in executing a transaction, recording, determining, or calculating any loan, balance, market price or loan value, or other similar mechanical mistake, the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

322 FEDERAL RESERVE BULLETIN □ MARCH 1968 creditor shall not be deemed guilty of a violation of this Part if promptly after the discovery of such mistake he takes whatever action may be practicable in the circumstances to remedy such mistake. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 323 SUPPLEMENT TO REGULATION T SECTION 220.8—SUPPLEMENT Effective March 1 I, 1968, as amended (a) Maximum loan value for general accounts.—The maximum loan value of securities in a general account subject to § 220.3 shall be: (1) of a registered non-equity security held in the account on March 11, 1968 and continuously thereafter and of a registered equity security (except as provided in § 220.3(c) and § 220.8(b) and (c)), 30 per cent of the current market value of such securities. (2) of an exempted security held in the account on March 11, 1968, and continuously thereafter the maximum loan value of the security, as determined by the creditor in good faith. (b) Maximum loan value for a special bond account.—The max­ imum loan value of an exempt security and of a registered non-equity security pursuant to § 220.4(f) shall be the maximum loan value of the security as determined by the creditor in good faith. (c) Maximum loan value for special convertible debt security account.—The maximum loan value of a registered equity security eligible for a special convertible security account pursuant to § 220.4 (/) shall be 50 per cent of the current market value of the security. (d) Margin required for short sales.—The amount to be included in the adjusted debit balance of a general account, pursuant to § 220.3 (d) (3), as margin required for short sales of securities (other than exempt securities) shall be 70 per cent of the current market value of each such security. (e) Retention requirement.—In the case of an account which would have an excess of the adjusted debit balance of the account over the maximum loan value of the securities in the account following a withdrawal of cash or securities from the account, pursuant to § 220.3(b)(2), (1) The “retention requirement” of an exempted security held in the general account on March 11, 1968 and continuously thereafter shall be equal to its maximum loan value as determined by the creditor in good faith, and the “retention requirement” of a registered non-equity security held in such account on March 11, 1968 and continuously thereafter and of a registered equity security shall be 70 per cent of the current market value of the security. (2) In the case of a special bond account subject to § 220.4(f), the retention requirement of an exempted security and of a registered Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

324 FEDERAL RESERVE BULLETIN □ MARCH 1968 non-equity security shall be equal to the maximum loan value of the security. (3) In the case of a special convertible security account subject to § 220.4(f) which would have an excess of the adjusted debit balance of the account over the maximum loan value of the securities in the account following a withdrawal of cash or securities from the account, the reten­ tion requirement of a security having loan value in the account shall be 70 per cent of the current market value of the security. (4) For the purpose of effecting a transfer from a general account to a special convertible security account subject to § 220.4(/), the retention requirement of a security described in § 220.4(f) shall be 70 per cent of its current market value. (f) Securities having no loan value in general account.—No securities other than an exempted security or a registered non-equity security held in the account on March 11, 1968 and continuously there­ after, and a registered equity security shall have any loan value in a general account except that a registered equity security eligible for the special convertible security account pursuant to § 220.4(f) shall have loan value only if held in the account on March 11, 1968 and contin­ uously thereafter. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 325 CREDIT BY BANKS I OK THE PURPOSE OF PURCHASING OR CARRYING REGISTERED STOCKS AMENDMENTS TO REGULATION U Effective March 11, 1968, section 221.3(a), (c), and (OU) and (4) is amended to read as follows: SECTION 221.3—MISCELLANEOUS PROVISIONS (a) Required statement as to stock-secured loan.—In connection with an extension of credit secured directly or indirectly by any stock, the bank shall obtain and retain in its records for at least six years after such credit is extinguished a statement in conformity with the require­ ments of Federal Reserve Form U-1 executed by the recipient of such extension of credit (sometimes referred to as the “customer”) and executed and accepted in good faith by a duly authorized officer of the bank prior to such extension: Provided, That this requirement shall not apply to any credit described in paragraph (o) of this section or § 221.2 of this Part except for credit described in paragraphs 221.2(f), (g) and (h) extended to persons who are not brokers or dealers subject to Part 220 of this Chapter (Regulation T). In determining whether or not an extension of credit is for the purpose specified in § 221.1 or for any of the purposes specified in § 221.2 the bank may rely on the statement executed by the customer if accepted in good faith. To accept the customer’s statement in good faith, the officer must (1) be alert to the circumstances surrounding the credit and (2) if he has any information which would cause a prudent man not to accept the statement without inquiry, have investigated and be satisfied that the customer’s statement is truthful. * * * (c) Indirectly secured.—The term “indirectly secured” includes any arrangement with the customer under which the customer’s right or ability to sell, pledge, or otherwise dispose of stock owned by the cus­ tomer is in any way restricted so long as the credit remains outstanding, or under which the exercise of such right, whether by written agreement or otherwise, is cause for acceleration of the maturity of the credit: Provided, That the foregoing shall not apply (1) if such restriction arises solely by virtue ot an arrangement with the customer which per­ tains generally to the customer’s assets unless a substantial part of such assets consists of stock, or (2) if the bank in good faith has not relied upon such stock as collateral in the extension or maintenance of the particular credit: And provided further, That the foregoing shall not apply to stock held by the bank only in the capacity of custodian, depos- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

326 FEDERAL RESERVE BULLETIN □ MARCH 1968 REGULATION U itary, or trustee, or under similar circumstances, if the bank in good faith has not relied upon such stock as collateral in the extension or mainte­ nance of the particular credit. * * * (z) Credit on convertible debt securities.— (1) A bank may ex­ tend credit for the purpose specified in § 221.1 on collateral consisting of any debt security convertible into a stock registered on a national securi­ ties exchange or any debt security carrying a warrant or right to sub­ scribe to or purchase a stock so registered (such a debt security is sometimes referred to herein as a “convertible security”). * * * (4) In the event that any stock is substituted for a convertible security held as collateral for a credit extended under this paragraph, the stock and any credit extended on it in compliance with this Part shall there­ upon be treated as subject to § 221.1 and the credit extended under this paragraph shall be reduced by an amount equal to the maximum loan value of the security withdrawn. * ;|c $ $ * Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 327 SUPPLEMENT TO REGULATION U SECTION 221.4—SUPPLEMENT Effective March 11, 1968, as amended (a) Maximum loan value of stocks.—For the purpose of § 221.1, the maximum loan value of any stock, whether or not registered on a national securities exchange, shall be 30 per cent of its current market value, as determined by any reasonable method. (b) Maximum loan value of convertible debt securities subject to § 221.3(f).—For the purpose of § 221.3(f), the maximum loan value of any security against which credit is extended pursuant to § 221.3(7) shall be 50 per cent of its current market value, as deter­ mined by any reasonable method. (c) Retention requirement.—For the purpose of § 221.1, in the case of a loan which would exceed the maximum loan value of the collateral following a withdrawal of collateral, the “retention require­ ment” of a stock, whether or not registered on a national securities exchange, and of a convertible debt security subject to § 221.3(f), shall be 70 per cent of its current market value, as determined by any reason­ able method. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

328 FEDERAL RESERVE BULLETIN □ MARCH 1968 DATE CREDIT EXTENDED ON REGISTERED STOCK Order Approving Merger of Banks The Board has been presented with the question There has come before the Board of Governors, whether Regulation G applies to an extension of pursuant to the Bank Merger Act (12 U.S.C. credit to a corporation under a contract entered 1828(c)), an application by Wells Fargo Bank, into on May 31, 1967, whereby the creditor agreed San Francisco, California, a State member bank to purchase notes of the corporation totaling $150 of the Federal Reserve System, for the Board’s million in three “closings” to be completed by prior approval of the merger of that bank and December 2, 1968. Prior to February 1, 1968, Bank of Pasadena, Pasadena, California, under $132,500,000 was disbursed. The remaining $16,­ the charter and title of Wells Fargo Bank. As an 500,000 was scheduled to be paid on February incident to the merger, the two offices of Bank 21, 1968. It was assumed that the purpose of the of Pasadena would become branches of the re­ credit was to carry stock that is registered on a sulting bank. Notice of the proposed merger, in national securities exchange, and that the credit form approved by the Board, has been published may become secured by such stock. pursuant to said Act. Regulation G, which becomes effective March Upon consideration of all relevant material in 11, 1968, will apply to credit extended after the light of the factors set forth in said Act, in­ February 1, 1968, in the ordinary course of busi­ cluding reports furnished by the Comptroller of ness, to purchase or carry registered equity se­ the Currency, the Federal Deposit Insurance Cor­ curities, if the credit is secured by such securities. poration, and the Attorney General on the com­ The above-described credit was the subject of an petitive factors involved in the proposed merger, agreement executed prior to February 1, 1968, It Is Hereby Ordered, for the reasons set that bound the parties as to the amount, interest forth in the Board’s Statement of this date, that rate, term, and principal conditions of the credit, said application be and hereby is approved, pro­ although some of the funds remained to be vided that said merger shall not be consummated disbursed. (a) before the thirtieth calendar day following the The Board concluded that the funds described date of this Order or (b) later than three months above, to be extended after February 1, 1968, after the date of this Order. will be extended pursuant to a firm commitment Dated at Washington, D. C., this 7th day of executed prior to that date. The Board was of the March, 1968. opinion that the date a commitment to extend credit becomes binding should be regarded as the By order of the Board of Governors. date when the credit is extended, since (1) on Voting for this action: Chairman Martin, and Gov­ that date the parties should be aware of law and ernors Robertson, Daane, Maisel, Brimmer, and Sher­ facts surrounding the transaction and (2) gen­ rill. Absent and not voting: Governor Mitchell. erally, the date of contract is controlling for pur­ (Signed) Robert P. Forrestal. poses of margin regulations and Federal securities Assistant Secretary. law, regardless of the delivery of cash or securi­ [seal] ties. Accordingly, the Board concluded that Reg­ ulation G did not apply to this extension of credit. Statement ORDER UNDER BANK MERGER ACT Wells Fargo Bank, San Francisco, California The following Order and Statement was issued by (“Wells Fargo”) with total deposits of $3.9 bil­ the Board of Governors approving an application lion, has applied, pursuant to the Bank Merger for the merger of banks: Act (12 U.S.C. 1828(c)), for the Board’s prior approval of the merger of that bank with Bank of Pasadena, Pasadena, California (“Pasadena WELLS FARGO BANK, SAN FRANCISCO, CALIFORNIA Bank”), which has total deposits of $9 million.1 The banks would merge under the charter and In the matter of the application of Hoells Fargo name of Wells Fargo, which is a member of the Bank for approval of merger with Bank of Pasadena. 1 Figures are as of June 30, 1967. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 329 Federal Reserve System. As an incident to the of the Bank Merger Act, that the larger banks, merger, the two offices of Pasadena Bank would such as Wells Fargo, be limited in their additions become branches of Wells Fargo, increasing the of offices to the establishment of de novo branches, number of its offices to 236/ rather than allowed to acquire existing banks for Competition. The head office of Pasadena Bank this purpose. is in Pasadena (estimated population 125,000), The effect of the merger on competition would which is about 10 miles northeast of Los Angeles. be slightly adverse. The bank operates a branch in South Pasadena, Financial and managerial resources and pros­ 3.5 miles south of its main office, and has an pects. The banking factors are satisfactory with application pending for permission to establish a respect to Wells Fargo, as they would be with branch 12 miles northwest of the main office at respect to the resulting bank. Tujunga. Pasadena Bank began operations on April 22, Wells Fargo operates 234 offices, all but one 1963; the bank has been without a president since of which are in northern and central California, April 11, 1967. The task of filling this post, as 200 miles or more from Los Angeles. In Decem­ well as that of attracting other needed manage­ ber 1967, Wells Fargo established a branch in ment personnel, is perhaps made difficult by other downtown Los Angeles, eight miles southwest of problems of the bank. Be that as it may, insofar Pasadena Bank’s branch. Wells Fargo has an ap­ as the record in this case discloses, the efforts of plication pending for permission to establish an the directors of Pasadena Bank in this respect additional branch in Los Angeles, about 12 miles have been only cursory. These efforts have con­ southwest of Pasadena Bank’s head office. sisted mainly of inquiries to three correspondent The principal competition for Pasadena Bank banks; further, the directors have insisted, as one is provided by 78 offices of 11 banks, including qualification, that the next president of Pasadena 58 offices operated by five of California’s seven Bank already be well known in Pasadena, and largest banks. These five banks hold 83 per cent preferably that he already be a resident of that of the commercial bank deposits, and operate community. 73 per cent of the commercial banking offices, in Pasadena Bank’s earnings in 1966 were com­ the area from which Pasadena Bank derives the parable to the average for similar sized member preponderance of its business; they hold 85 per banks in California; in 1967, however, the bank’s cent of the commercial bank deposits, and operate earnings decreased by 8.5 per cent. Pasadena 76 per cent of the commercial banking offices, Bank holds a large volume of criticized loans, in Los Angeles County. The seven largest banks and the bank’s capital is lower than is desirable. in California hold nearly 85 per cent of all com­ While the existence of feasible alternative solu­ mercial bank deposits in the State; Wells Fargo, tions cannot be entirely ruled out, the proposed with 9.7 per cent of such deposits, ranks third. merger would immediately resolve the managerial It seems unlikely that there is meaningful com­ and other problems of Pasadena Bank. petition between Pasadena Bank and the recently Convenience and needs of the community. It established Los Angeles branch of Wells Fargo. does not appear that the replacement of Pasadena However, there is potential for the development Bank by offices of Wells Fargo would fulfill any of competition between the two banks, particu­ important need for banking services that is not larly in view of the fact that California law per­ now being met with reasonable convenience. As mits State-wide branching. The realization of this indicated earlier, the area from which Pasadena potential probably would be impeded to some Bank draws the bulk of its business contains 78 degree by the existing ratio of banking offices offices of 11 other banks; more than 70 per cent to population in Pasadena; and in recent years, of these offices are operated by five of the seven the population of Pasadena has grown at about largest banks in California. However, it is in the one-half the rate experienced by Los Angeles interests of the community that the problems of County as a whole. Nevertheless, given the heavy Pasadena Bank be resolved fairly promptly; the concentration of banking resources in California, proposed merger would achieve that end. it is generally preferable, in light of the objectives Summary and conclusion. The merger would ’Proposed offices are not included. provide a ready and conclusive solution for the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

330 FEDERAL RESERVE BULLETIN □ MARCH 1968 problems of Pasadena Bank, which is in the Order Approving Application Under interests of the community the bank serves. The Bank Holding Company Act Board is of the view, however, that the directors There has come before the Board of Governors, of Pasadena Bank, acting more assiduously, could pursuant to section 3(a)(1) of the Bank Holding have found an adequate solution for these prob­ Company Act of 1956 (12 U.S.C. 182(a)(1)) lems that would be less inimical to the preservation and section 222.4(a)(1) of Federal Reserve Reg­ of banking competition and, thus, more consonant ulation Y (12 CFR 222.4(a)(1)), an application with the interests of the community that the pro­ by Central Banking System, Inc., Oakland, Cali­ posed transaction. The crucial consideration is fornia, for the Board’s prior approval of action whether denying the application, thus leaving the to become a bank holding company through the directors of Pasadena Bank to seek such a solu­ acquisition of 80 per cent or more of the voting tion, is worth the risk to the community that they shares of Central Valley National Bank, Oakland, might not be able to succeed at his juncture, even California, and the First National Bank of Fresno, with a diligent effort. The Board concludes that Fresno, California. it is not, and that, therefore, the application should As required by section 3(b) of the Act, the be approved, even though it regards the case as a Board notified the Comptroller of the Currency very close one. of receipt of the application and requested his views and recommendation. The Comptroller rec­ Concurring Statement of Governor Brimmer ommended approval of the application. I agree, but most reluctantly, with my colleagues Notice of receipt of the application was pub­ that the application in this case warrants approval. lished in the Federal Register on September 26, While I do not read the principal Statement as 1967 (32 Fed. Reg. 13468), which provided an being in conflict with my conclusion that approval opportunity for interested persons to submit com­ is warranted by the smallest margin possible, I ments and views with respect to the proposed wish to make the point explicit. Further, I think acquisition. A copy of the application was for­ this decision should be confined to the facts pe­ warded to the United States Department of Justice culiar to this case and that it should not be re­ for its consideration. Time for filing comments garded as a favorable precedent for future appli­ and views has expired and all those received have cations under the Bank Merger Act. This mean­ been considered by the Board. ing is perhaps implicit in the Board’s characteri­ It is hereby ordered, for the reasons set forth zation of the case as “a very close one”. However, in the Board’s statement of this date, that said I believe it should be stated forthrightly. application be and hereby is approved, provided that the acquisition so approved shall not be con­ summated (a) before the thirtieth calendar day ORDER UNDER SECTION 3 OF following the date of this Order or (b) later BANK HOLDING COMPANY ACT than three months after the date of this Order The Board of Governors issued the following unless such period is extended for good cause by Order and Statement in connection with action the Board or by the Federal Reserve Bank of San approving an application for permission to become Francisco pursuant to delegated authority. a bank holding company: Dated at Washington, D. C., this 11th day of March, 1968. CENTRAL BANKING SYSTEM, INC., By order of the Board of Governors. OAKLAND, CALIFORNIA Voting for this action: Vice Chairman Robertson, and Governors Mitchell, Daane, Brimmer, and Sherrill. In the matter of the application of Central Bank­ Absent and not voting: Chairman Martin, and Gov­ ernor Maisel. ing System, Inc., Oakland, California for approval (Signed) Robert P. Forrestal, of action to become a bank holding company [seal] Assistant Secretary. through the acquisition of 80 per cent or more of the voting shares of Central Valley National Statement Bank, Oakland^ California, and the First National Central Banking System, Inc., Oakland, Cali­ Bank of Fresno, Fresno, California. fornia (“Applicant”) has filed with the Board, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 331 pursuant to section 3(a)(1) of the Bank Holding bank holding companies control 8.8 per cent of Company Act of 1956, an application for ap­ total deposits in the State, with United California proval of action to become a bank holding com­ Bank (subsidiary of Western Bancorporation) pany through the acquisition of 80 per cent or accounting for 8.3 per cent. If the subject proposal more of the voting shares of Central Valley Na­ were consummated, Applicant would control ap­ tional Bank, Oakland, California (“Oakland proximately $200 million of deposits or about Bank”), and the First National Bank of Fresno, .53 per cent of total deposits in the State, .05 per Fresno, California (“Fresno Bank”). As of June cent more than now held by Oakland Bank. In 30, 1967,1 Oakland Bank with 33 offices and total terms of total deposits, consummation of the deposits of $186 million, was the thirteenth largest proposed affiliation would have no meaningful bank in the State in terms of total deposits. Fresno effect on the concentration of commercial bank­ Bank, with but one office and deposits of $21 mil­ ing resources in the State and would not signifi­ lion, was the 122d largest bank in California. cantly increase bank holding company concentra­ Upon consummation of this proposal, Applicant tion in California. would rank thirteenth among the banking organi­ Oakland Bank operates primarily in Alameda zations in California. County, from which about 31 per cent of the Views and recommendation of supervisory au­ bank’s total deposits are derived. Based on de­ thority. As required by section 3(b) of the Act, posit statistics for Alameda County as of June notice of receipt of the application was given 30, 1966, Oakland Bank’s six offices held 2 per to, and views and recommendation requested of, cent of the deposits and ranked eighth in size the Comptroller of the Currency. The Comptroller of the 19 banks (137 offices) located in the recommended that the application be approved. county. While Oakland Bank has branches in 10 Statutory considerations. Section 3(c) of the other counties in northern and central California, Act provides that the Board shall not approve an the evidence indicates that the bank does not acquisition that would result in a monopoly or occupy a position of dominance in any of these would be in furtherance of any combination or counties. conspiracy to monopolize or attempt to monopo­ In Fresno County, the only area in which each lize the business of banking in any part of the proposed subsidiary has an office, Applicant would United States. Nor may the Board approve any control, based on June 30, 1966 data, only 4.3 other proposed acquisition the effect of which, in per cent of the deposits held by the county’s 54 any section of the country, may be substantially banking offices (operated by 12 banks), .7 per to lessen competition, or tend to create a mo­ cent more than held by Fresno Bank. The Fresno nopoly, or which in any other manner would be Bank and the branch of Oakland Bank that is in restraint of trade, unless the Board finds that located in Fresno County (Parlier office) are the anti-competitive effects of the proposed trans­ shown as having primary service areas 2 that do action are clearly out-weighed in the public in­ not overlap, and each of these service areas is terest by the probable effect of the transaction in shown to contain several banking alternatives. meeting the convenience and needs of the com­ On the basis of the foregoing, it appears that munity to be served. In each case the Board is re­ Applicant’s formation will not significantly alter quired to take into consideration the financial and banking concentration in Fresno County, Alameda managerial resources and future prospects of the County, or any other relevant area. bank holding company and the banks concerned, Oakland Bank derives approximately 52 per and the convenience and needs of the community cent of its total deposits from 15 offices located to be served. in the cities and towns surrounding San Francisco Competitive effect of proposed transaction. Bay (no offices are located in San Francisco) and Commercial banks in California hold total de­ the balance from 18 offices which are more widely posits of approximately $39 billion, of which the scattered throughout California’s central valley re­ State’s 10 largest banking organizations control gion. In all of its designated 27 service areas, about 88 per cent. California subsidiaries of five 3 The areas from which it is estimated that each of these 1 Unless otherwise noted, the banking data are as of offices derives about 83 per cent of its deposits of in­ this date. dividuals, partnerships, and corporations (“IPC deposits"). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

332 FEDERAL RESERVE BULLETIN □ MARCH 1968 Oakland Bank faces competition from branches of the existence of numerous sizable banking of one or more of the State’s largest banks, as well offices in the area between the offices of the as from smaller banking organizations. Oakland proposed subsidiaries, it appears that only a nomi­ Bank’s affiliation with the much smaller bank in nal degree of competition presently exists between Fresno, as proposed, would have little, if any, them, and, in the Board’s judgment, there is no effect upon competition in the areas served by reasonable likelihood that significant competition Oakland Bank. would develop between the two banks in the Fresno Bank’s Primary service area encom­ foreseeable future. passes the City of Fresno and the surrounding Summarizing, the Board concludes, on the basis farming communities for a radius of 10 miles. of the record before it, that consummation of Based on total deposit size, Fresno Bank is the Applicant’s proposal would not result in a mo­ smallest of nine banks with offices located in its nopoly, nor further any combination or conspiracy service area. Based on the deposits held in local to monopolize or attempt to monopolize the busi­ offices, Fresno Bank ranks sixth. Of the nine ness of banking in any relevant area, nor would banks, three control 75 per cent of the total area such consummation subsequently lessen compe­ deposits; Fresno Bank controls 5 per cent. It is tition, tend to create a monopoly or operate in concluded that any increase in the competitive restraint of trade in any section of the country. ability that may accrue to Fresno Bank as a re­ Financial and managerial resources and future sult of its affiliation with Oakland Bank would prospects. Applicant, a newly formed corporation, not adversely affect those banks with which Fresno has no operating history. Since its assets, for the Bank now competes. most part, will consist of its stock interest in the Oakland Bank’s Parlier office, with approxi­ two proposed subsidiary banks, and since Appli­ mately $4 million of total deposits, is located 22 cant’s management will be drawn in the main from miles southeast of Fresno, and is the only office management of Oakland Bank, the financial con­ of Oakland Bank within 80 miles of Fresno Bank. dition, managerial resources, and prospects of The Parlier office is shown as serving Parlier and Applicant are dependent in all major respects the surrounding area within a radius of about on those of the banks it proposes to acquire, three miles. As previously stated, the estimated particularly Oakland Bank. service areas of Fresno Bank and the Parlier Fresno Bank has experienced sound growth office do not overlap. Each of these offices is since its opening in the fall of 1962, and has com­ shown as deriving about 77 per cent of its con­ peted successfully with branches of California’s sumer, farm, and commercial loans, and about largest banking organizations. Management of 83 per cent of its IPC deposits, from its own Fresno Bank is experienced, and the bank’s pros­ primary service area, and only a negligible amount pects are considered favorable. of such loans and deposits from the primary ser­ The banking factors with respect to Oakland vice area of the other office. Bank are considered reasonably satisfactory. The The record indicates certain differences in the bank’s prospects appear to be favorable, and its services provided by the proposed subsidiaries. managerial resources are regarded as adequate. Analysis of their loan portfolios shows that real In its consideration of this application, the Board estate loans are more than 3'/2 times as large a was concerned with respect to the use of debt percentage of Oakland Bank’s total loan port­ financing by Applicant to acquire Fresno Bank folio as they are in the case of Fresno Bank. On and advised Applicant of the need for improve­ the other hand, commercial and industrial loans ment of its debt position. The Board also indicated constitute a significantly larger portion of Fresno to Applicant that the capital position of Oakland Bank’s total loans than they do of Oakland Bank’s Bank as the lead bank in a proposed holding com­ total loans. A similar pattern appears upon com­ pany system should be strengthened. In its response parison of the loan portfolio of the Parlier office to the Board, Applicant outlined a reasonable plan with that of Fresno Bank. Fresno Bank does not for retiring its proposed debt, in a timely manner, operate a trust department; Oakland Bank is ac­ by means of equity financing. Applicant’s plans tive in this field. also include steps to strengthen the capital position On the basis of the foregoing facts, and because of Oakland Bank at an early date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 333 On the basis of the foregoing, the Board con­ assistance of Oakland Bank’s trust, mortgage, and cludes that the considerations relating to the fi­ international banking departments. In addition, nancial and managerial resources and future it is claimed that access to Oakland Bank’s com­ prospects of Applicant and its proposed subsidi­ puter facilities, credit card plan, auditing staff, aries are not inconsistent with approval of the and management training program would enable application. Fresno Bank to achieve greater internal efficiency Convenience and needs of the communities in­ and broaden the scope and nature of the services volved. Apparently, the proposed affiliation would it offers. have little or no effect on the services provided On the record before it, the Board finds that by Oakland Bank, nor does it appear that the considerations related to the convenience and banking needs of the communities in the service needs of the communities involved are consistent area of either Oakland Bank or Fresno Bank are with and lend some weight toward approval of the presently going unserved. application. Applicant asserts, however, that it is prepared Summary and conclusion. On the basis of all to provide Fresno Bank with assistance to enable the relevant facts contained in the record, and in it to strengthen its competitive position and to light of the factors set forth in section 3(c) of the serve as an additional full service alternative in Act, it is the Board’s judgment that the proposed the Fresno area. Applicant proposes to make transaction would be in the public interest and available to Fresno Bank the experience and that the application should be approved. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Announcements APPOINTMENT OF DIRECTOR 4'/z to 5 per cent, effective on the dates shown; on On March 19, 1968, the Board of Governors an­ March 15 the Board approved the same action by nounced the appointment of B. R. Dorsey, as a the Federal Reserve Bank of San Francisco and director of the Pittsburgh Branch of the Federal Philadelphia. Reserve Bank of Cleveland, effective March 13, Boston March 15, 1968 1968, to serve for the unexpired portion of a term Cleveland March 15, 1968 ending December 31, 1970. Mr. Dorsey is Presi­ Richmond March 15, 1968 dent, Gulf Oil Corporation, Pittsburgh, Pennsyl­ Chicago March 15, 1968 vania. As a director of the Pittsburgh Branch he Minneapolis March 15, 1968 succeeds Robert Dickey III, President, Dravo Cor­ Kansas City March 15, 1968 poration, Pittsburgh, Pennsylvania, whose term Dallas March 15, 1968 had expired. Atlanta March 15, 1968 St. Louis March 15, 1968 MARGIN REQUIREMENTS San Francisco March 15, 1968 Philadelphia March 18, 1968 In accordance with amendments to Regulations T and U and with a new Regulation G, published in the February 1968 Federal Reserve Bulletin, RECIPROCAL CURRENCY ARRANGEMENTS pages 168-215, the table below shows margin On March 17, 1968, the Federal Reserve an­ requirements effective March 11, 1968. nounced an increase of $2,275 million in its “swap network” with foreign central banks and the Bank for International Settlements (BIS). The increase MARGIN REQUIREMENTS EFFECTIVE MARCH 11, 1968 raises the total of such reciprocal currency ar­ rangements to $9,355 million. Per cent of market value Increases ranging from $50 million to $500 Regulation T: million were concluded with the Bank of Canada, For credit extended by brokers and dealers on: Listed stocks ............................................................... 70 the Bank of England, the German Federal Bank, Listed bonds convertible into stocks........................ 50 For short sales ................................................................. 70 the Bank of Japan, the Netherlands Bank, the Regulation U: Bank of Sweden, the Swiss National Bank, and For credit extended by banks on: Stocks ............................................................................ 70 the Bank for International Settlements. The in­ Bonds convertible into listed stocks ......................... 50 creases and totals of existing swap facilities are: Regulation G: For credit extended by others than brokers and dealers and banks on: Listed stocks ................................................................. 70 Increase Total Bonds convertible into listed stocks ......................... 50 (in millions of dollars) Austrian National Bank.................... 100 Note.—Regulations T, U. and G, prescribed in accord­ ance with the Securities Exchange Act of 1934, limit the National Bank of Belgium................ 225 amount of credit that may be extended on a security by Bank of Canada................... 250 1,000 prescribing a maximum loan value, which is a specified National Bank of Denmark .... 100 percentage of its market value at the time of extension; margin requirements are the difference between the market Bank of England................. 500 2,000 value (100 per cent) and the maximum loan value. Bank of France................................ 100 German Federal Bank........ 250 1,000 FEDERAL RESERVE DISCOUNT RATES Bank of Italy.................................... 750 On March 14, 1968, the Board of Governors Bank of Japan..................... 250 1,000 unanimously approved the actions by the directors Bank of Mexico............................... 130 of the first 9 Federal Reserve Banks listed below Netherlands Bank............... 175 400 increasing the discount rates of those banks from Bank of Norway.............................. 100 334 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

335 Increase Total for the period 1939-66. Full descriptions are pro­ (in millions of dollars) vided of the principal factors that affect the com­ Bank of Sweden................... 50 250 parability of data shown in the tables. The descrip­ Swiss National Bank.......... 200 600 tions cover the changes in classification and content Bank for International of the important balance sheet items and indicate Settlements'. how the new classifications compare with those Swiss francs/dollars. . . 200 600 used in Banking and Monetary Statistics. Other European Requests for copies should be sent to Publica­ currencies/dollars . 400 1,000 tions Services, Division of Administrative Services, — — Board of Governors of the Federal Reserve Sys­ Totals......2..,.2.75 9,355 tem, Washington, D.C. 20551. Remittance should accompany order and be made payable to the The swap network has been expanded from order of the Board of Governors of the Federal $900 million with nine central banks and the BIS Reserve System (prices shown on page A-102). at the end of 1962 to facilities now totaling $9,355 million with 14 central banks and the BIS. ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM SUPPLEMENT TO BANKING AND MONETARY The following bank was admitted to membership STATISTICS in the Federal Reserve System during the period “Member Banks,” Section 2 of Supplement to February 16, 1968, through March 15, 1968: Banking and Monetary Statistics, is now available. Illinois The tables in this section summarize the principal assets and liabilities of member banks on call dates Villa Park. . . Villa Park Trust & Savings Bank Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication March 15 Industrial production was unchanged in February. in February. Production of household furniture Manufacturing employment and the average work­ and consumer staples increased. Output of in­ week in manufacturing rose, but the unemploy­ dustrial and commercial equipment changed little. ment rate also rose. Retail sales increased further. Iron and steel production rose but output of most Prices of industrial commodities continued sharply other durable and nondurable industrial materials upward. Commercial bank credit, the money sup­ declined. Production of glass containers was re­ ply, and time and savings deposits increased. Be­ duced because of work stoppages. tween mid-February and mid-March yields on Treasury bills and other U.S. Government securi­ EMPLOYMENT ties rose and yields on municipal bonds advanced to new highs. Nonfarm employment rose by 550,000 in Febru­ ary, more than regaining the upward momentum INDUSTRIAL PRODUCTION lost the previous month mainly because of unusu­ ally severe winter weather. Construction employ­ Industrial production was virtually unchanged in ment rebounded vigorously and gains were re­ February and was 161.3 per cent of the 1957-59 ported in manufacturing, trade, the service indus­ average as compared with 161.2 in January and tries, and State and local government. The average 156.6 a year earlier. Increased output of some workweek in manufacturing increased by half an consumer goods was offset by declines in industrial hour returning to the December level. The unem­ materials. ployment rate in February rose to 3.7 per cent Auto assemblies, limited partly by work stop­ from 3.5 per cent, reflecting in large part a sizable pages, declined 3 per cent further to an annual increase in the number of teen-agers in the labor rate of 8.1 million units. In early March, auto force. production rose. Output of home radios, which had been curtailed sharply in January, recovered DISTRIBUTION The value of retail sales rose about 1 per cent in February from the record January level, accord­ ing to advance Department of Commerce figures. Sales at durable goods stores were up 2 per cent, although dealer deliveries of new U.S.-made autos edged off slightly from an 8.0 million annual rate in January. Sales at nondurable goods stores also rose in February. COMMODITY PRICES Continued widespread increases in wholesale com­ modity prices in February raised the total BLS index by an estimated 0.6 per cent. Industrial com­ modities rose by 0.4 per cent for the second con­ secutive month, while prices of farm products and foods advanced 1.2 per cent and accounted for more than half of the total increase. Since mid- 337 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

338 FEDERAL RESERVE BULLETIN □ MARCH 1968 February, prices of both industrial and agricultural February 21 when payment was received for the commodities have shown some further upward new Treasury notes. movement. Free reserves averaged about $15 million over the four weeks ending February 28 compared with $140 million over the previous five January weeks. BANK CREDIT, DEPOSITS, AND RESERVES Member bank borrowings rose to $370 million Commercial bank credit increased substantially and excess reserves declined; in the latter part of further in February largely because of heavy bank February borrowings exceeded excess reserves. participation in the late-month Treasury note Total and required reserves continued to expand. financing. Acquisitions of municipal and agency issues slackened following rapid expansion in Jan­ SECURITY MARKETS uary. Growth in business loans continued mod­ erate. Yields rose considerably in all sectors of the U.S. The money supply increased $200 million in Government securities market between mid-Febru- February, much less than the sharp rise in Janu­ ary and mid-March. The 3-month Treasury bill ary, and about the same as in December; over the was bid at around 5.50 per cent in the middle of three months, growth was at an annual rate of March. about 3 per cent. Time and savings deposits at Yields on seasoned corporate bonds declined all commercial banks increased $1.3 billion in between mid-February and mid-March, although February; this followed a nominal decline in Janu­ yields on new issues turned up in early March. ary but about equaled the moderate rise in Decem­ Yields on municipals advanced steadily during the ber. U.S. Government deposits declined over the period to reach levels slightly above the 1967 early part of February but then rose sharply on peaks. Stock prices declined in moderate trading. Interest rates Discount rate, range or level for all F.R. Banks. Weekly average market yields for U.S. Govt, bonds maturing in 10 years or more and for 90-day Treasury bills. Latest figures shown, week ending Mar. 1. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Financial and Business Statistics Contents A-3 GUIDE TO TABULAR PRESENTATION U.S. STATISTICS: A-4 Member bank reserves, Federal Reserve Bank credit. and related items A-8 Federal funds—Major reserve city banks A-9 Reserve Bank discount rates A-10 Reserve requirements A-10 Maximum interest rates A-10 Margin requirements A-ll Bank deposits A-ll Open market transactions A-12 Federal Reserve Banks A-14 Bank debits and deposit turnover A-15 Currency in circulation A-16 Money supply and bank reserves A-17 Banks and the monetary system A-18 Commercial and mutual savings banks, by classes A-21 Commercial banks A-24 Weekly reporting banks A-28 Business loans of banks A-28 Interest rates A-30 Security prices A-30 Stock market credit A-31 Open market paper A-31 Savings institutions A-33 Federally sponsored credit agencies A-34 Federal finance A-36 U.S. Government securities A-39 Security issues A-42 Business finance A—44 Real estate credit Continued on next page A-l Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-2 FINANCiml AND BUSINESS STATISTICS - MARCH 1968 U.S. STATISTICS—Continued A-48 Consumer credit A-52 Industrial production A-56 Business activity A-56 Construction A-58 Labor force, employment, and earnings At-60 Consumer prices A-60 Wholesale prices A-62 National product and income A-64 Flows of funds INTERNATIONAL STATISTICS: A-66 U.S. balance of payments A-67 Foreign trade A-68 U.S. gold transactions and reserve assets A-69 U.S. position in the IMF A-70 International capital transactions of the United States A-82 Gold reserves of central banks and governments A-83 Gold production A-84 Money rates in foreign countries A-85 Arbitrage on Treasury bills A-86 Foreign exchange rates SPECIAL TABLES: Banking and Monetary Statistics, 1967: A-88 Reserves and Borrowings of Member Banks A-90 Assets and Liabilities of Large Commercial Banks A-94 Commercial and Industrial Loans of Large Commercial Banks A-97 Money Market Rates A-98 Bond and Stock Yields A-105 INDEX TO STATISTICAL TABLES Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ GUIDE TO TABULAR PRESENTATION A-3 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation p Preliminary IPC Individuals, partnerships, and corporations r Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets I, 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 for ticular unit (e.g., less than 500,000 when seasonal variation 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. TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds....................................... Feb. 1968 A-64 Banking and monetary statistics, 1967 Mar. 1968 A-88—A-98 July 1967 1236-39 Banks and branches, number, by Semiannually class and State................................... Apr. 1967 658-59 Banking offices: Analysis of changes in number of... Feb. 1968 A-90 Flow of funds (assets and liabilities)... Feb. 1968 A-65.10 On, and not on, Federal Reserve Par List, number........................... Feb. 1968 A-91 Income and expenses: Federal Reserve Banks...................... Feb. 1968 A-88 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 Stock exchange firms, detailed debit group banks, Dec. 31, 1966.......... Aug. 1967 1440 and credit balances............................ Sept. 1967 1647 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-4 BANK RESERVES AND RELATED ITEMS □ MARCH 1968 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other Treas­ than member bank Member bank P d e o a r r t io e d U To .S ta . l Go B v r o o i t g u , u h g t s ­ h t e t c u R m c r a i e h t g e i a p e r n e s u s t e 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 a o l ­ 3 s G to o c ld k r s c o e u i t n u a n u r g r n y c t ­ ­ d y ­ r c C t e c u i i o n n u i l r a c n r ­ y ­ ­ T h c r i u n e a o g r a s l y d h s s ­ ­ T u r w e r a y it s h ­ r F e . e F s R e i o g r . v n r­ e B s a , O nk t s her2 c O F o a u . t c R h n ­ e . ts r B W F a . n R it k h . s re c r C s a e o e n n u in r d c r v ­ y e 4 s Total Averages of daily figures 1929—June....... 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2 314 1933—june....... 1,933 1,933 250 12 2,208 4,030 2’295 5,455 272 81 164 350 2,211 2>l 1 1939—DCC......... 2,510 2^10 8 83 2^612 17,518 2’956 7'609 2,402 616 739 248 11 >73 11 >73 1941—Dec......... 2,219 2,219 5 170 2 >04 22,759 3 >39 10’985 2,189 592 1,531 292 12>12 12’812 1945—Dec......... 23,708 23,708 381 65224,744 20,047 4'322 28'452 2 >69 625 1 ’247 493 16,027 16,027 1950—Dec......... 20,345 20,336 9 142 1,11721,606 22,879 4'629 27,806 1 >90 615 920 353 739 17,391 17 391 1957—Dec......... 23,982 23,615 367 716 1,44326,186 22,769 5,144 31,932 768 385 345 186 1 063 19,420 19 420 1958—Dec......... 26,312 26,216 96 564 1 ,49628,412 20,563 5,230 32,371 691 470 262 337 1 >74 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 l>95 18,628 304 18,932 1960—Dec......... 27,248 27,170 78 94 1,665 29,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961—Dec......... 29,098 29,061 37 152 1,921 31,217 16,929 5,587 33,954 422 514 229 244 1,112 17,259 2,859 20,118 1962—Dec......... 30,546 30,474 72 305 2,29833,218 15,978 5,561 35,281 398 587 222 290 1,048 16,932 3,108 20,040 1963—Dec......... 33,729 33,626 103 360 2,43436,610 15,562 5,583 37,603 389 879 160 206 1,215 17,303 3,443 20,746 1964—Dec......... 37,126 36,895 231 266 2,423 39,873 15,388 5,401 39,698 595 944 181 186 1 ,093 17,964 3,645 21.609 1965—Dec......... 40,885 40,772 113 490 2,34943,853 13,799 5,565 42,206 808 683 154 231 389 18,747 3,972 22,719 1966—Dec......... 43,760 43,274 486 570 2,383 46,864 13,158 6,284 44,579 1,191 291 164 429 83 19,568 4,262 23,830 1967—Feb......... 44,215 43,915 300 362 1,87546,587 13,144 6,409 43,525 1,252 609 136 448 496 19,675 4,034 23,709 Mar......... 44,620 44,351 269 200 1,60646,524 13,108 6,473 43,673 1,297 505 136 443 647 19,404 4,001 23,405 Apr......... 45,082 44,942 140 155 1,54046,902 13,108 6,530 43,812 1,356 860 125 463 559 19,365 3,997 23,362 May........ 45,699 45,481 218 126 1,37447,323 13,108 6,576 44,083 1 ,392 990 137 450 692 19,263 4,021 23,284 June....... 45,844 45,801 43 147 1,45947,547 13,108 6,602 44,567 1,385 715 128 464 609 19,388 4,130 23,518 July......... 46,807 46,784 23 91 1,58448,590 13,109 6,615 44,997 1,480 1,123 128 482 373 19,730 4,177 23,907 Aug......... 46,612 46,558 54 89 1,42348,210 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 6,779 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 6,781 45,969 1,462 1,167 146 449 -211 20,458 4,282 24,740 Dec......... 48,891 48,810 81 238 2,03051,268 12,436 6,777 47,000 1 ,428 902 150 451 -204 20,753 4,507 25,260 1968—Jan.......... 49,046 48,982 64 237 1,90651,287 11,983 6,783 46,389 1,393 1 ,011 157 481 -566 21,188 ”4,652”25,840 Feb......... 48,930 48,734 196 361 1,515 50,873 Pl 1,900 ?6,79l ”45,853 ”1,337 1,021 143 457 -512 21,265 ”4,345 ”25,610 Week ending—• 1967 Feb. 1.............. 43,698 43,698 176 2,26746,216 13,159 6,375 43,343 1 ,242 598 138 431 344 19,654 4,255 23,909 8..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 I ,55346,451 13,109 6,447 43,571 1 ,271 451 132 435 720 19,427 3,760 23,187 15............. 44,563 44,192 371 173 1 ,46546,271 13,107 6,463 43,753 1,283 244 135 454 674 19,296 3,986 23,282 22............. 44,717 44,378 339 302 1,85846,947 13,108 6,483 43,718 1 ,304 592 137 436 604 19,747 3,945 23,692 29............. 44,659 44,529 130 138 1,57746,480 13,108 6,496 43,674 1,324 656 137 447 598 19,247 4,082 23,329 Apr. 5............. 45,012 44,759 253 193 1,361 46,677 13,108 6,503 43,680 1 ,328 658 130 454 648 19,390 3,999 23,389 12............. 45,013 44,840 173 165 1,46346,763 13,108 6,517 43,914 1 ,340 612 135 465 634 19,289 3,873 23,162 19............. 44,929 44,888 41 199 1 ,791 47,024 13,109 6,529 43,894 1 ,360 795 120 465 506 19,520 4,060 23,580 26.............. 45,142 45,098 44 123 1,49346,888 13,108 6,553 43,754 1 ,382 1 ,087 119 469 511 19,227 4,158 23,385 May 3............. 45,597 45,295 302 159 1,441 47,369 13,109 6,566 43,799 1 ,383 1 ,201 127 461 503 19,570 4,053 23,623 10............. 45,929 45,469 460 88 1 ,38447,567 13,109 6,567 44,015 1 ,396 1 ,050 143 463 539 19,636 3,777 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 i;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 ,847 48,455 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 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ BANK RESERVES AND RELATED ITEMS A-5 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other than member bank Member bank P d e o a r r t io e d U To .S ta . l Go B v r o o i t g u , u h t s g ­ t e h c t u a R c r g i h e ti r a e p e s s u e e r 1 ­ ­ c v D a o a a n u n d is c d n ­ e ­ ts s Float 2 t T a o l ­ 3 s G to o c ld k T s r r c o e t i e u n a u n u a r n g c r y t s ­ ­ d y ­ ­ r c C e t c i u i o n u n i l r c a n r ­ y ­ ­ T h c i r u n o a e r g s l a y d s h s ­ ­ T u re w ry a it s h ­ F r F e e .R i s o g e . n r r ­ v B e a s O n , k th s er2 c O F o t u a . h R n c e ­ t . r s B W F a . n R it k h s re r C a s e e n u n r d c r v ­ y e s Total ments coin 4 Averages of daily figures Week ending—• 1967 Aug. 2............. 46,833 46,833 119 1,43948,470 13,094 6,632 44,849 1,473 1,390 115 464 250 19,655 4,319 23,974 9............. 46,931 46,804 127 91 1,385 48,536 13,057 6,642 44,985 1 ,480 920 128 457 226 20,038 3,922 23,960 16............. 46,716 46,604 112 129 1,367 48,292 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 I ,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 1,418 49,247 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 1,087 119 455 -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 1,487 49,570 12,907 6,782 45,878 1 ,470 1,096 133 451 -240 20,470 4,229 24,699 22............. 47,837 47,712 125 127 1 ,777 49,796 12,906 6,782 46,089 1,451 1 ,051 148 442 -79 20,383 4,239 24,622 29........ 48,396 48,347 49 119 1 ,548 50,117 12,908 6,785 46,347 1,457 1 ,570 175 432 -345 20,176 4,482 24,658 Dec. 6............. 48,902 48,719 183 87 1 ,655 50,721 12,770 6,774 46,482 1 ,441 1 ,306 160 444 -65 20,498 4,342 24.840 13............. 48,853 48,853 121 1 ,652 50,769 12,432 6,773 46,918 1,445 787 140 427 6 20,252 4,458 24,710 20............. 48,708 48,708 185 2,155 51,119 12,432 6,775 47,093 1,444 844 156 434 -245 20,600 4,603 25,203 27............. 48,937 48,849 88 345 2,388 51,785 12,434 6,783 47,293 1,405 709 150 412 -251 21,285 4,402 25,687 1968 Jan, 3............. 49,298 49,044 254 495 2,335 52,286 11,982 6,784 47,200 1,395 949 147 567 -685 21,480 4,968 26,448 10............. 49,183 49,109 74 180 2,33451,772 11,983 6,781 46,857 1,385 1,054 161 493 -679 21,265 4,646 25,911 17............. 48,758 48,700 58 224 1 ,987 51,044 11,984 6,781 46,493 I ,397 1,019 156 473 -625 20,896 4,675 25,571 24............. 49,105 49,105 233 1 ,726 51,186 11,982 6,784 46,117 1,390 939 149 471 -459 21,346p4,578 p25,924 31............. 48,970 48,936 34 24t I ,449 50,751 11,983 6,786 45,763 1,391 1,096 161 467 -426 21,069p4,623 p25,692 Feb. 7............. 49,344 48,925 419 241 I ,451 51,099 11,954 6,788 45,777 1,361 912 142 450 -554 21,752P4.201 *25,953 14............. 49,210 48,815 395 384 1 ,26750,949 11,882 6,788 45,942 1,343 1,071 137 462 -608 21,272P4.257 p25,529 21............. 48,443 48,443 405 1 ,73450,643 11,882 6,792 45,881 1,333 1,051 140 455 -453 20,911 P4,364 *25,275 28............. 48,724 48,724 442 1 ,55650,779 11,883 6,796 45,817 1,319 1,022 147 461 -444 21,137 P4.488 25,625 End of month 1967 Dec.................... 49,150 48,980 170 141 2,57651,938 11,982 6,784 47,226 1,344 1,123 135 653 -773 21,092 4,631 25,723 1968 Jan.. 49,092 48,855 237 843 1 ,416 51,434 11,984 6,789 45,819 1,338 1,153 160 463 -564 21,838 P5.022P26.860 Feb.................... 48,952 48,952 .......... 166Pl ,873 i'51,O47 11,882 6,798 45,806 1,305 1,197 192 456 -415 P21,186P4,849P26.O35 Wednesday 1968 Jan. 3............. 49,547 49,251 296 199 2,60652,516 11,984 6,787 47,154 1,389 730 161 503 -723 22,073 5,319 27,392 10............. 48,515 48,515 70 1 ,928 50,586 11,984 6,780 46,759 1,395 1 ,471 165 485 -665 19,740 5,086 24,826 17............. 49,023 48,617 406 1 ,048 1 ,965 52,144 11,984 6,782 46,382 1,398 880 144 487 -523 22,142 5,006 27,148 24............. 49,045 49,045 308 1,388 50,856 11,984 6,785 46,005 1,397 1,008 160 462 -451 21,044p5,O37 P26,O81 31............. 49,092 48,855 237 843 1 ,416 51,434 11,984 6,789 45,819 1,338 1,153 160 463 -564 21,838 p5,O22 p26,860 Feb. 7............. 49,327 48,925 402 236 1 ,263 50,889 11,884 6,787 45,933 1,352 1 ,019 148 437 -570 21,240P4.481 p25,72I 14............. 48,449 48,155 294 92 1,398 50,029 11,884 6,791 46,021 1,337 1,314 157 471 -735 20,140p4,934p25,O74 21............. 48,488 48,488 818 1 ,529 50,893 11,884 6,795 45,940 1,324 1 ,086 130 450 -447 21,089P4.823 »25,912 28............. 48,785 48,785 ......... 257 1 ,510 50,608 11 ,884 6,797 45,862 1,321 922 166 441 -533 21,110P4.946P26.056 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 i960 reflects a minor change in concept; see Feb. See also note 2. 1961 Bulletin, p. 164. 4 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed 3 Includes industrial loans and acceptances, when held (industrial thereafter. Beginning with Jan. 1963, figures are estimated except for loan program discontinued Aug. 21, 1959). For holdings of acceptances weekly averages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-6 BANK RESERVES AND RELATED ITEMS □ MARCH 1968 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 in a o a . g n w 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 a o n a . n g w 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 i F n o a a . g n w R t s k ­ . 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 i 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 2,61 1 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 ,01 1 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 1957—Dec. 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 8 85 -77 1958—Dec. 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1 ,077 1 ,070 7 39 -31 1959—Dec. 18,932 18,450 482 906 -424 3,920 3,930 - 10 99 -109 1,038 1 ,038 104 -104 1960—Dec. 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1961—Dec............. 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 ........... 22 -22 1962—Dec. 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1 ,042 1 ,035 7 18 -11 1963—Dec. 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1 ,056 1 ,051 5 26 -21 1964—Dec. 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 1 ,086 -3 28 -31 1965—Dec. 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 23 -8 1966—Dec. 23,830 23,438 392 557 -165 4,583 4,556 27 122 -95 1,119 1,115 4 54 -50 1967—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 M^y 2 2 3 3 , , 3 2 6 8 2 4 2 2 3 2 , , 0 9 5 1 3 4 3 3 7 09 0 1 10 3 1 4 2 1 6 7 9 5 4 4 , , 6 6 4 1 4 4 4 4, , 5 6 8 1 3 3 3 3 1 1 4 1 1 9 -1 1 0 2 1 1 , , 1 1 3 3 1 3 1 1, , 1 1 2 4 7 0 -9 6 11 5 -20 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. 24,740 24,337 403 133 270 4,826 4,784 42 19 23 1,191 1,178 13 2 11 Dec............ 25,260 24,915 345 238 107 5,052 5,034 18 40 -22 1,225 1 ,217 8 13 -5 1968—Jan.. *25,840*25,465 *375 237 *138 *5,170 *5,131 *39 48 *-9 *1,231 *1,230 *1 3 *-2 Feb. *25,610*25,220 *391 361 *30 *5,060 *5,011 *49 106 p-57 *1,222 *1 ,216 ”6 4 *2 Week ending— 1967—Feb. 1.... 23,909 23,569 340 176 164 4,654 4,592 62 3 59 1 ,205 1,159 46 94 -48 8. . . . 23,849 23,560 289 353 -64 4,591 4,579 12 65 -53 1,141 1 ,144 -3 60 -63 15. . .. 23,726 23,308 418 456 -38 4,503 4,469 34 154 -120 1,105 1 ,096 9 113 -104 22... . 23,813 23,230 583 477 106 4,501 4,470 31 228 -197 1,105 1,105 ........... 6 -6 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. 1.... 24,705 24,414 291 80 211 4,942 4,919 23 5 18 1,179 1,180 -1 -1 8. . .. 24,754 24,424 330 132 198 4,852 4,824 28 3 25 1,197 1,194 3 10 -7 15. ... 24,699 24,181 518 162 356 4,687 4,658 29 36 -7 1,166 1,159 7 7 22.... 24,622 24,401 221 127 94 4,816 4,797 19 29 -10 1,197 1,186 11 11 29.... 24,658 24,274 384 119 265 4,856 4,808 48 8 40 1,177 1 ,173 4 ........... 4 Dec. 6.... 24,840 24,552 288 87 201 4,920 4,885 35 35 1,201 1,197 4 4 13. . .. 24,710 24,377 333 121 212 4,824 4,809 15 2 13 1,158 1,151 7 7 20.... 25,203 24,936 267 185 82 5,088 5,062 26 37 -11 1 ,217 1 ,219 -2 -2 27. ... 25,687 25,245 442 345 97 5,236 5,179 57 27 30 1,264 1,249 15 2 13 1968—Jan. 3.... 26,448 25,795 653 495 158 5,460 5,362 98 166 -68 1,313 1 ,299 14 54 -40 10.... 25,911 25,347 564 180 384 5,110 5,097 13 69 -56 1,221 1,226 -5 -5 17. . . . 25,571 25,414 157 224 -67 5,099 5,079 20 53 -33 1,220 1,214 6 8 -2 24.... *25,924*25,565 *359 233 *126 *5,149 *5,130 *19 *19 *1,231 *1,226 *5 2 *3 31 . ... ”25,692*25,370 *322 241 *81 *5,130 *5,108 *22 32 p-io *1,226 *1,222 *3 I *2 Feb. 7.... ”25,953*25,575 ”378 241 *137 *5,218 *5,189 *29 6 *23 *1,252 *1,245 *7 1 ”6 14.... *25,529 *25,038 *491 384 *107 *5,029 *4,895 *134 154 p-20 *1,194 *1,195p......... 2 *-2 21.... *25,275 *24,913 *362 405 *-43 *4,948 *4,920 *28 145 *-117 *1,195 *1,188 *7 8 *-1 28.... *25,625 *25,319 *306 442 *-136 *5,032 *5,030 *2 133 *-131 *1,242 *1,232 *10 6 *4 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 a BANK RESERVES AND RELATED ITEMS A-7 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Reserves Borrow­ Reserves Borrow­ Period ings at Free ings at Free F.R. reserves F.R. reserves Banks Banks T h o e t l a d l Required Excess T h o e t l a d l Required Excess 761 749 12 409 -397 632 610 22 327 -305 ..........................1929—June 648 528 120 58 62 441 344 96 126 -30 ...........................1933—June 3,140 1,953 1,188 1,188 1,568 897 671 3 668 ..........................1939—Dec. 4,317 3,014 1 ,303 1 1,302 2,210 1,406 804 4 800 .................... ...1941—Dec. 6,394 5,976 418 96 322 4,576 3,566 1 ,011 46 965 ..........................1945—Dec. 6,861 6,589 271 123 148 4,972 4,375 597 57 540 ..........................1947—Dec. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 .........................1950—Dec. 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 ..........................1957—Dec. 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 ..........................1958—Dec. 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 ..........................1959—Dec. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 ..........................1960—Dec. 8,367 8,308 59 39 20 6,931 6,429 502 31 471 ..........................1961—Dec. 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 ...........................1962—Dec. 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 ..........................1963—Dec. 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 ..........................1964—Dec. 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 . .................. ...1965—Dec. 9,509 9,449 61 220 -159 8,619 8,318 301 161 140 ..........................1966—Dec. 9,439 9,408 31 115 -84 8,614 8,315 299 88 211 .........................1967—Feb. 9,366 9,300 66 53 13 8,294 7,940 354 48 306 9,397 9,382 15 53 -38 8,189 7,918 271 29 242 ......................................Apr. 9,319 9,282 37 46 -9 8,219 7,922 297 31 266 9,381 9,314 67 34 33 8,285 7,983 302 44 258 ......................................June 9,564 9,542 22 10 12 8,403 8,095 308 54 254 ......................................July 9,557 9,509 48 32 16 8,448 8,129 319 48 271 ......................................Aug. 9,649 9,623 26 32 -6 8,582 8,304 278 47 231 ......................................Sept. 9,878 9,860 18 42 -24 8,648 8,402 246 55 191 9,900 9,835 65 51 14 8,823 8,540 283 61 222 10,081 10,031 50 105 -55 8,901 8,634 267 80 187 *10,315 *10,287 *28 111 *-83 *9,124 *8,817 *307 75 *232 ..........................1968—Jan. *10,270 p10,220 *50 126 *-76 *9,059 *8,773 *285 125 *160 ............... Feb. Week ending— 9,525 9,482 43 9 34 8,526 8,336 190 70 120 .....................1967—Feb. 1 9,5H 9,477 34 170 -136 8,606 8,360 246 58 188 ............................................8 9,448 9,393 55 59 -4 8,671 8,350 321 130 191 ..........................................15 9,435 9,374 61 167 -106 8,771 8,281 490 76 414 ..........................................22 9,626 9,598 28 36 -8 8,360 8,120 240 50 190 ........... Aug. 2 9,623 9,579 44 52 -9 8,461 8,152 309 37 272 ......................................... 9 9,559 9,506 53 53 8,476 8,163 313 61 246 ..........................................16 9,492 9,467 25 3 22 8,540 8,(17 423 44 379 23 9,482 9,444 38 38 8,275 8,077 198 46 152 .........................................30 9,608 9,570 38 17 21 8,443 8,191 252 41 211 .................................Sept. 6 9,592 9,560 32 19 13 8,636 8,331 305 51 254 ..........................................13 9,627 9,616 11 50 -39 8,736 8,364 372 35 337 ..........................................20 9,664 9,662 2 22 -20 8,487 8,307 180 52 128 ..........................................27 9,827 9,783 44 68 -24 8,653 8,314 339 72 267 9,840 9,796 44 60 -16 8,577 8,405 172 64 108 ..........................................11 9,957 9,943 14 54 -40 8,949 8,436 513 57 456 ..........................................18 9,924 9,866 58 10 48 8,456 8,413 43 48 -5 ..........................................25 9,917 9,897 20 28 -8 8,667 8,418 249 47 202 .................................Nov. 1 9,950 9,894 56 45 11 8,755 8,511 244 74 170 ......................................... 8 9,845 9,802 43 71 -28 9,000 8,562 438 55 383 ..........................................15 9,910 9,861 49 34 15 8,699 8,557 142 64 78 ..........................................22 9,812 9,755 57 63 — 6 8,812 8,539 273 48 225 ..........................................29 9,969 9,947 22 22 8,749 8,523 226 65 161 ................................Dec. 6 9,882 9,844 38 69 -31 8,847 8,572 275 50 225 ..........................................13 10,049 10,018 31 52 -21 8,849 8,637 212 96 116 ..........................................20 10,177 10,130 47 199 -152 9,010 8,687 323 117 206 ..........................................27 10,491 10,331 160 216 -56 9,185 8,803 382 59 323 .....................1968—Jan. 3 10,243 10,207 36 59 -23 9,338 8,817 521 52 469 ..........................................10 10,357 10,340 17 97 -80 8,895 8,781 114 65 49 ..........................................17 *10,356 *10,329 *27 157 *-130 *9,187 *8,880 *308 74 *234 ..........................................24 *10,276 *10,238 *37 90 *-53 *9,060 *8,801 *259 118 *141 ..........................................31 *10,374 *10,337 *37 97 *-60 *9,109 *8,804 *305 137 *168 ................................ Feb. 7 *10,255 *10,156 *98 96 *2 *9,051 *8,792 *259 132 *127 ..........................................14 *10,088 *10,080 *8 168 *-160 *9,043 *8,725 *318 84 *234 ..........................................21 *10,346 *10,293 *52 150 *-98 *9,011 *8,766 *245 153 *92 ..........................................28 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

A-8 MAJOR RESERVE CITY BANKS □ MARCH 1968 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Related transactions with Basic reserve position Interbank Federal funds transactions U.S. Govt, securities dealers Less— Net— Gross transactions Net transactions Reporting banks week a e n n d d ing— s E e x r r c v e e e ­ s s s 1 r a o B t B w a F o n in . r k R g ­ s s . F t f i b e r u n N a a d n t n e e n e d s t k r r s . ­ a l S d u e o r f p r ic l u it s r P r e e e s q a r e o v u c r g f i v r e . e e n s d t ch P a u s r e ­ s Sales a 2 t c T r - t a o i w o n t a n a s y s l ­ 2 b c o b h P u a f a y u n n s i r k n e e ­ s s g t s o b S e a f a l n l n l i e n k e s s g t d L e o a t a l o e n rs s 3 de f B r i a r n o o l o g e w m r s r ­ s ­ * lo N a e n t s Total—46 banks 1968—Jan. 3............ 183 336 1,066 -1,219 10.3 2,758 1,692 1,317 1,441 376 1 ,786 98 1,688 10............ 21 75 1,672 -1,725 15.2 3,340 1,668 I ,464 1,876 204 2,096 104 1,992 17 30 115 1 ,444 -1,529 13.4 3,227 1,783 1,525 1,702 258 1 ,985 97 1 ,889 24............ 36 77 406 -447 3.9 2,681 2,276 1,568 1,114 708 1,762 69 1,693 31............ 44 70 121 -147 1.3 2,504 2,384 1,508 997 876 2,070 72 1,998 Feb. 7............ 41 55 988 -1,002 8.6 2,623 1,635 1,252 1,372 383 2,137 93 2,044 14 199 211 1,192 -1,205 10.8 2,884 1,692 1,353 1 ,532 340 1 ,659 101 1 ,558 21............ 35 241 760 -966 8.7 2,511 1,750 1,368 1,142 382 1 ,755 97 1,658 28............ 51 193 564 -707 6.2 2,619 2,055 1,535 1 ,084 520 1 ,761 77 1,684 8 in New York City 1968—Jan. 3............ 85 156 407 -478 9.7 1,127 720 520 608 200 1 ,377 93 1 ,284 10............ 7 55 831 -880 18.9 1 ,381 550 531 850 19 1 ,403 104 1,299 17 15 51 518 -554 12.0 1 ,246 728 693 553 35 1 ,249 97 1,152 24............ 15 -126 140 3.0 883 I ,009 809 74 200 1 ,037 63 974 31............ 16 27 -190 179 3.9 840 1,030 659 181 371 1,373 72 1,301 Feb. 7............ 18 1 321 -304 6.4 931 610 492 439 118 1 ,345 93 1,252 14............ 127 144 410 -427 9.6 1,026 616 529 497 87 979 101 878 21............ 28 131 161 -264 5.9 953 792 630 323 162 1 ,082 97 985 28............ 2 119 25 -142 3.1 849 824 595 254 229 1,042 77 965 38 outside New York City 1968—Jan. 3............ 99 181 659 -741 10.7 1,631 972 797 834 175 409 5 404 10 14 20 840 -846 12.6 1,958 1,118 933 1,026 185 693 693 17............ 15 63 926 -975 14.4 1,981 1,055 832 1,150 224 737 737 24............ 22 77 532 -587 8.6 1,798 1,267 759 1,040 508 724 6 719 31............ 28 43 311 -327 4.8 1,664 1,353 848 816 505 697 697 Feb 7 . .. 23 54 668 -698 10.2 1,692 1,025 759 933 265 792 792 14. . 72 67 782 -778 11.7 1 ,858 1,076 823 1 ,035 253 680 680 2!............ 7 110 600 -703 10.6 1,558 958 739 819 220 673 673 28............ 49 74 539 -565 8.3 1,769 1,23t 940 829 290 719 719 5 in City of Chicago 1968—Jan 3........ 11 54 -34 -9 7 270 304 209 61 95 47 47 10.. . . -3 5 -8 .7 338 332 273 65 59 61 61 17. . . 3 6 164 -167 15,3 405 241 222 183 19 29 29 24............ 5 -3 8 .7 303 306 268 35 38 38 38 31 . . . 2 -16 17 1.6 306 321 268 38 54 33 33 Feb. 7............ 8 85 -78 6.9 324 239 212 113 28 24 24 14 -1 129 -130 12.1 435 306 286 149 20 7 7 21 2 6 -4 .4 320 314 267 53 47 17 17 28............ 9 15 -6 .5 370 355 297 72 57 34 34 33 others 1968—Jan. 3............ 87 126 693 -732 12.8 1.360 668 588 773 80 362 5 357 10. . . 17 20 835 -838 14.9 1.621 786 660 961 126 632 632 17............ 12 57 762 -807 14.2 1 ,577 814 610 967 205 708 708 24............ 17 77 534 -595 10.4 1 ,495 961 491 1 ,004 470 687 6 681 31 . . . . 26 43 327 -344 6.0 1 ,358 1,032 581 778 451 664 664 Feb. 7............ 16 54 582 -621 10.8 1 .368 786 548 820 238 769 769 14............ 72 67 653 -648 11.6 1,423 770 537 886 233 673 673 21............ 5 110 594 -699 12.5 1 ,238 644 472 766 172 656 656 28 39 74 524 -559 9.8 I ,400 876 643 757 233 684 684 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 1 Derived from averages for individual banks for entire week. Figure by Govt, or other issues. for each bank indicates extent to which its weekly average purchases and sales are offsetting. Note.—Weekly averages of daily figures. For description of series 3 Federal funds loaned, net funds supplied to each dealer by clearing and back data, see Aug. 1964 Bulletin, pp. 944-74. banks, repurchase agreements (purchases of securities from dealers subject to resale), or other lending arrangements. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ DISCOUNT RATES A-9 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to ail 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 Feb. 29 date rate Feb. 29 date rate Feb, 29 date rate Boston............................................ 416 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................................... 4'6 Nov. 21,1967 4 5 Nov. 21’ 1967 4*4 5*4 Nov. 2111967 5 Cleveland....................................... 4*4 Nov. 20,1967 4 5 Nov. 20’ 1967 4’4 6'“ Nov. 20 1967 5*4 Richmond...................................... 414 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*4 Nov. 20,1967 4 5 Nov. 20’ 1967 4’4 5*4 Nov. 20’ 1967 5 St. Louis........................................ 4*4 Nov. 27; 1967 4 5 Nov. 27,1967 4*4 5*4 Nov. 27’ 1967 5 Minneapolis.................................. 4*4 Nov. 20’1967 4 5 Nov. 20’ 1967 4*4 5’4 Nov. 20 1967 5 Kansas City.................................. 44 Nov. 20,1967 4 5 Nov. 20,1967 4’4 5*6 Nov. 20 1967 5 Dallas........................................... 4'4 Nov. 20’ 1967 4 5 Nov. 20,1967 4’4 5*4 Nov. 20’ 1967 5 San Francisco................................ 4'4 Nov. 20; 1967 4 5 Nov. 20,1967 w 5‘A Nov. 20,1967 5 i Discounts of eligible paper and advances secured by such paper or 2 Advances secured to the satisfaction of the F.R. Bank. Maximum by U.S. Govt, obligations. Rates shown also apply to advances secured maturity: 4 months. by obligations of Federal intermediate credit banks maturing within 6 3 Advances to individuals, partnerships, or corporations other than months. Maximum maturity: 90 days except that discounts of certain member banks secured by U.S. Govt, direct obligations. Maximum matu­ bankers’ acceptances and of agricultural paper may have maturities not rity: 90 days. over 6 months and 9 months, respectively, and advances secured by FICB obligations are limited to 15 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date all F.R. of date all F.R. of date aU F.R. of Banks N.Y. Banks N.Y. Banks N.Y. 1955 1959 In effect Dec. 31, 1941........ 1 -114 t Apr. 14.....................1...'4...-.1’4 1'4 Mar. 6............. 2'4-3 3 ‘ 15............................. 04-154 il 16............................ 3 3 1942 May 2............................. 1’4 3 -3'4 3*6 1 I Aug. 4............................ 1 M-2'4 June 12...................... 3'4 3’6 Oct. 15................................ t 14-t 1 " 5............................ ik-2w 3'4-4 4 30................................ t W t '4 12........................... I 2 ' |g..........4..................4 Sept. 9............................ 2'4 ' 13............................. 2'4 1960 1946 Nov. 18............................. 2'4-2'4 ^ 3'4-4 4 t '4-1 1 23...................... 2'4 10......3...'.4..-..*..............3’6 May 10................................ 1 1 14............................ 3'4 3*6 1956 3 -3'4 3 Apr. 13.....................2..1..4..-.3 F 3 3 1948 ' 20............................. 2’4-3 1 -1'4 1'4 2’4-3 1963 19................................ 1% 1'4 “31............................ 3 3 July 17............................ 3 -3'4 3’6 23................................ 1'4 1 - '4 U4 1 1' 4 4 1957 26............................ 3'4 3’6 Aug. 9.....................3. ....-..3*4 3 1950 Nov. 2 1 3 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 ’^'4 1964 3'4-4 4 1'4-1’4 1’4 Dec 2 3 3 30............................ 4 4 25................................ 1% 1’4 1958 1965 Jan. 22.....................2..’.4..-.3.. 3 4 -4'4 4'6 1953 24............................ 2’4-3 13.. 4'4 4’6 Jan. 16......................1..'.4..-..2. 2 2'4-3 23.............................. 2 2 13............................. 2'4-2’4 15 F .. e .. 1 b .. 9 . . . 5 . 4 .. 5 ... . . . . . . . . . . . . . . . . . . . . . . . . ............1..'4 1 - ’4 2 1 1’ ’ 4 4 S A M e p a p r y t . 2 1 1 9 2 1 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 ’ ’ 5 4 4 2 1 4 - - ’ ' - 4 4 2 2 2 '4 A N p o r v . . 2 2 1 7 7 0 4 . . . . . . . . . . . . . 1 . . . . . . 9 . . . . . . . . 6 . . . . . . . . 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 4 4 - - '4 4 4 ' ' 4 4 4 4 4 4 * * 6 6 Apr. 14.............................. 1'4-1’4 1’4 23............................. 2 2 16.............................. 1'4-1’4 1'4 Oct. 24............................. 2 -2>4 2 1968 May 21.............................. 1'4 1'4 Nov. 7........................... 2'4 2*6 4'4 4'6 t Preferential rate of one-half of I per cent for advances secured by against U.S. Govt, obligations was the same as its discount rate except U.S. Govt, obligations maturing in 1 year or less. The rate of 1 per cent in the following periods (rates in percentages): 1955—May 4-6, 1.65; was continued for discounts of eligible paper and advances secured by Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. such paper or by U.S. Govt, obligations with maturities beyond 1 year. 24-29, 2,75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July Note.—Discount rates under Secs. 13 and 13a (as described in table 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, above). For data before 1942, see Banking and Monetary Statistics, 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, 1943, pp. 439^2. 28, 30, 31, 3.87 5; 1965—Jan. 4-8, 3.87 5. 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

A-10 RESERVE REQUIREMENTS □ MARCH 1968 RESERVE REQUIREMENTS OF MEMBER BANKS (Per cent of deposits) Dec. 31, 1949, through July 13, 1966 Beginning July 14, 1966 Net demand Net demand Time deposits 4 deposits 2 deposits 2 (all classes of banks) Time depos­ its Reserve Country Other Effective date 1 C re e s n e t r r v a e l s R er e v ­ e Co tr u y n ­ cla ( o s a s f ll e s Effective date 1 city banks banks d S e in p a g o v s ­ s ­ time deposits ba c n i k ty s 3 b c a i n ty k s banks banks) $ U 5 n m de il r ­ $ O 5 v m er il ­ $ U 5 n m de il r ­ $5 O v m er il ­ its $ U 5 n m de il r ­ $ O 5 v m er il ­ lion lion lion lion lion lion In effect Dec. 31, 1949........ 22 18 12 5 1966—-July 14,21....... 5 614 5 12 54 M 5 Sept. 8, 15....... 6 1951—Jan, 11,16.............. 23 19 13 6 Jan. 25, Feb. 1.... 24 20 14 1967—Mar. 2............. 3*4 3*4 1953—July 9, ।................. 22 19 13 Mar. 16............. 3 3 1954—juxje 24' 16............... 21 5 July 29, Aug. 1.,.. 20 18 12 1968—Jan. 11, 18....... 161,4 17 12 1214 1958—Feb. 27, Mar. I.... 19*4 17*4 H*4 Mar. 20, Apr. 1.... 19 17 11 In effect Feb. 29, 1968.. 16*4 17 12 I2!4 3 3 6 Apr 17 18*4 Apr. 24........... 18 16'A Present legal I960—Sept. 1..................... 17*4 requirement: Nov. 24.................... 12 Minimum..... 10 7 3 3 3 Dec. 1..................... 16*4 22 14 10 10 10 1962—July 28..................... (3) Oct, 25, Nov. 1.... 4 1 When two dates are shown, the first applies to the change at centra! 4 Effective Jan. 5, 1967, time deposits such as Christmas and vacation reserve or reserve city banks and the second to the change at country club accounts became subject to same requirements as savings deposits. banks. For changes prior to 1950 see Board’s Annual Reports. s See preceding columns for earliest effective date of this rate. 2 Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances Note.—All required reserves were held on deposit with F.R. Banks due from domestic banks. June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member 3 Authority of the Board of Governors to classify or reclassify cities banks were allowed to count part of their currency and coin as reserves; as central reserve cities was terminated effective July 28, 1962. effective Nov. 24, 1960, they were allowed to count all as reserves. For further details, see Board’s Annual Reports. MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Nov. 1, 1933—July 19, 1966 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, 26, 1933 1935 1936 1957 1962 1963 1964 1965 1966 1966 Savings deposits: Savings deposits.................. 4 4 12 months or more........... 3 2>/4 214 3 4 4 4 4 Other time deposits:1 Less than 12 months........ 3 214 214 3 3*4 3*4 4 4 Multiple-maturity: Other time deposits:* 90 days or more........... 5 5 12 months or more........... 3 254 3 4 4 4*4 514 Less than 90 days........ 4 4 6 months to 12 months... 3 214 2W 3 3'4 4 4*4 514 (30-89 days) 90 days to 6 months......... 3 214 2 2'4 2*4 4 414 514 Single-maturity: Less than 90 days............. 3 214 1 1 1 1 4 514 $100,000 or more..... 5*4 514 (30-89 days) Less than $100,000. .. . 5*4 5 * 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. Ferrates 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, EFFECTIVE DATE OF CHANGE (Per cent of market value) Apr. 23, Jan. 16, Aug. 5, Oct. 16, July 28, July 10, Nov. 6, Mar. 11, Regulation 1955 1958 1958 1958 1960 1962 1963 1968 Regulation T: For extensions of credit by brokers and dealers on listed securities................................................... 70 50 70 90 70 50 70 (>) For short sales.......................................................... 70 50 70 90 70 50 70 Regulation U: For loans by banks on stocks.................................. 70 50 ' 70 90 70 50 70 1 See table on p. A—00. a security by prescribing a maximum loan value, which is a specified per­ centage of its market value at the time of extension; margin requirements Note.—Regulations T and U, prescribed in accordance with Securities are the difference between the market value (100 per cent) and the maxi­ Exchange Act of 1934, limit the amount of credit that may be extended on mum loan value. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ BANK DEPOSITS; OPEN MARKET ACCOUNT A-ll DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item m b e a A m n l k l b s er Y N o e r w k C o it f y Other C b o a u n n ks try Item m b e a A m n l k b l s er Y N o e r w k C o it f y Other C b o a u n n ks try City Chicago City Chicago Four weeks ending Jan. 3, 1968 Four weeks ending Jan. 31, 1968 Gross demand—-Total.... 165,182 34,911 7,292 60,129 62,851 Gross demand—Total.... 161,434 33,731 7,039 58,406 62,258 Interbank................. 18,189 6,125 1,285 8,432 2,348 Interbank................. 17,483 5,970 1,222 8,011 2,280 U.S. Govt................. 4,568 1,208 273 1,652 1,437 U.S. Govt..................... 4,668 I ,048 256 1 ,924 I ,440 Other........................ 142,425 27,579 5,735 50,045 59,068 Other.......................... 139,283 26,713 5,561 48,471 58,538 Net demand 1................... 128,882 24,333 5,719 46,059 52,772 Net demand t................... 128,002 23,844 5,548 45,772 52,838 Time................................. 148,197 20,924 6,034 55,915 65,324 Time................................. 149,710 20,721 5,998 56,963 66,028 Demand balances due Demand balances due from dom. banks..... 8,842 353 179 2,126 6,183 from dom. banks...... 8,364 306 223 1,996 5,839 Currency and coin........... 4,608 414 88 1 ,423 2,683 Currency and coin........... 4,620 398 82 1 ,420 2,721 Balances with F.R. Balances with F.R. Banks............................ 20,904 4,739 1,151 8,726 6,290 Banks............................ 21,166 4,730 1,144 8,890 6,401 Total reserves held.......... 25,512 5,153 1,239 10,149 8,973 Total reserves held........... 25,786 5,128 1,226 10,310 9,122 Required............. 25,089 5,104 1,230 10,081 8,675 Required....................... 25,439 5,109 1,223 10,280 8,827 Excess.................... 423 49 9 68 298 Excess........................... 347 19 3 30 295 1 Demand deposits subject to reserve requirements are gross demand Note.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; 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 Othe*s within 1 year 1-5 years Month Exch., c G h p r a u o s r s e ­ s s G sa ro le s s s Re ti d o e n m s p­ c G p h r a u o s r s e ­ s s G sa ro le 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 ro le s s s m re s a d h o t e i u f r m t r s i p t , y ­ c G h p r a u o s r s e ­ s s G sa ro le s s s m E s a h x o t i u c f r t h r s i . . ty tions 1967—Jan 904 656 439 904 656 439 Feb - 812 305 812 305 -2,457 2,595 Mpr . 1,496 704 1,395 704 80 975 206 415 859 206 415 10 50 1,146 107 412 936 107 412 -2,879 107 2,879 Inn*' 1.681 567 223 1,332 567 223 17 185 55 July. . 1,221 956 94 1,221 956 94 Ano . . . 591 440 400 591 440 400 -1,225 1,338 Sept ., • 1,110 623 127 919 623 127 24 121 44 o^t 700 27 200 700 27 200 1,386 168 1 ,200 168 -1,227 121 1,227 Dpc .......... 622 250 622 250 169 -73 1968 Tan 1,488 1,593 20 1 ,410 1 .593 20 52 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 ro le s s s o E s t r u h x r m i c f it h t a y s . ­ c G h p r a u o s r s e ­ s s G sa ro le s s s o E t s u r h x r m i c i f t h t a y s . ­ c G h p r a u o s r s e ­ s s G sa ro le s s s G s it o e ie v c s u t. r­ p ( m a n u g e r e c r t n e h t r e a s e ­ ) s ­ e r O i n g u e h t t t ­ , a r m c e g h n e p r a e e n u s t e t e r s ­ ­ , change 1 1967—Jan....... 1,693 2,320 -818 -34 4 -124 -972 -138 3,253 3,253 507 3 37 546 Mar.... 14 8 3,399 3,253 938 13 -7 4 948 Apr.. . . 32 25 1,727 1,529 552 -3 -1 57 606 May... 62 42 1,438 1,459 606 -10 2 -98 499 June... 109 -55 39 753 992 652 1 21 45 719 July.... 286 370 87 -1 -13 -45 28 -113 450 450 -249 -14 -263 Sept... 27 - 44 19 453 453 361 -12 104 453 Oct.. 1,427 1,427 474 1 -104 370 Nov.... 45 20 1,369 1,046 1,541 23 5 1,570 -96 545 736 182 15 16 89 302 1968—jan 21 5 1,136 1,031 -20 -38 -12 -69 -139 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

