Federal Reserve Bulletin, 1968-04

FEDERAL RESERVE B U LLETIN APRIL 1968 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 4 □ VOLUME 54 □ APRIL 1968 CONTENTS 339 U.S. International Transactions: Trends in 1960-67 362 Quarterly Survey of Changes in Bank Lending Practices 368 Statement to Congress 372 Record of Policy Actions of the Federal Open Market Committee 382 Law Department 391 Announcements 393 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- 92 Board of Governors and Staff A- 93 Open Market Committee and Staff; Federal Advisory Council A- 94 Federal Reserve Banks and Branches A- 95 Federal Reserve Board Publications A- 98 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

U.S. International Transactions: Trends in 1960-67 IN ITS INTERNATIONAL transactions the United States has had a substantial deficit in every year since 1957. The size of the im­ balance, however, and the pattern of transactions that caused the imbalance have changed significantly over the years. The defi­ cit measured on the official reserve transactions basis—excluding certain special transactions, as described below—was cut in half from 1960-61 to 1964-65. Since then it has increased again. The earlier improvement and the subsequent deterioration in the over-all position are attributable mainly to changes in the balance on goods and services. The behavior of that balance, in turn, has been greatly affected by changes in the rate of advance of merchandise imports. Early in the decade import growth was moderate. But it accelerated sharply in 1965, when domestic inflationary pressures intensified; and after a pause during part of 1967, the rise in imports resumed at a rapid rate. The increase in military spending abroad since 1965, following earlier gradual declines, has also tended to worsen the balance on goods and services; but the dollar increase in this item has not been nearly so large as the rise in merchandise imports. Growing income from foreign investments has been a plus factor throughout the period. Part of the improvement on goods and services from 1960-61 to 1964-65 was offset by an increase in net outflows of U.S. capital—on both private and Government account. Some of the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

340 FEDERAL RESERVE BULLETIN □ APRIL 1968 worsening on goods and services since then has been offset by a marked increase in the rate of inflow of foreign private capital. Such inflows have included heavy foreign purchases of U.S. cor­ porate securities and large placements in this country of foreign liquid funds, including funds obtained in the Euro-dollar market by the foreign branches of U.S. banks and made available to their domestic head offices. In part the inflow of liquid funds in 1966 and 1967 reflected substantial shifting out of sterling for con­ fidence reasons, and such movements should subside, or even be reversed, as the U.K. payments position improves. Meanwhile, the net outflow of U.S. capital has leveled off since the mid-1960’s, partly as a result of the interest equalization tax (IET) and of officially sponsored programs of voluntary restraint on private flows. The more stringent restraints that took effect on January 1 of this year will temporarily reduce outflows further. But experience suggests that when these temporary restraints are relaxed, net outflows of U.S. private capital will tend to grow again—unless large and permanent changes in credit conditions, including the relative levels of interest rates here and abroad, will have occurred by then. Thus a marked, sustained improvement in the U.S. balance of payments will ultimately have to be achieved for the most part in the current account. Merchandise trade, in particular, bulks so much larger than any other item in the payments accounts that a return toward over-all equilibrium can hardly be envisaged without a substantial recovery and further improvement in the trade surplus. To attain this improvement, both an early and significant easing of inflationary pressures in this country and continued vigorous economic expansion abroad will be neces­ sary. MEASURING PAYMENTS The international transactions of the United States, though large TRENDS in absolute amount, are small relative to the size of the U.S. economy. For example, exports of goods and services equaled only 5.8 per cent of GNP in 1967, and the net outflow of U.S. private capital equaled only 6.6 per cent of total funds raised in U.S. credit markets. Measures of the payments imbalance—the difference between certain international receipts and certain international payments —have been described as “a margin on a margin,” and they tend to fluctuate widely from quarter to quarter, as do the separate elements that contribute to them. Short-term fluctua- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TRENDS IN INTERNATIONAL TRANSACTIONS 341 Changes in CURRENT TRANSACTIONS since 1964-65 tend to 1 widen U.S. balance of payments deficit, but rising inflows of foreign capital act as offset BSK«BM<M»BWW!eaitHSiSiaa®e3KOiW»a^ii^{j^®«»6B»^^#fr^fi.uwJ«1m*sis<»siw*s^^ BILLIONS OF DOLLARS CURRENT TRANSACTIONS GOODS & SERVICES GOODS & SERVICES (INCLUDING REMITTANCES AND PENSIONS) GOVERNMENT (EXCL PREPAYMENTS! PRIVATE FLOWS OF FOREIGN CAPITAL OTHER IEXCL. RESERVESl COMMERCIAL BANKS BALANCE (OFFICIAL SETTLEMENTS BASIS. EXCL DEBT PREPAYMENTS) For notes see p. 361. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

342 FEDERAL RESERVE BULLETIN □ APRIL 1968 tions in international transactions may result from the lumpiness of individual transactions, from events such as port strikes, and from a bunching of random fluctuations. In addition, international transactions are subject to the longer swings of business cycles here and abroad and to the still longer swings caused by wars and their aftermath. And sometimes international transactions are affected markedly by changes in Government economic policies intended to bear on these transactions in particular—for example, changes in agricultural price supports or subsidies, and imposition of quotas or taxes on imports or of restraints on capital flows. Given these fluctuations, the measurement of longer-run trends in international payments is very difficult. Nevertheless, over a sufficiently long period some meaningful analysis of trends is possible and is essential to the proper formulation of policies for balance of payments adjustment. An effort is made here to assess payments trends over the period beginning with 1960. For the various main classes of inter­ national transactions, averages for the 2-year periods 1960-61, 1964-65, and 1966-67 are compared. An effort is then made to evaluate the extent to which these averages are representative of longer-run trend levels—-after taking account of the special influ­ ences known to have been present during those periods. Particular attention is focused on the latest period, in an effort to assess the current payments problem and to determine in what direction constituent elements of the balance of payments may be moving. OFFICIAL SETTLEMENTS DEFICIT The measure of the over-all payments imbalance used here is the balance measured on the official reserve transactions basis —adjusted, however, to exclude nonscheduled repayments of U.S. Government credits and, in 1965-67, liquidations by the United Kingdom of holdings of U.S. securities other than Treasury issues. Exclusion of U.S. receipts of debt prepayments somewhat overstates the average level of the deficit but permits a better assessment of underlying trends; these repayments would ulti­ mately have been received irrespective of the payments position, but in the particular years during which they were arranged they represented financing of the deficit. Exclusion of security liquida­ tions by the U.K. Treasury has the effect of treating the securities in question as if they had been a part of U.K. official reserves all along. The deficit measured in this way diminished greatly, though irregularly, during the first half of the 1960’s. It was cut by Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TRENDS IN INTERNATIONAL TRANSACTIONS 343 more than half, from $2.7 billion in 1960-61 to $1.3 billion in 1964-65 (Table 1), and these values seem roughly representa­ tive of the general trend over this period. If anything, the underlying improvement may have been some­ what larger than these figures indicate, inasmuch as U.S. imports were held down during the 1960-61 period by a domestic re­ cession, whereas in 1964-65 the economy was approaching full employment. Against this it may be argued that outflows of U.S. private capital were being temporarily restrained in 1964­ 65, first by application of the IET to transactions in certain foreign securities and loans, and after February 1965 by exten­ sion of the IET to most long-term bank loans and by adoption of the voluntary programs to restrain outflows. But there had been an enormous spurt in outflows of U.S. capital during 1964 and early 1965 in anticipation of the imposition of additional restraints. Thus for these 2 years together the average flow may not have been much smaller than it would have been without either new restraints or an anticipation of them. Since 1965, when the Vietnamese war expanded, the payments deficit has risen. While the figures for the official settlements defi­ cit showed a further reduction in the year 1966, the decrease re­ flected a very large and unsustainable inflow of liquid funds—a total of $2.7 billion—from commercial banks abroad in that year. This inflow was related to the flight from sterling as well as to the unusual demands of U.S. commercial banks when market rates of interest in the United States rose above Regulation Q ceilings and liquidity pressures drove the banks to bid aggressively through TABLE 1 OFFICIAL SETTLEMENTS DEFICIT, 1960-61 TO 1966-67 (Annual averages in billions of dollars) Item 1960-61 1964-65 1966-67 Balance on official reserve transactions basis (as published).................................................... -2.38 -1.43 -1.59 Less: Nonscheduled repayments of U.S. Govt. credits................................................... .37 .17 .22 U.K. transactions in U.S. securities other than Treasury issues, 1965-67 1................. -.26 -.28 Balance on official reserve transactions basis, adjusted................................................. -2.75 -1.34 -1.52 1 Includes transactions—believed to have been relatively small—by private U.K. holders as well as those by the U.K. Treasury. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

344 FEDERAL RESERVE BULLETIN □ APRIL 1968 their foreign branches for Euro-dollar deposits. In other trans­ actions the position worsened from 1965 to 1966. And in 1967 the official settlements balance deteriorated sharply as inflows of liquid funds from banks were halved, outflows of U.S. capital accelerated, and the balance on goods and services shrank further. Whether the 1966-67 average deficit of $1.5 billion—only slightly larger than the 1964-65 average—is representative of the magnitude of the balance of payments problem in the recent past or whether it tends to understate the problem is a question that must remain open until the period recedes farther into his­ tory. The answer depends in part on the analytical view taken of the effects of the temporary restraints on capital flows and of the Vietnam war. But what is unmistakably clear is that the trend from 1964-65 to 1966-67 was toward a larger deficit—reversing the gains of the earlier 1960’s. Indeed, for the year 1967 alone, the deficit on the measure used here was $2.9 billion, the largest since 1962. It was this worsening that necessitated the new pay­ ments program announced on January 1. CURRENT TRANSACTIONS _ TT o , . . ■ • , The U.S. surplus on goods and services increased from an annual average of $4.8 billion in 1960-61 to $7.7 billion in 1964-65, but it then fell back to $5.0 billion in 1966-67 (Table 2). Net unilateral transfer payments (other than U.S. Government grantsin-aid, which are considered below as part of U.S. Government capital flows) increased gradually over the period from $0.7 billion a year to $1.1 billion. On all these current transactions combined, the surplus averaged only $3.8 billion in 1966—67, a little smaller than in 1960-61. In the interim, the surplus had risen and then fallen by nearly $3 billion. This variation is attributable almost entirely to changes in the rate of growth of imports of goods and services, especially of goods. Export receipts advanced fairly steadily throughout the period, though by amounts that were disappointing in view of the payments adjustment that was needed. Exports of goods and services. Exports of goods and services increased at a rate of about 8 per cent a year both early in the 1960’s and more recently (Table 3). For merchandise exports alone the rate of advance was a little slower—about 7 per cent— and would have been slower still had there not been a sharp advance in automotive exports to Canada as a result of the U.S.- Canadian automotive agreement of 1965. While the increase in merchandise exports was fairly steady, it fell slightly short of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TRENDS IN INTERNATIONAL TRANSACTIONS 345 matching the growth rate of the rest of the world’s imports; hence the United States did not quite maintain its share in export mar­ kets abroad. To determine whether the slippage reflected a general loss of competitiveness or special circumstances affecting the de­ mand for particular products would require a detailed study. The TABLE 2 U.S. BALANCE OF PAYMENTS, 1960-67 (In billions of dollars) Average for— Change 1960-61 1964-65 Item 1960-61 1964-65 1966-67 to to 1964-65 1966-67 Exports of goods and services 1.................... 28.0 38. 1 44.4 + 10.1 +6.2 Merchandise, excl. military......................... 19.7 25.8 29.8 +6.0 + 4.0 Military sales.................................................... .4 .8 1 .1 + .4 + .3 Investment income 2...................................... 3.6 5.6 6.5 + 2.0 + .9 Other services................................................... 4.2 5.9 7.0 + 1.7 + 1.1 Imports of goods and services....................... -23.2 -30.4 -39.4 -7.2 -9.0 Merchandise, excl. military......................... -14.6 -20.0 -26.2 -5.4 -6.2 Military expenditures..................................... -3.0 -2.9 -4.0 +.1 -1.1 Investment income 2..................................... -1.0 -1.6 -2.2 -.6 -.6 Other services................................................... -4.5 -5.9 -7.0 -1.3 -1.1 Balance on goods and services 1 4.8 7.7 5.0 + 2.9 -2.8 Merchandise, excl. military......................... 5.1 5.7 3.6 + .6 -2.2 Military sales and expenditures.................. -2.7 -2.1 -2.9 + .6 -.9 Investment income 2..................................... 2.6 4.0 4.3 + 1.4 + .3 Other services................................................... -.3 .0 -.0 + .3 -.0 Remittances and pensions, net.................. -.7 -1.0 -1.1 -.3 -.2 U.S. Govt, grants 3 and capital, net, excl. nonscheduled repayments....................... -3.1 -3.6 -4.0 -.5 -.4 U.S. private capital, net.................................... -4.0 -5. 1 -4.8 -1.1 + .3 Direct investments 2...................................... -1.6 -2.9 -3.3 -1.3 -.4 Foreign securities............................................ -.7 -.7 -.9 -.0 -.1 Claims reported by banks............................ -1.2 -1.2 -, | + .0 + 1.1 Other claims..................................................... -.5 -.3 -.6 + .2 -.3 Foreign capital, excl. reserve transactions 4 and changes in U.S. liabilities to commercial banks abroad................................ .9 .6 2.0 -.3 + 1.4 Errors and omissions, net................................ -.9 -.7 -.4 + .2 + .2 Balance of items above...................................... -3.1 -2. 1 — -3.5 — + —-- 1 -- . - 0 -- .— - . — 1 - . — 4 Change in U.S. liabilities to commercial banks abroad.............................................. .4 .8 2.0 + .4 + 1.2 Balance financed by official reserve transactions4and nonscheduled repayments of U.S. Govt, credits...................................... -2.7 -1.3 -1.5 + 1.4 -.2 Financed by: Decline (+) in U.S. reserve assets.............. 1.4 .7 .3 -.7 -.4 (of which gold)........................................... (1.3) (.9) (.9) (.4) (-.0) Increase (+) in U.S. reserve liabilities 4.. 1.0 .5 1.0 -.5 + .5 Nonscheduled repayments of U.S. Government credits................................... .4 .2 .2 -.2 + .0 1 Excluding transfers under military grants, 2 Excluding undistributed earnings of subsidiaries. 3 Excluding military grants. 4 U.K. liquidations of U.S. securities other than Treasury issues in 1965-67 are treated as official reserve transactions (see text and Table 1). Thus the increase in reserve liabilities shown in the next-tolast line includes not only changes in U.S. liquid and certain nonliquid liabilities to foreign official agencies, as shown in standard balance of payments tables, but also, in 1965-67, changes in U.K. holdings of U.S. securities other than Treasury issues. Note.—Details may not add to totals because of rounding. Changes are computed from unrounded data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

346 FEDERAL RESERVE BULLETIN □ APRIL 1968 evidence on imports given below indicates that there may have been a competitive setback since 1965 of the sort that might well have affected U.S. exports as well as imports. However, some goods in which the U.S. competitive advantage is large are not freely admitted to some foreign markets. They are subject to quotas, unusually stringent health and technical stand­ ards, equalization levies and other special import taxes, market­ ing agreements, and mixing requirements whereby stipulated amounts of local products must be used. Such restrictions have limited U.S. exports of wheat and other grains, tobacco, poultry, IMPORTS of goods and services accelerate, and surplus of 2 EXPORTS narrows RATIO SCALE, BILLIONS OF DOLLARS Illi '63 '65 '67 Four-quarter moving totals of Dept, of Commerce data before seasonal adjustment, plotted at middle of each 4-quarter period. Exports exclude transfers under military grants. Latest points plotted: 4-quarter totals through 1968-Q1 (preliminary). Black lines connect averages for 1960-61, 1964-65, and 1966-67; rates of increase shown in Table 3. and some other agricultural products; and also coal and a wide range of manufactured products including computers, autos, heavy electrical equipment, drugs, and fabrics. A relaxation of obstacles to trade by foreign countries with payments surpluses could contribute substantially to the needed international pay­ ments adjustment. The merchandise export figures for each of the three periods shown in Table 2 were affected by business cycles and other de­ mand conditions abroad in diverse ways. Slack business condi­ tions in some continental European countries in 1966-67 had an Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TRENDS IN INTERNATIONAL TRANSACTIONS 347 TABLE 3 RATES OF CHANGE IN CURRENT TRANSACTIONS, 1960-61 TO 1966-67 ' (Per cent per annum) 1960-61 1964-65 1960-61 Item to to to 1964-65 1966-67 1966-67 Exports of goods and services 2......................... 8.0 7.9 8.0 Merchandise, cxcl. military............................. 6.9 7.6 7.1 (Excluding automotive to Canada)................ (6.7) (6.4) (6.6) Military sales................................................... 21.0 15.4 19.3 Investment income 3........................................ 11.5 7.5 10.2 Other services.................................................. 8.7 8.6 8.6 (Travel)........................................................ (8.5) (11.5) (9.5) (Fees and royalties from direct investments) (18.0) (13.7) (16.5) Imports of goods and services............................ 7.0 13.8 9.2 Merchandise, excl. military............................ 8.2 14.4 10.2 (Excl. automotive from Canada).................... (8.0) (12.1) (9.4) Military expenditures.................. ................. -1.1 17.7 4.8 Investment income -1....................................... 11.4 16.9 13.2 Other services.................................................. 6.7 8.9 7.4 (Travel)......................................................... (7.1) (12.0) (8.7) Remittances and pensions, net........................... 7.9 9.3 8.3 1 For dollar figures, see Table 2. 2 Excluding transfers under military grants. 3 Excluding undistributed profits of subsidiaries. adverse effect on U.S. exports. On the other hand, there was un­ usual, partly cyclical, strength of demand for imports in a number of other important markets for U.S. goods, including the United Kingdom, Japan, and Canada. And while U.S. domestic demand pressures that might have hampered exports were stronger in both recent periods than in 1960—61, so too were the correspond­ ing pressures in the latter group of foreign countries. Receipts of investment income have grown less rapidly in recent years than before, and they may have been somewhat below trend in 1966-67 because of the business slowdown in continental Europe. Receipts from foreign travelers, on the other hand, have increased faster since 1964-65 than before, despite the adverse effect of EXPO 67 on receipts from Canadians in 1967. Receipts from military sales and from direct investment fees and royalties have increased much more rapidly than exports of other goods and services during the 1960’s, particularly in the early part of the decade when the dollar amounts were rela­ tively small. In recent years each of these two items has exceeded $1 billion a year and has continued to rise by more than 13 per cent a year. Imports of goods and services. The rate of advance in imports of goods and services doubled after 1964-65, from 7 per cent Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

348 FEDERAL RESERVE BULLETIN □ APRIL 1968 a year—about in line with the rise in GNP—to 14 per cent a year (Table 3). Part of this change resulted from the sharp upturn in military expenditures abroad in connection with the war in Vietnam. But it is worth noting that, in dollar terms, the increase of $1.1 billion in the annual rate of military spending in foreign countries from 1964-65 to 1966—67 was only one-sixth as large as the increase in merchandise imports. And over the whole period from 1960-61 to 1966-67, military expenditures abroad increased by less than 5 per cent a year, whereas merchandise imports increased by more than 10 per cent a year. TABLE 4 TWO IMPORT BOOMS COMPARED Merchandise imports Capacity Period utilization Billions Per cent rate in of of mfg. dollars GNP (per cent) Korean war: 1949................ 6.88 2.68 80.2 1950................ 9.11 3.20 90.4 1951................. 11.20 3.41 94.0 1952................ 10.84 3.14 91.3 1953................ 10.99 3.01 94.2 Vietnamese war: 1964................ 18.62 2.94 85.7 1965................ 21.47 3.14 88.5 1966................ 25.51 3.43 90.5 1967................ 26.98 3.44 85.1 1968—QI........ 1(30.9) >(3.74) 1(84.1) 1 Imports at seasonally adjusted annual rate, based on data for January and February and an estimate for March. Estimates of GNP and capacity utilization are preliminary. The surge of merchandise imports since 1965 is not easily explained. To find even a rough parallel, one must go back to the period following the currency devaluations of 1949 and the outbreak of the Korean war in 1950. But on that occasion, im­ ports peaked in 1951 and were slightly lower in each of the next 3 years, even though domestic demand pressures remained strong, with the capacity utilization rate in manufacturing exceeding 90 per cent through 1953 (Table 4). In the recent period, in con­ trast, imports leveled off only briefly during the spring and summer of 1967 and have since resumed their rapid advance despite a decline in the capacity utilization rate to about 84 per cent. Part of the recent extraordinary expansion in imports reflects a massive shift in the international structure of the automotive Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TRENDS IN INTERNATIONAL TRANSACTIONS 349 Imports of MOTOR VEHICLES and parts from Canada and other countries rise much faster than domestic shipments s®(i!»SBeraHH!i«MfflaiBBMewaat^^ Dept, of Commerce quarterly data at seasonally adjusted annual rates. Lower and upper edges of white area indicate what the level of imports of automotive equipment would have been at any time if they were 1 and 4 per cent, respectively, of total manufacturers’ shipments of motor vehicles and parts. Latest data: fourth quarter 1967 for shipments; January-February 1968, for imports, with seasonal adjustment estimated by Federal Reserve. industry as a result of the U.S.-Canadian automotive agreement of 1965. Imports of autos and parts from Canada (Chart 3) in­ creased from almost nothing in 1964 to $1.25 billion a year in 1966-67, and to a rate of more than $2 billion early in 1968. (There was a rapid but only partly offsetting rise in automotive exports to Canada.) But even apart from Canadian automotive goods, imports of other goods increased at a 12 per cent average annual rate from 1964-65 to 1966-67 and by 14 per cent from early 1967 to early 1968. The accelerated growth of imports since 1964-65 has occurred throughout the whole range of manufactured products. There has been a particularly marked acceleration in the rate of growth of imports of capital equipment and of automobiles (even apart from Canadian autos). As Charts 3 and 4 show, imports of these goods have also risen much faster than domestic expenditures on such goods since 1964-65. The increase in imports of manufac­ tured consumer goods other than autos—food and nonfood, durable and nondurable—has also speeded up. For industrial supplies and materials, the increase in imports since 1964-65 appears to have been somewhat more rapid than earlier in the decade, especially when allowance is made for effects of business cycles. Over a longer period, as shown in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

350 FEDERAL RESERVE BULLETIN □ APRIL 1968 Chart 5, such imports have about kept pace with total domestic spending on goods and structures. In the recessions of 1954, 1958, and 1960—and also during the period 1961-64—they were relatively low compared to domestic expenditures. They rose rapidly in 1965 and 1966, and remained high in 1967. Imports of metals have been particularly heavy in the past two or three years. Imports of nonferrous metals increased at a 14 per cent rate from 1964-65 to 1966-67, nearly twice as fast as before. Steel imports were already very large in 1965, in anticipation of a strike that did not occur; over the 1960’s to date the value of steel imports has increased at an average rate of nearly 20 per cent a year. PRODUCERS' DURABLE EQUIPMENT IMPORTS i 1 i ii i i iiii f l i i 1953 1955 1957 1959 1961 1963 1965 1967 Dept, of Commerce quarterly data at seasonally adjusted annual rates. Data for both imports and domestic expenditures exclude automotive equipment. Lower and upper edges of white area indicate what the level of imports of capital equipment would have been at any time if they were 1 and 4 per cent, respectively, of total outlays for producers’ durable equipment. Latest data: fourth quarter of 1967 for outlays; January-February 1968 for imports, with seasonal adjustment estimated by Federal Reserve. Part of the surge in imports of manufactured goods and metals in 1966—67 seems to have been attributable to cyclical factors. U.S. demand pressures were acute in 1966. But they were much less pressing in 1967; if one averages the 2 years, both the capacity utilization rate in manufacturing, at 88 per cent, and the unem­ ployment rate, at 3.8 per cent, were not far from levels that it might be hoped could be sustained over the long run. Abroad, demand was relatively slack in a number of European countries, notably Germany, in 1966-67, and this may have stimulated efforts to sell here. But in several other countries that together provide an important share of U.S. imports—including Canada and Japan—domestic demand was strong. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TRENDS IN INTERNATIONAL TRANSACTIONS 351 Imports of INDUSTRIAL SUPPLIES in late 1967, as in 1966, are 5 high relative to GNP spending on goods and structures BILLIONS OF DOLLARS, RATIO SCALE RATIO SCALE, BILLIONS OF DOLLARS after a dip in 1967 paralleling the pause in INVENTORY INVESTMENT NET CHANGE IN INVENTORIES Dept, of Commerce quarterly data at seasonally adjusted annual rales, Lower and upper edges of white area indicate what the level of imports of industrial supplies would have been at any time if they were 2 and 3 per cent, respectively, of total GNP expenditure for goods, including changes in inventories, and structures. Latest data: fourth quarter of 1967 for GNP expenditures; January-February 1968 for imports, with seasonal adjustment estimated by Federal Reserve. It may be that the specific demands associated with the Vietnam war bear heavily on particular industries, especially in the ma­ chinery and metals sectors. But heavy importing of many such products, notably autos and iron and steel products, persisted in 1967 when there was considerable domestic slack in these very industries. A considerable range of U.S. goods may have become some­ what less competitive since 1965 than they were before. To some extent this may be a matter of price. Average wholesale prices of manufactured goods in this country have risen faster than similar prices in other countries since 1965, after a period of slower rises earlier. When prices of particular items here are compared with prices of similar items in particular countries—notably prices of machinery in Germany—-the comparison is exceptionally adverse; prices in Germany have actually declined since 1966. But for some products—automobiles, for example—the problem may in­ volve not only prices but also design. If this hypothesis about a deterioration in competitiveness is Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

352 FEDERAL RESERVE BULLETIN □ APRIL 1968 correct, some part of the very rapid rise in merchandise imports since 1965 should be thought of not as a temporary aberration but as a new trend that can be changed only slowly and with difficulty. Adoption of policies to slow the inflation of costs and prices in this country, and the resumption of vigorous economic advance in Germany and other continental European countries, will gradually bring the import advance to more manageable pro­ portions, but may not be able to brake it quickly. Other elements of imports of goods and services appear to have been somewhat above trend levels in recent years. Military spend­ ing is the most obvious case. While it is difficult to apply the con­ cept of a trend here since the course of the Vietnam war cannot be predicted, some reduction in such spending from recent levels would presumably follow an ending or deescalation of the Vietnam war. However, there might be some offsetting reduction in exports to those Asian countries whose foreign exchange receipts would decline. For two other elements—spending on foreign travel by U.S. residents and payments of income to foreigners on their invest­ ments in the United States—the advance was more rapid from 1964-65 to 1966-67 than it is likely to be over the long run. In the former case the rise reflected the 1967 bulge in travel to Canada because of EXPO 67. The jump in payments of invest­ ment income reflected the unusally sharp upward adjustment in U.S. interest rates since 1965. Finally, net remittances and pension payments were somewhat above trend in 1966-67 as a result of exceptionally large remittances to Israel last year following the Middle East war. Because of these special circumstances, the 1966-67 average balance on goods, services, and remittances of a little less than $4 billion was perhaps somewhat smaller than present long-run trends would have produced. Moreover, the rapid deterioration in current transactions between 1964-65 (when the balance was nearly $7 billion) and 1966-67 is unrepresentative of the rate of change to be expected over a longer period; imports are not likely to continue rising so rapidly. Nevertheless, there has been a substantial deteri­ oration, in contrast to the improvement achieved earlier in the decade. OUTFLOWS OF U.S. PRIVATE CAPITAL Net outflows of U.S. private capital have increased only moder­ ately in the 1960’s—from $4.0 billion a year in 1960-61 to $4.8 billion a year in 1966-67, although they were somewhat higher Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TRENDS IN INTERNATIONAL TRANSACTIONS 353 in 1964-65. Outflows have been limited since 1963 by the IET and since early 1965 by the restraint programs administered by the Federal Reserve for financial institutions and by the De­ partment of Commerce for nonfinancial businesses—programs that are intended to be temporary. But the extent to which outflows were restrained by these pro­ grams may not have been very large in 1966-67. Tight monetary conditions in the United States and slack demands in some bor­ rowing countries were perhaps more important constraints on flows of bank credit than was the Federal Reserve restraint pro­ gram. The Commerce Department’s program to restrain net direct investment outflows worked largely by stimulating U.S. corporate borrowing abroad—discussed below as a type of foreign capital movement—rather than by reducing gross outflows. This increase in foreign borrowing by U.S. corporations, and also the increase in borrowing by the foreign subsidiaries themselves, which did re­ duce gross outflows, may prove more lasting than the restraint programs. It has always been clear that part of the required ad­ justment in international payments would have to come through increased European financing of capital investment in Europe and elsewhere. The restraint programs to some extent may have speeded up what would in any case have been a natural evolution. Direct investment outflows as recorded in the balance of pay­ ments increased throughout the period from 1960-61 to 1966-67; however, if the foreign borrowing referred to above is deducted, there has been no increase since 1964-65. Bank-reported credit flows have dropped sharply since 1964-65. Net transactions in foreign securities and in all other claims have not shown large changes. Direct investments. The outflow of direct investment capital has shown a strong upward trend ever since the mid-1950’s, but with a pronounced bulge in 1956-57 during a worldwide invest­ ment boom and with a smaller one in 1965-66 when automotive investments in Canada were especially large. The rate of outflow doubled between 1960-61 and 1966-67, reaching an annual average of $3.3 billion in these last 2 years. But the increase was considerably faster up to 1964-65 than it has been since. Indeed, if one deducts the use of funds obtained abroad by U.S. corpora­ tions through the issue of new securities for this purpose, there has been no further increase in net outflows from the $2.9 billion average of 1964-65 (Table 5). The 1964-65 average level, like that of 1960-61, may have Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

354 FEDERAL RESERVE BULLETIN □ APRIL 1968 been fairly representative of longer-term trends. The restraint pro­ gram announced in February 1965 held down outflows later that year by inducing additional borrowing by foreign subsidiaries, but there had been a bulge in outflows in late 1964 and early 1965 in anticipation of possible controls on such flows. TABLE 5 OUTFLOWS OF DIRECT INVESTMENT BY AREA, 1960-61 TO 1966-67 1 (Annual averages, in billions of dollars) Area 1960-61 1964-65 1966-67 All areas, as shown in balance of pay­ ments............................................... 1 .64 2.93 3.28 (Net of use of funds borrowed abroad by U.S. corporations through new security issues)............................. (1.64) (2.90) (2.92) W (N e e s t te o r f n u E se u r o o f p e fu .. n .. d ... s .. .. b .. o ... r . r .. o .. w ... e ... d .. ... a .. b .. r .. o .. a ... d .. —.84 — 1. ' 4 — 3 --1--.-6--7 by U.S. corporations through new security issues 2).................................. (.84) (1.41) (1.30) United Kingdom....................................... .39 .27 .37 European EconomicCommunity .28 .83 .99 Other Western Europe........................... . 17 .34 .31 Canada.............................................................. .38 .58 .74 Other areas, total. ........................................ .42 .91 .88 Japan............................................................. .02 .05 .03 Australia, New Zealand, South Africa .06 .16 .25 All other..................................................... .34 .71 .60 1 Excludes undistributed profits of subsidiaries. 2 This calculation assumes that sums borrowed abroad were used in Europe. How much of the leveling off since 1965 should be attributed to the restraint program and how much to other forces is not clear. These other forces would have included the less buoyant economic growth and growth prospects in Western Europe, a possible wan­ ing of the bulge in investment that was occasioned by the forma­ tion of the Common Market in 1958, and the slow improvement of capital and credit market facilities in Europe, which might have led to some additional foreign borrowing by U.S. subsidiaries even without the incentives provided by the Commerce Department’s program. The evidence suggests that there would have been some leveling off in these capital outflows even without the program. One reason for this is that the rate of return on capital invested in manufactur­ ing has been declining abroad but rising here. Flows of direct in­ vestment capital to less developed areas, to which Commerce Department restraints did not apply in 1966-67, rose sharply during the early 1960’s but not from 1964-65 to 1966-67. The increase shown in Table 5 for Canada from 1964—65 to 1966—67 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TRENDS IN INTERNATIONAL TRANSACTIONS 355 actually occurred in 1965-66 when the automotive industry was restructured between the two countries; the investment flow to Canada dropped sharply in 1967. Bank credit. The flows of credit to foreigners that are reported by U.S. banks have shown considerable volatility during the 1960’s. Short-term lending to Japan bulged to such an extent in 1960-61 that total bank-reported outflows in that period, at an average of $1.2 billion a year (Table 6), were probably some­ what above their long-term trend level. TABLE 6 CHANGES IN BANK-REPORTED CLAIMS ON FOREIGNERS > (Annual averages, in billions of dollars; outflows ( —)) Type of claim 1960-61 1964-65 1966-67 All areas, as shown in balance of pay­ ments............................................... -1.20 -1.19 -.10 Long-term............................................ -.14 -.59 + .31 Short-term.................................................. -1.06 -.60 -.41 Japan, total..................................................... -.58 -.29 -.02 Long-term................................................... -.08 + .13 Short-term.................................................. -.58 -.21 -.15 Western Europe, total................................ -.18 -.36 + .40 Long-term................................................... -.06 -.24 + .41 Short-term.................................................. -.11 -.12 -.02 Canada, total,............................................... 13 + .16 -.00 Long-term................................................... 4-.02 -.00 -.03 Short-term.................................... -.14 + .16 + .03 Other areas, total......................................... -.32 -.70 -.47 Long-term................................................... -.09 -.27 -.21 Short-term.................................................. -.23 -.43 -.27 Includes claims held for account of customers. During 1964 and early 1965 there was another sharp bulge, this time in term-lending by the banks, particularly to Western Europe, where credit conditions were tightening more sharply than in this country. Such loans were bunched in anticipation that the IET would be broadened so as to apply to over-1-year, non­ expert loans to developed countries—as was in fact done in Feb­ ruary 1965—and that other controls might be introduced. How­ ever, the 1964-65 average for bank-reported outflows, at $1.2 billion a year, may be fairly representative of the underlying trend levels for such flows at that time, since it averages the 1965 restraint period with the anticipatory bulge that preceded it. The sharp reduction in bank-reported outflows since 1964-65, to almost zero in 1966-67, was partly the result of the broadening of the IET; this is seen most clearly from the fact that during this period new term loans to Western European and Japanese bor- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

356 FEDERAL RESERVE BULLETIN □ APRIL 1968 rowers were much less than the repayments on outstanding loans. But more general economic forces, notably the sharp tightening of monetary conditions in the United States, have also been an important influence, as is evident from the decline in short-term lending to all areas, and in medium-term lending to less developed countries, neither of which is subject to the IET. The Federal Re­ serve program was another restraining influence. This year the Federal Reserve program has been tightened with a view to producing an actual reflow of credit, especially from Europe, and it has already, during the first quarter of 1968, had a decisive effect in this direction. Both this year’s reflows and the net repayments of term loans during 1966-67 must be regarded as temporarily favorable ele­ ments in the balance of payments. Outstanding credits cannot, as a matter of arithmetic, be reduced indefinitely; furthermore, the growth of the world economy and of U.S. trade are likely to re­ quire some renewed expansion of U.S. bank credit to foreigners over the long run. On the other hand, until there have been large changes in other international transactions, the United States can­ not afford to lend at low interest rates on the exuberant scale of the early 1960’s. Whether through continuation of the IET and other selective restraints or as a result of the more pervasive influ­ ence of changing relative credit conditions here and abroad, U.S. bank lending to foreigners will probably continue to be held down for some time. Hence the decline in outflows from 1964-65 to 1966-67 is symptomatic of a lasting shift in trends. While bank credit outflows cannot long remain as small as in 1966-67, they may not regain 1964-65 levels for many years to come. Foreign securities. When the IET was enacted, effective from mid-1963, its main effect was expected to be to inhibit new security issues in the United States by developed countries other than Can­ ada. Such issues had been small in 1960-61 but had begun to in­ crease sharply in 1962-63. The IET has been successful in pre­ venting any substantial volume of such issues. Nevertheless, total purchases by U.S. residents of new foreign issues have continued to advance rapidly, from an average of $0.5 billion in 1960-61 to $1.1 billion in 1964-65 and to $1.4 billion in 1966-67, as exempt borrowers—notably Canada and the World Bank (IBRD), but also a growing number of less developed countries—have stepped up their offerings. The IET had an unexpectedly large effect, however, on trans- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TRENDS IN INTERNATIONAL TRANSACTIONS 357 actions in outstanding foreign securities. Purchases by U.S. resi­ dents of such securities exceeded sales by $0.3 billion a year in 1960-61. But by 1964-65 the rate of purchases had fallen to $0.2 billion less than sales. This net liquidation of holdings continued through 1966, but was reversed in 1967. The 1966-67 average—a net outflow of $0.9 billion—for all U.S. transactions in foreign securities may have been about on trend. The volume of new issues was swollen by unusually large issues by Israel in connection with the Middle East crisis. On the other hand, redemptions by Canada of issues held by U.S. residents were artificially speeded up as Canada acted to reduce reserve gains in accordance with the Canadian-U.S. reserve agreement as­ sociated with Canada’s exemption from the IET. Finally, net liquidations of existing foreign holdings by U.S. residents were small, taking the 2 years together, as they are also likely to be over the long run. The moderate increase in net outflows from $0.7 billion in 1964-65 to $0.9 billion in 1966-67 seems roughly indicative of likely trends. Payments for Canadian and IBRD issues are domi­ nant in these flows and are likely to remain so as long as the IET is in effect. For Canada, the United States is overwhelmingly the main source of foreign capital, and while the IBRD has sought gradually to increase the non-U.S. share of its financing, further shifting in this direction may be difficult. Hence the net outflow of U.S. funds into foreign securities seems likely to increase in line with general economic growth trends, rather than either to decline or to increase at a very rapid pace as is possible for those kinds of capital flows that may include a large element of portfolio stock adjustment. U.S. NONMILITARY GRANTS AND CAPITAL The net outflow of U.S. Government grants and capital (exclud­ ing both military grants and receipts of nonscheduled repayments) has increased gradually from $3.1 billion a year in 1960-61 to $4.0 billion a year in 1966-67. Gross outflows have risen more, from $3.7 billion to $4.9 billion, but scheduled repayments have also been rising. Early in the 1960’s the main increases came in connection with farm surplus programs and with loans under the Foreign Assist­ ance Act. In 1966-67, however, the latter were no larger than in 1964—65, and food-surplus aid had fallen back to 1960-61 levels. The recent increase has been concentrated in Export-Import Bank Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

358 FEDERAL RESERVE BULLETIN □ APRIL 1968 lending, which rose from less than $0.5 billion a year in 1964-65 to more than $ 1.0 billion in 1966-67, primarily in connection with exports of military equipment and commercial jet aircraft. Even including Export-Import Bank lending, much of which is quasi-commercial in character, these Government outflows have not advanced so rapidly as total GNP, nor so rapidly as interna­ tionally agreed targets for foreign aid would seem to require. It would therefore seem prudent, in assessing balance of payments trends and prospects, to regard the gradual increase in outflows of Government grants and capital so far during the 1960’s as representative of a trend that is likely to persist, and which indeed it would be desirable to steepen at some future time when the over-all payments position permits. FOREIGN CAPITAL INFLOWS One of the most striking changes that has occurred in the pattern of international payments during recent years has been the large increase in net inflows to the United States of foreign capital (other than foreign official reserves). In total, these inflows have increased from $1.2 billion a year in 1960-61 and only slightly more in 1964-65 to nearly $4.0 billion a year in 1966-67 (Table 7). A substantial part of this increase has represented inflows of liquid funds from commercial banks abroad, including the foreign branches of U.S. banks, which have obtained Euro-dollar deposits and placed funds at the disposal of their head offices. As noted earlier, this inflow reached very large proportions in 1966—67— averaging nearly $2 billion a year. Flows of this proportion are certainly to be regarded as abnormal and susceptible to some reversal. But there has been some increase in foreign banking funds in the United States in almost every year since the mid-1950’s, and this inflow has tended to increase. The average inflow of $0.4 bil­ lion a year in 1960-61 may have been representative of the longer-term trend at that time, and that of $0.8 billion in 1964-65 may have been not far above trend. The recent, much larger in­ flow has, of course, reflected much tighter monetary conditions in the United States than earlier, as well as the movements out of sterling, and the extent to which such funds will be attracted or lost in future years will depend greatly, as before, upon relative levels of interest rates. Liquid funds held directly in this country by nonbank foreigners —as working balances, compensatory balances, life insurance re­ serves, and the like—have also continued to accumulate. The in- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TRENDS IN INTERNATIONAL TRANSACTIONS 359 flow has not increased in recent years, but it has remained remark­ ably steady—around $0.3 billion a year. The inflow was larger in 1 967 than in the previous year, and more than half of the year’s increase occurred in the fourth quarter. A striking increase has occurred in foreign net purchases of U.S. corporate securities—both bonds issued abroad for the purpose of financing direct investment abroad and domestic equity securi­ ties. Net foreign purchases of each category averaged $0.5 billion a year in 1966-67, compared with virtually none in 1964-65. TABLE 7 INFLOWS OF FOREIGN CAPITAL (EXCLUDING OFFICIAL RESERVES'), 1960-61 TO 1966-67 (Annual averages, in billions of dollars) Type of capital 1960-61 1964-65 1966-67 Direct investments........................................ . 1 1 .03 .12 Foreign purchases of’ securities issued abroad by U.S. corporations to finance direct investments abroad . . . . .10 .52 Investments and increases in balances of international institutions ..... .... .38 -.12 - .00 (U.S. Govt, agency securities)......... (.01) (.01) (.18) (Long-term time deposits)................. (-) (.13) (.18) (Liquid assets)....................................... (.37) (-.27) (-.37) Other net foreign purchases of U.S. securities other t han Treasury issues 1 .29 -.07 .53 Other U.S. private nonliquid liabilities. . .07 .16 .48 Nonliquid liabilities of U.S, Govt.......... .06 .18 .03 Total above....................................... .91 .27 1 .67 Liquid liabilities: To commercial banks abroad .............. .36 .79 1.98 To other foreigners.................................. -.04 .32 .30 Total.................................................... 1.23 1 .38 3.95 1 In this table, as elsewhere in this article, official reserves include U.S. securities liquidated by the United Kingdom in 1965-67, and transactions in U.S. securities exclude these liquidations. Data on U.K. liquidations refer to total U.K. transactions, but the net transactions of private U.K. residents are believed to have been relatively small. It is too soon to judge how lasting this new inflow will be. Some of the inflow may reflect the temporary influence of recent stock market movements here and of the 1 966—67 business slowdown in Europe. But to some extent it may have reflected more lasting forces such as the Foreign Investors Tax Act of 1966, the borrow­ ing efforts of U.S. corporations that were stimulated by the Com­ merce Department’s restraint program but that may persist, and changes in European investors’ attitudes. When U.S. corporations were first asked by the Government to borrow abroad, it was feared that foreign purchases of their offshore issues might be financed partly out of liquidations of existing foreign holdings of other U.S. securities. The data do not suggest that this has hap­ pened to any significant extent. In January 1968 foreign purchases Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

360 FEDERAL RESERVE BULLETIN □ APRIL 1968 of U.S. corporate equities increased further, and Euro-bond issues by U.S. corporations were very large in the first quarter. SUMMARY The foregoing analysis of broad developments in U.S. interna­ tional transactions since 1960-61 may be summarized as follows: (1) The payments deficit diminished from 1960-61 to 1964­ 65, but has since increased again. (2) Both the improvement and the subsequent deterioration resulted mainly from changes in current transactions. Part of the recent change in trend resulted directly from an increase in mili­ tary expenditures abroad in connection with the Vietnam war, but a larger part reflected a general acceleration of merchandise im­ ports while exports maintained their earlier rate of advance. (3) Changes in the balance on capital transactions partly offset the changes in the current account. But whereas both the improve­ ment in the current account and the partly offsetting deterioration on capital flows up to 1964-65 can be attributed to underlying economic forces such as changes in aggregate demand and in monetary conditions here and abroad, the recent reduction in net capital outflows—while owing something to changing credit con­ ditions and to growing European demands for U.S. bonds and stocks—has been in significant part the result of influences that are temporary, notably the restraint programs and the weakness of sterling before its devaluation last November. Over the long run, net outflows of capital from the United States probably ought to increase secularly in line with economic growth here and abroad, and are likely to do so even if they are restrained to some extent by selective measures. (4) Thus the urgent need at the present time is for adjustment in the balance on current transactions—first, to halt the deteriora­ tion; and beyond that, to achieve a larger and growing surplus. PRESENT SITUATION Through early 1968, it could not be said that the need for improve­ ment of the current-account surplus had yet begun to be met. In­ deed, the balance on merchandise trade has deteriorated further, falling to an annual rate of about $1.5 billion in the 5 months through February 1968, as imports turned up sharply in the autumn of 1967 whereas the export upturn did not follow until the year-end. The balance on nontrade current transactions may have improved since last fall, mainly because the travel account with Canada is likely to have improved since EXPO 67 closed, and also because remittances to Israel have diminished from the un- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TRENDS IN INTERNATIONAL TRANSACTIONS 361 usually high rate of last summer. However, these factors have been outweighed by the worsening in the trade balance. Net exports of goods and services together have been estimated at an annual rate of only $2.6 billion (preliminary) in the first quarter of 1968, compared with a 1966-67 average of $5.0 bil­ lion and a 1964-65 average of $7.7 billion. Much of the drop from the 1966-67 average—perhaps half of it—can be ascribed to temporary factors affecting merchandise trade: a swelling in net imports of copper and steel in the latest period as a result of actual or anticipated strikes; a bunching of imports of coffee to replenish low inventories; a catching-up of petroleum imports de­ layed earlier; a sharp spurt in automotive imports from Canada; and a port strike in March that hampered exports more than im­ ports. Another factor has been the further rise in military ex­ penditures abroad; these are now running roughly $500 million a year above their 1966-67 average. Apart from these factors, some of the residual deterioration may perhaps be explainable by changing demand conditions here and abroad. Until domestic inflationary pressures—which were raising the average price of goods and services (as measured by the GNP de­ flator) at a rate of 4 per cent per annum in the first quarter—are brought under control, little progress toward the needed improve­ ment can be expected. The President stated in his January 1 bal­ ance of payments proposals that enactment of the tax surcharge was the first order of business, and the need for its enactment remains. Even if domestic demand and cost pressures can be slowed, the adjustment may not come quickly or easily. The attainment of equilibrium in the balance of payments is likely to require, in addition to restraint of demand at home, a vigorous economic expansion in other industrial countries, together with a greater willingness on the part of those countries to let competitive U.S. goods enter their markets. Note to Chart I, p. 341 Four-quarter moving totals of Dept, of Commerce data before seasonal adjustment, plotted at middle of each 4-quarter period. Goods and services exclude transfers under military grants. U.S. Government capital includes nonmilitary grants. Foreign capital defined consistent with the balance on the official reserve transactions basis shown in the bottom panel; hence for­ eign capital includes all liquid and nonliquid foreign capital except changes in U.S. liabilities to foreign official agencies. However, changes in U.K. holdings of U.S. securities other than Treasury issues in 1965-67 are excluded from foreign capital and counted as official reserve transactions. Latest points plotted: 4-quarter totals through 1968-Ql (partly estimated) for goods, services, remittances, and pensions: foreign capital from commercial banks abroad; and official settlements balance. For other items, 4-quarter totals through 1967-Q4. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Quarterly Survey of Changes in Bank Lending Practices Since late 1964 the Federal Reserve System nonfinancial businesses and finance com­ has conducted quarterly surveys to obtain panies. Where policies have changed, the re­ information from large commercial banks spondent is asked to indicate the degree of concerning changes in their nonprice lending change—that is, whether policy has become policies and practices and their appraisal of “moderately” or “much” firmer or easier. Be­ current and anticipated demand for business cause lending policies and practices are in­ loans. Summary statistics covering the four fluenced in part by changes in demand for surveys conducted in 1967 are included in loans or anticipated changes in such de­ this article, and similar statistics will be pub­ mand, questions on demand for business lished each spring in the Bulletin covering loans are also included. surveys made during the preceding calendar The survey focuses on those lending terms year. This information supplements data al­ and conditions that past experience indicates ready available regarding rates of interest are the major avenues banks have used for charged by banks in several major loan cate­ expressing changes in lending policies. These gories. include—with respect to business loans— such basic provisions as compensating bal­ DESCRIPTION OF SURVEY ance requirements, standards of credit wor­ The purpose of the survey is to ascertain thiness, and maturity of term loans as well whether nonprice lending policies of banks as interest rate requirements. The survey also are more restrictive or more lenient than they obtains information on bank policy toward were 3 months earlier or whether they are reviewing credit lines or loan applications for essentially unchanged. Because banks often certain types of customers—established ver­ make their initial adjustments to changes in sus new customers, and local versus nonlocal the cost and availability of loanable funds by service area customers—as well as the im­ making marginal changes in their nonprice portance of the loan applicant’s value as a terms and conditions for lending, informa­ depositor or source of collateral business and tion relative to these adjustments can throw the intended use of the loan proceeds. A sepa­ additional light on bank responses to changes rate and abbreviated set of questions is pro­ in monetary policy and thus be helpful in vided to cover bank policy on loans to fi­ the formulation of monetary policy. The sur­ nance companies. vey is designed to obtain relatively prompt To contribute information on the types of reporting of recent changes in bank lending credit that may be cut back during periods of policies. restraint and to provide some guide as to the The information collected in the survey is order in which such cut-backs take place, essentially qualitative in character. It repre­ banks were asked to indicate any change in sents the judgment of a senior loan officer at their willingness over the 3 months preced­ each respondent bank relative to the policies ing the survey to make certain types of loans: at that bank governing loans to domestic namely, term loans to businesses; consumer 362 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BANK LENDING PRACTICES 363 instalment loans; loans for single-family, ents reported in both the February and May multi-family, and all other mortgages; bro­ surveys that they had eased their policies on kers’ loans; and loans made in participation interest rates on business loans. And a sub­ with a correspondent bank. stantial percentage reported that they had The survey has been confined to the banks eased their policies regarding extending credit that report in the quarterly survey of interest to new customers. rates on business loans. Included are selected Later in the year as the pace of economic banks, located in major financial centers activity accelerated and more banks began throughout the country, that account for to experience some strengthening of loan nearly three-fifths of total business loans out­ demand, and as the overwhelming majority standing at all commercial banks.' Most of of banks began to anticipate still stronger the sample banks operate in the nationwide demands ahead, the balance began to swing market for business loans and are highly toward some firming of lending policies. sensitive to money market conditions and Such a firming was evident in the August changes in monetary policy. Use of the same survey and became more pronounced in No­ sample of banks for which detailed interest vember, when the proportion of respondents rate information on loans to businesses is reporting firmer policies was higher than in available also provides a basis for compari­ August for nearly all policy areas covered by son of the behavior of price (interest rates) the survey. The areas where firming was and nonprice terms of lending to these most pronounced included interest rates borrowers. charged, compensating balance requirements, solicitation of new customers, and the amount REVIEW OF SURVEYS IN 1967 of consideration given to the applicant’s A review of the results of the four surveys value as a depositor or source of collateral conducted in 1967 illustrates how banks re­ business. sponded to changes in the availability of These changes in outlook and policy were funds and the strength of loan demand. Early also reflected in changes in bank willingness in the year, when deposit inflows were large to make particular types of loans. In the first and loan demand generally weak, a signifi­ half of 1967, for example, many banks cant number of banks reported that they had showed increased interest in term loans to eased their lending policies to nonfinancial businesses, consumer instalment loans, and businesses and finance companies. For ex­ mortgage loans on single-family and nonresiample, more than 70 per cent of the respond­ dential properties. After midyear, however, this interest faded somewhat—but less so ' For a more detailed description of the selection of for consumer instalment loans than for other the banks and centers, see “Revision of Quarterly major types. Survey of Interest Rates on Business Loans,” Federal Reserve Buli.i-tin, May 1967, p. 723. (For tables see following page.) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

364 FEDERAL RESERVE BULLETIN n APRIL 1968 QUARTERLY SURVEY—FEBRUARY 1967 CHANGES IN BANK LENDING PRACTICES AT SELECTED LARGE BANKS: POLICY ON FEBRUARY 15, 1967, COMPARED WITH POLICY 3 MONTHS EARLIER Number of banks; figures in parentheses indicate percentage distribution of total banks reporting Much Moderately Essentially Moderately Much Item Total stronger stronger unchanged weaker weaker Strength of demand for commercial anil in­ dustrial loans: 1 Compared' with 3 months earlier............... 133 (100.0) 8 (6.0 78 (58.7) 47 (35.3) Anticipated in next 3 months...................... 133 (100.0) 1 (0.8) 40 (30. 1 74 (55.6) 18 (13.5) Much firmer Moderately Essentially Moderately Much Total policy firmer policy unchanged easier policy easier policy Loans to noiifinaticial businesses: Terms and conditions: 133 (100.0) 33 (24.8) 100 (75.2) Compensating or supporting balances.. 132 (100.0) 1 (O.K) 6 (4.5) 121 (91.7) 4 (3.0) Standards of credit worthiness................ 132 (100.0) 13 (9.8) 118 (89.4) 1 (0.8) Maturity of term loans............................... 132 (100.0) 1 (O.K) 4 (3.0) 118 (89.4) 8 (6.0) 1 0.8) Practice concerning review of credit lines or loan applications: Established customers................................. 133 (100.0) 4 (3.0) 106 (79.7) 22 (16.5) 1 0.8) New customers............................................... 133 (100.0) 3 (2.3) 8 (6.0) 60 (45.1) 58 (43.6) 4 3.0) Local service area customers.................... 131 (100.0) 2 (1.5) 104 (79.4) 23 (17.6) 2 1.5) Nonlocal service area customers............. 130 (l(X).O) 3 (2.3) 8 (6.2) 94 (72.3) 25 (19.2) Factors relating to applicant: 2 Value as depositor or source of collat­ eral business........................................... 132 (100.0) 4 (3.0) 7 (5.3) 117 (88.6) 3 (2.3) 1 0.8) Intended use of the loan............................. 132 (100.0) 3 (2.3) 7 (5.3) 95 (72.0) 25 (IK.9) 2 1.5) Loans to independent finance companies: ’ Terms and conditions: Interest rate charged............................... 133 (100.0) 4 (3.0) 59 (44.4) 70 (52.6) Compensating or supporting balances. . 133 (100.0) 2 (1.5) 5 (3.7) 125 ( 94.0) 1 (0.8) Enforcement of balance requirements. . 133 (100.0) 3 (2.3) 10 (7.5) 120 (90.2) Establishing new or larger credit lines.. 133 (100.0) 6 (4.5) 14 (10.5) 92 (69.2) 20 (15.0) 1 (0.8) Considerably Moderately Essentially Moderately Considerably Total less willing less willing unchanged more willing more willing Willingness to make other types of loans: Term loans to businesses................................. 133 (100.0) 1 (0.8) 1 (0.8) 95 (71.4) 35 (26.3) 1 (0.8) Consumer instalment loans........................... 132 (100.0) 1 (0.8) 8 (6.0) 83 (62.9) 37 (28.0) 3 (2.3) Single family mortgage loans........................ 131 (100.0) 4 (3.1) 4 (3.1) 60 (45.8) 54 (41.2) 9 (6.8) Multifamily mortgage loans.......................... 131 (100.0) 6 (4.6) 3 (2.3) 107 (81.7) 15 (11.4) All other mortgage loans................................ 131 (100.0) 3 (2.3) 7 (5.3) 92 (70.2) 28 (21.4) 1 (0.8) Participating loans with correspondent banks............................................................. 131 (100.0) 1 (0.8) 100 (76.3) 28 (21.4) 2 (15) Loans to brokers............................................... 132 (100.0) 1 (0.8) 3 (2.3) 101 (76.5) 24 (18.2) 3 (2.3) 1 After allowance for bank’s usual seasonal variation. for the purpose of financing dealer inventory and carrying instalment 2 For these factors, firmer means the factors were considered to be loans generated through the sale of the parent company’s products. more important in making decisions for approving credit requests, and easierjneans they were considered to be less important. Note: The number of reporting banks is greater in the February 1 “Independent,” or “noncaptive,” finance companies are finance 1967 Survey than in succeeding surveys because a few banks discon­ companies other than those organized by a parent company mainly tinued reporting after February 1967. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BANK LENDING PRACTICES 365 QUARTERLY SURVEY—MAY 1967 CHANGES IN BANK LENDING PRACTICES AT SELECTED LARGE BANKS: POLICY ON MAY 15, 1967, COMPARED WITH POLICY 3 MONTHS EARLIER Number of banks; figures in parentheses indicate percentage distribution of total banks reporting M uch Moderately Essentially Moderately Much Item Total stronger stronger unchanged weaker weaker Strength of demand for commercial and industrial loans: 1 Compared with 3 months earlier................ 126 (100.0) 5 (4.0) 37 (29.4) 57 (45.2) 27 (21.4) ............................. Anticipated in next 3 months1...................... 126 (100.0) 1 (O.K) 62 (49.2) 56 (44.4) 7 (5.6) ................ Much firmer Moderately Essentially Moderately Much Total policy firmer policy unchanged easier policy easier policy Loans to nunfinaneial businesses: Terms and conditions: Interest rates charged .................................. 126 (100.0) 2 (1.6) 34 (27.0) 90 (71.4) Compensating or supporting balances.. 126 (100.0) 1 (O.K) 4 (7.D 109 (86.5) 6 (4.H) 1 (0.X) Standards of credit worthiness................ 126 (100.0) 13 (10.3) 112 (88.9) 1 (0.8) Maturity of term loans................................ 126 (100.0) 6 (4.8) 110 (87.3) 10 (7.9) Practice concerning ieview ufcicdil lines or loan applications: Established customers................................. 126 (100.0) 3 (2.4) 102 (81.0) 20 (15.8) 1 (0.8) New customers............................................... 126 (100.0) 3 (2.4) 8 (6.3) 75 (59.5) 39 (31.0) I (0.8) Local service area customers.................... 124 (100.0) 5 (4.0) 99 (79.9) 18 (14.5) 2 (1.6) Nonlocal service area customers............. 124 (100.0) 4 (.1.2) 10 (8.1) 91 (73.4) 19 (15.3) ............................. Factors relating to applicant; 2 Value as depositor or source ofcolluteral business............................................... 126 (100.0) 2 (1.6) 13 (10.3) 104 (82.5) 7 (5.6) Intended use of the loan 126 (100.0) 2 (1.6) 5 (4.0) 95 (75.4) 24 (19.0) ............................. Loans to independent finance companies: ' Terms and conditions: Interest rate charged.................................... 125 (100.0) 1 (2.4) 66 (52.8) 56 (44.8) Compensating or supporting balances. . 125 (100.0) ........................6... .. (4,8) 116 (92.8) .1 (2.4) Enforcement of' balance requirements . . 125 (100.0) 7 (5.6) 117 (93.6) 1 (0.8) 125 (100.0) 7 (5.6) 15 (12.0) 74 (59.2) T9 (23.2) Considerably Moderately Essentially Moderately Considerably Total less willing less willing unchanged more willing more willing ... . . . . - • -........• ... • —........... . — . ■ —................ • Willingness to make other types of loans: 126 (100.0) 8 (6.3) HI (65.9) 35 (27.8) Consumer instalment loans........................... 125 (100.0) 4 (3.2) 78 (62.4) 40 (32.0) 3 (2.4) Single family mortgage loans......................... 124 (100.0) 1 (0.8) 56 (45.2) 59 (47.6) 8 (6.4) Muhifamily mortgage loans........................... 123 (100.0) I (O.K) 4 (3.3) 92 (74.8) 26 (21.1) All other mortgage loans................................ 124 (100.0) (> (4.X) 77 (62.1) 41 (33.1) Participating loans with correspondent banks............................................................. 124 (100.0) 1 (0.8) 5 (4.0) 82 (66.2) 35 (28,2) 1 (0.8) Loans to brokers............................................... 124 (100.0) 2 (1.6) 5 (4.0) 93 (75.0) 22 (17.X) 2 (1.6) 1 After allowance for bank’s usual seasonal variation. •'“Independent,” or “noncaptiveT finance companies are finance 2 For these factors, firmer means the factors were const tiered to be companies other than those organized by a parent company mainly more important in making decisions for approving credit, requests, for the purpose of financing dealer inventory and carrying instalment and easier means they were considered to be less important. loans generated through the sale of the parent company’s products. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

366 FEDERAL RESERVE BULLETIN □ APRIL 1968 QUARTERLY SURVEY—AUGUST 1967 CHANGES IN BANK LENDING PRACTICES AT SELECTED LARGE BANKS: POLICY ON AUGUST 15, 1967, COMPARED WITH POLICY 3 MONTHS EARLIER Number of banks; figures in parentheses indicate percentage distribution of total banks reporting Much Moderately Essentially Moderately Much Item Total stronger stronger unchanged weaker weaker ■Strength of deni and for commercial and in­ dustrial loans: 1 Compared with 3 months earlier............... 124 (100.0) 4 (3.2) 15 (28.2) 71 (57.3) 14 (H.3) Anticipated in next 3 months....................... 125 (100.0) 4 (3-2) 79 (63.2) 38 (30.4) 4 (3.2) Much firmer Moderately Essentially Moderately Much Total policy firmer policy unchanged easier policy easier policy Loans to nonfinancial businesses: Terms and conditions: Interest rates charged.................................. 125 (100.0) 27 (21.6) 98 (78.4) Compensating or supporting balances.. 125 (100.0) 1 (O.K) 27 (21.6) 95 (76.0) 9 (1.6) Standards of credit worthiness................ 125 (100.0) 1 (O.K) I 5 (12.0) 108 (86.4) | (0.8) Maturity of term loans............................... 124 (100.0) I | (8.9) 109 (87.9) 4 (3.2) Practice concerning review of credit lines or loan applications: Kslablishcd customers.................................. 125 (100.0) 5 (4.0) 1 17 (93.6) 1 (2.4) Mew customers............................................... 125 (100.0) 3 (2.4) 28 (22.4) 84 (67.2) lb (8.0) Local service area customers.................... 124 (100.0) 5 (4.0) 1 1 5 (92.8) 4 (3.2) Nonlocal service area customers.............. 124 (100.0) 7 (5.7) IK (14.5) 94 (75.8) 5 (4.0) Factors relating to applicant: 7 Value as depositor or source of collat­ eral business............................................ 125 (100.0) 5 (4.0) (23.2) 89 (71.2) 9 (1.6) Intended use of the loan............................. 125 (100.0) (1.6) 16 (12.8) 102 (81.6) 5 (4 0) Loans to independent finance companies;-' Terms and conditions: Interest rate charged.................................... 125 (100.0) 8 (6.4) 1 17 (93.6) Compensating or supporting balances.. 125 (100.0) 13 (10.4) 1 11 (8H.8) I (0.8) Enforcement of balance requirements . . 125 (100.0) 2 (1.6) 17 (13 6) 105 (84.0) 1 (0.8) Establishing new or larger credit lines.. 124 (100.0) 7 (5.7) 21 (16.9) 85 (68.5) 11 (8.9) Considerably Moderately Essentially Moderately Cons id era hly Total less willing less willing unchanged more willing more willing Willingness to make other types of loans: Term loans to businesses.............................. 125 (100.0) 3 (2-4) 18 (14.4) 91 (72.8) 13 (10.4) Consumer instalment loans........................... 124 (100.0) 1 (0.8) 102 (82.3) 19 (15.3) 2 (1.6) Single family mortgage loans........................ 122 (100.0) 1 (O.K) 7 (5.7) 96 (78.7) 16 (13.1) 2 (1.7) Multifamily mortgage loans......................... 122 (100.0) 3 (2.5) 15 (12.3) 97 (79 • 5) 7 (5.7) All other mortgage loans................................ 122 (100.0) 1 (O.K) 20 (16.4) 92 (75.4) 9 (7.4) Participating loans with correspondent banks.................................................... 125 (100.0) 2 (1.6) 4 (3.2) 105 (84.0) 13 (10.4) 1 (0.8) Loans to brokers................................................ 125 (100.0) 3 (2.4) 6 (4.8) 109 (87.2) 7 (5.6) ............................. 1 After allowance for bank’s usual seasonal variation. * “Independent,” or “noncaptive,” finance companies are finance 2 For these factors, firmer means the factors were considered to be companies other than those organized by a parent company mainly more important in making decisions for approving credit requests, for the purpose of financing dealer inventory and carrying instalment and easier means they were considered to be less important. loans generated through the sale of the parent company’s products. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BANK LENDING PRACTICES 367 QUARTERLY SURVEY—NOVEMBER 1967 CHANGES IN BANK LENDING PRACTICES AT SELECTED LARGE BANKS: POLICY ON NOVEMBER 15, 1967, COMPARED WITH POLICY 3 MONTHS EARLIER Number of banks; figures in parentheses indicate percentage distribution of total banks reporting Much Moderately Essentially Moderately Much Item Total stronger stronger unchanged weaker weaker Strength of demand for commercial and industrial loans: । Compared with 3 months earlier .............. 125 (100.0) 1 (0.9) 37 (29.6) 70 (56.0) 17 (1.1.5) Anticipated in next 3 months....................... 125 (100.0) 1 (0.9) 89 (7 I. I) 34 (27.1) 1 (0.9) Much firmer Moderately Essentially Moderately Much Total policy firmer unchanged easier easier Loans to nonfinancial businesses: 'Penns and conditions: Interest rates charged.................................. 125 (100.0) 4 (.1.2) 34 (27.2) 87 (69.6) Compensating or supporting balances.. 124 (100.0) 4 (3.2) 28 (22.6) 9 1 (73.4) 1 (0.8) Standards of credit worthiness................ 124 (100.0) 4 (3.2) 7 (5.6) 113 (91.2) Maturity of term loans............................... 124 (100.0) .1 (2.4) 14 (l'l.3) 105 (84.7) 2 (1.6) Practice concerning review of credit lines or loan applications: Established customers................................. 125 (100.0) 8 (6.4) 117 (9 3.6) New customers.............................................. 125 (100.0) 8 (6.4) 23 (18.4) 90 (72.0) 4 (3.2) Local service area customers.................... 123 (100.0) 9 (7.3) 113 (91.9) 1 (0.8) Nonlocal service area customers............. 122 (100.0) 7 (5.7) 19 (I 5.6) 93 (76.2) 3 (2.5) Factors relating to applicant: 2 Value as depositor or source or col laioral business............................................... 125 (100.0) 5 (4.0) 21 (16.8) 98 (78.4) 1 (O.K) Intended use of the loan............................ 125 (100.0) 5 (4.0) 16 (12.8) 101 (80.8) 3 (2.4) Loans to independent finance companies: ’ Terms and conditions: Interest rate charged.................................... 125 (100.0) 2 (1.6) II (8.8) 112 (89.6) (.Compensating or supporting balances.. 125 (100.0) 1 (O.K) 13 (10.4) III (88.8) Enforcement of balance requirements . . 125 (100.0) 1 io.8) 2I (I6.8) 103 (82.4) Establishing new or larger credit lines.. 125 (100.0) 10 (8.0) I 5 (12.0) 93 (74.4) 7 (5.6) ............................. Considerably Moderately Essentially Moderately Considerably Total less willing less willing unchanged more willing more willing Willingness lo make other types of loans: ............- -------- Tenn' loans to businesses.................................. 125 (100.0) 1 (2.4) 19 (I 5.2) 96 (76.8) 7 (5.6) Consumer instalment loans........................... 124 (100.0) 104 (83 9) 18 (145) 7 (16) Single family mortgage loans........................ 121 (100.0) 2 (I.7) 14 (H.6) 94 (77.7) II (9.0) Multifamily mortgage loans.......................... 121 (100.0) 4 (3.3) I8 (14.9) 94 (77.7) 5 (4.1) All other mortgage loans................................ 122 (100.0) 4 (3.3) 18 (14.8) 94 (77.0) 5 (4.1) 1 (0.8) Participating loans with correspondent banks............................................................. 125 (100.0) I (0.8) 7 (5.6) 103 (82.4) 14 (11.2) Loans to brokers............................................... 125 (100.0) 2 (1.6) 12 (9.6) 101 (80.8) 9 (7.2) 1 (0.8) 1 After allowance for bank’s usual seasonal variation. -' “Independent,” or “noncaptive,” finance companies arc finance 2 For these (actors, firmer means the factors were considered lo be companies other than those organized by a parent company mainly more important in making decisions for tip proving credit requests, for the purpose of financing dealer inventory and carrying instalment and easier means they were considered to be less important. loans generated through the stile of the parent company's products. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Statement to Congress 1 appreciate this opportunity to present the a marked slowing over recent months in the views of the Board of Governors on S. 2923 inflows of consumer savings to banks and and S. 3133. Senate bill 3133 would extend other depositary-type institutions, compared for two additional years the provisions of with the very high rates of increase experi­ Public Law 89-597, which would otherwise enced last spring and summer. expire September 21 of this year. This stat­ Under these conditions, the competition ute provides the authority for coordinated for savings funds has tended to intensify. regulation of the maximum rates payable by From the January 31 survey of time and federally insured financial institutions to savings deposits at insured banks we have attract savings funds. It also fixes a 10 per thus far been able to process returns for the cent statutory maximum on reserve require­ 700 banks that arc most active in this busi­ ments for member banks on time and sav­ ness. The survey shows that the great ma­ ings deposits (in place of the former 6 per jority of those banks are paying the maxi­ cent maximum), and authorizes the Federal mum permissible rate for consumer-type Reserve Banks to buy and sell in the open deposits—4 per cent on savings accounts market obligations of any Federal agency. and 5 per cent on most varieties of time Senate bill 2923 would extend for 2 years deposits under $100,000. And we have the the authority for Federal Reserve Banks to impression that the same situation exists purchase up to $5 billion of obligations of with respect to savings banks and savings the United States directly from the Treasury. and loan associations—that most active In the 6 months or so that have passed competitors, desiring to protect their exist­ since the Congress voted to extend Public ing funds and stimulate the maximum inflow Law 89-597 for I year the need for continu­ of new savings, are offering the maximum ation of the rate ceiling authority provided in rates allowed currently by the regulations. that statute has increased rather than dimin­ The situation obviously is one in which ished. Interest rates in the money market some institutions, if unrestrained by rate have risen, and banks have had to raise their ceilings, would see an advantage in offering offering rates on large negotiable certificates somewhat higher returns to savers. And if of deposit. Banks are paying the 5'Z> per such competition were permitted, I have no cent ceiling rate on shorter and shorter doubt that a rate war would develop. Fur­ maturities in an effort to avoid sizable run­ thermore, I see no reason to expect a diminu­ offs in funds. The rise in yields available on tion of pressures on the funds position of market instruments also has contributed to banks and savings institutions any time soon. It may become necessary to adjust the struc­ Note.—Statement of J. L. Robertson, Vice Chair­ man, Board of Governors of the Federal Reserve ture of ceiling rates if financial markets con­ System, before the Subcommittee on Financial Insti­ tinue to tighten, in order to make it possible tutions, Committee on Banking and Currency, U.S. Senate, on S. 2923 and S. 3133, April 3. 1968. for the institutions to compete with the mar- 368 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 369 ket and attract a reasonable share of new causes of today’s stresses in financial markets savings flows. But if such a change does be­ are corrected, and rate ceilings are no longer come necessary—and I hope it will not— needed, the statute contains authority for surely it would be best to limit the extent their suspension. On the other hand, as long and nature of the rate increases, and thus to as ceilings are needed, it seems advisable to avoid the threat of competitive rate escala­ continue the flexible, coordinated approach tion. embodied in the statute for establishing If the legislation before you were per­ them. mitted to expire, of course, the Federal Re­ If the rate ceiling authority is made per­ serve and the Federal Deposit Insurance manent, the present statutory exemption for Corporation would retain authority to estab­ foreign official time deposits should be lish ceiling rates on the interest rates offered allowed to expire as scheduled on October on savings and time deposits by member and 15 of this year. This exemption was origi­ nonmember insured banks, respectively. But nally adopted in 1962, before enactment of we would lose a great deal of flexibility in the present flexible authority over rate ceil­ distinguishing among types of deposits, and ings, and it was intended to permit banks to it was this flexibility that permitted us to compete for foreign official funds and establish a lower rate ceiling on time de­ thereby to help alleviate the balance of pay­ posits under $100,000. No matter what you ments situation. Since that situation has not think of such a distinction philosophically— improved during the intervening years, the and I for one find it objectionable—the re­ exemption of foreign official deposits from alities of today’s market absolutely require interest rate ceilings continues to be justi­ some scaling in maximum rates by size of fied. In recent amendments of their regula­ deposits if banks are to compete for funds tions, the Federal Reserve and the Federal in the money market without at the same Deposit Insurance Corporation have made time disrupting the more traditional markets clear their conviction that in present circum­ for small savings. Moreover, as a practical stances foreign official deposits should be matter, I think that we would find it very free from interest rate ceilings. As improve­ difficult to continue limiting the interest ments in the international payments position rates paid by banks for savings if their com­ of the United States are achieved, however, petitors—the savings banks and savings and the need for special treatment for foreign loan associations—were left free to post any official deposits should be reviewed from rate they wished. time to time in order to make sure that the For these reasons, the Board believes it discrimination involved is continued only as essential that Public Law 89-597 be ex­ long as it is needed. If Public Law 89-597 tended, and we recommend that the author­ becomes permanent law, the Board will then ity be made permanent. The need for effec­ have the authority to continue, modify, or tive rate limitation is especially acute under terminate this exemption administratively in present circumstances, but the case for ex­ the light of changing circumstances. tending this legislation need not rest on cur­ The authority in Public Law 89-597 for rent market conditions. Indeed, it is difficult Federal Reserve purchases and sales of to envision circumstances under which the agency issues in the open market should also Congress would find it advisable to allow be made permanent. The objectives of this this statute to terminate. If the underlying authority—to “increase the potential flexi- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

