Federal Reserve Bulletin, 1968-05

FEDERAL RESERVE BULLETIN MAY 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, EI 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 5 □ VOLUME 54 □ MAY 1968 CONTENTS 395 Recent Capital Market Developments 406 Staff Economic Studies: Summary 408 Member Bank Income, 1967 414 Statements to Congress . 431 Record of Policy Actions of the Federal Open Market Committee 437 Law Department 454 Announcements 455 National Summary of Business Conditions Financial and Business Statistics A- 1 Contents A- 3 Guide to Tabular Presentation A- 4 U.S. Statistics A- 68 International Statistics A-105 Board of Governors and Staff A-106 Open Market Committee and Staff; Federal Advisory Council A-107 Federal Reserve Banks and Branches A-108 Federal Reserve Board Publications A-lll 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

Recent Capital Market Developments FINANCING in security and mortgage markets moderated some­ what in the first quarter of 1968 but remained unusually large by historical standards. This high first-quarter rate followed a year in which total demands on capital markets by major types of bor­ rowers had risen to record levels. An increase in borrowing by corporations and by State and local governments in 1967 was aug­ mented in the second half by the largest volume of U.S. Treas­ ury financing since World War II. Moreover, as the year pro­ gressed, net expansion in mortgage debt also accelerated. The increase in capital market financing in 1967 was a major factor in the advance of long-term interest rates on securities to levels that exceeded the 1966 peaks. Concern about the effect of the large Federal deficit on financial markets, and the belief that— in the continued absence of fiscal action—an increasingly restric­ tive monetary policy would be required for both domestic and international reasons, added to interest rate pressures in 1967 by influencing the expectations of both borrowers and lenders. Long-term interest rates have fluctuated widely since last fall, as market attitudes have been influenced by the gold and sterling crises and their resolution, by the course of the conflict in Vietnam and the likelihood of peace negotiations, and by changes in the prospect for fiscal action. While these factors have tended to accentuate interest rate fluctuations, by mid-May all long-term Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

396 FEDERAL RESERVE BULLETIN □ MAY 1968 bond yields were close to their previous peaks. During the period, signs of domestic inflationary pressures became more prevalent, and monetary policy became more restrictive. The Federal Re­ serve raised the discount rate three times, to 5/2 per cent by mid­ April. Yields on home mortgages, though they reached record levels by April, had advanced much less than those on other capital mar­ ket instruments. Hence, the nominal yield advantage of home mortgages was less than the average cost of servicing them, and their attraction for lenders with diversified portfolios remained quite limited. To improve the flow of residential mortgage funds in their areas, upward adjustments were made early this spring by some States with relatively low usury ceilings on conventional home mortgages. Also, the Congress temporarily suspended the statutory contract rate ceiling of 6 per cent on Government-under­ written home mortgages. And in early May the Federal National Mortgage Association shifted its secondary market operations for home mortgages to a weekly auction system. Under this system, secondary market prices—and related yields—for eligible mort­ gages to be purchased by FNMA will be determined directly by the private market. While financial institutions continued to supply the major share 11 Financing in CAPITAL MARKETS remains large in early 1968 BILLIONS OF DOLLARS Flow of funds data for net change in outstandings. Securities: cluding stock issues of open-end investment companies. Mort­ (t) U.S. Govts,—direct debt, including savings bonds, non­ gages: total mortgage debt formation less change in mortgage guaranteed issues of Federal agencies, and loan participation loans in process at savings and loan associations. First quarter certificates; (2) State and local govts., including short-term; 1968, preliminary. (3) other bonds and stocks—corporate and foreign issues ex­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT CAPITAL MARKET DEVELOPMENTS 397 of the funds raised in security and mortgage markets in the latter part of 1967 and the first quarter of 1968, the share supplied directly by the public increased. As market yields reached and then exceeded their previous peaks after mid-1967, consumers and corporations increased their purchases of market securities, and net inflows of time and savings funds to financial institutions slowed. Net inflows to nonbank intermediaries improved some­ what when market yields declined early in 1968, but the subse­ quent rise in such yields reduced inflows during and after the March-April reinvestment period. Long-term INTEREST RATES vary widely 2 in early spring FHA MORTGAGES CORPORATE Aaa NEW ISSUES LONG TERM U.S. GOVT. STATE AND LOCAL GOVT. Aaa Monthly averages except FHA (based on quotations for I day each month). Yields: FHA, weighted averages of private sec­ ondary market prices of new-home 30-year mortgages converted to annual yield (thin line indicates periods of adjustment to changes in contractual interest rate); corporate issues, weighted averages of new publicly offered bonds with 5-year call pro­ tection, rated Aaa, Aa, and A by Moody’s Investors Service and adjusted to an Aaa basis; U.S. Govt, bonds, market yields adjusted to 20-year constant maturity by U.S. Treasury; State and local govt, bonds, Moody’s. Latest figures: April 1968. MORTGAGES Mortgage debt formation—by far the largest single use of long­ term investment funds—began to approach more normal rates after mid-1967 as it recovered from the lows reached in late 1966. Mortgage commitments had begun to rise early in 1967 as net inflows to the major institutional suppliers of mortgage funds ac­ celerated. The delay in mortgage debt formation reflected several Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

398 FEDERAL RESERVE BULLETIN □ MAY 1968 factors: the time needed by the construction industry and by real estate markets to regain momentum after the sharp slowdown in 1966; the inevitable lag between commitments and acquisitions; the high priority that institutional investors attached to the early restoration of their depleted liquidity; and the attractiveness of market securities in terms of both liquidity and yield. By the fourth quarter of last year, however, the rate of mort­ gage debt expansion had returned to the peak reached in early 3 | FINANCIAL INSTITUTIONS supply less funds to capital markets BILLIONS OF DOLLARS 10 0 Flow of funds data for net change in holdings. For components of security and mortgage totals, see note to Chart 1. Figures for investor groups shown include shares of open-end investment companies (offset against equities held by these companies). Insurance comprises private pension funds as well as life and other insurance companies. Depositary institutions are savings and loan associations, mutual savings banks, and credit unions; figures exclude mortgage Joans in process at savings and loan associations. First quarter 1968, preliminary. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT CAPITAL MARKET DEVELOPMENTS 399 1966. The rate remained very high in the first quarter of 1968, though somewhat below the pace of the preceding quarter. Underlying strength was provided to the mortgage market by the volume of deposit and share inflows to the nonbank financial MORTGAGE DEBT institutions, particularly to savings and loan associations. While BILLIONS OF DOLLAOS inflows moderated in the fall of 1967 from their exceptionally TOTAL NET EXPANSION sharp pace in the first half, they generally remained above the 1966 rate even though yields on market instruments were increasing rapidly. This reflected in part the slower advance in yields on short­ term market investments, which are considered to be most com­ petitive with deposit-type claims, and in part the increasing use by nonbank institutions of differentiated deposit and share accounts to attract and maintain funds of the more interest-sensitive investors. In addition, the ceiling rates on deposit-type claims that were established under congressional authority in the fall of 1966 and renewed in 1967 limited the ability of commercial banks to attract funds from the nonbank institutions. Finally, the somewhat smaller Acquired by: volume of new security issues and the declines in market yields early in 1968 helped to maintain inflows of funds in the first quar­ ter of the year. Uncertainty about future inflows of funds, together with the high level of outstanding commitments, tended to retard growth in new mortgage commitments by major institutional lenders in the first quarter of 1968. In April, as short-term market yields rose, the rate of inflows to savings and loan associations and savings banks declined from the first-quarter pace, and the volume of new COMMERCIAL BANKS commitments by these institutions moderated further. Neverthe­ less, outstanding commitments for future lending were very high at the end of April. ' Net acquisitions of mortgages by savings and loan associations— the dominant lender in the home-mortgage market—remained at low levels in early 1967, despite the greatly improved inflows on OTHER share accounts. Such acquisitions began to accelerate in the spring of 1967, even though the associations were continuing to make large loan repayments to the Federal home loan banks and were purchasing large amounts of Treasury issues. Acquisitions of mort­ Flow of funds data. Figures for total gages were still at an advanced rate in early 1968. net expansion and for acquisitions by savings and loan associations exclude In contrast, mutual savings banks—which have more alternative loans in process. Insurance comprises private pension funds as well as life investment options than savings and loan associations—showed no and other insurance companies. Other represents FNMA, consumers, State pick-up in the rate at which they were acquiring mortgages in 1967 and local govts., and mortgage com­ panies. First quarter 1968, prelimi­ and early 1968. Instead, they invested most of the rise in their nary. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

400 FEDERAL RESERVE BULLETIN □ MAY 1968 savings inflows in corporate bonds, on which yields were relatively more attractive. The insurance sector actually reduced its holdings of mortgages on 1- to 4-family homes after the first quarter of 1967; it shifted funds not only into corporate bonds but also into higher-yielding mortgages on multifamily and commercial properties. Even so, total net takings of mortgages by life insurance companies moder­ ated in the second half of 1967 and first quarter of 1968. Acquisitions of home mortgages by commercial banks were again showing considerable strength by the summer of 1967 and were especially large in the fourth quarter, partly because of the demand for construction loans. Mortgage loans by banks on multi­ family, commercial, and farm properties were also at unusually high levels in the fourth quarter. While acquisitions of mortgages by commercial banks declined somewhat in the first quarter of 1968, they were still about as large as in the third quarter of 1967. The continued high rate of net mortgage formation at the turn of the year and into 1968 resulted in part from the high level of such lending by savings and loan associations and commercial banks. This largely offset the shift away from mortgage loans by savings banks and insurance companies. In addition, net takings by the FNMA of eligible Government-underwritten mortgages rose rapidly after mid-1967 and reached a record rate in the first quarter of 1968; in that quarter the increase in mortgages held by the FNMA (included in the bottom tier of the chart on page 399) was surpassed only by the increases at savings and loan associ­ ations and at commercial banks. U.S. GOVERNMENT With the gap between receipts and expenditures unusually wide, SECURITIES the Federal Government borrowed huge amounts in money and capital markets from mid-1967 through the first quarter of 1968. For this 9-month period its net offerings were at a seasonally adjusted annual rate of almost $32 billion. Two-thirds of the increase in Federal debt in the third quarter of 1967 was absorbed by commercial banks, which at the end of the quarter still held a large share of the new issues they had under­ written. In the fourth quarter banks reduced their holdings of U.S. Government securities, as loan demand strengthened near the end of the year and monetary policy tightened. During this period, con­ sumers made substantial net purchases at increasing yields. In the second half of the year State and local governments and sav- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT CAPITAL MARKET DEVELOPMENTS 401 FEDERAL GOVERNMENT borrows large amounts after mid-1967; purchases by MAJOR INVESTOR GROUPS shift markedly Flow of funds data for total net issues, which comprise direct State and local govts., all nonbank finance, and foreign in­ debt including savings bonds, nonguaranteed issues of Federal vestors. First quarter 1968, preliminary. agencies, and loan participation certificates. Other represents ings and loan associations also increased their purchases of these securities at the prevailing higher yields. Net acquisitions of U.S. Government securities by consumers and commercial banks were relatively moderate in the first quar­ ter of 1968, but nonfinancial corporations acquired record amounts and so did open-end investment companies, which were temporarily shifting funds away from the stock market. Tn dollar terms, each of these four groups, as well as the Federal Reserve, increased its holdings by about the same amount. CORPORATE SECURITIES . , The volume of funds raised in long-term securities markets by non­ financial corporations declined in the fourth quarter of 1967 from the record amount obtained in the third quarter. It declined further in the first quarter of 1968, when capital market funds—and in fact total external financing—accounted for the smallest propor­ tion of total corporate funds since late 1966. The decline in corporate demands on bond and stock markets after the third quarter of 1967 probably reflected the decreasing importance of offerings undertaken for purposes other than the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

402 FEDERAL RESERVE BULLETIN □ MAY 1968 financing of current and near-term domestic outlays. During most of last year, the volume of net new security issues was augmented by corporate efforts to accomplish financing that‘had been post­ poned during the period of extreme credit tightness in 1966, and to lengthen the maturity of outstanding debt and improve liquidity positions. Some corporations also obtained long-term funds in ad­ vance of need, as protection against a possible return of reduced availability of credit and congestion in financial markets associated with the large Federal deficit. In the first half of 1967 total needs of the corporate sector were further increased by the acceleration of income tax payments. By the first quarter of 1968, financing for liquidity purposes was probably minimal. Corporations had increased their holdings of liquid assets last year by somewhat more than in other recent years; at the same time, in line with the increased emphasis on long-term financing, their short-term debts had risen less than half as much as usual. As a result, the ratio of liquid assets to total current liabilities, which had fallen sharply in each of the preceding several years, declined very little in 1967. The exceptionally small decline in this conventional liquidity ratio last year suggests that the most NONFINANCIAL CORPORATIONS reduce reliance on funds 5 from capital markets after summer of 1967 PES CENT OF TOTAL FUNOS BANK Flow of funds data for nonfinancial corporate business. Amounts for the external sources shown (which exclude trade debt) are expressed as percentages of total funds, which com­ prise: internal funds (current surplus); external financing (credit and equity market instru­ ments); increases in accrued tax liabilities and in miscellaneous liabilities; and decreases in liquid assets. Quarterly percentages computed from seasonally adjusted data. First quarter 1968, preliminary. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT CAPITAL MARKET DEVELOPMENTS 403 pressing needs for restructuring of balance sheets had been met by the year-end. CORPORATE AND FOREIGN BONDS BILLIONS OF DOLLARS Corporate needs for external financing in the first quarter of TOTAL NET ISSUES 1968 moderated also because income tax payments declined sharply, as only a small proportion of 1967 liabilities remained to be paid under the accelerated schedule. The record margin by which current accruals of tax liabilities exceeded tax payments pro­ vided a substantial volume of temporary funds, a large share of which appears to have been used to build up holdings of liquid assets in anticipation of heavy income tax payments now concen­ trated in the second quarter. Moreover, some of the large volume of securities sold in foreign markets in early 1968 probably represented financing that cor­ porations, in the absence of Government restrictions on transfers of capital abroad, might otherwise have obtained in U.S. markets. And some of the large volume of industrial revenue bonds issued by State and local governments substituted for financing that cor­ porations might otherwise have obtained themselves. Nevertheless, by any historical standards except the peak rates of 1967, corporations sold a sizable volume of bonds and stocks in early 1968. And the pace of capital market financing appears to have stepped up recently, possibly because corporations expect the gap between the flow of internal funds and capital expendi­ tures, which narrowed somewhat after early 1967, to widen again. The volume of corporate security issues for new capital was some­ what smaller in the first 4 months of 1968 than it had been a year earlier, but new issues in May seem likely to exceed those in May 1967 by a considerable margin. The increasingly attractive yields available on corporate bonds since early 1967—both absolutely and relative to those on other long-term financial assets—have raised the level of participation in the market by several investor groups. Consumers, for example, ac­ celerated their purchases of corporate bonds in the second half of 1967 and acquired these securities at a record rate in the first quar­ ter of 1968. Mutual savings banks—seeking improved liquidity for their portfolios and attracted by the narrowing spread between Flow of funds data for net issues of yields on mortgages and on bonds—acquired more corporate long-term debt securities sold in U.S. markets by U.S. corporations and by bonds in 1967 than in all the previous years since World War II. foreign corporations and govts. In­ surance comprises private pension While such purchases declined in late 1967, they rose again funds as well as life and other in­ surance companies. Other represents in the first quarter of 1968. Acquisitions by State and local gov­ commercial banks, finance n.e.c., and foreign investors.. First quarter 1968. ernment pension funds were exceptionally large in the first half of preliminary. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

404 FEDERAL RESERVE BULLETIN □ MAY 1968 1967 and have since remained substantial, though still below the peak rate. Life insurance companies—a component of the insurance sector shown in the chart on page 403—also stepped up their purchases of corporate bonds in 1967 and early 1968. However, the private­ pension-fund component reduced the rate of its purchases in order to increase its participation in the equity markets. Private place­ ments accounted for a reduced share of life insurance company acquisitions of corporate bonds during most of 1967—reflecting the lower level of new commitment activity from mid-1966 to early 1967 and the stretching out of take-down periods for com­ mitments—and purchases by these companies of publicly offered, readily marketable, corporate bonds rose. More recently, bonds acquired through private placements have increased in impor­ tance. STATE AND LOCAL GOVERNMENT SECURITIES The gap between tax receipts of State and local governments and their spending narrowed somewhat in the first quarter of 1968, but their net demands on the capital market remained large—although somewhat less than in 1967. Last year’s sharp increase in security market financing was the result of several factors: One was that, despite the reduced growth in State and local government tax re­ ceipts and the cutbacks in Federal grants-in-aid, spending-—par­ ticularly capital outlays—by all levels of non-Federal government continued to accelerate. Two, the new-issue volume included some financing that had been postponed because of market conditions in 6 I Net demands of STATE AND LOCAL GOVERNMENTS moderate somewhat in early 1968 1965 1966 1967 '66 1965 1966 1967 '68 1965 1966 1967 '68 (965 1966 1967 '66 Flow of funds for net issues including short-term. Other com- tions, State and local govts., and finance n.e.c. First quarter prises insurance, mutual savings banks, nonfinancial corpora- 1968, preliminary. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT CAPITAL MARKET DEVELOPMENTS 405 1966. And three, there was a pronounced rise in issues of indus­ trial revenue bonds. Indeed, in the first quarter of 1968, fears that Federal tax exemption for industrial revenue bonds would be re­ moved resulted in a further ballooning of such issues. Commercial banks, with their deposit inflows large and demands for loans relatively modest, increased their holdings of State and local government securities in 1967 by an amount nearly four times as large as in 1966 and absorbed all but a small fraction of the increase in municipal issues outstanding. But as 1968 pro­ gressed and funds became less readily available to them, banks sharply curtailed their acquisitions in the tax-exempt market. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Staff Economic Studies The research staffs of the Board of Gover­ In all cases the analyses and conclusions nors of the Federal Reserve System and of set forth are those of the authors and do the Federal Reserve Banks undertake studies not necessarily indicate concurrence by the that cover a wide range of economic and Board of Governors, by the Federal Reserve financial subjects, and other staff members Banks, or by members of their staffs. prepare papers related to such subjects. In Single copies of the full text of each of some instances the Board finances similar the studies or papers that are summarized studies by members of the academic profes­ below are available in mimeographed form. sion. The list of Federal Reserve Board publica­ From time to time the results of studies tions at the back of each Bulletin includes that are of general interest to the economics­ a separate section entitled “Staff Economic profession and to others are summarized— Studies” that enumerates the studies for or they may be printed in full—in this sec­ which copies are currently available in that tion of the Bulletin. form. Study Summary A DISAGGREGATED MODEL OF THE U.S. BALANCE OF TRADE William H. Branson—Princeton University The work for this study was carried out in 1967 while the author was serving as a consultant to the Division of International Finance. Board of Governors of the Federal Reserve System. The growing pressure of the balance of pay­ equations are ratios of various categories of ments constraint on U.S. economic policy in imports to GNP. These ratios are related to recent years has made more and more ap­ trend real GNP (reflecting the Engel’s parent the need for a reasonably sound econ­ curve), capacity utilization, composition of ometric basis for balance of payments pro­ demand (calculated as the percentage of jection. This study works in this direction by domestic demand in the end-use category of examining the relationships of U.S. exports the import variable), and relative prices. —disaggregated by area of destination— The dependent variables in the export equa­ and U.S. imports—disaggregated by end-use tions are ratios of exports—disaggregated category—to such basic demand variables as by areas of destination but not end-use— income, cyclical demand measured by ca­ to variables representing foreign demand. pacity utilization, and relative prices. These ratios are related to trend real foreign The dependent variables in the import demand, foreign capacity utilization, and 406 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

407 U.S. prices relative to prices of both foreign rent Business: coffee, cocoa, and sugar; importers and competitive suppliers. other foods; other consumer nondurable The results indicate that the ratios of im­ goods; passenger cars; other consumer dur­ ports to GNP—both in money value—are able goods; industrial supplies and materials; quite sensitive to U.S. capacity utilization, capital goods; other automotive products; while the export to foreign demand ratios gem stones, and so forth; and all other. The respond to capacity utilization abroad. Im­ exports were disaggregated by area: Can­ ports also appear to be price elastic, while ada, Japan, the United Kingdom, conti­ for exports the degree of price-elasticity is nental Europe, Latin America, and the rest unclear. of the world. The equations can be aggre­ Import equations were estimated for the following categories, taken from the balance gated to produce forecasts of total imports of payments Table 4 in the Survey of Cur­ and exports. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Member Bank Income, 1967 Both operating income and operating ex­ deposits, the largest cost category, was well penses of member banks rose in 1967, but above its 1966 total, as the level of deposits the rate of growth in current earnings be­ and the average interest rate paid moved up. fore income taxes slowed appreciably. However, both rose somewhat less sharply Losses on nonoperating transactions dropped than in the two previous years. sharply during the year, and this decline Losses from nonoperating transactions was a major factor in the increase in mem­ were much smaller, and reduced net income ber bank net income. Meanwhile, the banks much less than in 1966. Losses and chargeset aside considerably larger amounts to offs on securities dropped from the record cover increases in their income taxes. As a level of $416 million in 1966 to $33 million result of these changes, member bank net in­ in 1967. The results of nonoperating trans­ come for 1967 rose by about $400 million, actions in loans and other assets were about or 18 per cent. the same as in 1966. As in the past 5 years, most of the rise in Provisions for income taxes showed the member banks’ operating revenue was at­ first year-to-year rise in several years. Total tributable to earnings on loans, but the dividend payments and the average dividend growth in such earnings did not keep pace TABLE I with the recent trend. The rate of interest FACTORS IN HIGHER NET INCOME return was modestly higher than it had been (In millions of dollars) in 1966, but the expansion in the average volume of loans held was the smallest in Change several years. Item from 1966 Interest income on securities contributed Increase in net income, total................................................. 400 a larger share to operating revenue for the Factors increasing net income, total................................... 2,268 year, for average holdings rose and yields Increase in operating revenue from earning assets........ 1,788 On loans...................... 1,042 were sharply higher. The additions to port­ On securities other than U.S. Government.............. 296 On U.S. Government securities.............. 232 folios of State and municipal securities ac­ On miscellaneous operating revenue......................... 218 counted for most of the expansion in hold­ Nonoperating transactions................................... 480 Decrease in net tosses on securities 1......................... 313 Increase in profits on sales of securities.................... 71 ings. The mix of earning assets shifted slight­ Decrease in miscellaneous tosses................................. 52 Increase in miscellaneous recoveries.......................... 45 ly to securities and cash assets as demand for Factors decreasing net income, total.......................... 1,868 loans tapered off and banks moved toward Increase in operating expenses................................. 1,566 more liquid positions following the tight Of interest on time deposits....................................... 878 Of salaries and wages.......................... 358 credit conditions in the latter half of 1966. Of miscellaneous expenses.......................................... 329 Increase in provisions for taxes on net income............ 131 Expenses of member banks increased in Nonoperating transactions........................... 171 all major categories. Interest paid on time Larger net increase in valuation reserves on loans... 80 Smaller net decrease in valuation reserves on se­ curities......................................................................... 65 Increase in net losses on loans >............................ 25 Note.—This article was prepared by R. J. Buckley, Jr., Analyst, Financial Statistics Section of the Board’s 1 Includes recoveries credited and losses charged to undivided Division of Data Processing. profits or to valuation reserves. 408 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

409 rate were both higher than in 1966. The div­ (8.0 per cent) and the 1965 rate (10.6 per idend rate was the highest since the early cent), largely because of significantly slower 1930’s. " ' expansion of loan holdings in 1967. Member bank capital ratios—whether Even with bank credit more readily avail­ measured as a percentage of total deposits, able during most of 1967, total loans out­ of total assets, or of risk assets (total assets standing—at an average of $189.8 billion less U.S. Government securities and cash)— for the year—advanced by only $12.2 billion continued to decline. Growth of capital was over the year as compared with an increase smaller than the growth of the other factors of $18.8 billion during 1966. On a percent­ and arose largely from retained earnings. age basis the increase was 6.9 per cent, the smallest since 1961. Although loans were in­ EARNING ASSETS creasing gradually during most of 1967, Member bank holdings of all types of earn­ much of the increase in average holdings was ing assets averaged $277.7 billion in 1967, the result of stronger loan demand near the an increase of $19.4 billion or 7.5 per cent end of the year. from the previous year. But this rate of ex­ Except for a decline in loans to financial pansion failed to surpass both the 1966 rate institutions, loan volume rose in all major TABLE 2 MEMBER BANK INCOME, 1956-67 (Dollar amounts in millions) Item 1956 1957 1958 1959 1960 196! 1962 J 963 1964 1965 1966 1967 Revenue........................................................ $6,078 $6,771 $7,127 $8,075 $8,928 $9,217$10,154$11,169$12,386$13,842$16,072$17,859 On U.S. Govt, securities...................... 1,101 1,168 1,266 1,399 1 ,414 1 ,537 1 ,687 1 ,726 1 ,742 1 ,686 t ,702 1 ,934 On other securities................................. 308 339 411 445 467 513 629 773 911 1,079 1 ,265 1,561 On loans................................................... 3,725 4,208 4,326 5,021 5,730 5,870 6,435 7,200 8,111 9,295 11,086 12,128 Service charges on deposits accounts.. 310 354 389 422 464 495 532 568 607 653 705 757 Other revenue......................................... 634 702 734 788 853 802 870 903 1,015 1,128 1,314 1 ,479 Expenses 1.................................................. 3,680 4,222 4,617 5,140 5,655 6,074 7,041 7,931 8,895 10,206 11,941 13,507 Salaries and wages................................. 1,735 1,877 1,981 2,118 2,289 2,363 2,501 2,661 2,840 3,024 3,290 3,648 Officer and employee benefits. ............. 331 364 393 420 448 507 563 Interest on time deposits...................... 650 927 1,123 1,280 1,434 1 ,720 2,358 2,858 3,384 4,214 5,213 6,091 Net occupancy expense , ....................... 424 459 501 550 598 654 709 Other expenses........................................ 1,295 1,418 1,512 1,742 1,932 1,236 1,360 1,519 1,701 1,922 2,277 2,496 Net current earnings before income taxes. 2,398 2,549 2,510 2,935 3,273 3,143 3,112 3,239 3,491 3,635 4,130 4,353 Net of profits and recoveries (+), losses and charge-offs, and changes in valuation reserves............................................. 654 485 496 904 344 181 308 329 570 653 1,046 737 Profits and recoveries (4-). losses and charge-offs: On securities 2..................................... 326 211 4-535 792 +72 4-351 + 152 +81 62 20 416 33 On loans 2........................................... 81 59 47 37 179 157 132 197 187 255 332 357 Other..................................................... 18 39 49 31 25 29 27 21 33 27 116 19 Net increase (or decrease, 4) in val­ uation reserves: On securities...........................,.......... + 32 + 10 189 4-140 64 123 26 +9 +27 + 54 + 79 + 14 On loans.............................................. 261 187 153 184 148 224 275 200 315 405 261 341 Net income before related taxes.............. 1,744 2,063 2,606 2,032 2,929 2,962 2,805 2,910 2,921 2,983 3,084 3,616 Taxes on net income.................................. 718 895 1,148 775 1,241 1,250 1,110 1,079 998 880 876 1,007 Net income................................................... 1.027 1,169 1,457 1,257 1,689 1,712 1,695 1,831 1,923 2,103 2,209 2,609 Cash dividends declared 3......................... 547 604 646 690 735 793 832 878 961 1,058 1,145 1,248 Ratio of net income to average total capital accounts (per cent).................. 7.8 8.4 9.7 7.9 10.1 9.6 8.9 9.0 8.8 8.7 8.6 9.6 Number of banks at end of year............. 6,462 6,393 6,312 6,233 6,174 6,113 6,047 6,108 6,225 6,221 6,150 6,071 i Expenses were reclassified in 1961 as described on pp. 526-27 vided profits or to valuation reserves and excludes transfers to and of the May 1962 Bulletin. from valuation reserves. 2 Includes recoveries credited and losses charged either to undi­ J Includes interest on capital notes and debentures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

410 FEDERAL RESERVE BULLETIN □ MAY 1968 TABLE 3 keted an unusual volume of new securities CHANGES IN MEMBER BANK AVERAGE in the second half of 1967. Largely as the re­ LOANS AND INVESTMENTS, 1967 sult of purchases after midyear, banks’ aver­ (Dollar amounts in millions) age holdings of U.S. Government securities Change from rose by $0.9 billion or 2.1 per cent, to $43.2 1966 average Average billion. During 1966, when banks liquidated (tern amount, 1967 Per­ securities in order to meet demand for loans, Amount centage average holdings of Government securities Total loans and investments............ $277,658 $19,377 7.5 had declined by 7.5 per cent. Near the end Loans 1............................................... 189,788 12,232 6.9 Commercial and industrial......... 75.939 7.310 10.7 of 1967 liquidation of securities was again Agricultural................................... 5,586 365 7.0 For purchasing and carrying se- providing a cushion for strong loan demands. curities......................................... 8,219 409 5.2 To financial institutions.............. 16.292 -228 - 1 .4 New issues of securities by State and local Real estate..................................... 43,681 2.936 7.2 Other loans to individuals.......... 39.097 1,672 4.5 governments continued strong, and average All other......................................... 4,859 60 1.3 holdings of such issues by member banks U.S. Government securities.............. 43,172 886 2. 1 Other securities................................. 44,697 6,259 16.3 State and local government........ 18,135 4,707 14. 1 rose from $33.4 billion in 1966 to $38.1 Other............................................... 6.562 1 .552 31.0 billion in 1967, a growth of 14.1 per cent. • Totals are net (after deduction of valuation reserves); individual Holdings of other securities—largely Fed­ loan items are gross and do not add to totals. Nott.—-Averages are based on amounts reported for 3 call dates — eral agency obligations and certificates of at the beginning, middle, and end of each year—and they reflect the classification of loans and securities in effect on the particular call participation in Federal agency loan pools date. Beginning June 30, 1966, “Loans to farmers directly guaranteed by CCC" were reclassified as securities, and Export-Import Bank —surpassed the 1966 total by 31 per cent, portfolio fund participations were reclassified from ‘All other loans" moving up from an average of $5.0 billion to “Other securities." Thus, for one call date used for 1966 averages total loans were higher and "Other securities*' were lower by about in that year to $6.6 billion in 1967. $900 million. . OPERATING REVENUE categories. But the increases in real estate loans and in loans to businesses and to indi­ Operating revenue totaled $17,859 million, viduals were all smaller than in 1966. Only I 1 per cent more than in 1966. The growth agricultural loans and loans to purchase or rate, however, was not so large as in either carry securities rose more sharply than in 1966 or 1965—16 and 12 per cent re­ 1966. spectively—but was more in line with ex­ With relatively more moderate loan de­ perience of the preceding 10 years. Earnings mand and with strong deposit inflows in on loans amounted to $12,128 million, rep­ 1967, banks were able to increase their hold­ resenting an increase of $1,042 million or ings of securities rapidly during most of the 9.4 per cent over the 1966 volume. The year and thereby improve their liquidity from percentage increase was significantly less the reduced levels of the period of credit than in any other year since 1962 and re­ stringency prevailing in the last half of 1966. flected the small expansion in loan volume. Larger holdings of securities—mostly State The average return on loans was 6.39 per and municipal—accounted for about 37 cent, compared with 6.24 per cent in 1966. per cent of the upswing in earning assets. In Except for 1966, this increase in the average 1966 less than 2 per cent of the increase in return realized on the loan portfolio was earning assets could be attributed to a rise larger than for any other year since 1959. in security holdings. Securities provided a larger part of total In order to meet its exceptionally large revenue of member banks than in 1966— cash needs, the Federal Government mar­ up to 19.6 from 18.5 percent—as the result Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MEMBER BANK INCOME 411 of larger average holdings and higher aver­ On other securities, interest and dividends age rates of return for the year. Interest totaled $1,561 million compared with rates fell early in 1967, but toward the end $1,265 million in the previous year. Rough­ of the first quarter, long-term market rates ly three-quarters of the increase in revenue began to rise. They continued to move up­ was attributed to larger holdings, and the ward during the rest of the year. Short-term remainder to higher interest and dividend rates declined well into the second quarter rates, which averaged 3.49 per cent as but subsequently rose markedly. compared with 3.29 in 1966. Since the in­ Interest on U.S. Government securities crease in “other” security holdings was large­ amounted to $1,934 million, a rise of 13.6 per cent as compared with 1966. The aver­ ly in State and municipal issues, which have age rate of interest moved up from 4.02 per a higher after-tax yield, the improvement cent in 1966 to 4.48 in 1967. in the average rate of return does not reflect TABLE 4 MEMBER BANK INCOME, BY CLASS OF BANK, 1967 AND 1966 (Dollar amounts in millions) Reserve city banks Country Total banks Item New York City City of Chicago Other 1967 1966 1967 1966 1967 1966 1967 1966 1967 1966 Revenue.................................................................. $17,859 $16,072 $3,080 $2,775 $763 $689 $6,673 $6,036 $7,344 $6,571 On U.S, Government securities..................... 1,934 1 702 245 175 69 58 611 519 1 ,009 950 On other securities........................................... 1,561 1 265 232 210 60 52 578 446 691 556 On loans............................................................. 12,128 1U086 2,159 1,986 527 479 4,598 4,285 4,843 4,337 All other............................................................. 2,236 2,018 444 405 106 100 885 786 800 728 Expenses................................................................ 13,507 11,941 2,189 1,985 558 479 5,092 4,500 5,667 4,977 Salaries and wages................................... 3,648 3,290 555 481 126 109 1,366 1,238 1,602 1,462 Officer and employee benefits......................... 563 507 112 101 25 24 206 184 220 199 Interest on time deposits................ 6,091 5,213 1 ,037 949 274 231 2,331 1 ,992 2,449 2,042 Net occupancy expense................................... 709 654 127 117 20 20 254 236 308 281 All other............................................................. 2,496 2,277 358 337 114 96 936 851 1 .088 993 Net current earnings before income taxes.......... 4,353 4,130 891 790 205 209 1 ,580 1,537 1,676 1,594 Net of profits and recoveries (+), losses and charge-offs, and changes in valuation re­ serves....................................................... 737 1,046 171 263 16 49 249 371 302 363 Profits and recoveries (+), losses and charge-offs: On securities ।......................................... 33 416 24 142 40 19 132 +9 103 On loans ।............................................. 357 332 50 59 15 9 127 123 166 140 Other............................................................................................... 19 116 3 + 10 7 91 22 21 Net increase (or decrease, +) in valuation reserves; On securities................................. + 14 +79 + 2 + 7 + 14 +57 + 13 On loans......................................................... 341 261 97 61 II 7 1 10 82 123 112 Net income before related taxes......................... 3,616 3,084 721 528 189 161 1,332 1,165 1,375 1,231 Taxes on net income............................................. 1,007 876 237 145 58 51 362 352 351 328 Net income. ........................................................... 2,609 2,209 484 383 131 110 970 813 1,024 902 Cash dividends declared 2................................... 1,248 1,145 284 259 52 49 493 453 420 383 Ratios (per cent): Net current earnings before income taxes to— Average total capital accounts.............. 16.0 16.1 16. 1 15.2 16.3 18.0 16.2 16.6 15.7 15.9 Average total assets..................................... 1.24 1.28 1. 31 1.27 1.33 1.44 1.22 1.28 1.21 1.26 Net income to— Average total capital accounts................... 9.6 8.6 8.7 7.4 10.5 9.5 9.9 8.8 9.6 9.0 Average total assets..................................... .74 .68 .71 .62 .85 .75 .75 .68 .74 .71 1 Includes recoveries credited and losses charged either to undi­ from valuation reserves. vided profits or to valuation reserves and excludes transfers to and 2 Includes interest on capital notes and debentures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

412 FEDERAL RESERVE BULLETIN □ MAY 1968 fully the increment to higher net income growing at a reduced pace and banks were from this source. increasing their holdings of securities at a rapid rate. In 1966, in order to meet soar­ EXPENSES ing loan demands, banks had liquidated se­ curities in a market in which bond prices At $13,507 million for 1967, total member were falling. bank operating expenses were $1,566 mil­ Although losses on securities sold de­ lion, or 13 per cent, higher than a year ear­ clined from $413 million in 1966 to $132 lier. However, the rate of increase was less million in 1967, the total was still the second than it had been in 1965 and 1966, when largest in 7 years and reflected mainly the expenses rose by 14.7 and 17.0 per cent, re­ effect of declining prices and rising interest spectively. rates and of some sales of securities at the Growth in time deposits and in the aver­ end of the year. The combined effect of all age interest rate paid on these deposits was types of transactions in securities reduced a little less than in 1966. But more than half net earnings by $19 million, compared with of this year’s rise in costs was due to higher a reduction of $337 million in 1966. interest payments on time deposits. The ratio Nonoperating transactions on loans re­ of interest paid to the average amount of duced net earnings by $698 million, the larg­ time deposits was 4.32 per cent compared est such reduction in recent years. Similar with 4.11 a year earlier. transactions had cut the amount of net cur­ Wages, salaries, and benefits amounted to rent earnings carried to net income by $593 $4,211 million, an increase of $414 million. million in 1966 and $660 million in 1965. The rise of 11 per cent resulted in part For the fifth consecutive year, member from higher levels of employment, but the banks reduced their valuation reserves on se­ increase in employment was not so large curities, but the $14 million reduction this as in 1966. year was considerably under the $79 million Net occupancy expense and other major in 1966 and the smallest in four of the last 5 expense categories also rose over the year years. Valuation reserves on loans were in­ but proportionally less than the increase in creased by $341 million—only slightly total expenses. more than the average of 1965-66. PROFITS, RECOVERIES, LOSSES, AND INCOME TAXES TRANSFERS TO VALUATION RESERVE Over the year, provisions for taxes on in­ In 1967, as in every year since 1958, the net come increased by $131 million, or 15 per result of all nonoperating transactions was to cent, to $1,007 million; this was the first reduce net earnings.1 The net reduction such increase in 6 years. Net income before amounted to $737 million compared with taxes was up by 17 per cent from the previ­ 1966’s record $1,046 million reduction. The ous year. However, the ratio of tax payments improvement reflected a sharp drop in losses, to net income before taxes declined for the and charge-offs on securities sold during the seventh successive year—moving from 42.4 year, when demand for loans at banks was per cent in 1960 to 27.9 in 1967. The downward movement in the ratio over this 1 The summary of over-all results of nonoperating period reflects changes in tax rates, large transactions in loans and securities includes the ef­ fects of transactions in valuation reserves. losses on securities in some years, and a Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MEMBER BANK INCOME 413 gradual expansion in bank holdings of tax­ age total capital accounts the ratio was 4.6 exempt securities. per cent; whereas this was only slightly above the ratios for 1966 and 1965, it was the NET INCOME AND CASH DIVIDENDS highest dividend return in many years. The $2,609 million net income after taxes Retained income amounted to $1,361 mil­ was $400 million, or 18 per cent, above the lion or 71 per cent of the increase in total preceding year—the largest increase since capital accounts during the year. A year 1960. The ratio of such income to total capi­ earlier, retained income had accounted for tal accounts was 9.6 per cent, and to total 76 per cent of the increase. assets was 0.74 per cent. Revenues, expenses, and incomes by re­ The proportion of net income after taxes serve classification of member banks for paid as dividends was 47.8 per cent, down 1967 and 1966 are shown in Table 4. De­ from 51.8 in 1966 and the smallest pro­ tailed figures for income, expenses, and re­ portion since 1961. As a proportion of aver­ lated items appear on pages A-94 to A-102. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Statements to Congress Statement of William McChesney Martin, rate, some countries could gain reserves only Jr., Chairman, Board of Governors of the at the expense of the reserve holdings of Federal Reserve System, before the Commit­ other countries. In an effort to avoid reserve tee on Banking and Currency of the House losses, and, if possible, to achieve reserve of Representatives, on H.R. 16911, a bill gains, more and more countries would tend to provide for U.S. participation in the facil­ to adopt much more restrictive economic ity based on Special Drawing Rights in the policies than they would otherwise be likely International Monetary Fund, May 1, 1968. to follow. I need not spell out the vicious A similar statement was made by J. Dewey circle of worldwide deflation that general Daane, Member, Board of Governors of pursuit of such policies could produce. This the Federal Reserve System, before the is what makes SDR’s important to every Committee on Foreign Relations of the Sen­ worker, every businessman, every industrial­ ate, on S. 3423, May 13, 1968. ist, and every banker in the country. The Board of Governors of the Federal In stressing the tremendous value that this Reserve System supports the proposed new system can have—for the world at large Amendment to the Articles of Agreement of as well as for the United States—I do not the International Monetary Fund and the want to exaggerate its probable impact in the legislation that is being put forward to bring years immediately ahead. We do not know about U.S. ratification of the Amendment to when the SDR system will be activated, or at provide for establishment of the Special what rate the participating countries will Drawing Rights (SDR) facility. The Board agree to create SDR’s in the first years. The believes that establishment of this facility growth of reserves could be too slow for will be very much in the interests of the some years to come. The only thing we can United States. be sure about is that with the SDR facility in Establishment of the system of SDR’s in existence, reserve growth at an adequate rate the IMF will mean that the growth of inter­ will be possible; without that facility, the national monetary reserves will for the first world economic outlook for the medium and time be subject to rational international de­ longer term would be much less favorable. cision. The need for establishing such a sys­ I should like now to say something about tem arises from vital interests in maximum the relation between SDR’s and the March employment, production, and trade. All 17 decision by the member countries of the countries want their reserves to grow over now-defunct Gold Pool to establish a twotime, with the growth of international trade market system for gold. As you know, the and payments, but the supply of existing negotiations looking to the establishment of kinds of reserve assets, including gold, an SDR system were going on long before clearly will not be enough to meet this need. the mid-March meeting, held here in Wash­ Unless world reserves grow at an adequate ington, on the gold problem. In fact, most of 414 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

415 the basic principles of the SDR system were In other words, while the prospective agreed upon last September at Rio. It was establishment of the SDR facility was a key this fact, as much as anything else, that made factor making the two-market system pos­ the two-market decision possible. sible, the fact that the two-market system As stated in the Washington Communique was adopted reinforces the need to establish of March 17, the central-bank Governors of the SDR facility. If the SDR system were not the Gold-Pool countries concluded that “as to be established, the viability of the twothe existing stock of monetary gold is suffi­ market system for gold would be seriously cient in view of the prospective establish­ compromised. ment of the facility for Special Drawing For the reasons I have indicated, the Rights, they no longer feel it necessary to Federal Reserve warmly supports the pro­ buy gold from the market.” Since it is there­ posed Amendment of the IMF Articles of fore essential that increases in world reserves Agreement, and the legislation that is being of other types take place, SDR’s should be put forward to provide for its ratification by available to serve that purpose. the United States. Statement of George W. Mitchell, Member, among those whose vantage points are very Board of Governors of the Federal Reserve similar. Consequently, I could not hope to System, before the Joint Economic Commit­ express adequately the judgments of the tee, May 15, 1968. Board as a whole, nor shall I try to do so. The opinions to be expressed are my own. I am pleased to have this opportunity to ap­ The central question with which I shall pear before this committee to discuss the be dealing—the intermediate targets of pol­ principles of conducting monetary policy as icy—has been debated extensively in the part of an over-all economic stabilization professional journals, although without suf­ program. My formal statement is addressed ficient agreement having been reached to to a question that has been widely discussed provide any automatic guide for monetary in the past several years, and in which this policy decisions. Some economists affiliate committee already has demonstrated an ac­ exclusively, or primarily, with changes in tive interest: what financial variable or vari­ the rate of credit expansion, either in terms ables should be used as intermediate targets of total credit expansion or some critical of monetary policy? More specifically, in segment thereof, such as bank credit. Others assessing whether monetary policy has been look principally to changes in the economy’s tight or easy, what interpretation should be liquid assets, either in the aggregate or in assigned to the movements in the stock of some segment of the total, such as the money money, as against movements in other finan­ stock. Others look principally to the terms cial variables such as broader measures of and conditions on which funds can be bor­ liquid assets, credit flows and terms, money rowed, regarding changes in the level and market conditions, or the level and structure structure of interest rates as the basis for of interest rates? establishing the course of monetary policy. On a question as complex and as contro­ To set forth the conclusion of my argu­ versial as this, there are bound to be differ­ ment briefly, it seems to me that in our ences in views among observers—even dynamic economy, no single variable—■ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

416 FEDERAL RESERVE BULLETIN □ MAY 1968 whether it be the money stock, money plus stock. But in interpreting movements in the time deposits, bank credit, total credit, free money stock over time it is essential to re­ reserves, interest rates, or what have you— call that these movements are the result of always serves adequately as an exclusive the interaction of many forces: the be­ guide for monetary policy and its effects havior of the nonbank public, acting in re­ on the economy. It follows from this that sponse to its desire to hold money and other excessive concentration of our attention on financial assets; the behavior of the Federal any single variable, or even on any single Reserve in supplying bank reserves, and in group of related variables, would likely re­ setting discount rates, reserve requirements, sult in a potentially serious misreading of and ceiling rates that banks may pay on time the course and intensity of monetary policy. deposits; the behavior of the commercial It may be helpful to establish the ration­ banks in using the reserves supplied to them ale for this conclusion in rather general by the Federal Reserve; the behavior of all terms first, and then appraise, in this con­ financial institutions in bidding for the sav­ text, the conduct of monetary policy in ings of the public. It is erroneous to interpret some recent critical periods. Monetary poli­ changes in the money stock as though they cies pursued by the Federal Reserve do have represented exclusively the result of the op­ an important effect on the Nation’s money eration of a guidance system for the econ­ stock. While our knowledge of the effects omy administered by the central bank. Vari­ that reserve injections have on the time di­ ations in money holdings over any period mension of monetary expansion is imprecise, represent the supply behavior of the central the Federal Reserve generally could make bank acting together with the demand fac­ the money stock grow or decline in line tors existing in the private sector of the with what was thought to be appropriate economy. for economic stabilization purposes. But it A meaningful interpretation of changes is a mistake to assume that Federal Reserve in the growth rate of the money stock must policies are the only factor influencing the try to take into account, therefore, the fac­ money stock. It is equally mistaken to as­ tors underlying the public’s demand for sume that policy actions do not extend be­ money and its ability to substitute between yond the money stock to affect growth rates money balances and other financial assets. of other financial assets, expectations of It is particularly important to assess properly market participants, and the terms on which what is happening to growth rates of other borrowers in a variety of different credit financial assets that are likely to be close markets find funds available to finance spend­ substitutes for money in the public’s finan­ ing plans. Failure to appreciate the poten­ cial asset portfolio. Our monetary history, tially disturbing effects of policy actions on as I read it, does not indicate that there is aspects of the monetary and credit environ­ any unique financial asset, or combination ment other than the money stock could of financial assets, which satisfies the pub­ easily lead to serious mistakes in monetary lic’s liquidity preference. management. Indeed, over the past decade—and espe­ We must, and do, guide Federal Reserve cially in the past 5 or 6 years—there have policies with a careful assessment of the been significant changes in the public’s pref­ effects those policies have on the money erences for various types of liquid assets. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 417 For example, in the late 1950’s we observed would be suggested if an increase in time that the growth rate of time deposits of com­ deposits represented funds that someone mercial banks was beginning to respond to would otherwise have invested in Treasury changes in monetary conditions. Monetary bills, while the banking system puts the policies that limited the over-all supply of funds into mortgage loans. bank reserves and bank credit tended to Thus, interpretation of the economic im­ raise rates of interest on market securities. pact of changes in commercial bank deposits Because rates paid on time deposits by com­ involves understanding the sources from mercial banks were generally less flexible, which funds flow into these assets, and the these deposits became less attractive to the reasons for these flows. And increasingly, it public, relative to market securities, and has become evident that the posture of mon­ their growth rate slowed. Expansive mone­ etary policy—as it affects yields on market tary policies, contrariwise, tended to accel­ securities and the desire and ability of banks erate time deposit growth. to bid for funds—influences also the flows Manifestly, a given dollar increment to of funds to nonbank thrift institutions, and bank credit associated with a rise in time through them the supply of funds seeking deposits need not be any the less expansive, long-term investment, especially in mort­ in terms of its effects on spending, than if gages. When the effects of policy spread this the increase in bank credit were supported pervasively through the financial structure, by a rise in demand deposits—and hence by efforts at setting the course of policy by a growth in the stock of money. Indeed, it specifying a relatively inflexible pattern of might be more expansive, since banks might behavior for a single financial variable, such channel funds received through time deposit as the money stock, could produce seri­ growth into types of uses more likely to stim­ ously disequilibrating changes in economic ulate economic activity. For some time, activity. therefore, we have taken into account the The problems we face are not likely to be growth rate of commercial bank time de­ solved by concocting alternate definitions of posits, as well as the money stock, in trying money, in hopes that by doing so we will find to steer the course of monetary policy. the magic statistical series whose behavior But the meaning to be assigned to any tells us just what we need to know to estab­ given growth of time deposits is not easily lish the posture of monetary policy. Un­ determined. It means one thing if rapid doubtedly, our understanding of monetary growth in time deposits reflects aggressive processes is improved by expanding our bidding for these deposits by the banking vision beyond the narrowly defined money system, with the public responding to banks’ stock and its immediate determinants, but efforts to obtain loanable funds through this we should not expect to find a magic divin­ route by reducing money balancers. The ing rod for monetary management. What we meaning would be very different if the funds need it a better understanding of the mean­ attracted to time deposits at commercial ing of changes in money and in other liquid banks represented funds diverted from the assets, not new definitions of what money is. close competitors of banks in the savings This point can perhaps be illustrated field—the mutual savings banks and savings briefly by reference to the debate in the and loan associations. Still a third meaning course of policy during the early 1960’s, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

418 FEDERAL RESERVE BULLETIN □ MAY 1968 when growth in the money stock was quite monetary policy in 1962 was properly de­ moderate, but growth rates in total bank scribed as essentially accommodative, or credit were relatively high. In 1962, particu­ perhaps moderately expansionary, rather larly, growth of the money stock receded to than unusually stimulative or unusually re­ only about 1 V2 per cent, while the growth of strictive. bank credit—under the impetus of an 1 8 per The best evidence that this interpretation cent rise in commercial bank time deposits is the proper one stems from what was hap­ —increased to almost a 9 per cent rate. pening at that time to interest rates, and Earlier in the postwar period, that high a what happened subsequently to economic growth rate of bank credit had been associ­ activity. If policy has been unusually restric­ ated with strongly expansive monetary poli­ tive, as the slowdown in money growth sug­ cies. The result was a critic’s paradise; Fed­ gested, we should have expected to see a eral Reserve policy could alternatively be sharp rise in interest rates—followed by a criticized as exceptionally expansive, or unu­ subsequent market slowing in GNP growth, sually restrictive, depending on the monetary or at least in those sectors of the economy variable used by the critic. most sensitive to monetary policy, such as I argued at that time—and I would still residential construction. If policy had turned argue now, given the benefit of hindsight—• exceptionally expansive as suggested by the that both of these interpretations of mone­ marked increase in bank credit growth, we tary policy were inaccurate. The growth of should have expected to see a marked de­ time deposits in 1962—and more generally, cline in interest rates, and a subsequent throughout the early years of the 1960’s— surge of spending, particularly in those areas reflected partly a reduction in the public’s most responsive to policy. demand for demand deposits. This reduced What in fact happened was neither of demand for money was a response to both these. Long-term interest rates were gently the higher rates banks paid on time deposits, declining through most of 1962, while short­ and the spread in the use of negotiable CD’s term interest rates remained relatively stable by large corporations as a liquid investment throughout the year. GNP growth did slow medium. Slow growth of the money stock down temporarily in late 1962 and early was thus reflecting predominantly a reduc­ 1963, but this moderation in the rate of ex­ tion in the public’s desired money holdings pansion could scarcely be attributed to tight relative to income. But, in part, time deposit money. The homebuilding industry—a good growth also reflected an increase in the barometer of the effects of policy on spend­ banking system’s role as an intermediary in ing—experienced a generally rising level the savings-investment process. Banks were of activity during the year, made possible bidding for funds that would otherwise have by relatively ample supplies of mortgage been channelled directly by savers to mar­ money. ket securities, or indirectly through nonbank Interest rates, therefore, provided poten­ thrift institutions to the mortgage market. tially useful information as to the course and High growth rates of bank credit were in intensity of policy, and can never be ignored large measure a reflection of the increased in setting the targets of policy. Observing intermediary role of the banks. On balance, interest rate changes can help immeasurably I have always thought that the posture of in assessing the meaning of changes in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 419 money and other liquid asset holdings. Of have to be interpreted in the light of accom­ course, given sufficient time, the impact of panying changes in such financial quantities monetary policy on interest rates tends to as the money stock, commercial bank time disappear. Expansive monetary policies deposits, and claims against nonbank sav­ which initially lower interest rates will even­ ings institutions. Similarly, interpretation of tually increase spending, and the resulting changes in financial quantities, such as in rise in credit demands and income will tend the money stock, must be made in the con­ to push interest rates back up again. None­ text of changes in the prices and yields of a theless, there are lags between monetary wide range of financial assets among which policies and their final effects on spending investors may choose to hold their funds. and incomes—and in the interim, the im­ Thus, neither financial prices nor quantities pact of monetary policies will be recorded alone tell us enough of the story to permit in interest rates. Interest rate changes, con­ either to serve as an exclusive guide to sequently, are often of substantial value as policy. indicators of the posture of monetary policy. Moreover, at each juncture the interplay Of course, using changes in an interest of quantities and prices in financial markets rate or a matrix of interest rates as the sole take on substantive meaning as a guide to guide for policy would be as misleading as policy only in light of developments in the depending solely on changes in the stock of real sectors of the economy. For it is only money. For one thing, some of the impor­ by disentangling the complex inter-relation­ tant effects of monetary policy in credit mar­ ships between financial markets and markets kets do not show up in interest rates, but in for real goods and services that we can hope other aspects of loan contracts—downpay­ to assess adequately the separate roles of ments, maturities, or the ability of a bor­ both demand and supply factors in deter­ rower to get credit at all. These changes in mining quantities and prices of financial credit availability may well be as significant assets. as interest rate movements in stimulating This analysis does not lead to any obvious or restricting particular types of spending. and simple prescription for gauging and di­ More important, perhaps, is the fact that recting the course and intensity of monetary changes in interest rates result from changes policy. This is regrettable, not just because it in credit demands as well as supplies. As maximizes the potential for disagreement with the money stock, interest rate changes among policy-makers and observers evaluat­ are partly the result of Federal Reserve pol­ ing the same set of facts, but also because it icy, but they are partly a product of the be­ implies that we have found as yet no simple havior of the nonbank public, the commer­ device for circumventing the arduous tasks cial banks, and other financial institutions. involved in making judgmental decisions at If we are to make use of interest rate every step of the game. movements as guides to policy, then, we I would not want to pretend that our eco­ clearly cannot assume simply that monetary nomic judgment—or that of any other eco­ policy is moving toward restraint every nomic policy-making body—is infallible. time interest rates rise, or conversely that But I would argue that the procedures we do falling interest rates always imply greater follow—blending judgment with compre­ monetary ease. Interest rate movements hensive, quantitative analysis of current and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

420 FEDERAL RESERVE BULLETIN □ MAY 1968 prospective developments—have produced that have plagued us for nearly 3 years first better results than would have been achieved made their appearance in the summer and by following any of the simple rules advo­ early fall months of 1965. Our defense ef­ cated by some economists. T have already forts in Vietnam had just begun to be en­ described how misleading it was to have larged, and defense orders were pouring out described the course of monetary policy in in volume. At the same time, growth in the 1962 by relying solely on changes in the stock of money accelerated from a rate of money stock. Let me turn to a more recent about 3 per cent in the first half of 1965 to —and more controversial—period, the con­ about 6 per cent in the final 6 months of duct of monetary policy since the middle of that year. 1965. A frequently voiced criticism of policy Whatever one’s views on the relative im­ in this period, as typically set forth by those portance of the defense build-up, as opposed who judge the posture of policy either ex­ to the rise in the monetary growth rate, as clusively or mainly on the basis of the factors in the ensuing increase in the growth growth rate of the Nation’s money stock, is rate of aggregate demand, hindsight points that monetary policy became excessively clearly to the view that prompter and more stimulative shortly after the middle of 1965, vigorous efforts should have been taken to and remained so until the late spring or early counter the inflationary head of steam that summer of 1966. The high rate of growth of was developing in the latter half of 1965. money balances during this period, it is con­ By imposing measures of fiscal restraint, tended, was a principal source of the infla­ then, and adapting monetary policies to the tionary pressures we suffered in 1966. Also, altered environment, we might have pre­ it is alleged that monetary policy became ex­ served the balanced, orderly growth that we cessively restrictive in the late spring or early had been enjoying over the previous 4 years. summer of 1966, and remained so until late We did not, largely because the magnitude in the year—as the monetary authorities of the defense effort that was getting under characteristically over-reacted, it is said, to way then and the reverberations that it was their earlier mistake of excessive ease. This having in virtually every corner of the econ­ criticism goes on to argue that monetary omy were not fully recognized until late in policy once again swung too far in 1967, 1965. Given the knowledge that we have producing an unusually high rate of expan­ presently—which was not then available— sion in the money stock that set the stage for the course of monetary and fiscal policies in a revival of inflationary forces late in 1967 the latter half of 1965 looks inappropriate. and on into the current year. Once a program of monetary restriction There is an alternative interpretation of was initiated in December of 1965, however, monetary policy during this period, derived we moved to a posture of restraint much from a more careful and comprehensive more quickly and decisively than the figures view of developments in the real economy on the money stock alone would indicate. and in financial markets from late 1965 to The accompanying chart shows the percent­ date, that accords more closely with the age changes, at annual rates, of the money unfolding facts of the situation. As this com­ stock-—-money plus time deposits at com­ mittee knows well, the problems of excess mercial banks—and savings accounts at demand, economic instability, and inflation major nonbank thrift institutions. (These Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 421 percentage changes are calculated from 3- the heavy credit demands arising from rapid inonth averages to smooth out some of the growth in current spending, underlay the erratic monthly movements in these series.) marked and pervasive rise in interest rates The chart indicates some rather critical dif­ we were experiencing in the first quarter of ferences in the timing of these three series 1966. Monetary restraint was beginning to in the period from mid-1965 to mid-1966. develop in financial markets early in 1966, even though rapid money stock growth con­ tinued. FINANCIAL ASSETS ■ Annual Growth Rates If any doubt existed that monetary re­ straint was beginning to pinch before it be­ came evident in the banking figures, those doubts should have been laid to rest by what happened to the volume of home building during 1966. It is widely recognized that monetary policy affects spending for goods and services only with a variable and often a rather considerable lag, and that it has a larger impact on housing than on any other sector of the economy. In 1966, however, housing starts leveled out in the first quarter and then began to drop abruptly in the second, reaching a trough in October. This timing of the response of housing starts to financial restraint can be explained, I be­ lieve, only by recognizing that the principal indicators of monetary restraint in early 1966 were not recorded in the money stock, Thus, though the money stock continued to but in the steep decline in the inflows of rise briskly over the early months of 1966, funds to nonbank financial institutions. Had the growth of money and time deposits to­ we guided policies solely by the money stock gether began to decline in the late fall in early 1966, we could easily have over­ months of 1965. And the growth rate of looked altogether the strong effects on hous­ nonbank savings accounts was already de­ ing that monetary restraint was in fact pro­ clining sharply by the end of 1965, as de­ ducing. positors of these institutions responded to But as the year 1966 progressed, an in­ the attraction of rising yields on market creasing intensity of monetary restraint was securities and on commercial bank time signaled by almost every indicator of mone­ deposits. tary policy customarily observed. Growth in Thus, the supply of credit represented by the money stock was halted for a period of the growth of all these financial assets to­ 7 to 8 months, and the expansion in com­ gether began to decline well ahead of the mercial bank time deposits declined mark­ downturn in the rate of expansion in money. edly after midyear. Large banks, particu­ This decline in supply, operating jointly with larly, were put under severe strain, as the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