A-12 FEDERAL RESERVE BANKS, □ MARCH 1968 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of Month Item 1968 1968 1967 Feb. 28 Feb. 21 Feb. 14 Feb. 7 Jan. 31 Feb. 29 Jan.31 Feb. 28 Assets Gold certificate account............................................... 9 447 9 447 9,447 9 447 9 547 9,447 9,547 10,796 Redemption fund for F.R. notes................................ 1 ’937 1 ’937 1 ,937 1 937 1 *937 1 937 1 937 1 ,830 Total gold certificate reserves......................... 11,384 11,384 11,384 11 ,384 11,484 1 1 ,384 11 ,484 12,626 Cash............................................................................... 430 439 425 416 409 435 409 356 Discounts and advances: Member bank borrowings............................ 257 818 92 236 843 166 843 165 Other......................................................................... Acceptances: Bought outright................................................ 56 58 63 63 63 56 63 76 Held under repurchase agreements.......................... 27 20 20 37 Federal agency obligations—Held under repurchase agreements................................................................ 5 U.S. Govt, securities: Bought outright: Bills........................................................................ 15,653 15,406 15,073 15,843 15,773 15.820 15,773 12,119 Certificates—Special.............................................. Other................................................ 4,351 Notes...................................................................... 26,985 26,952 26,952 26,952 26,952 26,985 26 957 21,302 Bonds..................................................................... 6,147 6,130 6,130 6,130 6,130 6,147 6^30 6,199 Total bought outright............................................... 48,785 48,488 48,155 48,925 48,855 48,952 48 855 43,971 Held under repurchase agreements.......................... 294 397 237 237 Total U.S. Govt, securities......................................... 48,785 48,488 48,449 49,322 49,092 48,952 49,092 43,971 Total loans and securities............................................ 49,098 49,364 48,631 49,626 50,018 49,174 50,018 44,249 Cash items in process of collection.............................. 7,362 7,507 7,957 7,184 7,105 7,239 7,105 6,703 Bank premises.............................................................. 1 12 112 112 112 112 112 112 107 Other assets: Denominated in foreign currencies......................... 1,573 1,481 1 479 1 ,497 1 ,470 1 ,489 I 470 293 IMF gold deposited1.............................................. 233 233 *233 233 233 233 *233 213 All other.................................................................... 297 264 514 491 462 298 462 286 Total assets........................................... 70,489 70,784 70,735 70,943 71,293 70,364 71,293 64,833 Liabilities F.R. notes..................................................................... 40,316 40,408 40,491 40,415 40,277 40,250 40,277 38,283 Deposits: Member bank reserves............................................ 21,110 21,089 20,140 21,240 21,838 21,195 21,838 18,916 U.S. Treasurer—General account............................ 922 1 ,086 1 ,314 1,019 1 ,153 1,197 1 ,153 386 Foreign...................................................................... 166 130 157 148 160 192 160 145 Other: IMF gold deposit1................................................. 233 233 233 233 233 233 233 213 All other................................................................ 208 217 238 204 230 223 230 219 Total deposits.............................................................. 22,639 22,755 22,082 22,844 23,614 23,040 23,614 19,879 Deferred availability cash items................................... 5,852 5,978 6,559 5,921 5,689 5,357 5,689 5,153 Other liabilities and accrued dividends......................... 295 299 302 322 318 328 318 225 Total liabilities............................................................. 69,102 69,440 69,434 69,502 69,898 68,975 69,898 63,540 Capital accounts Capital paid in............................................................. 609 609 608 607 606 609 606 575 Surplus........................................................................... 598 598 598 598 598 598 598 570 Other capital accounts.................................................. 180 137 95 236 191 182 191 148 Total liabilities and capital accounts........................... 70,489 70,784 70,735 70,943 71,293 70,364 71,293 64,833 Ratio of gold certificate reserves to F.R. note liability (per cent) 2................................................................ 27.6 27.6 27.5 27.5 27.8 27.6 27.8 32.3 Contingent liability on acceptances purchased for foreign correspondents............................................. 117 123 123 131 141 117 141 201 U.S. Govt, securities held in custody for foreign account................................................................. 8,913 8,550 8,662 8,828 8,861 8,922 8,861 7,334 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank)..................... 43,273 43,336 43,385 43,468 43,597 43,251 43,597 41,151 Collateral held against notes outstanding: Gold certificate account........................................... 6,638 6,638 6,653 6,663 6,663 6,638 6,663 6,700 Eligible paper............................................................ 2 U.S. Govt, securities............................................... 38,521 38,521 38,521 38,566 38,566 38,521 38,566 36,326 Total collateral..................................................... 45,159 45,159 45,174 45,229 45,229 45,159 45,229 43,028 1 See note 1(b) to table at bottom of p. A-68. 2 Computed from statements for all Federal Reserve Banks combined. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ FEDERAL RESERVE BANKS A-13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 29, 1968 (In millions of dollars) Item Total Boston Y N o e r w k P d h e il l a ­ ­ C la le n v d e­ m Ri o c n h d ­ At t l a an­ C ca h g i o ­ Lo S u t. is M ap in o n li e s ­ K s a as n ­ Dallas F S r a a n n­ phia City cisco Assets Gold certificate account..................... 9,447 574 2,185 529 720 856 528 1,659 354 198 384 311 1,149 Redemption fund for F.R. notes....... 1,937 110 472 101 156 176 107 328 67 32 75 70 243 Total gold certificate reserves............. 11,384 684 2,657 630 876 1 ,032 635 1 ,987 421 230 459 381 1,392 F.R. notes of other Banks................. 961 94 283 49 82 62 (30 55 28 10 30 32 106 Other cash.......................................... 435 25 54 8 61 28 52 85 36 6 21 17 42 Discounts and advances: Secured by U.S.’Govt, securities... 166 12 19 5 6 12 37 19 35 2 8 * 11 Other............................................... Acceptances: Bought outright........................... 56 56 Held under repurchase agreements. Federal agency obligations—Held under repurchase agreements...... U.S. Govt, securities: Bought outright......................... 48,952 2,576 12,729 2,528 3,694 3,548 2,566 7,947 1,678 997 1 ,912 2,089 6,688 Held under repurchase agreements. Total loans and securities................... 49,174 2,588 12,804 2,533 3,700 3,560 2,603 7,966 1,713 999 1 ,920 2,089 6,699 Cash items in process of collection... 9,376 542 1,748 507 679 706 ' 833 1 ,613 437 286 624 558 843 Bank premises..................................... 112 3 10 2 5 8 20 18 8 3 17 9 9 Other assets: Denominated in foreign currencies. 1,489 73 1 383 79 134 77 94 217 51 34 65 85 197 IMF gold deposited2...................... 233 233 AH other.......................................... 298 16 79 16 24 22 15 46 10 6 13 13 38 Total assets......................................... 73,462 4,025 18,251 3,824 5,561 5,495 4,382 11,987 2,704 1,574 3,149 3,184 9,326 Liabilities F.R. notes.................. 41,211 2,425 9,638 2,372 3,308 3,772 2,302 7,208 1,528 702 1,532 1 ,378 5,046 Deposits: Member bank reserves.................... 21.195 977 5,943 914 1,491 960 1,212 3,051 723 540 963 1 ,200 3,221 U.S. Treasurer—General account.. 1,197 16 425 51 44 92 67 131 56 54 100 56 105 Foreign........................................... 192 8 3 66 9 15 9 1 I 25 6 4 7 10 22 Other: IMF gold deposit 2................ 233 233 All other..................................... 223 1 186 4 I 6 I I * 1 i 2 19 Total deposits................................... 23,040 1 ,002 6,853 978 1,551 1 ,067 1,291 3,208 785 599 1,071 1,268 3,367 Deferred availability cash items...... 7,494 514 1,311 384 555 558 687 1,311 333 235 473 448 685 Other liabilities and accrued dividends 328 17 89 17 25 23 17 52 11 7 13 14 43 Total liabilities.................................... 72,073 3,958 17,891 3,75! 5,439 5,420 4,297 11,779 2,657 I ,543 3,089 3,108 9,141 Capital accounts Capital paid in................................... 609 29 157 32 55 31 38 90 21 14 27 35 80 Surplus............................................... 598 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts........................ 182 9 49 9 13 13 9 31 6 3 7 7 26 Total liabilities and capital accounts.. 73,462 4,025 18,251 3,824 5,561 5,495 4,382 11,987 2,704 1 ,574 3,149 3,184 9,326 Ratio of gold certificate reserves to F.R. note liability (per cent): Feb. 29, 1968 ....................... 27.6 28.2 27.6 26.6 26.5 27.4 27.6 27,6 27.6 32.8 30.0 27.6 27.6 Jan. 31, 1968.......................... 27.8 27.8 27.9 27.1 26.8 28.3 27.8 28.3 27.8 27.7 26.7 27.4 27.8 Feb. 28, 1967........................... 32.3 33.3 35.4 31.0 30.4 32.1 29.1 29,0 28.7 38.1 33.0 39.3 32.3 Contingent liability on acceptances purchased for foreign correspond­ ents............................................... 117 6 4 30 6 11 6 7 17 4 3 5 7 15 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS’ ACCOUNTS F.R. notes outstanding (issued to Bank)............................................ 43,251 2,526 10,231 2,434 3,566 3,884 2,434 7,455 1,597 722 1,584 1,489 5,329 Collateral held against notes out­ standing: Gold certificate account.................. 6,638 450 1 ,000 500 600 640 450 1,400 331 127 225 180 735 Eligible paper................................ U.S. Govt, securities...................... 38,521 2,176 9,400 2,100 3,100 3,310 2,150 6,450 1,370 635 1,450 1 ,380 5,000 Total collateral............................ 45,159 2,626 10,400 2,600 3,700 3,950 2,600 7,850 1,701 762 1,675 1,560 5,735 1 After deducting $1,106 million participations of other F.R. Banks. 3 After deducting $126 million participations of other F.R. Banks. 2 See note 2 to table at bottom of p. A-68. 4 After deducting $87 million participations of other F.R. Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-14 FEDERAL RESERVE BANKS, BANK DEBITS - MARCH 1968 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1968 1968 1967 Feb. 28 Feb. 21 Feb. 14 Feb. 7 Jan. 31 Feb. 29 Jan. 31 Feb. 28 Discounts and advances—Total.................................. 257 818 92 236 843 166 843 165 Within 15 days.......................................................... 256 817 91 235 818 165 818 160 16 days to 90 days..................................................... 1 1 1 25 1 25 5 91 days to 1 year,..................................................... Acceptances—Total...................................................... 56 58 90 63 83 56 83 113 Within 15 days......................................................... 17 22 49 15 32 16 32 57 16 days to 90 days..................................................... 39 36 41 48 51 40 51 56 91 days to I year....................................................... U.S. Government securities—-Total............................. 48,785 48,488 48,449 49,327 49,092 48,952 49,092 43,971 Within 15 days 1.................................... 2,276 2,262 2,844 2,379 2,718 1 ,225 2,718 1 ,052 16 days to 90 days..................................................... 10,678 10,531 7,071 8,304 7,662 10,731 7,662 12,211 91 days to 1 year....................................................... 25,839 25,703 20,884 20,994 21,062 27,004 21 ,062 19,400 Over 1 year to 5 years............................................... 7,740 7,740 16,237 16,237 16,237 7,740 16,237 10,053 Over 5 years to 10 years........................................... 1 ,692 1,692 853 853 853 1,692 853 853 Over 10 years........................................................... 560 560 560 560 560 560 560 402 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a la d r 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 N l e an th d e s r ­ f S ra w n is c s s guilders 1966—Dec.............................. 875 594 55 2 1 216 3 1 ♦ 3 1967—Apr.............................. 184 121 55 3 1 1 1 1 2 May...................... 149 115 25 3 1 1 t 1 2 June............................ 578 399 29 3 1 144 I i * 2 July............................. 579 566 4 3 1 2 1 1 2 Aug........................... 866 761 3 3 1 94 1 t 3 Sept............................. 788 754 13 3 1 13 1 1 3 Oct........................ 953 898 3 1 46 1 1 * 3 Nov............................. I ,307 1,(40 19 3 1 140 I i * 2 BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (in billions of dollars) Period T 2 o 3 t 3 a l Leading SMSA’s T S o M ta S l A 23 ’s 2 o 2 th 26 e r T 2 o 3 t 3 a l Leading SMSA’s T S o M ta S l A 23 ’s 2 o 2 th 26 e r SMSA’s N.Y. 6 others2 N (e . x Y c . l. ) SMSA’s SMSA’s N.Y. 6 others2 N (e . x Y c . l. ) SMSA’s 1967—Jan............................... 6,409.1 2,847.3 1,362.2 3,561.8 2,199 6 57.2 124.7 50,9 39.4 34.8 Feb.............................. 6,294.9 2,724.7 1 ,389.5 3 570.2 2 180.7 55,6 119.4 52.6 39.4 34.2 Mar............................. 6,315.9 2'756.6 1,386.8 3,559 3 2,172.5 54.8 117.2 51.2 39,1 33.9 Apr.............................. 6,553.5 2'864.0 1'451.4 3 689.5 2,238.1 57.7 i23.0 54.2 40.8 35.1 May............................ 6,348.2 2,734.5 1,409.2 3,613,7 2,204.5 54.8 115.2 52.0 39.2 33.9 June............................ 6,637 2 2,904 1 1 476 4 3 733 1 2 256 7 56.5 120.0 53 4 40.1 34.4 July............................. 6,688.7 2,857.1 1,560.5 3,’83I.’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 14.8 Dec.............................. 7,047.0 3,149.7 1’515.4 3 897.3 2’,381.9 58.5 122.1 54.6 41.1 35.3 1968—Jan.............................. 7,369 4 3,323.4 1,584.8 4,046.0 2,461.2 60.2 128.5 55 .6 41.6 36.0 Feb. p........................ . 7,265.2 3|216.8 1,593.3 4,048.4 2'455.1 59.8 129.2 56.9 42.1 36.2 1 Excludes interbank and U.S. Govt, demand deposit accounts. Note.—-Total SMSA’s includes some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as S MSA’s. Los Angeles-Long Beach. For a description of series, see Mar. 1965 Bulletin* p. 390. All data shown here are revised. For description of revision, see Mar, 1967 Bulletin, p. 389. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ U.S. CURRENCY A-15 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir­ End of period cula­ tion 1 Total Coin $1 2 $2 $5 $10 S20 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 2331 2,545 3,044 724 1,433 261 556 24 46 1945 ..................... 28,515 20'683 1,274 1,039 73 2313 6,782 9,201 7,834 2,327 4320 454 801 7 24 1947..................... 28'868 20’020 1,404 1,048 65 2,110 6,275 9,119 8 350 2,548 5,070 428 782 5 17 1950..................... 27'741 19'305 M54 1 313 64 2,049 5,998 8,529 8,438 2322 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 9337 2392 5,886 275 373 3 9 1959..................... 32,59! 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 I960..................... 32’869 23^521 2327 1,533 88 2 346 6391 10,536 9,348 2,815 5,954 249 316 3 10 1961..................... 33^918 24 J88 2,582 1,588 92 2313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962..................... 35^338 25,356 2,782 I 336 97 2'375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963..................... 37^692 26^807 3,030 l'722 103 2'469 7,373 12,109 10,885 3 321 7,110 249 298 3 4 1964.................... 39,619 28,100 3 305 1,806 111 2317 7,543 12,717 11,519 3,381 7'590 248 293 2 4 1965..................... 42,056 29^842 4,027 1 ,908 127 2,618 7,794 13,369 12,214 3,540 8,135 245 288 3 4 1966..................... 44,663 31 ,'695 4,480 2351 137 2*756 8,070 14301 12,969 3 300 8335 241 286 3 4 1967—Jan............ 43,363 30,532 4,461 1 ,939 137 2,599 7,730 13,667 12,831 3,629 8,673 239 283 3 4 Feb........... 43,585 30^758 4,481 1 333 137 2312 7,840 13,755 12,827 3,622 8,677 239 282 3 4 43,583 30’753 4,518 1 339 137 2,599 7,801 13,759 12,831 3 321 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 8 392 238 282 3 4 44’443 3! '509 4,600 I ',984 137 2,671 7,979 14,138 12,935 3,660 8,743 238 282 6 6 June 44,712 31 ’,684 4,641 1,879 137 2,635 8,035 14,357 13,029 3,699 8 305 238 280 3 4 July........... 44’866 31 ,774 4,674 1 ,873 137 2'625 7,989 14’47613,094 3 324 8,844 238 281 3 4 Aug........... 45'071 31 ^884 4,720 1 378 136 2,628 8,001 14,521 13,186 3,749 8,911 238 281 3 4 Sept........... 45^031 31,795 4352 1'886 136 2,621 7,949 14,451 13,236 3,751 8,959 238 281 3 4 Oct............ 45^421 32’095 4,803 1 '913 136 2’658 8,013 14,572 13,325 3,766 9,031 238 283 3 4 Nov.. 46,463 32,937 4'865 1 365 136 2,748 8'366 14,957 13,524 3332 9',163 239 283 3 4 Dec........... "47,226 33368 4*918 2,035 136 2’850 8 366 15,162 13,758 3315 9,311 240 285 3 4 1968—Jan............ 45,819 32,232 4,927 1 ,923 136 2,686 7,977 14,583 13,588 3,835 9,221 240 285 3 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; SI silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break­ Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Total out­ He F l . d R . by Kind of currency s J t a a 1 n n 9 . d 6 3 8 in 1 g , c A g e a s o r s g t l s i i d a f l e i v c i c n e a a u s r n t r e t d it s y Tre ca a s s h ury A B F a g F a n . e n o R d n k r . t s s A B a g a n e n d n k t s s Ja 1 n 9 . 6 8 31 Dec. 31 1967 Jan. 31 Gold.............................................................................. 11,984 (11,484) 2 501 Gold certificates......................................................... . (11,484) 3 11 ,482 I Federal Reserve notes................................................... 43,600 134 3,322 40,143 41 ,545 37,962 Treasury currency—-Total........................................... 6,789 (369) 703 409 5,677 5,681 5,402 Standard silver dollars.............................................. 485 3 482 482 482 Silver bullion........................................................... 424 366 58 Silver certificates............................................. (369) 4 366 371 553 5 471 630 397 4,445 4 436 3,979 United States notes................................................... ’ 323 15 9 299 306 299 In process of retirement 4......................................... 86 86 86 89 Total—Jan. 31,1968 .................................................. J 62,373 (11,853) 1 ,338 11,482 3,733 45,819 Dec. 31’, 1967................................................... 5 63,077 (11,854) 1 ,344 11 ,’479 3,028 47,226 Jan. 31 ’ 1967................................................ 5 61,101 (13,243) 1 ,226 12,677 3,834 43,363 1 Outside Treasury and F.R. Banks. Includes any paper currency held 5 Does not include all items shown, as some items represent the security outside the United States and currency and coin held by banks. Esti­ for other items; gold certificates are secured by gold, and silver certificates mated totals for Wed. dates shown in table on p. A-5. 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 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

MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt, Currency Demand ad­ Currency Demand ad­ demand Total component co d m e p p o o n si e t nt justed 1 Total component co d m e p p o o n s e it nt justed 1 deposits 1 1965—Dec................................................. 166.8 36.3 130 5 146 9 172 0 37 1 134 9 145 2 4 6 1966—Dec.................................................. 170.4 38.3 132 1 1586 175'8 39.1 1367 1569 3*4 1967—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 1334 166 7 49 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 1708 6 5 June................................................ 176.2 39.3 136 8 172 4 174.3 39.3 135 1 1730 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 1772 175 9 39.6 136 2 1777 4 3 Sept................................................ 179 2 39 8 139 5 178 9 178 4 39.8 1386 178*9 5 0 Oct................................................ 180 3 39.9 140 3 180 8 1806 40 0 140 6 180 3 6*2 Nov............................................... 181.2 40.0 141 2 1825 1825 40.4 142 1 1811 5'2 Dec.................................................. 181.5 40.4 141.1 183 8 187.2 41.2 146.0 181 *8 5.0 1968—Jan.................................................. 182,4 40.5 141.9 183 7 187 8 40.5 147.3 183 5 4 9 Feb. p....................................................... 182,6 40.7 141.9 185.0 181 6 40.3 141.3 185'5 7 J Week ending— 1968—Jan. 3.......................................... 183,1 40 4 142 7 183 3 191.8 40.9 150 9 182 4 5 5 10.......................................... 182.5 40^5 142^0 183'5 189.8 41.0 148*9 182*8 4^6 17........................................... 183,1 40.5 142.6 183.6 189.6 40.6 149 1 183 4 3 1 24........................................... 182.1 40.6 141.6 183 5 185.7 40.3 145.4 183*7 6.0 31....................................... 181.3 40.5 140.8 184 1 184 1 39,9 144 2 184 4 5 8 Feb. 7........................................... 182.7 40.7 142.0 184.1 184.6 40.4 144.1 184.6 7.1 14.......................................... 181.9 40.7 141.1 184.6 182,2 40.5 141.7 185.3 6.1 2D........................................ 183.5 40.7 142.8 185.2 181.0 40.3 140.7 185.7 5,4 28 »....................................... 182.2 40.7 141.6 185.7 179.0 40.1 138.9 186.2 9.5 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 of all commercial data beginning Jan. 1959, see Aug. 1967 Bulletin, pp. 1303-16; for banks. Time deposits adjusted are time deposits at all commercial monthly data 1947-58, see June 1964 Bulletin, pp. 679-89. banks other than those due to domestic commercial banks and the Averages of daily figures. Money supply consists of (I) 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 reserves* Deposits subject to reserve requirements2 reserve requirements2 Period Total r N o b w o o r e n ­ d ­ qu R ir e e ­ d Total s T a a v im n in d e g s de v P m a r t a i e ­ n d d G e U m o .S a v n t . , d Total r N o b w o o e n r­ d ­ qu R i e re ­ d Total s T a a v im n 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 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—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—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 ill.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 1 16.7 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 24.32 271.1 147.0 118.5 5.7 Nov.. .. 24.77 24.66 24.41 272,9 148.9 118.7 5.3 24.74 24.61 24.34 271.9 147.6 119.7 4.6 Dec....... 24.62 24.36 24.40 272.9 149.9 118.6 4.4 25.26 25,02 24.92 275.9 148.1 123.3 4.5 1968—Jan........ 25.01 24.70 24.68 274.7 149.9 119.4 5.3 25,51 25.27 25.13 278.2 149.4 124.4 4.4 Feb.”... 25.25 24.89 24.86 277.0 150.5 119,6 6.9 25,08 24,71 24.69 276.2 151,0 118,9 6.4 1 Averages of daily figures. Data for 1968 adjusted to eliminate efFect and demand balances due from domestic commercial banks. Effective June of increase in reserve requirements made effective Jan. 22, 1968. Data 9, 1966 .balances accumulated for repayment of personal loans were elim­ prior to 1968 reflect percentage reserve requirements made effective Mar. inated from time deposits for reserve purposes. 16, 1967. 2 Averages of daily figures. Deposits subject to reserve requirements in­ Note.—Back data for the period 1947 to date may be obtained from clude total time and savings deposits and net demand deposits as defined the Banking Section, Division of Research and Statistics, Board of Gover­ by Regulation D. Private demand deposits include all demand deposits ex­ nors of the Federal Reserve System, Washington, D. C. 20551. cept those due to the U.S. Govt,, less cash items in process of collection Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ BANKS AND THE MONETARY SYSTEM A-17 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas­ Total Date c u u r r y ­ U.S. Government securities li i a ti b es il ­ Total Ca a p nd ita l Gold rency and deposits misc. s o t i a n u n g t d ­ ­ Total n L e o t a n h s , 2 Total s C a a v o n i m n d g l. s R Fe es d e e r r v a e l Other3 O r s it e t i h c e e u s ­ r 2 ca n p e it t al, cur a r n e d n cy co a n u e c n ­ t ts, Banks banks 1947—Dec. 31................... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30.................. 22,706 4,636 171,667 60J66 96,560 72;894 20J78 2^88 14 J41 199,008 184J84 14 J24 1963—Dec. 20.................. 15 J82 5J86 333'203 189,433 103,273 69,068 33,552 653 40,497 354,371 323,251 31 J18 1966—Dec 31................... 13,159 6'317 422,676 261,459 106,472 60'916 44,316 1,240 54J45 442,152 400,999 41,150 1967—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 JOO 430,600 262;100 10?;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 1 ,400 62 000 452 500 408;300 44 J00 Tune 30............. 13,110 6,612 439,966 268,967 106 J52 58’537 46,718 1 ,497 64 247 459,688 416,122 43J67 13,100 6,600 442,600 268.200 109 800 61 ’500 46,900 1 '400 64 600 462’300 417 J00 44,500 Aug. 30................... 13 J00 6,700 445,600 268,500 111,200 63 JOO 46,200 1 ,500 65,900 465,300 418,600 46,700 Sept, 27.................. 13,000 6'800 451 J00 272,000 112,600 64 500 46 J00 1 JOO 66 JOO 470;900 424,400 46 J00 Oct. 25*................. 13,000 6,800 454 J00 272,400 115,000 66 600 47,100 1 ,200 67,300 474,500 428 J00 46 J00 Nov. 29 p................. 12,900 6,800 458,000 273,000 117,100 67,300 48,500 1 ,300 68,000 477,800 431 JOO 46 J00 Dec. 27 p................. 12,400 6'800 465;100 279;200 117,'200 66,900 49 JOO 1 J00 68 J00 484,300 438 J00 45,700 1968 Jan 31 rp............. 12,000 6,800 465,700 278,800 116,900 66,600 49,100 1 ,200 70,100 484,500 438,700 45,800 Feb. 28 p............... 11,900 6’800 465 JOO 277,400 117,500 67,500 48,800 1 ,200 70,800 484,300 438,100 46 J00 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 m e s D p a t a e o d e n d s ­ ­ d it s 5 Total o b r u C e a t n n s u c i k r d y ­ s e d ju e m s D p a t a e o d e n d s ­ ­ d i t s 5 Total b m C a e n o r k m c s ia ­ l 1 b M s a a u n vi t k n u s g a s l 6 S P t a S e o v y m s i s n ta ­ 3 g l s e n F i e g o t n r ­ , 1 T h c i r u n o a e g r s l a y d s h s ­ ­ s b c a a a o v A n n i m n t d k g l s . s B F A a .R n t k . s 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30... . 114,600 24 JOO 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2 JI8 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 1966—Dec. 31.... 170,400 37 JOO 132,800 178,304 39,003 139,301 213,961 158,568 55,271 122 1,904 1,176 5,238 416 1967—Feb. 22.... 167,700 38,300 129,400 166,800 37,800 129,000 220,200 164,200 55,900 100 1 JOO 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 JOO 1 ,300 5 JOO 700 Apr. 26... . 170,600 38,000 132 JOO 170,600 37,700 132,900 225 JOO 168 JOO 56,900 100 1 ,700 1,400 6,700 800 Nfay 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 I ,472 5,427 1,311 July 26.... 173,500 38,500 135,000 173,300 38,600 134,700 233 JOO 175,300 58,300 1 JOO 1 JOO 6,200 1,300 Aug. 30... . 175,100 38,400 136,700 173,500 38,600 134,900 236,500 177 JOO 58 J00 1 JOO 1 JOO 3 JOO 1,300 Sept. 27... . 176,600 38,600 138,000 175,500 38,700 136,800 237 JOO 178 J00 59 J00 1 JOO 1 JOO 7 JOO ’711 Oct. 25'’... 177,200 39,100 138,100 177,900 39,000 138,900 239,100 179 J00 59 J00 1 JOO 1 JOO 6 JOO 900 Nov. 29*... 178,300 39,000 139,300 180,700 39,700 141J0C 240 JOO 180,800 59,600 1 JOO 1 JOO 5 JOO 1 JOO Dec. 27*... 181,000 39,500 141 JOO 186,600 40,400 146,200 241 JOO 181 J00 60,200 2,100 1 JOO 6 JOO 400 1968—Jan. 31r*.. 180,200 39,900 140,300 182,500 39,300 143,200 244 JOO 183 JOO 60,700 1 ,900 1,400 7,200 1,200 Feb. 28*... 178,800 39,800 139,000 177,900 39,300 138,600 246,600 185,600 61,000 ......2.. .J.O.O 1 ,300 9,400 '900 1 Beginning with data for June 30,1966, about $1.1 billion in “Deposits June 1961, also includes certain accounts previously classified as other lia­ accumulated for payment of personal loans” were excluded from “Time bilities. deposits” and deducted from “Loans” at all commercial banks. These ? 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. A-21. million to demand deposits). 2 See note 2 at bottom of p. A-21. 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,” 3 Other than interbank and U.S. Govt., less cash items in process of Section 1 of Supplement to Banking and Monetary Statistics, 1962, and collection. Bulletins for Jan. 1948 and Feb. 1960. Except on call dates, figures 6 Includes relatively small amounts of demand deposits. Beginning with are partly estimated and are rounded to the nearest $100 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-18 COMMERCIAL AND MUTUAL SAVINGS BANKS □ MARCH 1968 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank3 Other Class of bank Cash bil l i i t a ie ­ s r B o o w r­ ­ c T a o p t i a ta l l N b u e m r ­ and date Total Lo 1 a . n 2 s U.S. assets3 ca a p n i d ta l Total J De­ Demand Time ings co a u c n ­ ts ba o n f k s Govt. Oth 2 er co a u c n ­ ts4 mand Time U.S. 1, 5 Other Govt. All banks: 1941—Dec. 31.. 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44 355 26,479 23 8,414 14,826 1945—Dec. 31.. 140,227 30,361 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 227 10,542 14,553 1947—Dec. 316. 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 1966—Dec, 31 381,684266,022 60,916 54,74570,085 464,376407,637 19,770 968 4,999 167,821 214,078 4,929 36,926 14,271 1967—Feb. 22. 380,920262,430 61,30057,19061,260454,340394,860 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 6,440 154,430225,750 6,64037,440 14,262 May 391.880 269,630 60,260 6! ,99064,810469,530409,520 17,520 1 ,370 4,160 157,450229,020 7,08037,800 14,246 June 30 396,754273,970 58,537 64,24766,210476,268 417,790 18,030 1 ,469 5,159 161,138 231,995 5,208 38,217 14,247 July 26. 401,010274,930 61 ,510 64,57063,150477,020416,120 17,020 1 ,480 5,920 (57,800233,900 6,91037,940 14,247 Aug. 30. 404,280274,870 63,51065,90059,840476,930414,950 16,750 1 ,550 3,640 156,220 236,790 6,52038,330 14,245 Sept. 27. 409,200278,140 64,50066,56062,300484,480422,660 17,040 1 ,530 7,020 159,300237,770 6,470 38,160 14,244 Oct. 25 ", 412,380278,430 66,63067,32062,300487,590425,670 17,170 1,430 6,680 161,030 239,360 6,14038,650 14,236 Nov.29". 414,960279,740 67,25067,97062,650490,560427,610 16,970 1 ,340 4,980 163,730240,590 6,92038,890 14,240 Dec. 27". 422.760287.210 66,86068,69072,840 509,010444,150 19,500 1 .320 6,630 175,120 241.580 8.50038.890 14.222 1968—Jan. 421,340284,660 66,56070,12067,300 502,570438,810 (7,530 1 .320 6,960 168,210244,790 6,82039,360 14.219 Feb. 28 ", 422,600284.340 67,49070.77065,270 50!,490436.630 16,990 I .380 9.130 162.240 246.890 7.27039,530 Commercial banks: 1941—Dec. 31 . 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44 349 15,952 23 7,173 14,278 1945—Dec. 31 . 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 14,011 1947—Dec. 316 116,284 38,057 69,221 9,00637,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 1966—Dec. 322,661 217,726 56,163 48,77269,119403,368352,287 19,770 967 4,992 167,751 158,806 4,85932,054 13,767 1967—Feb. 22 320,890213,600 56,600 50,69060,220 392,220338,870 16,640 1,180 6,200 150,430 164,420 6,740 32,240 13,756 Mar. 29 326,570216,750 57,830 51 ,99057,360395,100342,400 16,350 1,350 5,520 151,450 167,730 6,27032,470 13,760 Apr. 26 328,830218,730 56,15053,95060,380400,610347,590 16,560 1 ,350 6,440 154,370 168,870 6,64032,580 13,758 May 330,400219,880 55,83054,69063,710405,880352,140 17,520 1,370 4,160 157,380 171,710 7,08032,880 13,743 June 30 334,857 223,952 54,233 56,671 65,059 412,(18359,531 (8 ,029 1 ,468 5,(52 161 ,048 (73,833 5,(66 33,285 13,744 July 26 338,570224,780 57,11056,68062,070412,380357,750 17,020 1 ,480 5,920 157,730 175,600 6,91033,030 13,746 Aug. 30 341,230224,340 59,140 57,75058,81041 1,730356,250 16,750 1 ,550 3,640 156,150 178,160 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 ". 348,810227,420 62,370 59,02061,300421,870366,250 17,170 1 ,430 6,680 160,940 180,030 6,14033,680 13,735 Nov. 29 *'. 350,950228,460 62,85059,64061,730424,500367,950 16,970 I ,340 4,980 163,640 181,020 6,92033,890 13,739 Dec. 27". 358,560235,720 62,54060,30071,840442,670383,840 19.500 1 ,320 6,630 175,030 181,360 8,50033,910 13,721 1968—Jan. 356,370232,690 62,22061,46066,420435,570378,030 17,530 1,320 6,960 168,120 184,100 6,82034,350 Feb. 28 ". 357,160232,100 63,15061,91064,340431,970375,550 16,990 1 380 9,130 162,150 185 900 7 27034,450 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 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1966—Dec. 31 263,687 182,802 41 ,92438,96060,738 334,559291,063 18,788 794 4,432 138,218 128,831 4,61826,278 6,150 1967—-Feb. 22. 262,135 178,958 42,40440,773 52,973 324,753279,014 15,828 1,006 5,506 123,124 133,550 6,42626,453 6,130 Mar. 29. . 267,086 181,604 43,545 41,937 50,276327,040281,903 15,547 1,172 4,857 124,096 136,231 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.. 269,654 183,480 41,90044,27456,487336,422290,441 16,716 I ,194 3,629 129,570 139,332 6,765 27,009 June 30.. 273,266 186,814 40,63645,81657,391 341,290296,548 17,167 1 ,314 4,580 132,546 140,942 4,920 27,237 6,108 July 26.. 276,381 187,536 42,95745,888 55,166341,784294,976 16,187 1,326 5,286 129,674 142,503 6,625 27,061 6,108 Aug. 30. . 278,259 187,130 44,41646,713 52,060340,576293,115 15,891 1,393 3,128 128,086 144,617 6,20927,318 6,100 Sept. 27.. 281,993 189,870 45,003 47,120 54,477 346,853299,334 16,162 1 ,377 6,318 130,683 144,794 6,141 27,233 6,095 Oct. 25 . . 284,341 189,676 46,96747,698 54,470 349,107301,584 16,284 1 ,275 6,051 132,075 145,899 5,80827,575 6,086 Nov. 29... 285,700 190,515 47,091 48,094 54,809 350,888 302,689 16,082 1,189 4,356 134,283 146,779 6,45627,734 6,083 Dec. 27. . 292,480 196,949 46,855 48,67663,931 367,197316,793 18,541 1,164 5,916 144,159 147,013 7,991 27,760 6,07! 1968—Jan. 31.. 290,389 194,262 46,57949,548 59,102 360,773 311 ,534 16,668 1.170 6,313 138,263 149,120 6,427 28,142 6,064 Feb. 28 ". 290,844 193,582 47,35449,908 57,129 358.945309,012 16,112 1 ,223 8,094 133.136 150,447 6,82528,188 Mutual savings banks: 1941—Dec. 31. 10 379 4 901 3,704 1,774 793 11,804 10,533 5 10,527 1,241 548 1945—Dec. 31. 16,208 4,279 10,682 1,246 609 17 020 15 385 14 15,371 7 1,592 542 1947—Dec. 316 18,641 4,944 11,978 1,718 886 19,714 17,763 1 3 14 17,745 1,889 533 1966—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—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 ioo 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. 64,010 51,280 4,400 8 330 920 66,060 59^660 90 59,570 5,000 501 Dec. 27. 64 200 51 490 4,320 8,390 1 000 66,340 60,310 90 60^220 4,980 501 1968—Jan. 31 T 64 970 51 970 4,340 8,660 880 67,000 60,780 90 60,690 5,010 502 Feb. 28 ". 65^440 52*240 4,340 8,860 930 67,520 61,080 ......... 90 60^990 ....5..,.0..8.0 For notes see p. A—21. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 a COMMERCIAL AND MUTUAL SAVINGS BANKS A-19 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets—• Securities Total Interbank 3 Other Cla a s n s d o d f a b te ank Total Lo ! a > n 2 s U.S. Other a C ss a e s t h s 3 c b a i a l a l i i p n a t c i i d ­ e - ta s l Total’ De­ Time Demand Time1 r B in o o g w r s - ­ c c T a o a o p u c t i n a ­ ta t l s l b N a b u o n e m f k r s - Govt. 2 counts4 mand U.S. Other Govt. Reserve city member banks: New York City:7’8 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6^439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1966—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—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 25,594 18,706 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. 48t521 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 5,31 1 816 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 Dec. 27, 51,975 38,977 5,930 7,068 16,512 71 ,971 57,246 6,553 737 1 ,624 28,211 20,121 2,360 5,720 12 1968—Jan. 31. 50,898 38,303 5,607 6,988 15,642 70,187 55,544 5,826 719 1,562 27,530 (9,907 1,979 5,774 12 Feb. 28 50,198 37,325 5,771 7,102 14,125 67,771 53,282 5,371 712 1 ,641 25,854 19,704 1 ,935 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 2890 397 1,739 6,866 6,’402 1,217 72 4,201 913 426 14 1966—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 fl ! 967—Feb. 22. 11,816 8,428 1,730 1,658 2,609 14,879 11,978 1,268 14 285 5,192 5,219 559 1,194 11 Mar. 29 12,266 8,584 2,039 1,643 2,733 15,452 12,223 1 ,244 11 283 5,184 5,501 951 1,193 11 Apr. 26, 12,127 8,475 1,886 1,766 2,576 15,176 12,345 1,182 11 370 5,264 5,518 702 1,202 11 May 31. 11,995 8,426 1,822 1,747 2,691 15,171 12,633 1,319 11 154 5,488 5,661 644 1,223 11 June 30, 12,133 8,924 1,576 1 ,633 2,432 15,073 12,814 1,270 20 299 5,537 5,686 359 1,224 11 July 26. 12,272 8,961 1,679 1,632 2,920 15,702 12,877 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 1,610 2,791 15,556 12,986 1,230 14 432 5,346 5,964 490 I ,224 11 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,(56 9 227 5,430 6,038 650 1 ,225 10 Dec. 27, 12,830 9,386 1,571 1 ,873 2,995 16,353 13,605 1 ,302 6 379 5,932 5,986 653 1 ,232 10 1968-—Jan. 12,573 8,865 1 ,752 1,956 2,771 15,931 13,205 1,170 10 427 5,596 6,002 561 1 ,352 10 Feb. 28 vt 12,771 9,042 1 ,764 1,965 2,713 16,068 13,162 1 ,177 10 496 5,439 6,040 585 1 ,339 10 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 1966—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—Feb. 22. 95,797 68,077 13,199 14,521 21,113 120,402 104,520 7,598 327 2,336 42,97851,281 2,957 9,481 168 Mar. 29, 97,875 68,880 13,724 15,271 19,706 121,135 105,418 7,387 361 1 ,825 43,54452,301 2,725 9,589 167 Apr. 26, 97,913 68,684 13,065 16,16421,543 123,100 107,154 7,290 371 2,334 44,52252,637 3,050 9,642 166 May 31, 98,906 69,174 12,938 16,79421,164 123,823 107,604 7,477 386 1,375 45,114 53,252 3,072 9,701 166 June 30 99,460 69,765 12,455 17,24022,222 125,502 110,225 7,667 370 1 ,880 46,39653,912 2,109 9,755 166 July 26, 100,800 69,989 13,437 17,37421,178 125,666 109,736 7,390 411 2,280 45,45654,199 2,862 9,739 165 Aug. 30, 101,242 70,004 13,733 17,505 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 13,926 17,38621,617 128,028 111,366 7,532 478 2,499 45,83455,023 3,304 9,840 164 Oct. 25. 103,434 71 ,515 14,409 17,510 21,311 128,525 112,050 7,705 404 2,474 46,278 55,189 3,037 9,887 162 Nov. 29 103,221 71,628 14,127 17,46621,957 128,973 112,429 7,555 322 1 ,803 47,335 55,414 2,937 9,931 163 Dec. 27 105,703 73,834 14,405 17,46425,083 134,702 116,989 8,397 315 2,189 50,43055,658 3,952 9,956 163 1968—Jan. 31.. 105,141 73,002 14,340 17,799 22,782 132,083 115,168 7,609 335 2,751 47,681 56,792 3,104 10,069 '164 Feb. 28 v. 105,503 72,949 14,700 17,85422,623 132,185 I 14,952 7,477 395 3,461 46,25657,363 3,416 10,075 164 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 I ,056 17 432 28,378 14,560 23 2,934 6,519 1966—Dec. 31 109,518 68,641 22,419 18,458 19,004 131,338 117,749 2,392 69 1,474 56,67257,144 308 10,309 5,958 1967—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 16,600 129,920 116,201 1,950 64 1,751 52,506 59,930 448 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 16,637 134,452120,410 1,981 69 1,523 54,048 62,789 572 10,508 5,920 Aug. 30. 116,244 71,843 23,335 21,066 16,430 135,435 121,040 2,033 69 1,229 54,078 63,631 612 10,637 5,912 Sept. 27. 117,676 72,503 23,90421,269 16,863 137,318 122,932 2,089 69 1,701 54,997 64,076 659 10,489 5,908 Oct. 25 118,889 72,777 24,463 21,649 16,864 138,574 124,039 2,103 106 1 ,511 55,610 64,709 660 10,746 5,901 Nov. 29. 120,324 73,245 25,00622,073 17,186 140,289 125,237 2,1(7 106 1,498 56,682 64,834 923 10,849 5,898 Dec. 27. 121,972 74,752 24,94922,271 19,341 144,171 128,953 2,289 106 1,724 59,58665,248 1 ,026 10,852 5,886 1968—Jan. 31.. 121 ,777 74,092 24,88022,805 17,907 142,572 127,617 2,063 106 I ,573 57,45666,419 783 10,947 c5,878 Feb. 28 ”, 122,372 74,266 25,11922,987 17,668 (42,921 127,616 2,087 106 2,496 55,587 67,340 889 11,045 For notes see p. A-21. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-20 COMMERCIAL AND MUTUAL SAVINGS BANKS □ MARCH 1968 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 3 Other b c C a a l n a ll s k d s a a o n te f d Total Lo 1 a , n 2 s G U o .S vt . . Oth 2 er as C s a e s ts h 3 c c b o a i a u l a l p i i n n a t c i i d ­ t e t ­ a s s 2 l Total3 m D a e n ­ d Time U. D S. ema O n t d her Ti 1 m . 5 e B r in o o g w r s ­ ­ c c T a o a o u p c t n i 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 10,554 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,27629,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 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.. 303,593 200,109 59,12044,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 29,827 13,540 1966—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 4,41 1 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1 ,918 1964—Dec. 31.. 77,091 51,002 15,312 10,777 18,673 98,852 86,108 6,486 453 2,234 44,005 32,931 1,372 7,853 1,452 1965—Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,598 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 nonniember 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 3:29 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 9,573 457 5,504 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31.. 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 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 28,649 26,495 238 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 1945—Dec. 31.. 10,846 3,081 7,160 606 429 11,424 io;363 I2 10,351 i 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 1 2 12 12,192 1,252 194 1964—Dec. 31.. 45,358 36,233 4,110 5,015 893 47,044 42,751 2 7 32642,416 20 3,731 327 1965—Dec. 31.. 48,735 39,964 3,760 5,010 904 50,500 45'887 1 7 35945^520 91 3'957 329 1966—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 6 445 50^424 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 1964—Dec. 31.. 7,005 4,852 1,678 475 111 7,195 6,387 6 6,381 670 178 1965—Dec. 31.. 7,526 5,325 1,710 491 113 7,720 6,874 1 8 6,865 1 706 177 1966—‘Dec. 31.. 7,756 5,705 1,429 621 119 7,961 7'096 1 19 7'076 732 174 1967—June 30.. 8,113 5,871 1,269 972 136 8,343 7,383 1 36 7',346 742 171 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ COMMERCIAL BANKS A-21 LOANS AND INVESTMENTS AT COMMERCIAL BANKS (tn billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Totall, 2 Loans1,2 Total1,2 Loans1,2 G U o .S vt . . Other 2 G U o .S vt . . Other2 1959_Dec 31............................................................. 185.9 107.5 57.9 20.5 189.5 110 0 58 9 20 5 I960—Dec. 31............................................................. 194.5 113.8 59 8 20.8 198 5 1167 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 J 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—Dec. 31.............................................................. 310.2 207.8 53,7 48.7 317.9 213.0 56.2 48.8 1967 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 Apr. 26. ........................................................... 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 54.7 325.6 213.9 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 Sept. 27”............................................................ 339.5 220.2 61.6 57.7 338.8 220.4 60.1 58 3 Oct. 25”............................................................ 342.6 221.8 62.3 58.6 341.6 220,2 62.4 59.0 Nov. 29 ”............................................................ 344.3 222,3 61.8 60.2 344.0 221.5 62.9 59.6 Dec. 31”...,................................................. 344.4 224,0 60,0 60.4 353.1 229.6 62.9 60.5 1968—Jan. 31”............................................................ 348.4 227.2 59,1 62.1 349.5 225.8 62.2 61.5 Feb. 28 ”............................................................ 352,4 228.3 61.8 62.3 350.0 224.9 63.2 61.9 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 in are call dates. Federal Reserve regulations. The data in this table are revised. For a description of the revision and Beginning June 30, 1966, CCC certificates of interest and Export­ for back data beginning with January 1959, see the Sept. 1967 Bulletin, Import Bank portfolio fund participation certificates totaling an estimated pp. 1511-17; for data for 1948-58 see the Aug. 1966 Bulletin, pp. 952­ $1 billion are included in “Other securities” rather than “Other loans.” 55. For a description of the semiannually adjusted series, see the July 1962 Bulletin, pp. 797-802. DEPOSITS ACCUMULATED AT COMMERCIAL BANKS FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of bank June 30, Dec. 31, June 30, Class of bank June 30, Dec. 31, June 30, 1966 1966 1967 1966 1966 1967 All commercial................................... 1,150 1,223 1,272 Al! member (cont.)— Insured ................... 1,150 1,223 1,271 Other reserve city........................ 338 370 389 National member............................ ’678 ’729 ’764 Country........................................... 532 571 591 State member ............................ 193 212 217 All nonmember................................... 280 283 291 All member. . ................................ 870 941 981 Insured...................................... 279 282 291 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. A-20, or from “Loans” and “Time deposits, as follows: in the tables on pp. A-17—A-19; in the table at the top of this I PC” in the tables on pp. A-22—A-23. page; and in the tables on pp. A-24—A-27 (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. A-18—A-20. 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 i 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 S53O 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 Ioans” 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

LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments For To Class of lo T a o n ta s l i F e e ra d l ­ Com­ o p s u r e r c c c a u h r r a r it s y ie i i n n s g g in f s in ti a tu n t c io ia n l s Other, U.S s . e G cu o r v it e ie rn s m 6 ent 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 s 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 uals 3 Total c a e n rt d if i­ Notes Bonds rities deal­ cates ers Total:2 1947—Dec. 31.. 116,284 .......... 38,057 18,167 1,660 830 1,220 115 9,393 5,723 94769,221 9,982 6,03453,205 5,2763,729 1964—Dec. 31.. 277,376 175,58960,2177,505 5,5422,843 3,491 10,913 43,675 39,8095,15262,991 13,377 19,039 30,57433,5335,263 1965—Dec. 31.. 306,060 2,i03 199,555 71,4378,212 5,258 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.41,0037,769 1967—June 30.. 336,129 3,944221,28084,5399,333 4,598 3,326 1 ,784 12,23455,275 49,5305,065 54,233 n.a. n.a. n.a.46,8739,799 All insured: 1941—Dec. 31.. 49,290 .......... 21,259 9,214 1,450 614 662 40 4,773 4,5 05 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3,1643,606 49 4,677 2,361 1,13288,912 21,526 16,045 51,342 3,8733,258 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 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 10,81243,43639,6275,11262,499 13,275 18,93930,285 33,2945,026 1965—Dec. 31.. 303,593 2,064 198,045 70,8878,191 5,088 3,172 2,093 13,14849,02645,2905,15559,120 13,134 13,23333,858 38,4195,945 1966—Dec. 31.. 321,473 2,461 214,91880,0608,5365,643 3,148 2,131 13,14853,68647,7705,12755,788 12,080 13,439 31,53640,761 7,545 1967—June 30.. 333,742 3,874219,833 84,013 9,313 4,3833,273 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 3,6 53 19,539 971 3,007 15,561 3,0902,871 1945—Dec. 31.. 107,183 22,775 8,949 855 3,133 3,378 47 3,455 1,900 1,057 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 83957,914 7,803 4,81545,295 4,1993,105 1964—Dec. 31.. 228,497 147,690 53,717 4,643 5,1422,411 3,250 10,17934,58732,024 4,82448,717 9,932 15,23823,54828,3743,715 1965—Dec. 31.. 251,577 1,861 167,93963,9795,099 4,915 2,714 2,008 12,475 38,98836,4184,83244,992 9,441 10,10626,36732,5884,198 1966—Dec. 31.. 264,627 2,119 181,62472,553 5,318 5,3892,660 2,047 12,34942,38437,925 4,75741,924 8,567 9,78924,60933,8005,1 60 1967—June 30.. 274,247 3,377 184,41875,921 5,7374,1752,743 1,620 11,35443,13038,9124,63040,636 5,769 10,97124,85539,0856,731 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 32 123 s: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 2,654 1,371 6,178 1,958 1,972 2,248 5,579 449 1965—Dec. 31.. 44,763 '’’412 32,713 18,075 202,866 665 1 ,010 3,471 3,139 2,928 1,340 5,203 1,538 987 2,876 5,879 556 1966—Dec. 31.. 46,536 109 35,83221,214 17 3,109 598 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 36,018 22,352 142,579 644 791 3,084 3,364 2,889 1,169 5,048 1 ,216 1,753 2,274 5,485 728 City of Chicago: 1941—Dec. 31.. 2,760 954 732 6 48 52 1 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,213 1,600 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 3 73 87 46 149 26 2,890 367 248 2,274 213 185 1964—Dec. 31.. 10,562 7,102 3,870 24 510 203 227 948 465 669 430 1,873 564 397 911 1,392 195 1965—Dec. 31.. 11,455 72 8,147 4,642 32 444 244 188 1,201 577 762 316 1,700 542 273 961 1,400 137 1966—Dec. 31.. 11,802 31 8,724 5,311 64 406 222 181 1,161 622 751 273 1,545 353 256 1,004 1,328 174 1967—June 30.. 12,133 192 8,732 5,562 41 309 205 174 1,019 671 741 281 1,576 308 385 951 1 ,434 199 Other reserve city: 1941—Dec. 31.. 15,347 .......... 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 17 1,459 855 38729,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 351 20,196 2,731 1,901 15,563 1,342 1,053 1964—Dec. 31.. 84,670 57,55521,102 1,095 1,060 986 1,134 4,887 13,611 12,802 1,977 16,326 3,200 5,662 7,463 9,871 918 1965—Dec. 31.. 91,997 471 64,64624,784 1,206 954 1,108 635 5,820 15,056 14,305 1,999 14,354 2,972 3,281 8,432 11,5041,022 1966—Dec. 31.. 96,201 817 69,01728,090 1,251 1,084 1,079 684 5,748 16,044 14,375 1,968 13,040 2,552 2,673 8,222 12,033 1,294 1967—June 30.. 99,850 1,168 68,98728,887 1,360 695 1,064 539 5,323 16,098 14,548 1,798 12,455 1 ,539 2,918 8,360 15,2402,000 Country: 1941—Dec. 31.. 12,518 .......... 5,890 1,676 659 20 183 2 1,823 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 17,964 15,899 1,04724,341 4,209 7,206 12,925 11,531 2,154 1965—Dec. 31.. 103,362 905 62,433 16,4783,840 650 698 174 1,98320,217 18,423 1,177 23,735 4,389 5,565 14,098 13,8052,483 1966—Dec. 31.. 110,089 1,161 68,051 17,9383,986 790 761 157 2,17522,25320,000 1,30722,419 3,791 5,91713,096 15,4732,985 1967—June 30.. 114,563 1,594 70,681 19,1204,323 591 830 116 1,92822,99620,735 1,38321,557 2,706 5,915 13,270 16,9263,804 Nonmember: 1947—Dec. 31.. 18,454 .......... 5,432 1,205 614 20 156 2 2,266 1,061 109 11,318 2,179 1,219 7,920 1,078 625 1964—Dec. 31.. 48,879 27,899 6,5002,862 400 432 241 733 9.088 7,786 328 14,273 3,445 3,801 7,026 5,159 1,548 1965—Dec. 31.. 54,483 242 31,616 7,458 3,113 343 516 151 817 10,312 9,050 383 14,555 n.a. n.a. n.a. 6,0672,003 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. 7,2032,609 1967—June 30.. 61,882 567 36,862 8,618 3,596 423 583 164 879 12,145 10,618 435 13,597 n.a. n.a. n.a. 7,7873,068 1 Beginning with June 30, 1948, figures for various loan items are available before 1947; summary figures for earlier dates appear 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. A-21. 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

MARCH 1968 □ COMMERCIAL BANKS A-23 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 a ll s k d s a a o n te d f s B w F e a r . i n v R th e k . s s r C c e a o n n u i c d r n y ­ b m a a w d n e n c o i s t k e h ­ t s s ic 7 j . u p m s o a d a t s d e e n i ­ ­ d t d s 8 m D e I s o n t t ­ i e c r 7 ba e F n ig o k n r­ 9 G U o .S v . t. S g lo a o t c n a v a d t t e . l c C c h o a f e e i e e n f r f r c d d s i t ­ k i ’ ­ s, I PC I b n a te nk r­ G P S U a o o a n . s S v v d t ­ . t a , l S g l a o o t n c a v d a t t e . l I PC 3 r B in o o g w r s ­ ­ c C o a t a u a c p n l ­ i t ­ s etc. ings Total: 3 1947—Dec. 31. 17,796 2,216 10,216 87,123 11,362 1 ,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1964—Dec. 31 . 17,581 4,532 15,111 134,671 16,369 1,569 6,510 13,519 5,970 135,694 819 272 9,812 116,6352,679 27,795 1965—Dec. 31.... 17.992 4,851 15,300 140,936 16,794 1,632 5,525 14,244 5,978 140,558 1 ,008 263 12,186 134,2474,47230,272 1966—Dec. 31.... 19,069 5,450 15,870 142,104 17,867 1,904 4,992 15,047 7,051 145,653 967 238 13,462 146,3294,85932,054 1967—June 30.... 18,999 4,854 14,524137,267 16,338 1,691 5,152 15,207 7,527 138,314 1,468 267 15,669 159,1705,16633,285 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 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31..., 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1964—Dec. 31.... 17,581 4,515 14,613 133,336 16,210 1,454 6,487 13,423 5,856 134,764 733 272 9,766 116,147 2,58027,377 1965—Dec. 31.... 17,992 4,833 14,801 139,601 16,620 1,529 5,508 14,152 5,913 139,594 923 263 12,135 133,6864,32529,827 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 13,414145,7444,717 31,609 1967—June 30.... 18,999 4,839 14,094 136,024 16,185 1,593 5,135 15,108 7,420 137,463 1,399 267 15,614158,5605,05032,843 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 U,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,243.22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375. 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1964—Dec. 31.... 17,581 3,490 9,057 108,324 15,604 1,403 5,838 10,293 5,368 112,878 664 239 8,012 95,425 2,481 22,901 1965—Dec. 31. ... 17,992 3,757 8,957 112,569 15,977 1,477 4,890 10,840 5,386 115,905 840 236 10,041 109,9254,23424,926 1966—Dec. 31 . 19,069 4,249 9,400 112,920 17,051 1,736 4,432 11,406 6,396 120,417 794 213 10,983 118,5764,618 26,278 1967—June 30.... 18,999 3,728 8,686 109,132 15,610 1,557 4,580 11,566 6,857 114,123 I ,314 239 12,747 (28,9364,92027,237 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 I 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 1963—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.... .....r.,.i.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

A-24 WEEKLY REPORTING BANKS a MARCH 1968 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans2 For purchasing To financial institutions or carrying securities Total Loans 1 net of Wednesday m in lo a e v a n n e n d t s s s t - 1 v s t e a i r o lu v n e a s ­ i C n m c a d o i n e a u m d r l s ­ ­ ­ A t c u g u ra r l­ i l ­ U T a . n o S d . b d r e o a k l e e r r s s U T .S o . others Bank D s o­ Pe N rs o , n bank e R st e a a te l s i C n m u s o m e t n a n e ­ t l r ­ g F e o i o g v n t 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 ­ trial G c s u o e r v ­ i t ­ , O c s t u h e r ­ e i­ r G c s u o e r v ­ l t ­ , O c s u t e h r ­ e i­ r F ei o g r n ­ c m t o i e c m s ­ ­ f s i a n a n a le d n s . Other ties ties ties ties m ci e a r l ­ c e o t s c. ., Large banks— Total 1967 Feb. 1.......... 189 814 136,651 60,385 1 ,817 2,302 2,966 76 2,075 I ,435 3,383 6,087 4,193 27,290 15,906 1,137 10 557 2 958 8......... 187 099 134,114 60,213 I ,821 I ,247 2,810 72 2,070 1 345 2,786 5,730 4’1 17 27,242 15,844 1131 10,545 2 ,‘959 15......... 188^965 135,052 60,404 1 ,823 979 2,992 70 2,077 1 ,409 3’650 5,812 4,’069 27,253 15,807 1 '137 10 533 2,963 22.......... 188,117 134,274 60,404 1 ,821 ! ,094 2,951 75 2,066 1 ',450 3,120 5,569 3,998 27',210 15,791 1,131 IO’,555 2,961 1968 Jan. 3......... 210,415 148,611 66,290 1 ,942 1 ,254 4,516 1 15 2,465 t ,431 4,645 5,916 4,554 28,988 16,346 1,062 12.274 3,187 10.......... 208’078 146,707 65,998 1 ,937 1 ^815 4,058 98 2,449 1 ,394 3,719 5,581 4,445 28,975 16,301 1 070 1 2 056 3,189 17.......... 207,161 145,032 65,751 I ’,944 1 ’373 3 847 99 2,432 1 ; 360 3,159 5,490 4,431 29,002 16,316 1 ’029 11'987 3 188 24......... 205,292 143,901 65,059 1,934 1 ,’l97 3,755 97 2,430 1 ,399 3,294 5,352 4,301 29,034 16,292 I ,048 1 1,897 3'188 31......... 207,222 145'165 64^994 1 ,'927 1 971 3’852 105 2,432 1 ,362 3'403 5,410 4,266 29,035 16,392 1 ,066 12,143 3,193 Feb. 7.......... 205,087 143,792 64,913 1 ,935 1 ,461 3,745 94 2,438 1 ,367 3,186 5,340 4,176 29,027 16,368 1 ,058 11,876 3 192 14......... 204’871 143 438 64,884 1 938 ( ’309 3,550 94 2,449 1 '408 3,217 5,291 4,125 29,047 16,358 1 ’ 069 11,891 3,192 21......... 206’.709 143,556 65,024 1 ,926 1,631 3,844 89 2 437 1 ,375 2,748 5,119 4,176 29,080 16,370 1 ’055 11 ,874 3,192 28......... 207,194 1441267 65,’057 1 ,927 1 ,362 3,'690 89 2’421 1 ,361 3 ,756 5,129 4J74 29,106 16’397 1 ,036 11 ,954 3,192 New York City 1967 Feb. 1.......... 43 994 33,616 20,275 15 833 1 ,543 1 I 569 754 684 1 ,917 1 ,043 3,089 1 ,272 734 1 ,719 842 8.......... 43*305 32,’955 20’, 186 15 459 1 '476 9 570 771 712 1 '739 1 ,005 3 ,084 1 ’265 736 1 ,770 842 15......... 43*612 33,148 20,249 15 298 1 ,695 9 576 752 792 1,802 997 3 ,'093 1 ,256 736 1 ,’721 843 22.......... 43 565 33,090 20,290 15 290 1 ,691 8 575 773 838 1 698 979 3,068 1 '253 726 1 ,729 843 1968 Jan. 3...... 49 156 37,366 22 236 12 666 2,826 20 812 698 1,340 1 ,490 1 058 3,01 5 1 ,258 742 2,129 936 10......... 48,461 36,842 22 111 17 1 ,042 2,508 17 777 653 1 119 1 344 1 ’042 3,002 1 251 755 2,’041 937 17......... 47 688 36,099 21 ’976 18 700 2,354 16 775 643 I *023 1 ,445 1,114 2,997 1 '250 723 2,002 937 24......... 47 063 35,733 21,679 20 576 2,316 16 774 687 1 208 1 371 1 '056 2,992 1 ,250 736 1 '990 938 31......... 47,795 36,319 21 596 20 1 129 2,364 22. 773 647 ’970 1 ,523 1,046 2,982 1 ,253 739 2,194 939 Feb. 7.......... 46,377 35,073 21,503 19 670 2,301 18 771 648 621 1 ,501 1,031 2,972 1 ,251 743 1,962 938 14......... 46,362 34,950 21,469 1 8 615 2 104 18 768 686 722 1 '532 1 ,019 2,966 1 ’249 750 I /)72 938 21.......... 47^091 35,225 21,522 20 904 2,362 19 761 662 583 1 ,400 1 ;048 2,944 1,239 742 1 ,'958 939 28 .......... 47,188 35 398 21 ,532 21 575 2,215 17 758 653 1 ,209 1,414 1 ,042 2,938 1,249 717 I ,997 939 Outside New York City 1967 Feb. 1.......... 145,820 103,035 40 110 1 ,802 1,469 1 ,423 65 1 ,506 681 2,699 4,(70 3,150 24,201 14,634 403 8,838 2,1 16 8......... 143,794 101 J59 40,027 1 '806 788 1'334 63 I ,500 674 2,074 3,991 3,112 24,158 14^579 395 8,775 2J17 15......... 145,353 101,904 40 155 1 ,808 681 1 '297 61 1 ,501 657 2,858 4,010 3,072 24'160 14,551 401 8,812 2,120 22.......... 144,552 101,184 40,114 1 ,806 804 1 ,260 67 1 ,’491 677 2,282 3,871 3,019 24,142 14,538 405 8,826 2,118 1968 Jan. 3.......... 161,259 111,245 44,054 1 ,930 588 1 ,690 95 1 ,653 733 3,305 4,426 3,496 25,973 15,088 320 10,145 2,251 10......... 159,617 109,865 43 887 1 ,920 773 1,550 81 I ,672 741 2 600 4,137 3,403 25,973 15,050 315 10,015 2'252 17.......... 159,473 108,933 43,775 1 '926 673 1 .493 83 1 ,657 717 2 136 4,045 3,317 26,005 15,066 306 9,985 2,251 24......... 158',229 108,168 43 380 1 ,914 621 1 ,439 81 1 ,656 712 2,086 3,981 3,245 26,042 15,042 312 9^907 2,250 31.......... 139327 108,846 43,398 1 ,907 842 i 388 83 1 659 715 2,433 3,887 3,220 26,053 15,139 327 9,949 2,254 Feb. 7.......... 158,710 108,719 43,410 1 ,916 791 1,444 76 1 ,667 719 2,565 3,839 3,145 26,055 15,117 315 9,914 2,254 14......... 158,509 108'488 43,415 1,920 694 1 ,446 76 I ,681 722 2,495 3,759 3,106 26,081 15,109 319 9,919 2,254 21......... 159.618 108'331 43,502 1,906 727 1 482 70 1 ,'676 713 2,’165 3,719 3,128 26,136 15,131 313 9,916 2,253 28.......... 160,006 108,869 43'525 1 ,906 787 1 ,475 72 1 ,663 708 2,547 3^715 3,132 26,168 15,148 319 9,957 2,253 For notes see p. A-27. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ WEEKLY REPORTING BANKS A-25 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments Cash assets U.S. Government securities Other securities Balances with— Cer­ No m tes a t a u n ri d n g b — onds O o p b s f l o u i a g S l b n i a t t d d i a t c i i t v o e a . s n l s O co t s h r e e p c a r , u n b s r d i t o t o i n e c d s k s s , Total p C i r t o e o a i c n m f s e h s s s r C e a n n u c d r y ­ se w F R rv . i R e t e h ­ s . a o s A t s h e l e ts r Wednesday Total Bills tifi­ collec­ Do­ For­ coin Banks cates W 1 in i y th r. ­ 5 1 y t r o s . A 5 f y t r e s r . ra w T n a a t x r s ­ 3 o A th l e l r p p C a a e o r ti t r o f i t c i n f i . ­ 4 O s ri e t t i h c e u e s ­ r tion b m a e n s k t s ic b e a ig n n k s Large batiks—• Total 1967 25,758 5,174 338 3,575 10,470 6,201 2,707 21,121 I ,047 2,530 42,442 21,229 4,101 221 2,506 14,385 7,871 25'326 4,648 343 3,592 10,528 6,215 2,785 21,353 1 ,068 2,453 39,685 16,813 3,972 218 2,484 16,198 7,856 8 25,926 4,521 339 2,985 12,003 6,078 2,920 21,548 1,094 2,425 44,663 22,444 4,450 221 2,600 14,948 7,910 ..................15 25,622 4,228 347 3,019 12,010 6,018 2,925 21 ,533 1,159 2,604 41,390 19,559 4,088 202 2,624 14,917 7,824 ..................22 1968 28,371 6,049 4,142 13,869 4,311 3,953 25,285 1,544 2,651 51,111 25,859 4,738 254 3,074 17,186 9,284 ........Jan. 3 27,824 5 576 4,018 13 825 4,405 3,990 25,374 1,540 2,643 44,729 22,442 4,165 230 2,990 14,902 9,107 10 28,653 6,555 4^15 13,719 4,364 3,937 25^339 1,556 2,644 48,574 23^867 4,206 237 2,888 17,376 8,920 ..................17 27,928 5’841 4,064 13,677 4,346 3,901 25,326 I ,567 2,669 44,076 20,676 3,981 233 2,913 16,272 8,955 ..................24 28,080 6,023 4,076 13,627 4^354 3,956 25,490 H696 2,835 47,066 22,765 4; 167 236 2^787 17,111 9,567 ..................31 27,417 5,444 4,090 13,538 4,345 4,110 25,372 I ,644 2,752 43,770 20,718 3,934 219 2,663 16,236 9,512 .........Feb. 7 27,513 5,576 4,037 13,536 4,364 4,098 25,444 1,628 2,750 45,915 23,025 4,439 208 2,861 15,382 9,551 ..................14 28,983 5'073 3,947 14,692 5,271 4,154 25,631 1,655 2,730 45,286 21,748 4,281 227 2,733 16,297 9,236 ..................21 28,738 4*867 4^054 14,508 5’309 4J87 25’642 1^55 2,705 45,045 21,435 4,090 199 2,883 16,438 9,232 ..................28 blew York City 1967 4,883 1,734 75 568 1 ,234 1 ,272 683 3,903 200 709 13,678 8,677 208 105 323 4,365 2,696 ........Feb. 1 4,792 1,634 74 586 1 ,232 1 ,266 682 4,006 196 674 11,321 5,996 180 98 330 4,717 2,7(1 8 4,894 1,463 75 416 1 ,686 1 ,254 702 4,006 197 665 13,813 8,801 338 97 338 4,239 2,833 ..................15 4,873 1,438 76 463 1 ,650 1 ,246 716 3,958 202 726 12,033 7,250 209 83 343 4,148 2,784 ..................22 1968 5,441 1,769 788 2,104 780 1 ,392 4,239 63 655 14,767 8,858 320 119 409 5,061 3,457 5 360 1 776 796 1 944 844 1 ,358 4,215 61 625 12,990 8,625 268 105 394 3,598 3,361 ..................10 5’,411 1 914 776 1 858 863 1 ,315 4,220 58 585 14,693 9,507 289 104 374 4'419 3,186 ..................17 5,193 1,714 805 1 ;§i9 855 1 ,306 4,163 62 606 13,505 8,444 216 108 380 4^57 3,200 ..................24 5,161 1,708 818 1,774 861 1,327 4,241 88 659 15,251 9,682 259 109 367 4,834 3,525 ..................31 4,990 1,489 879 1,743 879 1,442 4,159 84 629 13,088 8,(09 221 (00 377 4,281 3,497 .........Feb. 7 5,070 1 575 884 1,712 899 1 ,453 4 177 68 644 14,033 9,065 299 93 383 4,193 3,504 ..................14 5 412 1 *415 717 2,123 1 ,157 1,518 4 225 65 646 14,195 8,886 253 113 358 4,585 3,428 ..................21 5*299 1*309 679 2,140 1 ,171 1 585 4'203 65 638 13,749 8,663 282 89 374 4,341 3,330 ..................28 Outside blew York City 1967 20,875 3,440 263 3,007 9,236 4,929 2,024 17,218 847 I ,821 28,764 12,552 3,893 116 2,183 10,020 5,175 ........ Feb. 1 20,534 3,014 269 3,006 9,296 4,949 2,103 17,347 872 1 ,779 28,364 10,817 3,792 120 2,154 1(,481 5,145 ................. 8 21,032 3,058 264 2,569 10,317 4,824 2,21 8 17,542 897 1 ,760 30,850 13,643 4,1 12 124 2,262 10,709 5,077 ..................15 20,749 2,790 271 2,556 10,360 4,772 2,209 17,575 957 1 ,878 29,357 12,309 3,879 119 2,281 10,769 5,040 ..................22 1968 22,930 4,280 3,354 11,765 3,531 2,561 21 ,046 1 ,481 1,996 36,344 (7,001 4,4(8 (35 2,665 (2,(25 5,827 22^464 3 800 3 222 11 881 3,561 2 632 21 ,159 1 ,479 2,018 31 ,739 13,817 3,897 125 2,596 11,304 5,746 ..................10 23,242 4^641 3,239 11*861 3,501 2,622 21 ,119 1 ,498 2,059 33,881 14,360 3,917 133 2,514 12,957 5,734 ...................17 22 735 4 127 3,259 11,858 3,491 2,595 21 163 1 ,505 2,063 30,571 12,232 3,765 125 2,533 11,915 5,755 .................24 22*919 4*315 3,258 11,853 3,493 2,629 21,249 1,608 2,176 31,815 13,083 3,908 127 2,420 12,277 6,042 ..................31 22,427 3,955 3,21 1 11,795 3,466 2,668 21 ,213 1 ,560 2,123 30,682 12,609 3,713 119 2,286 11,955 6,015 ........Feb. 7 22,443 4 001 3 153 11 824 3 465 2,645 21 267 1 ,560 2,106 31 882 13 960 4,140 115 2,478 11,189 6,047 ..................14 23 571 3,*658 3 230 12’569 4 114 2,636 21 406 1 ,590 2,084 31,091 12*862 4,028 114 2,375 11 ,712 5,808 ..................21 23*439 3 558 3*375 12,368 4; 138 2,602 21,439 1,590 2,067 31,296 12,772 3,808 110 2,509 12,097 5,902 ..................28 For notes see p. A-27. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-26 WEEKLY REPORTING BANKS a MARCH 1968 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time Total Wednesday unad­ States Do­ Foreign I PC States Foreign justed and mes­ and Do­ Totals I PC p s i o c u a b li l t ­ ­ G U o .S vt . . c m o ti e m c r ­ ­ Govt., C m o e m r­ ­ Total? Sav­ Other p s i o c u a b li l t - ­ i m n t t i e c e s r ­ ­ Govt., C m o e m r­ ­ divi­ cial etc.6 cial ings divi­ bank etc. cial sions banks banks sions banks Large banks— Total 1967 Feb. 1................... 204,753 111,768 79,215 6,771 3,355 13,481 720 1 ,418 92,985 46,459 32,425 8,538 763 4,428 204 8................... 198,649 105,125 76,066 5,919 3,539 12,205 667 1 ,455 93,524 46,466 32,762 8,701 794 4,434 208 15................... 204,429 110,771 80,218 5,941 2,919 13,640 710 1 ,424 93,658 46,506 32,889 8,665 782 4,444 204 22................... 200,448 106,462 76,759 5,540 4,450 12,697 686 1 ,456 93,986 46,574 33,013 8,817 774 4,436 205 1968 Jan. 3................... 230,198 127,277 92,380 6,231 3,818 15,752 764 1 ,816 102,921 48,864 38,273 9,509 769 5,035 290 10................... 221,975 118,564 87,821 6,086 1 ,639 14,137 724 1 ,653 103,411 48,711 38,906 9,545 773 5,010 288 17................... 224,395 120,711 87,888 5,787 3,675 14,260 822 1 ,617 103,684 48,591 39,321 9,528 821 4,950 278 24................... 219,012 114,974 84,074 5,335 4,261 12,883 702 1 ,657 104,038 48,531 39,577 9,619 826 5,024 266 31................... 224,306 120,128 86,053 6,301 5,467 13,298 695 1 ,605 104,178 48,516 39,639 9,635 832 5,064 298 Feb. 7................... 218,609 114,432 82,053 5,980 4,610 13,450 658 1 ,566 104,177 48,518 39,517 9,692 823 5,140 292 14................... 220,682 116,301 84,788 5,763 3,578 13,947 699 1 ,651 104,381 48,554 39,585 9,815 828 5,095 297 2(................... 221,059 116,375 81 ,591 5,748 7,276 13,536 692 1 ,599 104,684 48,596 39,757 9,839 846 5,125 293 28................... 221,417 116,456 82,761 5,984 6,515 12,785 682 1 ,583 104,961 48,620 39,910 9,929 845 5J 19 309 New York City 1967 Feb. 1................... 48,346 30,820 18,783 638 830 4,205 579 972 17,526 4,551 8,542 685 501 3,060 102 8................... 44,933 27,375 17,722 422 830 3,346 522 1 ,011 17,558 4,560 8,558 696 520 3,046 105 15................... 47,290 29,874 19,103 340 683 4,123 570 996 17,416 4,565 8,441 686 506 3,041 100 22................... 45,499 28,047 18,330 273 1 ,059 3,628 549 1 ,003 17,452 4,595 8,422 730 496 3,028 105 1968 Jan. 3................... 52,745 34,004 22,404 425 1,138 4,253 606 1,285 18,741 4,708 9,214 759 523 3,290 177 10................... 50,448 31 ,517 20,880 395 365 4,041 573 1 ,1 30 18,931 4,692 9,436 763 517 3,279 173 17................... 51,498 32,653 20,792 388 854 4,364 663 1,118 18,845 4,688 9,433 717 558 3,197 173 24................... 49,778 30,970 20,017 302 961 3,942 547 1,146 18,808 4,686 9,397 728 563 3,199 156 31................... 52,362 33,677 21,246 468 1 ,377 4,347 545 1 ,097 18,685 4,690 9,22! 749 565 3,227 154 Feb. 7................... 48,664 30,270 19,393 320 1 ,051 3,935 514 1 ,069 18,394 4,698 8,907 769 533 3,259 148 14................... 49,702 31 ,376 20,345 358 762 4,303 539 1,137 18,326 4,705 8,808 827 541 3,211 154 21................... 50,074 31,667 19,563 422 1 ,729 4,288 535 1 ,104 18,407 4,716 8,867 822 547 3,219 152 28................... 50,279 31,774 20,021 383 1 ,584 3,910 527 1 ,084 18,505 4,714 8,935 847 546 3,211 166 Outside New York City 1967 Feb. 1................... 156,407 80,948 60,432 6,133 2,525 9,276 141 446 75,459 41,908 23,883 7,853 262 1,368 102 8................... 153,716 77,750 58,344 5,497 2,709 8,859 145 444 75,966 41,906 24,204 8,005 274 I ,388 103 15................... 157,139 80,897 61,115 5,601 2,236 9,517 140 428 76,242 41,941 24,448 7,979 276 1 ,403 104 22. .................. 154,949 78,415 58,429 5,267 3,391 9,069 137 453 76,534 41,979 24,591 8,087 278 1 ,408 100 1968 Jan. 3................... 177,453 93,273 69,976 5,806 2,680 11,499 158 531 84,180 44,156 29.059 8,750 246 1,745 113 10................... 171,527 87,047 66,941 5,691 1 ,274 10,096 151 523 84,480 44,019 29,470 8,782 256 1 ,731 115 17................... 172,897 88,058 67,096 5,399 2,821 9,896 159 499 84,839 43,903 29,888 8,811 263 1,753 105 24................... 169,234 84,004 64,057 5,033 3,300 8,941 155 511 85,230 43,845 30,180 8,891 263 1,825 110 31................... 171,944 86,451 64,807 5,833 4,090 8,951 150 508 85,493 43,826 30,418 8,886 267 1 ,837 144 Feb. 7.................... 169,945 84,162 62,660 5,660 3,559 9,515 144 497 85,783 43,820 30,610 8,923 290 1,881 144 14................... 170,980 84,925 64,443 5,405 2,816 9,644 160 514 86,055 43,849 30,777 8,988 287 1,884 143 21................... 170,985 84,708 62,028 5,326 5,547 9,248 157 495 86,277 43,880 30,890 9,017 299 1,906 141 28................... 171,138 84,682 62,740 5,601 4,931 8,875 155 499 86,456 43,906 30,975 9,082 299 1,908 143 For notes see p. A-27. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 a WEEKLY REPORTING BANKS A-27 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Memoranda Total assets— lia O b t i h lit e ie r s a C cc a o p u it n a t l s lia T b a o i n l t i d a ti e l s Total T lo o a t n a s l Demand La o rg f e d e ce p r o ti s fi i c t1 a 0 tes Wednesday From From capital loans (net), deposits F.R. others accounts (net), adjusted, adjusted 9 Banks adjusted 8 ve a s n tm d e i n n t ­ s 8 i T ss o u t e a d l to Is s I u P e C d ’ s to I s o s th ue e d rs Large banks— Total 1967 2 5,673 10,363 19,336 240,127 133,268 186,431 73,703 18,(28 12,221 5,907 ..................Feb. 1 783 5,289 10,588 19,331 234,640 131,328 184,313 72,568 18,507 12,381 6,126 .......................... 8 273 6,470 10,985 19,381 241,538 131,402 185,315 71,768 18,491 12,364 6,127 ...........................15 333 5,895 11,275 19,380 237,331 131,154 184,997 69,756 18,551 12,329 6,222 ...........................22 1968 151 7,631 12,371 20,459 270,810 143,966 205,770 81,848 20,094 13,118 6,976 30 6,986 12,401 20,522 261,914 142,988 204,359 80,346 20,491 13,489 7,002 ...........................10 993 6,412 12,347 20,508 264,655 141,873 204,002 78,909 20,682 13,621 7,061 ............................17 256 6,000 12,526 20,528 258,322 140,607 201,998 77,154 20,939 13,794 7,145 ...........................24 733 5,357 12,780 20,679 263,855 141,762 203,819 78,598 20,920 13,696 7,224 ...........................31 162 6,071 12,845 20,682 258,369 140,606 201,901 75,654 20,705 13,394 7,311 ..................Feb. 7 33 5,899 13,092 20,631 260,337 140,221 201,654 75,751 20,796 13,389 7,407 ...........................14 752 5,489 13,340 20,591 261,231 140,808 203,961 73,815 20,918 13,44! 7,477 ...........................21 153 6,334 12,942 20,625 261,471 140,5!1 203,438 75,721 21 ,094 13,459 7,635 ...........................28 New York City 1967 1,946 4,857 5,219 60,368 32,932 43,310 17,108 6,495 4,569 1,926 ................. Feb. 1 124 1 ,990 5,076 5’,214 57,337 32,243 42,593 17,203 6:547 4,600 1 ,947 .......................... 8 25 2,407 5,236 5,300 60,258 32,356 42,820 16,267 6,424 4,495 1,929 ...........................15 125 2,120 5,343 5,295 58,382 32,252 42,727 16,110 6,381 4,420 1 ,961 ............................22 1968 2 744 6,393 5,498 67,380 36,026 47,816 19,755 6,944 4,815 2,129 13 2,199 6,669 5,483 64,812 35,723 47;342 18,486 7,139 5,036 2,103 ...........................10 380 1,827 6,386 5,476 65,567 35,076 46,665 17,928 7,113 4,979 2,134 ...........................17 1,798 6,710 5,482 63,768 34,525 45,855 17,623 7,099 4,979 2,120 ...........................24 206 1,670 6,789 5,544 66,571 35,349 46,825 18,271 6,900 4,767 2,133 ...........................31 35 1,882 6,856 5,525 62,962 34,452 45,756 17,175 6,577 4,420 2,157 ................. Feb. 7 10 1,781 6,886 5,520 63,899 34,228 45,640 17,246 6,532 4,356 2,176 ...........................14 365 1,687 7,080 5,508 64,714 34,642 46,508 16,764 6,581 4,364 2,217 ...........................21 52 1,712 6,724 5,500 64,267 34,189 45,979 17,617 6,635 4,367 2,268 ...........................28 Outside New York City 1967 2 3,727 5,506 14,117 179,759 100,336 143,121 56,595 11,633 7,652 3,981 ..................Feb. 1 659 3,299 5,512 14,117 177,303 99,085 141,720 55,365 11,960 7,781 4,179 .......................... 8 248 4,063 5,749 14,081 181,280 99,046 142,495 55,501 12,067 7,869 4,198 ...........................15 208 3,775 5,932 14,085 178,949 98,902 142,270 53,646 12,170 7,909 4,261 ...........................22 1968 151 4,887 5,978 14,961 203,430 107,940 157,954 62,093 1 3,150 8,303 4,847 17 4,787 5,732 15,039 197,102 107,265 157,017 61,860 13,352 8,453 4,899 ...........................10 613 4,585 5,961 15,032 199,088 106,797 157,337 60,981 13,569 8,642 4,927 ...........................17 256 4,202 5,816 15,046 194,554 106,082 156,143 59,531 13,840 8,815 5,025 ...........................24 527 3,687 5,991 15,135 197,284 106,413 156,994 60,327 14,020 8,929 5,091 ...........................31 127 4,189 5,989 15,157 195,407 106,154 156,145 58,479 14,128 8,974 5,154 ..................Feb. 7 23 4,118 6,206 15,111 196,438 105,993 156,014 58,505 14,264 9,033 5,231 ...........................14 387 3,802 6,260 15,083 196,517 106,166 157,453 57,051 14,337 9,077 5,260 ...........................21 101 4,622 6,218 15,125 197,204 106,322 157,459 58,104 14,460 9,092 5,367 ...........................28 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 5 Includes certified and officers’ checks, not shown separately. Weekly Reporting Member Banks to Weekly Reporting Large Commer­ 6 Deposits of foreign governments and official institutions, central cial Banks (earlier figures for 1966 are comparable with the new series). banks, and international institutions. Also beginning June 29, 1966, detailed breakdown is shown of “All other 7 Includes U.S, Government and postal savings not shown separately. loans,” of “Other securities,” and of ownership of time certificates of 8 Exclusive of loans to domestic commercial banks. deposit in denominations of $100,000 or more. For description of revisions, 9 All demand deposits except U.S. Government and domestic com­ sec 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