370 FEDERAL RESERVE BULLETIN □ APRIL 1968 bility of open market transactions and . . . institutions under this authority, though make these securities somewhat more attrac­ none proved to be necessary. Addition of tive to investors” (S. Rept. No. 1601, 89th Federal agency issues would give wider lati­ Cong., 2d session)—arc long-range, and tude in such contingency planning, and we would be better served by eliminating un- can sec no reason why the types of assets certanty as to how long the authority may made eligible for collateral should not, in be exercised. this instance also, parallel the Reserve The Board proposes also that two minor Banks’ purchase authority. related amendments be added to S. 3133. 1 have suggested reasons for making per­ The first would amend the eighth paragraph manent the rate ceiling and open market of Section 13 of the Federal Reserve Act to authority in Public Law 89-597. The Board permit advances to member banks to be believes also that the authority in that stat­ secured by any obligation eligible for redis­ ute to raise reserve requirements on time de­ count or for purchase by Federal Reserve posits should be made permanent if it is to Banks. This would broaden such lending be elfcctivcly exercised. Statutory expiration authority to include as eligible collateral all dates confront the Board with the prospect of the direct obligations of Federal agencies, that if they should raise reserve require­ as well as obligations fully guaranteed as to ments on time deposits above 6 per cent, the principal and interest by such agencies. action might be automatically reversed, Since the Federal Reserve Banks arc author­ thereby reducing reserve requirements, at a ized by Public Law 89-597 to purchase all time when such a reduction would have un­ such Federal agency obligations, we can see desirable consequences. no reason why similar authority should not Let me turn now to S. 2923, which be granted as to their use as collateral for authorizes the Federal Reserve System to advances by Reserve Banks to member purchase up to $5 billion of U.S. obligations banks. directly from the Treasury. As your commit­ The second amendment we propose would tee has heard before in the course of numer­ broaden in similar fashion the types of col­ ous extensions of this authority over the past lateral authorized for Federal Reserve Bank 26 years, the authority has been used spar­ loans to individuals, partnerships, and cor­ ingly but affords the Treasury a useful porations under the last paragraph of Section measure of leeway in managing its cash bal­ 13 of the Federal Reserve Act. The col­ ances and borrowing operations. Although lateral for such advances now may consist one may question whether any purpose is only of the direct obligations of the United served by the 2-year limitation on this States, and we propose to include also the authority, presumably it has become so much obligations of Federal agencies. This pro­ a part of our traditions that there is little vision of the Act is seldom used, but it could prospect that it will be abandoned. More­ provide important protection to the business over, a 2-year extension has passed the community under highly unusual or emer­ House and I recognize that your committee gency conditions in financial markets. Tn may be reluctant to adopt a different version. June 1966, for example, we had made Therefore, even though a forceful case could arrangements for the possible extension of be made for striking out the expiration date, credit to mutual savings banks, savings and I recommend, on behalf of the Board, that loan associations, and other depositary-type you report S. 2923 without amendment. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 371 Amendments to Carry Out Federal Reserve Recommendations: 1. To make Public Law 89-597 permanent: banks” and inserting “secured by such obli­ Strike out section 7 of that statute (S. 3133 gations as are eligible for rediscount or for as introduced amends section 7 to extend purchase by Federal reserve banks”. expiration date). (h) Advances to individuals, partner­ 2. Collateral for advances by Federal Re­ ships, and corporations: Amend the first sen­ serve Banks: tence of the last paragraph of section 13 of (a) Advances to member hanks: Amend the Federal Reserve Act by inserting after the eighth paragraph of section 13 of the “secured by direct obligations of the United Federal Reserve Act by striking out “secured States” the following: “or by any obligation by such notes, drafts, bills of exchange, or which is a direct obligation of, or fully guar­ bankers’ acceptances as are eligible for re­ anteed as to principal and interest by, any discount or for purchase by Federal reserve agency of the United States”. 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 released approximately 90 days following the date of the meeting and are subsequently 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 arc 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 were published in the Bulle tins for July 1967 through March 1968. The record for the meeting held on January 9, 1968, follows: 372 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

373 MEETING HELD ON JANUARY 9, 1968 1. Authority to effect transactions in System Account. Economic activity was expanding vigorously as 1967 drew to a close, and prospects were for further rapid growth in early 1968. Prices were rising at a substantial rate; and with demands strong and costs increasing, inflationary pressures were expected to persist in the period ahead. Industrial production was tentatively estimated to have in­ creased sharply further in December to a level above the peak of a year earlier. Nonfarm employment also continued to expand rapidly; in December nearly I million more persons were em­ ployed than in August, before the strike in the automobile indus­ try. The unemployment rate, which in November had declined to 3.9 per cent, fell in December to 3.7 per cent, the same as a year earlier. Housing starts rose further in November, but part of the increase may have rellected an acceleration of schedules by some builders, in reaction to increasing uncertainties about future mortgage market conditions. Average prices of industrial commodities continued to rise in December, according to preliminary estimates. Since midyear, such prices had advanced at an annual rate of about 3 per cent. Moreover, wholesale prices of farm products, which had been declining earlier, turned up in December—raising the possibility that advances in retail prices of food might resume. The con­ sumer price index increased considerably further in November despite a slight decline in food prices. Real gross national product in 1967 as a whole was estimated to have been about 2.5 per cent greater than in 1966. Growth was at a considerably higher rate in the second half of the year, however, and further acceleration appeared likely in early 1968. Recent surveys indicating that consumers were cautious in their attitudes and buying intentions suggested that personal saving Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

374 FEDERAL RESERVE BULLETIN □ APRIL 1968 would continue in the first quarter at the unusually high rate pre­ vailing throughout 1967. Nevertheless, in view of the prospect for a large rise in incomes, a substantial increase in consumer expenditures was anticipated. Business spending on plant and equipment was expected to expand sharply, and the rate of in­ ventory accumulation—which now appeared to have advanced more in the fourth quarter than had been estimated earlier—was expected to continue rising. Some further increase in outlays for residential construction appeared probable, in light of the upward course of housing starts through November and advances in con­ struction costs. On the other hand, defense outlays—growth in which had slackened in the second half of 1967—were expected to level off. The U.S. balance of payments worsened sharply in the fourth quarter of 1967. On the “liquidity” basis of calculation the deficit increased markedly from the third quarter, and on the “official reserve transactions” basis the balance shifted to a large deficit from a surplus in the preceding quarter.1 For the year as a whole, the deficit on the liquidity basis was estimated at about $3.7 billion, compared with $1.4 billion in 1966; and the official settlements balance was in deficit by an estimated $3.4 billion, compared with a small surplus in 1966. Although detailed infor­ mation on fourth-quarter payments was not yet available, it appeared that much of the deterioration was attributable to a reduction in the surplus on merchandise trade; in the October- November period exports declined and imports rose from their third-quarter rates. Special transactions—including the liquida- 'Thc balance on the “liquidity” basis is measured by changes in U.S. reserves and in liquid U.S. liabilities to all foreigners. The balance on the “official reserve transactions” basis (sometimes referred to as the “official settlements" basis) is measured by changes in U.S. reserves and in liquid and certain nonliquid liabilities to foreign official agencies, mainly monetary authorities. The latter balance differs from the former by (1) treating changes in liquid U.S. liabilities to foreigners other than official agencies as ordinary capital flows, and (2) treating changes in certain nonliquid liabilities to foreign monetary authorities as financing items rather than ordinary capital flows. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 375 tion of official British holdings of U.S. securities—also con­ tributed to the deficit on both bases in the fourth quarter. For 1967 as a whole, the liquidity deficit was substantially reduced by the net effect of special transactions. On January I, 1968, the President announced a new program which was, in his words, “designed to bring our balance of pay­ ments to—or close to—equilibrium in the year ahead.” After stressing the need for a tax increase and other actions to “help stem the inflationary pressures which now threaten our economic prosperity and our trade surplus,” the President outlined elements of a program through which an improvement of about $3 billion in the U.S. payments balance would be sought in 1968. The most important of these were a mandatory reduction in the flow of U.S. funds into direct investments abroad, particularly to con­ tinental Western Europe, and increased restrictions, under the Federal Reserve’s foreign credit restraint program, on lending abroad by U.S. financial institutions. The program also included reduction of expenditures by American citizens for travel outside the Western Hemisphere, curtailment of Government expendi­ tures overseas, and a variety of measures to increase U.S. exports and the trade surplus. Gold holdings of the U.S. Treasury were reduced in December by the record monthly amount of about $900 million, mainly as a result of settlement of the U.S. share of sales made by the gold pool in London in November and December. Following the President’s announcement of the new balance of payments pro­ gram, foreign purchases of gold slackened abruptly. In foreign exchange markets the dollar strengthened against all continental European currencies, and the position of sterling improved somewhat. System open market operations since the preceding meeting of the Committee had been directed at fostering slightly firmer conditions in the money market. An announcement by the Board of Governors on December 27 of an increase in reserve require- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

376 FEDERAL RESERVE BULLETIN □ APRIL 1968 merits against demand deposits, effective in mid-January, rein­ forced the belief of market participants that the System was moving toward greater monetary restraint.2 The Federal funds rate, which earlier had fluctuated around the 4’/2 per cent dis­ count rate established on November 20, increased somewhat to a range around 4% per cent. Average free reserves of member banks were estimated to have declined to about $80 million in the three statement weeks ending January 3, from slightly over $200 million in the first 2 weeks of December. Most short-term interest rates rose somewhat further in the latter half of December as money market conditions firmed, but longer-term yields remained stable or edged down. Various fac­ tors contributed to an improvement in the atmosphere in capital markets in this period; these included a seasonal lull in new pri­ vate security issues, the absence of Treasury financing activity, and an apparent shift in investor expectations toward the view that longer-term rates were not likely to rise much further. Both short- and long-term market interest rates declined fol­ lowing the announcement on January 1 of the new balance of payments program—which many investors interpreted as reduc­ ing the likelihood of greater monetary restraint in the near term —and the downtrend was reinforced by press reports suggesting that prospects for peace negotiations in Vietnam had improved. As a result, yields on new corporate bonds and on Treasury notes, bonds, and longer-term bills were now considerably below their levels at the time of the Committee’s preceding meeting, and yields on municipal bonds were slightly lower. Most short-term yields, however, were higher on balance; the market rate on 3month Treasury bills, at 5.02 per cent on the day before this meeting, was 12 basis points above its level 4 weeks earlier. Interest rates on new-home mortgages rose further in Novem- 11 Reserve requirements against demand deposits in excess of $5 million at each member bank were increased from 1616 to 17 per cent for reserve city banks, effective with the reserve computation period beginning Jan. 11, 1968; and from 12 to 12'/2 per cent for other member banks, effective with the computation period beginning Jan. 18, 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 377 ber and apparently remained under upward pressure in Decem­ ber. Net inflows of funds to nonbank depositary institutions continued to moderate in late 1967, although the available infor­ mation did not suggest that depositary institutions in general were facing substantial drains around the year-end interest- and dividend-crediting period. With inflows slackening, and with high yields on marketable bonds offering an attractive alternative form of investment, lenders in the aggregate were expanding their new mortgage commitments at a slower pace than they had earlier. Growth in time and savings deposits at commercial banks also had continued to moderate recently. Such deposits expanded at an annual rate of 8.5 per cent in December—compared with rates of about 12 per cent in November and about 16 per cent over the year 1967. The moderation of growth was a result of substantial run-olfs of large-denomination CD’s and further slow­ ing of the rise in other time and savings deposits. Private demand deposits declined slightly on average in December, and the money supply increased relatively little. With Government deposits con­ tracting, the “bank credit proxy”—total member bank deposits 3 —was about unchanged. Banks reduced their borrowings of Euro-dollars through foreign branches in December, with much of the decline apparently seasonal in nature. Over the year 1967 the money supply and the bank credit "In recent years the Committee had been making use of daily-average statistics on total member bank deposits as a “bank credit proxy”—that is, as the best available measure, although indirect, of developing movements in bank credit. Because they can be compiled on a daily basis with a very short lag, the deposit figures are more nearly current than available bank loan and investment data. Moreover, average deposit figures for a calendar month are much less subject to the influence of single-date fluctuations than are the available month­ end data on total bank credit, which represent estimates of loans and invest­ ments at all commercial banks on one day—the last Wednesday—of each month. For statistics on daily-average member bank deposits, see the Federal Reserve Bulletin for October 1966, p. 1478, and subsequent months. Some brief comments on the relation between the member bank deposit series and the bank credit statistics are given in the note on p. 1460 of the October 1966 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

378 FEDERAL RESERVE BULLETIN □ APRIL 1968 proxy increased by about 6.5 and 11.5 per cent, respectively. As measured by end-of-month data on loans and investments, bank credit was estimated to have increased by about 11 per cent in 1967. ' Business loans at commercial banks, which had been rising at a relatively slow pace in recent months, expanded sharply in December. Part of the acceleration rellected special factors, but part appeared to be related to the increasing pace of economic activity and to the smaller volume of capital market financing. With growth in their deposits limited, banks accommodated the larger demand for Ioans by selling a substantial volume of Gov­ ernment securities. Banks also reduced the rate at which they acquired State and local government issues. On the day of this meeting the Treasury was offering $2.5 billion of tax-anticipation bills, for payment on January 15. Banks were expected to be the initial purchasers of practically all of the offering, for which they were permitted to make full payment by crediting Treasury tax and loan accounts. Largely as a consequence of such purchases, bank credit expansion was expected to resume in January; the proxy scries was projected to rise at an annual rate in the range of 6 to 10 per cent if prevailing money market conditions were maintained. It appeared likely that growth in business loans would be slower than in December but still fairly rapid, and there was some prospect that in meeting loan demands banks would continue to limit their takings of municipal securities. Growth in time and savings deposits was expected to continue moderating in light of the high yields avail­ able to investors on competing market instruments. Little or no increase was anticipated in private demand deposits and the money supply, but Government deposits were projected to rise substantially. Concern was expressed in the Committee’s discussion about the inflationary environment and outlook, on both domestic grounds and in light of the recent contraction in the surplus on Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 379 U.S. merchandise trade. The new balance of payments program was expected to result in a substantial reduction in the over-all deficit in I96S. It was observed, however, that the various ele­ ments of the program directed at improving the balance on specific types of international flows did not obviate the funda­ mental need for slowing the rise in domestic prices. It was noted in the discussion that since mid-Novembcr the System had employed all three of the major instruments of mone­ tary policy—discount rales, open market operations, and reserve requirements—in shifting toward a posture of somewhat greater restraint, that the effects of these policy actions were still unfold­ ing, and that growth in bank credit and the money supply had slowed appreciably in recent months. It also was noted that forth­ coming Presidential messages and further congressional hearings on an income tax surcharge would soon be providing new infor­ mation on planned Federal expenditures and the prospects for a tax increase. Accordingly, the Committee decided to make no further change in policy at present. Reinforcing this decision was the possibility that higher interest rates resulting from a further firming of monetary policy at this time might have undesired effects on Hows of funds to financial intermediaries. The Committee agreed that it would be appropriate to main­ tain the somewhat firmer conditions in the money market that had developed as a result of recent System open market opera­ tions and the announced action with respect to reserve require­ ments. Some members noted in this connection that a slightly lower average level of marginal reserves might be required after the effective dates of the increase in reserve requirements in order to maintain prevailing money market conditions in other respects. The Committee also agreed that operations should be modified as needed to moderate any apparently significant deviations of bank credit from current expectations. The following current economic policy directive was issued to the Federal Reserve Bank of New York: Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

380 FEDERAL RESERVE BULLETIN □ APRIL 1968 The information reviewed at this meeting indicates that over-all economic activity has been expanding vigorously, with both industrial and consumer prices continuing to rise at a substantial rate, and that prospects arc for further rapid growth and persisting inflationary pres­ sures in the period ahead. The imbalance in U.S. international trans­ actions worsened further in late 1967, but the new program announced by the President should result in a considerable reduction in the deficit this year. Following announcement of the program, foreign purchases of gold slackened abruptly and the dollar strengthened in foreign exchange markets. Long-term bond yields have declined in recent weeks but some short-term interest rates have risen further. Bank credit has changed little on balance recently as banks have disposed of Government securities to accommodate strengthened loan demands. Growth in the money supply has slackened and flows into time and savings accounts at bank and non­ bank financial intermediaries have continued to moderate. In this situ­ ation, 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 payments. To implement this policy, System open market operations until the next meeting of the Committee shall be conducted with a view to main­ taining the somewhat firmer conditions that have developed in the money market in recent weeks, partly as a result of the increase in reserve requirements announced to become effective in mid-January; provided, however, that operations shall be modified as needed to moderate any apparently significant deviations of bank credit from current expectations. Votes for this action: Messrs. Martin, Hayes, Brimmer, Daanc, Francis, Maisel, Mitchell, Robert­ son, Scanlon, Sherrill, Swan, and Wayne. Votes against this action: None. 2. Ratification of amendment to authorization for System foreign currency operations. At this meeting the Committee ratified the action taken by members on December 14, 1967, amending paragraph 2 of the authorization for System foreign currency operations to change (1) the size of the swap arrangement with the Bank for Inter­ national Settlements providing for System drawings in Swiss Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 381 francs, and (2) the size of the arrangement with the Swiss * National Bank, each from $250 million to $400 million equiva­ lent, effective immediately. As indicated in the policy record for the meeting held on December 12, 1967, these increases supple­ mented the enlargements of the System’s swap network that had been approved on November 27 and November 30. Votes for ratification of this action: Messrs. Hayes, Brimmer, Francis, Maisel, Mitchell, Scanlon, Sherrill, Swan, and Wayne. Votes against ratification of this action: None. Absent at this point in meeting and not voting: Messrs. Martin, Robertson, and Daanc. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material GOLD RESERVES AGAINST FEDERAL 1933 (48 Stat. 31, 52; 31 U.S.C. 821 (a)), which read: “No suspension of reserve requirements of the Fed­ RESERVE NOTES eral Reserve banks, under the terms of section 11(c) of the Federal Reserve Act necessitated by reason of An Act of Congress, approved March 18, 1968 operations under this section, shall require the im­ (Public Law 90-269), amended the Federal Re­ position of the graduated tax upon any deficiency in serve Act to eliminate the requirements for the reserves as provided in said section 1 I (c). Nor shall it require any automatic increase in the rates of interest maintenance of gold reserves against Federal or discount charged by any Federal Reserve bank, as Reserve notes. The Act reads as follows: otherwise specified in that section." Sec. 10. Section 2 of the Act of July 14, 1890 (26 AN ACT Stat. 289; 31 U.S.C. 408), and section 2 of the Act of March 14, 1900 (31 Stat. 45), arc repealed. To eliminate the reserve requirements for Federal Sec. 11. Section 7 of the Act of January 30, 1934 Reserve notes and for United States notes (48 Stat. 341, 31 U.S.C. 408b), is amended by striking and Treasury notes of 1890. the phrase “and as a reserve for any United States notes and for Treasury notes of 1890” and also by lie it enacted by the Senate and House of Repre­ striking the phrase “as a reserve for any United States sentatives of the United States of America in Congress notes and for Treasury notes of 1890, and”. assembled, Sec. 12. Section 14(c) of the Act of January 30, Section 1. Subsection (c) of section 11 of the 1934 (48 Stat. 344, 31 U.S.C. 405b), is amended by Federal Reserve Act (12 U.S.C. 248(c)) is amended striking from the first sentence “except the gold fund by striking both provisos, and by striking the last held as a reserve for any United States notes and sentence, in such subsection. Treasury notes of 1890.” Sr.c. 2. The first sentence of section 15 of the Fed­ Approved March 18, 1968. eral Reserve Act (12 U.S.C. 391) is amended by striking “and the funds provided in this Act for the CREDIT IN STOCK MARKET TRANSACTIONS redemption of Federal Reserve notes”. Sec. 3. That part of the third paragraph of section The Board of Governors, effective March 27 and 16 of the Federal Reserve Act (12 U.S.C. 413) which precedes the last two sentences of such paragraph is April 17, 1968, amended Regulations G, T, and U amended to read: “Federal Reserve notes shall bear in order to ease the restrictions on banks, brokers, upon their faces a distinctive letter and serial number and other lenders covered by the regulations which which shall be assigned by the Hoard of Governors of the Federal Reserve System to each Federal Reserve act as agents in handling transactions involving bank.” loans on securities. Regulation U was also Sec. 4. (a) The first sentence of the fourth para­ amended in order to make the regulation more graph of section 16 of the Federal Reserve Act (12 U.S.C. 414) is repealed. workable within the framework of existing inter­ (b) The sentence which, prior to the repeal made national bank relationships. The amendments read by this section, was the second sentence of such para­ as follows: graph is amended by inserting immediately after “The Board” the following: “of Governors of the Federal Reserve System”. AMENDMENTS TO REGULATION G Sec. 5. The sixth paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 415) is repealed. 1. Effective March 11, 1968, Regulation G is Sec. 6. The fourth sentence of the paragraph which, prior to the amendments made by this Act, was the amended in the following respects: seventh paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 416) is repealed. a. Section 207.1 (</)(!) and (4) is amended Sec. 7. The paragraph which, prior to the amend­ to read as follows: ments made by this Act, was the eighteenth paragraph of section 16 of the Federal Reserve Act (12 U.S.C. Section 207.1—General Rule 467) is repealed. Sec. 8. Section 6 of the Gold Reserve Act of 1934 * * * (31 U.S.C. 408a) is amended by striking in the second proviso the phrases “the reserve for United States (d) Credit on convertible debt securities.— notes and for Treasury notes of 1890, and” and “, and (1) A lender may extend credit for the purpose the reserve for Federal Reserve notes shall be main­ specified in paragraph (c) of this section on col­ tained in gold certificates, or in credits payable in gold certificates maintained with the Treasurer of the lateral consisting of any debt security convertible United States under section 16 of the Federal Reserve into a registered equity security or any debt se­ Act, as heretofore and by this Act amended”. Sec. 9. There are hereby repealed the sentences of curity carrying a warrant or right to subscribe to subsection (a) of section 43 of the Act of May 12, or purchase such a registered equity security (such 382 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 383 a convertible debt security is sometimes referred (I ) Sections 2071(c), (d), (J), (g), W, (i), to herein as a “convertible security”). 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 (4) In the event that any registered stock is prior to February .1, 1968, and effectively exer­ substituted for a convertible security held as col­ cised by such officer or employee prior to Febru­ lateral for a credit extended under this section, ary 1, 1969, or (ii) to any credit extended prior such registered stock and any credit extended on to February I, 1969, to a plan-lender pursuant to it in compliance with this Part shall thereupon be a bona fide written commitment in existence on treated as subject to paragraph (c) of this section February 1, 1968, to finance the exercise of such and not to this paragraph and the credit extended rights and by such plan-lender from the proceeds under this paragraph shall be reduced by an of such credit to any officer or employee to fi­ amount equal to the maximum loan value of the nance the exercise of rights granted pursuant to security withdrawn. a stock purchase plan under which the exercise - * * :|: * price docs not exceed 50 per cent of the market b. Section 207.2(g) is amended to read as value of the stock subject to purchase, valued as follows: of the offering date thereof. * * $ » » Section 207.2—Definitions 2. Effective March 27, 1968, § 207.4(/) is sis 5;C * revoked; effective April 17, 1968, S 207.4(/) is (g) The term “indirectly secured” includes, added as follows: except as provided in § 207.4(a) (3), any ar­ rangement with the customer under which the Section 207.4—Miscellaneous Provisions customer’s right or ability to sell, pledge, or * * «i otherwise dispose of registered equity securities owned by the customer is in any way restricted so (f) Acting as agent--(1) No person shall act long as the credit remains outstanding, or under as agent of any lender, bank, or creditor subject which the exercise of such right, whether by to Part 207, 220, or 221 of this Chapter (Regula­ written agreement or otherwise, is cause for ac­ tion G, T, or U) in respect of any transaction celeration of the maturity of the credit: Provided, which such person knows or should know is con­ That the foregoing shall not apply (1) if such nected with an extension or maintenance of credit restriction arises solely by virtue of an arrange­ secured directly or indirectly by any registered ment with the customer which pertains generally equity security unless a statement signed by such to the customer’s assets unless a substantial part lender, bank, or creditor is filed with, and ac­ of such assets consists of registered equity securi­ cepted in good faith by such person, to the effect ties, or (2) if the lender in good faith has not re­ that such lender, bank, or creditor does not ex­ lied upon such securities as collateral in the ex tend or maintain credit to or for customers in tension or maintenance of the particular credit: violation of such Parts. And provided further, That (he foregoing shall (2) For the purpose of this paragraph, activi­ not apply to stock held by the lender only in the ties of an “agent” include, for example, but are capacity of custodian, depositary or trustee, or not limited to receiving securities to be used as under similar circumstances, if the lender in good collateral, determining whether the market value faith has not relied upon such securities as col­ of collateral is adequate, and requiring the de­ lateral in the extension or maintenance of the posit of additional collateral or the reduction of particular credit. credit. (3) fn determining whether a transaction is c. Section 207.4(a)(1) is amended to read as connected with an extension of credit, whether follows: such credit is secured directly or indirectly by any registered equity security, and whether such per­ Section 207.4—Miscellaneous Provisions son can rely in good faith on the statement de­ (a) Stock option and employee stock purchase scribed in subparagraph (1) of this paragraph, plans. * * * such person shall (i) be alert to the circumstances Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

384 FEDERAL RESERVE BULLETIN □ APRIL 1968 surrounding the transaction, and (ii) if he has vertible security account”) subject to § 220.4(f) information that would cause a prudent man not any transaction which, in combination with the to accept such statement without inquiry, must other transactions effected in such account on the have investigated and be satisfied that the credit same day, creates an excess of the adjusted debit either is not subject to such Part or is extended balance of such account over the maximum loan and maintained in conformity with the provisions value of the securities in such account, or in­ of such Part. creases any such excess, unless in connection therewith the creditor obtains, as promptly as pos­ sible and in any event before the expiration of AMENDMENTS TO REGULATION T five full business days following the date of such transaction, the deposit into such account of cash 1. Effective March II, 1968, Regulation T is or securities in such amount that the cash de­ amended in the following respects: posited plus the loan value of the securities de­ a. Section 220.3 (a), (/>)(!), (c)(2), (4)(3), posited equals or exceeds the excess so created or and (g) is amended to read as follows: the increase so caused. 5k :js :1! Section 220.3—General Accounts (c) Maximum loan value and current market (a) Contents of general account.—All finan­ value. * * * cial relations between a creditor and a customer, (2) Except as otherwise provided in this para­ whether recorded in one record or in more than graph, the maximum loan value of a security in one record, shall be included in and be deemed a general account, special bond account subject to be parts of the customer’s general account with to § 220.4(f), or special convertible security ac­ the creditor, except that the relations which count subject to § 220.4(f) shall be such maxi­ § 220.4 permits to be included in any special ac­ mum loan value as the Board shall prescribe from count provided for by that section may be in­ time to time in § 220.8 (the Supplement to Regu­ cluded in the appropriate special account, and lation T). No collateral other than an exempted all transactions in commodities, and, except to the security or a registered non-equity security held extent provided in paragraph (/’)(2) of § 220.3, in such account on March I I, 1968 and continu­ all transactions in non-equity securities, exempted ously thereafter, or registered equity security securities, and in other securities having no loan shall have any loan value in a general account value in a general account under the provisions except that a registered equity security eligible for of § 220.3(c) and § 220.8 (the Supplement to a special convertible security account pursuant to Regulation T) (except unissued securities, short § 220.4(f) shall have loan value in a general sales and purchases to cover short sales, securities account only if held in the account on March 11, positions to offset short sales, and contracts in­ 1968 and continuously thereafter. volving an endorsement or guarantee of any put, * * * call, or other option), shall be included in the appropriate special account provided for by (d) Adjusted debit balance. :! * * § 220.4. During any period when such § 220.8 (3) the current market value of any securities specifies that registered equity securities shall (other than unissued securities) sold short in the have no loan value in a general account, any trans­ general account plus, for each such security action consisting of a purchase of a security other (other than an exempted security), such amount than a purchase of a security to reduce or close as the Board shall prescribe from time to time in out a short position shall be effected in the special § 220.8 (the Supplement to Regulation T) as the cash account provided for by § 220.4(c) or in margin required for such short sales, except that some other appropriate special account provided such amount so prescribed in such § 220.8 need for by § 220.4. not be included when there arc held in the gen­ eral account the same securities or securities ex­ (b) General rule.—(1) A creditor shall not changeable or convertible within 90 calendar days, effect for or with any customer in a general ac­ without restriction other than the payment of count, special bond account subject to § 220.4(f), money, into such securities sold short; or special convertible debt security account * * * (sometimes referred to herein as “special con­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 385 (g) Transactions on given (lay. - -For the pur­ (4) In the event any stock, is to be substituted poses of paragraph (b) of this section, the ques­ for a security held in this account, or if a security tion of whether or not an excess of the adjusted held in this account is to be used to offset a short debit balance of a general account, special bond sale in the general account, such security shall account subject to S 220.4(f), or special con­ thereupon be transferred to the customer’s gen­ vertible security account subject to S 220.4(j) eral account against a deposit of cash or regis­ over the maximum loan value of the securities in tered equity securities eligible for an extension of such account is created or increased on a given credit in this account (counted at their maximum day shall be determined on the basis of all the loan value) equal to at least the maximum loan transactions in the account on such day exclusive value of the security for which such substitution of any deposit of cash, deposit of securities, cover­ is made, without regard to the retention require­ ing transaction or other liquidation that has been ment of section 220.3(f)) (2). effected on such day, pursuant to the requirement c. Section 220.6(4) is amended to read as of paragraphs (b) or (e) of this section, in con­ follows: nection with a transaction on a previous day. In any case in which an excess so created, or in­ Section 220.6—Certain Technical Details crease so caused, by transactions on a given day does not exceed $100, the creditor need not obtain the deposit specified therefor in subpartigraph (4) Innocent mistakes.—If any failure to com­ ply with this Part results from a mechanical (/;)(!) of this section. Any transaction which mistake made in good faith in executing a trans­ serves to meet the requirements of paragraph (e) action, recording, determining, or calculating any of this section or otherwise serves to permit any loan, balance, market price or loan value, or other offsetting transaction in an account shall, to that similar mechanical mistake, the creditor shall not extent, be unavailable Io permit any other trans­ be deemed guilty of a violation of this Part if action in such account. For the purposes of this promptly after the discovery of such mistake he Part (Regulation T), if a security has maximum lakes whatever action may be practicable in the loan value under subparagraph (c)(1) of this section in a general account, a sale of the same circumstances to remedy such mistake security (even though not the same certificate) in 2. Effective March 27, 1968, $ 220.7(f) is such account shall be deemed to be a long sale revoked: effective April 17, 1968, § 220.7(f) is and shall not be deemed to be or treated as a added as follows: short sale. * * * * * Section 220.7—Miscellaneous Provisions b. Section 220.4(f)(1), (2), and (4) is amended to read as follows: (f) Acting as agent--No creditor shall act as Section 220.4—Special Accounts agent of any person in respect of any transaction * * * which the creditor knows or should know is con­ (/) Special convertible debt security account. nected with an extension or maintenance of credit —(1) In a special convertible debt security ac­ secured directly or indirectly by any registered count a creditor may extend credit on any regis­ security unless a statement signed by such person tered equity security consisting of a debt security is filed with, and accepted in good faith by the convertible into stock or a debt security carrying creditor, to the effect that such person does not a warrant or right to subscribe to or purchase extend or maintain credit to or for customers in stock. violation of Part 207, 220, or 221 of this Chapter (2) A special convertible debt security account (Regulation G, T, or U). shall be subject to the same conditions to which it would be subject if it were a general account ex­ (2) For the purpose of this paragraph, activi­ cept that the maximum loan value of the securities ties of an “agent” include, for example, but. arc in the account shall be as prescribed from time to not limited to receiving securities to be used as time in § 220.8 (the Supplement to Regulation collateral, determining whether the market value T). ‘ ‘ of collateral is adequate, and requiring the deposit * * * of additional collateral or the reduction of credit. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

386 FEDERAL RESERVE BULLETIN □ APRIL 1968 (3) Iti determining whether a transaction is tomer under which the customer’s right or ability connected with an extension of credit, whether to sell, pledge, or otherwise dispose of stock such credit is secured directly or indirectly by any owned by the customer is in any way restricted registered security, and whether he can rely in so long as the credit remains outstanding, or under good faith on the statement described in subpara­ which the exercise of such right, whether by graph (1) of this paragraph, the creditor shall written agreement or otherwise, is cause for ac­ (i) be alert to the circumstances surrounding the celeration of the maturity of the credit: Provided, transaction, and (ii) if he has information that That the foregoing shall not apply (1) if such would cause a prudent man not to accept such restriction arises solely by virtue of an arrange­ statement without inquiry, must have investigated ment with the customer which pertains generally and be satisfied that the credit cither is not subject to the customer’s assets unless a substantial part to such Part or is extended and maintained in of such assets consists of stock, or (2) if the bank conformity with the provisions of such Part. in good faith has not relied upon such stock as collateral in the extension or maintenance of the AMENDMENTS TO REGULATION U particular credit: And provided further, That the foregoing shall not apply to stock held by the 1. EfTcctivc March 11, 1968, section 221.3(a), bank only in the capacity of custodian, deposi­ (c), and (r)(l) and (4) is amended to read as tary, or trustee, or under similar circumstances, if follows: the bank in good faith has not relied upon such stock as collateral in the extension or maintenance Section 221.3—Miscellaneous Provisions of the particular credit. (a) Required statement as to stock-secured * * * loan.—In connection with an extension of credit (t) Credit on convertible debt securities.— secured directly or indirectly by any stock the (1) A bank may extend credit for the purpose bank shall obtain and retain in its records for at specified in §221.1 on collateral consisting of least six years after such credit is extinguished a any debt security convertible into a stock regis­ statement in conformity with the requirements of tered on a national securities exchange or any Federal Reserve Form U-l executed by the re­ debt security carrying a warrant or right to sub­ cipient of such extension of credit (sometimes re­ scribe to or purchase a stock so registered (such ferred to as the “customer”) and executed and a debt security is sometimes referred to herein as accepted in good faith by a duly authorized officer a “convertible security”). of the bank prior to such extension: Provided, $ * * That this requirement shall not apply to any credit (4) In the event that any slock is substituted described in paragraph (o) of this section or for a convertible security held as collateral for a § 221.2 of this Part except for credit described in credit extended under this paragraph, the stock paragraphs 221.2(/), (#) and (A) extended to and any credit extended on it in compliance with persons who arc not brokers or dealers subject to this Part shall thereupon be treated as subject to Part 220 of this Chapter (Regulation T). In de­ §221.1 and the credit extended under this para­ termining whether or not an extension of crcdil graph shall be reduced by an amount equal to is for the purpose specified in § 221.1 or for any the maximum loan value of the security with­ of the purposes specified in § 221.2 the bank may drawn 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 2. Effective March 27, 1968, §221.3 (a) is alert to the circumstances surrounding the credit revoked; effective April 17, 1968, § 221.3(a) is and (2) if he has any information which would added as follows: cause a prudent man not to accept the statement without inquiry, have investigated and be satisfied Section 221.3—Miscellaneous Provisions that the customer’s statement is truthful. •K * * * Is :f< (u) Bunk acting as agent. (1) No bank shall (c) Indirectly secured.- The term “indirectly act as agent of any person in respect of any trans­ secured” includes any arrangement with the cus­ action which the bank knows or should know is Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 387 connected with an extension or maintenance of inquiry. Such domestic bank shall not later than credit secured directly or indirectly by any regis­ the fifteenth day of each month, furnish the Fed­ tered equity security unless a statement signed by eral Reserve Bank of the District in which the such person is filed with the bank, and accepted head office of the domestic bank is located with in good faith by a duly authorized officer of the a list of the names of the persons who executed bank, to the effect that such person does not ex­ statements on Federal Reserve Form U-4 received tend or maintain credit to or for customers in during the preceding calendar month and the dol­ violation of Part 207, 220, or 221 of this Chap­ lar amount of credit extended to each such person, ter (Regulation G, T, or U). as set forth in such statements, and shall retain (2) A bank subject to this Part (sometimes such statements in its records, in a separate file referred to herein as a “domestic bank”), may, readily available to bank examiners, for at least without regard to subparagraph (1) of this para­ six years after the credit is extinguished. graph, act as agent of a bank or other similar (4) For the purposes of this paragraph, ac­ financial institution, a principal portion of the tivities of an “agent” include, for example, but arc not limited to receiving securities to be used business of which consists of receiving deposits, formed under the laws of a foreign Stale (some­ as collateral, determining whether the market value of collateral is adequate, and requiring the times referred to herein as a “foreign bank”), if such foreign bank has filed with such domestic deposit of additional collateral or the reduction of credit. bank a statement signed by a duly authorized officer of the foreign bank, and accepted in good (5) In determining whether a transaction is faith by a duly authorized officer of the domestic connected with an extension of credit, whether bank, to the effect that the foreign bank will not such credit is secured directly or indirectly by any registered equity security, and whether he can request the domestic bank to act as agent in re­ spect of any transaction (i) which is connected rely in good faith on the statements described in subparagraphs (1) and (2) of this paragraph, the with an extension of credit by it secured directly or indirectly by any registered equity security to officer shall (i) be alert to the circumstances sur­ rounding the transaction, and (ii) if he has in­ any citizen or resident of the United States, or formation that would cause a prudent man not to (ii) as to which the foreign bank knows or should accept such statement without inquiry, must have know that any other person is extending credit in investigated and be satisfied that the credit cither connection with such transaction to any citizen is not subject to such Part or is extended and or resident of the United States secured directly or maintained in conformity with the provisions of indirectly by any registered equity security. such Part. (3) A domestic bank may also, without re­ * * c * * gard to subparagraphs (1) and (2) of this para­ graph, act as agent of a foreign bank in respect ORDER UNDER SECTION 3 OF BANK of an extension of credit by such foreign bank to HOLDING COMPANY ACT a citizen of the United States residing in the foreign State under whose laws such foreign bank 'The Board of Governors issued the following is formed, if (i) such citizen has executed a state­ Order and Statement in connection with action ment in conformity with the requirements of approving an application for permission to be­ Federal Reserve Form U-4 stating that the credit come a bank holding company: is not for the purpose of purchasing or carrying registered equity securities and affirmatively de­ MID-WIS BANKSHARES INC., scribing the purpose of the credit, (ii) the foreign MADISON, WISCONSIN bank has forwarded such statement to the domes­ tic bank, and (iii) the statement has been accepted In the matter of the application of Mid-Wis by a duly authorized officer of the domestic bank. Bankshares, Inc, Madison, Wisconsin for approval A duly authorized officer of such domestic bank of action to become a bank holding company may accept such statement if it is regular and through the acquisition of 80 per cent or more, of complete on its face and he has no actual knowl­ the voting shares of Madison Bank & Trust Com­ edge of facts or circumstances which would pany and The Westgate Bank, both of Madison, cause him not to accept the statement without Wisconsin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

388 FEDERAL RESERVE BULLETIN □ APRIL 1968 Order Approving Application Under Statement Bank Holding Company Act Mid-Wis Banksharcs, Inc., Madison, Wiscon­ There has come before the Board of Governors, sin, (“Applicant”) has filed with the Board, pur­ pursuant to section 3(a)(1) of the Bank Holding suant to section 3(a)(1) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(1)), Company Act of 1956, an application for ap­ and section 222.4(a)(1) of the Federal Reserve proval of action to become a bank holding com­ Regulation Y (12 CFR 222.4(a) (I)), an applica­ pany through the acquisition of 80 per cent or tion hy Mid-Wis Banksharcs, fnc., Madison, Wis­ more of the voting shares of Madison Bank & consin, for the Board’s prior approval of action Trust Company (“Madison Bank”) and of The whereby Applicant would become a bank hold­ Westgale Bank (“Westgate Bank”), both located ing company through the acquisition of 80 per in Madison, Wisconsin, and both nonmember cent or more of the voting shares of Madison insured banks. Bank & Trust Company and of The Westgate Madison Bank is located in the downtown Bank, both in Madison, Wisconsin. business district of the city and has a drive-in As required by section 3(b) of the Act, the ollice within 300 feet of its main office. As of Board gave written notice to the Commissioner June 30, 1967,1 Madison Bank has deposits of of Banking for the State of Wisconsin of receipt $25.4 million. Westgate Bank, with deposits of of the application and requested his views and $4 million, operates a single office, approximately recommendation. He recommended approval of 5'/2 miles southwest of Madison Bank in a section the application. of the city described as industrial, commercial, Notice of receipt of the application was pub­ and residential. Applicant states that Westgate lished in the Federal Register on October 12, Bank was organized in 1966 by the principal 1967 (32 Federal Register 14166), providing an stockholders and officers of Madison Bank. The opportunity for interested persons to submit com­ president of Madison Bank is chairman of the ments and views with respect to the proposed board of Westgate Bank and the president of transaction A copy of the application was for­ Westgate Bank is vice president and trust officer warded to the Department of .Justice for its con­ of Madison Bank; and both of these officers are sideration. Time for filing comments and views on the hoards of directors of both banks. Appli­ has expired and all those received have been cant states that 100 stockholders of Madison Bank considered by the Board. own 41.5 per cent of that bank’s outstanding stock, and also own 57.6 per cent of the out­ It is hereby ordered, for the reasons set standing stock of Westgate Bank. forth in the Board’s Statement of this dale, that said application be and hereby is approved, pro­ Views and recommendation of supervisory vided that the acquisition so approved shall not authority. As required by section 3(b) of the Act, be consummated (a) before the thirtieth calendar notice of receipt of the application was given to, day following the date of this Order or (b) later and views and recommendation requested of the than three months after the date of the Order, Commissioner of Banking for the State of Wis­ unless such period is extended for good cause by consin. The Commissioner recommended ap­ proval of the application. the Board or by the Federal Reserve Bank of Chicago pursuant to delegated authority. Statutory considerations. Section 3(c) of the Act provides that the Board shall not approve an Dated at Washington, D. C., this 20th dav of acquisition that would result in a monopoly or March 1968. ' would be in furtherance of any combination or conspiracy to monopolize or to attempt to monop­ By order of the Board of Governors. olize the business of banking in any part of the United States. Nor may the Board approve a pro­ Voting for this action: Chairman Martin and Gov­ ernors Robertson, Mitchell, and Sherrill. Absent anil posed acquisition the effect of which, in any sec­ not voting: Governors Daane, Maisel, and Brimmer. tion of the country, may be substantially to lessen competition, or to tend to create a monopoly, or (Signed) Robert P. Forrestal, Assistant Secretary. 1 Data with respect to banks are as of this date un­ [seal] less otherwise noted. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 389 which in any other manner would be in restraint million), is a subsidiary of Marine Corporation of trade, unless the Board finds that I he anti­ and is closely associated with Randall State Bank; competitive effects of the proposed transaction are together, they control about 14 per cent of such clearly outweighed in the public interest by the deposits. Madison Bank now controls about 8 probable elfect of the transaction in meeting the per cent of total deposits in this area. Formation convenience and needs of the community to be of Applicant would give it control of 9 per cent served. In each case the Board is required to take of such deposits. into consideration the financial and managerial Applicant delineates the primary service areas :l resources and future prospects of the bank hold­ of the proposed subsidiaries as contiguous but not ing company and the banks concerned, and the overlapping, Madison Bank’s primary service area convenience and needs of the community to be is shown as east of Midvale Boulevard with an served. estimated population of approximately 50,()()(). In Competitive effect of proposed transaction. this area, Madison Bank holds 10.6 per cent of There are It) bank holding companies - operat­ the deposits; First National Bank of Madison ing in the State of Wisconsin. They control total holds 55 per cent of the deposits; and there are deposits of $2.5 billion which represent approxi­ four other competing banks. Westgate Bank’s mately 36 per cent of total bank deposits in the primary service area is shown as west of Midvale State. The deposits of Madison Bank and West­ Boulevard with an estimated population of ap­ gate Bank, respectively, are .4 per cent and .06 proximately 25,000. In this area there arc three per cent of total deposits in the State. On the banks of which Westgate Bank is the smallest, basis of deposits, Applicant would be the smallest with 14.5 per cent of the deposits. bank holding company with headquarters in Wis­ The data presented reflect that formation of the consin. if the proposal herein is consummated. proposed holding company would have a negli­ In Dane County there are 33 banks. Of these. gible impact upon the degree of concentration of First National Bank of Madison (a subsidiary of banking resources in the State. While holding com­ First Wisconsin Bankshares Corporation) ranks pany control is already large in the Madison first with deposits of $131 million which repre­ metropolitan area and the primary service area sent 31.9 per cent of the deposits in the area. of Madison Bank, the formation of Applicant Madison Bank ranks fourth with 6.2 per cent of would not cause any significant increase in the such deposits. Formation of Applicant would give concentration of deposits already existing in the it control of 7.3 per cent of the deposits. It would banking organizations in those areas; and would take Madison Bank’s place as the fourth largest not have a significant effect upon the share of banking organization anti would be the third commercial banking resources that would be held largest bank holding company operating in the by Applicant, bank holding company systems, or county. T he concentration of deposits held by the the large banking organizations in the areas in­ four largest banking organizations would be in­ volved. On the record before the Board, it is con­ creased by 1.1 percentage points. cluded that the formation of the proposed holding In the Madison metropolitan area, Madison company would not result in a monopoly, nor be Bank is the fourth largest of 14 banks; Westgate in furtherance of any combination or conspiracy Bank ranks twelfth. In this area, First National to monopolize or attempt to monopolize the Bank of Madison controls about 40 per cent of business of banking in any relevant area. total deposits. The second largest bank, Bank of Considering next the probable effect of con­ Madison, has deposits of $48 million and, to­ summation of Applicant’s proposal on existing gether with an affiliated bank (Hilldale State and potential competition, the Board finds that Bank, deposits of $12 million), controls about 18 these considerations present no bar to approval of per cent of the total deposits in the area. The third the application. Applicant states that 3.9 per cent largest bank, Security State Bank (deposits of $35 ’ With respect to Madison Bank, it is the area from "Three of these holding companies are located in which Applicant estimates that 77.6 per cent of the Minnesota. T hey are (1) First Bank Stock Corporation bank’s deposits of individuals, partnerships and cor­ and (2) Northwest Bancorporation, both in Minne­ porations (“IPC deposits”) are derived. With respect apolis, and (3) Otto Bremer Foundation in St. Paul. to Westgate Bank, it is the area from which 82.1 per They control, respectively, $25.5 million, $37.2 mil­ cent of the bank’s IPC deposits are estimated to be lion, and $19.2 million of deposits in Wisconsin banks. derived. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

390 FEDERAL RESERVE BULLETIN □ APRIL 1968 of Madison Bank’s 1PC deposits originate in be experiencing a rapid residential, commercial Westgate Bank’s service area and that 15.3 per and light industrial development. This bank’s finan­ cent of Westgate Bank’s Il’C deposits were ob­ cial condition, management and prospects appear tained from Madison Bank’s service area. Appli­ to be satisfactory. cant reports that the deposits that Westgate Bank Madison Bank has enjoyed substantial growth derives from Madison Bank’s service area repre­ and is expected to continue to share in the busi­ sent, in large part, accounts of Westgate Bank ness of the Madison area. The financial resources directors. Viewed in the light of the interlocking of the hank arc generally adequate. Its manage­ of managements, directorates, and stockholder in­ ment, earnings, and prospects are satisfactory. terests, the facts of record warrant a conclusion On the basis of the foregoing, it may be con­ that competition between the two banks is limited cluded that the financial resources of Applicant and not significant; formation of Applicant would are adequate; its management and prospects are not substantially lessen competition between the satisfactory; and considerations related to (he proposed subsidiaries; anti it appears unlikely that banking factors arc consistent with approval of any substantial future competition between these the application herein. banks would be foreclosed by the proposed Convenience and needs of the community in­ affiliation. volved. Applicant states that formation of the pro­ With respect to the competitive force of Appli­ posed holding company would provide the banks cant in relation to the other banks in the areas with a plan of mutual assistance in meeting larger involved, the facts discussed earlier show that loan demands, make the trust services of the each of the proposed subsidiaries faces strong larger bank conveniently available to customers competition in the areas served. On the record in the primary service area of Westgate Bank herein, it is concluded that the affiliation proposed, where no banks now offer such services, and pro­ while it may enable Westgate Bank to compete vide a standard audit program for both banks somewhat more effectively than it can without under the supervision of Madison Bank’s audit such holding company arrangements, would have department. In view of the interlocking manage­ little effect upon the competitive ability of Madi­ ments and directorates of the banks, it appears son Bank, and is not likely to impair the competi­ that the above objectives may be achieved with­ tive vigor of existing institutions operating in the out the formation of a bank holding company. areas involved. No banking alternative in either However, inasmuch as a holding company affili­ of the designated primary service areas would be ation would create a more permanent association eliminated. And there is no reasonable likelihood between the banks, it may serve to assure the that formation of Applicant would preclude fu­ smaller bank of an exchange of information and ture competition in said areas. other assistance, and may result in broadening In the light of the foregoing considerations, and the scope and nature of the services offered by all the facts of record, the Board concludes that Westgate Bank, a result that would be beneficial consummation of the proposed transaction would to the business firms in its service area. The Board not substantially lessen competition, tend to create concludes that the evidence relating to the con­ a monopoly nor in any other manner restrain venience and needs of the area involved is con­ trade in any relevant section of the country. sistent with and weighs slightly in favor of ap­ Financial and managerial resources and future proval of the application. prospects. Applicant, a newly formed corporation, Summary and conclusion. On the basis of all has no financial or operating history. Its financial the relevant facts contained in the record and in condition, managerial resources and future pros­ the light of the factors set forth in section 3(c) of pects are dependent in major respects upon those the Act, it is the Board’s judgment that the pro­ of the banks it proposes to acquire. posed transaction would be in the public interest Westgate Bank is in an area that is reported to and that the application should be approved. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Announcements APPOINTMENT OF DIRECTOR the Federal Reserve Bank of Atlanta, effective April 22, 1968, were approved by the Board of On March 21, 1968, the Board of Governors of the Governors on April 19, 1968.) Federal Reserve System announced its appoint­ In addition, the Board adopted a new schedule ment, effective May 1, 1968, of Dr. O. Meredith of maximum rates of interest payable by member Wilson of Stanford, California, as a Class C di­ banks on large-denomination, single-maturity time rector of the Federal Reserve Hank of San Fran­ deposits. The schedule provides for maximum rates cisco for the unexpired portion of a term ending for such deposits—those of $100,000 or more— December 31, 1970, and his designation as Chair­ as follows, also effective April 19, 1968: man and Federal Reserve Agent of the San Fran­ For maturities of— Maximum rate cisco Bank for the remainder of 1968. Dr. Wilson is 30-59 days 51/2 per cent Director of the Center for Advanced Study in the 60-89 days 5% per cent Behavioral Sciences at Stanford. Both as Chairman 90-179 days 6 per cent of the Reserve Bank and as a director, he succeeds 180 days and over 6'4 per cent Mr. Frederic S. Hirschler, director and retired The maximum rate previously payable on these Chairman of the Board of the Emporium Capwell large denomination deposits was 5'/2 per cent Company, Oakland, California, who died on Janu­ for all maturities. No change was made in maxi­ ary 8, 1968. mum rates payable on other types of time and savings deposits. RESIGNATION OF DIRECTOR MOTION PICTURE “MONETARY POLICY AND Mr. Reeves E. Ritchie, who had served as a director ECONOMIC ACTIVITY: A POSTWAR REVIEW” of the Little Rock Branch of the Federal Reserve Bank of St. Louis since January 1, 1965, resigned A motion picture entitled Monetary Policy anil effective March 4, 1968. Mr. Ritchie is President Economic Activity: A Postwar Review has been of the Arkansas Power & Light Company, Little produced by the Board of Governors of the Rock, Arkansas. Federal Reserve System. The film is available for use without charge by university and college classes in economics, by business and other pro- CHANGES IN DISCOUNT RATE AND IN MAXIMUM fcssional organizations, or by other interested RATES OF INTEREST ON CERTAIN DEPOSITS groups. On March 21, 1968, the Board of Governors of the The objective of the film is to offer some per­ Federal Reserve approved action by the directors spective on the broad range of economic consider­ of the Federal Reserve Bank of New York increas­ ations involved in decision-making at the Federal ing the discount rate at that Bank to 5 per cent, ef­ Reserve. The film discusses some of the principal fective the following day. The rate previously in problems dealt with by monetary and fiscal pol­ effect was 4‘/2 per cent. As of March 22 the rate icies over the postwar years—a period of unprece­ in effect was 5 per cent at all Federal Reserve Banks. dented economic progress, but marred by four re­ On April 18, 1968, the Board of Governors cessions, the episodic outbreaks of inflationary approved actions by the directors of the Federal pressures, and the emergence of international bal­ Reserve Banks of New York, Philadelphia, and ance of payments deficits as a serious threat to Minneapolis increasing the discount rates of those economic stability. The film also highlights sig­ Banks to 5'/2 per cent from 5 per cent, effective nificant changes in financial markets—concentrat­ April 19, 1968, (Similar actions by the directors ing particularly on those that have influenced the of the Federal Reserve Bank of San Francisco, ways in which monetary policies affect the econ­ effective April 19, 1968, and by the directors of omy. 391 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

392 FEDERAL RESERVE BULLETIN □ APRIL 1968 This him is an adaptation of an audio-visual of the Board’s stall participate in it: Mr. Daniel presentation originally given by the Board’s staff H. Brill, Mr. Robert C. Holland, Mr. Robert to the Symposium on Money, Interest Rates, and Solomon, and Mr. Albert R. Koch. Economic Activity, which was held in Washington, This 16mm color film is 37 minutes in length. D.C. in April 1967, under the sponsorship of the A print may be borrowed from any of the 12 American Bankers Association. A published ver­ Federal Reserve Banks. Reprints of the article in sion of the presentation appeared in the May the May 1967 Federal Reserve Bulletin arc 1967 Eedcral Reserve Bulletin. The body of available on request from Publications Services, the original presentation of charts and text is re­ Division of Administrative Services, Board of tained in this film. Chairman Wm. McC. Martin, Governors of the Federal Reserve System. Wash­ Jr., introduces the presentation and four members ington, D.C. 20551. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication April 16 Industrial production, nonfarm employment, and further increases in output of trucks. Among in­ retail sales rose in March while factory employ­ dustrial materials, production of iron and steel and ment and average weekly hours in manufacturing automotive parts rose, and output of coal increased were unchanged. The unemployment rate declined 12 per cent from the reduced January-February slightly. Prices of industrial commodities continued level. upward. The money supply and time and savings deposits increased, but U.S. Government deposits EMPLOYMENT were reduced and total commercial bank credit declined. Between mid-March and mid-April yields Nonfarm payroll employment advanced moder­ on intermediate- and long-term Treasury securities ately further in March, with gains concentrated and on municipal bonds declined. in public and private services and in trade. Con­ struction employment continued close to the high level reached in February. In manufacturing, small INDUSTRIAL PRODUCTION employment increases in some industries were off­ Industrial production rose in March and was 162.1 set by a further decline in the glass industry re­ per cent of the 1957-59 average as compared with flecting additional workers on strike. The average 161.5 in February and 156.4 a year earlier. In­ factory workweek was 40.7 hours, unchanged from creases in output were mainly in the automotive February and from most months since August industry and in some industrial materials. 1967. Average weekly earnings in manufacturing Auto assemblies, recovering from work stop­ were almost 7 per cent higher than a year earlier pages, were up 9 per cent to an annual rate of 8.8 reflecting mainly an increase of 6 per cent in aver­ million units. Production schedules for April are age hourly earnings. The unemployment rate set at about the March rate. Output of other con­ edged down to 3.6 per cent in March, as unem­ sumer durable goods, as well as consumer staples, ployment declined among adult men and women. rose slightly further in March. Production of busi­ ness equipment continued unchanged despite DISTRIBUTION Industrial production The value of retail sales rose 2 per cent further in March, according to advance Department of Com­ merce estimates. Sales at both durable goods and nondurable goods stores were also up 2 per cent, with increases reported for all major kinds of busi­ ness. Relatively large gains were noted for auto­ mobile dealers, and the general merchandise and apparel groups. Unit sales of new domestic autos rose 10 per cent. AGRICULTURE Winter wheat prospects on April 1 indicate a crop slightly larger than in 1967 with above average yields more than offsetting an 8 per cent smaller seeded acreage. Production of livestock products in the January- F.R. indexes, seasonally adjusted. latest figures shown are for March. March quarter was slightly lower than a year 393 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

394 FEDERAL RESERVE BULLETIN □ APRIL 1968 earlier, largely because of smaller output of milk declined following a substantial build-up earlier in and poultry meat. Red meat slaughter was the the year. Time and savings deposits rose $1.6 bil­ same as a year ago and production of eggs was lion, the largest monthly increase since November. somewhat greater. While attrition of large negotiable CD’s was heavy over the corporate tax and dividend payment pe­ riod, other time and savings deposits rose sub­ COMMODITY PRICES stantially. Net borrowed reserves averaged about $310 mil­ The wholesale commodity price index increased an lion over the 4 weeks ending March 27 compared estimated 0.3 per cent further in March as prices with a minimal ITee reserves level over the previous of industrial commodities and farm products con­ 4 weeks. Member bank borrowings rose substan­ tinued to rise, while processed foods declined tially to an average of $650 million and excess re­ somewhat. Since mid-March, increases have been serves declined somewhat. effected for a variety of industrial commodities, but prices of steel and copper scrap and for cop­ per and brass mill products have declined. Average SECURITY MARKETS prices of foods and foodstuffs appear to have Treasury bill yields declined sharply in the latter shown little change. half of March from the peak level reached at the time of the mid-March gold crisis. By mid-April, BANK CREDIT, DEPOSITS, AND RESERVES however, most of the decline had been retraced, particularly on the 3-month bill which was yield­ Commercial bank credit declined about $1 billion ing around 5.44 per cent. in March following rapid expansion earlier in the Yields on intermediate- and long-term Treasury year. Substantial reductions in holdings of U.S. securities declined notably over the same period, Government securities and in security loans more as prospects for de-escalation in Vietnam and action than offset moderate increases in most other loan on fiscal policy appeared to improve. categories and in bank holdings of municipal and Yields on new corporate and municipal bonds, Federal agency issues. after rising in the latter half of March, declined The money supply increased $900 million in somewhat through mid-April. Common stock March, a somewhat faster pace than in the Janu­ prices advanced on balance between mid-March ary-February period. U.S. Government deposits and mid-April in very heavy trading. Prices WHOLESALE Interest rates PER CENT 6 5 3 .. . . J . ____ 1—_______1_________I______ J..______2 1963 1964 1965 1966 1967 1968 Bureau of Labor Statistics indexes. Latest figures shown are Discount rate, range or level for all F.R. Banks. Weekly for February. 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 Apr. 4. 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

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 A-60 Consumer prices A-60 Wholesale prices A-62 National product and income A-64 Flow 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: A-87 Number of banks and branches in operation on December 31, 1967 A-89 Member bank operating ratios, 1967 A-98 INDEX TO STATISTICAL TABLES Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

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 (c.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 arc 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. “LI.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 arc 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 Slate........................................... Apr. 1968 A-87 Banking offices: Analysts 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. 1968 A 89 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