422 FEDERAL RESERVE BULLETIN □ MAY 1968 maintenance of ceilings on large CD’s at 5'/2 early as the first quarter of that year. What per cent—while yields on competing finan­ 1 would question is the contention that the cial assets were rising rapidly—led non­ inventory adjustment of early 1967 was en­ financial corporations and other large in­ tirely, or evenly primarily, caused by tight vestors to shift their funds out of the CD money in 1966. market. Inflows of funds to nonbank in­ The undesired build-up of inventories termediaries, meanwhile, continued at low that occurred in the last quarter of 1966 levels through the summer and early fall reflected mainly the inability of business to months. These signs of monetary restraint foresee the slowdown in final sales that re­ in the quantities were also reflected in inter­ sulted when consumers began to exercise est rates, which rose rapidly during the more cautious buying attitudes. Personal summer of 1966 to the highest levels in consumption expenditures had been rising about four decades. at a rate of about $8 billion to $9 billion Perhaps a case could be made for the per quarter in the year ended with the third argument that some of the financial indica­ quarter of 1966—and so far as anyone tors in the summer and early fall of 1966 knew at that time, they might well have overestimated the degree of monetary re­ continued to do so. But consumer buying straint generated by policy actions. Some of slowed materially in the fourth quarter, as the financial pressure suggested by the de­ a major increase occurred in the personal clining growth rate of commercial bank savings rate, and consumers continued to deposits, for example, was being cushioned exercise caution in their buying habits by large inflows of funds from abroad—in throughout 1967. At best, this behavior of the form of increased liabilities of our banks consumers can be attributed only in small to foreign branches. But the relief to the measure to tight money in the summer and banking system as a whole was relatively fall months of 1966. Many other factors limited. The fact of the matter is, I believe, were undoubtedly of fundamental import­ that monetary restraint became quite severe ance—including a reaction to the rapid in­ in the summer and early fall of 1966, a come growth and the build-up of stocks of conclusion that would have been drawn durable assets in the immediately preceding from a wide variety of indicators of mone­ years, resistance to rising prices, and the tary policy. general uncertainties emanating from our As noted earlier, some critics of Federal involvement in Vietnam. Reserve policy have concluded that mone­ But whatever its origin, the economic tary policy became excessively tight during slowdown of early 1967 did require com­ this period and point to the slowing of pensating adjustments in monetary policy real growth in output late in 1966 and on to keep the economy from slipping into re­ through the first half of 1967 as confirma­ cessionary conditions. Fortunately, the in­ tion of their point of view. I would not ques­ ventory correction of early 1967 was antici­ tion that some of the restrictive effects on pated in time to take the initial steps toward spending of earlier tight monetary policies monetary ease in the fall of 1966, and this were still being recorded in the first half of helped to bolster residential construction 1967—although it may be noted that outlays through the first half of 1967. With fiscal for residential construction began to rise as policy also turning expansive and helping to Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 423 bolster final sales substantially during the preparation for meeting a heavy excess of first half of 1967, excess inventories were tax payments over accruals. For nonfinancial worked off relatively quickly, and by July corporations, payments exceeded accruing industrial production had begun to turn up liabilities by about $2 billion in the second again. quarter of 1966 and by about $5 billion in The pick-up in business activity after the second quarter of 1967. With credit midyear 1967 was foreseen by a number of markets taut during a large part of this forecasters, including our own staff at the period, liquid asset holdings were run down Federal Reserve Board. Why, then, did by nearly $3 billion in the year ended in monetary policy not take earlier and more mid-1967, in reflection of the heavy needs decisive steps to reduce the rate of expan­ for funds for accelerated payments of taxes sion in the money stock and in bank credit and other purposes. during the latter half of the year? There are Many businesses, consequently, took the two parts to the answer to that question. opportunity afforded by more ample credit First, the high rate of expansion in the availability in 1967 to do something about money stock during the final 6 months of their liquidity positions. Corporate long­ last year greatly overstates the actual degree term security issues began to rise rapidly in of monetary ease promoted by monetary reflection of these increased liquidity de­ policy. What it represented was the sup­ mands during the spring of 1967, and they plying of funds through monetary policy remained at exceptionally high levels until to permit the satisfaction of a sharp increase late in the year. Observers close to financial in liquidity preference on the part of non­ markets reported that an unusual increase in financial corporations. Their desires to re­ liquidity preference was responsible. The build liquid asset holdings stemmed only in demand for money had thus risen for reasons part from the experience with tight credit not associated with intentions to spend for policies in 1966. Of more fundamental im­ goods and services. This is the kind of portance were the trends in corporate liquid increase in demand for money which mone­ asset management over the previous several tary policy can meet, by permitting an in­ years, together with the heavy toll on cor­ crease in the supply, without inflationary porate liquidity resulting from the accelera­ consequences. tion of tax payments that began in 1966. The behavior of interest rates during the In the years immediately prior to 1966, businesses in the aggregate had little need latter half of 1967 provided the confirmation to concern themselves with their liquidity needed that this interpretation was on the positions or with the availability of bank right track. Interest rates on longer-term loans or other sources of funds to meet their securities had begun rising in the spring credit needs. Partly as a consequence of months in response to the rapidly growing this, additions to liquid asset holdings were supply of corporate long-term borrowing. relatively modest. Thus, increases in liquid Short-term rates, however, continued to de­ asset holdings of nonfinancial corporations cline until shortly before midyear. After were less than $1 billion in each of the years midyear, however, interest rates began to 1964 and 1965. rise drastically across the range of maturi­ Businesses entered the period of acceler­ ties, and the increases were much too rapid ated tax payments, therefore, with little to be explained by the effects of rising in- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

424 FEDERAL RESERVE BULLETIN □ MAY 1968 comes and economic activity generating in­ bility. Earlier adoption of a program of creased demands for credit. They were re­ monetary restraint would have been difficult, flecting increased demands for quick assets in light of the turbulent state of domestic and to restore balance sheet liquidity—demands international financial markets, but it would that were not being fully satisfied by the not have been impossible. Such a program rate of growth in money and time deposits was not adopted earlier, I believe, largely permitted by monetary policy. It seems evi­ because those of us responsible for making dent that monetary policy was much less monetary decisions found it almost incon­ expansive in 1967 than the high rate of ceivable that this Nation would once again, monetary growth, taken by itself, might following the painful experience of 1966, seem to imply. choose to rely exclusively on monetary pol­ Nevertheless, had it been known that icy to moderate the growth in aggregate timely fiscal restraint was not going to be demand and slow inflationary pressures. Let forthcoming, monetary policy would have us fervently hope that the brightening pros­ been less expansive over the summer and pects for fiscal restraint we presently see on fall of 1967, in order to achieve a posture the horizon provide justification for that more consistent with a return to price sta- expectation. Statement of J. L. Robertson, Vice Chair­ reduce the total amount of credit used to man, Board of Governors of the Federal buy over-the-counter securities, since the Reserve System, before the Committee on Board would be empowered to permit Banking and Currency of the Senate, on brokers and dealers as well as banks to ex­ S. 1299 and S.J. Res. 160, May 16, 1968. tend such credit in conformance with mar­ gin regulations. Thus the effects of regula­ I appear before the committee today to dis­ tion would tend more to improve the quality cuss both S. 1299—a bill to extend margin than to reduce the quantity of credit in this requirements to over-the-counter stocks— market. and Senate Joint Resolution 160, which As you know, the Board recently authorizes a study of the activities of institu­ amended its present margin regulations and tional investors by the Securities and Ex­ adopted a new regulation. These actions change Commission. I will comment on S. were intended to broaden the coverage of 1299 first. margin regulation and to close some loop­ S. 1299 was introduced at the request of holes that appeared to have developed. They the Board. It would extend the Board’s extended margin regulations to lenders not authority over credit used to purchase secu­ previously covered, brought credit on cer­ rities registered on national securities ex­ tain convertible bonds under margin regu­ changes to include those traded over the lation for the first time, required an orderly counter as well. Extension of margin re­ bring-up over time of special low-margin quirements to the latter category would limit subscription accounts to regular margin sta­ the amount of credit that could be obtained tus, and restructured the regulations in an from banks relative to the market value of effort to minimize evasions. such securities. But it would not necessarily None of these changes, however, had any Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 425 impact so far as over-the-counter securities and other lenders may extend for the pur­ are concerned. Under the law as it now pose of purchasing or carrying securities stands, the Board’s authority is restricted to registered on an exchange. But the Act con­ credit used to purchase or carry exchange- trols brokers’ credits much more strictly registered securities. We believe that safe­ than credit by banks and others by prohibit­ guards against the excessive use of credit in ing brokers from extending credit on securi­ the over-the-counter securities market are ties traded over the counter, while banks and still badly needed to round out the protec­ others may lend on such securities without tion afforded the public by margin regula­ restriction, regardless of the purpose for tion in the volatile securities area. At the which the credit is obtained. The Board same time, we can see no reason why commented on this disparity of treatment in brokers and dealers should not be permitted its 1964 Annual Report to Congress, as fol­ to extend credit to customers at regulated lows: “The present arrangement is inequi­ margins, at least on the more active and table in its contrasting treatment of brokers widely traded over-the-counter stocks. and banks. In addition it limits the effective­ Therefore, in order to make margin require­ ness of salutary controls over security credit ments both more effective and more equit­ and unnecessarily deprives over-the-counter able, the Board strongly supports S. 1299. securities of credit facilities that might ap­ Let me briefly outline the background and propriately be extended by brokers and the need for this legislation, before I discuss dealers.” the Board’s plans for implementing the bill, as well as its long-range objectives under the PURPOSES OF AMENDMENT authority that would be granted. Adoption of S. 1299 will permit the Board to move toward a more nearly equal treat­ BACKGROUND ment of all lenders (brokers, banks, and Before passing section 7 of the Securities others) with respect to credit extended for Exchange Act of 1934, the law which S. the purpose of purchasing or carrying over- 1299 would amend, Congress determined the-counter securities. Presently, the princi­ that the financial crisis of the preceding pe­ pal regulation applying to equity securities riod had been caused in part by excessive listed on the exchanges imposes an initial credit flowing away from commerce and in­ margin requirement of 70 per cent. This dustry into the stock market, largely in the means in effect that anyone buying a $100 form of brokers’ credits used to purchase or stock on credit must put up $70 in cash, or carry stocks registered on national securities in securities with an equivalent loan value. exchanges. Congress, however, also recog­ Another way of saying this is that a loan on nized that if brokers’ credits alone were re­ a $100 stock can not exceed $30. It must be stricted, credits from other sources—partic­ kept in mind, however, that these rules on ularly banks—would likely assume the role margin credit for listed stocks apply only of the major source of stock market credit. to loans that are for the purpose of purchas­ The 1934 Act accordingly authorized the ing or carrying such securities. They do not Board to regulate both (1) credit that apply when loans collateralized by listed brokers may extend on securities registered securities are obtained for other purposes, on an exchange, and (2) credit that banks such as to pay taxes, meet emergency ex- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

426 FEDERAL RESERVE BULLETIN □ MAY 1968 penses, finance a business, buy a house or It may be noted also that the over-thecar, or any other of the many and varied counter market itself has taken on some of uses for which people borrow money. the characteristics long identified with the In 1934 the difference in treatment for organized exchanges due, by and large, to credit purposes between listed and unlisted expanded investor interest and technical stocks was not considered important be­ advances in trading operations. This market cause the over-the-counter market was rela­ development has produced an economic tively insignificant. In the intervening years framework that facilitates the use of credit since then, however, trading volume in the to finance the purchase of unlisted stocks. OTC market has risen sharply. At the time More reliable quotations of prices, the basis the Securities Exchange Act of 1934 was for ascertaining the “current market value” adopted, it is estimated that the dollar value of securities pledged for margin loans, are of OTC trading was less than one-sixth of now available. Further, with increased vol­ that on organized exchanges. By 1961 the ume, the market now has a greater “depth” ratio had risen to three-fifths, and since then —-a necessary prerequisite for orderly liqui­ it is believed that OTC transactions have dation of stock collateral in cases of default. grown even more rapidly relative to volume Not only do the preconditions exist for the on the exchanges, though no data are avail­ greater use of security credit, but increasing able. This trend is likely to be accentuated investor interest and rising share prices in by the fact that under the 1964 Securities the over-the-counter markets suggest an en­ Acts Amendments, firms with 500 or more vironment in which overuse of credit could shareholders and assets of $1 million, whose have seriously destabilizing consequences. securities are traded over the counter, must From 1960 to 1967, for example, an index disclose information to the public respecting of prices of selected industrial company their business and finances in much the same stocks in the over-the-counter market more fashion as companies whose securities are than tripled, while the Dow-Jones industrial registered on exchanges. This new, readily- index rose less than 50 per cent. This kind available information has a natural tendency of price action in a market that is notori­ to attract additional investors into the over- ously volatile certainly suggests the need for the-counter market and increase its size and enforcing relatively conservative standards importance. in the extension of “purpose” credit. As the volume of total trading in overthe-counter markets has increased, the scale BOARD ACTION IF S. 1299 IS ADOPTED and pattern of activity in some unlisted S. 1299 would not directly affect the present stocks has become virtually indistinguish­ scheme of securities-market credit controls; able from that of securities traded on the it would simply broaden potential coverage exchanges. With the increased investor in­ by authorizing the Board to encompass terest and expanded trading activity in the OTC securities within its credit regulations. over-the-counter market, it appears to us in­ For exchange-traded stocks, present margin consistent to continue the difference in mar­ regulations would continue to operate as gin regulation status between exchange- they do now. Under the authority granted traded stocks and the unlisted stocks which by the new legislation, the Board would most closely resemble them. simply extend these regulations from time to Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 427 time to those OTC securities for which such number of stockholders, assets and earnings regulation is deemed to be appropriate. of the issuer, continuity of market price quo­ Tt is not the Board’s present intention to tations, number of dealers that make mar­ include all or even most unlisted equities kets in the issue, indicated volume of within the regulations. Many over-the-coun­ trading, and other factors. As already ter securities are not actively traded, and, broadly stated, these measurements would therefore, are frequently subject to less than be designed to limit the list of OTC securi­ firm price quotations. Moreover, many OTC ties to be included under margin require­ stocks do not attract broad investor interest ments to those issues that are the most and probably are not suitable for margin active, and that would meet most, if not all, regulations. Thinness of markets and lack of the prerequisites for exchange listing. of a broad investor following imply suffi­ We recognize also that there are problems cient potential price volatility so that the use involved in relating credit regulation to the of credit in financing investment in such mechanics of the market that must be re­ stocks should not be encouraged. Conse­ solved and that require further study. Mar­ quently, we do not contemplate any change kets for over-the-counter securities are made in present requirements with respect to this by dealers who perform a necessary role in large category of OTC securities. seeing that those markets are orderly and S. 1299 permits the Board to develop reliable. To perform this function, the mar­ specific standards which would determine ket-maker needs access to credit on a liberal the securities that should be covered. This basis. Credit extended to firms that make would be done by regulation, and industry markets in the OTC securities which are comments and suggestions would be solic­ brought within the scope of margin regu­ ited through advance publication of the pro­ lation thus would probably have to be ex­ posed rules. The Board’s intention would be empted from the operation of margin regu­ to develop standards that will encompass lation in much the same way that credit to within the ambit of margin regulation those the specialist on the exchange—who is the OTC stocks which have market and investor counterpart of the OTC market-maker—is characteristics similar to those of exchange- exempted from margin regulation today. traded stocks. On the other hand, the securities dealer At present, about 20,000 securities are who makes a market in OTC securities traded over the counter, and daily price quo­ differs from his exchange counterpart in that tations on nationally traded stocks are dis­ he is both a wholesaler and a retailer. This seminated to the public for 1,200 to 1,500 fact could produce conflicts of interest, espe­ issues. The Board believes, however, that cially when a firm both positions a security only a few hundred of these are traded in and extends credit on it to his retail custom­ sufficient volume to assure reliable pricing, ers. Such a firm conceivably might be reasonable liquidity, and substantial in­ tempted to manipulate market prices of the vestor and dealer interest. The Board’s in­ securities in which it made a market, in itial task will be to develop indexes of pres­ order, for example, to force margin calls ent and prospective market behavior to be when it needed funds. Limiting margin applied to individual issues, based on such treatment to the most active OTC securities factors as the number of shares outstanding, would largely obviate this problem because Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

428 FEDERAL RESERVE BULLETIN □ MAY 1968 it would generally bring under margin regu­ funds, mutual funds and bank trust depart­ lation only those OTC securities in which ments. Institutional investors in the United enough different firms make markets so that States for many years have provided the there is little chance of domination by a major channel through which credit flows single firm. from savers to borrowers, and more recently The Board recognizes that the formula­ they have become the dominant channel for tion of standards with regard to this and equity funds as well. By the end of 1967, it other market characteristics is a difficult is estimated that institutional investors held, task and has asked for and been assured of at market value, around $130 billion of the assistance of the Securities and Ex­ stocks, and in the last decade their net change Commission in the development of acquisitions of stocks have exceeded in such regulations. value the net issuance of new stock by all The approach of S. 1299—that is, the corporations combined. flexibility which would permit the Board to It is with regard to this area of equity in­ develop specific standards in the light of vestment by the institutional investors that study and experience—seems highly desir­ our knowledge is now the most severely lim­ able. This approach allows the Board to ited. A study of this subject would presum­ adapt the coverage of margin regulations to ably require the collection of statistics from future developments in the OTC market. It the institutions that would reveal much is clear that the OTC market is continuing more than is now known about the extent to develop rapidly. This market is particu­ and character of their equity holdings, and larly susceptible to automation. Plans are of the volume and pattern of their trading already under way to funnel transactions in in the equity markets. We would support the market through central computers, such a program of data collection. Analysis which would tend to create a more reliable of the results should help to clarify the dif­ market with more accurate price informa­ ferences in investment objectives that exist tion. At the same time, the trend toward in­ among institutions and as between the insti­ creasing trading activity in a wider and tutions and individual investors, and permit wider list of stocks, in conjunction with automation, may also serve to increase the exploration of the economic implications of range of OTC issues attracting the use of these differences. credit. These and other developments, how­ The rapid expansion of institutional par­ ever, cannot be foreseen accurately, so that ticipation in the equity securities markets flexibility in the enabling legislation is also raises important structural questions needed if the Board is to make appropriate that need investigation—questions that bear regulatory adjustments as markets evolve. on the efficiency with which our financial system continues to serve the needs of the SENATE JOINT RESOLUTION 160 U.S. economy. For example, to what extent The Federal Reserve Board also recom­ have the changing activities of the institu­ mends enactment of S.J. Res. 160. This tions induced a shift in savings flows into resolution would authorize an SEC study of equities rather than debt instruments? Has the investment activities of financial institu­ the increased institutional interest in equi­ tions, such as insurance companies, pension ties brought a corresponding growth in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 429 equity financing by corporations? If not, —should flow out of the proposed SEC what are the impediments to increased study, and would greatly enhance our un­ equity financing, and what can be done to derstanding of financial flows in the Ameri­ foster a better meshing of the supply and can economy. The Federal Reserve System demand for the two major classes of securi­ will be happy to cooperate to the extent ties—debt and equity? And what are the that we can with the Securities and Ex­ implications of increasing institutional in­ change Commission in such a study; we will vestment in equities, both for the structure be especially interested in helping to obtain of the securities markets and for the availa­ needed information relating to bank trust bility of financing to the various classes and departments under our supervision, and in sizes of business enterprise? participating in other aspects of the study Answers—or at least informed judgments for which we have any special competence. 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 are based on the information that was avail­ able to the Committee at the time of the meeting, rather than on data as they may have been revised since then. Policy directives of the Federal Open Market Committee are issued to the Federal Reserve Bank of New York—the Bank selected by the Committee to execute transactions for the System Open Market Account. Records of policy actions for the meetings held in 1967 were published in the Bulletins for July 1967 through March 1968. ’ The record for the first meeting held in 1968 was published in the Bulletin for April, pages 372-81. The record for the meet­ ing held on February 6, 1968, follows: 431 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

432 FEDERAL RESERVE BULLETIN □ MAY 1968 MEETING HELD ON FEBRUARY 6, 1968 Authority to effect transactions in System Account. According to reports at this meeting, prospects were for con­ tinued rapid growth in over-all economic activity and for per­ sistent inflationary pressures in the period ahead. Preliminary es­ timates of the Department of Commerce indicated that real GNP had increased at an annual rate of 4.4 per cent in the fourth quarter of 1967, the same as in the preceding quarter, and that average prices, as measured by the GNP “deflator,” had advanced considerably. In his January budget message the President had again proposed a 10 per cent surcharge on corporate and personal income taxes, now to be effective on January 1 and April 1, 1968, respectively. The budget estimates indicated that even if the tax surcharge were enacted as proposed the Government would incur a sizable deficit in the calendar year 1968. Average prices of industrial commodities continued to increase at a substantial rate in January, according to preliminary esti­ mates. Prices of farm products, which had turned up sharply in December, rose somewhat further. The consumer price index again advanced considerably in December, partly because retail prices of food rose after having declined moderately for 3 months. Growth in real GNP was expected to accelerate in the first quarter of 1968. Prospects favored substantial increases in con­ sumer incomes and spending, a sharp rise in business outlays on plant and equipment, a small increase in residential construction outlays, and—contrary to earlier expectations—some further growth in defense expenditures. The rate of business inventory ac­ cumulation, which now appeared to have increased considerably in the fourth quarter of 1967, was expected to rise only mod­ erately further in the first quarter of 1968. The worsening of the U.S. payments balance in the fourth quarter, according to newly available information, was due in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 433 large part to a marked decline in the surplus on merchandise trade. With imports rising sharply and exports edging down, the trade surplus in the fourth quarter was at a rate only about onethird that in the two preceding quarters and the lowest since the fourth quarter of 1959. The gold stock of the U.S. Treasury was reduced by $100 mil­ lion in early February, mainly to cover the U.S. share of sales made by the London gold pool in January. Although the over­ all atmosphere in foreign exchange markets had tended to im­ prove in recent weeks, the Canadian dollar had come under heavy pressure. On January 22 the Bank of Canada raised its discount rate for the third time in 5 months, bringing the rate to 7 per cent. Interest rates in the Euro-dollar market had de­ clined further from the unusually high levels they had reached in late November and December, following the devaluation of sterling. System open market operations since the preceding meeting of the Committee had been directed at maintaining the somewhat firmer conditions in the money market that had developed earlier, although operations were complicated by large changes in the excess reserves of country banks as reserves first flowed out of money centers and then back again. In adapting operations to these changes in reserve distribution, the net reserve position of member banks was permitted to fluctuate over an unusually wide range—from free reserves of $405 million in the statement week ending January 10 to net borrowed reserves of $70 million in the following week. The Federal funds rate continued to fluctuate around 4% per cent, and late in the period interest rates on loans by money center banks to Government securities dealers edged up to a range of 5 to 514 per cent. On the other hand, interest rates on short­ term market securities—including Treasury bills, large-denomi­ nation CD’s, bankers’ acceptances, and commercial and finance company paper—declined on balance during the period, in part Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

434 FEDERAL RESERVE BULLETIN □ MAY 1968 perhaps because pressures in credit markets proved to be less intense than many participants had expected. Offering rates on large-denomination CD’s maturing in less than 6 months moved down from the SVi per cent ceiling established under Regula­ tion Q; around the turn of the year banks had been offering the ceiling rate on CD’s of all maturities. Although the market rate on 3-month Treasury bills had been rising recently, its level on the day before this meeting—4.91 per cent—was about 10 basis points below that of 4 weeks earlier. Conditions in markets for longer-term securities had been gen­ erally buoyant in recent weeks, despite deferral of congressional action on the President’s proposed income tax surcharge and new tensions in the Far East. Yields on long-term Treasury and corpo­ rate bonds fluctuated irregularly below the peaks they had reached in late 1967, and yields on State and local government issues de­ clined. On January 31 the Treasury announced that it would offer a new 7-year, 5% per cent note in exchange for Treasury notes and bonds maturing in February, August, and November 1968, with settlement on February 15. Initial market reactions to the offering were favorable. The Treasury also announced that $4 billion of a 15-month note would be offered for cash sub­ scription later in the month. In mortgage markets yields rose further in December—reat­ taining the highs they had reached in November 1966—and growth in mortgage commitments outstanding continued to mod­ erate. Preliminary data suggested that net inflows of funds to nonbank depositary institutions slackened further in December and January, but that withdrawals of savings around the year­ end interest- and dividend-crediting period were not as large as many in the industry had feared. Commercial bank credit expanded at a relatively fast pace in January after slowing markedly in late 1967. Contributing to the expansion were rapid growth in business loans early in the month and bank acquisitions of tax-anticipation bills sold by the Treas­ ury at midmonth. The bank credit proxy—daily-average mem- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 435 ber bank deposits—rose from December to January at an annual rate of about 9 per cent, near the upper end of the range that had been projected earlier. Private demand deposits and the money supply increased sharply before turning down after mid-January; on the average the money supply rose at an annual rate of 8 per cent, in contrast to the expectation of little or no change. How­ ever, Government deposits rose less than had been anticipated, and total time and savings deposits—instead of growing relatively slowly on the average—declined slightly. Despite the reductions in offering rates on large-denomination CD’s of shorter maturity, the volume of CD’s outstanding increased over the course of January by nearly as much as it had declined in December. Business loans at banks were expected to grow moderately in February—at a rate that was below the rapid pace of December and early January but that, as a result of enlarged business needs for inventory financing, was above the slow rate of the preceding autumn. Mainly because of Treasury financing operations, how­ ever, it appeared likely that total bank credit would continue to expand at roughly the January pace; growth in the bank credit proxy was projected at an annual rate in the 7 to 10 per cent range if prevailing money market conditions were maintained. It was expected that the money supply would change little, and might possibly decline somewhat, but that growth in time and savings deposits would resume. A rather sharp expansion was an­ ticipated in Government deposits as a result of the Treasury’s forthcoming cash financing. Considerable concern was expressed in the course of the Com­ mittee’s discussion about recent and prospective inflationary pres­ sures in the domestic economy and about the sharp decline in the nation’s foreign trade surplus. Against this background, a number of members indicated that they had been disturbed by various financial developments in January—including the un­ expectedly sharp growth in the money supply and the general de­ cline in short-term interest rates other than day-to-day money market rates—which suggested that monetary conditions had be­ come less restrictive. There also was widespread sentiment to the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

436 FEDERAL RESERVE BULLETIN □ MAY 1968 effect that the growth in bank credit projected for February on the assumption of unchanged money market conditions was larger than desirable in the current environment. At the same time, it was recognized that the forthcoming Treasury financing opera­ tions imposed an important constraint on monetary policy at present. The Committee concluded that it would be desirable to main­ tain firm money market conditions at this time and to seek firmer conditions, to the extent permitted by Treasury financing, if bank credit appeared to be expanding as rapidly as projected. The fol­ lowing current economic policy directive was issued to the Fed­ eral Reserve Bank of New York: The information reviewed at this meeting indicates that over-all economic activity has been expanding rapidly, with both industrial and consumer prices rising at a substantial rate, and that prospects are for continuing rapid growth and persisting inflationary pressures in the period ahead. The imbalance in U.S. international transactions worsened further in late 1967, primarily because of a sharp reduction in the surplus on merchandise trade. Although day-to-day money market rates have remained firm, rates on other short-term instruments have declined recently; meanwhile, long­ term bond yields have fluctuated irregularly below the peaks reached late last year. Growth in bank credit resumed in January, reflecting both loan expansion around the year-end and Treasury financing. The money supply expanded sharply following earlier slackening, but flows into time and savings accounts at bank and nonbank financial intermediaries have con­ tinued to moderate. In this situation, 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, while taking account of Treasury financing activity, System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining firm conditions in the money market, and operations shall be modified to the extent permitted by Treasury financing if bank credit appears to be expanding as rapidly as is currently projected. Votes for this action: Messrs. Martin, Hayes, Brim­ mer, Daane, Francis, Maisel, Mitchell, Robertson, Scanlon, Sherrill, Swan, and Wayne. Votes against this action: None. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material MAXIMUM RATE OF INTEREST ON SINGLE (h) Multiple maturity time deposits. MATURITY TIME DEPOSITS OF $100,000 OR MORE (I) Deposits payable at intervals of at least The Board of Governors, effective April 19, 90 days.—No member bank shall pay interest at a 1968, amended the Supplement to Regulation Q, rate in excess of 5 per cent per annum on a mul­ “Payment of Interest on Deposits”, to permit tiple maturity time deposit that is payable only 90 member banks to pay interest on single maturity days or more after the date of deposit, or 90 days time deposits of $100,000 or more at rates up to or more after the last preceding date on which it 614 per cent per annum, depending upon maturity. might have been paid. From September 26, 1966, through April 18, (2) Deposits payable at intervals of less than 1968, the maximum rate on such deposits, irre­ 90 days.—No member bank shall pay interest at a spective of maturity, was 5'/2 per cent per annum. rate in excess of 4 per cent per annum on a mul­ The text of the amended Supplement reads as fol­ tiple maturity time deposit that is payable less than lows: 90 days after the date of deposit, or less than 90 days (but at least 30 days) after the last preceding SUPPLEMENT TO REGULATION Q date on which it might have been paid. Effective April 19, 1968 (c) Savings deposits.—No member bank shall Section 217.6—Maximum Rates of Interest Pay­ pay interest at a rate in excess of 4 per cent per able on Time and Savings Deposits by Member annum on any savings deposit. Banks In calculating the rate of interest paid, the effects Pursuant to the provisions of section 19 of the of compounding of interest may be disregarded. Federal Reserve Act and § 217.3, the Board of A member bank that elects to compound interest— Governors of the Federal Reserve System hereby either at the maximum permissible rate or at a prescribes the following maximum rates 1 of in­ lower rate—shall state the basis of compounding terest payable by member banks of the Federal (such as semiannually, quarterly, monthly, weekly, Reserve System on time and savings deposits: daily, or continuously) in every advertisement, an­ (a) Single maturity time deposits. nouncement, solicitation, and agreement relating (1) Deposits of $100,000 or more.—No to the rate of interest paid on a deposit. member bank shall pay interest on any single ma­ turity time deposit of $100,000 or more at a rate in excess of the applicable rate under the following schedule: COMPUTATION OF RESERVE REQUIREMENTS Maximum per cent The Board of Governors, effective September Maturity per annum 12, 1968, amended Regulation D, “Reserves of 30- 59 days 5'/2 Member Banks," to change the rules governing 60- 89 days 5% computation of reserve requirements (I) to estab­ 90-179 days 6 lish coincident one-week reserve periods for re­ 180 days or more 614 serve city and country banks, (2) to require the calculation of weekly average required reserves (2 ) Deposits of less than $100,000.—No on the basis of average deposits two weeks earlier, member bank shall pay interest at a rate in excess (3) to require the calculation of weekly average of 5 per cent per annum on any single maturity reserves held in satisfaction of requirements on the time deposit of less than $100,000. basis of average vault cash held two weeks earlier, and (4) to provide that either an excess or a de­ 1 The maximum rates of interest payable by member ficiency in reserve requirements averaging up to banks of the Federal Reserve System on time and savings deposits as prescribed herein are not applicable to any de­ 2 per cent of required reserves will be carried for­ posit which is payable only at an office of a member bank ward to the next reserve week. The text of the located outside of the States of the United States and the District of Columbia. amendment reads as follows: 437 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

438 FEDERAL RESERVE BULLETIN □ MAY 1968 AMENDMENT TO REGULATION D applicable to borrowings by each member bank from its Federal Reserve Bank on the first day of Effective September 12, 1968, section 204.3 (a) the calendar month in which the deficiencies and (b) are amended to read as follows: occurred. Section 204.3—Deficiencies in Reserves * * * * * (a) Computation of deficiencies.—(1) Reserve requirements of all member banks shall be deter­ FOREIGN INVESTMENT CONTROL mined on the basis of average daily net deposit By Executive Order 11387 (Jan. 1, 1968, 33 balances and average daily currency and coin F.R. 47), the President prohibited persons owning covering 7-day computation periods which shall 10 per cent or more of a foreign business venture end at the close of business on Wednesday of each from engaging in transfers of capital abroad except week. as authorized by the Secretary of Commerce, and (2) In determining whether a member bank has also authorized the Secretary to require such per­ maintained a reserve balance that is in excess or sons to repatriate to the United States their earn­ less than its required reserve balance for any com­ ings from such foreign business ventures and their putation period: short-term financial assets abroad, including bank deposits. However, the President ordered the Sec­ (i) The required reserve balance of such retary of Commerce to exempt from said require­ bank shall be based upon the average daily net ments, to the extent delineated by the Board of deposit balances held by the member bank at the Governors of the Federal Reserve System, banks close of business each day during the second com­ and financial institutions certified by the Board putation period prior to the computation period as being subject to the Federal Reserve foreign for which the computation is made. credit restraint program. (ii) The reserve balance of such bank shall On January 2, 1968, the Board transmitted to consist of the average daily balance with the Fed­ the Secretary of Commerce a letter (January 1968 eral Reserve Bank of its District held by the mem­ Federal Reserve Bulletin, page 81), which certi­ ber bank at the close of business of each day during fied that banks and financial institutions of the the computation period for which the computation kinds described therein are subject to said pro­ is made and the average daily currency and coin gram, the terms of which are stated in the revised held by the member bank at the close of business Guidelines issued by the Board of Governors each day during the second computation period March 13, 1968 (March 1968 Federal Reserve prior to the computation period for which the Bulletin, page 257). The Board delineated for computation is made. exemption all banks and financial institutions (3) Any excess or deficiency in a member within the enumerated categories, with the excep­ bank’s required reserve balance for any computa­ tion of any bank or financial institution that is tion period, determined as provided in subpara­ subject to the reporting provisions of the Guide­ graph (2) above, will be carried forward to the lines and fails to report in substantial compliance next following computation period to the extent with those reporting provisions. that such excess or deficiency does not exceed 2 By letter of April 29, 1968, set forth below, the per cent of such required reserves, except that any Board of Governors expanded the scope of its portion of such excess or deficiency not offset in certification and delineation. the next period may not be carried forward to In accordance with the President’s Order, the additional computation periods. “Foreign Direct Investment Regulations” of the (b) Penalties.—(1) Deficiencies in reserve bal­ Secretary of Commerce, published in the Federal ances remaining after the application of subpara­ Register of January 3, 1968 (33 F.R. 49), ex­ graph (3) of paragraph (a) above will be subject empted banks and financial institutions “to the to penalties, assessed monthly on the basis of aver­ extent that may be delineated from time to time aging daily deficiencies during each of the compu­ by the Board of Governors”. Accordingly, all tation periods ending in the preceding calendar banks and financial institutions included in the month. Board’s list as modified below are now exempt (2) Any such penalty will be assessed at a rate from said regulations of the Secretary of Com­ of 2 per cent per annum above the lowest rate merce, subject to the specified exception. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 439 The Honorable Cyrus R. Smith, had filed certain reports with the Board before Secretary of Commerce, April 10 must be brought into compliance with Washington, D.C. 20230 the margin requirements of Regulation U, “Credit Dear Mr. Secretary: by Banks for the Purpose of Purchasing or Carry­ In accordance with the provisions of section 1(c) ing Registered Stocks” (50 per cent margin of Executive Order 1 1387, by letter of January 2, 1968 to Secretary Trowbridge the Board of Governors cer­ status). tified that eleven enumerated categories of banks and Also on April 9, 1968, the Board deferred from financial institutions are subject to the foreign credit restraint programs referred to in said section 1(c). April 30, 1968, to July 30, 1968, the date by which The Board of Governors hereby expands the scope registrants under Regulation G, “Credit by Persons of said certification by Other Than Banks, Brokers, or Dealers for the (a) Amending item 7 to read as follows: Purpose of Purchasing or Carrying Registered ■ 7. Organizations engaged principally in un­ derwriting or dealing in securities, or in­ Equity Securities", must file their first quarterly vestment counseling, or acting as broker report. in securities transactions. On April 12, 1968, the Board deferred from (b) Amending item 10 to read as follows: April 17, 1968, to May 17, 1968, the date by 10. Corporations organized under section 25(a) of the Federal Reserve Act (so-called which banks, brokers/dealers, and other lenders “Edge Act corporations”), corporations subject to the Board’s margin requirements were having an agreement or undertaking with to have obtained statements from certain of their the Board of Governors under section 25 of said Act (so-called “Agreement cor­ customers—those who are in the business of lend­ porations”), and majority-owned domestic ing against registered equity securities—for whom subsidiaries of Edge Act corporations or they are acting as agent. Specifically, such action Agreement corporations. (c) Adding a new item reading as follows: deferred the effective date of section 207.4(f) 12. Bank holding companies registered pur­ of Regulation G, “Credit by Persons Other Than suant to section 5(a) of the Bank Holding Banks, Brokers, or Dealers for the Purpose of Company Act of 1956 (12 U.S.C. 1841 Purchasing or Carrying Registered Equity Securi­ et seq.). ties”, section 220.7(f) of Regulation T, “Credit In accordance with the provisions of said section 1(c), the Board of Governors delineates for exemp­ by Brokers, Dealers, and Members of National tion from the provisions of section 1 of said Executive Securities Exchanges", and section 221.3(u) of Order all banks and financial institutions comprised Regulation U. within the Board’s certification, as expanded hereby, with the exception of any bank or financial institution On May 7, 1968, the Board revoked such sec­ that is subject to the reporting provisions of said pro­ tions 207.4(f), 220.7(f), and 221.3(h) of Regu­ grams but is not reporting (or covered by reports filed by another or others on its behalf) in substantial com­ lations G, T, and U, respectively. Former section pliance with said reporting provisions. 207.4(g) of Regulation G (relating to a lender The foregoing certification and delineation are sub­ arranging for credit) and the corresponding ject to modification or termination with respect to any category or individual ‘bank or financial institution, in former section 221.3(v) of Regulation U have the event that (a) the foreign credit restraint pro­ been redesignated as section 207.4(f) and section grams referred to in section 1(c) of said Executive Order are so modified that such category or individ­ 221.3(h), respectively. ual bank or financial institution is no longer subject to said programs or (b) the Board of Governors deter­ REGULATIONS G AND U—WHEN BANK IN “GOOD mines that modification or termination of said de­ FAITH” HAS NOT RELIED ON STOCK AS lineation is necessary or appropriate in the public in­ terest. Any such modification or termination will be COLLATERAL communicated by the Board to the Secretary of Com­ The Board has received questions regarding the merce. circumstances in which an extension or mainte­ Sincerely yours, nance of credit will not be deemed to be “in­ (Signed) Wm. McC. Martin, Jr. directly secured” by stock as indicated by the phrase, “if the bank in good faith has not relied CREDIT IN STOCK MARKET TRANSACTIONS upon such stock as collateral,” contained in clause On April 9, 1968, the Board of Governors de­ (2) of a recent amendment to section 221.3 (c) of ferred from April 10, 1968, to May 10, 1968 the Regulation U.1 A similar phrase is contained in date by which bank loans on convertible debt 1 “The term 'indirectly secured' includes any arrange­ securities made after October 20, 1967 and before ment with the customer under which the customer’s right March 11, 1968, to those broker/dealer firms that or ability to sell, pledge, or otherwise dispose of stock Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

440 FEDERAL RESERVE BULLETIN □ MAY 1968 section 207.2(g) of Regulation G and the follow­ companies (SBICs) subject to certain restrictions. ing applies to that paragraph, insofar as appro­ On the basis of the foregoing statutory provi­ priate and consistent. sions, it is the position of the Board that a bank In response, the Board noted that in amending holding company may acquire direct or indirect this portion of the regulation it was indicated that ownership or control of stock of an SBIC subject one of the purposes of the change was to make to the following limits: clear that section 221.3(c) does not apply to cer­ (1) The total direct and indirect investments of tain routine negative covenants in loan agreements. a bank holding company in stock of SBICs may Also, while the question of whether or not a bank not exceed: has relied upon particular stock as collateral is (i) with respect to all stock of SBICs owned necessarily a question of fact to be determined in or controlled directly or indirectly by a subsidiary each case in the light of all relevant circumstances, bank, 5 per cent of that bank’s capital and surplus; some indication that the bank had not relied upon (ii) with respect to all stock of SBICs owned stock as collateral would seem to be afforded by directly by a bank holding company that is a bank, such circumstances as the fact that (1) the bank 5 per cent of that bank’s capital and surplus; and had obtained a reasonably current financial state­ (iii) with respect to all stock of SBICs other­ ment of the borrower and this statement could wise owned or controlled directly or indirectly reasonably support the loan, and (2) the loan was by a bank holding company, 5 per cent of its not payable on demand or because of fluctuations proportionate interest in the capital and surplus in market value of the stock, but instead was pay­ of each subsidiary bank (that is, the holding com­ able on one or more fixed maturities which were pany's percentage of that bank’s stock times that typical of maturities applied by the bank to loans bank’s capital and surplus) less that bank’s in­ otherwise similar except for not involving any pos­ vestment in stock of SBICs; and sible question of stock collateral. (2) A bank holding company may not acquire direct or indirect ownership or control of 50 per BANK HOLDING COMPANIES—ACQUISITION OF cent or more of the shares of any class of equity STOCK OF SMALL BUSINESS INVESTMENT securities of an SBIC that have actual or potential COMPANIES voting rights. Under the provisions of section 4(c)(5) of the A bank holding company or a bank subsidiary Bank Holding Company Act, as amended (12 that acquired direct or indirect ownership or con­ U.S.C. 1843), a bank holding company may ac­ trol of 50 per cent or more of any such class of quire shares of nonbank companies “which are of equity securities prior to January 9, 1968, is not the kinds and amounts eligible for investment” required to divest to a level below 50 per cent. A by national banks. Pursuant to section 302(b) of bank that acquired 50 per cent or more prior to the Small Business Investment Act of 1958 (15 January 9, 1968 may become a subsidiary in a holding company system without any necessity for U.S.C. 682(b)), as amended by Title II of the Small Business Act Amendments of 1967 (Pub. divesting to a level below 50 per cent, provided Law 90-104, 81 Stat. 268, 270), a national bank that such action does not result in the bank hold­ may invest in stock of small business investment ing company acquiring control of a percentage greater than that controlled by such bank. owned by the customer is in any way restricted so long as the credit remains outstanding, or under which the exer­ Note.—This interpretation supersedes an earlier in­ cise of such right, whether by written agreement or other­ terpretation on the same subject appearing at 1963 Federal wise, is cause for acceleration of the maturity of the Reserve Bulletin 9. credit: Provided, That the foregoing shall not apply (1) if such restriction arises solely by virtue of an arrangement ORDER UNDER BANK MERGER ACT with the customer which pertains generally to the custom­ er’s assets unless a substantial part of such assets consists THE BANK OF VIRGINIA, of stock, or (2) if the bank in good faith has not relied RICHMOND, VIRGINIA upon such stock as collateral in the extension or mainte­ nance of the particular credit: And provided further, That the foregoing shall not apply to stock held by the bank fn the matter of the application of The Bank only in the capacity of custodian, depository, or trustee, or of Virginia for approval of mergers with The under similar circumstances, if the bank in good faith has Peoples Bank of Reedville and The Peoples Bank not relied upon such stock as collateral in the extension or maintenance of the particular credit." of White Stone, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 441 Order Approving Mergers op Banks under the charter and name of Virginia Bank, which is a member of the Federal Reserve System. There have come before the Board of Gover­ As an incident to the mergers, the two offices of nors, pursuant to the Bank Merger Act (12 U.S.C. Reedville Bank and the sole office of White Stone 1828(c)), applications by The Bank of Virginia, Bank would become branches of Virginia Bank, Richmond, Virginia, a State member bank of the increasing the number of its offices to 36. Federal Reserve System, for the Board’s prior approval of the mergers into that bank of The Competition. Virginia Bank, the fifth largest Peoples Bank of Reedville, Reedville, Virginia, bank in Virginia, holds about 4.7 per cent of the and The Peoples Bank of White Stone, White total commercial bank deposits in the State. The proposed mergers would increase Virginia Bank’s Stone, Virginia, under the charter and title of The share of these deposits by approximately two- Bank of Virginia. As an incident to the mergers, tenths of one per cent. Virginia Bank is a sub­ the two offices of The Peoples Bank of Reedville sidiary of a registered bank holding company, and the sole office of The Peoples Bank of White Virginia Commonwealth Bankshares, Inc., which Stone would become branches of the resulting is the fourth largest banking organization in Vir­ bank. Notice of the proposed mergers, in form ap­ ginia. The holding company’s ten subsidiary banks proved by the Board, has been published pursuant hold about 7 per cent of the deposits held by all to said Act. of the State's commercial banks. No affiliate of Upon consideration of all relevant material in the holding company has offices nearer to Reed­ the light of the factors set forth in said Act, in­ ville Bank and White Stone Bank than Virginia cluding reports furnished by the Comptroller of Bank. the Currency, the Federal Deposit Insurance Cor­ The head office of Reedville Bank is in Reed­ poration, and the Attorney General on the com­ ville (population 650), which is in the eastern petitive factors involved in the proposed mergers, portion of Northumberland County (population It is hereby ordered, for the reasons set 10,000) at the Chesapeake Bay end of the North­ forth in the Board’s Statement of this date, that ern Neck peninsula. The bank operates a branch said applications be and hereby are approved, at Burgess, six miles west of Reedville. A bank provided that said mergers shall not be consum­ with deposits of $3.3 million is located five miles mated (a) before the thirtieth calendar day fol­ west of Burgess at Heathsville and a bank (de­ lowing the date of this Order or ( b) later than three posits $12.7 million) headquartered in Colonial months after the date of this Order. Beach (Westmoreland County) operates a branch Dated at Washington, D. C., this 15th day of at Callao, 12 miles west of Burgess. There are April, 1968. no other commercial banking facilities in North­ By order of the Board of Governors. umberland County. Voting for this action: Chairman Martin, and Gov­ The sole office of White Stone Bank is in White ernors Robertson, Mitchell, Daane, Maisel. Brimmer, Stone ( population 400), which is about 18 miles and Sherrill. (Signed) Robert P. Forrestal, directly south of Burgess in southeastern Lan­ Assistant Secretary. caster County (population 9,000). There are |SEAI.| three other banks in Lancaster County, including two (with deposits of $7 million and $3.3 million) Statement in Kilmarnock, which is on the highway between The Bank of Virginia, Richmond, Virginia White Stone and Burgess. (“Virginia Bank”), with total deposits of $283 Reedville Bank and White Stone Bank draw the million, has applied, pursuant to the Bank Merger bulk of their business from their respective com­ Act (12 U.S.C. 1828(c)), for the Board’s prior munities. The development of meaningful com­ approval of the merger of that bank with The petition between the two banks seems unlikely Peoples Bank of Reedville, Reedville, Virginia in view of the distance separating their offices (“Reedville Bank”), and The Peoples Bank of and the sparsely settled nature of the intervening White Stone, White Stone, Virginia (“White Stone area, which contains two offices of other banks; Bank”), which have deposits of $5 million and further, under State law, neither bank would be $3.5 million, respectively.1 The banks would merge permitted to establish a de novo branch outside 1 Figures are as of December 30, 1967. the county in which it is headquartered. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

442 FEDERAL RESERVE BULLETIN □ MAY 1968 Virginia Bank is headquartered in Richmond, ORDERS UNDER SECTION 3 OF BANK HOLDING approximately 70 miles west of White Stone and COMPANY ACT 85 miles west of Reedville, The nearest office of THE MARINE CORPORATION, Virginia Bank to the banks proposed to be ac­ MILWAUKEE, WISCONSIN quired is its branch in Newport News, which is about 57 miles south of White Stone and 77 miles In the matter of the application of The Marine south of Reedville. State law would preclude Vir­ Corporation, Milwaukee, Wisconsin, for approval ginia Bank from entering either Northumberland of the acquisition of 80 per cent or more of the or Lancaster County by de novo branching. The voting shares of The Germantown State Bank, holding company of which Virginia Bank is a Germantown, Wisconsin. subsidiary could enter these counties through the establishment of new banks. Jn view of the small Order Approving Application under size of the communities and the existing banking Bank Holding Company Act facilities, however, such entry does not appear probable. There has come before the Board of Governors, pursuant to section 3(a)(3) of the Bank Hold­ Consummation of the proposed mergers would ing Company Act of 1956 (12 U.S.C. 1842(a) have no significant adverse effects on competition. (3)) and section 222.3(a) of Federal Reserve Financial and managerial resources and pros­ Regulation Y (12 CFR 222.3(a)), an application by The Marine Corporation, Milwaukee, Wiscon­ pects. The banking factors with respect to each sin, for the Board’s prior approval of the acquisi­ of the banks proposed to be acquired are reason­ tion of 80 per cent or more of the voting shares ably satisfactory, as they would be with respect to of The Germantown State Bank, Germantown, the resulting bank. Wisconsin. Convenience and needs of the communities. As required by section 3(b) of the Act, the I he mergers would have no material effect on the Board gave written notice of receipt of the ap­ banking convenience and needs of the communi­ plication to the Commissioner of Banks for the ties in which Virginia Bank presently operates State of Wisconsin and requested his views and offices. recommendation. No objection to approval of the The areas served by Reedville Bank and White application has been received from the Com­ Stone Bank are generally rural in character; com­ missioner. mercial fishing and its related industries provide Notice of receipt of the application was pub­ the principal economic support for these areas, lished in the Federal Register on November 25, although there is some farming and resort activity. 1967 (32 Federal Register 16174), providing an The replacement of Reedville Bank and White opportunity for interested persons to submit com­ Stone Bank by offices of Virginia Bank, with its ments and views with respect to the proposal. A larger lending limit and broader range of bank copy of the application was forwarded to the services, would afford added convenience for the United States Department of lustice for its con­ Reedville/White Stone areas. In addition, the sideration. Time for filing comments and views availability of full-scale banking services might has expired and all those received have been con­ sidered by the Board. have a favorable influence on the economic growth of these areas. It is hereby ordered, for the reasons set forth in the Board’s Statement of this date, that said Summary and conclusion. In the judgment of application be and hereby is approved, provided the Board, the proposed mergers would benefit the that the action so approved shall not be con­ banking convenience and needs of the communi­ summated (a) before the thirtieth calendar day ties now served by Reedville Bank and White following the date of this Order or (b) later than Stone Bank, and would have no significant ad­ three months after the date of the Order unless verse effects on banking competition. such time shall be extended by the Board, or by Accordingly, the Board concludes that the ap­ the Federal Reserve Bank of Chicago pursuant plications should be approved. to delegated authority. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 443 Dated at Washington, D. C. this 17th day of anti-competitive effects of the proposed transac­ April, 1968. tion are clearly outweighed in the public interest by the probable effect of the transaction in meet­ By order of the Board of Governors. ing the convenience and needs of the community Voting for this action: Vice Chairman Robertson, and to be served. In each case the Board is required Governors Mitchell, Daane, Maisel, and Brimmer. to take into consideration the financial and man­ Absent and not voting: Chairman Martin and Gov­ agerial resources and future prospects of the bank ernor Sherrill. (Signed) Robert P. Forrestal holding company and the banks concerned, and Assistant Secretary. the convenience and needs of the community to [seal] be served. Competitive effect of proposed transaction. The 10 largest banking organizations in the State, of Statement which six are holding companies, control deposits The Marine Corporation, Milwaukee, Wiscon­ of $2.7 billion or 38.5 per cent of deposits in the sin (“Applicant”), a registered bank holding com­ State. Bank holding companies operating in the pany, has applied to the Board of Governors, State of Wisconsin are 10 in number - and control pursuant to section 3(a)(3) of the Bank Holding 47 banks (78 offices) with total deposits of $2.5 Company Act of 1956 (“the Act”), for prior ap­ billion or approximately 36 per cent of total bank proval of the acquisition of 80 per cent or more deposits in the State. Applicant controls 7.04 per of the voting shares of The Germantown State cent of deposits in the State and, on the basis of Bank, Germantown, Wisconsin (“Bank”), a non­ deposits, is the second largest banking organiza­ member insured bank. As of June 30, 1967,1 Ap­ tion in the State. The addition of Bank’s $3.4 mil­ plicant controlled 11 subsidiary banks which op­ lion of deposits to Applicant’s system would in­ erated a total of 14 offices with aggregate total crease its control of deposits to 7.09 per cent. deposits of $498 million. Bank is located in the The Milwaukee Standard Metropolitan Statis­ Village of Germantown, Washington County, Wis­ tical Area (“SMSA”) includes the counties of consin, about 17 miles northwest of downtown Milwaukee, Ozaukee, Waukesha, and Washington. Milwaukee, and directly north of Menomonee Of the four holding companies operating in the Falls, and operates one office with total deposits SMSA, Applicant ranks third with control of ap­ of $3.4 million. proximately 14 per cent of the deposits in the Views and recommendation of supervisory au­ area. Consummation of the proposal herein would thority. As required by section 3(b) of the Act, cause Applicant’s control of total deposits in this notice of receipt of the application was given to area to be increased hy one-tenth of one percent­ the Commissioner of Banks for the State of Wis­ age point. Control of such deposits by the four consin, and his views and recommendation were holding companies represented in the SMSA requested. No objection to approval of the ap­ would be similarly increased. plication has been received from the Commis­ In Washington County, Bank controls less than sioner. 5 per cent of total deposits and ranks 7th among Statutory considerations. Section 3(c) of the the 1 I banks in the area. Upon consummation of Act provides that the Board shall not approve an the proposal, Bank would be the first holding com­ pany subsidiary in the county. acquisition that would result in a monopoly or Bank’s primary service area/ as described in would be in furtherance of any combination or conspiracy to monopolize or to attempt to monop­ the application, is the small rural dairy farm com­ munity of Germantown and the surrounding agri­ olize the business of banking in any part of the cultural area encompassing Germantown town­ United States. Nor may the Board approve a proposed acquisition the effect of which, in any - Three of these holding companies are headquartered in section of the country, may be substantially to Minnesota. They are (1) First Bank Stock Corporation lessen competition, or tend to create a monopoly, and (2) Northwest Bancorporation, both in Minneapolis and (3) Otto Bremer Foundation in St. Paul. They con­ or which in any other manner would be in re­ trol respectively $25.5 million, $37.2 million and $20.0 straint of trade, unless the Board finds that the million of deposits in Wisconsin banks. " The area from which Applicant estimates that Bank 1 Unless otherwise noted, all banking data are of this derives more than 75 per cent of deposits of individuals, date. partnerships, and corporations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