A-28 BUSINESS LOANS OF BANKS □ MARCH 1968 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— 1968 1968 1967 1967 1967 Industry Feb. 28 Feb.21 Feb. 14 Feb. 7 Jan. 31 Feb. Jan. Dec. IV in II 2nd 1st half half Durable goods manufacturing: Primary metals................................ 1,515 1 ,534 1,511 1,491 1 ,395 120 19 161 184 103 153 287 253 Machinery........................................ 4,386 4,375 4,365 4,305 4,311 75 2! -56 -248 -382 285 -630 887 Transportation equipment.............. 1 ,775 1 ,770 ! ,759 1 ,752 1 ,753 22 -59 -42 -113 -23 -273 -136 -47 Other fabricated metal products. . . 1 ,680 1 ,671 1 ,674 1 ,650 1 ,627 53 -69 14 -103 -178 266 -281 409 Other durable goods....................... 1 ,920 1 ,926 1,932 1 ,921 1 ,913 7 -83 5 -152 10 118 -142 175 Nondurable goods manufacturing: Food, liquor, and tobacco.............. 2,378 2,453 2,384 2,438 2,453 -75 -305 227 587 28 - 105 615 -577 Textiles, apparel, and leather.......... 1 ,906 1 ,862 1 ,800 1 ,740 1 ,690 216 -59 -127 -385 -25 86 -410 297 Petroleum refining........................... 1 ,552 1 ,557 1 ,566 1 ,561 1 ,574 -22 20 53 91 -204 1 80 -113 241 Chemicals and rubber..................... 2,361 2,354 2,335 2,300 2,323 38 -18 65 29 -112 1 -83 309 Other nondurable goods................. 1,687 1 ,673 1,673 1 ,683 1 ,682 5 -46 66 -35 130 108 95 161 Mining, including crude petroleum and natural gas............................... 4,489 4,518 4,540 4,531 4,515 -26 331 466 384 - 220 1 164 195 Trade: Commodity dealers................. 1 ,439 1 ,476 1 ,465 1 ,495 1 ,542 -103 -63 80 501 178 -334 679 -479 Other wholesale...................... 3,028 2,999 2,974 2,996 3,015 13 -42 70 162 -66 51 96 68 Retail....................................... 3,346 3,321 3,314 3,376 3,378 -32 -148 -54 -11 17 157 6 -27 Transportation.................................... 4,468 4,446 4,452 4,444 4,442 26 35 244 333 95 185 428 273 Communication .................................. 847 837 835 850 885 -38 -114 66 9 -5 157 4 223 Other public utilities........................... 2,119 2,183 2,237 2,270 2,298 -179 -1 18 115 1 10 148 212 258 -109 Construction....................................... 2,501 2,521 2,513 2,504 2,500 1 -11 -18 -58 -45 1 17 - 103 10 Services................................................ 5,078 5,071 5,059 5,046 5,056 22 60 175 304 -83 89 221 -53 All other domestic loans..................... 6,725 6,634 6,683 6,734 6,691 34 8 305 224 132 273 356 558 Bankers’ acceptances.......................... 977 921 909 943 1 ,071 -94 -132 39 301 253 -122 554 114 Foreign commercial and industrial loans................................................ 2,710 2,701 2,733 2,732 2,710 -30 34 -15 -97 -113 -112 -20 Total classified loans.......................... 58,887 58,803 58,713 58,762 58,824 63 -803 1 ,888 2,099 -346 1 ,492 I ,753 2,861 -------------..---------------------------------------- -----------————------- ——------ —------- —— ——.------- —_------ Total commercial and industrial loans 65,057 65,024 64,884 64,913 64,994 -63 -824 2,085 2,446 -412 1 ,822 2,034 3,037 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 1-9 10-99 100-499 500-999 1,000 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 (.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 ' .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 4>4 1967—Jan. 26-27 554-5% Business Loans was revised. For description of revised series see pp. 721­ 1965—Dec. 6 5 Mar. 27 554 27 of the May Bulletin. The weights in computing weighted average 1966—Mar. 10 554 Nov. 20 6 interest rates on short-term business loans have been revised. 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

MARCH 1968 □ INTEREST RATES A-29 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime Period coml. paper bankers’ Federal 3-month bills 5 6-month bills 5 9- to 12-month issues 3- to 5paper, placed accept­ funds t year m 4 o - n to th s 6 - 1 m d 3 i o - r e n to c th tl s 6 y - , 2 90 a d n a ce y s s , 1 rate 3 n R ew at e is o su n e M y a ie r l k d et n R ew at e is s o u n e M y a ie rk ld et B k i e ll t s y ( i m el a d r ) ­ s Other 6 issues 7 1966............................ 5.55 5.42 5.36 5.11 4.881 4.85 5.082 5.06 5.07 5.17 5.16 1967........................... 5.10 4.89 4,75 4.22 4.321 4.30 4,630 4,61 4.71 4.84 5,07 1967—Feb............... 5.38 5.19 4.88 5.00 4.554 4.56 4.565 4.59 4.57 4.64 4.73 Mar................. 5.24 5.01 4.68 4.53 4.288 4.26 4.243 4.22 4.18 4.35 4.52 Apr................. 4.83 4.57 4.29 4.05 3.852 3.84 3.894 3.90 3,90 4.03 4.46 May................ 4.67 4.41 4.27 3.94 3.640 3.60 3.808 3.80 3.88 4.09 4.68 June......... 4.65 4.40 4.40 3.98 3.480 3.53 3.816 3.88 4.16 4.40 4.96 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 Oct................. 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 Dec................. 5.56 5.43 5.43 4.51 5.012 4.96 5.562 5.49 5.58 5.69 5.72 1968-—Jan.................. 5.60 5.46 5.40 4,60 5.081 4.99 5.386 5,23 5.29 5.39 5.53 Feb................. 5.50 5.25 5.23 4.72 4.969 4.97 5.144 5.17 5.22 5.37 5,59 Week ending— 1968—Fcbt 3 ...... 5.50 5.25 5.15 4.55 4.846 4.85 4.957 5.00 5.20 5,24 5.54 10.......... 5.50 5.25 5.23 4.73 4.957 5.00 5. 1 19 5.22 5.28 5.36 5.61 17.......... 5.50 5.25 5,25 4.66 5,040 4.97 5.275 5.14 5.17 5.35 5.56 24.......... 5.50 5.25 5.25 4.71 4.940 4.96 5.133 5.16 5.17 5.40 5.57 Mar. 2.......... 5.50 5.25 5.25 4.70 5.063 5.03 5,236 5.21 5.28 5.43 5.60 1 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. 5 Bills quoted on bank discount rate basis. maturities in the 90-179 day range. 6 Certificates and selected note and bond issues. 3 Seven-day average for week ending Wednesday. 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 Total i (long­ term) Total t Aaa Baa Aaa Baa In tr d ia u l s­ R ro a a i d l­ P ut u il b it li y c fe P r r r e e ­ d C m o o m n ­ C m o o m n ­ 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 1967.............................................. 4.85 3.99 3.74 4.30 5.82 5.51 6,23 5.74 5.89 5.81 5,34 3,20 1967—Feb.................................... 4.47 3.62 3.38 3.90 5.35 5.03 5,82 5.33 5.48 5.25 4.98 3.36 Mar.................................... 4.45 3.63 3.48 3.86 5.43 5.13 5.85 5.39 5.51 5.37 5.04 3.29 5.60 Apr......................... 4.51 3.67 3.50 3.90 5.42 5.11 5.83 5.37 5.51 5.37 5.03 3.24 May................................... 4.76 3,94 3.71 4.23 5.56 5.24 5.96 5.46 5.62 5,59 5,17 3.19 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 Sept........................ 4,99 4.14 3.81 4.48 6.00 5.65 6.40 5.93 6.03 6.02 5.41 3.07 "5.61 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 Dec.................................... 5.36 4.42 4.15 4.73 6.51 6.19 6,93 6,39 6.63 6,57 5.95 3.09 5.47 1968—Jan..................................... 5.18 4.31 4,06 4.66 6.45 6.17 6,84 6.34 6,65 6,47 5.70 3.13 Feb.................................... 5.16 4.28 4.01 4.69 6.40 6.10 6,80 6.31 6.65 6.36 n.a. n.a. Week ending— 1968—Feb 3............................. 5.15 4.18 3.90 4.60 6.40 6.12 6,80 6.31 6.66 6.38 5.69 3.22 10............................. 5. 17 4.22 3.95 4.64 6.40 6.1 1 6.80 6.30 6.65 6.37 5.64 3.23 17............................. 5,13 4,27 4.00 4,69 6.39 6.10 6.79 6.31 6.65 6.36 5,64 3.30 24............................. 5.14 4,32 4.06 4.73 6.39 6.09 6.79 6.30 6.66 6.35 5.67 Mar. 2............................ 5.19 4.39 4.16 4.78 6,38 6,09 6,80 6.30 6.64 6,34 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 more. State and local govt, bonds: General obligations only, based on arately. Because of a limited number of suitable issues, the number Thurs. figures. Corporate bonds: Averages of daily figures. Both of these of corporate bonds in some groups has varied somewhat. As of pec. series are from Moody’s Investors Service series. 23, 1967, Aaa-rated railroad bonds are no longer a component of the Stocks: Standard and Poor’s Corporate series. Dividend/price ratios arc railroad average or the Aaa composite series. based on Wed. figures; earnings/price ratios are as of end of period. Preferred stock ratio is based on 8 median yields for a sample of non- Note.—Annual yields are averages of monthly or quarterly data. callable issues—12 industrial and 2 public utility; common stock ratios Monthly and weekly yields are computed as follows: U.S. Govt, bonds: on the 500 stocks in the price index. Quarterly earnings are seasonally Averages of daily figures for bonds maturing or callable in 10 years or adjusted at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-30 SECURITY MARKETS □ MARCH 1968 MORTGAGES: NEW AND EXISTING HOMES SECURITY PRICES ' (Per cent) Contract interest rate on (pe B r o $ n 1 d 0 0 p ri b c o e n s d ) Co ( m 19 m 4 o 1 n - 4 s 3 to = c 1 k 0 ) prices V um o e l­ 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 ie io s nal first F m H o L r B tg B ag s e c s ries Period ( G t l U e o o r . n m S v g . t ) ­ , S lo a 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 ic y i b l ­ ­ (s t h t h in r a o o a g r u f e d s s ­ ) . New New Existing New Existing 1965............. 83.76 110.6 93.9 88,17 93,48 46.78 76,08 6,174 1966............. 78.63 102.6 86.1 85,26 91.09 46.34 68,21 7,538 1961................. 5.69 5.97 6,04 1967............. 76.55 100.5 81,8 91.93 99.18 46.72 68,10 10,143 1962................. 5.60 5.93 5.99 1963 ................. 5.46 5.81 5.87 5 84 5.98 1967—Feb... 80,73 106,4 86,4 87.36 93,35 46.13 70.45 9,788 1964................. 5.45 5.80 5.85 5,78 5.92 Mar, . 80.96 105.8 85,6 89,42 95.86 46.78 70.03 10,217 1965................. 5.47 5.83 5.89 5 76 5,89 Apr. . 80,24 104.9 85.4 90.96 97.54 45.80 71.70 9,389 1966................. 6.38 6.40 6.47 ’6.11 16.24 May.. 77.48 101.1 83.4 92.59 99,59 47,00 70.70 9,933 1967................. 6.55 6.53 6.57 6’37 6.41 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 1967—Jan........ 6.62 6.60 6.65 6.47 6.54 Aug. . 75.38 99.6 80.3 94.49 102.11 50,43 68.03 9,037 Feb........ 6.46 6.50 6.55 6.44 6.50 Sept.. 75,04 98.0 80.0 95.81 103.84 49.27 67.45 10,251 Mar....... 6.35 6.45 6.50 6.41 6,44 Oct... 73,01 95.9 78.5 95.66 104.16 46,28 64.93 10,223 Apr....... 6.29 6.40 6.45 6.37 6.36 Nov,. 70.53 95.2 76.8 92.66 100.90 42.95 63.48 10,578 May.... 6.44 6.45 6.50 6.28 6.31 Dec. . 71,22 93.6 75.9 95.30 103.91 43.46 64.61 11,476 June.... 6.51 6,50 6,50 6.29 6.30 July.. . . 6.53 6.50 6,55 6.34 6.33 1968—Jan... 73.09 95.6 77.2 95.04 103.11 43.38 68.02 11,947 Aug....... 6.60 6.55 6.55 6.34 6.38 Feb... 73,30 94.8 77.5 90,75 98.33 42,35 65.61 9,182 Sept....... 6.63 6,55 6.60 6.37 6.37 Oct........ 6.65 6,55 6.60 6.37 6.42 Week Nov....... 6.77 6.65 6.70 6.37 6.43 ending— Dec....... 6.81 6.70 6.75 6.41 6.51 1968 6.81 6.75 6.80 J»6.39 ”6.56 Feb........ 6.78 6,75 6.80 Feb. 3....... 73.35 96.9 77.6 92.66 100.45 42.85 66.75 10,045 10....... 73,13 96.0 77,5 91,32 98.91 42.56 66,26 9,488 17 73,56 95.2 77,7 89.87 97.33 41.87 65.27 10,270 1 New FHLBB series beginning July 1966. 24....... 73,50 95.4 77.4 90,82 98.44 42.54 65.29 8,512 Note.—Annual data are averages of monthly figures. The Mar. 2....... 72.99 93,7 77.4 89,85 97.36 41.94 64.88 7,953 FHA dataware based on opinion reports submitted by field offices on prevailing conditions in their localities as of the first of the succeeding month. The yields are derived from weighted aver­ Note.—Annual data are averages of monthly figures. Monthly and weekly ages of private secondary market prices for Sec. 203, 30-year data are averages of daily figures unless otherwise noted and are computed as mortgages with minimum downpayments and an assumed pre­ follows: U.S. Govt, bonds, derived from average market yields in table at bottom of payment at the end of 15 years. Gaps in the data are due to preceding page on basis of an assumed 3 per cent, 20-year bond. Municipal and periods of adjustment to changes in maximum permissible con­ corporate bonds, derived from average yields as computed by Standard and Poor’s tract interest rates. The FHA series on average interest rates Corp., on basis of a 4 per cent, 20-year bond; Wed. closing prices. Common on conventional first mortgages are unweighted and are rounded stocks, Standard and Poor’s index. Volume of trading, average daily trading in to the nearest 5 basis points. For FHLBB series, see footnote to stocks on the N.Y. Stock Exchange for a i^-hour trading day. table on Conventional First Mortgages, p. A-47. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others than N f . i Y rm . s S s to e c c k u re E d x c b h y a — nge brok c e ha rs s in a g nd o d r e c a a le rr r y s i n fo g r — pur­ Money borrowed on— Cus­ Month Total tomers’ net o s t e h c e u r r i t t h ie a s n Other securities free U.S. Govt. U.S. Other U.S. Other U.S. c b re a d l­ it se G cu o r v it t i , e s securities se G cu o r v it t i , e s securities se G cu o r v it t i , e s Total C co u l s la to te m ra e l r co O lla th te e r r a l ances 1965—Dec....... 7,705 22 5,521 101 2,184 130 3,576 2,889 687 1,666 1966—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....... 8,869 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........ 9,433 101 7,010 77 2,423 n.a. n.a. n.a. n.a. 2,513 Nov....... 9,495 147 7,053 79 2,442 n.a. n.a. n.a. n.a. 2,500 Dec....... 10,347 65 7,883 90 2,464 n.a. n.a. n.a. n.a. 2,763 1968—Jan........ 10,193 36 7,761 105 2,432 n.a. n.a. n.a. n.a. 2,942 Note.—Data in first 3 cols, and last col. are for end of month; in other partners of reporting firm. Balances are net for each customer—i.e., all ac­ cols, for last Wed, counts of one customer are consolidated. Money borrowed includes Net debit balances and broker and dealer credit: Ledger balances of borrowings from banks and from other lenders except member firms of member firms of N.Y. Stock Exchange carrying margin accounts, as national securities exchanges. reported to the Exchange. Customers’ debit and free credit balances Bank loans to others than brokers and dealers: Figures are for large exclude balances maintained with reporting firm by other member firms of commercial banks reporting weekly. national securities exchanges and balances of reporting firm and of general Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ OPEN MARKET PAPER; SAVINGS INSTITUTIONS A-31 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by— Based on— End of period Accepting banks F.R. Goods stored in or Total th P r la o c u e g d h P di la re c c e t d ­ Total Banks Others p i I n o m t r o t ­ s f p r E o o x r m t ­ s D e o x l ­ lar ship p p o e in d t s b e in tw — e . en dealers 1 ly2 Total O bi w lls n bo B u il g ls h t O ac w c n t. c F e o i o g r r n r ­ . U S n ta it te e s d U S n ta it t e e d s change U S n ta it t e es d c F o o u r n e t i r g ie n s 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 no 86 1,301 541 778 186 171 974 1963..................... 6,747 1,928 4,819 2,890 1,291 1,031 260 162 92 1,345 567 908 56 41 1,317 1964..................... 8,361 2,223 6,138 3,385 1,671 1,301 370 94 122 1,498 667 999 111 43 1,565 1965..................... 9,058 1,903 7,155 3,392 1,223 1,094 129 187 144 1,837 792 974 27 35 1,564 1966..................... 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 1 ,269 3,601 1,359 1,028 331 73 173 1,996 936 829 78 90 1,668 Feb............ 15,199 3,781 1 ,418 3,575 1,266 1,004 262 H3 201 1,995 918 851 65 82 1,659 Mar........... 16,034 4,360 1 ,674 3,704 1,366 1,077 290 110 232 1,996 962 921 60 71 1,691 Apr........... 16,249 4,356 11 ,893 3,830 1,356 1, 128 229 166 272 2,035 971 971 55 59 1 ,773 May.......... 17,067 4,713 12,354 3,964 1,339 1,147 192 70 348 2,207 949 998 38 46 1,933 June.......... 16,150 4,934 11,216 4,131 1,361 1,191 170 136 379 '2,255 1,001 1,007 45 39 2,038 July........... 17,044 4,976 12,068 4,116 1,549 1,252 297 78 324 2,165 974 1,040 65 41 1,996 Aug....... 16,816 4,979 11,837 4,103 1,584 1,195 389 65 252 2,203 1,020 989 70 75 1,949 Sept....... 16,220 5,124 11,096 4,146 1,635 1,239 396 52 205 2,254 1,037 991 68 91 1,958 Oct........... 16,777 5,186 11.591 4,136 1,822 1,298 524 54 163 2,096 1,085 956 51 83 1 ,961 Nov........... 17,147 5,136 12,011 4,218 1,878 1,376 501 59 151 2,130 1,095 975 52 124 1 ,971 Dec........... 17,084 4,901 12,183 4,317 1,906 1,447 459 164 156 2,090 1,086 989 37 162 2,042 1968—Jan............. 18,370 5,216 13,154 4,312 1,797 1,307 490 83 141 2,292 1 ,055 1,013 49 165 2,030 1 As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total assets— Total Mortgage loan End of period M ga o g r e t­ Other G U o .S vt . . S lo a t c n a a d te l C r a o a n r t p d e o ­ Cash O as t s h e e ts r g li e a a t n i n e b e s d i r l a i­ l De its p o 2 s­ l O ia t t i b e h s i e li r ­ G r c e o e s a u n e c n r e ­ v t r e s a l commitments 3 govt. other1 reserve accts. Number Amount 1941............................ 4,787 89 3,592 1 829 689 11,772 10,503 38 1,231 1945............................ 4,202 62 10,650 1 9S7 606 185 16,962 15'332 48 1,582 I960............................ 26,702 416 6,243 672 5 076 874 589 40 571 36,343 678 3,550 58,350 1,200 1961............................. 28 302 475 6,160 677 5 *040 937 640 42,829 38'277 781 3,771 61 855 1,654 1962............................ 32,056 602 6,107 527 5 J77 956 695 46,121 41,336 828 3,957 114 985 2,548 1963........................... 36,007 607 5 863 440 5 074 912 799 49,702 44,606 943 4,153 104 326 2,549 1964............................. 40328 739 5 ,791 391 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............................. 47 193 1 078 4 764 251 5 719 953 1,024 60 982 55’006 1 114 4 863 88 808 23IO 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................... 47392 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 h 136 4345 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 57336 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 58399 1 ,732 4,969 n.a. 2'592 Sept.................. 49 ,'557 1’152 4,406 243 8,054 999 1 J 47 65^559 59 366 1 ,525 4,967 2 724 Oct.................... 49 827 L 169 4 299 228 8 080 959 1'134 65’696 59’,257 1,489 4,950 n a. 2,710 Nov.*......... 50^046 1343 4,397 222 8 107 915 1 J 30 66,061 59,462 1 ,597 5,002 n.a. 2,684 Dec................... 50,289 L 197 4,323 220 8 166 1 ,003 1 ,145 66,343 60,107 1,253 4’,983 n.a. 2'523 Dec.T............... 50,311 1,203 4319 219 9 ,320 993 I ' 138 66 ,’365 60,121 1,260 4,984 n.a. 2,523 1968—Jan.................... 50,705 1,260 4,343 218 8,445 877 1 ,153 67,001 60,580 1,406 5,O!5 n.a. 2,416 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. A-17. 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. Figures for Jan. 1968 beginning with Aug. 1967. include one savings and loan that converted to a mutual savings bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-3z SAVINGS INSTITUTIONS □ MARCH 1968 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort­ Real Policy Othe ,_ assets Total U S n ta it te e s d Sta lo te c a a l nd Foreign1 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 1966........................................ 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 7.760 Book value: 1964....................................... 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....................................... 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....................................... 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,119 8,813 1966—Dec.r........................... 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,119 8,813 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 Oct.............................. 175,390 10,551 4,655 2,981 2,915 73,546 64,822 8,724 66,884 5,100 9,933 9,376 Nov............................. 176,184 10,537 4,642 2,982 2,913 73,934 65,089 8,845 67,097 5,165 9,996 9,455 Dec.............................. 177,201 10,497 4,610 2,973 2,914 73,990 64,992 8,998 67,595 5,185 10,080 9,854 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in “other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E pe n r d io o d f M ga o ge r s t­ s G e U o c .S u v r . t i , ­ Cash Other1 a li s a T s b e o il t i t s t a i 2 e l — s S c a a v p in it g a s l u R n e d a s i n e v r i d d v e e s d B m or o r n o e w y e 3 d L p o r a o n c s e s i s n Other c m o l e o m a n m n ts 4 it­ ties profits 1941.................... 4,578 107 344 775 6 049 4 682 475 256 1945................... 5,376 2,420 450 356 8*747 7,365 644 336 402 1960................... 60,070 4 595 2,680 4,131 71,476 62,142 4 983 2 197 1 186 968 1,359 1961.................... 68,834 5,211 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.................... 90344 6 445 3 979 6 191 107*559 91 308 7 209 5 615 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—Dec.......... 114,192 7,772 3,361 8 ’ 672 133,997 114.016 9,256 7^64 1 272 1,995 1,512 1967—Jan........... 114,229 7,883 3,170 8,442 133 724 114,194 9,084 6,708 1,189 2,549 1,661 Feb.......... 114,395 8,079 3,364 8,554 134 392 114,957 9,073 6,107 1,217 3,038 1,925 Mar......... 1141797 8,058 3,544 8,754 135,153 116,414 9,064 5,441 1,365 2,869 2369 Apr.......... 115,233 7,950 3’638 8’,936 135 757 116 911 9,062 5,027 1 503 3,254 2’699 May......... 115,909 8372 3,859 9,376 137,216 ii^bii 9:655 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 3,420 118,674 8,857 3,127 9,221 139 879 120 677 9,265 4,399 2 130 3 408 3’443 Sept......... 119^29 9*617 3 078 9,158 140,782 121 870 9,255 4 382 2*158 3*117 3,337 Oct........... 120,362 9,171 3 040 9 217 141 790 122 365 9,256 4,373 2 213 3,583 3:310 Nov......... 121,127 9,424 3 068 9,352 142 971 122 947 9348 4,455 2,241 4,070 3,287 Dec.r.... 121,893 9,244 3,408 9,057 143 *,602 124,562 9,557 4,739 2,281 2,463 Si 042 1968—Jan.’........ 122,115 9,591 2,823 9,077 143,606 124,167 9,577 4,736 2,206 2,290 3,129 1 Includes other loans, stock in the Federal home loan banks, other 4 Commitments data comparable with those shown for mutual savings investments, real estate owned and sold on contract, and office buildings banks (on preceding page) would include loans in process. and fixtures. . 2 Before 1958, mortgages are net of mortgage-pledged shares. Asset Note.—Federal Savings and Loan 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

MARCH 1968 □ FEDERALLY SPONSORED CREDIT AGENCIES A-33 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Mortgage Assn, Banks Federal Federal Assets Liabilities and capital (sec o o p n e d r a a r t y i o m n a s) rket coope fo ra r tives i c n r t e e d rm it e b d a i n a k te s b l a a n n k d s End of period v m a A n e to d c m 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 m i ­ 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 e u a o b r n t e e e d s s n ­ c L a o o t o i t v a o p e n e s s r ­ D t e u b re e s n­ c L o o a d u a n is n d n ­ t s s D t e u b re e s n­ M lo ga a o g n r e s t ­ Bonds bers (A) (L) (A) (L) (A) (L) (A) (L) I960............. 1,981 1,233 90 1,266 938 989 2,788 2,523 649 407 1,501 1,454 2,564 2,210 1961............. 2’662 1,153 159 1,571 1,180 1,107 2,770 2’453 697 435 1,650 1 ’585 2^828 2'431 1962............. 3,479 1,531 173 2,707 1,214 1,126 2,752 2,422 735 505 1,840 1,727 3,052 2,628 1963............ 4’784 1,906 159 4’363 1,151 1,171 2,000 1,788 840 589 2’099 1,952 3,310 2,834 1964............. 5'325 1,523 141 4’369 1,199 1,227 1,940 1 '601 958 686 2,247 2,112 3 ,’718 3 J69 1965............. 5,997 1.640 129 5,221 1,045 11277 2,456 1’884 1 ,055 797 2,516 2'335 4,281 3,710 1966............. 6^935 2,523 113 6^859 1,037 1,369 4*266 3'800 1 '290 1,074 2,924 2,’786 4’958 4^385 1967—Jan... 6,340 3,101 92 6,802 1,089 1,377 4,369 3,878 1,323 1,076 2,976 2,779 4,986 4,385 Feb... 5,800 3,305 92 6,285 1,241 1,384 4,431 3,984 1 ,342 1,113 3,056 2,850 5,035 4,450 Mar... 5,175 3,564 95 5,709 1,490 1,387 4,459 4,010 1,363 1,113 3,168 2,944 5,111 4,450 Apr... 4,782 3,451 77 5,066 1,648 1,388 4,459 4,006 1,337 1,114 3,301 3,086 5,175 4,450 May.. 4,421 4,004 93 5,050 1,831 1,392 4,455 3,938 1,316 1,101 3,423 3,186 5,248 4,611 June.. 4,302 3,738 95 4,577 1,927 1,392 4,450 4,078 1,296 1,042 3,545 3,297 5,303 4,611 July.. 4,221 3,420 81 4,585 1,522 1,392 4,507 3,469 1,335 1,072 3,639 3,419 5,358 4,644 Aug... 4,153 3,160 73 4,395 1,344 1,392 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 Nov.. 4,188 2,770 77 4,060 1,347 1,394 5,178 4,543 1,475 1,200 3,374 3,259 5,546 4,871 Dec... 4,386 2,598 127 4,060 1,432 1,395 5,348 4,919 1 ,506 1,253 3,411 3,214 5,609 4,904 1968—Jan... 4,442 2,604 88 4,310 1,199 1,401 5,589 5,088 1,565 1,253 3,456 3,236 5,661 4,990 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, JANUARY 31, 1968 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. Notes: Association—Cont. Bonds: Feb. 26, 1968.....................5.35 535 Debentures: Mar. 20, 1968.....................444 111 Mar. 25, 1968.....................5.35 400 Aug. 10, 1971.....................4>4 64 May 20, 1968......................5% 242 May 27, 1968.......................5^ 300 Sep"t. 10, 1971.....................444 96 June 20, 1968......................4 186 July 25,1968.....................5.45 300 Feb. 10, 1972......................5% 98 Aug. 20, 1968.....................414 160 Aug. 26, 1968.......................5% 500 June 12, 1972.....................444 100 Oct. 21, 1968...................5.50 407 Oct. 25,1968.....................5.85 300 June 12, 1973.....................4% 146 Jan. 20,1969.....................4% 341 Feb. 10, 1977.....................4'4 198 Mar. 20, 1969.....................4& 100 Bonds: Apr. 2L 1969....................5.60 250 Mar. 1, 1968.......................W 250 July 15, 1969.....................4% 130 Apr. 25, 1968.......................5% 625 July 15, 1969.....................4% 60 Nov. 25; 1968.......................5)4 300 Banks for cooperatives Oct. 20, 1969.....................4 44 209 Jan. 27; 1969.......................544 300 Debentures: 313 Jan. 20, 1970.....................5)4 209 Mar. 25, 1969.......................5 44 300 Feb. 1, 1968....................5.20 283 Feb. 20, 1970.....................54 82 Feb. 25, 1970.......................6 200 Apr. 1, 1968..................5.35 304 Apr, I, 1970.....................3’4 83 May 1, 1968..................5.65 352 Apr. 20, 1970..................6.20 362 June 3, 1968......................5% July 20, 1970.....................5% 85 Federal National Mortgage Associa- May L 1971.....................344 60 tion—Secondary market opera- Sept, 15, 1972.....................3% 109 tions Federal intermediate credit banks Oct. 23, 1972.....................5% 200 Debentures: Feb. 20, 1973-78................4% 148 Discount notes............................... 1,450 Feb. 1,1968...................4.40 397 Feb. 20, 1974.....................4'4 155 Mar. 4, 1968...................4.50 375 Apr. 21, 1975.....................444 200 Apr. 1, 1968...................4.85 350 Feb. 24, 1976...................5 123 Debentures: May 1, 1968...................5^ 345 July 20, 1976.....................544 150 Mar. 11, 1968.......................3’4 87 Apr. 20, 1978.....................5 44 150 June 14,1968 ..................... 444 400 July 1,1968....................5.55 285 Jan. 22, 1979......................5 285 Sept. 10,1968.......................5% 350 Aug. 1’1968....................53,4 366 Apr. 10,1969 ................... 4i?4o 88 Sept. 3,’1968....................5.80 366 Tennessee Valley Authority May 12, 1969.......................4% 300 Oct. 1J968....................5.95 423 Short-term notes......................... 200 June 10, 1969.....................6.10 250 Bonds: July 10,1969.......................Si/, 250 Nov. 15, 1985...................4.40 50 Dec. 12, 1969.......................6 550 Federal land banks July 1, 1986.....................4% 50 Apr. 10, 1970.......................444 142 Bonds: Feb. 1, 1987.....................4>/i 45 Sept. 10, 1970.....................4 ft 119 Feb. 15, 1967-72................444 72 May 15, 1992..................5.70 70 Oct. 13, 1970.......................544 400 Oct. 1, 1967-70................444 75 Nov., 1992..........................644 60 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

A-34 FEDERAL FINANCE □ MARCH 1968 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Derivation of U.S. Government cash transactions Receipts from the public, Payments to the public, Net cash borrowing other than debt other than debt or repayment Period Net rects. Bu n d e g t et T f P u r l n u u d s s s t : g I L n o e t v s r t a s . : ­ 1 E r T e q o c u t t a s a l . s l 2 : Budget f T u P n r l u u d s s s : t J A m L d e e j n u s t s s s : t 4 ­ E p T q a o u y t a t a s ls l . : pa o y r ts . C (d d h i e a i r n e b n c g t t e a I g n L e v e b n e s y . s s t : & , L N c e a o s s n s h : ­ Eq N u e a t ls: & agen.) trusts debt Cal. year—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 1967............ 117,708 45,861 6,581 156,300 131,698 38,654 6,779 163,572 -7,272 14,967 7,248 -103 7,822 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......... 115,849 44,640 6,056 153,596 125,718 34,510 5,085 155,142 -1,546 6,734 10,852 -314 -3,804 ► 1967... ... ............. 149,591 ............. 158,414 -8,823 10,391 6,840 ............. 3,551 Half year: 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....... 66,664 25,330 3,643 87,915 61,655 16,883 3,480 75,057 12,858 -4,308 7,482 -527 -11 ,263 July-Dec......... 51,044 20,531 2,938 68,385 70,043 21,771 3,299 88,515 -20,130 19,275 -234 424 19,085 ► July-Dec.... .. ............. 67,292 86,809 -19,517 20,630 1,633 .......1..8..,.9.98 Month: 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 M ay............... 6,289 5,367 303 11,295 10,915 2,897 -634 14,445 -3,150 3,372 4,213 -25 -816 June............... 18,304 5,262 1 ,982 21,501 10,131 3,443 812 12,762 8,739 -4,971 1 ,344 -HO -6,206 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 Nov................. 7,529 4,067 541 11,032 11,730 3,361 - 111 15,202 -4,170 4,733 292 102 4,339 Dec................. 10,616 3,003 861 12,734 10,084 4,262 912 13,434 -699 -14 -350 83 252 ► 1968—Jan.................. ............ 12,237 ............. 15,471 -3,233 3,044 -919 ............. 3,963 Effects of operations on Treasurer’s account Net operating transactions Net financing transactions ca C sh h a b n a g la e n c in e s Tre (e a n su d re o r f ’ s p e a r c i c o o d u ) nt Period Agencies & trusts Change Operating bal. s B u u r d p g lu e s t Trust Clearing gr i o n s s Held Treas­ Other de o fi r c it funds 3 accounts is M s s a u e o a c r f k . n 3 e ce t i I n G n s e v o U c e v . . s S t 3 t , , . p d d u ir e b e b l c i t c t T o r u e t a s s id u e ry a u cc re o r u ’ n s t Balance B F a . n R k . s a l T a o c n a a c d t n x s . as n s e e t t s Fiscal year'—1964........ -8,226 1,446 948 1,880 -2,775 5,853 206 -1,080 11,036 939 9,180 917 1965........ -3,435 1,410 -804 1,372 -2,356 5,561 174 1,575 12,610 672 10,689 1,249 1966........ -2,251 -12 -956 4,077 -3,562 2,633 132 -203 12,407 766 10,050 1,591 1967.. -9,869 10,130 -657 420 -10,852 6,314 135 -4,648 7,759 1 ,311 4,272 2,176 ► 1967........ -8,823 M14 3,596 -6,840 6,795 -210 -4,648 7,759 1 .31 I 4,272 2,1764 Half year: 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 1 967—Jan.-June....... 5,009 8,447 364 -1,210 -7,482 -3,098 284 1 ,748 7,759 1 ,311 4,272 2,176 July-Dec........ -19,000 -1,239 -63 833 234 18,442 -80 -713 7,046 1,123 4,329 1,594 ► July-Dec..... -19 517 5384 1,752 -1,633 18,878 578 -713 7,046 1,123 4,329 I ,5944 Month: 1967—Jan............. -601 -60 583 76 477 -450 -134 158 6,170 813 3,687 1,670 Feb................. -1,702 2,290 -123 -241 -1,649 756 89 -760 5,410 386 3,299 1,725 Mar................ -304 866 970 -462 -1,082 1 ,321 -101 1,411 6,821 828 4,430 1,563 Apr................ 4,070 1,061 907 -563 329 -3,145 595 2,064 8,884 1,360 5,415 2,109 May................ -4,626 2,471 -912 285 -4,213 3,087 -649 -3,259 5,626 574 3,469 1,583 June............... 8,173 1 ,819 -1,061 -304 -1,344 -4,667 483 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 5,213 -196 -944 6,607 1,051 3,937 1,619 Sept.............. -63 -19 1,060 -384 1,003 46 -87 1,729 8,336 778 5,808 1,750 Oct................. -4,707 -1,559 -34 452 432 4.606 -16 -794 7,542 697 5,171 1,674 Nov................ -4,201 706 -754 145 -292 4,588 133 59 7,601 1,581 4,407 1,613 Dec........ 532 -1,259 -33 413 350 -427 131 -555 7,046 1,123 4,329 1 ,594 ► 1968—Jan................. “3, 233 5877 1 ,434 919 1 ,610 -168 1,775 8,821 1,153 5,977 1,6914 ________ For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ FEDERAL FINANCE A-35 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Total W I i n th d ­ ividual Co ra r t p e o­ Total a L b n i a q d c u c t o o o r ­ H w ig a h y ­ Total F R a I . n C R d A . e U m n p - l . E a g s n t i a f d t t e C to u m s s ­ r m e a I p e n n n a t d . t y s ­ fu R n e d ­ s Other held Other Fiscal year—1964... 115,530 39,259 15,331 24,301 (3,950 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 (4,793 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 (3,398 5,888 4,037 25,527 21,243 3,773 3,094 1 ,811 2,303 7,256 3,472 1967... 153,596 50,521 18,850 34,918 14,114 6,156 4,652 32,857 28,700 3,657 3,014 I ,972 2,743 9,582 4,189 ► 1967... 149,591 50,521 18,850 34,918 14,114 6.156 4,652 33,616 28,752 3.658 3.014 1 ,972 1 ,805 9,58! 362 « Half year: 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.. 87,915 25,880 14,867 22,873 7,352 3,051 2,339 19,068 16,731 2,088 I ,756 955 1 ,250 8,440 2,354 July-Dec... 68,385 27,192 4,150 11,345 7,146 3,344 2,253 14,629 13,056 1 ,333 1,350 1 ,034 I ,363 1 ,263 1 ,439 ► July-Dec... 67,292 27,192 4,150 11,345 7,146 3.344 2,253 15,312 13,325 1 ,337 1 .350 1 .034 957 1 .263 69-4 Month: 1967—Jan............ 11,251 3,674 3,075 823 1,147 496 340 1,808 1,6(5 146 269 160 219 115 191 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......... 21,501 4,204 3,071 9,328 1,293 606 348 2,698 2,614 50 196 176 233 847 1,149 July........... 8,938 3,843 264 946 1,241 523 369 2,129 1,977 104 207 160 197 261 212 Aug........... 11,766 5,164 211 642 1,125 487 463 3,981 3,319 620 308 178 189 257 225 Sept........... 15,176 4,236 2,864 4,032 1,088 539 355 2,270 2,144 92 199 163 189 195 330 Oct............ 8,739 4,171 298 913 1,222 600 345 1,489 1 ,406 40 234 179 223 180 190 Nov........... 11,032 5,302 162 588 1 ,311 666 383 3,076 2,625 409 193 193 213 197 191 Dec.......... 12,734 4,477 351 4,224 1,161 551 339 1,682 1 ,583 67 210 160 353 172 288 ► 1968—Jan............ 12,237 4,352 3,800 940 1,193 n.a. 366 1 ,857 1 ,598 ( 19 238 181 180 500 “4^ Cash payments to the public Period Total s t f i N e o d n e n a s ­ a ­ e l a I ff n a t i i r , s s S e p r a e a r ­ c c e h A t c u g u re r l­ i­ so N u u r r r e a a c ­ t e l ­ s t m C ra a e o n n r m s d c p e ­ . H c d in o e o g v m u e s & l l . . ­ la H w b e e o a lf r a l , t h r & e , Ed tio u n ca­ e V ra e n t s ­ In e t s e t r­ G e g r e o a v n l t ­ . Fiscal year—1964....... 120,332 54,514 3,837 4,171 5,416 2,774 6,545 1,674 27,191 1,299 6,107 8,011 2,221 1965....... 122,395 50,790 4,794 5,093 5,142 2,92t 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....... 155,142 71,843 4,413 5,426 4,159 3,522 7,102 -1 ,723 39,002 3,286 6,978 10,371 2,641 ► 1967........ 158,414 70,092 4,650 5,423 4,377 2,132 7,446 2.285 40,084 4,047 6,898 10,280 2,454^ Half year: 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 I ,801 18,192 1 ,755 3,475 4,627 1,386 1967—Jan.-June.... 75,056 37,996 1 ,955 2,570 523 1 ,518 2,731 -3,522 20,814 1 ,530 3,506 5,741 1 ,260 July-Dec...... 88,515 39,251 2,856 2,292 3,154 2,037 4,404 2,082 21 ,713 1 ,471 3,487 4,867 1 ,380 ► July—Dec...... 86,809 "38,748 ........< Month: 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 11 J89 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............. 12'762 6,286 381 427 -237 258 298 -114 3',407 293 462 700 231 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 Nov.............. 15^202 6,462 546 377 83 336 680 314 3,680 298 626 1 ,861 233 Dec............... 13,434 6,130 408 391 258 292 594 309 3,643 -52 465 '521 238 ► 1968—Jan................ 15,471 •7,164 .........4 > Data represent results of preliminary adjustment to new budget concepts 3 Includes net transactions of Govt.-sponsored enterprises. and may be revised later. See Feb. 1968 Treasury Bulletin, p. I. 4 Primarily (1) intragovt, transactions, (2) noncash debt, (3) clearing accounts. 1 Primarily interest payments by Treasury to trust accounts and accumu­ 5 Includes technical adjustments not allocated by functions. lations to U.S. employee trust funds. 2 Includes small adjustments not shown separately. Note.—'Based on Treasury Dept, and Bureau of the Budget data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-36 U.S. GOVERNMENT SECURITIES □ MARCH 1968 TOTAL DEBI, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 End of period d T g e r o o b t s t a s l 1 d d T g e i r o r o b e t s t a c s t l 2 Total Marketable C v ib e o l r e n t­ ­ Nonmarke S ta a b v l ­ e i S ss p u e e c s ia l 6 Total Bills Certifi­ Notes Bonds 4 bonds Total s ings cates bonds & notes 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 1960—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—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-—Feb................................... 330.1 329.6 274.2 219.2 65.9 5 9 48.4 99.1 2.6 52.3 50.9 51.5 Mar................................... 331.5 330.9 274.9 219.9 66.6 5.9 48.4 99.0 2.6 52.4 51.0 52.1 Apr................................... 328.3 327.8 272.2 217.1 64.1 5.9 48.1 99.0 2.6 52.5 51.1 51.6 May.......................... 331.4 330,9 271.8 216.7 64.1 5.6 49.1 97.9 2.6 52.6 51.1 55.2 326.7 326.2 266.1 210,7 58.5 5 6 49.1 97.4 2.6 52.9 51.2 56.2 July................................... 331.2 330,6 270.9 215.0 62.8 5.6 49.1 97.4 2.6 53.4 51.3 56.2 Aug.................................. 336.4 335.9 274.1 218.3 63.3 57.5 97.4 2.6 53.3 51.4 58.3 336.4 335.9 274.7 218.6 63.7 57.6 97.3 2.6 53,5 51 4 57 7 Oct.................................... 341.0 340.5 279.9 223,3 68.9 57.1 97.3 2.6 54.0 51.6 57.2 Nov................................... 345.6 345.1 284,2 226.1 69.5 61.4 95.3 2.6 55.6 51.7 57.4 345.2 344.7 284.0 226.5 69.9 61.4 95.2 2.6 54.9 51.7 57.2 1968—Jan.................................... 346.8 346.3 286.9 229.3 72.7 61.4 95.2 2.6 55.0 51.7 55.9 Feb.................................... 352.1 351.6 291.1 233.3 72.9 ........6..6....7 93.6 2.6 55.3 51.7 57.2 1 Includes non-interest-bearing debt (of which $260 million on Jan. 31* s Includes (not shown separately): depositary bonds, retirement plan 1968, 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 $18,773 million on Jan. 31, 1968. 6 Held only by U.S. Govt, agencies and trust funds. 4 Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds. Note.—Based on Daily Statement of U.S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public End of Total U.S. Individuals period g d r e o b ss t ag G t a e r o u n n v s c d i t t e , s B F a . n R k . s Total m C b e a o r n m c k ia s ­ l s M b a a u v n i t n u k g a s s l p I c n a a o n s n m c u ie e r ­ s ­ c r O a o t t r i h o p e n o r s ­ g S lo a o t c n a v a d t t s e l . Savings Other n F a i o n t a i r o t n e e n d i r g a ­ n l 1 i O m n to v t i r h s e s c e s . ­ r 2 funds bonds securities 1941—Dec............... 64.3 9.5 2.3 52,5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .4 5 1945—Dec............... 278.7 27.0 24.3 227.4 90.8 10.7 24.0 22.2 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 21J 48.1 20.1 15.9 13.3 1964—Dec............... 318.7 60.6 37.0 221.1 64.0 5.7 11.1 18.2 21.2 48.9 20.8 16.7 14.5 1965—Dec............... 321.4 61.9 40 8 218 7 60 8 5.4 10.4 15 8 22.9 49.6 22.5 16.7 14.7 1966—Dec............... 329.8 68.8 44.3 216 7 57 5 4 7 9 6 14.9 25.0 50.2 24’5 14.5 16 0 1967—Jan................ 329.4 68.2 43,5 217 7 57 8 4 5 9.5 14.7 24.8 50,1 24.7 14.0 17.4 Feb................ 330.1 69.6 44.0 216.6 57.4 4.6 9.3 14.7 25.0 50,3 24.3 14.1 16.9 331.5 70 7 44 9 215,9 58.1 4 5 9.2 14.1 25.1 50.4 23.7 14 5 16 4 Apr......... 328.3 70,4 45.5 212.5 57.2 4 3 9.0 12.9 25.2 50.5 22.3 15.0 16.1 May........ 331.4 74.6 46.1 210.8 56.4 4.3 9.0 13.6 25.1 50.5 21.4 15.0 15.4 326.7 75.8 46.7 204,2 55.5 4.2 8.7 11.1 25.0 50.6 20.4 14.7 14.1 July............... 331.2 75 5 46. 8 208,9 58 3 4.2 8.7 11 9 24.7 50.7 20.2 14.4 15.9 336.4 77.2 46.6 212.6 60.2 4.2 8.7 12.4 25.1 50.8 20.7 14.3 16.2 Sept............... 336,4 76.4 46.9 213.1 61.1 4.2 8.7 10.7 24.9 50.8 21.7 14.7 16.2 Oct.,............ 341.0 75.9 47,4 217.7 63.6 4.1 8.8 11.8 24.6 50.9 22.1 14.9 17.0 Nov............... 345.6 76.2 48.9 220.5 63.5 4.2 8.7 13.1 24.5 51.0 22.8 16.2 16.5 Dec............... 345.2 76.0 49.1 220 1 63.9 4.2 8.7 12.5 r25.1 51.1 r22.7 H5.8 f16.2 1968—Jan................ 346.8 74,7 49.1 223.0 63.0 4.1 8.6 13.8 25.4 51.1 23.3 15.4 18.2 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 n stitutions, and corporate pension funds. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ U.S. GOVERNMENT SECURITIES A-37 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and dale Total 1-5 5-10 10-20 Over years years years 20 years Total Bills Other All holders: 1964—Dec. 31.................................................... 212,454 88,451 56,476 31,974 64,007 36,421 6,108 17,467 1965—Dec. 31....................................................... 214,604 93,396 60,177 33,219 60,602 35,013 8,445 17,148 1966—Dec. 31....................................................... 218,025 105,218 64,684 40,534 59,446 28,005 8,433 16,923 1967—Dec. 31 ......................................... . 226,476 104,363 69,870 34,493 78,159 18,859 8,417 16,679 1968—Jan. 31....................................................... 229,285 107,199 72,706 34,493 78,157 18,859 8,416 16,654 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—Dec. 31 ............................................... 16,601 3,580 2,436 1,144 5,202 2,194 2,115 3,513 1968—Jan. 31............................................... 16,599 3,531 2,375 1 ,156 5,247 2,193 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—Dec. 31............................................... 49,112 31,484 16,041 15,443 16,215 858 178 377 1968—Jan. 31............................................... 49,092 31,433 15,934 15,499 16,247 853 178 382 Held by public: 1964—Dec. 31............................................... 163,264 65,331 48,682 16,650 48,021 31,477 4,487 13,948 1965—Dec. 31........................................... . 160,430 67,198 49,863 17,335 43,349 30,214 6,225 13,444 1966—Dec. 31............................................... 159,152 67,072 50,815 16,257 48,224 24,485 6,187 13,184 1967—Dec. 31............................................... 160,763 69,299 51,393 17,906 56,742 15,807 6,124 12,789 1968—Jan. 31........................................... 163,594 72,235 54,397 17,838 56,663 15,813 6,123 12,759 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—Dec. 31........................................ 52,194 18,451 10,415 8,036 26,370 6,386 485 502 1958—Jan. 31........................................ 51,485 17,825 10,046 7,779 26,226 6,452 480 502 Mutual savings banks: 1964—Dec. 31... .................................. 5,434 608 344 263 1,536 1,765 260 1,266 1965 Dec 31........................................ 5,24! 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—Dec. 3! ... .................................. 4,033 716 440 276 1,476 707 267 867 1968—Jan. 31....................................... 3,978 735 462 273 1,430 709 265 840 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—Dec. 31........................................ 7,360 815 440 375 2,056 914 1,175 2,400 1968—Jan. 31 .................................. . 7,327 827 452 375 2,037 914 1 ,158 2,392 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—Dec. 31.............................. .... 4,936 3,966 2,897 I .069 898 61 3 9 1968—Jan. 31........................................ 5,484 4,547 3,418 1,129 868 58 2 9 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—Dec. 31....................................... 4,575 1,255 718 537 1,767 811 281 461 1968—Jan. 31....................................... 4,694 1,359 825 534 1,787 804 282 462 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—Dec. 31....................................... 14,689 5,975 4,855 1 ,120 2,224 937 1 ,557 3,995 1968—Jan. 31....................................... 14,430 5,749 4,720 1 ,029 2,317 928 I ,522 3,915 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—Dec. 31........................................ 72,976 38,121 31,628 6,493 21,951 5,991 2,356 4,555 1968—Jan. 31....................................... 76,196 4! ,193 34,474 6,719 21,998 5,948 2,414 4,639 Note.—Direct public issues only. Based on Treasury Survey of about 90 per cent by the 5,863 commercial banks, 501 mutual savings Ownership. banks, and 760 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 504 State and local govts. ketable issues held by groups, the proportion held on latest date by those “A-ll 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

H-OO U.o. uwE.niNivir.n i oc^uniimo ^ ivimroh l^qo DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt, Period agency Total Dealers and brokers securities W 1 y it e h a in r y 1 ea -5 rs y 5 e - a 1 r 0 s 10 O y v e e a r r s U.S. Govt, Other m b C e a o r n m c k i s a ­ l o A th l e l r securities 1967—Jan............................... 2.265 1,827 r289 102 49 912 110 791 453 281 Feb.............................. 2,186 1'744 331 79 32 774 90 826 496 217 Mar............................. 2,434 2’,012 296 87 39 1,057 140 794 443 222 Apr.............................. 2'111 11738 262 82 28 '813 76 746 475 222 May.......................... 2'075 1,636 332 77 30 784 63 720 507 188 1'802 1,502 226 52 23 659 56 621 466 199 July............................. 21084 1,856 161 45 21 740 58 741 544 219 Aug............................. 1,884 1,578 243 33 30 662 60 662 500 159 Sept............................. 1 .’937 11705 177 30 24 715 52 711 459 200 2,168 1,941 150 43 33 795 66 841 465 202 Nov............................ 2,344 1,935 273 96 40 848 76 862 558 '243 Dec.............................. 2,797 2,351 291 94 63 1 ,079 90 1,028 600 214 1968—Jan............................... 2,919 2,545 263 64 48 1,160 91 1,051 618 304 Week ending— 1968—Jan. 3....................... r3 575 G.139 313 83 41 d ,409 125 '1,302 '745 241 10....................... 3’128 2,656 323 108 40 1,271 84 1,194 579 193 17....................... 2,883 2,463 276 72 72 1,151 96 1,019 616 ’■478 24....................... 2,568 2,271 208 32 56 990 75 857 645 '294 31....................... '2,796 '2,494 236 r38 28 1,150 87 '990 *■569 297 Feb. 7....................... 2,915 2,352 229 304 29 1,151 107 1,029 627 194 14....................... 2,919 2,458 314 121 26 1,114 75 1,045 686 164 21....................... 2,449 1,893 425 102 30 '897 73 966 513 318 28....................... 2,392 2,089 213 67 22 57 166 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 Govt, All Corpora­ All All Within 1-5 Over s a e g c e u n ri c ti y e s Period sources New Else­ tions 1 other maturities 1 year years 5 years York where City 1967—Jan........... 4,861 4,138 431 292 560 Feb.......... 4,442 3,527 681 235 467 1967—Jan............ 4,925 1,565 1,678 983 700 Mar......... 4'084 3'362 475 248 415 Feb............ 4’530 1,391 1,331 1,069 740 3'902 3'296 382 223 450 Mar.,........ 4’298 1,289 1,461 '825 723 May........ 3,375 2,503 744 129 371 Apr........... 4’162 11093 11576 829 664 June........ 2,869 2,389 406 74 314 3,612 '935 1,156 764 757 July......... 2,239 2,115 106 18 239 3,262 1,121 '984 665 492 Aug...... 2,903 2,564 312 26 265 July........... 2’147 '649 622 598 276 2,545 2,305 202 38 242 2,'717 835 734 868 280 2,880 2,837 22 20 379 2,669 1,010 873 582 204 Nov......... 3,109 21793 258 •■58 □ 12 Oct........ 2,660 844 688 744 383 Dec.......... 2,410 2,375 35 1 363 Nov........... 21863 650 640 1,176 397 '2,549 556 '482 1J44 '367 1968—Jan........... 3,404 3,310 114 -20 403 1968—Jan............ 3,209 1 ,003 816 944 446 Week ending— Week ending—• 1967—Dec. 6.. 2,808 '•2,791 14 r2 273 13. . 2,386 2,373 11 3 279 Dec. 6. .. 3,111 552 591 1,503 466 20. . 2,370 2,338 25 '6 398 13. 2,457 466 417 1 ,290 284 27.. r2,267 '2,210 60 '-4 473 20. 2,560 736 518 1 ,041 265 27... 2,162 420 397 979 367 1968—Jan. 3.. 2,568 2,467 112 -12 469 10.. 3.024 2.873 157 -6 374 1968—Jan. 3... 2,617 664 557 815 582 17.. 3,706 3,559 144 2 403 10. 3,002 1,025 760 878 339 24.. 3,261 3,227 64 -30 422 17. 3,349 1,154 809 887 498 31 . . 3,820 3,776 93 -48 390 24. 3,273 887 879 1 ,055 451 31 . .. 3,472 1 ,098 924 1 ,011 438 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 Note.—Averages of daily figures based on the number of calendar days clearly represent investments by the holders of the securities rather than in the period, Both bank and nonbank dealers are included. See also dealer trading positions. Note to the opposite table on this page. Average of daily figures based on number of trading days in the period. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ GOVERNMENT SECURITIES A-39 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, FEBRUARY 29, 1968 (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—Cent. Treasury notes—Cont. Treasury bonds—Cont. Mar. 7, 1968.. 2,501 July 31, 1968............. 1,501 Feb. 15, 1971.......5^ 2,509 Feb. 15, 1970.........4 4,381 Mar. 14, 1968., 2,501 Aug. 1, 1968................. 1 ,000 Apr. 1,1971........H/2 35 Aug. 15, 1970.........4 4,129 Mar. 21, 1968.. 2,507 Aug. 8, 1968................. 1 ,001 May 15, 1971........51/4 4,265 Aug. 15, 1971.........4 2,806 Mar. 22, 1968 f 2,003 Aug. 15, 1968................. J ,002 Oct. 1,1971........U/2 72 Nov. 15, 1971..........3/8 2,760 Mar. 28, 1968.. 2,502 Aug. 22,' 1968................. 1 ,000 Nov, 15, 1971........53/g 1 ,734 Feb, 15, 1972.........4 2,344 Mar. 31, 1968.. 1 ,400 Aug. 29, 1968................. 1 ,000 Feb. 15, 1972........4y4 2,006 Aug. 15, 1972.........4 2,579 Apr. 4, 1968.. 2,502 Aug. 3U 1968................. 1,501 Apr. 1,1972........l>/2 34 Aug. 15, 1973.........4 3,894 Apr. 11, 1968.. 2,503 Sept. 30,' 1968................. 1 ,500 May 15, 1972........4% 5,310 Nov. 15, 1973..........4% 4,353 Apr. 18, 1968.. 2,502 Oct. 3L 1968................. 1,502 Oct. 1, 1972........l>/2 11 Feb. 15, 1974..........4% 3,129 Apr. 22, 1968f. 3,507 Nov. 30’ 1968................. 1,501 Nov. 15, 1974. .... .534 1,652 May 15, 1974..........4^ 3,589 Apr, 25, 1968.. 2,504 Dec. 31' 1968................. 1 ,000 Feb. 15, 1975..........5% 5,146 Nov. 15, 1974..........3% 2,242 Apr. 30, 1968,. 1 ,402 Jan. 31,’ 1969................. 1 ,000 May 15, 1975-85.. .4% 1,216 May 2, 1968.. 2,500 Feb. 28' 1969................. 1 ,002 June 15, 1978-83... 3^ 1 ,570 May 9, 1968.. 2,502 Treasury bonds Feb. 15, 1980..........4 2,602 May 16, 1968.. 2,50! Treasury notes Dec. 15, 1963-68... 21/2 1,788 Nov. 15, 1980..........3/2 1,909 May 23, 1968.. 2,501 Apr. 1, 1968........I«4 212 June 15, 1964-69... 21/2 2,543 May 15, 1985..........3^ 1,117 May 31, 1968.. 4,004 May 15, 1968........4% 5,587 Dec. 15, 1964-69.. ,2y2 2,490 Aug. 15, 1987-92...4% 3,817 June 6, 1968.. 1 ,001 Aug. 15, 1968........4% 5,937 Mar. 15, 1965-70... 2^ 2,286 Feb. 15, 1988-93...4 249 June 13, 1968.. I ,000 Oct. 1,1968........li/2 115 Mar. 15, 1966-71. . ,2V2 1,224 May 15, 1989-94.. .4% I ,559 June 20, 1968.. 1 ,006 Nov. 15, 1968........51/4 8,984 June 15, 1967-72... 21/2 1,254 Feb. 15, 1990..........3yz 4,884 June 24, 1968f 5,534 Feb. 15, 1969........5% 10,738 Sept. 15, 1967-72.. .2(4 1,952 Feb. 15, 1995.........3 1,767 June 27, 1968.. 1 ,003 Apr. 1,1969........Ift 61 Dec. 15, 1967-72. . .2/2 2,622 Nov. 15, 1998..........3/2 4,359 June 30, 1968.. 1,501 May 15, 1969........5 % 4,277 May 15, 1968.......3% 2,460 July 5, 1968.. 1,001 Oct. 1,1969........G/2 159 Aug. 15, 1968.......3% 2,641 July 11, 1968.. 1 ,002 Apr. 1,1970........H/2 88 Nov. 15, 1968.......3% 1,159 Convertible bonds July 18, 1968.. 1 ,001 Oct. 1, 1970.. . ...D/z 113 Feb. 15, 1969.......4 3,728 Investment Series B July 25, 1968.. 1 ,002 Nov. 15, 1970..........5 7,675 Oct. 1,1969.........4 6,248 Apr. 1, 1975-80... 2 ^ 2,552 Note.—Direct public issues only. Based on Daily Statement of U.S. t Tax anticipation series. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds amount Period deliv­ Total G g o a e a b t n i l o l e i­ n r­ s R n e u v e e­ HAAt G l U o o a .S n v s . t, State S d s i p a s t e n a tr c d t i , i c a t l Other2 ered 3 Total c E a d tio u n ­ b R r a o id n a g d d e s s i U tie ti s l­ 4 H in o g u s s­ V a e a n t i s d e * r ­ O p p o t s u h e r e s ­ r auth. 1961 8,566 5,724 2,407 315 120 1 ,928 2,165 4,473 8,301 8,463 2,821 1,167 1,700 385 478 1,913 1962 8,845 5,582 2,681 437 145 1 ,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1963................ 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 ....2..,.3..6..9. 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 ri 1,405 6,804 3,955 325 312 2,590 4,110 4,695 n.a ri 1,303 3,738 1,476 1 ,880 533 3,667 1967,............... 14,653 8,905 4,937 477 334 2,842 4,780 7,028 n.a. 14,528 4,458 1 ,253 2,398 638 5,781 1966-—Nov.. .. 976 598 364 12 231 334 410 n.a 969 381 108 226 40 213 Dec..... 940 397 533 ....... 11 100 568 272 n.a 940 297 280 87 131 164 1967 r—Jan.... 1 ,487 943 518 27 397 331 759 n.a 1 ,482 408 219 163 1 691 Feb... 1 ,231 933 289 10 257 309 665 n.a 1,194 466 133 117 478 Mar.. . 1 ,455 841 460 117 37 231 548 676 n.a 1 ,439 427 123 339 126 423 Apr.. . 1,130 848 256 26 182 245 703 n.a 1,111 460 59 213 10 369 May. . 1 ,247 760 457 30 315 298 634 n.a 1 ,222 487 116 102 1 1 506 June.. 1 ,497 860 492 117 29 138 682 677 n.a 1,497 597 26 228 148 498 July... 950 665 246 39 186 260 504 n.a 943 314 36 192 7 394 Aug.. . 860 588 254 18 195 235 430 n.a 858 211 142 211 52 242 Sept... 1,334 560 648 105 21 246 588 500 n.a 1,324 328 184 250 HO 453 Oct.... 974 684 257 32 207 257 510 n.a 974 269 130 139 18 417 Nov.,. 1,425 766 617 43 335 549 541 n.a 1 ,424 224 43 319 9 830 Dec.. . 1,060 457 443 138 22 153 478 429 n.a 1 ,060 267 42 125 146 ........4..8..0 1 Only bonds sold pursuant to 1949 Housing Act, which are secured 5 Includes urban redevelopment loans. by contract requiring the Housing Assistance 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. Ioans. 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

A-40 SECURITY ISSUES □ MARCH 1968 TOTAL NEW ISSUES (In millions of dollars) Proposed use of net proceeds, Gross proceeds, all issues 1 all corporate issues 6 Noncorporate Corporate New capital Period Re­ 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 o P f l f i e c u r l b y e ­ d p v l a P a t c r e i e ­ ly d fe P rr 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 s h e r e ­ s r s m ri e t o e i c e f n u s ­ t I960.................. 27,541 7,90€ 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 12,252 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 8,59C 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 10,82/ 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 10,65€ 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 1967.................. 68,514 19,431 8,180 14,288 1 ,817 24,798 21,954 14,990 6,964 885 1 ,959 24,409 24,097 22,233 1,867 312 1966—Dec......... 3,277 373 239 923 81 1,661 1 .535 980 555 20 106 1,643 1,635 1,363 273 8 1967—Jan......... 5,091 494 1,251 1,450 211 1,684 .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 1.778 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 ,343 1,684 659 17 313 2,631 2,611 2,363 248 20 July........ r4,375 415 407 925 r39 r2,589 .,375 1,889 r486 85 130 2,546 2,457 2,181 275 89 Aug........ 10,625 6,458 250 840 596 2,481 :,231 1,813 418 105 144 2,440 2,406 2,184 222 34 Sept..... 4,218 362 599 1,273 220 1,763 ,549 902 647 41 173 1,732 1,723 1 ,581 142 10 Oct.r.... 4,609 422 708 991 78 2,409 1 ,940 1 ,375 566 231 238 2,367 2,289 2,120 168 79 Nov.r... 8,732 5,054 710 1 ,320 147 1,500 i,196 645 551 81 222 1 ,470 I ,467 1 ,305 163 3 Dec...... 4,483 371 612 1 ,093 22 2,385 2.107 I ,087 1 ,020 42 235 2,343 2,336 2,113 223 8 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o u a s nd 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 capita!8 secu­ rities rities rities rities rities rities 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 1967............................................. 10,774 111 2,211 47 2,016 22 4,741 I 77 1,955 1 2,399 5 1966—Dec................................... 673 4 93 266 4 409 152 42 1967—Jan.................................... 624 20 103 144 220 293 * 264 1 Feb................................... 563 72 * 140 274 105 244 Mar................................ 1,254 16 112 214 503 145 89 2 A M p a r y ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,1 5 2 8 8 8 7 1 1 9 0 4 2 4 1 1 0 9 0 9 1 4 3 0 9 3 4 17 1 1 9 0 1 7 1 1 4 0 1 0 * June.................................. 1,298 16 218 3 128 471 350 146 July.................................. 925 22 '■388 23 379 20 446 39 ’’277 Aug.............................. 1,229 10 95 3 99 i 509 19 356 119 2 Sept,................................. 637 5 285 3 150 265 200 184 Oct.r................................ 906 6 126 7 176 573 65 119 388 Nov.r............................... 512 1 207 2 88 404 82 174 « Dec.............................. 1,109 6 409 I 198 278 * 68 * 273 1 Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of flotation. number of units by offering price. 7 For plant and equipment and working capital. 2 Includes guaranteed issues. 8 All issues other than those for retirement of securities. 3 Issues not guaranteed. * 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