H-^ DHIN^ nLdtrXVCO HIW KLLHIDU I I DIVIO u HTKIL 1^00 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) I-'actors 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 i t o e d U To .S ta . l Go B v r o o i t g u , u h g t s ­ t h e t c u R m r c a i e h t g e i a p e r n e s u s t e e s r ! ­ ­ c v D a o 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 T r s c o r e u i t e n u a n u r a g n r y c t ­ s ­ d y ­ ­ r c C e t c u i i n o u n i l r a c n r ­ y ­ ­ T h c r i u n e a o g r s a l y d s h s ­ ­ Tr u w e r a y it s h ­ r F e . s F e R e i o g r . r v n ­ e B s a , O nk t s her2 c O a F o c u . t R h ­ n e . t s r B W F a . n i R t h k . s re c r C s e o a e n n u i r n c d v r y ­ e 4 s Total Averages of daily figures 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—jUne......... 1,933 1 ,933 250 12 2,208 4,030 2,295 5,455 272 81 64 350 2,211 2'211 1939—Dec........... 2,510 2,510 8 83 2,612 17,518 2,’956 7,609 2,402 616 739 248 11,473 11373 1941—Dec........... 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1 ,531 292 12,812 12,812 1945—£)cc........... 23,708 23,708 381 65224,744 20,047 4.322 28,452 2,269 625 1 .247 493 16,027 16’027 1950—Dec........... 20,345 20,336 9 142 1,117 21,606 22,879 4,629 27,806 I ’290 615 920 353 739 17,391 17,391 1957—Dec........... 23,982 23,615 367 716 1,443'26,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec........... 26,312 26,216 96 564 1,496 28,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec........... 27,036 26,993 43 911 1,426129,435 19,482 5,311 32,775 396 524 361 34« 1,195 18,628 304 18,932 1960—Dec........... 27,248 27,170 78 94 1,665129,060 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 1,921131,217 16,929 5,587 33,954 422 514 229 244 1,112 17,259 2,859 20,118 1962—Dec........... 30,546 30,474 72 305 2,298 33,218 15,978 5,561 35,281 398 587 222 290 1,048 16,9.32 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 I 13 490 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—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 4.1 147 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...4..8..,.8...91 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 4,646 25,834 Feb............ 48,930 48,734 196 361 1 .515 50,873 11,900 6,791 45,854 1 ,336 1,021 143 457 -512 21,265 <’4,340"25,605 Mar........... 9,511 49,452 59 682 1 ,59951,863 "11,096<•6,798"46,137 "1 ,216 916 165 506 -536 21,354"4,233 "25,587 Week ending— 1967 Mar. 1................ 44,187 43,942 245 167 1,67646,183 13,108 6,433 43,540 1,253 579 127 444 615 19,166 4,257 23,423 8................ 44,550 44,276 274 202 1 ,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 1.463’46.763 13,108 6,517 43,914 1 ,340 612 135 465 634 19,289 3,873 23,162 19................ 44,929 44,888 41 199 1 ,791 47,024 13,109 6,529 43,894 1 ,360 795 120 465 506 19,520 4,060 23,580 26................ 45,142 45 ,098 44 123 1 ,49346,888 13,108 6,553 43,754 1,382 1 ,087 119 469 511 19,227 4,158 23,385 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 1 ,70847,552 13,108 6,608 44,598 1,393 520 121 450 525 19,661 4,106 23,767 28................ 45,940 45,924 16 165 1 ,40847,642 13,108 6,610 44,574 1 ,378 968 126 490 530 19,293 4,254 23,547 July 5 ................ 46,809 46,755 54 366 1 ,231 48,543 13,110 6,614 44,856 1 ,464 1 ,088 148 508 360 19,841 4,043 23,884 12................ 47,158 47,101 57 74 1 ,70449,097 13,110 6,610 45,256 1,479 1,073 134 484i 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 1 385 1'188 116 468 368 19'716 4; 305 24'021 Aug. 2................ 46,833 46,833 1 19 1,43948,470 13,094 6,632 44,849 1,473 1,390 115 464 250 19,655 4,319 23,974 9...4..6..,..9..3..1... 46,804 127 91 1,38548,536 13,057 6,642 44,985 1,480 920 128 457 226 20,038 3,922 23,960 16................ 46,716 46,604 112 129 1,36748,292 13,057 6,656 45,135 1,486 1 ,007 126 471 198 19,583 4,180 23,763 23................ 46,504 46,504 47 1 61448,238 13,058 6,674 45,020 1 ,497 1 ,021 133 442 257 19,602 4,171 23,773 30................ 46,249 46,249 ............ 46 1,29047,651 13,044 6,693 44,918 1 ,495 1 .076 121 443 183 19,151 4,324 23,475 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 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 reservefunds F.R. Bank credit outstanding Deposits, other than member bank Member bank P d e o a r t i r o e d T U o .S ta . l Co B r v o o i t g u . u h t g s ­ t e h c t ti a R m r c i g h t e e i r a c p e n s s u e t e s r ­ 1 ­ c v D a o a a n n u d is c d n ­ e ­ ts s Float 2 t T a o l ­ 3 G sto o c ld k T s r u c o e i t r n a u e n r u y g n a r c t ­ ­ d y s ­ ­ r c t e C c u i i o n n i l u r a n c ­ r ­ y ­ T h c i r n u e o a g r s a l y d s h s ­ ­ Tr u e w r a y it s h ­ F r F e e .R s i o g e . r n r ­ v B e tt s O n , k th s er 2 c O o F t u a h . c n R e ­ t r s . B W F a . n i R t k h . s r c e r o C s a e i e n u n n r d c r v ­ y e 4 Total Averages of daily figures Week ending— 1967 Sept. 6................ 46,693 46,600 93 79 1 ,410 48,247 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 ,754 47,971 13,007, 6,739 45,223 1 ,487 362 126 473 24 20,021 4,295 24,316 27................ 46,452 46,452 74 1,530 48,193 13 006 A 750 45,044 1 ,502 927 129 454 37 19,865 4,347 24,212 Oct 4 . . 46,976 46,976 144 1,495 48,773 13,006 6,763 45,107 1,500 866 125 477 54 20.4131 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 48? 216 1,402 49,515 13,007 6,781 45,559 1 ,484 942 131 485 -93 20,795 4,234 25,029 25 47,098 47,098 58 1,564 48,773 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 1,289 48,643 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 ,407 49,458 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 12.9081 6.785 46,347 1,457 I ,570 175 432 -345 20,176 4,482 24,658 48,902 48,719 183 87 1.655 50,721 12,770 6,774 46,482 1 ,441 1 ,306 (60 444 • -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 I ,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 IO................ 49,183 49,109 74 I8O 2,334 51 ,772 11 ,983 6,781 46,85? 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 1 ,397 1 ,019 156 473 -625 20,896 4,675 25,571 24............... 49,105 49,105 233 1,72651,186 11 ,982 6,784 46,11? 1,390 939 149 471 -459 21,346 4,576 25,922 31................ 48,970 48,936 34 241 1,449 50,751 II,983 6,786 45,763 1 ,391 1 ,096 161 467 -426 21,069 4,603 25,672 Feb. 7................ 49,344 48,925 419 241 1 ,451 51 ,099 11 ,954 6,788 45,777 1 ,361 912 142 450 -554 21,752 4,169 25,921 14................ 49,210 48,815 395 384 1 ,267 50,949 II,882 6.788 45,942 1 ,343 1 ,071 1 37 462 608 21 ,272 4,258 25,530 21................ 48,443 48,443 405 1,73450,643 11 ,882 6,792 45,881 1 ,333 1 ,051 140 455 -453 20,911 4,364 25,275 28................ 48,724 48,724 442 1 ,556 50,779 11 ,883 6,796 45,817 1 ,319 1 ,022 147 461 -444 21117 4 400 25,636 Mar. 6................ 49,077 49,019 5 8 501 1 ,729 51 .363 II ,883 6,797 45,832 1 ,301 992 1 52 489 -418 21.695 "4,119 "25,814 13................ 49,278 49,166 112 787 1 ,473 51 ,595 II .609 6,795 46,205 1 ,275 1 .008 122 478 -474 21,386"4,162 "25.548 20................ 49,840 49,840 748 1 ,668 52,312 10,872 6,801 46,233 1 ,224 1 ,059 166 505 ■609 21,406"4,259 "25,665 27................ 49,621 49,621 597 1,53451 ,855 10,48* 6.800 46,153 1,129 844 205 465 ■ 597 20.941 "4,382 "25.323 End of month 1968 49,092 48,855 237 843 1 ,41651 ,434 11 ,984 6,789 45,819 1,338 1,153 160 463 564 21.838 5 ,025 26,863 Feb........................ 48,952 48,952 166 1 ,88251 ,056 11 ,883 6.798 45,846 1 ,265 1,197 192 456 ■415:1’21 '195 "4,832 "26,027 Mar....................... 49,748 49,631 ' ’ ‘iH 672 1 ,61752,127 /'I0,484"6.798 "46,262 "1 ,126 58I 197 703 -593 "21,133"3.975 "25,108 Wednesday 1968 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 (7................ 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 I ,397 1,008 160 462 -451 21,044 5,031 26,075 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 5.025 26,863 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 ,240."4,448 "25,688 14................ 48,449 48,155 294 92 1^398 50',029 11 ,884 6,791 46,021 1 ,337 1 ,314 157 471 -735 20,140 "4,936 "25,076 21................ 48,488 48,488 818 1,529.50,893 11 ,884 6,795 45 ,940 1 ,324 1 ,086 130 450 -447 21,O89-"4,822"25,911 28................ 48,785 48,785 257 1,510.50,608 11 ,884 6,797 45,862 1 ,321 922 166 441 -533 21 .110>4 957 "26,067 Mar. 6................ 49,251 49,072 179 824 I ,497|5I ,628 II ,884 6,793 46.100 I ,291 818 161 488 -421 21,867 "4,281 "26,148 13............. 49,081 49,081 187 1,693'51 ,017 11 ,434 6,799 46,315 1 ,270 920 139 463 -639 20,782 "4,779"25,561 20................ 49,847 49,847 ........... 343 1 ,5 76 51 ,8 22 10,484 6,800 46,257 1,145 740 207 466 -614 20,905 "4,723 "25,628 27................ 49,495 49,495 1.405 1 ,370 52 ,370 10,484 6,799 46,265 1,131 965 161 475 -603 21 ,258 "4,859 "26,117 ........... i U.S. Govt, securities include Federal agency obligations. on Wed. and end-of-month dates, sec subsequent tables on F.R. Banks 2 Beginning with 1960 reflects a minor change in concept; sec Feb. See also note 2. 1961 Bulletin, p. 164. 4 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed J Includes industrial loans and acceptances, when held (industrial thereafter. Beginning with Jan. 1963, figures arc 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 □ APRIL 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 i a n o a . n g w R t k s - . s s F e r r r e v e ­ e e s 'l 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 ire e d ­ Excess B r F i a n o a . n g w R t k s - . s s F e r r r e e v ­ e e s ——--------— —--------- — ——---------------------- .--------- _— ----------——— .. ------------ —----- _ _ 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June 1 2,160 1 ,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec. 11,473 6,462 5,0! 1 3 5,008 5,623 3,012 2,61 1 2,611 I , 141 601 540 540 [941—Dec. 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec. 16,027 14,536 ! ,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec. 17,26! 16,275 986 224 762 4,404 4,299 105 38 67 1 ,024 1 ,01 I 13 6 7 1950—Dee. 17,391 16,364 1 ,027 142 885 4,742 4,616 125 58 67 1 , (99 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 I960—Dec. 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4( 8 -4 1961—Dec. 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 .............. 22 -22 1962—Dec. 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1 ,042 1,035 7 18 -11 1963—Dec. 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1 ,056 1 ,051 5 26 -21 1964—Dec. 21,609 21,198 41 1 243 168 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 4! 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—Mar. 23,405 22,970 435 199 236 4,612 4,608 4 72 -68 1,133 1,122 11 26 -15 Apr. 23,362 23,053 309 134 175 4,644 4,613 31 41 - 10 1,131 1 , 140 -9 11 -20 May 23,284 22,914 370 101 269 4,614 4,583 31 19 12 1,133 1,127 6 5 1 June 23,518 23,098 420 123 297 4,701 4,664 37 30 7 1,150 1,138 12 15 -3 July. 23,907 23,548 359 87 272 4,787 4,749 38 18 20 1,152 1,162 -10 5 -15 Aug. 23,791 23,404 387 89 298 4,633 4,619 14 8 6 1,153 1,148 5 1 4 Sept. 24,200 23,842 358 90 268 4,797 4,747 50 11 39 1,172 1,169 3 3 Oct.. 24,608 24,322 286 126 160 4,888 4,871 17 27 -10 1,194 1,188 6 2 4 Nov. 24,740 24,337 403 133 270 4,826 4,784 42 19 23 1 ,191 1,178 13 11 Dec............... 25,260 24,915 345i 238 107 5,052 5,034 18 40 -22 1 ,225 1 ,217 8 13 -5 1968--Jan.. 25.834 25.453 381 237 144 5,170 5,131 39 48 -9 1,231 1 .230 3 2 Feb. "25.605 "25,212 "393 361 "32 "5,060 "5,011 -49 106 " 57 "1,222 /'I .216 4 "2 Mar............... "25.587 "25.225 "361 671 -' 3t0 "5.148 "5.063 "85 99 "-14 "1 .176 "1.168 ''7 66 ■< ...59 Week ending- - 1967—Mar. 1 . . . . 23.423 23.264 159 167 -8 4,559 4.518 41 4 37 1 ,120 1,111 4 5 H. . . . 23 . 187 22,828 359 202 157 4.499 4,512 13 13 -26 1 ,092 I .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 I , 166 - 2 7 -9 29.... 23,320 22.944 385 135 250 4,705 4,649 56 .............56 I . 160 1,152 8 92 -84 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 II .... 24,399 24,150 249 145 104 4,804 4,771 33 21 12 1,177 1,178 -1 -I 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 io -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 1 19 265 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 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 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.... 25,91i 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 I ,214 6 8 -2 24.... 25.922 25,546 376 233 143 5.149 5,1 30 19 19 1 ,231 1 ,226 5 2 3 31.... 25.672 25.336 336 241 95 5. 1 30 5,108 22 3 2 10 1 ,226 1 ,223 3 r 2 Feb. 7. . . . 25.921 25,546 375 241 134 5,218 5 .1 89 29 6 23 1 .252 1 ,245 7 । 6 14.... 25,530 25.042 488 384 104 5 .029 4.895 134 154 - 20 1,194 1.195 - 1 2 -3 21 . 25,275 24,896 379 405 -26 4.949 4,920 29 145 - 1 1 6 1,196 1 ,188 8 8 28. . . . 25.636 25,323 313 442 - 129 5.032 5,030 2 133 -131 1 ,242 1 ,231 1 1 6 5 Mar. 6. . . . "25.814 "25.488 "326 500 " -174 "5,204 "5,167 "36 1 "35 "1,234 "1 .238 a.-4 96 "-100 13.... "25.548 "25,080 "468 779 "--311 "5.094 "4.963 "131 250 "-119 "1,150 "1,137 "13 14 /• -1 20.... "25,665 "25,259 "406 733 "-327 "5.146 "5,108 "39 159 " - 1 20 "1,166 "1,170 " -4 32 " - 36 27.... "25.323 "25.175 "148 582 " 434 "5.034 "5.044 " - 10 29 "-39 "1,165 "1,153 "12 50 " -38 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1968 □ BANK RESERVES AND RELATED ITEMS A-7 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks C□untry 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 ld al Required Excess T h o e t ld al 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 ,01 1 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 -22S 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 ................................I960—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. 9,366 9,300 66 53 13 8,294 7,940 354 48 306 ................................1967—Mar. 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 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 9,878 9,860 18 42 -24 8,648 8,402 246 55 191 ..............................................Oct. 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 ...............................................Dec. 10,314 10,283 31 III -80 9,120 8,809 31 1 75 236 ................................1968—Jan. "10,270 "10,219 "52 126 " -74 "9,054 "8,767 "287 125 "162 ...............................................Feb. "10.248 "10,21 1 "36 288 " -252 "9,014 "8,781 "2 0 218 "15 Mm Week ending- 9,351 9,364 13 7(1 83 8,392 8.271 121 89 32 ...........................1967 Mar. 1 9,278 9.237 41 1 17 76 8,318 7.994 324 64 260 8 9,31 5 9,277 38 40 8,347 8.049 298 61 .’..17 ...................................................15 9,401 9,354 47 64 17 8,338 7.852 486 34 452 ............................................22 9.386 9.305 81 4 77 8,079 7,838 241 39 202 ...................................................29 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 .172 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 .......................................Oct. 4 9,840 9,796 44 60 -16 8,577 8,405 172 64 108 ...................................................Il 9,957 9,943 14 54 -40 8,949 8,436 513 57 456 ...................................................18 9,924 9,866 58 (0 48 8,456 8,413 43 48 -5 ...................................................25 9,917 9,897 20 28 -8 8,667 8,418 249 47 202 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 9,882 9,844 38 69 -31 8’847 8,572 275 50 225 ...............................13 10,049 10,018 3! 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 10,352 10,318 34 157 -123 9,1 89 8,871 318 74 244 ................. 24 10,276 10,235 41 90 ■49 9,040 8,770 270 118 152 ...................................................31 10,374 10,334 40 97 -57 9.078 8.780 298 1 37 161 ........................................Feb. 7 10,254 10,155 99 96 3 9,053 8,799 254 132 122 ...................................................14 10,089 10,077 12 168 - 156 9,041 8,71 1 330 84 246 ...................................................21 10,341 10,292 49 150 101 9,022 8,770 252 15.1 99 ...................................................28 "10,344 "10,308 "36 234 " 198 "9,031 "8,774 "258 169 "89 ........................................Mar. 6 "10,238 "10,17! "67 328 "- 261 "9,068 "8.808 "259 189 "70 .................................13 "10,201 "10,181 "20 312 " -292 "9,152 "8,799 "353 230 "123 ...................................................20 "10,242 "10,201 "41 237 " - 196 "8.886 "8.777 " 109 266 " -157 ...................................................27 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 arc not averages of the 4 or 5 Harrowings at F.R. Ranks: 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 □ APRIL 1968 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal fund transactions U R .S e . la G te o d v t t , r a s n e s c a u c ri t t i i o e n s s d w e i a th le rs Less— Net— Gross transactions Net transactions Reporting banks and Total Bor­ week ending— 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 r t r k s . a ­ l S d u e o r f p i r c l i u t s r P r e e e s q a r e o v u c r g f i v e r . e e n s d t ch P a u s r e ­ s Sales a 2 t c r - t a w io n a n s y s ­ 2 b c o b h u P a f a y n u n s i k n r e e ­ s g s t s o b S e a f a l n l l n i e n k e s s g t d L e o a t a o le n r s s 3 de f r i a r n o o l g e w m s r ­ s 4 lo N a e n t s Total-- -46 banks 968—Feb, 7.............. 41 55 988 1 ,002 H.6 2.623 1 ,635 1 ,252 1 ,372 .183 2,137 93 2 044 14.............. 199 21 1 1,192 -1 ,205 10,8 2,884 1 ’692 1 ,35.3 1 ,532 340 1 ^659 101 1 ’558 21.............. 35 241 ’760 •966 8.7 7,5 1 1 1 ’750 1 ’368 1 ’142 382 1 ,75 5 9 7 1 ’658 28.............. 51 193 564 - -707 6.2 2’619 2’055 1 ,535 1 ,084 520 1 ’761 77 1 684 33 236 793 -997 8.6 2,532 1 ,738 1 ,336 1,196 402 1 ,966 76 1 890 13 172 45! 1 ,108 -1 ,387 12.4 2,667 1 559 I ,275 1 ,392 285 1 ,507 84 1 ’423 20............... 36 304 746 1 J) 17 9.0 2’636 1 887 1,321 1 ’315 566 1 ’398 97 1 ,301 27............... 15 125 626 -•736 6.5 2.861 2’235 1 ;535 1 J26 700 1 ,304 108 1 .197 8 in New York City 1968—Feb. 7_______ 1 8 1 321 -304 6.4 931 610 492 439 11 8 1 ,345 93 I 252 14.............. 127 1 44 410 --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 Mar. 6.............. 24 40 -16 3 797 756 53 5 261 221 1 ,153 76 1 ,077 13 125 219 277 371 8.2 906 629 566 339 63 926 84 841 20.............. 33 126 -114 22 .5 860 975 609 251 365 9 58 92 866 27.............. ■12 15 42 ■ 69 1 .5 966 924 632 334 292 966 107 859 38 outside New York City 1968- -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 8 23 1,035 253 680 680 21.............. 7 110 600 -703 1 0.6 1 .558 958 739 819 220 673 673 28.............. 49 74 539 -565 8.3 1 ,769 1,231 940 829 290 719 719 9 236 753 -980 14.3 I ,735 982 801 935 182 81 3 813 13.............. 47 232 831 -1,015 15.3 1 ,’761 931 709 1 ,053 222 581 581 20.............. 2 179 863 --1 ,039 15.5 1 ,776 91 3 712 1 ,064 201 440 5 435 27.............. 28 1 10 584 --667 9.9 1 .895 1 .31 1 903 992 408 338 1 338 5 in City of Chicana 1968....Feb 7............... 8 85 -78 6.9 324 239 212 1 13 28 24 24 14.............. 1 129 - 1 30 I 2. 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 Mar. 6.............. ■ 5 93 66 - 1 64 14.5 364 297 254 1 10 44 46 46 |J.............. 7 1 1 266 271 26.3 449 182 182 266 20 20 20... . . ■4 29 238 ■ 271 25.4 437 199 1 97 240 2 '27.............. 7 45 191 -230 21.9 453 261 258 195 4 33 others 1968—|-cb, 7.............. 16 54 5 82 -621 10.8 1 ,368 786 548 820 238 769 769 14.............. 72 67 653 -648 11.6 I 423 770 537 886 231 673 673 21.............. 5 110 594 — 699 12.5 1 ’238 644 472 766 172 656 656 28.............. 19 74 524 -5 59 9.8 1 400 876 643 757 233 684 684 13 143 687 -817 14.3 1,371 685 547 825 138 766 766 13 ......... 41 220 564 -744 13.2 1313 748 526 786 222 561 561 20.............. 6 150 625 -769 13.7 1 ,338 713 515 824 199 440 5 435 27.............. 21 65 393 -437 7.7 1 ,442 1 ,050 645 797 404 338 1 338 1 Based upon reserve balances, including all adjustments applicable to 4 Federal funds borrowed, net funds acquired from each dealer by the reporting period. Carryover reserve deficiencies, if any, are de­ clearing banks, reverse repurchase agreements (sales of securities to ducted. dealers subject to repurchase), resale agreements, and borrowings secured 2 Derived from averages for individual banks for entire week. Figure by Govt, or other issues. for each bank indicates extent to which its weekly average purchases and sales are offsetting. Note.—Weekly averages of daily figures. For description of series 3 Federal funds loaned, net funds supplied to each dealer by clearing and back data, see Aug. 1964 Bulletin, pp. 944-74. banks, repurchase agreements (purchases of securities from dealers subject to resale), or other lending arrangements. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1968 □ DISCOUNT RATES A-9 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under Advances and discounts under Advances under last par. Sec. 133 Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b)2 Rate on Elective Previous Rate on Effective Previous Rate on Effective Previous Mar. 31 date rate Mar. 31 date rate Mar. 31 date rate Boston..................................................... 5 Mar. 15, 1968 4/4 5/2 Mar. 15, 1968 6 Mar. 15, 1968 5/2 New York.............................................. 5 Mar. 22, 1968 4/4 5/2 Mar, 22, 1968 5 6ft Mar. 22, 1968 6 Philadelphia........................................... .5 Mar. 18, 1968 4/2 5'4 Mar. 18, 1968 5 6 Mar. 18, 1968 5/2 Cleveland................................................ 5 Mar. 15, 1968 4/2 5/4 Mar. 15, 1968 5 6ft Mar. 15, 1968 6 Richmond.............................................. 5 Mar. 15, 1968 4/2 5/2 Mar. 15, 1968 5 6 Mar. 15, 1968 5/2 Atlanta.................................................... 5 Mar. 15, 1968 4/2 5/4 Mar. 15, 1968 5 6ft Nov. 20, 1967 6 Chicago................................................... 5 Mar. 15, 1968 4/2 5/2 Mar. 15, 1968 5 6 Mar. 15, 1968 5/2 St. Louis................................................. 5 Mar. 15, 1968 4/2 5/2 Mar. 15, 1968 5 6 Mar. 15, 1968 5/2 Minneapolis.......................................... 5 Mar. 15, 1968 4/2 5/2 Mar. 15, 1968 5 6 Mar. 15, 1968 5/2 Kansas City........................................... 5 Mar. 15, 1968 4/2 5/2 Mar. 15, 1968 5 6 Mar. 15, 1968 5/2 Dallas...................................................... 5 Mar. 15, 1968 4/2 5/2 Mar. 15, 1968 5 6 Mar. 15, 1968 5/2 San Francisco....................................... 5 Mar. 15, 1968 4/2 5/2 Mur. 15, 1968 5 6 Mar. 15, 1968 5/2 1 Discounts of eligible paper and advances secured by such paper or 2 Advances secured to the satisfaction of the F.R. Bank. Maximum by U.S. Govt, obligations. Rates shown also apply to advances secured maturity: 4 months. by obligations of Federal intermediate credit banks maturing within 6 3 Advances to individuals, partnerships, or corporations other than months. Maximum maturity: 90 days except that discounts of certain member banks secured by U.S. Govt, direct obligations. Maximum matu­ bankers’ acceptances and of agricultural paper may have maturities not rity: 90 days. over 6 months and 9 months, respectively, and advances secured by FTCB 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 I (or level)— Bank date all F.R. of date ail F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1941.......... 1 -1/4 1 1955 1 ft-1 ft 1ft Ma 1 r 9 , 5 9 6........................2...f..t.-..3. 3 ‘ 15.................................. 1 ft-1 ft 16.................................. 3 3 1942 May 2................ .... May 29.................................. 3 -3 ft 3ft 1 1 1 34-2 ft June 12................................. 3 ft" 3ft Oct 15.............. ......... t ft-1 I 5 . i ft-2 2 3ft-4 4' 30....................................... t ft t'A 12. 2 -2ft 2 18.................................. '4 4 Sept. 9.................................. 2 -2 ft 2ft 13.................................. 2ft 2ft 1960 1946 Nov. 18.................................. 2 ft-2 ft 2ft June 3.................................. 3/4-4 4 Apr. 25...................................... t ft-1 1 23.................................. 214 214 10.................................. 3ft-4 3/4 May 10...................................... 1 1 14.................................. 3‘A 3/2 1956 Aug. 12.................................. 3 -3/4 3 Apr, 13.................................. 2ft-3 2ft Sept. 9.................................. 3 3 1948 20.................................. 2%-3 2ft Jan. 12...................................... 1 -1ft 1 ft Aug. 24.................................. 2ft-3 3 ' 1963 19...................................... 1ft 31. 3 July 17.................................. 3 -3 ft 3ft 1 ft-1 ft 1 ft ' 26............3../..2..................3/2 ~ 23....................................... 1/2 l>4 1957 Aug. 9.......................... 3 -3 ft 3 1964 23.................................. 3ft" 314 Nov. 24.................................. 3 ft-4 4 1950 Nov. 15........... . .. 3 -3 ft 3 30.................................. 4 4 Aug. 21...................................... 1 ft-1 ft I ft Dec. 2................................ 3 ' 3 " 25...................................... l’/4 iy< 1965 1958 4 -4 ft 4ft Jan. 22.................................. 2 ft-3 3 13.................................. 4/4 4ft 1953 24.................................. 2^-3 2ft Jan. 16.................................... 1^-2 2 Mar. 7........... . . 2 (4-3 2(4 1967 23.................................... '2 2 13........... 2 %-2 ft 2ft Apr, 7................................... 4 -4 ft 4 21.................................. 2ft ’ 14............4......................4 Apr. 18.................................. 1ft 2ft 1ft Nov. 20.................................. 4 -4ft 4ft 1954 May 9............................. 1ft " 1ft 27.................................. 4ft 4ft Feb. 5.................................... 1j/4-2 iy< Aug. 15...................................i 1’4-2 1% 1968 15.................................... I ft 1 ft Sept 12 1 2 2 1 ft-1 23 । 2 2 Mar, 15.................................. 4 ft—5 4ft 16.................................... 1ft 1ft Oct 24 ; 7 'HZ 2 22..........'.5......................5. May 21.................................... 1/4 1/4 Nov. 7................................... 214' 2/4 In effect Mar. 31................ 5 5 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 I year or less. The rate of 1 per cent in the following periods (rates in percentages): 1955—May 4-6, 1 65; was continued for discounts of eligible paper and advances secured by Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. such paper or by U.S. Govt, obligations with maturities beyond 1 year. 24-29, 2.75; 1957- -Aug. 22. 3.50; I960 -Oct. 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; Julv Note.—Discount rates under Secs. 13 and 13a (as described in table 20, 31. Aug. 1-3, 2.50; Sept. 28-29, 2.7 5; Oct. 5, 2.50; Oct. 23, Nov. 3, above). Por data before 1942, see Banking and Monetary Statistics. 2,75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dee. 15, 17, 22. 24. 1943, pp. 439-42. 28, 30, 31, 3.875; 1965—Jan. 4-8, 3.875. The rate charged by the F.R. Bank of N.Y. on repurchase contracts Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-10 RESERVE REQUIREMENTS □ APRIL. 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 J (all Effective date 1 city banks banks Sav­ time deposits classes ings of depos­ banks) Under Over Under Over its Under Over $5 mil- $5 mil- $5 mil- 3*5 mil $5 mil­ $5 mil­ lion lion lion lion lion lion In effect Dec. 31, 1949.......... 1966—July 14,21......... 34 54 5 Sept. 8, 15......... 6 1951—Jan. 11,16.................. Jan. 25, Feb. 1.,.. 1967—Mar. 2................ 3'A Wi 1953—July 9,1.................... Mar. 16................ 3 3 1954—June 24, 16.................. July 29, Aug. 1.... 1968—Jan. 11,18......... 16'4 17 12 ' 121/,. 1958—Feb. 27, Mar. I.... Mar. 20, Apr. 1.... In effect Mar. 31,1968.. 16'4 17 12 : 12»A 3 3 6 Apr. 17......................... Apr. 24......................... Present legal 1960—Sept. I......................... requirement: Nov. 24......................... Minimum..................... 10 7 3 3 3 Dec. 1......................... Maximum..................... 22 14 10 10 10 1962—July 28......................... Oct. 25, Nov. 1.... 1 When two dates are shown, the first applies to the change at cent nil 4 Effective Jan. 5, 1967, time deposits such as Christmas and vacation reserve or reserve city banks and the second to the change at country club accounts became subject to same requirements as savings deposits. banks. For changes prior to 1950 see Board’s Annual Reports. 5 See preceding columns for earliest effective date of this rate. 2 Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances Nott:.- 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. I960, member 1 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, I960, 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 ol deposit Nov. Feb. Jan. Jan. Jan. July Nov. Dec. Type of deposit July Sept. 1, 1, 1, 1, 1, 17, 24, 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 2'4 3 4 4 4 4 Other time deposits:2 Less than 12 months......... 3 2 >4 2'4 3 .3'4 3'4 4 4 Multiple-maturity: Other time deposits:2 90 days or more............. 5 5 12 months or more....... 3 214 2'4 3 4 4 4’4 5'4 Less than 90 days.......... 4 4 6 months to 12 months.. . 3 2'4 2'4 3 3'4 4 4'4 5'4 (30-89 days) 90 days to 6 months........... 3 24 2 2'4 2'4 4 4'4 5'4 Single-maturity: Less than 90 days................ 3 2'4 1 1 1 1 4 5'4 $100,000 or more........... 5'4 5'4 (30-89 days) Less than $100,000. . . . 5'4 5 1 For exceptions with respect to foreign time deposits, see Oct. 1962 Under this regulation the rate payable by a member bank may not in Bulletin, p. 1279, and Aug. 1965 Bulletin, p, 1084. For rates for postal any event exceed the maximum rate payable by State banks or trust savings deposits, see Board’s Annual Reports. companies on like deposits under the laws of the State in which the member bank is located. Effective Feb. 1, 1936, maximum rates that may he paid Note.— Maximum rates that may be paid by member banks as estab­ by insured non member commercial banks, as established by the FDIC, lished by the Board of Governors under provisions of Regulation Q. have been (he same as those in effect for member banks. MARGIN REQUIREMENTS EFFECTIVE MARCH 11, 1968 (Per cent of market value) Regulation G: Regulation T: Regulation U: For credit extended by others than brokers and l or credit extended by brokers and dealers For credit extended by banks on: dealers and banks on: on: Stocks...............................................................70 Listed stocks.............................................................70 Listed stocks..................................................70 Bonds convertible into listed stocks..........50 Bonds convertible into listed stocks................50 Listed bonds convertible into stocks. . .50 For short sales..................................................70 Noti;.—Regulations G, T. and U, prescribed in accordance with Secu­ of its market value at the time of extension; margin requirements are the rities Exchange Act of 1934, limit the amount of credit to purchase and difference between (he market value (100 per cent) and the maximum carry registered equity securities that may be extended on certain secu­ loan value. rities by prescribing a maximum loan value, which is a specified percentage Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1968 □ BANK DEPOSITS; OPEN MARKET ACCOUNT A-11 DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks All All Item member Country Item member Country banks Now City banks banks New City banks York of Other York of Other City Chicago City Chicago Fourweeks chding Jan. 11. 1968’’ Four weeks ending Feb.28, 1968 Gross demand--Total.... 162,304 33,806 7,082 58,852 62.565 Gross demand- Total.... 158,317 33.380 6,931 57,251 60,756 Interbank.......................... 17,797 6,007 1.248 8,205 2,337 Interbank.......................... 17,081 5.900 1 .206 7,829 2,148 U.S. Govt......................... 4,374 966 233 1 ,787 1 ,389 U.S. Govt......................... 6,324 1 .292 361 2.669 2.002 Other................................. 140,133 26,832 5,602 48,861 58.840 Other................................. 134,913 26,189 5,364 46.753 56.606 Net demand1....................... 128,275 23,865 5,561 45.893 52,957 Net demand •....................... 125,162 23.283 5,457 44,922 51,500 Time....................................... 149,547 20,745 5,991 56.856 65.955 Time....................................... 150,904 20,314 6,039 57,655 66.896 Demand balances due Demand balances due from dom. banks....... 8,502 308 224 2,012 5,959 from dom. bunks........... 8,191 318 218 1 ,990 5,665 Currency and coin............. 4,624 401 84 1 .425 2.716 Currency and coin............. 4,323 381 78 1 ,325 2,540 Balances with HR. 21,145 4,722 1,141 8,882 6,400 Balances with F.R. 21,268 4,676 1.144 8.940 6.509 Banks.................... Banks................................. Total reserves held 25,769 5, i 23 1,225 10,307 9,116 Total reserves held............. 25.591 5,057 1 ,222 10,265 9,049 Required......... 25,411 5,104 /, 222 10.275 8,811) Required.......................... 25,203 5.009 1.215 10,215 8.766 Excess............. 358 3 32 306 Excess.............................. 388 48 7 50 283 1 Demand deposits subject to reserve requirements are gross demand Nori-.— Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities by maturity Total Treasury bills Others within 1 year 1-5 years Month Exch., c G h p r a u o s r s e ­ s s G sa ro le s s s Re ti d o e n m s p­ G J p u r u 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 . t y tions 1967—Feb............... 812 305 812 305 -2,457 2,595 Mar........ 1 ,496 704 1,395 704 80 Apr.............. 975 206 415 859 206 415 I0 50 May....... 1,146 107 412 936 107 412 - 2,879 107 2,879 June....... 1 ,681 567 223 1,332 567 223 17 185 55 July.............. 1,221 956 94 1,221 956 94 Aug............... 591 440 400 591 440 400 ...1 ,225 1,338 Sept.............. 1,110 623 127 919 623 127 24 121 44 Oct........ 700 27 200 700 27 200 Nov.......... 1,386 168 1,200 168 -1,227 121 1,227 Dec............... 622 250 622 250 169 -73 1968—Jan................ 1 ,488 1,593 20 1,410 [ .593 20 52 Feb.,........... 967 770 HX) 917 '770 100 50 7,658 -8,497 Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers’ agreements Federal acceptances (U.S. Govt, Nel agency 5-10 years Over 10 years securities) change obliga­ Month in U.S. tions Under Net Govt, (net re­ repur­ change 1 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 r u h x r m i c f it t h s a y . ­ c G p h r a u o s r s e ­ G sa ro le s s s o E t s r u h x r m i c f it t h a y s . ­ c G h p r a u o s r s e ­ s s G sa ro le s s s­ s it e ie c s ur­ p m a u g r e c r n e h t e s a ­ ) se r O i n g u e h t t t ­ , a m c g h n e r a e e n s t e t e s ­ , 1967—Feb........ -138 3,253 3,253 507 3 37 546 Mar.... 14 K 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 39 753 992 652 2? 45 719 July.... 286 370 87 -I — 13 -45 28 Aug.... -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 Dec.. .. -96 545 736 182 15 16 89 302 1968—Jan........ 21 5 1,136 1 ,031 --20 -38 - 12 -69 -139 Feb.. .. 839 968 1,205 -140 - 7 -20 •166 t 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 □ APRIL 1968 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (hi millions of dollars) Wednesday End of month Item 1968 1968 1967 Mar. 27 Mar. 20 Mar. 13 Mar. 6 Feb. 28 Mar. 31 Feb. 29 Mar. 31 Assets Gold certificate account............................................ 10,138 10,140 8 997 9 447 9,447 10,131 9,447 10,778 Redemption fund for F.R. notes........................................ 1 ,‘937 1 1937 1 937 1 ,937 1,833 Total gold certificate reserves.............................................. 10 138 10,140 10 934 11,384 1 1,384 10 131 1 1 ,384 12,611 Cash.............................................................................................. 441 447 442 440 410 442 435 345 Discounts and advances: Member bank borrowings........................................... 1 ,390 328 172 819 257 657 166 32 Other........................................................................................ 15 1 5 I 5 5 | 5 10 Acceptances: , Bought outright............................................................. 56 56 56 56 56 55 56 69 Held under repurchase agreements............................... 44 35 41 Federal agency obligations—Held under repurchase agreements......................................................................... 30 57 13 U.S. Govt, securities: Bought outright: Bills....................................................................................... 16,123 16,544 15,829 15,820 15,653 16,161 15,820 12,809 Certificates—Special...................................................... Other......................................................... 4,351 Notes................................................................................... 27,116 27,073 27,072 27,072 26.985 27,168 26,985 21 353 Bonds................................................................................... 6,2.56 6; 230 6,180 6,180 6.147 6.302 6.147 6 249 Total bought outright........................................................ 49.495 49,847 49,081 49 072 48.785 49 6.31 48 952 44 762 Held under repurchase agreements............................... 149 ' 60 146 Total U.S. Govt, securities.................................................... 49,495 49,847 49 081 49,221 48.785 49 691 48.952 44 908 Total loans and securities..................................................... 51 000 50.246 49,324 50,131 49,098 50,5)0 49 174 45 07 3 Cash items in proccss of collection................................... 7 114 7,904 8,001 7,419 7.362 6 561 7’239 5.’875 Bank premises.......................................................................... ‘ 1 13 1 13 111 112 112 113 *112 108 Other assets: Denominated in foreign currencies........................... 1 540 1 .539 1 541 1 491 1 .573 ( ,542 1 ,489 160 IMF gold deposited*........................................................ 235 233 2.3 3 233 233 241 231 228 All other................................................................................. 416 389 365 332 297 434 298 403 Total assets................................................................................. 70,997 71 011 70 95 3 71 542 70,489 69 974 70,364 64,80) Liabilities F.R. notes................................................................................... 40,693 40,705 40,728 40.539 40.316 40,679 40.250 38.256 Deposits: Member bank reserves...................................................... 21,258 20,905 20.782 21.867 21,110 21.133 21,195 19,148 U.S. Treasurer—General account.................................. 965 740 920 818 922 581 1,197 828 Foreign.................................................................................... 161 207 139 161 166 197 192 1.31 Other: IMF gold deposit*.......................................................... 235 233 233 233 233 241 233 228 All other............................................................................. 240 233 230 255 208 462 223 226 Total deposits.......................................................................... 22,859 22,318 22,304 23,334 22.639 22,614 23,040 20.561 Deferred availability cash items........................................... 5,744 6,328 6,308 5,922 5.852 4.944 5,357 4,441 Other liabilities and accrued dividends.................... 307 315 312 .318 295 315 328 231 Total liabilities......................................................................... 69,603 69,666 69,652 70.113 69.102 68.552 68.975 63,489 Capital accounts Capital paid in......................................................................... 612 610 610 609 609 612 609 578 Surplus.......................................................................................... 598 598 598 598 598 598 598 570 Other capital accounts........................................................... 184 (.37 93 222 180 212 182 166 Total liabilities and capital accounts................................ 70,997 71,011 70,953 71 ,542 70,489 69.974 70.364 64,80.3 Ratio of gold certificate reserves to F.R. note liability (per cent) 2........................................... ................... 26.4 27,5 27.6 27.6 32.3 Contingent liability on acceptances purchased for foreign correspondents.................................................. 103 107 I 11 1 12 117 100 117 232 U.S. Govt, securities held in custody for foreign account................................................................................ 8,464 8.749 8,448 8,979 8,913 8,418 8.922 7.547 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)......................... 43,387 43,447 43,356 43,209 43,273 43,367 4.3,251 40,899 Collateral held against notes outstanding: Gold certificate account.................................................... 6,299 6,619 6,638 6,638 6,638 6.159 6,638 6,690 Eligible paper........................................................................ U.S. Govt, securities........................................................... 38 571 38.521 38 521 38,521 38,521 38,571 38,521 36,306 Total coda teral................................................................. 44,870 45,140 45,159 45,159 45,159 44,730 45,159 42,996 1 Sec 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

APRIL 1968 □ FEDERAL RESERVE BANKS A-13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 1968 (In millions of dollars) Phila- Kan- San 1 tem Total Boston New del- Cleve- Rich- Allan- Chi- St. Minnc- SUS Dallas Fran- York phia land mond ta cago Louis a polis City cisco Assets Gold certificate account......................... 10.131 498 2,425 585 782 927 575 1.770 360 158 362 324 1.365 F.R. notes of other banks...................... 811 76 255 33 60 53 135 36 20 9 26 23 85 Other cash.................................................... 442 26 65 5 61 26 52 92 34 5 21 17 38 Discounts and advances: Secured by U.S. Govt, securities.... 657 27 73 15 24 15 48 286 26 29 16 13 85 Other......................................................... 15 1 4 1 1 1 1 2 * * 1 1 2 Acceptances: Bought outright.................................... 55 55 Held under repurchase agreements.. 35 35 Federal agency obligations- Held under repurchase agreements........... 57 57 U.S.’Govt, securities: Bought outright................................ 49.631 2,570 12,502 2,54.1 J.7H7 3.719 2,632 8.051 1 .775 991 1.976 2,123 6,962 Held under repurchase agreements.. 60 60 Total loans and securities....................... 50,510 2.598 12.786 2.559 3.812 3,735 2,681 8.339 1 ,801 1 ,020 1.993 2,137 7,049 Cash items in process of collection.. . 8,668 486 1.677 476 615 638 924 1.396 395 270 541 493 757 Bank premises............................................. 1 13 3 10 5 8 20 18 8 3 18 9 9 Otho ^assets: Denominated in foreign currencies.. 1,542 75 G98 82 139 80 97 225 52 35 68 88 203 1M F gold deposited 2......................... 241 241 All other................................................... 434 23 1 12 21 35 32 2.3 68 16 9 18 18 59 Total assets................................................. 72,892 3.785 17.969 3,763 5,509 5,499 4,507 1 1 ,944 2,686 1 ,509 3,047 3,109 9,565 ---: ---------- Liabilities F, R. notes.................................................... 41,490 2.427 9.660 2.395 3,323 3,801 2,293 7.266 1 .544 718 1.543 1 .395 5.125 Deposits: Member bank reserves.................... 21.133 763 5.917 861 1 .472 974 1.264 3,033 723 504 949 1 .175 3,498 U.S. Treasurer General account.. 581 24 133 27 32 58 53 56 39 25 39 37 58 Foreign...................................................... 197 7 ^5 8 14 8 9 22 5 3 7 9 20 Other; IMF gold deposit 2......................... 241 241 Al! other.............................................. 462 2 237 1 * 8 1 188 3 _______I 18 Total deposits............................................. 22.614 796 6,613 897 i .518 1 .048 1.327 3.299 768 535 997 1,222 3,594 Deferred availability cash items........... 7,051 477 1,248 381 519 549 782 1.116 314 217 433 401 614 Other liabilities and accrued dividends 315 16 82 15 24 24 17 50 11 7 13 13 43 Total liabilities........................................... 71,470 3.716 17.603 3.688 5,384 5.422 4,419 11,731 2.637 1 .477 2,986 3,031 9,376 Capital Accounts Capital paid in........................................... 612 30 157 32 55 32 39 90 21 14 27 35 80 Surplus........................................................... 598 29 154 32 54 J 38 87 20 14 26 34 79 Other capital accounts............................. 212 10 55 I 1 16 11 36 8 4 R 9 30 Total liabilities and capital accounts.. 72,892 3,785 17,969 3,763 5.509 5.499 4.507 11 .944 2,686 1.509 3.047 3. 109 9.565 —-:—~ — . z ^..z-z .■■; ■= —. _ —_z :.-; -•--•=-- - •:—rz: .--.-z . zzz . .- ■ -. — - -. -z_-. — Contingent liability on acceptances purchased for foreign correspond­ ents’......................................................... 100 5 <24 5 9 5 6 15 4 2 5 6 J4 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank).................................................... 4.3.367 2.510 IO.227I 2.446 3.551 3.905 2,419 7.479 1.619 741 1,603 1 .496 5.371 Collateral held against notes out­ standing: Gold certificate account................... 6.159 350 1,000; 496 600 640 450 1.400 306 77 225 180 435 Eligible paper..................................... U.S. Govt, securities......................... 38,571 2.176 9,400| 2.100 3,100 3,310 2.150 6.450 1 .370 685 1,450 1,380 5,000 Total collateral 44.730 2,526 10.400 2,596 3,700 3.950 2.600 7.850 1,676 762 1,675 1,560 5.435 1 After deducting $1,144 million participations of other F.R. Banks. J After tied acting $112 million participations of other F.R. Danks. 2 See note I (b) to table at bottom of p. A-68. 4 After deducting $76 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 □ APRIL 1968 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Hem 1968 1968 1967 --------- . Mar. 27 Mar. 20 Mar. 13 Mar. 6 Feb. 28 Mar. 31 Feb. 29 Mar. .31 Discounts and advances—Total. ....................................... 1 405 341 187 824 257 672 166 42 Within 15 days....................................................................... 1 ’388 324 1 64 818 256 65 (> 165 12 16 days to 90 days................................................................ * 17 19 X 1 16 10 91 days to I vear.................................................................. 15 5 Acceptances- — Total.................................................................. 100 56 56 56 56 90 56 1 10 Within 1 5 days...................................................................... 49 6 10 14 17 39 16 56 16 days to 90 days................................................................ .51 50 46 42 39 51 40 54 9! days to 1 year.................................................................. U.S. Government securities - Total................................... 49,495 49.847 49,081 49,251 48,785 49.748 48,952 44.921 Within 1 5 davs 1................................................................... 2 266 2 562 I 705 2 05 3 2 276 I 264 | ^TS 9^8 16 days to 90 days............................................................... 1 1 094 1 1 085 1 I 429 1 1 247 10 678 1 1 HOI 10 731 13 183 91 days to 1 year.................................................................. 25’942 26’074 25 871 25’875 25’839 26 404 27 ’()04 19*401 Over 1 year to 5 years........................................................ 7*887 7’846 7 796 7,796 7.740 7 948 7 740 10 1 II Over 5 years to 10 years..................................................... 1 '738 1714 1 ,714 |'7I4 1 692 1 756 1 692 866 Over 10 years......................................................................... 568 566 ’566 566 560 ’575 560 410 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total s P t o 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 lir li e an Jap y a e n n ese g N u la e il n t d h d e e s r r s ­ f S ra w n is c s s 1967—Apr.................................... 184 121 55 3 I 1 1 1 0 May.................................. 149 1 15 25 3 1 1 • 2 June.................................. 578 399 29 3 1 144 1 * 2 July................................... 579 566 4 3 I 2 1 I * ? Aug................................... 866 761 3 3 1 94 * 3 Sept................................... 788 754 13 3 I 1.3 I 1 * J Oct.................................... 953 898 3 1 46 1 1 * 3 Nov................................... 1 ,307 1,140 19 3 140 I 1 * 2 Dec.................................... 1 ,604 1,140 45 3 1 41.3 I 1 2 BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits t ( o in d e b m ill a io n n d s d o e f p d o o s l i l t a a rs c ) counts1 Turnover of demand deposits — Period Total LeadingSMSA’s Total 2.32 226 Total Leading SMSA’s Total 232 226 SM 23 S 3 A ’s N.Y. 6 others2 S ( N M e . x S Y c A . l. ) ’s S o M th S e A r ’s SM 23 S 3 A ’s N.Y. 6 others2 S ( N M e . x S Y c A . l. ) ’s S o M th S e A r ’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 1 17.2 51.2 39. 1 33.9 Apr.................................... 6,553.5 2,864.0 1,451.4 3,689.5 2,238.1 57.7 123.0 54.2 40.8 35.1 May.................................. 6,348.2 2,734.5 1,409.2 3,613.7 2,204.5 54.8 1 15.2 52.0 39.2 33.9 June.................................. 6,637.2 2,904.1 1,476.4 3,733.1 2,256.7 56.5 120.0 53.4 40.1 34.4 July................................... 6,688.7 2,857.1 1.560.5 3,831.6 2,271.1 56.8 119.8 55.5 40.7 34.5 Aug.................................... 7,067.8 3,185.7 1,575.0 3,882.1 2,307.1 59.0 128.5 56.6 41.1 34.6 Sept................................... 6,799.4 2,952.4 1,513.6 3,847.0 2,333.4 57.4 120.6 55.4 40.8 35. 1 Oct.................................... 6,993.0 3,102.4 1,537.7 3,890.6 2,352.9 58.3 125.5 54.6 40.8 35.1 Nov................................... 6,997.7 3,100.8 1,557.8 3,896.9 2,339.1 58.4 130.2 55.7 41.2 34.8 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.................................... 7,263.9 3,216.8 1 ,593.3 4,047.1 2,453.8 59.8 129.2 56.9 42.1 36. 1 Mar................................... 7,218.7 3,197.9 1,601.6 4,020.8 2.419.2 59.3 128.2 56.5 41.6 35.7 1 Excludes interbank and U.S. Govt, demand deposit accounts. Noth.—Total SMSA’s includes some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA’s. Los Angeles-Long Beach. For a description of series, sec Mar. 1965 Hulu-tin, 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

APRIL 1968 □ U.S. CURRENCY A-15 DENOMINATIONS IN CIRCULATION (in millions of dollars) Total Coin and smalldeiio mination currency Large denomination currency End of period in cir­ cula­ tion 1 Total Coin SI 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939......................... 7,598 5,553 590 559 36 1,019 1 ,772 1.576 2,048 460 919 191 425 20 32 1941......................... 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 I ,433 261 556 24 46 1945......................... 28,515 20,683 1,274 1,039 73 2’313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947......................... 28 J68 20,020 1 ',404 I ’048 65 2,110 6^275 9,119 8,850 2,548 5,070 428 782 5 17 1950......................... 27,741 191305 1,554 E 113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 ......................... 31'158 22^021 1 '927 I J12 75 2,151 6:617 9,940 9,136 2,736 5,641 307 438 3 12 1958......................... 32^193 22^856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959......................... 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,80.1 5,913 261 341 3 5 I960......................... 32^869 23'521 2’427 1 '533 88 ii 246 6'691 10'536 9'348 2,815 5,954 249 316 3 id 1961......................... 33’918 24’388 2,582 1 J88 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962......................... 35,338 25'356 2’782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963 ......................... 37'692 26’807 3’030 1,722 103 2,469 7,373 I2J09 10,885 3,221 7,110 249 298 3 4 1964......................... 39,619 28’[00 3^405 I ’806 1 11 2,517 7,543 12,717 11,519 3,381 7,590 248 293 4 (965......................... 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 2,051 137 2 J 56 8^070 14,201 12,969 3 J00 8’735 241 286 3 4 1967—Feb.............. 43,585 30,758 4,481 1 ,933 137 2,612 7,840 13,755 12,827 3,622 8,677 2.19 282 3 4 Mar............. 43,583 30,753 4,518 1 ,939 137 2,599 7,801 13,759 12,831 3,621 8,683 239 281 3 4 43,730 30,887 4,551 1 ,948 137 2,607 7,817 13.827 12,844 3,625 8,692 238 282 3 4 May............ 44,443 31,509 4'600 1 ,984 137 2,671 7,979 14,138 12,935 3,660 8,743 238 282 6 6 44,712 31 684 4,641 1,879 137 2,635 8,035 14,357 13,029 3,699 8,805 238 280 3 4 July............. 44 J 66 31,774 4,674 1 ,873 137 2; 625 7,989 14,476 13,094 3 J 24 8,844 238 281 4 45,071 31’884 4’720 1 J78 136 2,628 8,001 14,521 13,186 3,749 8,911 238 781 3 4 Sept............. 45; 031 31,795 4’752 1 '886 136 2,621 7,949 14,451 13,236 3J5I 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 32,917 4,865 1 ,965 1 16 2,748 8,266 14,957 13,524 .3,832 9,1 63 239 283 3 4 Dec.............. 47'226 33’468 4’918 2'035 136 2,850 8,366 1 S 1 A? 13,758 3,915 9,311 240 285 1 4 1968- -Jan............... 45.819 32,232 4,927 1 ,923 136 2,686 7,977 14,583 13,588 J, 835 9,221 240 285 J 4 Feb............. 45,846 32,284 4,969 1 ,895 136 2,665 8,000 14,619 13,563 3,820 9,213 2 .IM 284 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R, Banks for which a denominational break­ Non:.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Held hv Kind of currency T s F o t e a ta b n l . d o 2 in 9 u g , t ­ As a g s a e i c n u s r t ity F F . o R r . B F a . n R k . s 1968 1967 1968 c g e o r s t l i i d f l i v c e a a r n t e ti s Tr c e a a s s h ury A B a g a e n n m d k i s s A a g n e d n ts Feb. 29 Jan. 31 Feb. 28 Gold............................................................................................. i 1 ,883 (11 ,384) ’ 499 Gold certificates........................................................................ (11,384) 11 ,382 Federal Reserve notes............................................................. 43,253 112 3.005 40,135 40,141 38,164 Treasury currency— Total..................................................... 6,798 (36.1) 653 434 5,71 1 5,677 5,421 Standard silver dollars....................................................... 485 3 482 482 482 Silver bullion........................................................................ 398 360 38 Silver certificates.................................................................. (363) - 2 ■ 361 366 551 Fractional coin..................................................................... 5,508 598 422 4,487 4.445 3,999 Unfied States notes............................................................ 323 ..................... 17 .................1..0. 296 ?.9M 300 In process of retirement 4................................................. 86 85 86 89 ................. . .. — Total Feb. 29, 1968............................................................. 5 61,934 (11,747) 1 ,265 11 ,382 .1,440 45,846 J F a e n b . . 2 3 8 1 , , 1 1 9 9 6 6 8 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 6 6 2 0 , , 3 6 7 7 3 4 ( (1 H 3 , . 1 8 8 53 8 ) ) 1 1 , , 3 2 3 3 8 8 1 1 I 2, , 6 4 2 8 5 2 3 3 , , 7 2 3 2 3 6 .......4...5..,.8...1..9.. 43,585 1 Outside Treasury and F.R. Banks. Includes any paper currency held 5 Docs not include all items shown, as some items represent the security outside the United States and currency and coin held by hanks. Esti­ for other items; gold certificates arc 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 Stales notes and $233 are shown in parentheses. million gold deposited by and held for the International Monetary Fund. 2 Consists of credits payable in gold certificates: (!) the Gold Certificate Note.—Prepared from Statement of United Slates 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

A-16 MONEY SUPPLY; BANK RESERVES □ APRIL 1968 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt, Total c C om ur p re o n n c e y n t co D d m e e m p p o o a n s n i e d t n t jus a te d d ­ 1 Total c C om ur p re o n n c e y n t co D d m e e m p p o o a n s n i e d t n t jus a te d d ­ 1 d d e e p m os a i n ts d 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 38.3 132.1 158.6 175.8 39.1 136 7 156.9 3 4 1967—Mar........................................................... 173.1 38.9 134.2 166.1 171.9 38.5 133.4 166,7 4.9 Apr............................................................ 172.7 39.1 133.6 168.1 173.6 38.7 134.9 168.8 4.8 May.......................................................... 174.5 39.2 135.3 170.0 171.1 38.9 132,2 170.8 6.5 June......................................................... 176.2 39.3 136,8 172.4 174.3 39.3 135.1 173.0 3.9 July........................................................... 177.9 39.5 138.4 174.6 175.8 39.6 136.2 175 1 5.6 Aug......................................................... 179,1 39.6 139.6 177.2 175,9 39.6 136 2 177.7 4.3 Sept........................................................... 179.2 39.8 139,5 178.9 178.4 39.8 138.6 178.9 5 0 Oct............................................................. 180,3 39.9 140 Li 1 80.8 180.6 40,0 140.6 180.3 6.2 Nov.......................................................... 181.2 40.0 141.2 1 82.5 182,5 40.4 142,1 181 1 5 2 Dec........................................................... 181.5 40.4 141.1 183.8 187.2 41.2 146,0 181.8 5.0 1968—Jan............................................................. 182.5 40.5 141.9 183.7 187,8 40.5 147.3 183.5 4.9 Feb. 11...................................................... 1 82.5 40.7 141,8 1 85.0 181,5 40.3 1 41 1 185 5 7.2 Mar. p.................................................... 1 83.4 41 1 142.3 186.6 182,1 40.7 141.4 187.4 6.7 Week ending— 1968—Feb. 7................................................... 182.7 40.7 142,0 184.1 184.6 40.4 144.1 1 84.6 7.1 14................................................... 181 .9 40.7 141,1 184.6 182.2 40.5 141 .7 185.3 6.1 21.................................................... 183,4 40.7 142.6 185.1 180,8 40.3 140.5 185.6 5.4 28................................................... 1 82. 1 40.7 141,4 185.6 178.8 40. 1 138.8 186.2 9.7 Mar. 6................................................... 1 83.6 40.9 142,7 185.9 181,7 40.5 141 .2 186,6 8.4 13................................................... 183.4 41.1 1 42. 3 186.5 182,3 40.8 141 .5 187.4 5.9 20 >'................................................ 182,8 41 . 1 141.7 1 86. 8 182.7 40.8 141 .9 187.4 6.4 27 "................................................ 183.9 41.1 142.8 186,9 181.5 40.5 141 .0 187.7 6.9 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, sec Aug. 1967 Bulletin, pp. 1303-16; for banks. Time deposits adjusted are time deposits at all commercial monthly data 1947-58, sec June 1964 Bullf/hn, pp. 679-89. banks other than those due to domestic commercial banks and the Averages of daily figures. Money supply consists of (1) demand U.S. Govt. Effective June 9, 1966, balances accumulated for payment of deposits at all commercial banks other than those due to domestic com­ personal loans were reclassified for reserve purposes and are excluded from mercial banks and the U.S. Govt., less cash items in process of collection time deposits reported by member banks. AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Member bank reserves* re D se e r p v o e s r it e s q s u u ir b e j m ec e t n t t o s 2 Member bank reserves’ re D se e r p v o e s r it e s q s u u ir b e j m ec e t n t t o s 2 Period Non­ Re­ Time Pri­ U.S. Non­ Re­ Time Pri­ U.S. Total ro b w o e r­ d quired Total sa a v n in d g s de v m a a te n d d G em ov a t n , d Total ro b w o e r­ d quired Total sa a v n in d g s de v m at a e n d d G em o a v n t, 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—Mar,....... 23,41 23.21 22.92 254.0 135.6 113.6 4.8 23.17 22.97 22.74 253.2 136.3 112.6 4.3 Apr........ 23.46 23.30 23.08 256.0 137,2 113.1 5.8 23.36 23.23 23.05 256,3 137.9 114,2 4.3 May.... 23.45 23.39 23.05 257.2 138.6 114.5 4. 1 23.28 23.18 22.91 256.5 139.4 111.2 5.8 June.... 23.61 23.49 23.14 259.2 140.8 116.1 2.2 23.52 23.40 23,10 258.9 141.3 114.2 3.4 July. . . . 23.84 23.80 23.45 262.4 142.5 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 I 18.7 5.3 24.74 24.61 24.34 271.9 147.6 119.7 4.6 1 )ec......... 24.62 24.36 24.40 272.9 149.4 118.6 4.4 25.26 25.02 24.92 275.9 148.1 123,3 4.5 1968—Jan.....2..5...01 24.70 24.68 274.7 149.9 119.5 5.3 25.51 25.27 25.13 278.3 149.4 124.4 4.4 Feb......... 25.25 24.88 24.86 277.0 150.5 119.6 6.9 25.07 24,71 24.68 276.2 151.0 118,8 6.4 Mar. ".. 25.30 24.63 24.89 278.0 151.4 120. 1 6.5 25.05 24.38 24.69 277.1 152,2 119,1 5.9 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, Hoard 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

APRIL 1968 n 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 ury U.S. Government securities liabil- Capital i^aic cur­ ities Total and Gold rency Other and deposits misc. s o ta u n t d ­ - Total n L e o t a n L s , 2 C a o n m d l. Federal r s it e ie c s u­ 2 ca n p e it t al, cu a rr n e d n cy co a u c n ­ ts, int: Tomi savings R B e a s n e k rv s e Other J net banks ---------- . — — _.. ------ ----- . .... _.. .... . _ . . ... .. . . ._ ._ . .. 1947—Dec. 31....................... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175.348 12,800 1950—Dec. 30....................... 22,706 4,636 171,667 60,366 96,560 7?., 894 20,778 2,888 14,741 199,008 184,384 14,624 1963—Dec. 20....................... 15,582 5,586 333,203 189,433 103,273 69,068 33,552 653 40,497 354,371 323,251 31,118 1966 Dec. 31....................... 13,159 6,317 422,676 261,459 106,472 60,916 44,316 1 ,240 54,745 442,152 400,999 41,150 1967—Mar.29....................... 13,100 6,500 426,100 259,700 107,701) 62,500 44,500 700 58,700 445,700 403,500 42,200 Apr. 26...................... 13,100 6,600 430,600 262,100 107,600 60,600 45,400 1 ,500 61,000 450,300 406,900 43,400 May 31 13,100 6,600 432,800 263,000 107,800 60,300 46,100 1 ,400 62,000 452,500 408,300 44,200 J une 30...................... 13,110 6,612 439,966 268,967 106,752 58,537 46,718 1 ,497 64,247 459,688 416,122 43,567 July 26...................... 13,100 6,600 442,600 268,200 109,800 61,500 46,900 1 ,400 64,600 462,300 417,800 44,500 Aug. in 13,000 6,700 445,600 268,500 111,200 63,500 46,200 1 ,500 65,900 465,300 418,600 46,700 Sept. 27...................... 13,000 6,800 451,200 272,000 112,600 64,500 46,700 1 ,400 66,600 470,900 424,400 46,600 Oct. 25....................... 13,000 6,800 454,700 272,400 115,000 66,600 47,100 1 ,200 67.300 474,500 428,300 46,200 Nov. 29'.................... 12.900 6.800 458,300 273,000 117,100 67,300 48,500 1 .300 68,100 478,000 431.500 46,500 Dec. 10___________ 11.982 6.7 84 468.943 282,040 117,064 66.752 49. H 2 1 .200 69.839 487,709 444.043 43.670 1968 -Jan. 31 '.................... 12,000 6,800 466.JOO 279,100 116,900 66.600 49,100 1 .200 70.400 485,100 439.800 45.300 Feb. 28 r.................... 1 I,900 6.800 466.300 277.700 117.600 67,600 48.800 1 .200 71,100 485.000 439.300 45,700 Mar. 27".................... 10,500 6.800 467.700 279,300 116,200 65.500 49.500 1 .200 72,200 485.000 438,700 46,300 DETAILS OF DEPOSITS AND CURRENCY Moneysupply 1 Related deposits (not seasonally adjusted) Seasonally adjusted 4 Not seasonally adjusted Time U.S. Government Date Total o b r u C c a t n u s n c i r k d - y s e d ju e m s p D a t a e o d e n s d ­ ­ d i ts 5 Total o b r u C e a t n u s n c i r k d - y s e d ju m e s D a p t a e d o e n d ­ s ­ d its 5 Total b m C a e n o r k m c s ia - l 1 b s M a a u v n i t k n u s g a s l 6 S P t a S e o v y m s i s n t a ­ • g ’ l s c n F * e 8 o t n r- 7 ’ T h c i r u n o a e r g 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 I ,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 I ,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 37,600 132,800 178,304 39,003 139,301 213,961 158,568 55,271 122 1 ,904 1,176 5,238 416 1967....Mar. 29. .. . 172,200 38,000 134,200 169,700 37,600 132,100 224,300 167,500 56,700 100 1,800 1 ,300 5,800 700 Apr. 26... . 170,600 38,000 132,600 170,600 37,700 132,900 225,600 168,600 56,900 100 1 ,700 1 ,400 6,700 800 M ay 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 I ,804 1 ,472 5,427 1 .311 July 26.... 173,500 38,500 135,000 173,300 38,600 134,700 233,600 175,300 58,300 ........1 ..,.8...00 1 ,500 6,200 1 ,300 Aug. 30... . 175 100 38 400 136 700 173 500 38,600 134,900 236,500 177,900 58,600 1 ,900 1 ,500 J ,900 1 ,300 Sept. 27..,. 176,600 38 600 138 000 175 500 38 700 136,800 237,500 178’300 59,200 I ’900 1 ' 500 7 J00 '711 Oct, 25.... 177 200 39 100 138 100 177’900 39’000 138,900 239,100 179 J00 59’300 1 ’ 900 1 ,500 6,900 900 Nov 29 r . 178,300 39,000 119 300 180'700 39’700 141’000 240'500 180’900 59'600 1 .900 1 ’500 5.200 1 .800 Dec. 30.. . . 181.500 39 600 141.9U0 191.232 41 ,071 150,161 242.657 182.243 60,414 2.179 1 ,344 5.508 1.123 1968 Jan. 31'... 180,600 40,(100 140,600 183.000 39.400 143.600 245,200 184,500 60,700 1 .900 I .400 7.200 1 .200 Feb. 28’... 179,300 39.900 139.400 178,400 39,400 139,000 247.300 186,300 61.100 2,000 1 .300 9.400 900 Mar. 27". . . 182.500 40.200 142,300 179.800 39,800 140.000 249,100 187.600 61.500 2.000 1 .100 5.700 1 .000 1 Beginning with data for June 30, 1966, about $1.1 billion in “Deposits June 1961, also includes certain accounts previously classified as other lia­ accumulated for payment of personal loans” were excluded from “Time bilities. deposits” and deducted from “Loans” at all commercial banks. These 7 Reclassification of deposits of foreign central banks in May 1961 re­ changes resulted from a change in Federal Reserve regulations. These hy­ duced this item by $1,900 million ($1,500 million to time deposits and $400 pothecated deposits are shown in a table on p. A-21. million to demand deposits). 2 See note 2 nt bottom of p. A-21. 3 After June 30, 1967, Postal Savings System accounts were eliminated Non:. -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 Weil, of month. and demand deposits adjusted, see “Banks and the Monetary System,” * Other than interbank and U.S. Govt,, less cash items in process of Section 1 of Supplement to Rankin# and Monetary Statistics, 1962, and collection, Bulletins for Jan. 1948 and Feb. I960. Except on call dates, figures 6 Includes relatively small amounts of demand deposits. Beginning with are partly estimated and are rounded to the nearest $100 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-18 COMMERCIAL AND MUTUAL SAVINGS BANKS □ APRIL 1968 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total | Securities assets— Total । ! Interbank-' Other Cla a s n s d o d f a b te ank Total Lo 1 a . n 2 s G U o .S vt . . Oth 2 er a C ss a e s t h s J b c c o i a l a i u p t n i n i c d t t a s s l 4 Total 3 m D a e n ­ d Time U.S D . ema O n t d her Time r B in o o g w r s ­ ­ c c T a o o p u t i n a ta t l s l N ba b u n e m k r s ­ Govt. All banks: 1941—Dec. 31.... 61,126 26,615 25,511 8,999 27,344 90,9081 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|I65,612 14,065 105.935 45,613 227 10,542 14.553 1947—Dee. 316... 134,924 43,002 81,199 10.723 38,388 175,091 161.865 12,7931 240 1.3461 94,381 53,105 66 11,948 14,714 1966—Dee. 31 .. .......... 381,684 266,022 60,91654,745 70,085 464,3761407,637'19,770 968 4,999 167,821 214,078 4,929 36,926 14,271 1967—Mar. 29. . . 387,050265,860 62,47058,72058,500457,800'399,140 16,350 1 ,350 5,520il51,510224,410 6,270 37,380 14,264 Apr. 26 . . . 389,660 268,040 60,63060,99061,450463,5901404,5304 6,560 1 ,350 6,4401154,430225,750 6,640 37,440 14,262 May 31 . . . 391,880269,630 60,26061,99064,810469,5 30:409,5 20 17,520 1,370 4,160.157,450 229,020 7,080 37,800 14,246 June 30. . . 396,754273,970 58,537 64,24766.210476,268)417,790 18,030 1 ,469 5,159 161.138231,995 5,208 38,217: 14,247 July 26. . . 401,010274,930 61 ,51064,57063,150 477,020'416,120 17,020 1 ,480 5,920 157,800233,900 6,910 37,940; 14,247 Aug. 30. . . 404,280274,870 63,51065,90059,840476,930|414,950 16,750 1 ,550 3,640 156,220236,790 6,520 38,330 14,245 Sept. 27. . . 409,200 278,140 64,50066,56062,300484,4801422,660 17,040 1 ,530 7,020 159,300237,770 6,470 38,160 14,244 Oct. 25. . . 412,380278,430 66,63067,32062,300487,590 425,670 17,170 1 ,430 6,680 161,030239,360 6,140 38,650 14,236 Nov. 29 ’’. . 415,110279,740 67.25068,12062.650490.710i427,76016,970 1 .340 4,980 163.730 240.740 6,920 38,890 14.240 Dec. 30. . . 424,134 287.543 66,75269,83978,924517.374 455,501 21,883 1,314 5.240 184.139242,925 5.846 .19.371 14,223 1968-Jan. 31’.. 421,940284,980 66,570 70,39067,710503.580l439.74017.470 1 .320 6,920 168.580245.450 6,820 39,430 14,219 Feb. 28 r. . 423,280284,660 67.550 71,07065,660502.570j437.63016.920! 1 ,370 9,060 162,640 247.640 7,270 39,590 14,219 Mar. 27". . 423,590285,910 65.45072.23064,850502,610=435,780 1 ,280 5,3 20 163,040249.430 8.15039.670 14,212 Commercial banks: 1941—Dec. 31 . . . 50,746 21 ,714 21,808 7,22526,551 79,104 71,283 10.982 44,349 15,952 23 7,173 14,278 1945—Dee. 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. 3I«. . 116,284 38,057 69,221 9 .006 37,502 155,377 144,103 12,792 240 i 1,343 94,367 35,360 65 10,059 14,181 1966--Dee. 31 . . . 322,661 217,726 56,163 48,77269,119403,368352,287 19,770 9671 4,992 167,751 158,806 4,859 32,054 13,767 I,35o| 1967--Mar. 29. . . 326,570216,750 57,830 51,99057,360s1395,100'- 342,400 16,350 5,520 151,450 167,730 6,270 32,470 13,760 Apr. 26.. . 328,830218,730 56,15053,95060,380400,610^! 347,590 16,560 I,3501 6,440 154,370 168,870 6,640 32,580 13,758 May 31 .. . 330,400 219,880 55,830 54,69063,710405,880 i352,140 17,520 1 ,370 4,160 157,380 171 ,710 7,080 32,880 13,743 June 30... 334,857223,952 54,233 56,671 65,059 412,118 359,531 18,029 1 ,468 5,152 161,048 173,833 5 ,166 33,285 13,744 July 26... 338,570224,780 57,110 56,68062,070412,380 । 357,750 17,020 I ,480 5,920 15_7_,7_3_0 175,600 6,910 33,030 13,746 Aug. 30.. . 341,230 224,340 59,14057,75058,81041 I ,730 ।356,250 16,750 I ,550 3,640(156,150 178,160 6,520 33,360 13,744 Sept. 27. . . 345,780227,430 60,090 58.26061,300418,910। 363,390 17,040 I ,530 7,020 159,230 178,570 6,470 33,190 13,743 Oct. 25. . . 348,810227,420 62,370 59,020 61 ,300421,870 366,250 17,170 I ,430 6,680 160,940 180,030 6,140 33,680 13,735 Nov. 29 r. . 351,100228.460 62.850 59,79061 .730424,650 368,100 16,970 I ,340 4,980 163.640 181.170 6,92033.890 13,739 Dee. .10... 359,903235,954 62,473 61 ,477|77,928i451 .012395.008 21,883 184.066 182.511 5.77734,384! 13.722 1968-Jan. 31'.. 356,970233,010 62,23061 ,73066.830]i436.58O378,960 17,470j I .320 6,920ll6K,490184,760 6,820 34.420 13.717 Feb. 2H'.. 357,750232,420 63.150 62.18064,760434,980376.49016.9201 I .370 9.060 162.550 186.590 7.27034,520 13.717 Mar. 27". . .... 357.610233.370 61,10063.14063.950]434.57O:374.l9O I .280 5,320 162.950 187,930 8.150 34.600 13.711 Member banks: 1941—Dec. 31 . .. 43,521 18,021 19,539 5,961 23,123I 68,1211 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 6,07029,84511138,304'129,670 13,576 6422,179 69,640 24,210 208 7,589 6,884 1947—Dee. 31 . . . 97,846 32,628 57,914 7,30432,845 132,0604 22,528 12,353 50 1,176- 80,609 28,340 54 8,464; 6,923 1966 -Dec. 31 . . . 263,687 182,802 41,924 38,96060,738334,5591291,063 18,788 794 4,432:138,218 128,831 4,61826,278 6,150 1967—Mar. 29. . . 267,086 181,604 43,545 41 ,93750,276327,040 281,903 15,547 1 ,172 4,857'124,096 136,231 6,044 26,639 6,129 Apr, 26.. . 268,466 182,821 42,001 43,64453,487 331,864 286,486 15,742 1,172 5,899 126,642 137,031 6,400 26,749 6.127 May 31. . . 269,654 183,480 41,900 44,27456,487336,422 290,441 16,716 1,194 3,629 129,570 139,332 6,765 27,009 6,113 June 30 . . .......... 273,266 186,814 40,63645,81657,391 341,290 296,548 17,1 67 I ,314 4,580 132,546 140,942 4,920 27,237 6,108 July 26. . . 276,381 187,536 42,957 45,888 55,166341,784 294,976 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 52,060340,576 293,115 15,891 I ,393 3,128; 128,086 144,617 6,209 27,318 6,100 Sept. 27. . . 281,993 189,870 45,00347,120 54,477346,853 299,334 16,162 1,377 6,318(130,683 144,794 6,141 27,233 6,095 Oct. 25 . . . 284,341 189,676 46,967 47,698 54,470349,107301,584 16,284 1 ,275 6,051 132,075 145,899 5,808 27,575 6,086 Nov. 29... . 285,700 190,515 47,091 48,094 54,809350,888 302,689 16,082 1,189 4' ,356 134,283 146,779 6,45627,734 6,083 Dec. 30. . . 293.120 196.849 46.95649,315 68.946373.584326,03320.81 11 I . 169 151.980 147.442 5.37028.098 6.071 1968—Jan. 31... 290,389 194,262 46,57949,54859,102360,773311,534 16,668= 1,170 138,263 149,120 6,427 28,142 6,064 Feb. 28. . .......... 290,844 193,582 47,35449,908 57,129358,945 309,012 1 ,223 8,094 133,136 150,447 6,825 28,188 6.060 Mar. 27". .......... 290,527 194,303 45.510 50.71456.437 358.402306,703115,917 4.707 13.1,587 151.363 7,655 28,250 6.047 Mutual savings banks: 1941—Dec. 31 . .. 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31 . . . 16,208 4,279 10,682 1 ,246 609 17,020 15,385 14 15,371 7 1,592 542 1947—Dec. 316.. 18,641 4,944 11,978 1 ,718 886 19,714 17,763 14 17,745 1,889 533 1966—Dee. 31 . . . 59,023 48,296 4,753 5,973 966 61,008 55,350 7 70 55,271 69 4,871 504 1967—Mar. 29.. . 60,480 49,110 4,640 6,730 1,140 62,700 56,740 60 56,680 4,910 504 Apr. 26. . . 60,830 49,310 4,480 7,040 1,070 62,980 56,940 60 56,880 4,860 504 May 31... 61,480 49,750 4,430 7,300 1,100 63,650 57,380 70 57,310 4,920 503 June 30... 61,898 50,018 4,304 7,576 1,152 64,150 58,259 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, (XX) 501 Dec. 30 . . . 64,231 51 ,590; 4,280 8.362 996 66.362 60,494 7 73 60.414 69 4,987 501 1968—Jan. 31... 64,970 51,970! 4,340 8,660 880 67,000 60,780 90 60,690 5,010 502 Feb. 28 r. . 65,530 52,240! 4,400 8,890 900 67,590 61,140 90 61.050 5.070 502 Mar. 27". . .... 65.980 52.540 4,350 9.090 900 68,040 61.590 90 61,500 5,070 501 For notes see p. A-2L Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1968 □ 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 J Other Cla a s n s d o d f a b te ank Total Lo 1 a » n 2 s _ G . U o .S vt . . . Oth 2 er a C ss a e s t h s 3 c c b o a i a l a l u p i i n a t c n i i d ­ e t ­ t a s s l 4 Total 3 m D a e n ­ d Time Dema O n t d her r B i o n o w t; r s ­ ­ : c c a T o p o u t i n t a a t l s l b N a b u n e m k r s ­ Govt. Reserve city member banks: New York City:7** 1941—Dec. 31..................... 12,896 4,072 7,265 1 ,559 6,637 19,862 17,932 4,202 6 866 12,051 8071 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 I,2361 195 2,120 37 1947—Dec. 31..................... 20,393 7,179 1 1,972 1,242 7,261 27,982 25 ,216 4,453 12 267 19,040 I ,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 I ,016 26,535 I7,449| I ,874 5,298 1967—Mar. 29..................... 46,506 35,084 5,291 6,131 11,237 60,533 48,061 4,966 7 36 998 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 7 26 1 ,768­23,630 18,191 2,163i 5,485 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 I ,021 ' 25,656 18,987 1,841 5,604 July 26..................... 48,380 36,683 5,408 6,289 14,431 65,964 51 ,953 5,495 836 1,190= 24,754 19,678 2,536 5.600 12 Aug. 30..................... 48,521 36,360 5,634 6,527 12,940 64,698 50,639 5,102 867 574- 24,011 20,085 2,140 5,663 Sept. 27.................... 49,435 36,981 5,599 6,855 13,206 65,951 52,050 5,311 816 I ,686' 24,506 19,731 I ,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 24,802 20,022 I,695- 5,708 Nov. 29..................... 49,805 36,799 6,257 6,749 13,106 66,251 52,163 5 ,254 752 828 24,836 20,493 I ,946 5,729 12 Dec. 30..................... 52,141 39.059 6,027 7,055 18.797 74.609 60,407 7.238 741 I ,084: 31 .28220.062 I ,880 5.715 12 1968--Jan. 31..................... 50,898 38,303 5,607 6,988 15,642 70,187 55,544 5,826 719 1,562 27,53019,907: I,979; 5,774 Feb. 28..................... 50,198 37,325 5,771 7,102 14,125 67,771 53,282 5,371 712 I ,641 25,854 19,7041 I,935. 5,729 Mar. 27'1................... 49,973 37,334 5.151 7,488 14.275 67,903 52.675 5.484 630 I .258 25.667 19.636} 2,2«3i 5,740 City of Chicago: 7 1941—Dec. 31..................... 2,760 954 1 ,430 376 1 ,566 4,363 4,057 1 ,035 127 2,419 476 288 13 1945—Dec. 31..................... 5,931 1 ,333 4,213 385 1,489 7,459 7,046 1,312 1 ,552 3,462 719 377 12 1947—Dec. 31..................... 5,088 1,801 2,890 397 1 ,739 6,866 6,402 1 ,217 72 4,201 913 426 14 1966—Dec. 31..................... 1 1,802 8,756 1 ,545 1 ,502 2,638 14,935 12,673 1 ,433 25 310 6,008 4,898 4841 1,1991 1967—Mar. 29..................... 12,266 8,584 2,039 1 ,643 2,733 15,452 12,223 1 ,244 11 283 5,184 5,501 95! I 193: Apr. 26..................... 12,127 8,475 1 ,886 1 ,766 2,576 15,176 12,345 1,182 1 1 370 5,264 5,518 7021 202. May 3!..................... 11,995 8,426 1 ,822 1 ,747 2,691 15,171 12,633 1,319 1 1 154 5,488 5,661 644! 223: June 30 12,133 8,924 1 ,576 1 ,633 2,432 15,073 12,814 1 ,270 20 299 5,537 5,686 3 591 2241 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: 214. Aug. 30..................... 12,252 8,923 1,714 1,615 2,606 15,352 12,668 1,242 11 5,246 6,042 498: 226l Sept. 27..................... 12,249 9,065 1 ,574 1 ,610 2,791 15,556 12,986 1 ,230 'k4 432 5,346 5,964 490' 224: Oct. 25..................... 12,300 8,904 1,652 1 ,744 2,623 15,416 12,943 1,224 347 5,385 5,979 416' 234. Nov. 29..................... 12,350 8,843 1 ,701 1 ,806 2,560 15,375 12,860 1,156 9 227 5,430 6,038 650 225 10 Dec. 30.................... 12,744 9.223 i ,574 1 .947 2.947 16.296 13.985 1 .434 21 267, 6.250 6.013 383 346 10 1968—Jan. 31..................... 12,573 8,865 1 ,752 1 ,956 2,771 15,931 13,205 1,170 10 427 5,596 6,002 561 10 Feb. 28..................... 12,771 9,042 i ,764 I ,965 2,713 16,068 13,1 62 1,177 10. 496 5,439 6,040 585 10 Mar. 27/'................... 12.522 8.903 1 ,746 I .873 2,815 15 ,974 12,450 1,128 10 164 5.311 5,837 853 Other reserve city:7’* 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 9,7601 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 11,4231 2,844 353 1966- -Dec. 31..................... 95,831. 69,464 13,040 13,32624,228 123,863 108,804 8,593 233 1,633 49,0044499.,3344111 1,952| 9,471 169 1967—Mar. 29..................... 97,875 68,880 13,724 15,271 19,706121,135 105,418 7,387 361 1,825 43,544 52,301 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 44,522 52,637 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 53,2521 3,072 9,701 166 June 30 99,460 69,765 12,455 17,24022,222 125,502 110,225 7,667 370 I ,880 46,396 53,912 2,109 9,755 166 July 26 100,800 69,989 I3;437 17,37421,178 125,666 109,736 7,390 41 1 2,280 45,456 54,199 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 45,834 55,023 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. JO.................... 105,724 73.571 14.667 17,487 26,867 136.626 120.485 9.374 310 1,715 53,288 55.798 2.555 10,032 163 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..................... 105,503 72,949 14,700 17,85422,623 132,185 114,952 7,477 395 3,461 46,25657,363 3,416 10,075 164 Mar. 27"................... 105.064 73.232 13.790 18.042 21.820 1 30.999 1 13.620 7.247 393 I ,679 46,68757,614 10.087 164 Country member banks:7* * 1941—Dec. 31................ 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31..................... 35,002 5,596 26,999 2,408 10,632 46,059 4.3,418 1,207 17 5,465 24,235 12,494 2,525 6,476 1947—Dec. 31..................... 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934 6,519 1966—Dec. 31..................... 109,518 68,641 22,419 18,458 19,004 131,338 117,749 2,392 69 1 ,474 56,672 57,144 308 10,309 5,958 1967—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 22,284 19,365 16,612 131,277 1 17,385 1,983 64 1 ,427 53,226 60,685 485 10,420 5 ,938 May 31..................... 112,513 70,729 22,010 19,774 17,238 132,634 118,522 1 ,966 64 1,405 53,374 61,713 633 10,487 5,924 June 30..................... 1 13,972 71,684 21 ,557 20,731 18,049 135,047 120,845 2,047 106 I ,380 54,956 62,356 611 10,655 July 26..................... 114,929 71,903 22,433 20,593 16,637 134,452 120,410 1 ,981 69 1,523 54,048 62,789 572 10,508 5,920 Aug. 30..................... 116,244 71,843 23,335 21,066 16,430 135,4351121,040 2,033 69 1,229 54,078 63,631 612 10,637 5,912 Sept. 27..................... 117,676 72,503 23,904 21 ,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 2,117 106 1,498 56,682 64,834 923 10,849 5,898 Dec. 30..................... 122,511 74.995 24.68922.826 20.334 146.05211 31 .156 2.766 96 I . 564 61,161 65.569 55? I I.005 5.886 1968—Jan. 31...................... 121,777 74,092 24,88022,805 17,907 I42.572i127.617 2,063 106 1,573 57,45666,419 783 10,947 5,878 Feb. 28..................... 122,372 74,266 25,11922,987 17,668 142,921 127,616 2,087 106 2,496 55,58767,340 889 11,045 5,874 Mar. 27"................... 122.968 74.834 24,823 23.311 17.527 143,526 127.958 2.058 96 I . 606 55,92268.276 996 I I,100 5.862 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 a APRIL 1968 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loais and invest men s Deposits Total assets— b c C a a la n ll s k d s a a o n te f d Total Loans Seenitics as C s a e s ts h 3 b T a i l l o i i n a t t i d ­ a e s l Total3 Inter!>ank 3 Deina O n t d her r B in o o g w r s ­ ­ c c T a o a o p u c t n i a ­ ta t l s l b N a b o u n e f m k r s ­ 1 , 2 G U o .S vt . . Other c c o a u a p n c i ­ t t a s l 2 m D a e n ­ d Time U.S. Other Ti 1 m ,5 e Govt. Insured commercial: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 io, >54 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 1965—Dec. 31.. 303,593200,109 59,120 44,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 29,827 13,540 1966—Dec. 31.. 321,473 217,379 55,788 48,307 68,515 401,409 351,438 19,497 881 4,975 166,689 159,391) 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 Dec. 30.. 358,536235,502 62,09460,941 77,348 448,878 394,118 21.598 1 ,258 5,219 182,984 183,060 5,531 33.916 13,510 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.H7 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 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 3J20 18,459 4,799 1967—June 30.. 195,339 132,725 29,544 33,070 39,461 242,039 211,098 11,330 746 3,202 93,063 102,757 3,419 19,098 4,780 Dec. 30.. 208,971 139,315 34,30835,348 46,634 263,375 231,374 13,877 652 3,1 42 106,019 107,684 3,478 19,730 4,758 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, 411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,9IK 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 41,464 36 J 29 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 39,482 39,166 1 ,50! 8,140 1 ,328 Dec. 30.. 85,128 58,513 12,649 13,966 22,312 HI.I88 95.637 6,934 516 1 ,489 45,961 40.736 1 ,892 8,368 1,313 Insured nuiinieinhcr 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 1965—Dec. 31.. 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,528 25,882 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 61 1 85 555 27,445 32,519 130 5,617 7,418 Dec. 30.. 64.449 37,675 15,146 11,629 8,403 74,328 67.107 786 89 588 31.004 34,640 162 5.830 '7,440 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 I81 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 1965—Dec. 31.. 2,455 1 ,549 418 489 572 3,200 2,113 27? 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 Dec. 30.. 2,638 1,735 370 53.3 579 3.404 2.172 285 58 15 1 ,081 733 246 457 21 1 Noiimember commercial: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5 504 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14JOI 6,045 11 1,362 7,130 1947—Dec. 31.. 18,454 5,432 11,318 1 ,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 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 28,502 33,183 246 6,048 7,636 Dec. 30.. 67.087 39.409 15,516 12,162 8.983 77,712 69.279 1 ,071 147 603 32,08535.372 408 6,286 ’•7,651 Insured mutual savings: 1941—Dec. 31.. 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31.. 10,846 3,081 7,160 606 429 11,424 10,363 17 10,351 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 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 Dec. 30.. 55,936 45,489 3,111 7,336 881 57,863 52.910 1 6 429 52,474 68 4.237 331 Noninsured mutual savings: 1941—Dec. 31.. 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31.. 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 6 558 350 1947—Dec. 31* 5,957 1,384 3,813 760 21 1 6,215 5,556 r 2 5,553 637 339 1965—Dec. 31.. 7,526 5,325 1,710 491 113 7,720 6,874 i 8 6,865 1 706 177 1966—Dec. 31.. 7,756 5,705 1,429 621 1 19 7,961 7,096 i 19 7,076 732 174 1967—June 30.. 8,11.1 5,871 1,269 972 136 8,343 7,383 36 7,346 742 171 Dec. 30.. 8.295 6,100 1 ,169 1 ,026 1 15 8,499 7,584 । 20 7,563 1 749 170 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1968 n COMMERCIAL BANKS A-21 LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total i, 2 Loans1,2 TotaD, 2 Loans *,2 U.S. Olhcr ?• U.S. Other2 Govt. Govt. 1<»S 9—31 . . 185.9 107.5 57.9 20.5 189.5 110.0 58.9 20 5 I960—Dec, 31.......................................................................... 194.5 113.8 59.8 20.8 198.5 116.7 61.0 20.9 1961—Dec. 30. ............................................................. 209.6 120.5 65.2 23.9 214.4 123.9 66.6 23.9 1962—Dec. 31........................................................................... 227.9 134.1 64.5 29.2 233.6 137.9 66.4 29.3 j 963—Dcc. 31........................................................................... 246.2 149.7 61.5 35.0 252.4 153,9 63.4 35.1 j 964—Dec. 31........................................................................... 267.2 167.7 60.7 38.7 273.9 172.1 63.0 38.8 (965—bee. 31........................................................................... 294.4 192.4 57.3 44.8 301.8 197.4 59.5 44.9 .........3...1..0....2................2..0...7....8..................5...3....7......... 48.7 317.9 213.0 56.2 48.8 1967—Mar. 29.... 321.4 211.3 57.8 52.3 320. 1 210.3 57.8 52.0 323.2 213.5 56.1 53.6 322.5 212.4 56.2 54.0 324.6 213.5 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 2(8.2 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........................................................................... 344.4 222.3 61.8 60.3 344.1 221 .5 62.9 59.8 Dee. 31.......................................................................... 345.9 224.9 59.6 61.4 354.5 230.5 62.5 61.5 1968....Jan. 31 "....................................................................... 349.0 227.5 59. 1 62.4 350.1 226. 1 62.2 61.7 Feb. 28 "....................................................................... 353.0 228.7 61.8 62.6 350.6 225.2 63.2 62.2 Mar. 27 "....................................................................... 351.8 228.5 59.9 63.5 351 . 1 226.9 61 . 1 61. 1 i Adjusted lo exclude interbank loans. Note.- -Data are for Iasi Wed. of month except for June 30 and Dec. 2 Beginning June 9, 1966, about SI. I billion of balances accumulated 31 ; data are partly or wholly estimated except when June 30 and Dec. 31 lor 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 Exporl- for back data beginning with January 1959, sec the Sept. 1967 Bulletin, Iinport Bank portfolio fund participation certificates totaling an estimated pp. 1511-17; lor data for 1948-58 sec the Aug. 1966 Bulletin, pp. 952­ SI billion are included in “Other securities” rather than “Other loans.” 55. For a description of the semiannually adjusted scries, see the July 1962 Bulletin, pp. 797-802. DEPOSITS ACCUMULATED AT COMMERCIAL BANKS FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) (.lass of bank June 30, Dec. 31, June 30. Dec. 30, Class of bank June 30. Dec. 31, June 30, Dec. 30. 1966 1966 1967 1967 1966 1966 1967 1967 ._.... All commercial............................. I . 150 1.223 1 ,272 1 ,283 All member (coni.) • 1 nsured......................................... 1 .150 1 ,223 1 ,271 1 ,283 Other reserve city............. 338 3 /0 389 362 National member.................... 678 729 764 747 Country................................ 532 571 591 617 Slate member............................. 193 212 217 232 All nomnember............2..8..0......... 283 291 304 All member..................................... 870 941 981 979 hisuied ...........2..7..9.................282 291 304 New York City......................... Noninsured............................. 1 City of Chicago........................ — Non?.— 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 IPC” 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. batiks held SI66,000 of these deposits on June 30, 1966, $268,000 on See June 1966 Bulletin, p. 808. Dec. 31. 1966. $244,000 mi June 30. 1967. ami $94,000 on Dec. 30. 1967. Notes to tables on pp. A-18—A-20. h 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 Hanks 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, Ioans to farmers directly guaranteed by $530 million and total deposits of $576 million were reclassified as country CCC were reclassified as securities, and Export-Import Bank portfolio banks. fund participations were reclassified from loans to securities. 'This reduced “Total loans” and increased “Other securities” by about $1 billion. Non-:. Data are for all commercial and mutual savings banks in the “ Total loans” include Federal funds sold, and beginning with June 1967 United Stales (including Alaska ami Hawaii, beginning with 1959). For securities purchased under resale agreements, figures for which arc 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 Non:, 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 a Heeled 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, ami 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. ' Regarding reclassification of New York City and Chicago as reserve For revisions in series before June 30, 1947, see July 1947 Bulletin, cities, sec 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