444 FEDERAL RESERVE BULLETIN □ MAY 1968 ship, an area estimated to include 7,565 people. Falls. Also, there are six other banks located in The evidence shows that the area has had a signif­ the area between Bank and the Capital Marine icant growth in population since 1950 and is ex­ Bank. On the record before the Board, it is con­ pected to experience further substantial growth cluded that there is no meaningful present com­ in the next few years. Significant commercial de­ petition between Bank and Applicant’s subsid­ velopment is also projected for the area. Applicant iaries; and it appears unlikely that any significant reports that Germantown has made plans for an future competition between them would be fore­ industrial park; another privately-owned industrial closed by the proposed affiliation. park has already been developed; a professional As stated earlier, there are no other banks services office center is under construction; and located in Bank’s primary service area, and, in the establishment of one or more shopping cen­ terms of total deposits, Bank ranks 10th among ters is under consideration. Bank is the only bank­ the 12 banks competing in the area. The institu­ ing office located in its designated primary service tions that compete with Bank and are smaller than it area. Applicant lists 12 banks as competing in are Richfield State Bank ($2 million in deposits), this area and states that Bank, with 2.8 per cent of located about 5 miles northwest of Bank in Rich­ total deposits of such banks, ranks 10th among field, Wisconsin; and Bank of Jackson ($1.6 mil­ them. lion in deposits) located about 8 miles north of The data presented reflect that Applicant’s ac­ Bank in Jackson, Wisconsin. According to Ap­ quisition of Bank would have a negligible impact plicant, less than 50 per cent of potential cus­ upon the degree of concentration of banking re­ tomers in Bank’s primary service area are cus­ sources in the State and in the SMSA. Consumma­ tomers of Bank. Farmers and Merchants Bank, tion of the proposal would not cause the banking regarded as Bank’s closest and largest competitor, alternatives in Washington County or the Bank’s is located about 4.5 miles south of Bank in Me­ primary service area to be reduced nor cause an nomonee Falls and has about $30 million in total increase in the concentration of deposits already deposits. Bank appears to be a relatively weak existing in the banking organizations in those competitor in an expanding market. areas. On the record before the Board, it is con­ An examination of the facts presented with re­ cluded that the proposed affiliation would not re­ spect to Bank’s competitors indicates that more sult in a monopoly nor be in furtherance of any aggressive competition from Bank is not likely to combination or conspiracy to monopolize or at­ impair the competitive vigor of existing institu­ tempt to monopolize the business of banking in tions serving the area and may stimulate competi­ any relevant area. tion in Bank’s primary service area. The evidence Considering next the probable effect of con­ before the Board indicates that there is no rea­ summation of Applicant’s proposal on existing or sonable likelihood that the acquisition herein potential competition, the Board finds that these would preclude future competition in any relevant considerations present no bar to approval of the area. application. No office of Applicant’s subsidiary The Board concludes that consummation of banks is located in the primary service area of the proposed transaction would not substantially Bank or competes with it to any significant extent. lessen competition, tend to create a monopoly nor Only three offices of Applicant’s subsidiaries are in any other manner restrain trade in any relevant reported to derive any deposit business from section of the country. Bank’s primary service area, and such deposits ag­ Financial and managerial resources and future gregate less than 2 per cent of the deposits that prospects. The financial condition of Applicant Bank derives from its service area. The offices of and its subsidiary banks is considered generally Applicant’s subsidiaries that are nearest to Bank satisfactory. are the Brookfield branch of the Waukesha Bank has enjoyed a rapid growth in deposits in County Marine Bank in Pewaukee and the sole the last five years. Although Bank’s capital has office of Capital Marine Bank in Milwaukee. not kept pace with its growth, Applicant has These offices are, respectively, 10'4 miles south furnished assurances that it will provide Bank and 15’/2 miles southeast of Bank. In the area with growth capital as needed. between Bank and each of said offices are located The board of directors of Applicant consists the main offices of two banks in Menomonee of 21 members, a majority of whom are officers Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 445 or directors of the various subsidiary banks. The Summary and conclusion. On the basis of all 13 officers of Applicant are also officers or direc­ the relevant facts contained in the record, and in tors of the subsidiary banks. Applicant’s manage­ the light of the factors set forth in section 3(c) ment is regarded as experienced and satisfactory. of the Act, it is the Board’s judgment that the Management of Bank is under the direction of proposed transaction would be in the public in­ President Schramm who is considered to be a terest and that the application should be ap­ competent banker. Though he has expressed a proved. desire to be relieved of his responsibilities, he has agreed to remain with the Bank until 1970. Ap­ NORTHWEST BANCORPORATION, plicant has a well-established management train­ MINNEAPOLIS, MINNESOTA ing program and should be able to assist Bank in In the matter of the application of Northwest meeting the managerial requirements presented by Bancorporation, Minneapolis, Minnesota, for ap­ the passage of time and by the Bank’s growth. proval of acquisition of 85 per cent or more of Applicant’s subsidiary banks have shown gen­ the voting shares of The First National Bank of erally satisfactory earnings and, inasmuch as Ap­ Ely, Ely, Minnesota. plicant’s income depends to a major degree on such earnings, Applicant’s prospects for earnings Order on Request for Reconsideration are considered favorable. The prospects of Bank This matter comes before the Board on a Re­ appear to be good, particularly in the light of the quest filed by the Independent Bankers of Min­ residential and commercial expansion that is fore­ nesota, a Protestant in these proceedings, that the cast for the Germantown area and the fact that Board reconsider its Order dated January 31, Applicant will be in a position to assist Bank to 1968, whereby the Board approved the applica­ expand its facilities and raise additional capital. tion of Northwest Bancorporation, filed pursuant The Board concludes that the considerations to section 3(a) of the Bank Holding Company relating to the banking factors, as reflected in the Act of 1956, for prior approval of the acquisition record herein, are satisfactory, are consistent with of 85 per cent or more of the voting shares of approval, and weigh somewhat in favor thereof. The First National Bank of Ely, Ely, Minnesota. Convenience and needs of the community in­ The Request for Reconsideration was filed by volved. As indicated earlier, significant residential letter dated February 22, 1968, and was supple­ and commercial development is expected to occur mented by a letter dated March 12, 1968. Ap­ in the next few years in Bank’s designated primary plicant, through its counsel, opposed the Request service area. Such development is likely to gen­ by Memorandum dated February 26, 1968, and erate a demand for better and more extensive responded, by letter dated March 14, 1968, to the local banking services. Applicant proposes to supplement filed by the Independent Bankers of assist Bank to expand its facilities, provide ad­ Minnesota. ditional capital, furnish personnel experienced in Rule 262.3(f)(6) of the Board's Rules of consumer credit and mortgage lending, and as­ Procedure (12 C.F.R. 262.3(f)(6)) provides that sist with various operational procedures such as the Board will not grant a request for reconsider­ credit analysis and computer programming of ation of its action unless the request presents rel­ accounts. Although no banking needs in the area evant facts which, for good cause shown, were appear to be unserved, Applicant’s assistance to not previously presented to the Board, or unless Bank would enable it to provide a broader range it otherwise appears to the Board that reconsider­ of services, make such services more immediately ation would be appropriate. available to the local community, and become a The Request herein does not present any evi­ stronger and more aggressive competitor, to the dence or factual assertions not earlier considered benefit of the community, particularly if the area in detail by the Board in connection with its realizes the business development and population original decision. Nor does it appear that develop­ growth that are anticipated. ments in the applicable law or other circumstances The Board concludes that the evidence relating since that decision so affect the Board’s Order to the convenience and needs of the area is con­ or Statement in this matter as to make reconsider­ sistent with and weighs somewhat in favor of ation appropriate. approval of the application. It is hereby ordered, for the reasons set forth Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

446 FEDERAL RESERVE BULLETIN □ MAY 1968 herein, that the Request for Reconsideration of in the Board’s Statement of this date, that said ap­ the Board’s Order and accompanying Statement plication be and hereby is approved, provided that of January 31, 1968, with respect to the subject the acquisition so approved shall not be consum­ application be and hereby is denied. mated (a) before the thirtieth calendar day follow­ Dated at Washington, D. C., this 19th day of ing the date of this Order or (b) later than three April, 1968. ' months after the date of this Order unless such By order of the Board of Governors. period is extended for good cause by the Board or by the Federal Reserve Bank of Richmond pur­ Voting for this action: Chairman Martin, and Gov­ ernors Robertson, Mitchell, and Maisel. Absent and suant to delegated authority, and that The First not voting: Governors Daane, Brimmer, and Sherrill. Colonial Bank shall be open for business not later (Signed) Robert P. Forrestal, than six month after the date of this Order. Dated at Washington, D. C., this 18th day of Assistant Secretary. April, 1968. [seal] By order of the Board of Governors. VIRGINIA COMMONWEALTH Voting for this action: Chairman Martin, and Gov­ BANKSHARES, INC., RICHMOND ernors Mitchell, Daane, Maisel, and Sherrill. Absent VIRGINIA and not voting: Governors Robertson and Brimmer. In the matter of the application of Virginia (Signed) Robert P. Forrestal, Commonwealth Bankshares, Inc., Richmond, Vir­ Assistant Secretary. ginia, for approval of acquisition of all the voting [seal] shares to be issued by The First Colonial Bank, Statement Virginia Beach, Virginia, a proposed new hank. Virginia Commonwealth Bankshares, Inc., Rich­ Order Approving Application Under mond, Virginia (“Applicant”), a registered bank Bank Holding Company Act holding company, has applied to the Board of Governors pursuant to section 3(a)(3) of the There has come before the Board of Governors, Bank Holding Company Act of 1956 (12 U.S.C. pursuant to section 3(a)(3) of the Bank Hold­ 1842(a)(3)), for prior approval of the acquisition ing Company Act of 1956 (12 U.S.C. 1842(a) of all the voting shares of The First Colonial Bank, (3)) and section 222.4(a)(3) of Federal Reserve Virginia Beach, Virginia (“Bank”), a new institu­ Regulation Y (12 CFR 222.4 (a)(3)), an appli­ tion which Applicant proposes to establish. Appli­ cation by Virginia Commonwealth Bankshares, cant presently controls 10 banks which operate 70 Inc., Richmond, Virginia, for the Board’s prior offices with total deposits of $366 million.1 Appli­ approval of acquisition of all of the voting shares cant estimates that Bank, which will begin opera­ to be issued by The First Colonial Bank, Virginia tion with two offices, will have $12 million of Beach, Virginia, a proposed new bank. deposits after three years of operation. As required by section 3(b) of the Act, the Views and recommendation of supervisory au­ Board notified the Commissioner of Banking for the State of Virginia of the application and re­ thority. As required by section 3(b) of the Act, quested his views and recommendation. The Com­ the Board notified the Commissioner of Banking missioner recommended approval of the applica­ for the State of Virginia of receipt of the applica­ tion and requested his views and recommendation tion. Notice of receipt of the application was pub­ thereon. The Commissioner recommended that the lished in the Federal Register on November 30, application be approved. 1967 (32 Federal Register 16452), providing an Statutory considerations. Section 3(c) of the opportunity for interested persons to submit com­ Act provides that the Board shall not approve an ments and views with respect to the proposal. A acquisition that would result in a monopoly or copy of the application was forwarded to the would be in furtherance of any combination or United States Department of Justice for its con­ conspiracy to monopolize or attempt to monopo­ sideration. Time for filing comments and views has lize the business of banking in any part of the expired and all those received have been con­ ' Banking data are of June 30, 1967, unless otherwise sidered by the Board. noted, and reflect acquisitions and mergers approved by It is hereby ordered, for the reasons set forth appropriate supervisory authorities to date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 447 United States. Nor may the Board approve any Norfolk attests to its ability to compete success­ other proposed acquisition the effect of which, in fully with the larger banks in the area; Applicant’s any section of the country, may be substantially to entry into Virginia Beach is likely to intensify that lessen competition, or to tend to create a mon­ competition, but is unlikely to have an undue opoly, or which in any other manner would be in effect on the continued growth of The First Na­ restraint of trade, unless the Board finds that the tional Bank of Norfolk or other banks competing anticompetitive effects of the proposed transaction in the area. are clearly outweighed in the public interest by the Applicant’s only subsidiary that derives any probable effect of the transaction in meeting the significant business from the Virginia Beach area convenience and needs of the community to be is Bank of Virginia, which operates three branches served. In each case, the Board is required to take in Norfolk, approximately nine miles from Bank’s into consideration the financial and managerial nearest office. These offices derive about 8 per resources and future prospects of the bank holding cent of their IPC deposits, 2 per cent of their com­ company and the banks concerned, and the con­ mercial loans, and 16 per cent of their consumer venience and needs of the community to be served. loans from the projected service areas of Bank’s Competitive effect of proposed transaction. The two proposed offices. However, since the estab­ nine largest banking organizations in Virginia, lishment of Bank is contingent upon approval of each of which has deposits in excess of $100 mil­ the present application, consummation of the pro­ lion, include five bank holding companies. In the posed transaction would not result in the elimina­ aggregate, these organizations account for about tion of any existing or potential competition. Also, 63 per cent of the deposits and 53 per cent of the since each of Bank of Virginia’s competitors in the offices of all commercial banks in the State. Appli­ Norfolk area has offices in Virginia Beach, Appli­ cant is the fourth largest banking organization and cant’s expansion into the latter area would simply the second largest bank holding company in the place Applicant on a more equal footing with State, controlling 6.6 per cent of the total deposits those organizations with respect to office coverage and 7.9 per cent of the commercial banking of the combined Norfolk-Virginia Beach area. offices. Since the present proposal involves acquisi­ The effect of the proposal would be to permit tion of a bank to be established, neither Appli­ Applicant, through a newly organized subsidiary, cant’s relative size nor its share of total deposits to compete more fully in Virginia Beach with would be immediately affected by consummation those institutions with which its largest subsidiary, of the transaction. Bank of Virginia, already competes in Norfolk. Bank’s main office and its only branch will be Within the Norfolk-Virginia Beach area, Bank of located 2.4 miles apart. The projected primary Virginia, with six per cent of total area deposits, ranks fourth among the six competing banks; service areas2 of the two offices are contiguous offices of the Virginia National Bank (total de­ and, except for a small portion of the branch’s posits of $441 million) and of Seaboard Citizens primary service area that extends into the city of National Bank (total deposits of $121 million), Norfolk, are within the City limits of Virginia the latter a subsidiary of United Virginia Bank­ Beach. Located within these contiguous areas are shares, Inc., the largest registered bank holding I I other commercial banking offices, five of which company in the State, account for 57 per cent are branches of the State's two largest independent and 21 per cent, respectively, of total deposits in banks and five of which are branches of sub­ that area. Consummation of the proposal therefore sidiaries of the State’s largest and third largest would not have the effect of expanding a domi­ bank holding companies. The only other com­ nant institution or organization in the area. mercial banking office in the area is a branch of The Board concludes, on the basis of the record The First National Bank of Norfolk, a bank which before it, that consummation of Applicant’s pro­ opened for business in January 1965 and had posal would not result in a monopoly, nor be in deposits of $21 million as of December 31, 1967. furtherance of any combination or conspiracy to The rapid growth of The First National Bank of monopolize or to attempt to monopolize the busi­ ness of banking in any relevant area. Neither does -The areas from which it is estimated that each of these offices will derive more than 75 per cent of its deposits of it appear likely that such consummation would sub­ individuals, partnerships, and corporations (“IPC de­ stantially lessen competition, tend to create a posits"). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

448 FEDERAL RESERVE BULLETIN □ MAY 1968 monopoly, or restrain trade in any section of the including 10 branches operated by four of the five country. largest banking organizations in the State. There Financial and managerial resources and future is no evidence that any banking services needed prospect. The financial history and condition of by the community are not conveniently available. Applicant are reasonably satisfactory and its pros­ However, the establishment of Bank, and its ac­ pects are considered favorable. Deposits and loans quisition by Applicant, would provide an addi­ of the subsidiary banks have experienced reason­ tional competitive source of a complete line of able growth and their earnings are good. Appli­ banking services at a time when the population, cant's lead bank. Bank of Virginia, has a com­ commercial business volume, and banking needs of prehensive training program and has developed a the area are undergoing rapid expansion. source of managerial talent. The general quality Acquisition of Bank will have little or no effect of operation and the sound condition of the sub­ on communities presently served by Applicant. sidiary banks reflect the satisfactory quality of Considerations related to the convenience and their management and the effective administrative needs of the communities involved are consistent control exercised by the senior officials of Appli­ with, and lend some weight toward, approval of cant. the application. Bank, not yet opened for business, has no finan­ Summary and conclusion. Based on all the rele­ cial history. It will begin operation with capital vant facts contained in the record and in light of funds of $500,000, and will be located in an area the factors set forth in section 3(c) of the Act, which has witnessed rapid economic expansion it is the Board’s judgment that the proposed trans­ and which is expected to show continued growth. action would be in the public interest and that It is anticipated that Bank will hold $5 million, $9 the application should be approved. million, and $12 million of deposits at the end of each of its first three years, and will begin to CENTRAL BANCORP, experience profitable operation by the end of its MIAMI, FLORIDA second year. Applicant, recognizing the need for in the matter of the application of Central periodic increases in Bank’s capital in order to Bancorp, Miami, Florida, for approval of action support the projected rapid growth in its deposits, to become a bank holding company through the has developed a program to do so, beginning in acquisition of 80 per cent or more of the voting 1969. Bank’s principal operating officers, who will shares of Central Bank and Trust Company and be drawn from the Norfolk branches of Bank of Central Bank of North Dade, both of Miami, Virginia, have extensive banking experience and Florida. are familiar with the Virginia Beach area. Appli­ cant’s President will serve as Chairman of Bank’s Order Approving Application Under Board of Directors. Bank Holding Company Act On the basis of the foregoing, the Board con­ There has come before the Board of Governors, cludes that considerations relating to the financial pursuant to section 3(a)(1) of the Bank Holding and managerial resources and prospects of Appli­ Company Act of 1956 (12 U.S.C. 1842(a)(1)), cant and its proposed subsidiary are consistent and section 222.3(a) of Federal Reserve Regula­ with approval of the application. tion Y (12 CFR 222.3(a)), an application by Convenience and needs of the communities in­ Central Bancorp, Miami, Florida, for the Board’s volved. Bank’s main office and branch are to be prior approval of action whereby Applicant would located in two newly developed areas about mid­ become a bank holding company through the ac­ way between the Virginia Beach resort area and quisition of 80 per cent or more of the voting downtown Norfolk. Virginia Beach is primarily a shares of Central Bank and Trust Company and residential area with an economy based on tour­ Central Bank of North Dade, both of Miami, ism, light industry, and commercial and service Florida. establishments. Population of the city is expected As required by section 3(b) of the Act, the to triple within the next 20 years. Board gave written notice to the Comptroller of Although Bank will be the only commercial the State of Florida of receipt of the application bank with a main office in Virginia Beach, the and requested his views and recommendation. He area is served by 11 branch offices of five banks, recommended approval of the application. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 449 Notice of receipt of the application was pub­ with the deceased’s widow as executrix. Holdings lished in the Federal Register on December 29, of the estate, together with those of common di­ 1967 (32 Federal Register 21006), providing an rectors of the two banks, account for 62.5 per opportunity for interested persons to submit com­ cent of the stock of Central Bank and 76 per cent ments and views with respect to the proposed of the stock of North Dade Bank. transaction. A copy of the application was for­ Views and recommendation of supervisory au­ warded to the Department of Justice for its con­ thority. As required by section 3(b) of the Act, sideration. Time for filing comments and views notice of receipt of the application was given to, has expired and all those received have been con­ and views and recommendation requested of, the sidered by the Board. Comptroller of the State of Florida. The State It is hereby ordered, for the reasons set forth Comptroller recommended approval of the appli­ in the Board’s Statement of this date, that said cation. application be and hereby is approved, provided Statutory considerations. Section 3(c) of the Act that the action so approved shall not be consum­ provides that the Board shall not approve an ac­ mated (a) before the thirtieth calendar day follow­ quisition that would result in a monopoly or would ing the date of this Order or (b) later than three be in furtherance of any combination or con­ months after the date of the Order, unless such spiracy to monopolize or to attempt to monopolize period is extended for good cause by the Board the business of banking in any part of the United or by the Federal Reserve Bank of Atlanta pur­ States. Nor may the Board approve a proposed suant to delegated authority. acquisition the effect of which, in any section of Dated at Washington, D. C., this 6th day of the country, may be substantially to lessen com­ May, 1968. petition, or to tend to create a monopoly, or which By order of the Board of Governors. in any other manner would be in restraint of trade, Voting for this action: Unanimous, with all members unless the Board finds that the anticompetitive present. effects of the proposed transaction are clearly out­ (Signed) Robert P. Forrestal. weighed in the public interest by the probable Assistant Secretary. effect of the transaction in meeting the conveni­ [seal] ence and needs of the community to be served. In Statement each case the Board is required to take into con­ Central Bancorp, Miami, Florida (“Appli­ sideration the financial and managerial resources cant”), has filed with the Board, pursuant to sec­ and future prospects of the bank holding company tion 3(a)(1) of the Bank Holding Company Act and the banks concerned, and the convenience and of 1956, an application for approval of action to needs of the community to be served. become a bank holding company through the ac­ Competitive effect of proposed transaction. The quisition of 80 per cent or more of the voting 10 largest banking organizations in Florida, of shares of Central Bank and Trust Company which seven are bank holding companies, account (“Central Bank”) and of Central Bank of North for 37 per cent of the total deposits held by the Dade (“North Dade Bank"), both located in State’s 447 insured commercial banks. Eleven Miami, Florida, and both nonmember insured bank holding companies are located in Florida; banks. in the aggregate, they account for 34 per cent of Central Bank (deposits $48.7 million) 1 and such deposits. If Applicant’s proposal is consum­ North Dade Bank (deposits $3.9 million) both are mated, it would become the tenth largest of the located in Dade County, Florida, approximately State’s bank holding companies, and would con­ nine miles apart. North Dade Bank was organized trol .62 per cent of Florida bank deposits. and opened for business in 1964 by the principal In Dade County there are 63 banks. Twelve of stockholders of Central Bank, and the two banks these are affiliated with four bank holding com­ have been operated largely by common manage­ panies, and account, in the aggregate, for 46 per ment and under common control since that time. cent of county deposits. Central Bank holds 2.5 Control of both banks is now vested in an estate, per cent of deposits in Dade County; North Dade Bank holds .2 per cent. Applicant would be the 1 All banking data are as of June 30, 1967, unless other­ smallest bank holding company in the county. wise noted, adjusted where applicable to reflect holding company acquisitions approved to date. The area delineated by Applicant as the primary Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

450 FEDERAL RESERVE BULLETIN □ MAY 1968 service area “ of Central Bank lies wholly within and branch and would continue to do so. Both Dade County and includes a substantial portion of banks face strong competition from numerous the Greater Miami Area. North Dade Bank is other banks, and such competition would not be located within this area, nine miles to the north of significantly affected. Central Bank, but serves a much smaller portion On the record before it, the Board concludes of the area. Central Bank ranks twelfth in size that consummation of the proposed transaction (2.6 per cent of total deposits) among the 52 would not substantially lessen competition, tend banks located in this area; North Dade Bank to create a monopoly, nor in any other manner ranks forty-eighth in size among these banks (.2 restrain trade in any section of the country. per cent of total deposits) and is the smallest of financial and managerial resources and future five banks located within the immediate area prospects. Applicant is a newly formed corpora­ which it serves. tion and has no financial or operating history. Its The data presented indicate that Applicant’s financial condition, managerial resources, and formation would have a negligible effect upon the prospects would be entirely dependent upon those degree of concentration in any relevant area. On of the subsidiary banks. the record before the Board, it is concluded that Central Bank is well capitalized and appears consummation of Applicant’s proposal would not to be competently managed. It has had adequate result in a monopoly, nor be in furtherance of growth and excellent earnings and its prospects any combination, conspiracy, or attempt to monop­ are believed to be satisfactory whether or not the olize the business of banking in any relevant area. instant proposal is consummated. Considering next the probable effect of the North Dade Bank, organized by principal stock­ proposal on existing and potential competition, holders of Central Bank, is adequately capitalized, it appears that there is a significant degree of and its management, under the direction of Cen­ deposit overlap between the two banks. Central tral Bank’s President, is satisfactory. Prospects Bank derives approximately $2.7 million in IPC of North Dade Bank appear to be dependent on deposits from the area served by North Dade its continued close affiliation with Central Bank. Bank, an amount which, while representing but a However, since it appears unlikely that the pres­ small portion of its total deposits, is substantial ent affiliation would be dissolved if the instant in relation to the deposits of the smaller bank. application were denied, the bank’s prospects Despite this deposit overlap, however, the two would not be significantly affected by the proposal. banks do not appear to be true competitors. In Considerations relating to the banking factors addition to the facts that North Dade Bank was are found to be consistent with approval of the organized by controlling stockholders of Central application. Bank and that the two banks continue to be sub­ Convenience and needs of the communities in­ ject to common control, the same individual serves volved. The banking needs of the individuals and as Chairman and President of both banks and the business located in the areas served by Central earnings of North Dade Bank appear to depend Bank and North Dade Bank apparently are being in large part upon its participation in loans origi­ adequately served by the large number of com­ nated by Central Bank. Continuation of the affilia­ mercial banks competing in the area. Applicant tion of the two banks does not appear to be de­ does not assert that formation of the proposed pendent upon approval of the present application. holding company will result in significant addi­ Other factors limiting potential competition be­ tions to, or improvements upon, the services which tween the two banks are the distance between the two banks as presently affiliated are able to them and the large number of other, and larger, provide. banking alternatives in the area. The evidence relating to the convenience and Consummation of the proposed transaction needs of the areas involved is consistent with, but would have little effect on the competitive ability provides little additional weight in favor of, ap­ of either bank. The two organizations presently proval of the application. function in much the same manner as a bank Summary and conclusion. On the basis of all the relevant facts contained in the record and in 2 The area from which the bank derives over 86 per cent the light of the factors set forth in section 3(c) of of its deposits of individuals, partnerships, and corpora­ tions (“IPC deposits”). the Act, it is the Board’s judgment that the pro- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 451 posed transaction would be in the public interest further that the Regency Square Barnett Bank and that the application should be approved. shall be opened for business not later than six months after the date of this Order. Dated at Washington, D. C., this 8th day of BARNETT NATIONAL SECURITIES CORP. May, 1968. JACKSONVILLE, FLORIDA By order of the Board of Governors. Jn the matter of the application of Barnett Na­ Voting for this action: Vice Chairman Robertson and tional Securities Corporation, Jacksonville, Florida, Governors Mitchell, Daane, Maisel, and Sherrill. Ab­ for approval of the acquisition of 80 per cent or sent and not voting: Chairman Martin and Governor more of the voting shares of Regency Square Brimmer. Barnett Bank, Jacksonville, Florida, a proposed (Signed) Robert P. Forrestal, new bank. Assistant Secretary. (seal | Order Approving Application Under Bank Statement Holding Company Act Barnett National Securities Corporation, Jack­ There has come before the Board of Governors, sonville, Florida, (“Applicant”), a registered bank pursuant to section 3(a)(3) of the Bank Holding holding company, has applied to the Board of Company Act of 1956 (12 U.S.C. 1842(a)(3)), Governors, pursuant to section 3(a)(3) of the and section 222.3(a) of Federal Reserve Regula­ Bank Holding Company Act of 1956 (the “Act”), tion Y (12 CFR 222.3(a)), an application by for prior approval of the acquisition of 80 per Barnett National Securities Corporation, a regis­ cent or more of the voting shares of Regency tered bank holding company, for the Board’s Square Barnett Bank, Jacksonville, Florida prior approval of the acquisition of 80 per cent (“Bank”), a proposed new bank. Applicant con­ or more of the voting shares of Regency Square trols 10 subsidiary banks 1 with aggregate total Barnett Bank, Jacksonville, Florida, a proposed deposits of $366 million as of June 30, 1967; new bank. The lead bank and two smaller subsidiary banks As required by section 3(b) of the Act, the are located in Duval County wherein Applicant Board gave written notice of receipt of the ap­ proposes to establish Bank. plication to the Florida State Comptroller, who Views and recommendation of supervisory is the State Commissioner of Banking, and re­ authority. As required by section 3(b) of the quested his views and recommendation. He rec­ Act, notice of receipt of the application was given ommended approval of the application. to, and views and recommendation requested of Notice of receipt of the application was pub­ the Florida State Comptroller as State Commis­ lished in the Federal Register on November 8, sioner of Banking. He recommended approval of 1967 (32 Federal Register 15559), providing an the application. opportunity for interested persons to submit com­ Statutory considerations. Section 3(c) of the ments and views with respect to the proposed Act provides that the Board shall not approve an transaction. A copy of the application was for­ acquisition that would result in a monopoly or warded to the Department of Justice for its con­ would be in furtherance of any combination or sideration. Time for filing comments and views conspiracy to monopolize or attempt to monop­ has expired and all those received have been con­ olize the business of banking in any part of sidered by the Board. the United States. Nor may the Board approve a It is hereby ordered, for the reasons set proposed acquisition the effect of which, in any forth in the Board’s Statement of this date, section of the country, may be substantially to that said application be and hereby is approved, lessen competition, or to tend to create a monop­ provided that the action so approved shall not be oly, or which in any other manner would be in consummated (a) before the thirtieth calendar day restraint of trade, unless the Board finds that the following the date of this Order or (b) later than three months after the date of the Order, unless 1 American National Bank and Trust Company in Win­ such period is extended for good cause by the ter Haven and American National Bank in Cypress Gar­ dens, which were acquired early in 1968, are included. Board or by the Federal Reserve Bank of Atlanta - Banking data are as of this date unless otherwise pursuant to delegated authority; and provided noted. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

452 FEDERAL RESERVE BULLETIN □ MAY 1968 anticompetitive effects of the proposed transac­ Jacksonville $(38 million of deposits), the fifth tion are clearly outweighed in the public interest largest bank in Jacksonville. Five other banks by the probable effect of the transaction in meet­ are regarded as competing in the area. Four of ing the convenience and needs of the community these, one of which is a subsidiary of Applicant, to be served. In each case the Board is required are downtown Jacksonville banks, and the fifth to take into consideration the financial and man­ (deposits of $514 million) is located 514 miles agerial resources and future prospects of the bank southwest of Bank’s site and is an affiliate of holding company and the banks concerned, and American Arlington Bank. the convenience and needs of the community to Inasmuch as Bank is a proposed new bank, be served. acquisition thereof by Applicant would have no Competitive effect of proposed transaction. The immediate effect on concentration of banking 10 largest banking organizations in Florida con­ resources in the State, in Duval County, or in the trol 73 of the State’s 447 commercial banks and designated primary service area. As Bank is ex­ approximately $3.2 billion or 37 per cent of their pected to have approximately $6 million in total aggregate deposits. Applicant is the fourth largest deposits after three years of operation, the po­ banking organization in the State, with control of tential effect of the acquisition on concentration 4.3 per cent of such deposits. of banking resources in any relevant area ap­ In Duval County, which is coextensive with pears to be negligible, the Jacksonville Standard Metropolitan Statistical On the record before the Board, it is concluded Area, three bank holding companies and a non­ that the proposed transaction would not result in registered banking chain control in the aggregate a monopoly nor be in furtherance of any com­ 16 banks with $817 million of total deposits or bination or conspiracy to monopolize or attempt 88 per cent of the deposits of the 24 banks located to monopolize the business of banking in any rele­ there. The two largest bank holding companies vant area. each control five banks in the County and 31.7 Considering next the probable effect of consum­ per cent and 27.7 per cent, respectively, of total mation of Applicant’s proposal on existing or po­ deposits held by commercial banks in the County. tential competition, the Board finds that these Applicant, with three banks in the County, ranks considerations present no bar to approval of the third and controls 21.5 per cent of such deposits. application. Inasmuch as Bank will not open for Its lead bank, Barnett First National Bank of business unless the application herein is approved, Jacksonville, with deposits of $174 million, is no competition between Bank and Applicant’s the third largest bank in the County and controls subsidiaries will be lessened by consummation of 18.8 per cent of total deposits there. the proposed transaction nor will potential com­ Bank’s projected primary service area ” is de­ petition be foreclosed. The two banks located in scribed as a residential section, with approximately the projected primary service area were organized 55,000 people, contiguous to the City of Jack­ in 1955 and 1964, respectively, and appear to be sonville, about 6 miles from its downtown area, well established and growing. Each is affiliated and separated from Jacksonville proper by the with a large, vigorous banking organization. Flor­ St. James River. Bank would be the third bank in ida National Bank at Arlington is a du Pont sub­ the projected primary service area. The two banks sidiary; and American Arlington Bank is affiliated now located there are Florida National Bank at with the American chain of three banks (aggre­ Arlington (deposits of $10 million) and American gate deposits of $65 million). As a member of Arlington Bank (deposits of $7 million) located, Applicant’s group, Bank would not have any respectively, 3 miles and 214 miles from the pro­ competitive advantage over its competitors in the posed Bank site. Insurance has been approved area. by the FDIC for Bank’s deposits, as well as for According to Applicant, the projected service those of another proposed new bank, State Bank area has developed rapidly since its connection of Arlington, to be established in the same general with downtown Jacksonville by a bridge con­ area and to be affiliated with the State Bank of structed in 1953. The establishment of Bank will provide residents and small businesses of the area 3 The area from which Applicant estimates that Bank with another neighborhood alternative and should would derive approximately 75 per cent of the deposits of individuals, partnerships, and corporations. enhance competition therein. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 453 In the light of the foregoing considerations, and banking alternative should benefit the local com­ all the facts of record, the Board concludes that munity. consummation of the proposed transaction would Bank is to be located adjacent to the Regency not substantially lessen competition, tend to create Square shopping center. Applicant states that said a monopoly, nor in any other manner restrain shopping center, completed in 1967, is the larg­ trade in any relevant section of the country. est and most modern one in Duval County; that another retail center is close to Bank’s proposed Financial and managerial resources and future site; and that the two shopping centers and Bank's prospects. Applicant’s financial condition, man­ site arc located at the intersection of two of the agement, and prospects are regarded as satisfac­ major highways in the County. The establishment tory. As Bank is a proposed new bank, it has no of Bank at the proposed location would add par­ financial or operating history. Its management is ticularly to the convenience of the residents, to be drawn from Applicant’s system. As a mem­ businesses, and employees in or near these shop­ ber of Applicant’s group, and by virtue of a loca­ ping centers. tion for which substantial population growth and In addition, as indicated earlier, significant economic development are forecast, Bank appears further commercial development is expected in to have favorable prospects. The Board con­ the next few years in Bank’s service area. Such cludes that the considerations relating to the bank­ development is likely to generate a demand for ing factors are satisfactory and are consistent with better and more extensive banking services. approval. The Board concludes that considerations relat­ Convenience and needs of the community in­ ing to the convenience and needs of the area are volved. Although the present banking needs of consistent with and weigh in favor of approval the area apparently are being met either by the of the application. two banks now located there or by the downtown Summary and conclusion. On the basis of all Jacksonville banks, the residents and small busi­ the relevant facts contained in the recent and in nesses in Bank’s designated service area will bene­ the light of the factors set forth in section 3(c) fit by having Bank as a convenient source of of the Act, it is the Board’s judgment that the banking. Also the enhanced competition that may proposed transaction would be in the public inter­ be expected to follow the establishment of a new est and that the application should be approved. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Announcements CHANGES IN THE BOARD’S STAFF Reserve Banks of New York, Philadelphia, At­ lanta, Minneapolis, and San Francisco were pre­ The Board of Governors has announced the ap­ viously approved by the Board of Governors as pointment of John F. L. Ghiardi as an Adviser in the Division of International Finance, effective May noted on p. 391 of the April 1968 Bulletin.) 5, 1968. Mr. Ghiardi will be on loan to the Board from the Department of State where he is the PUBLICATION OF ANNUAL REPORT Deputy Assistant Secretary for international Mone­ The Fifty-Fourth Annual Report of the Board of tary Affairs. Governors of the Federal Reserve System, cover­ Mr. Wilson L. Hooff, a member of the Board’s ing operations of the calendar year 1967, is avail­ staff for over 42 years, retired as Assistant General able for distribution. Copies may be obtained upon Counsel on April 27. 1968. request from Publications Services, Division of Administrative Services, Board of Governors of APPOINTMENT OF DIRECTOR the Federal Reserve System, Washington, D.C. On April 18, 1968, the Board of Governors an­ 20551. nounced the appointment of Ralph M. Sloan, Jr. of Little Rock, Arkansas, as a director of the PUBLISHED INTERPRETATIONS OF THE BOARD Little Rock Branch of the Federal Reserve Bank Supplement No. 9 to the loose-leaf compilation of of St. Louis for the unexpired portion of a term “Published Interpretations of the Board of Gover­ ending December 31,1970. Mr. Sloan is President nors of the Federal Reserve System,” containing of Terminal Van & Storage Company in Little the published interpretations as of December Rock. As a director of the Little Rock Branch, he 1967, is now available. succeeds Reeves E. Ritchie, President, Arkansas Power & Light Company, Little Rock, Arkansas, who had resigned. TERM LOANS OF COMMERCIAL BANKS Statistics on the amounts of commercial and in­ RESIGNATION OF DIRECTOR dustrial term loans outstanding at large commer­ Mr. Janies S. Williams, who had served as a cial banks in each business loan category are director of the Memphis Branch of the Federal shown in a special table on page A-93 of this Reserve Bank of St. Louis since January 1, 1965, Bulletin. The table shows monthly data be­ resigned effective June I, 1968. Mr. Williams is ginning with January 1967. A regular table that Vice President, American Greetings Corporation, will include current and retrospective data will be Osceola. Arkansas. published in the Bulletin in the domestic section of Financial and Business Statistics beginning June 1968. CHANGES IN DISCOUNT RATE On April 22, 1968, the Board of Governors ap­ proved actions by the directors of the Federal LIABILITIES OF U.S. BANKS TO THEIR FOREIGN Reserve Banks of Boston and St. Louis increasing BRANCHES the discount rates of those Banks to 5W per cent A new table showing weekly data on liabilities of from 5 per cent, effective April 23, 1968. On U.S. banks to their foreign branches will be in­ April 25, 1968, the Board of Governors approved cluded in the Bulletin in the international section similar actions by the directors of the Federal of Financial and Business Statistics beginning with Reserve Banks of Cleveland, Richmond, Chicago, the June 1968 issue. A special table showing Kansas City, and Dallas, effective April 26, 1968. weekly data beginning January 1964 appears on (Similar actions by the directors of the Federal page A-104 of this Bulletin. 454 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication May 16 Industrial production was unchanged in April. changed but production of commercial and freight Nonfarm employment rose but average weekly and passenger equipment declined. Output of iron hours in manufacturing declined. The unemploy­ and steel and most other durable and nondurable ment rate edged down further. Retail sales de­ materials rose further, reflecting in part accumu­ clined from the advanced March level. Commer­ lation of steel inventories by consuming industries cial bank credit, the money supply, and time and and the return to work following settlements in savings deposits increased, but U.S. Government the copper and glass industries. deposits declined sharply. Between mid-April and mid-May, yields on U.S. Government securities EMPLOYMENT and corporate bonds rose. Nonfarm payroll employment rose moderately in April, and the labor market remained tight. Em­ INDUSTRIAL PRODUCTION ployment continued to expand in State and local Industrial production in April, at 162.7 per cent government, services, and finance, but much of the of the 1957-59 average, was unchanged from the 110,000 increase in total nonfarm jobs was in upward revised March index and was 4 per cent manufacturing, mainly because of the return to above the reduced level of a year earlier. Increased work of glass and copper workers following con­ production of materials was offset by declines in tract settlements. The average workweek of manu­ output of final products. facturing production workers declined by 0.3 Auto assemblies declined 4 per cent to an an­ hours to 40.4 hours. Religious observances and nual rate of 8.5 million units; production sched­ civil disorders were in part responsible for the ules for May are set at about a 9 million rate. Out­ shorter workweek which was widespread among put of some other consumer durable goods also major industries. The unemployment rate edged declined and production of consumer staples was down further in April to 3.5 per cent from 3.6 per off because of a work stoppage in the tobacco in­ cent in March as unemployment among men and dustry. Output of industrial equipment was un- teenagers declined. DISTRIBUTION The value of retail sales declined about 2 per cent in April but was 7 per cent above a year earlier, according to advance Department of Commerce estimates. The decline at durable goods stores was larger than that at nondurable goods stores as unit deliveries of new domestic autos were off 10 per cent from the advanced March rate. COMMODITY PRICES The wholesale commodity price index increased by an estimated 0.2 per cent in April, with foods and foodstuffs again up only slightly and with the rise for industrial commodities slowing further. Prices of copper began to decline following the F.R. indexes, seasonally adjusted. Latest figures shown are earlier sharp run-up and steel scrap continued for April. 455 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

456 FEDERAL RESERVE BULLETIN □ MAY 1968 downward. Since mid-April, prices of copper and and over the mid-month corporate tax payment steel scrap have weakened further and the price date. In addition, savings deposits at weekly re­ of lead has been reduced; altogether the rise in the porting banks declined more than usual and con­ over-all industrial average has probably remained sumer-type time deposits rose only moderately. below the high rates reported early in the year. Net borrowed reserves, averaging about $360 Prices of agricultural commodities appear to have million over the five weeks ending May 1, were changed little on balance since mid-April. somewhat larger than the average of the previous four weeks. Member bank borrowings rose further and excess reserves declined nominally. Total BANK CREDIT, DEPOSITS, AND RESERVES and required reserves declined over the month. Commercial bank credit increased $3 billion in April following a $1.2 billion decline in March. SECURITY MARKETS A sharp loan expansion—associated principally with strong business loan demand—was offset in Yields in all sectors of the Treasury bond and bill part by liquidation of U.S. Government and markets rose on balance between mid-April and other securities. mid-May, partly reflecting the April 18 increase The money supply increased $1.3 billion in in the discount rate. The 3-month bill was bid al April; the rate of expansion was considerably around 5.60 per cent in the middle of May. faster than in the first quarter. U.S. Government Yields on new and seasoned corporate bonds deposits declined sharply following a moderate generally advanced between mid-April and mid­ reduction in March. Time and savings deposits May, while yields on municipals rose sharply but rose $300 million—or substantially less than in then fell back somewhat. Common stock prices February and March. Heavy runoffs in holdings advanced to new highs, and trading volume re­ of large negotiable CD’s occurred in early April mained extremely heavy. Bureau of Labor Statistics indexes. Latest figures shown are Discount rate, range or level for all F.R. Banks. Weekly for March. 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 May 2. 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 and margin requirements A-ll Maximum interest rates; bank deposits A-12 Federal Reserve Banks A-14 Open market account A-15 Reserve Banks; bank debits A-16 U.S. currency A-17 Money supply; bank reserves A-18 Banks and the monetary system A-19 Commercial and mutual savings banks, by classes A-23 Commercial banks A-26 Weekly reporting banks A-30 Business loans of banks A-30 Interest rates A-32 Security prices A-32 Stock market credit A-33 Open market paper A-33 Savings institutions A-35 Federally sponsored credit agencies A—36 Federal finance A-38 U.S. Government securities A-41 Security issues A-44 Business finance A-46 Real estate credit A—50 Consumer credit Continued on next page A-l Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-2 FEDERAL RESERVE BULLETIN □ MAY 1968 U.S. STATISTICS—Continued A-54 Industrial production A-58 Business activity A-58 Construction A-60 Labor force, employment, and earnings A-62 Consumer prices A-62 Wholesale prices A-64 National product and income ■ A-66 Flow of funds (flows through Q IV 1967, assets and liabilities through 1967) INTERNATIONAL STATISTICS: A-68 U.S. balance of payments A-69 Foreign trade A-70 U.S. gold transactions and reserve assets A-71 U.S. position in the IMF A-72 International capital transactions of the United States A-84 Gold reserves of central banks and governments A-85 Gold production A-86 Money rates in foreign countries A-87 Arbitrage on Treasury bills A-88 Foreign exchange rates SPECIAL TABLES (other than flow of funds) Banking and monetary statistics, 1967: A-89 Consolidated condition statement A-90 Principal assets and liabilities of commercial and mutual savings banks and number, by class of bank A-93 Commercial and industrial term loans of large commercial banks Member banks, 1967: A-94 Income, expenses, and dividends, by class of bank, by Federal Reserve district, and by size of bank A-99 Income ratios, by class of bank and by Federal Reserve district Insured commercial banks, 1964-67: A-103 Income, expenses, and dividends A-104 Bank liabilities to foreign branches A-lll 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 Preliminary IPC Individuals, partnerships, and corporations P r Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets n, L Liabilities ITI, IV Quarters S Sources of funds n.a. Not available U Uses of funds n.e.c. Not elsewhere classified * Amounts insignificant in terms of the par­ S.A. Monthly (or quarterly) figures adjusted for ticular unit (e.g., less than 500,000 when seasonal variation the unit is millions) (1) Zero, (2) no figure to be expected, or (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. “U.S. Govt, securities” may include guaranteed issues of U.S. Govt, agencies (the flow of funds figures also in­ clude not fully guaranteed issues) as well as direct obligations of the Treasury. “State and local govt." also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled Note (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds........................................... May 1968 A-66 Banking and monetary statistics, 1967 Mar. 1968 A-88—A-98 May 1968 A-89—A-93 Banks and branches, number, by class and State.................................. Apr. 1968 A-87 Semiannually Banking offices: Flow of funds (assets and liabilities): Analysis of changes in number of... Feb. 1968 A-90 1966................................................. Feb. 1968 A-65.10 On, and not on, Federal Reserve 1967 ........................................................ May 1968 A-67.10 Par List, number.............................. Feb. 1968 A-91 Income and expenses: Federal Reserve Banks....................... Feb. 1968 A-88 Member banks; Annually Calendar year.................................. May 1968 A-94 Operating ratios......................... Apr. 1968 A-89 Bank holding companies: Insured commercial banks................. May 1968 A-103 List of, Dec. 31, 1966................... 1042 Banking offices and deposits of Stock exchange firms, detailed debit group banks, Dec. 31,1966....... Aug. 1967 1440 and credit balances.......................... Sept. 1967 1647 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-4 BANK RESERVES AND RELATED ITEMS □ MAY 1968 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other Period i r u e r a y s - Cur­ Treas­ reserves, Me r m es b e e rv r e b s ank d o a r te U.S. Oovt. securities1 Dis­ Gold r c e u nc r­ y re i n n c y c u a r s y h with F.R. Banks O F. t R he . r Total B r o o ig u u h g t­ t ht R m c a h e g e a p r n s e u t e e s r ­ ­ c va o a a n u n d c n d ­ e ts s Float2 t T a o l ­ 3 stock s o t in a u g n t­ d­ c t c u io i l r a n ­ ­ h in o g ld s ­ T u re r a y s­ e F i o gn r­ Others c a o c u ­ nts B W F a . n R it k h . s c r C e a o n n i u n c d r y ­ 4 Total Average! of daily figures 1929—June... 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June... 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec... . 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec.... 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec.... 23,708 23,708 381 652 24,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950—Dec.... 20,345 20,336 9 142 1,117 21,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,39! 1957—Dec. 23,982 23,615 367 716 I ,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 1,49628,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec. 27,036 26,993 43 911 1,42629,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 1960—Dec. 27,248 27,170 78 94 1,665 29,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961—Dec. 29,098 29,061 37 152 1,921 31,217 16,929 5,587 33,954 422 514 229 244 1,112 17,259 2,859 20,118 1962—Dec. 30,546 30,474 72 305 2,298 33,218 15,978 5,561 35,281 398 587 222 290 1,048 16,932 3,108 20,040 1963—Dec. 33,729 33,626 103 360 2,434 36,610 15,562 5,583 37,603 389 879 160 206 1 ,215 17,303 3,443 20,746 1964—Dec. 37,126 36,895 231 266 2,423 39,873 15,388 5,401 39,698 595 944 181 186 1 ,093 17,964 3,645 21,609 1965—Dec. 40,885 40,772 113 490 2,34943,853 13,799 5,565 42,206 808 683 154 231 389 18,747 3,972 22,719 1966—Dec. 43,760 43,274 486 570 2,38346,864 13,158 6,284 44,579 1,(91 291 164 429 83 19,568 4,262 23,830 1967—Apr. 45,082 44,942 140 155 1,54046,902 3.108 6,530 43,812 1,356 860 125 463 559 19,365 3,997 23,362 May 45,699 45,481 218 126 1,37447,323 13,108 6,576 44,083 1 ,392 990 137 450 692 19,263 4,021 23,284 June 45,844 45,801 43 147 1,45947,547 3.(08 6,602 44,567 1,385 715 128 464 609 19,388 4,130 23,518 July. 46,807 46,784 23 91 1,58448,590 13,109 6,615 44,997 1,480 1,123 128 482 373 19,730 4,177 23,907 Aug. 46,612 46,558 54 89 1,423 48,210 13,053 6,665 45,011 1,488 1 ,036 128 453 212 19,600 4,191 23,791 Sept. 46,398 46,377 21 90 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 ,555 49,752 12,907 6,781 45,969 1 ,462 1 ,167 146 449 -211 20,458 4,282 24,740 Dec. 48,891 48,810 81 238 2,03051,268 12,436 6,777 47,000 1,428 902 150 451 -204 20,753 4,507 25,260 1968—Jan.. 49,046 48,982 64 237 1,90651,287 11,983 6,783 46,389 1 ,393 1 ,011 157 481 -566 21,188 4,646 25,834 Feb. 48,930 48,734 196 361 I ,515 50,873 11,900 6,79! 45,854 1 ,336 1 ,021 143 457 -512 21,265 4,345 25,610 Mar. 49,511 49,452 59 682 1 ,599 51,863 1.096 6,798 46,138 1 ,215 916 165 506 -536 21 ,354 4,226 25,580 Apr. 50,090 49,943 147 698 1,641 52,509 *10,484*6,797*46,641 *1,123 738 167 538 -598 21 ,181 *4,361 *25,542 Week ending- 1967 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 1,493 46,888 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 3,109 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 3,109 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 l ,404 952 121 455 606 19,341 4,045 23,386 24 45,530 45,530 75 1 ,53247,241 3,109 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 3,109 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 ,708 47,552 3.108 6,608 44,598 1,393 520 121 450 525 19,661 4,106 23,767 28 45,940 45,924 16 165 1 ,408 47,642 13,108 6,610 44,574 1,378 968 126 490 530 19,293 4,254 23,547 July 5. 46,809 46,755 54 366 1,231 48,543 13,110 6,614 44,856 1,464 1,088 148 508 360 19,841 4,043 23,884 12. 47,158 47,101 57 74 1,70449,097 13,110 6,610 45,256 1,479 1 ,073 134 484 470 19,921 4,145 24,066 19. 46,471 46,471 53 1,847 48,455 3,109 6,603 45,085 1,477 1,021 128 484 380 19,592 4,297 23,889 26. 46,715 46,715 .......... 54 1,63248,479 13,109 6,616 44,864 1 ,485 1,188 116 468 368 19,716 4,305 24,021 Aug. 2 46,833 46,833 119 1 ,43948,470 13,094 6,632 44,849 1 ,473 1 ,390 115 464 250 19,655 4,319 23,974 9 46,931 46,804 127 91 1,385 48,536 3,057 6,642 44,985 1 ,480 920 128 457 226 20,038 3,922 23,960 16 46,716 46,604 112 129 1 ,367 48,292 3,057 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 12! 443 183 19,151 4,324 23,475 Sept. 6 46,693 46,600 93 79 1 ,41048,247 13,008 6,714 45,131 1,495 697 133 471 110 19,932 3,993 23,925 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 I ,75447,971 3,007 6,739 45,223 1,487 362 126 473 24 20,021 4,295 24,316 27 46,452 46,452 .......... 74 1 ,53048,193 3,006 6,759 45,044 1 ,502 927 129 454 37 19,865 4,347 24,212 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ BANK RESERVES AND RELATED ITEMS A-5 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other than member bank Member bank Period T u re ry a s­ Cur­ Treas­ reserves, reserves d o at r e T U o .S ta . l Go B v r o o i t g u , u h t s g ­ t e h c t u R a c r g i h e t r i a p e e s u e s e r 1 ­ ­ c v D o a a a n u n i d s c n d ­ e ­ ts s Float2 t T a o l ­ J s G to o c ld k r s c o e t in a u n u g n c r t ­ ­ y d ­ r c e t c i u i o n i n l r a c n ­ y ­ h c i u n o a g r s l y d s h ­ Tr u w e r a y it s h ­ F e . F R i o g . n r ­ Ba O nk th s er2 c O o F t a u h . c n R e ­ t r . s B W F a . n R it k h . s C r a e n u n d c r­ y Total ments coin 4 Averages of daily figures Week ending— 1967 46,976 46,976 144 1,49548,773 13,006 6,763 45,107 1 ,500 866 125 477 54 20,413 4,229 24,642 11.............. 47,563 47,319 244 145 1,41849,247 13,007 6,767 45,407 1 ,473 1,002 127 502 93 20,419 3^980 24,399 18.............. 47,802 47,315 487 216 1 ,40249,515 13,007 6,781 45,559 1 ,484 942 131 485 -93 20,795 4,234 25,029 25.............. 47,098 47,098 .......... 58 1,56448,773 13,007 6,792 45,429 1,482 1 ,087 119 455 -210 20,210 4,339 24,549 Nov 1 ... . 47,220 47,220 80 1 ,28948,643 12,978 6,787 45,341 1,483 929 124 462 -210 20,279 4,426 24,705 8.............. 47,865 47,710 155 132 1 ,407 49,458 12,407 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 I ,096 133 451 -240 20,470 4,229 24,699 22.............. 47,837 47,712 125 127 1 ,77749,796 12,906 6,782 46,089 1 ,451 1 ,051 148 442 -79 20,383 4,239 24,622 29.............. 48,396 48,347 49 1 19 1 ,548 50,117 12,908 6,785 46,347 1,457 1 ,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 ,306 160 444 -65 20,498 4,342 24,840 13.............. 48,853 48,853 121 1 ,652 50,769 12,432 6,773 46,918 1 ,445 787 140 427 6 20,252 4,458 24,710 20 48,708 48,708 185 2,155 51,119 12,432 6,775 47,093 1 ,444 844 156 434 -245 20,600 4,603 25,203 27.............. 48,937 48,849 88 345 2,388 51,785 12,434 6,783 47,293 1 ,405 709 150 412 -251 21,285 4,402 25,687 1968 49,298 49,044 254 495 2,335 52,286 H ,982 6,784 47,200 1,395 949 147 567 -685 21,480 4,968 26,448 10.............. 49,183 49,109 74 180 2,334 51,772 11 ,983 6,781 46,857 1,385 1,054 161 493 -679 21,265 4,646 25,911 17.............. 48,758 48,700 58 224 1 ,987 51,044 11 ,984 6,781 46,493 1,397 1 ,019 156 473 -625 20,896 4,675 25,571 24.............. 49,105 49,105 233 1 ,726 51,186 11 ,982 6,784 46,117 1,390 939 149 471 -459 21 ,346 4,576 25,922 31.............. 48,970 48,936 34 241 1 ,449 50,751 11,983 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 ! ,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 11,882 6,788 45,942 1,343 1 ,071 137 462 -608 21,272 4,258 25,530 21.............. 48,443 48,443 405 1 ,734 50,643 1 1 ,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 21,137 4,499 25,636 49,077 49,019 58 501 1 ,729 51,363 11,883 6,797 45,832 1,301 992 152 489 -418 21,695 4,102 25,797 13.............. 49,278 49,166 112 787 1 ,473 51 ,595 11,609 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 2! ,406 4,266 25,672 27.............. 49,621 49,621 597 1 ,534 51 ,855 10,484 6,800 46,153 1,129 844 205 465 -597 20,941 4,385 25,326 Apr. 3.............. 49,843 49,634 209 711 1 ,449 52,103 10,484 6,798 46,358 1,126 537 182 653 -579 21,109 4,354 25,463 10.............. 50,153 49,950 203 661 1 ,637 52,570 10,484 6,797 46,647 1,119 521 168 582 -555 21,369 4,065 25,434 17.............. 50,219 49,952 267 778 1 ,80452,871 10,484 6,799 46,901 1,126 422 148 534 -667 21,691 "4,382 "26,073 24............... 49,927 49,927 666 1 ,841 52,490 10,484 6,797 46,608 1,124 1,038 160 487 -594 20,950 "4,551 "25,501 End of month 1968 Feb...................... 48,952 48,952 166 1,88251,056 11,883 6,798 45,846 1 ,265 1,197 192 456 -415 21,195 4,948 26,143 Mar...................... 49,748 49,631 117 672 1,61752,127 10,484 6,791 46,297 1 ,084 581 197 703 -593 21,133 3,936 25,069 Apr...................... 50,519 50.242 277 741 1 ,265 52,612 "10,484 "6,796 "46,585 "1,112 I ,035 140 489 -689 21,221 "4,693 "25,914 Wednesday 1968 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 4,437 25,677 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 4,861 25,001 21.............. 48,488 48,488 818 1 ,529 50,893 11 ,884 6,795 45,940 1 ,324 1 ,086 130 450 -447 21,089 4,811 25,900 28., ..... . 48,785 48,785 257 1 ,51050,608 11,884 6,797 45,862 1 ,321 922 166 441 -533 21,110 5,012 26,122 Mar. 6.............. 49,251 49,072 179 824 1,497 51,628 11,884 6,793 46,100 1 ,291 818 161 488 -421 21,867 4,209 26,076 13.............. 49,081 49,081 187 I ,693 51,017 11,434 6,799 46,315 1 ,270 920 139 463 -639 20,782 4,752 25,534 20.............. 49,847 49,847 343 1,576 51,822 10,484 6,800 46,257 1,145 740 207 466 -614 20,905 4,698 25,603 27.............. 49,495 49,495 1,405 1,37052,370 10,484 6,799 46,265 1,131 965 16! 475 -603 21,258 4,908 26,166 Apr. 3.............. 50.299 49,753 546 670 1 .41452,501 10,484 6,797 46,535 1 ,131 396 165 627 -561 21,489 "4,540 "26,029 10.............. 49.875 49,875 335 1 ,813 52,131 10,484 6,797 46,899 1,129 727 163 543 -556 20,507 "4,642 "25,149 17.............. 50,206 50,057 149 630 1 ,75252,644 10,484 6,798 46,871 1,130 499 1 16 527 -614 21,398 "4,822 "26,220 24............... 49,310 49,3(0 .......... 709 1 .41 I 51,486 10,484 6,797 46,540 1,131 1,585 158 485 -585 19,453 "5,039 "24,492 1 U.S. Govt, securities include Federal agency obligations. on Wed. and end-of-month dates, see subsequent tables on F.R. Banks, 2 Beginning with 1960 reflects a minor change in concept; see Feb. See also note 2. 1961 Bulletin, p. 164. 4 Part allowed as reserves Dec. I, 1959-Nov. 23, 1960; all allowed 3 Includes industrial loans and acceptances, when held (industrial thereafter. Beginning with Jan. 1963, figures are estimated except for loan program discontinued Aug. 21, 1959). For holdings of acceptances weekly averages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-6 BANK RESERVES AND RELATED ITEMS □ MAY 1968 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago t'cnoa Reserves Bor- Reserves Bor- Reserves Bor- T h o e t ld al qu R ir e e ­ d Excess r F i o n . a g w R t s - . s F e r r r e v e - e e s T h o e t ld al qu R ir e e ­ d Excess r F i o n a . g w R t 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 r F i o n a . g w R t s - . s F e r r r e e v - e e s Banks Banks Banks 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June 1 2,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec. 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—Dec. 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec. 16,027 14,536 1 ,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec. 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1 ,024 1 ,011 13 6 7 1950—Dec. 17,391 6,364 1 ,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1957—Dec. 19,420 8,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 8 85 -77 1958—Dec. 18,899 8,383 516 557 -41 4,033 4,010 23 102 -81 1 .077 1 ,070 7 39 -31 1959—Dec. 18,932 8,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 1 ,038 104 -104 1960—Dec. 19,283 8,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1961—Dec.............. 20,118 9,550 568 149 419 3,834 3,826 7 57 -50 987 987 ............22 -22 1962—Dec, 20,040 9,468 572 304 268 3,863 3,817 46 108 -62 1 ,042 J ,035 7 18 -11 1963—Dec. 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1 ,056 1 ,051 5 26 -21 1964—Dec. 21 ,609 21,198 411 243 168 4,083 4,062 21 35 -14 1 ,083 1 ,086 -3 28 -31 1965—Dec. 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 23 -8 1966—Dec. 23,830 23,438 392 557 -165 4,583 4,556 27 122 -95 1,119 1,115 4 54 -50 1967—Mar. 23,405 22,970 435 199 236 4,612 4,608 4 72 -68 1,133 1,(22 11 26 -15 Apr. 23,362 23,053 309 134 175 4,644 4,613 31 41 -10 1,131 1,140 -9 11 -20 May 23,284 22,914 370 101 269 4,614 4,583 31 19 12 1,133 1,127 6 5 June 23,518 23,098 420 123 297 4,701 4,664 37 30 7 1,150 1,(38 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 I 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 (3 2 11 Dec. 25,260 24,915 345 238 107 5,052 5,034 18 40 -22 1 ,225 1,217 8 13 -5 1968—Jan.. 25,834 25,453 381 237 144 5,170 5,131 39 48 -9 1 ,231 1 ,230 1 3 -2 Feb. 25,610 25,211 399 361 38 5,060 5,011 49 106 -57 I ,221 1 ,215 6 4 2 Mar. 25,580 25,224 356 671 -315 5,149 5,063 86 99 -13 1,176 1 ,169 7 66 -59 Apr.............. *25,542*25,279 *263 683 * - 420 *4,993 *4,985 *8 67 *-59 *1,159 *1 ,161 p-2 104 p-106 Week ending— 1967—Apr. 5. . .. 23,389 22,942 447 180 267 4,646 4,628 18 97 -79 1 ,138 1,145 -7 -7 12.... 23,162 22,936 226 145 81 4,521 4,515 6 49 -43 1,137 1,127 10 27 -17 19. . .. 23,580 23,102 478 178 300 4,586 4,584 2 64 -62 1,129 1,134 -5 -5 26.... 23,385 23,139 246 98 148 4,693 4,666 27 ............27 1 ,133 1,133 18 -18 Oct. 4. ... 24,642 24.229 413 144 269 4,955 4,929 26 4 22 1,206 1,204 2 2 U. 24,399 24,150 249 145 104 4,804 4,771 33 21 12 1,177 1,178 -1 -1 18. . . . 25,029 24,468 561 216 345 4,925 4,890 35 98 -63 1,198 1,198 7 -7 25. ... 24,549 24,359 190 58 132 4,977 4,893 84 ............84 1,193 1,187 6 .............6 Nov. 1. ... 24,705 24,414 291 80 211 4,942 4,919 23 5 18 1,179 1,180 -1 -1 8. . . . 24,754 24,424 330 132 198 4,852 4,824 28 3 25 1,197 1,194 3 10 -7 15. . . . 24,699 24,181 518 162 356 4,687 4,658 29 36 -7 1,166 1,159 7 7 22.... 24,622 24,401 221 127 94 4,816 4,797 19 29 -10 1,197 1,186 11 11 29... . 24,658 24,274 384 119 265 4,856 4,808 48 8 40 1,177 1,173 4 4 Dec. 6.... 24,840 24,552 288 87 201 4,920 4,885 35 35 1,201 1,197 4 4 13. ... 24,710 24,377 333 121 212 4,824 4,809 15 2 13 1,158 1,151 7 7 20.... 25,203 24,936 267 185 82 5,088 5,062 26 37 -11 I ,217 1 ,219 -2 -2 27.... 25,687 25,245 442 345 97 5,236 5,179 57 27 30 1,264 1,249 15 2 13 1968—-Jan. 3. . . . 26,448 15,795 653 495 158 5,460 5,362 98 166 -68 1 ,313 1 ,299 14 54 -40 10.... 25,911 25,347 564 180 384 5,110 5,097 13 69 -56 1 ,221 1 ,226 -5 -5 17. ... 25,571 25,414 157 224 -67 5,099 5,079 20 53 -33 1 ,220 1,214 6 8 -2 24.... 25,922 25.546 376 233 143 5,149 5,130 19 19 1,231 1 ,226 5 2 3 31 .... 25,672 25,336 336 241 95 5,130 5,108 22 32 -10 1,226 1,223 3 I 2 Feb. 7. 25,921 25,546 375 241 134 5,218 5,189 29 6 23 1,252 I ,245 7 1 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 -116 1,196 I ,188 8 8 28.... 25,636 25,323 313 442 -129 5,032 5,030 2 133 -131 i ,242 I ,231 11 6 5 Mar. 6. . . . 25,797 25,481 316 500 -184 5,204 5,167 37 I 36 1 ,237 1 ,238 -1 96 -97 13. . .. 25,548 25,090 458 779 -321 5,094 4,963 131 250 -119 1,149 1,137 12 14 -2 20.... 25,672 25,258 414 733 -319 5,146 5,108 38 159 -121 1,166 1,170 -4 32 -36 27. ... 25,326 25,165 161 582 -421 5,034 5,044 -10 29 -39 1,165 1,153 12 50 -38 Apr. 3. ... 25,463 25,132 331 696 -365 5,082 5,044 38 38 1,142 1,140 2 123 -121 10.... 25,434 25,028 406 646 -240 4,992 4,858 134 127 7 1,138 1,126 12 26 -14 17. . .. *26,073*25,554 *519 763 *-244 *5,083 *5,068 *15 47 *-32 *1 ,188 *1,183 *5 255 p-250 24. . .. *25,501 *25,385 *116 651 *-535 *5,020 *5,023 p-2 49 ’-51 *1,165 *1,155 *10 109 *-99 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ BANK RESERVES AND RELATED ITEMS A-7 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Reserves Reserves Borrow­ Borrow­ Period ings at Free ings at Free F.R. reserves F.R. reserves Banks Banks T h o e t l a d l Required Excess T h o e t l a d l Required Excess 761 749 12 409 -397 632 610 22 327 -305 ............................1929—June 648 528 120 58 62 441 344 96 126 -30 .............................1933—June 3,140 1,953 1 ,188 1 ,188 1,568 897 671 3 668 .............................1939—Dec. 4,317 3,014 1 ,303 1 1 ,302 2,210 1,406 804 4 800 ....................... . ..1941—Dec. 6,394 5,976 418 96 322 4,576 3,566 1 ,011 46 965 ............................ 1945—Dec. 6,861 6,589 271 123 148 4,972 4,375 597 57 540 .............................1947—Dec. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 ............................ 1950—Dec. 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 .............................1957—Dec. 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 .............................1958—Dec. 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 .............................1959—Dec. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 .............................1960—Dec. 8,367 8,308 59 39 20 6,931 6,429 502 31 471 .............................1961—Dec. 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 .............................1962—Dec. 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 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 ..........................................May 9,381 9,314 67 34 33 8,285 7,983 302 44 258 ..........................................June 9,564 9,542 22 10 12 8,403 8,095 308 54 254 ..........................................July 9,557 9,509 48 32 16 8,448 8,129 319 48 271 ..........................................Aug. 9,649 9,623 26 32 — 6 8,582 8,304 278 47 231 ..........................................Sept. 9,878 9,860 18 42 -24 8,648 8,402 246 55 191 ..........................................Oct. 9,900 9,835 65 51 14 8,823 8,540 283 61 222 ..........................................Nov. 10,081 10,031 50 105 -55 8,901 8.634 267 80 187 ..........................................Dec. 10,314 10,283 31 111 -80 9,120 8.809 311 75 236 .............................1968—Jan. 10,271 10,218 53 126 -73 9,057 8,766 291 125 166 ..........................................Feb. 10,247 10,212 35 288 -253 9,009 8,780 229 218 1 1 ..........................................Mar. /’10,298 "10,273 "25 283 "-258 "9,092 "8,860 "232 229 "3 ..........................................Apr. Week ending— 9,352 9,335 17 54 -37 8,253 7,834 419 29 390 ......................1967—Apr. 5 9,415 9,374 41 43 -2 8,088 7,920 168 26 142 ..............................................12 9,448 9,410 38 79 -41 8,417 7,974 443 35 408 ..............................................19 9,437 9,398 39 50 - 1 1 8,121 7,942 179 30 149 ..............................................26 9,827 9,783 44 68 -24 8,653 8,314 339 72 267 9,840 9,796 44 60 -16 8,577 8,405 172 64 108 ..............................................11 9,957 9,943 14 54 -40 8,949 8,436 513 57 456 ..............................................18 9,924 9,866 58 10 48 8,456 8,413 43 48 -5 ..............................................25 9,917 9,897 20 28 -8 8,667 8,418 249 47 202 ....................................Nov. 1 9,950 9,894 56 45 11 8,755 8,511 244 74 170 ............................................. 8 9,845 9,802 43 71 -28 9,000 8,562 438 55 383 ..............................................15 9,910 9,861 49 34 15 8,699 8,557 142 64 78 ..............................................22 9,812 9,755 57 63 — 6 8,812 8,539 273 48 225 ..............................................29 9,969 9,947 22 22 8,749 8,523 226 65 161 ...................................Dec. 6 9,882 9,844 38 69 -31 8,847 8,572 275 50 225 ..............................................13 10,049 10,018 31 52 -21 8,849 8,637 212 96 1 16 ..............................................20 10,177 10,130 47 199 -152 9,010 8,687 323 1 17 206 ..............................................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 9? -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 8,780 298 137 161 ....................................Feb. 7 10,254 10,155 99 96 3 9,053 8,799 254 132 122 ..............................................14 10,089 10,077 12 1 68 — 156 9,041 8,71 I 330 84 246 .............................................21 10,341 10,292 49 150 - 101 9,022 8,770 252 153 99 ..............................................28 10,346 10,308 38 234 -196 9,0! I 8,768 243 169 74 ......................................Mar. 6 10,238 10,172 66 328 -262 9,066 8,818 248 187 61 ................................................13 10,202 10,181 21 312 -291 9,158 8,799 359 230 129 ................................................20 10,239 10,201 38 237 - 199 8,888 8,767 121 266 - 145 ...............................................27 (0,261 10,222 39 321 -282 8,978 8,726 252 252 .....................................Apr. 3 10,293 10,235 58 184 - 126 9,011 8,808 203 309 -106 ................................................10 "10,405 "10,371 "33 307 "-274 "9,397 "8,932 "465 154 "311 ................................................17 "10,305 "10,267 "38 316 "-278 "9,0)0 "8,941 "69 177 " -108 ................................................24 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 arc averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks: Based on closing figures. weeks ending on Wed. that fall within the month. Beginning with Jan. 1964, reserves are estimated except for weekly averages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-8 MAJOR RESERVE CITY BANKS □ MAY 1968 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less—• Net— Gross transactions Net transactions Reporting banks week a e n n d d ing— s E e x r r v c e e e ­ s s s 1 r a o B t B w a F o n in . r k R g ­ s s . F f i b e n u N a d n te e n e d r k t r s ­ a l S d u e r o f p i r c l u it s r P r e e e q s a e o r u v c r g i f v r e . e e n d s t ch P a u s r e ­ s Sales a 2 t c T r - t a o w io n t a a n s y s l ­ 2 b c o b h u P a f a y n u n s i k r n e e ­ s s g 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 l o e n r s s 3 de f r B i r a o n o o l g w e m r s r ­ ­ s 4 lo N a e n t s trans. Total—46 banks 1968—Mar. 6............. 33 236 793 -997 8.6 2,532 1 ,738 1,336 1,196 402 1,966 76 1,890 13............. 172 451 1,108 -1,387 12.4 2,667 1 ,559 1 ,275 1 ,392 285 1,507 84 1 ,423 20............. 36 304 749 -1,017 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 1,326 700 1 ,304 108 1,197 Apr. 3............. 30 278 792 -1,040 9.2 2,553 1,761 1,199 1,353 562 1,075 85 990 10............. 165 198 1 ,755 -1,788 16.1 3,389 1,634 1 ,280 2,109 355 1 ,232 97 1,135 17............. 31 453 2,095 -2,517 22.0 3,743 1,648 1 ,409 2,334 239 1 ,432 62 1 ,370 24............. 24 342 1 ,863 -2,182 19.3 3,763 1 ,900 1,613 2,151 287 973 89 884 8 in New York City 1968—Mar. 6....... 24 40 -16 3 797 756 535 261 221 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 .5 860 975 609 251 365 958 92 866 27............. -12 15 42 -69 1.5 966 924 632 334 292 966 107 859 Apr. 3.............. 18 436 -418 9.1 950 514 466 484 48 843 85 758 10............. 121 127 1,131 -1,137 25.7 1 ,479 348 348 1,131 816 88 729 17............. -2 46 1,211 -1,259 27.2 1,726 515 515 1,211 798 62 736 24............. -7 49 672 -729 15.9 1 ,466 793 793 672 589 76 513 38 outside New York City 1968—Mar. 6............. 9 236 753 -980 14.3 1,735 982 801 935 182 813 813 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 1,776 913 712 1,064 201 440 5 435 27............. 28 110 584 -667 9.9 1,895 1 ,311 903 992 408 338 I 338 Apr. 3............. 12 278 356 -622 9.3 1,603 1,247 734 869 514 232 232 10............. 44 71 624 -650 9.7 1,910 1 ,287 932 978 355 415 9 406 17............. 33 407 884 -1,258 18.5 2,018 1,134 895 1,123 239 635 635 24............. 31 293 1,191 -1,453 21.6 2,298 1,107 820 1,478 287 384 13 371 5 tn City of Chicago 1968—Mar. 6............. -5 93 66 -164 14.5 364 297 254 1 10 44 46 46 13. ...... 7 n 266 -271 26.3 449 182 182 266 20 20 20............. -4 29 238 -271 25.4 437 199 197 240 27............. 7 45 191 -230 21.9 453 261 258 195 4 Apr. 3............. 123 162 -286 27.6 376 213 213 162 10............. 6 20 203 -216 21.2 446 244 244 203 15 15 17............. 4 247 325 -568 52.8 482 157 157 325 41 41 24............. 10 101 437 -528 50.4 627 191 191 437 35 35 33 others 1968—Mar. 6............. 13 143 687 -817 14.3 1 ,371 685 547 825 138 766 766 13............. 41 220 564 -744 13.2 1 ,313 748 526 786 222 561 561 20............. 6 150 625 -769 13.7 I ,338 713 515 824 199 440 5 435 27............. 21 65 393 -437 7.7 I ,442 1,050 645 797 404 338 338 Apr. 3............. 12 155 193 -336 5.9 1 ,227 1 ,034 521 707 514 232 232 10............. 38 51 421 -434 7.7 1 ,464 1 ,043 688 775 355 400 9 391 17............. 29 160 559 -690 12.0 1,536 977 738 799 239 594 594 24............. 21 192 754 -925 16.3 1,671 916 629 1 ,041 287 349 13 336 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 BuLLETtN, 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