MARCH 1968 □ SECURITY ISSUES A-41 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire­ Net New Retire­ Net issues ments change issues ments change In c v o e s s .1 t, Other In c v o e s s .1 t, Other In c v o e s s .1 t, Other 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—111............... 5,534 1,756 3,777 3,732 943 2,789 1,271 531 490 323 781 207 IV............... 5,615 2,535 3,080 3,336 1,111 2,225 1 ,657 622 431 993 1,226 -371 1967—1................. 7,252 2,344 4,908 4,724 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 UI.............. 8,892 2,690 6,202 6,248 1 ,394 4,854 1 ,412 1,232 721 576 691 656 Type of issuer Manu­ Commercial Transpor­ Public Communi­ Real estate Period facturing and other 2 tation 3 utility cation and financial 4 & 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 & B o n n o d te s s Stocks 1962....................... 1 ,355 -242 294 -201 -85 -25 1,295 479 1,172 357 833 2,619 1963...................... 1 ,804 — 664 339 -352 316 -19 876 245 438 447 1,806 1,696 1964...................... 1 ,303 -516 507 -483 317 -30 1 ,408 476 458 1 ,699 2,644 2,753 1965...................... 2,606 -570 614 -70 185 - 1 1,342 96 644 518 2,707 3,440 1966....................... 4,324 32 616 -598 956 718 2,659 533 1,668 575 864 4,414 1966—III............... 1,198 58 143 -22 218 16 469 112 405 103 356 721 IV............... 736 -140 72 -553 224 26 755 136 465 147 -26 1,239 1967—I................. 1,489 52 130 -6 372 19 642 90 511 97 379 1,133 II................ 1,858 107 178 52 198 47 1,089 117 320 158 41 655 nr......... 2,253 403 425 35 402 45 867 168 594 92 345 611 1 Open-end and closed-end companies. exclude foreign and include offerings of open-end investment cos., sales of 2 Extractive and commercial and misc. companies. securities held by affiliated cos. or RFC, special offerings to employees, 3 Railroad and other transportation companies. and also new stock issues and cash proceeds connected with conversions 4 Includes investment companies. of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for Note.—Securities and Exchange Commission estimates of cash trans­ that purpose shown on opposite page. actions only. As contrasted with data shown on opposite page, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales 1 Re ti d o e n m s p­ s N al e e t s Total 2 po C s a it s io h n 3 Other Sales 1 Re ti d o e n m s p­ s N al e es t Total 2 po C s a it s io h n3 Other 1955 ............. 1,207 443 765 7,838 438 7,400 1967—Jan.... 391 183 209 37,230 2,869 34,361 1956............. 1^347 433 914 9,046 492 8,554 Feb... 298 179 120 38,034 2,866 35,168 1957 ............. 1,391 406 984 8,714 523 8,191 Mar. . 389 226 163 39,443 2,682 36,761 1958............. 1 ;620 51! 1 , 109 13,242 634 12’608 Apr... 358 214 144 41,191 2,666 38,525 May.. 357 258 99 39 ,'847 2,608 37,239 1959............. 2,280 786 1 ,494 15,818 860 14,958 June.. 375 225 150 40,795 2,503 38,292 1960............. 2^097 842 1,255 17,026 973 16,053 July... 425 222 203 43,064 2,515 40,549 1961............. 2'951 1,160 1,791 22'789 980 21,809 Aug... 347 249 98 42,663 2,370 40^293 1962............. 2; 699 1,123 1,576 21,271 1,315 19,956 Sept... 352 246 106 43,585 2,244 41 J41 Oct... 409 270 139 42,652 2,218 40,434 1963 ............. 2,460 1,504 952 25,214 1 ,341 23,873 Nov. . 468 231 237 43,262 2,653 40,609 1964............. 3'404 1'875 1 ,528 29Jt6 1'329 27'787 Dec... 501 242 259 44'701 2,566 42 J35 1965 ............. 4,359 11962 2,395 35,220 I '803 33'417 1966............. 4; 671 2,005 2,665 34,829 2,971 31,858 1968—Jan.... 556 316 240 42,466 2,679 39,787 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

A-42 BUSINESS FINANCE □ MARCH 1968 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 II III Manufacturing Total (177 corps.): Sales...................................... 136,545 147,380 158,253 177,237 196,136 46,601 47,695 49,850 46,202 52,389 48,585 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 6,920 2,062 1 ,570 1,754 1,631 1,965 1,670 1,701 1,721 Nondurable goods industries (78 corps.):1 Sales.............................................. 52,245 55,372 59,770 64,897 73,498 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 I ,343 1,327 Dividends.................................... 2,150 2,265 2,408 2,527 2,729 707 651 682 673 723 720 756 770 Durable goods industries (99 corps.):2 Sales...................................... 84,300 92,008 98,482 112,341 122,638 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 4,191 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..................................... 566 608 672 737 817 196 200 204 204 209 232 280 286 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 I ,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 2,529 Profits before taxes.................... 729 816 829 980 1,088 328 213 327 280 268 145 163 73 Profits after taxes....................... 572 651 694 816 902 276 172 259 227 244 121 143 78 Dividends.............................. 367 383 438 468 496 161 113 109 113 161 124 156 103 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 x 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 operat­ Railroads: Interstate Commerce Commission data for Class I line­ ing subsidiaries and the 2 affiliates. haul railroads. . All series: Profits before taxes are income after all charges and before Electric power: Federal Power Commission data for Class A and B Federal income taxes and dividends. electric utilities, except that quarterly figures on operating revenue and Back data available from the Division of Research and Statistics. profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ BUSINESS FINANCE A-43 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b ta e ro x fo e fi r s t e s c ta o I x n m e ­ s e P t a a r f o x te e fi s t r s d C d e a i n v s d i h ­ s tr U p ib r n o u d f t i i e t s s d ­ co c a n a t l i s l p o o u i n w t m a ­ l p ­ Quarter P b ta e ro x fo e fi r s t e s c ta o I x n m e ­ s e P t a a r f o x t e e fi s t r s d C d e a i n v s d i h ­ s tr U p ib r n o u d f t i i e t s s d ­ co c a t n a i l o s l p o u n i w t m a ­ l p ­ ances 1 ances 1 I960............. 49.7 23.0 26.7 13.4 13.2 24.9 1966—1. .. . 83.7 34.5 49.2 21.4 27.8 38.3 II.... 83.6 34.5 49.2 21.6 27.6 38.7 1961............. 50.3 23.1 27.2 13.8 13.5 26.2 III... 84.0 34.6 49.4 21.6 27.8 39.2 1962.............. 55.4 24.2 31.2 15.2 16.0 30.1 IV,.. 83.9 34.6 49.3 21.2 28.2 39.8 1963.............. 59.4 26.3 33.1 16.5 16.6 31.8 1964............. 66.8 28.3 38.4 17.8 20.6 33.9 1967—1. . . . 79.0 32.5 46.5 22,2 24.2 40.3 1965............. 76.6 31.4 45.2 19,8 25.4 36.5 II. . . 78.9 32.5 46.5 23.1 23.4 40.9 1966............. 83.8 34.5 49.3 21.5 27.8 39.0 III... 80.0 32.9 47.1 23.4 23.6 41.8 1967”............ 80.8 33.2 47.6 22.8 24.8 41,4 IV*.. 85.4 35.1 50.3 22.4 27.8 42.5 i Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates, CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts, Notes and accts, End of period working u. s. receivable payable Accrued capital Total Cash s G e o cu 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 .S vt . .1 Other taxes 1961............................. 148.8 304.6 40.7 19.2 3.4 133.3 95.2 12.9 155.8 1.8 110.0 14.2 29.8 1962............................. 155.6 326.5 43.7 19.6 3.7 144.2 100.7 14.7 170.9 2,0 119.1 15.2 34.5 1963 ............................ 163.5 351.7 46.5 20.2 3.6 156.8 107.0 17.8 188.2 2.5 130.4 16.5 38.7 1964............................. 170.0 372.2 47.3 18.6 3.4 169.9 113.5 19.6 202.2 2.7 140,3 17.0 42.2 1965 ............................ 180.1 406.6 49.7 16.5 3.9 187.9 125.7 22.9 226.5 3.1 158.0 18.8 1966—1........................ 182.7 412.1 47.3 16.7 3.9 190.8 129.2 24.3 229.3 3.3 158.3 18.9 48.8 II...................... 187.1 421.8 48.1 15.0 4.0 196.7 133.4 24.6 234.7 3.5 164.0 16.5 50.8 HI..................... 188.0 429.5 47.3 14.3 4.2 201.1 138.3 24.4 241.5 4.0 167.8 17.7 52.1 IV..................... 189.4 439.6 49.8 15.2 4.5 202.6 143,2 24.2 250.2 4.4 173.7 18.8 53.3 1967—1........................ 191.7 440.2 46.9 14.1 4.4 202.6 146.8 25.4 248.5 4.9 171.2 18.4 54.1 it...................... 192.8 441.1 47.4 11.3 4.6 204.9 147.9 24.9 248,2 5.4 174.6 12.5 55.7 in.................... 196.3 448.9 48.8 10.6 4.7 208.9 149,9 26.0 252.6 5.7 176.1 13.3 57.4 1 Receivables from, and payables to, the U.S. Govt, exclude amounts Note.—Securities and Exchange Commission estimates; excludes offset against each other on corporations’ books. banks, savings and loan assns., insurance companies, and investment companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Durable du N r o a n b ­ le Mining Railroad Other u P ti u li b ti l e ic s n C ic o a m ti m on u s ­ Other 1 a ( r n S a n t . u e A a ) . l 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 1967....................................... 61.66 13,70 13,00 1.42 1.53 3,88 9.88 5.91 12,74 1968 2.................................... 65.23 14.39 13.54 1.58 1.27 4.51 10.88 6.45 12.60 1966—1.................................. 12.77 2.87 2.74 .33 .40 .75 1.60 1.26 2.83 58.00 II................................. 15,29 3.51 3.27 .40 .55 1.00 2.09 1.42 3.06 60.10 in................................ 15,57 3.54 3.30 .37 .48 .82 2.36 1.36 3.33 61.25 IV................................ 17.00 4.07 3.68 .38 .55 .86 2.36 1.58 3.52 62.80 1967—1.................................. 13.59 3.08 3.02 .32 .41 .70 1.84 1.35 2.87 61,65 ................................. 15,61 3.46 3.34 .34 .41 1.12 2.46 1.49 2.99 61.50 HI............................... 15.40 3.33 3,15 .37 .35 .98 2.66 1.46 3.09 60.90 IV............................... 17.05 3,82 3.48 .39 .36 1.07 2.92 1.62 3.39 62,70 1968—1 2............................... 14.26 3.17 2.97 .35 .33 .92 2.25 27 64,80 II2.............................. 16.31 3.66 3.41 .41 .30 1.11 2.78 4.62 64.30 1 1 Includes trade, service, finance, and construction. Note.—Dept, of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corporate and noncorporate business, excluding agriculture. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

H-*w riCML LOIMIL UrtCUII u IVWKl/H 1^00 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other 1- to 4-family houses4 Multifamily and Mortgage End of holders2 commercial properties5 type 6 period h A e o r l s l d l ­ tu F i t n i c i n o i s a a n t l i n s ­ ­ 1 a U c g i . e e S s n . ­ v o i I a d t n h n u d e d a r i ­ l s s h A e o r l l s d l ­ tu F i t n i c i n o i s a a n t l i n s ­ ­ 1 O h e o t r h s ld e 3 ­ r h A e o r l l s d l ­ Total tu F in t in io s a n t n i­ 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 n ti n s ­ , 1 O h e o th r l s d e ­ r w u F V n r H i d A tt A 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 !%4r......... 300.3 241.0 11.4 47.8 18.9 7.0 11.9 281.3 197.7 170.5 27.2 83.6 63.5 20,1 77.2 204.1 1965 r......... 326.1 264.6 12.4 49.1 21.2 7.8 13.4 304.9 213.2 184,6 28.6 91.8 72.2 19.5 81.2 223.7 1966^......... 347.2 280.8 15.7 50.6 23.3 8.4 14.9 323.9 223.7 192.3 31,4 100.1 80.0 20,1 84.0 2.19.9 1967p......... 368.9 298.1 18.5 52.4 25.1 9.0 16 1 343.9 235.6 201,3 34.3 108.3 87.7 20.5 88.2 255.7 1966—P... 332.1 269,6 13.5 49.0 21.8 8.0 13.7 310.4 216.3 187.3 29.1 94.0 74.3 19.7 82, 1 228.3 IIP.. 338.7 274.7 14.4 49.6 22.5 8.2 14.2 316.2 219.8 189.9 29.9 96.5 76.6 19.9 82.6 233.6 Hl”.. 343.5 278.2 15.2 50.1 23.0 8.4 14.6 320.5 222.0 191,3 30.7 98,5 78.5 20,0 83.4 237.1 1V>\. 347,2 280.8 15.7 50,6 23.3 8.4 14.9 323.9 223.7 192,3 31.4 100.1 80.0 20.1 84.0 239.9 1967—I*... 350.6 283.2 16.4 51.0 23.7 8.5 15.2 326.9 225,2 193,2 32.0 101.7 81.5 20.2 84.4 242.5 IP.. 356,1 287.9 16.7 51.5 24.2 8.7 15,5 331.9 228.2 195.7 32.4 103.8 83.5 20.3 85.3 246.6 HIP . 362.4 292.9 17.5 52.0 24.6 8.9 15.8 337.7 231.9 198.6 33.3 105.8 85.4 20.4 86,4 251.3 368.9 298,1 18.5 52.4 25.1 9.0 16.1 343.9 235.6 201.3 34.3 108.3 87.7 20.5 88.2 255.7 i Commercial banks (including nondeposit trust companies but not 5 Derived figures; includes small amounts of farm loans held by trust depts,), mutual savings banks, life insurance companies, and savings savings and loan assns. and loan assns. 6 Data by type of mortgage on nonfarm 1- to 4-family properties alone 2 U.S. agencies are FNMA, FKA, VA, PHA, Farmers Home Admin., are shown on second page following. and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Other U.S. agencies (amounts small or current separate data not readily Note.—Based on data from Federal Deposit Insurance Corp., Federal available) included with “individuals and others.” Home Loan Bank Board, Institute of Life Insurance, Depts, of Agricul­ ture and Commerce, Federal National Mortgage Assn., Federal Housing 3 Derived figures; includes debt held by Federal land banks and farm Admin., Public Housing Admin,, Veterans Admin,, and Comptroller debt held by Farmers Home Admin. of the Currency. 4 For multifamily and total residential properties, see p. A-46, 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 rr n n - Farm Total Total FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ O n fa o th r n m e ­ r Farm sured anteed tional sured anteed tional 1941.............................. 4,906 3,292 1,048 566 4,812 3,884 900 28 1945.............................. 4,772 3^395 856 521 4,208 3,’387 797 24 1961.............................. 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,029 2,753 51 1962.............................. 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 1967............................ 58'230 36'801 7’, 287 2,429 27,085 18^029 3,400 50^395 44*767 15,378 12,039 17*350 5'577 51 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 .......5..2..,3..0..6......33'800 7,769 2,654 23'377 15,478 3,028 45'883 41'083 14,047 11346 15*690 4’747 53 in...................... 53^606 34'469 7’687 2'620 24'162 16,028 3,109 46'622 41,673 14,274 1 C413 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—j......................... 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 c16,970 3'274 48*893 43,526 14,947 11,768 16,811 5,316 51 HI............ 57'080 36,208 7'350 2,462 26,396 17,524 3 ’348 49'671 44,179 15'174 11,913 17,092 5*441 51 IV...................... 58,230 36,801 7,287 2,429 27,085 18,029 3,400 50,395 44,767 15,378 12,039 17,350 5,577 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 report data and data from Note.—Second and fourth quarters, Federal Deposit Insurance Corpo­ the 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

MARCH 1968 □ REAL ESTATE CREDIT A-45 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Non farm Nonfarm Period Total Total in F s H ur A e - d a g V n u t A c a e r - - d Other 1 Farm * Total Total in F s H ur A e - d a g n V u t A e a e r - ­ d Other Farm ....................................... 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 (967 7,478 6,859 1 '355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 3,400 1063............................................ 9'172 8,306 1 1598 678 6,030 866 50,544 46,752 10,756 6,401 29,595 3,792 1964. 10'433 9’386 1 ',812 674 6,900 1,047 55,152 50,848 ll',484 6>O3 32,961 4’304 1965. 11,137 9,'988 1,738 553 7’697 1'149 60^013 55,190 12,068 6,286 36336 4,823 1966. 10,217 9’,223 1 '300 467 7'456 '994 64;609 59,369 12,351 6,201 40,817 5,240 1 967............................................................. 81399 7,569 753 408 6,408 830 67,543 61 ,986 12,163 6,093 43,730 5 557 1966-—Dec r............................... 971 912 83 49 780 59 64,661 59,421 12,380 6,212 40,829 5,240 1967-—Jan.................................... 766 699 89 47 563 67 65,193 59,965 12,441 6,222 41,302 5,228 Feb..................... 684 617 75 32 510 67 65,503 60,259 12,'459 6,211 41 ,589 5,'244 Mar................................. 721 632 80 44 508 89 65,798 60,525 12,468 6,217 41,840 5,273 Apr........... 603 536 50 25 461 67 66,024 60'721 12349 6302 42,070 5'303 May.................................. 641 582 57 31 494 59 66,253 60,924 12',434 6,183 42,307 5'329 June........................... 643 569 60 31 478 74 66,414 61,038 12,397 6,163 42,478 5'376 July.................................. 563 506 36 27 443 57 66,324 60,920 12,311 6,161 42 348 5'404 Aug.................................. 676 618 68 32 518 58 66,506 61,073 12,289 6,144 42,640 5,433 Sept.......................... 688 631 62 36 533 57 66,701 611239 12,263 6,131 42,845 5 362 Oct.................... 675 623 68 40 515 52 66,884 61.401 12,236 6,124 43 341 5 383 Nov.................................. 662 603 50 30 523 59 67,097 61,595 12,214 6,112 43,269 5,502 Dec.................................. 1,077 953 58 33 862 124 67,595 62,038 12,192 6’, 104 43,742 5 357 1 Certain mortgage loans secured by land on. which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because (1) 1959 and with “other” nonfarm thereafter, These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and (2) data for year-end adjustments are more complete. Note.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Advances outstanding (end of period) Ad­ Repay­ Members’ New Period vances ments deposits Period Total 1 h c o o m n­ e H p o u m r­ e Total 2 F i H n A ­ - g V u A ar - ­ C ve o n n ­ ­ Total t S e h rm or t­ 1 t L e o rm ng ­ 2 struc­ chase sured anteed tional tion 1945...................... 278 2)3 195 176 19 46 1945.......... 1,913 181 1,358 5,376 1961...................... 2,882 2,220 2,662 1,447 1,216 1,180 1962...................... 4’111 3'294 3,479 2; 005 11474 1,213 1 1 19 9 9 6 6 6 3 2 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 1 4 0 7 , , , 7 7 3 3 5 6 5 4 4 5 5 7 , , , 0 0 9 8 3 7 1 9 9 7 9 8 , , , 2 9 5 0 2 2 7 0 4 9 7 6 0 8 8 , , , 9 7 8 4 7 3 0 4 4 4 4 4 , . 3 6 1 7 6 9 6 7 6 7 7 6 , , , 1 0 9 5 1 6 2 0 0 6 7 5 9 7 7 , , , 2 5 2 8 1 8 5 8 4 1 1 1 9 9 9 6 6 6 3 4 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5, , ' ' 5 6 O 6 0 O 1 5 7 4 4 5 , ' ' 2 0 3 9 2 3 6 5 5 4 5 5 , , ’ 7 3 9 2 8 9 5 4 7 2 2 3 1 , '0 8 8 7 4 63 6 4 2 2 1 1 1 '9 4 9 2 7 2 3 1 9 1 1 1 1 , 1 0 1 1 4 5 9 1 3 9 1 1 9 9 6 6 5 4 . . . . . . . . . . . . . . . . . . . . 2 2 3 4 , ,5 8 0 4 5 7 6 5 , , 5 9 1 2 5 2 1 1 0 0 , , 3 6 9 9 7 7 1 1 0 1 1 0 , , 3 3 3 0 3 6 5 4 , , 1 8 4 9 5 4 6 6 , , 6 3 8 9 3 8 9 89 8 , ’ 7 7 5 6 6 3 1 1 9 9 6 6 7 6 . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1 , , 8 5 0 27 4 2 4 , '0 8 7 6 6 6 6 4 , , 9 3 3 8 5 6 5 3 1 '9 0 8 0 5 6 11 4 9 0 2 1 9 1 1 , '4 0 3 3 2 6 1 1 9 9 6 6 6 7 . . . . . . . . . . . . . . . . . . . . 1 19 6 , , 8 7 9 2 1 0 4 3 , , 1 60 9 6 0 7 9 ' , , 5 7 0 4 5 6 1 1 1 2 4 1 ' ' 4 8 4 9 7 3 5 5, ’, 7 2 9 7 4 0 6 6 , , 1 3 5 5 8 6 1 10 0 9 3 , , 7 0 4 1 3 9 1967—J F a e n b . . . . . . . . . . . . . . . . . . . . . . . . . 22 49 4 8 5 1 8 8 9 6 5 , '8 3 0 4 0 0 4 4 , '7 8 3 1 0 4 1 1 , '0 5 7 2 0 6 1 1 , , 0 2 8 4 8 0 1967-J F a e n b . .. . 7 9 8 5 8 0 2 1 0 65 5 3 4 6 2 5 0 1 11 1 4 4 , , 3 2 9 2 5 9 5 5 , , 2 2 7 7 7 8 6 6 , , 1 14 4 1 4 1 1 0 0 2 2 , , 8 9 0 7 8 6 M Ap ar r . . .. . . . .. . .. . . . .. . 3 59 0 6 4 5 5 5 2 5 4 ' ' 1 7 7 8 5 2 4 3 , '9 2 7 6 6 2 '9 8 1 0 3 6 1 1 , 1 4 6 9 4 0 8 Mar.. 1 ,347 306 571 114,797 5,296 6,143 103,358 May.......... 59 420 4,421 3,776 644 11831 J A M u p a n r e y .. . . 2 1 1 , , , 1 7 3 6 3 3 2 9 8 4 4 3 3 1 0 5 2 0 1,0 5 7 4 8 7 6 6 9 1 1 1 1 1 1 5 5 6 , , , 2 9 9 3 0 4 3 9 4 5 5 5 , , , 3 3 3 2 6 8 1 5 4 6 6 6 , , , 1 1 1 4 2 6 1 7 9 1 1 1 0 0 0 5 3 4 , , , 3 7 4 9 7 1 1 1 7 J J A u u u n l g y e . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 8 9 3 9 3 4 2 2 2 7 0 0 8 4 2 4 4 4 , , , 2 3 1 2 0 5 1 2 3 3 3 3 , , '6 6 6 8 5 9 0 9 6 6 5 4 4 0 9 1 6 4 1 1 1 ' , , 5 9 3 2 2 4 1 3 5 J S O A u e u c l p g y t t . . . . . . . . 2 1 1 1 , , , , 2 9 8 9 7 2 6 5 1 8 0 0 3 4 3 4 8 1 8 2 1 3 2 4 1 1 , , 1 0 9 9 5 8 1 4 1 9 6 7 1 1 1 1 2 1 1 1 0 9 7 8 , , , , 3 5 6 6 6 7 2 7 2 6 9 4 5 5 5 5 , , , , 5 4 6 5 3 6 7 1 7 0 6 4 6 6 6 6 , , , , 2 1 2 2 8 5 2 9 7 3 8 2 1 1 1 1 0 0 0 0 8 6 6 7 , , , , 9 4 0 6 3 1 5 9 7 0 2 5 S O D N e e c o p c t v . t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 1 1 5 0 6 7 2 2 0 6 1 1 1 5 3 6 0 3 9 4 2 4 4 4 4 , , , , 1 1 3 1 2 8 8 1 2 8 6 4 3 3 3 3 1 , , , 9 6 7 6 8 9 4 81 5 3 2 4 4 3 40 8 9 3 1 5 3 0 1 1 1 1 1 , , , 4 3 3 3 3 1 4 2 7 2 7 3 Nov.. 1.801 388 856 121,127 5,714 6,336 109,077 Dec.. 1 ,759 380 780 121,893 5,794 6,356 109,743 1968—Jan............. 308 251 4,442 3,963 479 1,198 1968-Jan.p. 1303 297 669 122,115 5,782 6,401 109,932 i Secured or unsecured loans maturing in 1 year or less. * Secured loans, amortized quarterly, having maturities of more than 1 Includes loans for repairs, additions and alterations, refinancing, etc., I year but not more than 10 years. not shown separately. 2 Beginning with 1958, includes shares pledged against mortgage loans; Note.—Federal Home Loan Bank Board data. beginning with 1966, includes junior liens and real estate sold on contract; and beginning 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

A-46 REAL ESTATE CREDIT □ MARCH 1968 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NON-FARM 1- to 4-FAMILY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Government- Period Total h N om M ew e o s rtga h g is o E e t m i s x n e ­ g s e P c r ts o j­ 1 m p P e r e i r o m r o n t v y t p ­ s e ­ ­ 2 Total 3 h N om M ew e o s rtga h i g s o E e t m i s x n e ­ g s E p n e d ri o o d f Total Tota u l nd s F e u i H n r r w e ­ A d r - it te a n g n V u te A a e r - ­ d 1 t C i v o e o n n n a ­ ­ l 1945. 665 257 217 20 171 192 1945............... 18.6 4.3 4.1 .2 14.3 1 1 9 9 6 6 1 2 . . 7 6 , , 1 5 8 4 4 6 1 1 , , 7 8 8 4 3 9 2 3 , ,4 9 2 8 1 2 1,0 9 7 2 9 6 8 8 5 3 5 4 2 1 , , 6 8 5 2 2 9 1 1 , , 3 1 5 7 7 0 1,2 6 9 5 2 6 1 1 9 9 6 62 1 . . . . . . . . . . . . . . . .. . . . .. .. . . . 1 1 5 6 3 6 . . 1 5 6 59 2 . . 1 2 2 3 9 2 . . 5 3 2 2 9 9 . . 9 6 1 9 0 3 4 . .3 9 1963. 7,216 1,664 3,905 843 804 3,045 1,272 1,770 1963............... 182.2 65.9 35.0 30.9 116.3 1964. 8,130 1,608 4,965 895 663 2,846 1 ,023 1,821 1965. 8,689 1,705 5,760 591 634 2,652 876 1,774 1964............... H97.7 69.2 38.3 30.9 '128.5 1966. 7,320 1 ,729 4,366 583 641 2,600 980 1,618 1965................ '213.2 73.1 42.0 31.1 440.0 1967. 7,150 1,369 4,516 642 623 3,405 1,143 2,259 1966................ r223.7 76.0 44.8 31.2 447.8 1967............... 235.6 79.9 47.4 32.5 155.7 1967—Jan.. 449 116 263 26 44 214 100 113 Feb.. 364 91 210 32 31 169 77 91 ! 965—1.......... 200.7 70.0 39.0 31.1 430.7 Mar. 490 96 292 55 47 195 83 112 II......... r2O5.0 70.7 39.7 31.0 434.3 Apr. 440 89 270 41 40 184 70 114 Ill....... '209.2 72.0 40.9 31.1 437.2 May. 508 87 320 44 58 231 76 154 IV........ '213.2 73. 1 42.0 31 .1 4 40.0 June. 626 105 403 57 61 266 81 185 July. 595 103 399 36 58 296 82 214 1966—1.......... '216.3 74.1 43.0 31.1 442.2 Aug. 762 129 525 45 62 340 97 243 II......... '219.8 74.6 43.7 30.9 445.2 Sept. 758 129 514 58 56 352 101 251 Ill....... '222.0 75.4 44.4 31.0 446.6 Oct.. 817 150 515 88 64 434 125 310 IV........ '223.7 76.0 44. 8 31.2 447.8 D N e o c v . . . 7 5 4 9 6 4 1 1 4 2 9 4 4 3 7 3 1 4 7 9 2 0 5 4 3 7 3 3 8 4 3 0 1 12 2 7 4 2 2 5 1 5 7 1967—ip....2..2..5.2 76.4 45.2 31.2 148.8 IP....... 228.2 77.2 45.7 31.5 150.9 1968—Jan. 693 147 431 70 45 349 135 213 hp.. .. 231.9 78.3 46.6 31.7 153.7 rv?.... 235.6 79.9 47.4 32.5 155.7 i Monthly figures do not reflect mortgage amendments included in annual totals. 2 Not ordinarily secured by mortgages. 1 Includes outstanding amount of VA vendee 3 Includes a small amount of alteration and repair loans, not shown separately; only such accounts held by private investors under repurchase loans in amounts of more than $1,000 need be secured. agreement. rep N re o s t e e n .— t g F ro e s d s e r a a m l o H un o t u s o i f n in g s u A ra d n m .e i e n , w r a i n tt d e n; V V et A e - r g an u s a ra A n d te m ed in , l oa d n a s t , a . g ro F ss H a A m -i o n u s n u t r s e d o f l l o o a a n n s s FH N L o B t B e. — a F n o d r t F o . t R a . l d e e s b tim t a o te u s t . s tan F d o i r n g, c o f n ig v u e r n es ti on a a r l e , closed. Figures do not take into account principal repayments on previously insured or figures are derived. guaranteed loans. For VA-guaranteed loans, amounts by type arc derived from data on Based on data from Federal Home Loan Bank number and average amount of loans closed. Board, Federal Housing Admin., and Veterans Admin. FEDERAL NATIONAL MORTGAGE ASSOCIATION MORTGAGE DEBT OUTSTANDING ACTIVITY ON RESIDENTIAL PROPERTIES (In millions of dollars) (In billions of dollars) Mortgage holdings Mortgage AH residential Multifamily1 transactions Com­ End of ( p d e u r r io in d g ) m m en it t ­ s E pe n r d io o d f Finan­ Finan­ period Total F su i H n re ­ A d - a g n V u te A a e r - ­ d Pur­ Sales bu d u r i n s s e ­ ­ d Total tu in c ti i s o a t n l i ­ s h O ol t d h e e r r s Total tu in c ti s i o a t n l i ­ s h O ol t d h e e r r s chases 1941............... 24.2 14.9 9.4 5.8 3.6 2.2 1961.......................... 6,093 3,490 2,603 815 541 631 1945............... 24.3 15.7 8.6 5.7 3.5 2.2 1 1 9 9 6 6 2 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4 ^ ^ 9 6 2 5 3 0 ^3,5b7n1 2 1 , , 3 6 5 3 3 4 7 2 4 9 0 0 1,1 4 1 98 4 3 1 5 9 5 1 1961............... 176.0 143.0 33.0 23.0 14.8 8.2 1964.......................... 4'412 2’996 1'416 424 251 313 1962............... 192.5 157.9 34.6 25.8 17.5 8.3 1965.......................... 4'731 3,404 1’327 913 200 793 1963............... 211.2 176.7 34.5 29.0 20.7 8.3 1966.......................... 7,063 5^407 1,656 2,701 705 1967.......................... 8,870 6’, 803 2,066 2’, 260 12 1,672 1964............... '230.9 '195.3 '35.7 33.2 24.8 '8.5 1965............... r25O.O '213.1 '36.9 '36.8 28.5 '8.3 1967—Jan................. 7,216 5,522 1,694 181 695 1966”............. 263.3 223.2 40.0 39.5 30.9 8.6 Feb................ 7,331 5'615 1,716 144 641 1967”........... 278.1 235.0 43.1 42.5 33.7 8.8 Mar............... 7,415 5', 692 11723 119 I 706 Apr................ 7'461 5^740 1,721 78 1 744 1965—III. . .. '245.1 '208.7 '36.3 '35.9 r27.5 8.3 May......... 7'484 5*767 1,717 65 1 835 IV.. . . '250.0 ’’213.1 ■•36.9 '36.8 28.5 r8.3 June............... 7'524 5,811 1,713 88 6 1,104 July............... 7,624 5,890 11734 136 1 11333 1966—1»........ 254.1 216.6 37.6 37.8 29.3 8.5 Aug................ 7,872 6,076 11796 291 1 1,447 IP.... 258.3 219.9 38.4 38.6 30.0 8.6 Sept............... 8.105 6,249 1,856 272 1,473 IIP... 261.1 221.8 39.3 39.1 30.5 8.6 Oct.......... 8,371 6,441 1,930 307 1,535 IV’.... 263.3 223.2 40.1 39.5 30.9 8.6 Nov.............. 8,610 6'615 1,995 279 11676 Dec................ 8,870 6,803 2,066 299 1,672 1967—I’........ 265.4 224.7 40.7 40.2 31.6 8.7 IP.... 269.1 228.0 41.1 40.9 32.2 8.7 1968—Jan................. 9,220 7,052 2,168 388 .....1..,5..8..8 IIP... 273.5 231.6 41.9 41.6 32.9 8.6 IV”.... 278.1 235.0 43.1 42.5 33,7 8.8 Note.—Federal National Mortgage Assn, data, including mortgages subject to participation pool of Government Mortgage Liquidation 1 Structures of 5 or more units. For I- to 4-family mortgage debt see Trust, but excluding conventional mortgage loans acquired by FNMA second preceding page. from the RFC Mortgage Co., the Defense Homes Corp., the Public Housing Admin., and Community Facilities Admin. Note.—Based on data from same source as for “Mortgage Debt Out­ standing” table (second preceding page). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 a REAL ESTATE CREDIT A-47 TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period C c t ( r r e p a a o 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 r p ( a o e p ri a t n e c io n r t e ) / (t d h c p o o P h r l u l a u i a c s s r r . e e ­ s o ) f (th a d o L m o u o l o la s a u r . n n s o ) t f C c t ( r r e p a a o n e t c n e t r ) t ­ c F c h e ( e a p e n r e s g t r ) e & 1 s M (y a e t a u r r s i ) ty L c r p ( o a e p ri a t n e c io n t r e ) / (t d h c o o p P h u l r l a u i a s c s r r . e ­ e s o ) f (th d a o L o m u o ll o a s a u . r n s n o ) t f 1963...................... 5.84 .64 24.0 73.3 22.5 16.3 5.98 .60 19.2 70.8 17.8 12.6 1964...................... 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71,3 18.9 13.4 1965...................... 5.76 .54 24.8 74.1 24.7 18.1 5.89 .50 20.4 72.0 19.7 14.1 1966....................... 6.11 .69 24.4 72.8 26.4 19.0 6.24 .59 20.0 65.1 20.4 14,4 1967...................... 6.37 .94 24.1 73.8 26,8 19.8 6.41 .74 21.2 72.4 22.4 16.2 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........ 6.37 . 89 24.3 74.0 27.5 20.4 6.42 .77 21.2 72.7 22.3 16,2 Nov........ 6.37 .81 24.2 73.6 27.7 20.4 6.43 .75 21.5 72.6 23.6 17.1 Dec........... 6.41 .84 25.4 72.7 29.6 21.5 6.51 .83 23.1 73.1 25.2 18.4 1968--Jan.**...... 6.39 .89 25.5 73.1 29.9 21.9 6.56 .80 22.7 73.6 25.0 18.4 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. A-30. 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 but delinquent for— Loans in (thousands) mortgaged End of period fore­ structures) closure 90 days Total 30 days 60 days or more 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—i.................................. 27.9 .48 1967......................... 3.47 2.66 .54 .27 .32 I[,............................... 30.1 .52 ni.............................. 29.1 .50 1965—I.................... 2.94 2.06 .54 .34 .37 IV............................... 29.6 .50 H................... 3.00 2.18 .52 .30 .38 HI................. 3.20 2.30 .56 .34 .38 1966—I.................................. 28.8 .48 IV................. 3.29 2.40 .55 .34 .40 II................................ 30.8 .51 ni............................... 29.3 .48 1966—1.................... 3.02 2.13 .55 .34 .38 IV............................... 28.6 .46 ii................... 2.95 2.16 .49 .30 .38 in. 3.09 2.25 .52 .32 .36 1967—i.................................. 29.5 .48 iv................. 3.40 2.54 .54 .32 .36 1 [............................... 29.7 .48 Ill............................... 29.2 .47 1967—1.................... 3.04 2.17 .56 .31 .38 II................... 2.85 2.14 .45 .26 .34 Ill................. 3.15 2.36 .52 .27 .31 Note,—'Federal Home Loan Bank Board estimates of number IV................. 3.47 2.66 .54 .27 .32 of nonfarm mortgaged structures at end of period and of non­ farm properties acquired during period through foreclosure proceedings (excluding voluntary deeds in Heu of foreclosure and Note.—Mortgage Bankers Association of America data from reports on 1- defaults on real estate contracts). Data exclude Alaska and to 4-family FHA-insured, VA-guaranteed, and conventional mortgages held Hawaii. by more than 400 respondents, including mortgage bankers (chiefly), commercial banks, savings banks, and savings and loan associations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-48 CONSUMER CREDIT □ MARCH 1968 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b to e ile r ­ co O g p n o a s t o h u p d e m e s r r e r e a r n R l n o d i e a z m p n a a s t o i i o r 1 d n ­ Pe lo rs a o n n s al Total p S a l i o y n m a g n l e e s n ­ t a C c h co a u rg n e ts S c e re rv d ic it e 1939........................................ 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941........................................ 9,172 6'085 2'458 1 ’929 376 1,322 3,087 845 1 645 597 1945........................................ 5,665 2'462 ’455 ’816 182 I *009 3,203 746 1,612 845 1960........................................ 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3 360 1961...................................... 57’,678 43’,527 17,223 11’,857 3,191 11,256 14,151 5 136 5,324 3*691 1962...................................... 63 J 64 48,034 19,540 12,605 3,246 12^643 15*130 5 456 5,684 3 990 1963........................................ 70,461 54,158 22,433 13,856 3,405 14,464 16,303 6,117 5,871 4 315 1964....................................... 78’442 60’548 25 J 95 15’593 3’532 16^228 17,894 6 954 6,300 4*640 1965........................................ 87'884 68,565 28,843 17,693 3'675 18,354 19,319 7,682 6’746 4891 1966........................................ 94,786 74,656 30’961 19,834 3,751 20,110 20,130 7 844 7 144 5 142 1967........................................ 99,228 77,946 31,197 21’, 3 28 3’731 21^690 21 282 8 267 7 595 5*420 1967—Jan............................... 93,479 74,015 30,689 19,649 3,703 19,974 19,464 7 779 6,472 5 213 Feb.............................. 92,517 73'598 30,530 19,426 3*666 19,976 18,919 7*754 5,824 5 *341 92'519 73 ,’591 30'527 19,’369 3,648 20 ,’047 18 928 7 769 5 809 5 350 Apr............................. 93,089 73'840 30’635 19,376 3,636 20'193 19,249 7*890 5 923 5 ’ 436 93,917 74,290 30',852 19,442 3,670 20,326 19,627 8,017 6,231 5*379 June........................ 94,813 75’051 31’208 19’580 3,696 20*567 19,762 8,077 6,334 5*351 July............................. 95,115 75’348 31^364 19,607 3,711 20’666 19,767 8 100 6 346 5 321 Aug........................ 95^684 75’889 31 ;455 19*755 3 343 20^936 19 795 8 136 6,368 5 291 95,886 76^039 31,296 19*914 3*742 21,087 19 847 8*179 6 387 5 *281 96^094 76,223 31’237 20^042 3 346 21498 19 871 8 189 6 471 5 *211 96,802 76,680 31,217 20,340 3,748 21,375 20,122 8*237 6*614 5 *271 Dec................. 99 ,’228 77,946 31J197 21 328 3,731 211690 21,282 8*267 7 595 5 *420 1968—Jan............................... 98,225 77,467 31,061 21,097 3,678 21,631 20,758 8,288 6,970 5,500 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.” Ioans. For back figures and description of the data, see “Consumer Credit,” Section 16 (New) of Supplement to Banking and Monetary Note,—Consumer credit estimates cover loans to individuals for house­ Statistics, 1965, and May 1966 Bulletin. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Total m C e o r m cia ­ l fi S na al n e c s e u C n r i e o d n i s t s C u o m n e ­ r Other 1 Total D m ep e a n r t t­ F t u u r r n e i­ A a p nc p e li ­ m A o u b to ile ­ Other banks cos. finance1 stores 2 stores stores dealers 3 1939 ............................. 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941............................ 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945............................ 2,462 1 ’776 '745 300 102 629 686 131 240 17 28 270 1960............................. 42,832 37,218 16,672 11,472 3,923 3,670 1,481 5,615 2 414 1,107 333 359 1,402 1961............................. 43*527 37,935 17'008 11J 273 4,330 3'799 1,525 5,595 2,421 1,058 293 342 1 481 1962............................. 48*034 41,782 19,005 12J94 4,902 4*131 1 '550 6,252 301 3 1,073 294 345 1 527 1963............................. 54,158 47,405 22,023 13,523 5,622 4,590 1,647 6,753 3 427 1 086 287 328 I 625 1964............................. 60,548 53,141 25*094 14,762 6,458 5,078 1,749 7,407 3’922 1’152 286 370 1 ’677 1965............................. 68,565 60,273 29,173 16,138 7,512 5,606 1,844 8'292 4 488 1 235 302 447 1 820 1966............................. 74,656 65,565 32,155 16,936 8*549 6,014 1,911 9'091 n.a 490 1967............................. 77 946 68 273 33 992 16 851 9 169 6',294 1 967 9 673 n a 506 1967—Jan.................... 74,015 65,162 32,033 16,814 8,443 5,969 1,903 8,853 488 Feb................... 73^598 64,966 31^967 16,696 8,429 5,965 1,909 8,632 n 3, 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 486 n.a. Apr.................. 73,840 65,298 32,299 16,590 8,561 5’951 1’897 8,542 n a n.a. n.a 490 n.a. May.................. 74,290 65,733 32,560 16,615 8,665 5'947 1,946 8’557 n a. n a 494 n.a. June.......... 75,051 66^452 32^966 16,721 8,826 5,995 1,944 8,599 n a n.a n a 502 n.a. July................... 75,348 66,781 33,235 16,747 8,864 6,009 1,926 8,567 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 508 76,039 67 376 33,637 16 701 9,026 6,067 1 945 8,663 n a 507 Oct.................... 76,223 67 513 33,723 16,698 9 054 6,086 1,952 8,710 n a n.a n.a 506 n.a. 76,680 67,763 33^819 16,722 9,113 6,138 1,971 8,917 506 n.a. Dec........... 77,946 68*273 33*992 16,851 9,169 6,294 1,967 9,673 n.a. n.a. n a. 506 n.a. 1968—Jan.................... 77,467 68,076 34,017 16,775 9,063 6,251 1,970 9,391 n.a. n.a. n.a. 504 n.a. 1 Consumer finance companies included with “other” financial insti- 3 Automobile paper only; other instalment credit held by automobile tutions until 1950. dealers is included with “other” retail outlets. 2 Includes mail-order houses. See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ CONSUMER CREDIT A-49 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Automobile Repair End of period Total paper s O c u t o m h n e e ­ r r m a o nd d ­ s P o e n r a ­ l Auto­ O c t o h n e ­ r R a e n p d a ir Per­ goods erniza­ loans End of period Total mobile sumer modern­ sonal ch P a u s r e ­ d Direct paper lo ti a o n n s paper g p o a o p d e s r iz lo a a ti n o s n loans 1939........................ 1,079 237 178 166 135 363 1939............................... 1,197 878 115 148 56 1941........................ 1,726 447 338 309 161 471 1941............................... 1,797 1,363 167 201 66 1945........................ '745 66 143 114 110 312 1945............................... '300 ' 164 24 58 54 I960,,.,................. 16,672 5,316 2,820 2,759 2,200 3,577 1960............................... 11,472 7,528 2,739 139 1 066 1961........................ 17,008 5’391 2,860 2'761 2J98 3,798 1961................................ 11,273 6’811 3,100 161 t 201 1962....................... 19'005 6’184 3*451 2^824 2^261 4,285 1962............................... 12,194 7,449 3,123 170 1,452 1963........................ 22,023 7,381 4,102 3,213 2,377 4,950 1963............................... 13,523 8,228 3,383 158 1,754 1964........................ 25*094 8'691 4,734 3’,670 2',457 5^542 1964............................... 14'762 8,701 3,889 142 2,030 1965........................ 29'173 10'310 5^721 4,266 2'543 6^333 1965 ............................... 16'138 9,241 4,429 123 2,345 1966........................ 32’155 11,370 6,'165 5,101 2,567 6,952 1966.............................. 16,936 9*391 4*829 110 2*606 1967.................. 33,992 11,400 6*, 569 5,808 2',523 7'692 1967 .............................. 16,851 8^959 5,017 103 2', 772 1967—Jan............... 32,033 11,267 6,148 5,176 2,532 6,910 1967—Jan...................... 16,814 9,285 4,817 109 2,603 Feb.............. 31,'967 11,214 6; 121 5’218 2^502 6,912 Feb..................... 16,696 9,215 4,773 107 2,601 Mar.............. 32,068 11,234 6'153 5'242 2'486 6,953 Mar.................... 16,593 9,'139 4*744 105 2,605 Apr.............. 32'299 11’256 6,217 5,292 2,478 7,056 Apr..................... 16'590 9,128 4'749 104 2,609 May....... 32’560 11'313 6,307 5,342 2’489 7,109 May............ 16,615 9,150 4’751 105 2,609 32,966 11*414 6'402 5,431 2’505 7,214 June.................. 16,721 9,238 4*761 106 2,616 July.............. 33,235 11*489 6'451 5'500 2^519 7^276 July.................... 16,’747 9,252 4 752 108 2*635 33’536 11,538 6,494 5'556 2^536 7,412 Aug..................... 16'755 9'200 4*781 107 2’667 Sept,....... 33,637 11,497 6,'490 5,619 2’538 7,493 Sept............ 16,701 9,079 4,824 107 2,691 Oct.............. 33,723 11,463 6^515 5^656 2^539 7,550 Oct...................... 16,698 9,024 4,863 107 2,704 Nov........ 33,819 11,428 6,545 5,696 2,534 7,616 Nov.................... 16,722 8,990 4,907 105 2^720 Dec.............. 33,992 11,400 6,569 5,808 2,523 7,692 Dec.................... 16,851 8,959 5 ,017 103 2^772 1968—Jan............... 34,017 11,364 6,600 5,850 2,482 7,721 1968—Jan...................... 16,775 8,873 5,032 98 2,772 See Note to first table on previous page. See Note to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single­ Other Repair payment Charge accounts Auto­ con­ and Per­ loans End of period Total mobile sumer modern­ sonal 1 1 9 9 4 3 1 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 9 8 5 9 7 pap 1 e 8 2 r 1 2 g p o a o p d e 3 2 s r 6 4 iz lo a a ti n o 1 1 s n 5 4 loa 6 7 n 6 8 s 9 5 End of period Total C b m c a o i n e a m k r l ­ s ­ t O f u i i n c n t t i s i h o a a t e n n l i ­ r s ­ s m p t D o a e r e r e n t ­ s ­ t 1 o O r u e t t h t le a e t i r l s C ca re rd d s i 2 t S c e r r e v d ic it e 1945............................... 731 54 20 14 643 I960............................... 9,074 1,665 771 800 5,837 1939............. 2,719 625 162 236 1,178 518 1961............................... 9,654 1'819 743 832 6^257 1941............. 3,087 693 152 275 1*370 597 1962............................... 10,583 2JU 751 815 6'906 1945............. 3,203 674 72 290 1’322 845 1963............................... 11,859 2,394 835 870 7,760 1960............. 13,196 3,884 ' 623 941 3,952 436 3,360 1964............................... 13*285 2’699 997 933 8*656 1961............. 14*151 4'413 723 948 3'907 469 3^691 1965............................... 14*962 3*124 1 ,153 1 ,009 9*676 1962............. 15,130 4,690 766 927 4'252 505 3,990 1966.............................. 16,474 3,545 1,303 1 *074 10,552 1967.............................. 17*430 3,763 1 ’336 1 ’,105 11',226 1963.............. 16,303 5,205 912 895 4,456 520 4,315 1964............. 17*894 5,950 1,004 909 4^756 635 4,640 1967—Jan..................... 16,315 3,501 1,291 1,062 10,461 1965 ............. 19,319 6^587 1^95 968 5^055 723 4'891 Feb..................... 16,303 3,495 1,288 1 *057 10'463 1966............. 20,130 6,714 1,130 n.a. n.a, 874 5,142 Mar.................... 16,345 3^515 1,284 1,057 10'489 1967............. 21,282 7,064 1 ,203 n.a. n.a. 1,054 5,420 Apr.................... 16’409 3*544 1,283 1,054 10,528 May.................. 16,558 3^588 1,286 1,076 10,608 1967—Jan.... 19,464 6,659 1,120 n.a. n.a. 908 5,213 June................... 16'765 3*652 1’291 1 *085 10’737 Feb... 18,919 6,634 1,120 n.a. n.a. 895 5,341 July.................... 16',799 3'666 1*294 1,084 10J55 Mar... 18,928 6,647 1,122 n.a. n.a. 898 5,350 Aug.................. 16,982 3,715 1,310 1'100 10*857 Apr... 19,249 6,758 1,132 n.a. n.a. 922 5,436 Sept.................... 17,038 3*723 1,315 1 '097 10,903 May.. 19,627 6,848 1,169 n.a. n.a. 939 5,379 Oct................ 17,092 3,729 1,319 1,100 10,944 June,. 19,762 6,902 1,175 n.a. n.a. 965 5,351 Nov.................... 17,222 3,748 1 ,326 1,109 11,039 July... 19,767 6,927 1,173 n.a. n.a. 1,024 5,321 Dec..................... 17’430 3^763 1^36 1,105 11,226 Aug... 19,795 6,950 1,186 n.a. n.a. 1,057 5,291 Sept... 19,847 6,994 1,185 n.a. n.a. 1,083 5,281 1968—Jan...................... 17,284 3,720 1,328 1,098 11,138 Oct. .. 19,871 7,001 1,188 n.a. n.a. 1,056 5,211 Nov... 20,122 7,034 1,203 n.a. n.a. 1,046 5,271 Dec... 21,282 7,064 1,203 n.a. n.a. 1,054 5,420 Note.—Institutions represented are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings and 1968—Jan.... 20,758 7,075 1,213 n.a. n.a. 1,081 5,500 loan assns., and other lending institutions holding consumer instalment loans. See also Note to first table on previous page. i Includes mail-order houses. 2 Service station and miscellaneous credit-card accounts and home­ heating-oil accounts. See also Note to first table on previous page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-50 CONSUMER CREDIT a MARCH 1968 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 r e n p iz a a ir ti o a n n d lo ans Personal loans Period S.A.l N.S.A. S.A. l N.S.A. S.A.l N.S.A. S.A.l N.S.A. S.A.l N.S.A. Extensions 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 1967....................................... 81,263 27^221 25’,787 2’,076 26', 179 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 6,510 6,641 2’ 199 2'350 2,049 1 ’985 169 159 2'093 2 147 Apr............................ 6,606 6,495 2,217 2,294 2,095 1,927 170 163 2,124 2 Jll 6,554 7,062 2,238 2’559 2,032 2,074 180 219 2’104 2’210 June............................ 6,823 7,458 2,338 2,678 2,081 2 J55 190 215 2,214 2^410 July............................ 6,776 6,859 2,266 2^396 2 147 2,071 175 191 2’188 2,201 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 6,912 2,321 2,355 2,165 2^215 171 178 2,285 2,164 Nov................... 7,032 7,032 2^305 2,222 2*242 2,375 180 178 2,305 2,257 Dec.............................. 7 035 7,829 2,306 2,094 2,321 3’088 169 141 2,239 2 506 1968—Jan............................... 7,089 6,363 2,437 2,178 2,223 1,992 165 132 2,264 2,061 Repayments tQ61..................................................... 47,700 16,472 14,246 2,015 14,967 1962....................................... 50 ,'620 ................. 17378 •.......1..4..'9..3..9 ................. 1,996 ................. 16,206 1963. 55,171 19,400 15,850 2,038 17,883 1964. 61,121 21,676 17,737 2,078 19,630 1965. 67,495 24,267 19,355 2,096 21,777 1966. 72,805 26,373 21,361 2,060 23,011 1967. 77,973 • • .............. 26,985 ......2..4..,.2..9..3.. 2,096 ................. 24,599 1967--Jan.............................. 6,221 6,315 2,202 2,195 1,882 1,993 167 168 1,970 1,959 Feb.............................. 6,281 5,905 2,217 2,075 1,915 1,878 176 163 1,973 1,789 Mar............................. 6,246 6,648 2,193 2,353 1,899 2,042 170 177 1,984 2,076 Apr.............................. 6,393 6,246 2,235 2,186 1,968 1,920 179 175 2,011 1,965 May............................ 6,361 6,612 2,219 2,342 1,948 2,008 178 185 2,016 2,077 June............................ 6,531 6,697 2,281 2,322 1,995 2,017 184 189 2,071 2,169 July............................. 6,551 6,562 2,228 2,240 2,074 2,044 175 176 2,074 2,102 Aug............................. 6,585 6,682 2,240 2,301 2,079 2,081 171 178 2,095 2,122 Sept............................. 6,689 6,440 2,280 2,201 2,106 2,046 178 177 2,125 2,016 Oct.............................. 6,631 6,728 2,301 2,414 2,093 2,087 170 174 2,067 2,053 Nov........................... 6,614 6,575 2,240 2,242 2,105 2,077 177 176 2,092 2,080 Dec............................. 6,652 6,563 2,250 2,114 2,167 2,100 167 158 2,068 2,191 1968-—Jan............................... 6,691 6,842 2,302 2,314 2,088 2,223 183 185 2,118 2,120 Net change in credit outstanding 2 1961 696 -465 332 53 777 1962. 4,506 2,318 746 .............5..5.. ................. 1,388 1963. 6,124 2,892 1,252 160 1,820 1964. 6,384 2,759 1,736 126 1,763 1965. 8,013 3,647 2,099 142 2,125 1966. 6,091 2,118 2,141 76 1,756 1967 3,290 236 1,494 — 20 1,580 1967-—Jan..................... 280 -641 38 -272 149 -185 -10 -48 103 -136 Feb.............................. 216 -417 -40 -159 184 -223 -7 -37 79 2 Mar............................ 264 -7 6 -3 150 -57 -1 -18 109 71 Apr.............................. 213 249 -18 108 127 7 -9 -12 113 146 May............................ 193 450 19 217 84 66 2 34 88 133 June............................ 292 761 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 Nov............................. 418 457 65 -20 137 298 3 2 213 177 Dec.............................. 383 1,266 56 -20 154 988 2 -17 171 315 1968-—Jan.............................. 398 -479 135 -136 135 -231 -18 -53 146 -59 1 Includes adjustments for differences in trading days. sales of instalment paper, and certain other transactions may increase 2 Net changes in credit outstanding are equal to extensions less repay­ the amount of extensions and repayments without affecting the amount ments. outstanding. , For back figures and description of the data, see “Consumer Credit,” Note.—Estimates are based on accounting records and often include Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, financing charges. Renewals and refinancing of loans, purchases and and May 1966 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ CONSUMER CREDIT A-51 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 es ce Ot i h n e s r ti t f u in ti a o n n c s ial Retail outlets Period S.A.' N.S.A. S.A.i N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1961. . ............................... 48,396 17,711 10,667 12,282 7,736 1962....................................... 55,126 20’474 11,999 131525 9,128 1963........................................ 61,295 23,344 12,664 14,894 10,393 1964.............................. 671505 25’950 14,020 161251 111284 1965....................................... 751508 29’738 151075 18J20 12’, 575 1966....................................... 78’896 31'114 141951 181986 13,'845 1967........................................ 81,263 32'314 14,675 191633 14,641 1967—Jan............................... 6,501 5,674 2,588 2,348 1,190 1,033 1,563 1,333 1,160 960 Feb.............................. 6,497 5’488 2,537 2,231 1,215 1,032 1577 1,349 1,168 876 Mar.............. 61510 6’641 2,558 2,'662 1'199 1229 1,598 11649 ! 1155 1,101 Apr....................... 6,606 6,495 2,631 2,688 1'212 1,168 1,589 11559 1,174 1,080 61554 7,062 2'577 2'891 1' 193 11278 1,614 11728 1 ,170 11165 June...................... 6,823 7’458 2,'698 3,004 1 1235 1,367 11697 11875 11193 1,212 July..................... 6’776 6'859 21738 2,857 1'200 11223 11601 1,627 11237 1,152 Aug................. 6,'929 7,223 21796 2^45 11203 1,260 11677 L775 11253 11243 Sept............................. 61973 6,590 2,828 2,636 1 ,206 1,142 1,675 1,588 1 ,264 1,224 Oct.............................. 6,942 6,912 2,767 2’, 769 11263 1,284 1,686 1,606 1,226 1,253 Nov............................ 7,032 7,032 2,785 2,633 11283 1,283 1,698 1,707 1,266 1,409 Dec.............................. 71035 71829 2'814 2; 650 11275 11376 1,656 11837 1,290 11966 1968—Jan.............................. 7,089 6,363 2,884 2,710 1,264 1,141 1,668 1,463 1,273 1,049 Repayments 1961....................................... 47,700 18,294 10,943 11,715 6,749 1962...................................... 50,620 18'468 111434 121593 81125 1963....................................... 55,171 20,326 12,211 13,618 9,016 1964....................................... 61,121 22,971 13,161 14,825 10,164 1965....................................... 67,’495 25'663 13,’699 161443 111690 1966....................................... 72,805 28’132 14,153 171474 13,046 1967................................. 77’,973 301477 14,760 181677 14,059 1967—Jan............................... 6,221 6,315 2,435 2,470 1,190 1,155 1,500 1,492 1,096 1,198 Feb.............................. 61281 51905 2,446 2,297 1,188 11150 1,510 1,361 1,137 11097 Mar............................ 6,246 61648 2’412 2,'561 1,187 1,332 1,540 1,607 1,107 1,148 Apr............................. 6,393 6,246 2,516 2,457 1,192 1,171 11536 11495 1,149 1,123 May....................... 6’361 6'612 2,483 2,630 11193 1 ,253 1,540 11579 1,145 1,150 June............................ 6,531 6'697 21548 2,598 1,234 1 ,261 11585 11668 1,164 1,170 July........................... 6'551 6,562 2'562 21588 11215 1,197 11564 11593 1,210 1,184 Aug............................. 6’585 6,682 2’566 21644 1,255 1,252 11578 11592 1,186 1,194 Sept............................. 6,689 6,440 2,616 2,535 1,252 1,196 1,615 1,532 1,206 1,177 Oct......................... 6,631 6,728 2,600 2,683 1,249 1,287 1 ,573 1,552 1,209 1,206 Nov................. 6,614 6’575 2,579 2,537 1,263 1,259 1,572 1,577 1,200 1,202 Dec.............................. 6'652 6,563 2,640 2,477 1,246 1,247 1,527 1,629 1,239 1,210 1968—Jan............................... 6,691 6,842 2,624 2,685 1,245 1,217 1,607 1,609 1,215 1,331 Net change in credit outstanding 2 1961....................................... 696 335 — 199 578 -20 1962.............................. 4,506 1,997 921 932 656 1963 ...................................... 6,124 3,018 1,329 1,276 501 1964....................................... 6,384 3'065 11239 1,426 654 1965 ...................... . 8,013 41075 11376 1,677 885 1966....................................... 6,091 21982 798 11512 799 1967....................................... 3 290 11837 -85 956 582 1967—Jan............................... 280 -641 153 -122 -122 63 -159 64 -238 Feb.............................. 216 -417 91 -66 27 -118 67 -12 31 -221 Mar,............................ 264 -7 146 101 12 -103 58 42 48 -47 Apr.............................. 213 249 115 231 20 -3 53 64 25 -43 May................ 193 450 94 261 25 74 149 25 15 292 761 150 406 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 Nov............................. 418 457 206 96 20 24 126 130 66 207 Dec............................. 383 1,266 174 173 29 129 129 208 51 756 1968—Jan............................... 398 -479 260 25 19 -76 61 -146 58 -282 1 Includes adjustments for differences in trading days. payments for some particular holders do not equal the changes in their 2 Net changes in credit outstanding are equal to extensions less repay- outstanding credit. Such transfers do not affect total instalment credit ments, except in certain months when data for extensions and repayments extended, repaid, or outstanding. have been adjusted to eliminate duplication resulting from large transfers See also Note to previous table. of paper. In those months the differences between extensions and re- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-52 INDUSTRIAL PRODUCTION: S.A. □ MARCH 1968 MARKET GROUPINGS (1957-59 - 100) 1957-59 1967 1967 1968 pro­ aver­ Grouping por­ age^ tion Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.r Dec,r Jan. Total index..................................... 100.00 158.0 158.2 156.6 156.4 156.5 155.6 155.6 156,6 158,1 156.8 156.9 159.5 162,0 161.2 Final products, total........................... 47.35 158.3 158.1 157.0 157.1 157.3 156.3 156.8 157.1 158.2 157.0 156.9 160.0 161.9 161.0 Consumer goods........................... 32.31 148,4 148.0 146,1 146.6 147.1 146.0 146,9 147,1 148.6 147,0 147,9 150.1 152,8 151 .3 Equipment, including defense.. . , 15.04 179.6 179.9 180.3 179.6 179.2 178.5 178.1 178,4 178.9 178,6 176.1 181,1 181,5 181.7 Materials........................................... 52.65 157.7 157.9 155.8 155.5 156.0 154.6 154.9 156.1 157.9 156,7 157,4 159.5 161.8 161.6 Consumer goods Automotive products......................... 3.21 149.1 147.0 135.7 144.6 151.3 145.8 151.2 155.2 161.1 142.1 145.2 152.4 170.0 164,1 Autos................................................. 1.82 145.7 141.3 120.5 136.5 149.6 149.9 156.0 160.7 163.7 133.4 135.3 144.5 175.1 163.2 Auto parts and allied products........ 1.39 153.6 154.4 155.7 155.3 153,6 140.5 144,8 148.0 157.8 153.6 158,2 162.9 163.3 165.2 Rome goods and apparel................... 10.00 149.9 152.8 149.5 147.9 145.9 144.1 143.9 144.0 147.9 148.7 149.9 152.7 152.4 152.2 Home goods...................................... 4.59 166.0 168.0 164.1 162,7 158.9 158,5 156,6 157.3 163.4 164.1 166.4 170.8 168,4 169,0 Appliances, TV, and radios.......... 1.81 159.5 160.5 156.9 152.9 144,2 143.8 138,6 143.3 155,0 155.9 162.9 168.4 158.7 161,0 Appliances................................ 1.33 163.1 158.9 154.8 151.3 149.4 147,0 149,7 152,2 153.9 153,7 164.2 168.7 160,8 167.6 TV and home radios................. .47 149.2 164.8 162.9 157.2 129.6 135.0 107,3 118,0 158.3 162.0 159.2 167.6 152,7 142.7 Furniture and rugs........................ 1.26 159.6 163.4 158.5 157.4 157.9 157.2 157.3 156,3 156.9 157,8 159,7 163.4 166,5 166.4 Miscellaneous home goods........... 1.52 179.0 180.7 177.3 178.6 177.1 177.1 177.3 174.8 178.8 179.0 176.1 179.6 181.4 180.6 Apparel, knit goods, and shoes..... 5.41 136.2 139.9 137.1 135,5 135,0 131.9 133.2 132,8 134.8 135.7 136,0 I 37.4 138,9 Consumer staples............................... 19.10 147.5 145.7 146.1 146.3 147.1 147.0 147.8 147.3 146.9 146.9 147.3 148.4 150.1 148.7 Processed foods. ............................... 8.43 130.0 130.4 130.2 129.6 129.6 130.3 130.2 129.0 129,8 129.7 129.5 129.5 130,5 129,2 Beverages and tobacco..................... 2.43 136.4 133.3 135.9 136.0 136,1 133,2 136.5 136.3 137.9 135,8 137.6 139,2 142,2 Drugs, soap, and toiletries.............. 2.97 183.0 179.2 180.5 181.2 182,4 182.3 182.7 184,0 178.0 179,8 181.6 183.1 184.3 184.5 Newspapers, magazines, and books. 1.47 140.1 141.5 142.3 142.3 143.6 142.5 141.4 142,1 140.9 136,2 134.8 135.7 138.5 137.4 Consumer fuel and lighting.............. 3.67 168.3 162.9 162.7 164.2 166.6 166.9 169.3 168,3 168.8 170.5 171.2 174.1 176,7 Fuel oil and gasoline..................... 1.20 132.5 125.5 125.7 128.0 131.9 130.5 135.9 131,3 130.7 138,5 138.1 135.4 137,5 132.5 Residential utilities........................ 2.46 185.7 181,2 180.8 181.9 183.5 184.6 185.6 186.4 187.4 186,0 187.4 192,9 195.8 Electricity................................... 1.72 199.8 194.4 193.9 195.4 197.3 198.6 199.5 200.4 201.6 199.5 201.4 209.1 213,0 Gas............................................. .74 Equipment Business equipment............................ 11.63 182.9 186.9 186.6 184,4 183.5 182.1 181.3 180.8 180.6 179.8 176.9 183.5 183.4 183.7 Industrial equipment........................ 6.85 170.3 177.3 176.8 174.1 172.1 169.1 169.0 169,0 166.8 166.6 162.3 170.4 168,9 168,0 Commercial equipment..................... 2,42 200.9 196,7 199.8 199,1 201.7 200.8 200.5 201.1 201 .9 200.3 199.0 200.9 204.7 204.0 Freight and passenger equipment. .. 1 .76 215.4 214.5 215.0 211.7 210.4 211.7 208.9 210,2 214,1 210.4 209.9 222,9 228.4 227,4 Farm equipment............................... .61 158.7 176.1 162.6 162.8 161.5 167.6 162.8 148.6 154.3 158,5 157.5 147.2 131,2 Defense equipment........................... 3.41 Materials Durable goods materials.................... 26.73 152.1 154.2 151.3 151.5 151.0 149.7 148.9 149,7 151.8 148.5 149.0 152.3 155.6 155.1 Consumer durable............................ 3.43 144.6 148.6 142.8 139.5 137,5 143.7 143,3 141.8 142,7 134,9 133.3 143,8 159,4 161,3 Equipment......................................... 7.84 184.5 190.6 186.5 185,6 183,2 180.9 179.6 181,2 186.3 184,7 184.1 186.0 184.9 184,1 Construction...................................... 9.17 140.1 138.9 139.2 139.7 139.2 137.1 137.2 138.1 139,0 140.0 139.3 140.9 144,0 142,6 Metal materials n.e.c......................... 6.29 133.5 139.7 140.3 135.6 133.9 130.0 130.1 132.4 129.8 125.1 128.6 132.2 139.0 138.7 Nondurable materials......................... 25.92 163.4 161.6 160.4 159.7 161.1 159.6 161.1 162,6 164.2 165.2 166.0 166.9 168.1 168.2 Business supplies............................... 9.11 152.2 152.6 151.0 150.0 153.4 150.1 151,3 150.9 151 .7 153.1 152.5 153,2 153.4 154.0 Containers.................................... 3.03 148.5 146.6 147.1 144.6 148.5 146.2 145.1 141.7 143.0 150.4 153.7 152,6 152.2 152,6 General business supplies............. 6.07 154.1 155.6 153.0 152,7 155.8 152.0 154.4 155,5 156.0 154.5 151.9 153.5 154.0 154.7 Nondurable materials n.e.c............... 7.40 201.8 199.7 198.2 197.1 195.7 196.0 196.1 195,8 198.9 203.0 206.8 209,3 213.7 212,4 Business fuel and power................... 9.41 144.0 140.4 139.6 139.8 141.3 140.3 143.0 147.7 149.1 147.3 146.9 146,9 146,4 147.2 Mineral fuels................................ 6.07 128.9 125.0 123.6 123.2 125.3 124.3 128.2 135.1 137.1 133.4 131.0 130.3 129.8 130.4 Nonresidential utilities.................. 2.86 183.2 180.0 180.2 181.9 182.1 181.0 181.1 182.1 182.5 183,8 187,9 188.5 188,3 Electricity.................................. 2.32 185.7 181.8 181.7 184,0 184.4 183.2 183.4 184.6 185.1 186.6 191.6 192,2 191.8 General industrial.................. 1.03 182.7 178.8 178.3 178.9 179,0 180.5 180.6 182.9 183,9 185,5 186.6 187.7 188.0 Commercial and other........... 1.21 196.8 192.4 192.8 196.6 197.3 193.7 194.1 194.5 194,5 196.1 204.9 205,3 204,1 ......... Gas............................................ .54 Supplementary groups of consumer goods Automotive and home goods........... 7.80 159.0 159.3 152.4 155.2 155.8 153.3 154.3 156.4 162.5 155.0 157.7 163.2 169,0 167,0 Apparel and staples.......................... 24.51 145.0 144.4 144.1 143.9 144.4 143.7 144.6 144.1 144.2 144.4 144.8 145.9 147.6 ......... For footnotes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ INDUSTRIAL PRODUCTION: S.A. A-53 INDUSTRY GROUPINGS (1957-59 = 100) 1957-59 1967 1968 Grouping pro­ 1967 por­ aver­ tion age1’ Jan. Feb, Mar, Apr. May June July Aug. Sept. Oct, Nov/ Dec.r Jan. Total index.................................... 100.00 158.0 158.2 156.6 156.4 156.5 155.6 155,6 156.6 158.1 156.8 156.9 159.5 162.0 161.2 Manufacturing, total......................... 86.45 159.6 160.1 158.5 158.2 158.2 157.2 157.0 157.6 159.4 158.1 158.3 161.1 163.9 163.0 Durable......................................... 48 07 163 8 165.5 162.9 162,6 162.5 162.2 161 5 162 5 163.6 161.1 160.7 164 1 168,1 167,2 Nondurable.................................. 18 38 154 4 153.4 152.9 152.6 152,8 151.1 151.4 151.5 154,0 154.2 155.2 157.2 158.7 157.7 Mining............................................... 8.23 123.5 123.2 122.4 121.5 122.0 120.2 123.8 128.0 127.8 124.3 122.4 123.6 123.1 122,6 Utilities................................ 5.32 184,4 180,6 180,5 181.9 182,7 182.7 183.2 184,1 184,8 184.8 187.6 190.5 191.8 192.0 Durable manufactures Primary and fabricated metals...... 12.32 145.4 147.5 146.3 143.9 143.0 142.8 142.9 142.8 142.3 141.8 143.3 145.8 150.2 148,9 Primary metals................................. 6.95 132 5 132,6 131.9 129.2 129.1 128.9 129 0 129 6 129 3 129.2 131.7 135 0 140.7 137.6 Tron and steel.......................... 5.45 126.8 124.9 124.8 123,7 122.7 122.9 121'2 122.3 124.3 125.6 127.7 1333 140 6 136.2 Nonferrous metals and products.. 1.50 153 J 163,5 167.2 162.1 161.4 154.4 156.4 155.3 144.2 141.1 142.8 142.2 145.2 145.2 Fabricated metal products............... 5,37 162.0 166.7 165.0 162.9 161.0 160.8 160 8 159.8 159.1 158,1 158.2 159 8 162 5 163,6 Structural metal parts................... 2.86 158 1 160.7 160.9 160.1 158.1 156.4 156 9 156.1 156,8 156.0 156.4 158 8 160 0 159.4 Machinery and related products........ 27.98 177.6 179.5 175.8 176.7 176.5 176.5 175.5 177.5 179.6 175.0 173.4 177.8 181.7 181.6 Machinery......................................... 14.80 183 4 190.3 186.8 184.5 182.1 180.5 177 5 180.0 182 8 182,2 179.6 183 2 182.2 183 3 Nonelectrical machinery............... 8.43 183 4 190,7 187.3 185.2 183.5 18! .7 181 3 182,2 182.6 182.1 177.2 180 9 179 5 181.2 Electrical machinery...................... 6.37 183'3 1 89.7 186.2 183,6 180 3 178.9 172 4 177 1 183.2 182.4 182.8 186 3 185 8 186 0 Transportation equipment................ 10.19 166'0 162.6 157.5 162.6 165,7 167.5 169 3 170 8 171,9 159,2 1 59.2 165.6 177 5 175 7 Motor vehicles and parts............. 4.68 147^0 147.2 136.5 143.8 149.5 152.0 154 5 156,7 158.6 129.4 128.6 141.4 166.9 162.3 Aircraft and other equipment.. .. 5.26 182.2 176.0 175.6 178,8 179.8 181.4 181 .8 182.6 183.6 184,3 185.2 186.0 186.3 187.0 Instruments and related products. .. 1.71 184.8 186,2 183,4 185,8 185.2 185.3 184,1 182.9 183.2 183.1 183.2 185,4 186.3 186.6 Ordnance and accessories................. 1.28 Clay, glass, and lumber............ 4.72 MO 6 128.6 128.9 128.4 129.8 127.8 126 7 127.3 126.7 129 6 131.4 132.4 137.0 131.0 Clay, glass, and stone products..... 2.99 138'7 137,2 136.9 134.9 136.0 134.8 133'5 134.1 136.9 138.4 1 39.7 139.2 143.6 140.6 Lumber and products....................... 1.73 116 5 113.7 115.2 117.3 1 19.1 115.6 114 9 115 5 109 2 114 3 117.0 120.6 125.7 114,4 Furniture and miscellaneous............... 3.05 162.6 166.3 163.9 162.4 162.9 162.3 161.5 159.1 159.9 161.4 160.9 161.5 163.3 165.0 Furniture and fixtures...................... 1.54 167 8 172.1 170,6 166.5 166.5 166.5 166 3 162.7 164 8 166.3 166.6 167.8 170 7 170 9 Miscellaneous manufactures............. 1.51 157^4 160.3 157.1 158.2 159,2 158.1 156^7 155.4 154.9 156.4 155.0 155,1 1557 159.0 Nondurable manufactures Textiles, apparel, and leather....... 7.60 139.6 140.3 137.6 135.5 135.5 135.3 134.8 135.3 137.6 139. i 140.4 143.0 146.0 142.9 Textile mill products........................ 2 90 141 2 140 7 138,9 138.8 1 37.8 137.8 136 6 1 36 8 138 1 141 3 1 44.9 147 4 152 0 148 3 Apparel products................. 3 59 147.7 150 2 1 47.1 143.6 142.5 142.6 142 4 144.2 146* 4 146" 8 146.2 148*6 150.7 Leather and products....................... 111 106,5 107.7 103.7 101,0 107.1 105.0 105,4 103.0 106 5 108.4 109.7 113.3 115.0 Paper and printing..................... 8 17 149 6 148 4 148.7 149.5 149.9 149.1 149 4 148 6 150 3 148.5 148.6 149.9 149 5 147. 7 Paper and products........................... 3* 43 153* 6 152*5 152.4 152.4 152.1 151.4 151*6 149 0 152 8 152 9 154 5 156 1 157 0 Printing and publishing.................... 4'74 146^8 145.5 146.1 147.4 148.3 147.4 147 8 148.3 148 6 145.4 144.3 145.5 144.1 142.8 Newspapers............... 1 53 134 2 1 33 7 134 8 132 8 133 8 133 I 134 3 136 1 137 0 135 7 134 0 134 4 129 9 129 9 Chemicals, petroleum, and rubber.... 11.54 189.5 187.1 186.5 186.8 186.4 182.2 183.0 184.0 189.5 191.2 192.8 195.8 198.1 198.8 Chemicals and products................... 7 58 203 8 200 3 200.6 201.1 200.1 199.6 199 9 201.0 200 7 202 3 205.5 208.0 210 6 211,9 Industrial chemicals...................... 3*84 234 8 231.6 230.9 231.3 228.3 228.8 227.5 227.6 231 4 234 2 238.8 242.3 247.0 Petroleum products.......................... 1 97 133 9 128 7 127,4 I 30, 1 133.1 132 1 1 34 4 132 8 133? 137.6 136 R HR 3 137.8 Rubber and plastics products........... 1*99 190*3 195 J 191.6 188.4 186.9 165'7 166 9 170^ 1 203*1 202 4 199.1 207*5 210’0 Foods, beverages, and tobacco........... 11 07 131.5 131.0 131 5 131.1 131.8 130.9 131 3 130.9 131 0 130 4 131.1 132.2 133.2 132.3 Foods and beverages.............. 10 25 1 32.4 132.0 132,4 132 3 133.1 132,0 131.9 131.5 131 *7 131 2 132.2 133 5 134,2 133.2 Food manufactures....................... 8 64 130 1 130.4 130.3 129.7 130.6 130,3 129.9 129.4 1290 128'9 i 29.3 130.2 130.6 130.3 Beverages...................................... !' 61 144.7 140,8 143.9 146,1 146.3 141.2 142 9 142.8 1463 1438 147,5 151.2 153.3 Tobacco products............................. * 82 120.0 118 5 120,2 116.2 116.0 117.4 123.9 123,6 12U4 120^2 118,0 115.5 120,5 Mining Coal, oil, and gas............................. 6 80 122 4 119.8 119.0 117.6 118.5 118.0 121.7 128.0 128 8 125 4 123.7 124,5 123.2 123.3 Coal........................................... 1' 16 118 1 120 7 115 7 115 1 125 5 120 1 122 5 122 6 117'2 115 5 112 3 115 3 116 1 110 8 Crude oil and natural gas................ 5 64 123 2 119.7 119,6 118,1 117.1 117.5 121.6 129,1 131'2 J 27 5 126 1 126.4 124^6 125 8 Oil and gas extraction.................. 491 131*4 126.1 125.4 125.1 125 3 125.3 129.5 138 0 141*9 137'7 135 4 133 9 133,0 135 0 Crude oil. 4 25 126 4 121 0 120 0 120.1 119.6 119.6 123.6 133.9 138'6 133*1 130‘.3 128'. 7 128.0 130.3 Gas and gas liquids................... *66 163.3 158.4 160.0 156.7 161.5 161.3 167.3 Oil and gas drilling................. 73 70 4 76.3 80,5 71 0 61 8 65.5 67.7 69,0 58 9 58 5 63 4 76 1 68.0 63 5 Metal, stone, and earth minerals..... 1.43 128.8 139.4 138.9 140.0 138.7 130.8 133.6 127.7 123.4 119.1 116.2 119.5 122.7 119.2 Metal mining................................... 61 119 9 140,3 142,1 143.7 149.5 132.9 133.9 119,7 105 7 95 6 93 8 93 2 95 7 97 6 Stone and earth minerals.................. .82 135.4 138.7 136.6 137.2 130.6 129.2 133.3 133.7 136.* 6 136.5 132^9 139^0 142^7 135^3 Utilities Electric................................... 4 04 191 7 187.2 186.9 188.8 189.9 189,7 190.3 191.4 192.1 192.1 195.8 199.4 200 8 Gas,............................ 1'28 161.2 Note.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-54 INDUSTRIAL PRODUCTION: N.S.A. □ MARCH 1968 MARKET GROUPINGS (1957-59 - IOO) 1957-59 1967 1968 Grouping pro­ 1967 por­ avertion agcP Jan. Feb. Mar. Apr. May June July Aug. Sept, Oct. Nov.r Dec,r Jan. Total index ................................ 100.00 158.0 156.4 156.6 157.0 157.9 156.0 159.0 150,5 157.9 161 1 161.5 161,2 160.5 159.2 Final products, total........................... 47.35 158.3 157.0 156.8 157.2 157.7 155.2 159.8 151.2 156.9 163.3 162.2 16! 3 161.0 159.4 Consumer goods............................ 32.31 148.4 145.9 145.8 146.2 147.1 144.2 150.5 139.9 147.7 155.7 155 4 152 0 150.3 149.2 Equipment, including defense. . .. 15.04 179.6 180.7 180.4 180,8 180.3 179.0 180.0 175,3 176,4 179.5 176.8 181 '3 183.9 181.3 Materials............................................ 52.65 157.7 155.9 156.5 156.7 158.1 156.6 158.3 150.0 158,9 159.1 160.8 161,1 160.0 159.0 Consumer goods Automotive! products.......................... 3.21 149.1 154.6 142.2 151.8 161.9 155.1 162.5 114.2 106.1 148.2 155.6 159.5 177.7 172.9 Autos................................................. 1.82 145.7 155.4 132.6 151.5 167.6 166.4 177.1 94.8 62.2 140.1 148.8 159.0 192.6 179.5 Auto parts and allied products........ 1.39 153.6 153.7 154.8 152.3 154.2 140.3 143.2 139.8 163.9 158.8 164.6 160.0 158.1 164,2 Home goods and apparel.................. 10.00 149.9 147.9 154.2 151.3 149.8 ’144.0 148.6 132.7 149.0 155.0 159.6 157. 8 147. 9 147.2 Home goods...................................... 4.59 166.0 164.7 167.8 165.9 161.8 159.8 161.6 145,9 159.3 172.0 180.1 180.3 172.6 165,5 Appliances, TV, and radios.......... 1.81 159.5 159.3 171.2 164.0 157.0 152.0 152.8 128.0 140,4 165. 1 182.2 181 .4 160.6 160.8 Appliances................................. 1.33 163.1 161.8 171.1 167.0 169.8 159.7 169.9 141.8 134.5 160.4 180.1 178.2 163.4 171.1 TV and home radios................ .47 149.2 152 3 171.4 155 5 120.7 130.5 104.6 89.3 157.2 178.2 187.8 190.4 1 52.7 131.9 Furniture and rues........................ 1.26 159.6 159^8 156.6 155.5 153.5 151.2 155.4 148.8 160.5 163.8 168.0 169.4 172.7 162.7 Miscellaneous home goods........... 1.52 179.0 175.3 172.9 176.6 174.4 176.0 177.3 164.8 180.6 187.1 187.7 187.9 186.8 173.4 Apparel, knit goods, and shoes..... 5.41 136.2 133.6 142.6 138,9 139.7 130.6 137.6 121.5 140.2 140.5 142,3 138.8 127,1 Consumer staples............................... 19.10 147.5 143.4 142,0 142.6 143.3 142,4 149.4 148.0 154.1 157.4 153.2 147.7 146.9 146.3 Processed foods................................. 8.43 130.0 123.9 121,7 120.9 121.3 122.5 128,9 128.4 137.1 149.7 143.7 134.4 128.3 122.7 Reverages and tobacco.......... 2.43 136.4 117.3 124,3 133.0 141 8 143.0 156,2 142.8 149.3 139.3 141 6 131.9 123 I Drugs, soap, and toiletries............... 2.97 183.0 179.2 178.7 179.4 185J 180.7 189.1 179.4 183.9 185.2 186^0 184.0 185^2 183.2 Newspapers, magazines, and books. 1.47 140.1 140.2 141.7 144.4 144.2 142.1 140.8 140.7 142.6 137.4 134.7 133.9 138.2 136.2 Consumer fuel and lighting............. 3.67 168.3 176.8 169.8 167.7 159,0 156.2 163.2 173.7 176.7 172.3 162.5 163.9 177.7 Fuel oil and gasoline.................... 1.20 132.5 130.8 128.8 126.7 125.0 126.2 134,3 133.6 134.5 138.5 134.5 134.6 140.8 138,1 Residential utilities........................ 2.46 185.7 Electricity................. 1.72 199.8 220.2 206.7 203.6 186.1 178.8 187.5 210.4 215.7 203.5 185.3 188.0 213.0 Gas............................................. .74 Equipment Rusiness equipment............................ 11.63 182.9 187.3 186.7 186.2 185.5 183.2 184.2 177.4 178.0 181.1 177.3 182.2 184.9 182.5 Industrial equipment........................ 6.85 170.3 177.7 175.9 174.3 172.1 169.3 170.7 167.3 166.3 168.1 161.3 168.9 170.8 166.7 Commercial equipment.......... 2.42 200.9 196.9 198.4 197 3 197.9 198 4 201 1 198.3 201.9 203.3 202.4 205.9 209,2 204.2 Freight and passenger equipment... 1.76 215.4 214.5 215.0 218.0 222.0 218.1 217.3 202.8 205.5 212.5 215.1 218.4 226,1 222.9 Farm equipment.............................. 61 158.7 179.3 180.6 183.8 181.6 178.0 173 3 134.9 135.8 148.6 147.9 132.6 128,0 Defense equipment............................ 3.41 Materials Durable goods materials.................... 26,73 152.1 152.2 151.5 151.9 152.5 152.5 154.3 145.0 152.5 152.0 152.6 153.7 154.3 151.9 Consumer durable............................ 3 43 144.6 153.8 144.9 143.7 141.6 148.0 146.2 123.4 147.0 133.6 135 3 148.1 167.4 166 9 Equipment........................................ 7^84 184.5 192.3 188.2 187.6 185.2 182.2 181.4 175.6 180.7 182.9 183^5 186.2 187.7 185.8 Construction.................... 9.17 140.1 128.5 129.5 133 4 137.8 139.2 146.9 143.6 148.7 148,4 147.0 142.0 135,4 128.8 Metal materials n.e.c......................... 6.29 133.5 136.1 141.6 138.9 139.3 137.2 135.6 120.5 126.0 128,9 131.7 133.3 132.9 135.1 Nondurable materials........................ 25,92 163.4 159 7 161,7 161.7 163.9 160.9 162.4 155.2 165.4 166,4 169.3 168,7 165.9 166,3 Business supplies............... 9.11 152.2 147 2 150.4 152.8 157.7 152.6 154,0 141 5 151.9 154.9 158.6 155.3 150.4 148.6 Containers.................................... 3.03 148.5 139^3 145.3 145.3 153.8 147.7 153.1 138^2 153.0 155.5 161.5 148.3 141 5 145 0 General business supplies............. 6.07 154.1 151.2 153.0 156.5 159.7 155.0 154.4 143.1 151 3 154,5 157.2 158.9 154.8 150.4 Nondurable materials n.e.c............. 7.40 201.8 198.7 202.2 200.1 201.6 198.9 199.0 184.6 198,9 203.0 210.9 213.5 209.4 211.3 Business fuel and power.................. 9.41 144.0 141.1 140.6 140.1 140.2 139.0 141.9 145.3 152.1 148.7 146.9 146.3 146.6 148.1 Mineral fuels...................... 6.07 128.9 127.0 127 6 125.8 126.9 124.3 125,2 128.1 135.5 131.9 131.5 131.5 131 3 132.6 Nonresidential utilities................. 2.86 183.2 Electricity................................... 2.32 185.7 178.9 174.3 178.0 175.7 178.2 187.5 193.9 201.8 197.2 190.2 186.3 187.8 General industrial.................. 1.03 182.7 177 9 172.8 178.0 176.7 181.4 184.2 182.0 189.4 188.3 187.0 187.7 186.1 Commercial and other........... 1.21 196.8 187*6 183.2 186.0 182.5 183.4 198.9 213.0 221.7 214.1 202.0 194.0 198.0 Gas............................................. .54 Supplementary groups of consumer goods Automotive and home goods.......... 7 80 159.0 160.6 157.2 160.1 161.8 157.8 162.0 132.9 137 4 162.2 170.0 171.7 174.7 168.5 Apparel and staples.......................... 24.51 145.0 141.3 142.1 141.8 142.5 139.8 146.8 142.2 151 1 153,7 150,8 145.7 142.5 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ INDUSTRIAL PRODUCTION: N.S.A. A-55 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1967 1967 1968 Grouping p p r o o r - ­ a a v g e e r p tion Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.T Dec.r Jan. Total index.................................... 100.00 158.0 156.4 156.6 157.0 157.9 156.0 159.0 150.5 157.9 161.1 161.5 161,2 160,5 159.2 Manufacturing, total.......................... 86.45 159.6 157.8 158.4 158.9 160.3 158.1 161.0 150.5 158.3 162.6 163.7 163,5 162,3 160.3 Durable......................................... 48.07 163. 8 164.5 163.4 164.4 164.9 164.1 165.6 154.7 158.9 163.8 164,4 167.1 169.3 166.1 Nondurable................................... 38.38 154.4 149.4 152.1 152,1 154.4 150.6 155.3 145.1 157.4 161.2 162,9 159.0 153,5 153.0 Mining............................................. 8.23 123.5 121.4 121.9 120.1 122.1 121.8 123.9 124.8 129.0 125,6 124,7 124.2 122,2 121.3 I TfUities tt............................... 5.32 184.4 Durable manufactures Primary and fabricated metals...... 12.32 145.4 146.9 148.2 146.7 146.5 145.0 145.3 135.1 142.2 145.1 146.0 147.9 149.2 148.4 Primary metals.................................. 6.95 132.5 134.6 139.4 137.2 136.5 133.4 130.9 17.9 125.4 129.2 133.0 136,3 136.5 139.7 Iron and steel................................ 5.45 126.8 127.4 131.0 129.9 127.6 125.4 121.2 11.9 120.6 125.6 129.6 134.6 137.1 138.9 Nonferrous metals and products.. 1.50 153.1 160.7 169.7 163.9 168,5 162.6 166.1 39.8 142.8 142.1 145.5 142.2 134.2 142.7 Fabricated metal products. ............. 5.37 162.0 162.7 159.6 159,0 159.4 160.0 164.0 57,4 163.9 165.7 162.9 163.0 165,7 159.7 Structural metal parts......... 2.86 158.1 157.5 154.5 153,9 153.4 154,8 160.0 56.1 160.7 162,2 161.1 161.2 161.6 156.2 Machinery and related products........ 27.98 177.6 180.7 177.9 179.5 179.7 178.8 179.8 166.9 169.1 175.8 176.2 180.8 185.7 182.9 Machinery......................................... 14.80 183.4 189.8 188.9 187,2 185.4 182.5 182.2 173.7 177.2 182.6 181.4 185.2 184,1 182.5 Nonelectrical machinery............... 8.43 183.4 190.7 189.9 190.4 189.0 186,2 186.4 177.6 175.8 179.7 174.0 179.8 180.8 181.2 Electrical machinery................... . 6.37 183.3 188.6 187.7 183.1 180.5 177.6 176.7 168.5 178.9 186,4 191.3 192.3 188.3 184.3 Transportation equipment............... 10.19 166.0 166.8 160.4 166.4 169.8 171,4 174.0 151,4 150.8 160.8 163.6 170.5 185.0 180.6 Motor vehicles and parts............. 4.68 147.0 155.0 142.4 151.0 157.0 160.4 165.2 119.5 116.0 134,0 137.2 149.1 176,1 171.2 Aircraft and other equipment... . 5.26 182.2 177.8 176.0 179.7 180.7 180.7 180.9 78.2 180.3 183.6 186.1 188.8 192.8 188.9 Instruments and related products... 1.71 184.8 184.0 182.5 184,9 184.8 183,4 185.9 81,1 184.7 185.1 185,2 186.9 188.5 184.4 Ordnance and accessories................. 1.28 Clay, glass, and lumber.................... 4.72 130.6 116.8 120.5 124.4 129.5 130.0 136.7 133.5 139.1 138.7 139.2 133.9 125.6 117.6 Clay, glass, and stone products........ 2.99 138.7 125.5 125.3 130.2 135.5 138,3 144.6 143.9 149,5 146.3 147.4 143.4 134,6 126.5 Lumber and products....................... 1.73 116.5 101.8 112.3 114,4 119.1 115.6 122.9 115.5 121.2 125,7 125.2 117.6 110.0 102.4 Furniture and miscellaneous......... 3.05 162.6 161.0 158.7 159.4 158.6 158.6 161.8 154.8 164.5 167.4 169.4 169.3 167.3 158.6 Furniture and fixtures....................... 1.54 167.8 168.7 166.3 164.5 162.0 161.5 166.0 160.3 169.4 171.3 172.9 172.5 177,2 167.5 Miscellaneous manufactures,....... 1.51 157.4 153.1 150.8 154.2 155.2 155.7 157.5 149.2 159.5 163.4 165.8 166.0 157,3 149.5 Nondurable manufactures Textiles, apparel, and leather. ...... 7.60 139.6 137.9 144.3 140.7 142.3 135.2 139.2 121.9 142,0 142.6 146.9 144.7 136.2 139.8 Textile mill products................... 2.90 142,2 140.0 141.7 138.8 144.0 141 .9 140,7 124.2 142.2 144.1 152.1 151.1 144,4 147.6 Apparel products.. .................... 3.59 147.7 145.7 156.7 152.9 152.5 141.2 148.8 129.1 150.8 151.6 153.5 150.1 138.6 Leather and products. . .................. 1.11 106.5 107.2 110.9 106.0 105.0 98.7 104. 3 92.7 113.4 110.0 112.4 111.0 107.3 Paper and printing............................. 8.17 149.6 146.1 149.3 150.6 153.5 150.2 150.8 139.7 149.0 150.5 156.3 153.1 146.1 145.4 Paper and products.......................... 3.43 153.6 151.7 156.2 153.9 158,2 152.2 156.1 137.1 154.3 155.2 166.5 156.9 144.4 Printing and publishing.................... 4.74 146.8 142.0 144.4 148,3 150.2 148.7 147.1 141.6 145.2 147,2 149,0 150.3 147.3 139.4 Newspapers................................... 1.53 134.2 123.0 129.4 134.8 142.5 141.9 135,0 118.4 125.4 135,0 143.8 147,8 133.1 119.5 Chemicals, petroleum, and rubber.... 11.54 189.5 184.9 187.6 187.8 190.2 183.6 188.5 177.5 190.8 194.7 197.2 196.4 195.2 196.1 Chemicals and products.................. 7.58 203.8 197.4 201.4 202.3 205,7 201.8 205.6 194.6 202.3 206.1 209.0 210.0 208.8 208.3 Industrial chemicals...................... 3 84 234.8 228.1 234.4 233.6 232.9 231.1 230.9 219.6 230,2 237.7 243.6 248.4 247.0 Petroleum products.......................... 1.97 133.9 124.8 124.9 125.5 127,8 130.8 138,4 139.8 140.3 142.5 139.0 135.0 135.0 133.7 Rubber and plastics products..... .. 1.99 190.3 197.1 197.3 194.2 192.7 166.5 172.7 149.7 197.0 203.0 210.0 205.4 202.7 Foods, beverages, and tobacco....... 11.07 131.5 122.9 122.7 123.9 126.1 127.1 135.0 131.3 139,5 146.9 143.1 134.1 127.4 123.0 Foods and beverages........................ 10.25 132.4 123.4 122.9 124.6 125.9 127.6 135,2 133.1 140.1 148.6 144.2 135.4 129.7 123,3 Food manufactures....................... 8.64 130.1 124.5 122.2 121.3 121.7 122,6 129.0 128.1 136.7 149,0 143.5 134.8 128.6 123.1 Beverages....................................... 1.61 144.7 117.4 126.6 142.4 148.6 153.9 168.1 159.7 158.4 146.7 148.2 139,1 135.7 Tobacco products............................. .82 120.0 117.2 119.6 114.5 128.5 121.6 132.6 109.4 131.4 124.9 128.5 117.8 98.1 Mining Coal, oil, and gas............................ 6.80 122.4 121.7 122.4 119.5 119.6 117.8 118.9 121.9 127.7 124.4 124.4 125.6 124.5 125.3 Coal’...'........................................... 1.16 118.1 118.3 117.1 116.0 126.4 121,3 116.5 99.9 123.3 122.2 122.4 120.0 114.0 108,6 Crude oil and natural gas................ 5.64 123.2 122.4 123.5 120.3 118,2 117.0 119.4 126.4 128.6 124.9 124.8 126.7 126.7 128.7 Oil and gas extraction.................. 4.91 1 31.4 129.0 130.0 128.1 127,0 125.0 127.2 134 R 138.3 134.1 133,7 134.3 135.4 138.3 Crude oil.. 4.25 126.4 122,8 123.6 122.5 121.5 120,2 122,4 31.2 135.2 130,4 129.0 128.7 129.3 132,3 Gas and gas liquids........... .66 163.3 168.7 171.0 163.9 162,0 155,7 157.9 Oil and gas drilling.. .............. .73 70.4 77.4 79.4 67.2 58.6 63.3 66.3 69.5 62.6 62,1 65,0 75.7 67,9 64.5 Metal, stone, and earth minerals....... 1.43 128.8 119.9 119.4 122.9 134.2 140.9 147.6 139.1 135.3 131.4 126.3 117.6 111.2 102.3 Metal mining.................................. .61 119.9 123.5 127.9 127.9 139,0 146.2 151,3 128.1 114.2 108.0 100,4 86.7 86.1 85.9 Stone and earth minerals................. .82 135.4 117.3 113.2 119.1 130.6 136.9 144.9 147.2 150.9 148.8 145.5 140.4 129.9 114.5 Utilities Electric.......................... 4.04 191.7 196.5 188.1 189.0 180,1 178.4 187.5 200.9 207.7 199.9 188.1 187,0 198,5 Gas.................................................... 1.28 161.2 Note.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-56 BUSINESS ACTIVITY; CONSTRUCTION □ MARCH 1968 SELECTED BUSINESS INDEXES (1957-59= 100, unless otherwise noted) Industrial production Manu­ Prices 4 facturing 2 Ca­ pacity Nonag- Major market groupings utiliza­ Con­ rtcul- Major industry tion struc­ tural Total Period groupings ratio tion em­ retail Whole­ Total Final products Mate­ in c ( e p m n e t f ) r g . tr c a o c n ts ­ T m p o e l t o a n y t l — - 1 m p E l e o m n y ­ t - P ro a l y ls ­ sales 3 s C u o m n e ­ r m c s o o a m l d e i ­ ty Total g s C o u o o m n d e s ­ r E m q e u n ip t ­ rials Mfg. M in i g n­ U itie ti s l­ 1951.................... 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 94.0 63 91.1 106. 1 80.2 76 90,5 96.7 1952.................. 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 91.3 67 93.0 106.1 84.5 79 92.5 94.0 1953.................... 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 94.2 70 95.6 111.6 93.6 83 93.2 92.7 1954.................... 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 83.5 76 93.3 101.8 85.4 82 93.6 92.9 1955.................... 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 90.0 91 96.5 105.5 94.8 89 93.3 93.2 1956.................... 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 87.7 92 99.8 106.7 100.2 92 94.7 96.2 1957.................... 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 83,6 93 100.7 104.7 101.4 97 98.0 99.0 1958.................... 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 74.0 102 97.8 95.2 93.5 98 100.7 100.4 1959.................... 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 81 5 105 101.5 100. 1 105.1 105 101.5 100.6 1960.................... 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 80,6 105 103.3 99.9 106.7 106 103.1 100.7 1961.................... 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 78 5 108 102.9 95.9 105.4 107 104.2 100.3 1962.................... 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 82.1 120 105.9 99.1 113.8 115 105.4 100.6 1963.................... 124.3 124.9 125,2 124.2 123.7 124.9 107.9 140.0 83.3 132 108.0 99.7 117.9 120 106.7 100.3 1964.................... 132.3 131.8 131.7 132.0 132,8 133.1 111.5 151.3 85.7 137 111.1 101,5 124.3 127 108.1 100.5 1965.................... 143.4 142.5 140.3 147.0 144,2 145.0 114.8 160.9 88,5 143 115,8 106.7 136.6 138 109.9 102.5 1966.................... 156.3 155.5 147.5 172.6 157.0 158.6 120.5 173.9 90. 5 145 121.8 113.3 151.4 148 113.1 105.9 1967”.................. 158.0 158.3 148.4 179.6 157.7 159.6 123.5 184,4 85.1 153 125.8 112.9 154.1 15.3 116.3 106.1 1967_jan........... 158,2 158.1 148.0 179.9 157.9 160.1 123.2 180.6 126 124.5 114.7 156.2 150 114.7 106.2 Feb........... 156.6 157.0 146.1 180.3 155.8 158.5 122.4 180,5 ”87.1 143 124.7 114. 1 153.2 149 114.8 106.0 Mar......... 156.4 157,1 146.6 179.6 155.5 158.2 121.5 181.9 149 124.9 113.5 152.9 151 115.0 105.7 Apr....... 156.5 157.3 147.1 179.2 156.0 158.2 122.0 182.7 138 124.7 112.4 151.0 152 1 15.3 105.3 May......... 155.6 156.3 146.0 178.5 154.6 157.2 120.2 182.7 ”84.9 154 124.6 111.7 150.1 151 115.6 105.8 155.6 156.8 146.9 178.1 154.9 157.0 123.8 183.2 164 125.5 112.5 151.7 155 116.0 106.3 July.......... 156.6 157.1 147.1 178.4 156.1 157,6 128.0 184.1 149 125.5 111.6 151.4 155 116.5 106.5 Aug...... 158.1 158.2 148.6 178.9 157.9 159.4 127.8 184,8 }”84.1 165 126.0 112,7 155.0 155 116.9 106.1 156.8 157.0 147,0 178.6 156.7 158.1 124.3 184,8 168 125.8 111.2 154.5 156 117.1 106.2 Oct........... 156.9 156.9 147.9 176.1 157.4 158.3 122.4 187.6 171 126.1 111.4 154.3 153 1 17.5 106.1 Nov......... 159.5 160,0 150,1 181.1 159.5 161.1 123.6 190,5 ■'”84.4 168 127.4 113.4 157.9 154 117.8 106.2 Dec.......... 162.0 161.9 152.8 181.5 161.8 163,9 123.1 191.8 166 127.8 '113.7 r160.1 rl55 118.2 106.8 1968—Jan........... 161.2 161.0 151.3 181.7 161.6 163,0 122.6 192.0 159 127.8 ’■113,8 160.0 H58 118.6 107.2 Feb*......... 161.3 161.6 151.9 182.4 161.0 162.8 125.1 194.0 ........... 128.9 114.1 162.3 160 107.8 i Employees only; excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential, 2 Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 3 F.R. index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; 4 Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. Note.—Data are seasonally adjusted unless otherwise noted. Capacity Utilization: Based on data from Federal Reserve, McGraw- Hill Economics Department, and Department of Commerce. Construction contracts: F. W, Dodge Co. monthly index of dollar CONSTRUCTION CONTRACTS (In millions of dollars) 1967 1968 Type of ownership and 1966 1967 type of construction Jan. Feb. Mar. Apr, May June July Aug. Sept. Oct. Nov. Dec. Jan. Total construction 1........................ 50,150 52,895 2,838 3,300 4,424 4,389 5,095 5,414 4,879 5,104 4,695 5,053 4,258 3,996 3,714 By type of ownership: Public...................................... 18,152 19,039 1,113 1,188 1,509 1,498 1,820 2,169 1,989 1,824 1,677 1,526 1,435 1,507 Private 1........................................ 31,998 33,856 1,725 2,112 2,916 2,891 3,275 3,245 2,890 3'280 3,018 3,527 2,823 2',490 By type of construction: Residential building 1......... 17,827 19,536 937 1,056 1,584 1,627 2,002 2,000 1,829 1,912 1,741 1 ,887 1 ,717 I ,404 1,462 Nonresidential building............... 19,393 20,139 1,175 1,430 1,714 1,830 1,808 2,070 1,749 1,847 1,786 1 ,874 1,585 1,550 1,347 Nonbuilding................................ 12,930 13,220 726 814 1,127 931 1,285 1,344 1,302 1,345 1,169 1,292 956 1,042 905 1 Because of improved collection procedures, data for 1-family homes Note.—Dollar value of total contracts as reported by the F. W. Dodge beginning Jan. 1968 are not strictly comparable with those for earlier Co. does not include data for Alaska or Hawaii. Totals of monthly periods. To improve comparability, earlier levels may be raised by ap­ data exceed annual totals because adjustments—negative—-are made to proximately 3 per cent for total and private construction, in each case accumulated monthly data after original figures have been published. and by 8 per cent for residential building. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ CONSTRUCTION A-57 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Period Total Total d N f r e a e n o r s t m n i i ­ a ­ l Total Indus­ Bu C il o d m in ­ gs b O u th il e d r ­ Other Total M ta i r l y i­ H w ig ay h­ d C v e m o a v n & t e e i s o n l e o n t r p ­ ­ Other 2 trial mercial ings 1 19593........................... 55,305 39,235 24,251 14,984 2,106 3,930 2,823 6,125 16,070 1,465 5,761 1,121 7,723 1960............................. 53,941 38,078 21,706 16,372 2,851 4,180 3,118 6,223 15,863 1,366 5,437 1,175 7,885 1961............................. 55'447 38'299 2^680 16,619 2,780 4'674 3 380 5,885 17'148 1,371 5'854 1,384 8,539 1962 4.......................... 59’667 41’798 24392 17,506 2'842 5,144 3’631 5,889 17’869 1 366 6'365 1'524 8'714 19635........................... 63 323 44'057 26,187 17,870 2,906 4,995 3345 6324 19,366 1’189 7'084 1 ,'690 9'403 1964............................. 66,200 45,810 26,258 19,552 3,565 5,396 3,994 6,597 20,390 938 7,133 1 ,729 10,590 1965............................. 71'912 49,840 26,266 23,574 5J28 6345 4'711 6,990 22'072 852 7,554 2317 11'649 1966............................. 74371 50,446 23,815 26,631 6303 6,890 5'014 8 324 23'925 713 8 ’ 359 2373 12'680 1967............................. 74343 49383 23,579 26,004 6', 151 6’,991 4,966 7,896 25,160 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 20378 27 382 7,054 7397 5'093 7,838 27'036 763 10'189 2,173 13'911 Mar................... 73,084 46'906 20,829 26,077 6,097 7,194 4'883 7,903 26,178 642 9,060 2,285 14,191 Apr................... 71,961 46,042 21,130 24,912 5'579 6’926 4'749 7,658 25,919 583 8'956 2359 14,321 May.................. 73,904 47,813 22,107 25,706 6,006 7'093 4'744 7,863 26,091 536 8'931 2,074 14,550 72,374 48,052 22,885 25'167 5,886 6,683 4,716 7,882 24,322 617 8,168 1 ,885 13,652 July................... 73 399 49351 23,652 25,499 6^54 6,739 4'748 7,858 24,248 775 8312 1 368 13,493 Aug.................. 74,392 50,170 24,619 25,551 6,011 6,437 5^189 7,914 24,222 715 8,029 2335 13,443 76,295 51,726 25,306 26,420 6,577 6'731 5 082 8,030 24,569 696 Oct................... 76,910 52 J95 25,971 26,224 6,240 6,991 5 ,037 7,956 24,715 751 Nov................. 77,826 52,622 26,602 26,020 5,592 7,234 5 303 7,991 25’204 750 Dec................... 77,939 52’,358 26’,9O3 25’455 5',870 6’, 683 4’, 891 8,011 25^581 80,039 54,481 26,906 27,575 6,160 7,596 5,639 8,180 25,558 1 Includes religious, educational, hospital, institutional, and other build­ 5 Beginning 1963, reflects inclusion of new series under “Public” (for ings. State and local govt, activity only). 2 Sewer and water, formerly shown separately, now included in “Other.” 3 Beginning with 1959, includes data for Alaska and Hawaii. Note.—Monthly data are at seasonally adjusted annual rates. Be­ 4 Beginning July 1962, reflects inclusion of new series affecting most ginning with 1959, figures are Census Bureau estimates. Data before private non residential groups. 1959 are joint estimates of the Depts, of Commerce and Labor. NEW HOUSING STARTS (In thousands of units) Annual rate, By area By type of ownership (priva S t . e A . o nly) G un o d v e e r r w nm rit e te n n t- Period Total Metro­ Non­ Private Total N fa o rr n n - politan p m o e li t t r a o n ­ Total fam 1- i ly fam 2- i ly M fam ul i t ly i­ Public Total FHA VA 1959............................ 1,554 1377 477 1,517 1,234 56 227 37 458 349 109 I960............................ 1,296 889 407 1,252 995 44 213 44 336 261 75 1961............................. 1,365 948 417 11313 974 44 295 52 328 244 83 1962............................. 1,492 1,054 439 11463 991 49 422 30 339 261 78 1963............................. 1,642 1,152 490 1,610 1 321 53 536 32 292 221 71 1964............................. 1,563 1393 470 1,529 972 54 505 32 264 205 59 1965............................ 1,510 1 335 475 1,473 964 51 458 37 246 197 49 1966............................. 11196 808 388 11165 779 35 351 31 195 158 37 1967............................. ”1,321 920 402 Pl 1291 843 41 406 "30 233 180 53 1967—jan.................... 1,111 1,079 62 43 19 59 40 2 17 3 13 10 3 Feb................... 1,149 1,132 63 44 19 61 40 2 19 2 12 9 3 1 394 1,067 93 63 30 92 67 2 23 1 18 14 4 Apr................... 1,116 1,099 116 77 38 114 80 4 30 2 16 12 4 1,274 1,224 134 92 42 132 87 5 40 2 23 18 5 1,233 11214 132 88 44 125 88 3 35 6 24 19 5 July................... 1,369 1,356 126 88 39 125 82 5 38 1 20 15 5 1,407 1,381 130 90 40 127 84 4 40 3 23 17 6 Sept.................. 1,445 1,415 126 88 37 122 78 4 40 4 20 16 5 1 ,496 1,478 137 99 38 135 82 5 49 2 25 19 5 Nov.................. 11590 1,567 120 85 35 118 69 3 46 2 20 15 4 Dec................... ”1,243 pl,228 P83 63 20 P80 47 3 30 "3 19 16 4 1968—Jan.................... Pl,445 Pl,419 p82 63 19 »80 45 3 33 "2 17 14 3 Note,—Beginning with 1959, Census Bureau series includes both farm by area or type of structure. Data from Federal Housing Admin, and and nonfarm series developed initially by the Bureau of Labor Statistics. Veterans Admin, represent units started, based on field office reports of Series before 1959 reflect Census Bureau revisions that are not available first compliance inspections. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