M—41d ov>ivnvii_i\^tnu wr-vinx LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Otherloans 1 Investments For Total Fed­ o p r u r c c a h r a ry si i n n g g in f s i n ti a T tu n o t c i o i . a n l s U.S s . e G cu o r v it e ie rn s m <• ent Class of loansi eral Com- securities Other, State bank .anil and funds mer- Agri- Real to and call date invest- sold, Total cial Clll- es- in- Other local seenmeats etc.2 3,4 and tur- To tate di- 5 govt. riticsS in- al 5 bro- vid- Bills seend tr u ia s l ­ k a e n r d s ot T h o er s BanksOthers uals J Total ce an rt d il i- Notes Bonds rities deal­ cates ers —---------------— ._ -------------— ... ..... - _ ... -------- . - - ..... — . — _ _.. . _ Total:2 1947—Dec. 31., 116,284 38,057 18,167 1 ,660 8 30 1,220 1 15 9,393 5,723 947 69,221 9,982 6.03453,205 5,2763,729 1965—Dec. 31., 306,060 2,103 199,555 71,437 8,212 5,258 3,231 2,158 13,291 49,30045,468 5,215 59,547 n.a. n.l. n a ■ 38,6556'201 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.i. n.a. 41,003 7'769 1967—June 30.. 336,129 3,944221 ,28084,5399,333 4,598 3,326 1 ,784 12,23455,27549,5305,065 54,233 n.a. n.i. n.a.46,87.39,799 Dec. 30.. 361.186 4.057 233.18088.443 9.2706,215 3.780 1 .902 12.535 59.525 51 ,585 5,65962.473 n.a. n.i. n.a.50.006 11,471 All insured: 1941—Dec. 31., 49,290 21,259 9,214 1 ,450 614 662 40 4,773 4,505 2! ,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3, 164J.606 49 4,677 2,361 1,132 88,912 21,526 16,045 51,342 3,873 3,258 1947—Dec. 31.. 114,274 ........... 37,583 18,012 1,610 823 1,190 1 14 ............ 9,266 5,654 91467,941 9,676 5,91852,347 5,1293,621 1965- Dec. 31.. 303,593 2,064 198,045 70,887 8,191 5,088 3,172 2,093 13,148149,02645,2965,155 59,120 13,134 13,233 33,858 38,4195,945 1966 -Dec. 31.. 321,473 2,461 214,918 80,060 8,5365,643 3,148 2,131 13,148 53,68647,7705,12755,788 12,080 13,439 31,53640,761 7,545 1967—June 30.. 333,742 3,874 219,833 84,0139,313 4,383 3,273 1 ,701 12,11455,05649,359 5,017 53,871 8,563 14,653 31,918 46,6069,558 Dec. 30.. 358.536 3.919 231 .583 87.8709.2506.017 3.719 I .848 12,394 59.20951,3955,60662,094 n.a. n.i. n.a.49.737 11,20-1 Member, total 1941—Dec. 31., 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,0902,871 1945—Dec. 31., 107,183 22,775 8,949 855 3,133 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 1 13 7,130 4,662 83957,914 7,803 4,815 45,295 4,1993,105 1965—Dec. 31.. 251,577 1,861 167,93963,9795,0994,915 2,714 2,008 12,475 38,988 36,418 4,83244,992 9,441 10,10626,36732,5884,198 1966—Dec. 31.. 264,627 2,119 181,62472,553 5,318 5,389 2,660 2,047 12,34942,38437,925 4,757 41,924 8,567 9,789 24,60933,800 5; 1 60 1967- -June 30.. 274,247 3,377 184,41875,921 5,737 4,175 2,743 1 ,620 1 1,35443,13038,912 4,63040,636 5,769 10,971 24,855 39,085 6,731 Dec. 30.. 294.098 3.438 194.38979.3445.7025.8203.099 1 .754 11.58745.52840.4545.19046.956 n.a. n. n.a.41 .5207,795 New York City: 1941 —Dec. 31., 12,896 4,072 2,807 8 412 169 32 123 522 7.265 31 1 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 3,9(0 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 1 11 564 238 1 1,972 1,642 558 9.772 638 604 1965—Dec. 31.. 44,763 412 32,7(3 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 Dec. 30.. 52.141 415 38,64423.183 I 3 3,874 831 914 2,990 3.431 3,099 1 .285 6,027 n.a. ii.1. n.a. 6,318 737 City of Chicago: j 941—i)cc. 31.. 2,760 954 732 6 48 52 1 95 J, 430 256 153 J, 022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 ■10 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 1965—Dec. 31.. 11,455 72 8,147 4,642 32 444 244 1 88 1,201 577 762 316 1,700 542 27.1 961 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 Dec. 30.. 12,744 266 8.958 5,714 46 459 220 1 62 951 675 754 241 I .574 n.a. n.i. n.a. 1 .487 459 Other reserve city: 1941 —Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5.421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1 ,503 17 1,459 855 387 29,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1 ,969 351 20,196 2,731 1 ,901 15,563 1,342 1,053 1965—Dec. 31.. 91,997 471 64,64624,784 1,206 954 1,108 635 5,820 15,056 14,305 1,999 14,354 2,972 3,281 8,432 11,504:1.022 1966—Dec. 31.. 96,201 817 69,01728,090 1,251 1,084 1 ,079 684 5,748 16,044 14,375 1 ,968 13,040 2,552 2,673 8,222 12.033 1.294 1967—June 30.. 99,850 1,168 68,98728,887 1,360 695 1 ,064 539 5,323 16,098 14,548 1.798 12,455 1 ,539 2,918 8,360 15,240:2.000 Dec. 30.. 106,086 1 ,219 72.71330,609 1 .3II 881 1.143 5 78 5.446 16,969 15.047 2.148 14.667 n.a. ri.i. n.a. 15.3762,110 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 1,881 707 359 26,999 5,732 4,544 16,722 1,342 1 ,067 1947—Dec. 31.. 36,324 ........... 10,199 3,096 818 23 227 5 3,827 1 ,979 22422,857 3,063 2,108 17,687 2,006 1,262 1965—Dec. 31.. 103,362 905 62,433 16,478 3,840 650 698 174 1,983 20,217 18,423 1,17723,735 4,389 5,565 14,098 13,805 2,483 1966—Dee. 31.. 110,089 1,161 68,051 17,938 3,986 790 761 1 57 2,175 22,253 20,000 1 ,307 22,419 3,791 5,917 13,096 15,473 2,985 1 967—June 30.. 114,563 1 ,594 70,681 19,1204,323 591 830 116 1 ,928 22,99620,735 1,383.21.557 2,706 5,915 13,270 16,9263,804 Dec. 30.. 123,127 1 ,5.38 74,074 19,839 4,332 607 906 1 00 2,200 24.453 21 .554 1 .51624,689 n.a. n.i. n.a. 18,338 4.488 Noiimember: 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 9 2,266 1,061 109 11,318 2,179 1,219 7,920 1,078 625 1965—Dec. 31.. 54,483 242 31,616 7,458 3,113 343 516 15? 817 10,312 9,050 383 14,555 n.a. n.i n.a. 6,067 2,003 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.i. n.a. 7,203 2,609 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.i, n.a. 7,787 3,068 Dec. 30.. 67,087 61 H 38,791 9,099 3.568 395 681 1 48 948 1 3,997 11.131 469 15,516 n.a. n.i- n.a. 8.4863,676 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.c., 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 lo the total (shown at book value) and are J See table (and notes) entitled Deposits Accumulated at Commercial not entirely comparable with prior figures, Ranks for Payment of Personal Loans, p. A-21. For other notes see opposite page. 4 Breakdowns of loan investment and deposit classifications arc not Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1968 □ COMMERCIAL BANKS A-23 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Bal­ Deb c C a a l n a ll s k d s a a o n te d f s B F w e R a r . i v n R e t e h k ­ . s s r C c e a o n n u i c d n r y ­ b m a w a n d e n c i o t s e k h ­ t s s i c 7 ju m p s o a d a t s d e e n i ­ ­ d t d s ' ’ D In o t - erba F nk or- G U o .S v . t. S lo a t n c a a d te l C c o a t e i e e n f r f r d d s i t ­ i ’ - IPC I b n a te nk r­ G P U a o o n . s S v d t t . a . l S l a o t n c a d a te l I PC J B r i o n o g w r s - - C co a ta u p l n i­ ts ineslic7 cign9 checks. Sav- govt. etc. mgs Total:’ 1947—Dec. 31 .... 17,796 2,216 10,216 87,123 11,362 1 ,430 1 ,343 6,799 2,581 84,987 240 111 866 34.383 65 10,059 1965—Dec. 31 ... . 17.992 4,851 15,300 140,936 16,794 1,632 5,525 14,244 5,978 140,558 1 ,008 263 12,186 134,247 4,47230,272 1966—Dec. 31.... 19,069 5,450 15,870 142,104 17,867 1,904 4,992 15,047 7,051 145,653 967 238 13,462 146,329 4,85932,054 1967—June 30.... 18,999 4,854 14,524 137,267 16,338 1,691 5,152 15,207 7,527 138,314 1 ,468 267 15,669 159,1705,(6633,285 Dec, 30.... 20,275 5,931 17,490 153,253 19,853 2.029 5.234 15,564 8,677 159,825 1,316 267 15,892 167.6345*777 34,384 All insured: 1941—Dec. 31. ... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1 ,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—DCC, 3l. ... 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 1965—Dec. 31.... 17,992 4,833 14,801 139,601 16,620 1,529 5,508 14,152 5,913 139,594 923 263 12,135 133,6864,325 29,827 1966—Dec. 31 . 19,069 5,426 15,348 140,835 17,713 1 ,784 4,975 14,951 6,956 144,782 881 238 13,414 145,7444,717 31,609 1967—June 30.... 18,999 4,839 14,094 136,024 16,185 1,593 5,135 15,108 7,420 137,463 1 ,399 267 15,614 158,5605,050 32,843 Dec. 30.... 20,275 5,916 16,997 151,948 19,688 1 .909 5.219 15,471 8,608 158.905 1 ,258 267 15.836 166,9565; 531 33,916 Member, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1 ,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31 . . .. 17,797 1,672 6,270 73,528 10,978 1 ,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1965—Dec. 31 ... . 17,992 3,757 8,957 112,569 15,977 1 ,477 4,890 10,840 5,386 115,905 840 236 10,041 109,925 4,23424,926 1966—Doc. 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 1,314 239 12,747 128,9364,92027,237 Dec. 30.... 20,275 4,646 10,550 121 ,530 18,951 1 ,861 4,631 11,857 7,940 132,184 1 ,1 69 235 12.856 135,329 5,37028.098 New York City: 1941—Dec. 31.. . . 5,105 93 141 10,761 3,595 607 866 319 450 1 1,282 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 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 Dec. 30.... 4,786 397 476 20,004 5,900 1 ,.137 1 ,084 890 4,748 25,644 741 70 1.152 18,840 1 ,880 5,715 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—Dcc. 31.... 1,070 30 175 .3,737 1,196 21 72 285 63 3,853 2 9 902 426 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 I ,209 62 299 307 169 5,061 20 470 5,215 359 1,224 Dec. 30,.., 1,105 94 151 4,758 1 ,357 77 267 283 217 5,751 21 602 5.409 383 1 ,346 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 1965—Dec. 31.... 7,700 1,139 2,341 37,703 8,091 330 1,773 3,532 1,180 42,380 206 71 4,960 40,510 1,548 9,007 1966—Dec. 31.... 8,353 1,326 2,517 37,572 8,249 343 1,633 3,708 1,274 44,022 233 57 5,450 44,204 1 ,952 9,472 1967—June 30.... 8,084 1,131 2,165 36,147 7,325 342 1 ,880 3,399 5 ,380 41,617 370 78 6,094 48,1302,109 9,755 Dec. 30.... 8,618 1 ,452 2,805 39,957 8,985 390 1 ,715 3.542 1 ,580 48.165 310 80 5.830 50.2502,555 10.033 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—Dcc. 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 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 I ,222 46,670 106 75 5,054 57,819 611 10,655 Dec. 30.... 5,767 2,704 7,117 56,812 2,709 57 1 ,564 7,142 1 ,395 52.624 96 83 5.272 60.830 552 11,005 Nonmembet *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 1965—Dec. 31 .... 1,093 6,343 28,367 817 155 635 3,404 592 24,653 168 27 2,145 24,322 238 5,345 1966—Dec. 31.... 1,201 6,471 29,184 815 167 560 3,641 655 25,237 173 26 2,479 27,753 241 5,776 1967—June 30.... 1,126 5,838 28,135 728 134 571 3,641 670 24,191 154 28 2,921 30,234 246 6,048 Dec. 30.... 1 ^285 6'939 31,723 903 169 603 3,707 737 27.641 147 32 3,035 32.305 408 6,286 ? Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, sec 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 hy changes in F.R. membership, deposit insurance Govt., less cash items in process of collection. status, and the reserve classifications of cities ami individual banks, and 9 For reclassification of certain deposits in 1961, sec note 6, p. 589, by mergers, etc. May 1964 Bulletin. Data lor national banks for Dec. 31/1965, 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-z!4 WttKLY KtHUKIINU tSANKS □ AHKIL 19b« ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) For purchasing To financialinstitutions or carrying securities Loans) Wednesday m T l n o a e o v a n n e t n d a t s s s l t ­ 1 s n v e t a e r i r o l e t v u n ­ e o a s ­ f i C n m t a c r d o n i i e a u m a d r l s l ­ ­ ­ A t c u g u ra r l­ i l ­ U a T n . o S d . b d r e o O a k l e e th r r s s e r U T .S o . oth O e t r h s er Bank m s D e o s ­ ­ P a e N n r d s o , n bank e R st e a a t l e s i C n m u s m o e t n a n e ­ t l r ­ g e F o ig o v n t r s ­ . o A th l e l r V se t a i r r o e l v u n ­ e a s ­ G c t s u i o e e r v ­ s i t ­ , c t s u ie e r s ­ i­ G c t s i u o e e r v s ­ i t ­ , c t s i u e e r s ­ i­ F ei o g r n ­ c m c o t i i e a c m r l ­ ­ f s c l e n a o t l a c s e . . n s , . Other I.arf>e banks— Total 1967 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 H........... 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 1.10J 10,445 2.960 15........... 193,875 137,414 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 2,970 192,912 136,947 62,126 1,816 1 ,537 3,110 68 2,063 1 ,401 3,293 5,960 4,019 27.I4H 15,716 I ,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 1968 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 1 ,309 3,5 50 94 2,449 1 ,408 3,217 5,291 4,1 25 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........... 207,194 144,267 65,057 1 ,927 1,362 3,690 89 2,421 1 ,361 3,756 5,129 4,174 29,106 16,397 1 ,036 11 ,954 3,192 Mar, 6........... 206,223 143,575 65,2/4 1 ,926 1 ,298 3,776 87 2,444 I ,357 2,840 5,104 4,162 29,110 16,376 1 ,052 11 ,975 3,206 13............ 206,279 143,573 65,394 1 ,934 1 ,237 3,590 83 2,408 1 ,349 2.845 5,261 4,177 29,163 16,408 1 ,068 11 ,861 3,205 20 207,989 145,538 66,409 1 ,943 901 3,549 96 2,391 1 ,367 3,800 5,368 4,218 29,218 16,430 1,113 1 1 ,939 3,204 27........... 206,513 144,643 66,513 1 ,954 840 3,465 97 2,374 1 ,386 3,064 5,1 36 4,263 29,264 16,471 1 .059 11,962 3,205 .Vrir York 1967 Mar. I........... 44,175 33,728 20,544 16 648 1 ,620 8 579 749 728 1 .919 1 ,045 3,033 1 ,246 709 1 ,727 843 8........... 43,225 32,731 20,678 )6 282 J ,457 9 579 751 462 1,674 1 ,021 3,024 1 ,241 713 1 ,665 841 15........... 45,766 34,453 21,123 15 794 1 ,773 9 573 795 555 1 ,960 1 ,024 3,032 1 ,242 699 1 ,700 841 22........... 45,208 34,335 21,139 15 469 1 ,790 10 575 740 949 1 ,816 1 ,027 3,026 1 ,234 695 1 ,691 841 29............ 44,520 33,754 21,037 15 448 1 ,753 1 1 604 726 723 1 .634 1 .034 3.01 1 1 ,234 691 1 ,675 842 1968 Feb. 7........... 46.377 35,073 2!,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 18 615 2,104 18 768 686 722 1 ,532 1 ,019 2,966 1 ,249 750 1 ,972 938 21 47,091 35,225 21,522 20 904 2,362 19 76! 662 583 1 ,400 1 ,04R 2,944 1 ,239 7 42 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 71? 1 ,997 939 Mar. 6........... 46,498 34,923 21,597| 21 505 2,357 17 760 661 563 1 ,435 1 .052 2,942 1 ,243 728 1 ,982 940 13 46.712 34,991 21,555 21 552 2,1 29 1 2 750 647 785 1 ,522 1 .050 2,954 1 .249 745 1 ,961 941 20 47,829 36,302 22,030 21 41 3 2,111 1 2 746 671 1 ,604 1 ,568i 1 ,100 2,965 1 ,251 781 1 ,970 941 27........... 47,037 35,453 22,191 20 506 2,010 12 741 68! 79 2 1 ,388 :, 124 2.959 1 .250 7 35 1 ,985 941 Outside New York City 1967 Mar. 1........... 145,456 101.756 40,186 1 ,806 1 .051 1 .330 68 1 ,495 652 2,406 3,964 3,014 24,135 14,550 w 8,826 2,120 8......1..4..4.,550 100,782 40,187 1,817 364 1 ,273 55 1,484 647 2,531 3,817 2,958 24,100 14,498 390 8,780 2,119 15 148,109 102,961 40,843 1 ,822 1 ,01 6 1 ,391 55 1 ,490 646 2,838 4,167 2,983 24,115 14.509 386 8,829 2,129 22 i47,704 102,612 40,987 1 ,801 1 ,068 1 ,320 58 1 ,488 661 2,344 4,144 2,992 24,122 14,482 402 8,871 2,128 29............ :47.75l 102,479 40,925 1 ,809 1 ,019 1 ,264 57 1 ,486 669 2,483 3,956 2,988 24,120 14,527 391 8,909 2,124 1968 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........... '58,509 108,488 43,415 1 .920 694 1 .446 76 1 ,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 Mar. 6........... 159,725 108,652 43,677 1 .905 793 1,419 70 1 ,684 696 2,277 3,669 3,110 26,168 15,133 3 24 9,993 2,266 13 159,567 108,582 43,839 1,913 685 1 ,461 71 1 .658 702 2,060 3,739 3,127 26,209 15,159 323 9,900 2,264 20........... 160,160 109,236 44,379 1 ,922 488 1 ,438 84 1 ,645 696 2,196 3,800 3,118 26,253 15,179 332 9,969 2,263 27........... 159,476 109,190 44,322 1 ,934 334 1 ,455 85 1 ,633 705 2,272 3,748 3,139 26,305 15,221 3 24 9,977 2,264 For notes see p. A-27. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 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— Obligations Total Bills C ti e fi r - - maturing— o p s f o u a S l b n it t d d i a c i t v e a . s l O co t s h r e e p c a r . u s n b r t d i o o t ie c n s k d s s , ■ Total c p i C o r t o o e i a l n i c r f c s n e e h s s - s Do- For- r c C e a o n n u i c d n r y ­ s B e w F R a rv . i n R e t e h k ­ s . s a o s t A s h e l e ts r Wednesday W I i i y n th r. - 5 1 y t r o s. A 5 f y te rs r . ra w T n a a t x r s ­ 3 o A th l e l r p p C a a c t r o i t r o i f t c i n f i . ­ * O s ri e t t h i c e u e s ­ r tion b n a ie n s k t s ic b s a ig n n k s Large banks Total 1967 25,629 4,241 330 3,013 12,109 5,936 3,059 21,723 1 ,1 68 2,568 42,449 20,855 4,471 207 2,521 14,395 8,028 .........Mar. 1 25,183 3,830 301 2,993 12,109 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 22,279 1,174 2,487 43,868 2! ,955 4,318 261 2,535 14,799 7,856 ......................15 26,705 5,211 310 3,069 12,157 5,958 3,325 22,287 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 .1 63 2,443 38,887 17,537 3,976 215 2,718 14,441 7,847 .....................29 1968 27,417 5,444 4,090 13,538 4,345 4,110 25,372 1 ,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 ,7481 4,281 227 2,73 3 16,297 9,236 .....................21 28,738 4,868 ........... 3 ,990 14,571 5,309 4,187 25,642 1,655 2,705 45,045 21 ,435 4,090 199 2,883 16,438 9,232 .....................28 28,168 4,356 4,006 14,464 5,342 4,436 25,761 1 ,609 2,674 46,339 22,575 4,295 220 2,568 16,681 9,264 .........Mar. 6 28,155 4,368 4,012 14,363 5,412 4,382 25,832 1 ,623 2,714 45,503 22,2481 4,319 199 2,81 1 15,926 9,236 13 27,596 3,909 4,076 14,216 5,395 4,515 26,050 1 ,595 2,695 44,430 21 ,448 4,223 213 2,756 15 ,790 9,234 .....................20 27,065 3,437 4,071 14,143 5,414 4,609 26,014 1 .467 2,715 44,525 20.9751 3,9 89 204 2,885 16,472 9,599 .....................27 New York City 1967 4,737 1 ,283 84 426 1 ,705 1 ,2.19 840 3,983 183 704 12,403 7,864 229 84 319 3,907 2,870 ..........Mar. 1 4,547 1 ,098 88 435 1 ,688 1 ,238 956 4,113 1 79 699 12,208 7,216 167 74 332 4,419 2,816 .................... 8 5,378 1 ,934 89 439 1 ,679 1 ,2J7 932 4/89 178 636 13,681 8,772 247 117 321 4,224 2,730 ......................15 5,1 47 1,648 90 448 1,701 1 ,260 868 4,053 176 629 11,882 7,143 177 75 323 4,164 2,745 .....................22 5,040 1 ,532 88 440 1,731 1 ,249 885 4,041 177 623 11 ,076 6,584 201 87 331 3,873 2,709 .....................29 1968 4,990 1 ,489 879 1,743 879 1 ,442 4,159 H4 629 13,088 8,109 221 100 377 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 03 383 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 65 538 13,749 8,663 282 89 374 4,341 3,330 .....................28 4,905 932 659 2,142 1,172 1,663 4,281 65 661 14,790 9,507 280 1 17 377 4,509 3,290 ..... Mar. 6 4,979 994 672 2,089 1 ,224 1,705 4,309 63 665 13,767 8,778 270 103 396 4,220 3,342 13 4,668 707 679 2,044 1 ,238 1 ,773 4,366 60 660 12,764 8,274 273 115 380 3,722 3,271 .....................20 4,678 735 646 2,049 1,248 1 ,869 4,320 44 673 13,898 8,706 298 103 381 4,410 3,530 .....................27 Outside New York City 1967 20,892 2,958 246 2,587 10,404 4,697 2,219 17,740 985 1 ,864 30,046 12,991 4,242 123 2,202 10,488 5,158 ..........Mar. I 20,636 2,732 213 2,558 10,421 4,712 2,341 17,974 977 1 ,840 28,270 11,144 3,692 133 2,147 1 1 ,154 5 ,1 65 .................... 8 21,807 3,863 218 2,586 10,448 4,692 2,404 18,090 996 1 ,851 30,187 13,183 4,071 144 2,214 10,575 5,126 15 21 ,558 3,563 220 2,621 10,456 4,698 2,457 18,234 998 1 ,845 28,749 11,611 3,690 140 2,222 11,086 5,106 .....................22 21,730 3,689 213 2,646 10,504 4,678 2,473 18,263 986 1 ,820 27,811 10,953 3,775 128 2,387 10,568 5 ,138 .....................29 1968 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 I 1 ,955 6.015 ...........Feb. 7 22,443 4,001 3,153 I I,824 3,465 2,645 21 ,267 1 ,560 2,106 31 ,882 13,960 4,140 115 2,478 11 J 89 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 1 14 2,375 11,712 5.808 .....................21 23,439 3,559 ........... 3,311 12,431 4,138 2,602 21,439 1 .590 2,067 31 ,296 12,772 3.808 110 2,509 12,097 5,902 .....................28 23,263 3,424 3,347 12,322 4, 170 2,773 21,480 1 ,544 2,013 31.549 13,068 4,015 103 2,191 12,172 5,974 ..........Mar. 6 23,176 3,374 3,340 12,274 4, 188 2,677 21,523 1 ,560 2,049 31 ,736 13,470 4,049 96 2,415 11,706 5,894 13 22,928 3,202 3,397 12,172 4,157 2,742 21 ,684 1 ,535 2,035 31 ,666 13,174 3,950 98 2,376 12,068 5,963 .....................20 22,387 2,702 .....3..,..4..25 12,094 4,166 2,740 21,694 1 ,423 2,042 30,627 12,269 3,691 101 2,504 12,062 6,069 .....................27 For notes see p. A-27. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

«-zo vvttr\Li rxtrun: i mu DAnna li akril isoo ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time Total Wednesday unad­ States Do­ Foreign 1PC States Foreign justed and mes­ and Do­ Total 3 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 ­ Total7 Sav­ Other p s ic o u a b li l t ­ ­ i m n t t i e e c s r ­ ­ Govt., C m o e m r­ ­ divi­ cial etc.6 cial ings divi­ bank etc. cial sions banks banks sions banks _______ Large banks— Total 1967 Mar. 1....................... 203.875 109,635 79,254 6,310 2,944 13,236 669 1 ,433 94,240 46,609 33,024 9,011 798 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 83,427 5,628 2,900 13,207 673 1 ,41 2 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 1968 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 21....................... 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 5,119 309 Mar. 6....................... 221,336 116,275 82,289 5,779 4,372 14,304 693 1,649 105,061 48,741 39,862 10,016 841 5,072 301 13....................... 220,986 115,634 84,832 5,362 3,339 13,745 736 1 ,598 105,352 48,838 39,892 10,186 834 5,067 305 20....................... 221,267 116,379 83,859 5,503 5 ,504 13,379 795 1 ,631 104,888 48,928 39,584 10,091 805 4,971 282 27....................... 218,995 113,862 83.176 6,074 3,700 12,529 739 1 ,628 105,133 49,120 39,677 10,111 780 4.933 288 .Vcm1 York City 1967 Mar. 1....................... 47,316 29,844 19,159 459 732 4,101 534 999 17,472 4,596 8,335 841 510 3,015 101 8....................... 45,293 27,578 17,918 360 410 3,779 501 961 17,715 4,606 8,446 892 569 3,029 100 15....................... 49,472 31,843 20,596 571 872 3,882 529 983 17,629 4,627 8,363 875 586 3,003 101 22 47,345 29.563 18,835 372 1 .694 3,630 523 951 17,782 4,630 8,457 888 619 3,011 103 29....................... 46,148 28,301 18,587 465 985 3,626 503 969 17,847 4,663 8,548 824 631 3,001 105 1968 Feb. 7....................... 48,664 30,270 19,393 3 20 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 3,21 1 154 21 50,074 31,667 19,563 422 1 ,729 4,288 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 Mar. 6....................... 50,616 32.162 19,629 447 1 ,053 4,231 545 1,162 18,454 4.723 8,871 879 541 3,193 163 13....................... 49,919 31.379 20,230 339 832 4,166 580 1.106 18,540 4.729 8,890 948 533 3,187 167 20....................... 50,442 32.104 20,341 475 1 ,650 4,103 620 1 ,158 18,338 4,741 8,799 923 504 3,1 40 145 27.................. . , 49.789 31,390 19,839 577 1 .234 3,934 583 1 .1 30 1 8,399 4.762 8,875 907 482 3.142 148 ( hits We A i’ir York City 1967 Mar. 1....................... 156,559 79,791 60.095 5,851 2,212 9.135 135 434 76,768 42,013 24,689 8,170 288 1,408 97 8....................... 153,839 76,518 58,306 5.296 1 .553 9.025 140 439 77,321 42,115 25,057 8,248 294 1,402 103 15....................... 159.313 81,736 62,831 5.057 2,028 9.325 144 429 77,577 42,179 25.165 8,316 299 1,416 95 157,226 79,308 59,241 5,091 3,682 8,947 143 434 77,918 42,277 25,323 8,378 306 1 ,428 96 29^ ’ ’ ' 156.577 78.291 58.882 5,472 2.767 8.836 134 431 78.286 42,435 25,491 8,423 313 1.415 96 1968 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 2,8161 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 Mar. 6....................... 170,720 84,113 62,660 5,332 3.319 10,073 148 487 86,607 44,018 30,991 9,137 300 1,879 138 13....................... 171.067 84,255 64,602 5,023 2,507 9,579 156 492 86,812 44,109 31 ,002 9,238 301 1 ,880 138 20....................... 170,825 84,275 63.518 5,028 3,854 9,276 175 473 86,550 44,187 30,785 9,168 301 1,831 137 27....................... 169,206 82,472 63,337 5,497 2,466 8,595 156 498 86.734 44,358 30,802 9,204 298 1,791 140 For notes see p. A-27. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1968 □ 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 li e tie r s a C cc a o p u it n a t l s lia T b a o n il 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 c p er o ti s fi i c t1 a 0 tes Wednesday From From capital loans (net), deposits F.R. others accounts (net), adjusted, adjusted’ Banks adjusted8 ve a s n tm d e in n ­ ts8 i T ss o u t e a d l to Is s I u P e C d ’s to Is o s th u e ed rs Large banks—■ Total 1967 45 5,635 11 ,086 19.467 240,108 132.350 186,497 72,600 18.517 12,227 6,290 ......................Mar. 1 279 6,107 11,187 19.529 236,234 I 30,5 20 184.782 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 12,340 6.561 .................................15 89 6,307 10,950 19.477 241,394 133,654 189,619 72,164 19,119 12,447 6.672 .................................22 2 5.913 10,850 19,515 239.005 133,027 189,065 72,841 19,299 12,554 6,745 .................................29 1968 162 6.07! 12,845 20.682 258,369 140,606 201,901 75,654 20,705 1 3.394 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 13,441 7,477 .................................21 153 6,334 12,942 20,625 261.471 140,511 203.438 75.721 21.094 13,459 7.635 .................................28 730 5,986 13.054 20.720 261.826 140,735 203.383 75.024 20.998 13,317 7.681 ......................Mar. 6 93 5,669 13.584 20.686 261.018 140,728 203,434 76.302 21.035 13.232 7.803 .................................13 219 6,565 12.949 20.653 261.653 141,738 204,189 76.048 20,543 13.075 7,468 .................................20 1 .206 6,024 13.764 20.648 260,637 141 ,579 203.449 76,658 20,554 13,114 7,440 .................................27 New York City 1967 1 .755 5.057 5.320 59,448 31,000 43,447 17,147 6,345 4,344 2,001 ......................Mar. 1 64 2,346 5.233 5,313 58.249 32,269 42,763 16.173 6.5 35 4.404 2.1 3 1 ................................ 8 100 2,482 4.812 5,3! 1 62,177 33,898 45.21 I 18,317 6.455 4.312 2.143 .................................15 2,107 5,085 5.298 59 835 33,386 44.259 17,096 6.593 4,396 2.197 ..............................22 1,819 5,037 5.301 58;305 33,031 43.797 17,106 6.654 4; 436 2,21X .................................29 35 1 .882 6.856 5.525 62,962 34,452 45 .756 17.175 6.577 4.420 2,157 ......................Feb. 7 I0 1 ,781 6.886 5.520 63.899 34.228 45,640 17,246 6.5.12 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 12 1 .797 6.622 5,531 64,578 34,360 45,935 17,371 6.589 4.306 2,283 .....................Mar. 6 1,291 7.081 5,530 63.821 34.206 45.927 17,603 6,594 4.278 2.316 .................................13 10 1 ,510 6,382 5,5 20 63.864 34,698 46.225 18,077 6.449 4,359 2.090 ................................20 I6« 1 ,908 7.090 5.510 64,465 34,661 46.245 17.516 6,452 4,403 2,049 .................................27 I) at side Neu York City 1967 45 3,880 6,029 14,147 180.660 99.350 143,050 55.453 12,172 7.883 4,289 ......................Mar. 1 215 3,761 5,954 14,216 177.985 98.251 142,019 54.796 12.459 8.074 4,385 ................................ 8 1 29 3,75 3 6,056 14,171 183,422 100.123 145.271 57,200 12.446 8.028 4,418 .................................15 89 4.200 5,865 14.179 181 .559 100,268 145.360 55,068 12.526 8.051 4.475 2 4,094 5.813 14.214 180.700 99.996 145.268 55,735 12,645 8.118 4.527 .................................29 1968 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 1 4.264 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 1 57,459 58.104 14,459 9.092 5.367 .................................28 718 4,189 6.432 15.189 197.248 106,375 157.448 57,65.1 1 4,409 9.01 1 5,398 ......................Mar. 6 93 4,378 6,503 15,156 197.197 106.522 157,507 58,699 14,441 8,954 5,487 .................................13 209 5 ,055 6,567 15,1 33 197.789 107.040 157.964 57.971 14.094 8.716 5,378 .................................20 1 .038 4,116 6,674 15.138 196,172 106,918 157,204 59,142 14,102 8.711 5,391 .. .27 1 After deduction of valuation reserves. 2 Individual items shown gross. 10 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. No n-.—Beginning June 29, 1966, coverage of scries 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 arc 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 b Exclusive of loans to domestic commercial banks. deposit in denominations of $100,000 or more. For description of revisions, 9 All demand deposits except U.S. Government and domestic com­ see Aug. 1966 Bullctin, 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 □ APHIL 19b8 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (hi millions ufdollars) (hitstaiuling Net change during- Industry 1968 1 968 1968 1967 1967 Mar. Mar. Mar. Mar. Feb. 2nd 27 20 13 6 28 Mar. Feb. Jan. 1 IV JU half half Durable goods manufacturing: Primary metals.................................. 1 ,638 1 ,594 1 ,576 1 ,561 1,515 123 120 19 262 184 103 287 253 Machinery............................................... 4,530 4,491 4.408 4,372 4,386 144 75 21 240 248 - 182 - 630 887 Transportation equipment................ 1,820 1,852 1 ,827 1 ,846 1,775 45 ■59 8 113 23 -136 47 Other fabricated metal products. .. I ,756 1 ,741 1,710 1 ,678 1 ,680 76 5 3 -69 60 103 178 28! 409 Other durable goods............................ 2,016 2,002 1 ,968 1 .945 1 .920 96 1 ■ 83 20 •• 152 10 142 ns Nondurable goods manufacturing: Food, liquor, and tobacco............ 2,464 2.501 2,412 2,412 2.378 86 75 - 305 • 294 587 28 615 577 Textiles, apparel, and leather........... 2.074 2.055 I .990 1 ,952 1 ,906 168 216 -59 325 ■385 - 2 5 -410 297 Petroleum refining. . ............................ 1 .541 1,567 1 .564 1 .538 1 .552 - 1 1 22 20 - 13 91 - 204 113 241 Chemicals and rubber...................... 2.457 2,445 2,389 2.366 2.361 96 38 -18 I 16 29 -1 12 -83 309 Other nondurable goods.................... 1 .742 1 .737 1 .666 1 ,648 1 .687 55 5 -46 14 • 35 130 95 161 Mining, including crude petroleum and natural gas.................................. 4.581 4,563 4.523 4.491 4,489 92 26 331 397 384 - 220 164 195 Trade: Commodity dealers.................... 1.330 1 ,345 I .375 1 .422 1 .439 109 103 ■ 63 -275 501 178 679 ■479 Other wholesale.......................... 3,066 3,056 3.016 3,01 5 3 ,028 38 13 -42 9 162 - 66 96 68 Retail............................................... 3.498 3,488 3,401 3,432 3.346 152 32 148 28 •• 1 1 17 6 -27 Transportation........................................... 4.554 4,560 4.538 4,531 4.468 86 26 35 147 333 95 428 273 Communication......................................... 927 933 856 853 847 HO - 38 1 14 -•72 9 -5 4 223 Other public utilities................................ 1 .997 2.003 1 ,960 2,075 2.119 ■ 122 •179 1 1 8 -419 1 10 148 258 -109 Construction............................................... 2,553 2.538 2.523 2,505 2.501 5 2 1 ■ II 42 -58 -45 • 10.3 10 Services......................................................... 5.177 5,133 5,079 5.056 5,078 99 ? 7 60 181 304 -83 221 5 3 All other domestic loans......................... 6.783 6.81 5 6,724 6,708 6.725 58 34 8 100 224 132 356 558 Bankers’ acceptances................................ 1 ,083 1 .045 985 1 .012 977 106 94 - 132 -120 301 253 554 114 Foreign commercial and industrial loans..................................................... 2,692 2,691 2.687 2,690 2,710 •18 -30 -48 15 97 ■112 -20 Total classified loans................................ 60.279 60,155 59,177 59,108 58,887 1 .392 63 -803 652 2.099 • 346 1 .753 2.861 Total commercial and industrial loans. 66.513 66.409 65.394 65.274 65.057 1 .458 63 -824 695 2.446 397 2.049 3,022 Note.—About 161 weekly reporting banks arc included in this scries; ing to about 90 per cent of such loans held by all weekly reporting banks these banks classify, by industry, commercial and industrial Ioans amount- 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 a tin urn) Feb. 1 Nov. Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. 1968 1967 1968 1967 1968 1967 1968 1967 1968 : 1967 1968 1967 I Percentage distribution of dollar amount Less than 6.00................................... 3.2 58,0 1.3 4.9 1 .3 13.5 1.7 38.5 2.2 63.7 5.2 77.1 6.00....................................................... 34.6 10.2 10.0 1 3.7 13.1 16.7 20.8 15.2 32.4 1 1.0 48.7 6.1 6.01-6.49............................................. 26.8 10,2 20.9 25.8 16.7 23.5 26.4 15,6 35.3 7.8 27.3 5.0 6.50..................................................... 7.8 7.1 8.2 (0.1 12.9 10.7 10.8 9.0 7.8 5.6 4.9 5.8 6.51-6.99........................................ 10.5 4.6 12.6 13.8 19.4 H.9 15.2 7. 1 8.8 4. 1 6.2 1.6 7.00..................................................... 6.1 4.3 13.6 11.7 11.5 8.6 8.8 6.1 5.0 3.7 3.3 2.4 7.01-7.49........................................... 3.8 1.6 14.8 9.3 KM) 4.8 5. 1 2.1 3.5 1 .0 1 .3 0.6 7.50..................................................... 3.1 1.4 4.8 2.5 4.7 3.0 4.0 1.9 1.7 0.7 2.6 0.9 Over 7.50............................................ 4.1) 2.5 13.7 8.2 10.2 7.2 7.1 4.5 3.3 2.6 0.7 0.6 Total....................................... 100.0 100.0 100.0 100.0 100 0 100.0 100.0 100,0 100.0 100.0 100.0 100.0 Total loans: Dollars (millions)........................ 3,576.5 4,037,9 58.5 60.5 455.9 467.9 833.0 892.4 536.6 6! 1.2 1 ,692.4 2006,0 Number (thousands).................. 36.6 37,8 15.6 15.1 15.4 4.4 4.7 .9 1 .0 .7 .9 ('enter Weighted average rates (per cent per annum) 35 centers............................................ 6.36 5.96 6.82 6.60 6.76 6.48 6.56 6.17 6.31 5.90 6.19 5.73 New York City............................ 6.14 5.71 6.71 6.37 6.65 6,22 6.39 5.95 6.15 5.70 6.06 5.63 7 Other Northeast....................... 6.73 6.29 6.84 6.59 7.00 6.69 6.85 6.42 6.62 6.J9 6.48 5.95 8 North Central.......................... 6.35 5.91 6.95 6.67 6.83 6.46 6.62 6.18 6.36 5.87 6.18 5.74 7 Southeast.................................... 6.21 5.94 6.57 6.46 6.43 6,25 6.25 5.96 6.01 5.75 6.04 5.68 8 Southwest................................... 6.41 6.03 6.75 6.61 6,54 6.36 I 6.39 6.09 6.27 5.95 6.42 5.82 4 West Coast................................. 6.31 6.03 7.37 7.08 7.00 6.79 1 6.62 6.34 6.33 5.89 6.03 5.76 Note.—Beginning Feb. 1967 the Quarterly Survey of Interest Rates on I960—Aug. 23 4(4 1967—Jan. 26-27 514-51/4 Business Loans was revised. Lor description of revised series sec pp. 721­ 1965—Dec. 6 5 Mar. 27 5'4 27 of the May 1967 Bulletin. The weights in computing weighted 1966—Mar. 10 514 Nov. 20 6 average interest rates on short-term business loans have been revised. June 29 5’4 Bank prime rate was 5 per cent during the period Jan. 1, 1960-Aug. Aug. 16 6 22, I960. 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

APRIL 1968 □ INTEREST RATES A-29 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime Period p c a o p m e l r . , p p l a a p ce e d r b a a c n c k e e p r t s ­ ’ F f e u d n e d r s a l 3-montl bills 5 6-monti bills 5 9- to 12-month issues 3- y t e o a r 5 - 4- to 6- directly, ances, rate 3 issues 7 months 1 m 3- o n to t h 6 s - 2 90 days ' n R ew at e is s o u n e M y a ie r l k d et n R ew at e is o su n e M y a ie rk ld et B ke ill t s y ( i m el a d r ) ­ 5 Other 6 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—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 Mar........... 5.64 5.40 5.50 5,05 5. 1 44 5.16 5.293 5.33 5.40 5.55 5.77 Week ending- - 1968-Mar. 2.. 5.50 5.25 5.25 4.70 5.063 5.03 5.236 5.21 5.28 5.43 5.60 9. . 5.50 5.25 5.28 4.82 5.000 5.04 5.173 5.23 5.36 5.45 5.68 16. . 5.58 5.40 5.48 4.64 5.107 5.25 5.321 5.4.1 5.46 5.60 5.89 23. . 5.75 5.50 5.63 5.13 5.285 5.25 5.378 5..16 5.39 5.62 5.77 30. , 5.75 5.50 5.68 5.39 5.185 5,14 5.301 5.12 5.41 5.55 5.77 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 ( S lo ta n te g s - ——— Total 1 — — term) Total1 Aaa Baa Aaa Baa In tr d ia u l s­ R ro a a i d l­ P u u ti b lit 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—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. HO 6.31 6.65 6.36 n.a. n.a. Mar.......................................... 5.39 4.54 4.28 4.89 6.42 6. 11 6.85 6.33 6.67 6.39 5.80 3.34 ..................... Week ending - 1968- Mar. 2................................... 5.19 4,39 4.16 4.78 6.38 6.09 6.80 6.30 6.64 6.34 5.66 3.31 9................................... 5.28 4.49 4.27 4.86 6.38 6.07 6.81 6.30 6.64 6.34 5.74 3.35 16.................................. 5.49 4.55 4.28 4.90 6.38 6,08 6.81 6,30 6.64 6.35 5,71 3.32 23.................................. 5.41 4.54 4.28 4.89 6.43 6.13 6.87 6.35 6.69 6.39 5.88 3.36 30................................... 5.42 4.56 4.28 4.91 6.49 6.17 6.93 6,40 6.71 6.48 5.86 3.33 -------------------------------------------------------——------... _.._ ._ —--------- _. .. — _—------------ —------------ —........-— Number of issues............................. 10-1 I 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 Dec. 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 scries. 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 arc 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 ^ APRIL 1968 MORTGAGES: NEW AND EXISTING HOMES SECURITY PRICES (Per cent) Bond prices Common stock prices Second­ (perSI00 bond) (1941-43= 10) V um ol e ­ ary Primary market Conventional ........ ~ of market Period U.S. State Cor­ In­ Pub­ t in ra g d ­ Yield G ( t l e o o r n m v g t ) , ­ l a o n c d a l A p a A o te r A ­ Total d tr u ia s l ­ R ro a a i d l­ u i l t i t c y il ­ ( s t h h a o r u es s ) . ’eriod on I HA- HILBH series IHASCIJCS insured (cfiecti'/e rate) (co nt race rate) 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 New New Existing New Existing 1967..............7..6.55 100,5 81 .8 91.93 99. 1 8 46.72 68. 10 10,143 1967—Mar. . 80.96 105.8 85.6 89.42 95.86 46.78 70.03 10,217 1963 5.46 5 81 5 87 Apr. . 80.24 104.9 85.4 90.96 97.54 45.80 71.70 9,389 1964 5.45 5.80 5.85 May,. 77,48 101.1 83.4 92,59 99.59 47.00 70.70 9,933 1965 .................. 5.47 5.81 5.95 5.83 5.89 June. . 76.37 100.2 81.7 91.43 98.61 48.19 67.39 9,666 1966 6.38 6.25 6.41 6.40 6.47 July.. 76.39 99.3 81.1 93.01 100.38 49.91 67.77 10,834 1967. 6.55 6.46 6.52 6.53 6.57 Aug.. 75.38 99.6 80.3 94.49 102.11 50.43 68.03 9,037 Sept.. 75.04 98.0 80.0 95.81 103.84 49,27 67.45 10,251 1967 -Feb......... 6.46 6.54 6.63 6.50 6.55 Oct.. . 73.01 95.9 78.5 95.66 104.16 46.28 64.93 10,223 Mar........ 6.35 6.47 6.56 6.45 6.50 Nov.. 70.53 95.2 76.8 92.66 100,90 42.95 63.48 10,578 Apr......... 6.29 6.43 6.46 6.40 6.45 Dec. . 71 .22 93.6 75.9 95.30 103.91 43.46 64.61 11,476 May........ 6.44 6.37 6.40 6.45 6.50 June .... 6.51 6,35 6.39 6.50 6.50 1968- -Jan... 73,09 95.6 77,2 95.04 103.11 43.38 68.02 11,947 July........ 6.55 6.43 6.41 6.50 6.55 Feb... 73.30 94.8 77.5 90.75 98.33 42,35 65,61 9,182 6.60 6 40 6 46 6 55 6 55 Mar... 70.98 92.7 76.9 89.09 96.77 41 .68 62,62 9,178 Sept........ 6.63 6.44 6.47 6'55 6*60 Oct.......... 6.65 6.47 6 52 6.55 6.60 Week Nov........ 6.77 6.45 6.55 6.65 6.70 ending—• 1 )ec......... 6 81 6 54 6.64 6 70 6 7 5 1968 1968 -Jan.......... 6.81 6,52 6,70 6.75 6.80 Feb......... 6 78 "6,61 <•’6.70 6.75 6.80 Mar. 2......... 72.99 93.7 77.4 89.85 97.36 41.94 64.88 7,953 Mar........ 6.83 6.80 6.80 9 72.09 93.1 77.4 88,61 96.06 4i .09 63.70 9,598 16......... 70.02 92.1 77.2 89,56 97.27 41.51 63.19 10,127 70.75 93. 1 76.3 88.86 96.59 42.05 61 ,83 8,814 Non. Annual data are averages of monthly figures. The 30......... 70.67 92.5 76.6 89.34 97.23 42.09 61.55 8.283 1 1 1 A data arc based on opinion reports submitted by field offices on prevailing local conditions as of the first of the succeeding month. Yields on IT1 A-insured mortgages are derived from Non:.— Annual data arc averages of monthly figures. Monthly and weekly weighted averages of private secondary market prices for Sec. data are averages of daily figures unless otherwise noted and arc computed as 20.1, 30-year mortgages with minimum downpayment and an follows: U.S. Govt, howls, derived from average market yields in table at bottom of assumed prepayment at the end of 15 years. (laps in the data preceding page on basis of an assumed 3 per cent, 20-year bond. Municipal awl are due to periods of adjustment to changes in maximum permis­ corporate bonds, derived from average yields as computed by Standard and Poor's sible contract interest rates. The HI A series on average contract Corp., on basis of a 4 per cent, 20-year bond ; Wed. closing prices. Common interest rates on conventional first mortgages in primary markets stocks, Standard and Poor’s index. Volume of tfading, average daily trading in are unweighted and are rounded to the nearest 5 basis points. stocks on the N.Y. Stock Exchange for a S^-hour trading day. The FHLBB effective rate series reflects fees and charges as well as contract rates (as shown in the table on conventional first mortgage terms, p. A-47) and an assumed prepayment at end of • 0 years. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others than Month Total N f . i Y rm . s S t s o e c c k u re E d x c b h y a — nge brok ch e a rs s in a g n d o d r e c a a le rr r y s i n fo g r — pur- Money borrowed on — to C m u e s­ rs’ net securities free o U t . h S e . r G t o h v a t n . U.S. Other U.S. Other U.S. Other securities 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 ie , s securities se G cu o r v it t ie , 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—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.... H.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. 2,942 Feb......... 9,802 38 7,381 89 2,421 n.a. n.a. n.a. n.a. 2.76K Note.—Data in first 3 cols, and last col. arc for end of month; in other partners of reporting firm. Balances are net for each customer—i.c., all ac­ cols’, lor 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 Hank 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