MAY 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 Effective Previous Rate on Effective Previous Rate on Effective Previous Apr. 30 date rate Apr. 30 date rate Apr. 30 date rate Boston.............................................. • 51/2 Apr. 23, 1968 5 6 514 614 Apr 23 1968 6 New York........................................ 516 Apr. 19, 1968 5 6 Apr. 19, 1968 5'4 7 Apr. 19^ 1968 6’4 Philadelphia....................................... 5'/z Apr. 19, 1968 5 6 Apr. 19, 1968 5'4 6'Zl Apr. 19,1968 6 Cleveland........................................... 5‘A Apr. 26, 1968 5 6 Apr. 26, 1968 5'4 7 Apr. 26, 1968 6'4 R ichmond..................................... 571 Apr 26 1968 5 6 Apr 26 1968 514 614 Apr 76 1968 6 Atlanta................ • • 5’/2 Apr 22’ 1968 5 6 Apr 22’ 1968 5«/2 6‘4 Nov 20 1967 6 Chicago.............................................. 5‘/2 Apr. 26 1968 5 6 Apr 26 1968 5 6’4 Apr 26 1968 f. St. Louis............................................. 5*/2 Apr. 23, 1968 5 6 Apr. 21' 1968 514 614 Apr 23 1968 6 Minneapolis...................................... 5'/z Apr. 19,1968 5 6 Apr. hX 1968 514 61/2 Apr. 19 J 968 6 Kansas Citv. ................... 5/2 Apr. 26, 1968 5 6 514 614 Apr 26 1968 6 Dallas.. .............. • ............ 51/2 Apr, 26 1968 5 6 Apr. 26* 1968 514 614 Apr 26 1968 6 San Francisco.................................. 5'/z Apr. 19, 1968 5 6 Apr. 19' 1968 5'4 6'4 Apr. I9J968 6 i Discounts of eligible paper and advances secured by such paper or 2 Advances secured to the satisfaction of the F.R. Bank. Maximum by U,S. Govt, obligations. Rates shown also apply to advances secured maturity: 4 months. by obligations of Federal intermediate credit banks maturing within 6 3 Advances to individuals, partnerships, or corporations other than months. Maximum maturity: 90 days except that discounts of certain member banks secured by U.S. Govt, direct obligations. Maximum matu­ bankers’ acceptances and of agricultural paper may have maturities not rity: 90 days. over 6 months and 9 months, respectively, and advances secured by FICB obligations are limited to 15 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date all F.R. of date all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. 1955 1959 In effect Dec. 31, 1941......... t -l'/2 1 Apr. 14.......................t. .>...4..-.14 1'4 2'4-3 3 ' 15 ............................. I >4-1 >4 1’4 16............ 3 3 1942 1’4 1’4 May 29.............................. 3 -3'4 3'4 t 1 Aug. 4.............................. 1'4-2'4 1’4 3'4 3'4 Oct 15 ................................. t h-1 1 ~ 5............................... 1’4-2'4 2 Sept. 11............................... 3'4-4 4 30 ................................ t >4 t'/z 12............................... 2 -21/4 2 ' 18...........4...................4 Sept. 9.............................. 2 -21/4 2'4 I960 Ap 1 r 9 . 4 6 2 5.......................t.. ..h.. 1 ..-..l. . 1 1 A N p o r v . . 2 1 1 1 3 3 8 3 . . . . . . . . . . . . . . . . 1 . . . . . . . . 9 . . . . . . . . 5 . . . . . . . . 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 ' ' 4 4 2 2 - - ' ' 3 4 4 2 '4 2 2 2 2 1 ’ ' ' 4 / 4 4 4 Sept. 1 1 9 0 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 ' '4 4 3 3 - — - ' 4 4 3 4 '4 4 3 3 3 3 ' ' 4 4 1948 ' 20............................... 2’/4-3 2’4 1963 Jan. 12................................... 1 -1'/. H4 Aug. 24.............................. 2’4-3 3 July 17............................... 3 -3'4 3!4 19................................... 1W l'/4 31............................... 3 3 26.............................. 3'4 3'4 Aug. 13.................................. 1'4-1'A 1'4 1964 ~ 23................................... 1'4 1'4 Au 1 g 95 , 7 9.......................3. ....-..3.'/z 3 Nov. 2 30 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3'4 4 -4 4 4 23............................... 3'4 3'4 1950 Nov. 15............................... 3 -3'4 3 1965 l'/i-l’/4 l’/4 Dec. 2............................... 3 3 4 -4'4 4'4 “ 25................................... l’/4 l’/4 13.............................. 4'4 4'4 1958 1967 23.. J .. a . 1 . n 9 .. 5 .. 3 .. . 1 .. 6 .. . . . . . . . . . . .. . . . ................I. .'./ 2 .4..-.2.. 2 Mar 2 2 IJ 4 7 1 . . . J . . . . . . . a . . . . . . . . . . n . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 . . . . . . . . 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....... 2 2 2 2 .. .’ ’ ' > 4 4 . 4 . 2 4 .- - - . ' .3 3 4 - 3 . 2 ’4 2 2 3 2 2 ' ' ’ ' 4 4 4 4 A N p o r v . . 2 2 1 7 7 0 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 4 4 - - '4 4 4 ' ' 4 4 4 4 4 4 ' ' 4 4 Apr. 18............................... 1’4-2'4 IM 1968 1954 May 9 ........................... 1’4 1’4 4'4—5 4'4 Feb. 5........................l.?..4...-.2. IM Aug 15 ........................... 1’4-2 1’4 22.............................. 5 5 15................................. 1% 1’4 Sept. 12............................... 1 ’4-2 2 5 -5'4 5'4 Apr. 14................................. M 1’4 ' 23.............................. 2 2 ' 26...........5..'.4.................5'4 ‘ 16................................. 1'4 Oct, 24............................... 2 -2'4 2 May 21................................. 1'4 1'4 Nov. 7............................... 2'4 2'4 5'4 5'4 t Preferential rate of one-half of 1 per cent for advances secured by against U.S. Govt, obligations was the same as its discount rate except U.S. Govt, obligations maturing in 1 year or less. The rate of 1 per cent in the following periods (rates in percentages): 1955—May 4-6, 1.65; was continued for discounts of eligible paper and advances secured by Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. such paper or by U.S. Govt, obligations with maturities beyond I year. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July Note.—Discount rates under Secs. 13 and 13a (as described in table 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, above). For data before 1942, see Banking and Monetary Statistics, 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, 1943, pp. 439-42. ' 28, 30, 31, 3.875; 1965—Jan. 4-8, 3.875; 1968—Apr. 4,5, H, 15, 16,5.125; The rate charged by the F.R. Bank of N.Y. on repurchase contracts Apr. 30, 5.75. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-10 RESERVE AND MARGIN REQUIREMENTS □ MAY 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 3 C re e s n e t r r v a e l s R er e v ­ e Coun­ cla ( s a s il e s Effective date 1 city bapks banks S in a g v s ­ time deposits ba c n i k ty s 3 b c a i n ty k s ba tr n y k s ba o nk f s) $ U 5 n m de il r ­ $ O 5 v m er il ­ $ U 5 n m de il r ­ $ O 5 v m er il ­ de i p ts os­ $ U 5 n m de il r ­ $5 O v m er il ­ lion lion lion lion lion lion In effect Dec. 31, 1949......... 22 18 12 5 1966—July 14,21........ 5 16'4 5 12 54 M 5 Sept. 8, 15........ 6 1951—Jan. 11,16................ 23 19 13 6 Jan. 25, Feb. 1.... 24 20 14 1967—Mar. 2.............. 3ft 3ft 1953—July 9,1.................. 22 19 13 Mar. 16....... . 3 3 1954—jun'e 24’ 16................ 21 5 July 29, Aug. 1.... 20 18 12 1968—Jan. 11,18........ 16'4 17 12 12'4 1958—Feb. 27, Mar. 1.... 19ft 17ft H/i Mar. 20, Apr. 1.... 19 17 11 I n effect Apr. 30, 1968. . 1614 17 12 12'4 3 3 6 181/2 Apr. 24...................... 18 16'4 Present legal I960—Sept, 1....................... 17ft requirement: Nov. 24,..................... 12 10 7 3 3 3 Dec. 1....................... 1614 Maximum.................. 22 14 10 10 10 1962—July 28....................... (3) Oct. 25, Nov. 1.... 4 1 When two dates are shown, the first applies to the change at central 4 Effective Jan. 5, 1967, time deposits such as Christmas and vacation reserve or reserve city hanks 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. 3 See preceding columns for earliest effective date of this rate. 2 Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances Note.'—'All required reserves were held on deposit with F.R. Banks due from domestic banks. June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. I960, member 3 Authority of the Board of Governors to classify or reclassify cities banks were allowed to count part of their currency and coin as reserves; as central reserve cities was terminated effective July 28, 1962. effective Nov. 24, 1960, they were allowed to count all as reserves. For further details, see Board’s Annual Reports. MARGIN REQUIREMENTS (Per cent of market value) Effective date Regulation Jan. 4, Apr. 23, Jan. 16, Aug. 5, Oct. 16, July 28, July 10, Nov. 6, Mar. II, 1955 1955 1958 1958 1958 1960 1962 1963 1968 Regulation T: For credit extended by brokers and dealers on: Listed stocks............................................................ 60 70 50 70 90 70 50 70 70 Listed bonds convertible into stocks................... 50 For short sales............................................................. 60 70 50 70 90 70 50 70 70 Regulation U: For credit extended by banks on: Stocks..................................................................... 60 70 50 70 90 70 50 70 70 Bonds convertible into listed stocks.................... 50 Regulation G: For credit extended by others than brokers and dealers and banks on: 70 Bonds convertible into listed stocks.................... 50 Note.—Regulations G, T, and U, prescribed in accordance with Secu­ difference between the market value (100 per cent) and the maximum rities Exchange Act of 1934, limit the amount of credit to purchase and loan value. carry registered equity securities that may be extended on certain secu­ Regulation G and special margin requirements for bonds convertible rities by prescribing a maximum loan value, which is a specified percentage into stocks were adopted by the Board, effective March 11, 1968. of its market value at the time of extension; margin requirements are the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ MAXIMUM INTEREST RATES; BANK DEPOSITS A-ll MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Jan. 1, 1962—July 19, 1966 Rates beginning July 20, 1966 Effective date Effective date Type of deposit Type of deposit Jan. 1, July 17, Nov. 24, Dec. 6, July 20, Sept. 26, Apr. 19, 1962 1963 1964 1965 1966 1966 1968 Savings deposits: 1 Savings deposits................................ 4 4 4 12 months or more........................ 4 4 }4 4 Other time deposits: 2 Less than 12 months....................... 314 3ft Multiple maturity: •’ 90 days or more..................... 5 5 5 Other time deposits: 2 Less than 90 days................. 4 4 4 (30-89 days) 12 months or more......................... 4 1: j 5*4 Single-maturity*. 6 months to 12 months.................. 3ft 4ft Less than SI00,000.............. 5ft 5 5 90 days to 6 months....................... 2ft $100,000 or more: Less than 90 days............................ 1 4 30-59 days............................. 5ft . (30-89 days) 9 6 0 0 - - 1 8 7 9 9 d d a a y y s. s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........... 5/1 5ft 6 514 1 80 days and over................ 6ft 1 Closing date for the Postal Savings System was Mar. 28, 1966. Max­ Note.—Maximum rates that may be paid by member banks as estab­ imum rates on postal savings accounts coincided with those on savings lished by the Board of Governors under provisions of Regulation Q; deposits. however, a member bank may not pay a rate in excess of the maximum 2 For exceptions with respect to certain foreign time deposits, see rate payable by State banks or trust companies on like deposits under Bulletins for Oct. 1962, p, 1279; Aug. 1965, p. 1084; and Feb. 1968, the laws of the State in which the member bank is located. Beginning p. 167. Feb, 1, 1936, the FDIC has established identical rates for nonmember 3 Multiple-maturity time deposits include deposits that are automati­ insured commercial banks. cally renewable at maturity without action by the depositor and deposits For rates before 1962 see Board’s Annual Reports. that are payable after written notice of withdrawal. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks All All Item m b e a m nk b s er Y N o e r w k C o it f y Other C b o a u n n k t s ry Item m b e a m nk b s er Y N o e r w k C o it f y Other C b o a u n n ks try City Chicago City Chicago Four weeks ending Feb. 28, 1968 Four weeks ending Mar. 27, 1968 Gross demand—Total.... 158,317 33,380 6.931 57,251 60,756 Gross demand—Total.... 157,989 33,527 6,768 57,089 60,606 Interbank.................. 17,081 5,900 1,206 7,829 2,148 Interbank................... 17,020 5,899 1,197 7,758 2,166 U.S. Govt................... 6,324 1,292 361 2,669 2,002 U.S. Govt................... 6,064 1,293 286 2,301 2,186 Other........................... 134,913 26,189 5,364 46,753 56,606 Other......... 134,905 26,335 5,287 47,029 56,255 Net demand i..................... 125,162 23,283 5,457 44,922 51,500 Net demand 1..............1..2..5..,085 23,653 5,264 44,811 51 ,357 Time.................................... 150,904 20,314 6,039 57,655 66,896 Time.................................... 152,155 20,321 5,895 58,075 67,864 Demand balances due Demand balances due from dom. banks...... 8,191 318 218 1,990 5,665 from dom. banks...... 8,230 314 274 1 ,936 5,707 Currency and coin............ 4,323 381 78 1,325 2,540 Currency and coin..........4,228 388 72 1,297 2,473 Balances with F.R. Balances with F.R. Banks.............................. 21,268 4,676 1,144 8,940 6,509 Banks.............................. 21,358 4,733 1,107 8,959 6,558 Total reserves held............ 25,591 5,057 1 ,222 10,265 9,049 Total reserves held........... 25,586 5,121 1,179 10,256 9,031 Required..................... 25,203 5,009 1,215 10,215 8,766 Required..................... 25,249 5,071 1,175 10,216 8,788 Excess........................ 388 48 7 50 283 Excess............... 337 50 4 40 243 1 Demand deposits subject to reserve requirements are gross demand Note.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-12 FEDERAL RESERVE BANKS □ MAY 1968 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1968 1968 1967 Apr. 24 Apr. 17 Apr. 10 Apr. 3 Mar. 27 Apr. 30 Mar. 31 Apr. 30 Assets Gold certificate account.................................................... 10 128 10 130 10 Hl 10 131 10 138 Cash •.................................................................................. 420 411 421 431 441 424 442 Discounts and advances: Member bank borrowings . .......................................... 694 615 320 655 1 390 726 657 Other................................................................................ ~15 15 15 15 15 15 15 25 Acceptances: Bought outright.............................................................. 56 56 56 56 56 57 55 68 Held under repurchase agreements............... 52 62 44 30 35 98 Federal agency obligations—-Held under repurchase agreements..................................................................... 18 47 12 57 10 U.S. Govt, securities: Bought outright: Bills ............................................................................ 15,731 16,507 16,326 16,204 16,123 16,663 16,161 13,047 Certificates—Special................................................. Other.................................................... 4 352 Notes......................................... 27,246 27,220 27,220 27 220 27,116 27,246 27,168 21,368 Bonds........................................................................... 6,333 6^330 6,329 6,329 6.256 6^33 6,’302 6,349 Total bought outright................................................... 49,310 50 057 49,875 49,753 49,495 50 242 49,631 45,116 Held under repurchase agreements............................ 131 ’499 ’265 ’ 60 344 Total U.S. Govt, securities........................................ 49,310 50,188 49,875 50,252 49,495 50,507 49,691 45,460 50,075 50,892 50,318 51,087 51,000 51,347 50,510 45,690 Cash items in process of collection............................... 8,096 9.382 7,225 7,609 7,114 7^239 6,561 6,683 Bank premises................................................................... ' 113 113 113 '113 113 113 ' 113 108 Other assets: Denominated in foreign currencies............................. 1,383 1,410 1,542 1,542 (,540 1,536 1,542 (84 IMF gold deposited 1................................................... '244 243 242 '241 ’235 245 '241 230 All other.......................................................................... 544 513 473 444 416 566 434 523 Total assets.......................................................................... 71,003 73,094 70,465 71,598 70,997 71,598 69,974 66,364 Liabilities F.R. notes............................................................................ 40,938 41,259 41,299 40,947 40,693 40,968 40,679 38,368 Deposits: Member bank reserves........................................ 19,453 21,398 20,507 21,489 21,258 21,221 21,133 19,410 U s Treasurer—General account............................... 1,585 499 727 396 965 1,035 581 1,360 Foreign........................................................................... 158 116 163 165 161 140 197 123 Other: IMF gold deposit2..................................................... 244 243 242 241 235 245 241 230 All other...................................................................... 241 284 301 386 240 244 462 227 21,681 22,540 21,940 22,677 22,859 22,885 22,614 21,350 Deferred availability cash items....................................... 6,685 7,630 5,412 6,(95 5,744 5,974 4,944 5,109 Other liabilities and accrued dividends.. ..................... . 321 333 326 338 307 356 315 225 Total liabilities................................................................... 69,625 71,762 68,977 70.157 69,603 70,183 68,552 65,052 Capital accounts 614 613 613 6(1 612 6(4 612 579 Surplus.................................. . . . 598 598 598 598 598 598 598 570 Other capital accounts...................................................... 166 121 277 232 184 203 212 163 Total liabilities and capital accounts............................. 71,003 73,094 70,465 71,598 70,997 71.598 69,974 66,364 Contingent liability on acceptances purchased for foreign correspondents................................................. HO 100 99 98 103 1 18 100 272 U.S. Govt, securities held in custody for foreign account............................................................................ 8,538 8,279 8,476 8,377 8,464 8,763 8,418 7,912 Federal Reserve Notes—Federal Reserve Agents’ Accounts F R notes outstanding (issued to Bank)...................... 43,828 43,775 43,610 43,446 43,387 43,845 43,367 40,853 Collateral held against notes outstanding: Gold certificate account............................................... 5,604 5,604 5,604 5,624 6,299 5,604 6,159 6,695 P1iffih1f* nnner ........................................................... 1 US Govt, securities..................................................... 39,606 39,596 39,516 39,421 38,571 39,606 38,571 36,306 Total collateral........................................................ 45,210 45,200 45,120 45,045 44,870 45,210 44,730 43,002 i See note 1(b) to table at bottom of p. A-70. 2 Computed from statements for all Federal Reserve Banks combined. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 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 Item Total Boston New del­ Cleve­ Rich­ Atlan­ Chi­ St. Minne­ sas Dallas Fran­ York phia land mond ta cago Louis apolis City cisco Assets Gold certificate account. ..................... 10,128 668 2,164 661 876 940 487 1 .764 416 160 306 246 1 ,440 F.R. notes of other banks................... 843 60 268 44 59 54 129 39 23 11 21 19 1 16 Other cash............................................... 424 26 54 6 60 23 51 85 34 5 23 18 39 Discounts and advances: Secured by U.S, Govt, securities.... 726 39 85 9 13 16 37 182 40 15 82 40 168 Other.................................................... 15 1 4 1 1 I 2 ♦ * 1 2 Acceptances: Bought outright............................. 57 57 Held under repurchase agreements.. 30 30 Federal agency obligations—-Held under repurchase agreements...... 12 12 U.S. Govt, securities: Bought outright................................ 50,242 2,604 12.746 2,595 3,785 3,729 2,710 8,100 1,738 1,017 1,978 2,133 7,107 Held under repurchase agreements.. 265 265 Total loans and securities..................... 51,347 2,644 13,199 2,605 3,799 3,746 2,748 8,284 1,778 1,032 2,061 2,174 7,277 Cash items in process of collection... 9,191 537 1 ,767 593 699 700 869 1,569 414 257 556 479 751 Bank premises........................................ 113 3 10 2 5 8 20 18 8 3 18 9 9 Other assets: Denominated in foreign currencies.. 1,536 75 1395 81 138 80 97 224 52 35 68 88 203 IMF gold deposited 2................. 245 245 All other............................................. 566 30 144 29 43 44 30 90 20 12 23 23 78 Total assets............................................ 74,393 4,043 18,246 4,021 5,679 5,595 4,431 12,073 2,745 1,515 3,076 3,056 9,913 Liabilities F.R. notes............................................... 41,811 2,449 9,625 2,424 3,343 3,868 2,283 7,353 1,555 731 1,560 1 ,418 5,202 Deposits: Member bank reserves...................... 21,221 791 6,106 923 1 ,451 922 1,173 3,005 730 498 888 1,103 3,631 U.S. Treasurer—General account.. 1 ,035 57 154 57 76 101 82 128 49 26 78 56 171 Foreign................................................ 140 7 329 8 13 8 9 22 5 3 7 9 20 Other: IMF gold deposit 2....................... 245 245 All other.......................................... 244 1 205 2 1 7 2 3 1 2 1 1 18 Total deposits......................................... 22,885 856 6,739 990 1,541 1,038 1,266 3,158 785 529 974 1,169 3,840 Deferred availability cash items.......... 7,926 652 1 ,417 516 645 586 776 1,295 345 215 468 376 635 Other liabilities and accrued dividends 356 17 100 17 26 25 19 55 12 8 14 15 48 Total liabilities....................................... 72,978 3,974 17,881 3,947 5,555 5,517 4,344 11,861 2,697 1 ,483 3,016 2,978 9,725 Capital Accounts Capital paid in...................................... 614 30 158 32 55 32 39 90 21 14 27 35 81 Surplus..................................................... 598 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts.................... 203 10 53 10 15 15 10 35 7 4 7 9 28 Total liabilities and capital accounts.. 74,393 4,043 18,246 4,021 5,679 5,595 4,431 12,073 2,745 1,515 3,076 3,056 9,913 Contingent liability on acceptances purchased for foreign correspond­ ents.................................................. 118 5 435 6 10 6 7 16 4 3 5 6 15 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)......................................... 43,845 2,511 10,235 2,492 3,615 3,977 2,409 7,584 1 .642 752 1,624 1,521 5,483 Collateral held against notes out­ standing: Gold certificate account................... 5,604 330 1,000 496 600 640 450 1.400 206 77 225 180 U.S. Govt, securities................... 39,606 2,216 9,400 2,100 3, 100 3,395 2,150 6,450 1,520 695 1.450 1 ,380 5,750 Total collateral............................... 45,210 2,546 10,400 2,596 3,700 4,035 2,600 7,850 1 ,726 772 1,675 1,560 5,750 1 After deducting $1,141 million participations of other F.R. Banks. 3 After deducting $111 million participations of other F.R. Banks. 2 See note 2 to table at bottom of p. A-70. 4 After deducting $83 million participations of other F.R. Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-14 OPEN MARKET ACCOUNT a MAY 1968 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 c G h p r a u o s r s e ­ s s G sa ro le s s s Re ti d o e n m s p­ c G 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 r f 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 Mar............. 1,496 704 1,395 704 80 Apr.............. 975 206 415 859 206 415 10 50 May........... 1,146 107 412 936 107 412 -2,879 107 2,879 June............ 1,681 567 223 1,332 567 223 17 185 55 July............. 1,221 956 94 1,221 956 94 Aug............. 591 440 400 591 440 400 -1,225 1,338 Sept............. 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 1,593 20 52 Feb.............. 967 770 100 917 770 100 50 7,658 -8,497 Mar................. 1 ,550 567 305 1 ,212 567 305 51 208 Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers’ agreements Federal acceptances (U.S. Govt, Net agency 5-10 years Over 10 years securities) change obliga­ Month in U.S. tions Under Net c G h p r a u o s r s e ­ s s G sa ro le s s s o E t s r u h x r m i c i f t t h s a y . ­ c G h p r a u o s r s e ­ s s G sa ro le s s s o E t s u r h x r m i c i f t t h y s a . ­ c G h p r a u o s r s e ­ s s G sa ro le s s s G s it o e ie v c s t u , r ­ p ( m a n u g e r e c r t n e h t r e s a e ­ ) s ­ e r O i n g u e h t t t ­ , a r m c e g h n e p r a e e n u s t e t r e s ­ ­ , change 1 1967—Mar.... 14 8 3,399 3,253 938 13 __7 4 948 Apr.. .. 32 25 1,727 1,529 552 -3 -1 57 606 May. . . 62 42 1,438 1,459 606 -10 2 -98 499 June... 109 -55 39 753 992 652 1 21 45 719 July.... 286 370 87 -1 -13 -45 28 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 Mar.... 64 15 657 596 739 57 -I 35 830 i Net change in U.S, Govt, securities, Federal agency obligations, and Note.—Sales, redemptions, and negative figures reduce System hold­ bankers’ acceptances. ings; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a la d r i s an F fr r a e n n c c s h G m e a rm rk a s n Ita lir li e an Jap y a e n n ese N la e n th d e s r­ f S ra w n is c s s guilders 1967—May.............................. 149 115 25 3 1 1 1 1 2 June............................... 578 399 29 3 1 144 1 1 2 July............................... 579 566 4 3 1 2 1 1 2 Aur. 866 761 3 3 1 94 1 I * 3 Sept................................ 788 754 13 3 1 13 1 1 3 Oct................................. 953 898 ♦ 3 1 46 1 1 3 Nov................................ 1,307 1,140 19 3 1 140 1 1 2 Dec................................ 1,604 1,140 45 3 1 413 1 1 * 2 1968—Jan................................. 1,470 1,142 45 253 1 25 1 1 • 3 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ FEDERAL RESERVE BANKS; BANK DEBITS A-15 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1968 1968 1967 Apr. 24 Apr. 17 Apr. 10 Apr. 3 Mar. 27 Apr. 30 Mar. 31 Apr. 30 Discounts and advances—Total..................................... 709 630 335 670 1 ,405 741 672 54 Within 1 5 days............................................................... 692 613 318 653 1,388 722 656 24 16 days to 90 days......................................................... 17 17 17 17 17 19 16 30 91 days to 1 year.......................................................... Acceptances—Total........................................................... 56 56 108 U8 100 87 90 166 Within 15 days............................................................... 9 7 58 66 49 41 39 119 16 days to 90 days......................................................... 47 49 50 52 51 46 51 47 91 days to 1 year.......................................................... U.S. Government securities—Total............................... 49,310 50,206 49,875 50,299 49,495 50,519 49,748 45,470 Within 15 days 1........................................................... 1 ,798 2,711 1,907 2,353 2,266 5,270 1 ,264 7,836 16 days to 90 days......................................................... 11,149 11,051 11,529 11,600 11,094 8,392 11,801 6,293 91 days to 1 year........................................................... 26,033 26,123 26,118 26,025 25,942 26,527 26,404 19,825 Over 1 year to 5 years................................................... 7,988 7,979 7,979 7,979 7,887 7,988 7,948 10,183 Over 5 years to 10 years............................................... 1 ,765 1,765 1,765 1,765 1 ,738 1 ,765 1 ,756 898 Over 10 years............................................................... 577 577 577 577 568 577 575 435 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts! (in billions of dollars) Turnover of demand deposits Period S T M 2 o 3 S t 3 a A l ’s N Le .Y ad . ing S 6 M o S th A e ’s rs2 T S o N ( M c ta . x Y S l c A . l 2 . ) 3 ’s 2 S o M 2 th S 2 e 6 A r ’s S T M 2 o 3 S t 3 a A l ’s N Le .Y ad . ing S 6 M o S th A e ’s rs2 T S o N ( M e ta . x S Y l c A . 2 l. ) 3 ’s 2 S o M 2 th S 2 e 6 A r ’s 1967—Mar............................... 6,315.9 2,756.6 1 ,386.8 3,559.3 2,172.5 54.8 117.2 51.2 39.1 33.9 6,553.5 2,864.0 1,451.4 3,689.5 2,238.1 57.7 123.0 54.2 40.8 35.1 6,348.2 2,734.5 1 ,409.2 3,613.7 2,204.5 54.8 115.2 52.0 39.2 33.9 June.............................. 6,637.2 2,904.1 1 ,476.4 3,733.1 2,256.7 56.5 120.0 53.4 40.1 34.4 July............................... 6,688.7 2,857.1 1 ,560,5 3,831.6 2,271.1 56.8 119.8 55.5 40.7 34.5 Aug................................ 7,067.8 3,185.7 1 ,575.0 3,882.1 2,307.1 59.0 128.5 56.6 41.1 34.6 Sept............................... 6,799.4 2,952.4 1,513.6 3,847.0 2,333.4 57.4 120.6 55,4 40.8 35.1 Oct................................. 6,993.0 3,102.4 1 ,537.7 3,890.6 2,352.9 58.3 125.5 54.6 40.8 35.1 Nov............................... 6,997.7 3,100.8 1 ,557.8 3,896.9 2,339.1 58.4 130.2 55.7 41 .2 34.8 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 Apr................................ 7,500.7 3,285.5 1 ,673.5 4,215.2 2,541.7 59.7 126.7 57.4 42.3 36.2 1 Excludes interbank and U.S. Govt, demand deposit accounts. Note.—Total SMSA’s includes some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA’s. Los Angeles-Long Beach. For a description of series, see Mar. 1965 Bulletin, p. 390. All data shown here are revised. For description of revision, see Mar. 1967 Bulletin, p. 389. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-16 U.S. CURRENCY □ MAY 1968 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in cir­ cula­ tion 1 Total Coin JI 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....................... iKuo 8/120 751 695 44 1,355 2/31 21545 31044 724 1,433 261 556 24 46 1945....................... 28/15 20'683 1,274 1,039 73 21313 61782 9,201 71834 2,327 41220 454 80 i 7 24 1947....................... 28’868 20^020 11404 11048 65 21110 6,275 9,119 8,850 21548 51070 428 782 5 17 1950....................... 27,741 19,305 11554 1,113 64 21049 51998 81529 81438 21422 51043 368 588 4 12 1955....................... 31 158 22,021 11927 11312 75 21151 6,617 91940 9,136 21736 51641 307 438 3 12 1958....................... 32,193 22,856 2/82 1,494 83 2,186 6,624 10,288 9,337 21792 51886 275 373 3 9 1959....................... 32 591 23,264 2,304 1,511 85 2,216 6 672 10,476 9,326 2,803 5,913 261 341 3 5 I960....................... 32,869 231521 2,427 1,533 88 21246 6,691 161536 9,348 2,815 5,954 249 316 3 10 1961....................... 33’918 241388 21582 11588 92 21313 61878 101935 9,531 21869 6,106 242 300 3 to 1962....................... 35,338 25J56 21782 11636 97 2,375 71071 11,395 9,983 2’990 6,448 240 293 3 10 1963....................... 37,692 261807 3,030 11722 103 21469 7,373 12J09 10,885 3,221 71116 249 298 3 4 1964....................... 39,619 281100 31405 11806 111 2,517 71543 121717 111519 31381 7,590 248 293 2 4 1965....................... 42,056 291842 41027 1,908 127 21618 7’,794 131369 12,214 31540 8/35 245 288 3 4 1966....................... 44,663 31,’695 4 ,’480 2 051 137 2,’756 8 ,'070 141201 121969 31700 8,735 241 286 3 4 1967—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 41551 1 948 137 21607 71817 13,827 121844 31625 8,692 238 282 3 4 44 443 31,509 4,600 1 984 137 21671 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 81035 14', 35713,029 3,699 8’805 238 280 3 4 July........... 44,866 31,774 4,674 1,873 137 21625 71989 141476131094 3,724 81844 238 281 3 4 45 071 31'884 4,720 1 878 136 2',628 81001 141521 13,186 3’749 8,911 238 281 3 4 Sept.......... 45 031 31 795 41752 1 886 136 2,621 71949 141451 131236 3’751 81959 238 281 3 4 Oct........ 45 421 32,095 4,803 1 ,’913 136 21658 8,013 14157213,325 3’766 9,031 238 283 3 4 46 463 32,937 41865 1 965 136 2,748 8,266 14J95713,524 3 832 9,163 239 283 3 4 Dec............ 47,226 33,468 4,918 2,035 136 21850 8,366 15,162131758 3,915 91311 240 285 3 4 1968—Jan............. 45 819 32,232 4,927 1,923 136 2,686 7,977 14,583 13,588 3 835 9,221 240 285 3 4 Feb............ 45,846 32,284 4,'969 1,895 136 2,665 8,000 14,619 13,563 3,820 9,213 239 284 3 4 Mar............ 46,297 32,664 5,049 11857 136 2,676 81094 14,85213,632 31840 9,261 239 285 3 4 * Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 stiver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break­ Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Held by Kind of currency T s M o ta t a 1 a n 9 r l . d 6 8 o i 3 n u 1 g t , ­ A g s a o s g l s i d l a e v i c e n a u r s n r t d i t y Tre ca a s s h ury B F a F a . n n o R d k r . s A B F g a a . e n n R n d k . t s s Mar. 31, 1 968 Feb.29, Ma 19 r. 6 7 31, certificates Agents 1968 1968 1967 Gold...................................................................................... 10,484 (10,131) 2353 Gold certificates................................................................ (10,131) 3(10,130) i Federal Reserve notes....................................................... 43,368 110 2,689 40,569 40,135 38,127 Treasury currency—Total................................................. 6,791 (302) 620 441 5,729 5,711 5,456 Standard silver dollars................................................... 485 3 482 482 482 Silver bullion................................................................... 365 299 66 Silver certificates............................................................ (302) 4 298 361 548 Fractional coin............................................................... 5,534 538 429 4,567 4,487 4,036 United States notes...................................................... 323 17 9 297 296 302 In process of retirement 4............................................. 85 85 85 88 Total—Mar. 31, 1968........................................................ 560,643 (10,433) 1,084 10,130 3,131 46,297 Feb. 29, 1968........................................................ 561,934 (11,747) 1,265 11,382 3,440 45,846 Mar. 31, 1967........................................................ 560,497 (13,169) 1,315 12,610 2,989 43,583 1 Outside Treasury and F.R. Banks. Includes any paper currency held 5 Does not include all items shown, as some items represent the security o utside the United States and currency and coin held by banks. Esti­ for other items; gold certificates are secured by gold, and silver certificates mated totals for Wed. dates shown in table on p. A-5. by standard silver dollars and monetized silver bullion. Duplications 2 Includes $241 million gold deposited by and held for the International arc shown in parentheses. Monetary Fund. 3 Consists of credits payable in gold certificates: (1) the Gold Certificate Note.—Prepared from Statement of United States Currency and Coin Fund—Board of Governors, FRS; and (2) the Redemption Fund for F.R. and other data furnished by the Treasury. For explanation of currency notes. reserves and security features, see the Circulation Statement or the Aug. * Redeemable from the general fund of the Treasury. 1961 Bulletin, p. 936. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ MONEY SUPPLY; BANK RESERVES A-17 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 c D o d m e e m p po o a s n n i e t d 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—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 39.9 140.3 180.8 180.6 40.0 140.6 180.3 6.2 Nov............................................. 181.2 40.0 141 .2 182.5 182.5 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...................................................... 182.5 40.7 141.8 185.0 181.5 40.3 141.3 185,5 7.2 Mar......................................... 183.4 41.1 142.3 186,6 182.1 40.7 141.4 187.4 6.7 Apr. "................................................ 184.7 41.4 143.3 186.9 185.8 41.0 144,8 187.6 4.2 Week ending— Mar. 6............................................. 183.6 40.9 142.7 185,9 181.7 40.5 141.2 186,6 8.4 13............................................... 183.4 41.1 142,3 186.5 182.3 40,8 141.5 187,4 5.9 20........................................ 182.8 41.1 141.7 186.9 182.7 40,7 141.9 187,4 6.3 27............................................... 183.8 41.1 142.6 186.9 181.4 40,5 140.8 187.6 6.9 Apr. 3............................ 184.4 41.2 143.2 187.0 183.1 40.7 142.4 187.9 5.2 ‘ 10............................................... 184.3 41 .4 142.9 187.1 184.6 41.4 143.3 187.9 3.7 17"............................................ 187.0 41.5 145.5 187,0 189.7 41,3 148.4 187.6 2.8 24"................................ 184.1 41.3 142.8 186.6 185.7 40.8 144.9 187.2 4.9 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, see Aug. 1967 Bulletin, pp. 1303-16; for banks. Time deposits adjusted are time deposits at all commercial monthly data 1947-58, see June 1964 Bulletin, pp. 679-89. banks other than those due to domestic commercial banks and the Averages of daily figures. Money supply consists of (1) demand U.S. Govt. Effective June 9, 1966, balances accumulated for payment of deposits at all commercial banks other than those due to domestic com­ personal loans were reclassified for reserve purposes and are excluded from mercial banks and the U.S. Govt., less cash items in process of collection time deposits reported by member banks. AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Member bank reserves 1 re D se e r p v o e s r it e s q s u u ir b e j m ec e t n t t o s 2 Member bank reserves1 re D s e e p rv o e s i r t e s q s u u ir b e je m c e t n to ts 2 Period Total r N o b w o o e r n ­ d ­ qu R i e re ­ d Total s T a a v im n in d e g s de v P m a r a t i e ­ n d d G e U m o .S a v . n t , d Total r N o b w o o e n r­ d ­ qu R ir e e ­ d Total s T a a v im n in d e g s de v P m a r a t i e ­ n d d G e U m o .S 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—Apr........ 23.46 23.30 23.08 256.0 137.2 113.1 5.8 23.36 23.23 23.05 256.3 137.9 114.2 4.3 May.... 23.45 23.39 23.05 257.2 138,6 114.5 4.1 23.28 23.18 22.91 256.5 139.4 111,2 5.8 June.... 23.61 23.49 23.14 259.2 140.8 116.1 2.2 23.52 23.40 23.10 258.9 141.3 114.2 3,4 July.... 23.84 23.80 23.45 262.4 142.5 116.7 3.2 23.91 23.82 23.55 263.2 143.1 115.1 5.1 Aug..... 24.10 24.09 23.76 266.1 144.8 117.6 3.7 23.79 23.70 23.40 263.7 145.2 114.8 3.7 Sept..... 24.30 24.18 23,94 268.4 146,3 117.6 4.5 24.20 24.11 23.84 267.3 146.0 116.9 4.4 Oct........ 24.61 24.43 24.30 271.1 147,4 118.1 5.6 24.61 24.48 24.32 271.1 147.0 118.5 5.7 Nov.. . . 24.77 24.66 24.41 272.9 148.9 118.7 5.3 24.74 24.61 24.34 271.9 147.6 119.7 4.6 Dec....... 24.62 24.36 24.40 272.9 149.9 118.6 4.4 25.26 25,02 24.92 275.9 148.1 123.3 4.5 1968—Jan........ 25.01 24.70 24.68 274.7 149.9 119.5 5.3 25.51 25,27 25.13 278.3 149.4 124.4 4.4 Feb........ 25.26 24.89 24.86 277.0 150.5 119.6 6.9 25,08 24.72 24.68 276.2 151.0 118,8 6.4 Mar....... 25,30 24.63 24.89 278.0 151.5 120.1 6.5 25.05 24.38 24.69 277.1 152.2 119.1 5.9 Apr."... 25.13 24.42 24,77 276.9 151.3 120.5 5.1 25.03 24.34 24.75 277.5 152.1 121.7 3.7 1 Averages of daily figures. Data for 1968 adjusted to eliminate effect and demand balances due from domestic commercial banks. Effective June of increase in reserve requirements made effective Jan. 22, 1968. Data 9, 1966 ,balances accumulated for repayment of personal loans were elim­ prior to 1968 reflect percentage reserve requirements made effective Mar. inated from time deposits for reserve purposes. 16, 1967. 2 Averages of daily figures. Deposits subject to reserve requirements in­ Note.—Back data for the period 1947 to date may be obtained from clude total time and savings deposits and net demand deposits as defined the Banking Section, Division of Research and Statistics, Board of Gover­ by Regulation D. Private demand deposits include all demand deposits ex­ nors of the Federal Reserve System, Washington, D. C. 20551. cept those due to the U.S. Govt., less cash items in process of collection Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-18 BANKS AND THE MONETARY SYSTEM □ MAY 1968 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas­ Total Date c u u ry r­ U.S. Government securities li i a ti b es il- Total Ca a p nd ital Gold s r o e t i a n n u n g c t d ­ y ­ Total n L e o t a n t, s , 2 Total s C b a a a v o n n i m n d k g s l. s R F B e e a s d n e e k r r v s a e l Other3 O r s i e t t i h c e e u s r ­ 2 ca a n p n e it d t al, c d u e r a p r n o e d s n i c ts y c m o n a u i e s c n c - t t . s, 1 1947_DeC( 31.................... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30.................... 22,706 4,636 171,667 60'366 96*560 72,894 20’778 2,888 14'741 199,008 184,384 14,624 1963—Dec. 20.................... 15^582 5’586 333',203 189'433 103,273 69,068 33,552 653 40'497 354,371 323,251 31,118 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—Apr. 26.................... 13,100 6,600 430,600 262,100 107,600 60,600 45,400 1,500 61,000 450 JOO 406,900 43,400 13 J00 6 J00 432 J00 263,000 107,800 60,300 46,100 1,400 62,000 452,500 408 JOO 44,200 13,110 6,612 439*966 268,967 106’752 58,537 46 J18 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 13 JOO 6 J00 445;600 268,500 111,200 63,500 46,200 1,500 65 J00 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 J00 115,000 66,600 47,100 1 ’200 67 JOO 474,500 428,300 46,200 Nov. 29................... 12 ,’900 6’800 458 JOO 273 JOO 117,100 67,300 48,500 1 JOO 68 J00 478,000 431,500 46,500 11,982 6,784 468,943 282,040 117,064 66*752 49’l12 1 '200 69*839 487,709 444,043 43,670 1968—Jan. 31.................... 12,000 6,800 466,300 279,100 116,900 66,600 49,100 1,200 70,400 485,100 439,800 45 JOO Feb. 28.................... 11,900 6,800 466,300 277,700 117,600 67,600 48,800 1 200 71,100 485,000 439,300 45,700 Mar. 27 r.......... 10'500 6'800 467’700 279'100 116,200 65,500 49,500 1 ’ 200 72 J00 484 JOO 438 JOO 46,000 Apr. 24”................... 10,500 6,800 469,500 282,100 114,200 63,900 49 J00 1 J00 73 J00 486,800 440,500 46 JOO DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 4 Not seasonally adjusted Time U.S. Government Date Total o b r u C e a t n u n s c i k r d ­ y s e d ju e m s D p a t a e o d e n d s ­ ­ d i t s 5 Total o b r u C e a t n s n u c i k r d y ­ s e d ju m e s D p a t a e o d e n s d ­ ­ d i t s 5 Total b m C a e n o r k m c s ia ­ l 1 b M s a a u n vi t k n u s g a s l 6 S P t a S e o v y s m i s n t ­ a 3 g l s e n F i e g 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 m in t d k g l s . s B F A a .R n t k . s 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90 JOO 117,670 25,398 92,272 59,246 36J14 20,009 2J23 2,518 1,293 2,989 668 1963—Dec. 20.... 153,100 31,700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 1,206 392 6,986 850 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—Apr. 26.... 170,600 38,000 132,600 170,600 37,700 132,900 225,600 168,600 56,900 100 1 ,700 1,400 6,700 800 May 31... . 173,300 38,600 134,700 171,200 38,500 132,700 228,900 171,500 57 JOO 100 1 JOO 1,400 4,400 600 June 30.... 174,100 38,400 135,700 174,328 39,681 134,647 231,780 173,566 58,161 53 1,804 1,472 5,427 1,311 173,500 38,500 135,000 173 JOO 38,600 134,700 233,600 175,300 58 JOO 1 JOO 1,500 6,200 I JOO 175,100 38’400 136,700 173,500 38,600 134,900 236,500 177,900 58 J00 I J00 1,500 3,900 1 JOO 176,’600 38’600 138 JOO 175'500 38 J00 136 J00 237,500 178,300 59,200 1 JOO 1 500 7 300 711 Oct. 25.... 177,200 39,100 138*100 177*900 39^066 138 JOO 239,’100 179 J00 59,300 1 JOO I JOO 6 JOO 900 Nov. 29.. . . 178 J00 39 J00 139 J00 180 J00 39,700 141 JOO 240,500 180,900 59,600 1 JOO 1 JOO 5 200 1 800 181 J00 39,600 141 JOO 191'232 41,071 150,161 242,657 182 J43 60,414 2,179 1 J44 5 508 1,123 (968—Jan 31 .... 180,600 40,000 140,600 183,000 39 400 143,600 245,200 184,500 60,700 1 JOO 1 400 7 200 1 200 Feb. 28.... 179,300 39 J00 139,400 1 78’400 39 400 139 JOO 247,300 186 JOO 61 100 2’000 1’300 9 400 900 Mar 27 r... 182 500 40,200 142,300 179’800 39 800 140 000 249’300 187’600 61 700 2 000 1 100 5 700 1 000 Apr. 24f... 182,200 40,400 141,800 182,200 40,000 142 J00 249,400 187,400 62,000 .......2..,.0..00 1,100 4 JOO 1 JOO 1 Beginning with data for June 30, 1966, about $1.1 billion in “Deposits June 1961, also includes certain accounts previously classified as other lia­ accumulated for payment of personal loans” were excluded from “Time bilities. deposits” and deducted from “Loans” at all commercial banks. These 7 Reclassification of deposits of foreign central banks in May 1961 re­ changes resulted from a change in Federal Reserve regulations. These hy­ duced this item by $1,900 million ($1,500 million to time deposits and $400 pothecated deposits are shown in a table on p. A-23. million to demand deposits). 2 See note 2 at bottom of p. A-22, 3 After June 30, 1967, Postal Savings System accounts were eliminated Note.—For back figures and descriptions of the consolidated condition from this Statement. statement and the seasonally adjusted series on currency outside banks 4 Series begin in 1946; data are available only last Wed. of month. and demand deposits adjusted, see “Banks and the Monetary System,” 1 Other than interbank and U.S. Govt., less cash items in process of Section 1 of Supplement to Banking and Monetary Statistics, 1962, and collection. Bulletins for Jan. 1948 and Feb. 1960. Except on call dates, figures 6 Includes relatively small amounts of demand deposits. Beginning with are partly estimated and are rounded to the nearest $100 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ COMMERCIAL AND MUTUAL SAVINGS BANKS A-19 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 3 Other Cla a s n s d o d f a b te ank Total Lo 1 a . n 2 s G U o .S vt . . Oth 2 er a C ss a e s ts h 3 b c c o i a l a H a i u p t n c i a n i e d t ­ - a t s s l 4 Total 3 m D a e n ­ d Time U. D S. ema O n t d her Ti 1 m . 5 e r B in o o g w r s - ­ c c T a o a o p u c t i n ­ a ta t l s l b N a b u o n e m f k r s - Govt. All banks: 1941—Dec. 31... 61,126 26,615 25,511 8,99927,344 90,908 81,816 io,982 44,355 26,479 23 8,414 14,826 1945—Dec. 31... 140,227 30,361 101,288 8,57735,415 177,332 165,612 14, 065 105, 935 45,613 227 10,542 14,553 1947—Dec. 316.. 134,924 43,002 81,199 10,723 38,388 175,091 161,865 12,793 240 1,346 94,381 53,105 6611,948 14,714 1966—Dec. 31 381,684266,022 60,91654,74570,085464,376407,637 19,770 968 4,999 167,821 214,078 4,92936,926 14,271 1967—Apr. 26 389,660 268,040 60,630 60,990 61,450 463,590404,53016,560 1,350 6,440 154,430 225,750 6,640 37,440 14,262 May 31 391,880 269,630 60,260 61,990 64,810 469,530409,520 17,520 1,370 4,160 157,450229,020 7,080 37,800 14,246 June 30 396,754 273,970 58,537 64,247 66,210 476,268417,790 18,030 1,469 5,159 161,138 231,995 5,208 38,217 14,247 July 26, 401,010 274,930 61,510 64,570 63,150 477,020416,12017,020 1,480 5,920157,800233,900 6,910 37,940 14,247 Aug. 30, 404,280 274,870 63,51065,900 59,840 476,930414,95016,750 1,550 3,640 156,220 236,790 6,520 38,330 14,245 Sept. 27, 409,200 278,140 64,500 66,56062,300 484,480422,66017,040 1 ,530 7,020 159,300 237,770 6,470 38,160 14,244 Oct. 25 412,380 278,430 66,630 67,320 62,300 487,590425,670 17,170 1,430 6,680 161,030239,360 6,140 38,650 14,236 Nov. 29 415,110 279,740 67,250 68,120 62,650 490,710427,760 16,970 1,340 4,980 163,730 240,740 6,920 38,890 14,240 Dec. 30 424,134287,543 66,75269,83978,924517,374455,501 21,883 1,314 5,240184,139 242,925 5,84639,371 14,223 1968—Jan. 31 421,940284,980 66,57070,39067,710503,580439,74017,470 1,320 6,920 168,580245,450 6,82039,430 14,219 Feb. 28 423,280 284,660 67,55071,07065,660502,570 437,63016,920 1,370 9,060 162,640 247,640 7,270 39,590 14,219 Mar. 27 r 423,570 285,750 65,51072,31064,860502,640 435,99016,710 1 ,280 5,320 163,030249,650 8,15039,670 Apr. 24” 427,440290,280 63,88073,28064,750506,420438,59017,340 1 ,230 3,950 166,410 249,660 8,930 39,900 Commercial banks: 1941—Dec. 31. 50,746 21,714 21,808 7,225 26,551 79,104 71,283 io,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31. 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14, 065 105, 921 30,241 219 8,950 14,011 1947—Dec. 316 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 1966—Dec. 31 . 322,661 217,726 56,16348,77269,119403,368352,287 19,770 967 4,992 167,751 158,806 4,859 32,054 13,767 1967—Apr. 26, 328,830218,730 56,150 53,950 60,380 400,610 347,590 16,560 1,350 6,440 154,370 168,870 6,640 32,580 13,758 May 31. 330,400219,880 55,830 54,690 63,710 405,880 352,140 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 5,152161,048 173,833 5,166 33,285 13,744 July 26 338,570224,780 57,110 56,680 62,070412,380 357,750 17,020 1,480 5,920 157,730 175,600 6,910 33,030 13,746 Aug. 30 341,230224,340 59,140 57,750 58,810 411,730 356,250 16,750 1,550 3,640 156,150 178,160 6,520 33,360 13,744 Sept. 27 345,780227,430 60,090 58,260 61,300 418,910 363,390 17,040 1,530 7,020 159,230 178,570 6,470 33,190 13,743 Oct. 25. 348,810227,420 62,370 59,020 61,300 421,870 366,250 17,170 1,430 6,680 160,940 180,030 6,14033,680 13,735 Nov. 29. 351,100228,460 62,850 59,790 61,730 424,650 368,100 16,970 1,340 4,980 163,640 181,170 6,920 33,890 13,739 Dec. 30 359,903235,954 62,473 61,47777,928451,012395,00821 ,883 1,314 5,234 184,066 182,511 5,777 34,384 13,722 1968—Jan. 31 . 356,970233,010 62,23061,73066,830436,580378,96017,470 1 ,320 6,920 168,490 184,760 6,82034,420 13,717 Feb. 28. 357,750232,420 63,15062,18064,760434,980376,490 16,920 1,370 9,060 162,550 186,590 7,27034,520 13,717 Mar. 27. 357,610233,370 61,10063,14063,950434,570374,190 16,710 1 ,280 5,320 162,950 187,930 8.15034,600 13,711 Apr. 24” 361,110237,750 59,55063,81063,900438,040376,540 17,340 1 ,230 3,950 166,330 187,690 8,93034,830 Member banks: 1941—Dec. 31.. 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31. . 107,183 22,775 78,338 6,07029,845 138,304 129,670 13,576 6422,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31.. 97,846 32,628 57,914 7,30432,845 132,060 122,528 (2,353 50 1,176 80,609 28,340 54 8,464 6,923 1966—Dec. 31 .. 263,687182,802 41,92438,96060,738 334,559291,063 18,788 794 4,432 138,218 128,831 4,61826,278 6,150 1967—Apr. 26 . 268,466 182,821 42,001 43,644 53,487 331,864286,486 15,742 1,172 5,899 126,642 137,031 6,400 26,749 6.127 May 31, 269,654 183,480 41,900 44,274 56,487336,422290,441 16,716 1,194 3,629 129,570 139,332 6,765 27,009 6,113 June 30 273,266 186,814 40,636 45,816 57,391 341,290296,54817,167 1,314 4,580 132,546 140,942 4,92027,237 6,108 July 26, 276,381 187,536 42,95745,888 55,166 341,784294,976 16,187 1,326 5,286 129,674 142,503 6,625 27,061 6,108 Aug. 30 278,259 187,130 44,416 46,713 52,060340,576 293,115 15,891 1 ,393 3,128 128,086 144,617 6,20927,318 6,100 Sept. 27. . 281,993 189,870 45,00347,120 54,477 346,853 299,33416,162 1,377 6,318 130,683 144,794 6,141 27,233 6,095 Oct. 25 . 284,341 189,676 46,967 47,698 54,470349,107 301,584 16,284 1,275 6,051 132,075 145,899 5,808 27,575 6,086 Nov. 29, . 285,700 190,515 47,091 48,09454,809350,888302,689 16,082 1 ,189 4,356 134,283 146,779 6,456 27,734 6,083 Dec. 30 . 293,120196,849 46,95649,315 68,946373,584326,03320,811 1,169 4,631 151,980 147,442 5,37028,098 6,071 1968—Jan. 31 . 290,389 194,262 46,57949,548 59,102 360,773 311,534 16,668 1,170 6,313 138,263 149,120 6,427 28,142 6,064 Feb. 28 . 290,844193,582 47,35449,908 57,129 358,945 309,012 16,112 1,223 8,094 133,136150,447 6,82528,188 6,060 Mar. 27. . 290,527 194,303 45,51050,71456,437 358,402 306,703 15,917 1,129 4,707 133,587 151,363 7,65528,250 6.047 Apr. 24” . 293,281 197,820 44,285 51.17656,320361,004308,156 16,534 1 ,083 3,438 136,258 150,843 8,58428,424 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 li;978 1,718 886 19,714 17,763 1 3 14 17,745 1,889 533 1966—Dec. 31. . 59,023 48,296 4,753 5,973 966 61,008 55,350 1 7 70 55,271 69 4,871 504 1967—Apr. 26, 60,830 49,310 4,480 7,040 1,070 62,980 56,940 60 56,880 4,860 504 May 31 . 61,480 49,750 4,430 7,300 1,100 63,650 57,380 70 57,310 4,920 503 June 30 . 61,898 50,018 4,304 7,576 1,152 64,150 58,259 1 7 90 58,161 42 4,932 503 July 26. . 62^440 50,150 4,400 7,890 1,080 64,640 58,370 70 58,300 4,910 501 Aug. 30, . 63 050 50 530 4,370 8 150 1,030 65,200 58,700 70 58,630 4,970 501 Sept. 27. . 63,420 50,710 4,410 8,300 1,000 65,570 59,270 70 59,200 4,970 501 Oct. 25. . 63,570 51,010 4,260 8,300 1,000 65,720 59,420 90 59,330 4,970 501 Nov. 29. 64,010 51,280 4,400 8,330 920 66,060 59,660 90 59^570 5,000 501 Dec. 30 64,231 51,590 4,280 8,362 996 66,362 60,494 1 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, 65,530 52 240 4,400 8,890 900 67,590 61,140 90 61,050 5,070 502 Mar. 27' 65,960 52,380 4,410 9,170 910 68,070 61,800 80 61,720 5,070 501 Apr. 24” 66,330 52,530 4,330 9,470 850 68,380 62,050 80 61,970 5,070 For notes see p. A-22. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-20 COMMERCIAL AND MUTUAL SAVINGS BANKS □ MAY 1968 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Lo ‘ a . n 2 s G U S o .S v e t . c . urit O ie t s her a C ss a e s t h s 3 c b T a i a l l a o i i p n t a c t i i d e ­ a t ­ a s l l Total’ m I D n a e t n e ­ d rba T n i k m 3 e Dema O n t d her Time1 r B i o n o g w r s ­ ­ c c T a o a o p u c t i n ­ a ta t l s l b N a b u o n e m f k r s ­ 2 counts4 U.S. Other Govt. Reserve city member banks: New York City:7’3 1941—Dec. 31................... 12,896 4,072 7,265 1 ,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31................... 26i143 7,334 17,574 1 ,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31................... 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1966—Dec. 31................... 46,536 35,941 4,920 5,674 14,869 64,424 51,837 6,370 467 1,016 26,535 17,449 1,874 5,298 12 1967—Apr. 26. 46,656 35,541 4,766 6,349 12,756 62,311 49,602 5,287 726 1,768 23,630 18,191 2,163 5,485 12 May 31................... 46,240 35,151 5,130 5,959 15,394 64,794 51,682 5,954 733 695 25,594 18,706 2,416 5,598 12 June 30................... 47,701 36,441 5,048 6,212 14,688 65,668 52,665 6,183 817 1,021 25,656 18,987 1,841 5,604 12 July 26................... 48,380 36,683 5,408 6,289 14,431 65,964 51 ,953 5,495 836 1,190 24,75419,678 2,536 5,600 12 Aug. 30................... 48,521 36,360 5,634 6,527 12,940 64,698 50,639 5,102 867 574 24,011 20,085 2,140 5,663 12 Sept. 27................... 49,435 36,981 5,599 6,855 13,206 65,951 52,050 5,311 816 1,686 24,506 19,731 1,688 5,680 12 Oct. 25................... 49,718 36,480 6,443 6,795 13,672 66,592 52,552 5,252 757 1,719 24,80220,022 1,695 5,708 12 Nov. 29................... 49,805 36,799 6,257 6,749 13,106 66,251 52,163 5,254 752 828 24,83620,493 1 ,946 5,729 12 Dec. 30.................. 52,141 39,059 6,027 7,055 18,797 74,609 60,407 7,238 741 1 ,084 31,28220,062 1 ,880 5,715 12 12 1968—Jan. 31................... 50,898 38,303 5,607 6,988 15,642 70,187 55,544 5,826 719 1,562 27,530 19,907 1,979 5,774 Feb. 28................... 50,198 37,325 5,771 7,102 14,125 67,771 53,282 5,371 712 1,641 25,854 19,704 1,935 5,729 12 Mar. 27................... 49,973 37,334 5,151 7,488 14,275 67,903 52,675 5,484 630 1,258 25,667 19,636 2,283 5,740 12 Apr. 24"................. 50,150 37,842 4,734 7,574 13,961 67,654 52,036 5,696 598 575 26,089 19,078 2,809 5,766 1 2 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................... 11,802 8,756 1,545 1,502 2,638 14,935 12,673 1,433 25 310 6,008 4,898 484 1,199 11 1967—Apr. 26................... 12,127 8,475 1,886 1,766 2,576 15,176 12,345 1,182 11 370 5,264 5,518 702 1,202 11 May 31................... 11,995 8,426 1,822 1 ,747 2,691 15,171 12,633 1,319 11 154 5,488 5,661 644 1,223 11 June 30................... 12,133 8,924 1,576 1,633 2,432 15,073 12,814 1,270 20 299 5,537 5,686 359 1,224 11 July 26................... 12,272 8,961 1 ,679 1,632 2,920 15,702 12,877 1,321 10 293 5,416 5,837 655 1,214 I 1 Aug. 30................... 12,252 8,923 1,714 1,615 2,606 15,352 12,668 1,242 11 127 5,246 6,042 498 1,226 11 Sept. 27................... 12,249 9,065 1,574 1 ,610 2,791 15,556 12,986 1,230 14 432 5,346 5,964 490 1,224 11 Oct. 25................... 12,300 8,904 1,652 1 ,744 2,623 15,416 12,943 1,224 8 347 5,385 5,979 416 1,234 H Nov. 29................... 12,350 8,843 1 ,701 1,806 2,560 15,375 12,860 1,156 9 227 5,430 6,038 650 1 ,225 10 Dec. 30.................. 12,744 9,223 1 .574 1 ,947 2,947 16,296 13,985 1 ,434 21 267 6,250 6,013 383 1 ,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 1,352 10 Feb. 28................... 12,771 9,042 1 ,764 1 ,965 2,713 16,068 13,162 1,177 10 496 5,439 6,040 585 1 ,339 10 Mar. 27................... 12,522 8,903 1 ,746 1 ,873 2,815 15,974 12,450 1,128 10 164 5,311 5,837 853 1 ,323 9 Apr. 24"................. 12,729 9,041 1 ,879 1 ,809 2,606 15,959 12,407 1,185 9 134 5,401 5,678 835 1 ,337 9 Other reserve city:7’3 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 51i898 49', 085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31.................. 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 1 2,844 353 1966—Dec. 31................... 95,831. 69,464 13,040 13,32624,228 123,863 108,804 8,593 233 1,633 49,00449,341 1,952 9,471 169 1967—Apr. 26................... 97,913 68,684 13,065 16,16421,543 123,100 107,154 7,290 371 2,334 44,52252,637 3,050 9,642 166 May 31................... 98,906 69,174 12,938 16,79421,164 123,823 107,604 7,477 386 1,375 45,11453,252 3,072 9,701 166 June 30................... 99,460 69,765 12,455 17,24022,222 125,502 110,225 7,667 370 1 ,880 46,39653,912 2,109 9,755 166 July 26................... 100,800 69,989 13,437 17,37421,178 125,666109,736 7,390 411 2,280 45,45654,199 2,862 9,739 165 Aug. 30................... 101,242 70,004 13,733 17,505 20,084 125,091 108,768 7,514 446 1,198 44,751 54,859 2,959 9,792 165 Sept. 27.................. 102,633 71,321 13,926 17,38621,617 128,028 111,366 7,532 478 2,499 45,83455,023 3,304 9,840 164 Oct. 25................... 103,434 71 ,515 14,409 17,510 21,311 128,525 112,050 7,705 404 2,474 46,278 55,189 3,037 9,887 162 Nov. 29................... 103,221 71,628 14,127 17,46621,957 128,973 112,429 7,555 322 1,803 47,335 55,414 2,937 9,931 163 Dec. 30.................. 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 17,79922,782 132,083 115,168 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 ,820 130,999 113,620 7,247 393 1,679 46,687 57,614 3,523 10,087 164 Apr. 24"................. 105,895 74,447 1 3,362 18,086 22,081 132,087 113,892 7,573 380 1 ,405 47,248 57,286 4,245 10,127 163 Country member banks:7’3 1941—Dec. 31................... 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31................... 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 11 2,525 6,476 1947—Dec. 31................... 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934 6,519 1966—Dec. 31................... 109,518 68,641 22,419 18,458 19,004 131,338 117,749 2,392 69 1,474 56,67257,144 308 10,309 5,958 1967—Apr. 26................... 111,770 70,121 22,284 19,365 16,612 131,277 117,385 1,983 64 1,427 53,22660,685 485 10,420 5,938 May 31................... 112,513 70,729 22,010 19,774 17,238 132,634118,522 1,966 64 1,405 53,37461,713 633 10,487 5,924 June 30................... 113,972 71,684 21,55720,731 18,049 135,047 120,845 2,047 106 1,380 54,95662,356 611 10,655 5,919 July 26................... 114,929 71,903 22,43320,593 16,637 134,452 120,410 1,981 69 1,523 54,048 62,789 572 10,508 5,920 Aug. 30................... 116,244 71,843 23,335 21,066 16,430 135,435 121,040 2,033 69 1,229 54,07863,631 612 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 55,61064,709 660 10,746 5,901 Nov. 29................... 120,324 73,245 25,00622,073 17,186 140,289 125,237 2,117 106 1,498 56,68264,834 923 10,849 5,898 Dec. 30................... 122,511 74,995 24,689 22,82620,334 146,052 131,156 2,766 96 1 ,564 61,161 65,569 552 11,005 5,886 1968—Jan. 31................... 121,777 74,092 24,88022,805 17,907 142,572127,617 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 It,045 5,874 Mar. 27.................... 122,968 74,834 24,823 23,311 17,527 143,526 127,958 2,058 96 1 ,606 55,92268,276 996 11,100 5,862 Apr. 24"................. 124,507 76,490 24,31023,707 17,672 145,304129,821 2,080 96 1,324 57,52068,801 695 11,194 .......... For notes see p. A-22. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ COMMERCIAL AND MUTUAL SAVINGS BANKS A—21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets—• Securities Total Interbank 3 Other b c C a a la n ll s k d s a a o t n e f d Total Lo l a . n 2 s G U o .S vt . . Oth 2 er as C s a e s ts h 3 c c b o a a i u l a l i p i n a n c t i i d ­ t e t ­ a s s l 2 Total3 m D a e n ­ d Time G U o .S D vt . e . ma O n t d her Ti 1 m ,5 e r B i o n o g w s r­ ­ c c T a o a o u p c t n i a ­ t t a l s l b N a b o u n e f m k r s ­ Insured commercial: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 io,554 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,27629,876 215 8,671 13,297 1947—Dec. 31.. 1(4,274 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.. 303,593 200,109 59,12044,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,32529,827 13,540 1966—Dec. 31.. 