M-OB tIVirLUYIVItIN I u IVIMKUM i^OO LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Total non- Total Unemploy­ Period i p n o st p it u u l t a io tio n n a l la N b o o t r i n fo t r h c e e l f a o b rc o e r Employed1 m ra e te n 2 t N.S.A. N.S.A. S.A. Total In nonagri- In U pl n o e ye m d ­ (pe S r . c A e . nt) Total cultural agriculture industries 1962.......................... 122,981 49,539 73,442 70,614 66,702 61,759 4,944 3,911 5.5 1963.......................... 125,154 50,583 74,571 71,833 67,762 63,076 4,687 4,070 5.7 1964.......................... 127,224 51,394 75,830 73,091 69,305 64,782 4,523 3,786 5.2 1965.......................... 129,236 52,058 77,178 74,455 71,088 66,726 4,361 3,366 4.5 1966.......................... 131,180 52,288 78,893 75,770 72,895 68,915 3,979 2,875 3.8 1967.......................... 133,319 52,527 80,793 77,347 74,371 70,527 3,844 2,975 3.8 1967 3 —Feb............. 132,448 53,341 80,339 76,921 74,063 70,187 3,876 2,858 3.7 Mar........... 132,627 53,678 80,112 76,676 73,822 69,964 3,858 2,854 3.7 Apr............ 132,795 53,234 80,263 76,814 73,939 70,096 3,843 2,875 3.7 May........... 132,969 53,419 79,958 76,502 73,550 69,822 3,728 2,952 3.9 June........... 133,168 50,704 80,658 77,214 74,168 70,430 3,739 3,045 3.9 July........... 133,366 50,446 80,944 77,495 74,478 70,631 3,847 3,017 3.9 Aug............ 133,645 51,074 81,057 77,598 74,664 70,708 3,956 2,934 3.8 Sept........... 133,847 52,865 81,263 77,807 74,638 70,941 3,697 3,169 4.1 Oct......... 134,045 52,450 81,535 78,072 74,735 71,017 3,718 3,337 4.3 Nov........... 134,224 52,641 81,459 77,989 75,005 71.166 3,839 2,984 3.8 Dec............ 134,405 52,879 81,942 78,473 75,577 71,361 4,216 2,896 3.7 1968—Jan................. 134,576 54,765 81 ,386 77,923 75,167 71,164 4,003 2,756 3.5 Feb................ 134,744 53,876 82,138 78,672 75,731 71,604 4,127 2,941 3.7 1 Includes self-employed, unpaid family, and domestic service workers. Note.—Bureau of Labor Statistics. Information relating to persons 16 2 Per cent of civilian labor force. years of age and over is obtained on a sample basis. Monthly data relate 3 Beginning 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 of Labor Statistics. of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in f g ac­ Mining c C o o n t n i s o t t n r r a u c c t ­ T ti l o r ic a n n u s & t p il i o p ti r e u t s b a ­ ­ Trade Finance Service G m ov e e n r t n­ 1962....................................................... 55,596 16,853 650 2,902 3 906 11,566 2,800 8,028 8,890 1963........................................................ 56,702 161995 635 2,963 3 903 11 ’778 2,877 8,325 9,225 1964........................................................ 58,332 17,274 634 3 050 3 *951 12 160 2,957 8 709 9 596 1965........................................................ 60,832 18 062 632 3 186 4*036 12 716 3 023 9 087 10,091 1966........................................................ 63,982 19 186 625 3*292 4*151 13*211 3,102 9*545 10 871 1967........................................................ 65,992 19,338 613 3 ’277 4*261 13*600 3,229 10*079 11,596 SEASONALLY ADJUSTED 1967—Feb.............................................. 65 692 19 507 624 3 352 4 247 13 541 3 165 9 883 11 373 Mar,........................................... 65*749 19*445 624 3*313 4*246 13*557 3*179 9*946 11*439 Apr.............................................. 65,653 19 331 620 3*276 4’212 13*572 3,194 9,*973 11,475 May............................................ 65 639 19 238 617 3*192 4’267 13’609 3 205 9 987 11*524 June........................................... 65,903 19,285 619 3*187 4*266 13*648 3,227 10*035 11,636 July............................................ 65,939 19,169 623 3 231 4 292 13*647 3’234 10 074 111669 Aug.................................... 66,190 19,318 606 3,223 4 283 13*664 3 253 10 130 11 713 Sept............................................. 66 055 191142 601 3 238 4*262 13’719 3’264 10 161 11 668 Oct............................................. 66,243 19,169 597 3*236 4*251 13 776 3,270 10 199 11,745 Nov............................................. 66 918 19,422 597 3 289 4 287 13 900 3’290 io’297 11 ’836 Dec.............................................. 67 126 19,491 598 3*353 4*290 13*870 3,304 10*332 11 ,888 1968—Jan. p.......................................... 67,146 19,501 596 3 216 4,301 13 919 3,310 10,369 11,934 Feb. »’.......................................... 67,694 19,567 600 3^467 4,317 14,016 3,321 10,414 11,992 NOT SEASONALLY ADJUSTED 1967—Feb.............................................. 64 491 19,297 606 2,863 4,175 13,218 3,133 9,725 11,474 Mar.................................... 64,843 19,263 607 2,922 4 191 13,332 3,157 9,817 111554 Apr..................................... 65,215 19,181 614 3'106 4 174 13,412 3,181 9,963 11,584 May............................................. 65 594 19,133 618 3,227 4’250 13 503 3,202 10,057 11,604 June............................................ 66,514 19,382 633 3,407 4,304 13,675 31253 10,196 11,664 July.............................................. 66,129 19'156 636 3,548 4,335 13 629 3,289 10,265 11,271 Aug............................................ 66,408 19,435 620 3,594 4,330 13,622 3,305 101262 111240 Sept............................................. 66,672 19s443 609 3,513 4,317 13^689 3,274 10,212 11,615 Oct.............................................. 66,914 191388 601 3^463 4’281 13,808 31267 10'230 111876 Nov............................................. 67,470 19,553 600 3 ,378 4,304 14,104 3,274 10,246 121011 Dec.............................................. 67,980 19’500 597 3,202 4'294 14,732 31284 101239 12J32 1968—Jan. *......................................... 66,114 19,280 583 2,862 4,241 13,732 3,270 10,162 11,984 Feb. p.......................................... 66,462 19,358 583 2,961 4,244 13,681 3,288 101247 12,100 _ Note.—Bureau of Labor Statistics; data include all full- and part- domestic servants, unpaid family workers, and members of the armed time employees who worked during, or received pay for, the pay period forces are excluded. that includes the 12th of the month. Proprietors, self-employed persons, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ EMPLOYMENT AND EARNINGS A-59 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1967 1968 1967 1968 Feb. Dec. Jan." Feb.” Feb. Dec. Jan.” Feb.” Tiitfll............................................................................. 14,436 14,317 14,328 14,367 14,252 14,337 14,129 14,184 Durable goods............................................................... 8,459 8,313 8,353 8,363 8,380 8,340 8,272 8,283 Ordnance and accessories............................. ’143 ’158 ’160 (62 '145 160 162 '163 T .timber and wood products................................. 524 520 522 526 500 509 494 502 Furniture and fixtures.......................................... 384 383 387 391 379 385 383 386 Stone, clay, and glass products............................ 509 514 513 485 484 503 490 461 Primary metaJ industries..................................... 1 ,091 1 ,030 1,028 1 ,029 1 ,085 1 ,016 1 ,017 1,023 Fabricated metal products.................................... 1 065 1 058 1 ’058 1 066 1,053 1 ,064 1 ,051 i ,054 Machinery........................................... 1 ,392 1 ,336 1 ,352 1 ,351 1 ,397 1 ,337 1 ^352 1 ;355 F.lectrical equipment and supplies........................ 1'345 1 '293 1 ’294 1'303 1 340 1 1313 1 298 1,298 Transportation equipment.................................... 1 ,371 1 ,398 1 ,409 1 ’420 1 ,382 1 ,434 1 ’423 1,431 Instruments and related products.............. ’288 ’286 ’286 ’287 ’287 287 285 '286 Miscellaneous manufacturing industries............ 347 337 344 343 328 332 317 324 Nondurable goods......................................................... 5,977 6,004 5,975 6,004 5,872 5,997 5,857 5,901 Food and kindred products............ 1 '197 1 J 90 1,179 1 ,172 1,113 1 ’ 176 1,115 1 '090 Tobacco manufactures.......................................... ' 73 78 ' 72 71 ’ 70 85 ’ 71 68 Textile-mill products............................................. 848 855 855 865 840 853 843 856 Apparel and related products........................ 1 ,243 1 ,234 1 221 1 234 1 251 1 ,230 1 203 1 241 Paper and allied products.................................. 529 536 ’536 ’537 522 ’538 ’531 530 Printing, publishing, and allied industries....... 670 672 671 675 667 676 666 672 Chemicals and allied products............................. 585 597 598 601 580 592 591 596 Petroleum refining and related industries............. 1 17 121 122 121 114 119 118 118 Rubber and mtsc. plastic products...................... 406 414 414 421 405 419 414 420 Leather and leather products................................ 309 307 307 307 310 309 305 310 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 1967 1968 1967 1968 1967 1968 Feb. Dec. Jan.” Feb.” Feb. Dec. Jan.” Feb.” Feb. Dec. Jan.” Feb.” Total................................................................... 40.3 40.7 40.2 40 7 Ill 88 119 31 118 00 119 48 2 79 2 91 2 95 2 95 Durable goods.................................................... 41 0 41 4 40.9 41 3 120 77 1 29 58 127 39 128 64 2,96 3 10 3 13 3 13 Ordnance and accessories......................... 41.7 41 J 40.4 40 5 133 22 140^44 135'53 133 39 3 21 3 32 3' 33 331 Lumber and wood products..................... 40.3 40.3 38.4 39 9 91 08 97.20 93 73 98 00 2 30 2.43 2'46 2.50 Furniture and fixtures................................ 40.2 40.7 39.5 40.2 90.12 99 84 92 97 95 28 2 27 2 40 239 2 40 Stone, clay, and glass products................. 41.5 41.7 40.9 42 4 112 19 1 20 22 116'98 120 47 7 77 ? 89 791 2 91 Primary metal industries........................... 40.9 41.7 41.6 41 8 134 97 143 45 144 70 145 46 3'30 3 44 3 47 3 48 Fabricated metal products........................ 41.4 41.5 41.4 41 .7 120 83 127 80 126 69 127 93 2 94 3 05 3 09 3 09 Machinery................................................. 43 0 42 4 41 7 42 1 ) 35 R8 1 39 5 3 136 78 13851 3 16 J 26 3 28 3 29 Electrical equipment and supplies........ 39.7 40^4 40 0 40 2 107 98 117 67 115 02 1 16 58 ? 72 2 87 2 89 7 90 Transportation equipment......................... 40.7 41 ’8 41 9 42 4 1 36 21 152 01 152 10 152 04 1' 38 3 56 3 63 3*62 Instruments and related products............. 40.9 41.1 40.4 40.4 114.11 120^89 116^98 117^97 2^79 2^92 2^91 2^92 Miscellaneous manufacturing industries... 38.7 39.4 39.2 39.5 90.17 96.47 95.06 97.17 2.33 2.43 2.45 2.46 Nondurable goods.............................................. 39.5 39 8 39.1 40 0 99 18 105 60 103 60 |06 00 2 53 2 64 2 67 2 67 Food and kindred products...................... 41.0 40 7 40 4 40 9 105’18 110 29 109 87 110'55 2 61 2 69 2 74 2 75 Tobacco manufactures............................. 38.2 36 8 37 8 40 3 82 08 85 03 85 47 89 68 2'2g 2 22 2 31 2 36 Textile-mill products,................................ 40.2 41 6 39 8 41 3 RO 60 89 67 84 53 88 99 2 01 2 14 2 14 2 16 Apparel and related products.................... 35.6 36 2 35.0 36 5 71 04 74 88 72' 80 79 06 1 *99 2 08 2 11 2 16 Paper and allied products......................... 42.8 43.1 42.6 42 8 119 14 127 74 124 91 125 OR 281 2 95 2 96 2 95 Printing, publishing, and allied industries. 38.6 38.0 37,7 38.1 123,33 129'75 125.66 128.'52 3’22 3.'37 3.36 3 .'40 Chemicals and allied products.................. 41,4 41 8 41 7 42 0 125 25 1 32 82 132 48 1 33 34 3 04 3 17 3 20 1 19 Petroleum refining and related industries.. 42.6 42,1 42.9 41.9 147^97 150^06 157^78 15L66 3^54 3^59 3^73 3.69 Rubber and misc. plastic products........... 40 9 41 3 41 0 41 4 109 35 119 55 117 55 116 44 2 70 2,g6 2 86 2 84 Leather and leather products.................... 37.1 38.4 37’6 38*9 76 J3 83*28 81 '.11 85'28 2.03 2.13 2.14 2.17 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

A-60 PRICES □ MARCH 1968 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period ite A m U s Food Total Rent o H w o n m e e r­ ­ F a o u n i e d l l e G a le n a c d s ­ n F i a n is n u g h d r s ­ ­ A u p p a p k n e a d e r e p l T p t r o i a o r n t n a s ­ ­ Total M ic e a d l ­ s P o e n r a ­ l R a i e n n a g d d ­ O g a o t n h o d d e s r ship coal tricity opera­ care care recrea­ serv­ 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 LOI .6 101.4 100.2 102.8 100.7 100.6 103.8 102.8 104.4 102.4 102.4 101.8 1960. 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101.5 102.2 103.8 105.4 108.1 104.1 104.9 103.8 1961 . 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101.4 103.0 105.0 107.3 111.3 104.6 107.2 104.6 1962. 105.4 103.6 104.8 105.7 105.6 102.1 107.9 101.5 103.6 107,2 109.4 114,2 106.5 109,6 105.3 1963........................ 106.7 105.1 106.0 106.8 107.0 104.0 107.8 102.4 104.8 107.8 111.4 117.0 107.9 111.5 107.1 1964. 108.1 106.4 107.2 107.8 109.1 103.5 107.9 102.8 105.7 109.3 113.6 119.4 109.2 114.1 108,8 1965. 109.9 108.8 108.5 108.9 111.4 105.6 107.8 103.1 106.8 111.1 115.6 122.3 109.9 115.2 111.4 1966. 113.1 114.2 111.1 110.4 115.7 108.3 108.1 105.0 109.6 112.7 119.0 127.7 112.2 117.1 114.9 1967--Jan................ 114.7 114.7 113.1 111.4 118.7 110.5 108.3 106.7 111.3 113.4 121.4 132.9 113.8 118.5 116.2 Feb............... 114.8 114.2 113.3 111.7 118.9 111.1 108.3 107.0 111.9 113.8 121.8 133.6 114.1 118.6 116.3 Mar.,....... 115.0 114.2 113.3 111.8 118.6 111.1 108.3 107.3 112,6 114.2 122,2 134.6 114.4 118.9 116.4 Apr............... 115.3 113.7 113.6 111.9 119.0 111.0 108.4 107.7 113.0 115.1 122.6 135.1 114.9 119.4 116.6 May............ 115.6 113.9 113.9 112,1 119.7 110.8 108.3 107.9 113.8 115.5 122.8 135.7 115,0 119.6 116.7 June............. 116.0 115.1 114.1 1 12,2 119.9 110,5 108.2 108.1 113.9 115.7 123.2 136.3 115.3 119.7 116.9 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 Sept............... 117.1 115.9 115,0 112,8 121.1 112.3 108.9 108.8 115.1 116.8 124.9 138.5 116,4 120,5 119.7 Oct............. 117.5 115.7 115.3 113.0 121.5 112.5 108.9 109.1 116.0 117.7 125.5 139.0 116.5 121.4 120.3 Nov,........ 117.8 115.6 115.5 113,2 121.9 112.7 109.0 109.3 116.6 118.3 126.2 139.7 116.9 122,0 121.0 Dec............... 118.2 116.2 116.0 113.5 122.6 113.1 108.7 109.7 116.8 117,9 126.6 140.4 117.2 122.2 121,4 1968--Jan................ 118.6 117.0 116.4 113.7 122.9 1 13.7 108.9 110.6 115.9 118.7 127.1 141.2 117,6 122,7 121.9 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59= 100) Industrial commodities All Farm P es r s o e c d ­ Ma­ Period m c t o i o e m d s i ­ ­ p u r c o t d s ­ f f o e a o e n d d d s s Total T t e il e e tc x s . ­ , H e id tc e . s, F e u tc e . l, C ic e h a t e c ls m . , ­ R b e e u tc r b . , ­ L b e u t e c m r . , ­ P e a t p c e . r, M e a t l e c s . t , ­ e c a q e h n u r i y d n ip ­ ­ F t e u u t r c r e n . , i­ N t m m a o l i e l n n ic ­ ­ - T e p t q r o i a o u r n n t ip a s ­ ­ ­ n c M e e o l i l s u a ­ s ­ ment erals ment 1958 100.4 103,6 102.5 99.5 98.9 96.0 98.7 100.4 100.1 97.4 100.1 99,1 100.0 100.2 99.9 n.a. 100.6 1959 100.6 97.2 99.9 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.1 100,4 101.2 n.a. 100.8 1960 100.7 96.9 100.0 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.9 100.1 101.4 n.a. 101.7 1961 100,3 96.0 101.6 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.9 99.5 101.8 n.a. 102.0 1962 100,6 97.7 102.7 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.9 98,8 101.8 n.a. 102.4 1963 100.3 95.7 103.3 100.7 100,5 104.2 99.8 96.3 93.8 98.6 99,2 100.1 103.1 98.1 101.3 n.a. 103.3 1964 100,5 94,3 103.1 101.2 101,2 104.6 97.1 96.7 92.5 100.6 99.0 102.8 103.8 98.5 101.5 n.a. 104.1 1965 102,5 98.4 106.7 102.5 101,8 109.2 98,9 97,4 92.9 101.1 99.9 105.7 105.0 98.0 101.7 n.a. 104.8 1966. 105.9 105.6 113.0 104.7 102.1 119.7 101.3 97.8 94.8 105.6 102.6 108.3 108.2 99.1 102.6 n.a. 106.8 1967—Jan.. 106.2 102.6 112.8 105.8 102.0 117.9 102.6 98.4 95.6 102.6 103.1 109.4 111.1 100,4 103.6 n.a. 107.9 Feb. 106.0 101.0 111.7 106.0 102.0 118.0 103.4 98.5 95.8 103.6 103.3 109.6 111.2 100.4 103.7 n.a. 108.0 Mar. 105.7 99.6 110.6 106,0 101.8 117.0 103.7 98.5 95.9 103.6 103.6 109.4 111.5 100.6 103.8 n.a. 107.7 Apr. 105.3 97.6 110.0 106.0 101.8 115.7 103.3 98.8 95.9 104.1 103.9 109.1 111.6 100.6 103.9 n.a. 108.0 May 105.8 100.7 110,7 106.0 101.6 115.2 104.4 98.8 95.8 104.2 103.9 108.9 111.6 100.8 103,8 n.a. 108.0 June 106.3 102.4 112.6 106.0 101.6 115.6 104.0 98.5 95.8 104.7 103.9 108.9 111.6 100.8 103.9 n.a. 109.6 July. 106.5 102.8 113.1 106.0 101.5 115.2 103.9 98.3 95.8 105.3 104.1 109.0 111.6 100.9 104.2 n.a. 109.7 Aug. 106.1 99.2 112.1 106.3 101,7 114.4 104.7 98.0 97.8 106.1 104.0 109.2 111.8 101.0 104.5 n.a. 110.0 Sept. 106.2 98.4 112.7 106.5 102,0 114.4 104.5 97.9 98.2 108.7 104.1 109.6 111.9 101.2 104.7 n.a. 110.2 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 Nov. 106.2 96.4 110.9 107.1 103,0 115.4 102.8 98.2 99.1 106,7 104.6 110.5 112,6 102.0 105.1 n.a. 110.6 Dec., 106.8 98.9 111,5 107.4 103,8 116.0 102.6 98.4 99.2 107.6 104.8 111,0 113.2 102.1 105,3 n.a. 110.7 1968—Jan. 107.2 99.0 112.4 107.8 104.3 116,5 101.8 98.2 99.5 108.6 105.2 111.7 113.9 103.0 106.0 n.a. 111.0 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ PRICES A-61 WHOLESALE PRICES: DETAIL (1957-59= 100) 1967 1968 1967 1968 Group Group Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Farm products: Pulp, paper, and allied products: Fresh and dried produce..................... 101.8 102 9 105.0 108,1 Pulp, paper, and products, excluding Grains,................................................. 100 7 81 3 85 4 85.0 building paper and board.......... 103.5 105 I 105.3 105,8 Livestock.................................. 101 4 96.2 97.6 98.7 Woodpulp......................................... 98.0 98*0 98.0 98.0 Live poultry....................................... 88.1 65.6 68.2 78,2 Wastepaper......................................... 83,9 76 5 78. 1 76,9 Plant Rnd animal fibers. . .......... 70.8 74.9 80.8 79.4 Paper.................................................. 108.5 HL2 111.2 111.2 Fluid milk............................................ 123.4 123,6 124.3 124.0 Paperboard........................................ 97.3 97.3 97.3 97.3 Eggs............................................ 100.0 80.7 90.9 73 8 Converted paper and paperboard.... 103.7 105.5 105.8 106.7 Hav and seeds.............................. 123.5 109.9 112.7 1123 Building paper and board................. 92.4 92 0 92 I 92 I Other farm products............................ 99.6 100.9 101,3 I0L7 Processed foods and feeds: Metals and metal products: Cereal and bakery products............... 117.6 117.0 116.9 117.1 Iron and steel................................... 103,0 104.3 104,7 105.5 Meat poultry and fish......................... 105.4 102,2 103.2 105.5 Steelmill products.............................. 105.4 106.8 107.0 107.7 Dairy products................................... 121.8 123,0 124.1 123.8 Nonferrous metals....................... 121.8 122,7 123.7 125.1 Processed fruits and vegetables.......... 105.9 112,0 113.1 113.7 Metal containers................................. 111.5 112.9 112.9 112.9 Sugar and confectionery..................... 113.0 113,9 112,7 113,4 Hardware............................................ 111.9 115,7 116,1 116.3 Beverages and beverage materials.... 105.8 107,4 107.7 107.9 Plumbing equipment......................... 110.5 110,2 110.6 110.7 Animal fats and oils .......................... 94.9 70,8 73.5 70.4 Heating equipment............................. 92.6 93.3 93.4 93. 1 Crude vegetable oils........................... 94.1 82.7 83.9 85 5 Fabricated'structural metal products. 104.8 105.9 106.1 106.2 Refined vegetable oils................. 93.0 87.5 87,0 80 4 Miscellaneous metal products............ 113.6 114.1 114.4 114.7 Vegetable oil end products................. 106.3 101.5 100.2 100.2 M M i a s n c u el f l a a c n t e u o re u d s p a r n o i c m e a ss l e f d e e f d o s o . d . s . . . . . .. . .. . . . .. . .. . 1 13 1 2 2 . . 1 6 1 1 1 1 3 8 . . 1 8 1 1 1 1 3 9 . . 7 6 1 1 1 2 4 0 , , 1 2 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip.,.. 121.5 123.8 124.9 125.8 Construction machinery and equip... 121.3 125.3 126.3 127.2 Cotton products.................................. 102.5 101 2 104,2 105 2 Metalworking machinery and equip.. 121.9 125.4 125.8 126.1 Wool products..................................... 104.7 1023 102,2 102.3 General purpose machinery and Man-made fiber textile products........ 87.1 88.1 88.6 89.3 equipment.................................... 112.8 114.7 115.2 115.4 Silk yarns................................. 166.1 183.9 189,7 196.8 Special industry machinery and Apparel................................................. 105.7 108.0 108.1 108.3 equipment (Jan. 1961= 100)....... 114.8 118.3 118.3 120.1 Textile housefurnishings..................... 105.3 107,3 109 8 110.6 Electrical machinery and equip.......... 101 9 101.6 102.3 102,7 Miscellaneous textile products........... 120.5 114.5 1 14.0 112,4 Miscellaneous machinery......... 108*5 110.4 110.8 112.0 Hides, skins, leather, and products: Furniture and household durables: Hides and skins..................... 110.1 90.4 89.7 87.3 Leather................................................. 116.9 106.5 109. 1 108.6 Household furniture.......................... 111.9 114.3 114.3 115.2 Footwear.............................................. 120.9 123.7 124,3 125.6 Commercial furniture........................ 108.7 112.3 112.6 113.4 Other leather products........................ 114.5 111.9 111.5 112.2 Floor coverings................................... 94.1 94.9 95.2 95,3 Household appliances.............. 89.6 90,8 90.9 91 I Fuels and related products, and power: Home electronic equipment......... 83.6 82 2 81.8 81.7 Other household durable goods........ 114.8 1183 119.5 123,4 Coal...»............................................. 102,3 104.8 104.9 105.0 Coke.................................................. 112.0 112.0 112.0 112.0 Gas fuels (Jan. 1958= 100)................. 134.6 132.8 133.1 130.0 Nonmetallic mineral products: Electric power (Jan. 1958— 100)...... 100.6 100.9 i663 101.0 Crude petroleum............................. 98,2 99.0 99.0 99.0 Flat glass,........................................ 103.3 107,0 107.5 107.0 Petroleum products, refined.............. 100.3 100.4 99.9 98.8 Concrete ingredients.......................... 105 8 106.4 106.5 107.8 Concrete products............................... 103.9 105.6 105.8 106.5 Chemicals and allied products: Structural clay products excluding refractories...................................... 109.3 Hl.I 111.6 HI 8 Industrial chemicals............................ 96.6 98.3 98.3 98.5 Refractories........................................ 104,8 106.0 106.0 106.8 Prepared paint.................. 108.7 109.9 112.2 113.2 Asphalt roofing................................... 95.7 99.4 99.3 99.6 Paint materials..................................... 90.6 91.4 91.3 91 5 Gypsum products...................... 103.5 103.9 103.9 103.9 Drugs and pharmaceuticals................. 94.7 93.7 43 8 92.9 Glass containers.................................. 101 0 101 1 101 1 107 9 Fats and oils, inedible........................ 92.3 77.9 773 76.4 Other nonmetallic minerals............... 101 I 1023 1023 103.0 Agricultural chemicals and products.. 104.2 101.7 102.2 99.5 Plastic resins and materials................ 90.3 86.3 86.6 86.6 Other chemicals and products........... 107.4 108,6 108.5 108.6 Transportation equipment: Rubber and products: Motor vehicles and equipment.......... 101.6 104.0 104.0 104.3 Railroad equipment (Jam 1961= 100), 102,7 104.8 104.8 105.4 Crude rubber....................................... 87.6 83.8 83.7 83.6 Tires and tubes.................................... 94.9 98.7 98.7 98.7 Miscellaneous rubber products........... 99.7 105,6 105.9 106.5 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition.................................... 105.2 106.3 106.4 106.7 Lumber................................................ 104.5 110,9 Hl.8 114.0 Tobacco products............................... 110,3 H4.8 114.8 114.8 Millwork, ........................................ 110.3 113. 5 113.7 113.9 Notions.............................................. 100.8 102.1 102.2 102.2 Plywood................... 87.3 87.8 90.2 89.8 Photographic equipment and supplies 110.1 113.6 113.6 113.6 Other wood products (Dec. 1966= 100) 102.0 101.5 101.5 101.9 Other miscellaneous products........... 107.2 108.9 109.2 109.9 Note.—Bureau of Labor Statistics indexes as revised in Mar. 1967 to classification changes. Back data not yet available for some new classiincorporate (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

A-62 NATIONAL PRODUCT AND INCOME □ MARCH 1968 GROSS NATIONAL PRODUCT (In billions of dollars) 1966 1967 Item 1929 1933 1941 1950 1963 1964 1965 1966 1967^ IV I II III IVP Gross national product........................... 103,1 55.6 124.5 284.8 590.5 632.4 683.9 743.3 785.0 762.1 766.3 775.1 791.2 807.3 Final purchases.............................................. 101.4 57.2 120.1 278.0 584.6 626.6 674.5 729.9 779.8 743.6 759.2 774.6 787.4 798.1 Personal consumption expenditures................ 77.2 45.8 80.6 191.0 375.0 401.2 433.1 465.9 491.7 473.8 480.2 489.7 495.3 501.8 Durable goods,......................................... 9.2 3.5 9.6 30.5 53.9 59.2 66,0 70,3 72.1 70.6 69 4 72.5 72.7 73.8 Nondurable goods...................................... 37.7 22.3 42.9 98.1 168.6 178.7 191.2 207.5 217.5 210.3 214,2 217.2 218.5 220.3 Services...................................................... 30.3 20.1 28.1 62 4 152 4 163.3 175,9 188.1 202.1 192 9 196.6 200 0 204 1 207.7 Gross private domestic investment.................. 16.2 1.4 17.9 54.1 87.1 94.0 107.4 118.0 112.1 122.2 110.4 105.1 112.2 120.8 Fixed investment.......................................... 14.5 3.0 13.4 47.3 81.3 88.2 98.0 104.6 107.0 103.7 103.3 104.6 108.4 111.6 Nonresidential......................................... 10.6 2.4 9.5 27.9 54.3 61,1 71.1 80.2 82.6 82.8 81.9 81.5 82.8 84.0 Structures........................................... 5.0 .9 2.9 9.2 19.5 21.2 25.1 21.9 26.8 27.7 27.7 26.3 26.6 26.7 Producers* durable equipment........... 5.6 1.5 6.6 18.7 34.8 39.9 46.0 52.3 55.7 55.1 54.2 55.2 56.2 57,3 Residential structures.............................. 4.0 .6 3.9 19.4 27.0 27.1 27.0 24.4 24.4 20.9 21,4 23.1 25.6 27.6 Nonfarm.............................................. 3.8 .5 3.7 18.6 26.4 26.6 26.4 23.8 23.9 20.4 20.9 22.5 25.0 27.0 Change in business inventories................. 1.7 -1.6 4.5 6.8 5.9 5.8 9,4 13.4 5.2 18.5 7.1 0.5 3.8 9.2 Nonfarm.................................................. L8 -1.4 4,0 6.0 5.1 6.4 8.4 13.7 4.8 19.0 7 3 0.6 3.4 7.7 Net exports of goods and services................... 1.1 .4 1.3 1.8 5.9 8.5 6.9 5.1 4.8 4.3 5.3 5.3 5.4 3.0 Exports..................................................... 7.0 2.4 5.9 13.8 32.3 37.1 39.1 43.0 45.3 44.0 45,3 45.1 45.6 45.4 Imports............................................... 5.9 2.0 4.6 12.0 26.4 28.6 32.2 37.9 40.6 39.7 39,9 39.8 40.2 42.4 Government purchases of goods and services. . 8.5 8.0 24.8 37.9 122.5 128.7 136.4 154.3 176.3 161.7 170.4 175.0 178.2 181.7 Federal........................................................ 1.3 2.0 16.9 18.4 64.2 65.2 66,8 77.0 89.9 81.5 87.1 89.5 90.9 92.2 National defense................................. . 13.8 14.1 50. 8 50.0 50.1 60.5 72,5 65.6 70.2 72.5 73,3 74.2 Other........................................................ 3.1 4.3 13,5 15.2 16.7 16.5 17.4 15.9 16.8 17.0 17.6 18.0 State and local............................................ 7.2 6.0 7.9 19.5 58,2 63.5 69.6 77.2 86.4 80.2 83.3 85.4 87.4 89.5 Gross national product in constant (1958) dollars.......................................................... 203.6 141.S 263.7 55.3 551.0 581.1 616.7 652.6 669.3 661.1 660.7 664.7 672.0 679.6 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 1963 1964 1965 1966 1967* IV I II III IV* National income............................................... 86.8 40.3 104.2 241.1 481.9 518.1 562.4 616.7 650.3 634.1 636.4 641.6 653.4 669.6 Compensation of employees............................ 51.1 29.5 64.8 154.6 341.0 365.7 393.9 435.7 469.7 450.2 459.1 463.4 472.6 483.6 Wages and salaries...................................... 50.4 29.0 62.1 146.8 311.1 333.7 359.1 394.6 423.8 407.4 414.7 418.3 426.2 435.9 Private...................................................... 45.5 23.9 51.9 124.4 251.6 269.4 289.8 316.7 337.5 326.1 331.4 333.2 339.4 346.2 Military.................................................... .3 .3 1.9 5.0 10.8 11.7 12.1 14,7 16.4 15,8 16.1 16.2 16,3 17.3 Government civilian................................ 4.6 4.9 8.3 17.4 48.6 52.6 57.1 63.2 69.8 65.6 67.3 68.9 70.6 72.5 Supplements to wages and salaries........ .7 .5 2.7 7.8 29.9 32.0 34.9 41.1 45.9 42.7 44.4 45.2 46.4 47.6 Employer contributions for social insurance................................................. .1 2.0 4.0 15.0 15.4 16.2 20,3 22.6 21.1 22.2 22.3 22.8 23.3 Other labor income................................. .6 .4 .7 3.8 14.9 16.6 18.6 20.8 23.2 21.7 22.2 22.9 23.6 24.3 Proprietors’ income......................................... 15.1 5.9 17.5 37.5 51.0 52.3 56.7 59.3 58.4 58.6 57.8 57.8 58.8 59.3 Business and professional........................... 9.0 3.3 11.1 24.0 37.9 40.2 41.9 43.2 43.6 43.4 43.2 43.4 43.8 44.1 Farm............................................................ 6.2 2,6 6.4 13.5 13.1 12.1 14.8 16,1 14.8 15.1 14.6 14.3 15.0 15.2 Rental income of persons................................ 5.4 2.0 3.5 9.4 17.1 18.0 19.0 19.4 20.1 19.6 19.8 20.0 20.2 20.4 Corporate profits and inventory valuation adjustment.................................................... 10.5 -1.2 15.2 37.7 58.9 66.3 74.9 82.2 79.7 84.6 78.1 78.3 79.2 83.0 Profits before tax......................................... 10.0 1.0 17.7 42.6 59.4 66.8 76.6 83.8 80.8 83,9 79.0 78.9 80.0 85.4 Profits tax liability................................... 1.4 .5 1.6 17.8 26.3 28.3 31.4 34.5 33.2 34.6 32.5 32 A 32.9 35.1 Profits after tax............................... 8.6 .4 10.1 24.9 33.1 38.4 45.2 49.3 47.6 49.3 46.5 46.5 47.1 50.3 Dividends............................................. 5.8 2.0 4.4 8.8 16.5 17.8 19.8 21.5 22.8 21.2 22.2 23.1 23.4 22.4 Undistributed profits........................... 2.8 -1.6 5.7 16.0 16.6 20.6 25.4 27.8 24.8 28.2 24.2 23.4 23.6 27.8 Inventory valuation adjustment.................. .5 -2.1 -2.5 -5.0 -.5 -.5 -1.7 -1.6 ~1.2 .7 -.8 -.7 -.8 -2.3 Net interest...................................................... 4.7 4.1 3.2 2.0 13.8 15.8 17.9 20.2 22.4 21.1 21.6 22.1 22.7 23.3 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates, See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 a NATIONAL PRODUCT AND INCOME A-63 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME SAVING (In billions of dollars) 1966 1967 Item 1929 1933 1941 1950 1963 1964 1965 1966 1967" IV I II III IV" Gross national product................................... 103.1 55.6 124.5 284.8 590.5 632.4 683.9 743.3 785.0 762.1 766.3 775.1 791.2 807.3 Less: Capital consumption allowances......... 7.9 7.0 8.2 18.3 52.6 56.1 59.9 63.5 67.0 64.7 65.5 66.4 67.6 68.6 Indirect business tax and nontax lia­ bility. .......................................... 7.0 7.1 11.3 23.3 54.7 58.4 62.2 65.1 69.7 67.0 67.9 69.1 70,2 71.4 Business transfer payments.......... .6 .7 .5 .8 2.3 2.5 2.6 2.7 2.8 2.8 2.8 2.8 2.8 2.8 Statistical discrepancy.......................... .7 .6 .4 1.5 -.3 — 1.3 -2.0 -2.6 -3.0 -3.8 -4.0 -2.8 — 1.2 -3.8 Plus: Subsidies less current surplus of gov­ ernment enterprises............ — .1 . | .2 .8 1.3 1.2 2.2 1.7 2.6 2.3 2.0 1.6 1.2 Equals: National income................................ 86.8 40.3 104.2 241.1 481.9 518.1 562.4 616.7 650.3 634.1 636.4 641.6 653.4 669.6 Less: Corporate profits and inventory valu­ ation adjustment........................... 10.5 — 1.2 15.2 37.7 58.9 66.3 74.9 82.2 79.7 84.6 78.1 78,3 79.2 83.0 Contributions for social insurance.... .2 .3 2.8 6.9 26.9 27.9 29.7 38.2 43.0 39.8 42.2 42.5 43.3 44.1 Excess of wage accruals over disburse­ ments ....................................... Plus: Government transfer payments........... .9 1.5 2.6 14.3 33.0 34.2 37.2 41.2 49.1 44.7 48.1 48.6 49.6 50.1 Net interest paid by government and consumer..................................... 2.5 1.6 2.2 7.2 17.6 19.1 20.4 22.3 24.1 23.2 23.7 23.9 24,2 24.7 Dividends............................................ 5.8 2.0 4.4 8.8 16.5 17.8 19.8 21.5 22.8 21.2 22.2 23.1 23.4 22.4 Business transfer payments.......... .6 .7 .5 .8 2.3 2.5 2.6 2.7 2.8 2.8 2.8 2.8 2.8 2.8 Equals: Personal income................................. 85.9 47.0 96.0 227.6 465.5 497.5 537.8 584.0 626.4 601.6 612.9 619.1 631.0 642.5 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.7 60.9 59.4 65,6 75.2 81.7 79.6 80.2 79.1 82,8 84.7 Equals: Disposable personal income............... 83.3 45.5 92.7 206.9 404.6 438.1 472.2 508.8 544.7 522.0 532.7 540.0 548.2 557.9 Less: Personal outlays................................... 79.1 46.5 81.7 193.9 384.7 411.9 445.0 479.0 505.9 487.4 493.9 504.0 509.6 516.2 Personal consumption expenditures.. 77.2 45.8 80.6 191.0 375.0 401.2 433.1 465.9 491.7 473.8 480.2 489.7 495.3 501.8 Consumer interest payments....... 1.5 .5 .9 2.4 9.1 10.1 11.3 12.4 13.4 12.9 13.1 13.3 13,5 13,8 Personal transfer payments to for­ eigners ....................................... .3 .2 .2 .5 .6 .6 .7 .6 .8 .6 .7 1.0 .8 .7 Equals: Personal saving.................................. 4.2 -.9 11.0 13.1 19.9 26.2 27.2 29.8 38.7 34.6 38.8 36.0 38.5 41.6 Disposable personal income in constant (1958) dollars...................................................... 150.6 112.2 190.3 249.6 381.3 407.9 434.4 456.3 476. S 463.2 470.6 474.9 477.5 482.6 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted quarterly totals at annual rates. Sec also Note to table opposite. PERSONAL INCOME (In billions of dollars) 1967 1968 Item 1966 1967 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total personal income......................... 584.0 626.4 610.4 612.6 615.6 616.5 618.2 622.6 627.0 631.6 634.4 635.9 642.4 649.3 651.2 Wage and salary disbursements......... 394.6 423.8 413.8 414.2 416.2 416.7 417.2 420.9 423.4 426.7 428.5 429.4 435.3 443.1 442.7 Commodity-producing industries... 159.3 167.2 166.2 165.2 165.6 165.0 164.3 165.2 166.1 168.0 168.2 167.9 171.2 173.3 173.8 Manufacturing only,, , ............... 128.1 134.4 133.7 132.7 132.9 132.5 132.2 133.0 133.2 135.3 135.4 134.9 137.5 139.2 140.1 Distributive industries..................... 93.9 100.9 98.4 98.6 99.1 99.1 99.3 100.4 101,3 101.8 102.1 102.6 103,7 103.9 104.9 Service industries............................ 63.5 69.5 66.4 66.9 67.6 68.2 68.6 69.5 69.6 70.1 70.8 71 . 1 71.9 72.8 73.2 Government.................................... 77.9 86.3 82.7 83,4 84.0 84.5 85.0 85.7 86.4 86.9 87.4 87.8 88.4 93.1 90.8 Other labor income........................... 20.8 23.2 22.1 22,2 22.4 22.6 22.8 23.1 23.3 23.6 23.8 24.0 24.3 24.6 24,9 Proprietors’ income............................ 59.3 58.4 58.3 57.8 57.4 57.7 57.8 57.9 58.4 58.8 59.2 59.1 59.3 59,5 59,7 Business and professional............... 43.2 43.6 43.3 43.2 43.1 43.3 43.4 43.6 43.7 43.8 43.9 44.0 44.1 44.2 44,3 Farm............................................... 16.1 14.8 15.0 14.6 14.3 14.4 14.4 14.3 14.7 15.0 15.3 15.1 15.2 15.3 15.4 Rental income................................... 19.4 20.1 19.7 19.8 19.9 20.0 20,0 20.1 20.2 20.2 20.3 20.3 20.4 20,4 20.5 Dividends............................................ 21.5 22.8 21.8 22.3 22,6 22.8 23.1 23.3 23,5 23.5 23.4 23.2 23.1 21.0 22.9 Personal interest income.................. 42,4 46.5 45.0 45.2 45.5 45.8 46.0 46.1 46.4 46.9 47.3 47.6 48.0 48.5 48,9 Transfer payments.............................. 43.9 51.9 49.7 51.1 51.7 51.0 51.5 51.6 52.2 52.4 52.5 52.8 52.8 53.1 53.8 Less: Personal contributions for social insurance.............................. 17.9 20.4 20.0 20.0 20.1 20.1 20.1 20.3 20.4 20.6 20.6 20.6 20,8 21.1 22.3 Nonagricultural income....................... 563.1 606.5 S9O.2 593.0 596.2 596.9 598.8 603.2 607.2 611.4 614.0 615.7 622.0 628.8 630.5 Agriculture income.............................. 20.9 19.9 20.2 19.6 19.5 19.5 19.5 19.4 19.8 20.2 20.4 20.2 20.4 20.5 20.6 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