APRIL 1968 □ OPEN MARKET PAPER; SAVINGS INSTITUTIONS A -31 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS’ ACCEPTANCES OUTSTANDING (hi millions of dollars) Dollar acceptances Commercial and finance company paper Held by— Based on— End of period Accepting banks F.R. Goods stored in or Banks Im­ Ex­ shipped between Total th P r l o ac u e g d h P di l r a e c c e t d ­ Total Others p in o t r o ts f p r o o r m ts D e o x l ­ lar points in — dealers 1 ly 2 O bi w lls n bo B u il g ls h t O ac w c n t. c e F o i o g r n r r ­ . U S n ta it le 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 1962..................... 6,000 2,088 3,912 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963..................... 6,747 1,928 4,819 2,890 I ,291 1,031 260 162 92 1,345 567 90S 56 41 1,317 1964.................... 8,361 2,223 6,138 3,385 1,671 1,301 370 94 122 1,498 667 999 1 11 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 11,269 3,601 1,359 1,028 73 173 1,996 936 829 78 90 1 ,668 Feb......... 15,199 3,781 11,418 3,575 1,266 1 ,004 262 113 201 1,995 918 851 65 82 1,659 Mar........ 16,034 4,360 11,674 3,704 1,366 1,077 290 1 10 232 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 L 1471 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 7-' 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 I ,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 Dee........ 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 l,307| 490 83 141 2,292 I ,055 1,013 49 165 2,OJO Feb......... 17,813 5,493 12,320 4,266 1 ,808 I , ^9 479 56 2,285 I ,091 1 ,029 3 3 LU 1 .979 1 As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total assets— Total General Mortgage loan End of period M ga o g r e t­ Other G U o .S vt . . S lo a t n c a a d te l Co r a 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 ie n b e s d i r l a i­ l De its p o 2 s­ l O ia ti t b e h s i e li r ­ r c e o s a u e c n r ­ v t e s commitments 5 govt. othert reserve accts. Number Amount 1941.................................. 4,787 89 3,592 1 86 829 689 11,772 10,503 38 1,231 1945.................................. 4,202 62 10,650 1 .257 606 185 16,962 15,332 48 1,582 1960.................................. 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961.................................. 28,902 475 6'160 677 5,040 937 640 42.829 38*277 781 3,771 61*855 L654 1962.................................. 32,056 602 6’107 527 5,177 956 695 46,121 41'336 828 3’957 114,985 2,548 1963.................................. 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4, J53 104,326 2,549 1964................................... 40,328 739 5^791 391 5*099 1 ,004 886 54*238 48,849 989 4,400 135*992 2'820 1965.................................. 44,433 862 5^485 320 5,170 1,017 944 58,232 52*443 1 ,124 4*665 120,476 2^697 1966................................... 47,193 1,078 4*764 251 5,719 953 1 ,024 60*982 55*006 M14 4*863 88,808 2’6l0 1967—Feb....................... 47,692 1,137 4,700 249 6,251 1,041 1 ,051 62,122 55,788 1,428 4,906 90,223 2,055 Mar...................... 47^973 1,136 4'645 246 6,’480 1,140 1,081 62*701 56^538 1,249 4,914 91,125 2,172 Apr....................... 48,236 1,075 4,481 243 6,803 1,069 1 ,076 62,982 56^739 L381 4'863 88,295 2'242 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 G226 4*336 249 7JH 1,140 1 J08 64'143 57,836 1 ,379 4,929 95,’187 2’657 July...................... 49^010 1,144 4,396 246 7,642 1,084 1,116 64i639 58,169 1 *563 4'908 91,559 2,647 49*322 1,210 4,367 242 7*910 1 ,034 1,117 65,201 58*499 1 ,732 4’969 2,592 Sept...................... 49*557 i; i52 4’406 243 8*054 ’999 1'147 65,559 59,066 1 ,525 4,967 2*724 Oct........................ 49,827 1,169 4'299 228 8,080 959 1 '134 65,696 59,257 1 *489 4,950 n.a. 2,710 Nov...................... 50,046 I ,*243 4,397 222 8*107 915 1 ,’ 130 66,061 59,462 1,597 5 ^002 2*684 Dec....................... 50,311 1 '203 4’319 219 9,320 993 I ,138 66,365 60*121 1 ,260 4*984 2,523 1968—Jan. '.................. 50,705 1 ,260 4.344 218 8,444 877 1.153 67,002 60,581 1,406 5,015 n.a. 2.416 Feb....................... 50,902 1 ,334 4.405 220 8,672 903 1.156 67.592 60,945 1 ,575 5,071 n.a. 2,400 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 dilfer 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 arc 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-dz! bAVINUb IINblllUIIUINb ^ AHKIL 1^06 LIFE INSURANCE COMPANIES (la millions of dollars) Government securities Business securities End of period Total Mort­ Real Policy Other assets Total U S n ta it le e s d Sta lo te c a a l nd Foreign 1 Total Bonds Stocks gages estate loans assets Statement value: 1941........................................... 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945................................................ 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 I960................................................ 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961................................................ 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962............................................... 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4.107 6,234 6,024 1963................................................ 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964................................................ 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 1965................................................ 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 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 1967—Jan.’................................. 168,146 10,850 4,805 3,123 2,920 69,290 61,681 7,609 64,996 4,903 9,222 8,885 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 1968—Jan..................................... 178,256 10,548 4.582 2,998 2,968 74,876 65,821 9,055 67.770 5,21 1 10,167 9,684 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 nd ri o o d f M ga o ge rt s ­ s G e U o c .S u v r . t , i­ Cash Other 1 a li s a s T b e o il t t i s t a 2 ie l — s S c a a v p in ita gs l u R n e d a s i e n v r d id v e e s d B m or o ro n w ey e 3 d L p o r a o n c s e s i s n Other c m o lo e m a n m n ts 4 it­ ties profits 1941....................... 4,578 107 344 775 6,049 4,682 475 256 6:6 1945....................... 5,376 2,420 450 356 8,747 7,365 644 336 4()2 I960........................ 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961....................... 68^834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 1,908 1962...................... 78 ,’770 5,563 3 926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 2,230 1963........................ 90.944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1,499 2,614 1964 ....................... 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5,601 2,239 1,729 2,590 1965 110’306 7,414 3,900 7,960 129,580 110,385 8,704 6,444 2,198 1,849 2,751 1966—Dec............ 114,192 7’772 3,361 8,672 133,997 114,010 9,256 7,464 1,272 1,995 1,512 1967—Feb............. 114,395 8,079 3,364 8,554 134,392 114,957 9,073 6,107 1,217 3,038 1,925 Mar........... 114’797 8^058 3,544 8,754 135,153 116,414 9,064 5,441 1,365 2,869 2,269 Apr............ 115’233 7,950 3,638 8,936 135,757 116,911 9,062 5,027 1,503 3,254 2,699 May........... 115,909 8; 072 3,859 9,376 137,216 118,041 9,055 4,630 1,710 3,780 3,081 June.......... 116,944 7,987 3,997 9,232 138,160 119,976 9,268 4,559 1,918 2,439 3,250 July............ 117,676 8 378 3 412 9,169 138,635 120,031 9,270 4,456 2,019 2,859 3,420 Aug............ 118J674 8 857 3 127 9,221 139,879 120,677 9,265 4,399 2,130 3,408 3,443 Sept........... 119,529 9,017 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 9,248 4,455 2,241 4,070 3,287 Dec............ 121,893 9 ,’244 3 408 9,057 143,602 124,562 9,557 4,739 2,281 2,463 3,042 1968—Jan.’ .... 122,095 9,505 2,827 9,101 143,528 124,133 9,571 4,735 2,204 2,885 3,128 FebJ' .... 122,641 9,791 2,859 9,271 144,562 124,718 9,569 4,597 2,204 3,474 3,347 1 Includes other Ioans, stock in the Federal home loan banks, other ■♦Commitments data comparable with those shown for mutual saving 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 542 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. Figures for Jan. 1968 reflect conversion of one savings and loan assn, to a mutual savings bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1968 □ FEDERALLY SPONSORED CREDIT AGENCIES A-33 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Assets Federal home loa L n ia b b a il n it k ie s s and capital (s F M e e c o d o o e r p n t r g e d a a r a l a g r t y N e io m a n A t s a i s o ) r s n k n a e , l t coo B pe f a o r n a r k t s iv es i c n r t e e F d r e m it d e e b r d a a i n a l k te s F b e la a d n n e k d r s al Fad of period v m a A b n t e e o d c m rs 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 p M o d b e s e e m i ­ r t s ­ C s a to p c it k al M l g o ( a a A o g n r ) e s t ­ D n t e a u ( o L n b r t e e d e ) s s n ­ c L a o o ( t o i t A v a o p e n ) e s s r ­ D t e u ( b L re e ) s n­ c L o d a o ( u A n i a s n d n ) ­ t s s D t e u (L b re e ) s n­ M l g o ( a A a o g n ) r e s t ­ Bo (L n ) ds 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 1/340 1 ;601 958 686 2,247 2,112 3;?i« 3,169 1965................ 5,997 1 .640 129 5,221 1 ,045 1,277 2,456 1 ,884 1,055 797 2,516 2,335 4,281 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—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 I ,831 I ,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 4,61 1 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 '4,377 Feb... 4,348 2.775 4,373 1,182 1 .412 5,802 5 , 1 49 1 ,595 1,416 3,529 3,336 5,721 4,990 Note.—Data from Federal Home Loan Hank 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 al par. They in­ for other agencies. clude only publicly offered securities (excluding, for the home loan banks, OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, FEBRUARY 29, 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: Mar. 25, 1968......................5.35 400 Debentures: May 20, 1968.....................5/4 242 May 27, 1968........................5/2 300 Aug. 10, 1971.................. ...4/, 64 June 20, 1968.................. . . .4 186 July 25,1968......................5.45 300 Sept. 10, 1971.................. ...4/2 96 AuB. 20, 1968................... . .4'/4 160 Aug. 26, 1968........................5% 500 Feb. 10, 1972.................. ...5'4 98 Oct. 21, 1968.................. . .5.50 407 Sept. 25, 1968......................5.70 400 June 12, 1972.................. ...4’4 100 Dec. 23, 1968................... .5.95 247 Oct. 25,1968......................5.85 300 June 12, 1973.................. ...4/4 146 Jan. 20, 1969................ . .43/4 341 Feb. 10, 1977..................••.4'/2 198 Mar. 20, 1969.................. ■ .. 4 % 100 Bonds: Apr. 21, 1969....................5.60 250 Mar. 1, 1968........................4/» '248 July 15, 1969.................. ■ • .4 'A 130 Apr. 25, 1968........................5H 625 July 15, 1969.................. 60 Nov. 25, 1968........................5% 300 Banks for cooperatives Oct. 20, 1969................... ..4>/4 209 J M a a n. r . 2 25 7 , , 1 1 9 9 6 6 9 9 . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 55 / / 2 8 3 3 0 00 0 De A b p en r. t ure 1, s : 1968................. . .5,35 -83 J F a e n b . . 2 2 0 0 , , 1 1 9 9 7 70 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ■ . 5 .5 1 ’ 4 /$ 20 8 9 2 Feb. 25i 1970.........................6 200 May 1, 1968.................. .5.65 304 Apr. 1, 1970.....................3'4 83 Mar. 25, 1970.........................6 200 June 3, 1968.................. ... 5 »4 352 Apr. 20, 1970....................6.20 362 July 20, 1970................. ...514 85 Federal National Mortgage Associa- May 1,1971.....................3'4 60 t H io o n ns —Secondary market opera- Fed D e e M r b a a e l n r in . t u te r r e 4 m , s : e 1 d 9 i 6 a 8 te ... . c .. r .. e .. d ... i . t han .. k 4 s .50 372 S O F e e c p b t. t . . 2 2 1 3 0 5 , , , 1 1 1 9 9 9 7 7 7 2 2 3 . . - . . . 7 . . . . . 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .• . . • . . 5 3 % % 2 1 0 4 0 8 1 ,512 J A M u p a n r y e . 3 1 I, , '1 1 1 9 9 9 6 6 6 « 8 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4 .5 . . 8 3 '/4 5 0 3 3 3 3 4 5 5 0 0 F A F e e p b b r. . . 2 2 2 1 0 4 , , , 1 1 1 9 9 9 7 7 7 5 6 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ■ . . . . . . . 4 5 4 % '4 1 1 5 2 5 3 Debentures: July 1, 1968.................. . .5.55 303 July 20,1976.................. ...5% 150 Mar. Il, 1968.........................3% 87 Aug. i; 1968.................. ... 5 % 366 Apr. 20, 1978..................... 5 % 150 June 14, 1968.........................4W 400 Sept. 3; 1968.................. ..5.80 366 Jan. 22, 1979.................. . .. 5 285 Sept. 10, 1968.. ......................5% 350 Ocl. 1,1968.................. . .5 95 423 A M p a r y . 1 1 0 2 , , 1 1 9 9 6 69 9 . . . . . . ................... 4 .. 1 .4 3'2 ’/ 0 . 3 8 0 8 0 Nov. 4, 1968.................. ...53/4 482 Tennessee Valley Authority 200 June 10, 1969......................6.10 250 Bonds: July 10,1969........................5/s 250 Federal land banks Nov. 15, 1985................. ..4.40 50 Dec. 12, 1969.........................6 550 Bonds: July 1, 1986.....................434 50 Apr. 10, 1970........................4’4 142 Feb. 15, 1967-72........... ...414 72 Feb. 1, 1987.....................4'4 45 Sept. 10, 1970........................41/, 119 Oct. 1, 1967-70........... ...4'/2 75 May 15, 1992.................. . .5.70 70 Oct. 13, 1970........................5’4 400 Mar. 20, 1968.................. ...41/4 HI Nov., 1992........................... 6 % 60 Note.—These securities are not guaranteed by the U.S. Govt.; see also note to table above. 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A-34 hbUtKAL HNAINGt □ ArMIL iyto« FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Derivation of U.S, Government cash transactions Receipts from the public, Payments to the public, Met cash borrowing other than debt other than debt or repayment Net Period rects. Bu n d e g t et T P r l u u s s: t I L n e t s ra s - : E T q o u t a a ls l : Budget T P r lu u s s : t A L d e ju ss s : t ­ E T q o u t a a ls l : pa o y r t s. C d ha e in n b g t e In L v e b e s y s s : t , L N c e a o s s n h s ­ : Eq N u e a t ls: funds govt.1 rects.2 funds3 ments4 payts. & (d a ir g e e c n t .) a t g r e u n s . t s & 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 1 15,530 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 4 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 18,998« Month: 1967—Feb................. 7,757 4,696 11 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 J, 063 11,189 5,881 -3,708 -329 -11 -3,302 May................... 6,289 5,367 303 11,295 10,915 2,897 -634 14,445 -3,150 3,372 4,213 -25 -816 June 18,304 5,262 I ,982 21,501 10,131 3,443 812 12,762 8,739 -4,971 1,344 --1 10 -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,[08 279 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 1 1 ,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 4 Feb..................... 12,134 14,429 -2,295 5.617 1 .533 4,084 Effects of operations on Treasurer’s account Change in Treasurer’s account Net operating transactions Net financing transactions cash balances (end of period) Period Agencies & trusts Change Operating bal. s B d u u e r o d p fi r g l c u e it s t f T un ru d s s t 3 C ac le co a u ri n n t g s i M ss s a u e o a r c f k n . 3 e ce t i I n G n s v e o U e c v s . . S t 3 t , , . p d g d u i r r e i o b n e b s l c i s t c t T o r u e H t a s e s i l d d u e ry a T u cc r r e e o a r u ’ s s n ­ t Balance B F a . n R k . s a l T a o c n a c a d t x n s . a O s n t s e h e t e t s r Fiscal year—1964.......... -8,226 1,446 948 1,880 -2,775 5,853 206 -1,080 1 1,036 939 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 J 76 ► 1967.......... -8.823 5414 3,596 -6 840 6,795 -210 -4,648 7,759 1 ,311 4,272 2,176-4 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 1967—Jan.-June......... 5,009 8,447 364 -1,210 -7,482 -3,098 284 ij4« 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 I ,594 ^ July-Dec......... -19 517 5384 1,752 -1,633 18,878 578 -713 7,046 1 ,123 4,329 1 ,594 4 Month: 1967—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 J)82 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 J 09 May......... -4,626 2,471 -912 285 -4 21 3 3,087 — 649 -3,259 5,’626 574 3’469 1,583 J une.................. 8,173 1,819 — 1,061 - -304 — 1 344 — 4 667 483 2,133 7,759 1,311 4’272 2 J 76 July................... -5,131 -631 355 274 465 4,416 -44 -208 7,’55l 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 I '619 Sept................... -63 -19 1,060 -384 I 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 71601 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.................... 233 3877 1,434 91 9 1,610 -168 1,775 8,821 1,153 5,977 1,691-4 1 cb.................... 295 564 100 - 1 ,533 5,516 -313 1 ,539 10,359 1 *197 7,601 1,561 For notes sec opposite page. 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APRIL 1968 n FEDERAL FINANCE A-35 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise laxcs Social ins. taxes Period Estate Int. Total Individual C r o a r t p e o­ Total a L n iq d u t o o r ­ H w ig a h y ­ Total F a I n C d A e U m n p - l. a g n if d t t C o u m s s ­ r m e a p e n a n d y t s ­ fu R n e d ­ s Other W he it l h d ­ Other bacco R.R. Fiscal year—1964... 115,530 39,259 15,331 24,301 13,950 5,630 3,646 21,936 17,405 4,037 2,416 1 ,284 1,702 7,148 2,499 1965... 119,699 36,840 16,820 26,131 14,793 5,921 3,782 22,138 17,833 3,817 2,746 1 ,478 2,097 6,030 2,686 1966... 134.480 42,811 18,486 30,834 13,398 5,888 4,037 25,527 21,243 3,773 3,094 1,811 2,303 7,256 3,472 1967... 153,596 50,521 18,850 34,918 14,114 6,156 4,652 32,<857 28,700 3,657 3,014 1 ,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 9,581 362 ◄ Half year; 1966—Jan.-June.. 79,456 22,847 14,680 19,942 6,352 2,825 1 ,969 15,926 13,500 2,166 1,820 913 1 ,007 6,194 2,163 July-Dec... 65,681 24,641 3,983 12,045 6,762 3,105 2,313 13,789 11,969 1,569 1,258 1 ,017 1 ,493 1,142 1,835 1967—Jan.-June.. 87,915 25,880 14,867 22,873 7,352 3,051 2,339 19,068 16,731 2,088 1 ,756 955 1 ,250 8,440 2,354 July—Dee... 68,385 27,192 4,150 11,345 7,146 3,344 2,253 14,629 13,056 1 ,333 1 ,350 1 ,034 1,363 1 ,263 1 ,439 ►July-Dec... 67,292 27,192 4,150 11,345 7,146 3,344 2,25.3 15,312 13,325 1 ,337 1 ,350 I ,034 9 57 1 ,263 69 4 Month: 1967—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 ,293 606 318 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. .166 1 ,857 1,598 1 19 238 181 180 500 -44 Feb.............. 12,134 5,801 1,100 650 1 ,081 n.a. 428 4,338 3,433 807 204 158 182 1 ,403 23 1 Cash payments to the public ----------— — --------- Period Total s t f i e N o d n n e a s ­ a ­ e l af I f n a t i i r , s s S e p r a 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 C m ra a o e n n r m s d c p e ­ . H d c in c o o g v n u e i s & l l . . ­ la H w b e e o l a f r a l , t r h e & , E t d io u n ca­ e V ra e n t­ s In e t s e t r­ G e g r e o a n v l t ­ . —---------- -------------- ----------- . ------—------- ■ . -------- .----------- _-----------—. ----------- —-- — ----- - --- - - - Fiscal year—1964..., 120,332 54,514 3,837 4,171 5,416 2,774 6,545 1,674 27,191 1,299 6,107 8,011 2,221 ' 1965.... 122,395 50,790 4,794 5,093 5,142 2,921 7,421 908 28,191 1 ,497 6,080 8,605 2,341 1966.... 137,817 58,464 4,463 5,933 4,114 3,229 6,784 3,425 33,249 2,780 5,556 9,215 2,404 1967,... 155,142 71,843 4,413 5,426 4,159 3,522 7,102 -1 ,723 39,002 .1,286 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 1,801 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 I ,260 July-Dec........ 88,515 39,251 2,856 2,292 J,154 2,037 4,404 2,082 21,713 1 ,471 3,487 4,867 1 ,380 > July-Dec.....8...6,809 -38,748 ... ◄ Month: 1967—Feb. 11,852 5,806 -56 390 253 266 515 -635 3,433 302 645 1,571 175 Mar. 13,167 7,025 389 468 159 251 .562 -677 3,648 338 706 653 216 Apr. 11,189 6,388 370 380 -191 224 336 -667 3,406 14 531 650 199 May 14,445 6,293 335 441 499 283 560 -534 3,522 496 614 1 ,752 239 June 12,762 6,286 381 427 -237 258 298 -1 14 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 — ....◄ Feb. 14,429 r 6,493 — ► 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 HuHetin^ 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. Nori:.--Based on Treasury Dept, and Bureau of the Budget data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) I Public issues 3 -------------- End of period d T g e r o o b t s a t s l i d d T g e i r o r o b e t s t a c s l t 2 Total Marketable C v ib e o l r n e t­ ­ Nonmarke S ta a b v l ­ e i S ss p u e e c s ia l 6 Total Bills C c e a r te ti s fi­ Notes Bonds 4 bonds Total 5 b i o n n g d s s & 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 I960—Dec.......................................... 290.4 290.2 242.5 189,0 39.4 18 4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Dec.......................................... 296.5 296.2 249.2 196.0 43.4 5 5 71.5 75.5 4.6 48.6 47.5 43.5 1962—Dec.......................................... 304,0 303.5 255.8 203.0 48.3 22 7 53.7 78.4 4.0 48.8 47.5 43,4 1963—Dec.......................................... 310.1 309.3 261.6 207.6 51.5 10 9 58.7 86.4 3.2 50.7 48.8 43.7 1964—Dec........................................... 318.7 317.9 267.5 212.5 56.5 59.0 97.0 3.0 52.0 49.7 46.1 1965—Dec.......................................... 321.4 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 50.3 46.3 1966—-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 June......................................... 326,7 326,2 266.1 210.7 58.5 5 6 49.1 97.4 2.6 52,9 51.2 56.2 July.......................................... 331.2 330.6 270.9 215.0 62.8 5 6 49. 1 97.4 2.6 53.4 51.3 56.2 Aug.......................................... 336.4 335.9 274. 1 218.3 63.3 57.5 97.4 2.6 53.3 51.4 58.3 Sept.......................................... 336,4 335.9 274.7 218.6 63.7 57.6 97.3 2.6 53.5 51.4 57,7 Oct........................................... 341.0 340.5 279,9 223,3 68.9 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 Dec........................................... 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 66.7 93.6 2.6 55.3 51 .7 57.2 Mar.......................................... 350.0 349.5 289.4 231,7 71.3 66.7 93.6 2.5 55.2 51,8 56.7 1 Includes non-interest-bearing debt (of which $416 million on Mar. JI, 3 Includes (not shown separately): depositary bonds, retirement plan 1968, was not subject to statutory debt limitation) and guaranteed secu­ bonds, foreign currency series, foreign scries, 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 $19,159 million on Feb, 29, 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 E pe n r d io o d f T g d r o e o t b s a s t l ag G t U e a r o u n n .S c v s d i . t t e , s Banks 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 a n a o n s n m c u ie e r ­ s ­ r c O a o t t r i h o p e n o r s ­ g S lo a o t n c v a a d t t s e l . Savi I n n g d s i vidu O al t s her n F a i o n t a i r o t n e e n d i r g a ­ n l 1 O i m n to v t i h r s e s c e s . r ­ 2 funds bonds securities 1941—Dec.................. 64,3 9.5 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .4 .5 1945—Dec.................. 278.7 27.0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21.2 2.4 6.6 1947—Dec.................. 257.0 34.4 22.6 200,1 68.7 12,0 23.9 14.1 7.3 46.2 19.4 2.7 5.7 1959—Dec.................. 290,9 53.7 26.6 210.6 60.3 6.9 12.5 21.4 18,0 45.9 23.5 12,0 10.1 1960—Dec.................. 290.4 55.1 27.4 207.9 62.1 6.3 11.9 18.7 18.7 45.6 20.5 13,0 11.2 1961—Dec.................. 296,5 54,5 28.9 213.1 67.2 6.1 11.4 18.5 19.0 46,4 19.5 13,4 11.6 1962—Dec................... 304.0 55.6 30.8 217,6 67.2 6.1 11.5 18,6 20.1 46.9 19.2 15.3 12.7 1963—Dec................... 310.1 58.0 33.6 218.5 64.3 5.8 11.3 18.7 21.1 48.1 20.1 15.9 13,3 1964-—Dec................... 318,7 60.6 37.0 221.1 64.0 5.7 11.1 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 Mar.................. 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 June................ 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 Aug.................. 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 I )ec................... 345,2 76.0 49.1 220. 1 63.9 4.2 8.7 12.5 25.1 51.1 22.7 15.8 16.2 1968—Jan.................... 346.8 74,7 49.1 223.0 63.1 4.1 8.6 13.8 25.4 51,0 23.3 15.4 18.2 Feb................... 35 2.1 76,4 49.0 226.8 63.9 4.2 8.5 15.3 26.2 51.1 23.8 15.3 18.4 3 Includes investments of foreign balances and international accounts Note.—Reported data for F.R. Banks and U.S. Govt, agencies and in the United States. trust funds; Treasury estimates for other groups. 2 Includes savings and loan assns., dealers and brokers, nonprofit institutions, and corporate pension funds. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1968 □ U.S. GOVERNMENT SECURITIES A-37 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within I year Type of holder and date Total ye 1 a -5 rs y 5 e - a 1 r 0 s y 1 e 0 a -2 rs 0 20 O y v e e a r rs Total Bills Other All holders: 1965—Dec. 31................................................................. 214,604 93,396 60,177 33,219 60,602 35,013 8,445 17,148 1 %6__Dec. 31.................................................................. 218 ,’025 105,218 64,684 40,534 59,446 28,005 8.433 16,923 I%7—Dec. 31.................................................................. 226,476 104,363 69;870 34,493 78,159 18,859 8,417 16,679 1968- Ian II........................................................... 229,285 107*199 72’706 34,493 78'157 18,859 8,416 16,654 Feb. 29.................................................................. 23 3’273 116,253 72,905 43 J48 67.967 24,005 8'414 16,635 U.S Govt, agencies anti trust funds: 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 1513 1968—j;|fl, 31......................................................... 16J599 3*531 2’375 1,156 5’247 2.I9J } 115 V 513 Feb. 29......................................................... 16.985 3 > 1 4 2’472 1 '242 4,964 2,680 2JI5 3.513 Federal Reserve Banks: 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—bee. 31......................................................... 49,112 11 ,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 Feb. 29........................................................ 48 952 38,961 15.820 23,1 41 7. 740 1 ,692 178 382 Held by public: 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 Feb. 29......................................................... 167,336 73.578 54,613 18.965 55,263 19,633 6.121 12,740 Commercial banks: 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 1968- Jan. 31............................................... .5 1 ,485 17,825 10,046 7,779 26,226 6,452 480 502 Feb. 29................................................ 52,374 16.768 8.69? 8.071 26.321 8,311 488 485 Mutual savings banks: 1965—Dec. 31............................................... 5,241 768 445 323 1,386 1 ,602 335 1 ,151 1966—Dec. 31............................................... 4’532 645 399 246 1,482 1,139 276 990 1967—Dec. 31............................................... 4,033 716 440 276 1’476 707 267 867 1968 Jan. 31........................................... 3 978 735 462 273 1,430 709 265 840 Ich. 29............................................. Ton 7 5 5 480 275 1 J68 831 262 817 Insurance companies: 1965—Dec. 31............................................... 8,824 993 548 445 1,938 2,094 1,096 2.703 1966—Dec. 31................................................ 8,158 847 508 339 I ,978 i ,581 1,074 2,678 1967—[)ec, 31................................................ 7,360 815 440 375 2,056 914 1,175 2,400 1968--Jan. 31............................................... 7’327 827 452 175 2,037 914 IJ58 2.392 Feb. 29................................................ 7^244 805 448 357 1 *922 973 1,154 2.390 NonOnancial corporations: 1965—Dec. 31............................................... 8,014 5,911 4,657 1,254 1,755 225 35 89 1966—Dec. 31............................................... 6,323 4,729 3 J 96 1 '333 1,339 200 6 49 1967—Dec. 31............................................... 4',936 3,966 2'897 1 ,069 X9« 61 3 9 1968 -J F a e n b . . 3 2 1 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..................... 6 5 . * 5 4 8 8 9 4 5 4 . , 3 5 8 4 5 7 4 3 ' , 0 4 1 1 5 8 1 1 J ,1 2 7 9 0 1 .0 8 7 6 6 8 1 5 1 8 7 i > 9 i) Savings and loan associations: 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 I J 59 825 534 I ,787 804 282 462 Feb. 29................................................ 4.818 1 *305 856 449 1 .722 1 .040 294 458 State and local governments: 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 4^12 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- Jam 31............................................. 14*430 5'749 4',7 20 1 ,029 2^317 92K I ,522 3,915 Feb. 29............................................. 14.937 6.341 5.086 1 ,255 2.1 63 1 .018 1 .520 3,894 All others: 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 41.193 34,474 6,7 19 21,998 5.948 2,414 4,639 Feb. 29................................................ 77.341 42.219 35,031 7.188 20.691 7.343 2,401 4,687 Note.—Direct public issues only. Based on Treasury Survey of about 90 per cent by the 5,858 commercial banks, 502 mutual savings Ownership. banks, and 760 insurance companiescombined; 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 “All others,” a residual, includes holdings ol all those not reporting reporting in the Survey and the number of owners surveyed were: (1) n the Treasury Survey, nchiding investor groups not listed separately. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-38 U.S. GUVtKNMtIN I StCUHIIItS □ APKIL iyb8 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt Period agency Total Dealers and brokers securities Within 1-5 5-10 Over Com­ All 1 year years years 10 years mercial other U.S. Govt, Other banks securities 1967—Feb.................................... 2,186 1,744 331 79 32 774 90 826 496 217 Mar................................... 2,434 2,012 296 «7 39 1,057 140 794 443 222 Apr................................... 2,111 1,738 262 82 28 813 76 746 475 222 May.................................. 2,075 1,636 332 77 30 784 63 720 507 188 June.................................. 1,802 1,502 226 52 23 659 56 621 466 199 July.................................. 2,084 1,856 161 45 21 740 58 741 544 219 Aug................................... 1,884 1,578 243 33 30 662 60 662 500 159 Sept................................... 1 ,937 1,705 177 30 24 715 52 711 459 200 Oct.................................... 2,168 1,941 150 43 33 795 66 841 465 202 Nov................................... '2,343 1,935 273 96 40 848 76 862 558 243 Dec.................................... '2,798 ■2,352 291 94 63 1 ,079 90 1,028 '601 '213 1968—Jan.................................... 2,919 2,545 263 64 48 1 ,1 60 91 1 ,051 618 304 Feb.................................... 2,679 2,207 295 150 27 1 ,019 82 969 609 Week ending — 1968—Feb. 7........................... "2,925 '2,363 229 304 2'1 1,163 107 ' 1,028 627 194 14........................... '2,920 2,458 314 121 26 1,114 75 1 ,045 686 164 21........................... 2,449 1,893 '418 ■ 103 30 1898 73 -959 513 '312 28,......................... ''2,408 '2.095 '224 '68 T T ' 896 ■67 '861 585 ' 168 Mar. 6........................... 2.673 2,396 207 54 17 1 .046 75 863 689 253 13........................... 2.204 1 .799 2X0 94 32 855 78 774 498 231 20........................... 2.365 1 ,973 277 89 874 79 827 585 287 27........................... 2.460 2.204 ISO 56 20 80 334 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 All Within 1-5 Over se a G c g u e o r n v it c t i . y e s Period sou A r l c l es New lilse- C t o io r n p s o r 1 a­ ot A h l e l r maturities 1 year years i 5 years Y C o it r y k where (967—Feb............ 4,442 3,527 681 1 235 467 Mar........... 4'084 3’362 475 248 41 5 1967—Feb.............. 4,530 1,391 1,331 1,069 740 3 /J02 3’296 382 223 450 Mar....... 4,298 1 '289 1'461 '825 72.3 May.......... 3,375 2'503 744 129 371 4 J 62 1 '093 1 ’576 829 664 June. 2'869 2'389 406 : 74 114 May............ 3'612 '935 1,156 764 757 July........... 2,239 2'115 106 : is 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 Oct............. 2’880 2,837 22 20 179 Sept............. 2,669 1,010 873 582 204 3,109 2'793 258 ’ 58 M2 2 660 '844 688 744 181 Dec........... 2,410 2,375 15 ■ 1 161 2,863 650 640 1 ,176 397 Dec.............. 2,549 556 482 1 J44 .167 1968—Jan............. 3,404 3,310 11 4 ■ - 20 403 Feb............ 3’762 I .'500 108 i Hi 169 1968--Jan........3..,.2...09 1 ,003 816 944 446 Feb.............. 3,799 1 .072 1 .008 1 .071 648 Weekending- • ! -12 Week ending- - 1968—Jan. 3.. 2,568 2,467 112 469 10. . '3,025 2,873 157 i • 6 374 1968 Jan. 3... 2,617 664 557 815 582 17. . 3,706 3,559 144 403 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 1 -48 390 24. .. 3,273 887 879 1 ,055 45I Feb. 7.. 3,759 3,862 -4 ' -99 31 1 31... 3.472 1 ,098 924 1,011 438 14. . 3,384 3,187 -39 1 237 344 Feb. 7... 4,016 1.185 996 1 ,012 823 21 . . 3,835 3.332 248 • 255 413 14. . . 3,722 824 963 1 ,053 883 28. . 4,102 3,660 201 . 24(1 391 21 . . . 3.610 973 1 .036 1,156 446 28. . . .1,828 1 . 260 1 .026 1 ,081 462 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 arc included. See also dealer trading positions, Noie 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

APRIL 1968 □ GOVERNMENT SECURITIES A-39 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES. MARCH 31, 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 Trcasurv bills Treasury bills—Cunt. Treasury notes —Cont. Treasury bonds—Cont. Mar 31 1968.................... 1 ,400 Aug. 29, 1968.................... 1,000 Feb. 15, 1971............5:’* 2,509 Feb. 15, 1970............4 4,381 2’502 Aug. 31, 1968.................... 1 ,501 Apr. 1,1971.............Ii/? 35 Aug. 15, 1970............4 4 J 29 2,503 Sept. 5, 1968.................... 1 ,000 May 15, 1971............5’4 4,265 Aug. 15, 1971............4 2,806 Apr' 18' 1968.................... 2,502 Sept. 12, 1968.................... 1 ,000 Oct. 1,1971.............l’/2 72 Nov. 15, 1971............3% 2,760 Apr. 22,’ i%8t.................. 3,507 Sept' / 9, 1968.................... 1,000 Nov. 15, 1971............5/s 1,734 Feb. 15, 1972............4 2,344 Apr 25 1968.................... 2,504 Sept. 26, 1968.................... 1,001 Feb. 15, 1972............4^ 2,006 Aug. 15, 1972............4 2,579 Apr 30* 1968.................... 1,402 Sept. 30, 1968.................... 1,500 Apr. 1,1972.............I’/? 34 Aug. 15. 1973............4 3,894 May 2’ 1968.................... 2,500 Oct. 31, 1968.................... 1,502 May 15, 1972............4% 5,310 Nov. 15, 1973............4’4 4,352 May 9’1968.................. 2’502 Nov. 30, 1968............. 1 ,501 Oct. 1,1972.............I’7Z 17 Feb. 15, 1974.. . . , .4% 3,129 2,501 Dec. 31, 1968.................... 1 ,000 Nov. 15, 1974............5’4 1 ,652 May 15, 1974............4’4 3,589 May 23 1968.................... 2,501 Jan. 31, I960.................... 1 ,000 Feb. 15, 1975............5 ’4 5,1 49 Nov. 15, 1974............3% 2,241 May 3 U 1968.................... 4,004 Feb. 28, 1969.................... 1 ,002 May 15, 1975-85.4’4 1 ,216 2’602 June 15, 1978-83.. ,3’4 1 ,570 2,600 Treasury bonds Feb. 15, 1980............4 2,602 June 20’ 1968.................... 2’606 Treasury notes Dec. 15, 1963 -68... 2'4 1 ,788 Nov. 15, 1980............J‘/2 1 ,909 June 24’ 1968 f................. 5^534 Apr. 1,1968.............11/2 21 2 June 15, 1964-69.. .2’4 2,543 May 15, 1985............3’4 1,116 2’611 May 15, 1968............4% 5,587 Dec. 15, 1964-69... 2’4 2,490 Aug. 15, 1987-92... 4’4 3,817 1 ,501 Aug. 1 5 1968.. . . • - 4% 5,937 Mar. 15, 1965-70.. . 2/? 2,285 Feb. 1 5, 1988-93.. .4 249 July 5’ 1968.................... 1 '001 Oct I 1968.............1 l7i ’ 115 Mar. 15, 1966-71 .,. 2/2 1 ,224 May 15’ 1989-94.. .4’4 1 ,559 July 11’ 1968.................... 1 ,002 Nov 15’ 1968............5 % 8,984 June 15^ 1967-72. .Ji/2 1 ,254 Fein 15’ 1990............3’/2 4,883 July 18' 1968.................... 1 ,001 Feb 15 1969............5 % IOJ38 Sept. 15, 1967-72,. .2/2 1 ,952 Feb. 15, 1995............V" 1 ,753 July 25’ 1968.................... 1 3)02 ’ 61 Dec. 15, 1967-72. . .21/2 2',620 Nov. 15; ITOH...........3!/i 4,354 July 31, 1968.................... 1 ,501 Mav 15 1969............5% 4,277 May 15' 1968............3% 2,460 Aug 1 1968.................... 1 ,000 Oct 1 1969...........1’/2 159 Aug. 15' 1968............3'4 2 i 640 Aug/ 8’, 1968.................... 1 1001 Apr l’ 1970.............11/2 88 Nov. 15’ 1968.............3% I ,158 Aug. 15, 1968.................... I ,002 Oct. 1 1970.............1’/? 113 Feb. 15’ 1969............4 ~ 3,728 Investment Series B Aug. 22, 1968.................... 1 ,000 Nov. 15, 1970............5 "’ 7,675 Oct. 13969............4 6; 248 Apr. 1, 1975-80.. .2'4 2,545 + Tax anticipation series. Note.—Direct public issues only. Based on Daily Statement of U.S. 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 Special Total G o e b a n l l e i­ r­ H n e u v e c­ HAAl G lo U o a .S v n t . s , State di s a s t n t a r d t i , c t Other2 ered 3 Total c E a d tio u n ­ b R r a i o d n a g d d e s s i U tie t s il­ 4 H in o g u s s­ V a a e n i t d s e ’ r ­ O p p o t s u h e r e s ­ r gations aulh. 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 I ,668 521 125 2,177 1963................... 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,369 1964................... 10’847 MI7 3,585 637 208 1’628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 1965................... 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1 ,965 626 50 3,311 1966.................... 11,405 6,804 3,955 325 312 2,590 4,110 4,695 n.a. 11,303 3,738 1 ,476 1 ,880 533 .....3...,.6..6...7 1967.................... 14,653 8,905 4,937 4/7 334 2,842 4,780 7,028 It . 14,528 4,458 1 ,253 2,398 638 .....5..,.7...8..1. 1967- Jan......... 1 ,487 943 5 18 27 397 331 7 59 n.a. 1 ,482 408 219 163 691 feb... 1.231 933 289 10 257 .109 665 1,194 466 133 1 17 * 478 Mar.. . . 1 ,455 841 460 1 17 .'7 231 548 676 n.a. 1 ,439 427 123 339 126 423 1,130 848 256 26 182 245 703 n.a. 1,111 460 59 213 10 369 1 '247 760 457 30 JI 5 298 634 n.a. I ,222 487 116 102 1 1 506 June... . 1 397 860 492 1 17 29 1 3H 682 677 1 ,497 597 26 22H 148 498 July.. . . 950 665 246 39 186 260 504 n.a. 943 314 36 192 7 394 860 588 254 IK 195 235 430 n.a. 858 21 1 142 21 1 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 It 0 74 269 1 30 139 1 8 ..........4..1..7 1 ,425 766 617 43 335 549 541 n.a. 1 ,424 224 43 319 9 830 Dec. . . . 1 ,060 457 443 138 153 478 429 1 ,060 267 42 125 146 480 ........... 1968 Jan..... 1,147 823 297 .............. 27 450 292 406 n.a. 1,107 385 201 160 ■ .......... . . 1 . 6 .. 2 1 Only bonds sold pursuant to 1949 Housing Act, which are secured s 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 J Excludes U.S. Govt, loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt, loans. and payment to issuer, which occurs after date of sale, Investment Bankers Assn, data; par amounts of long-term issues 4 Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-40 SECURITY ISSUES ” APRIL 1968 TOTAL NEW ISSUES (In nullions 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 U.S. G U o .S vt . , S U ta .S te . Total New Other m o e f n t Govt.2 agen­ and Ollier 5 Total Pub­ Pri­ 'Total money 7 pur­ secu­ cy 3 local 4 Total licly vately Pre­ Com­ poses rities offered placed ferred mon 1960...................... 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8,758 895 271 1961...................... 35.527 12,253 1,448 8,360 303 13,165 9,420 4,700 4,720 450 3,294 12,885 12,017 10,715 1 ,302 868 1962...................... 29,956 8,590 1,188 8,558 915 (0,705 8,969 4,440 4,529 422 1,314 10,501 9,747 8,240 1 ,507 754 1963....................... 35,199 10,827 1,168 10,107 887 12,211 10,856 4,713 6,143 343 1 ,01 [ 12,049 10,523 8,898 1 ,625 1,526 1964...................... 37 J 22 10/156 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 13,792 13,038 11/33 1 >05 754 1965....................... 40 J 08 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1 ,547 15/01 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 10,431 8,180 14,288 1 ,817 24,798 21 ,954 14,990 6.964 885 1 ,959 24,409 24,097 77 713 1 1867 312 1967 -Jan........... 5,091 494 1,251 1 ,450 211 1,684 1,593 745 848 5! 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 2/34 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 2,343 1 ,684 659 17 313 2,63! 2,61 1 2,363 248 20 July......... 4,375 415 407 925 .19 2,589 2,375 1 ,889 486 85 130 2,546 2,457 2,181 275 89 Aug.......... 10,625 6,458 250 840 596 2,481 2,231 1,813 418 105 144 2,440 2,406 2,184 222 34 Sept......... 4,218 362 599 1,273 220 1,763 1 ,549 902 647 41 173 1 ,732 1 ,723 1 ,581 142 10 Oct........... 4,609 422 708 991 78 2,409 1 ,940 1 ,375 566 231 238 2,367 2,289 2,120 168 79 Nov.......... 8 ;?32 5,054 710 1,320 147 1 ,500 1,196 645 551 81 222 1 '470 1 ,467 1 .305 16.1 .1 Dec.......... 4,483 371 612 1 ,093 ’’2 2,385 2,107 1 ,087 1 ,020 42 235 2,343 2,336 2,113 223 8 1968 Jan........... 4.539 481 999 1 ,162 140 1 .757 1 .411 903 SIX 47 270 1.718 1 .689 1 .606 83 10 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om isc m e 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 capital3 secu­ rities rities rities rities rities rities 1 960....................................................... 1,997 79 794 30 672 39 2,754 51 I ,036 1 2,401 71 1961....................................................... 3,691 287 1,109 36 651 35 2’883 106 1,435 J 82 2,248 22 1962....................................................... 2/958 228 803 32 543 16 2', 341 444 1'276 I I 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 [96 7....................................................... 10,774 11 1 2 21 1 47 2,016 4,741 127 1 955 I 2,399 5 1967__Jan........................................... 624 20 103 144 220 293 * 264 J Feb.......................................... 563 ♦ 72 * 140 274 105 244 Mar....................................... 1,254 16 112 214 503 145 89 1 Apr........................................... 1128 7 102 4 100 394 I 107 141 May........................................ ’588 1 94 * 199 1 40J 17 91 100 * 1,298 16 21 8 128 471 350 146 July.......................................... 925 388 23 379 20 446 24 39 277 1,229 10 95 J 99 509 19 356 1 19 7 Sept.......................................... 637 5 285 3 150 1 265 200 184 Oct........................................... 906 6 126 i 176 573 65 1 19 388 Nov.......................................... 512 207 ^ 88 404 82 174 • Dec........... ....... 1 109 409 198 278 ♦ 68 * 273 1968 Jan............................................ 5 JO m 215 1 1 98 418 182 246 1 Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of notation. number of units by offering price. 7 I or plant and equipment and working capital. 2 Includes guaranteed issues. s All issues other than those for retirement of securities. 3 Issues not guaranteed. 4 Sec 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 I 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

APRIL 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 Nel 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 I C n O v S e . 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........................... DM26 8,290 J 0,536 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 1 1 ,088 6,529 4,169 2,025 3 ,000 4,504 1 ,169 1966 -IV.................. 5,615 2,535 3,080 3,336 I.HI 2.225 I ,657 622 431 993 1 ,226 -371 1967—1..................... '7,258 2,344 '4,914 4,724 1,202 3,522 'I ,748 786 592 550 '1,156 235 II................... '7,400 2,599 -4,801 4,978 1,318 3,660 -1,381 1 ,041 701 581 -680 461 Ill................. 8.892 2.690 6.202 6,248 1 .394 4.854 1 .412 1 .232 721 576 691 656 IV.................. 9,401 2.863 6.5 38 5.349 1 ,426 3.924 2,446 1 .605 747 690 1 ,699 915 Type of issuer Manu­ Commercial Transpor­ Public Communi­ Real estate Period facturing and other 2 tation 3 utility cation and financial 4 & B n on o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Slocks & 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 1,695 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—IV.................. 736 - 140 72 • 553 224 26 755 136 465 147 26 1,239 1967—1..................... 1,489 52 130 -6 372 19 642 90 511 97 379 -1,139 11................... 1 ,858 107 '153 52 198 47 1 ,089 1 17 320 158 41 '661 Ill................. 2.253 403 '422 '29 '374 45 867 168 594 92 345 61 1 IV.................. 1 .637 399 207 2(4 54 846 277 291 120 537 1.6X5 • 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 RI C, special offerings to employees, ' Railroad and other transportation companies. and also new stock issues and cash proceeds connected with conversions •■ Includes investment companies. of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues I or Non;.- Securities and Exchange Commission estimates of cash trans­ that purpose shown on opposite page. actions only. As contrasted with data shown on oppo*:‘n 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 i 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 t d io e n m s p­ s N al e e t s Total 2 po C s a it s io h n 1 Other 1955 ................ 1,207 443 765 7,838 438 7,400 1967- I'eb... 298 179 120 38 0 34 2,866 15,168 1956................ 1'347 433 914 9,046 492 8,554 Mar.. 389 226 163 39,443 2,682 36,761 1957................ 1 '391 406 984 8,714 523 8'191 Apr... 358 214 144 41/91 2,666 38/25 1958................ 1 ;620 511 1,109 13,242 634 12’608 May.. 357 258 99 19'847 2,’608 37/39 June.. 375 225 150 40'795 2'503 38,292 1959................ 2,280 786 1,494 15,818 860 14,958 July... 425 222 203 4 3,064 2,515 40/49 I960................ 2,097 842 1 ’255 17’026 973 16,053 Aug,. . 347 249 98 42,663 2,370 40'293 1961................ 2’951 1,160 I ’791 22,789 980 21’809 Sept... 352 246 106 43/85 2',244 41’341 1962................ 2,699 1’123 1 /76 21,271 1,315 19'956 Oct... 409 270 139 42'652 2/18 40 434 Nov, . 468 231 237 43/62 2’653 40 J 609 1963................ 2,460 1,504 952 25,214 1,341 23,873 Dec. 501 242 259 44 701 2.566 42 135 1964................ 3,404 1’875 1 ,528 29’116 1,329 27,787 1965 ................ 4’359 1 /62 2'395 35’220 1 ’803 33 417 1968 Ian.. 556 316 240 42 466 2 679 19 787 1966................ 4; 671 2,005 2,665 34,829 2;97t 31 ;ss« Icb.. . 451 260 191 41 .533 3>O9 38 J 24 1 Includes contractual and regular single purchase sales, voluntary J 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. Nori:. -Investment Company Institute data based on reports of mem­ 2 Market value al end of period less current liabilities. bers. which comprise substantially all open-end investment companies registered with the Securities and Exchange Commission. Data re Heel newly formed companies after their initial offering of securities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-4Z budiiuod riiNAiNUt ^ Arrau iyoo SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1 1966 1967 Industry 1963 1964 1965 1966' 1967 1 II III IV I II III T IV Manufacturing Total (177 corps.): Sales...................................................... 147,380 158,253 177,237 195.738 201.399 47,695 49,850 46,202 51,991 48,585 51,679 48,317 52,818 Profits before taxes.......................... 17,337 18,734 22,046 23.487 20,898 6,020 6,460 4,881 6,1 26 5,153 5,608 4,232 5,867 Profits after taxes.............................. 9,138 10,462 12,461 13,307 12,664 3,353 3,643 2,845 3,466 2,918 3,190 2,381 3,268 Dividends............................................ 5,444 5,933 6,527 6.920 6,989 1,570 1,754 1 ,631 1 .965 1 ,670 1,701 1 ,721 1 ,897 Nondurable goods industries (78 corps.): 1 Sales...................................................... 55,372 59,770 64,897 73.643 77,969 17,721 18,496 18,297 19,129 18,743 19,535 19,695 19,996 Profits before taxes.......................... 6,333 6,881 7,846 9.181 9.039 2,204 2,444 2,305 2,232 2,153 2,250 2,209 2,427 Profits after taxes.............................. 3,646 4,121 4,786 5,473 5,379 1,305 1,427 1 .389 I ,352 1,319 1 ,343 1.313 1 ,4.11 Dividends............................................ 2,265 2,408 2,527 2,729 3,027 651 682 673 723 720 756 770 781 Durable goods industries(99 corps.):2 Sales...................................................... 92,008 98,482 112,341 122,094 123,429 29,974 31,354 27,905 32,861 29,842 32,144 28,622 32,821 Profits before taxes........................... 11,004 11,853 14,200 14,307 1 1 .822 3,815 4.020 2,577 3,895 3,000 3,358 2,024 3,440 Profits after taxes............................. 5,492 6,341 7,675 7,834 6,352 2,047 2,216 1 ,456 2,115 I , 599 1 ,847 1 .068 1 ,838 Dividends............................................. 3,179 3,525 4,000 4. 191 3,964 919 1,072 958 1.242 950 945 952 1,117 Selected i nd us tries: Foods and kindred products (25 corps.): Sales...................................................... 14,301 15,284 16,427 19,038 20,134 4,595 4,673 4,759 5,011 4,963 5,060 5.131 4,980 Profits before taxes.......................... 1,546 I ,579 1,710 1 .916 1 ,967 439 488 504 485 447 482 526 512 Profits after taxes............................. 747 802 896 1 ,008 1 ,041 230 257 262 259 236 253 284 268 Dividends............................................. 448 481 509 564 583 137 142 139 146 148 144 146 145 Chemical and allied products (20 corps.): Sales...................................................... 14,623 16,469 18,158 20,007 20,561 4,885 5,216 4,824 5,072 4,998 5 ,163 5,116 5,284 Profits before taxes.......................... 2,286 2,597 2,891 3,073 2,731 760 874 789 650 694 700 636 701 Profits after taxes............................. 1,182 1 ,400 1 ,630 1 .737 1 ,579 428 480 443 386 396 404 363 416 Dividends............................................ 904 924 926 948 960 221 224 234 269 238 235 235 252 Petroleum refining (16 corps.): Sales...................................................... 16,043 16,589 17,828 20,887 23.258 4,945 5,114 5,298 5,530 5,390 5,808 5,985 6,075 Profits before taxes......................... 1 ,487 1 ,560 1 ,962 2,681 3,004 656 668 631 726 684 741 744 835 Profits after taxes............................. 1,204 1,309 1 ,541 1.898 2.038 457 467 479 495 505 504 489 540 Dividends............................................ 608 672 737 817 1 ,079 200 204 204 209 232 280 286 281 Primary metals and products (34 corps.): Sales...................................................... 22,116 24,195 26,548 28,558 26,532 6,567 7,457 7,309 7,225 6,801 7,040 6,525 6,166 Profits before taxes........................... 2,178 2,556 2,931 3,277 2,487 682 928 857 810 693 670 477 647 Profits after taxes............................. 1,183 1 ,475 1 ,689 1 .903 1 ,506 402 537 490 475 395 411 290 410 Dividends............................................ 734 763 818 924 892 216 218 230 260 222 214 228 228 Machinery (24 corps.): Sales...................................................... 21,144 22,558 25,364 29,512 32,721 6,985 6.889 7,538 8,100 7,704 7,933 8,090 8,994 Profits before taxes.......................... 2,394 2,704 3,107 3.612 3,482 894 915 851 952 868 807 837 970 Profits after taxes............................. 1,177 1 ,372 1,626 1 ,875 1 .789 456 480 444 495 421 417 438 513 Dividends............................................. 577 673 774 912 921 217 225 226 244 232 233 227 229 Automobiles and equipment (14 corps.): Sales....................................................... 32,927 35,338 42,712 43,641 42,306 11,718 11,728 8,046 12,149 10,413 11,875 8,3 54 11,664 Profits before taxes.......................... 5,004 4,989 6,253 5,274 3,906 1,779 1,615 313 1 ,567 1 ,050 1,436 216 1 ,204 Profits after taxes.............................. 2,387 2,626 3,294 2,877 1,999 934 893 224 826 583 782 62 572 Dividends............................................. 1,447 1,629 I ,890 1.775 1 ,567 360 503 361 551 363 365 362 477 Public utility Railroad: Operating revenue............................ 9,560 9,778 10,208 10,654 n.a. 2,518 2,728 2,690 2,718 2,536 2,628 2,529 n.a. Profits before taxes........................... 816 829 980 1,088 n.a. 213 327 280 268 145 163 73 n.a. Profits after taxes............................. 651 694 816 902 n.a. 172 259 227 244 121 143 78 n.a. Dividends............................................. 383 438 468 496 n.a. 113 109 113 161 124 156 103 n.a. Electric power: Operating revenue........................... 14,294 15,156 15,816 16,908 1 7,894 4,401 4,026 4,236 4,246 4,697 4,280 4,406 4,511 Profits before taxes.......................... 3,735 3,926 4,213 4,395 4,564 1 ,215 987 1,153 1 ,041 1,279 1 ,026 1 ,161 1 ,099 Profits after taxes............................. 2,187 2,375 2,586 2,764 2,91 1 758 632 702 673 799 666 717 729 Dividends............................................. 1,567 1,682 1,838 1,932 2,071 473 486 475 505 518 510 509 534 Telephone: Operating revenue........................... 9,796 10,550 11,320 12,420 13,311 2,992 3,091 3,135 3,202 3,229 3,312 3,341 3,429 Profits before taxes.......................... 2,815 3,069 3,185 3,537 3,694 851 907 911 868 869 923 953 949 Profits after taxes............................ 1,417 1 ,590 1,718 1,903 1 ,997 460 488 487 468 472 497 515 513 Dividends............................................. 988 1,065 1,153 1,248 1,363 302 309 317 320 334 337 341 351 1 Includes 17 corporations in groups not shown separately. Telephone: Data obtained from Federal Communications Commis­ 2 Includes 27 corporations in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Note.'—Manufacturing corporations: Data arc 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 arc partly estimated by the Federal Reserve to include affiliated nonelectric operations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 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 ­ e s P t a a r f o x te e fit s r s d C d e a i n v s d i h ­ s tr p U ib r n o u d f t i i e t s s d ­ co c a n a t l s i l p o o u i n w t m a ­ l p ­ Quarter P b t e a ro x fo e fi r s t e s c ta o I x n m e ­ e s 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 t a i l s o 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 11.... 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 HI... 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 (6.5 16.6 31.8 1964................ 66.8 28.3 38.4 i?: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 I9.X 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 1 Includes depreciation, capital outlays charged to current accounts, and Noth.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (Tn billions of dollars) Current assets Current liabilities Net Notes and accts, Notes and accts, End of period working U. S. receivable payable Accrued capital 1’otal Cash Govt, Inven­ Other Total Federal Other securi­ tories income ties G U o . v S t . .1 Other G U o .S v . t.1 Other taxes 1961................................... 148.8 304.6 40.7 19.2 3.4 133.3 95.2 12.9 155.8 1.8 HO.O 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 1 13.5 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 46.6 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 Il........................... 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 in......................... 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-J............................. 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 11........................... 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 Ill......................... 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 IV......................... 200.1 460, 1 52.0 12.1 5.1 211.8 152.5 26.6 260.0 5.8 181 .0 14.9 58.2 i Receivables from, and payables to, the U.S. Govt, exclude amounts Note.—Securities and Exchange Commission estimates; excludes offset against each other on corporations* books. banks, savings and loan assns., insurance companies, and investment companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Non­ Mining u P ti u li b ti l e ic s C ni o ca m ti m on u s ­ Other 1 a ( n S n . u A a . l Durable durable Railroad Other rate) 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 n 15.29 3.51 3.27 .40 .55 1,00 2.09 1.42 3.06 60.10 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 II....................................... 15.61 3.46 3.34 .34 .41 1.12 2.46 1,49 2.99 61.50 nr...................................... 15.40 3.33 3J5 37 .35 .98 2.66 1.46 3,09 60.90 IV...................................... 17.05 3.82 3.48 .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 4.27 64.80 IT 2.................................... 16.31 3.66 3.41 .4, .30 1.11 2.78 4.62 64.30 1 t 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

A-44 REAL ESTATE CREDIT ” APRIL 1968 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties barm Non fa rm F.nd of ho O l t d h e e r r s 2 I- to4-family houses4 com M m u e l r t c if i a al m p il r y o p a e n r d ti es 5 M t o y r p tg e a 6 ge period h A e o r l l s d l ­ tu F i t n c i i n o i s a a n t l i n ­ s ­ * 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 c i i n o i s a a n t l i n s ­ ­ 1 O ho th ld e - r h e A o r l l s d l ­ Total tu F in t i i n o s a t n n i­ s , 1 O h e o th r l s d er ­ 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 n V r H i d t A t 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 II.2 7.2 12.9 8.1 4.8 3.0 28.2 1945. ......... .15.5 21.0 2.4 12.1 4.8 1.3 3.4 70.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 1961. 226.3 172.6 U.S 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 ‘>.7 233.4 166.5 140.4 26,0 66.9 46.6 20,4 69.4 164.1 1963. 274.3 217.1 11.2 45.9 16.8 6.2 10.7 257.4 182.2 156.0 26.2 75.3 54.9 20.3 73.4 184.0 1964. 400.3 241 .0 1 1.4 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. 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 84.0 239.9 1967" 368.9 298.1 IK.5 52.4 25. I 9,0 16.1 343.9 23 5.6 201.3 34.3 108.3 87.7 20,5 88.2 255.7 1966 -1". . . 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 11".. 338.7 274.7 14.4 49.6 ? y 5 8.2 14.2 116.2 219.8 I 89.9 29.9 96.5 76.6 19.9 82.6 233.6 ill".. 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 IV". 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 - 1". . . 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 II".. 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..; 246.6 III".. 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 IV".. 368.9 298.1 18.5 5 2.4 25. 1 9.0 16.1 343.9 235.6 201.3 34.3 108.3 87.7 20.5 88.2 255.7 1 Commercial banks (including nendeposit 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, <> Data by type of mortgage on nonfarm 1- to 4-family properties alone 2 U.S. agencies are FNMA, I HA, VA, PHA, Farmers Home Admin., are shown on second page following. and Federal land banks, and in earlier years, RIC, HOLC, and FFMC. Other U.S agencies (amounts small or current separate data not readily Nou ,—•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 J 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, sec 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 12nd of period .--------------— _ .... --------------------- .. Other — — — —-------- Other dotal Total FH in A ­ - g V u A ar - ­ C ve o n n ­ - f n a o r n m ­ Farm Total Total FH in A ­ - g V u A a - r­ C ve o n n - - f n a o r n m - Farm sured anteed tion al 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 13,0791 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 12.0.19 17.350 5,577 51 1966 -I............................. 50,650 32,822 7,717 2,659 22,446 14,840 2,988 45,370 40,700 13,956 1 1,408 15,336 4,617 53 II............................ 52,306 33,800 7,769 2,654 23,377 15,478 3,028 45,883 41,083 14,047 11,346 15,690 4,747 53 Ill.......................... 53,606 34,469 7,687 2,620 24,162 16,028 3,109 46,622 41 ,67.3 14,274 11,413 15,986 4,896 53 IV........................... 54.380 34,876 7,544 2.599 24,733 16,366 3,138 47,3.37 42,242 14,500 11,471 16,272 5,041 53 1967 -I.............................. 54,5.1/ 34,890 7,444 2,547 24,8.99 I6.46H 3,173 48,107 42,879 14,723 11,619 16,537 5,176 52 11............................ 55,731 35,487 7,396 2,495 25,596 16,970 3,274 48,893 43,526 14,947 11,768 16,811 5,316 51 Ill.......................... 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 16,801 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 hums held by nondeposit trust companies, hut not bank States and possessions. Firstand 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 Non>- -Second md fourth quarters, Federal Deposit Insurance Corpo- (he National Assn, of Mutual Savings Batiks. 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

APRIL 1968 □ REAL ESTATE CREDIT A-45 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Tola! in F s H ur A e - d a g n V u t A c a c r - - d Other 1 Fann 1 Total Total in F s H ur A e - d a g n V u te A a c r - - d Other I’arm 1945...................................................... 976 6.637 5,860 1,394 4,466 766 1961...................................................... 6,785 6,233 1 ,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962...................................................... 7,478 6,859 1 ,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 3,400 1963...................................................... 9,172 8,306 1 ,598 678 6,030 866 50,544 46,752 10,756 6,401 29,595 3,792 1964...................................................... 0,433 9,386 1 ,812 674 6,900 1 ,047 55,152 50,848 11,484 6,403 32,961 4,304 1965...................................................... 1 1,137 9,988 1 ,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36.836 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 1967...................................................... 8,399 7,569 753 408 6,408 830 67,543 61 ,986 12,163 6,093 43,730 5,557 1967- Jan.'....................................... 768 702 91 46 563 66 64,996 59,767 12.412 6,225 41.130 5,229 Feb........................................... 684 617 75 32 510 67 65,503 60,259 12,459 6,211 41 ,589 5.244 Mar......................................... 721 632 80 44 508 89 65,798 60,525 12,468 6,217 41,840 5,273 Apr.......................................... 603 536 50 25 461 67 66,024 60,721 12,449 6,202 42,070 5,303 May......................................... 641 582 57 31 494 59 66,253 60,924 12,434 6,183 42,307 5,329 June........................................ 643 569 60 31 478 74 66,414 61,038 12,397 6,163 42,478 5,376 July......................................... 563 506 36 27 443 57 66,324 60,920 12,311 6,161 42,448 5,404 Aug.......................................... 676 618 68 32 518 58 66,506 61 ,073 12,289 6,144 42,640 5,433 Sept......................................... 688 631 62 36 533 57 66,701 61,239 12,263 6,131 42,845 5,462 Oct........................................... 675 623 68 40 515 52 66,884 61,401 12,236 6,124 43,041 5,483 Nov......................................... 662 603 50 30 523 59 67,097 61,595 12,214 6,112 43,269 5,502 Dee.......................................... 1,077 95 3 58 33 862 124 67,595 62,038 12,192 6,104 43,742 5,557 1968--Jan........................................... 632 558 62 37 459 74 67.770 62.223 12.192 6.106 43.925 5.547 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 cnd-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 arc more complete. Note.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Advances outstanding (end of period) Period Ad­ Repay­ Members’ New vances ments deposits Period Total $ h c o o m n­ e 1 p lo u m r­ e Total 2 FH in A ­ - g V u A ar - - C ve o n n ­ ­ Total S te h rm or t 1 ­ t L e o rm ng ­ 2 struc­ chase sured an teed tional tion 1945........................... 278 213 195 176 19 46 1945 ............ 1,913 181 1,358 5,376 1 1 9 9 6 6 1 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2 , J 8 8 1 2 1 2 3 , ' 2 2 2 9 ( 4 1 2 3 , 3 6 7 6 9 2 2 1, ’ 4 0 4 0 7 5 1 1 , 3 2 7 1 4 6 1 1 , , 1 21 8 3 0 1961............ 17,364 5 ,081 7,207 68,834 4,167 7,152 57,515 1963........................... 5 301 4 396 4’784 2363 1 '921 1 ’151 1962........... 20,754 5,979 8,524 78,770 4,476 7,010 67,284 1964.......................... 5 365 5’025 5’325 2'846 2379 1 ’ 199 1963 ........... 24,735 7,039 9,920 90,944 4,696 6,960 79,288 1965.......................... 5’007 4’335 5,997 3,074 2; 923 I ’043 1 1 9 9 6 6 5 4. . . . . . . . . . . . . . . . . . . . . . . 2 2 4 3 , , 5 8 0 4 5 7 5 6 , , 9 5 2 15 2 1 1 0 0 , , 6 3 9 97 7 1 1 0 1 1 0 , , 3 3 3 0 3 6 4 5, , 1 8 4 9 5 4 6 6 , , 3 68 9 3 8 9 8 8 9 , , 7 7 6 5 3 6 1 1 9 96 6 7 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1 , 3 8 2 0 7 4 2 4, , 0 8 7 6 6 6 6 4 , , 9 3 3 8 5 6 5 3 J ’ 0 9 0 85 6 • 1 3 ’40 2 1 9 1 1 ' ' 0 4 3 32 6 1966............ 16,720 3,606 7,746 114,447 5,270 6,158 103,019 1967........... 19,891 4,190 9,505 121,893 5 ,794 6,356 109,743 1967--F M eb a . r . . .. . .. . .. . .. . .. . .. . . 4 3 9 0 6 5 5 8 5 9 5 5 , , 1 8 7 0 5 0 4 4 , 3 7 6 3 2 0 1, '9 0 1 7 3 0 1 1, '4 2 9 40 0 1967 • Feb. 950 205 420 114,395 5,278 6,1 41 102,976 59 452 4382 3,976 806 1 348 Mar. 1 ,347 306 571 114,797 5,296 6,143 103,358 May.. 59 420 4^421 3,776 644 1,831 ' S J J A A O M u u e u p c a n p ly g r t y e t . . . . 2 2 1 1 1 1 1 , , , , , , , 1 2 9 9 3 7 8 6 2 7 5 3 6 3 1 2 8 0 9 0 8 4 4 4 3 3 4 3 1 8 0 2 3 1 8 1 3 5 0 4 2 2 1 1 1 , , , 0 0 1 9 7 9 5 1 8 4 5 4 7 8 7 1 6 6 9 9 6 1 1 1 1 1 1 1 2 1 1 1 1 1 1 0 5 7 8 9 5 6 , , , , , , , 3 2 9 6 6 5 9 6 3 0 7 7 2 4 3 2 9 6 4 9 4 5 5 5 5 5 5 5 , , , , , , , 3 6 3 5 4 5 3 2 6 6 7 3 1 8 1 0 5 7 4 6 4 6 6 6 6 6 6 6 , , , , , , , 1 1 2 2 1 2 1 4 2 8 2 5 9 6 1 7 7 3 8 2 9 1 1 1 1 1 1 1 0 0 0 0 0 0 0 7 3 5 8 4 6 6 , , , , , , , 7 3 4 4 9 0 6 7 9 1 1 3 5 9 1 1 7 0 7 2 5 J S A O N D u e u e o c l p c g t y v . t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 1 1 1 1 5 8 9 3 0 6 7 2 9 3 4 2 0 6 2 2 2 1 1 1 0 7 0 5 6 0 3 8 4 2 1 4 9 2 4 4 4 4 4 4 4 , ' , ’ ,’ ’ ’ 2 ' 1 3 3 1 1 1 2 5 8 0 2 8 1 1 3 6 2 8 2 4 3 3 3 3 3 3 3 , ' , , , ' ' 9 6 7 6 6 6 6 8 8 9 8 5 9 4 1 5 3 0 9 2 6 6 5 4 4 4 4 3 0 4 0 9 3 9 8 1 1 3 5 0 6 4 i 1 I 1 1 1 1 3 3 , ' , , 3 3 4 3 3 2 2 4 2 1 1 4 1 5 7 3 7 2 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--J F a e n b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 10 0 1 8 2 1 5 9 1 5 4 4 , ; 4 3 4 4 2 8 3 3 , '8 96 0 3 6 4 5 7 4 9 2 1 1 , , 1 1 9 8 8 2 1968- -Jan.. 1 ,389 >291 665 122,095 5,787 6,405 109,903 Feb." 1 .451 304 705 122,641 5,853 6,446 1 10,342 i Secured or unsecured loans maturing in I year or less. 2 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 □ APRIL 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-guarantced Government- Period Total 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 c r ts o j­ 1 m p P e r e i r o m r n o t v t y p ­ e s ­ ­ 2 Total 3 h N om M ew e o s rtga h i g s o E e t m i x s n e ­ g s E pe n r d io o d f Total Tota u l nd s F e u i I n r r 1 w e ­ A d r - it te a g n n V u te A a e r - d ­ i 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 1961.. 6,546 1,783 2,982 926 855 1 ,829 1,170 656 1961.................. 153.1 59.1 29.5 29.6 93.9 1962. 7,184 1,849 3,421 1,079 834 2,652 1,357 1,292 1962 .................. 166.5 62.2 32.3 29.9 104.3 1963. 7,216 1,664 3,905 843 804 3,045 1 ,272 1 ,770 1963 .................. 182.2 65.9 35.0 30.9 1 16.3 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.................. 197,7 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 31.1 140.0 1967............................... 7,150 1,369 4,516 642 623 3,405 1,143 2,259 1 1 9 9 6 6 6 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 3 3 5 . . 7 6 7 7 6 9 . . 0 9 4 4 4 7 . . 8 4 3 3 1 2 . . 2 5 1 1 4 5 7 5 . , 8 7 1967--Feb...................... 364 91 210 32 31 I 69 77 91 Mar.................... 490 96 292 55 47 195 83 112 1965—1 ............ 200,7 70.0 39.0 AM.O 130,7 Apr..................... 440 89 270 41 40 184 70 114 II 205.0 70,7 39,7 31.0 134.3 May.................... 508 87 320 44 58 231 76 154 HI......... 209.2 72.0 40.9 31.1 137.2 June.................... 626 105 403 57 61 266 81 185 IV.......... 213,2 73.1 42.0 31.1 140.0 July..................... 595 103 399 36 58 296 82 214 Aus..................... 762 129 525 45 62 340 97 243 1966- 1............ 216,3 74.1 43.0 31.1 142.2 Sept..................... 758 129 514 58 56 352 101 251 11........... 219.8 74.6 43.7 30.9 145.2 Oct...................... 817 150 515 88 64 434 125 310 Ill........ 222.0 75.4 44.4 31.0 1 46.6 Nov..................... 746 149 471 72 53 383 127 255 IV......... 223,7 76.0 44.8 31.2 147.8 Dec...................... 594 124 334 90 47 340 124 217 1967—1".......... 225,2 76.4 45.2 31,2 148.8 1968--Jan...................... 693 147 431 70 45 349 135 213 IP'......... 228.2 77.2 45.7 31.5 150,9 Feb...................... 573 124 312 100 36 280 III 169 I I I V I" " . . . . . . . . 2 2 3 3 1 5 . , 9 6 7 7 8 9 . , 3 9 4 4 6 7 . . 6 4 3 32 1 . . 5 7 1 1 5 5 5 3, , 7 7 ______ i Monthly figures do not reflect mortgage amendments included in annual totals. * 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 h n .— t g F ro e s d s e r a a m l o H u o n u t s o in f g in su A r d a m nc i e n , wr a i n tt d e n; V V et A e - ra g n u s a ra A n d te m ed in , l oa d n a s t , a . g ros F s 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 ti t m a o te u s ts . tan F d o i r n g, co f n ig v u e r n e t s i 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 All residential Multifamily 1 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 V n u t A c a e r - - d Pur­ Sales bu d u r i s n 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 i s 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 1962............................... 5,923 3,571 2,353 740 498 355 1963................................ 4^650 3^017 1,634 290 1,114 191 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 14.6 25.8 17.5 8.3 1965............................... 4,731 3,404 1,327 91 3 200 793 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.................. 250.0 213.1 36.9 36,8 28.5 8.3 1967,—Feb.................... 7,331 5,615 1,716 144 641 1966"................ 263.3 223.2 40.0 39.5 30.9 8.6 Mar.................. 7'415 5’692 1,723 119 1 706 1967"................ 278.1 235.0 43.1 42.5 33.7 8.8 Apr................... 7,461 5’740 1,721 78 1 744 May......... 7’484 5,767 1 ’717 65 1 835 1965—III. . .. 245.1 208.7 36.3 35.9 27.5 8.3 June.................. 7'524 5'811 1 '713 88 6 1,104 IV.. . . 250.0 213.1 36.9 36.8 28.5 8.3 July................... 7,’624 5’890 1 ^734 136 [ 1,333 Aug......... 7,872 6,076 1 ^796 291 I 1,447 1966—1"......... 254.1 216.6 37.6 37.8 29.3 8.5 Sept.................. 8'105 6,249 1,856 272 1 ,473 II".... 258.3 219,9 38.4 38.6 30.0 8.6 Oct.................... 8'371 6’441 1,930 307 1,535 III". . . 261.1 221.8 39.3 39.1 30.5 8.6 Nov.. ....... 8*610 6,615 1 J 995 279 1,676 IV"... . 263.3 223,2 40.1 39.5 30.9 8.6 Dec................... 8*870 6^803 2,066 299 1,672 1967—11>......... 265.4 224.7 40.7 40.2 31.6 8.7 1968—Jan.................... 9 220 7,052 2,168 388 1 ,588 11".. . . 269.1 228.0 41.1 40.9 32.2 8.7 Feb.................... 9’,525 7,268 2,257 341 I 1,494 III". . . 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 1- to 4-family mortgage debt see Trust, but excluding conventional mortgage loans acquired by FNMA second preceding page. from the RFC Mortgage Co., the Defense Homes Corp., the Public Housing Admin., and Community Facilities Admin. Note.-—Based on data from same source as for “Mortgage Debt Out­ standing” table (second preceding page). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1968 □ REAL ESTATE CREDIT A^7 TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period 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 p r ( o a e p ri a t n e c i n o t e r ) / (th d c p o o P h r u ll a u i a c s s r r e . ­ e s o ) f (t a h d m L o o o u l o la a s u r . n n s o ) t f C c t ( r r p e a a o n e t c n e t r t ) ­ c F c h e ( e a p e n r s e g t r e ) & i s M (y a e t a u r r s i ) ty L c p r ( o a e p ri a n t e c i n o t r e ) / (t d h c o o p P h l u r l a u i a s c s r r . e ­ e s o ) f (th a d 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 1965r 5,74 .49 25.0 73.9 25,1 18.5 5.87 .55 21.8 72.7 21,6 15.7 1966r 6.14 .71 24.7 73.0 26.6 19.4 6.30 .72 21 .7 72.0 22.2 16.1 1967r 6.33 .81 25.2 73.6 28.0 20,6 6.40 .76 22.5 72.7 24. 1 17.5 1967'---Feb............. 6.39 .89 25.1 73.6 26.6 19.6 6.50 .77 21.7 72.0 22.7 16.3 Mar............ 6.34 .82 24.6 72.8 26.7 19.4 6.44 .78 22.5 72.5 23.5 17.0 Apr............. 0.31 .77 24.8 73.2 27.0 19.8 6.34 .74 22.3 72.6 23.7 17.2 May........... 6.25 .77 25.3 74.0 27,5 20.4 6.29 .70 22.3 72.7 24.1 17.5 June........... 6.23 .76 25.2 74.0 28. 1 20.8 6.28 .67 22.8 72.5 25.1 18.2 July............ 6.31 .77 25.2 73.9 28.4 21 .0 6.30 .70 22.7 72.9 24.8 18.1 Aug............. 6.28 .78 25.2 73.7 28.5 21 .0 6.34 .72 22.8 73.4 24.7 18.1 Sept............ 6.31 .78 25.3 74.2 28.8 21 .4 6.36 .73 22.5 72.7 23.9 17.4 Oct.............. 6.34 .82 25.4 73.8 28.7 21 .2 6.39 .78 22.5 73.0 23.7 17.3 Nov............ 6.33 .76 25.3 73.4 28.9 21 .2 6.42 .77 22.7 72.9 25.1 18.3 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.r............ 6,39 .86 25.4 72.9 29.7 21.7 6,57 ,82 22.7 73.7 24.9 18,4 Feb J*............ 6,46 .93 25.6 74.4 29.8 22.2 6.57 .80 22.6 73.4 24.7 18. 1 1 Fees and charges—related to principal mortgage amount—include originated by major institutional lender groups (including mortgage loan commissions, lees, 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 1965, not strictly comparable Note.—Compiled by Federal Home Loan Bank Board in cooperation with earlier data. See also the table on Mortgages: New and Existing with Federal Deposit Insurance Corporation. Data are weighted averages 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 L b o u a t n s d e n li o n t q i u n e n fo t r f e o c r lo — sure Loans in Period (th N o u u m sa b n e d r s ) ( m pe o r r t c g e a n g t e o d f End of period fore­ structures) Total 30 days 60 days o 9 r 0 m da o y r s e closure 1961............................................... 73.1 .37 1962............................................... 86.4 .42 1963............................................... 98 2 45 1961.............................. 3.10 2.27 .50 ,33 .29 1962.............................. 3.04 2.26 50 .29 . 30 1964............................................... 108 6 48 1963.............................. 3.30 2.32 .60 38 34 1965............................................... 116 7 49 1964.............................. 3,21 2.35 ,55 31 . 38 1966............................................... 117 5 48 1965.............................. 3.29 2.40 .55 34 . 40 1966.............................. 3.40 2. 54 .54 .32 . 36 1965—1......................................... 27,9 48 1967.............................. 3.47 2.66 .54 .27 . 32 ................3...0.... .i................ .52 HI..................................... 29.1 50 1965—1........................ 2.94 2.06 .54 .34 .37 IV...................................... 29.6 50 If...................... 3.00 2.18 .52 .30 .38 HI.................... 3.20 2.30 .56 34 38 1966—1......................................... 28.8 .48 IV.................... 3.29 2.40 ,55 .34 40 II....................................... 30.8 .51 Ill..................................... 29 J 48 1966—I........................ 3,02 2.13 55 34 . 38 IV...................................... 28.6 .46 2.95 2.16 . 49 .30 . 38 in.................... 3.09 2.25 .52 .32 . 36 1967—1......................................... 29.5 48 IV.................... 3.40 2.54 .54 .32 . 36 H...................................... 29.7 .48 in..................................... 29.2 .47 1967—1....................... 3.04 2.17 .56 .31 38 II....................... 2.85 2.14 .45 .26 . 34 HI.................... 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 lieu 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-famiIy 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

H-4S UUlNOUIVItK UKLUII " HTHIL iyoo TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End o period Total Total m A pa o u p b to e ile r ­ co g O n o s t o h u d e m s r e r e a r n R n d i e z p m a a t o i i o r 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 cc h o a u rg n e ts S c e r r e v d ic it e paper loans 1 1939. 7,222 4,503 1,497 1 ,620 298 1,088 2,719 787 1 ,414 518 1941 . 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1 ,645 597 1945. ........................... 5,665 2,462 455 816 182 1,009 3,203 746 1 ,612 845 I960. 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,3ftO 1961 . 57,678 43,527 17,223 11,857 3,191 11,256 14,151 5,1 36 5,324 3,691 1962. ........................... 63,164 48,034 19,540 12,605 3,246 12,643 15,130 5,456 5,684 3,990 1963. 70,461 54,158 22,433 13,856 3,405 14,464 16,303 6,117 5,871 4,315 1964. 78,442 60,548 25,195 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,ft82 6,746 4,891 1966. 94,786 74,656 30,961 19,834 3,751 20,110 20,130 7,844 7,144 5,142 1967. ........................... 99,228 77,946 31,197 21,328 J, 731 21,690 21 ,282 8,267 7,595 5,420 1967--Feb,.. . . /.................... 92,517 73,598 30,530 19,426 3,666 19,976 18,919 7,754 5,824 5,341 Mar.... 92,519 73,591 30,527 19,369 3,648 20,047 18,928 7,769 5,809 5,350 Apr.. .. 93,089 73,840 30,635 19,376 3,636 20,193 19,249 7,890 5,923 5,436 May... 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, fifth 19,767 8,100 6,346 5,321 Aug.... 95,684 75,889 31,455 19,755 3,743 20,936 19,795 8,136 6,368 5,291 Sept.... 95,886 76,039 31,296 19,914 3,742 21,087 19,847 8,179 6,387 5,281 Oct... . 96,094 76,223 31,237 20,042 3,746 21,198 19,871 8,189 6,471 5,21 1 Nov... 96,802 76,680 31,217 20,340 3,748 21,375 20,122 8,237 6,ft 14 5,271 Dec............................... 99,228 77,946 31,197 21 .328 3,731 21,690 21 ,282 8,267 7,595 5,420 1968- 98,225 77,467 31,061 21 ,097 3,678 2i,631 20,758 8,288 6,970 5,500 Feb.. ............................... 97,672 77.127 31,137 20.785 3.653 21 .752 20.345 8,325 6,386 5.634 1 Holdings of financial institutions; holdings of retail outlets are in­ hold, family, and other personal expenditures, except real estate mortgage eluded in “other consumer goods paper.’’ Ioans. For back figures and description of the data, see “Consumer Credit," Section 16 (New) of Supplement to Hanking and Monetary Non*.—Consumer credit estimates cover loans to individuals Tor house­ Statistics, 1965, and May 1966 Bulletin. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retailoutlets End of period Total Total m C b e a o r n m c k ia s ­ l fi S n c a a o l n s e c . s e u C n r i e o d n i s t fi s n C u a o m n n e c ­ r e 1 Other। Total D st m e o p r e e a n s r t t­ 2 F st t u o u r r r e n e s i­ A s a t p o n r p c e e l s i ­ d m A ea o u l b t e o i r le ­ s 3 Other 1939................................... 4,503 3,065 1 ,079 1,197 132 657 1 ,438 354 439 183 123 339 1941.................................. 6,085 4,480 1 ,726 1 ,797 198 759 1 ,605 320 496 206 188 395 1945 ................................... 2,462 1 ,776 745 300 102 ............6..2..9 686 131 240 17 28 270 I960................................... 42,832 37,218 16,672 1 1 ,472 3,923 3,670 1 ,481 5,615 2,414 1,107 333 359 1 ,402 1961.................................. 43,527 37,935 17,008 11,273 4,330 3,799 I ,525 5,595 2,421 1 ,058 293 342 1,481 1962................................... 48,034 41,782 19,005 12,194 4,902 4,131 1 ,550 6,252 3,013 1 ,073 294 345 1 ,527 1963................................... 54,158 47,405 22,023 13,523 5,622 4,590 1 ,647 6,753 3,427 1 ,086 287 328 1 ,625 1964.................................. 60,548 53,141 25,094 14,762 6,458 5,078 1 ,749 7,407 3,922 1,152 286 370 1 ,677 1965 .................................. 68,565 60,273 29,173 16,138 7,512 5,606 1 ,844 8,292 4,488 1 ,235 302 447 1 ,820 1966................................... 74,656 65,565 32,155 16,936 8,549 6,014 1,911 9,091 n.a. n.a. n.a. 490 n.a. 1967................................... 77,946 68,273 33,992 16,851 9,169 6,294 1 ,967 9,673 u.a. n.a. n.a. 506 n.a. 1967—Feb...................... 73,598 64,966 31,967 16,696 8,429 5,965 1 ,909 8,632 n.a. n.a. ii-ii. 485 n.a. Mar...................... 73,591 65,006 32,068 16,593 8,485 5,951 1,909 8,585 n.a. n.a. n.a. 486 n.a. Apr....................... 73,840 65,298 32,299 16,590 8,561 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. 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. Aug...................... 75,889 67,273 33,536 16,755 8,991 6,036 1 ,955 8,616 n.a. n.a. n.a. 508 Il.it. Sept...................... 76,039 67,376 33,637 16,701 9,026 ft,067 1 ,945 8,663 n.a. n.a. 507 n.a. 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. Nov....................... 76,680 67,763 33,819 16,722 9,113 6,138 1,971 8,917 n.a. n.a. n.a. 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. Feb....................... 77.327 68,215 34,155 16,706 9,094 6,270 1 ,990 9,112 n.a. n.a. n.a. 507 n.a. 1 Consumer finance companies included with “other” financial insti­ J 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

APRIL 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) End of period Total ch P A a u s u r e t ­ p o d a m pe o D r b i i r l e e c t s O g p c u o a t o m o h p n d e e e ­ s r r r e R m l r o a t e n i a n o o p iz n d n d a a s ­ ir ­ s lo P o a e n n r a ­ s l End of period Total m A pa o u p b t e o il r e ­ s O g p c u o a t o m h o p n d e e e ­ s r r r m R iz lo a o e a a n d p ti n d e o a s r i n r n ­ l s o P o a e n n r a ­ s l . — —...... —........— — — . .. • - • . _. —......—. .. 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 3(2 1945...................................... 300 164 24 58 54 1960............................. 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 2,198 3,798 1961...................................... 11,273 6,811 3,100 161 1,201 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 HO 2,606 1967............................. 33,992 11,400 6,569 5,808 2,523 7,692 1 967 ..................................... 16,851 8,959 5,017 103 2,772 1967—Feb................. 31,967 11,214 6,121 5,218 2,502 6,912 1967—Feb......................... 16,696 9,215 4,773 107 2,601 Mar................ 32,068 11,234 6,153 5,242 2,486 6,95 3 Mar........................ 16,593 9,139 4,744 105 2,605 Apr................ 32,299 11,256 6,217 5,292 2,478 7,056 Anr......................... 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 4,75b 105 2,609 June............... 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 2,6.15 Aug................. 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 2,5.34 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 Feb................. 34,155 11,401 6.65 3 5,867 2,459 7.775 Feb......................... 16.706 8.845 4.977 93 2.791 See Noth 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 paper goods ization loans Service paper loans End of period Total C m o e m r­ ­ O fin th a e n r ­ p D a e rt ­ ­ Other Credit credit 1 19 9 4 3 1 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 9 8 5 9 7 12 81 2 3 2 6 4 1 1 4 5 6 7 6 8 9 5 b c a i n a k l s tu in c ti i s o a t n l i ­ s s m to e re n s t 1 o r u e t t l a e i t l s cards2 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 2J11 751 815 6,906 1945................ 3'203 674 72 290 I J22 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 I ,336 1 J 05 II’, 226 1963................ 16,303 5,205 912 895 4,456 520 4,315 1964................ 17^94 5/950 1 ,004 909 4,756 635 4,640 1967—Feb......................... 16,303 3,495 1 ,288 1 ,057 10,463 1965................ 19,319 6,587 1,095 968 5,055 72.3 4,891 M ar......................... 16,345 3 ,’515 1 ,284 1 ,057 10,489 1966................ 20;130 6,714 1,130 n.a. n.a. 874 5,142 Apr......................... 16'409 3,544 1 ,283 1 ,054 10,528 1967................ 21,282 7,064 1 ,203 n.a. n.a. 1 ,054 5,420 May....................... 16'558 3’588 1,286 1 ,076 10,608 June. 16^765 3’652 1 ,291 1 ,085 10,737 1967- Feb... 18,919 6,634 1,120 n.a. n.a. 895 5,341 July......................... 16,799 3,666 1 ,294 1 ,084 10,755 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 A pr., , 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 1,1 69 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 J09 11,039 July... 19,767 6,927 1,173 n.a. n.a. 1,024 5,321 Dec......................... 17,430 3; 763 1,336 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 I96« - Jan.......................... 17,284 3,720 1,328 1 ,098 ! 1 ,138 Oct... 19,871 7,001 1 ,188 11 . n.a. 1 ,056 5,211 Feb......................... 17’354 3.731 1 .336 1 .101 11 ,186 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 Non-.—Institutions represented are consumer finance companies, credit 1968 Jan.... 20.758 7,075 1 ,213 n.a. n.a. 1,081 5,500 unions, industrial loan companies, mutual savings banks, savings and Feb.. . 20.345 7.098 1 .227 n.a. 1 .040 5.634 loan assns., and other lending institutions holding consumer instalment loans. Sec also Note to first table on previous page. 1 Includes mail-order houses. 2 Service station and miscellaneous credit-card accounts and Iio meheating-oil accounts. Sec 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 □ APRIL 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 s p u e m r er mode R r e n p iz a a ir t io a n n d I oans Personal loans Period S.A.i N.S.A. S.A.I N.S.A. S.A.i N.S.A. S.A.‘ N.S.A. S.A.I N.S.A. Extensions 1961................................................ 48,396 16,007 14,578 2,068 15,744 1962................................................ 5 5 >26 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 >38 23 >02 1966................................................ 78,896 28,491 23,502 2,136 24,767 1967................................................ 81’263 27’221 25,787 2’076 26,179 1967—Feb.................................... 6 497 5,488 2 177 1,916 2,099 1,655 169 126 2,052 1,791 Mar................................... 6 510 6 >41 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 ? 1 1 1 M ay.................................. 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 2'155 190 215 2>14 2,410 July................................... 6 776 6,859 266 2,396 2,147 2,071 175 191 2,188 2,201 Aug.................................... 6 929 7 >23 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 >51 2,167 Oct..................................... 6 942 6,912 2 .321 2,355 2>65 2'215 171 178 2 >85 2,164 Nov................................... 7 032 7,032 2 305 2^222 2'242 2,375 180 178 2 >05 2,257 Dec.................................... 7 015 7,829 2 306 2 J 094 2*321 3’088 169 141 2,239 2'506 1968-Jan..................................... 7 089 6,363 2 437 2,178 2,223 I ,992 165 1.12 2,264 2,061 Feb.................................... 7 245 6,372 •> 519 2,301 2; 250 1 >54 179 138 2'297 2,079 Repayments 1961................................................ 47,700 16,472 14,246 2,015 14,967 j 962................................................ 50,620 17,478 14,939 1,996 16,206 1963................................................ 55,171 19,400 15,850 2,038 17,883 1964............................................... 61,121 21,676 17,737 2,078 19 >30 1965................................................ 67,495 24,267 19’355 2,096 21'777 1966................................................ 72,805 26,373 21 >61 2,060 23,011 1967................................................ 77.973 26,985 24 >93 2,096 24,599 1967—Feb.................................... 6 281 5,905 ^ 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 I ,'984 2,076 Apr.................................... 6 393 6,246 2 235 2,186 1,968 1,920 179 175 2,01 1 1 ,965 May................................. 6 361 6>12 2 219 2,342 1,948 2,008 178 185 2,016 2,077 June.................................. 6 531 6,697 2 281 2^22 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 >16 Oct.................................... 6 631 6'728 2 301 2314 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 I%«. -Jan 6 69| 6,842 7 302 2,314 2 088 2 221 183 1 85 2,118 2,120 Feb................................... 6 679 6,512 308 2.225 2,110 2 J 66 170 163 2:091 1 ,958 Net change in credit outstanding 2 1961................................................ 696 —465 332 53 777 1962................................................ 4,506 2,318 746 55 1,388 1963................................................ 6,124 2,892 1,252 160 1 ,820 1964................................................ 6>B4 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—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 3 213 177 Dec.................................... 383 1,266 56 -20 154 988 i 17 171 315 1968---Jan ................................. 398 -479 135 -136 135 -231 -18 -53 146 -59 Feb.................................... 566 -140 21 I 76 140 -312 9 - 25 206 121 1 Includes adjustments Tor 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,” Nott.—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