321,473 217,379 55,78848,307 68,515 401,409 351,438 19,497 881 4,975 166,689 159,390 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 5,050 32,843 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 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53.541 19,278 45 5,409 5,005 1965—Dec. 31.. 176,605 118,537 32,347 25,720 36,880 219,744 193,860 12,064 458 3,284 92,533 85,522 2,627 17,434 4,815 1966—Dec. 31.. 187,251 129,182 30,355 27,713 41,690 235,996 206,456 12,588 437 3,035 96,755 93,642 3,120 18,459 4,799 1967—June 30.. 195,339 132,725 29,54433,070 39,461 242,039 211,098 11,330 746 3,202 93,063 102,757 3,419 19,098 4,780 Dec. 30.. 208,971 139,3(5 34,30835,348 46,634 263,375 231,374 13,877 652 3,142 106,019 107,684 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 I 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1965—Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,598 34,680 1,607 7,492 1,406 1966—Dec. 31.. 77,377 54,560 11,569 11,247 19,049 99,504 85,547 6,200 357 1,397 41,46436,129 1,498 7,819 1,351 1967—June 30.. 78,908 55,070 11,091 12,747 17,931 100,232 86,432 5,837 567 1,379 39,48239,166 I ,501 8,140 1,328 Dec, 30.. 85,128 58,513 12,649 13,966 22,312 111,188 95,637 6,934 516 1,489 45,961 40,736 1,892 8,368 1 ,313 Insured nonmember commercial: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 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 61,216 611 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 ,00434,640 162 5,830 7,440 Noninsured nonmem­ ber commercial: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1,291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1 905 365 4 279 714 1947—Dec. 31 6. 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1965—Dec. 31.. 2,455 1,549 418 489 572 3.200 2,113 277 85 17 1,121 612 147 434 263 1966—Dec. 31.. 2,400 1,570 367 463 604 3,171 2,073 274 86 17 1,062 633 142 434 233 1967—June 30.. 2,376 1,517 354 506 513 3,071 2,058 251 69 16 1,057 664 116 430 218 Dec. 30.. 2,638 1 ,735 370 533 579 3,404 2,172 285 58 15 1 ,081 733 246 457 211 Nonmember commercial: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 4_7 5,504 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31.. 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1965—Dec. 31.. 54,483 31,858 14,555 8,070 8,085 63,879 56,919 972 168 635 28,64926,495 238 5,345 7,583 1966—Dec. 31.. 59,257 35,206 14,239 9,812 8,381 69,092 61,506 983 173 560 29,53230,258 241 5,776 7,617 1967—June 30.. 61,882 37,429 13,597 10,855 7,667 71,119 63,274 862 154 571 28,50233,183 246 6,048 7,636 Dec. 30.. 67,087 39,409 15,516 12,162 8,983 77,732 69,279 1 ,071 147 603 32,085 35,372 408 6,286 7,651 For notes see p. A-22, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-22 COMMERCIAL AND MUTUAL SAVINGS BANKS □ MAY 1968 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposit Total assets— Class of Securities Cash T l o ia ta - l Interbank 3 Other Bor- Total N b u e m r ­ b c a a n ll k d a a n te d Total Lo l a » n 2 s G U o .S v . t. Oth 2 er assets 3 c c b o a a i u a l p l n n c ti i d t ­ e t s a s l 2 Total 3 m D a e n ­ d Time U.S D . e ma O n t d her T 1 im »5 e r i o ng w s ­ c c a o a p u c i n ­ ta ts l ba o n f ks Govt. 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 12 10,351 I 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 •••■.. 1 2 12 12,192 .....1. .,.2..52 194 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 42952,474 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. 316 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1965—Dec. 31.. 7,526 5,325 1,710 491 113 7,720 6,874 1 8 6,865 1 706 177 1966—Dec. 31.. 7,756 5,705 1,429 621 119 7,961 7,096 1 19 7,076 732 174 1967—June 30.. 8,113 5,871 1,269 972 136 8,343 7,383 I 36 7,346 742 171 Dec. 30.. 8,295 6,100 1,169 1 ,026 115 8,499 7,584 1 20 7,563 I 749 170 t See table “Deposits Accumulated at Commercial Banks for Payment 8 Beginning with May 18, 1964, one New York City country bank with of Personal Loans'^ and its notes on p. A-23. loans and investments of $1,034 million and total deposits of $982 million 2 Beginning June 30, 1966, loans to farmers directly guaranteed by was reclassified as a reserve city bank. Beginning with May 13, 1965, CCC were reclassified as securities, and Export-Import Bank portfolio Toledo, Ohio, reserve city banks with total loans and investments of fund participations were reclassified from loans to securities. This reduced $530 million and total deposits of $576 million were reclassified as country “Total loans” and increased “Other securities” by about $1 billion. banks. “Total loans” include Federal funds sold, and beginning with June 1967 securities purchased under resale agreements, figures for which are shown Note,—Data are for all commercial and mutual savings banks in the for commercial banks on pp. A-24 and A-25. United States (including Alaska and Hawaii, beginning with 1959). For 3 Reciprocal balances excluded beginning with 1942. definition of “commercial banks” as used in this table, and for other 4 Includes other assets and liabilities not shown separately. banks that are included under member banks, see Note, p. 643, May 1964 s Figures for mutual savings banks include relatively small amounts Bulletin. of demand deposits. Beginning with June 1961, also includes certain Comparability of figures for classes of banks is affected somewhat by accounts previously classified as other liabilities. changes in F,R. membership, deposit insurance status, and the reserve 6 Beginning with Dec. 31, 1947, the series was revised; for description, classifications of cities and individual banks, and by mergers, etc. see note 4, p. 587, May 1964 Bulletin. Data for national banks for Dec. 31, 1964, have been adjusted to make 7 Regarding reclassification of New York City and Chicago as reserve them comparable with State bank data. cities, see Aug. 1962 Bulletin, p. 993. For various changes between Figures are partly estimated except on call dates. reserve city and country status in 1960-63, see note 6, p. 5 87, May 1964 For revisions in series before June 30, 1947, see July 1947 Bulletin, Bulletin. pp. 870-71. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ COMMERCIAL BANKS A-23 LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total 1, 2 Loans1,2 Total I,2 Loans1,2 G U o .S vt . . Other2 G U o .S vt . . Other2 1959—Dec. 31................................................................... 185.9 107,5 57.9 20.5 189,5 110 0 58,9 20 5 I960—Dec 31.................................................................... 194.5 113,8 59.8 20.8 198.5 116 7 61 0 20 9 1961—Dec. 30.................................................................... 209.6 120.5 65.2 23.9 214.4 123.9 66.6 23.9 1962—Dec. 31.................................................................... 227.9 134,1 64.5 29,2 233.6 137.9 66.4 29 3 1963—Dec, 31.................................................................... 246,2 149.7 61.5 35.0 252.4 153.9 63.4 35'1 1964—Dec 31.................................................................... 267,2 167.7 60.7 38.7 273.9 172.1 63.0 388 1965—Dec. 31................................................................... 294.4 192.4 57.3 44.8 301.8 197.4 59.5 44*9 1966—Dec. 31................................................................... 310.2 207,8 53,7 48.7 317.9 213,0 56.2 48 8 (967—Apr. 26.................................................................... 323.2 213.5 56.1 53.6 322.5 212.4 56.2 54 0 May 31................................................................... 324.6 213 5 56.1 55 0 323.6 213 1 55 8 547 June 30,, ............................................................. 325.6 213.9 55.4 56.3 329.5 218.6 54.2 56,7 332.4 217.1 58.8 56.5 331.8 218.0 57.1 56.7 337.3 218.2 61.8 57.3 334.2 217,3 59.1 57.8 Sept. 27................................................................... 339.5 220.2 61.6 57.7 338.8 220.4 60.1 58 3 Oct. 25... ............................................................ 342.6 221.8 62.3 58 6 341.6 220.2 62,4 59 0 Nov. 29................................................................... 344.4 222.3 61.8 60.3 344.1 221 5 62.9 59 8 Dec. 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 J'................................................................. 353.0 228.7 61.8 62.6 350.6 225.2 63.2 62.2 Mar. 27 p........................................................ 351.8 228.5 59.9 63.5 351.1 226.9 61.1 63.1 Apr. 24 ^................................................................. 354.8 232.1 59.2 63.4 354. 1 230.8 59.6 63.8 1 Adjusted to exclude interbank loans. Note.—Data are for last Wed. of month except for June 30 and Dec. 2 Beginning June 9, 1966, about $1.1 billion of balances accumulated 31; data are partly or wholly estimated except when June 30 and Dec. 31 for payment of personal loans were deducted as a result of a change in are call dates. Federal Reserve regulations. , The data in this table are revised. For a description of the revision and Beginning June 30, 1966, CCC certificates of interest and Export­ for back data beginning with January 1959, see the Sept. 1967 Bulletin, Import Bank portfolio fund participation certificates totaling an estimated pp, 1511-17; for data for 1948-58 see the Aug. 1966 Bulletin, pp. 952­ $1 billion are included in “Other securities’’ rather than “Other loans.” 55. For a description of the semiannually adjusted series, see the July 1962 Bulletin, pp. 797-802. DEPOSITS ACCUMULATED AT COMMERCIAL BANKS FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of bank June 30, Dec. 31, June 30, Dec. 30, Class of bank June 30, Dec. 31, June 30, Dec. 30, 1966 1966 1967 1967 1966 1966 1967 1967 All commercial....................... 1.150 1 ,223 1 ,272 1,283 All member (cont.)— Insured..................................... 1 ,150 1,223 1 ,271 1,283 Other reserve city................ 338 370 389 362 National member .............. 678 729 764 747 Country............................... 532 571 591 617 State member........................ 193 212 217 232 All non member................... 280 283 291 304 All member.......... ................... 870 941 981 979 Insured.................................. 219 282 291 304 New York City....................... Noninsured.................... 1 City of Chicago...................... ................ Note.—These hypothecated deposits are excluded from “Time depos­ These deposits have not been deducted from “Loans” and “Time de­ its” and “Loans” at all commercial banks beginning with June 30, 1966, posits” in the table on pp. A-21 and A-22, or from “Loans” and “Time as follows: in the tables on pp. A-19—A-22; in the table at the top of this deposits, IPC” in the tables on pp. A-24 and A-25. page; and in the tables on pp. A-26—A-29 (consumer instalment loans). Details may not add to totals because of rounding; also, mutual savings These changes resulted from a change in the Federal Reserve regulations. banks held $166,000 of these deposits on June 30, 1966, $268,000 on See June 1966 Bulletin, p. 808. Dec. JI, 1966, $244,000 on June 30, 1967, and $94,000 on Dec. 30, 1967. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-24 COMMERCIAL BANKS □ MAY 1968 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans i Investments For purchasing fina T n o ci . al U.S. Government Total Fed­ or carrying institutions securities 6 Class of loans t eral Com­ securities Other, State bank and and funds mer­ Agri- Real to and Other call date invest­ sold, Total cial cul- es­ in­ Other local secu­ ments etc. 2 3,4 and tur- To tate di­ 5 govt, rities 3 in­ al 5 bro­ vid- Bills secu­ d tr u ia s l ­ k a e n r d s ot T h o e rs Banks Others uals3 Total c a e n rt d if i­ Notes Bonds rities deal­ cates ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 94769,221 9,982 6,03453,205 5,2763,729 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.a. n.a.38,6556,201 1966—Dec. 31.. 323,885 2,544216,40580,598 8,555 5,821 3,203 2,189 13,30253,95047,943 5,183 56,163 n.a. n.a. n.a. 41,0037,769 1967—June 30.. 336,129 3,944221,28084,5399,333 4,598 3,326 1,78412,234 55,27549,5305,065 54,233 n.a. n.a. n.a.46,8739,799 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.a. n.a.50,00611,471 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,3143,1643,606 49 4,677 2,361 1,13288,91221,526 16,045 51,342 3,873 3,258 1947—Dec. 31,. 114,274 37,583 18,012 1,610 823 1,190 114 9,266 5,654 91467,941 9,676 5,91852,347 5,1293,621 1965—Dec. 31.. 303,593 2,064 198,04570,8878,191 5,088 3,172 2,093 13,14849,02645,2905,15559,12013,134 13,23333,85838,4195,945 1966—Dec. 31.. 321,473 2,461 214,91880,0608,5365,643 3,148 2,131 13,14853,68647,770 5,127 55,788 12,080 13,439 31,53640,761 7,545 1967—June 30.. 333,742 3,874219,83384,013 9,313 4,383 3,273 1,701 12,11455,05649,359 5,01753,871 8,563 14,653 31,918 46,6069,558 Dec. 30.. 358,536 3,919231 ,583 87,8709,2506,017 3,719 1 ,848 12,39459,20951,395 5,60662,094 n.a. n.a. n.a.49,737 11,204 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 1,065 113 7,130 4,662 83957,914 7,803 4,81545,295 4,1993,105 1965—Dec. 31.. 251,577 1,861 167,93963,979 5,0994,9152,714 2,008 12,475 38,98836,418 4,83244,992 9,441 10,10626,367 32,5884,198 1966—Dec. 31.. 264,627 2,119 181,62472,553 5,318 5,3892,660 2,047 12,34942,38437,925 4,75741 ,924 8,567 9,78924,60933,8005,160 1967—June 30.. 274,247 3,377 184,41875,921 5,7374,175 2,743 1,620 11,35443,13038,9124,63040,636 5,769 10,971 24,85539,0856,731 Dec. 30.. 294,098 3,438 194,38979,3445,7025,8203,099 1 ,754 11,58745,52840,4545,19046,956 n.a. n.a. n.a.41,5207,795 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 26 80 287 272 17,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 ......... 545 267 93 Hl 564 238 11,972 1,642 558 9,772 638 604 1965—Dec. 31.. 44,763 412 32,713 18,075 202,866 665 1,010 3,471 3,139 2,928 1,340 5,203 1,538 987 2,876 5,879 556 1966—Dec, 31., 46,536 109 35,83221,214 17 3,109 598 1,025 3,265 3,465 2,799 1,209 4,920 1,871 942 2,286 4,967 708 1967—June 30.. 47,701 423 36,01822,352 142,579 644 791 3,084 3,364 2,889 1,169 5,048 1,216 1,753 2,274 5,485 728 Dec. 30.. 52,141 415 38,64423,183 13 3,874 831 914 2,990 3,431 3,099 1 ,285 6,027 n.a. n.a. n.a. 6,318 737 City of Chicago: 1941—Dec. 31.. 2,760 954 732 6 48 52 1 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,213 1,600 749 1,864 181 204 1947—Dec. 31.. 5,088 .......... 1,801 1,418 3 73 87 ...... 46 149 26 2,890 367 248 2,274 213 185 1965—Dec. 31.. 11,455 72 8,147 4,642 32 444 244 188 1,201 577 762 316 1,700 542 273 961 1,400 137 1966—Dec. 31.. 11,802 31 8,724 5,311 64 406 222 181 1,161 622 751 273 1,545 353 256 1,004 1,328 174 1967—June 30.. 12,133 192 8,732 5,562 41 309 205 174 1,019 671 741 281 1,576 308 385 951 1,434 199 Dec. 30.. 12,744 266 8,958 5,714 46 459 220 1 62 951 675 754 241 1 ,574 n.a. n.a. 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 9541,108 635 5,820 15,05614,305 1,999 14,354 2,972 3,281 8,432 11,5041 ,022 1966—Dec. 31.. 96,201 817 69,017 28,090 1,251 1,084 1,079 684 5,748 16,04414,375 1,968 13,040 2,552 2,673 8,222 12,033 1,294 1967—June 30.. 99,850 1,168 68,98728,887 1,360 695 1,064 539 5,323 16,098 14,548 1,798 12,455 1 ,539 2,918 8,360 15,2402,000 Dec. 30.. 106,086 1,219 72,71330,609 1,311 881 1 ,1 43 578 5,44616,969 15,0472,148 14,667 n.a. n.a. 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 1,2221,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 5,732 4,544 16,722 1,342 1,067 1947—Dec. 31.. 36,324 .......... 10,199 3,096 818 23 227 5 .......... 3,827 1,979 22422,857 3,063 2,108 17,687 2,006 1,262 1965—Dec. 31.. 103,362 905 62,433 16,4783,840 650 698 174 1,98320,217 18,423 1,17723,735 4,389 5,565 14,098 13,8052,483 1966—Dec. 31.. 110,089 1,161 68,051 17,9383,986 790 761 157 2,175 22,25320,000 1,30722,419 3,791 5,917 13,096 15,4732,985 1967—June 30.. 114,563 1,594 70,681 19,1204,323 591 830 116 1,92822,99620,735 1,38321,557 2,706 5,915 13,270 16,9263,804 Dec. 30.. 123,127 1 ,538 74,07419,8394,332 607 906 100 2,20024,45321,5541,51624,689 n.a. n.a. n.a. 18,3384,488 Nonmember: 1947—Dec. 31., 18,454 5,432 1,205 614 20 156 2 2,266 1,061 109 11,318 2,179 1,219 7,920 1,078 625 1965—Dec. 31.. 54,483 242 31,616 7,458 3,113 343 516 151 817 10,312 9,050 383 14,555 n.a. n.a. n.a. 6,0672,003 1966—Dec. 31.. 59,257 425 34,781 8,045 3,237 431 543 142 953 11,566 10,018 427 14,239 n.a. n.a. n.a. 7,2032,609 1967—June 30.. 61,882 567 36,862 8,6183,596 423 583 164 879 12,145 10,618 435 13,597 n.a. n.a. n.a. 7,7873,068 Dec, 30.. 67,087 618 38,791 9,0993,568 395 681 148 948 13,997 11 ,131 469 15,516 n.a. n.a. 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.e., before deduction of valuation reserves); they do not preceding table. add to the total and are not entirely comparable with prior figures. Total 5 Beginning with June 30, 1966, loans to farmers directly guaranteed loans continue to be shown net. by CCC were reclassified as “Other securities,” and Export-Import Bank 2 Includes securities purchased under resale agreements prior to June portfolio fund participations were reclassified from loans to “Other se­ 30, 1967—they were in loans, for the most part in loans to banks. Prior curities.” This increased “Other securities” by about $1 billion. to Dec. 1965, Federal funds sold were included with total loans and loans « Beginning with Dec. 31, 1965, components shown at par rather than to banks. at book value; they do not add to the total (shown at book value) and arc 3 See table (and notes) entitled Deposits Accumulated at Commercial not entirely comparable with prior figures. Banks for Payment of Personal Loans, p. A-23. For other notes see opposite page. 4 Breakdowns of loan investment and deposit classifications are not Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ COMMERCIAL BANKS A-25 RESERVES AND LIABILITIES BY CLASS OF BANK (In minions of dollars) Demand deposits Time deposits b c C a a la n ll s k d s a a o n te d f s B F w e R a r . i n v R e th e k ­ . s s r C c e a o n n u i c d r n ­ y b m a w a B d n e n c a i o s t k e h l ­ t ­ s s ic 7 ju m p s D a o d a t s d e e e n i ­ ­ d t ­ d s 8 m D e In o st t ­ i e c r 7 !> e a F n ig o k n r­ 9 G U o .S vt . . S g lo a o t n c a v a d t t e l . c C c h o a e f e e i e t n e f c r f r c d d s i . t k ­ i ’ ­ s, I PC I b n a te nk r­ G P S U i a n o o a n . g s S v v d s t ­ . t a , l S l g o a o t n c a v d a t t e l . 1PCJ B r in o o g w r s ­ ­ C co a a t u a c p n l ­ i­ ts Total: 3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 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 4,472 30,272 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 4,859 32,054 1967—June 30.... 18.999 4,854 14,524 137,267 16,338 1,691 5,152 15,207 7,527 138,314 1 ,468 267 15,669 159,170 5,166 33,285 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 15,892 167,6345,77734,384 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—Dec. 31. . .. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 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 12,135 133,686 4,325 29,827 1966—Dec. 31.... 19,069 5,426 15,348 140,835 17,713 1,784 4,975 14,951 6,956 144,782 881 238 13,414 145,744 4,717 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 15,614 158,560 5,050 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 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6t270 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 4,234 24,926 1966—Dec. 31.... 19,069 4,249 9,400 112,920 17,051 1,736 4,432 11,406 6,396 120,417 794 213 10,983 118,576 4,618 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 12,747 128,936 4,920 27,237 Dec. 30.... 20,275 4,646 10,550 121,530 18,951 1,861 4,631 11,857 7,940 132,184 1,169 235 12,856135,3295,37028,098 New York City: 1941—Dec. 31... . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31 . 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.. .. 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1 ,418 30 2,259 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 I,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 ,337 1 ,084 890 4,748 25,644 741 70 1,152 18,840 (,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—Dec. 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 I 356 4,541 484 1,199 1967—June 30.... 954 80 153 4,370 1,209 62 299 307 169 5,061 20 1 470 5,215 359 1 ,224 Dec. 30.... 1,105 94 151 4,758 1,357 77 267 283 217 5,751 2! 2 602 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 1963—Dec. 31.... 7,700 1,139 2,341 37,703 8,091 330 1,773 3,532 1,180 42,380 206 71 4,960 40,510 1,548 9,007 1966—Dec. 31. . .. 8,353 1,326 2,517 37,572 8,249 343 1,633 3,708 1,274 44,022 233 57 5,450 44,204 1,952 9,472 1967—June 30.... 8,084 1,131 2,165 36,147 7,325 342 1 ,880 3,399 1 ,380 41,617 370 78 6,094 48,1302,109 9,755 Dec. 30.... 8,618 1 ,452 2,805 39,957 8,985 390 1,715 3,542 I ,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—Dec. 31. ... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1965—Dec. 31.... 5,463 2,235 6,344 52,104 2,317 54 1,501 6,360 1,143 47,613 74 77 4,064 47,534 343 9,673 1966—Dec. 31.... 5,839 2,506 6,545 52,832 2,335 57 1,474 6,805 1,161 48,706 69 71 4,260 53,384 308 10,309 1967—June 30.,.. 5,565 2,237 6.180 51,156 2,005 42 1,380 7,064 1,222 46,670 106 75 5,054 57,819 611 10,655 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 (1,005 Nonmember:3 1947—Dec. 31.... 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 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 7 Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, see Note, p. 589, May 1964 8 Through 1960 demand deposits other than interbank and U.S. Bulletin.) These figures exclude data for banks in U.S. possessions Govt., less cash items in process of collection; beginning with 1961, except for member banks. Comparability of figures for classes of banks demand deposits other than domestic commercial interbank and U.S. is affected somewhat by changes in F.R. membership, deposit insurance Govt., less cash items in process of collection. status, and the reserve classifications of cities and individual banks, and 9 For reclassification of certain deposits in 1961, see note 6, p. 589, by mergers, etc. May 1964 Bulletin. Data for national, banks for Dec. 31, 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-26 WEEKLY REPORTING BANKS □ MAY 1968 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans 2 For purchasing To financial institutions or carrying securities Loans * Total net of loans valua­ Com­ To brokers To other Banks Nonbank Wednesday and tion mer­ and dealers Con­ Valua­ invest­ re­ cial Agri­ Real sumer For­ All tion ments 1 serves and cul­ estate instal­ eign other re­ indus­ tural U.S. U.S. Do­ Pers, ment govts. serves trial Govt, Other Govt, Other mes­ and se­ se­ se­ se­ For­ tic sales curi­ curi­ curi­ curi­ eign com­ finan. Other ties ties ties ties mer­ cos., cial etc. Large banks—- Total 1967 Apr. 5.......... 192.893 137,026 61,897 1,839 1,673 3,421 66 2,101 1 ,389 3,403 5,617 4,059 27,081 15,750 1 ,091 10,611 2,972 12.......... 191,803 135,678 61,795 1,854 1 ,459 3,221 66 2,113 1 ,374 2,720 5,468 4,053 27,094 15,768 I ,088 10,571 2,966 19.......... 193,806 137,133 62,441 1,856 1 ,375 3,441 64 2,116 1 ,376 2,963 5,703 4,110 27,111 15,784 1 ,080 10,679 2,966 26........... 192,720 136,693 62,345 1,857 1 ,175 3,210 68 2,150 1,353 3,050 5,632 4,176 27,139 15,799 1 ,093 10,607 2,961 1968 Mar, 6,........ 206,223 143,575 65,274 1 ,926 1 ,298 3,776 87 2,444 1 ,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 11,939 3,204 27........... 206,513 144,643 66,513 1 ,954 840 3,465 97 2,374 1 ,386 3,064 5,136 4,263 29,264 16,471 1,059 11,962 3,205 Apr. 3.......... 206,810 (45,328 67,013 1,957 684 3,446 98 2,350 1,334 3,260 5,291 4,306 29,268 16,503 1,059 11,979 3,220 10.......... 209,203 147,500 67,176 1 ,959 1,371 3,413 101 2,349 1 ,359 4,309 5,364 4,308 29,328 16,569 1 ,078 12,029 3,213 17........... 209,804 148,148 67,859 1 ,969 809 3,417 97 2,356 1 ,343 3,924 5,878 4,352 29,453 16,616 1,114 12,173 3,212 24.......... 208,402 147,185 67,573 1,972 901 3,475 93 2,346 1 ,339 3,623 5,302 4,392 29,507 16,680 1 ,071 12,124 3,213 New York City 1967 Apr. 5.......... 44,405 33,986 20,979 15 548 2,075 10 601 722 466 1 ,727 1,061 2,999 1,229 695 1,700 841 12........... 43,816 33,284 20,808 15 372 1 ,875 10 603 717 453 1 ,650 1 ,038 2,979 1,231 689 1,685 841 19.......... 44,885 34,091 21,103 15 395 2,041 10 604 726 623 1 ,737 1,044 2,986 1,233 685 1,730 841 26........... 44,698 34,286 21,065 14 461 (,888 II 607 703 925 1,748 1,074 2,984 1,227 699 1,721 841 1968 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 2,129 12 750 647 785 1 ,522 1,050 2,954 1 ,249 745 1 ,961 941 20.......... 47,829 36,302 22,030 21 413 2,111 12 746 671 1 ,604 1 ,568 1,100 2,965 1 ,251 781 1 ,970 941 27........... 47,037 35,453 22,191 20 506 2,010 12 741 681 792 1,388 1,124 2,959 1 ,250 735 1,985 941 Apr. 3........... 47,537 35,794 22,513 21 430 2,072 13 721 659 687 1,471 1,145 2,963 1,250 726 2,065 942 10.......... 47,639 35,843 22,473 19 679 1 ,973 12 718 680 483 1 ,554 1,142 2,975 1,251 736 2,090 942 17.......... 48,374 36,895 22,741 20 318 2,056 12 722 667 1 ,307 1 ,741 1 ,138 3,002 1 ,257 766 2,090 942 24........... 47,248 35,944 22,568 19 434 1 ,934 11 72$ 669 886 1 ,436 I ,137 3,002 1 ,268 742 2,056 943 Outside New York City 1967 Apr. 5........... 148,488 103,040 40,918 1 ,824 1,125 1,346 56 1 ,500 667 2,937 3,890 2,998 24,082 14,521 396 8,91 1 2,131 12.......... 147,987 102,394 40,987 1 ,839 1 ,087 1,346 56 1,510 657 2,267 3,818 3,015 24,115 14,537 399 8,886 2,125 19.......... 148,921 103,042 41 ,338 1 ,841 980 1 ,400 54 1,512 650 2,340 3,966 3,066 24,125 14,551 395 8,949 2,125 26........... 148,022 102,407 41,280 1 ,843 714 I ,322 57 1 ,543 650 2,125 3,884 3,102 24,155 14,572 394 8,886 2,120 1968 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 15,133 324 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 I ,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 15,221 324 9,977 2,264 Apr. 3........... 159,273 109,534 44,500 1,936 254 1,374 85 1,629 675 2,573 3,820 3,161 26,305 15,253 333 9,914 2,278 10.......... 161,564 111,657 44,703 1,940 692 I ,440 89 1 ,631 679 3,826 3,810 3,166 26,353 15,318 342 9,939 2,271 17........... 161,430 111,253 45,118 1,949 491 1 ,361 85 1 ,634 676 2,617 4,137 3,214 26,451 15,359 348 10,083 2,270 24........... 161,154 111,241 45,005 1 ,953 467 1 ,541 82 1,621 670 2,737 3,866 3,255 26,505 15,412 329 10,068 2,270 For notes see p. A-29. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ WEEKLY REPORTING BANKS A-27 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments Cash assets U.S. Government securities Other securities Balances with—■ Obligations of States Other bonds, Cash ____________ All Notes and bonds and corp.stocks items Cur- Re- other Wednesday maturing—• political and in rency serves assets Cer- subdiv. securities Total process and with Total Bills tifi- of coin F.R. cates collec- Do- For­ Banks Certif. tion mestic eign With- I to After Tax All of Other banks banks in 5 yrs. 5 yrs. war- other partici- secu- 1 yr, rants 3 pation4 rities Large banks— total 1967 26,078 4,618 315 3,034 12,201 5,910 3,259 22,680 1,267 2,583 43,381 20,748 4,297 218 2,373 15,745 7,982 ..... Apr. 5 26,106 4,530 316 3,071 12,269 5,920 3,364 22,763 1,293 2,599 43,754 21,333 3,968 224 2,625 15,604 7,881 ....................12 25,920 4,243 325 3,052 12,364 5,936 3,764 22,972 1 ,348 2,669 43,615 21,324 4,276 229 2,593 15,193 7,926 ....................19 25,320 3,601 324 3,056 12,369 5,970 3,778 22,982 1,341 2,606 42,063 19,632 3,895 215 2,672 15,649 8,066....................26 1968 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 28,155 4,368 4,012 14,363 5,412 4,382 25,832 1 ,623 2,714 45,503 22,248 4,319 199 2,811 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 20,975 3,989 204 2,885 16,472 9,599...................27 27,208 3,785 4,019 14,056 5,348 4,203 25,985 1 ,422 2,664 46,955 23,275 4,259 203 2,667 16,551 9,357. ... Apr. 3 27,089 3,718 3,963 14,060 5,348 4,295 26,324 1,325 2,670 49,372 26,738 4,242 206 2,761 15,425 9,279 10 26,606 3,376 3,896 13,962 5,372 4,640 26,390 1,341 2,679 47,770 23,821 4,404 221 2,882 16,442 9,405 17 26,120 2,908 3,913 13,985 5,314 4,597 26,462 1 ,336 2,702 44,131 21,999 4,200 209 2,902 14,821 9,487 ....................24 New York City 1967 4,622 1,136 92 418 1 ,738 1,238 816 4,149 180 652 13,401 7,953 263 91 327 4,767 2,761 ........Apr. 5 4,804 1,276 91 427 I ,775 1,235 809 4,126 176 617 12,895 7,743 169 106 336 4,541 2,682 ....................12 4,720 1,153 94 428 1,806 1,239 1,106 4,159 183 626 12,573 7,929 238 114 327 3,965 2,770 ....................19 4,519 931 93 430 1,831 1,234 990 4,124 179 600 12,538 7,606 234 94 327 4,277 2,818....................26 1968 4,905 932 659 2,142 1,172 1,663 4,281 65 661 14,790 9,507 280 117 377 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 1 15 380 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 5,134 1,218 655 2,037 1,224 1 ,610 4,303 41 655 14,331 9,195 277 97 375 4,387 3,249 . .. Apr. 3 5,066 1,161 644 2,030 1 ,231 1,630 4,393 55 652 18,857 13,412 281 94 368 4,702 3,207 ....................10 4,504 726 552 1,983 1 ,243 1 ,837 4,438 60 640 13,334 8,489 286 119 369 4,071 3,319....................17 4,323 607 520 2,015 1,181 1 ,825 4,446 60 650 13,636 8,912 232 108 365 4,019 3,403 .................24 Outside New York City 1967 21,456 3,482 223 2,616 10,463 4,672 2,443 18,531 1 ,087 1,931 29,980 12,795 4,034 127 2,046 10,978 5,221 ........Apr. 5 21,302 3,254 225 2,644 10,494 4,685 2,555 18,637 1,117 1,982 30,859 13,590 3,799 118 2,289 11,063 5,199 12 21,200 3,090 231 2,624 10,558 4,697 2,658 18,813 1,165 2,043 31,042 13,395 4,038 115 2,266 11,228 5,156....................19 20,801 2,670 231 2,626 10,538 4,736 2,788 18,858 1,162 2,006 29,525 12,026 3,661 121 2,345 11,372 5,248...................26 1968 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 3,425 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 22,074 2,567 3,364 12,019 4,124 2,593 21,682 1,381 2,009 32,624 14,080 3,982 106 2,292 12,164 6,108 22,023 2,557 3,319 12,030 4,117 2,665 21,931 1,270 2,018 30,515 13,326 3,961 112 2,393 10,723 6,072 ....................10 22,102 2,650 3,344 11,979 4,129 2,803 21,952 I ,281 2,039 34,436 15,332 4,118 102 2,513 12,371 6,086 ....................17 21,797 2,301 3,393 11,970 4,133 2,772 22,016 1 ,276 2,052 30,495 13,087 3,968 101 2,537 10,802 6,084...................24 For notes see p. A-29. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-28 WEEKLY REPORTING BANKS □ MAY 1968 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time Total Wednesday unad­ States Do­ Foreign IPC States Foreign justed and mes­ and Do­ polit­ U.S. tic polit­ mes­ Total 5 IPC ical Govt. com­ Com­ Total7 ical tic Com­ sub­ mer­ Govt., mer­ Sav­ Other sub­ inter­ Govt., mer­ divi­ cial etc.6 cial ings divi­ bank etc. cial sions banks banks sions banks Large banks— Total 1967 Apr. 5.............2...0..6..,.788 110,561 79,428 5,684 2,930 14,065 668 1 ,432 96,227 47,090 34,133 9,227 945 4,451 205 12..................... 206,690 110,307 80,987 5,583 2,026 13,387 658 1,418 96,383 46,965 34,230 9,347 971 4.495 195 19. ............. 208,684 112,536 80,118 5,392 5,143 13,582 767 1 ,407 96,148 46,845 33,798 9,681 957 4,505 197 26..................... 206,416 109,992 78,897 5,629 5,200 12,584 731 1 ,422 96,424 46,868 33,809 9,879 951 4,546 194 1968 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 48,822 39,908 10,186 834 5,067 305 20.................... 221,267 116,379 83,859 5,503 5,504 13,379 795 I ,631 104,888 48,912 39,600 10,091 805 4,971 282 27..................... 218,995 113,862 83,176 6,074 3,700 12,529 739 1,628 105,133 49,104 39,693 10,111 780 4,933 288 Apr. 3................. 221,740 117,044 84,721 5,620 3,323 14,202 753 1 ,649 104,696 48,990 39,632 9,912 773 4,878 289 to..................... 225,521 121,024 87,431 5,477 1,146 15,354 730 1 ,711 104,497 48,763 39,558 9,976 780 4,911 285 17..................... 223,607 119,826 88,527 5,660 2,973 14,229 849 1,640103,781 48,485 38,830 10,358 742 4,882 263 24.................... 219,183 114,952 84,502 5,656 2,685 13,155 786 1 ,595 104,231 48,420 39,145 10,454 758 4,962 264 blew York City 1967 Apr. 5..................... 47,603 29,818 19,025 530 725 3,911 531 992 17,785 4,668 8,499 794 631 3.014 109 12..................... 46,650 28,888 18,737 374 546 3,716 521 977 17,762 4,645 8,470 799 639 3,031 105 19.................... 47,851 30,369 18,708 298 1,726 4,017 634 942 17,482 4,631 8,213 796 635 3,028 106 26..................... 47,646 30,146 18,868 415 1,760 3,922 583 980 17,500 4,632 8,196 804 625 3,059 101 1968 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 3,140 145 27..................... 49,789 31,390 19,839 577 1 ,234 3,934 583 1,130 18,399 4,762 8,875 907 482 3,142 148 Apr. 3..................... 50,286 32,127 20,191 448 973 4,337 600 1 ,146 18,159 4,751 8,769 847 475 3,086 148 10..................... 54,157 36,071 21,469 404 98 5,616 589 1 ,205 18,086 4,711 8,671 878 477 3,122 (44 17..................... 49,836 32,155 20,820 421 1,108 4,392 701 1,139 17,681 4,671 8,356 873 450 3,104 147 24..................... 49,202 31,298 20,070 412 562 4,183 609 1,089 17,904 4,664 8,504 875 461 3,175 137 Outside New York City 1967 Apr. 5..................... 159,185 80,743 60,403 5,154 2,205 10,154 137 440 78,442 42,422 25,634 8,433 314 1 ,437 96 12..................... 160,040 81,419 62,250 5,209 1 ,480 9,671 137 441 78,621 42,320 25,760 8,548 332 1 ,464 90 19..................... 160,833 82,167 61,410 5,094 3,417 9,565 133 465 78,666 42,214 25,585 8,885 322 1 ,477 91 26..................... 158,770 79,846 60,029 5,214 3,440 8.662 148 442 78,924 42,236 25,613 9.075 326 1 .487 93 1968 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 J ,879 138 13..................... 171,067 84,255 64,602 5,023 2,507 9,579 156 492 86,812 44,093 31 ,018 9,238 301 1 ,880 138 20..................... 170,825 84,275 63,518 5,028 3,854 9,276 175 473 86,550 44,171 30,801 9,168 301 1,831 137 27..................... 169,206 82,472 63,337 5,497 2,466 8,595 156 498 86,734 44,342 30,818 9,204 298 1 ,791 140 Apr. 3..................... 171,454 84,917 64,530 5,172 2,350 9,865 153 503 86,537 44,239 30,863 9,065 298 1,792 141 to..................... 171,364 84,953 65,962 5,073 1 ,048 9,738 141 506 86,411 44,052 30,887 9,098 303 1 ,789 141 17..................... 173,771 87,671 67,707 5,239 1,865 9,837 148 501 86,100 43,814 30,474 9,485 292 1 ,778 116 24..................... 169,981 83,654 64,432 5,244 2,123 8,972 177 506 86,327 43,756 30,641 9,579 297 1,787 127 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ WEEKLY REPORTING BANKS A-29 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued ([n millions of dollars) Borrowings Memoranda Total assets—■ . ^^ef Capital Total Total Large certificates liabilities accounts liabilities Total loans of deposit 10 Wednesday From From and loans (net) Demand F.R. others capital (net) adjusted deposits Banks accounts adjusted* and in­ adjusted9 Total Issued Issued vestments8 issued to I PC’s to others Large banks—• Total 1967 506 6,860 10,484 19,618 244,256 133,623 189,490 72,818 19,214 12,461 6,753 ....................Apr. 5 874 5,937 10,308 19,629 243,438 132,958 189,083 73,561 19,146 12,402 6,744 ..............................12 171 6,209 10,686 19,597 245,347 134,170 190,843 72,487 18,619 11,907 6,712 ..............................19 431 5,817 10,542 19,643 242,849 133,643 189,670 72,576 18,583 11,811 6,772 ..............................26 1968 730 5,986 13,054 20,720 261,826 140,735 203,383 75,024 20,998 13,317 7,681 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 ..............................27 514 6,762 13,312 20,794 263,122 142,078 203,560 76,244 20,307 12,911 7,396 ....................Apr. 3 219 8,193 13,114 20,807 267,854 143,191 204,894 77,786 20,196 12,779 7,417 ..............................10 538 8,575 13,495 20,764 266,979 144,224 205,880 78,803 19,499 12,107 7,392 ..............................17 620 7,711 13,738 20,768 262,020 143,562 204,779 77,113 19,788 12,380 7,408 ......,,.,.....24 New York City 1967 221 2,357 5,046 5,340 60,567 33,520 43,939 17,229 6,624 4,423 2,201 ...................Apr. 5 345 2,256 4,804 5,338 59,393 32,831 43,363 16,883 6,636 4,418 2,218 ..............................12 2,301 4,741 5,335 60,228 33,468 44,262 16,697 6,424 4,215 2,209 ..............................19 2,083 4,990 5,335 60,054 33,361 43,773 16,858 6,397 4,192 2,205 ..............................26 1968 12 1 ,797 6,622 5,531 64,578 34,360 45,935 17,371 6,589 4,306 2,283 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 5,520 63,864 34,698 46,225 18,077 6,449 4,359 2,090 ..............................20 168 1,908 7,090 5,510 64,465 34,661 46,245 17,516 6,452 4,403 2,049 ..............................27 2,478 6,803 5,550 65,117 35,107 46,850 17,622 6,337 4,315 2,022 3^201 6,797 5,548 69,703 35,360 47,156 16,945 6,308 4,235 2,073 ..............................10 9 2,901 6,739 5,542 65,027 35,588 47,067 18,166 5,949 3,904 2,045 ..............................17 199 2,422 6,927 5,537 64,287 35,058 46,362 17,641 6,133 4,050 2,083 ..............................24 Outside New York City 1967 285 4,503 5,438 14,278 183,689 100,103 145,551 55,589 12,590 8,038 4,552 ....................Apr. 5 529 3,681 5,504 14,291 184,045 100,127 145,720 56,678 12,510 7,984 4,526 ..............................12 171 3,908 5,945 14,262 185,119 100,702 146,581 55,790 12,195 7,692 4,503 ..............................19 431 3,734 5,552 14,308 182,795 100,282 145,897 55,718 12,186 7,619 4,567 ..............................26 1968 718 4,189 6,432 15,189 197,248 106,375 157,448 57,653 14,409 9,011 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 15,133 197,789 107,040 157,964 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 .............................27 514 4,284 6,509 15,244 198,005 106,971 156,710 58,622 13,970 8,596 5,374 219 4,992 6,317 15,259 198,151 107,831 157,738 60,841 13,888 8,544 5,344 ..............................10 529 5,674 6,756 15,222 201,952 108,636 158,813 60,637 13,550 8,203 5,347 ..............................17 421 5,289 6,811 15,231 197,733 108,504 158,417 59,472 13,655 8,330 5,325 ..............................24 1 After deduction of valuation reserves. 2 Individual items shown gross. 1 o Certificates of deposit issued in denominations of 5100,000 or more. 3 Includes short-term notes and bills (less than I year to maturity) issued by States and political subdivisions. * Federal agencies only. Note.—Beginning June 29, 1966, coverage of series was changed from 5 Includes certified and officers’ checks, not shown separately. Weekly Reporting Member Banks to Weekly Reporting Large Commer­ 6 Deposits of foreign governments and official institutions, central cial Banks (earlier figures for 1966 are comparable with the new series). banks, and international institutions. Also beginning June 29, 1966, detailed breakdown is shown of “All other 7 Includes U.S. Government and postal savings not shown separately. loans,” of “Other securities,” and of ownership of time certificates of 8 Exclusive of loans to domestic commercial banks. deposit in denominations of $100,000 or more. For description of revisions, 9 All demand deposits except U.S. Government and domestic com­ see Aug, 1966 Bulletin, pp. 1137-40. mercial banks, less cash items in process of collection. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-30 BUSINESS LOANS OF BANKS □ MAY 1968 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— Industry 1968 1968 1968 1967 1967 Apr. Apr. Apr. Apr. Apr. 2nd 1st 24 17 10 3 27 Apr. Mar. Feb. I IV in half half Durable goods manufacturing: Primary metals............................... 1,728 1,721 1,701 1,696 1 ,638 90 123 120 262 184 103 287 253 Machinery........................................... 4,610 4,623 4,531 4,510 4,530 80 144 75 240 -248 -382 -630 887 Transportation equipment............... 1 ,767 1,798 1,784 1,817 1 ,820 -53 45 22 8 -H3 -23 -136 -47 Other fabricated metal products. . . 1 ,800 1 ,807 1,788 1 ,774 1 ,756 44 76 53 60 -103 -178 -281 409 Other durable goods......................... 2,064 2,076 2,060 2,046 2,016 48 96 7 20 -152 10 -142 175 Nondurable goods manufacturing: Food, liquor, and tobacco............... 2,338 2,377 2,363 2,403 2,464 -126 86 -75 -294 587 28 615 -577 Textiles, apparel, and leather.......... 2,144 2,170 2,150 2,097 2,074 70 168 216 325 -385 -25 -410 297 Petroleum refining............................. 1 ,535 1 ,537 1,529 1,523 1 ,541 -6 -11 -22 -13 91 -204 -113 241 Chemicals and rubber....................... 2,548 2,548 2,479 2,432 2,457 91 96 38 116 29 -112 -83 309 Other nondurable goods.................. 1 ,765 1 ,776 1,767 1 ,743 1 .742 23 55 5 14 -35 130 95 161 Mining, including crude petroleum and natural gas................................... 4,763 4,770 4,790 4,762 4,581 182 92 -26 397 384 -220 164 195 Trade: Commodity dealers.................. 1 ,222 1,250 1,259 1,31 1 1,330 -108 -109 -103 -275 501 178 679 -479 Other wholesale........................ 3,185 3,192 3,155 3,143 3,066 119 38 13 9 162 -66 96 68 Retail.......................................... 3,652 3,737 3,589 3,533 3,498 154 152 -32 -28 -11 17 6 -27 Transportation....................................... 4,641 4,652 4,620 4,596 4,554 87 86 26 147 333 95 428 273 Communication................................. . 963 950 917 980 927 36 80 -38 -72 9 -5 4 223 Other public utilities............................. 1 ,999 2,Oil 1,965 1 ,985 1 ,997 2 -122 -179 -419 HO 148 258 -109 Construction........................................... 2,597 2,599 2,578 2,547 2,553 44 52 1 42 -58 -45 -103 10 Services................................................... 5,278 5,260 5,215 5,217 5,177 101 99 22 181 304 -83 221 -53 All other domestic Ioans...................... 7,020 7,013 6,891 6,857 6,783 237 58 34 100 224 132 356 558 Bankers’ acceptances............................. 933 989 1,015 1,097 1 ,083 -150 106 -94 -120 301 253 554 114 Foreign commercial and industrial loans..................................................... 2,678 2,682 2,711 2,697 2,692 -14 -18 -48 - 15 -97 -112 -20 Total classified loans............................. 61,230 6^538 60^857 60,766 60,279 951 1,392 63 652 2,099 -346 1 ,753 2,861 Total commercial and industrial loans. 67,573 67,859 67,176 67,013 66,513 1,060 fl,456 63 695 2,446 -397 2,049 3,022 Note.—About 161 weekly reporting banks are included in this series; ing to about 90 per cent of such loans held by all weekly reporting banks these banks classify, by industry, commercial and industrial loans 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 annum) Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. 1968 1967 1968 1967 1968 1967 1968 1967 1968 1967 1968 1967 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 13.7 13.1 16.7 20.8 15.2 32.4 11.0 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 2713 5.0 6.50.................................................. 7.8 7.1 8.2 10.1 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 11.9 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 10.0 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........................................ 4.0 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 60.5 455.9 467.9 833.0 892.4 536.6 611.2 1,692.4 2006.0 Number'(thousands)................ 36.6 37.8 15,6 15.9 15,1 15.4 4.4 4.7 .9 1.0 .7 .9 Center 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 6.19 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 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 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 4h 1967—Jan. 26-27 5Vi-5M Business Loans was revised. For description of revised series see pp. 721­ 1965—Dec. 6 5 Mar. 27 514 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 1968—Apr. 19 6 >4 Bank prime rate was 5 per cent during the period Jan. 1, 1960-Aug. Aug. 16 6 22, 1960. Changes thereafter to new levels (in per cent) occurred on the following dates: Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ INTEREST RATES A-31 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime Period p c a o p m er l. , p p la a c p e e d r b a a c n c k e e p r t s ­ ’ F f e u d n e d r s a l 3-month bills 5 6-month bills 3 9- to 12-month issues 3- to 5- 4- to 6- directly, ances, rate 3 year months 1 3- to 6- 90 days 1 Rate on Market Rate on Market Bills (mar­ Other <5 issues 7 months 2 new issue yield new issue yield ket yield)5 1966.............................. 5.55 5.42 5.36 5. H 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—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 5.16 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 5.144 5.16 5.293 5.33 5.40 5.55 5.77 Apr................... 5.81 5.60 5.75 5.76 5.365 5.37 5.480 5.49 5.44 5,63 5.69 Week ending—■ 1968—Mar. 30........... 5.75 5.50 5.68 5.39 c5.186 5.14 5.301 5.32 5,41 5.55 5.77 Apr. 6...... 5.75 5.50 5.63 5.52 5.146 5.20 5.265 5.29 5.34 5.46 5.53 ' 13........... 5.75 5.50 5.75 5.66 5.309 5.35 5.400 5.44 5.38 5,51 5.48 20........... 5.78 5.53 5.70 5.71 5,463 5.39 5.568 5.51 5.42 5.64 5.70 27........... 5.88 5.75 5.88 5.63 5.542 5.50 5.689 5,63 5.57 5.79 5.88 i Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. 5 Bills quoted on bank discount rate basis. maturities in the 90-179 day range. ^ Certificates and selected note and bond issues. 3 Seven-day average for week ending Wednesday. 7 Selected note and bond issues. BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and local rating group price ratio price ratio States (long­ Total 1 term) Total 1 Aaa Baa Aaa Baa In tr d ia us l ­ 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 P5.70 1967—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 >-5.72 1968—Jan.. 5.18 4.31 4.06 4.66 6.45 6.17 6.84 6.34 6.65 6.47 5.70 3.13 Feb.. 5.16 4.28 4.01 4.69 6.40 6,10 6.80 6.31 6.65 6.36 5.65 3,28 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 Apr. ................................... 5.28 4.44 4.13 4.84 6.53 6,21 6.97 6.42 6.79 6.54 5.86 3. 12 ................... Week ending— 1968—Mar. 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 Apr. 6............................... 5.25 4.47 4.18 4.84 6.54 6,20 6.98 6.43 6,77 6.54 5.84 3.19 13............................... 5.21 4,40 4,08 4.83 6.52 6,19 6.98 6.39 6.77 6.55 5.81 3.12 20............................... 5.28 4.40 4,08 4.83 6.52 6,20 6.95 6.38 6.78 6,54 5.86 3.08 27............................... 5.33 4.48 4.18 4.84 6,54 6,22 6.96 6.42 6,81 6.54 5.91 3,09 ................... Number of issues..................... 10-11 20 5 5 120 30 30 40 40 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep­ more. State and local govt, bonds: General obligations only, based on arately. Because of a limited number of suitable issues, the number Thurs. figures. Corporate bonds: Averages of daily figures. Both of these of corporate bonds in some groups has varied somewhat. As of 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 are railroad average or the Aaa composite series. based on Wed. figures; earnings/price ratios are as of end of period. Preferred stock ratio is based on 8 median yields for a sample of non- Note.—Annual yields are averages of monthly or quarterly data. callable issues—-12 industrial and 2 public utility; common stock ratios Monthly and weekly yields are computed as follows: U.S. Govt, bonds: on the 500 stocks in the price index. Quarterly earnings are seasonally Averages of daily figures for bonds maturing or callable in 10 years or adjusted at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-32 SECURITY MARKETS □ MAY 1968 MORTGAGES: NEW AND EXISTING HOMES SECURITY PRICES (Per cent) Bond prices Common stock prices Vol­ Second­ (per $100 bond) (1941-43=110) ume ary Primary market—Conventional of Period trad­ market U.S. State Cor­ In­ Pub­ ing 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 l it i t c y il ­ s ( h th a o re u s s ) . Period on FHA- FHLBB series FHA series insured (effective rate) (contract rate) 1965.............. 83.76 110.6 93.9 88.17 93,48 46.78 76.08 6,174 1966.............. 78.63 102.6 86. ( 85.26 91.09 46.34 68.21 7,538 New New Existing New Existing 1967.............. 76.55 100.5 81.8 91.93 99.18 46.72 68.10 10,143 1967—Apr. . 80.24 104.9 85,4 90.96 97.54 45.80 71.70 9,389 1963 ................... 5.46 5.81 5.87 May.. 77.48 101.1 83.4 92.59 99.59 47.00 70.70 9,933 1964................... 5.45 5.80 5.85 June.. 76.37 100.2 81.7 91.43 98.61 48.19 67.39 9,666 1965 ................... 5.47 5.81 5.95 5.83 5.89 July .. 76.39 99.3 81,1 93.01 100.38 49.91 67,77 10,834 1966................... 6.38 6.25 6.41 6.40 6.47 Aug.. 75.38 99.6 80.3 94.49 102.11 50.43 68,03 9,037 1967................... 6.55 6.46 6.52 6.53 6.57 Sept.. 75.04 98.0 80,0 95.81 103.84 49.27 67,45 10,251 Oct... 73.01 95.9 78,5 95.66 104.16 46.28 64.93 10,223 1967—Feb........ 6.46 6.54 6.63 6.50 6,55 Nov.. 70.53 95.2 76.8 92.66 100.90 42.95 63.48 10,578 Mar........ 6.35 6.47 6.56 6.45 6.50 Dec. . 71.22 93.6 75.9 95.30 103.91 43.46 64.61 11,476 Apr........ 6.29 6.43 6.46 6.40 6,45 May....... 6.44 6.37 6,40 6.45 6.50 1968-—Jan.. . 73.09 95.6 77.2 95.04 103.11 43.38 68.02 11,947 June.... 6.51 6.35 6.39 6.50 6.50 Feb... 73.30 94.8 77.5 90.75 98.33 42,35 65,61 9,182 July........ 6.53 6.43 6.41 6.50 6.55 Mar... 70.98 92,7 76.9 89.09 96.77 41.68 62.62 9,178 Aug........ 6.60 6.40 6.46 6.55 6.55 Apr... 72.06 94.7 76.2 95.67 104.42 44.79 63.66 14,779 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— Dec........ 6.81 6.54 6.64 6.70 6.75 1968 1968—Jan......... 6.81 6.52 6,70 6.75 6.80 Feb......... 6.78 6.62 6.71 6.75 6.80 Mar. 30..... 70.67 92.5 76.6 89.34 97.23 42.09 61.35 8,283 Mar........ 6.83 ^6.64 ”6.71 6.80 6.80 Apr........ 6.94 ............... 6.90 6.95 Apr. 6........ 72.31 94.2 76,4 93.14 101.56 42.76 62.98 15,695 13 72,75 95.5 76,4 95.72 104.44 44.34 64.01 15,887 20........ 72.08 95.1 76.4 96,59 105,38 45.47 64.48 14,893 Note.—Annual data are averages of monthly figures. The 27........ 71.55 93,8 75.6 96.51 105.41 45.82 63.41 13,715 FHA data are based on opinion reports submitted by field offices on prevailing local conditions as of the first of the succeeding month. Yields on FHA-insured mortgages are derived from Note.—Annual data are 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 are computed as 203, 30-year mortgages with minimum downpayment and an follows: U.S. Govt, bonds, derived from average market yields in table at bottom of assumed prepayment at the end of 15 years. Gaps in the data preceding page on basis of an assumed 3 per cent, 20-year bond. Municipal and 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 FHA 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 trading, average daily trading in are unweighted and are rounded to the nearest 5 basis points. stocks on the N.Y. Stock Exchange for a 5^-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-49) and an assumed prepayment at end of 10 years. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others than N.Y. Stock Exchange brokers and dealers for pur­ Money borrowed on— firms secured by— chasing or carrying— Cus­ Month Total to n m e e t rs’ securities free o U t . h S e , r G th o a v n t. se G c U u o . r S v it t . ie , s se O cu th ri e ti r e s se G c U u o . r v S it t i . , e s se O cu th ri e ti r e s se G c U u o . r S v it . t i , e s Total Oth C c e o u r l s l s a to e te m c r u a e ri l r t ies co O lla th t e e r r al c a b r n e a c d l e ­ i s t 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—Dec........ 10,347 65 7,883 90 2,464 n.a. n.a. n.a. n.a. 2,763 1967—Mar....... 7,808 86 5,718 68 2,090 n.a. n.a, n.a. n.a. 2,135 Apr..,.. 7,969 77 5,819 68 2,150 n.a. n.a. n.a. n.a. 2,078 May.... 8,085 40 5,926 68 2,159 n.a. n.a. n.a. n.a. 2,220 June.... 8,333 29 6,166 70 2,167 n.a. n.a. n.a. n.a. 2,231 July........ 8,800 33 6,603 76 2,197 n.a. n.a. n.a. n.a. 2,341 Aug........ 8,869 70 6,607 77 2,256 n.a. n.a. n.a. n.a. 2,281 Sept....... 9,162 119 6,825 96 2,337 n.a. n.a. n.a. n.a. 2,401 9,433 101 7,010 77 2,423 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. 2,768 Mar....... 9,586 36 7,212 97 2,374 n.a. n.a. n.a. n.a. 2,692 Note.—Data in first 3 cols, and last col. are for end of month; in other partners of reporting firm, Balances are net for each customer—i.e., all ac­ cols, for last Wed. counts of one customer are consolidated. Money borrowed includes Net debit balances and broker and dealer credit: Ledger balances of borrowings from banks and from other lenders except member firms of member firms of N.Y, Stock Exchange carrying margin accounts, as national securities exchanges. reported to the Exchange. Customers’ debit and free credit balances Bank loans to others than brokers and dealers: Figures are for large exclude balances maintained with reporting firm by other member firms of commercial banks reporting weekly. national securities exchanges and balances of reporting firm and of general Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ OPEN MARKET PAPER; SAVINGS INSTITUTIONS A-33 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances company paper Held by— Based on— End of period Accepting banks F.R. Goods stored in or Total Banks Im­ Ex­ shipped between Total th P r la o c u e g d h P di la re c c e t d ­ 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 Total O bi w lls n bo B u il g ls h t O ac w c n t. c F e o i o g r n r r ­ . U S n ta i t t e e s d U S n ta it t e e d s change U S n ta it t e e d s 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 l’,291 1,031 260 162 92 1,345 567 908 56 41 1,317 1964....................... 8.361 2,223 6,138 31385 1,671 1,301 370 94 122 1,498 667 999 111 43 11565 1965...................... 9.058 1,903 7,155 3,392 1,223 K094 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 1,028 331 73 173 1,996 936 829 78 90 1,668 Feb............ 15,199 3,781 11,418 3; 575 1,266 I'004 262 113 201 1,995 918 851 65 82 1,659 Mar....... 16’034 4,360 11,674 3’704 1,366 1,077 290 110 232 1,996 962 921 60 71 1,691 Apr............ 16,249 4,356 11,893 3,830 1,356 1,128 229 166 272 2,035 971 971 55 59 11773 M ay...... 17,067 4,713 12,354 3,964 1,339 1,147 192 70 348 2,207 949 998 38 46 1,933 June.......... 16,150 4,934 11,216 4,131 1,361 1,191 170 136 379 2,255 1,001 1,007 45 39 2,038 July............ 17’044 4,976 12^068 4,116 1,549 1,252 297 78 324 2,165 974 1,040 65 41 1,996 Aug....... 161816 4,979 11,837 4,103 1 ',584 1,195 389 65 252 2,203 1 ,020 '989 70 75 1,949 Sept.......... 16,220 5,124 11,096 4’146 11635 1,239 396 52 205 2,254 L037 991 68 91 1,958 Oct............. 16,777 5.186 11.591 4,136 1,822 1,298 524 54 163 2,096 1 ;O85 956 51 83 1,961 Nov............ 17,147 5,136 12,011 4,218 1,878 1,376 501 59 151 2,'130 I ,'095 975 52 124 1,971 Dec............ 17’084 41901 12,183 4,317 1,906 1,447 459 164 156 2,090 1 '086 989 37 162 2^042 1968—Jan............. 18,370 5,216 13,154 4,312 1,797 1,307 490 83 141 2,292 1,055 1,013 49 165 2,030 Feb............. 17,813 5393 12,320 4,266 1,808 1,329 479 56 117 2,285 1 ;o9i 1,029 33 134 11979 Mar............ 19,207 5,832 13,375 4,'336 1,884 1,395 490 90 100 2,262 1,125 (,032 36 117 2,027 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— End of period M ga o g r e t­ Other G U o .S v . t . S lo a t c n a a d te l C r o a a n r t p d e o ­ Cash O as t s h e e ts r g l T i e a a t n o i b n e e t d s a i r l a i l ­ l D i e ts p o 2 s­ l O ia t t i b e h s i e li r ­ G r c e o e s a u n e c n r e ­ v t r e s a l c M o o m rt m ga itm ge e n lo ts a n 3 govt. other 1 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 421829 38',277 781 31771 61,855 1,654 1962............................... 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 1141985 2,548 1963............................... 361007 607 5.863 440 5,’074 912 799 491702 441606 943 41153 1041326 21549 1964................................ 401328 739 5,791 391 51099 1,004 886 541238 48,849 989 4,400 135,992 21820 1965............................... 441433 862 5,485 320 5,170 1,017 944 58,232 52,443 1,124 41665 120,476 2,697 1966............................... 47',193 1,078 4’,764 251 5J19 '953 1,024 60^982 55,006 1,114 4,863 881808 2,010 1967—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 11069 11076 62,982 56,739 11381 41863 88,295 2,242 May................... 481493 11261 41433 235 7,062 11095 1,074 63,654 57,185 1,546 4,923 92,754 21495 481771 11226 4,336 249 71313 11140 1,108 641143 57,836 1,379 4,929 951187 2',657 July..................... 491010 11144 41396 246 71642 11084 1,116 64,639 58J69 1 1563 4,908 91,559 21647 Aug............... 49,322 1,210 4,367 242 7,910 1,034 1,117 65,201 58,499 1,732 4,969 n.a. 2,592 491557 1,152 4,406 243 81054 ’999 11147 65.559 59,066 11525 4,967 2’,724 Oct...................... 49,827 1,169 4,299 228 8,080 959 11134 65,696 59,257 11489 4,950 n.a. 2’,710 Nov.................... 50,046 11243 4,397 222 8,107 915 11130 66,061 59,462 1,597 51002 n.a. 2 ,’684 Dec..................... 50,311 1,203 4,319 219 9,320 993 11138 66,365 60,121 11260 4,984 n.a. 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..................... 501902 1,334 4,405 220 8,672 903 1 J56 67,592 60,945 1,575 5,071 n.a. 2,400 Mar.................... 51,039 11341 4,412 229 8,937 914 1,198 68,070 61,615 1,388 51067 n.a. 2,477 1 Also includes securities of foreign governments and international Note.—National Assn, of Mutual Savings Banks data; figures are organizations and nonguaranteed issues of U.S. Govt, agencies. estimates for all savings banks in the United States and differ somewhat 2 See note 4, p. A-18. 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 Joans agencies. Loans are shown net of valuation reserves. Figures for Jan. 1968 beginning with Aug. 1967. include one savings and loan that converted to a mutual savings bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-34 SAVINGS INSTITUTIONS □ MAY 1968 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities Total Mort­ Real Policy Other assets Total U S n ta i t t e e s d Sta lo te c a a l nd Foreign 1 Total Bonds Stocks gages estate loans assets Statement value: 1941........................................... 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945............................................ 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1960........................................... 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961............................................ 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962............................................ 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 1963............................................ 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964............................................ 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 1965........................................... 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 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—Feb................................ 168,821 10,794 4,775 3,100 2,919 69,606 61,940 7,666 65,267 4,907 9,303 8,944 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 5,211 10,167 9,684 Feb................................ 178,762 10,584 4,616 2,997 2,971 75,266 66,095 9,171 67,867 5.244 10,258 9,543 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in “other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E p n e d ri o o d f M ga o ge rt s ­ s G U e o c .S u v r t . , i­ Cash Other 1 a li s a T s b e o i t l s t it a 2 ie — l s S c a a v p in it g a s 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 l e o m n a t n m s 4 it­ ties profits 1941..................... 4,578 107 344 775 6,049 4,682 475 256 6 1945..................... 5,376 2,420 450 356 8’747 7,365 644 336 407 1960..................... 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961..................... 68,834 5’211 3,315 4,775 82J35 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 7309 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 2,198 l',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—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 116311 9,062 5,027 1,503 3,254 2,699 May......... 115,909 8,072 3,859 9,376 137i216 iis;o4i 9,055 4,630 1,710 3380 3,081 June......... 116,944 7,987 3,997 9,232 138,160 119,976 9,268 4,559 1,918 2,439 3,250 July.......... 117,676 8,378 3,412 9,169 138,635 120,031 9 270 4,456 2,019 2,859 3,420 118,674 8,857 3,127 9 221 139,879 120,677 9’265 4,399 2,130 3,'408 3'443 Sept.......... 119,529 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 9,217 141 390 122,365 9356 4,373 2,213 3383 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 Feb.r........ 122,637 9^75 2,864 9'263 144,539 124,717 9,567 4,596 2,205 3,454 3,386 Mar.P.... 123,425 9,978 2,916 9,339 145,657 125,972 9,549 4,528 2,324 3,275 3,827 1 Includes other loans, stock in the Federal home loan banks, other 4 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 $42 million at the end of 1957. on annual reports. Data for current and preceding year are preliminary 3 Consists of advances from FHLB and other borrowing. even when revised. 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