A-O4 hLUVV Uh hUINUb a MAKUH lyoa SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1965 1966 1967 Transaction category. or sector 1962 1963 1964 1965 1966 III IV I II III IV I 11 III I. Saving and investment 1 Gross national saving........................ 134.5 144.5 160.3 179.5 193.1 179.4 184.8 190.3 191.3 192.2 198.4 186.2 182.7 188.4 1 2 Households.................................. 82.0 85.8 98.3 107.3 115.3 111.2 112.8 113.4 111.7 114.8 121.3 123.9 124.5 127.1 2 3 Farm and noncorp, business....... 13.1 13.5 14.5 15.3 16.0 15.3 15.5 15.7 15.9 16.1 16.3 16.5 16.6 16.9 3 4 Corporate nonfin. business.......... 41.8 43.9 50.5 55.7 60.3 56.1 57.8 58.8 59.2 59.8 63.5 58.6 58.7 59.5 4 5 U.S. Government.................... -4.8 -.6 -4.3 . 1 -.9 -4.7 -1.5 1.1 1.6 -1.8 -4.6 -13.2 -16.7 -14.3 5 6 State and local govt...................... -1.4 -1.5 -1.4 -2.2 -.8 -1.9 -2.5 -1.2 -.8 -.5 -.9 -3.0 -4.3 -4.3 6 7 Financial sectors........................... 3.8 3.5 2.7 3.3 3.3 3.4 2.8 2.6 3.8 3.8 2.8 3.4 4.0 3.5 7 8 Gross national investment................. 133.9 143.8 158.0 177.1 190.1 177.5 183.7 188.4 188.3 190.0 193.7 181.2 177.2 187.5 8 9 Consumer durable goods............. 49.5 53.9 59.2 66.0 70.3 66.1 68.6 71.6 68.2 70.9 70.6 69.4 72.5 72.7 9 10 Business inventories..................... 6.0 5.9 5.8 9.4 13.4 9.1 9.6 9.8 14.0 11.4 18.4 7.1 .5 3.8 10 11 Gross pvt. fixed investment...... 77.0 81.3 88.2 98.0 104.6 98.8 102.4 105.3 104.5 104.9 103.7 103.3 104.6 108.4 11 12 Households............................... 21.9 22.4 23.0 23.2 22.8 23.2 23.6 23.9 23.6 22.8 20.7 18.7 19.0 21.0 12 13 Nonfinan. business................... 54.4 57.9 64.3 74.0 80.8 74.8 78.0 80.4 79.8 81.1 82.0 83.7 84.8 86.6 13 14 Financial sectors....................... .6 1.0 .9 .9 1.0 .8 .8 1.0 1.0 1.0 1.0 .8 .8 .8 14 15 Net financial investment.............. 1.3 2.8 4.7 3.7 1.8 3.4 3.1 1.8 1.6 2.8 1.0 1.5 -.4 2.5 15 16 Discrepancy (1-8)............................. .7 .6 2.3 2.4 3.0 1.9 1.1 1.9 3.0 2.1 4.7 5.0 5.5 1.0 16 II. Financial flows—Summary 17 Net funds raised—Nonfinan. sectors. 54.2 58.5 67.0 72.3 69.9 64.0 75.8 84.1 83.2 62.6 49.9 74.4 44.2 107.0 17 18 Loans and short-term securities.... 15.0 19.0 26.4 33.1 27.4 23.8 35.0 26.4 22.7 30.7 29.8 33.7 -16.3 48.2 18 19 Long-term securities and mtgs......... 39.2 39.5 40.6 39.2 42.5 40.2 40.8 57.6 60.5 31.9 20.0 40.7 60.4 58.8 19 By sector 20 U.S. Government............................. 7.9 5.0 7.1 3.6 6.3 -3.8 8.5 10.8 6.7 4.9 2.9 8.3 -21.1 35.2 20 21 Short-term mkt. securities........... .7 1.4 4.0 3.5 2.2 -2.9 5.4 -1.5 -7.3 7.6 10.1 10.2 -35.7 31.2 21 22 Other securities............................ 7.3 3.6 3.0 .2 4.1 -.9 3.2 12.3 14.1 -2.7 -7.2 - 1.8 14.5 4.0 22 23 Foreign borrowers............................ 2, 1 3.3 4.4 2.6 1.5 2.7 2.7 2.5 -.4 1.2 5.5 3.7 3.7 23 24 Loans............................................ 1.1 2.2 3.7 1.9 1.0 -. 1 1.9 1.3 2.3 -.4 1.0 4.5 2.7 2.1 24 25 Securities....................................... 1.0 1.1 .7 .8 .5 .8 .8 1.4 .2 * .2 1.0 1.0 1.6 25 26 Pvt. domestic nonfin. sectors........... 44.2 50.2 55.5 66.0 62.0 67.1 64.6 70.5 73.9 58.0 45.7 60.6 61.6 68.1 26 27 Loans............................................ 13.3 15.5 18.7 27.7 24.1 26.8 27.8 26.6 27.8 23.4 18.7 19. 1 16.7 14.9 27 28 Consumer credit......................... 5.5 7.3 8.0 9.4 6.9 9.3 8.8 9.3 7.0 6.8 4.6 4.3 3.4 5.1 28 29 Bank loans n.e.c........................ 4.8 5.4 6.5 13.6 9.8 12.4 14.0 9.5 15.5 9.0 5.2 6.6 12.1 5.2 29 30 Other loans................................ 3,0 2.7 4.1 4.7 7.4 5. 1 5.0 7.8 5.3 7.7 9.0 8.2 1.3 4.7 30 31 Securities and mortgages............. 31.0 34.7 36.9 38.3 37.9 40.2 36.8 43.9 46.1 34.6 27.0 41.5 44.9 53.2 31 32 State and local obligations........ 5.0 6.7 5.9 7.3 6.0 6.7 7.8 6.3 6.9 4.6 6.1 10.3 11.5 9.8 32 33 Corporate securities................... 5.1 3.6 5.4 5.4 II.4 7.1 2.8 12.2 15.5 11.3 6.6 14.3 15.8 21.7 33 34 1- to 4-family mortgages........... 13.0 15.2 15.7 16.2 11.0 16.7 16.9 14.2 12,5 9.1 8.1 8.7 8.0 12.6 34 35 Other mortgages............... 7.9 9.3 10.0 9.4 9.6 9.7 9.2 11.3 11.2 9.6 6.2 8.2 9.7 9.2 35 36 Net sources of credit (= line 17)... . 54.2 58.5 67.0 72.3 69.9 64.0 75.8 84.1 83.2 62.6 49.9 74.4 44.2 107.0 36 37 Chg. in U.S. Govt, cash balance.. 1.3 -.4 .2 -1.0 -.4 -8.9 2. 1 -3.3 6.7 -6.2 1.2 -.6 -14.8 13.3 37 38 U.S. Govt, lending....................... 3.3 2.7 3.8 4.7 7.9 3.2 4.6 11.1 10.0 7.8 2.8 6.1 -.8 4.7 38 39 Foreign funds............................... 2.2 1.9 2.5 .8 -.9 -1.7 3.6 -1.5 4.4 -5.3 -1.2 3.7 8.2 3.0 39 40 Pvt. insur. & pension reserves... . 9.0 10.1 11.1 11.6 12.8 11.9 11.9 12.8 10.8 13.1 14.5 12.2 12.0 13.8 40 41 Sources n.e.c................................. 4.0 4.7 5.7 7.1 7.6 6.0 4.9 11.6 6.0 13.9 -1.0 -1.1 3.1 11.5 41 42 Pvt. domestic nonfin. sectors....... 34.4 39.5 43.8 49.1 42.8 53.5 48.8 53.3 45.3 39.2 33.6 54.0 36.5 60.6 42 43 Liquid assets............................ 31.4 37.4 33.0 43.4 23.9 52.5 43.1 33.3 21.8 18.5 22.1 55.3 38.8 54.6 43 44 Deposits................................ 30.1 34.4 35.3 40.4 22.7 49.4 42.3 29.1 24.6 15.8 21.2 60.7 51.9 51.8 44 45 Demand dep. and currency 2.1 5.9 6.5 7.7 2.9 14. 1 1 1.9 4.0 1.6 -.5 6.5 10,0 10.3 10.9 45 46 Time and svgs. accounts... 28.1 28.5 28.8 32.7 19.8 35.3 30.4 25. 1 23.0 16.4 14.6 50.7 41.6 40.9 46 47 A t commercial banks.... 15.0 13.4 13.0 19.5 12.5 21.7 17.9 15.4 18.1 11.1 5.4 33.8 21.2 23.1 47 48 At savings instit.............. 13.0 15.1 15.8 13.2 7.3 13.6 12.5 9.8 4.9 5.3 9.3 16.9 20.4 17.9 48 49 Short-term U.S. Govt. sec... 1.3 3.0 -2.3 3.0 1.2 3.2 .8 4.2 -2.9 2.7 .9 -5.4 -13.1 2.8 49 50 Other U.S. Govt, securities.... .4 1.7 3.1 .2 6.7 -5.3 2.5 4.8 14.5 3.3 4.3 -1 l.l -.4 -.7 50 51 Pvt. credit mkt. instruments... 2.5 2.3 7.5 5.8 12. 1 5.9 4.6 15.5 10.6 15.6 6.6 9.4 .6 9.9 51 52 Less security debt..................... -.2 2.0 -.2 .3 -.2 -.3 1.3 ,3 1.5 -1.9 -.6 -.5 2.5 3.2 52 in. Direct lending in credit markets 53 Total funds raised.......................... 54.2 58.5 67.0 72.3 69.9 64.0 75.8 84.1 83.2 62.6 49.9 74.4 44.2 107.0 53 54 Less change in U.S. Govt, cash.... 1.3 -.3 ,2 -1.0 -.4 -8.8 2.1 -3.3 6.7 -6.1 1.2 -.7 -14.9 13.3 54 55 Total net of U.S. Govt, cash.......... 52.9 58.8 66.8 73.3 70.3 72.8 73.7 87.3 76.4 68.7 48.7 75.1 59.1 93.7 55 56 Funds supplied directly to cr. mkts.. 52.9 58.8 66.8 73.3 70.3 72.8 73.7 87.3 76.4 68.7 48.7 75.1 59.1 93.7 56 57 Federal Reserve System............... 1.9 2.6 3.2 3.8 3.3 5.1 3.5 2.5 -.1 6,6 4.2 3.0 -.2 8.0 57 58 Total.......................................... 2.0 2.9 3.4 3.8 3.5 5.1 3.0 2.5 2. 1 5.0 4.3 5.3 3.1 3.8 58 59 Less change in U.S. Govt. cash. .1 .3 .2 * .2 * -.5 , 1 2.1 -1.6 .1 2.4 3.2 -4.2 59 60 Commercial banks, net................ 18.2 19.7 21.8 29.2 18.0 33.7 32.2 23.0 28.0 14.1 6.8 40.9 37.8 34.0 60 61 Total......................................... 19.5 19.4 22.4 29.0 17.5 24.9 35.2 19,9 32.9 9.6 7.9 38.7 19.8 51.5 61 62 Less chg. in U.S. Govt. cash... 1.2 -.6 * -1.0 -.5 -8.9 2.6 -3.3 4.6 -4.5 1.1 -3.0 -18.1 17.5 62 63 Security issues....................... . 1 .3 .6 .8 . 1 . 1 .4 . 1 .3 * * .8 . 1 • 63 64 Nonbank finance, net................... 23.8 28.0 29.1 27.0 22.4 29.5 24.3 27,9 16.6 20.9 24.1 27.7 34.3 37.3 64 65 Total.......................................... 28.5 34.4 33.5 32.9 25.7 29.8 33.7 35.7 18.7 21,5 27.0 29.6 18.6 50.1 65 66 Less credit raised...................... 4.7 6.4 4.4 5.9 3.3 .4 9.4 7,7 2.0 .7 2.9 1.9 -15.7 12.8 66 67 U.S. Government......................... 3.3 2.7 3.8 4.7 7.9 3.2 4.6 11.1 10.0 7.8 2.8 6.1 - .8 4.7 67 68 Foreign......................................... 1.5 .9 .6 -. 1 -1.4 -2.6 2.7 -1.3 1.2 -4.1 -1.6 4.1 3.4 1.0 68 69 Pvt. domestic nonfin..................... 4.3 5.1 8.5 8.7 20.2 4.1 6.5 24.2 20.7 23.4 12.5 -6.6 -15,5 8.8 69 70 Households............................... -1.7 .4 3.2 2.2 10.6 -2.2 -.6 13.7 15.4 11.1 2.0 -9.9 -10.5 3.2 70 71 Business.................................... 2.3 3.1 1.5 1.0 3.2 3.8 2.1 5.7 1.4 3.4 2.5 1.0 -5.5 . 1 71 72 State and local govts................. 3.6 3.5 3.7 5.8 6.2 2.2 6.3 5.0 5.4 7.0 7.3 1.7 3.1 8.7 72 73 Less net security credit............. -.2 2.0 -.2 ,3 -.2 -.3 1.3 .3 1.5 -1.9 -.6 -.5 2.5 3.2 73 Note.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ FLOW OF FUNDS A-65 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1965 1966 1967 Transaction category, 1962 1963 1964 1965 1966 or sector in IV I II in IV I II Hl I. Demand deposits and currency 1 Net incr. in banking system liability. . 4.5 5.8 7.4 7.6 2.6 7.2 15.2 -.3 10. 1 -8.0 8.8 8.8 -.6 25.1 1 2 U.S. Govt, deposits........................ 1.3 -.3 .2 -1.0 -.4 -8.8 2. 1 -3.3 6.7 -6.1 1.2 -.7 -14.9 13.3 2 3 Other............................................. 3.2 6.1 7.3 8.6 3.0 16. 1 13. 1 3.0 3.3 -1.9 7.6 9.5 14.3 11.7 3 4 Domestic sectors........................ 3. 1 6.0 6.8 8.3 3.3 15.4 12.8 2.9 2. 1 -. 1 8.2 11.1 11.9 10.7 4 5 Households............................. 2.7 4.3 6.4 7.1 1.9 9.7 11.7 -2.2 1.4 .5 8.1 11.0 7.1 3.4 5 6 Nonfinancial business............. -.9 -.8 -2. 1 -1.7 .7 -2.6 .3 2.3 ,2 1.5 -1.3 -3.8 -1.7 3.7 6 7 State and local govts............... .9 2.4 1.2 -.2 .8 2.3 -2.1 2.7 1.3 -.7 -.1 3.3 4.4 -.3 7 8 Financial sectors..................... 1.1 .2 .3 .7 .4 1.3 .9 -1.1 .5 .5 1.6 1.1 1.6 -.2 8 9 Mail float............................... -.6 —. 1 .9 2.5 -.5 4.7 2.0 1.2 -1.3 -1.8 -.2 -.4 .5 4.1 9 10 Rest of the world....................... .1 . 1 .5 .3 -.3 .7 .3 . 1 1.2 -1.8 -.6 -1.6 2.4 1.0 10 If. Time and savings accounts 11 Net increase—Total............................ 28.7 29.5 30.4 33.0 20.3 35.0 30.8 24.6 24.5 16.7 15.5 52.3 45.4 42.4 11 12 At commercial banks—Total........ 15.6 14.3 14.5 20.0 13.3 21.6 18.1 15.1 20.1 11.6 6.2 35.1 23.7 24.0 12 13 Corporate business..................... 3.7 3.9 3.2 3.9 -.7 2.5 .9 4.1 1.7 -3.9 -4.6 10,0 -.9 3.7 13 14 State and local govts.................. 1.0 1.6 1.7 2.4 1.3 3.3 3. 1 -.4 2. 1 1.9 1.5 5.7 3.4 .7 14 15 Foreign depositors.................... .6 1.0 1.4 .6 .8 .2 .5 -.2 2.0 .6 1.0 1.2 2.4 1.0 15 16 Households................................. 10.3 7.9 8.2 13.3 11.9 15.9 13.8 11.6 14.3 13.0 8.5 18.1 18.7 18.7 16 17 At savings institutions........... 13. 1 15.2 15.9 13,0 7, 1 13.4 12.7 9.5 4.4 5. 1 9.3 17.2 21.7 18.3 17 18 Memo: Households total................... 23.4 23.0 23.9 26.5 19.2 29.4 26.3 21.4 19.2 18.3 17.8 35.0 39. 1 36.5 18 III. U.S. Govt, securities 19 Total net issues................................... 7.9 5.0 7.1 3.6 6.3 -3.8 8.5 10.8 6.7 4.9 2.9 8,3 -21.1 35.2 19 20 Short-term marketable................... .7 1.4 4.0 3.5 2.2 -2.9 5.4 -1.5 -7.3 7.6 10. 1 10.2 -35.7 31.2 20 21 Other.............................................. 7.3 3.6 3.0 .2 4. 1 -.9 3.2 12.3 14. 1 -2.7 -7.2 -1.8 14.5 4.0 21 22 Net acquisitions, by sector................. 7.2 5.9 7.1 3.6 6.3 -3.8 8.5 10.8 6.7 4.9 2.9 8.3 -21.1 35.2 22 23 Federal Reserve System................. 1.9 2.8 3.5 3.7 3.5 5. 1 2.3 2.8 1.7 5.7 3.8 5.6 2.9 3.8 23 24 Short-term.................................. 2.0 4.9 2. 1 3.7 5.4 . 1 -3.4 2.8 -.3 6.7 12.4 -4.1 2.3 24 25 Commercial banks......................... 1.4 -2.6 .4 -2.4 -3.4 -.9 1.0 -2.7 -.3 -5.7 -4.8 16.9 -3.4 21.5 25 26 Short-term marketable............... -5.2 -3.5 3.9 -1.7 -4.5 1 4.6 -10.2 -.5 -2.8 -4.4 9.9 -7.2 19.0 26 27 Other direct................................ 5.2 .5 -4.1 -1.5 1.2 -2.8 -4.1 7.6 -2.3 -.3 -.3 4.8 -.3 1.1 27 28 Nonguaranteed........................... 1.4 .3 .6 .8 2.0 .4 2.6 -2.6 -.1 2.2 4.2 1.4 28 29 Nonbank finance............................ 1.6 -.5 2.0 -.8 .9 -4.2 -.3 4.0 -4.6 3.4 .8 -1.1 -8.9 9.2 29 30 Short-term marketable................ .8 -1.3 1.2 -.4 1.5 -3.2 1.5 3.2 -2.6 3.8 1.4 3.4 -10.9 10.2 30 31 Other direct................................ .6 .6 .5 -.7 -1.0 -1.7 -1.6 -.2 -2.4 -.5 -.9 -5.2 .6 -.7 31 32 Nonguaranteed........................... .2 .3 .3 .3 .4 .7 -.2 .9 .4 . 1 .4 .8 1.4 -.3 32 33 Foreign........................................... 1.3 .6 .5 -.1 -2.6 -1.7 2.2 -2.3 -1.6 -4.4 -2.1 3.3 1.8 -1.4 33 34 Short-term.................................. 2.2 -.6 -.4 -.8 -2.4 2.6 -1.2 -.3 -2.4 .7 3,2 .5 -2.1 34 35 Pvt. domestic nonfinan. sector. . .. 1.7 4.7 .8 3.2 7.9 -2.1 3.2 9.0 11.6 6.0 5.2 -16.5 -13.5 2.1 35 36 Short-term marketable............... .9 1.8 -3.2 2.4 ,7 2.7 3.8 -3.5 2. 3 -6.3 - 14.0 1.8 36 37 Other direct................................ 1 1,0 2.8 -1.1 2.1 -6.3 1.8 .7 .2 1.8 5.8 -9.5 .2 -.2 37 38 Nonguaranteed...................... .5 .7 .4 1.3 4.6 1.0 .7 4.1 14.3 .15 -1.4 -1.5 -.6 -.4 38 39 Savings bonds—Households .... .4 1.2 .9 .6 .6 .5 .8 .3 .7 .3 .9 .8 .9 1.0 39 IV. Other securities 40 Total net issues, by sector................. 11.5 13.1 14.6 16.2 18.7 15.7 14.8 21.7 23.4 17.2 12.5 28.1 28.1 34.0 40 41 State and local govts...................... 5.0 6.7 5.9 7.3 6.0 6.7 7.8 6.3 6.9 4.6 6.1 10.3 11.5 9.8 41 42 Nonfinancial corporations............. 5.1 3.6 5.4 5.4 11.4 7.1 2.8 12.2 15.5 11.3 6.6 14.3 15.8 21.7 42 43 Commercial banks......................... . 1 .3 .6 .8 . 1 .4 . 1 .3 .8 . 1 43 44 Finance companies.............. .3 1.4 2. 1 1.9 .8 1.0 3.0 1.7 .5 1.2 -.4 1.7 -.3 1.0 44 45 Rest of the world........................... 1.0 1.1 .7 .8 .5 .8 .8 1.4 .2 .2 1.0 1.0 1.6 45 46 Net purchases..................................... 11.5 13.1 14.6 16.2 18.7 15.7 14.8 21.7 23.4 17.2 12.5 28.1 28.1 34.0 46 47 Households..................................... -1.7 -2.9 1.5 .1 3.1 -.2 -2.4 7.4 4.7 3.6 -3.4 -3.9 -7.1 2.6 47 48 Nonfinancial corporations............. -.4 .9 .2 .7 .8 .8 .8 .8 .8 .7 .8 .7 .7 .8 48 49 State and local govts..................... 2.0 2.5 2.8 2.8 4.1 3.5 3.4 3.5 2.4 5.6 5.0 7.0 6.9 4.8 49 50 Commercial banks......................... 4.4 5.2 3.7 5.0 2.4 3.8 4.9 2.9 7.6 -.1 -.7 9.6 15.0 3.9 50 51 Insurance and pension funds......... 7.5 7.6 7.5 9.5 9.5 10.4 9.9 11.6 8.3 9.5 8.6 14.0 11.1 14.9 51 52 Finance n.e.c.................................. -.3 -.2 -.8 -1.6 -2,3 -1.8 -1.7 -5.4 -2.3 -2.9 1.3 -2.1 -3.0 1.8 52 53 Security brokers and dealers.. .. .4 .2 -. 1 . 1 .4 -2.8 -.3 1.0 2.6 -1.9 -2.9 2.4 53 54 Investment cos., net................... -.8 -.5 -.8 -1.5 -2.5 -2.2 - 1.7 -2.6 -2. 1 -4.0 -1.3 -.2 -.1 —. 6 54 55 Portfolio purchases................. 1.1 .8 1.1 1.6 1.3 1.5 2.1 3.0 .8 -1.1 2.5 3.7 2.1 2,9 55 56 Net issues of own shares........ 1.9 1.2 1.9 3.0 3.8 3.7 3.8 5.6 2.9 2.9 3.8 3.9 2.3 3.6 56 57 Rest of the world........................... .1 .3 -.1 -.4 .9 -.9 .2 .7 2.1 .4 .4 .5 1.3 2.2 57 V. Mortgages 58 Total net lending.................................... 21.3 25.0 25.3 25.5 19.6 26.2 26.0 25.7 22.6 17.0 13.2 17.3 19.0 23.0 58 59 1- to 4-family................................ 13.4 15.7 15.4 16.1 10.0 16.5 16.8 14.4 11.4 7.4 6.9 9.2 9.3 13.9 59 60 In process................................... .4 ,5 -.3 -.9 -.2 1 .3 -1.1 -1.7 -1.2 .5 1.4 1.3 60 61 Disbursed................................... 13.0 15.2 15.7 16.2 11.0 16.7 16.9 14.2 12.5 9.1 8.1 8.7 8.0 12.6 61 62 Other.............................................. 7.9 9.3 10.0 9.4 9.6 9.7 9.2 11.3 11.2 9.6 6.2 8.2 9.7 9.2 62 63 Net acquisitions................................. 21.3 25.0 25.3 25.5 19.6 26.2 26.0 25.7 22.6 17.0 13.2 17.3 19.0 23.0 63 64 Households..................................... -.3 -.2 -.9 -.4 -1.2 -.3 -2.3 -.2 .6 .5 -.4 -1.7 -.3 64 65 U.S. Government........................... .3 -1.0 .2 1.0 3.4 .8 1.6 4.4 4.1 3.1 1.8 2.4 1.6 3.0 65 66 Commercial banks......................... 4.0 4.9 4.5 5.6 4.6 6.3 5.8 5.4 5.3 4.3 3.6 2.0 3.5 4.4 66 67 Savings institutions........................ 13.2 16.1 14.8 13.1 6.6 13.4 12.7 11.5 7.3 3.7 3.7 6.8 10.3 12.9 67 68 Insurance........................................ 3.0 4.0 5.1 5.5 5.1 5.3 5.4 5.7 5.9 5.3 3.6 5.2 2.9 2.0 68 69 Mortgage companies................... .5 .8 .4 .5 -.6 .8 .1 .3 -.6 -.9 -1.1 .3 1.3 -.2 69 VI. Bank loans n.e.c. 70 Total net borrowing............................ 6.2 7.6 8.7 16.4 8.2 15.6 17.1 9.7 16.0 5.2 2.0 1.7 8.0 8.1 70 71 Nonfinancial business.................... 4.3 5.0 5. I 12.2 9.9 11.0 12.4 10. 1 15.2 9.6 4.7 5.7 11.3 3.2 71 72 Nonbank finance............................ 1,0 1.7 .5 2.4 -1.4 3.1 3.5 .6 -.1 -3.5 -2.7 -4.3 -3.3 2.1 72 73 Households.................................... .5 .4 1.4 1.3 1 1.4 1.6 -.6 .3 -.7 .5 .9 .7 2.0 73 74 Rest of the world........................... .4 .5 1.7 .4 -.2 .1 -.4 -.4 .5 -.3 -.5 -.6 -.8 .8 74 Note.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-66 U.S. BALANCE OF PAYMENTS □ MARCH 1968 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1966 1967 Item 1964 1965 1966 II III IV I II III” Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted Exports of goods and services—Total 1..................... 37,099 39,147 43,039 10,618 10,913 10,997 11,361 11,362 11,479 Merchandise........................................................... 25,297 26,244 29,168 7,181 7,382 7,402 7,676 7,717 7,644 Military sales.......................................................... 747 844 847 222 206 210 339 336 205 Transportation....................................................... 2,324 2,390 2,589 642 661 650 669 660 665 Travel.................................................................... 1,207 1,380 1,573 383 408 408 422 381 417 Investment income receipts, private...................... 4,929 5,376 5,650 1,382 1,444 1,508 1,423 1,386 1,668 Investment income receipts, Govt......................... 460 512 595 153 143 146 155 161 166 Other services......................................................... 2,135 2,401 2,617 655 669 673 677 721 714 Imports of goods and services—Total........................ -28,637 -32,203 -37,937 -9,265 -9,762 -9,913 -10,004 -10,038 -10,110 Merchandise........................................................... -18,621 -21,472 -25,510 -6,225 -6,580 -6,680 -6,662 -6,558 -6,555 Military expenditures............................................. -2,861 -2,921 -3,694 -911 -953 -969 -1,045 -1,070 -1,072 Transportation....................................................... -2,462 -2,674 -2,914 -709 -727 -756 -759 -729 -715 Travel...................................................................... -2,211 -2,438 -2,657 -674 -672 -674 -685 -842 -903 Investment income payments................................ -1,455 -1,729 -2,074 -471 -565 -563 -557 -547 -583 Other services......................................................... -1,027 -969 -1,088 -275 -265 -271 -296 -292 -282 Balance on goods and services1................................. 8,462 6,944 5,102 1,353 1,151 1,084 1,357 1,324 1,369 Remittances and pensions........................................... -896 -1,024 -1,010 -245 -278 -246 -264 -395 -364 1. Balance on goods, services, remittances and pensions..................................................... 7,566 5,920 4,092 1,108 873 838 1,093 929 1,005 2. U.S. Govt, grants and capital flow, net........... -3,560 -3,375 -3,446 -988 -759 -724 -1,201 -1,013 -973 Grants,2 loans, and net change in foreign cur­ rency holdings, and short-term claims....... -4,263 -4,277 -4,680 -1,194 -1,177 -1,124 -1,419 -1,297 -1,211 Scheduled repayments on U.S. Govt, loans... 580 681 806 199 192 208 218 284 233 Nonscheduled repayments and selloffs............. 123 221 428 7 226 192 * 5 3. U.S. private capital flow, net................................ -6,542 -3,743 -4,213 -1,135 -932 -1,165 -957 -1,137 -1,695 Direct investments............................................. -2,435 -3,418 -3,543 -1,006 -900 -1,003 -622 -648 -894 Foreign securities............................................... -677 -758 -482 9 -50 -83 -263 -170 -434 Other long-term claims: Reported by banks..................................... -941 -232 337 -27 73 168 150 163 -107 Reported by others........................................ -343 -88 -112 -51 -28 -16 -68 -165 36 Short-term claims: Reported by banks..................................... -1,523 325 -84 -61 16 -124 -84 -389 -290 Reported by others........................................ -623 428 -329 1 -43 -107 -70 72 -6 4. Foreign capital flow, net, excluding change in liquid assets in U.S............................. 685 278 2,512 1,091 376 780 823 1,227 873 Long-term investments..................................... 109 -68 2,176 1,014 180 673 676 961 397 Short-term claims............................................. 113 149 269 63 112 55 59 114 170 Nonliquid claims on U.S. Govt, associated with— Military contracts........................................... 228 314 341 45 106 146 103 166 -28 U.S. Govt, grants and capital....................... 50 -85 -213 -1 -12 -136 -36 -14 11 Other specific transactions............................. 208 -25 -12 -4 13 -11 21 * -12 Other nonconvertible, nonmarketable, me­ dium-term U.S. Govt, securities3............. -23 -7 -49 -26 -23 53 ♦ * 335 5. Errors and unrecorded transactions....................... -949 -415 -302 -198 277 -148 -287 -553 154 Balances A. Balance on liquidity basis Seasonally adjusted (= 1+2+3+44-5)....... -2,800 -1,335 -1,357 -122 -165 -419 -529 -547 -636 Less: Net seasonal adjustments............. 27 530 47 -291 -325 572 Before seasonal adjustment................................ -2,800 -1,335 -1,357 -149 -695 -466 -238 -222 -1,208 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted......................... -2,800 -1,335 -1,357 -122 -165 -419 -529 -547 -636 Phis: Seasonally adjusted change in liquid assets in the U.S. of: Commercial banks abroad............................ 1,454 116 2,697 492 1,062 989 -1,005 341 1,177 Other private residents of foreign countries.. 343 306 212 66 91 -54 80 11 95 International and regional organizations other than IMF......................................... -243 -291 -525 -355 -24 -108 -36 -78 -56 Less: Change in certain nonliquid liabilities to foreign central banks and govts........... 303 100 802 256 103 426 325 555 110 Balance B, seasonally adjusted.......................... -1,549 -1,304 225 -175 861 -18 -1,815 -828 470 Less: Net seasonal adjustments................... 210 456 180 — 533 -138 494 Before seasonal adjustment................................ -1,549 -1,304 225 -385 405 -198 -1,282 -690 -24 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A-67 1. U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1966 1967 Item 1964 1965 1966 II III IV I II III* Transactions by which balances were settled—-Not seasonally adjusted A. To settle balance on liquidity basis...................... 2,800 1,335 1,357 149 695 466 238 222 1,208 Change in U.S. official reserve assets (increase, —)................................................ 171 1,222 668 68 82 -6 1,027 -419 -375 Gold.............................................................. 125 41,665 571 209 173 121 51 15 92 Convertible currencies.................................. -220 -349 -540 -163 -426 -173 1 ,007 -424 -462 IMF gold tranche position........................... 266 4-94 537 22 335 46 -31 -10 -5 Change in liquid liabilities to all foreign accounts 2,629 113 789 81 6/3 472 -789 641 1,583 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities 5.............................................. 376 122 -945 -176 -226 -176 72 46 125 Marketable U.S. Govt, bonds and notes 5. -58 -20 -245 6 -254 8 5 52 -6 Deposits, short-term U.S. Govt, securities, etc.................................................. 757 -154 -582 206 -146 -31 -172 444 162 IMF (gold deposits)...................................... 34 177 18 28 {7 5 Commercial banks abroad........................... 1,454 116 2,697 316 1,144 833 -755 161 1,263 Other private residents of foreign countries. 343 306 212 66 91 -54 80 It 95 International and regional organizations other than IMF......................................... -243 -291 -525 -355 -24 -108 -36 -78 -56 B. Official reserve transactions.................................. 1,549 1,304 -225 385 -405 198 1,282 690 24 Change in U.S. official reserve assets (increase, —)..................................................... 171 1,222 568 68 82 -6 1,027 -419 -375 Change in liquid liabilities to foreign central banks and govts, and IMF (see detail above under A.)...................................................... 1,075 -18 -1,595 54 -598 -199 -78 547 281 Change in certain nonliquid liabilities to foreign central banks and govts.: Of U.S. private organizations.................._ 149 -38 788 284 88 373 304 584 -229 Of U.S. Govt............................................. 154 138 14 -21 23 30 29 -22 347 1 Excludes transfers under military grants. s 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 1955 1966 1967 1968 1965 1966 1967 1968 1965 1966 1967 1968 Month: Jan......... 31,228 2,264 2,616 2,785 3 1,199 1,918 2,256 2,615 3 28 347 360 170 Feb.................... 3 1,623 2,376 2,607 31,606 2,024 2,229 317 352 378 Mar.................... 3 2,739 2,554 2,551 31,861 2,080 2,203 3 878 474 349 Apr................... 3 2,406 2,354 2,654 3 1,811 2,113 2,226 3 595 241 428 May.................. 3 2,299 2,416 2,547 31,797 2,082 2,140 3 503 334 407 June................... 3 2,235 2,487 2,577 31,848 2,142 2,227 3 386 346 349 July.................. 2,300 2,455 2,584 41,742 2,178 2,208 4558 277 376 Aug............ 2,329 2,444 2,598 1,825 2,119 2,125 504 324 473 Sept.................... 2,291 2,540 2,593 1,858 2,295 2,209 433 244 384 Oct.................... 2,349 2,588 2,392 1,885 2,250 2,202 464 338 191 Nov............ 2,378 2,503 2,692 1,941 2,186 2,376 438 317 317 Dec.................... 2,362 2,409 2,604 1,911 2,225 2,525 451 184 79 Quarter: I..................... 3 5,589 7,195 7,775 3 4,666 6,021 6,688 3 923 1,173 1,087 II....................... 3 6,940 7,257 7,777 35,456 6,336 6,593 3 1,484 921 1,184 nr...................... 6,920 7,439 7,775 45,425 6,592 6,542 41,495 846 1,233 IV...................... 7,090 7,500 7,688 5,736 6,661 7,102 1,353 839 586 YearS................ 26,700 29,379 30,942 421,366 25,542 26,816 5,334 3,837 4,126 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. 5 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

A-68 U.S. GOLD TRANSACTIONS AND RESERVE ASSETS □ MARCH 1968 3. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (Nel sales (—) or net acquisitions; in millions of dollars at $35 per fine troy ounce) 1966 1967 Area and country 1959 1960 1961 1962 1963 1964 1965 1966 1967 IV I 11 III IV Western Europe: Austria........................... -83 -143 -82 -55 -100 -25 Belgium........................... -39 -141 -144 -63 -40 -83 France............................. -266 -173 -456 -518 -405 -884 -601 Germany, Fed. Rep. of. .. -34 -23 -225 Italy................................ 100 200 -80 -60 -85 -60 -85 Netherlands................... -30 -249 -25 -60 -35 Spain............................... -114 -156 -146 -130 -32 -180 Switzerland.................... 20 -324 -125 102 -81 -50 -2 -30 -30 United Kingdom........... -350 -550 -306 -387 329. 618 150 80 -879 -20 3 -34 -77 -771 Bank for Inti. Settlements. -32 -36 -23 Other............................... -48 -96 -53 -12 -7 -37 -50 14 -12 -18 20 19 -7 Total -827 -1,718 -754 -1,105 -399 -88 -1,299 -659 -980 -92 -15 -44 -58 -863 Canada 190 200 150 50 100 Latin American republics: Argentina...................... -50 -90 85 -30 -39 Brazil........................... -2 -2 57 72 54 25 -3 Colombia..................... -6 38 10 29 7 Venezuela...................... 65 -25 Other............................ -35 -42 -17 -5 -11 -9 -13 -6 8 -2 13 6 -7 Total 19 -100 -109 175 32 56 17 -41 9 -3 -3 12 6 -7 Asia: Japan -157 -15 -56 Other. -28 -97 -101 -93 12 3 -24 -30 -44 10 -20 -22 Total -186 -113 -101 -93 12 3 -24 -86 -44 10 -20 -22 All other. -5 -38 -6 -36 -7 -16 -22 -166 2 -6 1-162 Total foreign countries. -998 -1,969 -970 -833 -392 -36 -1,322 -608 -1 ,031 -86 -36 12 -53 -953 Inti. Monetary Fund 2 -44 -1 300 150 4-225 5177 5 22 516 55 Grand total.. -1,041-1,669 -820 -833 -392 -36 -1,547 -431 -1,009 -86 -20 17 -53 -953 1 Includes sale of $150 million to Algeria. repurchase; proceeds from these sales invested by IMF in U.S. Govt, 2 Payment to the IMF of $344 million increase in U.S. gold sub­ securities. scription, less sale by the IMF of $300 million (see note 4). 4 Payment to the IMF of $259 million increase in U.S. gold subscription, 3 IMF sold to the United States a total of $800 million of gold ($200 less gold deposits by the IMF. million in 1956, and $300 million in 1959 and in 1960) with the right of 5 Represents gold deposit by the IMF; see note 1(b) to table below. 4. U.S. GOLD STOCK, HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES, AND RESERVE POSITION IN IMF (In millions of dollars) End of year re a T s s o s e t e r a v ts l e To G ta o l l 2 d st T oc re k a 1 sury cu v fo r e C r r r e e o t n i i n b g c ­ l n i e e s p R I o M e s s in i F e t i r o v 3 e n End of month r a e T s s o s e t e r a v ts l e To G ta o l l 2 d st T o r c e k a s 1 ury v c fo e u C r r r e o t r i e i n b g n ­ l n e ­ p R I o M e s s in i F e ti r o v 3 n e cies 5 1958 ....................... 22,540 20,582 20,534 1,958 1967—Feb............. 13,998 13,161 13,107 480 357 1959....................... 21'504 19,507 19,456 1,997 Mar............ 13,855 13'184 13'107 314 357 Apr........ 13,906 13'234 13’109 315 357 I960....................... 19,359 17,804 17,767 1,555 M^ay....... 13,943 13,214 13,109 363 366 1961....................... 18,753 16,947 16,889 116 1,690 June........... 14’,274 13'169 13'110 738 367 July....... 14'224 13'136 13'108 719 369 1962....................... 17,220 16,057 15,978 99 1,064 Aug............ 14'605 13,'075 13,008 1,162 368 1963 ....................... 16,843 15,596 15,513 212 1,035 Sept............ 14^649 13'077 13^006 I 200 372 Oct............. 14,927 13^039 12,905 1 509 379 1964....................... 16,672 15,471 15,388 432 769 Nov............ 15,438 12,965 12.908 2,092 381 1965....................... 15,450 4 13'806 413,733 781 4 863 Dec............. 14,830 12,065 11,982 2^345 420 1966....................... 14,882 13,235 13,159 1,321 326 1968—Jan............. 14,620 12,003 11,984 2,176 441 1967...................... 14,830 12,065 11,982 2^345 420 Feb............. 14,790 11 ,900 11,882 2,235 655 i 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. A-12 and A-14. 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

MARCH 1968 □ U.S. POSITION IN THE IMF A-69 5. U.S. POSITION IN THE INTERNATIONAL MONETARY FUND (In millions of dollars) Transactions affecting IMF holdings of dollars IMF holdings (during period) of dollars (end of period) U.S. transactions with IMF Transactions by re U se .S rv . e other countries Period with IMF p in o s IM itio F n P s t d u a io b o y n m s o ll s a c f e r r n i i s n p t ­ s by s g N I a o M l e e ld t s F 1 D c f , r o u c a r i r e ° w e r s t e i i g n n 2 n g ­ s I i M d n o c F i l o n la m n rs e e t D d ra o o w lla f in rs gs R d m o e e i l p n l n a a t r y s s ­ c T ha o n ta g l e Amount P q e U u r o . o c S f t e . a nt p ( e e r n io d d o ) f 3 1946 1957............................. 2,063 4 594 -45 -2,664 827 775 775 28 1,975 1958............................ -2 -252 271 17 792 29 1,958 1959............................ 1,031 2 — 139 442 1,336 2,128 52 1'997 I960.,........................ 11 —149 580 442 2'570 62 1,555 1961........................... 150 16 —822 521 -135 2,435 59 1,690 1962............................ 17 -110 719 626 3^061 74 1,064 1963............................. 16 -194 207 29 3,090 75 1,035 1964............................ 525 18 —282 5 266 3,356 81 769 1965............................ 435 12 -282 165 3,521 85 5 863 1966,......................... 776 680 15 -159 1 1 ,313 4,834 94 326 1967............................ 20 -114 -94 4,740 92 420 1967 Feb............................. 3 -10 -7 4,804 93 357 Mar............................. 1 -2 -I 4,803 93 357 4,803 93 357 4 -13 -9 4,794 93 366 2 -3 -1 4,793 93 367 July....................... 1 -3 -2 4;791 93 369 2 -I 4,792 93 368 — 1 — 3 -4 4,788 93 372 Oct.. . . . ............. 3 -10 -7 4,781 93 379 Nov............................. 2 -4 -2 4,779 93 381 -39 -39 4,740 92 420 3 -24 -21 4,719 91 441 2 -216 -214 4,505 87 655 1 Represents net IMF sales of gold to acquire U.S. dollars for use in 4 Represents a $600 million IMF gold sale to United States (1957), IMF operations. Does not include transactions in gold relating to gold less $6 million gold purchase by IMF from another member with U.S. deposit or gold investment (see Table 6). dollars (1948). 2 Represents purchases from the IMF of currencies of other members 5 Includes $259 million gold subscription to the IMF in June 1965 for for equivalent amounts of dollars. The United States has a commitment a U.S. quota increase, which became effective on Feb. 23, 1966. In figures to repay drawings within 3 to 5 years, but only to the extent that the published by the IMF from June 1965 through Jan. 1966, this gold sub­ holdings of dollars of the IMF exceed 75 per cent of the U.S. quota. scription was included in the U.S. gold stock and excluded from the Drawings of dollars by other countries reduce the U.S. commitment to reserve position. repay by an equivalent amount. 1 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

A-/U IINIL. UAHIAL IKAINbALIIUINb Uh I Ht U.S. a IVIAKUH 1^08 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 5 Non­ p E e o r n i f o d d Total Total G d o e l ­ d in G v o e l s d t ­ Total i p t S l i i t e o a e h s r b r o t m e i r r l e t d ­ ­ ­ M G U a a o b r .S k v le e . t , t ­ c m o U a a n ib b r v . l S k l e e e e . r t t ­ ­ Total i p t S l i i t e o a h e s r o b r t m e r r il t e d ­ ­ ­ M G a U a o b r . k S l v e e t . , t ­ Total i S p t l i i t e o a h e s r b o r t m e r i r l t e d ­ ­ ­ M G a U a o b r .S k l v e e t . , t ­ posit1 ment2 bonds Treas­ bonds bonds in b a b U n y k . S s . no a t n e d s 4 b a o u n n ry d d s in b a b U n y k . S s . no an te d s 4 in b a U b n . y S k s . 6 no a t n e d s 4 notes 1957............. 715,825 200 200 n.a. 7,917 n.a. n.a. 5,724 n.a. n.a. 542 n.a. 1958 .. . 716,845 200 200 n.a. 8,665 n.a. n.a. 5,950 n.a. n.a. 552 n.a. 1959 ........ 19,428 500 500 10,120 9,154 966 7,618 7,077 541 1,190 530 660 19608........... 1 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 8 6 7 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 2 41 5 7 7 5 5 0 0 7 79 7 1 5 19618........... 1 (2 2 2 2 , 3 85 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 1 0 0 , , 9 9 4 40 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 8 9 7 7 0 03 4 1 1 , , 2 2 4 4 5 5 19628........... (24,068 800 800 12,748 11,997 751 8,359 7,911 448 2,161 1,250 9U 124,068 800 800 12,714 11,963 751 8,359 7,911 448 2,195 1,284 911 19638........... (26,361 800 800 14,387 12,467 1,217 703 9,214 8,863 351 1 ,960 808 1,152 126,322 800 800 14,353 12,467 1,183 703 9,204 8,863 341 1,965 808 1,157 19648........... 128,951 800 800 15,428 13,224 1,125 1,079 11,001 10,625 376 1,722 818 904 129,002 800 800 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—Dec. 8. f 29,904 1,011 211 800 13,600 12,484 860 256 14,387 13,859 528 906 581 325 1'29,779 1,011 211 800 '13,655 •12,539 860 256 14,208 13,680 528 '905 '580 325 1967—Jan.. . 'ZB,962 I ,012 212 800 '13,336 '12,148 860 328 13,658 13,130 528 '956 '652 304 Feb... ’•28,915 1,013 213 800 •13,353 '12,160 865 328 '13,694 '13,164 530 855 608 247 Mar. . 28,990 1 ,028 228 800 '13,558 '12,365 865 328 '13,535 •13,005 530 '869 '637 232 Apr... ’■29,379 1,030 230 800 •14,102 '12,873 901 328 '13,385 '12,856 529 '862 '629 233 May.. ^29,612 1,030 230 800 •14,380 '13,115 917 348 '13,361 '12,832 529 841 607 234 June.. '29,632 1 ,033 233 800 '14,099 '12,808 917 374 '13,708 '13,170 538 792 562 230 July.. '30,089 1 ,033 233 800 '14,161 '12,870 917 374 '14,059 '13,518 541 836 609 227 Aug. . '30,835 1,033 233 800 '14,074 •12,714 911 449 '14,943 '14,395 548 '785 '578 207 Sept. . •■31,218 1,033 233 800 14,381 12,971 911 499 15,068 14,516 552 '736 '528 208 Oct... 32,430 1,033 233 800 14,910 13,398 911 601 '15,766 '15,205 561 '721 '514 207 Nov.. 33,815 1,033 233 800 15,960 14,431 908 711 16,070 15,523 547 752 548 204 Dec.p. 33,302 1,033 233 800 15,705 14,086 908 711 15,867 15,309 558 697 493 204 1 Represents liability on gold deposited by the International Monetary 7 Includes total foreign holdings of U.S. Govt, bonds and notes, for Fund to mitigate the impact on the U.S. gold stock of foreign purchases which breakdown by type of holder is not available. for the purpose of making gold subscriptions to the IMF under quota in­ 8 Data on the two lines shown for this date differ because of changes in creases. reporting coverage. Figures on the first line are comparable with those 2 U.S. Govt, obligations at cost value and funds awaiting investment shown for the preceding date; figures on the second line are comparable obtained from proceeds of sales of gold by the IMF to the United States with those shown for the following date. to acquire income-earning assets. Upon termination of investment, the same quantity of gold can be reacquired by the IMF. Note,—Based on Treasury Dept, data and on data reported to the 3 Includes Bank for International Settlements and European Fund, Treasury Dept, by banks and brokers in the United States. Data correspond 4 Derived by applying reported transactions to benchmark data; to statistics following in this section, except for minor rounding differences. breakdown of transactions by type of holder estimated for 1960-63. Table excludes IMF “holdings of dollars,” and holdings of U.S. Treasury Includes securities issued by corporations and other agencies of the U.S. letters of credit and non-negotiable, non-interest-bearing special U.S. Govt, that are guaranteed by the United States. notes held by other international and regional organizations. s Principally the International Bank for Reconstruction and Develop­ The liabilities figures are used by the Dept, of Commerce in the statistics ment and the Inter-American Development Bank. measuring the U.S. balance of international payments on the liquidity 6 Includes difference between cost value and face value of securities in basis; however, the balance of payments statistics include certain adjust­ IMF gold investment account. Liabilities data reported to the Treasury ments to Treasury data prior to 1963 and some rounding differences, and include the face value of these securities, but in this table the cost value of they may differ because revisions of Treasury data have been incorporated the securities is included under “Gold investment.” The difference, which at varying times. The table does not include certain nonliquid liabilities amounted to $32 million at the end of 1966, is included in this column. to foreign official institutions that enter into the calculation of the official reserve transactions balance by the Dept, of Commerce. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A-71 7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o n e t t i r a g ie l n s E W u e ro s p te e r n 1 Canada A re m p L e u a b r t i i l c n ic a s n Asia Africa cou O n t t h ri e e r s 2 1963...................................................................................... 14,353 8,445 1,789 1,058 2,731 154 176 1964...................................................................................... 15324 9'220 1'608 1,238 3 320 160 178 1965...................................................................................... 15,372 8’608 1 528 1 397 3’300 194 245 1966—Dec. 3....................................................................... J I '1 1 3 3 , , 6 6 5 0 5 0 7 7 , , 4 4 8 8 8 8 1 1 , , 1 1 8 8 9 9 1 1 , , 1 1 3 3 4 4 r 3 3, , 3 2 3 8 9 4 2 2 7 7 7 7 2 2 2 2 8 8 1967—Jan............................................................................. H3 336 7,236 1,186 1,139 r3,259 276 G40 Feb.......................................................................... H3 353 7’285 1,134 1’167 r3’27O 255 ’242 Mar........................................................................... r1 3 558 r7,490 1 J 27 1 '246 r3308 259 G28 Apr............................................................................ r14 102 r7’829 1 J56 1 ,’455 r3 J48 284 '230 May......................................................................... H4 380 r8,014 1 '154 1 508 H,183 284 G37 June........................................................................ 44,099 ^8,213 ’909 1 ,290 G J57 270 260 July........................................................................... rt4 161 r8’297 909 1 ’317 r3160 246 232 Aug.......................................................................... 44 074 8,357 912 1,189 GJ 22 r253 r241 Sept........................................................................... 14,381 8,649 903 1,186 G J72 r224 247 Oct......................................................................... 14,910 9,065 968 1 222 G 170 G28 257 Nov......................................................................... 15,960 10,257 901 1 ’270 3,053 224 255 Dec. v....................................................................... 15,705 9,873 996 1,138 3,199 238 261 1 Includes Bank for International Settlements and European Fund. with those shown for the preceding date; figures on the second line are 2 Includes countries in Oceania and Eastern Europe, and Western Euro­ comparable with those shown for the following date. pea 3 n D d a e t p a e n o d n e n th c e ie s tw in o L lin a e ti s n s A h m ow er n ic f a o . r this date differ because of changes of N fo o re t i e g .— n c D o a u t n a t ri r e e s p , r e a s s e r n e t p o sh rt o e r d t - b te y r m ba n li k a s b i i l n it i t e h s e t U o n t it h e e d o S f t f a ic te ia s l , a in n s d t it f u or ti e o ig n n s in reporting coverage. Figures on the first line are comparable in coverage official holdings of marketable and convertible nonmarketable U.S. Govt, securities with an original maturity of more than 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 End of Grand Europe Canada Latin Asia Africa coun­ period total 1 Total 1 Intl3 gio R n e a ­ l2 Total c O ia ff l i 3 ­ Other America tries 1964............................. 25,518 1,618 1 ,447 171 23,900 13,220 10,680 12,236 2,984 3,563 4,687 238 192 1965............................. 25’551 1,479 1'361 118 24372 13'066 11’006 11,627 2,574 4,027 5,286 280 278 J 27,724 1,'381 1,270 111 26 343 12384 13,859 14,000 2309 3 383 5 399 387 266 1966 4.......................... 1’27,599 rl ,380 1 ,270 rl 10 r26,219 rl2,S39 13,680 13.933 2,502 3,883 r5 ,250 385 266 1967—Jan.................... r26,730 rl 452 t 298 ’154 r25 278 M2,148 13,130 13,204 2,358 3,918 r5,123 390 285 Feb................... r26,732 1 ,408 1 ’277 131 r25324 M2,160 4 3'164 13’321 2,’227 3’971 r5,142 379 284 Mar.................. '26^807 *1 337 1 ’315 ’122 G5 J70 H2365 43305 13,311 2,265 4,063 5 395 357 278 Apr................... r27,158 9 ,429 1 ’31 1 HIS r25 329 42373 42,856 13,406 2,298 4,273 r5,088 389 275 May.................. '27’354 1 307 1 287 120 G5’947 M3 J15 42332 43337 '2J17 4,366 r5,!58 392 277 June.................. r27340 1,362 i ’252 HO r25 378 42,808 43’170 43,917 r2365 4,148 GJ 69 376 303 July................... '27^797 1 ,409 1 396 113 G6,'388 42'870 43,518 44,145 '2,270 4,151 '5,200 339 284 Aug................... r28’487 rl ’378 i ’248 r130 27'109 ’-12314 44395 14,948 r2353 4,019 r5 ,245 *367 277 Sept.................. G8.815 rl ,328 1 205 H23 27,487 12'971 14,516 15,116 2’329 4347 r5 37l r329 296 Oct.................... 29317 rI 314 1 J 87 H27 '■28’603 13'398 45'205 15’788 2,688 4,129 '5,356 r332 309 Nov.................. 31,212 1 348 1 ’217 131 29,864 14341 15’523 17,100 2,613 4’230 5'286 328 306 Dec. ”........... 30388 1 ,293 1’180 113 29,395 14,086 15,309 16,350 2,706 4’147 5,543 339 310 1968—'Jan. ”............... 30,826 1,277 1,174 103 29,549 13325 15,724 16,198 3,097 4,201 5,414 326 312 8a. Europe Ger­ E p n e d ri o o d f Total Austria Belgium D m e a n rk ­ l F a i n n d ­ France m F a e n d y . , Greece Italy N la e n th d e s r­ Norway P g o a rt l u­ Spain Sweden Rep. of 1964................. 12336 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 4............. / 1 1 1 4 3 . , 0 9 0 33 0 1 19 9 6 6 4 4 2 2 0 0 3 3 0 0 5 5 5 5 8 8 1 1 , , 0 0 7 7 1 0 2 2 , , 5 5 8 3 3 8 1 1 2 29 9 1 1 , , 4 4 1 1 0 0 3 3 6 6 4 4 2 2 8 8 3 3 3 3 5 58 8 1 1 6 6 2 2 6 6 5 5 6 6 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,... 13,311 181 410 305 65 948 2,412 110 1,232 332 274 350 142 615 Apr....... 13,406 150 426 297 94 929 2,392 117 1,319 328 287 353 121 623 May.... '13,437 159 480 274 89 958 2,376 108 1,410 402 301 345 117 651 June.... ’•13,917 173 557 276 96 948 2,342 103 1,422 396 348 352 122 659 July.... '14,145 197 545 262 91 1 ,021 2,297 106 1,573 405 379 357 181 660 Aug.... '14,948 181 563 235 91 1,064 2,278 122 1,773 367 396 370 191 674 Sept..... 15,116 188 585 242 102 1,048 2,294 148 1,908 400 370 378 187 659 Oct....... 15,788 176 618 211 98 1,080 2,221 161 1,993 494 379 409 158 634 Nov..... 17,100 184 605 201 99 1,431 2,276 161 1,999 542 389 414 130 493 Dec.”... 16,350 231 600 243 99 1 ,327 2,218 170 1 ,948 585 449 437 150 489 1968—Jan. ^.. 16,198 165 564 212 116 1,346 1 ,924 165 I ,896 526 367 437 137 512 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-72 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ MARCH 1968 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 e d ri o o d f Sw la it n z d er­ Turkey U K d n i o n it m e g d ­ Y sl u a g v o ia ­ W E O u e t r s h o t e e p r r e n 5 U.S.S.R. E E O a u s t r h o te e p r r e n Total Ar ti g n e a n­ Brazil Chile Co b l i o a m­ Cuba Mexico 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 19664............... / (1 I, ,8 8 0 0 5 5 4 43 3 3 3 , , 8 8 3 1 9 7 3 37 7 2 23 3 5 4 8 8 4 4 0 0 3 3, , 8 8 8 8 3 3 4 41 1 8 8 2 29 9 9 9 2 26 6 1 1 1 1 7 7 8 8 8 8 6 6 3 3 2 2 1967—Jan........ 1,699 38 3,754 35 386 6 36 3,918 414 297 242 170 8 636 Feb....... 1,723 29 3,794 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.... '1,747 25 3,531 41 386 4 30 4,366 645 331 252 158 9 762 June.... '1,801 26 3,667 33 557 5 34 4,148 578 249 249 169 8 717 July.... '1,717 23 3,641 27 630 4 30 4,151 603 219 233 153 8 748 Aug.... *•1,657 23 4,319 25 581 4 35 4,019 609 196 229 135 9 704 Sept...... 1,701 29 4,221 26 592 5 32 4,047 606 216 224 166 9 696 Oct....... 1,629 27 4,851 25 585 6 33 4,129 581 263 222 151 10 689 Nov...... 1,648 38 5,931 26 491 4 37 4,230 594 273 230 158 9 707 Dec.”... 1,723 33 4,839 23 736 8 44 4,147 485 237 252 169 9 724 1968—Jan. ”... 1,536 39 5,322 42 852 7 31 4,201 431 277 251 156 9 726 8b. Latin America—Continued 8c. Asia E pe n r d io o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ O L re t . h A p e . . r B B e a r h m a & m ud a a s A S n u N ti r e l i l n e th a s . m & A O m La t e h t r i e n ic r a Total C M la h a n in i d n a ­ H Ko o n n g g India n d I e n o s ­ i ­ a Israel 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 19664............... ; \1 i5 5 o 0 2 2 4 4 9 9 1 16 6 1 1 7 7 0 0 7 7 5 5 2 2 2 2 1 1 7 7 7 7 1 1 0 0 4 4 1 1 7 7 r 5 5 , , 2 2 9 5 9 0 3 3 6 6 1 1 4 42 2 1 1 7 8 9 0 5 54 4 *1 1 1 1 5 7 1967—Jan........ 147 239 164 750 533 192 108 19 *•5,123 36 147 198 62 *108 Feb....... 147 234 167 718 550 198 107 18 '5,142 36 140 206 51 412 Mar.. . . 152 257 168 704 563 184 107 19 5,095 36 142 205 46 *•99 Apr....... 160 245 156 776 578 204 107 18 *•5,088 36 150 217 51 403 May.... 145 257 155 732 576 218 107 20 *5,158 36 167 223 49 406 June.. .. 145 265 133 691 567 236 121 19 r5,169 36 158 216 47 465 July.... 155 270 136 764 544 192 110 17 *•5,200 36 165 220 58 466 Aug...... 157 257 128 725 520 209 116 24 ’■5,245 36 181 242 50 448 Sept...... 159 250 138 706 521 219 121 17 r5,371 36 187 243 47 442 Oct....... 164 250 131 778 515 234 123 18 *■5,356 36 194 233 59 448 Nov...... 181 264 137 792 520 236 ill 20 *•5,286 35 209 250 39 449 Dec.”... 170 274 147 795 520 233 112 22 5,543 35 215 354 34 140 1968—Jan. ”... 163 281 143 853 512 276 108 18 5,414 35 224 328 40 127 8c. Asia—Continued 8d. Africa 8e. Other countries E pe n r d io o d f Japan Korea P p h in il e ip s ­ T w a an i­ 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 ­ ) ro M c o co ­ A S f o r u ic th a ( U E . g A y . p R t . ) A O f t r h ic e a r Total t A ra u l s ia ­ o A th l e l r 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 19664................. /2.691 172 286 232 598 791 387 15 32 71 39 230 266 243 22 12,671 162 285 228 598 779 385 15 31 71 39 229 266 243 22 1967—Jan.......... 2,567 171 282 235 610 708 390 13 33 61 33 250 285 262 23 Feb.......... 2,512 181 271 232 635 766 379 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 11 30 56 26 266 275 249 25 May........ 2,480 168 268 225 663 773 392 11 32 58 18 273 277 253 24 June........ 2,516 171 260 227 617 755 376 10 31 67 18 250 303 276 27 July......... r2,449 491 276 227 663 749 339 13 35 63 15 214 284 255 28 Aug...... 2,443 484 *271 230 685 775 *367 17 33 73 21 *224 277 252 25 Sept......... 2,554 192 287 230 684 768 r329 14 37 55 17 *205 296 271 25 Oct.......... 2,523 193 273 229 663 805 *332 16 32 59 15 *210 309 284 25 Nov......... 2,'462 203 286 221 629 802 328 13 26 63 17 209 306 276 30 Dee.”.... 2,567 191 291 227 630 858 339 33 18 60 16 213 310 283 27 1968—Jan. ”.... 2,461 195 299 221 655 830 326 30 17 61 18 201 312 285 27 1 Data exclude the “holdings of dollars” of the International Monetary 4 Data on the two lines shown for this date differ because of changes in Fund. reporting coverage. Figures on the first line are comparable in coverage 2 Latin American, Asian, African, and European regional organiza­ with those shown for the preceding date; figures on the second line are tions, except Bank for International Settlements and European Fund comparable with those shown for the following date. which are included in “Europe.” 5 Includes Bank for International Settlements and European Fund. 3 Foreign central banks and foreign central govts, and their agencies, For Note see end of Table 8. and Bank for International Settlements and European Fund. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 a INTL. CAPITAL TRANSACTIONS OF THE U.S. A-73 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) 1966 1967 1966 1967 Area or country Area or country Apr. Dec. Apr. Dec. Apr. Dec. Apr. Dec. Other Western Europe: Other Asia—Cont.: Iceland..................................... 4.0 6.6 5.7 4.3 Iraq................................ 27.1 17.6 28.0 Ireland, Rep. of........................... 6.6 8.9 7.4 8.8 Jordan........................................ 16.0 39,7 45.2 n.a. Luxembourg..................... 28.2 25.3 21.7 31 .5 Kuwait........................................ 24.6 49.2 28.6 36.6 Laos....................................... 5.7 4.6 6.5 3.6 Other Latin American republics: Lebanon..................................... 92.0 100.1 112.2 113.3 Bolivia.......................................... 64.4 66.9 57.9 59.9 Malaysia.................................... 31.2 38.3 34.9 63.9 Costa Rica................................... 32.9 34.6 41.9 42.6 Pakistan............................. 21.0 49.2 45.3 54.8 Dominican Republic.................. 54.3 53.2 53,9 55 I Ryukyu Islands (inch Okinawa). 39.5 H5.9 31.2 14.5 Ecuador................................... 62.3 86.3 92.4 85.6 Saudi Arabia.............................. 291.0 176. 1 96.4 61.2 El Salvador.................................. 78.3 68.9 96’4 72.8 Singapore............................. 4.9 34.6 60.3 159.5 Guatemala................................... 86.9 64.2 83.9 73.0 Syria......................... 4.8 3.4 4.7 6.3 Haiti........................................... 16.7 16.3 16.8 15.8 Vietnam..................................... 123.8 132.0 146.3 148,2 Honduras..................................... 43.2 26.8 28.6 29.7 Jamaica........................................ 11.5 11.7 19.3 22.4 Other Africa: Nicaragua.................. 75.0 72.8 62.7 45.6 Algeria...................................... 13.6 11.3 13.4 6.9 Paraguay...................................... 15.0 14.9 16.6 12.7 Ethiopia, (inch Eritrea)............. 58.9 53.5 40.2 23.8 Trinidad & Tobago..................... 6.3 4.7 5.4 6.1 Ghana........................... 2.9 6.9 5.3 4.3 Liberia................................ 19.7 21.2 21,6 24.9 Other Latin America: Libya........................................ 26.7 37.1 76.0 17.9 British West Indies...................... 8.9 14.6 14.2 13.8 Mozambique.............................. 1.7 5.0 4.1 3.7 French. West Indies & French Nigeria...................................... 20,3 25.7 36.5 Guiana..................................... 1.5 1.3 1.7 2.4 Somali Republic........................ .9 .8 .8 .8 Southern Rhodesia............ 3.5 2.7 3.3 2.4 Other Asia: Sudan....................................... 3.3 3.4 6.7 2.3 Afghanistan................................. 8.0 9.5 7.8 5.5 Tunisia................................. 1.0 1.1 1.0 10.3 Burma......................................... 34. 6 34.4 20.3 10.8 Zambia....................................... 16.1 34.7 25.9 24.8 Cambodia................................... 3.1 1.1 1.3 1.9 Ceylon.......................................... 3.3 3.2 2.7 5.0 All other: Iran............................................... 79.2 36.6 44.0 49.6 New Zealand............................ 27.1 13.6 16.7 17.5 6 Represent a partial breakdown of the amounts shown in the “other” their date of issue. Data exclude the “holdings of dollars” of the Interna­ categories (except “Other Eastern Europe**) in Tables 8a-8e. tiona! Monetary Fund; for explanation see note following Tables 17 and ? Data exclude $12 million resulting from changes in reporting cover­ 18. Data exclude also U.S. Treasury letters of credit and non-ncgotiable, 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 o . r t- G te o r v m t, s li e a c b u il r i i t t i i e es s m ar a e t ur p in ri g n c i i n p a n ll o y t d m e o p r o e s t it h s a n ( de 1 m ye a a n r d fr a o n m d vel F o o pm r d e a n t t a B o a n n k lo n an g d -t e th rm e I l n ia te b r il n it a ie ti 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 for i e n i gn Deposits U.S. Deposits U.S. currencies Total T b r il e ls a s a u n r d y Other 3 Total T b r il e ls a s a u n r d y Other 3 Demand Time 2 certificates Demand Time 2 certificates 1964.................................. 25,518 22,051 6,684 3 990 8,727 2,650 3,377 1 ,531 1,271 72 503 90 1965.................................. 25'551 211905 6,51 8 3,963 8,269 3,155 31587 I ,’574 1 ^594 87 332 59 1966 4.............................. [ 27,724 23,371 8,531 4,000 7,464 3,376 3,744 1,513 11819 83 329 609 lr27,599 r23,266 8,371 4,050 7,464 r3,381 3,744 1,513 1,819 83 329 589 1967—Jan........................ r26,73O ’’22,504 7,663 3,970 7,386 O 485 3,712 1,460 1 >825 80 347 514 Feb........................ **26^732 ^22 ,’450 7,573 3,865 7,559 0,453 3,776 1 ,512 1 ,’845 89 330 507 Mar....................... r26'807 ’■22,481 r7’462 3 669 7,910 0,440 31822 1,556 1 1853 79 334 504 Apr...................... r27.158 r22’829 7,469 3,589 8’277 0,494 3,783 11535 1 1845 73 330 546 May....................... ^27,354 r23;008 7,656 3 479 8,253 O’621 3,823 1 1578 1 ,855 86 305 522 J une...................... r27'340 ’’23,018 7,874 3 617 7 866 r3’66l 3'825 1,615 1 1844 68 297 496 July....................... ’’27,797 r23’482 ’’8’214 r3 750 7,891 r3 627 3,813 1 ,580 1,871 66 296 503 Aug........................ r28 487 r24’224 8^91 5 r3’746 7,896 O ,667 3,831 1,515 1 ,916 69 331 432 Sept....................... r28.8l5 24^530 9,044 r3 810 8,035 0.641 3,907 1 1579 1 ’,937 76 315 379 Oct...........*........... 29 917 25'653 9846 r3 967 8 1 17 0,724 3 ,'983 1,577 1,989 84 332 282 Nov....................... 31 ’,212 26,908 9,994 3,865 9,444 3,605 4,072 1 ^630 21036 72 335 231 Dec. p . ................. 30,688 26,351 10,047 3,793 9,095 3,417 4’108 1^687 2’042 78 302 229 1968—Jan. ”.................... 30,826 26,493 10,319 3,707 8,867 3,600 4,041 1,576 2,074 100 291 291 t Data exclude “holdings of dollars” of the International Monetary 4 Data on the two lines shown for this date differ because of changes in Fund. reporting coverage. Figures on the first line are comparable in coverage 2 Excludes negotiable time certificates of deposit, which are included with those shown for the preceding date; figures on the second line are in “Other.” comparable with those shown for the following date. 3 Principally bankers’ acceptances, commercial paper, and negotiable time certificates of deposit. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-74 INTL. CAPITAL TRANSACTIONS OF THE U.S. a MARCH 1968 10. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. GOVERNMENT BONDS AND NOTES (End of period; in millions of dollars) 1967 1968 Area and country Jan. Feb. Mar. Apr, May June July Aug. Sept. Oct. Nov. Dec,p Jan.p Europe: Austria........................... 3 3 3 3 3 3 3 3 3 3 3 3 3 3 Denmark........................ 13 13 13 12 12 12 12 12 12 12 12 12 12 12 France............................ 7 7 7 7 7 7 7 6 6 6 7 7 7 7 Germany........................ 1 1 1 1 1 1 1 I 1 1 1 2 2 Italy................................ 2 2 2 2 2 2 9 9 9 9 9 9 9 9 Netherlands................... 5 5 5 5 5 5 4 4 4 4 5 5 5 4 Norway,..................... 51 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........................ 93 92 93 93 92 91 90 88 87 87 91 91 91 91 United Kingdom............... 348 350 353 353 355 359 364 368 375 379 383 371 380 390 Other Western Europe.... 49 49 49 50 50 50 50 50 51 51 51 51 51 51 Eastern Europe................. 7 7 7 7 7 7 7 7 7 7 7 7 7 7 Total 605 606 610 609 611 613 624 626 633 637 646 634 643 652 Canada 692 692 695 695 722 719 716 717 717 718 716 715 716 527 Latin America: Latin American republics,. 8 8 8 8 7 7 6 6 6 6 6 6 6 6 Other Latin America...... 19 18 18 18 18 18 18 18 18 18 18 18 18 19 Total 25 24 24 24 24 24 24 24 24 24 24 24 24 25 Asia: Japan....... 9 9 9 9 9 9 9 9 9 9 9 9 9 9 Other Asia 42 42 42 42 42 53 53 54 54 54 54 54 54 54 Total 50 50 51 50 50 62 62 63 63 63 63 63 63 63 Africa 15 15 15 15 23 28 28 28 22 22 22 19 19 19 Other countries Total foreign countries. 1,388 1,388 1,395 1,395 1,430 1,446 1 ,455 1,458 1,459 1,463 1,472 1,455 1,466 1,287 International and regional: International.................. 250 228 187 172 172 172 172 169 169 169 169 169 168 168 Latin American regional... 75 76 60 60 60 61 57 58 38 38 38 35 35 36 Other regional............ 1 1 1 I 1 1 1 Total 325 304 247 232 233 234 230 227 207 207 207 204 204 204 Grand total.. 1,713 1,692 1,642 1,627 1,663 1,680 1,685 1,685 1,666 1,671 1,679 1,659 1,670 I ,491 Note.—Data represent estimated official and private holdings of mar­ monthly reports of securities transactions (sec Table 15 for total trans­ ketable U.S. Govt, securities with an original maturity, of more than 1 actions). year, and are based on a July 31, 1963 survey of holdings and regular 11. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) Payable in dollars Payable in foreign currencies End of period Total Total Canada1 Italy 2 Sweden Total Austria Belgium Germany Italy Sw la it n z d er­ B.I.S. 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 ...................695 353 144 184 25 342 25 30 50 125 111 1967-—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 Dec,,...... 1,563 516 314 177 25 1,047 50 60 601 125 211 1968-—Jan............. 1,484 312 114 173 25 1 172 50 60 726 125 211 Feb............. 1,479 307 114 168 25 1 ,172 50 60 726 125 211 ............... 1 Includes bonds issued to the Government of Canada in connection through Oct. 1966; $144 million, Nov. 1966 through Oct. 1967; and $114 with transactions under the Columbia River treaty. Amounts outstanding million, Nov. 1967 through latest date. were $204 million, Sept. 1964 through Oct. 1965; $174 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