APRIL 1968 □ CONSUMER CREDIT A-51 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Sales finance Other financial Total Commercial banks companies institutions Retail outlets Period S.A. > N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A/ N.S.A. ------- -----_ _.. . ._. Extensions — ........—_..----- . . .._ . ._.. . .... 1961 48,396 17,711 10,667 12,282 7,736 1962 55,126 20,474 .................... 11,999 13,525 9,128 1963. 61,295 23,344 12,664 14,894 10,393 1964. 67,505 25,950 14,020 16,251 11,284 1965 75,508 29,738 15,075 18,120 12,575 1966 78,896 31,114 ..................... 14,951 18,986 13,845 1967 81,263 ......... 32,314 14,675 ........1..9..,.6...3..3.. ........1..4..,.6...4..1.. 1967-— Teh.................................... 6 497 5,488 2 537 2,231 1,215 1 ,032 1,577 1,349 1,168 876 Mar................................... 6 510 6,641 558 2,662 1,199 1,229 1,598 1,649 1,155 1,101 Apr.................................... 6 606 6,495 2 631 2,688 1,212 1,168 1,589 1,559 1 ,174 1,080 May.................................. 6 554 7,062 577 2,891 1,193 1,278 1,614 1 ,728 1,170 1,165 June.................................. 6 823 7,458 2 698 3,004 1 ,235 1,367 1,697 1 ,875 1 , 19.1 1 ,212 Julv................................... 6 776 6,859 738 2,857 J , 200 1,223 1 ,601 1,627 1 ,237 1,152 Aim................................... 6 929 7,223 2 796 2,945 1 ,203 1 ,260 1 ,677 1 ,775 1 ,253 1 ,243 Sept................................... 6 973 6,590 2 828 2,636 1,206 1,142 1 ,675 1 ,588 1 ,264 1 ,224 Oct..................................... 6 942 6,912 0 767 2,769 1 ,263 1,284 1,686 1 ,606 1,226 1 ,253 Nov................................... 7 032 7,032 785 2,633 1 ,283 I ,283 1 ,698 1 ,707 1 ,266 1 ,409 Dec.................................... 7 035 7,829 2 814 2,650 1 ,275 1,376 1,656 1 ,837 1,290 1 ,966 190S -Jan..................................... 7 089 6,363 □ 884 2,710 1 .264 1 ,141 1 ,668 1 ,463 1 ,273 1 ,049 Feb.................................... 7 245 6.372 2 967 2.725 1 .309 1.157 1 .732 1 .535 1,2.17 955 — .. — - ■ .....— - ------ ----- ------------- Repayments —... ._ - — ......— 1961 47,700 18,294 10,943 11,715 6,749 1962 50,620 ........... 18,468 .................... 11,434 ........1..2..,..5..9..3.. 8,125 1963 55,171 20,326 12,211 13,618 9,016 1 964 61,121 22,971 13,161 14,825 10,164 1965 67,495 25,663 1 J,699 16,443 11,690 1966 72,805 28,132 14,153 17,474 13,046 1967 77,973 30,477 .................... 14,760 18,677 14,059 1967--Feb.................................... 6 2«: 5,905 ,446 2,297 1.188 1,150 1,510 1,361 1,137 I ,097 Mar................................... 6 246 6,648 2,412 2,561 1,187 1 ,332 1 ,540 1,607 1 , 107 1,148 Apr.................................... 6 393 6,246 ,516 2,457 1,192 1,171 1,536 1,495 1 , 149 1,123 May.................................. 6 36; 6,612 ,483 2,630 1 ,193 1 ,253 1,540 1,579 1 , 145 1,150 June.................................. 6 53: 6,697 ,548 2,598 1,234 1 ,261 I ,585 1,668 1,164 1,170 July................................... 6 551 6,562 ,562 2,588 1,215 1,197 1 ,564 1 ,593 1,210 1,184 Aim................................... 6 585 6,682 2,566 2,644 1 ,255 1 ,252 1 ,578 1 ,592 1,186 1,194 Sept................................... 6 689 6,440 2,616 2 5 J ^ 1,252 1,196 1,615 1,5.12 l,20<, I ,177 Oct..................................... 63. 6,728 ,600 2,683 1 ,249 1,287 1,573 1:^ 1 ,209 1 ,206 Nov................................... 6 614 6,575 2,579 2,537 1 ,263 1 ,25*1 I ,572 1 ,200 1 ,202 Dec.................................... 6 652 6.563 2, 640 2.477 1 ,246 1 ,247 1 >527 1 ,629 1 ,2.19 1 ,210 1 968 Jan..................................... ft 69. 6.842 2.624 2,685 1 .245 1 ,217 1 ,607 1 ,609 1,215 1 ,331 Feb.................................... 6 679 6.512 -.665 2.587 1.225 1 ,226 1 ,580 1 .465 I . 209 I .234 .__. --------- _.. Net change in credit outstanding 2 -.......... — - 1961 6-16 .................... 1 99 578 -20 1 962 4.506 ........... ' ,997 921 932 656 1963 6,124 3,018 1 ,329 1,276 501 1964 6,384 3,065 1 ,239 1 ,426 654 1965 H.013 4,075 1,376 1,677 885 1966 6,091 2,982 798 1,512 799 1967 3,290 ........... 1 ,837 -85 056 ...............-.8..2.. 1967- 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 15 June.................................. 292 761 150 406 1 106 112 207 29 42 July................................... ■ii 297 176 269 -15 26 37 34 27 -32 Aug................................... 344 541 230 301 8 99 183 67 49 Sept................................... 284 150 212 101 46 -54 60 56 58 47 Oct..................................... JI I 184 167 86 14 J 1 13 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 Ian..................................... 398 479 260 7S <9 - 76 61 146 58 - 282 Feb.................................... 566 140 302 138 84 69 1 52 70 28 279 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 Non; 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 INUUSIRIAL PKODUCIION: S.A. □ APRIL 1968 MARKET GROUPINGS (1957-59 - 100) 1957-59 1967 1967 I 1968 Grouping p po ro r- ­ aver- — 1 .. .. ——— — turn Feb. Mar. ' Apr. ! May June July Aug. Sept. Oct. Nov. Dec.'- Jan. ’ Feb — - - ..._ 1....... ...—..... .... .. — Total index 100.00 158.0 156,6 156,4 156,5| 155.6 155.6 156.6 158,1 156.8 156,9 159.5 162.0 161.2 161 5 I 'inal products, total..................... 47. J 51 158.3 157.0 157. 1 157.3 156.3 156.8 157.1 158.2 157.0 156.9 160.0 161.9 160.9 16! 9 (Consumer goods........................ 32.31 148.4 146, 1 146.6 147.1 146.0 146.9 147.1 148.6 147,0 147,9 150. 1 152.8 151.4 152 3 Equipment, including defense 15.04 179.6 180,3 179.6 179.2 178.5 178.11 178.4 178.9 178,6 176.1 181.1 181 .5 181 .4 182 4 Materials........................................... 52.65 157.7 155.8 155.5 156.0 154.6 154.9 156. 1 157.9 156,7 157.4 1 59.5 162.2 161 .6 161 3 Consumer goods Automotire products................... 3.21 149. 1 OS. 7 144.6 151.3 145.X 151.2 155.2 161.1 142.1 145.2 152.4 170.0 164.2 162 4 Autos................................................ 1.82 145.7 120,5 136.5 149.6 149.9 156.0 160,7 163.7 133,4 135.3 144,5 175.1 163.2 158 0 Auto parts and allied products 1.39 153.6 1 55.7 155.3 15 3.6 140.5 144.8 148.0 157,8 153.6 158.2 162.9 163 3 165.4 168 2 10.00 149. 9 149.5 147.9 145.9 144.1 143.9 144.0 147.9 148. 7 149. 9 152. 7 152.4 151.3 152 0 Home goods................................ 4.59 166.0 164.1 162,7 158.9 1 58,5 156.6 157,3 1 63.4 164.1 1 66.4 170.8 1 68.3 1 69.1 171 2 Appliances, TV, and radios 1 .Hl 1 59.5 156.9 152.9 144,2 143.8 138.6 143.3 155.0 155,9 162,9 168.4 158.7 1 59.3 162 1 .33 163. 1 154.8 151.3 1 49,4 1 47,0 149.7 152.2 153,9 153,7 164,2 168.7 160 8 1 65.1 165 TV and home radios......... .47 1 49.2 162.9 157.2 129.6 1 35.0 107.3 118.0 158.3 162.0 159.2 1 67.6 152.7 142.7 153 1 furniture and rugs............1.....2..6.... 159.6 158.5 157.4 157,9 157.2 157.3 156.3 156,9 157.8 1 59.7 163.4 166.5 1 66.4 168 8 Miscellaneous home goods....... 1 .52 179.0 177.3 178.6 177,1 177.1 177.3 174.8 178.8 179.0 176. 1 179,6 181.3 182.9 183 8 Apparel, knit goods, and shoes. .. . 5.41 1 36. 2 137.1 135.5 135.0 131 .9 133.2 132.8 134.8 135.7 1 36.0 137.4 1 39.0 1.16. J < 'on.stimcr xtaplex 19.10 147.5 146.1 146.3 147.1 147.0 147.X 147.3 146.9 146.9 147.3 148.4 150. 1 149.3 150 8.43 130.0 130.2 129.6 129.6 1 30.3 130.2 129.0 129.8 129,7 1 29.5 129.5 130.4 130.4 130 5 2.43 136.4 1 35.9 136.0 136.1 1 33.2 136.5 136.3 137.9 135.8 1 37,6 1 39.2 142.2 136.5 Drugs, soap, and toiletries.........2...,.9...7.. 1 83.0 1 80.5 181.2 182.4 182,3 182.7 184.0 178,0 179.8 181,6 183.1 184.3 184.2 186 Newspapers, magazines, and books. 1.47 140.1 142.3 142.3 143.6 142,5 141 .4 142. 1 140.9 136.2 134.8 135.7 138.5 138.4 141 7 Consumer fuel and lighting..........3....6...7. 1 68,3 152.7 164.2 166.6 166.9 169.3 168.3 168.8 170.5 171.2 174.1 176.8 176.6 fuel oil and gasoline..........1.....2..0.... 132,5 125.7 128.0 131.9 1 30.5 135.9 131.3 130,7 138.5 138. 1 135.4 1.17.8 133,3 13/ 8 Residential utilities..........2....4...6.......1.85.7 180.8 181.9 183.5 184.6 185.6 186.4 187.4 IK6.0 187.4 192.9 195 8 197.7 Electricity..........1.....7..2... ....1. 9...9..,..8.......1..9.3.9 195.4 197,3 198,6 199.5 200.4 201 .6 199.5 201 .4 209. 1 213.0 215.4 .74 Equipment lludi'css equipment................................ 11.63 1X2.9 06.6 1X4.4 1X3.5 1.0.1 1X1.3 180.8 180.6 179.8 176.9 183.5 183.4 183.3 183.4 Industrial equipment............................. 6.85 170.3 176.8 174. 1 172,1 169,1 1 69.0 169.0 166.8 166.6 162.3 170.4 168.9 168.0 166.8 (’ommercial equipment......................... 2.42 200.9 l')9.8 199, 1 201,7 200.8 200.5 201.1 201 .9 200.3 199.0 200.9 204.7 204.2 206.) freight and passenger equipment. .. 1 .76 21 5.4 215.0 211.7 210.4 211.7 208,9 210.2 214.1 210.4 209.9 222.9 228.4 226.4 230.5 1 ami equipment...................................... .61 158.7 162.6 162.8 161.5 167,6 162.8 148,6 154,3 158,5 157,5 147.2 131.2 148.3 Defense equipment 3.41 Materials Durable poods’ materials. 26.73 152. 1 151.3 151.5 151.0 149. 7 148.9 149.7 151.8 148.5 149.0 152.3 155. 7 155.0 155 3 Consumer durable......... 3.43 144.6 142.8 139.5 137.5 143.7 143.3 141.8 142,7 134.9 133.3 14 f K 159.4 160.9 16 3 3 I ’.quipmeni........................ 7.84 1X4.5 186.5 185.6 183.2 180.9 179.6 181 .2 186.3 184.7 184. I 186.0 184.9 183,9 186 3 (‘(instruction.................... 9.17 140.1 139.2 139.7 139.2 1 37. 1 137.2 1 18. 1 139.0 140,0 139.3 140.9 143.9 143,2 144 6 6.29 133,5 140,3 135,6 133.9 130.0 130.1 132.4 1 29.8 125. 1 128.6 I 32.2 1 39.3 138,2 138 9 Nondurable materials. 25.92 163.4 160.4 159.7 161.1 159.6 !6l. 1 162.6 164.2 165.2 166.0 M6.9 168.9 168.3 167 4 Business supplies, . . , 9.11 152.2 151.0 150.0 155.4 150.1 151. J 150.9- 151.7 153. 1 152.5 15.1.2 154.7 153,7 151 ) 3.03 148,5 147.1 144.6 148.5 146.2 145.1 141.7 143,0 1 50,4 151.7! 152.6 152.0 151.4 146 9 General business supplies 6.07 154. I 153,0 152.7 155.8 152,0 154,4 155.5 156.0 154.5 151,9 153,5 156.0 154.9 153 4 Nondurable materials n.e.c. 7.40 201.8 198.2 197. 1 195.7 196.0 196. 1 195.8 198.9 203.0 206.8 209.3 216.1 212.7 21 1 4 9.41 144,0 139.6 139,8 141,3 140.3 143,0 147.7 149.1 147.3 146,9 146,9 145.6 147,6 148 5 Mineral fuels.................. 6.07 128.9 I 23.6 123,2 125.3 124.3 128.2 135. 1 137.1 1 33,4 131.0 130.3 128.7 1 30.4 132 1 Non residential utilities 2.86 183.2 180,2 181.9 182. I 181.0 181.1 182.1 182.5 183.8 187.9 188.5 188.3 193.2 2.32 IK5.7 181.7 184,0 184.4 183.2 183.4 184,6 185. 1 186.6 191.6 192.2 191.8 197.7 (icneral industrial. . . . 1 .03 182.7 178.3 178.9 179.0 180.5 180.6 182.9 183,9 185,5 186,6 187.7 188.0 19 2.0 Commercial and oilier, 1.21 196.8 192.8 196.6 197.3 193.7 194.1 194.5 194,5 196,1 204.9 205.3 204.1 212.0 .54 ------- - — ■ — —------ --------.---..— Supplementary groups of consumer goods Automotive and home goods, 7.80 159.0 152,4 155,2 155,8 153.3 154.3 156.4 162.5 155.0 157,7 161.2 169.0 167,0 167. Apparel and staples.................. 24.51 145.0 144.1 143.9 144.4 143.7 144.6 144.1 144.2 144,4 144.8 145.9 147.6 146,4 ......... for footnotes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1968 ^ INDUSTRIAL PRODUCTION: S.A. A-53 INDUSTRY GROUPINGS (1957-59 := 100) 1957-59 1967 i 1968 Grouping pro­ 1967 p tio o n r­ a a v g e e r / ­ ’ Feb. Mar. Apr. May June July Aug. | Sept. i Oct. Nov. Dec.' Jan.1 Feb. Total index........................................... 100.00 158.0 156.6 156.4 156.5 155.6 155.6 156.6 158. 1 156.8 156.9 I59.s 1 62.0 161.2 I(>l .5 A fanufactHring, total............................. 86.45 159.6 158.5 158.2 158.2 157.2 157.0 157.6, 159.4 158. / 158.3 161.1 164.0 162.6 16 2.9 Durable.................................................. 48.07 163.8 162.9 162.6 162.5 162.2 161.5 162.5 163.6 161,1 160,7 164.1 168.1 167.1 1 67.3 Nondurable........................................... 38.38 154.4 152.9 152.6 152.8 15 1.1 151.4 151.5 154.0 154,2 155.2 157.2 158.9 157.1 157.4 Mining......................................................... 8.23 123.5 122.4 121,5 122.0 120.2 123.8 128.0 127.8 124.3 122.4 123.6 122.3 122.7 124.1 Utilities....................................................... 5.32 184.4 180.5 181.9 182.7 182.7 183.2 184.1 184.8 184.8 187.6 190.5 191.8 195,3 196.5 Durable nianu lac lutes Primary and fabricated metals........... 12.32 145.4 146.3 143.9 143.0 142.8 142.9 142.8 <42.3 141.8 143.3 145.8 150.3 148, / 148.9 Primary metals......................................... 6.95 132.5 131.9 129.2 129.1 128.9 1 29.0 129.6 1 29.3 129,2 131.7 135.0 1 40.9 137,0 137.3 Iron and steel...................................... 5.45 126.8 124.8 123,7 122.7 122.9 121.2 122.3 124.3 125,6 127.7 133.3 140,9 135.7 137,0 Nonferrous metals and products., 1.50 153,1 167.2 162.1 161,4 154.4 156,4 155.3 144.2 141 .1 142.8 142.2 145.3 143.8 147.3 l ubricated metal products.................. 5.37 162.0 165.0 162.9 161.0 160,8 160.8 159.8 159.1 158.1 158.2 159.8 162.4 162.5 163.8 Structural metal parts....................... 2.86 158.1 160.9 160.1 158,1 156.4 156.9 156.1 156.8 156,0 156.4 158.8 160.0 159.4 160.4 Machinery and related products......... 27.98 177.6 175.8 176.7 176.5 176.5 175.5 177.5 179.6 175.0 173.4 177.8 181.7 181.5 181.7 Machinery.................................................. 14.80 183.4 186.8 184.5 182. 1 1 80.5 177.5 180.0 182.8 182.2 179.6 18.1.2 182.2 18.1.0 183.4 Nonelectrical machinery.................. 8.43 18.1.4 187.3 185.2 183,5 181 .7 181.3 182,2 182.6 182.1 177.2 180.9 1 79.5 180.7 180.9 Electrical machinery.......................... 6.37 183.3 186.2 183,6 180.3 178.9 172.4 177.1 183.2 182.4 182,8 186.3 185.8 186.2 186,6 Trunsportutiem equipment.................. 10.19 166.0 157.5 162.6 165.7 167.5 169.3 170.8 171.9 159.2 159.2 165.6 177.5 175.6 175.8 Motor vehicles and parts................ 4.68 147.0 136.5 143.8 149.5 152,0 154.5 156.7 158.0 129.4 128.6 141 .4 166.9 162.2 160,4 Aircraft and other equipment, , ,. 5.26 182.2 175.6 178,8 179.8 181,4 181.8 182.6 183.6 184.3 185,2 186.0 186.3 186.8 188.4 Instruments and related products. .. 1.71 184.8 183.4 185.8 185.2 185.3 184.1 182.9 183.2 183.1 183.2 185,4 I8G..1 1 86.7 185,1 Ordnance and accessories.................... 1.28 Clay, glass, and lumber........................ 4.72 130.6 128.9 128.4 129.8 127.8 126,7 127.3 126.7 129.6 131.4 132.4 I37.(> 132.5 131. 1 Clay, glass, and stone products......... 2.99 138.7 136.9 134.9 136.0 134,8 133.5 134,1 136,9 138.4 139.7 1 39.2 143.6 140.8 136.5 Lumber and products........................... 1.73 116.5 115.2 1(7.3 I (9.1 H5.6 1 14.9 115.5 109.2 1 14.3 117.0 120.6 125.7 1 18. 1 12t.7 furniture and miscellaneous................ 3.05 162.6 163.9 162.4 162.9 162,3 161.5 159. 1 159.9 161.4 160.9 161.5 163. 3 165.2 166.8 1-urniture and fixtures........................... 1.54 167.8 170,6 166.5 1 66. 5 166.5 166.3 162.7 164.8 166.3 166.6 167.8 170.7 171.3 172.6 Miscellaneous manufactures............... 1.51 157.4 157.1 158,2 159.2 158. 1 156,7 155,4 154.9 156.4 155.0 155.1 15^.7 158.9 160.8 Nondurable manufactures Textiles, apparel, and leather............. 7.60 139.6 137.6 135.5 135.5 135,3 134.8 131.3 137.6 139. 1 140.4 143.0 145.9 140.8 140.9 textile mill products............................. 2.90 1 42.2 138.9 138.8 137.8 137.8 136.6 136.8 138,7 141,3 144.9 147.4 151.6 147.6 148.7 Apparel products.................................... 3.59 147.7 147, 1 143.6 142,5 142,6 142.4 144.2 146.4 146.8 146.2 148.6 1 50.9 145.0 Leather and products........................... 1. 11 106.5 103.7 101.0 107. 1 105.0 105.4 103.0 106.5 108.4 109.7 113.3 115.1 109.9 Paper and printing................................ 8.17 149.6 148.7 149,5 149.9 149.1 149.4 148.6 150,3 148.5 148.6 149.9 149.5 148. 1 150.8 Paper and products............................... 3.43 153.6 152,4 152.4 152.1 151.4 151,6 149.0 152.8 152.9 154.5 156.1 157.0 154.8 Printing and publishing........................ 4.74 146.8 146, 1 147,4 148.3 147.4 147.8 148.3 148.6 145.4 144.3 145,5 144. 1 1 43.3 146. 1 Newspapers.......................................... 1.53 134.2 134.8 132,8 133.8 133.1 134.3 136.1 137.0 135.7 134.0 134.4 1 29.9 1 29.9 131.4 Chemicals, petroleum, and rubber.... 11.54 189.5 186.5 186.8 186.4 182.2 183.0 184.0 189,5 191.2 192.8 195.8 199.0 197.6 147. 1 Chemicals and products....................... 7.58 203.8 200.6 201.1 200. I 199.6 199.9 201.0 200.7 202.3 205.5 208.0 210.5 211.5 210.6 industrial chemicals........................... 3.84 234.8 230.9 231 .3 228.3 228.8 227.5 227,6 231.4 234.2 238.8 242.3 246.9 250. 1 ........... Petroleum products............................... 1 .97 133,9 127.4 130. 1 133.1 132. 1 134.4 132.8 133.2 137,0 137,6 136.8 1 38.0 134.8 134.8 Rubber and plastics products............. 1 .99 190.3 191.6 188.4 186.9 165.7 166.9 170.1 203.1 202.4 199. 1 207.5 215.4 206.7 ........... Poods, beverages, and tobacco............ 11.07 131,5 131.5 131. 1 131,8 130.9 131.3 130. 9 131,0 130.4 131.1 132.2 133. 1 132.6 132.2 I-oods and beverages............................. 10.25 132.4 132.4 132.3 133.1 132,0 1 31 .9 131,5 131.7 131.2 132.2 133.5 134.1 134.1 I 33.7 Food manufactures............................ 8.64 130.1 130,3 129.7 130,6 130.3 129.9 129.4 129.0 128.9 129, 3 130,2 1 30.5 131 .5 1 30.6 Beverages............................................... 1.61 144.7 143.9 146.1 146.3 141 .2 142,9 142.8 146.3 143,8 147.5 151,2 15 3.3 1 48.2 Tobacco products................................... ■ HZ 1 20.0 120.2 I 16.2 1 16.0 117.4 123.9 123.6 121,4 120.2 1 18.0 115.5 1 20. 5 113.5 Mining Coal, oil, and gas.................................. 6.80 122.4 119.0 117.6 H8.5 im.i) 121.7 128.0 128,8 125.4 123.7 124.5 122.2 123.2 1.13.8 Coal............................................................. 1.16 118.1 115.7 115.1 125,5 120. 1 122.5 122,6 117.2 115.5 112.3 115.3 116.1 1 10.8 114.3 Crude oil and natural gas.................... 5.64 123,2 119,6 1 18.1 117,1 117.5 121 .6 129.1 131.2 127.5 126.1 126.4 12.1.5 125.8 125.8 Oil and gas extraction...................... 4.91 131,4 125.4 125.1 1 25.3 1 25.3 129.5 1 38.0 141.9 137.7 135.4 133.9 131.7 1 35.0 136.3 Crude oil........................................... 4.25 126,4 120.0 120. ! 1 19.6 119,6 123.6 1 33.9 138,0 133. 1 130.3 128.7 1 26.4 1 30.3 131.6 (Jas and gas liquids...................... .66 163.3 160.0 156,7 161.5 161.3 167,3 Oil and gas drilling............................ .73 67,9 80.5 71.0 61.8 65.5 67.7 69.0 58.9 58.5 63.4 76. 1 68,0 63.5 55.0 Metal, stone, and earth minerals........ 1.43 128.8 138.9 140.0 138.7 130.8 133.6 127.7 123,4 119, 1 116.2 119.5 122. 7 120.3 125. 7 Metal mining........................................... .61 119.9 142.1 143,7 149.5 132.9 133.9 1 19.7 105.7 95.6 93.8 93.2 95.7 100.0 1(11 . 1 Stone and earth minerals..................... .82 135.4 136.6 137,2 130.6 129.2 133.3 133.7 136,6 136,5 132.9 139.0 142.7 135.3 143.9 Utilities Electric........................................................ 4.04 191.7 186.9 188.8 189.9 189.7 190.3 191,4 192.1 192.1 195.8 199.4 200,8 205.2 Gas,............................................................. 1.28 161 .2 ........... — Note.—Published groupings include some scries and subtotals not Industrial Production -1957-59 Rase'. Figures for individual seriesand shown separately. A description and historical data arc 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 IINDU5IKIAL rKUUUUl IUIN: IN.U.rt. '-' rtrrtiL i^oo MARKET GROUPINGS (1957-59 == 100) 1957-59 1967 • 1968 Grouping 1 p p ti r o o o n r­ - — a a 1 v g 9 e 6 e r 7 " ­ Feb. Mar. —Apr. May June __ J _ u _ l _ y _ I Aug. Sept. 1 | Oct. Nov. Dec.’ Jan. ’ Feb. ----------- -_ .. — — — . -......— . ._ — ... .. . .. Total index 100.00 158.0 156.6 157.0 15 7.9 156.0 159.0 150.5 157.9 (61.1 161.5 161,2 160.7 159. 1 162.1 Final products, total...................... 47.35 158.3 156.8 157.2 157. 7 155.2 159.8 151.2 156.9 163.3 162.2 161.3 161.0 159.2 162.1 Consumer goods........................ 32.31 148.4 145.8 146.2 147. 1 144.2 150.5 139.9 147.7 155.7 155.4 152.0 150.3 149, 1 152.6 Equipment, including defense 15.04 179.6 180.4 180.8 180,3 179.0 180.0 175.3 176.4 179.5 176.8 181,3 183.9 181 .0 182.4 Materials........................................... 52.65 157.7 156.5 156.7 158. 1 156.6 158.3 150.0 158.9 159.1 160.8 161,1 160.4 159.0 162.0 Consumer goods A utomotive products................... 3.21 149. 1 142.2 151.8 161.9 155. 1 162.5 114.2 106.1 148.2 155.6 159.5 177.7 173.0 170.9 Autos................................................ 1.82 145.7 132.6 151.5 167.6 166.4 177. 1 94.8 62.2 140.1 148,8 159.0 192.6 179.5 173.8 Auto parts and allied products 1.39 153.6 154.8 152.3 154.2 140.31 143.2 139.8 163.9 158,8 164.6 160.0 158.1 164.5 167.2 Home goods and apparel................... 10.00 149.9 154.2 151.3 149.8 144.0 148.6 132.7 149.0 155.0 159.6 157.8 148.0 145.4 157.6 1 kune goods.......................................... 4.59 166.0 167.8 165.9 161.8 159.8 161.6 145,9 159.3 172.0 180. 1 180.3 172.6 164.9 176.9 Appliances, TV, and radios......... 1 .81 159.5 171.2 164.0 157.0 152.0 152.8 128,0 140.4 165.1 182.2 181.4 160.6 159.1 180.6 Appliances...................................... 1.33 163.1 171.1 167.0 169.8 159.7 169.9 141,8 134.5 160,4 180. 1 178.2 163.4 168.7 187.5 TV and home radios.................. .47 149.2 171.4 1 55,5 120.7 130.5 104.6 89.3 157.2 178.2 187.8 190.4 152.7 131.9 161.1 Furniture and rugs........................... 1 .26 1 59.6 156.6 155,5 153.5 151,2 155.4 148,8 160.5 163.8 168.0 169.4 172.7 162.7 166.8 Miscellaneous home goods........... 1 .52 179.0 172.9 176.6 174.4 176,0 177,3 164.8 180.6 187.1 187.7 IH7.9 186.7 173.8 181.0 Apparel, knit goods, and shoes... . 5.41 1 36.2 142.6 138.9 139.7 130.6 137,6 121.5 140.2 140.5 142.3 138.8 127.2 128.8 ........... Consumer staples.................................. 19.10 147.5 142.0 142.6 143.3 142.4 149.4 148.0 154.1 157.4 153.2 147.7 146.9 147.0 147.0 Processed foods....................................... 8.43 130.0 121.7 120.9 121.3 122,5 128.9 128.4 137.1 149.7 143.7 134.4 128.2 123.9 1 22.0 Beverages and tobacco......................... 2.4J 136.4 124,3 133.0 141.8 143.0 156.2 142.8 149.3 139.3 141.6 131.9 123.) >19.8 ........... Drugs, soap, and toiletries.................. 2.97 183.0 178.7 179.4 185.1 180,7 189. 1 179.4 183.9 185.2 186.0 184.0 185.2 182.9 186.2 Newspapers, magazines, and books. 1.47 140.1 141.7 144.4 144.2 142, 1 140.8 140.7 142.6 137.4 134.7 133.9 138.2 137.2 141.1 Consumer fuel and lighting................. 3.67 168.3 169.8 167,7 159.0 156,2 163.2 173.7 176.7 172.3 162.5 1 63.9 177.8 191.9 Fuel oil and gasoline......................... 1.20 132.5 128.8 126.7 125,0 126.2 134.3 133.6 134.5 138.5 134.5 134.6 141 .0 138.9 141.5 Residential utilities............................. 2.46 185.7 Electricity..........1.....7..2.. .....1..9..9.....8......2...0..6 .7 203.6 186.1 178.8 187.5 210.4 215.7 203.5 185.3 188.0 21 J.0 244.1 ........... Gas...............7..4...................................... Equipment business equipment................................ 11.63 182.9 186.7 186.2 185.5 183.2 184.2 177.4 178.0 181.! 177.3 182.2 184.9 182.1 183.4 Industrial equipment.............................. 6.85 170.3 175,9 174.3 172. 1 169.3 170.7 167,3 166.3 168. 1 161.3 168.9 170.8 166.7 166.0 Commercial equipment......................... 2.42 200.9 198.4 197.3 197.9 198.4 201.1 198.3 201 .9 203.3 202.4 205.9 209.2 204.4 204.8 Freight and passenger equipment... 1.76 215.4 215.0 218.0 222.0 218.1 217.3 202.8 205,5 212.5 215.1 218.4 226.1 221 ,9 230.5 Farm equipment...................................... .61 158.7 180.6 183.8 181.6 178.0 173.3 134.9 135.8 148,6 147.9 132.6 128.0 151.0 ........... Defense equipment 3.41 Materials Durable goods materials, 26.73 152.1 151.5 151.9 152.5 152.5 154.3 145.0 152.5 152.0 152.6 153. 7 154.3 I51.ti 155.5 Consumer durable......... 3.43 144.6 144.9 143,7 141.6 148.0 146.2 123,4 147.0 133,6 135.3 148.1 167,4 166.5 165.7 Equipment........................ 7.84 184.5 188.2 187.6 185.2 182.2 181.4 175.6 180.7 182.9 183.5 186.2 187,7 185.6 188.0 Construction..................... 9.17 140.1 129.5 133.4 137.8 139.2 146.9 143.6 148.7 148.4 147.0 142.0 135.3 1 29.3 134.5 Metal materials n.e.c.. . 6.29 133.5 141.6 138.9 139.3 137.2 135.6 120.5 126.0 128.9 131.7 133.3 1 33.2 134.6 140.2 Nondurable materials 25.92 163.4 161.7 161.7 163.9 160.9 162.4 155.2 165.4 166.4 169,3 168.7 166.7 166.4 168.8 Business supplies, . . 9.1 1 152.2 I5O.4 152.8 157.7 152.6 154.0 141.5 151,9 154.9 158.6 155,3 151 .6 148,3 150.6 3.03 148.5 145.3 145,3 153.8 147.7 153.1 138.2 153.0 155.5 161,5 148.3 141 .4 143.H 145.1 General business supplies. . . 6.07 154.1 153.0 156.5 159.7 155.0 154.4 143.1 151.3 154.5 157.2 158.9 156.8 150,6 1 S3.4 Nondurable materials n.e.c.... 7.40 201.8 202.2 200.1 201.6 198.9 199.0 184.6 198.9 203.0 210,9 213.5 211.8 211,6 215.6 Business fuel and power......... 9.41 144.0 140.6 140.1 140.2 139.0 141.9 145.3 152.1 148.7 146.9 146.3 145.8 148.3 1 49. 4 Mineral fuels........................... 6.07 128.9 127.6 125.8 126.9 124.3 125.2 128. 1 135.5 131.9 131.5 131.5 130.3 132.5 136.3 Nonresidential utilities.. .. 2.86 183.2 Electricity........................... 2.32 185.7 174.3 178.0 175.7 I7H.2 187.5 193.9 201.8 197.2 190.2 186.3 187.8 194.4 General industrial.. .. 1.03 182.7 172.8 178.0 176.7 181.4 184.2 182.0 189.4 188,3 187.0 187.7 186.1 191.0 Commercial and other. 1.21 196.8 183.2 186.0 182.5 183.4 198.9 213.0 221.7 214,1 202.0 194.0 198.0 206.7 ........... Gas......................................... .54 Supplementary groups of consumer goods Automotive and home goods, 7.80 159.0 157.2 160.1 161.8 157.8 162.0 132.9 137.4 162.2 170.0 171.7 174,7 168,3 174.5 Apparel and staples.................. 24.51 145.0 142.1 141.8 142.5 139.8 146.8 142.2 151 .1 153.7 150.8 145.7 142.5 143.0 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1968 a INDUSTRIAL PRODUCTION: N.S.A. A-55 INDUSTRY GROUPINGS (1957-59= 100) Grouping p p r o o r ­ ­ a a v g e e r ' ­ ' tion Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec/ Jan.r Feb. Total index........................................... 100.00 158.0 156.6 157.0 157.9 156.0 159.0 150.5 157.9 161.1 161.5 161.2 160.7 159.1 162.1 Manufacturing, total............................. 86,45 159.6 158.4 158.9 160.3 158.1 161.0 150.5 158.3 162.6 163.7 163.5 162.6 160.0 163,5 Durable.................................................. 48.07 163.8 163.4 164.4 164.9 164.1 165.6 154.7 158.9 163,8 164.4 167.1 1 69.3 165,9 168.9 Nondurable........................................... 38.38 154.41 152.1 152. 1 154.4 150.6 155,3 145.1 157.4 161.2 162.9 159,0 154.2 152.5 156.8 M ining....................................................... 8.23 123.5 12\.1..9...120, 1 122.1 121,8 123.9 124.8 129.0 125.6 124.7 124.2 121.4 121,4 124.0 1 Jt ilitics . ......................... ................ 5.32 184.4 Durable manufactures Primary and fabricated metals........... 12.32 145.4 148.2 146.7 146. 5 145.0 145.3 135.1 142.2 145. I 146.0 147.9 149 3 147.6 151.3 primary metals.................... 6.95 132 45 139.4 137.2 136.5 131.4 130.9 117,9 125.4 129.2 133.0 136 3 116.7 1 39. t 145.1 Iron and steel...................................... 5.45 126^8 131.0 129.9 127.6 125.4 121.2 111.9 120.6 1 25.6 1 29.6 1 34,6 137.4 138,4 143.9 Nonferrous metals and products.. 1 .50 151. 1 169.7 163.9 168.5 162.6 166.1 139.8 142.8 142.1 145.5 142.2 I.M..I 141.4 1 49.5 Fabricated metal products.................. 5.37 162.0 1 59.6 159.0 1 59.4 160.0 164.0 157.4 1 63.9 165.7 1 62.9 163,0 1 65.6 158.6 159,4 Structural metal parts...................... 2.86 158.1 154.5 153.9 153.4 154,8 160,0 156,1 160.7 162.2 161.1 161,2 161.6 156.2 154.0 Machinery and related products......... 27. IM 177.6 / 77. 9 179.5 179.7 178.8 179.8 166.9 169.1 175.8 176.2 180.8 185. 7 182. 7 184,8 Machinery................................................. 14.80 183 4 188.9 187.2 1 85.4 182.5 182.2 173.7 177.2 182.6 181.4 1H5.2 184. 1 182.3 185.8 Nonelectrical machinery.................. 8.43 183.4 189.9 190.4 189.0 186.2 186.4 177.6 175.8 179.7 174.0 179,8 180.8 180.7 183.4 Electrical machinery......................... 6.37 183.3 1 87.7 183. 1 1 80,5 177.6 176.7 1 68.5 178.9 186.4 191.3 192.3 188.3 184.4 188.9 Transportation equipment................... 10.19 1 66.0 1 60.4 166.4 169.8 171.4 174.0 151.4 150.8 160.8 163,6 170.5 185.0 180.4 180.6 Motor vehicles and parts................ 4.68 147.01 142.4 151.0 157.0 160.4 165/2 1 19.5 1 16.0 134.0 137.2 149.1 176.1 171.1 1 67.9 Aircraft and other equipment. . . . 5.26 182.2 176.0 179.7 180,7 180.7 180.9 178,2 180.3 183.6 186.1 (88.8 192.8 188,7 101.2 Instruments and related products. .. 1.71 184.8 182.5 184,9 184.8 1 83.4 18 5.9 181.1 184.7 18.5, 1 185.2 186.9 188.5 184.5 184,2 Ordnance and accessories.................... 1.28 Clay, glass, and lumber....................... 4.72 130.6 120.5 124.4 129.5 130.0 136.7 133.5 139. 1 138. 7 139.2 133.9 125.6 119.0 124.6 Clay, glass, and stone products......... 2.99 138.7 125.3 130.2 1 35.5 1 18.3 144.6 143.9 149.5 146.3 147,4 143.4 1 34.6 126.7 128.1 [.umber and products.......................... 1.73 116 5 112.3 I 14. 4 119.1 1 15.6 122.9 1 15.5 121.2 125.7 1 25.2 117.6 1 10.0 105.7 118.7 Farid lure and miscellaneous................ 3.05 162.6 158.7 159. 4 158,6 158.6 161.8 154,8 164.5 167.4 169,4 169.3 167.3 158. 7 162. 7 Furniture and fixtures........................... 1.54 167 8 166.3 164. 5 162.0 1 61 5 166 0 160.3 169 4 171,3 172.9 172.5 177.2 167.9 170.9 Miscellaneous manufactures............... 1.51 157.4 150.8 154. 2 155.2 155.7 157.5 149.2 159.5 163.4 165.8 166.0 157.3 1 49.4 154,4 Nondurable manufactures Textiles, apparel, and leather............. 7.60 139.6 144. l 140. 7 142.3 135.2 139.2 121.9 142.0 142.6 146.9 144 7 136.2 I.W.H 147.5 Textile mill products............................. 2.90 142/2 141 7 138. 8 144.0 1 41 9 140.7 124.2 142 2 144,: 1 5 2.1 151.1 144.0 146.9 151,7 Apparel products.................................... 3.59 147^7 156 7 152.9 152.5 141 2 148 8 129.1 150.8 151.6 1515 1 50. I 138 8 139.2 Leather and products............................ 1 . 11 106.5 110.9 106.0 105.0 98 7 104.3 92.7 113 4 110 0 1 1 2.4 1 1 1.0 107 4 109,4 Paper and printing................................ 8.17 149.6 149,3 150.6 15 3.5 150.2 150.8 139.7 149.0 150.5 156 i ISi.l 146. 1 145.8 151.5 Paper and products............................... 3.43 1 53.6 156’2 153.9 158.2 152.2 156. 1 137 I 1 54' 3 155,2 166 5 156.9 144.4 154 0 Printing and publishing........................ 4.74 146.8 144.4 148.3 150.2 148.7 147. 1 141.6 145.2 147.2 149,0 150.3 147.3 1 39.9 144,4 Newspapers.......................................... 1.53 134.2 129.4 1 34. 8 142.5 1 41 9 135.0 118.4 1 25.4 135.0 141 8 147.8 133. 1 119 5 126. 1 Chemicals, petroleum, and tuhber.... 11.54 (89.5 187.6 187. 8 190.2 783.6 188.5 177.5 190.8 194. 7 197.2 196.4 197.6 194. 9 198.8 Chemicals and products....................... 7.58 201.8 201 4 202. 3 205 7 201 .8 205 6 194 6 202 3 206 i 209.0 210 0 211.2 208 0 Industrial chemicals.......................... 3.84 234 8 234.4 233.6 232 9 231 1 230,9 219 6 230.2 2.37.7 243.6 248,4 ■*51 8 246 1 Petroleum products............................... 1 .97 131.9 1 24.9 125 5 127 8 130^8 1 38 4 139.8 140.3 142.5 139.0 1 15 0 134.7 110 8 132.1 Rubber and plastics products....... 1.99 190. 1 197 1 194.2 192.7 166.5 1 72. 7 149.7 197 0 203.0 210 0 205,4 207.9 208 8 Foods, beverages, and tobacco............ 11.07 131.5 122. 7 123. 9 126.1 127.1 135.0 I3i.3 139.5 146.9 143. 1 114. 1 127.3 123 I 123. 2 Foods and beverages............................. 10.25 1 32.4 122.9 1 24.6 125.9 127,6 1 35.2 133.1 140 1 148.6 144.2 135.4 129 7 124 2 124.0 Food manufactures........................... 8.64 1 30. 1 1 22.2 121.3 121.7 122.6 129.0 128 1 1.36.7 149 0 143.5 1 14 8 1 28 5 124 1 122.5 Beverages............................................... 1.61 1 44.7 126.6 I 42. 4 148.6 153.9 168, 1 159.7 158.4 146'7 148.2 1 19 I 135.7 123 6 Tobacco products................................... .82 120.0 119 6 114.5 128,5 121 .6 132.6 109,4 131 4 124.9 128.5 117 8 98 1 112 1 Mining Coat, oil, and gas.................................. 6.80 122,4 122.4 119.5 119.6 117 8 1 !8. 9 121.9 12.7.7 124.4 124 4 125 6 123.6 125 I 127.5 Coal............................................................ 1.16 118.1 117.1 1 16.0 126.4 121'1 116.5 99.9 123.3 1 22 2 1 22 4 120 J) 114.0 108 6 115,7 Crude oil anil natural pas.................... 5.64 123.2 123’5 120 3 11 8.2 117 0 1 19.4 126,4 128.6 1 24 9 124.8 126.7 125,6 1 28 7 129.9 Oil and gas extraction...................... 4.91 131.4 130.0 128. 1 127.0 125/1 127.2 134.8 138,3 134/ 133.7 134.3 114.1 138; 2 141 .2 Crude oil.......................................... 4.25 1 26. 4 1 23,6 1 22.5 121 5 120.2 122.4 131.2 135.2 130.4 129,0 128,7 1 27 7 1.12.3 135.5 Gas and gas liquids....................... .66 163. 1 171 0 163.9 162,0 155.7 157.9 Oil and gas drilling. ......................... .73 67.9 79.4 67.2 5 8.6 63.3 66.3 69.5 62.6 62. 1 65.0 75.7 67 9 64 5 54. 2 Metal, stone, and earth minerals........ /. 43 128.8 119.4 122.9 134.2 140,9 147.4) 139.1 135.3 131.4 126. 1 117.6 111.2 IO3, 2 107. 3 Metal mining........................................... .61 119 9 127.9 1 27.9 139,0 146.2 151 3 128. 1 114 2 108,0 100 4 86,7 86.1 88 0 91 0 Stone and earth minerals..................... .82 135.4 113.2 119 1 130.6 136.9 144.9 147.2 150.9 148.8 1 45 5 140 4 1 29 9 114 5 119 1 Utilities Electric....................................................... 4.04 191.7 188.1 1 89.0 180.1 178.4 187.5 200.9 207.7 199.9 188. 1 187,0 198.5 215.6 Gas.............................................................. 1.28 161.2 1 Note.-—Published groupings include some series and subtotals not Industrial Production—1957-59 Rasa. Figures for individual scries and shown separately, A description and historical data arc available in subtotals (N.S.A.) arc 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 " AHRIL 196» SELECTED BUSINESS INDEXES (1957-59— 100, unless otherwise noted) 1 Manu­ Industrial production facturing 2 Prices 4 Capacity Nonag- 1 Major market groupings utiliza­ Con­ 1 ricul- Major industry tion strue- tural Total Period Total Final products Male- grouping in c r ( e a p m n t e i t o l r ) g . t c r t a i o o c n n t - s •’ 1 1 । m 'T p c o e l m o t n a y - t l - — । p m E lo e m y n - - t 1 r P o a ll y s ­ s r a e l t e a s i l 3 sumer W m co h o m o d l i ­ e ty - 'Total s C u o m n e ­ r E m q e u n ip t ­ | rials Mig. M in i g n­ U itie ti s l­ goods 1951. 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 94.0 63 91.1 106. I 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 (03.7 101.6 100.2 104.8 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. 9.1.7 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 I960. 108.7 109.9 111,0 107.6 107.6 108.9 101,6 115.6 80.6 105 10.1.3 99.9 106.7 106 103. 1 (00.7 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 1 19.7 119.7 1 19.6 117.0 118.7 105.0 131.4 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 HI.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 H5.8 106,7 136.6 138 109.9 102.5 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 I967'1...................... 158.0 158.3 148.4 179.6 157.7 159.6 123.5 184.4 85.1 153 125.8 112.9 154.1 153 1 16. J 106.1 1967- -Feb............. 156.6 157.0 146,1 180.3 155.8 158.5 122.4 180.5 1'"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 i 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 i ' 1.38 124.7 112.4 151.0 152 115.3 105.3 May........... 155.6 156.3 146.0 178.5 154.6 157.2 120.2 1 82.7 } "84.')J 154 124.6 111.7 1 50.1 151 115.6 105.8 June........... 155.6 156.8 146.9 178. 1 154.9 157.0 123.8 183.2 1 164 125.5 112.5 151 .7 155 116.0 106,3 July........... 156.6 157.1 147.1 I7H.4 156. 1 157.6 128.0 1 84.1 f 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 I "84.1 - 165 126.0 112.7 155.0 155 116.9 106.1 Sept............ 156.8 157.0 147.0 178.6 156.7 158.1 124.3 184.8 i 168 125.8 111,2 154.5 156 I 17.1 106,2 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 ■I 168 127,4 113.4 157.9 154 117.8 106,2 Dec............ 162.0 1 61 .9 152.8 181.5 162.2 1 64. () 122.3 191.8 ' 166 127.8 113.7 160. 1 1 55 118.2 106.8 1968 Jan............. 161.2 160,9 151.4 181.4 161.6 162.6 122.7 195.3 [ 159 127.8 'i 13.7 ■160. 1 158 118,6 107.2 Feb............. 161.5 161 ,9 152.3 182.4 161.3 162.9 124.1 196.5 1j "84.1 ’ 156 128.9 '113.8 '161 .9 161 119.0 108.0 Mar?'. ,.. 162.1 162.6 153.5 182. 1 161.6* 163.5 126.3 196.0 129.2 : 113.7 162.3 164 ।........... 108. J i Employees only; excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential, 2 Production workers only. and heavy engineering; docs not include data for Alaska and Hawaii. ’ 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. ' Figure is lor 1st quarter 1967, Ibices: Bureau of Labor Statistics data. Note.—Data arc seasonally adjusted unless otherwise noted. Capacity Utilization: Based on data from Federal Reserve, McGraw- Hill Economics Department, and Department of Commerce. Constrnetion rtmtrw'fs: J'. W. Dodge Co, monthly index of dollar CONSTRUCTION CONTRACTS (In millions of dollars) 1967 1968 Type of ownership and type of construction 1966 1967 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total construction >............................. 50,150 52395 3,300 4,424 4,389 5,095 5,414 4,879 5,104 4,695 5,053 4.258 3,996 3,714 3.704 By type of ownership: Public................................................ 18,152 19,039 1,188 1 ,509 1 ,498 1 ,820 2,169 1,989 1 ,824 1,677 1 ,526 I ,435 1 ,507 1 .300 1.041 Private *................................................ 31,998 33,856 2,112 2,916 2,891 3,275 3,245 2,890 3,280 3,018 3,527 2,823 2,490 2.414 2.664 By type of construction: Residential building i.................. 17,827 19,536 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 1,430 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 13,220 814 1,127 931 1,285 1,344 1,302 1,345 1,169 1 ,292 956 1,042 905 ........... I Because of improved collection procedures, data for I-family homes Nott.—Dollar value of total contracts as reported by the I7. W. Dodge beginning Jan. 1968 arc 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 J per cent for total and private construction, in each case accumulated monthly data after original figures have been published. and by 8 per cent lor residential building. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1968 u CONSTRUCTION A-57 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions ofdollars) Private Public --------------—--------- _ .— --------—------- ----------------------------- ——.. . . _. . ... — Nonresidential Conser­ Period Total Total N f r a e o r s m n i­ ­ Buildings Total M tar il y i­ H w ig a h y ­ d v e a v & t c io l o n p ­ Other 2 dential Total Other Other men t Indus­ Com­ build; trial mercial ings * • ..................................■■■■ ._.. - ■ _ . .— .. 1959 3................................ 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 I960.................................. 53,941 38,078 21,706 16,372 2,851 4,180 3,118 6,223 15,863 1,366 5,437 1,175 7,885 1961.................................. 55,447 38,299 21,680 16,619 2,780 4,674 3,280 5,885 17,148 1,371 5,854 1 ,384 8,539 1962 4............................... 59,667 41,798 24,292 17,506 2,842 5,144 3,631 5,889 17,869 1 ,266 6,365 1 ,524 8,714 1963 5................................. 63,423 44,057 26,187 17,870 2,906 4,995 3,745 6,224 19,366 1,189 7,084 1 ,690 9,403 1964................................... 66,200 45,810 26,258 19,552 3,565 5,396 3,994 6,597 20,390 938 7,133 1 ,729 10,590 1965................................... 71,912 49,840 26,266 23,574 5,128 6,745 4,71 1 6,990 22,072 852 7,554 2,017 1 I,649 1966................................... 74,371 50,446 23,815 26,631 6,703 6,890 5,014 8,024 23,925 713 8,359 2,173 12,680 1 967.................................. '74,936 49,583 23,579 26,004 6.151 6,991 4,966 7,896 '25 ,353 1967—Feb........................ 74,996 47,960 20,278 27,682 7,054 7,697 5,093 7,838 27,036 763 10,189 2,173 13,911 Mar...................... 73,084 46,906 20,829 26,077 6,097 7,194 4,883 7,903 26,178 642 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 2,059 14,321 Mav..................... 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 June..................... 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 Julv...................... 73,399 49,151 23,652 25,499 6,154 6,739 4,748 7,858 24,248 775 8,012 1 ,968 13,493 Aug....................... 74,392 50,170 24,619 25,551 6,01 1 6,437 5,189 7,914 24,222 715 8,029 2,035 13,443 Sept...................... '76,908 51,726 25,306 26,420 6,577 6,731 5,082 8,030 -25,182 696 Oct........................ '77,533 52,195 25,971 26,224 6,240 6,991 5,037 7,956 *25.338 751 Nov...................... '78,438 52,622 26,602 26,020 5,592 7,234 5,203 7,991 '25.816 750 Dec....................... '78,363 52,358 26,903 25,455 5,870 6,683 4,891 8,01 I '26,005 1968--Jan........................ 80,527 54,546 26,918 2/.628 6.260 7.865 5.426 8,077 25,981 Feb."................... 81.284 54,939 27.083 27,856 5.809 8.278 5.524 8.245 26.345 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. 4 Beginning July 1962, reflects inclusion of new series a fleeting most Noh-. Monihly data are al seasonally adjusted annual rales, figures private nonresidential groups. lor period shown are Census Bureau estimates. NEW HOUSING STARTS (In thousands of units) By area By type of ownership Annual rate, Government- S.A. underwritten (private only) Private Period Total Metro­ m N e u t n ro - ­ Public Total N fa o rm n­ politan politan Total fam 1- iiy fam 2- i ly f M am ul i t ly i­ Total FI [A VA 1959 .................................. 1 ,554 1 ,077 477 1,517 1 ,234 56 227 37 458 349 109 1960.................................. 1,296 889 407 1 ,252 995 44 213 44 336 261 75 1961.................................. 1,365 948 417 1 ,313 974 44 295 52 328 244 83 1962.................................. 1 ,492 1 ,054 439 1,463 991 49 422 30 339 261 78 1963 .................................. 1 ,642 1,152 490 1 ,610 1 ,021 5.1 536 32 292 221 71 1964................................... H.562 1 ,093 470 1 ,529 972 54 505 32 264 205 59 1965................................... 1 ,510 1 ,035 475 1 ,473 964 5 1 458 37 246 197 49 1966................................... 1,196 808 388 1,165 779 35 351 31 195 158 37 1967.................................. 1 ,322 920 402 1 ,292 844 41 406 30 '232 180 53 1967— M Fe a b r .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , ,1 0 4 9 9 4 1 1 , , 1 06 3 7 2 6 9 3 3 4 63 4 3 1 0 9 6 9 1 2 6 4 7 0 i 2 1 3 9 T 1 18 2 1 9 4 4 3 Apr....................... 1,116 1 ,099 116 77 38 114 80 4 30 16 12 4 May.................... 1 ,274 11 ,254 134 92 42 132 87 5 40 23 1 8 5 June..................... 1,233 1 ,214 132 88 44 125 88 3 35 6 24 19 5 July....................... 1 ,369 1,356 126 88 39 125 82 5 38 20 15 5 Aug...................... 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 Oct........................ 1 ,496 I ,478 137 99 38 135 82 5 49 25 19 5 Nov...................... 1 ,590 1 ,567 120 85 35 118 69 3 46 20 15 4 Dec....................... 1 ,250 1 ,235 83 64 20 80 47 3 30 3 19 16 4 1968—Jan........................ "1 .453 "1,427 "83 63 19 "80 45 3 33 "3 17 14 3 Feb....................... "1,566 /’I .528 "89 63 26 "87 56 3 27 "3 21 17 4 Non:.- Census Bureau series for period shown except in the case of and Veterans Admin, and represent units started, based on field oflice Government-underwritten data which are from Federal Housing Admin. reports of first compliance inspections. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-Od UVirLU YIVILIN I u ^rniL i^uo LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force S.A. Period in T p s o o N t p t i a t . u u S l l t a . i n A o t o i . n o n n a - l t N ab o N o t . r S in . f A o t . r h c e e T l f a S o o b r . c A t o a e . r l Total E In m n p o lo n y a e g d r i- 1 In U pl n oy e e m d ­ U (p n e e m r S a r m e . t c A e n p e . 2 t l n o t y ) ­ 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 j 80 52'288 78’893 75,770 72^95 68/915 3/)79 2,875 3.8 1967............................... 133',319 52,527 80’,793 77 J47 74^371 70,527 3,844 2’975 3.8 19673—Mar.................. 132,627 53,678 80,112 76,676 73,822 69,964 3,858 2,854 .1.7 Apr................... 132’795 53,234 80,263 76’814 73’939 70j096 3^843 2’875 3.7 May................. 132/J69 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; 04 5 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 3,1 69 4.1 Oct.................... 134’045 52 350 81’535 78'072 74'735 7!,017 3 ’718 3'337 4.3 Nov.................. 134,224 52,641 81’459 77'989 75’005 71’166 3,839 2/)84 3.8 1 )ec................... 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 4J27 2’941 3.7 Mar.................. 134,904 53’965 82,150 78 ,’658 75,802 71;788 7’014 2; 856 3.6 l Includes self-employed, unpaid family, and domestic service workers. Noth.—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 fa g c­ Mining c C o o n n s t t r r a u c c t ­ T tio ra n n s & p o p r u t b a ­ ­ Trade Finance Service Go m v e e n r t n­ tion lic utilities 1962............................................................... 55,596 16,853 650 2,902 3 906 11,566 2,800 8,028 8,890 1963................................................................... 56,702 16’995 635 2/J63 3,903 111778 21877 8,325 9,225 1964................................................................... 58,332 17’274 634 3,050 3,951 12,160 2,957 81709 9,596 1965................................................................... 60,832 18'062 632 31186 4,036 121716 3', 023 91087 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 31277 41261 131600 3,’229 101079 111596 SEASONALLY ADJUSTED 1967—Mar...................................................... 65,749 19,445 624 3,313 4,246 13,557 3,179 9,946 11,439 Apr....................................................... 65,653 19’331 620 31276 4,212 131572 31194 91973 11,475 May..................................................... 65’639 19,238 617 3',192 4,267 13,609 31205 9.987 11,524 June..................................... 65,903 19*285 619 3 187 4,266 131648 31227 10,035 11,636 July....................................................... 65,939 19,169 623 3,231 4,292 131647 3,’234 10,074 11,669 Aug.......................................... 66,190 19,318 606 3,223 4,283 13,664 3,*253 10,130 11,713 Sept....................................... 66’055 19,142 601 3,238 41262 131719 3 1264 10,161 11,668 Oct........................................................ 66,243 191169 597 3 '236 41251 131776 31270 10 J99 11,745 Nov..................................................... 66 918 19,422 597 3,289 4,287 13,900 31290 10,297 11 1836 Dec....................................................... 67 126 19'491 598 3 353 41290 13,870 3 J04 10,332 I 1,888 1968—Jan........................................................ 67 137 19 511 598 3 175 4 294 13 915 3 308 10 358 11,978 Feb/1.................................................... 67’712 19325 602 3 1461 4/321 141047 3,321 10,409 12,026 Mar ^................ ..................... 67 85 5 19,522 602 31442 4,321 141HI 3,330 10,436 12,091 NOT SEASONALLY ADJUSTED 1967—Mar...................................................... 64,843 19,263 607 2,922 4,191 13,332 3,157 9,817 11,554 Apr....................................................... 65,215 19*181 614 3,106 4,174 13,412 3,'181 9,963 11,584 May..................................................... 65’594 19333 618 3,227 4,250 131503 3,202 10,057 11,604 June..................................................... 66,514 19,382 633 31407 41304 13,675 3,253 10,196 11,664 July...................................................... 66,129 19,156 636 31548 4,335 13,629 3,289 10,265 11,271 Aug...................................................... 66,408 191435 620 3,594 4,330 13,622 31305 10,262 11,240 Sept...................................................... 66,672 19,443 609 3,513 4,317 131689 3,274 10,212 11,615 Oct....................................................... 66,914 I9J88 601 31463 41281 131808 31267 10,230 11,876 Nov...................................................... 67,470 19,*553 600 3,378 41304 14,104 3,274 10,246 12,011 Dec....................................................... 67,980 191500 597 3,202 4,294 14,732 31284 10,239 12,132 1968—Jan........................................................ 66,107 19,287 585 2,826 4,234 13,728 3,268 10,151 12,028 Feb J’................................................... 66,481 19,316 585 2,956 41248 131712 31288 10,’242 12,'134 Mar.”.................................................. 66,831 191345 585 3,036 4,265 13,778 31307 10,300 12,215 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

APRIL 1968 u 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 Mar. Jan. PcbJ' Mar." Mar. Jan. Feb." Mar J1 Total............................................................................................. 14,358 14,325 14.340 14,322 14,200 14,127 14,155 14,164 Durable ponds...................................................................... 8,407 8,346 8,330 8,314 8,340 8,265 8,250 8,248 Ordnance anti acmssnries............................................. 146 160 160 161 146 162 161 161 f umber and wood products...................................... 525 523 527 528 501 495 503 505 burn it'ire and fixtures................................................... 379 387 387 386 375 383 382 382 Stone clay and glass products.................................. 509 513 481 470 490 490 457 452 Primary metal industries............................................... 1 ,073 1 ,029 1 ,030 1 ,026 1 ,073 1,018 1 ,024 1 ,026 pfabricated metal products........................................... 1 ,059 1 ’()55 1,054 1 ,057 1 045 1,048 1^042 1,042 Machinery............................................................... 1,388 1 347 1,351 1 ’350 1 ,399 1,347 L356 1 ,361 Plcctrlcid equipment and supplies............................. I ’332 1 .294 1 ,294 1 ,290 1,317 1 ,298 1,289 1,276 Transportation equipment........................................... 1 ’ 363 1 ,408 1 ,417 1,419 1 ’ 376 1,422 1,428 1 '432 Instruments and related products.............................. 289 286 286 284 288 285 285 283 Miscellaneous manufacturing industries................. 344 344 343 343 330 317 323 328 ^Jnnilur^hlo goods..................................................................... 5,951 5.979 6.010 6,008 5,860 5,862 5,905 5,916 Pood anti kindred products......................................... 1 200 1,183 1, 180 1,189 1 J 16 1,119 1 ^097 1 ' 106 Tobacco manufactures ....................... 72 72 73 74 ’ 65 71 70 ’ 67 TextUc^mill products...................................................... 845 855 867 862 842 844 858 859 Apparel and related products..................................... 1 ,226 1 ,221 1,232 1,227 1,240 1 ,203 1,239 1 ,240 Paper and allied products............................................. ’531 536 538 537 ’524 531 531 531 Printing publishing and allied industries.............. 674 671 673 673 672 666 670 671 Chemicals and ai(jed products.................................... 580 598 599 597 581 591 594 598 Petroleum refining and related industries............... 1 16 122 122 123 114 118 119 119 Rubber and misc7pla$tic products........................... 403 414 419 420 401 414 418 418 Leather and leather products...................................... 304 307 307 306 305 305 309 307 Note.—Bureau of Labor Statistics; data cover production and related workers only (full- and part-time) who worked during, or received pay for, the pay period that includes the 12th of the month. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked Average weekly earnings Average hourly earnings (per week; S.A.) (dollars per hour; N.S.A.) (dollars per week; N.S.A.) Industry group 1967 1968 1967 1968 1967 1968 Mar. Jan, Feb." Mar." Mar. Jan. Feb." Mar." Mar. Jan. Feb." Mar." 'Cotai..................................................................... 40.4 40.2 40.7 40.7 112.44 117.60 119.48 120.18 2.79 2.94 2.95 2.96 Durable goods.............................................................. 41.1 41.0 41.4 41.4 121.36 127.70 128.96 129.68 2.96 3.13 3.13 3. 14 Ordnance and accessories.............................. 41.9 40.4 42. 1 41.9 133.54 135.53 139.53 138.11 3.21 3.33 3.33 3.32 I umber and wood products......................... 40 7 38 6 41.2 41.2 93.09 94.22 100.85 101.34 2.31 2.46 2.49 2.49 Furniture and fixtures...................................... 40.2 39. 5 40.9 40.8 90.74 93.36 97,77 98.17 2.28 2.40 2.42 2.43 Stone, clay, and glass products.................... 41.5 40.8 42.2 41.8 113.70 116,69 119.89 120.30 2.78 2.91 2.91 2.92 Primary metal industries................................ 40.8 41.5 41.7 41.8 135.38 144.35 144.70 145.81 3.31 3.47 3.47 3.48 Fabricated metal products............................. 41.5 41.4 41.2 41.4 120.72 126.28 125.56 126.59 2.93 3.0H 3.07 3.08 Machinery........................................................... 42.9 41.8 42.2 42. 1 136.20 137.10 139.26 140.44 3. 16 3.28 3.30 3.32 Electrical equipment and supplies................ 40.0 40.2 40.3 40.3 108.93 115.60 116.06 116.18 2.73 2.89 2.88 2.89 Transportation equipment............................. 40.7 41.9 41.8 42. 1 136.49 151.68 149.04 150.48 3.37 3.62 3.60 3.60 Instruments and related products................ 41.5 •10. 5 40.8 40.8 (15.51 117.27 119.14 118.84 2.79 2.91 2.92 2.92 Miscellaneous manufacturing industries... 39.2 39.2 39.7 39.4 92.20 95.06 98.85 98.60 2.34 2.45 2.49 2.49 Nondurable goods....................................................... 39.5 39.2 40.0 39.7 100.08 103.86 106.40 106.52 2.54 2.67 2.68 2.69 Food and kindred products........................... 41.1 40.4 40.7 40.4 106.52 109.87 110.00 109.85 2.63 2.74 2.75 2.76 Tobacco manufactures.................................... 18.2 37.5 40.4 38.7 87.52 85.88 93.35 93.99 2. 34 2.34 2.45 2.48 Textile-mi 11 products........................................ 40.2 39.9 41.5 41.3 81.20 84.74 89.42 89.62 2.02 2.14 2.16 2. 17 Apparel and related products........................ 35.5 35. 1 36.4 35.9 71.80 72.66 79. 57 79.13 2.00 2.10 2. 18 2. 18 Paper and allied products.............................. 42.8 42.6 42.8 42.6 119.71 124.91 125.50 125.93 2.81 2.96 2.96 2.97 Printing, publishing, and allied industries. 38.5 37.8 3S.3 38.1 125.06 126.38 129.20 130.64 3.24 3.37 3.40 3.42 Chemicals and allied products,,,............... 41.6 41.7 41.8 41.7 126.88 132.07 132.29 132.61 3.05 3. 19 3.18 3.18 Petroleum relining and related industries.. 43.0 42.9 42.2 41.9 150.94 157.36 153.18 153.22 3.56 3.72 3.70 3.7( Rubber and misc. plastic products.............. 41.0 41.2 41.5 415 110.16 117.55 117.14 118.53 2.70 2.86 2.85 2.87 Leather and leather products....................... 37.0 37.8 38.6 38.7 75.65 81.92 85.80 85.69 2.05 2.15 2.20 2.22 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