MAY 1968 □ FEDERALLY SPONSORED CREDIT AGENCIES A-35 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks (s F M e e c d o o e r n t r g d a a a l g r N y e a m A ti a s o r s n k n a e , l t B f a o n r k s inte F r e m d e er d a ia l te Fe la d n e d ra l Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m a b A n t e e o d c r m s e ­ s ­ I m nv e e n s ts t­ p C a o d a n s e s d i ­ t h s B n a o o n n te d d s s M po b d e s e e m i ­ r ts ­ C s a to p c it k al M lo g ( a a A o g n r ) e s t ­ D n t e a u ( o L b n r t e e e d ) 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 (L b re e ) s n­ c L o a d ( o u A n i a s n d n ) ­ t s s D t e u ( b L re e ) s n­ M lo g ( a a A o g n r ) e s t ­ B ( o L n ) ds 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 F531 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 I '227 1,940 1 ,601 958 686 2; 247 2'112 3’718 3'169 1965.............. 5,'997 1’640 129 5,221 1,045 1 ,'277 2,456 1,884 1,055 797 2,'516 2,335 4,281 3,710 1966.............. 6'935 2,523 113 6,859 1,037 I ,369 4,266 3,800 1,290 1,074 2,924 2,786 4,958 4,385 1967.............. 4'386 2'598 127 4,060 1,432 1 ',395 5,348 4,919 1 ,506 1 ,253 3,41 1 3,214 5 ’ 609 4,904 1967—Mar... 5,175 3,564 95 5,709 1,490 1,387 4,459 4,010 1,363 1,113 3,168 2,944 5,111 4,450 Apr... 4,782 3,451 77 5,066 1,648 1,388 4,459 4,006 1,337 1,114 3,301 3,086 5,175 4,450 May.. 4,421 4,004 93 5,050 1,831 1,392 4,455 3,938 1,316 1,101 3,423 3,186 5,248 4,611 June.. 4,302 3,738 95 4,577 1,927 1 ,392 4,450 4,078 1 ,296 1 ,042 3,545 3,297 5,303 4,611 July.. 4,221 3,420 81 4,585 1,522 1,392 4,507 3,469 1,335 1,072 3,639 3,419 5,358 4,644 Aug... 4,153 3,160 73 4,395 1,344 1,392 4,474 4,049 1,368 785 3,696 3,465 5,404 4,787 Sept... 4,122 2,898 63 4,160 1,318 1 ,394 4,838 3,927 1 ,384 1 ,094 3,523 3,450 5,449 4,787 Oct... 4,114 2,787 81 4,060 1,323 1,393 5,022 4,432 I ,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 95 4,373 1,182 I ,412 5,802 5,149 1,595 1 ,416 3,529 3,336 5,721 4,990 Mar... 4,269 2,720 75 4,125 1,302 1 ,417 5,659 5,481 1 ,598 1 ,316 3,615 3,420 5,793 5,120 Note.—Data from Federal Home Loan Bank Board, Federal National bonds held within the FHLB System), and are not guaranteed by the U.S. Mortgage Assn., and Farm Credit Admin. Among the omitted balance Govt.; for a listing of these securities, see table below. Loans are gross sheet items are capital accounts of all agencies, except for stock of home of valuation reserves and represent cost for FNMA and unpaid principal loan banks. Bonds, debentures, and notes are valued at par. They in­ for other agencies. clude only publicly offered securities (excluding, for the home loan banks, OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, MARCH 31, 1968 Amount Amount Amount Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions of dollars) of dollars) of dollars) Federal home loan banks Federal National Mortgage Federal land banks—Cont. Notes: Association—Cont. Bonds: May 27, 1968........................5^ 300 Debentures: June 20, 1968.......................4 186 July 25, 1968......................5.45 300 Aug. 10, 1971...................4»/« 64 Aug. 20, 1968....................4’4 160 Aug. 26, 1968.......................5% 500 Sept. 10, 1971......................4i/2 96 Oct. 21, 1968..................5.50 407 Sept. 25, 1968.......................5.70 400 Feb. 10, 1972......................5’4 98 Dec. 23, 1968..................5.95 247 Oct. 25, 1968......................5.85 300 June 12, 1972......................4% 100 Jan. 20,1969.......................4% 341 June 12, 1973......................4% 146 Mar. 20, 1969....................4% 100 Bonds: Feb. 10, 1977......................4’/2 198 Apr. 21, 1969...................5.60 250 Apr. 25, 1968........................5% 625 July 15, 1969....................4% 130 Nov. 25, 1968........................5% 300 July 15, 1969....................4% 60 Jan. 27, 1969........................5’4 300 Banks for cooperatives Oct. 20, 1969....................4’4 209 Mar. 25, 1969........................5% 300 Debentures: Jan. 20, 1970.....................5’4 209 Sept., 1969..............................6 400 Apr. 1, 1968.................5.35 296 Feb. 20, 1970....................5/« 82 Feb. 25, 1970......................6 200 May 1, 1968......................5.65 304 Apr. 1, 1970.....................3’4 83 Mar. 25, 1970........................6 200 June 3, 1968........................5% 352 Apr. 20, 1970...................6.20 362 Aug. 1,1968.......................5.65 364 July 20, 1970.....................5’4 85 July 20,1970........................6 241 Federal National Mortgage Associa­ May 1,1971.......................3’4 60 tion—Secondary market opera­ Sept. 15, 1972.....................3’/, 109 tions Federal intermediate credit banks Oct. 23, 1972.....................5% 200 Debentures: Feb. 20, 1973-78...............4’/, 148 1 ,581 A M p a r y . 1, 1 1 , 9 1 6 9 8 6 .. 8 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 4 .. . . 8 .. 5 5’4 3 3 4 4 5 6 A Fe p b r. . 2 2 0 1 , , 1 1 9 9 7 7 4 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 ’ ’ 4 4 2 1 0 5 0 5 June 3, 1968....................5.30 330 Feb. 24, 1976.....................5 123 Debentures: July 1, 1968.....................5.55 303 July 20,1976......................5’4 150 June 14, 1968.................. 4% 400 Aug. 1, 1968.......................5’4 373 Apr. 20, 1978......................5’4 150 Sept. 10, 1968.........................5% 350 Sept. 3, 1968....................5.80 366 Jan. 22,1979.......................5 285 Apr. 10, 1969..................... 41^0 88 Oct. 1, 1968....................5.95 423 May 12, 1969.........................4’4 300 Nov. 4, 1968......................5’4 482 Tennessee Valley Authority June 10, 1969.......................6.10 250 Dec. 2,1968.......................5’4 454 Short-term notes....................... 200 July 10, 1969.........................5/8 250 Bonds: Dec. 12, 1969.........................6 550 Federal land banks Nov. 15, 1985...................4.40 50 Apr. 10, 1970.........................4% 142 Bonds: July 1, 1986.....................456 50 Sept. 10, 1970.........................4’4 119 Feb. 15, 1967-72.............4/g 72 Feb. 1, 1987.....................4>/2 45 Oct. 13,1970.....................5% 400 Oct. 1, 1967-70................4 75 May 15, 1992....................5.70 70 Mar. 11, 1971........................6 350 May 20, 1968......................5’4 242 Nov., 1992.............................6% 60 Note.—These securities are not guaranteed by the U.S. Govt.; see also note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-36 FEDERAL FINANCE □ MAY 1968 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Derivation of U.S. Government cash transactions Receipts from the public, Payments to the public, Net cash borrowing other than debt other than debt or repayment Net Period rects, or Change Less: Less: Bu n d e g t et f T P u r n l u u d s s s : t g I L n o e t v s r t a s . : ­ * E r T e q o c u t t a s a l . s l 2 : Budget fu T P n r lu u d s s s : t 3 A m L d e e j n u s t s s s : t 4 ­ E p T q a o u y t a t a s ls l . : payts. (d d i e i r n e b c t t a In g v e b e y n s . t & , N c d a e o s b n h t ­ Eq N u e a t ls: & agen.) trusts Cal. year—1965 ....... 96,679 31,384 4,449 123,376 101,379 31,014 4,473 127,919 -4,543 4,673 1,386 417 2,872 1966............. 110,802 40,011 4,792 145,137 118,077 36,791 4,003 150,867 -5,730 13,526 8,396 342 4,788 1967............. 117,708 45,861 6,581 156,300 131,698 38,654 6,779 163,572 -7,272 14,967 7,248 -103 7,822 Fiscal year—1964......... 89,459 30,331 4,190 115,530 97,684 28,885 6,237 120,332 -4,802 7,733 2,775 1,099 3,859 1965.......... 93,072 31,047 4,303 119,699 96,507 29,637 3,749 122,395 -2,696 6,933 2,356 250 4,328 1966.......... 104,727 34,853 4,451 134,480 106,978 34,864 4,026 137,817 -3,337 6,710 3,562 530 2,618 1967.......... 115,849 44,640 6,056 153,596 125,718 34,510 5,085 155,142 -1,546 6,734 10,852 -314 -3,804 ► 1967.......... 149,591 158,414 -8,823 10,391 6,840 3,551^ Half year: 1966—-Jan.-June.... 61,617 20,701 2,379 79,456 54,014 19,164 2,398 70,782 8,674 2,484 5,026 129 -2,671 July-Dec.......... 49,185 19,310 2,413 65,681 64,063 17,627 1,605 80,085 -14,404 11,042 3,370 213 7,459 (967—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—Mar.............. 11,395 3,543 364 14,490 11,699 2,677 1,208 13,167 1,323 859 1,082 -127 -96 ^y................. 13,534 3,850 233 17,070 9,464 2,789 1,063 11,189 5,881 -3,708 -329 -77 -3,302 6,289 5,367 303 11,295 10,915 2,897 -634 14,445 -3.150 3,372 4,213 -25 -816 June................. 18,304 5,262 1 ,982 21 ,501 10,131 3,443 812 12,762 8,739 -4,971 1,344 -110 -6,206 July.................. 6,371 3,029 424 8,938 11,502 3,660 624 14,538 -5,600 4,690 -465 -155 5,310 Aug................... 7,301 4,995 459 11,766 12,730 3,472 -123 16,325 -4,559 5,147 1,723 76 3,348 Sept.................. 12,404 3,108 279 15,176 12,468 3,127 1,394 14,201 975 -338 -1,003 54 610 Oct................... 6,823 2,329 373 8,739 11,530 3,889 604 14,815 -6,076 5,058 - 432 264 5,225 Nov.. ............... 7,529 4,067 541 11,032 11,730 3,361 -111 15,202 -4,170 4,733 292 102 4,339 Dec................... 10,616 3,003 861 12,734 10,084 4,262 912 13,434 -699 -14 -350 83 252 ► 1968—Jan.................... ............. 12,237 ............... 15,471 -3,233 3,044 -919 • ........3..,..9.634 Feb................... 12,134 14,429 -2,295 5,617 1,533 4,084 Mar................ 11,899 14,947 -3,049 -1,776 -428 -1,348 Effects of operations on Treasurer’s account Net operating transactions Net financing transactions ca C sh h a b n a g la e n c in e s Tre ( a e s n u d r e o r f ’ s p e a r c i c o o d u ) nt Period Agencies & trusts Operating bal. Change s B d u u e r o d p fi r g l c u e i s t t f T un ru d s s t 3 a C c l c e o a u ri n n t g s i M ss s a u e o a r c k f n . e 3 c t e i I n n G s v e o U c e v . . s S t 3 t , , . p d g d u i r r e i o b e n b s c l i s t c t T o re u H a t e s s i ld d u e ry a T u c r c 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 c a a t d 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 11,036 939 9,180 917 1965......... -3,435 1,410 -804 1,372 -2,356 5,561 174 1,575 12,610 672 10,689 1,249 1966......... -2,251 -12 -956 4,077 -3,562 2,633 132 -203 12,407 766 10,050 1,591 1967......... -9,869 10,130 -657 420 -10,852 6,314 135 -4,648 7,759 1 ,311 4,272 2,176 ► 1967......... -8 823 5414 3,596 -6,840 6,795 -210 -4,648 7,759 1 ,311 4,272 2,176^ 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 1,748 7,759 1,311 4,272 2,176 July-Dec........ -19,000 -1,239 -63 833 234 18,442 -80 -713 7,046 1,123 4.329 1,594 ► July-Dec..... -19,517 5384 1,752 -1,633 18,878 578 -713 7,046 1,123 4,329 1,5944 Month: 1967—Mar................. -304 866 970 -462 -1,082 1,321 -101 1,411 6,821 828 4,430 1,563 Apr................. 4,070 1,061 907 -563 329 -3,145 595 2,064 8,884 1,360 5,415 2,109 May................. -4,626 2,471 -912 285 -4,213 3,087 -649 -3,259 5,626 574 3,469 1,583 June................ 8,173 1,819 -1,061 -304 -1,344 -4,667 483 2,133 7,759 1,311 4,272 2,176 July.................. -5,131 -631 355 274 465 4,416 -44 -208 7,551 1,340 4,552 1,659 Aug................. -5,428 1,523 -658 -66 -1,723 5,213 -196 -944 6,607 1,051 3,937 1,619 Sept.................. -63 -19 1,060 -384 1,003 46 -87 1,729 8,336 778 5,808 1,750 Oct.. ............... -4,707 -1,559 -34 452 432 4,606 -16 -794 7,542 697 5,171 1,674 Nov................ -4,201 706 -754 145 -292 4,588 133 59 7,601 1,5811 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 5877 1,434 919 1,610 -168 1,775 8,821 1,153 5,977 1.69H Feb.................. -2,295 5-564 100 -1,533 5,516 -313 1,539 10,359 1,197 7,601 1 ,561 Mar.................. -3,049 51,473 287 428 -2,063 588 -3,512 6,847 581 4,727 1,539 1 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ FEDERAL FINANCE A-37 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Estate Int. Total W he I i n t l h d d ­ ivid O ua th l er Co ra r t p e o­ Total a L b n i a q d c u c t o o o r ­ H w ig a h y ­ Total F R a I n . C R d A . e U m n p - l . a g n if d t t C o u m s s ­ r m e a e p n n a d t y s ­ fu R n e d ­ s Other Fiscal year—1964... 115,530 39,259 15,331 24,301 13,950 5,630 3,646 21,936 17,405 4,037 2,416 1,284 1,702 7,148 2,499 1965... 119,699 36,840 16,820 26,131 14,793 5,921 3,782 22,138 (7,833 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 4 Half year: (966—Jan.-June.. 79,456 22,847 14,680 19,942 6,352 2,825 1,969 15,926 13,500 2,166 I ,820 913 I ,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 (,142 1,835 1967—Jan.-June.. 87,915 25,880 14,867 22,873 7,352 3,051 2,339 19,068 (6,731 2,088 1 ,756 955 1 ,250 8,440 2,354 July-Dec.., 68,385 27,192 4,150 11,345 7,146 3,344 2,253 14,629 13,056 1,333 1,350 1,034 1 ,363 1,263 1 ,439 ► July-Dec... 67,292 27,192 4,150 11,345 7,146 3,344 2,253 15,312 13,325 1,337 1,350 1 ,034 957 1,263 69 4 Month: 1967—Mar............ 14,490 4,157 859 6,728 1,539 448 603 2,473 2,366 61 270 170 178 2,204 320 Apr............ 17,070 3,591 6,216 4,295 1,023 476 326 3,340 3,168 138 352 150 227 2,322 198 May........... 11,295 4,987 701 1,065 1,274 591 355 4,587 3,669 874 445 166 207 2,392 255 June.......... 21,501 4,204 3,071 9,328 1,293 606 348 2,698 2,614 50 196 176 233 847 1,149 July............ 8,938 3,843 264 946 1,241 523 369 2,129 1,977 104 207 160 197 261 212 Aug............ 11,766 5,164 211 642 1,125 487 463 3,981 3,319 620 308 178 189 257 225 Sept.......... 15,176 4,236 2,864 4,032 1,088 539 355 2,270 2,144 92 199 163 189 195 330 Oct,............ 8,739 4,171 298 913 1,222 600 345 1 ,489 1 ,406 40 234 179 223 180 190 Nov.......... 11,032 5,302 162 588 1,311 666 383 3,076 2,625 409 193 193 213 197 191 Dec............ 12,734 4,477 351 4,224 1,161 551 339 1 ,682 1 ,583 67 210 160 353 172 288 ► 1968—Jan............. 12,237 4,352 3,800 940 1,193 n.a. 366 1 ,857 1,598 119 238 181 180 500 -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 Mar............ 11,899 5,508 697 4,439 1,162 n.a. 311 2,295 2,137 51 235 168 175 2,849 69 Cash payments to the public Period Total s t f i e N o d n n e a s ­ a ­ e l a I f n fa t i i r , s s S e p r a e a r ­ c c e h A t c u g u re r l­ i­ so N u u r r r e a a c ­ t e l ­ s t m C ra a e o n n r m s d c p e ­ . H d c in e o o g v m u e s & l l . . ­ l H a w b e e o a lf r a l , t r h e & , Ed tio uc n a­ e V ra e n t­ s In e t s e t r­ G e g r e o a v n l t ­ . Fiscal year—1964........ 120,332 54,514 3,837 4,171 5,416 2,774 6,545 1,674 27,191 1,299 6,107 8,011 2,221 1965........ 122,395 50,790 4,794 5,093 5,142 2,921 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...1. 55,142 71,843 4,413 5,426 4,159 3,522 7,102 -1,723 39,002 3,286 6,978 10,371 2,641 ► 1967...1..5..8.,414 70,092 4,650 5,423 4,377 2,132 7,446 2,285 40,084 4,047 6,898 10,280 2,4544 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.....8..0.,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 1 ,260 July-Dec.....8..8.,515 39,251 2,856 2,292 3,154 2,037 4,404 2,082 21,713 1,471 3,487 4,867 1 ,380 ► July-Dec.....8..6,809 *38,748 ............4 Month: 1967—Mar.....1..3..,..1..6..7. 7,025 389 468 (59 251 562 -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(4 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.......1..5...,.2..0 2 6,462 546 377 83 336 680 314 3,680 298 626 1 ,861 233 Dec.....1..3..,.4...3..4.. 6,130 408 391 258 292 594 309 3,643 -52 465 521 238 ► 1968—Jan................. 15,471 *7,164 ..........4 Feb . . 14,429 ’■6,412 14,947 *6,363 |» Data represent results of preliminary adjustment to new budget concepts 3 Includes net transactions of Govt.-sponsored enterprises. and may be revised later. See Feb. 1968 Treasury Bulletin, p. 1. ^ Primarily (I) intragovt, transactions, (2) noncash debt, (3) clearing accounts. 1 Primarily interest payments by Treasury to trust accounts and accumu­ 5 Includes technical adjustments not allocated by functions. lations to U.S. employee trust funds. 2 Includes small adjustments not shown separately. Note.—Based on Treasury Dept, and Bureau of the Budget data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-38 U.S. GOVERNMENT SECURITIES □ MAY 1968 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 End of period d T g e r o o b t s a t s l 1 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 e n t­ ­ Nonmarke S ta a b v l ­ e i S ss p u e e c s ia l 6 Total Bills 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 2(9.2 65.9 5.9 48.4 99.1 2.6 52.3 50.9 51.5 Mar...................................... 331.5 330.9 274.9 219.9 66,6 5.9 48.4 99.0 2.6 52.4 51,0 52.1 Apr...................................... 328.3 327.8 272.2 217.1 64.1 5.9 48.1 99.0 2.6 52.5 51.1 51.6 331.4 330.9 271.8 216.7 64,1 5.6 49.1 97.9 2.6 52,6 51.1 55.2 June................... 326.7 326.2 266.1 210.7 58.5 5.6 49.1 97.4 2.6 52.9 51.2 56.2 July...................................... 331.2 330.6 270.9 215.0 62.8 5.6 49.1 97.4 2.6 53,4 51.3 56.2 Aug...................................... 336.4 335.9 274.1 218.3 63.3 57.5 97.4 2.6 53.3 51.4 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 Apr...................................... 347.5 347.0 286.7 228.7 68.6 .........6..6....5 93.6 2.5 55.4 51.8 57.0 1 Includes non-interest-bearing debt (of which $416 million on Apr. 30, 5 Includes (not shown separately): depositary bonds, retirement plan 1968, was not subject to statutory debt limitation) and guaranteed secu­ bonds, foreign currency series, foreign series, and Rural Electrification rities not shown separately. Administration bonds; before 1954, armed forces leave bonds; before 2 Excludes guaranteed securities. 1956, tax and savings notes; and before Oct. 1965, Series A investment 3 Includes amounts held by U.S. Govt, agencies and trust funds, which bonds. totaled $19,156 million on Mar. 31, 1968. 6 Held only by U.S. Govt, agencies and trust funds. 4 Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds. Note,—Based on Daily Statement of U.S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public E p n e d ri o 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 v s c d . i t t e , s B F a . n R k . s Total m C b e a o r n m c k ia s ­ l M s b a a u v n i t n u k g a s s l p I c n a a o n s n m c u ie e r ­ s ­ r c O a o t t i r h o p e n o r s ­ g S l a o o t n c v a t a d 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 e c 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 16.9 331.5 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 16.1 331.4 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 16.2 336.4 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 16.5 345.2 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................. 352.1 76.4 49.0 226.8 63.9 4.2 8.5 15.3 26.2 51.1 23.8 15.3 18.4 Mar......... 350,0 75.9 49.7 224.5 62.2 4.2 8.6 14.6 26.6 51.1 24.0 14.8 18.3 1 Includes investments of foreign balances and international accounts Note.—Reported data for F.R. Banks and U.S. Govt, agencies and in the United States. trust funds; Treasury estimates for other groups. 2 Includes savings and loan assns., dealers and brokers, nonprofit institutions, and corporate pension funds. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ U.S. GOVERNMENT SECURITIES A-39 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date Total 1-5 5-10 10-20 Over years years years 20 years Total Bills Other All holders: 1965—Dec. 31........................................................... 214,604 93,396 60,177 33,219 60,602 35,013 8,445 17,148 1966—Dec. 31........................................................... 218,025 105,218 64,684 40,534 59,446 28,005 8,433 16,923 1967—Dec. 31........................................................... 226,476 104,363 69,870 34,493 78,159 18,859 8,417 16,679 1968—Feb. 29............................................................ 233,273 116,253 72,905 43,348 67,967 24,005 8,414 16.635 Mar. 31........................................................... 231,651 114,646 71,300 43,346 67,969 24,006 8,412 16,617 U.S Govt, agencies and 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 3,513 1968—Feb. 29................................................... 16,985 3,714 2,472 1,242 4,964 2,680 2,115 3,513 Mar. 31................................................... 16,982 3,731 2,475 1 ,256 4,957 2,666 2,115 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—Dec. 31................................................... 49,112 31,484 16,041 15,443 16,215 858 178 377 1968—Feb. 29................................................... 48,952 38,961 15,820 23,141 7,740 1 ,692 178 382 Mar. 31................................................... 49,691 39,411 16,220 23,191 7,948 1 ,758 187 388 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—Feb. 29................................................... 167,336 73,578 54,613 18,965 55,263 19,633 6,121 12,740 Mar. 31................................................... 164,978 71,504 52,605 18,899 55,064 19,582 6,110 12,716 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—Feb. 29........................................... 52,374 16,768 8,697 8,071 26,321 8,311 488 485 Mar. 31........................................... 50,781 15,264 7,400 7,864 26,089 8,467 486 476 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—Feb. 29........................................... 4,033 755 480 275 1,368 831 262 817 Mar. 31........................................... 4,064 769 509 260 1 ,372 826 260 837 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 1,978 1,581 1,074 2,678 1967—Dec. 31........................................... 7,360 815 440 375 2,056 914 1,175 2,400 1968—Feb. 29........................................... 7,244 805 448 357 1,922 973 1,154 2,390 Mar. 31........................................... 7,298 890 519 371 1,904 978 1,144 2,381 Nonfinancial corporations: 1965—Dec. 31........................................... 8,014 5,911 4,657 1,254 1,755 225 35 89 1966—Dec. 31........................................... 6,323 4,729 3,396 1,333 1,339 200 6 49 1967—Dec. 31........................................... 4,936 3,966 2,897 1,069 898 61 3 9 1968—Feb. 29........................................... 6,589 5,385 4,015 1,370 1 ,076 117 2 9 Mar. 31........................................... 6,152 4,790 3,284 1,506 1 ,230 120 2 9 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—Feb. 29........................................... 4,818 1,305 856 449 1,722 1 ,040 294 458 Mar. 31........................................... 4,909 1,340 890 450 1 ,748 1 ,055 308 458 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 4,512 1,033 2,165 1,499 1,910 4,265 1967—Dec. 31........................................... 14,689 5,975 4,855 1,120 2,224 937 1,557 3,995 1968—Feb. 29........................................... 14,937 6,341 5,086 1 ,255 2,163 1 ,018 I ,520 3,894 Mar. 31........................................... 15,028 6,353 5,046 1 ,307 2.229 1 ,043 1 ,515 3.888 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—Feb. 29........................................... 77,341 42,219 35,031 7,188 20,691 7,343 2,401 4,687 Mar. 31 .............................. 76,746 41,098 34,957 7,141 20,492 7,093 2,395 4,667 Note,—Direct public issues only. Based on Treasury Survey of about 90 per cent by the 5,853 commercial banks, 502 mutual savings Ownership. banks, and 760 insurance companies combined; (2) about 50 per cent by Data complete for U.S. Govt, agencies and trust funds and F.R, Banks the 469 nonfinancial corporations and 488 savings and Ioan 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 of all those not reporting reporting in the Survey and the number of owners surveyed were: (1) in the Treasury Survey, including investor groups not listed separately. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-40 U.S. GOVERNMENT SECURITIES a MAY 1968 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By typ® of customer U.S. Govt, Period agency Total Dealers and brokers securities W 1 y it e h a in r ye 1 a -5 rs y 5 e - a 1 r 0 s 10 O y v e e a r rs U.S. Govt, Other m b C e a o n rc m k i s a ­ l o A th l e l r securities 1967— Mar............................... 2.434 2,012 296 87 39 1,057 140 794 443 222 Apr................................ 2^111 1 '738 262 82 28 813 76 746 475 222 May...................... 2,075 1,636 332 77 30 784 63 720 507 188 June............................... 1,802 1^02 226 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 11705 177 30 24 715 52 711 459 200 Oct................. 2,168 1,941 150 43 33 795 66 841 465 202 Nov............................... 2l 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 I ,160 91 1,051 618 304 Feb................................ 2,679 2.207 295 150 27 1 ,’019 82 ’969 609 223 Mar,............................... 2,467 2,132 236 74 25 '919 76 863 608 299 Week ending— 1968—Mar. 6......................... 2,673 2,396 207 54 17 1,046 75 863 689 253 13......................... 2,204 1 '799 280 94 32 855 78 774 498 '233 20....................-. . 2,365 1,973 277 '87 26 874 79 827 585 '282 27....................... >■2,539 '2,283 >■179 56 '21 911 80 932 616 '387 Apr. 3......................... 2,789 2,386 266 104 32 962 86 1 ,014 728 316 10......................... 1,913 1,611 188 77 38 598 74 680 561 168 17......................... 2,552 2J28 165 39 20 916 78 929 630 326 24 ....................... 2,223 1,976 168 52 27 32 176 Note.—The transactions data combine market purchases and sales of ties under repurchase agreement, reverse repurchase (resale), or similar U.S. Govt, securities dealers reporting to the F.R. Bank of N.Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of, and exchanges for, new U.S. Govt, securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi­ DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S, Government securities, by maturity U.S. Commercial banks Period mat A ur i i l t ie . s W 1 y it e h a in r y 1 ea -5 rs 5 O y v e e a r rs se a G g cu e o n r v i c t t i y . e s Period sou A r l c l e s Y N C o e it r w y k w E h ls e e r ­ e C t o io rp ns o r 1 a­ o A th l e l r 1967 Mar...... 4,084 3,362 475 248 415 Apr. 3,902 3'296 382 223 450 1967-—'Mar,...... 4,298 1,289 1,461 825 723 May........ 3,375 2,503 744 129 371 Apr............ 4,162 1,093 1,576 829 664 June........ 2,869 2,389 406 74 314 May........... 3,612 935 1,156 764 757 July.......... 2,239 2,115 106 18 239 June........... 3,262 1,121 984 665 492 Aug...... 2^903 2,564 312 26 265 July,...... 2’, 147 '649 622 598 276 Sept.......... 2,545 2,305 202 38 242 Aug........... 2*717 835 734 868 280 Oct........... 2,880 2,837 22 20 379 Sept............ 2,'669 1,010 873 582 204 Nov.......... 3,109 2,793 258 58 312 Oct............. 2,660 ’844 688 744 383 2,410 2,375 35 1 363 Nov............ 2,863 650 640 1,176 397 Dec. 2,549 556 482 1,144 367 1968—Jan........... 3,404 3,310 114 -20 403 Feb.......... 3,762 3’500 108 153 369 1968—Jan............. 3,209 1,003 816 944 446 Mar.......... 2,438 2,211 124 103 362 Feb............. 3^799 1 ,072 1 ,008 1 ,071 648 Mar....... 2,651 678 643 829 601 Week ending— Week ending— 1968—Feb. 7.. 3,759 3,862 -4 -99 311 14.. 3,384 3,187 -39 237 344 1968—Feb. 7... 4,016 1,185 996 1,012 823 21.. 3,835 3,332 248 255 433 14. . . 3,722 824 963 1 ,053 883 28.. 4,102 3,660 201 240 391 21, . . 3,610 973 1,036 1,156 446 28. .. 3,828 1,260 1,026 1,081 462 Mar. 6.. 3,093 2,754 117 222 399 13. . 2,563 2,359 96 109 354 Mar. 6... 3,471 1,094 938 957 484 20. . 2,164 1,975 140 48 301 13. 2,805 712 665 896 533 27. . 2,071 1,851 153 68 401 20. 2,376 571 533 814 458 27. .. 2,151 439 459 767 487 Note.—The figures include all securities sold by dealers under repur­ chase contracts regardless of the maturity date of the contract, unless the 1 All business corporations, except commercial banks and insurance contract is matched by a reverse repurchase (resale) agreement or delayed companies. delivery sale with the same maturity and involving the same amount of securities. Included in the repurchase contracts are some that more Note.—Averages of daily figures based on the number of calendar days clearly represent investments by the holders of the securities rather than in the period. Both bank and nonbank dealers are included. See also dealer trading positions. Note to the opposite table on this page. Average of daily figures based on number of trading days in the period. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ GOVERNMENT SECURITIES A-41 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, APRIL 30, 1968 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. May 2, 1968.................. 2,500 Oct. 3, 1968.............. 1 ,000 Apr. 1, 1971.... .1'/? 35 Feb. 15, 1970........ .4 4,381 May 9' 1968.................. 2,502 Oct. io; 1968.................. I ’,001 May 15, 1971.... •5>/4 4,265 Aug. 15, 1970........ .4 4,129 May 16^ 1968.................. 2,501 Oct. 1711698.................. 1 J03 Oct. 1, 1971... . ■l'A 72 Aug. 15, 1971........ .4 2,806 May 23,' 1968................... 2,’501 Oct. 24, 1968.................. 1,101 Nov. 15, 1971.. . . ■5% 1 ,734 Nov. 15, 1971........ .3% 2,760 May 31’ 1968.................. 4,004 Oct. 31’ 1968................... 1,502 Feb. 15, 1972.... ■ 4% 2,006 Feb. 15, 1972........ .4 2,344 2^602 Nov. 30’, 1968................... 1 ^501 Apr. 1, 1972.... l>/t 34 Aug. 15, 1972........ .4 2,579 June 13^ 1968.................. 2^600 Dec. 311 1968.. ............... 1 ,499 May 15, 1972.... ■45/4 5,310 Aug. 15, 1973........ .4 3,894 June 20; 1968................... 21606 Jan. 311 1969................. 1 ,500 Oct. 1, 1972.. .. • i'/i 33 Nov. 15, 1973........ .4'4 4,352 June 2419681................ 5,534 Feb. 281 1969................. l ,002 Apr. 1, 1973.. . . • 1'4 2 Feb. 15, 1974........ • 4'/s 3,129 June 27^ 1968.'................. 2’,611 Mar. 3ll 1969.................. 1 ;ooo Nov. 15, 1974.... •5’4 1 ,652 May 15, 1974........ .4'4 3,589 June 30^ 1968.................. I ,501 । ;ooi Feb. 15, 1975.. . . ■ 53/4 5,149 Nov. 15, 1974........ ■3% 2,241 July 5’ 1968.................. 2^601 May 15, 1975-85...4'4 1,216 July if 1968................. 2,602 June 15, 1978-83...31/4 1,569 July 18^ 1968.................. 2’603 Treasury bonds Feb. 15, 1980........ .4 2,602 July 25’ 1968.................. 2,603 Treasury notes Dec. 15, 1963-68. .2/, 1,788 Nov. 15, 1980........ .3'4 1,908 July 31’ 1968.................. 1 '501 May 15, 1968.......4% 5,587 June 15, 1964-69. .21/. 2,542 May 15, 1985........ .3'4 1,116 1 ,000 Aug. 15, 1968...........4% 5,937 Dec. 15, 1964-69. .2% 2,489 Aug. 15, 1987-92...4'4 3,817 1 ’00l Oct. 1,1968...........PA 115 Mar. 15, 1965-70. 2,285 Feb. 15, 1988-93.. 4 249 Aug. 15, 1968.................. 1 ,002 Nov. 15, 1968...........5% 8,984 Mar. 15, 1966-71. .2'4 1 ,224 May 15, 1989-94.. 4'4 1,559 Aug, 22; 1968.................. 1 looo Feb. 15, 1969...........5% 10,738 June 15, 1967-72. .214 1 ,253 Feb. 15, 1990........ .3'4 4,882 Aug. 29’ 1968.................. 1 looo Apr. 1,1969...........11/2 61 Sept. 15, 1967-72. .214 1 ,952 Feb. 15,1995........ .3 1,739 Aug. 31’ 1968.................. 1,501 May 15, 1969...........5% 4,277 Dec. 15, 1967-72. • 2'4 2,618 Nov. 15, 1998........ 3'4 4,350 SepT 5,' 1968.................. i looo Oct. 1, 1969............iTz 159 May 15, 1968.. . . .3’4 2,460 Sept. 12; 1968.................. 1 ,000 Apr. 1,1970...........1>4 88 Aug. 15, 1968.. . . .3’4 2,640 Sept* 19; 1968.................. 1 ’000 Oct. 1, 1970............114 113 Nov. 15, 1968.... •3% 1,158 Convertible bonds Sept. 26 1968.................. 1 ,001 Nov. 15, 1970...........5 7,675 Feb. 15, 1969..., .4 3,728 Investment Series B Sept. 30,’ 1968................... 1 ,500 Feb. 15, 1971...........5% 2,509 Oct. 1, 1969.... .4 6,247 Apr. 1,1975-80.. 2'/4 2,527 t 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 Total G g o a e b t a n io l l e i­ n r s ­ R n e u v e e­ HAAi G lo U o a .S n v s t . , State S d a s i p a s u t e n a t t r c d h t i , i c a . t l Other2 d er e e l d iv 3 ­ Total c E a d tio u n ­ b R r a i o d n a g d d e s s it U ie ti s l­ 4 H in o g u s s­ V a a e n i t d s e ’ r ­ p O p o t s u h e e r s ­ r 1961.................. 8,566 5,724 2,407 315 120 1,928 2,165 4,473 8,301 8,463 2,821 1,167 1 ,700 385 478 1,913 1962.................. 8^845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1 ,668 521 125 2,177 1963.................. 10,538 5^855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,369 1964.................. 10,847 6,417 3 ,’585 637 208 1,628 3,812 5,407 10^069 10,201 3,392 688 2^437 727 120 2^838 1965.................. 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1,965 626 50 3,311 1966.... ...... 11,405 6,804 3,955 325 312 2,590 4,110 4,695 n.a.11,303 3,738 1,476 1,880 533 3,667 1967................. 14’653 8*905 4,937 477 334 2,842 4,780 7,028 n.a. 14,528 4,458 1,253 2,398 638 5,781 1 455 841 460 117 37 231 548 676 n.a. 1,439 427 123 339 126 423 Apr . .. 1'130 848 256 26 182 245 703 n.a. 1 J 11 460 59 213 10 369 1 ’247 760 457 30 315 298 634 n.a. 1 J 222 487 116 102 11 506 June,».. 1 ’497 860 492 117 29 138 682 677 n.a. 1 397 597 26 228 148 498 July . . 950 665 246 39 186 260 504 n.a. '943 314 36 192 7 394 860 588 254 18 195 235 430 n.a. 858 211 142 211 52 242 Sept... . 1 ,334 560 648 105 21 246 588 500 n.a. 1 ,324 328 184 250 110 453 Oct.. . . 974 684 257 32 207 257 510 n.a. '974 269 I3() 139 18 417 Nov.,. . 1 425 766 617 43 335 549 541 n.a. 1,424 224 43 319 9 830 1 ’,060 457 443 138 22 153 478 429 n.a. 1,060 267 42 125 146 480 [968—Jan r... 1 174 839 307 28 450 300 425 n.a. 1,134 425 206 174 ♦ 328 Feb ... 1 ’175 690 471 14 152 393 630 n.a. 1,174 481 110 28 555 Mar., ,. 1,364 582 624 144 14 110 500 754 n.a. M56 358 9 129 190 .........6..6..9 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 3 Excludes U.S. Govt, loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt, loans. and payment to issuer, which occurs after date of sale. Investment Bankers Assn, data; par amounts of long-term issues 4 Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-42 SECURITY ISSUES ° MAY 1968 TOTAL NEW ISSUES (In millions of dollars) Proposed use of net proceeds, Gross proceeds, all issues 1 all corporate issues 6 Noncorporate Corporate New capital Re­ Period Bonds Stock tire­ Total G U o . v S t . .2 G a U c g o y . e S v n 3 . t ­ , lo S U a c t n . a a S d t l e . 4 Other 5 Total Total o P f l f i e c u r l b y e ­ d p v l P a a t c r e i e ­ l d y fe P rr r e e d ­ C m o o m n ­ Total Total m N on e e w y 7 O p p o t u s h e r e ­ s r s m ri e t o e i c e f n u s ­ t I960................... 27,541 7,90€ 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1 ,664 9,924 9,653 8,758 895 271 1961.................... 35,527 12,253 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 8.59C 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 10,501 9,747 8,240 1,507 754 1963.................... 35,199 10,827 1,168 10,107 887 12,211 10,856 4,713 6,143 343 1,011 12,049 10,523 8,898 1,625 1,526 1964.................... 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 4(2 2,679 13,792 13,038 11,233 1,805 754 1965.................... 40,108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1,547 15,801 14,805 13,063 1 ,741 996 1966..................... 45,015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1,939 17,841 17,601 15,806 1,795 241 1967................... 68,514 19,431 8,180 14,288 I ,817 24,798 21,954 14,990 6,964 885 1,959 24,409 24,097 22,233 1,867 312 1967—Feb......... 7,523 4,154 783 1,159 10 1,418 1,262 900 362 17 139 1,400 1,399 1,375 24 1 Mar........ 5,253 459 750 1,437 245 2,362 2,219 1,618 601 24 119 2,334 2,317 2,178 139 17 Apr......... 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 41G 650 1,461 179 2,674 2,343 1,684 659 17 313 2,631 2,611 2,363 248 20 July........ 4,375 415 407 925 39 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 4,609 422 708 991 78 2,409 1,940 1,375 566 231 238 2,367 2,289 2,120 168 79 Nov.. . . . 8,732 5,054 710 1,320 147 1,500 1,196 645 551 81 222 1,470 1 ,467 1,305 163 3 Dec.......... 4,483 371 612 1 .093 22 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 1,431 903 528 47 279 1,718 1,689 1,606 83 30 Feb......... 8,068 4,719 550 1,134 61 1,604 1,38! 796 585 55 168 1 ,580 1,566 1,474 92 14 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia eo l 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 capital8 secu­ rities rities rities rities rities rities I960.................................................. 1,997 79 794 30 672 39 2,754 51 1,036 1 2,401 71 1961................................................. 3,691 287 1,109 36 651 35 2,883 106 1,435 382 2,248 22 1962.................................................. 2,958 228 803 32 543 16 2,341 444 1,276 11 1,825 23 1963.................................................. 3,272 199 756 53 861 87 1,939 703 733 359 2,962 125 1964................................................. 2,772 243 1,024 82 941 32 2,445 280 2,133 36 3,723 80 1965................................................. 5,015 338 1,302 79 967 36 2,546 357 847 92 4,128 93 1966.................................................. 6,855 125 1,356 44 1,939 9 3,570 46 1,978 4 1,902 14 1967................................................. 10,774 111 2,21! 47 2,016 22 4,741 127 1,955 1 2,399 5 1967—Feb...................................... 563 * 72 ♦ 140 274 105 244 1,254 16 112 214 503 145 89 2 Apr............... ..... 1,128 7 102 4 100 394 1 107 141 May................... 588 1 94 199 1 403 17 91 100 * 1,298 16 218 3 128 471 350 146 July...................................... 925 22 388 23 379 20 446 24 39 277 Aug................................. 1,229 10 95 3 99 509 19 356 119 2 Sept..................... 637 5 285 3 150 1 265 200 184 Oct... ............... 906 6 126 7 176 573 65 119 388 Nov...................................... 512 1 207 2 88 404 82 174 * Dec...................................... 1,109 6 409 1 198 278 * 68 * 273 1968—Jan....................................... 530 18 215 11 98 418 182 246 Feb....................................... 548 4 145 109 543 8 146 75 2 1 Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of flotation. number of units by offering price. 7 For plant and equipment and working capital. 2 Includes guaranteed issues. 8 All issues other than those for retirement of securities. 3 Issues not guaranteed. 4 See Note to table at bottom of opposite page. Note.—Securities and Exchange Commission estimates of new issues 5 Foreign governments, International Bank for Reconstruction and maturing in more than 1 year sold for cash in the United States. Development, and domestic nonprofit organizations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ SECURITY ISSUES A-43 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, ail issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire­ Net New Retire­ Net issues ments change issues ments change In c v o e s s .1 t. Other In c v o e s s .1 t. Other In c v o e s s .1 t. Other 1962........................ 14,308 6,457 7,852 8,613 3,749 4,864 3,440 2,255 1,140 1,567 2,300 688 1963........................ 15,641 8,711 6,930 10,556 4,979 5,577 3,138 1,948 1,536 2,197 1,602 -249 1964......................... 18,826 8,290 10,536 10,715 4,077 6,637 4,363 3,748 1,895 2,317 2,468 1,431 1965........................ 21,535 10,025 11,511 12,747 4,649 8,098 5,583 3,205 2,134 3,242 3,450 -37 1966........................ 26,327 9,567 16,761 15,629 4,542 11,088 6,529 4,169 2,025 3,000 4,504 1,169 1966—IV............... 5,615 2,535 3,080 3,336 1,111 2,225 1 ,657 622 431 993 1,226 -371 1967—1................... 7,258 2,344 4,914 4,724 1,202 3,522 1,748 786 592 550 1,156 235 H................. 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 6,538 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 o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1962............... 1,355 -242 294 -201 -85 -25 1,295 479 1,172 357 833 2,619 1963.................. 1,804 -664 339 -352 316 -19 876 245 438 447 1,806 1,696 1964......................... 1,303 -516 507 -483 317 -30 1,408 476 458 1,699 2,644 2,753 1965........... 2,606 -570 614 -70 185 -1 1,342 96 644 518 2,707 3,440 1966......................... 4,324 32 616 -598 956 718 2,659 533 1,668 575 864 4,414 1966—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 II................. 1,858 107 153 52 198 47 1,089 117 320 158 41 661 nr................ 2,253 403 422 29 374 45 867 168 594 92 345 611 IV................ 1,637 270 399 207 214 54 846 277 291 120 537 1,685 1 Open-end and closed-end companies. exclude foreign and include offerings of open-end investment cos., sales of 2 Extractive and commercial and misc. companies. securities held by affiliated cos. or RFC, special offerings to employees, 3 Railroad and other transportation companies. and also new stock issues and cash proceeds connected with conversions 4 Includes investment companies. of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for Note.—Securities and Exchange Commission estimates of cash trans­ that purpose shown on opposite page. actions only. As contrasted with data shown on opposite page, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales 1 Re ti d o e n m s p­ s N al e es t Total 2 po C si a t s io h n 3 Other Sales 1 Re ti d o e n m s p­ s N al e es t Total 2 po C s a it s io h n3 Other 1956............... 1,347 433 914 9,046 492 8,554 1967-—Mar.. 389 226 163 39,443 2,682 36,761 1957............... 1,391 406 984 8,714 523 8,191 Apr... 358 214 144 41,191 2,666 38,525 1958............... 1,620 511 1,109 13,242 634 12,608 May.. 357 258 99 39,847 2,608 37,239 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 43,064 2,515 40,549 1960............... 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 1'791 22,789 980 21'809 Sept... 352 246 106 43,585 2,244 41,341 1962............... 2| 699 tJ23 1,576 21,271 1,315 19^956 Oct... 409 270 139 42,652 2,218 40,434 Nov. , 468 231 237 43,262 2,653 40,609 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 1'962 2,395 35,220 1,803 33,417 1968—Jan.... 556 316 240 42,466 2,679 39,787 1966.............. 4,671 2,005 2,665 34,829 2,971 31', 858 Feb... 451 260 191 41,533 3.409 38,124 1967............... 4,670 2,745 1,927 44,701 2,566 42,135 Mar... 557 243 314 42,412 3,919 38,493 t Includes contractual and regular single purchase sales, voluntary 3 Cash and deposits, receivables, all U.S. Govt, securities, and other and contractual accumulation plan sales, and reinvestment of invest­ short-term debt securities, less current liabilities. ment income dividends; excludes reinvestment of realized capital gains dividends. Note.