MARCH 1968 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A-75 12. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d I r n e t g i, io a n n a d l Europe Canada Am La e t r in ic a Asia Africa co O un th tr e ie r s 1964............................................................................... 7,957 * 1 ,230 1,004 2,235 3,294 131 64 1965 i............................................................................ J7'632 * I ,201 593 2,288 3,343 139 67 17,734 1 ,208 669 2,293 3,358 I 39 67 1966 1............................................................................ J I r 7 7, , 8 8 5 1 3 9 1 1 ’ 1 1 , , 3 3 6 7 6 4 f 6 6 2 1 0 I '2 2 , , 4 4 5 8 3 9 3 3 , , 1 2 3 0 5 6 1 1 4 4 7 7 6 6 2 2 1967—jan...................................................................... '7 692 * 11,291 '599 '2,449 3,166 128 60 Feb..................................................................... '7 686 I '1 ,246 r628 2'465 3,152 132 62 Mar........................................................ . '7,871 I ’1 ’261 614 2^508 3,278 148 62 Apr..................................................................... '7 957 ' I ,’277 625 2,468 3,387 1 39 62 M ay.................................................................... '8,111 1 •1 307 594 2’516 3 397 133 63 June................................................................... r8,26l | •1’288 592 '2’544 3,640 127 71 July..................................................................... r8,232 * rl '258 ’596 2374 3,612 1 17 74 Aug..................................................................... r8,282 ' I 342 602 ''2387 3,560 119 71 Sept..................................................................... r8338 * ■1 316 '564 2379 3,692 115 71 Oct..................................................................... '8,267 * ’1,260 '572 2,'554 3,704 108 70 Nov..................................................................... 8 360 1 ’224 564 2’603 3 391 107 71 Dec. p................................................................. 8,592 ♦ 1 ,233 611 2308 3’,87l 101 67 1968—Jan. ''.................................................................. 8,417 * 1,122 5 54 2,691 3,879 101 12a. Europe End of period Total A tr u ia s­ g B iu e m l­ m De a n rk ­ l F a i n n d ­ France G Fe e d r o . m f R a e n p y, . Greece Italy N la e e n r t d ­ h s ­ N w o ay r­ t P u o g r a ­ l Spain S d w e e n ­ 1964 ............................ 1,230 11 48 26 84 81 152 10 1 14 36 43 23 40 49 1965 1............................ / V I , ,’ 2 2 0 01 8 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 1 3 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 J 1,366 16 67 62 91 73 215 16 108 40 76 41 67 74 1966 ।............................ (rl ,374 16 67 62 91 74 227 16 '110 40 76 41 67 75 1967—jan....................... 0 ,291 19 69 42 90 ■62 191 15 '87 36 64 41 75 70 Feb...................... '1 ,246 20 76 42 91 164 15 '81 45 60 38 71 79 ’ I 361 19 73 44 92 ’68 170 14 '72 44 62 37 69 79 Apr...................... H '277 17 73 35 97 '74 193 15 '66 35 60 36 68 78 May.................... O ,307 18 67 34 100 ■68 192 17 '75 34 60 34 71 73 June.................... ’1 ,288 17 65 40 101 ■71 188 14 68 29 44 28 72 75 July..................... 'I ,258 13 61 37 97 ■75 198 15 68 31 50 27 68 62 'I 342 16 65 37 93 ■74 184 15 61 30 51 26 61 68 Sept..................... ’1 316 24 66 33 90 '79 189 18 57 36 52 26 53 65 9 '260 10 72 36 85 '60 198 20 ’79 31 52 24 56 71 Nov..................... 1.224 10 63 48 83 82 174 18 69 49 57 14 53 67 Dec. ''................. 1 .233 17 66 37 78 88 176 19 58 35 61 26 54 79 1968—Jan. ".................. 1 ,122 10 48 34 78 58 143 19 51 38 61 21 54 65 12a. Europe—Continued 12b. Latin America End of period S la w e n r it ­ d z­ T k u ey r­ U K d n i o n it m e g d ­ Y sl u a g vi o a ­ W E O u e t r s h o t e 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 1964............................. . 111 37 310 1 6 20 20 2,235 203 126 176 338 17 644 173 42 210 28 28 6 27 2,288 232 94 174 270 16 669 1965 ‘............................ 42 21 6 28 28 6 27 2,293 232 94 174 270 1 6 674 /83 52 210 19 37 2 16 2,489 193 114 159 308 16 767 1966 *............................. )88 52 ’193 19 '40 2 16 '2,453 1 87 11 2 158 305 16 757 1967—Jan...................... >81 50 '220 23 39 2 17 '2,449 179 1 17 151 293 16 785 Feb.................... . ’’83 27 '209 22 39 2 17 2,465 169 120 149 285 16 817 Mar................... ■ 81 37 '217 22 39 I 20 2,508 1 80 125 146 274 16 853 Apr..................... ’82 47 '214 23 42 1 20 2,468 181 121 150 249 16 837 May..................... ’85 37 ''267 24 32 21 2,516 175 123 153 232 16 877 June.................... 86 38 ’’274 24 31 1 22 '2,544 1 85 1 16 155 223 16 86! July..................... ’103 39 ’235 25 33 22 2.574 185 115 161 239 16 913 Aug..................... 1 19 47 321 22 28 24 '2,587 185 1 17 160 243 16 943 Sept..................... rl 11 49 '289 23 36 2 20 2,579 189 118 170 r242 16 944 Oct...................... ’118 34 242 19 33 19 2,554 199 124 172 227 16 929 Nov..................... 110 23 232 19 34 19 2,603 208 136 175 227 16 910 Dec. 11................. 95 38 242 13 30 3 18 2,708 221 173 179 217 16 959 1968—Jan. ".................. 106 37 230 15 31 3 21 2,691 218 197 195 201 15 953 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

H~Z O UN I L. k^Hri I HL I IXHINOHL, I (MINO vr inn u.o. ^ ivinnon 1^00 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 g U u r a u y ­ V zu e e n l e a ­ r O e L p t . h A u e b . r ­ B m B a & e a h r s a ­ ­ A N S n e t u & i t l r l h i e ­ . s A O L m a th t e i e n r r ­ Total C M la h a n in i d n a ­ H Ko o n n g g India I n n e d s o ia ­ Israel lics muda nam ica 1964................. 49 108 78 168 224 65 18 21 3,294 2 28 21 7 47 (59 170 45 220 250 53 14 23 3,343 1 29 17 2 86 1965 1................ 159 170 45 220 250 53 14 23 3,358 1 29 17 2 86 J 84 211 45 226 272 61 18 17 3,135 1 31 16 6 98 ^85 212 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 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.... ’68 285 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 11 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 11 6 59 Nov..... 55 248 46 211 288 54 10 20 3,791 2 29 11 6 58 Dec.’’... 47 249 42 226 289 63 10 18 3,871 1 27 10 5 57 1968—Jan. ’’... 53 248 40 224 266 54 9 19 3,879 1 27 14 5 50 12c. Asia—Continued 12d. Africa 12e. Other countries End of period Japan Korea P p h in il e ip s ­ T w a an i­ 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 c r o oc­ A S f o r u ic th a ( U E . g A y . p R t . ) A O f t r h ic e a r Total A t l r u i a a s ­ ­ o A th l e l r 1964......................... 2,810 21 203 9 65 82 131 2 20 42 67 64 48 16 1965 1....................... 2 2 , ,7 7 5 6 1 8 2 2 2 2 2 2 3 3 1 0 1 15 5 8 8 2 2 1 1 0 0 7 8 1 1 3 3 9 9 1 2 2 3 3 4 4 4 43 3 6 6 0 0 6 6 7 7 5 52 2 1 1 5 5 1966’....................... 2 2 , , 5 5 7 0 2 2 3 3 1 1 2 2 2 2 0 0 1 1 4 5 8 8 1 1 1 1 3 3 5 4 1 1 4 4 7 7 1 1 2 2 5 5 0 0 2 2 5 5 6 6 9 9 6 6 2 2 5 5 2 2 1 1 0 0 1967—Jan................ 2,491 33 233 23 83 151 128 ♦ 3 38 18 68 60 51 9 Feb............... 2,486 34 228 26 86 137 132 4 43 15 71 62 53 8 Mar.............. 2,611 38 232 30 89 131 148 1 2 42 30 73 62 53 9 Apr............... 2,716 52 245 33 84 116 139 * 2 37 26 74 62 53 9 May............. 2,828 44 250 30 83 114 133 5 34 31 63 63 52 11 June............. 2,939 49 270 27 87 122 127 1 2 30 27 66 71 60 12 July.............. 2,909 55 289 29 81 116 117 I 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 47 324 29 84 119 115 * 3 35 18 60 71 58 13 Oct................ 2,986 48 323 27 84 124 108 * 2 35 18 53 70 57 13 Nov.............. 3,062 46 326 31 90 131 107 1 2 37 14 54 71 58 13 Dec,’1....... 3,147 59 294 37 99 135 101 1 2 37 II 50 67 54 13 1968—Jan. ”........... 3,174 48 289 41 105 125 101 1 2 37 12 49 70 58 13 1 Data on the two lines shown for this date differ because of changes in made to, and acceptances made for, foreigners; drafts drawn against reporting coverage. Figures on the first line are comparable in coverage foreigners, where collection is being made by banks and bankers for with those shown for the preceding date; figures on the second line are their own account or for account of their customers in the United States; comparable with those shown for the following date. and foreign currency balances held abroad by banks and bankers and their customers in the United States. Excludes foreign currencies held Note.—Short-term claims are principally the following items payable by U.S. monetary authorities. on demand or with a contractual maturity of not more than 1 year: loans Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A-77 13. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies Loans to— Collec­ Accept- g F o o v r t e , ig se n ­ End of period Total Total Official t o io u n t s ­ fo a m r n a c a d c c e s c t. Other Total w D i e th p o fo si r t ­ s c c u o r m iti l e . s, Other Total i t n io st n it s u 1 ­ Banks Others st i a n n g d­ e o i f g n fo e r rs ­ eigners a n p n a a d n p c e f e i r ­ 1964. . 7,957 7,333 2,773 221 1 ,403 1,150 1,135 2,621 803 624 336 187 102 J7.632 7,158 2,967 271 1 ,566 1 ,1 30 1.268 2,501 422 474 325 54 95 1965 2 (7,734 7,243 2,970 271 1 ,567 1,132 1 ,272 2,508 492 492 329 68 96 f 7,819 7,399 3,138 256 1 .7 39 1,143 1 .367 2,450 443 420 240 70 IIO 1966 2 1'7,853 '7,433 '3,141 256 1 ,739 1.145 1 ,288 2,540 '464 420 241 70 110 1967—Jan.... '7,692 •7,323 2,996 258 1 ,592 1.146 1 ,288 2,575 •463 369 213 73 83 Feb.. . •7,686 ’7,276 2,969 239 1 .579 1,151 1 ,292 2.566 r45O 410 248 70 92 Mar.. . •7,871 •7,448 3,023 252 1 .61 1 1 ,1 60 1 ,356 2,628 '441 423 275 50 97 Apr... •7,957 '7,537 2,969 271 1 .536 1,162 1 ,352 2,739 r476 421 256 77 88 May... •8,111 '7.698 7,928 246 1 .557 1 .125 1.385 2,914 ''471 413 263 62 89 June.. •8.261 '7,862 2.917 253 1 .553 '1 .111 1 ,430 3.028 '487 400 262 54 83 July... •8,232 '7.817 7,871 761 '1 ,482 '1.127 1 ,430 3.039 '478 415 281 57 78 Aug... r8,282 7,771 7,918 787 ' 1 .497 '1.134 1 ,440 2,944 M70 510 368 70 73 Sept... '8.338 7,916 3,046 771 1 ,595 1.181 1 .452 2,929 '489 422 291 48 83 Oct.... ••8.267 7,834 7,977 270 1 .556 ' 1 ,152 1 ,456 2,899 -502 433 293 61 79 Nov.. . 8,360 7,950 3,033 264 1 ,566 1 ,204 1 ,508 2,942 r467 410 269 71 70 Dec. •'. 8,592 8,167 3,148 306 1 ,603 1 ,239 1 .507 3,016 496 425 288 74 63 1968—Jan. " 8,417 8,015 3,058 291 1 ,540 1 ,226 1 ,517 3,029 41 1 403 261 70 72 1 Includes central banks. 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 14. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Liabilities Claims Type Country or area End of period Foreign n I a n t t io e n r­ al Payable in dollars Payable Total c t o ri u e n s ­ reg a i n o d n al Total Loans ot A h l e l r f r o e c r n i u e n c i r i g e ­ n s U K d n i o n it m g ed ­ E O u t r h o e p r e Canada Am La e t r i i n c a Japan O A t s h i e a r c t O r o ie t u h s n e ­ r 1 1964................. 310 204 106 4,285 3,995 288 1 87 1 ,632 327 1 ,275 430 255 278 1965............... 513 203 311 4,517 4,21 1 297 9 86 '1,506 '358 1 ,296 445 391 436 1966................. 11 ,494 •988 506 4.180 3,915 247 18 70 '1,143 '326 1 ,346 326 '409 562 1967—Jan........ •1 ,558 • 1,050 508 4,073 3,817 240 16 72 •1.117 '299 1 ,318 312 * 391 565 Feb....... •1 ,658 <113 545 4^26 3,783 227 16 72 ’ 1,093 '277 1 ,314 304 391 575 Mar.... • I ,865 •1,289 576 4,027 3,779 232 16 68 •I,067 -322 1 ,312 287 377 593 Apr....... •1.986 •1,410 576 4,020 3,771 233 16 69 •1,051 '331 1 ,309 278 380 602 May,. . . r2,Ol7 •1,425 592 •3,996 ’3,747 232 17 65 •1 .024 '329 1 ,309 263 •385 621 June... . '2,469 •1 ,868 600 •3,839 3,585 237 17 40 ••931 '333 '1 ,349 195 -381 6(0 July.... '2,454 •1,849 604 •3,843 •3,588 238 17 48 r952 '355 ’ 1,410 185 '393 500 Aug...... '2,519 •1 ,877 642 '3,894 •3,635 242 17 51 '942 '352 3 .455 176 '396 522 Sept.. . . '2,309 •1 ,655 654 •3,909 •3,622 268 19 52 '909 '364 3 .500 171 095 518 Oct....... r2,278 • 1,648 630 ••3,979 3,693 271 15 52 '856 '377 •1 .534 204 '408 548 Nov.. .. 2,342 1 ,678 664 3,961 3,677 267 17 51 825 377 1 ,555 193 416 545 Dec. ''. . 2,459 1,781 678 3,896 3,610 270 15 56 720 413 1 ,555 179 433 538 1968—Jan. "... 2,481 1 ,808 673 3,834 3,566 255 12 57 709 416 1 ,513 176 430 533 1 Includes Africa. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

M-/ O INIL. OMriIML- I RrtHO/l^ I lOHO VF II1L u.o. ^ ivmi\^n a ^uo 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. corporate Foreign bonds Foreign stocks securities 2 Net purchases or sales Period Inti. Foreign ch P a u s r e ­ s Sales c N ha s e a s t e l e p s s u o r r ­ ch P a u s r e ­ s Sales c N ha s e s a t e l e p s s u o r r ­ ch P a u s r e ­ s Sales c N ha s e s a t e l e p s s u o r r ­ Total and regional Official Other 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 1967 ......................... -43 -121 78 45 33 10,205 9,148 1 ,057 2,026 3,185 -1,159 879 I ,038 -159 1967—Jan................... -2! -21 * 44 112 264 -152 71 63 8 Feb.................. -50 -57 7 5 2 579 23 98 168 -69 66 55 11 Mar................. -15 * 1 -1 775 >'724 ’’52 215 265 -50 75 68 7 Apr.................. 35 35 35 700 563 137 154 259 -105 67 55 12 May................. 17 16 16 915 760 156 127 168 -41 68 65 3 June................. 5 9 -3 12 926 821 105 248 G09 r —61 71 95 -24 July. ................ 3 3 943 740 203 145 314 -169 68 '69 '•-1 Aug.,............... -19 -20 I -6 7 877 793 84 147 225 -78 67 106 -39 Sept.......... 5 5 5 1 ,109 858 QSl 350 481 -131 81 125 -44 Oct................... 9 8 8 960 1,148 -188 195 G23 ’•-128 77 91 -14 Nov.................. -20 -4 -16 -3 -14 848 885 -37 112 142 -30 75 89 -14 Dec. ’’.............. 10 10 10 1 ,002 774 228 122 266 -144 93 156 -63 1968—Jan. "............... -178 -179 -191 13 1 ,087 833 254 85 261 -176 68 79 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to agencies and corporations that arc not guaranteed by the United States. official institutions of foreign countries; see Table 11. Note.—Statistics include transactions of international and regional 2 Includes State and local govt, securities, and securities of U.S. Govt. organizations. 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 d i ­ t­ U K d n i o n it m e g d ­ E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r­ Asia Africa O c t o r t i h u e e n s r ­ reg I a n i n o t d i n , al 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 1967 ".......... 1,057 745 311 182 423 -452 220 372 305 115 79 34 17 136 1967—Jan.. . 44 -6 50 1 19 -19 -4 -2 33 3 9 -1 2 Feb... 23 -28 50 7 4 -16 16 11 4 4 1 * 3 Mar. . ’52 ’•-14 65 10 5 11 19 45 r-6 9 8 * -5 Apr... 137 66 71 8 34 -3 13 51 8 5 * I 72 May.. 156 14 141 '8 20 67 Ol 126 21 -4 3 10 -1 June.. 105 64 41 6 21 8 3 37 63 5 -2 1 July. . 203 87 115 61 56 -10 31 139 28 3 6 24 1 2 Aug. . 84 71 13 I! 29 5 -4 41 25 9 1 8 Sept.. r251 '143 108 37 49 15 >75 126 42 15 8 1 60 Oct.. . -188 58 -246 12 47 -302 28 -213 6 24 3 ♦ -8 Nov... -37 '144 -182 9 62 -221 32 -H8 49 8 11 * 11 3 Dec.P. 228 144 83 12 75 13 29 130 32 44 23 * 3 -4 1968—Jan?'. 254 158 96 14 69 5 63 I5l 64 16 5 3 1 14 Note,—Statistics include State and local govt, securities, and securities 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

MARCH 1968 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A-79 17. NET PURCHASES OR SALES BY FOREIGNERS OF 18. DEPOSITS, U.S. GOVT. SECURITIES, LONG-TERM FOREIGN SECURITIES, BY AREA AND GOLD HELD AT F.R. BANKS FOR FOREIGNERS ([n millions of dollars) (In millions of dollars) Total Period Total g I a i n r o n e n t d ­ i a , l c e t o f r o i i u g e r n n s ­ ­ r E op u e ­ C a a d n a ­ A L i m a c t a e in r ­ Asia r A ic f a ­ O c t o r t i h u e e s n r ­ E pe n r d i o o d f Deposits U.S A . s G s o e v ts t . i n c E us a t r o m d a y rked securities1 gold 1964................ -728 -140 -588 163 -670 -36 -77 7 25 1965.................. -953 -164 -788 108 -659 -55 -131 3 -54 1964............. 229 8,389 12,698 1966................ -685 -171 -514 214 -726 -9 -7 16 -2 1965............. 150 8,272 12.896 1967 71............... -1,318 -393 -925 -772 38 -152 -14 -27 1966............. 174 7,036 12,946 1967—Jan......... -144 -52 -92 13 -80 2 -7 1 -21 1967—Feb... 145 7,334 12,984 Feb......... -59 6 -65 -8 -62 6 -2 1 Mar... 131 7,547 12,972 Mar. -43 -87 44 22 -51 29 28 6 11 Apr... 123 7,912 12,975 Apr...... -93 -94 1 2 13 -5 -12 1 May.. 193 7,799 12,972 May....... -39 -1 -38 11 -23 -23 -5 1 2 June.. 147 7,667 12,977 June....... ’•-85 -9 - -76 22 -45 5 ’-49 -10 July... 117 7,665 12,976 July........ ’■-171 -14 ’--157 27 -117 3 '•-53 1 -18 Aug... 144 7,535 12,993 Aug........ -117 -43 -75 -23 -24 2 -31 -1 2 Sept... 117 7,558 12,992 S O N D e c e o p t c v . t . . . . . 7 . . ’ . . . . . . . . . . . . . . . . . . . . . . ’• - - - 1 2 1 -4 7 0 4 5 4 7 2 - - 7 3 - 1 4 2 7 3 ^ - — - 1 2 r 1 0 - 0 5 7 3 3 4 -6 - - 4 4 3 7 ’• - - - 1 1 1 0 2 4 1 8 8 6 -6 3 2 * - - 1 1 -9 1 4 5 -8 * * * 2 2 2 * O N De c o t c v . . . . . . . . . . 1 1 1 3 3 6 5 5 8 9 9 7 , , , 2 8 4 6 2 5 1 3 6 1 1 1 3 3 3 , , , 2 0 0 5 0 3 3 0 2 1968—Jan.... 160 8,861 13,201 1968—Jan.”.... -187 -64 -123 4 -114 -1 -12 -1 1 Feb... 192 8,922 13,232 1 U.S, Treasury bills, certificates of indebtedness, notes, and bonds; includes securities payable in foreign 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 arc 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

M-OU UN I L. UMTIIML I HMINOHU HkJINO UF IHC U.O. ^ IVIHn^n 1 ^VO 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 Sept. Dec, Mar. June Sept.*’ Sept. Dec. Mar. June Sept.7' Europe: Austria............................................... 3 2 2 2 2 7 8 8 9 7 Belgium................................................. 30 32 34 28 32 42 53 63 39 45 Denmark............................................... 2 3 5 8 8 10 14 11 10 9 Finland.................................................. 1 1 1 2 2 4 4 4 5 6 France................................................... 57 62 61 55 61 102 110 122 102 99 Germany, Fed. Rep. of........................ 81 78 81 85 94 120 127 122 122 1 18 Greece................................................... 2 2 2 2 3 15 15 17 18 20 Italy....................................................... 52 54 62 65 66 107 101 98 80 93 Netherlands.......................................... 67 68 80 78 82 42 48 45 47 45 Norway................................................. 2 2 2 3 3 9 8 7 7 8 Portugal................................................. 6 9 7 5 6 6 7 6 7 6 Spain..................................................... 25 27 30 36 35 51 61 76 62 78 Sweden.................................................. 14 17 19 21 24 27 36 18 18 20 Switzerland........................................... 58 58 47 51 84 22 18 26 24 24 Turkey................................................... 4 2 2 2 2 6 6 7 9 8 United Kingdom.................................. 201 208 236 234 312 599 579 646 577 542 Yugoslavia........................................... 2 1 1 I 4 4 4 3 3 Other Western Europe......................... 3 4 5 5 3 9 11 12 13 13 Eastern Europe.................................. 1 1 1 1 1 3 2 3 5 4 Total............................................ 611 631 678 682 820 1,185 1 ,212 1,296 1,158 1,147 Canada..................................................... 138 146 173 199 190 509 489 482 494 460 Latin America: Argentina.............................................. 6 6 3 4 4 37 39 39 35 29 Brazil.................................................... 9 10 It 10 10 73 65 61 60 75 Chile..................................................... 3 4 5 6 7 31 32 30 31 26 Colombia.............................................. 5 7 5 9 13 21 25 24 24 20 Cuba..................................................... * * 3 3 2 2 2 Mexico.................................................. 10 11 16 16 12 78 95 96 125 118 Panama................................................. 9 10 4 3 7 12 12 11 10 13 Peru....................................................... 6 7 6 5 7 28 31 31 29 32 Uruguay.............................................. 1 1 1 I 1 6 7 7 9 6 Venezuela.............................................. 25 36 38 37 36 49 62 56 53 54 Other L.A. republics............................ 18 20 15 17 19 59 60 62 56 59 Bahamas and Bermuda........................ 2 3 7 5 4 II 18 12 21 25 Neth. Antilles & Surinam.................... 7 7 6 8 5 4 4 5 5 5 Other Latin America........................... 2 1 1 1 1 11 10 9 10 7 Total............................................ 104 124 118 122 122 422 463 445 469 472 Asia: Hong Kong.......................................... 2 3 4 4 4 6 7 7 9 11 India.............................................. 17 17 13 15 12 32 34 33 35 39 Indonesia............................................. 2 2 2 4 5 3 7 5 5 3 Israel..................................................... 2 2 1 1 5 5 5 4 5 Japan..................................................... 23 27 30 38 44 146 164 163 179 195 Korea.................................................... 4 3 2 2 1 5 5 7 6 8 Philippines............................................. 7 7 6 7 7 17 17 17 23 22 Taiwan.................................................. 7 4 5 2 5 7 12 10 10 Thailand............................................... 1 4 4 4 5 11 11 10 8 10 Other Asia............................................ 35 31 41 39 45 69 75 88 79 78 Total.............................................. 101 100 107 114 126 299 331 346 357 380 Africa: Congo (Kinshasa)................................ 1 I 1 1 1 2 2 2 2 9 South Africa......................................... 10 17 5 8 7 17 24 16 16 14 U.A.R. (Egypt)..................................... 2 1 2 2 3 11 11 9 7 7 Other Africa........................................ 7 6 7 8 I 1 30 32 35 32 31 Total............................................. 19 24 15 19 21 59 69 62 58 54 Other countries: Australia............................................... 51 58 52 49 61 57 58 54 44 44 All other.............................................. 4 6 6 7 8 7 8 8 6 7 Total.............................................. 55 64 58 56 70 63 66 61 50 51 International and regional....................... * * * * * 1 * * * I Grand total................................... 1,028 1,089 1,148 1,193 1,349 2,539 2,631 2,692 2,587 2,566 Note,—Reported by exporters, importers, and industrial and com- Data exclude claims held through U.S. banks, and intercompany accounts mercial concerns and other nonbanking institutions in the United States, between U.S. companies and their foreign affiliates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A-81 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 Pay in a ble Payable Total do i l n la rs cu fo rr r e e n ig c n ie s Total do i l n la rs b D a e n p k o s s i a ts b r w oa ith d Other in reporter’s name 1963-—-Sept................................................................................. 691 552 139 2,257 1,830 225 202 Dec 626 478 148 2'131 1^739 201 191 Dec. *.............................................................................. 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 2’66O 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.................................................................................. I ’,089 827 262 2,631 2'228 167 236 1967—Mar................................................................................. 1,148 864 285 2,692 2,249 192 252 June ................................................................................ 1,193 906 287 2,587 2,112 199 275 Sept.".............................................................................. 1 ,’349 1,025 324 2^566 2,127 194 246 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 A O m La t e h t r i e i n c r a Japan O A t s h i e a r Africa o A th l e l r 1964—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. t.................... 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 11235 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,.................... 430 1,494 27 263 303 214 88 290 110 98 85 15 Sept.".................... 440 1 ,459 40 218 310 212 84 283 109 103 87 13 . i 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

A-OZ L1ULU KCOCnVCO u IVIAKUH 1300 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 world 1 Fund world 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. ’■243,230 31 ,869 13,806 ’’27,285 35 66 223 700 1,558 63 84 1,151 44 1966. r43,185 2,652 13,235 -•27,300 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 13,1 69 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............... 42,955 2,679 13,077 27,200 33 84 228 701 1 ,514 45 84 1 ,099 46 Oct................ 2,680 13,039 33 84 230 701 1,512 45 84 1,104 46 Nov............... 2,682 12,965 33 84 229 701 1 ,510 45 84 1,110 45 Dec............... ”41,580 2,682 12,065 ”26,835 33 84 231 701 1 ,480 45 84 1,015 45 1968--Jan................ ................. 2,684 12,003 ............. 33 ..........2..3.3 701 1,460 ............8.4 1,025 45 Ger- E pe n r d i o o d f lo C m o b ­ ia D m e a n rk ­ l F a i n n d ­ France m F a e n d y . , Greece India I n n e d s o ia ­ Iran Iraq Israel Italy Japan Rep. of 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. 26 108 45 5,238 4,292 120 243 130 106 46 2,414 329 1967--Jan................ 27 108 45 5,236 4,290 120 243 ..........1..3.0 106 46 2,412 Feb................ 28 108 45 5,235 4,289 120 243 130 106 46 2,411 Mar............... 28 108 48 5,240 4,294 123 243 145 106 46 2,416 330 Apr............... 28 108 48 5,241 4,296 127 243 145 106 46 2,417 May.............. 29 108 48 5,241 4,294 132 243 145 106 2,416 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 ..........1..4.5 94 46 2,400 Sept............... 30 108 47 5,234 4,284 130 243 145 94 46 2,401 335 Oct................ 31 108 47 5,234 4,281 132 243 145 94 46 2,398 Nov............... 31 108 47 5,234 4,277 132 243 145 94 46 2,394 Dec............... 31 107 45 5,234 4,228 130 243 144 115 46 2,400 1968--Jan........... ................. 107 45 5,234 4,140 131 243 ..........1..4.4 151 46 2,364 ............. E pe n r d io o d f Kuwait a L n e o b n ­ Libya M c e o xi­ Mo c r o oc­ N la e n th d e s r­ Nigeria N w o ay r­ P st a a k n i­ Peru P pi h n i e li s p­ Po ga rt l u­ A S r a a u b d ia i 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........................ 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................ 89 193 68 155 21 I ,731 20 18 53 20 58 692 69 Nov............... 193 68 164 21 1 ,731 20 18 53 20 59 698 69 Dec.............. •............... 193 68 ............. 21 1,711 20 18 53 20 60 69 1968--Jan................ 193 68 ............. 21 1 ,682 20 18 53 20 62 ............7.9 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ GOLD RESERVES AND PRODUCTION A-83 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E p n e d ri o o d f A So fr u ic th a Spain Sweden Sw la it n z 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 n it m e g d ­ g U u r a u y ­ V zu e e n l e a ­ Y sl u a g vi o a ­ S I e f n o t t t r l i e . ­ ments 4 1961............................. 298 316 180 2,560 43 104 139 174 2,268 180 401 6 115 1962............................. 499 446 181 2; 667 43 104 140 174 2,582 180 401 4 -50 1963............................. 630 573 182 2,820 50 104 115 174 2,484 171 401 14 -279 1964............................. 574 616 189 2,725 55 104 104 139 2,136 171 401 17 -50 1965............................. 425 810 202 3,042 55 96 116 139 2,265 155 401 19 -558 1966............................. 637 785 203 2,842 62 92 102 93 1 ,940 146 401 21 -424 1967—jan .................. 611 784 203 2,679 66 92 102 93 146 401 21 -274 Feb................... 581 784 203 2'678 66 92 97 93 146 401 21 -289 Mar.................. 540 784 203 2; 679 74 92 97 93 1 ,677 146 401 21 -15 519 784 203 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 2^31 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................. 518 785 203 2,840 81 92 97 93 147 401 22 -358 Nov. . 558 785 203 2^753 81 92 97 93 140 401 22 -275 Dec................... 583 785 203 3 ,’089 81 92 97 93 1,291 140 401 22 -624 1968 Jan .. 625 785 203 2,978 92 97 93 401 -529 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 2 Excludes gold subscription payments made by some member countries distributed by the Tripartite Commission for the Restitution of Monetary in anticipation of increase in Fund quotas: for most of these countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun­ the increased quotas became effective in Feb. 1966. tries, and China Mainland. 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold The figures included for the Bank for International Settlements are assets minus gold deposit liabilities. the Bank’s gold assets net of gold deposit liabilities. This procedure avoids the overstatement of total world gold reserves since most of the Note.—For back figures and description of the data in this and the gold deposited with the BIS is included in the gold reserves of individual following tables on gold (except production), see “Gold,” Section 14 of countries. Supplement to Banking and Monetary Statistics, 1962. 2 Adjusted to include gold subscription payments to the IMF, except GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period produc­ tion 1 A S f o r u ic th a d R e h s o ia ­ Ghana C s ( h K o a n i s n g a o ­ ) U S n ta i t t e e s d C a a d n a ­ M ic e o x­ r N a i g c u a a ­ Co b l i o a m­ India P p h in i e lip s ­ t A ra u l s ia ­ ot A he ll r I960.................................. 1,175.0 748.4 19.6 30.8 11. t 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................................. L440.0 1 ,'069.4 19.0 26.4 3.2 58.6 125.6 7.6 6.9 H.2 4.6 15.3 30.7 61.5 1966.................................. 1345.0 1’080.8 19.3 24.0 5.6 63.1 114.6 7.5 7.0 9.8 4.2 15.8 32.0 61.3 1966—Dec........................ 87.7 1.9 21.6 9.6 .4 .7 .3 1.5 2.7 1967—jan........................ 89.5 8.7 .6 .9 1.3 2.4 Feb........................ 87.8 8 9 .6 .8 1.4 2.1 Mar....................... 89.5 21.1 9.1 .6 .5 1.4 2.2 Apr........................ 89.1 8.9 .6 .8 1.4 2.6 May............. 91.2 8 9 .6 .8 1,4 2.3 June...................... 89.1 9.1 .4 .8 31.7 1.4 2.6 July....................... 88.9 8.4 .4 ,7 2.4 Aug........................ 90.5 8.3 .4 .8 2.1 89.9 8.0 .8 2.3 Oct.................. 84.1 8.6 .7 2.7 Nov....................... 90.0 8.2 Dec........................ 82.0 8.7 1 Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 Quarterly data. countries and Bureau of Mines. Data for the United States are from 3 Data for Jan.-June. the Bureau of the Mint. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-«4 IVIUINtY KAI Lb ° IVIAKUH iyb« CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Fe R b a . t e 2 8 a , s 1 o 9 f 6 7 — —....-........... Changes during the last 12 months Rate Country 1967 1968 Fe as b . o 2 f 9 , Per Month 1968 cent effective Mar. Apr. May June July Aug. Sept. Oct. Nov, Dec. Jan. Feb. Argentina..................... 6.0 Dec. 1957 6.0 Austria............................... 4,5 June 1963 4.25 3.75 3.75 Belgium................................ 5.0 Feb. 1967 4.75 4.5 4.25 4.00 4.0 Brazil................................... 12.0 Jan. 1965 12.0 Burma................................... 4.0 Feb. 1962 4.0 Canada 1................. 5.0 Jan. 1967 4.5 5.0 6.0 7.0 7.0 Ceylon................... 5.0 May 1965 5.0 Chile 2.................................. 15.84 July 1966 16.61 16.61 Colombia..................... 8.0 May 1963 8.0 Costa Rica........................... 3.0 Apr. 1939 3.0 Denmark.............................. 6.5 7.5 7.5 Ecuador........................ 5.0 Nov. 1956 5.0 Ei Salvador............... 4.0 Aug. 1964 4.0 Finland............... 7.0 Apr. 1962 7.0 France................... 3.5 Apr. 1965 3 5 Germany, Fed. Rep. of....... 4.0 Feb. 1967 3.5 3.0 3.0 Ghana.................................. 7.0 Jan. 1966 6.0 6.0 Greece................... 5.5 Jan. 1963 4.5 4.5 Honduras 3.................... 3.0 Jan, 1962 3.0 Iceland.................. 9.0 Jan. 1966 9.0 India..................................... 6.0 Feb. 1965 6.0 Indonesia.............................. 9.0 Aug. 1963 9.0 Iran...................................... 5.0 Aug. 1966 5.0 Ireland............................. 6.25 Feb. 1967 5.88 5.56 5.44 5.50 5.56 5.50 5.53 5.94 7.75 7.78 7.69 7.69 Israel................................... 6.0 Feb. 1955 6.0 Italy...................................... 3.5 June 1958 3.5 Jamaica................................ 5.5 July 1966 5.0 6.0 6.0 Japan................................... 5.48 June 1965 5.84 6.21 6.21 Korea.................................. 28.0 Dec. 1965 28.0 Mexico................................. 4.5 June 1942 4.5 Netherlands................. 5.0 May 1966 4.5 4.5 New Zealand........................ 7.0 Mar. 1961 7.0 Nicaragua............................ 6.0 Apr. 1954 6.0 Norway................................ 3.5 Feb. 1955 3.5 Pakistan................................ 5.0 June 1965 5.0 Peru...................................... 9.5 Nov. 1959 9.5 Philippine Republic............ 4.75 Jan. 1966 6.0 7.5 7.5 Portugal................................ 2.5 Sept. 1965 2.5 South Africa........................ 6.0 July 1966 6.0 Spain.................................... 4.0 4.0 Sweden................................. 5.5 Feb. 1967 5.0 6.0 5.5 5.5 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 Tunisia.................................. 5.0 Sept. 1966 5.0 Turkey.............................. 7.5 May 1961 7 5 United Arab Rep. (Egypt).. 5.0 May 1962 5 0 United Kingdom................. 6.5 Jan. 1967 6.0 5.5 6.0 58.0 8.0 Venezuela............................. 4.5 Dec. 1960 4.5 • On June 24, 1962, the bank rate on advances to chartered banks Brazil—8 percent for secured paper and 4 per cent for certain agricultural was fixed at 6 per cent. Rates on loans to money market dealers will paper; continue to be .25 of 1 per cent above latest weekly Treasury bill tender Colombia—5 per cent for warehouse receipts covering approved lists of average rate, but wilt 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. I, 1959, new rediscounts have been granted at for rediscounts in excess of an individual bank’s quota; the average rate charged by banks in the previous half year. Old redis­ Costa Rica—5 per cent for paper related to commercial transactions counts remain subject to old rates provided their amount is reduced by (rate shown is for agricultural and industrial paper); one-eighth each month beginning with May 1, 1959, but the rates are Ecuador—6 per cent for bank acceptances for commercial purposes; raised by 1.5 per cent for each month in which the reduction does not Indonesia—various rates depending on type of paper, collateral, com­ occur. modity involved, etc.; 3 Rate shown is for advances only. Japan—penalty rates (exceeding the basic rate shown) for borrowings 4 Rate shown is for call loans. from the central bank in excess of an individual bank’s quota; 5 Effective Nov. 9 the rate was 6.5 per cent. Pent—8 per cent for agricultural, industrial, and mining paper; Note.—Rates shown are mainly those at which the central bank either Philippines—4 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 5.75 per cent for credits to enterprises en­ govt, securities for commercial banks or brokers. For countries with gaged in export activities. Preferential rates are also granted on credits to more than one rate applicable to such discounts or advances, the rate rural banks; shown is the one at which it is understood the central bank transacts Spain—4.6 per cent for financial paper rediscounted for banks (rate shown the largest proportion of its credit operations. Other rates for some is for commercial bills); and of these countries follow: Venezuela—4 per cent for rediscounts of certain agricultural paper and Argentina—3 and 5 per cent for certain rural and industrial paper, de­ for advances against govt, bonds or gold and 5 per cent on advances pending on type of transaction; against securities of Venezuelan companies. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ MONEY RATES; ARBITRAGE A-85 OPEN MARKET RATES (Per cent per annum) Germany, Switzer­ Canada United Kingdom France Fed. Rep. of Netherlands land Month 3 T m re b o a il n l s s t u , h r s y । m Da o d y n a - e y t y o 2 ­ 3 B a a m a c n n c o c k e n e e p s t r h t , s ­ s ’ 3 T r m e b a i o ll s n s u t , h ry s D m a d o y a n - y e to y ­ a B d llo a e w n p o k o a n e s n r it c s s e * m Da o d n y a - e y t y o ­ 3 Tr 6 d e b 0 a a i y l - l s 9 s s u 0 , 4 r y D m a o d n y a e - y t y o ­ 5 3 T r m b e i a o ll s n s u t , h ry s D m a d o y a n - y e t o y ­ d P is r r c i a v o t a e u te n t 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—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 4.48 2.75 2.19 4.50 4.60 3.75 Nov............ 5.15 4.69 6.88 6.55 5.80 4.90 4.67 2.75 2.31 4.50 3.23 3.75 Dec............. 5.80 5.67 7.78 7.52 6.83 6.00 4.76 2.75 2.44 4.51 4.05 3.75 1968—Jan............. 6,01 5.32 7.78 7.48 6.85 6.00 ............... 2.75 2.69 4.33 3.12 3.75 1 Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month, 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. Note.—For description and back data, see “International Finance,” •t Rate in effect at end of month. Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Premium Date United (+) or inc N en e t t i ve Canada d ( is + c ) o u o n r t inc N en e t t i ve Kingdom Spread discount (favor Spread (—) on (favor q ( u a o U d t . j a . S t . i t o o n U S n ta i t t e e s d L ( o f n a o d v f o o n r ) f ( o p - r o w ) u a n o r d n d Lon o d f o n) qu A i o n s t e d qu A o U d t . j a . S t . i t o o n U S n ta it te e s d C ( a fa n o v a f o d r a ) C f d o a o n rw l a la d a r i r a s d n Can o a f d a) basis) Canada basis 1967 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 8.............. 7.32 4.89 2.43 -2.83 -.40 5.55 5.45 4.89 + .56 -.32 + .24 15.............. 7.27 4.98 2.29 -4.72 -2.43 5.82 5.69 4.98 + .71 -.50 + .21 22.............. 7.26 4.92 2.34 -4.67 -2.33 5.97 5.84 4.92 + .92 -.48 + .44 29.............. 7.26 4,98 2.28 -2.83 -.55 5.95 5.82 4.98 + .84 -.49 + .35 1968 7.26 4,95 2.31 -2.50 -.19 5.92 5.79 4.95 + .84 -.32 + .52 12.............. 7.21 5.03 2.18 -2.60 -.42 5.81 5.67 5.03 + .64 -.85 -.21 19.............. 7.34 5.02 2.32 -2.72 -.40 5.80 5.66 5.02 + .64 -1.74 -1.10 26.............. 7.34 4.87 2.47 -2.99 -.52 6.26 6.08 4.87 + 1.21 -1.30 -.09 Feb. 2.............. 7.38 4.81 2.57 -2.59 -.02 6.35 6.15 4.81 + 1.34 -1.20 + .14 9............. 7,32 5.0! 2.31 — 2.60 -.29 6.65 6.40 5.01 + 1.39 -1.46 -.07 16.............. 7.21 4.93 2.28 -2.68 - .40 6.65 6.40 4.93 + 1.47 -1.28 + .19 23............. 7.29 4.96 2.33 -2.86 -.53 6.74 6.54 4.96 + 1.58 -1.41 + .17 Mar. 1.............. 7.24 5.00 2.24 -3.09 -.85 6.75 6.60 5.00 + 1.60 -1.50 + .10 8............. 7,15 5.06 2.09 -7.01 -4,92 6.82 6.61 5.06 + 1.55 -1.62 -.07 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 II 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

H-OO mc/inci dhild ^ ivinnon i^oo 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) 1963.............. .72447 223.10 3.8690 2.0052 92.699 21.015 14.484 131.057 1964.............. .71786 222.48 3.8698 2.0099 92.689 20.988 14.460 31.067 1965............. .59517 222.78 3.8704 2.0144 92.743 20.959 14.460 31.070 1966.............. .48690 2223.4! 3111.22 3.8686 2.0067 92.811 20.946 14.475 31.061 1967......... .30545 ................1.11.25 3.8688 2.0125 92.689 20.501 14.325 429.553 1967—Feb.... .39934 111.32 3.8653 2.0100 92.529 20.932 14.444 31.062 Mar.. . 5.31033 111.41 3.8679 2.0116 92.415 20.938 14.467 31.062 Apr..., .28501 111.52 3.8679 2.0121 92.378 20.954 14,472 31.063 May... .28505 111.43 3.8686 2.0145 92.400 20.946 14.453 31.062 June.., .28506 111.20 3.8698 2.0143 92.544 20.917 14.439 31.062 July... .28501 111.05 3.8714 2.0147 92,766 20.903 14,413 31.062 Aug.. . .28505 110.97 3.8728 2.0148 92.937 20.900 14.403 31.062 Sept.. . .28507 110.90 3.8720 2.0146 92.989 20.894 14.417 31.062 Oct.... .28503 110.88 3.8693 2.0147 93.149 20.889 14.416 426.672 Nov.. . .28488 111.28 3.8656 2,0145 93.004 619.806 14.028 23.714 Dec,.............................................. .28449 ................. 111.85 3.8696 2,0138 92.559 16.660 13.404 23.716 1968—Jan.. .. .28465 111.98 3.8648 2.0123 92.181 16.688 13.409 23.745 Feb,.............................................. .28469 ................1.11.98 3.8645 2.0142 91.962 16.688 13.412 23.763 Period F (f r r a a n n c c e ) ( G d m e eu r a m ts rk a c ) h n e y (r I u n p d e ia e ) ( I p re o l u a n n d d ) ( I l t i a ra ly ) J ( a ye p n a ) n ( M d a o si l l a a la y r ­ ) M (p e e x s i o c ) o ( e g N r u la e il n d th d e ­ s r) 1963.............. 720.404 25.084 20.966 280.00 .16087 .27663 32,664 8.0056 27.770 1964.............. 20.404 25.157 20.923 279.21 .16014 .27625 32.566 8.0056 27.724 1965.............. 20.401 25.036 20.938 279.59 .16004 .27662 32.609 8.0056 27.774 1966............... 20.352 25.007 816.596 279.30 .16014 .27598 32.538 8.0056 27.630 1967............... 20.323 25.084 13.255 275.04 .16022 .27613 32,519 8.0056 27.759 1967—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 G3.236 ‘>266.18 .16059 .27621 1032.472 8.0056 27,805 Dec,.............................................. 20.381 25.094 13.334 240.63 .16019 .27633 32.687 8.0056 27.804 1968—Jan.. .. 20.307 24.974 13.337 240.91 .16004 .27612 32.712 8.0056 27.747 Feb..,.•......................................... 20.315 24.987 13,337 240.92 .16004 .27616 32.721 8.0056 27.719 Period (pou N n e d w ) Zeal ( a d n o d llar) N (k o ro rw ne a ) y (e P s o g c a r u t l d u o ­ ) ( S A ra o fr n u ic t d h a ) (p S e p s a e i t n a) S (k w ro ed n e a n ) ( e S fr r w a la 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 ) 1963............. 277.22 13,987 3.4891 139.48 1.6664 19.272 23.139 280,00 1964.............. 276.45 13.972 3.4800 139.09 1.6663 19.414 23.152 279.21 1965............... 276.82 13.985 3.4829 139.27 1.6662 19,386 23.106 279.59 1966.............. 276.54 13.984 3.4825 139.13 1.6651 19.358 23.114 279.30 1967............... 11276.69 12(31.97 13.985 3.4784 139.09 1.6383 19,373 23.104 275,04 1967—Feb.... 276.65 13.980 3.4783 139.18 1,6634 19.353 23.061 279.41 Mar.. ............................................ 276.86 13.984 3.4811 139.29 1.6633 19.367 23.079 279.63 Apr.... 277.15 13.993 3.4858 139.44 1.6631 19.397 23.126 279.92 May... 276.92 13.990 3.4830 139.32 1.6631 19.399 23.169 279.69 June... 276.35 13.992 3.4810 139,04 1.6632 19.415 23.166 279.12 July... H276.12 12137.97 13.986 3.4788 138.85 1.6634 19.412 23.128 278.73 Aug.. . 137.89 13.981 3.4766 138.75 1.6637 19.394 23.061 278.53 Sept... 137.81 13.978 3.4755 138,66 1,6640 19.381 23.027 278.37 Oct.... 137.78 13,979 3.4736 138,64 1.6635 19.341 23,035 278.32 Nov.. . 128.28 13.985 3.4654 139.05 91.5831 19.326 23.146 9266.18 Dec.... 111.95 13.996 3.4817 139.84 1.4236 19.341 23.158 240.63 1968—Jan.. .. 112.09 13.997 3.4861 140.00 1.4236 19.366 23.017 240.91 Feb.... 112.10 14.001 3.4866 140.01 1.4231 19.361 22,994 240.92 i A new markka, equal to 100 old markkaa, was introduced on Jan. 1, ^ Quotations not available Nov. 21, 1967. 1963. Quotations not available Nov. 21-27, 1967. 2 Based on quotations through Feb. 11, 1966. 1 i Based on quotations through July 7, 1967. 3 Effective Feb. 14, 1966, Australia adopted the decimal currency • 2 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 Effective Oct. 12, 1967, the Finnish markka was devalued from 3.2 to 4.2 markkaa per U. S. dollar. Quotation not available Oct. 12. Note.—After the devaluation of the pound sterling on Nov. 18, 1967, 5 Quotations not available Mar. 7-14, 1967. the following countries devalued their currency in relation to the U.S. 6 Quotations not available Nov. 21-24, 1967. dollar: Ceylon, Denmark, Ireland, New Zealand, and Spain. The averages 7 Effective Jan. 1, 1963, the franc again became the French monetary for Nov. 1967 reflect the extent of the devaluation. unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, 1960. Averages of certified noon buying rates in New York forcable transfers. 8 Effective June 6, 1966, the Indian rupee was devalued from 4.76 to For description of rates and back data, see “International Finance,” 7.5 rupees per U.S. dollar. Section 15 of Supplement to Banking and Monetary Statistics, 1962. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-87 For special tables see following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