M—WV c r\ iouo CONSUMER PRICES (1957-59= 100) I lousing Health and recreation 1 Fuel Period ite A m ll s Food Total Rent o H w s o h n m ip e e r - ­ c a o o m a il i l t e r G a i l c e n a i c d s t ­ y o n p F i a n i e n s u g d h r r s a ­ ­ ­ A u p p a p k n e a d e r e p l T p r t o i a o r n t n a s ­ ­ Total M c ic a e a r d e l ­ 1 s c P o a e n r r e a - l r R e a i c e n n r a e g d d a ­ ­ O g s a o e t n o h r d v d e ­ s r tion tion ices 1929.............................. 59.7 55.6 85.4 1933 ............................. 45.1 35.3 60.8 1941............................. 51.3 44.2 61.4 64.3 45.2 88.3 51.2 50.6 47,6 57.3 58.2 1945 ............................. 62.7 58.4 67.5 66.1 53.6 86.4 55,4 57.5 63,6 75.0 67.3 1958 .............................. 100.7 101.9 100.2 100,1 100.4 99.0 100.3 99.9 99.8 99.7 100.3 100.1 100,4 100.8 99.8 1959.............................. 101.5 100.3 101.3 101.6 101 .4 100.2 102,8 100.7 100.6 103.8 102.8 104.4 102.4 102.4 101,8 I960............................. 103.1 101 .4 103.1 103,1 103.7 99.5 107.0 101.5 102,2 103.8 105.4 108.1 104.1 104.9 103,8 1961............................. 104.2 102.6 103.9 104,4 104.4 101.6 107.9 101.4 103,0 105,0 107.3 111.3 104.6 107.2 104.6 1962.............................. 105,4 103.6 104.8 105,7 105,6 102.1 107.9 101.5 103,6 107.2 109.4 114.2 106.5 109.6 105.3 1963 .............................. 106.7 105.1 106.0 106,8 107.0 104.0 107.8 102.4 104,8 107.8 111.4 117.0 107,9 111.5 107.1 1964.............................. 108.1 106.4 107,2 107.8 109.1 103,5 107.9 102.8 105.7 109.3 113,6 119.4 109,2 114.1 108,8 1965 .............................. 109.9 108.8 108.5 108.9 III .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 .............................. 116.3 115,2 114.3 112.4 120.2 111,6 108.5 108.2 114.0 115,9 123.8 136.7 115.5 120. 1 118.2 1967—Feb................... 114.8 114.2 113.3 111.7 II 8.9 i 11. 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 1 15.5 122.8 135.7 115.0 119.6 116.7 June 116.0 115.1 114.1 1 12.2 1 19,9 110.5 108.2 108,1 113.9 1 15.7 123,2 136.3 115.3 119.7 116.9 July.................. 116.5 116.0 114.3 112.4 120.2 111,4 108.3 108.2 113,7 116,2 123.6 136.9 115.5 119.8 117.8 Aug.................. 116,9 116.6 114.7 112.6 120,8 111,7 108.5 108.3 113.8 116.4 124,2 137.5 116.1 120.0 118.8 Sept.................. H7. 1 115.9 115.0 1 12.8 121.1 112,3 108.9 108.8 115.1 1 16.8 124.9 138.5 116.4 120.5 1 19.7 Oct................... 117.5 115.7 115.3 113.0 121.5 112.5 108.9 109.1 116,0 1 17.7 125.5 139.0 116.5 121.4 120. 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 1 13. 1 108.7 109.7 116.8 1 17.9 126.6 140.4 117.2 122.2 121,4 1968 Jan................... 118.6 1 17.0 116.4 113.7 122.9 113.7 108.9 1 10.6 1 115.9 118.7 127.1 141.2 117.6 122.7 121.9 Fch.................. 119,0 1 17,4 116.9 113.9 123.5 113.8 109.3 1 I 1.2 116.6 1 18.6 127.5 14! .9 117,6 123.0 122. 1 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59= 100) Industrial commodities Period m c t o A i o e m l d s l ­ i­ p F u r a c o r t d s m ­ e f f P o e a s r o e n s o d e d d c 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 u t e c r b . , ­ L b e u t e c m r . , ­ P e a t p c. er, M e a t l e c s . , t ­ | e c a M q e h n r u i a y d n ip ­ ­ ­ F t e u u t r c r e n . , i­ N t m m a o l i c l n n i - c ­ - T e p t q r o i a o u r n n t ip a s ­ ­ ­ c n M e eo l i l s a u ­ s ­ ment erals ment ..... 1958.................................. 100,4 103.6 102.5 09 5 98.9 96.0 98.7 100 4 100.1 97 4 100,1 99.1 100.0 100.2 99.9 ii ;i. 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 4 101.2 100.8 i960.................................. 100 7 96 9 100.0 101 3 IMS 105 7 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 loo's Q0.7i 106 7 100.7 99.1 96.1 QS Q ft 100.7 102.9 99 5 101 8 n.a. 102.0 1962.................................. 100 6 97.7 102.7 1008 100.6 107,4 166.2 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 inn'll 99 n 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. I 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.................................. 106. 1 99.7 111.7 106 I 102. 1 115 8 103.6 98 4 97 0 105 4 104 0 109 5 111,8 101 0 104.3 n.a. 109.2 1 <>67—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 I 17,0 103.7 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 1 15.2 104.4 98,8 95,8 104 2 103.9 108.9 (11.6 166.8 103.8 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 I 15.2 103.9 98.3 95.8 105,3 104. I 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 1 12.7 106' 5 102,0 114.4 104.5 97.9 98,2 108,7 104.1 109.6 1 1 1.9 101 .2 104.7 n.a. 1 10.2 Oct....................... 106.1 97.1 111.7 106.8 102.2 1 14.8 103.0 98.2 98.8 107,3 104,3 109.8 1 12,2 101 .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 1115 107 4 103,8 116,0 102.6 98 4 99.2 107 6 104.8 1 11.0 113.2 102,1 105.3 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 1 1 1.7 113.9 103,0 106.0 n.a. 111.0 Feb....................... 108,0 101.3 1 13.3 108.3 104.6 1 16.7 102,5 98. 1 99.5 111,6 105.7 112.8 114.1 103,3 106.9 n.a. 111.3 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1968 n PRICES A-61 WHOLESALE PRICES: DETAIL (1957-59= 100) 1967 1968 1967 1968 Group Group Feb. Dec. Jan. Feb. Feb. Dec. Jan. , Feb. I arm products: Pulp, paper, and allied products: I 'resh and dried produce......................... 104 5 105 0 108 1 11 2 5 Pulp paper, and products, excluding Cifgins........................................................... 95 8 85 4 85 0 86 3 building paper and hoard.................. 103.7 105.3 105.8 106 2 Livestock..................................................... 99 5 97; 6 98 7 102 7 Woodpulp.................................................... 98.0 98 0 98 0 98 0 1 IV? poultry,.,........................................... 97 I 68 2 78 2 87 (1 Waslepaper.................................................. 8 1,2 78 1 76 9 818 Plant and animal fibers......................... 70 2 80 8 79 4 76 5 Pi] per............................................................. 108 5 1112 1112 1 | 1 9 I<|uid milk .................................................. 1 22 9 1 24 3 1240 1 24 6 Paperboard.................................................. 9?: 3 97 1 97 3 97 1 Ful’s................................................................ 84 0 90.9 73 8 80 0 Converted paper and paperboard.. .. 104.0 105 8 106’7 107.0 liny >ind seeds............................................. 1 20 3 112 7 112 9 113 0 Building paper and board ...................... 92 4 92 1 9 2 1 91 8 Other farm products................................. KKL5 101; 3 101 :7 101 1 Processed foods and feeds: Metals and metal products: f'ereal and bakery products................... 117 3 116 9 117 1 11 7 4 Iron and steel............................................. |()1.2 104 7 105 5 105 8 Meat poultry and fish............................. 104 7 1012 105 5 107 6 Steel mill products...................................... 105.6 107 0 107 7 107 8 1 lairy products........................................... 12(2 (24 1 1218 (24 (1 Nonferrous metals.................................... 1 22 J 1217 1 25 1 128 8 Processed fruits and vegetables............. |04 3 113 1 113 7 1 1 3 H Metal containers.. .................................. 111.5 112 9 112 9 113 4 Sugar and confectionery - . 112 £ 112 7 1114 113 7 Hardware..................................................... 1 12.0 116 1 116 3 116 6 Beverages and beverage materials. ... 105.9 107.7 107; 9 108.6 Plumbing equipment................................ i io.5 1 IO; 6 110:7 113:3 An*m?l fats and oils ....................... 92 0 7 3 5 70 4 71 0 Heating equipment. . ............................. 92 3 93 4 9 3 1 91 8 Crude vegetable oils.................................. 94 1 83 9 85 5 93 0 Fabricated structural metal products. 104.8 106 1 106.2 106 4 Refined vegetable oils............................... 96 7 87 0 89 4 107 1 Miscellaneous metal products.............. 113.6 114 4 114 7 115 1 Vegetable oil end products................... 103 5 IOO; 2 10() 2 100 2 M M i a s n ce u l 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 fe d e f d o s o .. d .. s ... . . . . . . . . .. . ........ 1 1 1 2 1 5 J 5 ) 1 11 1 9 3 ; . 7 6 1 1 1 2 4 6 ; 2 1 1 1 1 1 4 9 ;? 1 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip,,.. 121.7 1 24.9 125.8 125.8 Construction machinery and equip... 121 .4 126. 3 127,2 127.7 Cotton products......................................... 101 8 104 2 105 2 10.5 0 Metalworking machinery and equip.. 122.2 125.8 1 26. 1 126 6 Wool products..................................... 104 7 102 2 102 3 102 8 General purpose machinery and Man-made fiber textile products. . . 87 I 88 6 89 3 89 6 equipment........................................... 113.0 115 i 115 4 1 16.0 Silk yarns...................................................... 164 1 189 7 196 8 197'2 Special industry machinery and Apparel.......................................................... 105 9 108 1 108 3 108 8 equipment (Jan. 1961=100)............. 115.1 118 1 120. 1 120.1 Textile housefurnishings......................... 105 3 109 8 1 10 6 1117 Electrical machinery and equip............ i()l , 8 102.1 102 7 102 7 Miscellaneous textile products.............. 121 A) 1 lLo 112 4 110 4 Miscellaneous machinery...................... 108.7 110 8 1 12.0 112 1 Hides, skins, leather, and products: Furniture and household durables: Hides and skins......................................... 107 8 89.7 87 3 89 5 Leather.......................................................... 116 3 109 1 108 6 108 9 Household furniture................................ 112.0 114 1 115 2 1 I 5.7 Footwear. .................................................... 1216 124'3 125 6 1 25 5 Commercial furniture............................. 109,3 112,6 113 4 113 4 Other leather products............................. 114; 6 1115 112;2 112:2 Floor coverings......................................... 91.9 9 5.2 9 5 3 94 8 Household appliances............................. 89.7 90 9 91 I 916 Fuels and related products, and power: Home electronic equipment.................. 83 5 818 817 817 Other household durable goods.......... 114 8 119 5 123 4 123.9 Coal................................................................ 102 3 104 9 105 0 105 0 C Ga o s k e f . u .. e .. l . s .. .. ( . J .. a ... n .. . . .. 1 ... 9 .. 5 .. 8 ... = .. .. 1 .. 0 .. 0 .. ) .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 J . 1 3 2 4 .0 5 1 1 3 1 3 2 .0 1 1 1 3 1 0 2 .0 0 1 1 3 I2 3 . , ‘ 3 O Nonmetallic mineral products: Electric power (Jan. 1958= 100)........... 100 6 100 9 101 0 101 I Crude petroleum........................................ 98 2 99 0 99 0 99 0 Flat glass...................................................... 103.3 107 5 107 0 107 2 Petroleum products, refined 1019 99 J) 98 8 99 5 Concrete ingredients................................ 105.6 106 5 107 8 1 OR 5 Concrete products..................................... 104.4 105:8 106:5 106^ Chemicals and allied products: Structural clay products excluding refractories................................ 109.1 111 6 1118 1119 Industrial chemicals................................. 96 9 98 3 98 5 98 5 Refractories................................................ 104.8 106 0 106 8 112 4 Prepared paint........................................... 108 7 1127 113 2 113 2 Asphalt roofing......................................... 94. 8 99, J 99,6 98.0 Paint materials........................................... 90 8 913 91 5 92 6 Gypsum products..................................... 103.5 10 3 9 103.9 105 1 Drugs and pharmaceuticals................... 94 2 93 8 92 9 93 0 Glass containers........................................ 101 .0 101.1 102.9 106:3 Fats and oils, inedible............................. 77 2 76 4 767 Other nonmetallic minerals.................. 101.1 102.3 103 0 1017 Agricultural chemicals and products.. 105.4 102.2 99; 5 100.6 O Pl t a h s e ti r c c r h e e s m in i s c a a l n s d a n m d a p te r r o ia d l u s. c .. t . s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 0 0 7 .6 5 1 8 08 6 ,6 5 1 8 0 6 8 . . 6 6 1 8 0 3 8 .7 3 Transportation equipment: Rubber and products: Motor vehicles and equipment............ 101.6 104.0 104. 3 104.4 Railroad equipment (Jun. 1961= 100). 102.7 I04.K 105.4 105.4 Crude rubber............................................... 87 1 83 7 8 3 6 83 2 Tires and tubes........................................... 94; 9 98.7 98,7 98.7 Miscellaneous rubber products............. 100 4 105.9 106 5 106.8 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms. ammunitiofi........................................... 105.3 106. 4 106.7 106. 6 Lumber.......................................................... 105 4 111.8 114 0 1 1 7.1 Tobacco products..................................... 110.3 114 8 114.8 I I 4 8 Millwork...................................................... Illi 1 1.3.7 113 9 114 7 Notions........................................................ 100.8 102.2 102.2 105 7 Plywood........................................................ 89 2 90; 2 89 8 94 6 Photographic equipment and supplies 110.3 1116 113.6 I I 4 8 Other wood products (Dec. 1966= 100) 102 J) 101.5 101 J) 105.9 Other miscellaneous products.............. 107.2 109.2 1 09.9 109.9 Note.—Bureau of Labor Statistics indexes as revised in Mar. 1967 to classification changes. Back data not yet available for some new classiincorporate (I) new weights beginning with Jan. 1967 data and (2) various fications. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

H-OZ nmiiuinml rrwuu^i minu iinwivil GROSS NATIONAL PRODUCT (In billions of dollars) 1966 1967 Item 1929 1933 1941 1950 1963 1964 1965 1966 1967 IV 1 11 in 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 I'Inal 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 43.1.1 465.9 491.7 473.8 480.2 489.7 495.3 501.8 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 12.1 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 Id xed 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 Nonresidentlal................................................ 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 27.9 26.8 27.7 21.1 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 Non farm........................................................ 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............................................................. 1.8 -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 10.2 12.5 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...................................................................... 203.6 141.5 263.7 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 arc seasonally adjusted totals at annual rates. For back data and explanation of series, sec the Survey of Current Huslness. July 1967, and Supplement, Aug. 1966. NATIONAL INCOME (In billions of dollars) 1966 1967 1929 1933 1941 1950 1963 1964 1965 1966 1967 Item IV 1 ! 11 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 Wanes 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 .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 32.5 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 arc 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

APRIL 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 hem 1929 1933 1941 1950 1963 1964 1965 1966 1967 IV i II m 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 [.ess: Capital consumption allowances........... 7.9 7.0 0.2 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 -28 • 12 -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 I 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 J 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..................................................... 5.0 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 54H.2 557 9 [.ess: 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 5OL8 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................................................................. 150.6 112.2 190.3 249.6 381.3 407.9 434.4 456.3 476.5 463.2 470.6 474.9 477.5 482.6 Note.—Dept of Commerce estimates. Quarterly data are seasonally adjusted quarterly totals at annual rates. See also Note to table opposite. PERSONAL INCOME (In billions of dollars) 1967 1 968 Item 1966 1967 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.*’ Total personal income............................ 584.0 626.4 612.6 615.6 616.5 618.2 622.6 627.0 631.6 634.4 635.9 642.4 649.3 650.9 658.4 Wage and salary disbursements............ 394.6 423.8 414.2 416.2 416.7 417.2 420.9 423.4 426.7 428.5 429.4 435.3 443.1 442.4 448.7 Commodity-producing industries... 159.3 167.2 165.2 165.6 165.0 164.3 165.2 166. 1 168.0 168.2 167.9 171.2 173.3 173.3 177.0 Manufacturing only........................ [28.1 134.4 132.7 132.9 132.5 132.2 133.0 133.2 135.3 135.4 134.9 137.5 139.2 139.6 141.9 Distributive industries......................... 93,9 100.9 98.6 99.1 99.1 99,3 100.4 101.3 101.8 102.1 102,6 103.7 103.9 105.1 106.4 Service industries................................. 63.5 69.5 66.9 67.6 68,2 68.6 69.5 69.6 70.1 70,8 71.1 71.9 72.8 73.1 73.9 Government........................................... 77.9 86,3 83.4 84.0 84.5 85.0 85.7 86.4 86.9 87.4 87.8 88.4 93,1 90.9 91.4 Other labor income.................................. 20.8 23.2 22.2 22.4 22.6 22.8 23.1 23.3 23.6 23.8 24.0 24.3 24,6 24.9 25.2 Proprietors’ income.................................. 59.3 58.4 57.8 57.4 57.7 57.8 57.9 58.4 58.8 59,2 59.1 59,3 59.5 59.6 59.6 Business and professional................... 43.2 43.6 43,2 43,1 43.3 43.4 43.6 43.7 43.8 43.9 44,0 44,1 44.2 44.3 44.4 Farm......................................................... 16.1 14.8 14.6 14.3 14.4 14.4 14.3 14.7 15.0 15.3 15.1 15.2 15.3 15.3 15.2 Rental income............................................ 19.4 20.1 19.8 19.9 20.0 20.0 20.1 20.2 20.2 20.3 20,3 20.4 20,4 20.5 20.5 Dividends..................................................... 21.5 22.8 22.3 22.6 22.8 23,1 23,3 23,5 23.5 23.4 23.2 23.1 21,0 22.9 23.1 Personal interest income......................... 42.4 46.5 45.2 45,5 45.8 46.0 46.1 46.4 46.9 47.3 47.6 48,0 48.5 48.9 49.3 Transfer payments.................................... 43.9 51.9 51.1 51.7 51.0 51.5 51.6 52.2 52.4 52,5 52.8 52.8 53,1 54.0 54.4 Less: Personal contributions for social insurance..................................... 17.9 20.4 20.0 20.1 20.1 20.1 20.3 20.4 20.6 20.6 20.6 20.8 21.1 22.3 22.6 Nonagricultural income............................ 563.1 606.5 593.0 596.2 596.9 598.8 603.2 607.2 611.4 614.0 615.7 622.0 628.8 630.3 637.0 Agriculture income.................................... 20.9 19.9 19.6 19.5 19.5 19.5 19.4 19.8 20.2 20.4 20.2 20.4 20.5 20.6 20.6 Note.—-Dept, of Commerce estimates. Quarterly data arc seasonally adjusted totals at annual rates. See also Note to tabic opposite. ' Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

H-O4 clow ur ruiwo " HrniL i»oo SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) Transaction category, I 1965 1967 or sector 1962 1963 1964 1965 1966 1 111 I IV 1 II III IV 1 II III 1. Saving and investment 1 Gross national saving............................. 134.5 144.5 160.3 179.5 193.1, 179.4 184.H 190.3 191.3 192.2 198.4 186.2 182.7 188.4 1 2 1 louseholds.,..................................... 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 3 Farm and noncorp, business......... 13.1 13.5 14.5 15.3 16.( 15.3 15.5 15.7 15.9 16. 1 16.3 16.5 16.6 16.9 3 4 Corporate non fin. 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. ( 1.6 - i. K -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 ! 183.7 8 Gross national investment.................... 133.9 143.8 158.0 177.1 190.1 177.5 188.4 188.3 190.0 193.7 181.2 177.2 187.S 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 1 1 12 Households...................................... 21.9! 22.4! 23.0 23.2! 22.8 23.2 23.6 23.9 23.6 22.s 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 1.3 2.8 4.7 3.7 1.8 3.4 3. J 1.8 1.6 2.8 1.0 L5 -.4 2.5 15 16 Discrepancy (1-8)................................... .7 .6 2.3 2.4 3.0 1.9 LI 1.9 3.0 2. 1 4.7 5.0 5.5 1.0 16 —— — _.— —•------— — — •• ------- —....—. ------.......- _.. —. — ..— -------_-- -- —_—.. —— ,—_ . 11. 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 -2.9 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 .21 9.1 -- .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 .7 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 I .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 LO 1.6 25 26 I’vt. 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 Hank 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.................................... J.O 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................ 3L0 34.7i 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. I 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 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. I 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. I 34.4 35.3 40.4 22.7 49.4 42.3 29. 1 24.6 15.8 21.2 60.7 5 L 9 51.8 44 45 Demand dep. and currency 2.1 5.9 6.5 7.7 2.9 14.1 11.9 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 At 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 -11.1 -.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 —-----------—-------- . — ———-------- -----—-- --------- . --------- ------------- —. — HL 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 LL 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 er. mkts.. 52.9 58.8 66.8 73.3 70.31 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 * ♦ -.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 25.71 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 M .4 9.4 7.7 2.0 .7 2.9 1.9 -15.7 12.8 66 7-9| 67 U.S. Government.............................. 3.3 2.7 3.8 4.7 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 -1.7 .4 3.2 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 7.o 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 - .5 2.5 3.2 73 Norn.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1968 n FLOW OF FUNDS A 65 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) - ... 'Transaction category, 1962 1963 1964 1965 1966 1965 ——196 — 6 .......... ...........—— _1 9—67 — or sector in IV 1 II ill IV 1 II Ill — ............ - -■ - - ...—---- . ... . _.. .............. I. Demand deposits and currency 1 Net incr. in hanking system liability.. 4.5 5.8 7.4 7.6 2.6 7.2 15.2 .3 10. 1 - 8.0 8.8 8.H .6 25. 1 1 U.S. Govt, deposits............................ 1.3 --.3 -1.0 - .4 - -8.8 2. 1 ■3.3 6.7 ■ 6. 1 1.2 .7 - 14.9 13.3 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 1 1.7 ■2,2 1.4 .5 8. 1 1 1.0 7.1 3.4 S 6 Nonfinancial business............... -.9 - -.8 -2. 1 1.7 -2.6 . 3 2.3 1.3 ■3.8 ■1.7 3.7 6 7 State and local govts.................. .9 2.4 1.2 .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 8 9 Mail float...................................... -.6 - . F .9 2.5 . 5 4.7 2.0 1.2 1.3 1 ,K .4 .5 4. r 9 10 Rest of the world............................ . 1 . i .5 .3 -.3 .7 .3 . 1 1.2 ■1.8 - .6 ■1.6 2.4 1.0 10 — . —— - ,— _ —... — .. _—.......—. — —...... . .. ..... ._.- _. —.. 11. rime and savings accounts 1 I 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. t 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 .5 - .2 2.0 .6 1.0 1.2 2.4 1.0 15 16 Households........................................ 10.3 7.9 8.2 13.3 1 1.9 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 -1—3.4. 12.7 9.5 4.4 5. 1 —.9.. 3- 17.2 21.7 —1 8- .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 H.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 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 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................... .« -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 .5 ■ -.7 -1.0 -1.7 -1.6 — .2 -2.4 -.5 - .9 -5.2 .6 - .7 31 32 Nonguarantccd................................ .2 .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 . 1 -.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 l.U -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 Nonguarantccd................................ .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 2H.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 ‘I 14.3 15.8 21 .7 42 43 Commercial banks.............................. .1 .3 .6 .8 .1 .1 .4 . 1 .3 . 1 43 44 Finance companies............................. .3 1.4 2.1 1.9 .8 1.0 3.0 1.7 .5 1.2 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 4fi 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. I 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.c.c.......................................... -.3 -.2 -.8 -1.6 -2.3 -L8 -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 -. 1 -.6 54 55 Portfolio purchases................... 1.1 .8 I. 1 1.6 1.3 1.5 2. 1 3.0 .8 -I. 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 J. 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 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 I 1 .4 7.4 6.9 9.2 9.3 13.9 59 60 In process........................................... .4 -.3 — .9 — 0 - . 1 . 3 — 1 . I ■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 Not 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 i. 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. J 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 lue.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. 1 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 ! .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 - - .J ■ ■. 5 -.6 -- .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 □ APRIL 1968 1. U.S. BALANCE OF PAYMENTS (Ln millions ol dollars) 1966 1967 Item 1965 1966 1967" 111 | IV r ii. | nr I iv» 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*.......................... 39,147 43,039 45,693 10,913 10,997 11,352 11,353 11,530 11,458 Merchandise....................................................................... 26.244 29.168 30.463 7,382 7.402 7.671 7.712 7.626 7.454 Military sales...................................................................... 844 847 1 .272 206 210 .1.19 336 237 360 Transportation.................................................................. 2,390 2.589 2.701 661 650 669 660 682 690 Travel................................................................................... 1.380 1.573 1.641 408 408 421 380 416 424 Investment income receipts, private........................... 5,376 5.650 6. 163 1 .444 1 .508 1 .420 1 .384 1 .680 1.679 Investment income receipts, Govt.............................. 512 595 622 143 1 46 1 55 161 162 144 Other services.................................................................... 2,401 2.617 2.831 669 673 677 720 727 707 Imports of goods and services-—Total.. ............. - 32 20 3 37.937 -40,893 - 9.762 9.913 -9,999 HI 013 -10,122 10,739 Merchandise....................................................................... -2f .472 -25,510 26.980 6.580 --6.680 6.662 — 6,558 6.549 — 7,21 1 Military expenditures...................................................... -2.921 -3,694 - 4.319 -953 - 969 •• I .045 - 1.070 -- 1,094 -1,110 Transportation.................................................................. -2 674 - - 2 914 -2.965 - 727 - 756 -756 • 726 ■707 -776 Travel................................................................................... -2.4,38 -2337 3.170 ■672 •674 683 -840 -900 - 747 Investment income payments....................................... -1.729 ■2.074 • 2.277 ■ 565 -563 •557 -■547 - 585 ■588 Other services.................................................................... -969 ■ 1.088 1 . 182 - 265 -271 -296 -292 -287 -307 Balance on goods and services*........................................ 6,944 5. 102 4,800 1,151 t ,084 1 ,353 1,320 1,408 719 Remittances and pensions................................................... - 1,024 -- 1,010 -1.284 278 246 -264 395 356 - 269 1. Balance on goods, services, remittances and pensions........................................................................... 5,920 4,092 3.516 873 838 1,089 925 1 ,052 450 2. U.S. Govt, grants and capital flow, net..................... -3375 3,446 - 4,127 -■759 • 724 -1,201 -1,013 -966 - 947 Grants,2 loans, and net change in foreign cur­ rency holdings, and short-term claims......... - 4.277 -4.680 5.128 •1.177 --1.124 - 1 .419 - 1.297 - 1.204 - 1.208 Scheduled repayments on U.S. Govt, loans. . . 681 806 996 192 208 218 284 233 261 Nonschcduled repayments and selloffs............... 221 428 5 9T6 1 92 * 5 * 3, U.S. private capital flow, net....................................... -3.743 ■ 4,213 5.446 - 932 1,165 ■984 -1 J 13 -1.741 -1.608 Direct investments...................................................... 3.418 • 3.543 -3,027 900 • 1.003 622 648 939 -818 Foreign securities........................................................ -758 -482 1,252 ■50 -83 - 263 - 170 446 •373 Other long-term claims: Reported by banks................................................. ■ 232 337 284 73 168 150 160 100 74 Reported by others................................................ 88 112 ■ - 301 ’K • 16 ■68 170 35 - 98 Short-term claims: Reported by banks................................................. 325 •84 ■739 16 124 81 ■388 292 22 Reported by others................................................ 428 -329 - 411 - 43 • 107 ■ 100 103 1 -415 4. Foreign capital flow, net, excluding change in liquid assets in U.S.................................................. 27# 2.512 3.077 376 780 858 1,194 808 217 Long-term investments.............................................. -68 2.176 2,235 180 673 676 962 392 205 Short-term claims........................................................ 149 269 390 1 12 55 94 80 176 40 Nonliquid claims on U.S. Govt, associated with— Military contracts.................................................... 314 341 68 106 1 46 103 166 - 60 - 142 U.S. Govt, grants and capital............................ -85 - 213 -85 12 - 136 36 - 14 • 23 ■ 12 Other specific transactions................................... 25 - 12 ■ f 13 ■ 11 21 * - 12 -9 Other nonconvertible, nonmarkctablc, medium-terni U.S. Govt, securities3..................... - 7 49 470 ■23 53 * * 335 135 5. Errors and unrecorded transactions............................ 415 .102 -595 277 - 148 - 295 -546 209 37 Balances A. Balance un liquidity basis Seasonally adjusted (— L-|-2 |-3T4T5)... -1,335 • 1,357 -3,575 ■ 165 -419 533 -553 -638 -1,851 Before seasonal adjustment...................................... 1 335 -1.357 ■ 3,575 -695 -466 2 38 • 223 -1,211 1 ,903 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted.............................. - 1.335 1.357 -3.575 165 -419 - 533 553 -638 1,851 Plus; Seasonally adjusted change in liquid assets in the U.S. of: Commercial banks abroad.................................. 1J 6 2 697 1 265 1.062 989 -- 1 003 14 1 1 179 748 Other private residents of foreign countries.. 306 212 394 91 •54 ' 80 12 95 207 International and regional organizations other than IMF'................................................. — 291 -525 -208 - 24 ■108 .36 77 -56 -39 Less: Change in certain nonliquid liabilities to foreign central banks and govts......... 100 802 1 274 103 426 325 555 124 270 Balance B, seasonally adjusted............................... - 1,304 225 -3,398 861 -18 -1,817 -832 456 ( ,205 Less: Net seasonal adjustments............................ 456 180 • - 537 ■ 143 495 185 Before seasonal adjustment....................................... -1,304 225 -3,398 405 - 198 -1,280 -689 -39 -1,390 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 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 1965 1966 1967" III U ... IV’ Transactions by which balances were settled--Not seasonally adjusted A. To settle balance on liquidity basis........................... 1,335 1,357 3,575 695 466 238 223 1,211 1,903 Change In U.S. official reserve assets (increase, —)............................................................ /, 222 .568 52 82 6 1,027 -419 375 -181 Gold.......................................................................... ■*1,665 571 1,170 173 121 51 15 92 1 ,012 Convertible currencies......................................... -349 -540 -1,024 - 426 -173 1,007 ■424 -462 -1,145 IMF gold tranche position. .............................. 4-94 5.17 -94 335 46 -31 - 10 -5 • -48 Change In liquid liabilities to all foreign accounts 111 789 J. 52 J 613 472 ■■789 642 1,586 2,084 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities 5....................................................... 122 ■945 455 -226 ■176 72 46 125 212 Marketable U.S. Govt, bonds and notes 5. 20 - 245 48 -254 « 5 52 6 -3 Deposits, short-term U.S. Govt, securities, etc............................................................. - 154 ■582 1,547 -146 31 -174 443 163 1,115 IMF (gold deposits)............................................. 34 177 22 28 17 5 Commercial banks abroad................................ 116 2,697 1 ,265 1,144 833 -753 161 1,265 592 Other private residents of foreign countries, 306 212 394 91 -54 80 12 95 207 International and regional organizations other than IMF................................................. - 291 -525 ■ - 208 -24 -108 -36 ■11 -56 -39 B. Official reserve transactions......................................... 1,304 -225 3,398 -405 198 1,280 689 39 1,390 Change in U.S. official reserve assets (increase, —)................................................................ 1,222 568 52 82 ■6 1,027 -419 -375 -181 Change in liquid liabilities tn foreign central banks and govts, and IMF (see detail above under A.)................................................................. -IB -1,595 2,072 -598 -199 -80 546 282 1.324 Change in certain nonliquid liabilities to foreign central banks and govts.: Of U.S. private organizations...................... -38 788 820 88 373 304 584 -215 147 Of U.S. Govt..................................................... 138 I4 454 23 .10 29 -22 347 100 1 Excludes transfers under military grants. 5 With original maturities over 1 year. 2 Excludes military grants. 3 Includes certificates sold abroad by Export-Import Bank. Note.— Dept, of Commerce data. Minus sign indicates net payments * 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 1965 1966 1967 1968 1965 1966 1967 1968 1965 1966 1967 1968 Month: Jan......................... J 1.228 2,264 2,616 2,785 J 1,199 I ,918 2,256 2,615 3 28 347 360 170 Feb........................ 3 1,623 2,376 2,607 2,773 31,606 2,024 2,229 2,602 3 17 352 378 171 Mar........................ 3 2,739 2,554 2,551 3 1,861 2,080 2,203 .................. 3 878 474 349 Apr........................ 3 2,406 2,354 2,654 31,81 I 2,113 2,226 3 595 241 428 May....................... 3 2,299 2,416 2,547 3 1 ,797 2,082 2,140 3 503 334 407 June....................... 3 2,235 2,487 2,577 31,848 2,142 2,227 J386 346 349 July....................... 2.300 2,455 2,584 4 1,742 2,178 2,208 4558 277 376 Aur....................... 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 ,91 1 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 3 6,940 7,257 7,777 35,456 6,336 6,593 31,484 921 1,184 in 6,920 7,439 7,775 ■*5,425 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 Year5........................ 26,700 29,379 30,942 .............•.>..2..1.,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 iffected by strikesand 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 IKANSACHUNS ANU KhShHVh ASSLIS □ AHHIL 19b8 3. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (Net sides (—) or net acquisitions; in millions of dollars at $35 per fine troy ounce) । I960 । । 1966 | 1967 Area and country 1959 1962 1963 1964 j 1965 1966 1967 IV IV Western Europe; Austria..................................... - 83 -143 -82 -55j -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 •601 "85 Netherlands........................... -30 -249 -25 -60 -35 Spain......................................... -114 -156 -146 ■130 -32 -180 Switzerland............................. 20 -324 102 -81 -50 -30 -30 United Kingdom.................. -350 -550 -306 -387 329 618 150 80 -879 -20 -34; -77 •771 Bank for IntL Settlements, ■~32 -36 Other......................................... -48 "96 -53 -7 -37 -50 141 -12 -18 19 Total................................ -827 - 1,718 -754 -1,105 -399 j -88 -1,299 -659 -980 -92 -15 44 -58 -863 Canada......................................... 190 200 150 50 100 Latin American republics: Argentina............................... -50 -•90 85 -30 Brazil........................................ -2 -2 57 72: 54 25 Colombia................................ -6 38 10 29 7 Venezuela............................... 65 -25 Other........................................ 35 -42 -17 -9 6 8 13 6 --7 Total................................ 19 -100 -109 175 32 56 -41 12 • -7 Asia: Japan......................................... 157 - -15 Other......................................... -■28 -97 101 -93 12 -24 30 -44 10 -20 -22 Total................................ ■186! -101 -93 12 3 -24 -86 -44 10 All other....................................... 38 -6'. -36 -7 -16 22 166 -6 1-162 Total foreign countries........... -998 -1,969 •-970i -833 -392 36 -1,322‘ -608 -1,031 86; -36 12 953 Inti. Monetary Fund.............. --44 •’ 300 150 4-225- 5177 5 22 516 Grand total................... -1,041 -1,6691 -820 -833 -392 -361- 1,547 -431 --1,009 -86 -20 17 -53 -953 1 Includes sale of $1 50 million to Algeria. repurchase; proceeds from these sales invested by IMF in U.S. Govt, - Payment to the IM I’’ of $344 million increase in U.S. gold sub­ securities. scription, less sale by the IMF of $300 million (see note 3). 4 Payment to the IMF of $259 million increase in U.S. gold subscription, 3 rMF 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 I960) 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) Encl of year re T s o e t r a v l e Gold stock 1 v fo e C r r e o ti i n b g ­ l n e p R o e s s in i e t i r o v n e End of month re T s o e t r a v l e Gold stock 1 v fo e C r r e o ti i n b g ­ l n e p R o e s s in i e ti r o v n e assets Total 2 Treasury currencies IMF' 3 assets Total - Treasury curren­ IMF 3 cies 5 1958 ............................ 22,540 20,582 20,534 1,958 1967- Mar........1..3...,.8.55 13,184 13,107 314 357 1959 ............................ 21,504 19,507 19,456 1,997 Apr................ 13,906 13,234 13,109 315 357 May............. 13,943 13,214 13,109 363 366 1960............................ 19,359 17,804 17,767 1,555 June............. 14,274 13,169 13,110 738 367 1961............................ 18,753 16,947 16,889 116 1,690 July.............. 14,224 13,136 13,108 719 369 Aug............... 14,605 13,075 13,008 1,162 368 1962............................ 17,220 16,057 15,978 99 1 ,064 Sept............... 14,649 13,077 13,006 1,200 372 1963 ............................ 16,843 15,596 15,513 212 1 ,035 Oct................ 14,927 13,039 12,905 1 ,509 379 Nov............... 15,438 12,965 12,908 2,092 381 1964............................ 16,672 15,471 15,388 432 769 Dec................ 14,830 12,065 11,982 2,345 420 1965............................ 15,450 4 13,806 413,733 781 4 863 1968— Jan........1..4...,.6..20 12,003 11,984 2,176 441 1966............................ 14,882 13,235 13,159 1,321 326 Feb................ 14,790 11,900 11 ,882 2,235 655 1967 ............................ 14,830 12,065 11,982 2,345 420 Mar............... 1.1,926 10.703 10,484 2.746 477 1 Includes (a) gold sold to the United States by the International Mon­ 4 Reserve position includes, and gold stock excludes, $259 million gold etary Fund with the right of repurchase, and (b) gold deposited by the subscription to the IMF in June 1965 for a U.S. quota increase which IMF' to mitigate the impact on the U.S. gold stock of foreign purchases became effective on Feb. 23, 1966. In figures published by the IMF from for the purpose of making gold subscriptions to the IMF under quota June 1965 through Jan. 1966, this gold subscription was included in the increases. For corresponding liabilities, see Table 6, U.S. gold stock and excluded from the reserve position. 2 Includes gold in Exchange Stabilization Fund. 5 For holdings of F.R. Banks only, see pp. A-12 and A-14. 2 In accordance with IMF policies the United States has the right to draw foreign currencies equivalent to its reserve position in the IM F 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. Sec Table 5. in the gold stock of the United States. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1968 □ U.S. POSITION IN THE IMF A-69 5. U.S. POSITION IN THE INTERNATIONAL MONETARY FUND (hi millions of dollars) — Transactions af ( fe d c u t r in in g g I p M e F rio h d o ) ldings of dollars IM o F f ' d h o o l l l d a i r n s gs .... ----- ---------------------------— —----------------- -—------------- (end of period) U.S, transactions with IMF Transactions by ----------—-----. --—------ _ . U.S. Period ------------------- — oth w e i r t h c o I u M n F tries p re o s s e it r i v o e n in IMF — P s t - u a d i - o y b o n m - o s ll s a c t 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 i D f c r o c u a i r e r w o e r s e i f i g n n 2 n g ­ s 1 i d M n o c i F l o n la m n rs e e t D d ra o w o lla f in rs gs R d m o e i e l p n l n a a t r y s s ­ c T h o an ta g l e Amount P q e U u r o . o c S f t e . a nt p ( e e r n io d d o ) f ■’ —--------------------------------------- ---------------------------------——------------------ — -----------—.----------- _ . 1946—1957.................................. 2,063 4 594 — z15 -2,664 827 775 775 28 1,975 1958.................................. 2 -252 271 17 792 29 1,958 1959.................................. 1,031 2 -139 442 1,336 2,128 52 1,997 1960.................................. -149 580 442 2,570 62 1,555 1961.................................. 150 6 -822 521 -135 2,435 59 1,690 1962.................................. 7 -IIO 719 626 3,061 74 1,064 1963.................................. 6 -194 207 29 3,090 75 1,035 1964.................................. 525 8 -282 5 266 3,356 81 769 1965.................................. 435 2 -282 165 3,521 85 >«63 1966.................................. 776 680 5 -159 I 1,313 4,834 94 326 1967.................................. .0 -114 -94 4,740 92 420 1967-—Mar................................... I -2 -1 4,803 93 357 Apr.................................... 4,803 93 357 May.................................. 4 -13 -9 4,794 93 366 June.................................. 2 -3 -1 4,793 93 367 July................................... 1 -3 -2 4,791 93 369 Aug................................... 2 -1 1 4,792 93 368 Sept................................... I -3 -4 4,788 93 372 Oct..................................... 3 -10 -7 4,781 93 379 Nov................................. 2 -4 -2 4,779 93 381 Dec................................... -39 ..............-.3...9.. 4,740 92 420 1968-—Jan..................................... 3 -24 -21 4,719 91 441 Feb.................................... 2 — 216 -214 4,505 87 655 Mar................................... 200 1 - 23 ..............1..7..8.. 4,683 91 477 * 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. Docs not include transactions in gold relating to gold less S6 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 Stales has a commitment a U.S. quota increase, which became effective on Feb. 23, 1966. In figures to repay drawings within 3 to 5 years, but only to the extent that the published by the IMF from June 1965 through Jan. 1966, this gold sub­ holdings of dollars of the IMF exceed 75 per cent of the U.S. quota. scription was included in the U.S. gold stock and excluded from the Drawings of dollars by other countries reduce the U.S. commitment to reserve position. repay by an equivalent amount. 3 Represents the U.S. gold tranche position in the IMF (the U.S. Note.—The initial U.S. quota in the IMF was $2,750 million. The U.S. quota minus the holdings of dollars of the IMF'), which is the amount quota was increased to $4,125 million in 1959 and to $5,160 million in that the United States could draw in foreign currencies virtually automati­ Feb. 1966. Under the Articles of Agreement, subscription payments equal cally if needed. Under appropriate conditions, the United States could co 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 IN IL. UAPIIAL I KANSAS I IONS Uh I Ht U.S. " AHKIL 1968 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 institutions3 Banks and other foreigners regional organizations 5 Nonpe E r n io d d Total Total p G o d o e s l i ­ d t 1 i m n G v e o e n l s d t t 2 ­ Total i i p t S n l b i i t e o a a e h b s r U n b r o t y m e k . i r r l S s t d e - ­ . ­ M n b G a a o U a o o b n r n t . e k S v l d d e s e t . s , 4 t ­ c m o b T a U a n i a o u r b b e n . r v n r l S k a l y e d e d e e s . s r ­ t t ­ ­ Total i i t p S n l b i i t e o a a e h b s r U n b r o t y m e k . i r r S l s d t e ­ ­ . ­ M b n G o a U a a o n o b n r t . e S k d v l d e s e t s . , 4 t ­ Total i i n t p S l b i i t e o a a e h U b s r n b r o t y . m e k i S r r l s d e t - ­ . ­ 6 M n G b a U a a o o o b n t r n . e S k v l d d e s e t . s , 4 t ­ notes ... . . 1957.. V15.825 200 200 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 20,994 800 800 11,078 10,212 866 7,591 7,048 543 1,525 750 775 1960«. 21,027 800 800 11,088 10,212 876 ................ 7,598 7,048 550 1,541 750 791 22,853 800 800 11,830 10,940 890 ________ 8,275 7,759 516 1 ,948 703 1 ,245 1961 b 22,936 800 800 11,830 10,940 890 8,357 7,841 516 1,949 704 1 ,245 24,068 800 800 12,748 11,997 751 8,359 7,911 448 2,161 1,250 911 1962«.... 24,068 800 800 12,714 11,963 751 8,359 7,911 448 2,195 1 ,284 91 I '26,361 800 800 14,387 12,467 1,217 703 9,214 8,863 351 1,960 808 1,152 1963 8 26,322 800 800 14,353 12,467 1,183 703 9,204 8,863 341 1,965 808 1,157 19648 [ 2 2 8 9 , , 9 0 5 0 1 2 8 8 0 0 0 0 8 8 0 0 0 0 1 1 5 5 , , 4 42 2 8 4 1 1 3 3 , , 2 2 2 2 4 0 1 1 , , 1 1 2 2 5 5 1 1 , , 0 0 7 7 9 9 1 1 1 1 , , 0 0 0 5 1 6 1 1 0 0 , , 6 6 2 8 5 0 3 37 7 6 6 1 1 , , 7 7 2 2 2 2 8 8 1 18 8 9 9 0 0 4 4 1965.. 29,115 834 34 800 15,372 13,066 1,105 1 ,201 11,478 11,006 472 1 ,431 679 752 1966 8. / ( 2 2 9 9 , , 7 9 7 04 9 1 1 , , 0 01 1 1 1 2 2 1 1 1 1 8 8 0 0 0 0 1 1 3 3, ,6 65 0 5 0 1 1 2 2 , , 4 53 8 9 4 8 8 6 6 0 0 2 2 5 5 6 6 1 1 4 4 , , 3 2 8 0 7 8 1 13 3 , , 6 8 8 5 0 9 5 5 2 2 8 8 9 90 0 5 6 5 5 8 8 1 0 3 3 2 2 5 5 1967—Jan.. . 28,962 1 ,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 5 30 869 637 232 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 5 29 841 607 234 June.. 29,632 I ,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 14,341 908 71 1 16,070 15,523 547 752 548 204 Dec... 3 3 3 3 , , 2 1 9 1 6 2 1 1 , , 0 0 3 3 3 3 2 2 3 3 . 3 1 8 8 0 0 0 0 1 1 5 5 , , 6 6 9 9 2 6 1 1 4 4 , , 0 0 7 7 7 3 9 9 0 0 8 8 7 7 1 1 1 1 1 1 5 5 , , 8 7 8 0 0 0 1 15 5 , , 3 1 2 4 2 2 5 5 5 5 8 8 6 6 8 8 7 7 4 4 8 8 3 3 2 2 0 0 4 4 1968 —Jan J’. 33,053 1 ,033 233 800 15,248 13,820 717 71 1 16,101 15,531 570 671 467 204 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-ncgotiable, non-interest-bearing special U.S. Govt, that are guaranteed by the United States. notes held by other international and regional organizations. 5 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 di/fer 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 non liquid 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

APRIL 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 a g ri l e n s E W u e ro st p e e rn 1 Canada A re m L p e a u r b t i i c n lic 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....................................................................................................... 15,424 9 220 I ’ 608 1,238 3,020 160 178 1965....................................................................................................... 15,372 8 ^608 1,528 1,497 3 ’ 300 194 245 1966 3................................................................................................... • 13,600 7,488 1 J89 1 J34 3,284 277 228 ,13,655 7,488 1 ,189 1,134 .1,339 277 228 1967—jan............................................................................................ 13,336 7,236 1,186 I 139 3,259 276 240 Feb.......................................................................................... 13 353 7^285 I 134 1,167 3 270 255 242 13,558 7,490 l’l 27 1,246 3 208 259 228 14 102 7^829 1’156 1 ’455 3 148 284 210 14 380 8^014 1,154 1,508 3’183 284 237 14,099 8,21 3 ’ 909 1 ’290 3 157 270 260 July.......................................................................................... 14,161 8 ,'297 909 1 317 .3,’160 246 232 Aug........................................................................................... 14,074 8^357 912 11189 3,122 253 241 Sept............................................................... ■ • 14,381 8’649 903 1,186 3,172 224 247 Oct....................................................... • .............................. 14/310 9,065 968 1 J 222 3’170 228 257 Nov........................................................................................... 15/960 10*257 901 1,270 3,053 224 255 Dec........................................................................................... 15’692 9^872 996 1/41 3,179 246 258 1968—Jan J’........................................................................................ 15,248 9,373 1 ,091 1 ,217 3,089 226 252 1 Includes Bank for International Settlements and European bund. with those shown for the preceding date; figures on the second line are 2 Includes countries in Oceania and Eastern Europe, and Western Euro­ comparable with those shown for the following date. pean dependencies in Latin America. Note.—Data represent short-term liabilities to the official institutions 3 Data on the two lines shown for this date differ because of changes of foreign countries, as reported by bunks in the United States, and foreign in reporting coverage. Figures on the first line are comparable in coverage official holdings of marketable and convertible nonmarketable U.S. Govt, securities with an original maturity of more than I year. 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional Foreign Other End of Grand Europe Canada Latin Asia Africa coun­ period total 1 Total 1 IntlJ gi R on e a ­ l2 Total c O ia ff l i­ 2 Other America tries — _. .._ ... ---------- ——--------- — -------------------- . . —......-..........—------- .— . ...—_.. ------- —— .------- -------------- 1966.................................. 27,599 1,380 1,270 no 26,219 12,539 13,680 13,933 2,502 3,883 5,250 385 266 1967—Feb....................... 26,732 1 ,408 1 ,277 131 25,324 12,160 13,164 13,321 2,227 3,971 5,142 379 284 Mar...................... 26,807 1 ,437 1 ,315 122 25,370 12,365 13,005 13,311 2,265 4,063 5,095 357 278 Apr....................... 27,158 1 ,429 1,311 118 25,729 12,873 12,856 13,406 2,298 4,273 5,088 389 275 May..................... 27,354 1,407 1 ,287 120 25,947 13,115 12,832 13,437 2,317 4,366 5,158 392 277 June..................... 27,340 1,362 1 ,252 1 10 25 ,978 12,808 13,170 13,917 2,065 4,148 5,169 376 303 July...................... 27,797 1 ,409 1 ,296 113 26,388 12,870 13,518 14,145 2,270 4,151 5,200 339 284 Aug...................... 28,487 1 ,378 1,248 130 27,109 12,714 14,395 14,948 2,253 4,019 5,245 367 277 Sept...................... 28,815 1 ,328 1 ,205 123 27,487 12,971 14,516 15,116 2,329 4,047 5,371 329 296 Oct........................ 29,917 1 ,314 1,187 127 28,603 13,398 15,205 15,788 2,688 4,129 5,356 332 309 Nov...................... 31,212 1 ,348 1,217 131 29,864 14,341 15,523 17,100 2,613 4,230 5,286 328 306 130,682 1,283 1,177 106 29,399 14,077 15,322 16,362 2,706 4,146 5,526 349 310 130,498 1,283 1,177 106 29,215 14,073 15,142 16,182 2,706 4,146 5,522 349 310 1968 -JanJ’.................... 30,618 1 ,267 1,170 97 29,351 13,820 15,531 16,004 3,097 4,201 5,411 326 312 Feb?’................... 30,901 1 ,210 1 ,097 111 29,691 14,000 15,691 16,109 3,201 4,129 5,532 434 286 _ __________ ________ 8a. Europe 1 Ger­ E p n e d ri o o d f Total Austria Belgium m De a n rk ­ l F an in d ­ France m F a e n d y . , Greece Italy N la e n th d e s r­ Norway Po ga rt l u­ Spain Sweden Rep. of 1966 .................. 13,933 196 420 305 58 1 ,070 2,538 129 1 ,410 364 283 358 162 656 1967—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 I ,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 I ,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 I ,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 (16,362 231 600 243 99 1 ,326 2,218 170 I ,948 585 449 437 150 489 116,182 231 600 243 99 1 ,326 2,218 170 1 ,948 585 449 437 150 489 1968—Jan. "... 16,004 165 564 212 116 1 ,346 1 ,924 165 1 ,896 526 367 437 137 512 Feb.”. . . 16,109 177 548 220 126 1 ,245 2,143 159 1 ,786 485 390 426 121 532 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-/2 IN IL. CAPH AL IHANSACIIUNS Oh I HL U.S. n APKIL iyb« 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 i n tz d er­ Turkey U K d n o in it m e g d ­ Y sl u av g i o a ­ W E O u e t r s h o t e e p r r e n 5 U.S.S.IL E E O a u t s r h o te e p r r e n Total A t r i g n e a n­ Brazil Chile Co b l i o a m­ Cuba Mexico ------------------------- ____ . ______.—__ ------- ---------— --------.- --_- ----------------- — . ...--•------—----.-.......______ ................. — —• • —.......... 1966..................... 1,805 43 3,817 37 234 8 40 3,883 418 299 261 178 8 632 1967—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........ I ,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.4... J (1 I , , 7 7 2 2 9 9 3 3 3 3 4 4 , , 8 6 4 6 6 6 2 2 3 3 7 7 3 3 6 6 8 8 4 4 4 4 4 4 , , 1 1 4 4 6 6 4 4 8 8 5 5 2 2 3 3 7 7 2 2 5 5 2 2 1 1 6 6 9 9 9 7 7 2 24 4 1968—Jan.". .. 1 ,536 39 5,129 42 852 7 31 4,201 431 277 251 159 9 725 Feb."... 1 ,512 39 5,426 56 682 6 29 4,129 419 291 239 165 8 747 8b. Isatin America—Continued 8c. Asia Bahamas | 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 ­ O L r t e . h A p e . . r Berm & uda A S n u N t r il e 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 ng g India n d e o si - a Israel 1966..................... 150 249 161 707 522 177 104 17 5,250 36 142 179 54 115 1967—Feb........ 147 234 167 718 550 198 107 18 5,142 36 140 206 51 :i2 Mar.. . . 152 257 168 704 563 184 (07 19 5,095 36 142 205 46 99 Apr........ 160 245 156 776 578 204 107 18 5,088 36 150 217 51 103 May.. .. 145 257 155 732 576 218 107 20 5,158 36 167 223 49 106 June,. .. 145 265 133 691 567 236 121 19 5,169 36 158 216 47 165 July. ... 155 270 136 764 544 192 110 17 5,200 36 165 220 58 166 Aug....... 157 257 128 725 520 209 1 16 24 5,245 36 181 242 50 148 Sept........ 159 250 138 706 521 219 121 17 5,371 36 187 243 47 142 Oct......... 164 250 131 778 515 234 12.3 18 5,356 36 194 233 59 148 Nov....... 181 264 137 792 520 236 111 20 5,286 35 209 250 39 149 JI70 274 147 793 523 233 111 18 5,526 35 215 354 34 138 (170 274 147 79.3 52.3 233 111 18 5,522 35 215 354 34 138 1968—Jan.". .. 160 281 143 851 512 276 108 18 5,41 1 37 224 .328 40 127 Feb.*... 15.1 267 ,57 770 5 66 244 89 17 5,532 36 222 .347 42 147 8c. Asia—Continued 8d. Africa 8e. Other countries E pe nd ri o o d f Japan Korea P p h in il e ip s ­ T w a a i n ­ ’T la h n a d i­ O A t s h i e a r Total C s ( h o K a n i s n g a o ­ ) ro M c o co ­ A So fr 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 1966....................... 2.67! 162 285 228 598 779 385 15 31 71 39 229 266 243 22 1967—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........... 2,449 191 276 227 663 749 339 13 35 63 15 214 284 255 28 Aug........... 2,443 184 271 230 685 775 367 17 33 73 21 224 277 252 25 Sept...... 2,554 192 287 230 684 768 329 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 (2,567 176 291 227 630 858 349 33 18 61 16 221 310 283 27 Dec. 4. ... 12,567 176 291 223 630 858 349 33 18 61 16 221 3 Ki 283 27 1968—Jan."......... 2,461 195 299 216 655 830 326 30 17 61 18 201 312 285 27 Feb.".... 2,545 181 296 210 661 843 434 30 22 53 15 315 286 254 33 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 arc included in "Europe.” 5 Includes Bank for International Settlements and European Fund. 3 Foreign central batiks 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

;NTL CAPITA!. TAANSACJONS Gr THE U.S. A-73 i>HO?!'! -Fu:^^ :.. Xs-il j : siX ’0 FOSXiGFlERS REX.if; IXD 3/ BANKS !N ’HE UrATEX’ STATE:;, 3Y COLWRY'—Continued ! Amoum:. f^ista \.hi."; iu millions of collar*;i Ac Supplementary 'Ina " Und ol period) fhci: U::‘,e of issu..-. Dale, ex elude the ':10k I ings of dollars” of the Interna­ tional Monetary fund; for explanation sec note following Tables 17 anc 18. Data exclude also U.S. Treasury letter; of credit and non-ncgotiable, not!-; merest-bearing special U.S. notes held by the In ter-American De­ velopment Bank and tiic International Development Association. ■ or data on long-tenn liabilities, sec Table 14. 9. SHORT-TERM LiABiUTiES TO FOREIGNERS REPORTED SY BANKS IN THE XNiTtD STATES. SY TYPE (AmJUT.?. Oilislanding; ii nt: I lions of dollars) Pavuijlc n dollars -------- . . _ .... - - — "— - -....— ------------.. s, unicci: aa! ;j;icr|.tdona I ins: tulioi'.-: ■ To all other foreigners Payable <1 Total ...............- in foreign U.S. Deposits U.S. currencies — Tobi: Demand- .l ime ;: c b e i r l t ls i’ ic a a n t a cs <.)i he.- -’ i mal Demand Time - c b e 1 i r r l t u l i s f u i c s a a n n t r d e y s Other -’ ------------ ------ .. _ — 27,59.9 23,266 «,.-«7i : 4,650 7,464 3,381 3,744 MM 1,819 8.1 429 589 1967—be 5............. "h 710 22,450 i ■■■. i; x -sg 3,45.; .->, 776 1 ,51 2 1 ,845 89 330 507 Mar 26,207 22,481 7.919 ; J40 ; II ,n 1 ,556 1 ,853 ; t) U4 504 A M p a r y ‘ 2 2 7 7 , , 5 15 5 6 4 2 2. 2 1 , , 8 0 2 0 9 8 24’9 sUi MTS 1 1 , , 6 8 4 5 5 2: 86 3 30 3 5 0 5 5 4 2 6 2 June } 2.1,01 s ■7,866 ’,825 I ,615 1,844 297 496 J U i y. 27.79? 23,482 S/2U .', 750 7.89' 2,627 1 ,580 1,87) 6n 296 503 Aug 28,48/ 24,224 3,831 1 ,2-15 I .916 i>9 331 432 Sept 28,815 24,330 9 >44 I >10 3.035 3 >41 3,907 1 ,579 1 >37 76 315 379 Oct 29,917 9,846 3 8,1 i 7 3,983 1 ,577 ,98l> 84 3 D 282 31 ,212 26,908 '.•79-1 I 8 h .Mb 4,072 1 ,630 2,036 72 335 231 Dec. =. . . . ' ■ 3 3 0 0 , , 6 49 3 8 - 2 25 6 . . 1 3 4 3 7 0 3 i , 77 / 2 2 ^ 'M Ja M ’G ■ * ’ ■ 4 ■ 0 ^ 8 4 ■1 .1 .1 2 2 3 3 I 1 , . 6 6 9 93 3 2 2 , , 0 0 5 5 2 2 T 7. ? 8 S 30 O 1 I 2 2 2 2 9 9 1968- Ian. <• 30,:.; 8 26,2?- 4 •t,U43 1 ,57 6 2,983 100 291 bob. x. . . . 39.901 IG.i 98 j 1.91.; U , 74.1 1,082 ! ,581 MM 286 308 ' Data exclude 1 * ho k. i nas ■;.' l ..a ? I i a tV '.Thu I 11 e r n a L o 11 a I Monetary ! I):. it un 114: t wo line; :ih o ?■ n for this 'liite d iilcr bwaise of changes in Fund. i cpar dug cor er age. Hgures on line first line arc comparable in coverage 2 Excludes negotiable time cert incudes of dupo.dr, which arc incindex! with those sb. own lot the precedi tic, ualc; figures on the second line are m “Other.” compArabie with lho.se shown for the following date. 1 Principally bankers’ acceptances, conim-rreiui paper. :;:id negotiable time certificates of’deposit. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

H-/H- IINIL. UHTIIHL IRMINdHUHUINd UP I HL U.S. u ArKIL iyOd 10. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. GOVERNMENT BONDS AND NOTES (End of period; in millions of dollars) 1967 1968 Area and country 1966 — ----- . ——............. . ----------- ----------- -----—_---------- . Feb. Mar. Apr. May June July —Aug. — Sept. Oct. Nov. Dec. Jan.* Feb J' ------------------------------------------------ — . _ _.. . _ ..........-------------- — -------------------------- ——.............. _ . ... Europe: Austria..................................... 3 3 3 3 3 3 3 3 3 3 3 3 3 3 Denmark.................................. 13 13 12 12 12 12 12 12 12 12 12 12 12 12 Prance...................................... 7 7 7 7 7 7 6 6 6 7 7 7 7 7 Germany.................................. 1 1 1 1 1 1 I 1 1 2 Italy........................................... 2 2 2 2 9 9 9 9 9 9 9 9 6 Netherlands............................ 5 5 5 5 5 4 4 4 4 5 5 4 4 Norway.................................... 51 51 51 51 51 51 51 51 51 51 51 51 51 49 Spain......................................... 2 2 2 2 2 2 2 2 2 2 2 2 2 Sweden..................................... 24 24 24 24 24 24 24 24 24 24 24 24 24 24 Switzerland............................. 93 93 93 92 91 90 88 87 87 91 91 9 1 91 92 United Kingdom.................. 348 353 35.3 355 359 364 368 375 .379 383 371 380 390 415 Other Western Europe. . . . 49 49 50 50 50 50 50 51 51 51 51 51 51 51 Eastern Europe..................... 7 7 7 7 7 7 7 7 7 7 7 7 7 7 - -------- . — _— -----——. ..^__. . ——— ..—_—— .—— .---------... —--------------- —.- —.— ...-----------—. — — . . Total................................ 605 610 609 611 613 624 626 633 637 646 634 643 652 674 Canada......................................... 692 695 695 722 719 716 717 717 718 716 715 716 527 463 Latin America: Latin American republics.. 8 8 8 7 7 6 6 6 6 6 6 6 6 6 Other Latin America........... 19 18 18 18 18 18 18 18 IS 18 18 18 20 20 —,— — —------------ ... —.~—.— -._—--------—-------—,—-----. ——-------- ——_-------------------- _..—------------ Total................................ 25 24 24 24 24 24 24 24 24 24 24 24 25 26 Asia: Japan........................................ 9 9 9 9 9 9 9 -- -9— 9 9 9 9 9 9 Other Asia.............................. 42 42 42 42 53 53 54 54 54 54 54 54 54 54 —----------------- - . ..----------. ------ —_ ------------------— .__ —— . -——...----—,— _ ----------- ----------— — Total................................ 50 51 50 50 62 62 63 63 63 63 63 63 63 62 Africa............................................ 15 15 15 23 28 28 28 22 22 22 19 19 19 19 Other countries.......................... 1 1 1 1 I 1 1 1 1 1 1 I 1 1 Total foreign countries............ 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 1,245 International and regional: International.......................... 250 187 172 172 172 172 169 169 169 169 169 168 168 168 Latin American regional... 75 60 60 60 61 57 58 38 38 38 35 35 36 36 Other regional....................... I 1 1 1 1 1 1 1 1 — --------- . —.— ------------ Total................................ 325 247 232 233 234 230 227 207 207 207 204 204 204 205 Grand total................... 1,713 1,642 1,627 1,663 1,680 1 ,685 1,685 1,666 1,671 1 ,679 1,659 1,670 1,491 1 ,450 Noth.— Data represent estimated official and private holdings of mar­ monthly reports of securities transactions (see Table 15 for total trans­ ketable U.S. Govt, securities with an original maturity of more than I actions). year, and are based on a July 31, 1963 survey of holdings and regular 11. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) Payable in dollars Payable in foreign currencies End of period Total Total Canada1 Italy 2 Sweden Total Austria Belgium Germany Italy Sw la i n tz d er­ ILLS. 1964........................... 1,440 354 329 25 1,086 50 30 679 257 70 1965........................... 1,692 484 299 160 25 1,208 101 30 602 125 257 93 1966........................... 695 353 144 184 25 342 25 30 50 125 111 .................. 1967—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 I ,047 50 60 601 125 211 Dec............... 1,563 516 .114 177 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 .................. Mar............... 1 ,879 606 414 167 25 1 ,272 50 60 726 125 311 .................. 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

APRIL 1968 a 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 1 294 131 64 1965 1........................................................................................... j7,632 * i ;26i 593 2 ,'288 3,*343 139 67 17,734 1 ,20« 669 2,293 3,358 139 67 1966 L......................................................................................... , ( ' 7 7 , , 8 8 5 1 3 9 * 1 1 , , 3 3 6 7 6 4 6 61 2 1 0 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—Feb................................................................................... 7 686 1 246 628 2 465 3,152 132 62 Mar.................................................................................. 7*871 1 *261 614 2*508 3 278 148 62 Apr.................................................................................. 7 957 * 1 277 625 2*468 3*387 139 62 M ay................................................................................. 8 111 1 *307 594 2*516 3 *497 133 63 June................................................................................. 8*261 1 1 *288 592 2’544 3 * 640 127 71 July................................................................................... 8’232 1 *258 596 2’574 3 *612 117 74 Aug................................................................................... 8,282 1 1 ^342 602 2*587 3 560 119 71 Sept.................................................................................. 8,338 * 1 316 564 2,579 3^ 69 2 115 71 Oct................................................................................... 8,267 * 1 ’ 260 572 2 554 3 704 108 70 Nov.................................................................................. 8,360 1 ,224 564 2 603 3 791 107 71 Dec,......................................................................... 8 593 * 1 232 611 2*708 3,871 102 67 1968—Jan. p............................................................................... 8 420 * I 124 554 2 692 1,879 101 70 Feb. i'.............................................................................. 8^534 * 1 J32 546 2 ;?22 3,946 1 17 71 12a. Europe End of period Total A tr u ia s­ g B iu e m l­ D m e a n rk ­ l F a i n n d ­ France G Fe e d r o . m f R an ep y . , Greece Italy N la e e n r t d ­ h s ­ N w o ay r­ t P ug o a r­ l Spain S d w en e­ 1964...................................... 1 230 11 48 26 84 81 152 10 114 36 43 23 40 49 1965 1.................................. J H I , , ’ 2 20 0 1 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 13 3 1 1 1 1 0 0 3 3 8 8 5 5 1 1 2 2 6 6 5 50 0 5 5 2 2 1 you 1.................................. ( ? 1 l , , 3 3 7 6 4 6 1 1 6 6 6 6 7 7 6 62 2 9 9 1 1 7 7 3 4 2 2 1 2 5 7 1 1 6 6 1 1 1 08 0 4 40 0 7 7 6 6 4 41 1 6 6 7 7 7 75 4 1967- -Feb.......................... 1 ,246 20 76 42 91 66 164 15 81 45 60 38 71 79 Mar......................... 1 ;26i 19 73 44 92 68 170 14 72 44 62 37 69 79 Apr.......................... 1 ^277 17 73 35 97 74 193 15 66 35 60 36 68 78 M ay......................... 1 ,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......................... 1,258 13 61 37 97 75 198 15 68 31 50 27 68 62 Aug.......................... I ,342 16 65 37 93 74 184 15 61 30 51 26 61 68 Sept.............. 1 ’316 24 66 33 90 79 1 89 18 57 36 52 26 53 65 Oct........................... 1 ’260 10 72 36 85 60 198 20 79 31 52 24 56 71 Nov......................... 1 ^224 10 63 48 83 82 174 1 8 69 49 57 14 53 67 Dec.......................... I ’232 17 66 37 78 88 176 19 58 35 61 26 54 75 1968—Jan. »’...................... 1 ,124 10 48 34 78 58 143 19 51 38 61 22 54 65 Feb. "..................... 1,132 9 47 32 77 73 .37 22 54 37 55 19 53 58 12a. Europe—Continued 12 b. Latin America End of period S la w e n r it d ­ z­ T ke u y 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 r t s h o t e e p r e r n U.S.S.R. E E O u a t r s 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.. HI 37 310 16 20 20 2,235 203 126 176 338 17 644 1965 । 1 7 7 3 3 4 4 2 2 2 2 1 1 0 6 2 2 8 8 2 2 8 8 6 6 2 2 7 7 2 2, , 2 2 9 8 3 8 2 2 3 3 2 2 9 9 4 4 1 17 7 4 4 2 2 7 7 0 0 1 1 6 6 6 6 6 7 9 4 1966 । I |8 8 8 3 5 5 2 2 2 1 1 9 0 3 1 1 9 9 r 3 4 7 0 2 2 1 1 6 6 2 2, , 4 4 5 8 3 9 1 1 8 9 7 3 1 11 1 2 4 1 15 5 8 9 3 3 0 0 8 5 1 1 6 6 7 7 6 5 7 7 1967-Feb.. 83 27 209 22 39 2 17 2,465 169 120 149 285 16 817 Mar. 81 37 217 22 39 1 20 2,508 180 125 146 274 16 853 Apr.. 82 47 214 23 42 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 2,544 185 116 155 223 16 861 July. 103 39 235 25 33 * 22 2,574 185 115 161 239 16 913 Aug. 119 47 321 22 28 24 2,587 185 117 160 243 16 943 Sept. 111 49 289 23 36 2 20 2,579 189 H8 170 242 16 944 Oct.. 118 34 242 19 33 * 19 2,554 199 124 172 227 16 929 Nov. HO 23 232 19 34 19 2,603 208 136 175 227 16 910 Dec. 98 38 242 13 30 3 18 2,708 221 173 179 217 16 960 1968—Jan. ». 106 37 230 15 31 3 21 2,692 218 197 195 201 15 954 Feb. >’ 106 37 249 15 28 2 20 2,722 227 221 184 193 15 995 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-76 INTL. CAPITAL TRANSACTIONS OF THE U.S. o April 1968 12. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 12b. Latin America—Continued 12c. Asia ------------—....... —-------- ... -----------—.. ... —_ .. ._. ---------- ---------------------------_—.....— — Other Baha­ Noth, Other 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 l e L ic p . s A ub . ­ m B m u & e a d r s a ­ A S n na u t & i m l r l i e ­ s A L m a ic t e a in r ­ Total C M la h a n in i d n a ­ K H o o n n g g India I n n e d si o a ­ Israel ------------------------- ------------—— —-------. — .... ... ----------—-------------- ———— — -...... ----------- 1964.................... 49 108 78 168 224 65 18 21 3,294 2 28 21 7 47 1965 1.................. 1 (5 5 9 9 1 17 7 0 0 4 4 5 5 2 2 2 2 0 0 2 2 5 5 0 0 5 5 3 3 1 1 4 4 2 2 3 3 3 3 , , 3 3 4 5 3 8 1 I 2 2 9 9 1 1 7 7 2 2 8 86 6 19661.................. J 1 8 85 4 2 2 1 1 1 2 4 4 5 5 2 2 2 2 0 6 2 26 7 1 2 6 6 1 1 1 1 8 8 1 17 6 3 3 , , 2 13 0 5 6 I 1 3 3 1 1 1 1 6 6 6 6 9 9 8 8 1967—Feb......... 77 225 39 213 262 62 17 16 3,152 1 31 12 6 106 Mar.. . . 79 232 56 212 247 56 17 15 3,278 1 33 13 5 96 Apr........ 75 238 59 200 248 61 17 16 3,387 1 31 14 5 89 May.... 75 262 60 217 241 51 18 16 3,497 1 35 14 5 94 June.. . . 68 285 64 210 248 78 17 18 3,640 1 36 17 5 88 July. . .. 64 255 63 212 247 65 17 20 3,612 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 I 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 I96S—Jan. "... 52 248 40 224 266 53 10 19 3,879 I 27 14 5 50 Feb.". . . 52 246 38 228 252 46 10 18 3,946 1 27 12 9 46 12c. Asia—Continued 12d. Africa 12e. Other countries End of period Japan Korea P p h in i e lip s ­ ' w F a a n i- T la h n a d i­ O A t s h i e a r Total C s ( h o K a n i s n g a o ­ ) Moroc- A So fr u ic th a ( U B . a A y . p R t) . A O f t r h ic e a r Total A t l r i u a a s ­ ­ o A th U e r 1964. 2,810j 21 203 9 65 82 131 2 20 42 67 64 48 16 19651 / ( 2 2 . , 7 76 5 8 U 2 22 2 2 23 3 1 0 1 1 5 5 8 8 2 2 1 1 0 0 8 7 1 1 3 3 9 9 2 2 3 3 4 4 4 43 3 6 6 0 0 6 67 7 5 5 2 2 1 15 5 19661 1 (2 2 , , 5 5 7 0 2 2 3 3 1 1 2 2 2 20 0 1 1 4 5 8 81 1 1 1 3 3 5 4 1 1 4 4 7 7 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—Feb.. 2,486 34 228 26 86 137 132 4 43 15 71 62 53 8 Mar. 2,61 1 38 232 30 89 131 148 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 34 31 63 63 52 June 2,939 49 270 27 87 122 127 2 30 27 66 71 60 12 July. 2,909 55 289 29 81 116 2 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 2 37 14 54 71 58 13 Dec. 3,147 59 294 37 99 135 102 2 37 52 67 54 1968—Jan. p. 3,176 48 289 41 105 123 101 2 37 12 49 70 58 Feb. ’’. 3,213 52 307 44 107 128 39 64 71 59 12 i 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-tcnn 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

APRIL 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 Total . i O t n io s ff n t ic i s t i u a 1 ­ l Banks Others s t o t i i a o n u n n g t d s ­ ­ f o e o m a i r f g n a n f c a o d e e c e r s r c ­ s t, Other Total D w e e i i g t p h n o e f s o r i s t r s ­ c a n c u p n a o r a d i n m t p i c e e f l e . i s r ­ , Other 1964.................................. 7,957 7,333 2,773 221 1,403 1 ,150 1,135 2,621 803 624 336 187 102 ^632 7,158 2,967 271 1 ;566 1,130 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 '7,819 7,399 3,138 256 1 ,739 1,143 1,367 2,450 443 420 240 70 110 1966 2............................... (7,853 7,433 3,141 256 1 ,739 1,145 1,288 2,540 464 420 241 70 110 1967—Feb....................... 7,686 7,276 2,969 239 1 ,579 1 ,151 1,292 2,566 450 410 248 70 92 Mar................. - 7,'871 7*448 3,023 252 1^611 ।; 160 1'356 2,628 441 423 275 50 97 Apr....................... 7'957 7^537 2.969 27! I ^536 1,162 1 J52 2,739 476 421 256 77 88 May...................... 8 JI I 7*698 2,928 246 1 ,557 1,125 L385 2,914 471 413 263 62 89 June..................... 8,261 7’862 2,917 253 1 ^553 1,111 1330 3,028 487 400 262 54 83 July...................... 8,232 7’817 2,871 261 1 J 482 1 J 27 1*430 3,0.39 478 415 281 57 78 Aug...................... 8^282 7*771 2,918 287 1 397 I J 34 1*440 2,944 470 510 368 70 73 Sept...................... 8',338 7,916 3,046 271 1 ^595 1 ,181 1,452 2,929 489 422 291 48 83 Oct........................ 8’267 7^834 2,977 270 1 ’556 1,152 1 356 2,899 502 433 293 61 79 Nov,.................... 8^60 7’950 3,03.3 264 1 ’,566 1,204 L508 2,942 467 410 269 71 70 Dec...................... 8*593 8,168 3; 150 306 1 ,603 1,241 ll5O7 3,016 496 425 287 74 63 1968—Jan t>................. 8 420 8 018 3 061 293 1 ,541 I ,227 1,517 3,029 41 1 403 261 70 72 Feb. ".................. 8',534 8 j 67 3,164 302 1 1647 I ;2I5 1,627 2,982 395 367 255 55 57 1 Includes central banks. with those shown for the preceding date; figures on the second line are 2 Data on the two lines shown I'or this date differ because of changes in comparable with those shown for the following date. reporting coverage. Figures on the first line .ire 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 Total F c o t o r r i e u e i n s g ­ n n re a g a ti i n o o d n n a a l l Total P L a o y a a n b s le in d o A o th ll l e a l r rs P f r o e a c n r y i u e n c a r i i g b e ­ n l s e U K d n i o n it m e g d ­ Europe Canada America Japan O A t s h i e a r t O c r o ie th u s e n 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 4,211 297 9 86 1 ,506 358 1 ,296 445 391 436 1966.................... 1 ,494 988 506 4,180 3,915 247 18 70 I , 143 326 1 ,346 326 409 562 1967—Feb........ 1,658 1 ,U3 545 4,026 3,783 227 16 72 1 ,093 277 1 ,314 304 391 575 Mar. ... 1 ,865 1,289 576 4,027 3,779 232 16 68 1 ,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.... 2.017 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 1,349 195 381 610 July. .. . 2,454 1,849 604 3,843 3,588 238 17 48 952 355 1 ,410 185 393 500 Aug........ 2,519 1,877 642 3,894 3,635 242 17 51 942 352 1 ,455 176 396 522 Sept. .. . 2,309 1 ,655 654 3,909 3,622 268 19 52 909 364 1 ,500 171 395 518 Oct......... 2,278 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 Dee........ 2,483 1 ,800 684 3,895 3,621 258 15 56 720 413 1 ,556 180 433 537 1968—Jan. «... 2,498 1 ,810 688 3,832 3,574 246 12 57 708 416 1 ,513 176 430 533 Febj’. . . 2,520 1 ,837 683 3,769 3,517 241 10 55 684 400 I ,475 175 442 539 1 Includes Africa. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-78 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ APRIL 1968 15. PURCHASES AND SALES BY FOREIGNERS OF LONG TERM SECURITIES, BY TYPE (In millions of dollars) Marketable U.S. Govt, bonds and notes 1 U. s S e . c c u o ri r ti p e o s r a 2 te Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d i, Foreign ' ch P a u s r e ­ s Sales c N ha s e s a t e le 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 le 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 ­ regional Total 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 10,208 9,148 1,059 2,026 3,185 1 ,159 880 1 ,037 -157 1967—Feb.. -50 -57 7 5 2 579 557 23 98 168 -69 66 55 1 1 Mar. -15 -14 775 724 52 215 265 -50 75 68 7 Apr., 35 35 35 700 563 137 154 259 • 105 67 55 12 May. 16 16 915 760 156 127 168 -41 68 65 3 June. 5 9 12 926 821 105 248 309 -61 71 95 -24 July. 3 3 943 740 203 145 314 -169 68 69 -I Aug. -19 -20 • -6 7 877 793 84 147 225 -78 67 106 -39 Sept. 5 5 1 ,109 858 251 350 481 -131 81 125 -44 Oct.. 9 8 8 960 1,148 -188 195 323 -128 77 91 -14 Nov. -20 -4 -16 -14 848 885 -37 112 142 -30 75 89 -14 Dec. 10 10 10 1 ,005 774 231 122 266 -144 94 155 -61 1968—Jan. *.. -178 -179 1,098 833 265 85 264 -179 68 79 --11 Feb J’.. -42 -42 -65 990 648 342 156 265 -108 70 80 -10 i Excludes nonmarketable U.S. Treasury bonds and notes issued to agencies and corporations that are not guaranteed by the United States. official ihstitutions of foreign countries; see Table 11. Noth.—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) lype of security Country or area Period Total Stocks Bonds France S l z a w e n r i d ­ t­ U K d n 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......-..1..7...3... -349 176 —37 -200 -4 14 -228 3 25 10 -1 18 1965......-..3..7...5... -413 38 14 14 -522 47 -446 42 -13 24 -4 2 21 1966..........7..0..3.. -333 1,036 37 65 — 80 116 140 224 65 18 4 251 1967 .............. 1,059 748 '311 182 426 -452 220 375 305 115 79 34 17 136 1967—Feb... 23 -28 50 7 4 -16 16 11 4 4 1 • j Mar. . 52 -14 65 10 5 I 1 19 45 -6 9 8 -5 Apr... 137 66 71 8 34 -3 13 51 8 5 1 72 May.. 156 14 141 8 20 67 31 126 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 11 29 5 -4 41 25 9 * 1 8 Sept. . 251 143 108 37 49 15 25 126 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 -118 49 8 11 11 3 Dec.., 231 147 83 12 78 13 29 133 32 44 23 * 3 ...4 1968—Jan J’. 265 158 107 14 80 5 63 162 64 16 5 3 1 14 Feb. v. 342 81 261 33 94 92 92 311 24 -5 5 * ♦ 8 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