—Investment Company Institute data based on reports of mem­ 2 Market value at end of period less current liabilities. bers, which comprise substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect newly formed companies after their initial offering of securities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-44 BUSINESS FINANCE □ MAY 1968 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1966 1967 Industry 1963 1964 1965 1966 1967 I II III IV I 11 III 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 6,126 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 1,352 1,319 1,343 1,313 1,431 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 11,822 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 1,599 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 industries: 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 1,579 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 I ,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 8,354 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 I ,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 1,890 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 17,894 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 2,911 758 632 702 673 799 666 717 729 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 are obtained primarily from Lines and General Depts, of American Telephone and Telegraph Co.), published reports of companies. and for 2 affiliated telephone companies. Dividends are for the 20 operat­ Railroads: Interstate Commerce Commission data for Class I line­ ing subsidiaries and the 2 affiliates. haul railroads. All series: Profits before taxes are income after all charges and before Electric power: Federal Power Commission data for Class A and B Federal income taxes and dividends. electric utilities, except that quarterly figures on operating revenue and Back data available from the Division of Research and Statistics. profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ BUSINESS FINANCE A-45 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e a ro f x o f e i r t s e s c ta o In x m e ­ e s P t a a r f o x t e e fi s t r s d C d e a i n v s d i h ­ s tr U p ib r n o u d f t i i e t s s d ­ co c a n a t l s i l p o o u i n w t m a ­ ! p ­ Quarter 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 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 o s l p o u n i w t m a ­ l p ­ ances 1 ances 1 I960,............ 49.7 23.0 26.7 13,4 13.2 24.9 1966—1... . 83.7 34.5 49.2 21.4 27.8 38.3 II.... 83.6 34.5 49.2 21.6 27,6 38.7 1961............... 50.3 23.1 27.2 13.8 13.5 26.2 UI... 84.0 34.6 49.4 21.6 27.8 39,2 1962............... 55.4 24.2 31.2 15,2 16.0 30.1 IV... 83.9 34.6 49.3 21.2 28.2 39.8 1963............... 59.4 26.3 33.1 16,5 16.6 31.8 1964.............. 66.8 28.3 38.4 17.8 20.6 33.9 1967—1. . . . 79.0 32.5 46.5 22.2 24.2 40.3 1965.............. 76.6 31.4 45.2 19.8 25.4 36.5 11. . . 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 ni... 80.0 32.9 47.1 23.4 23.6 41.8 1967............ 80.7 33.2 47.5 22.8 24.7 41.4 IV... 85.1 35.0 50.1 22.4 27.6 42.5 1, Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts, Notes and accts, End of period working u. s. receivable payable Accrued capital Total Cash s G ec o u v r t i , ­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties G U o . v S t . .1 Other G U o . v S t . .1 Other taxes 1961............................... 148.8 304.6 40.7 19,2 3.4 133,3 95.2 12.9 155.8 1.8 110.0 14.2 29.8 1962............................... 155.6 326.5 43.7 19.6 3.7 144,2 100.7 14.7 170.9 2.0 119.1 15,2 34.5 1963............................... 163.5 351.7 46.5 20.2 3.6 156.8 107.0 17.8 188,2 2.5 130.4 16.5 38.7 1964............................... 170.0 372.2 47.3 18.6 3.4 169.9 113.5 19.6 202.2 2.7 140.3 17.0 42.2 1965 ............................... 180.1 406.6 49.7 16,5 3.9 187.9 125.7 22.9 226.5 3.1 158.0 18.8 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 II,....................... 187.1 421.8 48.1 15.0 4.0 196,7 133.4 24.6 234.7 3.5 164.0 16.5 50 8 iti....................... 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 rv........................ 189.4 439,6 49.8 15.2 4.5 202.6 143.2 24.2 250.2 4.4 173.7 18.8 53 3 1967—1.......................... 191.7 440.2 46.9 14.1 4.4 202.6 146.8 25.4 248.5 4.9 171.2 18.4 54 1 II........................ 192.8 441.1 47.4 11.3 4.6 204.9 147.9 24.9 248.2 5.4 174.6 12.5 557 IH................. 196.3 448.9 48.8 10.6 4.7 208.9 149.9 26.0 252.6 5.7 176.1 13.3 574 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 1 Receivables from, and payables to, the U.S. Govt, exclude amounts Note.—Securities and Exchange Commission estimates; excludes offset against each other on corporations’ books. banks, savings and Ioan 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 t u ili 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 L10 1.92 5.65 3.79 10.03 1964........................................... 44.90 9.43 9.16 1.19 1.41 2.38 6.22 4.30 10.83 1965.......................................... 51.96 11.40 11.05 1.30 1.73 2.81 6.94 4.94 11.79 1966........................................... 60.63 13.99 13.00 1.47 1.98 3.44 8.41 5.62 12.74 1967........................................... 61.66 13.70 13.00 1.42 1.53 3.88 9.88 5.91 12.74 1968 2....................................... 65.23 14.39 13.54 1.58 1.27 4.51 10.88 6.45 12.60 1966—1..... ........................... 12.77 2.87 2.74 .33 .40 .75 1.60 1.26 2.83 58 00 II.. 15.29 3.51 3.27 .40 .55 1.00 2.09 1.42 3.06 60 10 in............................. 15.57 3.54 3.30 .37 .48 .82 2.36 1.36 3.33 61 25 iv................................... 17.00 4.07 3.68 .38 .55 .86 2.36 1.58 3.52 62 80 1967-4..................................... 13.59 3.08 3,02 .32 .41 .70 1.84 1.35 2.87 61 65 ..................................... 15.61 3.46 3.34 .34 .41 1.12 2.46 1.49 2.99 61 50 ni................................... 15.40 3.33 3.15 .37 .35 .98 2.66 1.46 3.09 60 90 iv.................................. 17.05 3.82 3.48 .39 .36 1.07 2.92 1.62 3.39 62 70 1968--12.............................. 14.26 3.17 2.97 .35 .33 .92 2.25 4.27 64 80 ir 2.................................. 16.31 3.66 3.41 .41 .30 1.11 2.78 4.62 64 30 1 Includes trade, service, finance, and construction. Note.—Dept, of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corporate and noncorporate business, excluding agriculture. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-46 REAL ESTATE CREDIT □ MAY 1968 MORTGAGE DEBT OUTSTANDING (In billions of dollars) AU properties Farm Nonfarm Other 1- to 4-family houses^ Multifamily and Mortgage E p n e d ri o o d f h A e o r l s l d l ­ tu F i t n i c i n o s ia a n t l i n ­ s ­ 1 a U c g i . e e S h s n o . ­ lde v o r I i s d t a n h 2 u n d e d a i r ­ l s s h A e o r l s l d l ­ tu F i t n i c i n o i s a a n t l i n s ­ ­ 1 O h e o t r h l s d e 3 ­ r h A e o r l l s d l ­ Total t F u in i t n i s o a t n n i­ s , 1 O h e o th r l s d e ­ r c T o o m ta m l er t c u F i i a n t in i l o s a t p n n i­ r s , o 1 pe O h r e o t t i h r e l s d e s ­ r 3 w u F V n r H i d t A t A e e - t r n y - ­ pe t 6 C i v o e o n n n a ­ ­ l 1941............ 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945............ 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12 2 7.4 4.7 4 3 26'5 1961............ 226.3 172.6 11.8 41.9 13.9 5.0 8.9 212.4 153.1 128.2 24.9 59.3 39.4 19.9 65.5 146 9 1962............ 248.6 192,5 12.2 44.0 15.2 5.5 9.7 233.4 166.5 140.4 26.0 66.9 46.6 20 4 69 4 164 I 1963............ 274.3 217.1 11.2 45.9 16.8 6.2 10.7 257.4 182.2 156,0 26.2 75.3 54.9 20.3 73.4 184 0 1964............ 300.3 241.0 11.4 47.8 18.9 7.0 11.9 281.3 197.7 170,5 27.2 83.6 63 5 20 1 77 2 204 1 1965............ 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 5 813 223’7 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 I 84.0 239 9 1967*.......... 369.6 298.9 18.5 52.2 25.2 9.1 16.0 344.5 236.1 202.0 34.1 108.4 87 9 20 5 88.2 256 3 1966—iv.. . 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 II*.. 338.7 274.7 14.4 49.6 22.5 8.2 14.2 316.2 219.8 (89.9 29.9 96.5 76.6 19.9 82.6 233.6 IIP.. 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—I*... 350.6 283.2 16.4 51.0 23.7 8.5 15.2 326.9 225.2 193.2 32.0 101.7 81.5 20.2 84.4 242,5 IP.. 356.1 287.9 16.7 51.5 24.2 8.7 15.5 331.9 228.2 195,7 32.4 103,8 83,5 20.3 85.3 246.6 HI*.. 362.8 293.4 17.5 51.9 24.7 8.9 15.8 338.1 232.2 198.9 33.2 105.9 85.5 20.4 86.4 251.7 IV* . 369,6 298.9 18.5 52.2 25.2 9.1 16.0 344.5 236.1 202.0 34,1 108.4 87.9 20.5 88.2 256.3 1 Commercial banks (including nondeposit trust companies but not 5 Derived figures; includes small amounts of farm loans held by trust depts.), mutual savings banks, life insurance companies, and savings savings and loan assns. and loan assns. 6 Data by type of mortgage on nonfarm 1- to 4-family properties alone 2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin,, are shown on second page following. and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Other U.S agencies (amounts small or current separate data not readily Note.—Based on data from Federal Deposit Insurance Corp., Federal available) included with “individuals and others.” Home Loan Bank Board, Institute of Life Insurance, Depts, of Agricul­ ture and Commerce, Federal National Mortgage Assn., Federal Housing 3 Derived figures; includes debt held by Federal land banks and farm Admin., Public Housing Admin., Veterans Admin., and Comptroller debt held by Farmers Home Admin. of the Currency. * For multifamily and total residential properties, see p. A-48. Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Other Total Total F i H n A ­ - g V u A ar - ­ C ve o n n ­ ­ n fa o r n m ­ Farm Total Total F i H n A ­ - g V u A ar - ­ C ve o n n ­ ­ O n fa t o h r n m e ­ r Farm sured anteed tional sured anteed tional 1941................................. 4,906 3,292 1,048 566 4,812 3,884 900 28 1945................................. 4,772 3,395 '856 521 4,208 3'387 797 24 1961................................. 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,029 2,753 51 1962................................. 34376 23,482 6,520 2,654 14’308 8,972 2,022 32,320 29,181 9,238 9 387 10,156 3,088 51 1963................................. 39,414 26,476 7305 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 2338 40,556 36,487 12,287 11321 13,079 4,016 53 1965................................. 49375 32’387 7302 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*".............................. 59,019 37,642 7,709 2,696 27,237 17'931 3,446 50,490 44,641 15,074 11'795 17 772 5 .733 1 17 1966—1........................... 50,650 32,822 7,717 2,659 22,446 14,840 2,988 45,370 40,700 13,956 11,408 15,336 4,617 53 52,306 33 300 7,’769 2354 23,377 15,'478 3'028 45,883 41^083 14,047 11’346 15,690 4,747 53 Ill....................... 53.606 34369 7,687 2'620 24^162 16',028 3,109 46'622 41,673 14374 11,413 15,986 4'896 53 IV...................... 54’380 34,876 7’544 2'599 24'733 16'366 3338 47'337 42,242 14’500 11,471 16372 5,041 53 1967—I,......................... 54.531 34,890 7344 2,547 24,899 16,468 3,173 48 307 42,879 14,723 11,619 16,537 5,176 52 . 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 inr..................... 57382 36,639 7,584 2,601 26,454 17'475 3,368 49'732 44,094 15,016 11,785 17,293 5,526 112 1VL.......... 59,019 37342 7309 2396 27337 17,931 3 346 50’490 44341 15'074 11,795 17,772 5333 117 i Includes loans held by nondeposit trust companies, but not bank States and possessions. First and third quarters, estimates based on FDIC trust depts. data for insured banks for 1962 and part of 1963 and on special F.R. inter­ 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. polations thereafter. For earlier years, the basis for first- and third-quarter estimates included F.R. commercial bank call report data and data from Note.—Second and fourth quarters, Federal Deposit Insurance Corpo­ the National Assn, of Mutual Savings Banks. ration series for all commercial and mutual savings banks in the United Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ REAL ESTATE CREDIT A-47 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Non farm Nonfarm Period Total Total in F s H ur A e - d a g n V u t A e a e r - ­ d Other 1 Farm 1 Total Total in F s H ur A e - d a g n V u te A a e r - ­ d Other Farm 1945................................................. 976 6,637 5,860 1,394 4,466 766 1961................................................. 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24 815 3 170 1962................................................. 7'478 6'859 1,355 469 5'035 619 46,902 43'502 10,176 6^395 26,931 3*400 1963................................................. 9,172 8'306 1,598 678 6,030 866 50,544 46’752 10'756 6301 29,595 3 792 1964................................................. 10’433 9,386 1,812 674 6’,900 1,047 55’152 50,848 11,484 6,403 32,961 4 304 1965................................................. 11’137 9'988 1,738 553 7,697 1'149 60,013 55'190 12,068 6,286 36,836 4 823 1966................................................. 10^217 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—Feb.r................................... 670 605 69 30 506 65 65,267 60,017 12,415 6,225 41 ,377 5 250 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 61339 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 5383 Nov........................... 662 603 50 30 523 59 67,097 61 ,595 12,214 6,112 43,269 5 502 Dec........................ 1 ,077 953 58 33 862 124 67,595 62^038 12J92 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 Feb....................................... 527 431 45 25 361 96 67,867 62,292 12,164 6,097 44,031 5,575 1 Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because (1) 1959 and with “other” nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and (2) data for year-end adjustments are more complete. Note.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Advances outstanding (end of period) Period Ad­ Repay­ Members’ New vances ments deposits Period Total 1 h c o o m n­ e H p o u m r­ e Total 2 F i H n­ A- g V u A ar - ­ C ve o n n ­ ­ Total t S e h rm or t­ * t L e o rm ng ­ 2 struc­ chase sured anteed tional tion 1945........................ 278 213 195 176 19 46 1945............ 1,913 181 1,358 5,376 1961........................ 2,882 2,220 2,662 1,447 1,216 1,180 1962........................ 4’111 3'294 3'479 2,005 1,474 1,213 1961.............. 17,364 5,081 7,207 68,834 4,167 7,152 57,515 1963........................ 5,601 4,296 4,784 2,863 1,921 1,151 1 1 1 1 9 9 9 9 6 6 6 6 3 5 2 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 4 4 0 3 , , , i 7 5 7 8 3 0 5 4 5 5 4 7 5 7 6 5 , , , , 0 5 9 9 1 3 7 2 5 9 9 2 1 1 9 8 0 0 , , , , 9 5 3 6 2 9 9 2 0 7 7 4 1 1 9 7 0 1 0 8 1 0 , , , , 9 7 3 3 4 7 3 0 4 3 0 6 4 5 4 4 , , , , 1 8 4 6 4 9 7 9 5 4 6 6 7 6 6 6^ , , ’ 0 9 3 6 6 1 9 8 0 3 0 8 7 6 9 8 9 8 7 9 , , , ’ 2 7 2 7 8 6 8 5 8 3 4 6 1 1 1 19 9 9 9 6 6 6 6 7 4 5 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 3 1 , ' ' ’ 8 , 5 0 5 0 6 0 2 5 4 7 7 4 5 2 4 , , ' , 8 3 0 0 6 3 2 7 5 5 6 6 5 6 4 5 , ' ' ' ’ 9 3 3 9 3 2 8 9 5 5 6 7 2 3 5 3 , ' ' ’ 0 9 8 0 8 7 4 0 5 4 6 6 2 2 1 ' ' ' 9 4 9 4 2 7 2 0 3 9 1 9 1 1 1 1 , , ’, ’ 4 0 0 1 4 3 3 9 3 2 6 9 1966.............. 16,720 3,606 7,746 114,447 5,270 6,158 103,019 1967.............. 19,891 4J90 9,'5O5 121,893 5,794 6,356 109,743 1967—M Ap a r r. . . . . . . . . . . . . . . . . . . . . . . . 3 59 0 4 6 5 55 2 5 4 , ’ 1 7 7 8 5 2 4 3 , '9 2 7 6 6 2 9 8 1 0 3 6 1 1 , ’ 4 6 9 4 0 8 1967— J J M A M A u u u p a a n l g y r y e r . . . . , . . , . . . . . . . . 2 1 1 2 1 1 , , , , , , 1 3 2 3 7 8 6 4 3 3 2 6 2 7 8 9 8 0 4 4 3 3 3 4 3 0 1 0 8 2 5 0 6 2 2 4 1 1 , , 1 0 9 5 7 5 5 4 8 7 7 8 1 1 6 9 6 6 1 1 1 1 1 1 1 1 1 1 1 1 4 5 5 6 7 8 , , , , , , 7 2 6 9 9 6 3 9 0 4 7 7 7 3 6 9 4 4 5 5 5 5 5 5 , , , , , , 3 3 4 2 3 5 2 6 3 9 8 1 1 5 7 6 4 4 6 6 6 6 6 6 , , , , . , 1 1 1 1 1 2 4 2 6 8 4 2 1 7 9 7 3 3 1 1 1 1 1 1 0 0 0 0 0 0 3 5 4 3 6 6 , , , , , , 7 3 4 3 0 9 7 9 1 5 5 3 1 1 7 8 7 2 J J S M A O u u e u a c n p l g y y t e t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 5 0 8 9 3 6 9 3 2 9 0 4 4 2 2 2 1 1 2 0 0 7 3 6 0 8 2 3 4 9 4 4 4 4 4 4' , ' , , ' , 4 1 2 3 1 1 2 5 2 0 2 1 1 1 3 2 2 4 3 3 3 3 3 3 , , ' , , ’ 6 7 6 6 6 6 4 7 5 8 9 8 6 9 2 1 0 6 6 4 4 6 5 4 4 8 4 9 0 3 1 0 6 3 4 4 1 1 1 1 1 1 , , , , , 3 8 3 9 3 3 2 3 4 2 1 2 1 1 3 7 5 3 S O e c p t. t . . . . , . 1 1 , , 9 9 7 5 1 0 3 4 8 1 1 3 1,0 9 1 4 7 9 1 1 2 1 0 9 , ,5 36 29 2 5 5, , 6 5 6 7 0 6 6 6 . , 2 2 9 5 2 8 1 1 0 0 8 7 , , 4 6 1 95 0 Nov............. 2 1 5 7 2 6 1 5 0 4 2 4 4 , '3 1 8 8 6 8 3 3 , , 9 7 8 9 5 3 4 3 0 9 1 5 1 1, , 4 3 3 4 2 7 N D o ec v . . , . . . 1 1 , , 8 7 0 5 1 9 3 3 8 8 8 0 7 8 8 5 0 6 1 1 2 2 1 1 , , 1 8 2 9 7 3 5 5 , , 7 7 1 9 4 4 6 6 , , 3 3 3 5 6 6 1 10 0 9 9 , , 7 0 4 7 3 7 1968—Jan.............. 3 1 0 01 8 2 1 5 9 1 5 4 4 , '3 4 4 4 8 2 3 3 , , 9 8 6 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 Mar............. 87 166 4,269 3,733 536 1,302 Feb... 1,456 305 704 122,637 5,853 6,447 110,337 Mar.i>. 1 ,763 407 840 123,424 5,901 6,480 111,043 1 Secured or unsecured loans maturing in 1 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. no 2 t s B h e o g w in n n s in e g p a w ra it t h e ly 1 . 958, 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-48 REAL ESTATE CREDIT □ MAY 1968 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NON-FARM 1- to 4-FAMILY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Government- Period Total h N om M ew e o s r tga h g is o E e t m i s x n e ­ g s e P c r ts o j­ 1 m p P e r i e r o m r n o v t t y p ­ e s ­ ­ 2 Total J h N o M m ew e o s r tga h g is o E e t m i s x n e ­ g s E pe n r d io o d f Total Tota u l nd s F e u i H n r r w e ­ A d r - it te a n g n V u te A a e - r d ­ 1 t C i v o e o n n n a ­ ­ l 1945.............................. 665 257 217 20 171 192 1945 ................ 18.6 4.3 4.1 .2 14. 3 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 30.9 116.3 1964.............................. 8'130 1'608 4,965 895 663 2'846 1,' 023 1,821 1965.............................. 8'689 1’705 5 760 591 634 2’652 876 1 J74 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 1966................. 223.7 76.0 44.8 31.2 147.8 1967".............. 236.1 79 9 47.4 32.5 156.2 1967 Mar................... 490 96 292 55 47 195 83 112 Apr.......... 440 89 270 41 40 184 70 114 1965—1........... 200.7 70,0 39.0 31.0 130.7 May................. 508 87 320 44 58 231 76 154 II.......... 205.0 70.7 39.7 31.0 134,3 June................. 626 105 403 57 61 266 81 185 in........ 209.2 72,0 40.9 31. 1 137.2 July................... 595 103 399 36 58 296 82 214 IV........ 213.2 73 I 42.0 31.1 140.0 Aug................... 762 129 525 45 62 340 97 243 Sept.................. 758 129 514 58 56 352 101 251 1966—1........... 216.3 74.1 43.0 31.1 142.2 Oct.................... 817 150 515 88 64 434 125 310 II.......... 219.8 74.6 43.7 30.9 145.2 Nov.......... 746 149 471 72 53 383 127 255 III. 222.0 75.4 44.4 31.0 146.6 Dec................... 594 124 334 90 47 340 124 217 IV......... 223.7 76 0 44.8 31.2 147.8 1968—Jan.................... 693 147 431 70 45 349 135 213 1967—1"......... 225.2 76.4 45,2 31.2 148.8 Feb................... 573 124 312 100 36 280 111 169 IP........ 228.2 77,2 45.7 31.5 150.9 Mar................... 535 120 314 62 39 267 115 152 111".. .. 232.2 78,3 46.6 31.7 153.9 IV".. .. 236.1 79.9 47.4 32.5 156.2 1 Monthly figures do not reflect mortgage amendments included in annual totals. 2 Not ordinarily secured by mortgages. i Includes outstanding amount of VA vendee 3 Includes a small amount of alteration and repair loans, not shown separately; only such accounts held by private investors under repurchase loans in amounts of more than $1,000 need be secured. agreement. Note.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans Note.—For total debt outstanding, figures are represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans FHLBB and F.R. estimates. For conventional, closed. Figures do not take into account principal repayments on previously insured or figures are derived. guaranteed loans. For VA-guaranteed Ioans, amounts by type are derived from data on Based on data from Federal Home Loan Bank number and average amount of loans closed. Board, Federal Housing Admin., and Veterans Admin. FEDERAL NATIONAL MORTGAGE ASSOCIATION 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 e i n t t ­ s E pe n r d io o d f Finan­ Finan­ period Total F su i H n re A ­ d - a g n V u te A a e - r d ­ ch P a u s r e ­ s Sales bu d u r i n s s e ­ ­ d Total tu in c ti s i o a t n l i ­ s h O ol t d h e e r r s 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 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 11634 290 1,114 191 1961................ 176.0 143.0 33.0 23.0 14.8 8.2 1964............................ 4,412 2^996 11416 424 '251 313 1962................ 192.5 157.9 34,6 25.8 17.5 8.3 1965............................ 4,731 3,404 11327 913 200 793 1963............... 211.2 176.7 34.5 29.0 20.7 8.3 1966............................. 7’063 5,'407 1,656 2,701 705 1967............................. 8,870 6,803 2,066 21260 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 7,415 5,692 1,723 119 I 706 1966".............. 263.3 223.2 40.1 39.5 30.9 8.6 Apr.................. 7.461 5’.740 1,721 78 1 744 1967".............. 278.7 235 7 43.0 42.6 33.8 8.8 May............... 7.484 5,767 11717 65 1 835 June................ 7 ,'524 5,811 1,713 88 6 1,104 1965—III.... 245.1 208.7 36.3 35.9 27.5 8.3 July................ 7,624 5’890 11734 136 1 11333 IV... . 250.0 213,1 36.9 36.8 28.5 8.3 Aug................ 7.872 6; 076 1,796 291 1 11447 Sept................. 8.105 6,249 1,856 272 1,473 1966—1"........ 254.1 216.6 37.6 37.8 29.3 8.5 Oct................ 8,371 6,441 1,930 307 1,535 II".. . . 258.3 219.9 38.4 38.6 30.0 8.6 Nov............... 8,610 61615 1 1995 279 1 ,'676 IIP. . . 261.1 221,8 39.3 39.1 30.5 8.6 Dec................. 8’870 6,803 21066 299 1,672 IV".... 263.3 223.2 40.1 39.5 30.9 8.6 1968—Jan.................. 9,220 7,052 2,168 388 1 ,588 1967—1"........ 265.4 224.7 40.7 40.2 31.6 8.7 Feb.................. 9,525 71268 21257 341 1 1 ,494 II".. .. 269.1 228.0 41.1 40.9 32.2 8.7 Mar................. 9,800 7,474 2,326 316 J .’45J HI". . , 273.9 231.9 42.0 41.7 33.0 8.8 1V>'.... 278.7 235,7 43.0 42.6 33.8 8.8 Note.—Federal National Mortgage Assn, data, including mortgages subject to participation pool of Government Mortgage Liquidation i Structures of 5 or more units. For I- to 4-family mortgage debt see Trust, but excluding conventional mortgage loans acquired by FNMA second preceding page. from the RFC Mortgage Co., the Defense Homes Corp., the Public Housing Admin., and Community Facilities Admin, Note.—Based on data from same source as for “Mortgage Debt Out­ standing” table (second preceding page). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ REAL ESTATE CREDIT A-49 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 e n c io n r t e ) / (th d c p o o P h r u ll a i u a c s s r r e . ­ e s o ) f (th a d L o m o u o l o la a s u . r n n s o ) t f c C t ( r r e p a a o n e t c n e t r t ) ­ c F c h e ( e a p e n r e s g t r e ) & 1 s M (y a e t a u r r s i ) ty L c p r ( o a e p ri a t n e c io n t r e ) / (th d c o o p P h u l r l a u i a s c s r r . e ­ e s o ) f (th a d L o o m o u ll o a a s u r . n s n o ) t f 1963......................... 5.84 .64 24.0 73.3 22.5 16.3 5.98 .60 19.2 70.8 17.8 12.6 1964......................... 5.78 .57 24.8 74.1 23.7 17.3 5,92 .55 20.0 71.3 18.9 13.4 1965......................... 5.74 .49 25.0 73.9 25.1 18.5 5.87 .55 21,8 72.7 21.6 15.7 1966........................ 6.14 .71 24,7 73.0 26.6 19.4 6.30 .72 21.7 72.0 22.2 16 1 1967......................... 6.33 .81 25.2 73.6 28.0 20.6 6.40 .76 22.5 72.7 24.1 17.5 1967-—Mar,........... 6.34 .82 24.6 72.8 26.7 19.4 6.44 .78 22.5 72.5 23.5 17.0 Apr.............. 6.31 .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...... .. 6.39 .86 25.4 72.9 29.7 21.7 6.57 .82 22.7 73 7 24 9 18 4 Feb.............. 6.47 .94 25.5 74.5 29.8 22.2 6.58 .81 22.6 73.6 24.5 18'0 Mar.”...... 6.50 .88 25.6 74.1 30.2 22.4 6.58 .78 23,1 73.2 25.6 18,7 1 Fees and charges—related to principal mortgage amount—include originated by major institutional lender groups (including mortgage loan commissions, fees, discounts, and other charges, which provide companies) for purchase of single-family homes. Data exclude loans for added income to the lender and are paid by the borrower. They exclude refinancing, reconditioning, or modernization; construction loans to any closing costs related solely to transfer of property ownership. home-builders; and permanent loans that are coupled with construction loans to owner-builders. Series beginning11965, 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-32. based on probability sample survey of characteristics of mortgages DELINQUENCY RATES ON HOME MORTGAGES NONFARM MORTGAGE FORECLOSURES (Per 100 mortgages held or serviced) Rate Loans not in foreclosure Period Number (per cent of but delinquent for— Loans in (thousands) mortgaged End of period fore­ structures) 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........................................... 1167 49 1964........................... 3.21 2.35 .55 .31 .38 1966........................................... 117.5 *48 1965........................... 3.29 2.40 .55 .34 .40 1967........................................... 110,5 '44 1966........................... 3.40 2.54 .54 .32 .36 1967........................... 3.47 2.66 .54 .27 .32 1965—1..................................... 27.9 48 II 30.1 .52 1965—1...................... 2.94 2.06 .54 .34 .37 Ill.................................. 29 1 .50 II.................... 3.00 2.18 .52 .30 .38 IV................................... 29.6 50 III.......... 3.20 2.30 .56 .34 .38 IV.................. 3.29 2.40 .55 .34 .40 1966—I..................................... 28 8 48 ...............3..0.. ..8............ 51 1966—1...................... 3.02 2.13 .55 .34 .38 ...............2...9....3............ 48 II,.................. 2.95 2.16 .49 .30 .38 IV............................... 28.6 .46 ni................... 3.09 2.25 .52 .32 .36 IV................... 3.40 2.54 .54 .32 .36 1967—1..................................... 29 5 48 II »................................. 29 0 .47 1967—1...................... 3.04 2.17 .56 .31 .38 Ill r............................... 27.2 .43 .........2....8..5...... 2.14 .45 .26 .34 IV... ............................. 24.9 .40 ni................... 3.15 2,36 .52 ,27 .31 IV................... 3.47 2.66 .54 .27 .32 Note.—Federal Home Loan Bank Board estimates of number of nonfarm mortgaged structures at end of period and of non­ Note.—Mortgage Bankers Association of America data from reports on 1- farm properties acquired during period through foreclosure to 4-family FHA-insured, VA-guaranteed, and conventional mortgages held proceedings (excluding voluntary deeds in lieu of foreclosure and by more than 400 respondents, including mortgage bankers (chiefly), commercial defaults on real estate contracts). Data exclude Alaska and banks, savings banks, and savings and loan associations. Hawaii. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-50 CONSUMER CREDIT □ MAY 1968 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A p o a u p b to e ile r ­ co O g p n o a s th o u p d e m e s r r e r e a r n R l n o d i e a z m p n a a s t o i i o r 1 d n ­ Pe lo rs a o n n s al Total p S a lo i y n a m 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 ................................. 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 . 9'172 6,085 2,458 1,929 376 1,322 3,087 845 1 ,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1960. 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,360 1961. 57'678 43,527 17,223 11,857 3,191 11,256 14,151 5,136 5,324 3,691 1962. 63,164 48,034 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 7,682 6,746 4,891 1966. 94^786 74,656 30,961 19,834 3,751 20,110 20,130 7,844 7,144 5,142 1967. 99,228 77,946 31,197 21,328 3,731 21,690 21,282 8,267 7,595 5,420 1967- 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 311208 19,580 3’,696 20,567 19,762 8,077 6,334 5,351 July................................ 95,115 75’348 31 *,364 19,607 3,711 20’, 666 19,767 8300 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 5,211 Nov................................. 96,802 76,680 31,217 20,340 3,748 21,375 20,122 8,237 6,614 5,271 Dec................................ 99,228 77,946 31,197 21,328 3,731 21,690 21,282 8,267 7,595 5,420 1968-—Jan.................................. 98,225 77,467 31,061 21,097 3,678 21,631 20,758 8,288 6,970 5,500 Feb.................. 97'672 77,327 31,137 20,785 3,653 21 ,752 20,345 8,325 6,386 5,634 Mar................................. 97,875 77,581 31,380 20,692 3,636 21,873 20,294 8,370 6,263 5,66! 1 Holdings of financial institutions; holdings of retail outlets are in­ hold, family, and other personal expenditures, except real estate mortgage cluded in “other consumer goods paper.” loans. For back figures and description of the data, see “Consumer Credit,” Section 16 (New) of Supplement to Banking and Monetary Note.—Consumer credit estimates cover loans to individuals for house­ Statistics, 1965, and May 1966 Bulletin. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Total m C b e a o r n c m k ia s ­ l fin S c a a o n l 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 Other1 Total D s m t e o p r e e a n s r t t 2 ­ F s t t u u o r r r n e e s i ­ A s a t p o n r c p 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 *745 300 102 629 686 131 240 17 28 270 1960............................... 42,832 37,218 16,672 11,472 3,923 3,670 1,481 5,615 2,414 1,107 333 359 1,402 1961............................... 43,527 37,935 17*008 11'273 4*330 3'799 1 '525 5^595 2’,421 1,058 293 342 1,481 1962............................... 48,034 41,782 19,005 12,194 4^902 4,131 1’550 6,252 3 013 1 '073 294 345 1,527 1963............................... 54,158 47,405 22,023 13,523 5,622 4,590 1,647 6,753 3,427 1,086 287 328 1,625 1964............................... 60,548 53,141 25,094 14,762 6,458 5,078 1,749 7,407 3 922 1,152 286 370 1,677 1965................................ 68,565 60,273 29’173 16,138 7*512 5*606 1 ,844 8,292 4 488 1,235 302 447 1,820 1966................................ 74^656 65,565 32’155 16,936 81549 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 n a. n.a. n.a. 506 n.a. 1967—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. 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. 506 n.a. Aug..................... 75,889 67 273 33,536 16,755 8,991 6,036 1 ,955 8^616 n a n.a. n.a. 508 n.a. Sept.................... 76,039 67,376 33,637 16,701 9,026 6,067 1’945 8 663 n.a n.a. n.a. 507 n.a. 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 J 69 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. 507 n.a. Mar..................... 77,581 68,570 34,411 16,700 9,172 6,289 1,998 9,011 n.a. n.a. n.a. 514 n.a. 1 Consumer finance companies included with “other” financial insti- 3 Automobile paper only; other instalment credit held by automobile tutions until 1950. dealers is included with “other” retail outlets. 2 Includes mail-order houses. See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ CONSUMER CREDIT A-51 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Automobile Other Repair End of period Total paper s c u o m n e ­ r m an o d d ­ s P o e n r a ­ l Auto- O co th n e - r R a e n p d air Perch P a u s r e ­ d Direct g p o a o p d e s r e l r o t n i a o i n z n a s ­ loans End of period Total m pa o p b e ile r s g p u o a m o p d e e s r r m iz lo o a a d ti n e o s r n n- l s o o a n n a s l 1939.......................... 1,079 237 178 166 135 363 1939.................................. 1,197 878 115 148 56 1 1 9 9 4 4 1 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1, '7 7 4 2 5 6 4 6 47 6 3 1 3 43 8 3 1 0 1 9 4 1 16 1 1 0 4 3 7 1 1 2 1 1 9 9 4 4 1 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 ;? 3 9 0 7 0 1 ' , 1 3 6 63 4 1 2 67 4 20 5 1 8 6 5 6 4 1 1 1 9 9 9 6 6 6 0 1 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 9 7 6 , . , 0 0 6 0 0 7 5 8 2 6 5 5 , , , 1 3 3 9 8 1 1 4 6 2 2 3 , , , 4 8 8 5 6 2 1 0 0 2 2 2 , , ; 7 7 8 6 5 2 1 9 4 2 2 2 , , , 1 2 2 6 9 0 1 8 0 3 4 3 , , , 2 5 7 8 9 7 5 8 7 1 1 1 9 9 9 6 6 6 0 2 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 l 1 t 1 ; 2 2 , j 4 l 7 9 7 3 4 2 6 7 7 , , , 8 4 5 1 4 2 1 9 8 2 3 3 7 1 1 3 0 2 9 0 3 1 1 1 6 3 7 1 9 0 I i 1 ’ * 0 4 2 6 0 5 1 6 2 1 1 1 9 9 9 6 6 6 3 4 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 5 2 9 , , ; 0 1 0 2 7 9 3 3 4 1 7 8 0 , , , 3 6 3 8 9 1 1 1 0 4 5 4 , , , 1 7 7 2 0 3 1 2 4 3 4 3 , , , 2 2 6 1 6 7 3 6 0 2 2 2 , , , 3 4 5 7 4 5 3 7 7 4 6 5 , , , 9 3 5 3 5 4 3 0 2 1 1 19 9 9 6 6 6 5 3 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 3 6 4 , , , 5 1 7 2 3 6 3 8 2 9 8 8 , , 2 2 7 4 2 0 1 1 8 4 3 3 * * 4 8 3 2 8 8 9 9 3 1 1 12 4 5 3 2 8 2 2 I * ’ 3 7 0 4 5 3 5 4 0 1 1 9 9 6 6 6 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3 3 2 3' , , 1 9 5 9 5 2 1 1 1 1 , , 3 4 7 0 0 0 6 6 , , 1 5 6 6 5 9 5 5 , , 1 8 0 0 1 8 2 2 , ’, 5 5 6 2 7 3 7 6 , , 6 9 9 52 2 1 19 9 6 6 7 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 16 6 , , 8 9 5 3 1 6 9 8 4 9 9 5 1 9 4 5 0 8 1 29 7 1 10 1 3 0 2 2 * ’ 6 7 0 7 6 2 1967__ J M J S A A u u e u p a n l p g y r r e t . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 3 3 3 3 2 2 2 2 3 3 3 . ' , , , , , , ' 0 6 2 5 5 2 9 6 3 3 6 9 3 6 5 8 7 9 0 6 6 1 1 t 1 1 1 1 1 1 1 1 1 1 1 ^ , , , , , , ' ' 2 5 4 4 3 2 4 1 3 3 8 5 1 9 3 8 6 7 9 4 4 6 6 6 6 6 6 6 , , , , , , , 3 4 4 1 2 4 4 5 0 5 1 9 0 9 1 7 3 7 0 2 4 5 5 5 5 5 5 5 ' , , , , , ^ , 2 2 6 5 5 4 4 9 4 1 3 5 0 2 1 2 2 9 0 6 2 2 2 2 2 2 2 , , , , , ’ ^ , 5 5 4 5 5 4 7 0 3 8 1 3 8 8 5 8 6 9 9 6 7 7 7 7 7 6 7 , , , , , , ^ 2 1 4 9 4 2 5 0 5 9 1 1 7 6 3 9 3 4 6 2 1967— J M M u a a ly r y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 6 6 6 6 6 6 6 , , , , , 4 4 7 7 6 5 5 5 0 2 4 1 9 9 1 1 5 5 3 0 7 9 9 9 9 9 9 9 , , , , , 1 1 0 2 2 2 1 2 5 7 3 5 0 3 8 0 9 8 2 0 9 4 4 4 4 4 4 4 * , ’ 7 7 7 7 7 7 8 6 4 5 8 2 4 5 1 1 9 1 4 4 2 1 1 1 1 1 1 1 0 0 0 0 0 0 0 5 5 4 7 7 8 6 2 2 2 2 2 2 2 * * * ’ 6 6 6 6 6 6 6 9 0 3 0 0 6 1 1 9 5 5 9 7 6 Oct......... 33,723 11', 463 6,515 5'656 2,539 7,550 Oct....................... 16,698 9,024 4’863 107 2’704 N De o c v . . . .. . . . .. . .. . .. . .. . . . . 3 3 3 3 ^ ^ 8 9 1 2 9 1 ii 1 , j 4 o 2 o 8 6 6 , , 5 5 4 6 5 9 5 5; ; 6 80 9 8 6 2 2 , , 5 5 2 3 3 4 7 7 , , 6 6 1 9 6 2 Dec...................... 1 1 6 6 ,8 7 5 2 1 2 8 8 ,9 9 9 5 0 9 4 5 ’ 9 6 0 l7 7 1 1 0 0 5 3 2 2 ’7 7 7 2 2 0 1968—j F a e n b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 4 4 , , 0 15 1 5 7 1 11 1 , , 4 3 0 6 1 4 6 6, , 6 6 5 0 3 0 5 5 , , 8 8 5 6 0 7 2 2 , , 4 4 8 59 2 7 7 , , 7 7 2 7 1 5 1968—J F a e n b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 6 6 , , 7 7 7 0 5 6 8 8 8 8 7 4 3 5 5 4 *9 0 7 3 7 2 9 9 3 8 2 2 ’ 7 79 7 1 2 Mar............... 34,’411 11,489 6,749 5; 897 2,444 7,832 Mar...................... 16,700 8,865 4447 89 2,799 See Note to first table on previous page. See Note to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single­ Other Repair payment Charge accounts Auto­ con­ and Per­ loans End of period Total mobile sumer modern­ sona! paper g p o a o p d e s r iz lo a a ti n o s n 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 S c e r r e v d ic i e t 1939.................................. 789 81 24 15 669 cial in c s ia t l i ­ ment o r u e t t l a e i t l s cards2 1941.................................. 957 122 36 14 785 banks tutions stores1 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 2,111 751 815 6,906 1945 .............. 3,203 674 72 290 1,322 845 1963.................................. 11,859 2,394 835 870 7,760 1960.............. 13,196 3,884 623 941 3,952 436 3,360 1964................................. 13,285 2,699 997 933 8,656 1961.............. 14,151 4,413 723 948 3,907 469 3,691 1965 14,962 3', 124 1,153 1,009 9,676 1962.............. 15J3O 4390 766 927 4,252 505 3,990 1966 16,'474 3 345 1 303 1,074 10,552 1967 17',430 3',763 1,336 1,105 11,226 1963.............. 16,303 5,205 912 895 4,456 520 4,315 1964.............. 17,894 5 350 1,004 909 4,756 635 4,640 1967- Mar,.................... 16,345 3,515 1,284 1,057 10,489 1965.............. 19,319 6387 1,095 968 5,055 723 4,89! Apr....................... 16309 3,544 1 383 1,054 10,528 1966.............. 20,130 6,714 1,130 n.a. n.a. 874 5,142 May..................... 16,558 3,588 1,286 1,076 10,608 1967.............. 21,282 7,064 1,203 n.a. n.a. 1 ,054 5,420 June..................... 16,765 3,652 1,291 1,085 10,737 July...................... 16,799 3',666 1,294 1,084 10,755 1967—Mar... 18,928 6,647 1,122 n.a. n.a. 898 5,350 Aug............ 16^82 3,715 1,310 1,100 10,857 Apr... 19,249 6,758 1,132 n.a. n.a. 922 5,436 Sept...................... 17338 3,723 1 315 1,097 10,903 May.. 19,627 6,848 1,169 n.a. n.a. 939 5,379 Oct...................... 17,092 3,729 1,319 1,100 10,944 June.. 19,762 6,902 1,175 n.a. n.a. 965 5,351 Nov,........... 17,222 3’,748 1,326 1,109 11,039 July... 19,767 6,927 1,173 n.a. n.a. 1,024 5.321 Dec...................... 17,430 3363 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 1968-—Jan........................ 17,284 3,720 1,328 I ,098 11,138 Oct... 19,871 7,001 1.188 n.a. n.a. 1,056 5,2H Feb....................... 17’354 3,731 I ,336 1,101 11,186 Nov... 20,122 7,034 1,203 n.a. n.a. 1,046 5,271 Mar...................... 17,459 3,763 1,351 1,103 11,242 Dec... 21,282 7,064 1,203 n.a. n.a. 1,054 5,420 1968—Jan.... 20,758 7,075 1 ,213 n.a. n.a. 1,081 5,500 Note.—Institutions represented are consumer finance companies, credit Feb.. . 20,345 7,098 1 ,227 n.a. n.a. 1 ,040 5,634 unions, industrial loan companies, mutual savings banks, savings and Mar... 20,294 7,136 1 ,234 n.a. n.a. 1,025 5,661 loan assns., and other lending institutions holding consumer instalment loans. See also Note to first table on previous page. 1 Includes mail-order houses. 2 Service station and miscellaneous credit-card accounts and home­ heating-oil accounts. See also Note to first table on previous page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-52 CONSUMER CREDIT □ MAY 1968 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Other consumer Repair and Personal loans goods paper modernization loans Period S.A.1 N.S.A. S.A.t N.S.A. S.A.1 N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions 1961........................................... 48,396 16,007 14,578 2,068 15,744 1962....................... 55,126 19,796 15,685 2,051 17,594 1963........................................... 61,295 22,292 17,102 2,198 19,703 1964.......................................... 67,505 24,435 19,473 2,204 21,393 1965........................................... 75,508 27,914 21,454 2,238 23,902 1966........................ 78,896 28,491 23,502 2,136 24,767 1967........................................... 81,263 27,221 25,787 2,076 26,179 1967—Mar.............................. 6 510 6,641 2,199 2,350 2,049 1,985 169 159 2,093 2,147 Apr................................ 6 606 6,495 2'217 2; 294 2,095 1,927 170 163 2’124 2.111 May.............................. 6 554 7,062 2^238 2,559 2,032 2,074 180 219 2’, 104 2,210 June............................... 6 823 7,458 2 ,'338 2,678 2,081 2,155 190 215 2,214 2^10 July................................ 6 776 6,859 2,266 2,396 2,147 2,071 175 191 2,188 2,201 Aug................................ 6 929 7,223 2,285 2,392 2,212 2; 229 175 210 2 257 2; 392 Sept............................... 6 973 6,590 2,322 2^42 2,234 2,205 166 176 2’251 2,167 Oct................................. 6 942 6,912 2,321 2 355 2,165 2’,215 171 178 2’285 2,164 Nov,................ 7 032 7,032 2,305 2,222 2,242 2^375 180 178 2,305 2,257 Dec................................ 7 035 7,829 2'306 2,094 2,321 3 088 169 141 2’239 2 ,'506 1968—Jan................................. 7 089 6,363 2,437 2,178 2,223 1,992 165 132 2,264 2,061 Feb................................. 7 245 6,372 2,519 2,301 2,250 1,854 179 138 2 297 2,079 Mar................................ 7 380 7,100 2,567 2,589 2,331 2,140 183 162 2,299 2,209 Repayments 1961...................................... 47,700 16,472 14,246 2,015 14,967 1962........................................... 50,620 17,478 14,939 1,996 16,206 1963.......................................... 55,171 19,400 15,850 2,038 17,883 1964.................................... 61,121 21,676 17,737 2'078 19,630 1965............................................ 67,495 24,267 19,355 2,096 21,777 1966........................................... 72,805 26,373 21,361 2,060 23,011 j 967........................................... 77,973 26,985 24,293 2,096 24,599 6 246 6,648 2,193 2,353 1,899 2,042 170 177 1,984 2,076 Apr................................ 6 393 6,246 2’235 2,186 1^68 1,920 179 175 2^011 1,965 May.............................. 6 361 6,612 2,219 2,342 1,948 2,008 178 185 2,016 2,077 6 531 6,697 2,281 2,322 1'995 2'017 184 189 2’071 2,169 July................................ 6 551 6,562 2,228 2; 240 2,074 2,044 175 176 2,074 2,102 Aug................ 6 585 6,682 2j 240 2,301 2,079 2,081 171 178 2,095 2,122 Sept................ 6 689 6,440 2,280 2,201 2,106 2,046 178 177 2,125 2,016 Oct,................ 6 631 6,728 2,301 2,414 2,093 2,087 170 174 2,067 2,053 Nov.............. 6 614 6,575 2,240 2,242 2,105 2,077 177 176 2,092 2,080 Dec................................ 6 652 6,563 2^50 2,114 2,167 2,100 167 158 2,068 2,191 1968—Jan................................. 6 691 6,842 2,302 2,314 2,088 2,223 183 185 2,118 2,120 Feb................................. 6 679 6,512 2,308 2,225 2,110 2,166 170 163 2,091 1 ,958 Mar................................ 6 814 6,846 2,330 2,346 2,173 2,233 182 179 2,129 2,088 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 j 964............................................ 6,384 2’759 1,736 126 1,763 1965........................................... 8,013 3,647 2,'099 142 2,125 1966......................... 6,091 2,118 2,141 76 1,756 1967.......................................... 3,290 236 1,494 -20 1,580 264 -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 I 4 218 111 Nov............................... 418 457 65 -20 137 298 3 2 213 177 Dec............................... 383 1,266 56 -20 154 988 2 -17 171 315 1968—Jan.................................. 398 -479 135 -136 135 -231 -18 -53 146 -59 Feb................................. 566 -140 211 76 140 -312 9 -25 206 121 Mar................................ 566 254 237 243 158 -93 1 -17 170 121 1 Includes adjustments for differences in trading days. sales of instalment paper, and certain other transactions may increase 2 Net changes in credit outstanding are equal to extensions less repay- the amount of extensions and repayments without affecting the amount ments. outstanding. For back figures and description of the data, see “Consumer Credit,” Note.