M—OO LJMINIX l \L<JU I \ V 1-0 Ml N M IXLLMIUM |l LIVIO, ± Zf\J I VIM I \OI I X OOO 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 row­ Free row­ Free row­ Free ings ings re­ ings re­ Total Re­ al serves Total Re­ al serves Total Re­ at serves held quired Excess F.R. held quired Excess F.R. held quired Excess F.R. Banks Banks Banks 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 4,51 1 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,(62 - (0 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 1 1 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 4 Nov. 24,740 24,337 403 133 270 4,826 4,784 42 19 23 1.191 1,178 13 1 1 Dec. 25,260 24,915 345 238 107 5,052 5.034 18 40 -22 1 ,225 1 .217 8 13 -5 Week ending— 1966--Dec. 28. .. . 24,165 23,728 437 548 -111 4.680 4.673 7 183 -176 1.136 1 .1 31 5 63 -58 1967-—Jan. 4. .. . 24,662 24,267 395 565 -170 4,846 4,827 19 201 -182 I .224 1 .220 4 141 -137 11 . 24,499 23,872 627 585 42 4,618 4,579 39 25*1 -215 1.143 1,137 6 168 -162 18. .. . 23,661 23,536 125 217 -92 4,470 4,451 19 3 16 1 .084 1 ,086 _ 7 84 -86 25 .... 23,989 23,473 516 538 -22 4,544 4.521 23 1 22 1.107 1.108 251 -252 Feb. 1 . .. . 23,909 23,569 340 176 164 4,654 4,592 62 3 59 1 .205 1,159 46 94 48 8. ... 23,849 23,560 289 353 -64 4,591 4,579 12 65 -53 I ,141 1,144 -3 60 - 63 15 .... 23,726 23,308 418 456 -38 4,503 4,469 34 154 - 120 1,105 1 ,096 9 113 - 104 22. ... 23,813 23,230 583 477 106 4,501 4,470 31 228 - 197 1 .105 1,105 6 -6 Mar. 1 . ... 23,423 23,264 159 167 -8 4,559 4,518 41 4 37 1,120 1,111 9 4 5 8.... 23,187 22,828 359 202 157 4,499 4,512 - 13 13 26 1 ,092 1 ,085 7 8 -1 15. ... 23,282 22,910 372 173 199 4,531 4,500 31 64 -33 1 ,088 1 ,084 4 8 — 4 22. . 23,692 23,125 567 302 265 4,789 4,753 36 197 - 161 1,164 1,166 -2 7 -9 29.... 23,329 22,944 385 135 250 4.705 4,649 56 56 1 , (60 1 .152 8 92 -84 Apr. 5.... 23,389 22,942 447 180 267 4,646 4,628 18 97 -79 1 .138 1,145 -7 -7 12. . 23,162 22,936 226 145 81 4,521 4,515 6 49 -43 1,137 1,127 10 27 - 17 19. ... 23,580 23,102 478 178 300 4,586 4,584 2 64 -62 1,129 1 .134 -5 -5 26.... 23,385 23,139 246 98 148 4,693 4,666 27 ...........27 1.133 1.133 18 18 May 3.... 23,623 23,218 405 134 271 4,788 4,759 29 39 -10 1 .171 1.172 - 1 21 — 22 10.... 23,413 23,084 329 63 266 4,684 4,620 64 21 43 1 .153 1,147 6 6 17.... 23,386 22,982 404 123 281 4,585 4,575 10 36 -26 1,123 1,127 -4 -4 24.... 23,081 22,754 327 50 277 4,555 4,531 24 24 1 ,108 1 ,094 14 14 31 ... . 23,059 22,678 381 102 279 4,551 4,511 40 ...........40 1.126 1,122 4 4 June 7. ... 23,176 22,845 331 77 254 4,592 4,563 29 7 22 1,139 1,134 5 5 14... . 23,213 22,858 355 43 312 4,565 4,551 14 14 1,103 1,101 2 7 21 ... . 23,767 23,506 261 91 170 4,874 4,865 9 27 -18 1 ,157 1,159 — 2 9 - H 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 1 16 179 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 14 1,177 1,173 4 4 16. . .. 23,763 23,381 382 129 253 4.593 4,578 15 6 9 1,(35 1.(34 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 1 I 11 13. 24,039 23,653 386 70 316 4,664 4,630 34 34 1,147 1,132 IS 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 21 1 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 U.... 24,399 24,150 249 145 104 4,804 4,771 33 21 12 1,177 1,178 -T 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. 1 , 24,705 24,414 291 80 211 4,942 4,919 23 5 18 1,179 1,180 - 1 -1 8. ... 24,754 24,424 330 132 198 4,852 4,824 28 3 25 1,197 1,194 3 10 -7 15. ... 24,699 24,181 518 162 356 4,687 4,658 29 36 -7 1,166 1,159 7 7 22. ... 24,622 24,401 221 127 94 4,816 4,797 19 29 - 10 1 ,197 1,186 1 1 11 29.... 24,658 24,274 384 119 265 4,856 4,808 48 8 40 1 ,177 1,173 4 ........... 4 Dec. 6. ... 24,840 24,552 288 87 201 4,920 4,885 35 35 1 ,201 1,197 4 4 13.... 24,710 24,377 333 121 212 4,824 4,809 15 2 13 1,158 1 ,151 7 7 20.... 25,203 24,936 267 185 82 5,088 5,062 26 37 -11 1 ,217 1 ,219 -2 -2 27.... 25,687 25,245 442 345 97 5,236 5,179 57 27 30 1 ,264 1 ,249 15 2 13 For Note see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ BANK RESERVES AND RELATED ITEMS, 1967 A-89 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves Borrow- Reserves Borrowings at Free ings at Free T h o e t ld al Required Excess H F a . n R k . s reserves T h o e t ld al Required Excess B F a . n R k . s reserves Jan.. 9,584 9,567 17 97 -80 8,732 8,428 305 72 233 Feb. 9,439 9,408 3 J J J5 -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 to 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. 9,900 9,835 65 51 14 8,823 8,540 283 61 222 Dec.. 10,081 10,031 50 (05 -55 8,901 8,634 267 80 187 Week ending— 1966—Dec. 28....................... 9,579 9,556 23 183 -160 8,771 8,368 403 119 284 1967-—Jan. 4...................... 9,832 9,773 59 159 -100 8,760 8,447 313 64 249 II....................... 9.671 9,648 23 80 -57 9,068 8,507 561 83 478 18...................... 9,562 9,539 23 52 -29 8,545 8,460 85 78 7 25....................... *9,508 9,454 53 222 -169 8,830 8,390 440 64 376 Feb. 1...................... 9,525 9,482 43 9 34 8,526 8,336 190 70 120 8...................... 9,511 9,477 34 170 -136 8,606 8,360 246 58 *187 15, 9,448 9,393 55 59 -4 8,671 8,350 321 130 191 22....................... 9,435 9,374 61 167 -106 8,771 8,281 490 76 414 Mar. 1...................... 9,351 9,364 -13 70 -83 8,392 8,271 121 89 32 8 9,278 9,237 41 117 -76 8,318 7,994 324 64 260 15....................... 9,315 9,277 38 40 -2 8,347 8,049 298 61 237 22....................... 9,401 9,354 47 64 -17 8,338 7,852 486 34 452 29....................... 9,386 9,305 81 4 77 8,079 7,838 241 39 202 Apr. 5...................... 9,352 9,335 17 54 -37 8,253 7,834 419 29 390 12 9,415 9,374 41 43 -2 8,088 7,920 168 26 142 19...................... 9,448 9,410 38 79 -41 8,417 7,974 443 35 408 26...................... 9,437 9,398 39 50 -11 8,121 7,942 179 30 149 May 3....................... 9,395 9,385 10 47 -37 8,270 7,902 368 27 341 10.................... , 9,414 9,349 65 13 52 8,162 7,968 194 29 165 17...................... 9,344 9,319 25 57 -32 8,334 7,961 373 30 343 24.................... . 9,272 9,220 52 23 29 8,145 7,909 236 27 209 31...................... 9,236 9,189 47 66 -19 8,146 7,856 290 36 254 June 7....................... 9,274 9,232 42 19 23 8,171 7,916 255 51 204 14...................... 9,260 9,227 33 8 25 8,285 7,979 306 35 271 21. . 9,456 9,437 19 35 -16 8,281 8,044 237 20 217 28....................... 9,363 9,331 32 75 -43 8,352 7,973 379 64 315 July 5...................... 9,537 9,456 81 28 53 8,235 7,980 255 75 180 12....................... 9,506 9,460 46 1 I 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 II 15 8,499 8,110 389 43 346 Aug. 2...................... 9,626 9,598 28 36 -8 8,360 8,120 240 50 190 9....................... 9,623 9,579 44 *53 -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 ..............3.8.. 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 (8...................... 9,957 9,943 i4 54 -40 8,949 , 8.436 5J3 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 7! -28 9,000 8,562 438 55 383 22....................... 9,910 9,861 49 34 15 8,699 8,557 142 64 78 29...................... 9,812 9,755 57 63 -6 8,812 8,539 273 48 225 Dec. 6....................... 9,969 9,947 22 22 8,749 8,523 226 65 (61 13....................... 9,882 9,844 38 69 -31 8,847 8,572 275 50 225 20....................... 10,049 10,018 31 52 -21 8,849 8,637 212 96 116 27.................... . (0,177 10,130 47 199 - 152 9.010 8,687 323 1 17 206 Note.—Averages of daily figures. Monthly data are averages of daily Total reserves held: Based on closing figures for balances with F.R figures within the calendar month; they are not averages of the 4 or 5 Banks and opening figures for allowable cash. weeks ending on Wed. that fall within the month. Required reserves: Based on deposits as of opening of business each day, Rorrowings of F.R. Hanks: Based on closing figures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, 1967 (In millions of dollars) Loans 2 For purchasing or carrying securities To financial institutions Total Loans loans net of Com­ To brokers Wednesday and valua­ mer­ Agri­ and dealers To others Banks Nonbank Con­ Valua­ invest­ tion cial cul­ Real sumer For­ All tion ments 1 re­ and tural estate nstal- eign other re­ serves indus­ Do­ Pers, iment govts. serves trial U.S. Other U.S. Other mes­ and Govt, se­ Govt, se­ For­ tic sales se­ curi­ se­ curi­ eign com­ finan. Other curi­ ties curi­ ties mer­ cos., ties ties cial etc. <191,612 <139,742 '60,990 <1 821 2 109 <3 340 73 2,111 1 590 4 139 <6 734 <4 336 <27,460 <15,937 1 153 <10 881 2 9 32 II.......... 188,644 137 185 <6! ,031 <1’810 2*194 2813 72 2,072 1 541 3 194 <5 *949 <4’282 <27,432 <15,896 1’152 <10*694 7’947 18 188,468 136’464 <60 ’ 818 <1 815 1 767 3'193 68 2 067 <1 ,486 3 303 <5*679 <4'202 <27,409 <15 855 1 157 <10 595 2*950 25.......... 187,429 < 135,443 <60,449 <1 *810 1 *933 2*739 70 2,055 <1 ,475 3,201 <5*665 <4’160 <27,378 <15,826 1,123 <10*512 2*953 Feb. 1.......... 189,814 136,651 60,385 I 817 2 302 2 966 76 2,075 1 ,435 3,383 6 087 4,193 27,290 15,906 1 137 10 557 2 958 8.......... 187'099 134’114 60’213 1 821 1 247 2*810 72 2 070 1 445 2,786 5’730 4 117 27,242 15 844 1 131 10’545 2’954 15......... 188,965 135^052 60’404 I ‘823 979 2’992 70 2*077 1 ,409 3,650 5*812 4*069 27,253 15’807 1’137 10*533 2 963 22.......... 188'117 134'274 60 404 1 821 1 094 2*951 75 2’066 1 '450 3 120 5 569 3 998 27 210 15 791 1 131 10*555 ?*96! Mar. 1.......... <189,631 < 135,484 60,730 1 822 1 699 2 950 76 2 074 1 401 3 134 5 883 4 059 27 168 15 796 1 102 10 553 <2 963 8......... <187,775 < 133,513 60,865 1 ’833 646 2’730 64 2 *063 1 *398 2*993 5*491 3 *979 27*124 15*739 1’103 10*445 <2 960 15 C193 875 < 137 414 61 966 1 837 1 810 3’164 64 2 *063 1 441 3 *393 6’127 4*007 27*147 15*751 1 085 10*529 <2’970 22......... 192,912 136,947 62,126 1816 1 5 37 3*110 68 2 *063 1 401 3 *293 5 *960 4019 27*148 15*716 1 *097 10*562 2 969 29.......... 192'271 136’233 61,962 1 ,’824 1 *467 3’017 68 2 ’090 1 ,*395 3 '206 5 *590 4,*022 27,131 15*761 1 ’082 10*584 2*966 192,893 137,026 61,897 1 839 1 673 3 421 66 2 101 1 ,389 3 403 5 617 4 059 27 081 1 5 750 1 091 10 611 2 97? ' 12.......... 191,803 135^678 61'795 1,854 1 459 3’221 66 2,113 1 ,374 2,720 5*468 4*053 27 ,*094 15*768 1 *088 10*571 2 966 19.......... 193^806 137,133 62 441 1 856 1 375 3 441 64 2 116 1 376 2 963 5 *701 4 110 27,111 1 5 784 1 080 10 679 2 *966 26.......... 192,720 136’693 62’345 1 ,857 1’175 3’210 68 2,150 1 353 3 *050 5*632 4*176 27,139 15 799 1 *093 10*607 2*961 May 3......... 193,499 137,466 62,648 1,872 I 333 3 355 66 2 147 1 ,336 3,229 5 621 4 102 27,087 15 819 1 ,085 10,727 2 961 ' 10......... <192’057 135'977 62,185 1 ,870 9.39 3 284 68 2 135 1 349 2 855 5 * 402 4*060 <27 152 1 5 837 1 082 <10 717 2*9 58 [7......... 192,241 136’365 62,261 1 878 1 008 3’219 67 2’151 1 339 3 006 <5 * 400 4*098 <27*233 15*849 1 *079 10*733 2*956 24 191‘642 135,826 62 042 1,879 <903 3 ’005 65 2 * 149 1 358 3*253 5 *225 4*035 <27 263 15’860 1 070 <10*674 7*955 31 <192'893 136 623 61 836 <1 884 <924 <3 151 68 2159 1 *398 3’517 5 548 4 086 <27 295 15’901 <1 055 <10'754 7*953 <192,653 c 136,045 61 478 <1 ,889 969 3 173 68 2,204 1 ,407 3,366 5 302 <4 093 <27,331 15,919 1 016 <10 787 2 957 14......... '-’194 385 < 137,560 <62,379 <1 900 1 339 <3 086 68 2 187 1 ,426 3 239 5*412 4*204 27 422 <15 959 1,020 <10’874 2 *955 21.......... 196’807 139,721 <63,850 <1,912 801 3 389 69 2,195 1 357 3,296 5 *945 4'294 27,496 <16*003 1,108 <10 956 2*950 28......... <195,720 e 139,937 <63 769 <1 881 528 3’285 70 2 167 1 338 3'895 5 *859 <4’410 27 547 <16 061 1 070 <11 001 2*944 July 5......... 196,926 < 140,782 <64,038 <1,932 511 3 335 77 2 158 1 359 3,969 6 124 <4 422 27,519 <16,066 1 082 <11 154 2 964 ' 12......... <198'301 < 139,601 <63’808 <1 896 840 <3*223 77 2,173 <1 383 3,259 5 *675 <4 424 27 635 <16 082 1,072 <11 ,017 2 *963 19......... <198'152 139,732 <63'803 <1,902 <1 014 3 *282 77 2 187 1 ,401 3,242 <5*478 <4*424 27,729 <16*103 1 ,088 <10 965 2*963 26......... 197^797 139’669 <63,666 <1 '906 832 3’363 76 2 197 1 ,336 3,544 5 *399 4’330 27 780 <16,077 1 ,094 <11,031 2*962 A ug. 2......... 198,896 140,628 C63,419 <1,916 I 351 3 833 75 <2 195 I ,328 3 358 5 576 c4,33O 27,797 <16 108 1,135 <11 175 2 968 ~ 9......... 197,140 139,448 <62 ’ 868 <1 '913 1 243 <3’822 72 <2 234 I 335 3,083 5*312 <4 356 27 854 <16,096 1 i 15 <11110 <2*965 16......... 197,800 140^020 <63 029 <1 907 1 228 3’588 72 2 232 1 309 3,576 5 *354 <4 327 27,979 <16 096 <1 '090 <11,197 2*964 23......... <196'895 c 139,075 62’554 1 ^905 1 031 3 *490 75 2’253 1 ,323 3,540 <5’l53 <4*310 <28,043 16,108 1,125 <11,127 <2*962 30......... 198,441 139,120 62 J 89 1 899 1 ’ 389 3’296 77 2’262 1 '332 3 632 5*111 4 384 28 ,’O94 16,153 1'129 11 J28 2 *955 198,839 139,352 62,238 1 ,907 i 057 3 533 77 2,271 1 330 3,557 5 323 4,393 28,107 16,136 1,138 11,243 2 958 ‘ 13.......... 199^083 139'370 62,285 1 ,898 1 296 3’542 73 2281 1 326 3 242 5 *265 4 421 28 202 16 125 1 138 11 235 7*959 20.......... 201,313 141'396 63 149 1 ,893 I 422 3’719 77 2 308 I '336 3 471 5*529 4*566 28*286 16'137 I 133 ii ’330 2*960 27.......... 201'365 141'648 63 372 1 888 1 279 3'535 96 2 337 1 342 3,639 5 *614 4*571 28 337 16,159 1,126 11 312 2’959 Oct. 4......... 202,046 142,325 63,569 1,885 1 056 3 746 74 2 431 1 399 3 911 5 785 4 456 28,342 16 171 1,136 11,339 2 975 Il.......... 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 7*973 18......... 203 J12 141 462 63 296 1 881 990 3 532 75 2’434 1 *348 3 774 5 * 562 4 ’ 47? 28 446 16 157 1,134 11 331 7’970 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 *3i4 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 H 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.......... 204'426 142,413 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.......... 203,372 142'157 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 14! '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 Il '519 2 960 Dec. 6......... 204,679 143,181 64 108 1 ,906 957 3 567 81 2 460 1 400 4,243 5 347 4 439 28 738 16 189 1 115 Il 593 2 962 13......... 205’331 143’751 64,119 1 918 949 3 711 83 2 451 1,401 4 1 60 5*682 4*429 28 815 16,227 1,120 11,645 2*959 20.......... 208'644 146'878 65 536 1 ,929 944 4*284 90 2 458 1 421 4 309 6*186 4*473 28 892 16,244 1 096 11,963 2*947 27.......... 209,’ 147 147 403 65 818 1 ,934 775 4'307 90 2^464 1 '434 4^324 6*448 4*479 28*900 16,274 I 090 12,006 2 940 > Dec. 27... 313 195 51 1 4 1 69 59 2 10 2 For notes see p. A-93, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ ALL WEEKLY REPORTING BANKS A-91 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, 1967—Continued (in millions of dollars) Investments Cash assets U.S. Government securities Other securities Total Bills C ti e fi r ­ ­ Not m es a t a u n ri d n g b — onds O o p b s f o l u i a g S b li r a t t d a d ic t i t v i a o e . s l ns O co t s h r e p e c a , r u n s r b d i t t o o ie n c s k d s s , Total p C i r t c o e o a i o n c m s f l e ­ h s s s m a w B d n e i c o a t s e h ­ l t ­ s i c a e w f B n o ig i c a t r n e h l ­ ­ s r C c e a o n n u i c d n r y ­ s B w F e R a r . i v R t e n h e ­ k . s s a o s A t s h e l e l t s r Wednesday cates lec­ banks banks Cert if. tion With­ Tax All 01 . Other in 1 to After war­ other partici­ secu­ 1 yr. 5 yrs. 5 yrs. rants 3 pation4 rites *25.200 5,067 318 3,416 '10,335 6,064 2.296 21,046 899 2.429 r45,432 *22.913 4.597 *213 *2,775 14,934 *8,011 Jan. 4 24,728 4 536 317 3,441 10.304 6,130 2 300 21 114 922 2,395 41,178 20,072 4.126 221 2,835 13,924 7,709 ....................JI 25’002 4 639 329 3 489 10 411 6’ 134 2 502 21 ' 146 920 2,434 42,870 21,099 4,179 209 2’726 14,657 7,660 ....................18 24,879 4’533 330 3 '490 10,403 6,123 2*542 21’078 996 2,491 39’800 17,*975 3.' 900 198 2^680 15’047 7.641 ....................25 25 758 5 174 338 3,575 10 470 6,201 2 707 21 121 I 047 2.530 42,442 21,229 4,101 221 2,506 14,385 7,871 ..........Feb I 25,326 4 648 343 3’592 10’528 6'215 2’785 21'353 I 068 2,453 39'685 16*813 3'972 218 2,'484 16,198 7*856 ................... 8 25 926 4 521 339 2 985 12’003 6’078 2 920 21 548 I ’094 2,425 44,663 22'444 4.450 221 2^600 14,948 7,910 ....................15 25,622 4'228 347 3 019 12*010 6'018 2925 21*533 1 J 59 2,604 41 '390 19’559 4,088 202 2,624 14,917 7*824 ....................22 25,629 4 241 330 3 013 12 109 5 936 3 059 21 723 1,168 2,568 42.449 20 855 4,471 207 2,521 14.395 8,028 . . Mar. 1 25? 83 3 830 301 2,993 12 J 09 5 ,950 3*297 22,087 1,156 2,539 40.478 18 360 3^859 207 2’479 15.573 7 *981 ......................8 27,185 5 797 307 3’025 12’127 5,929 3 336 22279 I 174 2,487 *43.868 21 ,955 *4 318 261 2^535 14,799 7,856 ....................15 26 705 5’211 310 3 069 12’157 5,958 3 325 22,’28 7 1 ’ 174 2,474 40.631 18,754 3,867 215 2,545 15,250 7'851 ....................22 26,770 5’221 301 3 086 12 235 5 927 3'358 22’304 1 163 2,443 *38,887 17 537 3*976 215 2,718 14,441 7.*847 . ...................29 26,078 4 618 315 3 034 12 201 5 910 3 259 22 680 1 ,267 2,583 *43.381 20,748 4 297 *218 2,373 15,745 *7,982 ..........Apr. 5 26,106 4*530 316 3,071 12’269 5,'920 3'364 22.763 1 ,293 2; 599 43’754 21,333 *3’968 *224 2,625 15,604 7^81 * 12 25 920 4 243 325 3 052 12 364 5 936 3 764 22 972 1 348 2,669 43,615 21,324 4 276 229 2,593 15,193 7,926 ....................19 25 320 3’601 324 3 056 12 369 5 970 3 778 22 982 1 341 2,606 42*063 19 632 3 895 215 2’672 15*649 8 066 ....................26 25,326 3 571 309 3 095 12,415 5,936 '3,605 *23,054 1 ,350 2,698 42,239 19,894 4 156 207 2,423 15,559 8,254 ..........May 3 25’164 3’470 309 3 103 12'414 5 868 f3 544 *23 227 '1'439 '2,706 39,646 18 228 4'002 229 2 556 14,631 *8,2)5 ................'.,10 24 982 3’181 287 2*813 12’823 5 878 r3 *495 c23 296 '1 400 *2.703 42 074 20 456 4 218 21 6 2*547 14 637 8 094 ....................17 24,813 3 ’003 282 2 *737 12,973 5'818 r3 484 *23 ,’322 ' t 329 '2,768 39,909 18*883 3 738 229 2,660 14,399 8 105 ....................24 25,398 3’577 277 2'815 12’919 5*816 *3 511 *23 445 '1.241 '•2.675 44.838 22,515 4 095 217 2,606 15’405 *8,487 ....................31 25 201 3 426 251 2 884 12,842 5,798 ' 3 601 '23 848 1 22! 2,737 40,441 18,664 4,066 214 2,523 14,974 8,341 ..........June 7 25,411 3'602 245 2,937 12 830 5,797 r3’529 *23 997 '1’227 '2,761 *44,354 *22 526 4’ 146 222 2 655 14,805 8,256 ....................14 25 279 3*595 252 2 816 12 955 5 ,661 *3 633 f24 189 '1 212 *2,773 43,286 20 800 4 016 222 2,679 15,569 8,260 ..................,21 24,126 Q*54l 251 2 825 *12 908 5 601 r3 565 c24 166 ' l’22l '2’705 *42,203 *20 425 4’078 203 ' 2 758 14*739 8.519 ....................28 24 348 2 870 241 2 813 12 882 5 542 *3 604 *24 155 '1 280 r2 757 48 ,735 25,689 4 549 238 2 472 15,787 8,609 ..........July 5 26'780 5’383 237 2,823 12 842 5,495 *3*660 *24*277 '1 ’277 *2*706 *43,819 *21 775 4’226 214 2 759 14,845 8,366 ..................12 26’574 5*239 237 2 844 12 753 5 501 r3 635 c24*199 '1’273 '2’739 *43 608 21 642 4 265 206 *2 716 14,779 *8,270 ....................19 26 169 4*882 22) 2 800 12*792 5*474 r3 647 *24* 179 '1’321 '2'812 43,606 21 003 4*075 212 2 726 15*590 8,445 ....................26 26,004 4 738 225 2,810 12,750 5,481 *3 713 *24,435 ‘1,274 *2 842 43.544 21,208 4.216 209 *2 584 15,327 8,651 25’458 4 243 220 2 766 12 772 5 457 r3 784 *24 378 '1 *260 '■2*812 41,866 19 900 3 927 216 2'591 15.232 8.603 ................ 9 25’,628 4’197 12 3^275 13’007 5*137 *3 *842 r24*268 *1 ’270 '•2'772 43,199 21,125 4 098 219 2 624 15.133 8,476 ....................16 25 '581 4'1 74 6 3’434 12*860 5 107 '3 830 *24 374 1281 2 754 40934 19 485 3 726 220 2 698 14 805 *8,521 ....................23 26,903 4’624 5 3*524 13*639 5’111 4*069 24 264 1 *308 2J77 40,605 19 400 3 *837 239 2’786 14,343 8.582 ....................30 26,822 4,676 5 3 534 13 475 5,132 4 272 24 379 1 285 2 729 45,490 22,385 4 229 200 2 565 16,111 8.717 ..........Sept. 6 27,138 5 039 5 3 531 1 3 422 5 141 4*223 24'422 1 252 2 678 44,242 22 I 24 4 141 203 2 809 14,965 8,631 ........... '..13 27 423 5 *278 J 531 13 811 4 803 4 * 304 24*285 1 260 2 645 44 112 21 713 4 168 227 2 722 15 282 8.504 ....................20 27,043 5 *065 3*541 13*706 4*731 4’387 24* 341 1 ’277 2 669 42,860 20 349 3 *842 241 2 807 15.521 8,695 ....................27 26,835 5 056 3,402 13 716 4,661 4 518 24 457 1 293 2,618 46,149 23.108 4 18$ 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 ....................|| 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 2816 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 ..... Nov. 1 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*71 1 15,049 8,632 ....................15 28,212 5 738 3 721 13'876 4*877 3 862 *25*013 1 *592 *2'536 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 3 63 43,093 20 ,'630 3 *902 231 3,020 15,310 8,700 . ..................29 28,206 5 809 3 817 13,700 4,880 4 044 25 103 J ,553 2,592 45,934 23 485 4 355 228 2,795 15,071 8,989 ..........Dec. 6 27^991 5 580 3 863 1 3 728 4 820 4 168 25 247 1 552 2*622 47’019 23,695 4’245 229 3 ,076 15,774 9 J 44 ....................13 28,173 5 *819 4,026 13,818 4 *510 4 083 25*332 1 *557 2’621 *47,526 23,’777 4 326 217 2*990 16^216 9,151 . ..................20 28*250 5 906 4,036 13 831 4 477 4 085 25,285 1 509 2 615 *50*982 26.304 4 441 *249 3,289 16.699 *9,050 ................ ,27 71 14 .........14 40 3 4 33 3 7 39 10 17 6 6 11 ...Dec. 27 ^ For notes see p. A-93. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-92 ALL WEEKLY REPORTING BANKS □ MARCH 1968 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, 1967—Continued (In millions of dollars) Depos its Demand Time Total Wednesday unad­ States Do­ Foreign IPC States Foreign justed and mes- and Dopolit­ U.S. tic polit­ mes- Total 5 I PC d s ic u iv a b i l ­ ­ Govt. c m c o i e a m r l ­ ­ G et o c v . t 6 . C m c o i e a m r l ­ ­ Total 7 S in a g v s ­ Other d s ic u iv a b i l ­ ­ i b n a t t i e n c r k ­ G e o tc v . t. C m c o i e a m r l ­ ­ sions banks banks sions banks ‘207,333 117,181 84,444 6,293 3,779 14,839 748 1 ,507 ‘‘90,152 ‘‘47,105 29,606 8,330 504 4,222 205 II............... 200,188 109,359 80,796 5,575 1 ,850 13,578 686 1 ,437 90,829 46,729 30,498 8,444 556 4,221 202 18............... 202,182 110,622 80,833 5,572 2,603 13,111 762 1 ,439 91,560 46,556 31,329 8,362 661 4,289 190 25............... ''198,738 106,193 78,000 5,485 3,395 12,089 668 1 ,440 92,545 46,520 32,119 8,480 715 4,341 195 Feb. 1............... 204,753 ill,768 79,215 6,771 3,355 13,481 720 1 ,418 92,985 46,459 32,425 8,538 763 4,42ft 204 8............... 198,649 105,125 76,066 5,919 3,539 12,205 667 1 ,455 93,524 46,466 32,762 8,701 794 4,434 208 15............... 204,429 110,771 80,218 5,941 2,919 13,640 710 1 ,424 93,658 46,506 32,889 8,665 782 4,444 204 22............... 200,448 106,462 76,759 5,540 4,450 12,697 686 1 ,456 93,986 46,574 33,013 8,817 774 4,436 205 Mar. 1............... 203,875 109,635 79,254 6,310 2,944 13,236 669 1 ,433 94,240 46,609 33,024 9,01 1 798 4,423 198 8............... 199,132 104,096 76,224 5,656 1 ,963 12,804 641 1 ,400 95,036 46,721 33,503 9,140 863 4,431 203 15............... 208,785 113,579 c83,427 5,628 2,900 13,207 673 1 ,412 95,206 46,806 33,528 9,191 885 4,419 196 22............... 204,571 108,871 78,076 5,463 5,376 12,577 666 1 ,385 95,700 46,907 33,780 9,266 925 4,439 199 29............... 202,725 106,592 77,469 5,937 3,752 12,462 637 1 ,400 96,133 47,098 34,039 9,247 944 4,416 201 206,788 110,561 79,428 5,684 2,930 14,065 668 1,432 96,227 47,090 34,133 9,227 945 4,451 205 ' 12............. 206,690 110,307 80,987 5,583 2,026 c13,387 658 H ,418 96,383 46,965 34,230 9,347 971 4,495 195 19............... 208,684 112,536 80,118 5,392 5,143 13,582 767 1,407 96,148 46,845 33,798 9,681 957 4,505 197 26............... 206,416 109,992 78,897 5,629 5,200 12,584 731 1 ,422 96,424 46,868 33,809 9,879 951 4,546 194 207,024 110,455 77,831 6,229 6,150 12,927 756 1 ,435 96,569 46,970 33,769 9,981 938 4,537 197 ' 10............... <203,746 106,958 75,991 5,708 5,214 12,665 764 1,370 <96,788 47,066 33,908 9,972 930 4,531 188 17............... <205,454 108,357 78,316 5,654 4,173 13,007 710 1 ,404 <97,097 47,122 34,160 9,954 926 4,556 188 24............... 202,828 105,339 75,924 5,573 3,747 12,081 689 1 ,389 97,489 47,213 34,452 9,938 973 4,534 188 31............... 209,324 Hl ,495 79,782 6,249 2,705 13,490 733 1 ,528 97,829 47,285 <34.706 9,920 978 4,563 189 203,954 105,645 77,318 5,732 1 ,923 13,150 785 1 ,512 98,309 47,396 35,004 9,869 1 ,026 4,639 178 14............... 209,542 111,069 82,782 5,386 996 13,322 634 1 ,603 98,473 47,429 35,080 9,815 I ,054 4,716 180 21............... 210,248 111 ,932 80,526 5,454 5,698 12,775 640 1 ,577 98,316 47,532 34,811 9,703 1,065 4,831 177 28.......... <208,249 <109,402 79,244 '5,919 3,103 <12,700 708 1 ,482 '98,847 '47,738 35,117 9,665 1 ,065 4,890 179 July 5............... 216,665 117,895 81,919 6,085 3,854 15,291 699 1 ,563 98,770 47,848 35,095 9,480 1 ,029 4,939 186 " 12............... 212,610 113,188 81,376 5,334 4,747 13,554 720 1 ,555 99,422 47,791 35,773 9,547 1 ,016 4,890 205 19............... 212,718 112,939 80,857 5,221 4,848 13,622 686 1 ,602 99,779 47,822 35,975 9,582 1 ,047 4,953 202 26............... 212,087 1 11,887 80,632 5,344 4,385 12,918 689 1,529 100,200 47,817 <36,206 9,705 1 ,086 <4,975 208 <213,191 ‘112,460 <81,031 6,089 3,458 13,445 663 1 ,581 100,731 47,836 36,604 9,718 1 ,094 5,062 217 " 9............... 209,538 108,457 78,410 5,565 2,789 13,170 642 1 ,556 101,081 47,899 36,871 9,751 1 ,099 5,042 225 16............... 210,884 109,725 81,127 5,351 2,134 13,603 635 1 ,542 101,159 47,908 36,945 9,738 1,105 5,032 235 23............... <208,194 <106,678 78,502 5,102 2,479 42,793 607 1 ,511 101,516 47,931 37,247 9,743 1,112 5,033 254 30............... 209,513 107,686 79,157 5,503 2,322 12,643 616 1 ,510 101,827 47,957 37,449 9,841 1 ,099 5,024 262 Sept. 6............... 214,607 112,759 81,557 5,533 2,415 14,468 637 1 ,503 101,848 48,002 37,439 9,813 1 ,099 5,032 269 ' 13............. 213,320 111,521 83,826 5,110 1 ,035 13,812 617 1 ,554 101,799 48,027 37,406 9,761 1 ,090 5,052 268 20............... 215,331 113,917 82,569 5,171 5,061 13,430 667 1 ,556 101 ,414 48,109 37,087 9,611 I ,056 5,090 270 27............... 214,702 113,043 81,444 5,665 5.353 12,846 675 1 ,505 101,659 48,349 37,174 9,542 1 ,057 5,080 265 217,975 116,106 82,636 6,020 3,993 14,366 676 1 ,561 101,869 48,391 37,514 9,409 1 ,009 5,091 261 II,............. 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............... 220,814 118,625 84,808 6,683 4,031 13,960 738 1 ,639 102,189 48,438 37,949 9,372 843 5,141 256 8............... 217,820 115,451 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 69! 1 ,536 102,320 48,489 38,171 9,270 813 5,136 25! 216,650 113,861 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 Dec. 6............... 218,856 115,829 83,800 5,872 2,091 14,646 711 1 ,555 103,027 48,505 38,847 9,326 843 5,065 261 13............... 220,604 117,393 87,331 5,793 1 ,494 '13,916 700 SI ,573 103,211 48,442 38,905 9,504 861 5,059 261 20............... 224,628 122,123 88,304 5,833 5,559 14,053 698 1 ,683 102,505 48,437 38,264 9,497 858 4,980 288 27............... 228,371 125,562 90,370 5,994 4,965 14,841 808 1 ,793 102,809 48,647 38,324 9,596 812 4,965 283 ^ Dec. 27.......... 322 140 123 11 2 182 134 38 10 For notes sec opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ ALL WEEKLY REPORTING BANKS A-93 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, 1967—Continued (In millions of dollars) Borrowings Memoranda Total assets— B F F a r . n o R k m . s o F th ro e m rs lia O b t i h lit e ie r s a C cc a o p u it n a t l s l a ia c c T a b c a o o p i n l t i u i d t a t i n a e l t l s s ad T j l ( u o n o s a e t t n t a e ) s , d l 8 v a e a d s T l ( n o j n t u o d m a e s t n t e a t i ) e s n n , l d ­ ts , 8 a D d d e e ju p m s o t a s e n it d s d 9 Total La i r f g e d I e s c s p e u o r e t s i d f i i t c a f 0 tes Issued Wednesday issued to I PC’s to others 126 7 691 10,686 19,219 *245,055 M 35,603 *187,473 '75,650 *16,010 10,722 *5,288 384 6 785 10'922 19,252 237,531 133,991 185,450 *73 359 M6,455 10,971 *5,484 ..............................11 288 6 644 10,666 19’218 238'998 M33 161 *185',165 73,809 17,034 M1,468 *5366 ..............................18 352 5 *977 M0378 19,225 *234’870 *132,242 *184^228 72,734 17356 12,113 5,743 .............................25 2 5,673 10,363 19,336 240,127 133,268 186,431 73,703 18,128 12,221 5,907 ....................Feb. I 783 5 289 10'588 19'331 234,640 131'328 184,313 72,568 18,507 12,381 6,126 ............................ 8 273 6*470 IO',985 19,381 241338 131 302 185,315 71368 18,491 12,364 6,127 ..............................15 133 5 895 11’275 19,380 237,331 131'154 184397 69,756 18,551 12329 6,222 .............................22 45 5,635 11.086 19,467 240,108 *132,350 *186,497 72,600 18,517 12,227 6,290 279 6'107 *11,187 19,529 *236,234 *130,520 *184,782 70,969 18,994 12,478 6,516 ............................ 8 229 6 235 10,868 19,482 245’599 *134,021 *190,482 75,517 18,901 12340 6,561 .............................IS 89 6*307 10,950 19,477 241’394 133354 189,619 72,164 19,119 12,447 6,672 .............................22 2 5*913 10,850 19,515 239,005 133,027 189,065 72341 19,299 12354 6,745 .............................29 506 6,860 10.484 19,618 244.256 133,623 189,490 *72,818 19,214 12,461 6,753 874 5,937 10,308 19,629 243,438 132 958 189,083 *73,561 19,146 12,402 6,744 ....................... 171 6,209 10,686 19,597 245,347 134.170 190,843 72,487 18,619 11,907 6,712 .............................19 431 5317 10,542 19,643 242,849 133,643 189,670 72,576 18,583 11,811 6,772 .............................26 110 6,422 10,680 19,756 243,992 134.237 190,270 71,484 18,608 11,915 6,693 ....................May 3 13 5,986 M0,440 19,733 239,918 133 122 *189,202 70,851 *18,592 *11,873 *6,719 ..............................10 127 6 183 M0,917 19,728 242,409 133'359 189,235 70,721 *18,723 *11,948 *6,775 ..............................17 6342 11,074 19,712 239'656 *132,573 188389 70,628 *18,972 *12,097 *6375 .............................24 347 6'234 10,480 19,833 246,218 *133,106 *189,376 *72,785 M9,062 *12,181 6,881 .................. 31 36 6,660 M0,964 19,821 *241,435 *132,679 *189,287 71,908 M9.275 *12.281 6,994 June 7 35 6 803 M0,938 19,777 *247,095 *134,321 *191 346 *74,225 r19,280 *12,215 7,065 ..............................14 381 6 793 11,170 19,761 248,353 136,425 193,511 72359 *18,934 *11,851 7,083 .............................2! 65 7,187 M1 ,128 19,813 *246,442 *136,042 191,825 *73,174 *19 J 35 *12,005 7,(30 .............................28 23 6,917 10,766 19,899 254,270 *136,813 192,957 73,061 *18,935 *11 ,927 7,008 ..........July 5 39 7 *021 10,933 19383 250,486 *136'342 *195,042 *73,112 19,427 *12,364 7,063 ..............................12 18 6*319 1 1 J 19 19,856 250,030 136,490 M 94310 72 327 19 317 *I2,'449 7,068 ..............................19 78 6 417 11,401 19,865 249,848 136’125 194,253 73,581 19 388 *12341 7,147 .............................26 475 6,216 Ml ,189 20,020 251,091 137,270 195,538 *74,349 *20,114 *12,817 7,297 214 6’ 199 11,617 20,041 247’609 136!365 194357 72,’598 *20,311 *12,946 7,365 ............................. 9 214 6’396 11,989 19,992 249,475 136,444 194,224 72,863 *20325 *12,915 7310 .............................16 20 6,026 12’123 *=19’987 246 350 *1 35 515 *193 355 71,921 *20367 *13 J 29 7,438 . ......................... .23 14 5,994 12394 20,013 247,628 135388 l94,809 73321 20 342 13,247 7,495 .............................30 115 6,184 12.052 20,088 253,046 135,795 195,282 73,491 20,610 13,125 7385 ...................Sept. 6 15 6,402 12,137 20,082 251,956 136,128 195 341 74350 20,437 12,938 7,499 ..............................13 294 6354 12,199 20,051 253,929 137,925 197,842 73,713 19399 12,563 7,336 ....................20 117 5’790 12,239 20,072 252,920 138^009 197,726 74395 19397 12,557 7,340 .............................27 88 6,601 12.222 20,198 257,084 138,414 198,135 74339 *19,981 *12,691 7.290 ........... Oct. 4 72 6 101 12,097 20;200 256,981 138,060 200 305 74.495 20,068 12,794 7,274 .............................H III 6,375 12J73 20375 257 386 137,688 199,538 *75,020 19393 12,719 7,274 .............................18 25 5,553 12,311 20', 192 253’997 137 447 199,078 75369 20,107 12,804 7,303 .............................25 114 6,275 12,298 20,321 259,822 *139,217 *200,894 77,183 20,233 13,059 7,174 ....................Nov. 1 134 6,455 12,384 20,336 257,129 138,131 199,316 74,113 20,435 M3,225 *7,210 ............................. 8 107 6 156 12381 20'286 259 331 138,942 200 355 75,831 20346 13375 7,171 .............................15 57 7,062 13,181 20'260 257,210 138,293 199,508 74382 20,931 13,772 7,159 ................. 22 75 6,094 12,135 20,298 254'992 *138,213 *199398 76,649 21,131 13,946 7,185 .............................29 91 7,461 12,786 20,408 259,602 138,938 200,436 75,607 21,097 13,966 7,131 109 7 270 13,109 20,402 261,494 139 ,'591 *201,171 *78,288 21,115 13,984 7,131 ..............................13 356 7 018 12,986 20,333 265,321 142,569 204335 78,’734 20384 13366 7,118 .............. 20 262 7 453 12,753 20 340 269'179 143 079 204 323 79,452 20330 13,285 7,045 .............................27 7 34 363 195 313 128 ........ Dec. 27 ^ ► These amounts represent accumulated adjustments originally made 5 Includes certified and officers* checks, not shown separately. to offset the cumulative effect of mergers, 6 Deposits of foreign governments and official institutions, central banks, and international institutions. i After deduction of valuation reserves, 7 Includes U.S. Government and postal savings, not shown separately. 2 Individual items shown gross. » Exclusive of loans to domestic commercial banks. 3 Includes short-term notes and bills (less than one year to maturity) 9 All demand deposits except U.S. Government and domestic com­ issued by States and political subdivisions. mercial banks, less cash items in process of collection, * Federal agencies only. 1 o Certificates of deposit issued in denominations of $100,000 or more. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-94 BUSINESS LOANS OF BANKS, 1967 □ MARCH 1968 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (tn millions of dollars) Wednesday Industry Jan. Jan. Jan. Jan. Feb, Feb. Feb. Feb, Mar. Mar. Mar. Mar. Mar. 4 11 18 25 1 8 15 22 1 8 15 22 29 Durable goods manufacturing: Primary metals................................ 857 872 871 877 876 891 895 892 887 890 922 928 936 Machinery...................................... 4 038 4 105 4 067 4,075 4 048 4 071 4 114 4 159 4 283 4 334 4,607 4 612 4 615 Transportation equipment.............. 1 ’984 2 024 2’024 1 ,980 2*002 2 021 2,084 2,084 2,’158 2,160 2,258 2*273 2 221 Other fabricated metal products. , . 1 ,553 I ,553 I ,556 1 ,551 1 ’,526 1 ,525 1 ,566 1 368 1 386 I 312 1 ,668 1 310 I3H Other durable goods....................... 1 .984 1 ,971 1 ,941 1 ,909 1 ,915 1 ,922 I .928 1 .933 1 ,934 1 .956 1 ,997 2,010 2,020 Nondurable goods manufacturing: Food liquor, and tobacco............. 2 73S 2 612 2,621 2,502 2 468 2 428 2 361 2 398 2 313 2 284 2 264 2 323 2 248 Textiles apparel, and leather......... 1 ’821 I 830 1 ,'818 1 797 1 ,806 1 848 1 916 I 942 1 986 2,018 2 068 2 069 2 073 Petroleum refining.......................... 1 467 I '532 1 ,540 1 ’,535 1 519 1 ,483 1 507 1 487 1 469 1 364 1 ,475 1 486 I 4R7 Chemicals and rubber................... 2141 2 148 2 12! 2 091 2'093 2 127 2 211 2 212 2 232 2’269 2376 2 402 2 423 Other nondurable goods................. 1 ,479 1 ,499 1 ,'496 1 ,480 1 ,449 1 ,441 1 ,’450 1 356 I >42 1 370 1 314 1 ’520 I 325 Mining, including crude petroleum and natural gas.............................. 4 124 4 148 4 148 4 147 4 120 4 109 4 098 4 068 3 994 3 990 4 015 4 016 4 019 Trade: Commodity dealers................. 1 385 1 '425 1 411 1 *372 1 ’364 1 348 1 ’330 l'301 1 291 1 282 1 278 1 *275 1 *260 Other wholesale.................... . 2’887 2',863 2,840 2'846 2,831 2,821 2 829 2’834 2,844 2 341 2 890 2 907 2910 Retail..................................... 3 ’365 3'279 3 ,’330 3,333 3’292 3 30! 3,385 3,404 3 307 3 366 3 46' 3388 1 * 363 Transportation, communication, and other public utilities: Transportation................................ 3 707 3 703 3 709 3 667 3 673 1 678 1 695 3 706 3 747 1.744 3 779 3 793 1 794 Communication.............................. 812 830 827 834 830 822 812 813 805 816 856 848 838 Other public utilities....................... 2 315 2,300 2,236 2 223 2,21 5 2 152 2,1 35 2 090 2,037 2,013 2 024 1 956 I 946 Construction...................................... 2 *574 2,554 2 540 2 ’504 2,498 2 505 2 508 2’505 2'495 2510 2’525 2 480 2 497 Services............................................ 4 841 4 808 4 734 4,731 4,689 4 678 4 700 4’671 4'669 4,644 4’701 4388 4*686 All other domestic loans................. r6 022 3,106 3,021 5 993 6 069 6 059 5 967 5 944 6 069 6,028 6,035 6 018 6 054 Bankers' acceptances..................... 564 597 670 731 815 ’728 611 *617 '726 ’771 779 *804 *77l Foreign commerica! and industrial loans.......................................... 2 849 2 841 2 875 2 880 2 895 2 883 2 904 2 910 2 927 2 944 2 937 2 942 2 965 Total classified loans.......................... '5 5',504 *■55,600 35 396 55*058 54393 54341 55,006 54*994 55 301 55 306 56331 56,568 56382 Totalcommercial and industrial loans., 60,990 61,031 60,818 60,449 60,385 60,213 60,404 60,404 60,739 60,865 61,966 62,126 61 362 Wednesday Industry Apr. Apr. Apr. Apr. May May May May May June June June June 5 12 19 26 3 10 17 24 31 7 14 21 28 Durable goods manufacturing: Primary metals................................ 936 952 961 962 987 983 979 965 978 966 1,016 1 077 I 089 Machinery....................................... 4 563 4 477 4,61 8 4,724 4,736 4 603 4 601 4 565 4,520 4,435 4,563 4’895 4 920 Transportation equipment.............. 2,179 2’105 2,033 2'001 2,003 1 ’990 2’614 1 971 1 ,’929 1 '896 1 '932 1 ’936 J 948 Other fabricated metal products. . . 1 ,’727 1 ,764 1 ,’777 1,773 1,792 1,798 1 ,’848 1 ,850 1,848 1 ,863 1 388 I 363 1 377 Other durable goods...................... 2.045 2.016 2 001 1 ,997 2,018 2.037 2,054 2,060 2.068 2,074 2,102 2,142 2,138 Nondurable goods manufacturing: Food, liquor, and tobacco,............ 2,236 2,167 2,202 2,180 2,147 2,080 2.103 2,044 2,034 2,026 1 ,993 2,188 2,1 43 Textiles, apparel and leather...... 2 055 2 085 2’089 2 071 2,081 2 064 2 061 2 040 2’038 2 057 2 124 2 132 2 159 Petroleum refining......................... 1 458 1 '457 1 486 1 ,463 1 465 1 '462 1 518 1 *529 1 * 496 1 '473 1 340 1 350 1 *667 Chemicals and rubber..................... 2*450 2*500 2581 2,581 2 556 2,563 2'527 2,496 2’449 2’375 2,382 2 444 2*424 Other nondurable goods..................... 1 ’,531 1 343 1 ,573 1 .583 1 ,593 1,560 1 376 1 370 1 368 1 .552 1 .'561 1 325 1 333 Mining, including crude petroleum and natural gas................................ 3 971 3 958 3,992 3,936 3,920 3,919 1 977 3,988 3,935 3,901 4,004 4,047 4,020 Trade’ Commodity dealers................ 1 '242 1 ’209 r 190 1 176 1 140 1,116 1 090 1 071 1 012 974 '948 940 926 Other wholesale...................... 2’920 2’926 2,939 2,937 2'947 2,950 2*943 3 091 1’889 2,897 2,901 2,934 2 361 Retail..................................... 3’349 3’372 3.481 3.500 3339 3,429 3,474 3.273 3,429 3383 3'408 3,535 3,520 Transportation, communication, and other public utilities: Transportation............................... 3 786 3 786 3 817 3.844 3 876 3 897 1 881 3 865 3 876 3 871 3,951 I 952 3 979 Communication.............................. 853 849 898 896 ’921 918 914 910 914 906 878 '985 995 Other public utilities....................... 1 ,970 1 ,925 1 ,968 1 ,928 1 ,994 1 ,927 1 ,860 1 ,870 1 ,899 I ,925 2,027 2,202 2,158 Construction........................................ 2'516 2’539 2'541 2 548 2,565 2 551 2,560 2'565 2’574 2’579 2,600 2327 2314 Services........................................... 4,684 4,688 4,710 4’696 4,723 4,729 4,701 4 706 4>02 4,707 4,725 4 770 4’775 All other domestic loans................. 6 J 19 6 129 6’189 6’144 6’232 6,204 6’209 6,216 6 373 6’246 6,310 6,375 6327 Bankers’ acceptances..................... 745 '743 757 '747 ’731 ’733 680 ’656 '681 656 ’667 '650 649 Foreign commercial and industrial loans............................................ 2,960 2,948 2,943 2,950 2,944 2,922 2,916 2,920 2,908 2,922 2,926 2,896 2,852 Total classified loans,.................... 5 6 ,’297 56,138 56346 56 337 56’910 56335 56386 56’221 56,020 5 5,'684 56,546 57,’965 57374 Total commercial and industrialloans.. 61 ,897 61 ,795 62,441 62,345 62,648 62,185 62,261 62,042 61 ,836 61 378 62,383 63 360 63,784 For Noth see facing page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 □ BUSINESS LOANS OF BANKS, 1967 A-95 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Wednesday Industry July July July July Aug. Aug. Aug. Aug. Aug. Sept. Sept. Sept. Sept. 5 12 19 26 2 9 16 23 30 6 13 20 27 Durable goods manufacturing: Primary metals............................ 1,136 1,132 1 .155 1,164 1 .142 I .147 1 .138 1 .132 1,123 1 ,214 1 ,224 1.188 "1,192 Machinery....................................... 4,877 4.867 4,841 4,848 4.855 4.672 4,693 4,641 4.542 4,525 4,484 4,558 "4.538 Transportation equipment............. 1 ,969 1 ,948 1 ,944 1.932 1 .915 1 .882 1 .881 1 ,858 1 .890 1 ,906 1 .867 1 ,938 1 ,925 Other fabricated metal products. . . 1 ,950 1 .944 1 ,932 1 .875 1 ,861 1 .859 1 ,855 1 .817 1 .772 1 ,763 1 ,794 1 .798 -1,799 Other durable goods....................... 2,130 2,131 2,096 2.089 2.070 2.086 2.092 2,091 2,096 2.103 2,114 2,142 2,148 Nondurable goods manufacturing: Food, liquor, and tobacco.......... 2,164 2,097 2,105 2,123 2.090 2.088 2.156 2.155 2,095 2.132 2,067 2,187 2.171 7 ex tiles, apparel, and leather......... 2,176 2,207 2,181 2,159 2.132 2,154 2.172 2.155 2,172 2,181 2,192 2.145 2,134 Petroleum refining.......................... 1 .668 1 .667 1 ,668 1.659 1 ,544 1 .507 1 .468 1 .385 1 ,378 *1 ,376 "1 .399 ■ 1,447 'J ,463 Chemicals anti rubber.............. . . 2.372 2,365 2,357 2,327 2,270 2.259 2,298 2.298 2,254 2,258 2,264 2,289 2,312 Other nondurable goods................. 1 .669 1.675 1 ,668 1 .668 1 .659 1 .668 1 .701 1 .704 1 ,707 1 .716 1 .719 1 .757 1 ,763 Mining, including crude petroleum and natural gas..................... 4.006 4.014 3,996 3,960 3.848 3.825 3,833 3,760 3.735 3.721 3,749 3,808 3,800 'Trade: Commodity dealers................. 941 948 965 1 ,006 1.106 1 .1 32 1,123 1 .121 1 ,081 1 ,083 1 ,086 1 ,085 1 ,104 Other wholesale...................... 2,948 2,955 2,959 2,959 2,953 2,946 2,919 2,901 2,883 2,855 2,867 2,888 "2,895 Retail....................................... 3,519 3,466 3,391 3,446 3,488 3,396 3,418 3,329 3,320 '3,345 "3.277 '3,453 3,537 Transportation, communication, and other public utilities: Transportation................................ 3.976 3,962 3,963 3,998 3,958 3.943 3,957 3,977 3,959 3,950 3,983 4,039 4,074 Communication.............................. 1 ,053 1 .017 1 ,010 1,007 I .018 989 989 995 999 1 ,005 1 .001 996 990 Other public utilities...................... 2,241 2,269 2,296 2,272 2,262 2.208 2,242 2.235 2,169 2,169 2,146 2,252 2,306 Construction....................................... 2,603 2,624 2,624 2,621 2,603 2,617 2,614 2,603 2,569 2.562 2.596 2,583 ■2,569 Services............................................ 4,790 4.754 4,758 4.735 4,782 4,750 4.736 4,694 4,702 4,702 4.718 4,723 '4,692 All other domestic loans................ 6,415 6,411 6,450 6.471 6.466 6.373 6,406 6.389 6,366 6,326 6,364 6,412 '6.459 Bankers’ acceptances...................... 674 733 786 756 807 778 779 772 825 811 815 852 902 Foreign commercial and industrial loans........................................ 2,824 2.750 2,773 2,743 2,731 2,735 2,731 2.744 2,751 2,757 2,741 2,745 "2,755 Total classified loans...................... 58,101 57,936 57,918 57,818 57.560 57,014 57,201 56.756 56,388 56,460 56,467 57,285 "57.528 'Total commercial and industrial loans. 64,052 63,844 63.859 63.670 63,445 62,894 63.056 62.554 62.189 62.238 62,285 63.149 63.372 Wednesday Industry Oct. Oct. Oct. Oct. Nov. Nov. Nov. Nov. Nov. Dec. Dec. Dec. Dec. 4 Il 18 25 1 8 15 22 29 6 13 20 27 Durable goods manufacturing; Primary metals............................ 1 ,193 1 ,204 1 .195 1.192 1 .214 1 .205 1 .209 1 .227 1 .215 1 ,320 1 .324 1 .365 1,376 Machinery....................................... 4.507 4,403 4,349 4,351 4,216 4,229 4,232 4,359 4.346 4.331 4,31 1 4,398 4,290 Transportation equipment............. 1 .946 1 .862 1 ,836 1 ,901 1 ,935 1 .936 1 ,943 1 ,841 1 .854 1 ,787 1 ,747 1 ,810 I ,812 Other fabricated metal products. . . 1 .791 1 .775 1 ,739 1 .738 1 .730 1 .704 1 ,707 1 .687 1 .682 1 .678 1 .675 1 .694 I ,696 Other durable goods....................... 2.124 2.132 2,072 2,049 2.006 2.008 2.006 2.000 1 .991 1 .991 2.001 2.022 1 ,996 Nondurable goods manufacturing: Food, liquor, and tobacco......... 2,231 2.257 2.300 2,312 2.359 2,378 2,400 2.581 2.531 2.558 2,595 2,773 2,758 Textiles, apparel, and leather......... 2.135 2,116 2,083 1,999 1 .961 1 .991 I .965 1 .908 1 .876 1 ,851 1 .816 1 .804 1 ,749 Petroleum refining.......................... '1.478 "1 .480 "1 ,466 "1 ,478 1 .509 1 ,528 1 .521 1.501 1 .501 1 ,517 1 .508 1 ,513 1 .554 Chemicals and rubber.................... 2,334 2,349 2,346 2,330 2.328 2.339 2.307 2.308 2.276 2.265 2.285 2.294 2.341 Other nondurable goods................ 1 .761 1 .763 1 .743 1 ,716 1 .690 1 .677 1 .674 1 .673 1 .662 1 .683 1 .697 1 .729 1 .728 Mining, including crude petroleum and natural gas..................... 3.758 3.751 3,742 3.739 3.740 3.744 3.766 3.745 3.718 3.720 3.726 4,018 4,184 Trade: Commodity dealers................. 1.116 1.108 1,174 1 .229 1.311 1 .376 1 .415 1 .463 1 .525 1 .589 1 .567 1 ,622 I .605 Other wholesale...................... "2,944 "2,952 "2,977 "2.989 3.016 3.030 3,031 2,986 2.987 3.002 3,025 3.046 3,057 Retail....................................... "3.522 "3,484 "3,575 "3.448 3.464 3.513 3.573 3,598 3,580 3.593 3.562 3.596 3.526 Transportation, communication, and other public utilities: Transportation................................ 4.104 4,106 4,113 4,130 4.152 4,144 4.169 4.167 4,163 4.234 4,225 4,379 4.407 Communication.............................. 1 ,023 993 987 965 985 967 951 944 933 947 910 968 999 Other public utilities....................... 2,388 2.382 2.313 2.216 2,316 2,304 2.351 2,257 2.301 2.363 2.344 2.424 2,416 Construction..................................... 2,575 2,567 2.559 2,537 2,536 2,525 2,545 2.533 2,529 2,531 2,546 2,515 2,511 Services............................................ 4,727 4,707 4,738 4.759 4,800 4,825 4,821 4,832 4.821 4,831 4.836 4,929 4,996 All other domestic loans................. "6,379 "6,337 "6,331 "6,369 6,451 6.426 6.439 6.377 6.378 6.430 6.457 6,570 6,683 Bankers’ acceptances...................... 933 1 .017 1 ,047 1 .052 1 .083 1 .069 1.133 1.179 1,164 1,140 1 .171 1,180 1 .203 Foreign commercial and industrial loans...................................... 2,720 2,741 2.706 2.687 2,673 2,676 2,690 2.689 2.706 2.697 2.727 2,746 2,740 Total classified loans....................... 57.689 57.486 57,391 57.186 57.475 57.594 57.848 57.855 57.739 58,058 58.055 59.395 59,627 Total commercial and industrial loans. 63,569 63,385 63,296 63,083 63.401 63.527 63,857 63,885 63,733 64,108 64,119 65.536 65,818 Note.-—Data for sample of about 200 banks reporting changes in their cent of those of all commercial banks. larger loans; these banks hold about 80 per cent of total commercial and Monthly figures are averages of figures for Wednesday dates, industrial loans of all weekly reporting member banks and about 60 per Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

«-yo busiiNtbb luano ur banks, iyoz □ ivwkum iyo« COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Industry Jan. Feb. Mar. Apr. May June July Aug. Sept, Oct. Nov. Dec. Durable goods manufacturing: Primary metals,..................................... 870 888 913 953 978 I .037 1.147 1,136 1 ,205 1 .196 1 ,214 1 .346 Machinery...................................................... 4,071 4,098 4,498 4,596 4,605 4.703 4,858 4,681 4,526 4.403 4,276 4,333 Transportation equipment............................ 2,003 2,048 2,214 2,080 1 ,982 1 ,928 1 ,948 1 ,885 1 ,909 1 ,886 1 .901 1 .789 Other fabricated metal products................... 1 ,553 1,546 1 ,657 1 .760 1 ,827 1 ,923 1 ,925 1 ,833 1 ,788 1 .761 1 .702 1 .686 Other durable goods...................................... 1 .951 1 ,925 1 ,984 2,014 2.047 2,114 2,112 2.087 2,127 2.094 2,002 2,003 Nondurable goods manufacturing: Pood, liquor, and tobacco........................ 2,617 2,414 2,286 2,196 2,082 2.088 2,122 2,117 2,139 2.275 2,450 2,671 I'extiles, apparel, and leather........................ 1 .817 I ,878 2,043 2,075 2,057 2,1 18 2,181 2,157 2,163 2,083 1 .940 1 ,805 Petroleum refining......................................... 1,519 1,499 1 ,476 1 ,466 1 ,494 1 ,608 1 .666 1 .456 1 .421 I .475 1 ,512 1 .523 Chemicals and rubber.................................. 2,125 2,161 2,341 2,528 2,518 2,406 2,355 2.275 2.281 2,340 2.312 2,296 Other nondurable goods............................... 1 .488 1,449 1 .494 1,558 1 ,573 1 .592 1 ,670 1 ,688 1 .739 1,746 1 .675 1 ,709 Mining, including crude petroleum and natural gas.............................................................. 4,142 4,099 4,007 3,965 3,948 3.993 3,994 3.800 3.770 3.748 3,742 3,912 Trade: Commodity dealers............................... 1,398 1,336 1 ,277 1 ,204 I ,086 947 965 I .U3 1 ,090 1,157 1 ,418 I .596 Other wholesale.................................... 2,859 2,828 2,878 2,930 2,964 2,923 2,955 2,920 2,876 2,966 3,010 3,033 Retail..................................................... 3,327 3,346 3,418 3,426 3,429 3.461 3,456 3.390 3,403 3.507 3.546 3,569 Transportation, communication, and other public utilities: Transportation,............................................. 3,695 3,688 3.771 3,808 3,879 3.938 3.975 3,959 4,012 4,113 4.159 4,311 Communication............................................. 826 819 833 874 915 941 1 ,022 998 998 992 956 956 Other public utilities..................................... 2,269 2,148 1 ,995 1 ,948 1 ,910 2,078 2.269 2,223 2.218 2.325 2,306 2,387 Construction...................................................... 2,543 2,504 2,501 2,536 2,563 2,605 2,618 2,601 2.577 2,559 2.534 2.526 Services.......................................................... 4,779 4,685 4,678 4,695 4,712 4.744 4,759 4,733 4.708 4,733 4,820 4,898 All other domestic loans............................... 6,036 6,009 6,041 6,145 6.227 6.315 6.436 6.400 6,390 6,354 6,414 6.535 Bankers* acceptances................................... 64! 693 770 748 696 656 737 793 845 1 .012 1,126 1.173 Foreign commercial and industrial loans.... 2,861 2,898 2,943 2,950 2,922 2,899 2.773 2,739 2,750 2,713 2,687 2.727 Total classified loans..................................... 55,390 54,959 56,018 56,455 56.414 59.017 57,943 56,984 56.935 57,438 57,702 58,784 Total commercial and industrial loans............. 60,822 60,352 61,530 62,120 62,194 62.876 63,866 62.830 62,761 63,333 63,681 64.895 For Wednesday figures and Noir:, see preceding two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1968 a INTEREST RATES, 1967 A-97 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime Period coml. paper bankers’ Federal 3-month bills J 6-month bills 5 9- to 12-month issues 3- to 5paper. placed accept- funds year 4- to 6- directly, ances, rate ■' issues 7 months । 3- to 6- 90 days । Kate on Market Rate on Market Hills (mar- Other 6 months 2 new issue yield new issue yield ket yields) 5 1967—jan.................. 5 73 5 50 5 2.3 4 94 4.759 4,72 4 787 4.74 4.61 4.71 4.71 Feb................. 5 38 5 19 4' 88 5 00 4. 554 4 56 4 565 4 59 4 57 4.64 4 73 Mar................. 5'24 5 01 4* 68 4'5 3 4.288 4. 26 4243 4 22 4.18 4.35 4.52 A nr................. 4 83 4' 57 4 29 4.05 3.852 3.84 3 894 3 90 3.90 4 03 4.46 May. 4^67 4^41 4.27 3.94 3.640 3.60 3.808 3.80 3.88 4.09 4.68 June 4 65 4 40 4 40 3 98 3 480 3 53 3 816 1 88 4. 1 6 4 40 4. 96 tu1v. 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 0O 4' 77 4* 76 4 00 4 451 4 42 4 964 4 96 5.10 5 21 5.40 Oct.................. 5 07 4 96 4' 88 3 88 4 588 4'55 5 100 5 06 5.21 5'32 5,52 Nov................. 5 28 5 17 4 98 4 12 4 762 4.72 5 286 5 24 5 38 5.55 5,73 Dec................. 5*56 5.43 5*43 4'5 1 5 012 4.96 5 562 5.49 5.58 5.69 5.72 Week ending— 1966—Dec. 31 ...... 6 00 5 88 5 50 5 57 4.747 4.80 4 856 4 92 4.83 4 92 4.86 1967—Jan. 7.......... 6 00 5 85 5 50 5 41 4.822 4.80 4 911 4.88 4.76 4 90 4.82 14.......... 585 5 70 5'43 5 39 4 81 8 4.81 4 890 4.84 4.67 4'76 4.76 21 .......... 5'68 5 * 38 18 4 82 4.716 4.71 4 686 4 70 4 56 4 64 4.65 28.......... 5 55 5*25 5 0.3 5.18 4.680 4.66 4 662 4.65 4.54 4^63 4.68 Feb. 4.......... 5 40 5 25 4 78 4 21 4.486 4.49 4 460 4 49 4.45 4 55 4,64 11.......... 5'38 5 25 4 75 4 93 4.5 30 4.54 4*524 4 54 4.51 4 55 4 67 18.......... 5'38 5 19 4*94 5 18 4.577 4.61 4 581 4 66 4.66 4 67 4.76 25.......... 5 38 5 1 3 5'00 5 18 4 621 4.61 4 694 4 69 4 68 4 76 4 80 Mar. 4.......... 5 38 5 1.3 4 93 4.68 4.538 4,47 4 534 4.47 4.45 4.68 4,70 II.......... 535 5 *03 4 88 4 71 4.344 4,37 4 340 4.37 4.32 4.54 4.61 18.......... 525 5'00 4*70 4 54 4’308 4.28 4^265 4.21 4.16 4.30 4.50 25.......... 5 16 5 'OO 4*5 3 4.71 4. 102 4,14 4.005 4.06 4.05 4.21 4,45 Apr. 1.......... 5 10 4 93 4 45 4.25 4.150 4.13 4.073 4,09 4.06 4,16 4.42 8.......... 5 00 4*75 4* 38 4.55 3.976 3.95 3.998 4.00 3.98 4,08 4.36 15.......... 4' 80 45 3 4 28 3.93 3.810 3.84 3 8 56 3.89 3.89 4 03 4.39 22.......... 475 4 50 4 25 3.9 3 3,905 3.82 3.950 3.88 3.88 4.02 4.48 29.......... 475 4*50 4 25 4.00 3.715 3.72 3.772 3.81 3.84 4.01 4.58 May 6.......... 4 75 4 50 4 25 4 00 3.770 3.72 3.907 3.86 .3.91 4.0.3 4.62 13.......... 4 70 4 40 4 33 3 84 1.671 1.65 3 831 3 83 3 89 4.03 4.67 20.......... 463 4*38 4*25 4.02 3.628 3.59 3.802 3 78 3.87 4.14 4.69 27.......... 4*63 4*38 4*25 3.9 3 3.493 3.50 3 692 3.74 3.88 4.13 4.76 June 3.......... 4 63 4 38 4 25 3.95 3.477 3.43 3 7 33 3.74 3.84 4.1 2 4.66 10.......... 463 4 38 4 30 19 3 3.386 3.41 3.758 3.77 3.90 4.17 4,74 17.......... 4*63 4 38 4.38 4.00 3.505 3.57 3.796 3.85 4. 12 4.37 4.96 24.......... 4 63 4*38 4 40 3 98 3.572 3.47 3 841 3 82 4. 35 4.46 5.08 July 1 ...... 4 73 4 48 4.60 4.07 3.462 3.74 3.950 4.17 4.63 4,72 5.19 8.......... 4' 84 4 50 4 69 3.73 4.280 4.20 4 716 4.62 4.84 4 99 5.22 15.......... 4'88 475 4*50 3 98 4.285 4.17 4 688 4.67 4.84 4 90 5.14 22.......... 491 4'75 4.50 3.54 4.245 4.19 4 745 4.76 4.89 4 95 5.16 29.......... 5 00 4 7 5 4 63 3 93 4,423 4.24 5 044 4 82 5.00 5 06 5.18 Aug. 5.......... 5.00 4.75 4.70 3.75 4.182 4.15 4.638 4.67 4.97 5.05 5.16 12.......... 5 00 4 75 4 85 4.02 4 174 4.1 7 4 757 4 79 5. 10 5 1 2 5.25 19.......... 5*00 4'75 4.78 4.05 4.193 4.20 4.791 4.80 5.00 5.07 5.28 26.......... 5 00 4 75 4.75 3.98 4.336 4,35 4.922 4,94 5.03 5.1 2 5.35 Sept. 2.......... 5.00 4.75 4.75 3.59 4.490 4.41 4.995 4.86 5.05 5.14 5.33 9.......... 5 00 4 75 4.66 4 02 4.324 4.31 4,765 4. 82 5.05 5,13 5 32 16...... 5* 00 475 4.68 3.98 4.360 4.37 4.951 4,93 5.06 5 16 5.39 23.......... 5 00 475 4 80 4,00 4.490 4,54 4,998 5,04 5.15 5.27 5,44 30.......... 5*00 48 3 4 88 4 00 4 629 4.47 5 1 43 5 05 5.14 5.30 5 45 Oct. 7.......... 5 00 4.88 4.88 3,98 4.514 4.47 5 089 5,04 5.16 5.27 5.44 14.......... 5.00 4.94 4.88 4.04 4.564 4.57 5.022 5,03 5.19 5.28 5.48 21.......... 5.13 5 do 4.88 4.04 4,61 5.165 5,11 5.24 5.35 5.55 28.......... 5.13 5^00 4.88 3.50 4.597 4.56 5,125 5.07 5.24 5.37 5,57 Nov, 4.......... 5.13 5.08 4.88 .3.89 4.542 4.57 5.044 5.07 5.31 5.40 5.68 II.......... 5. ) 3 5.1 3 4.88 3.97 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 4,36 4.957 4.92 5.536 5.49 5.57 5.60 5.67 9.......... 5.50 5.3 5 5.35 4.36 4.989 4.92 5.580 5.49 5.64 5.68 5,70 16.......... 5.53 5.40 5.38 4.52 4.941 4.96 5.493 5.50 5.58 5.68 5.74 23.......... 5.63 5,50 5.50 4.48 5.127 4.96 5.659 5.44 5.51 5.68 5.68 30.......... 5.63 5.50 5.56 4.63 4.989 4.99 5.515 5,49 5.56 5.73 5,75 1 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range. 5 Bills quoted on bank discount rate basis. J Seven-day average for week ending Wednesday. 6 Certificates and selected note and bond issues. 7 Selected note and bond issues. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

M-^O IIVICRLOI FAM I CO, I ^U / ^ MMI\k>ri l^UO BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and local rating group price ratio price ratio States Total t (long­ term) Total' Aaa Baa Aaa Haa Indus­ Rail­ Public Pre­ ' Com­ Com­ trial road utility ferred mon mon 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 4.45 3,63 3.47 3.85 5.43 5.13 5.85 5.39 5.51 5,37 5.04 3.29 5.60 4.51 3.67 3.50 3.90 5,42 5.11 5.83 5.37 5.51 5.37 5,03 3.24 4.76 3.94 3.71 4.23 5.56 5.24 5.96 5.46 5.62 5.59 5.17 3.19 4.86 4.02 3.80 4.31 5.75 5.44 6.15 5.64 5.80 5.80 5.30 3.19 July............................................... 4.86 4. 1 1 3.86 4.43 5,86 5.58 6.26 5.79 5.88 5.91 5,34 3.15 5.85 Aug............................................... 4.95 4.06 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 5,61 Oct............................................... 5.18 4.25 3.88 4.64 6. 14 5,82 6.52 6.05 6.24 6,12 5.59 3.07 Nov.............................................. 5.44 4,32 3.99 4.66 6.36 6.07 6.72 6.28 6.42 6.39 5.79 3.18 Dec............................................... 5.36 4.42 4.15 4.73 6.51 26.19 6.93 6,39 26.63 6,57 5.95 3.09 >’5.47 Week ending— 1966—Dec. 31............................ 4.54 3.97 3.74 4.26 5,69 5.40 6.18 5.63 5.80 5.63 5,24 3.64 1967—Jan. 7............................. 4.46 3.95 3.72 4.24 5.67 5.38 6.15 5.60 5.80 5.60 5.22 3.65 14............................. 4.40 3.82 3.60 4. 11 5,60 5,32 6.08 5.52 5.73 5,55 5.04 3.52 21............................. 4.37 3.61 3.35 3.91 5.46 5.15 5.92 5.39 5.59 5.39 4.96 3.43 28............................. 4.39 3,60 3.34 3.90 5.38 5.04 5.83 5.36 5,49 5,27 5.04 3.43 4.37 3,55 3.25 3.90 5.35 5.02 5.81 5.33 5.48 5,24 4.96 3.40 11 4.41 3.54 3.25 3,90 5,34 5.00 5.82 5.31 5.47 5.22 4.95 3.34 18............................ 4.49 3.67 3.50 3.90 5.34 5.0! 5.82 5.32 5.48 5,23 4.96 3.32 25............................ 4.55 3.70 5.53 3,90 5.38 5.05 5.83 5.36 5.50 5.27 5,04 3.36 Mar. 4. ........................... 4,43 3.70 3.53 3.90 5.42 5.11 5.87 5.41 5.53 5.34 5.09 3.34 11............................ 4,47 3.62 3,48 3.85 5.43 5.12 5.86 5.41 5.51 5.37 5.02 3.32 18............................. 4.42 3.62 3,48 3.85 5.43 5.13 5.84 5.39 5.51 5.38 5.01 3.29 25............................ 4.42 3.61 3,46 3.85 5.42 5.13 5,85 5,38 5.50 5,39 5.06 3.26 Apr. 1............................. 4.45 3.62 3.46 3.85 5.41 5.12 5.83 3.36 5.49 5.38 5.01 3.24 8............................. 4.44 3,63 3.48 3.85 5.41 5.11 5.82 5.36 5.52 5.36 5.00 3.27 15 4.45 3,61 3.46 3,85 5.41 5.12 5.81 5,36 5.51 5.36 5.00 3.31 22............................. 4.54 3,69 3.50 3.93 5.41 5.11 5.83 5,37 5.51 5.36 5.03 3.20 29............................. 4.62 3.74 3.55 3.97 5.43 5.11 5.85 5.38 5.51 5,40 5.10 3.16 4.67 3,89 3.65 4.15 5.47 5.16 5.89 5.41 5.55 5.46 5.07 3.12 13............................ 4.75 3,91 3,65 4.25 5.52 5.19 5.92 5.42 5.60 5.53 5.10 3.14 20 4.79 3.97 3,75 4.25 5.57 5.26 5.96 5.47 5.63 5.61 5.16 3.16 27............................ 4.83 3.99 3.78 4.27 5.63 5.31 6.03 5.51 5.67 5.70 5.26 3.24 4,74 3.99 3.78 4.27 5.66 5.36 6.07 5.53 5.73 5.73 5.25 3.28 10............................. 4.76 3.98 3.76 4.27 5.70 5.38 6.11 5.60 5.74 5.76 5,29 3.22 17............................. 4.86 3.99 3.78 4.27 5.73 5.39 6.13 5.63 5.77 5.78 5.28 3.16 24............................. 4.93 4.03 3,83 4.30 5.77 5.45 6.18 5.68 5.83 5,81 5.29 3.17 July I............................. 4.95 4.12 3,85 4.45 5.82 5.56 6.21 5.72 5.88 5.88 5,35 3.20 ' 8............................. 4,89 4.12 3.85 4.45 5.86 5.59 6.27 5.77 5.90 5.91 5.35 3.20 15............................. 4.80 4.13 3.87 4.46 5,86 4.59 6.26 5.79 5.89 5.90 5.32 3.17 22............................. 4.84 4.09 4.85 4.40 5.85 5.56 6.26 5.80 5.86 5.90 5,31 3,12 29............................. 4.90 4.09 3.85 4.40 5.86 5,57 6,27 5.81 5,85 5.91 5.37 3.11 4.91 4.02 3.75 4.35 5.88 5.59 6.29 5.82 5.87 5.94 5.33 3.06 “ 12............................. 4.95 4.02 3.75 4.35 5.89 5,58 6.32 5.83 5.89 5.95 5.30 3.06 19............................. 4.96 4.09 3,80 4.38 5.91 5.62 6.33 5.85 5.94 5.95 5.34 3.1 1 26............................. 4.97 4.10 3.80 4.39 5.93 5.65 6.34 5.85 5.99 5.97 5.39 3.14 Sept. 2............................. 4.96 4.10 3.80 4.39 5.96 5.68 6.35 5,87 6.02 6.00 5,37 3.16 9.. ........................ 4.93 4.10 3.80 4.39 5.98 5.66 6.38 5.89 6.02 6.03 5,38 3.11 16............................ 4.96 4.10 3,80 4.39 5.99 5.65 6.41 5.94 6.00 6.03 5.40 3.06 23............................. 5.01 4.16 3,82 4,51 5.99 5.64 6.38 5.95 6.03 6,01 5.43 3.06 30............................. 5,04 4.21 3,83 4.61 6.01 5,66 6,41 5.96 6.07 6.02 5.43 3.03 Oct. 7............................. 5,04 4.22 3.83 4.64 6.06 5.72 6.45 5.98 6.13 6.06 5.48 3,04 14............................. 5.10 4.22 3,83 4.64 6.08 5.76 6,46 5.98 6.20 6.06 5.53 3.04 21 5.24 4.28 3,92 4,64 6.15 5,83 6.53 6.06 6.26 6.10 5.63 3.08 28............................. 5.29 4.28 3.92 4.64 6.22 5,90 6.60 6.13 6,33 6.21 5.71 3.10 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 5,77 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 9............................. 5.38 4.42 4.15 4.73 6.49 6,14 6,89 6.38 6.52 6.56 5.92 3.08 16............................. 5.38 4,42 4,15 4.73 6.51 6.16 6.93 6.38 6.55 6.58 5,92 3.09 23............................. 5.34 4,42 4.15 4.73 6.51 26.22 6.96 6.39 26.74 6.58 6.00 3.10 30............................ 5.35 4.42 4.15 4,73 6,53 6.24 6,97 6.42 6.76 6.57 5.94 3.08 Number of issues......................... 10 20 5 5 120 30 30 40 40 40 14 500 500 i Includes bonds rated Aa and A, data for which are not shown sep­ focal govt, bonds: General obligations only, based on Thurs. figures. arately. Because of a limited number of suitable issues, the number of Corporate bonds: Average of daily figures. Both of these series are from corporate bonds in some groups has varied somewhat. Moody’s Investors Service series, Stocks: Standard and Poor’s Corporate 2 Beginning with the week ending Dec. 23, 1967, Aaa railroad bonds series. Dividend/price ratios are based on Wed. figures; earnings/price are no longer a component of the series. ratios are as of end of period. Preferred stock ratio is based on 8 median yields for a sample of noncallable issues—12 industrial and 2 public Note.—Computed as follows; U.S. Govt, bonds: Averages of daily utility; common stock ratios on the 500 stocks in the price index. Quar­ figures for bonds maturing or callable tn 10 years or more. State and terly earnings are seasonally adjusted at annual rates. 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 Robert C. Holland, Secretary of the Board Daniel H. Brill, Senior Adviser to the Board Robert Solomon, Adviser to the Board Merritt Sherman, Assistant to the Board Howard H. Hackley, Assistant to the Board Charles Molony, Assistant to the Board Robert L. Cardon, Assistant to the Board Clarke L. Fauver, Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS Robert C. Holland, Secretary John R. Farrell, Director Kenneth A. Kenyon, Deputy Secretary John N. Kiley, Jr., Associate Director Elizabeth L. Carmichael, Assistant Secretary James A. McIntosh, Assistant Director Arthur L. Broida, Assistant Secretary P. D. Ring, Assistant Director Karl E, Bakke, Assistant Secretary Robert P. Forrestal, Assistant Secretary DIVISION OF EXAMINATIONS LEGAL DIVISION Frederic Solomon, Director David B. Hexter, General Counsel Brenton C. Leavitt, Deputy Director Thomas J. O’Connell, Deputy General Lloyd M. Schaeffer, Chief Federal Reserve Counsel Examiner Jerome W. Shay, Assistant General Counsel Frederick R. Dahl, Assistant Director Wilson L. Hooff, Assistant General Counsel Jack M. Egertson, Assistant Director Thomas A. Sidman, Assistant Director DIVISION OF RESEARCH AND STATISTICS Charles C. Walcutt. Assistant Director Daniel H. Brill, Director Albert R. Koch, Deputy Director DIVISION OF PERSONNEL ADMINISTRATION J. Charles Partee, Associate Director Edwin J. Johnson, Director Stephen H. Axilrod, Adviser John J. Hart, Assistant Director Lyle E. Gramley, Adviser Kenneth B. Williams, Adviser DIVISION OF ADMINISTRATIVE SERVICES Stanley J. Sigel, Associate Adviser Tynan Smith, Associate Adviser Joseph E. Kelleher, Director Murray S. Wernick, Associate Adviser Harry E. Kern, Assistant Director James B. Eckert, Assistant Adviser Peter M. Keir, Assistant Adviser OFFICE OF THE CONTROLLER Louis Weiner, Assistant Adviser John Kakalec, Controller DIVISION OF INTERNATIONAL FINANCE OFFICE OF DEFENSE PLANNING Robert Solomon, Director Robert L. Sammons, Associate Director Innis D. Harris, Coordinator John E. Reynolds, Associate Director A. B. Hersey, Adviser DIVISION OF DATA PROCESSING Reed J. Irvine, Adviser Lawrence H. Byrne, Jr., Director Samuel I. Katz, Adviser Lee W. Langham, Assistant Director Ralph C. Wood, Adviser John H. Rhinehart, Assistant Director A-99 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-100 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. Mayer, fourth federal reserve district, President J. Harvie Wilkinson, Jr., fifth federal reserve district, Vice President John Simmen, first federal reserve John Fox, eighth federal district reserve district George S. Moore, second federal Philip H. Nason, ninth federal reserve district reserve district Harold F. Still, Jr., third federal Jack T. Conn, tenth federal reserve district reserve district George S. Craft, sixth federal Robert H. Stewart, HI, eleventh federal reserve district reserve district David M. Kennedy, seventh 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

A-101 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 Howard W. Johnson 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. Machines, Jr. Philadelphia............ ...19101 Willis J. Winn Karl R. Bopp Bayard L. England Robert N. Hilkert Cleveland................. ...44101 Albert G. Clay W. Braddock Hickman Logan T. Johnston Walter H. MacDonald Cincinnati.......... ...45201 Graham E. Marx Fred O. Kiel Pittsburgh.......... ...15230 F. L. Byrom Clyde E. Harrell Richmond................ ...23213 Wilson H. Elkins Edward A. Wayne Robert W. Lawson, Jr. Aubrey N. Heflin Baltimore........... ...21203 E. Wayne Corrin Donald F. Hagner Charlotte............ ...28201 James A. Morris Edmund F. MacDonald Atlanta..................... ...30303 Edwin 1. Hatch Monroe Kimbrei John C. Wilson Robert E. Moody, Jr. Birmingham. . . ....35202 Mays E. Montgomery Edward C. Rainey Jacksonville........ ...32201 Castle W. Jordan Thomas C. Clark Nashville............ ...37203 Alexander Heard Jeffrey J. Wells New Orleans.... ...70160 George B. Blair Morgan L. Shaw Chicago................... ...60690 Franklin J. Lunding Charles J. Scanlon Elvis J. Stahr Hugh J. Helmer Detroit................ ...48231 Max P. Heavenrich, Jr. Russel A. Swaney St. Louis.................. ...63166 Frederic M. Peirce Darryl R. Francis Smith D. Broadbent, Jr. Dale M. Lewis Little Rock........ ...72203 Jake Hartz John F. Breen Louisville............ ...40201 C. Hunter Green Donald L. Henry Memphis............ ...38101 Sam Cooper Eugene A. Leonard Minneapolis............ ...55440 Joyce A. Swan Hugh D. Galusha, Jr. Robert F. Leach M. H. Strothman, Jr. Helena................ ...59601 C. G. McClave 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 Philip E. Coldwell Max Levine T. W. Plant El Paso............... ...79999 Joseph M. Ray Fredric W. Reed Houston............. ...77001 Geo. T. Morse, Jr. J. Lee Cook San Antonio.......78206 Francis B. May Carl H. Moore San Francisco........ ...94120 Eliot J. Swan S. Alfred Halgren A. B. Merritt Los Angeles....... ...90054 J. L. Atwood Paul W. Cavan Portland............. ...97208 Robert F. Dwyer William M. Brown Salt Lake City......84110 Peter E. Marble Arthur L. Price Seattle....................98124 Robert D. O’Brien William R. Sandstrom Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS Available from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C., 20551. Where a charge is indicated, remittance should accom­ pany request and be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. For a more complete list, including periodic releases, see pp. 2166-69 of the December 1967 Bulletin. (Stamps and coupons not accepted). THE FEDERAL RESERVE SYSTEM—PURPOSES AND SUPPLEMENT TO BANKING AND MONETARY STA­ FUNCTIONS. 1963. 298 pp. TISTICS. Sec. 1. Banks and the Monetary Sys­ tem. 1962. 35 pp. $.35. Sec. 2. Member Banks. ANNUAL REPORT. 1967. 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 APPLICATION OF THE BANK MERGER ACT OF AND BUSINESS STATISTICS. Monthly. Annual 1960. 1964. 260 pp. $1.00 a copy; 10 or more subscription includes one issue of Historical sent to one address, $.85 each. Chart Book. $6.00 per annum or $.60 a copy in BANKING MARKET STRUCTURE & PERFORMANCE the United States and the countries listed above; IN METROPOLITAN AREAS: A STATISTICAL 10 or more of same issue sent to one address, STUDY OF FACTORS AFFECTING RATES ON $.50 each. Elsewhere, $7.00 per annum or $.70 BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or a copy. more sent to 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 AGRICUL­ address, $.50 each. Elsewhere, $.70 a copy. TURE. 1966. 109 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. TREASURY-FEDERAL RESERVE STUDY OF THE GOV­ MONETARY THEORY AND POLICY: A BIBLIOGRA­ ERNMENT SECURITIES MARKET. Pt. I. 1959. 108 PHY. Part 1—Domestic Aspects. 137 pp. $1.00 pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. a copy; 10 or more sent to one address, $.85 Set of 3, $2.50; individual books $1.00 each. each. FLOW OF FUNDS IN THE UNITED STATES, 1939­ REGULATIONS OF THE BOARD OF GOVERNORS OF 53. 1955. 390 pp. $2.75. THE FEDERAL RESERVE SYSTEM. DEBITS AND CLEARING STATISTICS AND THEIR RULES OF ORGANIZATION AND PROCEDURE­ USE. 1959. 144 pp. $1.00 a copy; 10 or more BOARD OF GOVERNORS OF THE FEDERAL RE­ sent to one address, $.85 each. SERVE SYSTEM. 1967. 16 pp. 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. 1 16 pp. $1.00 $.85 each. a copy; 10 or more sent to one address, $.85 ALL-BANK STATISTICS, 1896-1955. 1959. 1,299 pp. each. $4.00. U.S. TREASURY ADVANCE REFUNDING. JUNE 1960-JULY 1964. 1966. 65 pp. $.50 a copy; 10 INDUSTRIAL PRODUCTION—1957-59 Base. 1962. or more sent to one address, $.40 each. 172 pp. $1.00 a copy; 10 or more sent to one SURVEY OF FINANCIAL CHARACTERISTICS OF address, $.85 each. CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 or THE FEDERAL RESERVE ACT, as amended through more sent to one address, $.85 each. Nov. 5, 1966, with an appendix containing pro­ THE PERFORMANCE OF BANK HOLDING COM­ visions of certain other statutes affecting the PANIES. 1967. 29 pp. $.25 a copy; 10 or more Federal Reserve System. 353 pp. $1.25. sent to one address, $.20 each. A-102 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A-103 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 Interest Rates and the Demand for Con­ economic research. sumer Durable Goods, by Michael J. Ham­ burger. Dec. 1967. Summaries only printed in the Bulletin. The Lags Between Investment Decisions and Their Causes, by Shirley Almon. Feb. 1968. (Limited supply of mimeographed copies of full Effects of Money on Interest Rates, by Wil­ text available upon request for single copies.) liam E. Gibson. Mar. 1968. Measures of Industrial Production and Final Demand, by Clayton Gehman and Cornelia Printed in full in the Bulletin. (Reprints available as shown in following list.) Motheral. Jan. 1967. Firms’ Demands For Money: The Evidence REPRINTS From the Cross-Section Data, by William J. (From Federal Reserve Bulletin unless preceded Frazer, Jr. Jan. 1967. by an asterisk.) The Effect of Credit Conditions on State Adjustment for Seasonal Variation. Descrip­ and Local Bond Sales and Capital Outlays tion of method used by Board in adjusting eco­ Since World War II, by Paul F. McGouldrick. nomic data for seasonal variations. June 1941. Feb. 1967. ’ H PP- Seasonal Factors Affecting Bank Reserves. Investment by Manufacturing Firms : A Quar­ Feb. 1958. 12 pp. terly Time Series Analysis of Industry Data, by Robert W. Resek. Mar. 1967. Liquidity and Public Policy, Staff Paper by Stephen H. Axilrod. Oct. 1961. 17 pp. Individuals as a Source of Loan Funds for Seasonally Adjusted Series for Bank Credit. State and Local Governments, by Helmut July 1962. 6 pp. Wendel. Apr. 1967. Interest Rates and Monetary Policy, Staff Variable-Rate Mortgages, by Robert Moore Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. Fisher. May 1967. Industrial Production—1957-59 Base. Oct. 1962. 10 pp. The Financing of Capital Investment in the USSR, by Paul Gekker. June 1967. Flow of Funds Seasonally Adjusted. Nov. 1962. 15 pp. Federal Fiscal Policy and Aggregate De­ Recent Changes in Liquidity, Staff Paper by mand, 1956-1966, by Helen B. Junz. June Daniel H. Brill. June 1963. 10 pp. 1967. Measures of Member Bank Reserves. July Businesses View Banking Services: A Survey 1963. 14 pp. of Cedar Rapids, Iowa, by Lynn A. Stiles. Measuring and Analyzing Economic Growth, July 1967. ' ’ Staff Paper by Clayton Gehman. Aug. 1963. The Impact of Monetary Variables: A Selec­ 14 pp. tive Survey of the Recent Empirical Lit­ Changes in Banking Structure, 1953-62. Sept. erature, by Michael J. Hamburger. July 1967. 1963. 8 pp. Economic Change and Economic Analysis, Empirical Literature on The U. S. Balance Staff Paper by Frank R. Garfield. Sept. 1963. of Trade, by Charles K. Harley. July 1967. 17 pp. The Boom in Office Buildings, by Robert The Open Market Policy Process. Oct. 1963. Moore Fisher. Aug. 1967. 11 PP- Customers View Bank Markets and Services: New Series on Federal Funds. Aug. 1964. A Survey of Elkhart, Indiana, by George G. 31 pp. Kaufman. Aug. 1967. Yield Differentials in Treasury Bills, 1959­ 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

A-104 FEDERAL RESERVE BULLETIN □ MARCH 1968 Revision of Bank Debits and Deposit Turn­ Bank Financing of Agriculture. June 1967. over Series. Mar. 1965. 4 pp. 23 pp. Measures of Banking Structure and Compe­ Evidence on Concentration in Banking Mar­ tition. Sept. 1965. 11 pp. kets and Interest Rates, Staff Economic Time Deposits in Monetary Analysis, Staff Study by Almarin Phillips. June 1967. 11 pp. Economic Study by Lyle E. Gramley and Sam­ New Benchmark Production Measures, 1958 uel B. Chase, Jr. Oct. 1965. 25 pp. and 1963. June 1967. 4 pp. Cycles and Cyclical Imbalances in a Chang­ Banking and Monetary Statistics, 1966. ing World, Staff Paper by Frank R. Garfield. Selected series of banking and monetary statis­ Nov. 1965. 15 pp. tics for 1966 only. Mar. and July 1967. 20 pp. Research on Banking Structure and Per­ formance, Staff Economic Study by Tynan Recent Credit and Monetary Developments. Smith. Apr. 1966. 11 pp. July 1967. 12 pp. Commercial Bank Liquidity, Staff Economic Revised Indexes of Manufacturing Capacity Study by James Pierce. Aug. 1966. 9 pp. and Capacity Utilization. July 1967. 3 pp. Revision of Weekly Reporting Member Bank The Public Information Act—Its Effect on Series. Aug. 1966. 4 pp. Member Banks. July 1967. 6 pp. Toward Understanding of the Whole De­ Interest Cost Effects of Commercial Bank veloping Economic Situation, Staff Eco­ Underwriting of Municipal Revenue Bonds. nomic Study by Frank R. Garfield. Nov. 1966. Aug. 1967. 16 pp. 14 pp. A Revised Index of Manufacturing Capacity, Revision of Money Supply Series. Aug. 1967. Staff Economic Study by Frank de Leeuw with 14 pp. Frank E. Hopkins and Michael D. Sherman. Revision of Bank Credit Series. Sept. 1967. Nov. 1966. 11 pp. 7 PP- The Role of Financial Intermediaries in U.S. Commercial Banks and the Supply of Money: Capital Markets, Staff Economic Study by A Market-Determined Demand Deposit Daniel H. Brill, with Ann P. Ulrey. Jan. 1967. Rate, Staff Economic Study by John H. W PP- Kareken. Oct. 1967. 14 pp. Size and Composition of Consumer Saving. Jan. 1967. 19 pp. The Economic Pause in Western Europe. Revised Series on Commercial and Industrial Oct. 1967. 17 pp. Loans by Industry. Feb. 1967. 2 pp. The Federal Reserve-MIT Econometric Auto Loan Characteristics at Major Sales Model, Staff Economic Study by Frank de Finance Companies. Feb. 1967. 5 pp. Leeuw and Edward Gramlich. Jan. 1968. 30 pp. Consumer Instalment Credit. Mar. 1967. Changes in Time and Savings Deposits, July- 12 pp. Oct. 1967. Jan. 1968. 20 pp. The Balance of Payments in 1966. Apr. 1967. Recent Credit and Monetary Developments. 16 pp. Feb. 1968. 11 pp. Survey of Finance Companies, Mid-1965. Apr. 1967. 26 pp. The Price of Gold is Not the Problem. Feb. 1968. 7 pp. Monetary Policy and Economic Activity: A Postwar Review. May 1967. 22 pp. Balance of Payments Program: Revised Revision in Quarterly Survey of Interest Guidelines for Banks and Nonbank Finan­ Rates on Business Loans. May 1967. 7 pp. cial Institutions. Mar. 1968. 9 pp. Monetary Policy and the Residential Mort­ Treasury and Federal Reserve Foreign Ex­ gage Market. May 1967. 13 pp. change Operations. Mar. 1968. 22 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 A-3.) )xedni siht ni dettimo si ”A“ xiferp eht hguohtla 89-A hguorht 4-A segap ot era secnerefeR( Acceptances, bankers', II, 29, 31, 97 Deposits (.See also specific types of deposits): Agricultural loans of commercial banks, 22, 24, 90 Accumulated at commercial banks for payment Arbitrage, 85 of personal loans, 21 Assets and liabilities (See also Foreign liab. & claims): Adjusted, and currency, 17 Banks, by classes, 18, 22. 24, 31, 90 Banks, by classes, 1 1, 18, 23, 26. 3 1, 92 Banks and the monetary system, 17 Federal Reserve Banks, 12, 79 Corporate, current, 43 Postal savings, 10, 17 Federal Reserve Banks, 12 Subject to reserve requirements, 16 Automobiles: Discount rates, 9, 84 Consumer instalment credit, 48, 49, 50 Discounts and advances by Reserve Banks, 4, 12, 14 Production index, 52, 53 Dividends, corporate, 42, 43 Dollar assets, foreign, 69, 74 Bankers’ balances, 23, 25, 91 Earnings and hours, manufacturing industries, 59 (See also Foreign liabilities and claims) Employment, 56, 58, 59 Banking and monetary statistics for 1967, 88-98 Banks and the monetary system, 17 Banks for cooperatives, 33 Fann mortgage loans, 44, 45 Bonds (See also U.S. Govt, securities): Federal finance: New issues, 39, 40, 41 Cash transactions, 34 Yields and prices, 29, 30, 98 Receipts and expenditures, 35 Business expenditures on new plant and equipment, 43 Treasurer’s balance, 34 Business indexes, 56 Federal funds, 8, 22 Business loans (See Commercial and industrial loans) Federal home loan banks, 33, 45 Federal Housing Administration, 30, 44, 45, 46 Federal intermediate credit banks, 33 Federal land banks, 33 Capacity utilization, 56 Federal National Mortgage Assn., 33, 46 Capital accounts: Federal Reserve Banks: Banks, by classes, 18, 23, 27. 93 Condition statement, 12 Federal Reserve Banks, 12 U.S. Govt, securities held, 4, 12, 14, 36, 37 Central banks, foreign, 82, 84 Federal Reserve credit, 4, 12, 14, 88 Certificates of deposit, 27, 93 Federal Reserve notes, 12, 15 Coins, circulation, 15 Federally sponsored credit agencies, 33 Commercial and industrial loans: Finance company paper, 29. 31, 97 Commercial banks, 22 Financial institutions, loans to, 22, 24, 90 Weekly reporting banks, 24. 28, 90, 94 Float, 4 Commercial banks: Flow of funds, 64 Assets and liabilities, 18, 22, 24, 90 Foreign currency operations, 12, 14, 68, 69, 74 Consumer loans held, by type, 49 Foreign deposits in U.S. banks, 4, 12, 17, 23. 26, 79, 92 Deposits at, for payment of personal loans, 21 Foreign exchange rates, 86 Number, by classes, 18 Foreign liabilities and claims: Real estate mortgages held, by type, 44 Banks, 70, 71,73, 75, 77, 79 Commercial paper, 29, 31, 97 Nonfinancial concerns, 80 Condition statements (See Assets and liabilities) Foreign trade, 67 Construction, 56, 57 Consumer credit: Instalment credit, 48, 49, 50, 51 Gold: Noninstalment credit, by holder, 49 Certificates, 12, 15 Consumer price indexes, 56, 60 Earmarked, 79 Consumption expenditures, 62, 63 Net purchases by U.S., 68 Corporations: Production, 83 Sales, profits, taxes, and dividends, 42, 43 Reserves of central banks and govts., 82 Security issues, 40, 41 Stock, 4, 17, 68 Security yields and prices, 29, 30, 98 Gross national product, 62, 63 Cost of living (See Consumer price indexes) Currency and coin, 4, 10, 23 Currency in circulation, 4, 15, 16 Hours and earnings, manufacturing industries, 59 Customer credit, stock market, 30 Housing starts, 57 Income, national and personal, 62, 63 Debits to deposit accounts, 14 Industrial production index, 52, 56 Debt (See specific types of debt or securities) Instalment loans, 48, 49, 50, 51 Demand deposits: Insurance companies, 32, 36, 37, 45 Adjusted, banks and the monetary system, 17 Insured commercial banks, 20, 21, 22 Adjusted, commercial banks, 14, 16, 23 Interbank deposits, 11, 18, 23 Banks, by classes, 11, 18, 23, 26, 92 Interest rates: Subject to reserve requirements, 16 Business loans by banks, 28 Turnover, 14 Federal Reserve Bank discount rates, 9 A-105 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-106 FEDERAL RESERVE BULLETIN □ MARCH 1968 Interest rates—Continued Reserve position, basic, member banks, 8 Foreign countries, 84, 85 Reserve requirements, member banks, 10 Money market rates, 29, 85, 97 Reserves: Mortgage yields, 30, 47 Central banks and govts., 82 Time deposits, maximum rates, 10 Commercial banks, 23, 25, 91 Yields, bond and stock, 29, 98 Federal Reserve Banks, 12 International capital transactions of the U.S., 70 Member banks, 4, 6, II, 16, 23, 88 International institutions, 68, 69, 82, 84 Residential mortgage loans, 44, 45, 46, 47 Inventories, 62 Retail credit, 48 Investment companies, issues and assets, 41 Retail sales, 56 Investments {See also specific types of investments): Banks, by classes, I 8, 22, 25, 3 1, 91 Sales finance companies, loans, 48, 49, 51 Commercial banks, 21 Saving: Federal Reserve Banks, 12, 14 Flow of funds series, 64 Life insurance companies, 32 National income series, 63 Savings and loan assns., 32 Savings and loan assns., 32, 37, 45 Savings deposits (See Time deposits) Labor force, 58 Savings institutions, principal assets, 31, 32 Loans (See also specific types of loans): Securities (See also U.S. Govt, securities): Banks, by classes, 18, 22, 24, 31, 90 Federally sponsored agencies, 33 Commercial banks, 21, 22, 28 International transactions, 78, 79 Federal Reserve Banks, 4, 12, 14, 88 New issues, 39, 40, 41 Insurance companies, 32, 45 Silver coin and silver certificates, 15 Insured or guaranteed by U.S., 44, 45, 46 State and local govts.: Savings and loan assns., 32, 45 Deposits, 23, 26, 92 Holdings of U.S. Govt, securities, 36, 37 New security issues, 39, 40 Manufacturers: Ownership of securities of, 22, 25, 31, 32, 91 Capacity utilization, 56 Yields and prices of securities, 29. 30, 98 Production index, 53, 56 State member banks, 20, 21 Margin requirements, 10 Stock market credit, 30 Member banks: Stocks: Assets and liabilities, by classes, 18, 22 New issues, 40, 41 Borrowings at Reserve Banks, 6, 12, 88 Yields and prices, 29, 30, 98 Deposits, by classes, 11 Number, by classes, 18 Tax receipts, Federal, 35 Reserve position, basic, 8 Time deposits, 10, 11, 16, 17, 18, 23, 26, 92 Reserve requirements, 10 Treasurer’s account balance, 34 Reserves and related items, 4, 16, 88 Treasury cash, Treasury currency, 4, 15, 17 Mining, production index, 53, 56 Treasury deposits, 4, 12, 34 Money rates (See Interest rates) Money supply and related data, 16 Unemployment, 58 Mutual funds (See Investment companies) U.S. balance of payments, 66 Mutual savings banks, 17, 18, 20, 31, 36, 37, 44 U.S. Govt, balances: Commercial bank holdings, 23, 26, 92 National banks, 20, 21 Consolidated monetary statement, 17 National income, 62, 63 Member bank holdings, 16 National security expenditures, 35, 62 Treasury deposits at Federal Reserve Banks, 4, Nonmember banks, 20, 21, 22, 23 12, 34 ' ' U.S. Govt, securities: Bank holdings, 17, 18, 22, 25, 31, 36, 37, 91 Open market transactions, 11 Dealer transactions, positions, and financing, 38 Federal Reserve Bank holdings, 4, 12, 14, 36, 37 Payrolls, manufacturing, index, 56 Foreign and international holdings, 12, 74, 78, 79 Personal income, 63 International transactions, 74, 78 Postal Savings System, 10, 17 New issues, gross proceeds, 40 Prices: Open market transactions, 11 Consumer and wholesale commodity, 56, 60 Outstanding, by type of security, 36, 37, 39 Security, 30 Ownership of, 36, 37 Production, 52, 56 Yields and prices, 29, 30, 85, 98 Profits, corporate, 42, 43 United States notes, 15 Utilities, production index, 53, 56 Real estate Ioans: Banks, by classes, 22, 24, 31, 44, 90 Veterans Administration, 44, 45, 46 Delinquency rates on home mortgages, 47 Mortgage yields, 30, 47 Weekly reporting banks, 24, 90 Nonfarm mortgage foreclosures, 47 Type of holder and property mortgaged, 44, 45,46 ' Yields (See Interest rates) )xedni siht ni dettimo si ”A“ xiferp eht hguohtla 89-A hguorht 4-A segap ot era secnerefeR( Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES ☆ (o THE FEDERAL RESERVE SYSTEM °) ☆ 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