APRIL 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 (In millions of dollars) (In millions of dollars) Total Period Total g I a i r n o n e n t d ­ i a , l c e t f o r o i i g u e r n n s ­ ­ r E op u e ­ C a a d n a ­ A L i m a ca t e in r­ Asia r A ic f a ­ c O t o r t i u h e e n s r ­ E p n e d ri o o d f Deposits U.S. A s G s o e v ts t . i f 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...................... -1,316 -393 -923 3 -771 38 --152 -■ (4 -27 1966................ 174 7,036 12,946 1967—-Pel).......... - 59 6 -65 -8 -62 6 -2 1 1967—Mar... 131 7,547 12,972 Mar......... - -43 -87 44 22 - 51 29 28 6 11 Apr.. . 123 7,912 12,975 -93 -94 1 1 1 3 -5 -12 1 May. . 193 7,799 12,972 May......... -39 -I -38 H -23 -23 -5 1 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 Ann... 144 7,535 12,993 O S A N D e u c e o p t g c v . t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - - - 1 2 1 1 -4 7 0 4 1 5 4 2 5 7 - - - 3 - 7 4 1 4 7 3 2 3 -1 - - - 2 1 • — 5 7 0 0 4 5 3 0 7 ■ - - - - 6 2 4 4 2 3 7 — — -1 — 1 1 4 2 0 2 8 1 4 7 6 -6 2 * V 7 - - - 3 - 1 I 9 1 t 4 5 8 1 * * 2 9 T 7 • S O D N e e c o p c t v . t . . . . . . . . . . . . 1 1 1 1 3 1 3 6 5 7 5 8 7 9 9 7 , , . , 8 4 2 5 6 5 5 2 1 8 6 3 1 1 1 1 3 2 3 3 , , , , 2 9 0 0 5 9 0 3 3 2 0 2 1968—Jan.... 160 8,861 13,201 1968—J F a e n b. . ” /'. . . . . . . . - - 1 1 9 1 0 8 -6 1 4 0 -1 -1 2 2 6 8 -7 4 - - 1 1 1 1 2 7 - - 1 5 - - 1 3 2 - 1 * 1 F M e a b r . . . . . . 1 1 9 9 7 2 8 8 , , 4 9 1 2 8 2 1 1 3 3 , , 2 4 3 6 2 6 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 Noth.—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 I MF 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, sec 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 IHIL. OMF11MU 1 I\m MOMV I IUINJ Of fill- V-O- 11 MI'IUI. 1^00 19. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (End ol'period; in millions of dollars) Liabilities to foreigners Claims on foreigners —................- ----- ——------- -- .......................1 Area and country 1966 1967 1966 1967 Dec. 1 Sept. Dec. Mai'. lune Sept.'1 Sept. Mar. 1 .him. Eu A ro u p s e tr : ia............................................................. 3 2 - 9 Belgium........................................................... 30 12 34 28 32 42 53 f. ' 59 D Fi e n n la m n a d r . k .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i 3 1 s I ■ 8 7 1 / 0 ^ 14 4 1 " ! 1 . 1 \ 0 4 6 France.............................................................. 57 62 61 bl 102 i 10 122 1 92 Germany, Fed. Rep. of............................. KI 7S 81 85 94 120 127 122 122. 118 Greece.............................................................. 2 15 15 17 20 Italy.................................................................. 52 54 62 65 66 107 101 98 so 9 3 Netherlands................................................... 67 68 80 78 82 42 48 45 47 0 3 9 8 7 Portugal........................................................... 6 9 7 7 6 Spain............................................................... 25 27 30 36 35 51 61 76 62 Sweden............................................................ 14 17 19 21 24 27 31, IS 1 0 Switzerland.................................................... 58 58 ■17 51 84 '>7 18 ?.o 4.1. Turkey.............................................................. 4 7 7 6 6 <:■ V United Kingdom......................................... 201 208 236 234 312 579 646 SJ 3 Yugoslavia.................................................... I * •* Other Western Europe.............................. 3 ‘1 5 9 1 1 12 i 3 Eastern Europe............................................ 1 1 1 Total........................................................ fill 631 678 682 820 1,185 1,212 1,295 1 ,15S 1 , 1T.; 138 146 17.1 199 190 509 489 482 49 1 460 Latin America; Argentina........................................................ Cj 6 J 4 4 > ; jO 3-1 Brazil................................................................ 9 10 11 10 10 73 (» 61 66 Chile................................................................ 1 4 5 6 7 31 M C C o u l b o a m ... b .. i . a ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 7 5 ’ 9 * 13 * 21 4 25 3 24 2 24 1 Mexico............................................................ 10 11 16 16 12 78 95 96 I 3 X Panama............................................................ 9 10 ‘1 2 12 12 li 10 Peru.................................................................. 6 6 7 28 31 .39 Uruguay.......................................................... 1 1 1 1 6 6 Venezuela....................................................... 25 36 38 36 49 62 53 M Other L.A. republics.................................. IK 20 15 17 19 59 60 62 3b 59 Bahamas and Bermuda............................. 2 3 / 5 4 11 18 12 25 Noth, Antilles & Surinam......................... 7 7 6 « 5 4 4 5 5 5 Other Latin America.................................. i 1 1 1 11 _ i0... 9 !G / Total........................................................ 104 124 US 122 122 4.22 463 445 469 472 Asia: Hong Kong.................................................... 2 3 4 4 •1 6 7 7 9 1 1 India................................................................. 17 17 13 1 5 12 32 33 35 Indonesia........................................................ 9 4 5 3 / ■1 s Israel................................................................ 5 5 4 Japan................................................................ 23 27 30 38 44 146 164 163 179 f c. *• Korea............................................................... 4 3 t 1 5 b 8 Philippines...................................................... 7 7 7 17 17 17 23 Taiwan............................................................. 7 4 5 1 7 12 10 10 Thailand......................................................... 1 4 4. •1 s 11 11 10 8 10 Other Asia..................................................... 35 31 41 39 ■15 69 7 7 88 79 78 ............... Total........................................................ 101 100 107 114 .26 299 331 346 357 380 Africa: Congo (Kinshasa)....................................... I I I 1 I 2 2 2 South Africa.................................................. 10 17 5 8 7 17 24 16 16 14 U.A.R. (Egypt)............................'............... 7 I 7 3 11 11 9 Other Africa.................................................. 7 6 7 8 1 i 30 32 35 32 31 Total........................................................ 19 24 15 19 21 59 69 1,2 58 34 Other countries: Australia.................................................... 51 58 52 49 61 57 58 54 44 44 All other......................................................... 4 6 6 7 8 7 8 8 6 Total........................................................ 55 64 58 56 70 63 66 61 50 51 International and regional............................ ♦ * »• * * * * 1 Grand total........................................... 1,028 1,089 1,148 1,193 I , 349 2,539 2,631 2,692 2,587 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

APRIL 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 Total do i l n la rs cu P fo r a r r e y i e n n a i g c b i n l e e s Total P d a o y i l n l a a b rs le D b i a n e n p r k o e s s p i a o ts b rt r w e o r i a ' t s h d Other name 1961 691 552 139 2,257 1,830 225 202 Dec.................................................................................................. 626 478 148 2,131 1,739 201 191 Dec.1.............................................................................................. 626 479 148 2J88 1,778 199 211 1964—Mar................................................................................................. 6.11 475 156 2,407 1,887 239 282 June................................................................................................. 622 471 151 2,482 2,000 220 262 June 2,.................................................................................... 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 C949 190 267 Dec.................................................................................................. 807 600 207 2,397 2,000 167 229 Dec.3.............................................................................................. 810 600 210 2,299 1,911 166 222 1966 Mar................................................................................................. 849 614 235 2,473 2,033 211 229 June................................................................................................ 894 657 237 2,469 2,063 191 215 Sept................................................................................................ 1,028 785 243 2,539 2,146 166 227 Dec.................................................................................................. 1 ,089 827 262 2,631 2',228 167 236 1967—Mar................................................................................................. 1,148 864 285 2,692 2,249 192 252 June............................................................................................... 1,193 906 287 2,587 2,112 199 275 Sept.31. . ....................................................................................... L349 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 A O m La t e h t r i e n ic 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. i......................... 147 1,139 31 112 236 209 65 198 98 87 85 18 1966—Mar............................ 176 1,156 27 124 239 208 61 206 98 87 87 19 June........................... 188 1,207 27 167 251 205 61 217 90 90 86 14 Sept............................ 249 1,235 23 174 267 202 64 207 102 91 90 14 Dec............................. 329 1 ,256 27 198 272 203 56 212 95 93 87 13 1967—Mar............................ 454 1,324 31 232 283 203 58 210 108 98 84 17 June........................... 430 1,494 27 263 303 214 88 290 110 98 85 15 Sept.71........................ 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. 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A-82 GULU KtbtKVbS □ ArKIL iyo« GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esli- Inti. listi- E pe n r d io o d f m to a t t a e l d M ta o r n y e­ U St n a i t t e e s d r m es a t t e o d f Af is g t h a a n n­ ?\ t r i g n e a n- t A ra u l s ia ­ A tr u ia s­ g B iu e m l­ Brazil Burma Canada Chile world 1 Fund world - ................- _... ....- ■ •— ------- . . ----- ..... . ------ . — ._ - . . ..----- . ------- . .. . — .. 1961.............................. 41 120 2,077 16,947 22,095 36 190 162 303 1,24S 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 '1 .869 13,806 27,285 35 66 223 700 1,558 63 84 1,151 44 1966............................. 43 185 2,652 13,235 27,300 35 84 224 701 1,525 45 84 1 ,046 45 1967....Feb................... 2,661 13,161 35 84 227 701 1,523 45 84 1,070 45 Mar.................. 43 115 2,652 13,184 27,280 35 84 228 701 1 ,524 45 84 1 ,084 46 Apr.................. 2,657 13,234 35 84 228 701 1 ,525 45 84 1 ,042 46 May................. 2,658 13,214 35 84 228 701 1,524 45 84 1 ,053 47 June................. 42 980 2,669 13,169 27,140 35 84 229 701 1 .522 45 84 1 ,066 47 July.................. 2,674 13,136 35 84 229 701 1 ,520 45 84 1 ,074 47 Aug.................. 2,678 13,075 35 84 229 701 1 ,516 45 84 1,086 46 Sepl.................. 42 955 2,679 13,077 27,200 3i 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................... 'J41 580 2,682 12,065 "26,835 33 84 231 701 1,480 45 84 I ,015 45 1968-Jan.................... 2,684 12,003 33 84 233 70! 1,460 45 84 1.025 45 /■eb................... ......... 2,699 11,900 ................ 33 ................ 234 701 1 ,454 ..............8..4 J , 026 42 ..........— --------- —....— --------— ... .... — . — -- Ger- E pe n r d io o d f lo C m o b ­ ia m De 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—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 Julv.................. 29 108 47 5,233 4,285 150 243 145 94 2,406 Aug.................. 30 108 47 5,234 4,283 149 243 145 94 46 2,400 Sept.................. 30 108 47 5,234 4,284 130 243 145 94 46 2,401 335 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 ............1..4..4 115 46 2,400 338 1968 - Jan.................... 32 107 45 5,234 4,140 131 243 144 151 46 2,364 Feb................... ............ 107 45 5,234 4,125 ................ 243 ............1..4..3 151 46 2,368 .............. ._ . ------------ - -— -----------—--- - -------- . . -------- ..------------------- .._ — . ..— _ J p - e 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—Feb................... 71 193 68 1 14 21 1,731 20 18 53 65 47 647 69 Mar.................. 73 193 68 1 12 21 1,731 20 18 53 55 47 650 69 A pr................... 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 1 ,731 20 18 53 20 58 692 69 Nov.................. 89 193 68 164 21 1 ,731 20 18 53 20 59 698 69 Dec................... 136 193 68 166 21 1,711 20 18 53 20 60 699 69 1968--Jan.................... 134 193 68 21 I ,682 20 18 53 20 62 'W Feb................... 203 75 1 ,677 20 18 53 63 69 t or notes see end of table. 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APRIL 1968 □ GOLD RESERVES AND PRODUCTION A-83 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d io o d f S A o 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 l n o t t t r l i e . ­ ments 4 1961 298 316 180 2,560 43 104 139 174 2,268 (80 401 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 1 16 139 2,265 155 401 19 •558 1966 637 785 203 2,842 62 92 102 93 1 ,940 146 401 21 -424 1967-—Feb....................... 581 784 203 2,678 66 92 97 93 146 401 21 -289 Mar...................... 540 784 203 2,679 74 92 97 93 1 ,677 146 401 21 -15 Apr....................... 519 784 203 2,643 74 92 97 93 146 401 37 May..................... 482 784 203 2,619 74 92 97 93 1 46 401 -87 June..................... 468 784 203 2,831 81 92 96 93 1,708 146 401 266 July....................... 493 784 203 2,844 81 92 96 93 146 401 2? - 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 ■101 358 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 M 92 97 93 133 401 22 •529 Feb....................... 691 785 203 2,793 — 92 97 93 ............1..3..3 401 406 1 Includes reported or estimated gold holdings of international ami those matched hy gold mitigation deposits with the United Slates and regional organizations, central banks and govts, of countries listed in United Kingdom; adjustment is $270 million. this table and also of a number not shown separately here, and gold to be 3 Excludes gold subscription payments made by some member countries distributed by the Tripartite Commission for the Restitution of Monetary in anticipation of increase in Fund quotas: for most of these countries Gold; excludes holdings of the U.S.S.R,, other Eastern European coun­ the increased quotas became effective in Feb. 1966. tries, and China Mainland. 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold The figures included for the Bank for International Settlements are assets minus gold deposit liabilities. the Bank’s gold assets net of gold deposit liabilities. This procedure avoids the overstatement of total world gold reserves since most of the Nori-.. •For back figures and description of the data in this anti 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 Ha ft king and Monetary Statistical 1962. 2 Adjusted to include gold subscription payments to the IMP’, except GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period produc­ tion i A So fr u ic th a d R e h s o ia ­ Ci han a C s ( h K o a n i s n g a ­ o ) U S n ta i t t e e s d ada M ic e o x­ r N a i g c u a a ­ Colom- P p h in i e lip s ­ Aus- ot A h l e l r I960........................................ 1,175.0 748.4 19.6 30.8 11.1 58.8 162.0 10.5 : 7.0 15.2 14,4 38.0 1961........................................ G215.0 803.0 20.1 29.2 8.1 54.8 156.6 9.4 7.9 14.0 14.8 37.7 [962....................................... 1,295.0 892.2 19.4 31.1 7.1 54 5 146,2 8.3 - 7.8 14.8 37.4 56.6 1963......................................... 1,355.0 960.1 19.8 32.2 7.5 51.4 139.0 8.3 7.2 4.8 35.8 ' 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 62.8 1965........................................ 1 ',440.0 t,069.4 19.0 26.4 3.2 58.6 125.6 7.6 6.9 II .2 4.6 30.7 1966....................................... 1'445.0 1 080.8 19.3 24.0 5 6 63.1 114.6 7.5 j 7.0 9.8 4.2 1967........................................ 1,061.6 103.7 1967—Jan............................. 89.5 8.7 1.3 2.4 Feb............................. 87.8 8.9 .6 8 1 .4 Mar............................ 89.5 21. 1 .6 Apr............................ 89.1 8.9 .« ............ I .4 2.6 May.......................... 91.2 8.9 .6 .8 ............ I .4 June........................... 89.1 9.1 .4 .8 ' M.7 1.4 2.6 July............................ 88.9 8.4 .4 .7 1............ 2.4 Aug............................ 90.5 8.3 .4 .8 ............ Sept.. ............... 89.9 8.0 .7 .8 ........... 2.3 Oct............................ 84.1 8.6 .7 ............ 2.7 Nov......................... 90.0 8.2 Dec............................ 82.0 8.7 1968—Jan............................. 90.3 l 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-84 MONEY KAIES □ AHRIL 1968 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Mar. JI, 1967 Rate Country 1967 196« M a a s r o . 3 f 1, 1968 Per Month cent effective Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Argentina................................. 6.0 Dec. 1957 6.0 Austria.................................... 4.5 June 1963 4.25 3.75 3.75 Belgium.................................. 4.75 Mar. 1967 4.5 4.25 4,00 3.75 3.75 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 O 7 S 7.5 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 June 1964 7.5 7.0 7.0 Ecuador..................................... 5.0 Nov. 1956 5.0 El 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 5.5 5.5 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 5.0 5.0 Indonesia................................. 9.0 9.0 Inui............................................... 5.0 Aug. 1966 5.0 Ireland......................................... 5.88 Mar. 1967 5.56 5.44 5.50 5.56 5.50 5.53 5,94 7.75 7.78 7.69 7.62 7.62 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............................... 4.5 Mar. 1967 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 TliIv 1966 6.0 Spain........................................... 4.0 Sweden........................................ 5.0 Mar. 1967 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..................... 6.0 Mar. 1967 5.5 6.0 58.0 7.5 7.5 Venezuela................................... 4.5 Dec. 1960 4.5 - 1 On June 24, 1962, the bank rate on advances to chartered hanks Brazil—8 per cent for secured paper and 4 per cent for certain agricultural was fixed at 6 per cent. Rates on loans to money market dealers will paper; , continue to be .25 of 1 per cent above latest weekly Treasury bill tender Colombia —5 per cent for warehouse receipts covering approved lists of average rate, but will not be more than the bank rate. products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at for rediscounts in excess of an individual bank’s quota; the average rate charged by banks in the previous half year. Old redis­ Costa Rica—5 per cent for paper related to commercial transactions counts remain subject to old rates provided their amount is reduced by (rate shown is for agricultural and industrial paper); one-eighth each month beginning with May I, 1959, but the rates are Ecuador—6 per cent for bank acceptances for commercial purposes; raised by 1.5 per cent for each month in which the reduction does not Indonesia—various rates depending on type of paper, collateral, com­ occur. modity involved, etc.; 3 Rate shown is for advances only. Japan—penalty rates (exceeding the basic rate shown) for borrowings 4 Rate shown is for call loans. from the central bank in excess of an individual bank’s quota; 5 Effective Nov. 9 the rate was 6.5 per cent. Peru—3 per cent for agricultural, industrial, and mining paper; Philippines—4 per cent for financing the production, importation, and dis­ Note.—-Rates shown are mainly those at which the central bank either tribution of rice and corn and 5,75 per cent for credits to enterprises en­ discounts or makes advances against eligible commercial paper mid/or gaged in export activities. Preferential rates are also granted on credits to govt, securities for commercial banks or brokers. }:or countries with rural banks; more than one rate applicable to such discounts or advances, the rate Spain—4.6 per cent for financial paper rediscounted for banks (rate shown shown is the one at which it is understood the central bank transacts is for commercial bills); anil the largest proportion of its credit operations. Other rates for some Venezuela—2 per cent for rediscounts of certain agricultural paper (Sept, of these countries follow; 1962), and 4 per cent for advances against govt, bonds, mortgages or gold, Argentina—3 and 5 per cent for certain rural and industrial paper, de­ and for rediscounts of certain industrial paper, 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

APRIL 1968 □ MONEY RATES; ARBITRAGE A-85 OPEN MARKET RATES (Per cent per annum) Canada United kingdom France Fe G d e . r R m e a p n . y o , f Netherlands Sw la i n tz d er­ — Month 3 T m re b o a ill n s s u t , h ry s 1 D m a o d n y a e - y t y o 2 ­ 3 B a a m a c n n c o c k e e n e p s t r h t , s ­ s ' T 3 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 e a w p n o o k a n s e n i r c t s s e ’ m Da o d n y a - e y t y o ­ 1 Tr 6 d e b 0 a a il - y l s 9 s s u 0 , 4 r y m Da o d n y a - e y t y o ­ 5 T 3 r m e b a o il s l n s u t , h ry s D m a d o y a n - y e t o y ­ d P is r r c a iv o 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.Hl 4.90 3.68 4.00 1967—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 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 3.6H 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. HO 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 5.00 2.75 2.38 4.33 3.12 3.75 6.69 fi.3H 7.75 7.45 686 6.00 2.75 2.69 4.19 3.65 3.75 I Rased 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. Non:.—For description and back data, see “International Finance," 4 Rate in effect at end of month. Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Date United P ( r - e I- m ) i o u r m 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 q K ( u i a b n o U d a g t . s j a d . S i t s o . t i ) o o m n U S n ta i t t e e s d L S ( o f p a n o r d v e f o o a d r n ) d f ( o p is - r o ) c w u o o a n u n r d n d t L ( o fa n o v d f o o r n ) C q a u A n o in a s t e d d a qu A b o U d a t j . a s . S i t s . t i o o n U S n ta it te e s d C S ( a f p a n o r v e a f o a d d a r ) C f ( d o a - o r n w ) l a l a a d o r r i n a s d n C ( a fa n o v a f o d a r ) 1967 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 -b.05 4.97 4.85 4.57 -f.28 -.90 -.62 24. . . 7.40 4.76 2.64 - .99 -1-1.65 5.39 5.27 4.76 + .51 -.81 -.30 Dec. 1 ,.. 7.33 4.93 2.40 -1.17 -1-1.23 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 •1 .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 Jan. 5 ... 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 I-.64 -1.74 -I. 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 5.01 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 -1-1.58 --J.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 14. . . 7.15 5.33 1.82 -8.75 -6.93 6.88 6.65 5.33 + 1.32 -2.39 -1.07 22. . . 7.00 5.21 1 .79 -4.78 -2.99 6.99 6.78 5.21 + 1.57 -1.67 -.10 29, . . 6.95 5.14 1.81 -7.33 -5.52 6.96 6.75 5.14 + 1.61 -1.69 -.08 Apr. 5 . .. 6.90 5.23 1.67 -4.83 -3.16 6.83 6.63 + 1.40 -1.51 -.11 Note.—-Treasury bills: All rates arc on the latest issue of 91-day bills. All series: Based on quotations reported to F.R, Bank of New York U.S. and Canadian rates are market offer rates 11 a.m. Friday, U.K. by market sources. rates are Friday opening market offer rates in London. for description of series and for back figures, sec 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 pcr annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table I, 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

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 2223.41 3111.22 3.8686 2.0067 92.811 20.946 14.475 31.061 1967............. .30545 111,25 3.8688 2.0125 92.689 20.501 14.325 429.553 1967—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 HL43 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 ’19.806 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 111.98 3.8645 2.0142 91.962 16.688 13.412 23,763 Mar.......................................................... .28468 M11.54 3.8635 2.0136 92.171 16.688 13.419 23.763 — ---------- ------------------------- -------------- --------- . .. ... ----------------- ----. ---_-. -------------- ----------- _---------_ Period F (f r r a a n n c c e ) ( G d e m eu r a m ts r a k c ) n he 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 y p o a n 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.............. #20.404 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 M6.596 279.30 .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—Mar. 20.203 25.165 13.280 279.63 .16006 .27607 32.556 8.0056 27.682 Apr.. 20.227 25.J 67 13.294 279.92 .16009 .27625 32.589 8.0056 27.68J 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 1 3.224 278.73 .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 M3.236 10266.18 .16059 .27621 ‘132.472 8.0056 27.805 Dec.. 20.381 25.094 13.334 240.63 .16019 .27633 32.687 8.0056 27.804 I968--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 Mar. ...................................................... 20.316 25.067 13.319 6239.97 .16023 .27620 32.630 8.0056 27.728 ------------------------------------------------------------------ — ------------- -— ----------------------- . .. ._ —— _ _. . Period New Zealand 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 u n 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 ) ( S e fr r w a la n i n t c z d ) ­ U K d n i o n it m e g d ­ (pound) (dollar) (pound) -------—. ------------------------------------— _ ------- ._ —. —-------- _ . ---------- .----------------- ....------- — - -— . _. ------------------------- — 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............. 12276.69 13131.97 13.985 3.4784 139.09 1.6383 19.373 23.104 275.04 1967—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. 12276.12 i3137.97 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 I.6640 19.381 23.027 278,37 Oct.. 137.78 13.979 3.4736 138,64 1.6635 19.341 23.035 278.32 Nov. 128.28 13.985 3.4654 139,05 101.5831 19.326 23.146 10266.18 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 Mar. ...................................................... Ml 1.66 14.005 3.4854 ’>139.46 1.4264 19.345 23.085 239.97 i A new markka, equal to 100 old markkaa, was introduced on Jan. I. ’ o Quotations not available Nov. 21, 1967. 1963. 11 Quotations not available Nov. 21-27, 1967. 2 Based on quotations through Feb. 11, 1966. 12 Based on quotations through July 7, 1967, 3 Effective Feb. 14, 1966, Australia adopted the decimal currency )3 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. •* 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. Noth.—After the devaluation of the pound sterling on Nov. IB, 1967, 5 Quotations not available Mar. 7-14, 1967. the following countries devalued their currency in relation to the U.S. * Quotations not available Mar. 15, 1968. dollar: Ceylon, Denmark, Ireland, New Zealand, and Spain. The average* i Quotations not available Nov. 21-24, 1967. for Nov. 1967 reflect the extent of the devaluation. » Effective Jan. 1, 1963, the franc again became the French monetary Averages of certified noon buying rates in New York for cable transfers. unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, I960. For description of rates and back data, see “Internationa! Finance,” 'J Effective June 6, 1966, the Indian rupee was devalued from 4.76 to Section 15 of Supplement to Hanking and Monetary Statistics, 1962. 7.5 rupees per U.S. dollar. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1968 a BANKS AND BRANCHES A-87 NUMBER IN OPERATION ON DECEMBER 31, 1967 (Commercial and mutual savings banks Number maintainiitg branches ofadditional offices 1 Conimercal ' Commercial -......... Mutual Mutual State savings savings Member Non member Member Nonmember Total .... -----------------...........— Total - -......-. . .... _. —. ... _ ---------- Total — ti N on a a ­ l State su In re ­ d s N u in o re ­ n d ­ su In re ­ d s N u i o n re n ­ d ­ Total ti N on a a ­ l State su In re ­ d s N u in o re n ­ d ­ su In re ­ d s N u i o n re ­ n d ­ -.........- ■ —......- - --------------... .. — _ . . — _ . . .—. _ . _ .. — . — — . _ ._ ---------- United States 2............................ 14,222 13.721 4,758 1.31.3 7.439 211 331 170 3,756 3.487 1,477 459 1,530 21 190 79 Alabama......................................... 266 266 88 22 156 66 66 36 5 25 ........... Alaska............................................. 14 12 5 2 ........... 8 8 5 3 ----------- Arizona.......................................... 17 17 4 1 12 10 10 3 1 6 Arkansas........................................ 248 248 67 16 162 3 68 68 31 8 29 California....................................... 178 178 80 12 80 6 129 129 54 11 62 2 Colorado....................................... 256 256 118 17 82 39 Connecticut.................................. 137 67 30 6 28 3 7? ........... 87 46 22 6 18 41 ............ Delaware....................................... 21 19 5 2 12 1 1 9 2 2 5 District of Columbia................. 14 14 9 3 2 13 13 8 3 2 Florida........................................... 450 450 200 8 239 3 3 3 1 2 Georgia.......................................... 426 426 61 12 335 18 85 85 29 7 49 Hawaii............................................ 11 11 2 5 4 8 8 2 5 1 ............... Idaho............................................... 26 26 9 7 10 14 14 6 3 5 Illinois............................................. 1,067 1 ,067 422 98 542 5 12 12 8 3 Indiana........................................... 421 417 123 79 211 4 4 180 180 69 28 83 Iowa................................................ 674 674 102 57 502 13 201 201 38 14 149 Kansas........................................... 601 601 171 40 389 56 56 25 8 23 Kentucky...................................... 346 346 80 14 246 6 1 18 1 18 41 8 69 Louisiana...................................... 226 226 47 10 168 I 106 106 32 9 65 Maine............................................. 76 44 21 6 14 3 30 2 43 33 15 4 13 1 10 Maryland...................................... 128 122 48 7 66 1 6 72 67 30 6 30 1 5 Massachusetts ■’........................... 334 158 89 17 48 4 8 168 206 121 68 17 35 1 6 79 Michigan....................................... 341 341 98 1 1 1 130 2 188 188 67 59 61 1 M innesota..................................... 724 723 195 28 496 4 1 5 5 3 Mississippi.................................... 188 188 36 6 146 101 101 29 5 67 Missouri......................................... 664 664 98 79 479 8 ............ 75 75 19 18 38 Montana....................................... 133 133 48 42 42 I 3 3 1 2 Nebraska........................................ 439 439 127 12 294 6 32 32 18 1 13 Nevada........................................... 9 9 3 3 3 7 7 2 3 2 New Hampshire......................... 108 76 52 1 20 3 32 36 28 22 1 5 8 New Jersey.................................... 249 228 144 40 41 3 21 ........... 177 166 107 32 27 11 ............ New Mexico................................. 64 64 34 23 42 42 20 4 IH New York..................................... 452 327 184 39 2t 125 270 183 101 54 20 8 87 North Carolina........................... 128 128 H 98 77 77 IH 3 55 1 North Dakota............................. 169 169 120 3 46 46 9 1 35 1 Ohio............................................... 532 531 223 125 182 1 1 ........... 253 253 134 51 68 Oklahoma...................................... 422 422 220 24 177 1 41 41 31 3 7 Oregon........................................... 51 50 12 2 33 3 1 27 26 5 I 20 1 ........... Pennsylvania................................ 529 522 336 36 140 10 7 243 237 154 18 64 1 6 Rhode Island............................... 21 14 4 1 7 2 7 21 14 4 1 7 2 7 South Carolina........................... 125 125 26 6 90 3 ........... 68 68 21 3 44 South Dakota.............................. 166 166 35 24 106 1 39 39 10 3 26 Tennessee...................................... 299 299 77 10 208 4 125 125 57 5 62 1 ........... Texas............................................... 1,149 1,149 542 68 529 10 36 36 5 31 Utah................................................ 55 55 12 10 33 ........... 21 21 4 6 11 Vermont......................................... 52 27 18 1 6 26 24 14 10 .........2 Virginia.......................................... 250 250 113 48 89 145 145 76 23 46 Washington.................................. 100 95 27 9 58 1 5 49 45 15 5 25 4 West Virginia............................... 194 194 80 34 80 Wisconsin...................................... 602 599 116 52 428 3 3 ..........1.06 106 12 8 86 Wyoming...................................... 69 69 40 13 16 Virgin Islands 2......................... 1 1 1 ........... 1 1 1 ........... i Excludes banks that have banking facilities only; banking facilities are 5 Each bank is reported once only—according to the widest area in shown separately; see note 4. which it operates branches or additional offices. * Includes 1 national hank in the Virgin Islands, with 3 branches, that became a member of the F.R. System in 1957. Note.- - Each branch and additional office is located in the same State 3 State member bank figures include 1 noninsured trust co. without as its parent bank except that I national bank in N.J. has a branch in Pa.; deposits. I national bank in Calif, has 2 branches in Wash, and 1 in Ore.; I non­ 4 Banking facilities (other than branches) that are provided at military insured (unincorporated) bank in N.Y. has I branch in Mass, and 1 in Pa. and other Govt, establishments through arrangements made by the (this accounts for slight differences in these State totals); 2 insured non- Treasury; they are operated by 166 banks, 63 of which have no other type meniber banks in Puerto Rico have 7 branches in N.Y. In the table these of branch or additional office. branches are shown according to their own location rather than that of the parent bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-BB t^AIN^B AINU BKAHLriti u ArrtlL lyOB NUMBER IN OPERATION ON DECEMBER 31, 1967—Continued Branches and additional oilices 1 Class c f ban k Locait ion Commcrcial b anks Outs ide head oilice city State Mu tual B i a n n g k ­ Total Meriber Nonmember s b a a v i n k g s s o h f e I f n i a c d e In head In con­ In non­ f t a ie c s i li 4 ­ Total city office tiguous contig­ ti N on a a ­ l State su In re ­ d in N su o r n e ­ d su In re ­ d in N s o ur n e ­ d county counties co u u o n u t s ie s United States *.............. 18,519 17,690 9,991 3,658 3,995 46 669 160 6,921 5,875 2,745 2,978 238 Alabama.......................... 205 205 151 10 44 107 80 7 II 6 Alaska.............................. 49 49 41 8 14 22 8 5 5 Arizona............................ 260 260 185 17 58 90 61 70 39 5 Arkansas......................... 129 129 70 20 39 69 54 5 I 1 California........................ 2,653 2,653 1 ,898 497 253 5 383 353 552 1,368 37 Colorado......................... 7 Connecticut.................... 472 357 189 99 69 115 133 269 55 15 Delaware...................... . H3 74 4 31 39 9 1 5 39 25 4 District of Columbia.. 91 91 54 31 6 91 5 Florida............................. 3 3 1 2 J 18 Georgia............................ 219 219 138 29 52 ................ 162 5 8 44 8 Hawaii............................. 1 17 117 41 75 1 42 30 45 6 Idaho................................ 140 140 102 24 14 12 13 25 90 1 Illinois.............................. 12 12 8 3 12 5 538 538 285 67 186 283 255 4 Iowa.................................. 260 260 43 19 198 82 130 48 Kansas.............................. 56 56 25 8 23 55 1 2 Kentucky......................... 267 267 122 43 102 ................ ................ 166 96 5 1 Louisiana......................... 303 303 148 31 124 185 109 6 3 Maine................................ 208 191 76 55 57 3 17 44 84 70 10 3 Maryland......................... 471 431 207 56 161 7 40 141 112 143 75 11 Massachusetts................ 834 645 371 143 129 29 160 409 415 9 3 Michigan......................... 1 ,045 1 ,045 489 375 179 2 481 365 188 11 4 Minnesota...................... 9 9 6 3 9 Mississippi...................... 278 278 109 12 157 123 86 41 28 3 Missouri........................... 75 75 19 18 38 75 2 Montana.......................... 3 3 1 2 2 1 2 32 32 18 1 13 32 1 Nevada............................. 74 74 37 28 9 19 16 12 27 1 New Hampshire........... 46 36 29 1 6 10 ..............2..3 20 3 1 New Jersey..................... 781 751 495 166 90 30 269 512 1 6 New Mexico................... 107 107 59 7 41 64 34 8 2 New York...................... 2,402 2,128 1,077 945 97 9 274 1 ,205 690 417 92 7 North Carolina............. 853 853 298 113 437 5 145 94 178 436 3 North Dakota................ 62 62 9 2 49 2 10 32 20 2 Ohio.................................. 1 ,067 1 ,067 606 313 148 491 561 15 Oklahoma....................... 41 41 31 3 7 41 5 Oregon.............................. 286 285 221 12 52 I 58 38 39 150 Pennsylvania................... 1 ,485 1 ,415 885 225 303 2 70 ............4..4..0 616 426 1 6 Rhode Island.................. 195 147 56 27 57 7 48 56 77 36 26 2 South Carolina.............. 322 322 209 3 1 10 78 56 41 147 6 South Dakota................ 87 87 48 4 35 12 32 24 19 Tennessee........................ 399 399 242 29 127 1 251 133 7 8 5 Texas................................ 37 37 5 32 37 22 Utah.................................. 109 109 56 2« 25 23 36 11 39 3 Vermont........................... 69 67 38 29 ................ 2 ...............1.0 27 23 9 Virginia............................ 638 638 396 108 134 261 104 122 151 18 Washington.................... 473 449 372 33 44 24 169 111 70 121 3 West Virginia................. Wisconsin........................ 171 171 24 14 133 ................ 38 107 26 ................1 Wyoming......................... 1 Virgin Islands 2............. 3 3 3 1 2 Non member Mutual Member banks hanks savings banks Location of branches with respect to head oilice 5 Total — — ---------—— . ._ ----- . National State Insured in N su o r n e ­ d Insured in N su o r n e ­ d .------------------ -------------------------- _ . .................. ............................................. —------ ----------------------------_—— . -——— Banks with branches or additional offices (except hanking facilities) 2.......... 3,756 1,477 459 1 ,530 21 190 79 In head office city................................................................................................... 1 ,241 526 155 453 10 67 30 Outside head office city: In head office county.................................................................................... 1,810 696 212 783 3 73 43 In contiguous counties.................................................................................. 538 175 61 248 5 43 6 In noncontiguous counties 2...................................................................... 167 80 31 46 3 7 Branches and additional offices (except banking facilities) 2............................. 18,519 9,991 3,658 3,995 46 669 160 In head office city.................................................................................................... 6,921 3,432 1 ,659 1 ,326 16 410 78 Outside head office city: In head office county.................................................................................... 5,875 2,955 1 ,020 1,654 12 160 74 In contiguous counties................................................................................. 2,745 1,392 569 676 14 86 8 In noncontiguous counties 2...................................................................... 2,978 2,212 410 339 4 13 Banking facilities 4........................................................................................................... 238 192 15 31 .................. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1968 □ MEMBER BANKS, 1967 A-89 OPERATING RATIOS BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS (Averages of individual ratios expressed as percentages) Size group —Total deposits Ratio at'lime deposits to (in thousands of dollars) total deposits (per cent) All I tern groups 1 ,000 50 and 1,000­ 2,000­ 5,000­ 10,000­ 25,000­ 50,000­ Over Under 25-50 and under 2,000 5,000 10.000 25,000 50,000 100,000 100,000 25 over Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes.. 14.8 9.3 10.9 13.1 14.9 16.0 16.X 16. 1 17.0 14.7 15.6 14.2 Net income before related taxes.................. 11.8 7.3 8.8 10.3 11.6 12.9 13.6 13.3 14.4 12.5 12.7 11.1 Net income........................................................... 9.0 5.8 7. 1 8.0 8.8 9.7 10.1 10.0 10.5 8.9 9.4 8.6 Cash dividends declared.................................. 3.2 2.3 2.4 2.7 3.0 3.5 3.8 4.1 4.8 3.8 .3.3 3. 1 Percentage of total assets: Total operating revenue............................. 5.49 5.43 5.40 5.49 5.54 5.51 5.48 5.46 5.32 4.91 5.44 5.61 Net current earnings before income taxes, 1.24 1.20 1.22 1.26 1.25 1.23 1.23 1.17 1 . 30 1.63 1.34 1 . 1 1 Net income.......................................................... .75 .74 .80 .77 .73 .74 .74 .72 .80 1.00 .81 .67 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on— U.S. Govt, securities............................. 18.3 21.8 24.8 22.1 18.9 16.5 14.8 13.5 1 1.0 23.7 18. 1 17.9 Other securities............................................. 8.8 4.3 5.8 7.3 9.3 9.7 10.0 9.9 9.1 8. 1 8.5 9.0 Revenue on loans............................................. 63.9 64.9 61.3 62.5 63.6 64.6 64.8 65.6 67.5 58.7 63.2 65. 1 Service charges on deposit accounts........... 5.4 5.4 5.2 5.2 5.4 5.8 5.8 5.1 4.5 5.9 6. 1 4.8 All other revenue............................................... 3.6 3.6 2.9 2.9 2.8 .3.4 4.6 5.9 7.9 3.6 4. 1 3.2 Total revenue............................................. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages........................................... 23.3 37.0 30.4 25.3 22.7 21.4 21.4 21.0 21.2 .33.6 25.0 20.6 Officer and employee benefits....................... 2.6 2.4 2.3 2.3 2.5 2.7 2.9 2.9 3.2 3. 1 2.7 2.4 Interest on time deposits................................ 32.1 15.3 23.2 29.7 3.3. 1 34.6 34. 1 35.6 31.9 8.4 26.9 39.3 Net occupancy expense.................................... 4.0 5.4 4.4 3.8 4.0 4.0 4.1 4.2 4.0 4.8 4.3 3.6 Other current expenses.................................... 15.1 17.2 16.8 15.4 14.8 14.8 15.0 14.8 15.0 16.8 16. 1 14. 1 Total expenses........................................... 77. 1 77.3 77. 1 76.5 77. 1 77.5 77.5 78.5 75.3 66.7 75.0 80.0 Net current earnings before income taxes...................................................... 22.9 22.7 22.9 23.5 22.9 22.5 22.5 21.5 24.7 33.3 25.0 20.0 Net losses (or recoveries and profits |-) 1.. 2.6 3.3 2.8 .3.0 2.8 2.4 2.0 2. 1 2.0 3.0 2.9 2.4 Net increase in valuation reserves............... 1.7 .8 1.2 1.6 2.0 1.8 2.0 1. 5 1.5 1.4 1.7 1.8 Taxes on net income........................................ 4.5 4.0 3.9 4.3 4.4 4.6 4.8 4.5 6.0 8.2 5.2 3.5 Net income after taxes.................................... 14.1 14.6 15.0 14.6 13.7 13.7 13.7 13.4 15.2 20.7 15.2 12.3 Rates of return on securities and loans: Return on securities: Interest on U.S, Government securities... 4.81 5.04 4.79 4.86 4.95 4.74 4.62 4.54 4.65 4.76 4.76 4.85 Interest and dividends on other securities.. 3.81 5.64 4.02 3.81 4. 14 .3.52 3.55 3.60 3.60 3.62 3.65 3.96 Net losses (or recoveries and profits -) ) ’ .. .03 .01 .0.3 .02 4-.02 T.03 1.05 I-.04 .02 Return on loans: Revenue on loans............................................. 7.07 7.75 7.45 7.14 7. 16 7.04 6.84 6.82 6.62 7.00 7. 13 7.03 Net losses 1.......................................................... .26 .39 .27 .29 .27 .24 .22 .20 . 19 .26 .28 .23 Distribution of assets: Percentage of total assets: U.S. Government securities........................... 20.5 22,8 27. 1 24.3 21.1 18.9 17.2 16. 1 12.5 23.8 20.0 20.5 Other securities.................................................. 13.4 7.3 8.9 11.2 14. 1 14.9 15.2 14.9 13.4 12.2 13.1 13.7 Loans..................................................................... 50.0 46.3 45.0 48.3 49.4 51. 1 52. 1 52.6 54.4 41.8 48.4 52.3 Cash assets.......................................................... 14.2 22.2 17.5 14.6 13.5 13.0 13.4 14.2 17.3 20.8 16.5 11.6 Real estate assets............................................... 1.6 1.4 1.4 1. 5 1.6 1.7 1.7 1.6 1. 5 1.2 1.7 1.5 Other ratios: Total capital accounts to— Total assets..................................................... 8.8 13.8 12. 1 10.0 8.6 7.9 7.5 7.4 7.7 11.5 9.0 8.3 Total assets less U.S. Government securi­ ties and cash assets................................. 14.2 25.9 23.7 17.3 13.5 11.9 11.0 10.8 11.2 22.7 14.9 12.5 Total deposits..................................................... 9.9 16.5 14.2 11.3 9.7 8.8 8.4 8.3 8.8 13.3 10.2 9.2 Time to total deposits.......................................... 49.0 26.6 37.9 46.8 50.6 52.5 51.3 51.4 45.2 12.6 40.3 60.7 Interest on time deposits to time deposits 2, 3.94 3.69 3.66 3.83 3.95 3.96 4.03 4. 15 4.23 3.44 3.97 3.97 Trust department revenue to total revenue 2. 2.6 ...........(..4.) 1.8 1.3 1.8 2.8 3. 1 4.8 4.4 3.0 2. 1 Number of banks3..................................................... 6,010 5S 311 1,443 1,578 1,450 526 266 381 411 2,481 3,118 For notes see p. A-91, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

H-yU ivir.ivior.rx DMi^d, i^o/ ^ a^kil iyoo OPERATING RATIOS BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK (Averages of individual ratios expressed as percentages) Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over All Item groups Size group -total deposits (in thousands of dollars) 2,000 2,000 2,000 and 2,000­ 5,000­ Over and 2,000­ 5,000­ Over and 2,000­ 5,000­ Over under 5,000 25,00025,000 under 5,000 25,00025,000 under 5,000 25,00025,000 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 14.8 11.3 14.8 16.6 18.6 11.0 13.8 16.4 17.4 9.5 12.0 14.7 15.9 Net income before related taxes.................. 11.8 10.3 12.5 13. 1 17. 1 8.6 11.0 13. 1 14.8 6.8 9.1 11.5 12.6 Net income......................................................... 9.0 8. 1 9.2 8.6 10.6 6.9 8.7 9.7 10.4 5.5 7.1 9.0 10.0 Cash dividends declared................................ 3.2 3.5 3.8 3.8 4.7 2.4 2.8 3.3 4.3 1.3 2.3 3.2 4. 1 Percentage of total assets: Total operating revenue............................ 5.49 4.83 4.87 5.02 5. 10 5.50 5.51 5.46 5.29 5.85 5.63 5.60 5.57 Net current earnings before income taxes 1.24 1.4! 1.69 1.71 1.71 1.26 1.32 1 . 36 1.35 .94 1.10 1.13 1.10 Net income..................................................... .75 1.0! 1,07 .89 .98 .80 .83 .80 • HI .54 .64 .69 .69 -......... ------- ... —-------- . — ....... Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on— U.S. Government securities.......... 18.3 26.9 26,0 20.5 12.6 24.6 21.4 17.8 13.0 21.3 21.8 17.6 13.6 Other securities................................. 8.8 5.2 9.0 9.7 7.9 5.4 7.5 9.3 8.8 6.5 6.7 9.5 10.6 Revenue on loans................................. 63.9 59.9 56.7 58.8 64.7 61.4 62.3 62.7 65.9 64.4 64.0 65.3 65.8 Service charges on deposit accounts 5.4 5.2 5.5 7. 1 5.8 5.4 5.7 6.7 5.2 5.0 4.6 4.8 5. 1 All other revenue.................................. 3.6 2.8 2.8 3.9 9.0 3.2 3. 1 3.5 7. 1 2.8 2.9 2.8 4.9 Total revenue 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages.................... 23.3 40.7 33. 1 29.7 26.8 29.4 26.8 24.7 22.3 25.0 22. 1 20.0 19.9 OUlcer and employee benefits. 2.6 2.8 3. I 3.2 3.9 2. 1 2.3 2.7 3.2 2.3 2. 1 2.4 2.8 Interest on time deposits......... 32. 1 6.3 7.8 10.0 12.8 23.6 26.2 27.0 28.4 35.8 38.3 39.7 39.8 Net occupancy expense........... 4.0 4. 7 4.5 5.6 4.3 4.5 4.2 4.5 4. 1 4.4 3,3 3,6 4.0 Other current expenses............ 15.1 16.3 16.6 17.2 18. 1 17.4 16.1 16.0 16.2 16.5 14.4 13.9 13.7 Total expenses 77. 1 70.8 65.1 65.7 65.9 77.0 75.6 74.9 74.2 84.0 80.2 79.6 80.2 Net current earnings before income taxes. . . 22.9 29.2 34.9 34.3 34. 1 23.0 24.4 25.1 25.8 16.0 19.8 20.4 19.8 Net losses (or recoveries and profits b) 1 2.6 1.4 3.3 4.3 2.5 3.7 3.2 3.0 2.0 3.0 2.9 2.3 2. 1 Net increase in valuation reserves............. 1.7 1.1 1.2 2,5 .2 1 . 1 1.6 1.8 1.8 1.1 1.7 1.9 1.7 Taxes on net income...................................... 4.5 5.9 7.9 9.6 11.9 3.6 4.2 5.3 6.6 2.4 3.4 3.7 3.4 Net income after taxes.................................. 14.1 20.8 22.5 17.9 19.5 14.6 15.4 15.0 15.4 9.5 11.8 12.5 12.6 —.—.. .—------------------— --------• —— -. ------------------- _----------- . - - -—— Rates of return on securities and loans: Return on securities: Interest on U.S. Government securities. .. 4.81 4.70 4.91 4.53 4.70 4.73 4.90 4.76 4.62 5. 12 4.81 4.93 4.61 Interest and dividends on other securities, 3.81 4.22 3.36 3.45 3.75 4.28 3.96 3.43 3.54 4.20 3.78 4. 13 3.60 Net losses (or recoveries and profits +) 1 ............ + .01 .04 .09 -I-.I6 .03 .01 .01 ■1.05 ............03 + .01 + .01 Return on loans: Revenue on loans. 7.07 7.24 6.99 6.97 6.49 7.55 7.25 7.21 6.72 7.52 7.04 7.07 6.82 Net losses1............. .26 . 10 .32 .31 .32 .37 .32 .29 .21 .34 .25 .23 .20 —.........— ———.......— — -------- -----------—— —..—..... Distribution of assets: Percentage of total assets: U.S. Government securities 20.5 27.0 25,4 21.7 13. 1 27.2 23.3 19.8 14.8 24.5 24.9 20.1 16. 1 Other securities..................... 13.4 8.6 13.4 14.0 10.8 8.3 J1.6 14.5 13.0 9.2 10.2 14.5 16. 1 Loans......................................... 50.0 40.7 40. 1 43.0 50.8 44.9 47.2 47.9 51.9 50.5 51.3 52.2 54. 1 Cash assets.............................. 14.2 22.8 19.9 19.5 23.3 18.0 16. 1 15.8 17.9 13.7 12.0 11.3 11.6 Real estate assets.................. 1.6 .8 1 . 1 1.8 1.4 1.5 1.6 1.8 1.7 1 .9 1.4 1.6 1.5 — ----------- —---------------------- ——— -------— — Other ratios: Total capital accounts to— Total assets...................................................................... 8.8 12.9 1 1.8 10.4 9.4 12.2 10.0 8.6 7.9 12.0 9.5 8.0 7.1 Total assets less U.S. Government securities and cash assets.......................................................... 14.2 27.8 23.8 18.6 15. 1 24.0 17.4 13.6 11.9 20.3 15.6 i 1.8 9.9 Total deposits.................................................................. 9.9 15.0 13.6 12.0 10.8 14.4 11.3 9.6 8.9 14.5 10.7 8.8 7.9 Time to total deposits......................................... 49.0 9.7 12.0 14.7 18. 1 38.5 40.5 40.6 40. 1 59.9 61.2 61.0 59.7 Interest on time deposits to time deposits2 . 3.94 3.29 3.33 3.54 3.98 3.69 3.92 3.95 4. 17 3.92 3.87 3.98 4.09 Trust department revenue to total revenue2 2.6 ............ 3.7 3.2 6. 1 ............ 1.7 1.7 4.2 (*) 1.2 1.4 2.9 Number of banks3 6,010 102 169 107 33 166 605 1,162 548 98 669 1,760 591 For notes see p. A-9I. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1968 □ MEMBER BANKS, 1967 A-91 OPERATING RATIOS BY FEDERAL RESERVE DISTRICT (Averages of individual ratios expressed as percentages) Federal Reserve district ........................... All Item dis­ Phila­ Min­ Kan­ San tricts Bos­ New del­ Cleve­ Rich­ At­ Chi­ St. neap­ sas Dallas Fran­ ton York phia land mond lanta cago Louis olis City cisco Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes............ 14.8 15.0 14.4 12.6 14.3 15.3 16.1 15.5 15.1 14.8 14.9 14.5 13. 1 Net income before related taxes............................... 1 1.8 12.4 11.4 10.4 12.2 12. 1 12,6 12.5 12.3 12.4 11.8 10.9 8.8 Net income..................................................................... 9.0 8.6 9.0 8. 1 9.5 «.5 9.8 9.6 9.3 9.4 8.9 8.5 6.1 Cash dividends declared............................................. 3.2 3.8 3.5 3.3 3.2 3.2 2.9 3. 1 2.9 3.8 3.3 3.3 2.7 Percentage of total assets: Total operating revenue.. ......................................... 5.49 5.81 5.76 5. 19 5.11 5.58 5.71 5.26 5.03 5.65 5.61 5.55 6.46 Net current earnings before income taxes............ 1.24 1.40 1.18 1. 14 1.22 1.35 1.28 1. 16 1.27 1.15 1 . 35 1.28 1 . 14 Net income...................................................................... .75 .79 .73 .73 .80 .75 .77 .73 .78 .73 .81 .75 .49 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on-— U.S. Government securities.................................. 18.3 12.5 14.1 16. 1 20.2 17.2 16.9 21.7 23.4 19.3 18.5 16.2 14.2 Other securities.......................................................... 8.8 6.5 9.7 9.6 8.8 7.9 9.8 8.7 9.5 10.3 7.1 9.3 6.3 Revenue on loans.......................................................... 63.9 67.3 67.0 68. 1 64.5 66.8 62.0 61.4 60.8 60.6 64.4 64.8 66.5 Service charges on deposit accounts....................... 5.4 8.6 5.7 3. 1 3.8 4.2 7. 1 4.6 3.4 5.2 6.6 6.5 8.0 /MI other revenue.......................................................... 3.6 5. 1 3.5 3.1 2.7 3.9 4.2 3.6 2.9 4.6 3.4 3.2 5,0 Total revenue......................................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100,0 Salaries and wages........................................................ 23.3 26.4 21.9 19.2 19.6 22.1 23.6 22.2 22.7 22.0 26.6 26.8 25.2 Ollicer and employee benefits................................... 2.6 3.3 2.9 2.6 2.3 2.6 2.6 2.5 2.4 2.8 2.5 2.3 2.7 Interest on time deposits............................................. 32. 1 23.5 37.0 38.8 35.9 32.6 30.4 35.3 30.8 37.7 27.0 25.0 32.6 Net occupancy expense............................................... 4.0 5.1 4.2 3.4 3.3 3.7 4.3 3.7 3.8 3.3 4.0 5.2 5.0 Other current expenses................................................ 15.1 17.7 13.5 14.0 15.0 14.5 16.5 14.1 14.9 13.8 15.3 17.0 16.3 Total expenses....................................................... 77.1 76.0 79.5 78.0 76.1 75.5 77.4 77.8 74.6 79.6 75.4 76.3 81.8 Net current earnings before income taxes. . . 22.9 24.0 20.5 22.0 23.9 24.5 22.6 22.2 25.4 20.4 24.6 23.7 18.2 Net losses (or recoveries and profits T) 1........... 2.6 2.7 2.6 1.8 1.8 2.5 2.9 2.1 2.4 1.4 3.3 4.2 4.3 Net increase in valuation reserves........................... 1.7 1 . 5 1.5 2.0 1 .7 2.4 1.7 1.8 2.1 1.8 1.4 1.3 2.1 Taxes on net income.................................................... 4.5 6. 1 3.5 4. 1 4.6 5.8 4.2 4.3 5.1 4.2 5.0 4.1 3.6 Net income after taxes................................................. 14. 1 13.7 12.9 14. 1 15.8 13.8 13.8 14.0 15.8 13.0 14.9 14.1 8.2 Rates of return on securities and loans: Return on securities: Interest on U.S. Government securities................ 4.81 4.77 5.30 4.27 4.62 4.79 5.03 4.47 4.80 5.00 4.84 4.89 5.52 Interest and dividends on other securities............ 3.81 3.85 6.40 3.54 3.65 3.80 3.78 3.38 3.52 3.65 3.67 3.71 3.74 Net losses (or recoveries and profits T) 1........... -| .02 . 11 .03 1.03 ■r .03 •1 .02 T.0I .01 H-.01 .03 -I-.07 Return on loans: Revenue on loans.......................................................... 7.07 6.94 7. 15 6.54 6.45 7.12 7.40 6.74 6.85 7.09 7.40 7.54 7.80 Net losses 1.................................................................... .26 .27 .21 . 14 . 17 .25 .33 .19 .15 . 12 .35 .44 .51 Distribution of assets: Percentage of total assets: U.S. Government securities....................................... 20.5 15.2 16.4 19.3 22.3 19.8 18.8 24. 1 24.4 22.3 21.0 16.9 17.8 Other securities.............................................................. 13.4 10.9 14.8 14.0 12.6 11.8 14.8 13.2 13.8 15.6 11.9 14.4 10.5 Loans................................................................................. 50.0 56.7 55.4 54.3 51.4 52.9 48.0 48.3 44.9 48.5 49.2 47.8 55.2 Cash assets...................................................................... 14.2 14.9 11.5 10.9 12. 1 13.5 15.7 12.9 15.4 11.9 16.4 18.7 13.4 Real estate assets.......................................................... 1.6 2.0 1.5 1.4 1.4 1.8 2.3 1.3 1.4 1.4 1.3 2.0 2.4 Other ratios: Total capital accounts to— Total assets..................................................................... 8.8 9.7 8.4 9.4 8.7 9.3 8.3 7.9 8.7 8.0 9.4 9.4 10.0 Total assets less U.S. Government securities and cash assets.......................................................... 14.2 14.5 12. 1 13.8 13.9 14.6 13.1 13.3 15.6 12.6 15.9 15.4 14.8 Total deposits................................................................. 9.9 1 1.3 9.5 10.6 9.8 10.6 9.3 8.8 9.8 8.8 10.7 10.6 11.7 Time to total deposits..................................................... 49.0 38.8 57.5 61.7 57.6 51.3 45.6 53. 1 42.8 56.6 41.2 37.0 53.9 Interest on time deposits to time deposits2.............. 3.94 3.89 4.09 3.63 3.53 3.92 4. 16 3.82 3.92 4. 1 1 4.00 4.06 4.36 Trust department revenue to total revenue2............ 2.6 4. I 3.0 2.9 2.8 2.5 2.8 2.3 2.1 2.4 2.2 1.9 2.9 Number of banks3................................................................... 6,010 246 382 365 486 391 501 982 472 491 832 666 196 1 Net losses is the excess of (a) actual losses charged against net income sequent issue of the Bulletin. Such differences result from the fact that plus losses charged against valuation reserves over (b) actual recoveries each bank’s figures have an equal weight in calculation of the averages and profits credited to net income plus recoveries credited to valuation whereas the figures of the many small and medium-sized hanks have but reserves; net recoveries and profits is the reverse. Transfers to and from little influence on the aggregate dollar amounts. Averages of individual reserves are excluded. ratios are useful primarily to those interested in studying the financial 2 Banks reporting no interest paid on time deposits or trust depart­ results of operations of individual banks, while ratios based on aggregates ment revenue, as the case may be, were excluded in computing this show combined results for the banking system as a whole and, broadly average. speaking, are the more significant for purposes of general analyses of 3 The ratios for 61 member banks in operation at the end of 1967 were credit and monetary problems. excluded from the compilations because of unavailability of data covering Figures of revenue, expenses, etc., used in the calculations were taken the complete year’s operations, certain accounting adjustments, lack of from the annual income and dividends reports for 1967. Balance sheet comparability, etc. figures used in the compilations were obtained by averaging the amounts 4 No ratios are shown for groups of Jess than 3 banks. , shown in each bank’s official condition reports submitted for Dec. 31, 1966, Noth.—These ratios, being arithmetic averages of the operating ratios of and June 30, 1967. Savings deposits are included in the time deposit individual member banks, differ in many cases from corresponding ratios figures used in these tables. computed from aggregate dollar amounts that will be shown in a sub­ 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 '['iiomas 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-92 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-93 FEDERAL OPEN MARKET COMMITTEE Wm. McC. Martin, J ., Chairman Alfred es, Vice Chairman Andruw F. Brimmer Hugh D. Galusha, Jr. George W. Mitchell J. Dewey Daane W. Braddock Hickman J. L. Robertson- George H. Ellis Monroe Kimbrel William W. Sherrill Sherman J. Maisel Robert C. Holi.and, Secretary Merri i t Sherman, Assistant Secretary John H. Kareken, Associate Economist Kenneth A. Kenyon, Assistant Secretary Albert R. Koch, Associate Economist Arthur L. Broida, Assistant Secretary Robert G. Link, Associate Economist Charles Molony, Assistant Secretary Maurice Mann, Associate Economist Howard H. Hackley, General Counsel J. Charles Partee, Associate Economist David B. Hexter, Assistant General Counsel John R. Reynolds, Associate Economist Daniel H. Brill, Economist Robert Solomon, Associate Economist Stephen H. Axilrod, Associate Economist Chari.es T. Taylor, Associate Economist A. B. Hersey, Associate Economist Parker B. Willis, 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, III, 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-94 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President UldllVLl 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. Maclnnes, 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 Aubrey N. Heflin Robert W. Lawson, Jr. Robert P. Black Baltimore........... ...21203 E. Wayne Corrin Donald F. Hagner Charlotte........... ...28201 James A. Morris Edmund F. MacDonald Atlanta........................30303 Edwin I. Hatch Monroe Kimbrcl 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. McClavc 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 O. Meredith Wilson 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 I—Domestic Aspects. 137 pp. $1.00 pp. Pt. II. I960. 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 BOARD OF GOVERNORS OF THE FEDERAL RE­ USE. 1959. 144 pp. $1.00 a copy; 10 or more SERVE SYSTEM. 1967. 16 pp. sent to one address, $.85 each. PUBLISHED INTERPRETATIONS OF THE BOARD OF THE FEDERAL FUNDS MARKET. 1959. Ill pp. GOVERNORS, as of June 30, 1967. $2.50. $1.00 a copy; 10 or more sent to one address, TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 $.85 each. a copy; 10 or more sent to one address, $.85 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-95 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-96 FEDERAL RESERVE BULLETIN □ APRIL 1968 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 Printed in full in the Bulletin. FINAL DEMAND, by Clayton Gehman and Cor­ (Reprints available as shown in following list.) nelia 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 OUT­ tion of method used by Board in adjusting eco­ LAYS SINCE WORLD WAR II, by Paul F. Mc- nomic data for seasonal variations. June 1941. Gouldrick. Feb. 1967. 11 PP- SEASONAL FACTORS AFFECTING BANK RESERVES. INVESTMENT BY MANUFACTURING FIRMS: A Feb. 1958. 12 pp. QUARTERLY TIME SERIES ANALYSIS OF INDUS­ LIQUIDITY AND PUBLIC POLICY, Staff Paper by TRY DATA, by Robert W. Resek. Mar. 1967. Stephen H. Axilrod. Oct. 1961. 17 pp. INDIVIDUALS AS A SOURCE OF LOAN FUNDS FOR SEASONALLY ADJUSTED SERIES FOR BANK STATE AND LOCAL GOVERNMENTS, by Helmut CREDIT. 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 FLOW OF FUNDS SEASONALLY ADJUSTED. Nov. USSR, by Paul Gekker. June 1967. 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. 1963. 8 pp. ' ERATURE, by Michael J. Hamburger. July 1967. 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. H 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

FEDERAL RESERVE BOARD PUBLICATIONS A-97 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 COM­ EVIDENCE ON CONCENTRATION IN BANKING PETITION. Sept. 1965. 11 pp. MARKETS AND INTEREST RATES, Staff Eco­ TIME DEPOSITS IN MONETARY ANALYSIS, Staff nomic Study by Almarin Phillips. June 1967. Economic Study by Lyle E. Gramley and Sam­ 11 PPuel B. Chase, Jr. Oct. 1965. 25 pp. NEW BENCHMARK PRODUCTION MEASURES, 1958 AND 1963. June 1967. 4 pp. CYCLES AND CYCLICAL IMBALANCES IN A CHANG­ ING WORLD, Staff Paper by Frank R.. Garfield. BANKING AND MONETARY STATISTICS, 1966. Nov. 1965. 15 pp. Selected series of banking and monetary statis­ RESEARCH ON BANKING STRUCTURE AND PER­ tics for 1966 only. Mar. and July 1967. 20 pp. 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 nomic Study by Frank R. Garfield. Nov. 1966. BONDS. Aug. 1967. 16 pp. 14 pp. REVISION OF MONEY SUPPLY SERIES. Aug. 1967. A REVISED INDEX OF MANUFACTURING CAPACITY, >4 pp. Staff Economic Study by Frank de Leeuw with REVISION OF BANK CREDIT SERIES. Sept. 1967. Frank E. Hopkins and Michael D. Sherman. Nov. 1966. 11 pp. 7 PP- THE ROLE OF FINANCIAL INTERMEDIARIES IN COMMERCIAL BANKS AND THE SUPPLY OF U.S. CAPITAL MARKETS, Staff Economic Study MONEY: A MARKET-DETERMINED DEMAND DE­ POSIT RATE, Staff Economic Study by John H. by Daniel H. Brill, with Ann P. Ulrey. Jan. Kareken. Oct. 1967. 14 pp. 1967. 14 pp. SIZE AND COMPOSITION OF CONSUMER SAVING. THE ECONOMIC PAUSE IN WESTERN EUROPE. Oct. 1967. 17 pp. Jan. 1967. 19 pp. REVISED SERIES ON COMMERCIAL AND INDUS­ THE FEDERAL RESERVE-MIT ECONOMETRIC TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. MODEL, Staff Economic Study by Frank de Leeuw and Edward Gramlich. Jan. 1968. 30 pp. AUTO LOAN CHARACTERISTICS AT MAJOR SALES FINANCE COMPANIES. Feb. 1967. 5 pp. CHANGES IN TIME AND SAVINGS DEPOSITS, JULY-OCT. 1967. Jan. 1968. 20 pp. CONSUMER INSTALMENT CREDIT. Mar. 1967. 12 RECENT CREDIT AND MONETARY DEVELOPMENTS. PP- Feb. 1968. 11 pp. THE BALANCE OF PAYMENTS IN 1966. Apr. 1967. 16 pp. THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. SURVEY OF FINANCE COMPANIES, MID-1965. Apr. 1968. 7 pp. 1967. 26 pp. ' BALANCE OF PAYMENTS PROGRAM: REVISED MONETARY POLICY AND ECONOMIC ACTIVITY: A GUIDELINES FOR BANKS AND NONBANK FINAN­ POSTWAR REVIEW. May 1967. 22 pp. CIAL INSTITUTIONS. Mar. 1968. 9 pp. REVISION IN QUARTERLY SURVEY OF INTEREST TREASURY AND FEDERAL RESERVE FOREIGN EX­ RATES ON BUSINESS LOANS. May 1967. 7 pp. CHANGE OPERATIONS. Mar. 1968. 22 pp. MONETARY POLICY AND THE RESIDENTIAL MORT­ U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN GAGE MARKET. May 1967. 13 pp. 1960-67. Apr. 1968. 23pp. 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 19-A hguorht 4-A segap ot era secnerefeR( Acceptances, bankers’, 11, 29, 31 Deposits (See also specific types of deposits): Agricultural Ioans of commercial banks, 22, 24 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 Banks, by classes, 11, 18, 23, 26, 31 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 (See also Foreign liabilities and claims) Earnings and hours, manufacturing industries, 59 Banks and branches, number, by class and State, 87 Employment, 56, 58, 59 Banks and the monetary system, 17 Banks for cooperatives, 33 Farm 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 Receipts and expenditures, 35 Branch banks, number, by class and State, 88 Treasurer’s balance, 34 Business expenditures on new plant and equipment, 43 Federal funds, 8, 22 Business indexes, 56 Federal home loan banks, 33, 45 Business loans (See Commercial and industrial loans) 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 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 Certificates of deposit, 27 Federal Reserve notes, 12, 15 Coins, circulation, 15 Federally sponsored credit agencies, 33 Commercial and industrial loans: Finance company paper, 29, 3 1 Commercial banks, 22 Financial institutions, loans to, 22, 24 Weekly reporting banks, 24, 28, 90 Float, 4 Commercial banks: Flow of funds, 64 Assets and liabilities, 18, 22, 24 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 Deposits at, for payment of personal loans, 21 Foreign exchange rates, 86 Number, by classes, 18, 87 Foreign liabilities and claims: Real estate mortgages held, by type, 44 Banks, 70, 71, 73, 75, 77, 79 Commercial paper, 29, 31 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 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 Housing starts, 57 Customer credit, stock market, 30 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, 87 Adjusted, commercial banks, 14, 16, 23 Interbank deposits, 11, 18, 23 Banks, by classes, II, 18, 23, 26 Interest rates: Subject to reserve requirements, 16 Business loans by banks, 28 Turnover, 14 Federal Reserve Bank discount rates, 9 A-98 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A99 Interest rates—Continued Reserve position, basic, member banks, 8 Foreign countries, 84, 85 Reserve requirements, member banks, 10 Money market rates, 29, 85 Reserves: Mortgage yields, 30, 47 Central banks and govts., 82 Time deposits, maximum rates, 10 Commercial banks, 23, 25 Yields, bond and stock, 29 Federal Reserve Banks, 12 International capital transactions of the U.S., 70 Member banks, 4, 6, II, 16, 23 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, 18, 22, 25, 31 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 Federally sponsored agencies, 33 Commercial banks, 21, 22, 28 International transactions, 78, 79 Federal Reserve Banks, 4, 12, 14 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 Holdings of U.S. Govt, securities, 36, 37 New security issues, 39, 40 Manufacturers: Capacity utilization, 56 Ownership of securities of, 22, 25, 31, 32 Production index, 53, 56 Yields and prices of securities, 29, 30 Margin requirements, 10 State member banks, 20, 21, 87 Member banks: Stock market credit, 30 Assets and liabilities, by classes, 18, 22 Stocks: Borrowings at Reserve Banks 6, 12 New issues, 40, 41 Deposits, by classes, 11 Yields and prices, 29, 30 Number, by classes, 18, 87 Operating ratios, 89 Tax receipts, Federal, 35 Time deposits, 10, 11, 16, 17, 18, 23, 26 Reserve position, basic, 8 Reserve requirements, 10 Treasurer’s account balance, 34 Treasury cash, Treasury currency, 4, 15, 17 Reserves and related items, 4, 16 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 hanks. 17, 18, 20, 31, 36, 37, 44, 87 U.S. Govt, balances: Commercial bank holdings, 23, 26 National banks 20, 21, 87 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, 87 12 , 34 U.S. Govt, securities: Open market transactions, 11 Bank holdings, 17, 18, 22, 25, 31, 36, 37 Operating ratios, member banks, 89 Dealer transactions, positions, and financing, 38 Federal Reserve Bank holdings, 4, 12, 14, 36, 37 Foreign and international holdings, 12, 74, 78, 79 Payrolls, manufacturing, index, 56 International transactions, 74, 78 Personal income, 63 New issues, gross proceeds, 40 Postal Savings System, 10, 17 Open market transactions, 11 Prices: Consumer and wholesale commodity, 56, 60 Outstanding, by type of security, 36, 37, 39 Ownership of, 36, 37 Security, 30 Yields and prices, 29, 30, 85 Production, 52, 56 United States notes, 15 Profits, corporate, 42, 43 Utilities, production index, 53, 56 Real estate loans: Banks, by classes, 22, 24, 31, 44 Veterans Administration, 44, 45, 46 Delinquency rates on home mortgages, 47 Mortgage yields, 30, 47 Weekly reporting banks, 24 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 19-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 A q) 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