—Estimates are based on accounting records and often include Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, financing charges. Renewals and refinancing of loans, purchases and and May 1966 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ CONSUMER CREDIT A-53 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p fi a n n a ie n s ce O i t n h s e t r i tu fin ti a o n n c s ial 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.AJ N.S.A. Extensions 1961 ......................................... 48,396 17,711 10,667 12,282 7,736 1962........................................... 55,126 20374 11 399 13,525 9 J 28 (963.......................................... 61,295 23,344 12,664 14,894 10,393 i%4.............. ............... 67'505 25^950 14,020 16,251 11 384 1965 ......................................... 75’508 29,738 15*075 18 J 20 12*575 1966............................................ 78,896 31,114 14,951 18386 13,845 ...................................... 81,263 32,314 14,675 19 633 14’641 1967--Mar............................ 6 510 6,641 2 558 2,662 1,199 1,229 1,598 1,649 1,155 1,101 Apr................................ 6 606 6,495 2 631 2^688 1 *212 I J68 1 389 i ,’559 1,174 1,080 May................ 6 554 7'062 2 577 2*891 1 ,193 1,278 1314 1,728 1,170 1,165 .Tune.............................. 6 823 7'458 2 698 3*004 1,235 1,367 1397 1,875 1,193 1,212 July................................ 6 776 6*859 2 738 2,857 I '200 1,223 1,601 1,627 1 337 1'152 Aug............................ 6 929 7,223 2 796 2*945 1'203 1 '260 1 377 1 775 1 253 1 343 Sept................................ 6 973 6,590 2 828 2336 1,206 1,142 I ,*675 1 ’,588 ( ’,264 1,224 Oct................................. 6 942 6,912 2 767 2.769 1,263 1,284 I',686 1,606 1,226 1 353 Nov............................ 7 032 7,032 2 785 2,633 1,283 1,283 1,698 1,707 1,266 1,409 Dec................................ 7 035 7'829 2 814 2,650 1,275 1 376 1 ,656 I 337 1 ,290 1 ,966 1968--Jan................................. 7 089 6,363 2 884 2,710 1,264 1,141 1,668 1 ,463 I ,273 1,049 Feb................................. 7 245 6,372 2 967 2,725 1,309 1 ,157 1 *732 t *535 1 ,237 955 Mar................................ 7 380 7,100 3 038 2,962 1 ,329 1,289 1,733 1 380 1 380 1,169 Repayments 47,700 18,294 10,943 11,715 6,749 1962 ........................................ 50,620 18', 468 11,434 12'593 8,125 1963........................................... 55,171 20,326 12,211 13,618 9,016 1964 ..................................... 61’121 22’971 13,161 14,825 10,164 1965 ......................................... 67,495 25^63 13*699 16343 11 390 1966 ...................................... 72,805 28.132 14,153 17,474 13'046 i ....................................... 77’,973 30,477 14*760 18,677 14,059 1967-—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 2 516 2*457 1,192 1,171 1,536 1 '495 1’149 1,123 May...................... 6 361 6,612 2 483 2,630 1,193 1,253 1,540 1,579 1,145 1,150 June............................... 6 531 6,697 2 548 2*598 1 334 1,261 1,585 1,668 1,164 1,170 July............................... 6 551 6,562 2 562 2,588 1*215 1 ',197 1 ',564 1,593 1,210 1,184 Aug........................... 6 585 6,682 2 566 2'644 1 '255 I ',252 1,578 1 '592 1 J 86 1,194 Sept................................ 6 689 6*440 2 616 2^535 1,252 1,196 I ,615 1 '532 1 ,206 1,177 Oct................................. 6 631 6,728 2 600 2,683 1,249 1,287 1 ,573 1,552 1,209 1306 Nov................................ 6 614 6,575 2 579 2,537 1,263 1,259 1 ,572 I '577 1,200 1,202 Dec................................ 6 652 6^563 2 640 2*477 1 '246 1,247 1 *527 1 ',629 1 339 1,210 1968-—Jan... ............................ 6 691 6,842 2 624 2,685 1,245 1,217 1,607 1 ,609 1,215 1 ,331 Feb................................ 6 679 6,512 2 665 2,587 i ,225 1 ,226 1 '580 1 ,465 1 ,209 1,234 Mar................................ 6 814 6,846 2 720 2,706 1 ,232 I ,295 1 .607 1 ,575 1 ,255 1 ,270 Net change in credit outstanding 2 696 335 -199 578 -20 1962.......................................... 4,506 1,997 921 932 656 1963.................................... 6,124 3,018 1,329 1,276 501 1964 ....................................... 6,384 3*065 I ,239 1' 426 654 1965 ... ...... 8,013 4'075 1376 1377 885 1966........................................... 6,091 2382 798 1,512 799 1....................................... 3,290 1,837 -85 956 582 1967--Mar................................ 264 -7 146 101 12 -103 58 42 48 -47 Apr................................. 213 249 115 231 20 -3 53 64 25 -43 May.............................. 193 450 94 261 25 74 149 25 15 June................ 292 761 150 406 1 106 112 207 29 42 July........................... 225 297 176 269 -15 26 37 34 27 -32 Aug.......................... 344 541 230 301 -52 8 99 183 67 49 Sept................................ 284 150 212 101 -46 -54 60 56 58 47 Oct................................ 311 184 167 86 14 -3 113 54 17 47 Nov................. 418 457 206 96 20 24 126 130 66 207 Dec................................ 383 1,266 174 173 29 129 129 208 51 756 1968-—Jan............................... 398 -479 260 25 19 -76 61 -146 58 -282 Feb................................. 566 -140 302 138 84 -69 152 70 28 -279 Mar................................ 566 254 318 256 97 ~6 126 105 25 -101 i Includes adjustments for differences in trading days. payments for some particular holders do not equal the changes in their 2 Net changes in credit outstanding are equal to extensions less repay­ outstanding credit. Such transfers do not affect total instalment credit ments, except in certain months when data for extensions and repayments extended, repaid, or outstanding. have been adjusted to eliminate duplication resulting from large transfers See also Note to previous table. of paper. In those months the differences between extensions and re­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-54 INDUSTRIAL PRODUCTION: S.A. □ MAY 1968 MARKET GROUPINGS (1957-59 = 100) 1957-59 1967 1967 1968 pro­ aver­ Grouping por­ age^ tion Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r FebZ Mar. Total index........................................ 100,00 158.0 156.4 156.5 155.6 155.6 156,6 158.1 156,8 156.9 159.5 162.0 161.2 161.9 162.7 Final products, total....................... 47.35 158.3 157.1 157.3 156.3 156.8 157.1 158.2 157.0 156.9 160,0 161.9 160.8 162.2 162.8 Consumer goods.............................. 32.31 148.4 146.6 147.1 146,0 146,9 147.1 148.6 147.0 147.9 150.1 152.8 151.3 153.0 154,1 Equipment, including defense. . . , 15.04 179.6 179.6 179.2 178.5 178,1 178.4 178.9 178.6 176.1 181.1 181.5 181.4 182.0 181.6 Materials................................................ 52.65 157.7 155.5 156.0 154.6 154.9 156,1 157.9 156.7 157.4 159.5 162.2 161.7 161.8 162.5 Consumer goods A utornotive products............................. 3.21 149.1 144.6 151.3 145.8 151.2 155.2 161.1 142.1 145.2 152.4 170.0 164.2 162.7 172.2 Autos..................................................... 1.82 145.7 136.5 149.6 149.9 156.0 160.7 163.7 133.4 135.3 144.5 175. 1 163.2 158.0 172.7 Auto parts and allied products......... 1.39 153.6 155.3 153.6 140.5 144.8 148.0 157.8 153.6 158.2 162.9 163.3 165.4 168.8 171 .5 Horne goods and apparel..................... 10.00 149.9 147.9 145.9 144.1 143,9 144.0 147.9 148.7 149.9 152.7 152.4 151.4 153.1 154.3 Home goods................................... 4.59 166.0 162,7 158.9 158.5 156.6 157.3 163.4 164.1 166.4 170.8 168.3 169.1 171.5 172.3 Appliances, TV, and radios........... 1.81 159.5 152.9 144.2 143.8 138.6 143.3 155.0 155.9 162.9 168.4 158.7 159.3 162.6 163.9 Appliances..................................... 1.33 163.1 151.3 149,4 147.0 149.7 152.2 153.9 153.7 164.2 168.7 160.8 165.1 165,9 167.1 TV and home radios................... .47 149.2 157.2 129,6 135.0 107.3 118.0 158.3 162.0 159.2 167.6 152.7 142,7 153.1 154.8 Furniture and rugs.......................... 1.26 159.6 157.4 157,9 157.2 157.3 156.3 156.9 157.8 159.7 163.4 166.5 166,4 169.2 169.1 Miscellaneous home goods........... 1.52 179.0 178.6 177.1 177.1 177.3 174.8 178.8 179.0 176,1 179.6 181.3 182,9 184.0 185.1 Apparel, knit goods, and shoes......... 5.41 136.2 135.5 135.0 131.9 133.2 132,8 134,8 135.7 136,0 137.4 139.0 136.5 137.6 .......... Consumer staples................................ 19.10 147.5 446.3 147.1 147.0 147.8 147.3 146.9 146.9 147.3 148.4 150.1 149.0 151.3 151.4 Processed foods................................... 8.43 130.0 129.6 129.6 130.3 130,2 129.0 129.8 129.7 129.5 129.5 130.4 129.5 130.9 131 J Beverages and tobacco...................... 2.43 136.4 136.0 136.1 133.2 136.5 136.3 137.9 135 8 137.6 139.2 142,2 136.8 141.8 Drugs, soap, and toiletries................. 2.97 183.0 181,2 182.4 182.3 182.7 184.0 178.0 179^8 181.6 183,1 184.3 184.2 185.9 187.7 Newspapers, magazines, and books. 1.47 140.1 142.3 143.6 142.5 141.4 142.1 140.9 136.2 134.8 135.7 138.5 138.4 141.5 142,1 Consumer fuel and lighting............... 3 67 168 3 164,2 166.9 169.3 168.3 168 8 170.5 171 2 174.1 176.8 176.9 179.9 Fuel oil and gasoline....................... 1.20 132.5 128.0 131.9 130.5 135.9 131.3 130,7 138.5 138'1 135.4 137.8 131.8 136.2 136.0 Residential utilities.......................... 2.46 185 7 181.9 183 5 184.6 185.6 186.4 187.4 186.0 187 4 192.9 195.8 198.8 201.2 Electricity................... 1.72 199.8 195.4 197.3 198.6 199.5 200.4 201.6 199.5 201*4 209.1 213.0 215 4 218.4 Gas................................................. .74 Equipment Business equipment.............................. 11.63 182.9 184.4 183.5 182.1 181.3 180.8 180.6 179.8 176.9 183.5 183.4 183.3 183.4 183.1 Industrial equipment........................... 6.85 170.3 174.1 172.1 169.1 169.0 169.0 166.8 166.6 162.3 170.4 168.9 168,0 166.7 166.5 Commercial equipment....................... 2.42 200.9 199.1 201.7 200.8 200.5 201.1 201.9 200.3 199.0 200.9 204.7 204.2 206.1 205,4 Freight and passenger equipment. .. 1.76 215.4 211.7 210.4 211.7 208.9 210.2 214.1 210.4 209.9 222.9 228,4 226.4 230.1 231.1 Farm equipment................................... .61 158.7 162.8 161.5 167.6 162.8 148.6 154.3 158.5 157,5 147,2 131.2 148.3 146.4 . 1 Defense equipment............................... 3.41 Materials Durable goods materials...................... 26.73 152.1 151.5 151.0 149.7 148.9 149.7 151.8 148.5 149.0 152.3 155.7 154.9 155.5 156.5 Consumer durable............................... 3.43 144.6 139.5 137,5 143.7 143.3 141,8 142.7 134.9 133.3 143.8 159.4 162,3 162.2 160. 1 Equipment............................................. 7,84 184.5 185.6 183,2 180.9 179.6 181,2 186,3 184.7 184.1 186.0 184.9 183.9 186.7 185.1 Construction................................ 9.17 140,1 139.7 139.2 137.1 137.2 138.1 139.0 140.0 139.3 140.9 143.9 142.9 143.6 145.4 Metal materials n.e.c........................... 6.29 133,5 135.6 133.9 130.0 130.1 132.4 129.8 125.1 128.6 132.2 139,3 137,3 141.4 140.5 Nondurable materials........................... 25.92 163.4 159.7 161.1 159.6 161.1 162.6 164,2 165.2 166.0 166.9 168.9 168.7 168.3 169.3 Business supplies................................. 9.11 152,2 150.0 153,4 150.1 151.3 150,9 151.7 153.1 152.5 153.2 154.7 154.4 150.8 151.3 Containers......................................... 3.03 148.5 144.6 148.5 146.2 145.1 141.7 143.0 150.4 153.7 152.6 152.0 154.3 146.6 146,0 General business supplies............... 6.07 154.1 152.7 155,8 152.0 154.4 155.5 156.0 154.5 151.9 153,5 156,0 154.5 152.9 154.0 Nondurable materials n.e.c................ 7.40 201.8 197.1 195.7 196.0 196.1 195.8 198.9 203.0 206.8 209,3 216.1 213.5 213.2 213.9 Business fuel and power..................... 9.41 144.0 139,8 141,3 140.3 143.0 147.7 149.1 147.3 146.9 146.9 145.6 147.2 149.8 151,5 Mineral fuels..................................... 6.07 128.9 123.2 125.3 124.3 128.2 135.1 137.1 133.4 131.0 130.3 128.7 128.9 132.5 135,2 Nonresidential utilities.................... 2.86 183.2 181.9 182.1 181.0 181.1 182.1 182.5 183.8 187.9 188.5 188.3 193.4 194.4 .......... Electricity...................................... 2.32 185.7 184.0 184,4 183.2 183.4 184.6 185.1 186.6 191.6 192.2 191.8 197,7 199.0 General industrial................... 1.03 182.7 178.9 179.0 180.5 180.6 182,9 183.9 185.5 186.6 187.7 188,0 192,0 193.0 Commercial and other............ 1.21 196.8 196,6 197.3 193.7 194.1 194.5 194 5 196.1 204.9 205.3 204.1 212,0 213.8 Gas................................................. 54 Supplementary groups of consumer goods Automotive and home goods............ 7.80 159.0 155.2 155.8 153.3 154.3 156.4 162.5 155.0 157.7 163,2 169.0 167.0 167.9 172.3 24.51 145.0 143.9 144.4 143.7 144.6 144.1 144.2 144.4 144.8 145.9 147.6 146.2 148.3 For footnotes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 ° INDUSTRIAL PRODUCTION: S.A. A-55 INDUSTRY GROUPINGS (1957-59 = 100) 1957-59 1967 1968 Grouping pro­ 1967 por­ aver­ tion age^ Mar, Apr. May June July Aug. Sept, Oct. Nov. Dec. Jan.r Feb.r Mar. Total index....................................... 100.00 158 0 156.4 156 5 155.6 155.6 156.6 158.1 156 8 156.9 159 5 162 0 161 2 161.9 162 7 Manufacturing, total............................ 86.45 159.6 158.2 158.2 157.2 157.0 157.6 159.4 158.1 158.3 161.1 164 0 !62.7 163.5 164.2 Durable............................................. 48.07 163 8 162.6 162.5 162.2 161.5 162.5 163.6 161. t 160.7 164.1 168 I 167.2 167.7 168.4 Nondurable..................................... 38.38 154.4 152.6 152.8 151.1 151.4 151.5 154.0 154.2 155.2 157.2 158 9 157.1 158.2 158 9 Mining................................................... 8.23 123 5 121.5 122.0 120.2 123.8 128.0 127.8 124.3 122.4 123.6 122 3 121 .6 124.7 126.5 Utilities.................................................. 5.32 184.4 181.9 182.7 182,7 183.2 184.1 184.8 184.8 187.6 190.5 191.8 195 9 197 5 196 5 Durable manufactures Primary and fabricated metals........... 12.32 145 4 143.9 143.0 142.8 142.9 142.8 142.3 141.8 143.3 145.8 150 3 148 3 / 50 8 111 9 Primary metals..................................... 6.95 132 5 129.2 129.1 128.9 129.0 129.6 129.3 129.2 131.7 135 0 140 9 136 3 139 3 140 3 Iron and steel................................... 5.45 126.8 123.7 122.7 122.9 121.2 122.3 124.3 125.6 127.7 133 3 140 9 1 34 2 1 37 8 140 8 Nonferrous metals and products,. 1.50 153.1 162,1 161.4 154.4 156.4 155.3 144.2 141.1 142.8 142.2 145J 145.6 154.1 151.7 Fabricated metal products................. 5.37 162 0 162,9 161.0 160.8 160.8 159.8 159.1 158.1 158.2 159 8 162 4 163.9 165.7 166 8 Structural metal parts..................... 2.86 158,1 160.1 158.1 156,4 156.9 156.1 156 8 156 0 156.4 158 8 160 0 159 4 1 60 9 162 7 Machinery and related products......... 27.98 177.6 176.7 176.5 176.5 175.5 177.5 179.6 175.0 173.4 177. S 181.7 181.6 181,3 182.1 Machinery............................................ 14.80 1 83 4 184 5 182 1 180.5 177 5 180 0 182 8 182 2 179.6 183 2 I 87. 2 183 4 183 7, l 87 9 Nonelectrical machinery................. 8.43 183 4 185.2 183 5 181.7 181 3 182,2 182.6 182 1 177.2 180 9 1 79 5 180 7 180 6 1 80 2. Electrical machinery....................... 6.37 183^3 183.6 180.3 178.9 172,4 177,1 183.2 182'4 182.8 186 3 1 85 8 186 9 186.6 186 4 Transportation equipment................. 10.19 166 0 162.6 165,7 167.5 169.3 170 8 171 9 159 2 159.2 165,6 177 5 175.6 175.1 177 6 Motor vehicles and parts............... 4.68 147 0 143 8 149 5 152.0 154 5 156 7 158.0 129 4 128.6 141 4 166 9 162 2 161 1 167 7 Aircraft and other equipment. . .. 5.26 182.2 178.8 179.8 181.4 181.8 182.6 183.6 184.3 185.2 186.0 186^3 186.8 186.5 185^4 Instruments and related products. .. 1.71 184.8 185,8 185.2 185.3 184.1 182.9 183.2 183.1 183.2 185,4 186.3 186.7 184.7 183.8 Ordnance and accessories.................. 1.28 Cloy, glass, and lumber....................... 4.72 130 6 128 4 129.8 127.8 126 7 127 3 126 7 129 6 131.4 132 4 137 0 132 5 131.3 131 6 Clay, glass, and stone products..... 2.99 138’7 134'9 136.0 134.8 133.'5 134J 136^9 138^4 139,7 139^2 143^6 140.8 136.5 135^2 Lumber and products......................... 1.73 116 5 117 3 119 1 115.6 114 9 115 5 109 2 114 3 117.0 1 7.0 6 125 7 118 1 1 22 3 125 5 Furniture and miscellaneous......... 3.05 162 6 162 4 162 9 162.3 161 5 159 I 159 9 161 4 160.9 161 5 161 3 165.2 166.9 166.9 Furniture and fixtures............. 1.54 167'8 166 5 166 5 166 5 166 3 1627 164 8 166 3 166.6 167 8 170 7 171.3 173.0 173 7 Miscellaneous manufactures.............. 1.51 157^4 158.2 159,2 158.1 156^7 155 4 154^9 156^4 155.0 155 J 155.7 158.9 160.7 159 9 Nondurable manufactures Textiles, apparel, and leather............. 7.60 139.6 135 5 135 5 135.3 134 8 135 3 137 6 139 1 140 4 143 0 145 9 141 0 14? 0 142 9 Textile mill products........................... 2.90 142 2 138'8 137 8 137 8 136 6 1368 1 38 7 141*3 144.9 147 4 151 6 147 6 148 4 149 3 Apparel products................................. 3.59 1477 143'6 142 5 142.6 142 4 144 2 146 4 146 ' 8 146 2 148 6 150 9 145 7 146 8 Leather and products......................... 1.11 106'5 101 0 107.1 105.0 105 4 1030 106 5 108'4 109 7 113 3 115 1 110 4 109 7 Paper and printing........................... 8.17 149.6 149 5 149,9 149 1 149 4 148 6 150 3 148 5 148.6 149 9 14® 5 148 6 I SO 6 HI 3 Paper and products............................. 3.43 153.6 1524 152 1 151.4 1516 149 0 152 8 152*9 154 5 156 1 157 0 155 9 1 57 i 1 57 5 Printing and publishing...................... 4.74 146 8 147 4 148 3 147.4 147 8 148 3 148 6 145*4 144 3 145 5 1 44 1 143 3 1459 1 46 8 Newspapers............................... 1 53 134 2 1 32 8 133 8 1 33 | 1 34' 1 I 3d ' 1 137'0 1357 1 34 0 1344 129*9 171 4 133 7 Chemicals, petroleum, and rubber.... 11.54 189.5 186.8 186,4 182.2 183.0 184.0 189.5 191.2 192.8 195.8 199,0 197.7 198.3 199.0 Chemicals and products.................... 7 58 203 8 201 1 200 1 199 6 199 9 201 0 200 7 207 3 205 5 208 0 210 5 Industrial chemicals......................... 3^84 234^8 2313 228'3 228 8 227 5 227 6 231 4 234 2 238 8 242 3 246 9 750 9 248 6 Petroleum products............................. 1.97 133.9 130.1 133.1 132.1 134.4 132.8 133.2 137^0 137.6 136,8 USio 134^8 135.6 135,2 Rubber and plastics products............ 1 .99 190. 3 188.4 186.9 165.7 166.9 1 70.1 203 1 202 4 199.1 207 5 715 4 206 7 707 9 Foods, beverages, and tobacco............ 11.07 131.5 131 I 131 8 130 9 13! 3 1 30 9 131 0 130 4 J 31 I 1 32 2 til 1 132 0 f 1 7 Foods and beverages.......................... 10 25 132 4 132 3 133 1 132 0 1319 1315 1317 131*2 132 2 133 5 Food manufactures. ....................... 8 64 130* 1 129*7 130*6 130*3 129 9 129 4 179 0 128 9 129'3 1 30 7 130 5 130 7 131 5 Beverages......................................... I 61 144.7 146 1 146*3 141 *2 142 9 142 8 146*3 143 8 147 5 151 7 153 3 148 2 Tobacco products................................ .82 iiolo 116^2 116^0 117/ 123/9 123^6 12114 120,2 118^0 115:5 1 20 5 114.4 132 J Mining Coal, oil, and gas................................. 6.80 122.4 117.6 118.5 118.0 121.7 128.0 128.8 125.4 123.7 124.5 122.2 121.9 124.3 126.8 Coal....................................................... 1.16 118.1 115.1 125.5 120.1 122.5 122.6 117.2 115.5 112.3 115.3 116.1 113.4 116.8 126.0 Crude oil and natural gas.................. 5.64 123.2 118.1 117.1 117,5 121.6 129.1 131.2 127.5 126,1 126.4 123.5 123.6 125.8 126.9 Oil and gas extraction.................... 4.91 131.4 125.1 125.3 125.3 129.5 138.0 141.9 137.7 135.4 133.9 131.7 132.5 136.3 137.3 Crude oil...................................... 4.25 126.4 120. 1 119.6 119.6 123.6 133.9 138.0 133. 1 130.3 128.7 126.4 127.4 131.6 132.8 Gas and gas liquids..................... .66 163.3 156.7 161,5 161.3 167,3 Oil and gas drilling......................... .73 67.9 71.0 61.8 65.5 67.7 69,0 58,9 58.5 63,4 76.1 68.0 63.5 55.6 56.7 Metal, stone, and earth minerals....... 1.43 128.8 140.0 138.7 130.8 133.6 127.7 123.4 119.1 116.2 119.5 122.7 120.3 127.0 125.4 Metal mining. ...................................... .61 119.9 143.7 149.5 132.9 133.9 119.7 105.7 95.6 93.8 93.2 95.7 100.0 102,7 104.2 Stone and earth minerals................... .82 135.4 137.2 130.6 129.2 133.3 133.7 136.6 136.5 132.9 139.0 142.7 135.3 145.0 141.2 Utilities Electric.......................... 4 04 191 7 188 8 189 9 189.7 190.3 191 4 1 97 1 205.2 207 3 Gas......................................................... U28 161.2 Note.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A,) are published in the monthly Business Indexes release. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-56 INDUSTRIAL PRODUCTION: N.S.A. □ MAY 1968 MARKET GROUPINGS (1957-59 = 100) 1957-59 1967 1968 Grouping pro­ 1967 por­ aver­ tion age » Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb,’’ Mar. Total index....................... 100.00 158,0 157.0 157.9 156.0 159,0 150.5 157.9 161.1 161.5 161.2 160,7 159.1 162 6 164 4 Final products, total............................ 47.35 158.3 157.2 157.7 155.2 159.8 151.2 156.9 163.3 162.2 161.3 161.0 159.1 162 5 164.6 Consumer goods.............................. 32.31 148.4 146.2 147.1 144.2 150,5 139.9 147.7 155.7 155.4 152.0 150.3 148,9 153 5 155 8 Equipment, including defense. . ., 15.04 179.6 180.8 180.3 179.0 180.0 175.3 176.4 179.5 176.8 181.3 183.9 181.0 181:? 183.4 Materials.............................................. 52.65 157.7 156.7 158.1 156.6 158.3 150.0 158.9 159.1 160,8 161.1 160.4 1 59.1 162.8 164.5 Consumer goods Automotive products............................ 3.2] 149.1 151.8 161.9 155.1 162.5 114.2 106.1 148.2 155.6 159.5 177. 7 173.0 171 2 183 8 Autos.................................................... 1.82 145.7 151.5 167.6 166.4 177.1 94.8 62.2 140.1 148.8 159,0 192,6 179.5 173 8 193 4 Auto parts and allied products......... 1.39 153.6 152.3 154.2 140.3 143.2 139.8 163.9 158.8 164.6 160.0 158,1 164.5 167,8 171.1 Home goods and apparel..................... ]0.00 149.9 151.3 149.8 144.0 148.6 132.7 149.0 155.0 159,6 157.8 148.0 145.5 159 1 159 6 Home goods......................................... 4.59 166.0 165.9 161.8 159.8 161.6 145,9 159,3 172.0 180.1 180.3 172.6 164.9 1772 176 5 Appliances, TV, and radios.......... 1.81 159.5 164.0 157.0 152.0 152.8 128.0 140.4 165.1 182.2 181.4 160.6 159.1 180 9 176 0 Appliances.................................... 1.33 163.1 167.0 169.8 159.7 169.9 141,8 134.5 160.4 180 1 178,2 163,4 168.7 187 9 184 1 TV* and home radios.................. .47 149.2 155.5 120.7 130.5 104.6 89.3 157.2 178.2 187 8 190.4 152,7 131.9 161 1 153 1 Furniture and rugs......................... 1.26 159.6 155.5 153.5 151.2 155.4 148.8 160.5 163.8 168 0 169.4 172.7 162.7 167 2 167 1 Miscellaneous home goods............ 1.52 179.0 176.6 174.4 176.0 177,3 164.8 180.6 187.1 187.7 187.9 186.7 173.8 1812 184^ Apparel, Jcnit goods, and shoes........ 5.41 136.2 138,9 139.7 130.6 137,6 121,5 140.2 140.5 142.3 138,8 127.2 129,0 143:8 donsumer staples................................ 19.10 147.5 142.6 143.3 142.4 149.4 148,0 154.1 157.4 153 2 147.7 146 9 146.7 147 6 149 0 Processed foods.................................. 8.43 130.0 120.9 121.3 122.5 128.9 128,4 137.1 149 7 143 7 134 4 128,2 123.0 122 4 123:7 Beverages and tobacco....................... 2.43 136.4 133.0 141.8 143.0 156.2 142.8 149.3 139 3 141 6 131 9 123.1 120 1 129 8 Drugs soap, and toiletries......... 2.97 183.0 179.4 185,1 180.7 189.1 179.4 183.9 185.2 186 0 184.0 185 2 182 9 185 9 189 6 Newspapers, magazines, and books. 1.47 140.1 144.4 144.2 142.1 140.8 140.7 142.6 137.4 134*. 7 133,9 138^ 137.2 140:9 144:2 Consumer fuel and lighting............... 3.67 168. 3 167.7 159.0 156.2 163.2 173.7 176.7 172 3 162 5 163 9 177 8 192.2 187 8 Fuel oil and gasoline...................... 1.20 132.5 126.7 125.0 126,2 134.3 133.6 134.5 138.5 134.5 134.6 141 0 137.5 139^ 134.8 Residential utilities..................... 2.46 185.7 Electricity..................................... 1.72 199,8 203.6 186,1 178,8 187.5 210.4 215.7 203.5 185.3 188.0 213,0 244,1 232.8 Gas................................................. .74 Equipment Rusiness equipment.............................. 11.63 182.9 186,2 185,5 183.2 184.2 177 4 178.0 181 1 177 3 182.2 184 9 182.1 183.0 185.7 Industrial equipment.......................... 6 85 170 3 174 3 172.1 169.3 170.7 167.3 166.3 168 1 161 3 168 9 170 8 166.7 165 0 167 5 Commercial equipment...................... 2.42 200 9 197.3 197 9 198.4 201 1 198 3 201.9 203* 3 202 4 205*9 209 2 204 4 204'7 203.6 Freight and passenger equipment. .. 1.76 215.4 218,0 222.0 218.1 217.3 202.8 205.5 2123 215’1 218^ 226; 1 221.9 230,1 238.0 Farm equipment.................................. .61 158.7 183.8 181.6 178.0 173.3 134.9 135.8 148.6 147.9 132.6 128.0 151 .0 162,6 Defense equipment............................... 3.41 Materials Durable goods materials...................... 26.73 152,1 151.9 152.5 152.5 154.3 145.0 152.5 1^2 f) 152 6 153 7 / S4 ? 151.7 156.3 157.5 Consumer durable............................... 3.43 144 6 143.7 141.6 148 0 146.2 123 4 147.0 133 6 135*3 148 1 167 4 168.0 164.6 164 9 Equipment............................................ 7 84 184 5 187.6 185.2 182.2 181 4 175.6 180.7 182 9 183 5 186 2 187*7 185.6 188 4 187.1 Construction............... 9,17 140 1 133 4 137.8 139 2 146 9 143.6 148 7 148 4 147 0 142 0 135 3 129 0 135 0 138.9 Metal materials n.e.c........................... 6.29 133 5 138.9 139.3 137.2 135.6 120 5 126.0 128 9 1317 133 3 133 2 133.7 142 7 143.9 Nondurable materials.... .......... 25.92 163,4 161.7 163 9 160.9 162.4 155.2 165 4 166 4 169 3 168 7 166 7 166. 7 169.6 171.6 Business supplies................................. 9 11 152 2 152 8 157.7 152.6 154 0 141 5 151 9 154 9 158* 6 155*3 1516 149 0 150.2 154.1 Containers........................................ 3.03 148.5 145.3 153.8 147.7 153.1 138^2 153,0 155 5 161 5 148* 3 141 4 146.6 144,8 146.7 General business supplies.......... 6 07 154 1 156 5 159 7 155.0 154 4 143.1 151 3 154* 5 157*2 158 9 156 8 150 2 152.9 157,8 Nondurable materials n.e.c.r............ 7 40 201 8 200.1 201.6 198 9 199 0 184.6 198 9 203 0 210*9 213 5 211 8 212 4 217.5 218.2 Business fuel and power. . ................. 9 41 144 0 140,1 140,2 139 0 141 9 145 3 152 1 148 7 146 9 146 3 (45 8 147,9 150.8 152.0 Mineral fuels.................................... 6^07 128*9 125,8 126.9 124.3 125.2 128/1 135.5 131.9 131*5 1315 130.3 130.9 136.8 138.1 Non residential utilities................... 2.86 183,2 Electricity...................................... 2 32 185 7 178 0 175 7 178 2 187 5 193 9 201 8 197 2 190 2 186 3 187 8 194 4 190.8 General industrial................... 1 03 1827 178 0 176 7 181 4 184 2 182*0 189 4 187*0 187 7 186 1 191 0 187.0 Commercial and other............ 1.21 196; 8 186^0 182; 5 183.4 198;9 213;o 221.7 214.1 202.0 194.0 198.0 206.7 203.1 Gas................................................. .54 Supplementary groups of consumer goods Automotive and home goods............ 7.80 159.0 160.1 161.8 157.8 162.0 132 9 137 4 162 2 170 0 171.7 174 7 168.3 174.7 179.5 Apparel and staples............................. 24.51 145,0 141.8 142.5 139.8 146.8 142.2 151.1 i53*7 150^ 145.7 142:5 142.8 146.7 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 a INDUSTRIAL PRODUCTION: N.S.A. A-57 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1967 1967 1968 Grouping pro­ aver­ — ------- —— — - ——— ——— per- age p tion Mar. Apr. May June July Aug. Sept, Oct. Nov. Dec. Jan.r Feb.r Mar. Total index....................................... 100.00 158.0 157.0 157.9 156.0 159.0 150.5 157.9 161.1 161.5 161.2 160.7 59.1 162.6 164.4 Manufacturing, total............................ 86.45 J 59.6 158.9 160.3 158.1 161.0 150.5 158.3 162.6 163.7 163.5 162.6 160.1 163.9 166.1 Durable............................................. 48.07 163.8 164.4 164.9 164.1 165.6 154.7 158.9 163.8 164,4 167.1 169.3 66,1 168.8 170.8 Nondurable...................................... 38.38 154.4 152.1 154.4 150.6 155.3 145. 1 157.4 161.2 162,9 159.0 154.2 152,5 157.8 160,2 Mining................................................... 8.23 123.5 120.1 122.1 121.8 123.9 124.8 129.0 125.6 124.7 124,2 121 .4 20.2 124.5 125.7 Utilities................................................. 5.32 184.4 Durable manufactures Primary and fabricated metals........... 12.32 145.4 146.7 146.5 145.0 145.3 135.1 142.2 145.1 146.0 147.9 149 3 147.8 152.9 155.0 Primary metals..................................... 6.95 132.5 137.2 136,5 133.4 130.9 117,9 125.4 129.2 133.0 136.3 136.7 38.3 147,2 149,0 Iron and steel.,.............................. 5.45 126.8 129.9 127.6 125.4 121.2 111.9 120.6 125.6 129.6 134.6 137.4 36.9 144.7 147.8 Nonferrous metals and products.. 1.50 153.1 163.9 168.5 162.6 166.1 139.8 142.8 142.1 145,5 142.2 134.3 143.1 156.4 153,4 Fabricated metal products................. 5.37 162.0 159.0 159.4 160,0 164.0 157.4 163.9 165.7 162.9 163.0 165.6 160.0 160.2 162.8 Structural metal parts..................... 2.86 158.1 153.9 153.4 154.8 160.0 156.1 160.7 162.2 161 . I 161.2 161.6 56.2 154.5 156.4 Machinery and related products......... 27.98 177.6 179.5 179.7 178.8 179.8 166.9 169.1 175.8 176.2 180.8 185. 7 182.9 184.3 185.9 Machinery............................................. 14.80 183.4 187.2 185.4 182.5 182.2 173.7 177.2 182.6 181.4 185.2 184.1 82.7 185.6 185.8 Nonelectrical machinery................. 8.43 183.4 190.4 189.0 186.2 186.4 177.6 175.8 179.7 174.0 179,8 180.8 80.7 183.1 185.2 Electrical machinery....................... 6.37 183.3 183.1 180.5 177,6 176.7 168.5 178.9 186.4 191,3 192.3 188.3 85.3 188.8 186,4 Transportation equipment................. 10.19 166.0 166.4 169.8 171.4 174,0 151.4 150.8 160.8 163,6 170.5 185,0 80.4 179.8 183.9 Motor vehicles and parts............... 4.68 147.0 151.0 157.0 160.4 165.2 119.5 116.0 134.0 137.2 149.1 176.1 71 .1 168.6 178.0 Aircraft and other equipment. .. . 5.26 182.2 179.7 180.7 180.7 180.9 178.2 180.3 183.6 186.1 188.8 192.8 88.7 189.3 188.2 Instruments and related products. ., 1.71 184.8 184.9 184.8 183.4 185.9 181.1 184.7 185.1 185,2 186.9 188.5 84.5 183.8 182.9 Ordnance and accessories................... 1.28 Clay, glass, and lumber....................... 4.72 130.6 124.4 129.5 130.0 136.7 133.5 139. 1 138.7 139.2 133.9 125.6 119,0 122.8 127.6 Clay, glass, and stone products..... 2.99 138.7 130,2 135.5 138.3 144.6 143.9 149,5 146.3 147,4 143.4 134.6 26.7 124.9 130,5 Lumber and products......................... 1.73 116.5 114,4 119.1 115.6 122.9 115.5 121.2 125,7 125.2 117.6 110.0 105.7 119.2 122.4 Furniture and miscellaneous................ 3.05 162.6 159.4 158.6 158.6 161.8 154.8 164.5 167.4 169.4 169.3 167.3 158.7 162.9 163.8 Furniture and fixtures......................... 1.54 167.8 164.5 162.0 161.5 166.0 160.3 169.4 171,3 172.9 172.5 177.2 167.9 171.3 171 .6 Miscellaneous manufactures........... . 1.51 157.4 154.2 155.2 155.7 157.5 149.2 159.5 163.4 165.8 166.0 157.3 49.4 154.3 155.9 Nondurable manufactures Textiles, apparel, and leather............. 7.60 139.6 140.7 142.3 135.2 139.2 121.9 142.0 142.6 146.9 144.7 136,2 137.9 149.7 150.5 Textile mill products........................... 2.90 142.2 138.8 144.0 141.9 140.7 124.2 142.2 144.1 152. 1 151,1 144.0 146.9 152.1 154,4 Apparel products................................. 3.59 147.7 152.9 152.5 141.2 148.8 129.1 150.8 151.6 153.5 150,1 138.8 139,4 157.8 Leather and prod ucts......................... 1.11 106.5 106,0 105.0 98.7 104.3 92.7 113.4 110.0 112.4 111.0 107.4 109.8 117.3 .......... Paper and printing............................... 8.17 149.6 150.6 153.5 150.2 150.8 139.7 149.0 150.5 156.3 153.1 146.1 146.3 151.2 154.7 Paper and products............................. 3.43 153.6 153.9 158.2 152.2 156.1 137.1 154.3 155.2 166.5 156.9 144.4 155.1 161.0 162.2 Printing and publishing...................... 4.74 146.8 148.3 150.2 148.7 147.1 141.6 145.2 147.2 149.0 150.3 147.3 139.9 144.2 149.2 Newspapers....................................... 1.53 134.2 134,8 142.5 141.9 135.0 118.4 125.4 135.0 143,8 147.8 133.1 119.5 126.1 137.0 Chemicals, petroleum, and rubber.... 11.54 189.5 187.8 190.2 183.6 188.5 177.5 190,8 194.7 197.2 196.4 197.6 195.1 199.9 202.1 Chemicals and products..................... 7.58 203.8 202.3 205,7 201.8 205.6 194.6 202.3 206. 1 209.0 210.0 2H.2 208.2 213.6 215.4 Industrial chemicals........................ 3.84 234.8 233.6 232.9 231.1 230.9 219.6 230.2 237.7 243.6 248.4 251.8 247.1 252.3 Petroleum products............................ 1.97 133.9 125.5 127.8 130.8 138.4 139,8 140,3 142.5 139.0 135.0 134.7 30.8 132.9 130.5 Rubber and plastics products............ 1.99 190.3 194.2 192.7 166.5 172.7 149.7 197.0 203.0 210.0 205.4 207.9 208.8 214.1 .......... Foods, beverages, and tobacco............ 11.07 131.5 123.9 126.1 127.1 135.0 131.3 139.5 146.9 143.1 134.1 127.3 122.7 124.4 127.2 Foods and beverages.......................... 10.25 132.4 124.6 125.9 127.6 135.2 133.1 140.1 148.6 144,2 135.4 129.7 23.5 123.8 126.9 Food manufactures......................... 8.64 130. 1 121.3 121.7 122.6 129.0 128.1 136.7 149.0 143.5 134.8 128.5 23.5 122.8 124,0 Beverages.......................................... 1.61 144.7 142.4 148.6 153.9 168.1 159.7 158.4 146.7 148.2 139.1 135.7 23.6 129.1 Tobacco products,.............................. .82 120.0 114.5 128.5 121.6 132.6 109.4 131.4 124.9 128.5 117.8 98.1 13.1 131.4 Mining Coal, oil, and gas................................ 6.80 122.4 119.5 119.6 117,8 118.9 121.9 127.7 124.4 124.4 125.6 123.6 23.8 127.9 129. 1 Coal....................................................... 1.16 118.1 116.0 126.4 121 .3 116.5 99.9 123.3 122.2 122,4 120.0 1 14.0 Hl. 1 118.2 127,0 Crude oil and natural gas.................. 5.64 123.2 120.3 118.2 117.0 H9.4 126.4 128.6 124.9 124.8 126.7 125.6 126.4 129.9 129,5 Oil and gas extraction..................... 4.91 131.4 128.1 127.0 125.0 127.2 134.8 138,3 134.1 133.7 134,3 134.1 35.6 141,2 140,7 Crude oil........................... 4.25 126.4 122.5 121.5 120.2 122.4 131.2 135.2 130.4 129.0 128,7 127.7 29.3 135.5 135,5 Gas and gas liquids.................... .66 163.3 163.9 162.0 155.7 157.9 Oil and gas drilling. ....................... .73 67.9 67.2 58,6 63.3 66.3 69.5 62.6 62. i 65,0 75,7 67.9 64.5 54.2 53.7 Metal, stone, and earth minerals........ 1.43 128.8 122.9 134.2 240.9 147.6 139.1 135.3 131.4 126.3 117.6 III.2 03.2 108.4 109.9 Metal mining....................................... .61 119.9 127.9 139.0 146.2 151.3 128.1 114.2 108.0 100.4 86.7 86.1 88.0 92.4 92.7 Stone and earth minerals................... .82 135.4 119.1 130,6 136.9 144.9 147.2 150.9 148.8 145.5 140,4 129.9 14.5 120.2 122.6 Utilities Electric................................................. 4,04 191.7 t89.O 180.1 178.4 187.5 200.9 207.7 199,9 188.1 187.0 198.5 215.6 208.7 Gas......................................................... 1.28 161.2 Note.—Published groupings include some series and subtotals not industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-58 BUSINESS ACTIVITY; CONSTRUCTION n MAY 1968 SELECTED BUSINESS INDEXES (1957-59 - 100, unless otherwise noted) Manu­ Industrial production facturing 2 Prices 4 Ca­ pacity Nonag- Major market groupings utiliza­ Con­ ricul- Major industry tion struc­ tural Total Period Total Tot F a i l nal s C u p o m r n o e ­ d r u E c m t q s e u n ip t ­ M ria a l t s e­ Mfg. gro M u in p i g n in ­ gs U itie ti s l­ i . n c r ( a e p m t n e i f o t r g ) , tr c t a i o o c n n ts ­ T m p o e e lo t m n a y t ­ l — ­ 1 p m E lo e m n y ­ t ­ P ro a l y ls ­ s r a e l t e a s il 3 s C u o m n e ­ r W m c s o o h a m l d o e l i ­ e ty ­ goods 1951...................... 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 94.0 63 91.1 106.1 80.2 76 90.5 96.7 1952...................... 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 91.3 67 93,0 106.1 84.5 79 92.5 94.0 1953...................... 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 94.2 70 95.6 111.6 93.6 83 93.2 92.7 1954...................... 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 83.5 76 93.3 101.8 85.4 82 93.6 92.9 1955...................... 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 90.0 91 96.5 105.5 94.8 89 93.3 93.2 1956...................... 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 87.7 92 99.8 106.7 100,2 92 94.7 96.2 1957...................... 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 83.6 93 100.7 104.7 101.4 97 98.0 99.0 1958...................... 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 74.0 102 97.8 95.2 93.5 98 100.7 100.4 1959...................... 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 81,5 105 101.5 100.1 105.1 105 101.5 100.6 1960...................... 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 80.6 105 103.3 99.9 106.7 106 103.1 100.7 1961...................... 109.7 111,2 112.6 108.3 108.4 109.6 102.6 122.3 78.5 108 102.9 95.9 105.4 107 104.2 100,3 1962...................... 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 82.1 120 105.9 99.1 113.8 115 105.4 100.6 1963...................... 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 83.3 132 108.0 99.7 117.9 120 106.7 100,3 1964...................... 132.3 131.8 131.7 132.0 132.8 133.1 111.5 151.3 85.7 137 111.1 101.5 124.3 127 108.1 100,5 1965...................... 143.4 142.5 140.3 147.0 144.2 145.0 114.8 160.9 88,5 143 115.8 106.7 136.6 138 109,9 102.5 1966...................... 156.3 155,5 147.5 172.6 157.0 158.6 120.5 173.9 90.5 145 121.8 113.3 151,4 148 113.1 105,9 1967”.................... 158.0 158.3 148.4 179.6 157.7 159.6 123.5 184.4 85.1 153 125.8 112.9 154.1 153 116.3 106,1 1967_Mar........... 156.4 157.1 146.6 179.6 155.5 158.2 121.5 181.9 5"87.1 149 124.9 113.5 152.9 151 115.0 105.7 156.5 157.3 147. 1 179.2 156.0 158.2 122.0 182.7 I 138 124.7 112.4 151.0 152 115,3 105,3 155,6 156.3 146.0 178,5 154.6 157.2 120.2 182.7 [ "84.9 154 124.6 111.7 150.1 151 115.6 105,8 155,6 156.8 146.9 178.1 154.9 157.0 123,8 183.2 1 164 125.5 112.5 151.7 155 116.0 106.3 July.......... 1 15 5 8 6 . . 1 6 1 1 5 5 7 8 . . 1 2 1 1 4 4 7 8 . , 1 6 1 1 7 7 8 8 , , 4 9 1 1 5 5 6 7 . . 1 9 1 1 5 5 7 9 . , 6 4 1 1 2 2 8 7. . 8 0 1 1 8 8 4 4 . . 1 8 } "84.1 1 1 1 4 6 9 5 1 1 2 2 5 6 . . 5 0 1 11 1 2 1 . . 7 6 1 1 5 5 1 5 . .0 4 1 1 5 5 5 5 1 1 1 1 6 6 , , 5 9 1 1 0 06 6 . , 1 5 156.8 157,0 147.0 178.6 156.7 158.1 124.3 184.8 168 125.8 HI.2 154,5 156 117.1 106.2 Oct............ 156.9 156.9 147.9 176.1 157.4 158.3 122.4 187.6 171 126.1 111.4 154.3 153 117.5 106.1 Nov...... 159.5 160.0 150.1 181,1 159.5 161.1 123.6 190,5 J "84.4 168 127.4 113.4 157.9 154 117.8 106,2 Dec....... 162.0 161,9 152.8 181.5 162.2 164,0 122,3 191.8 I 166 127,8 113.7 160.1 155 118.2 106,8 1968—Jan............ 161.2 160.8 151.3 181.4 161.7 162.7 121.6 195.9 |' 84.4f 159 127.8 113.7 160.1 158 118.6 107.2 Feb............ 161.9 162.2 153,0 182.0 161.8 163,5 124.7 197.5 156 128,9 rl 13.7 rl61.7 r160 119.0 108,0 162.7 162.8 154,1 181.6 162.5 164.2 126.5 196,5 I 176 '129.1 113.7 '162.7 '165 119.5 108.2 Apr J'........ 162.7 162.4 153,9 180.8 163,4 164.2 126.7 196.5 ............ 129.3 114.0 161.6 162 ............ 108,4 1 Employees only; excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential, 2 Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 3 F.R, index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; 4 Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. 3 Figure is for 1st quarter 1967. Prices: Bureau of Labor Statistics data. Note.—Data are seasonally adjusted unless otherwise noted. Capacity Utilization: Based on data from Federal Reserve, McGraw- Hill Economics Department, and Department of Commerce. Construction contracts: F. W. Dodge Co. monthly index of dollar CONSTRUCTION CONTRACTS (In millions of dollars) 1967 1968 Type of ownership and type of construction 1966 1967 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total construction 1........................... 50,150 52,895 4,424 4,389 5,095 5,414 4,879 5,104 4,695 5,053 4,258 3,996 3,714 3,704 5.417 By type of ownership: Public........................................... 18,152 19,039 1,509 1,498 1,820 2,169 1,989 1,824 1,677 1,526 1 ,435 1,507 1 ,300 1 ,041 .......... Private i....................................... 31,998 33,856 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’................ 17,827 19,536 1,584 1,627 2,002 2,000 1,829 1,912 1,741 1,887 1,717 1,404 1,462 1 ,495 2,220 Nonresidential building,........ 19,393 20,139 1,714 1,830 1,808 2,070 1,749 1,847 1,786 1,874 1,585 1,550 1,347 1 ,251 1 ,835 Nonbuilding................................... 12,930 13,220 1,127 931 1,285 1,344 1,302 1,345 1,169 1,292 956 1,042 905 958 1 ,362 1 Because of improved collection procedures, data for 1-family homes Note.—Dollar value of total contracts as reported by the F. W. Dodge beginning Jan. 1968 are not strictly comparable with those for earlier Co. does not include data for Alaska or Hawaii. Totals of monthly periods. To improve comparability, earlier levels may be raised by ap­ data exceed annual totals because adjustments—•negative—are made to proximately 3 per cent for total and private construction, in each case accumulated monthly data after original figures have been published. and by 8 per cent for residential building. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ CONSTRUCTION A-59 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Period Total Non­ Conser­ Total d f r e a e n r s m t i i ­ a l Total Indus­ Bu C il o d m in ­ gs b O u th il e d r ­ Other Total M ta i r l y i­ H w ig a h y ­ d v e m a v & t e e io n l o n t p ­ Other 2 trial mercial ings 1 19593............................. 55,305 39,235 24,251 14,984 2,106 3,930 2,823 6,125 16,070 1 465 5 761 1 121 7 723 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............................ 59^67 41,798 24,292 17,506 2,842 5,144 3^631 5,889 17,869 1,266 6,365 1 *524 8*714 1963 5.............................. 63,423 44,057 26,187 17*870 2*906 4*995 3 745 6,224 19 366 1 189 7 084 1 690 9,403 1964............................... 66.200 45,810 26,258 19,552 3,565 5,396 3,994 6,597 20,390 938 7,133 1 729 10,590 1965............................... 71,912 49,840 26,266 23,574 5'128 6,745 4,711 6,990 22,072 852 7,554 2’017 11 649 1966............................... 74,371 50^446 23,815 26’631 6,703 6*890 5,014 8,024 23 925 713 8,359 2,173 12,680 1967............................... 74,936 49*583 23’,579 26,004 6’,151 6,991 4,966 7,896 25,353 1967—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 May.................. 73,904 47,813 22,107 25,706 6’,006 7,093 4,744 7,863 26,091 536 8,931 2,074 14 550 June................... 72,374 48,’052 22,885 25,167 5,*886 6^683 4’716 7,882 24 322 617 8,168 I 885 13,652 July.................... 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 6,011 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 8,011 26*005 1968—Jan..................... 80,527 54,546 26,918 27,628 6,260 7,865 5,426 8 077 25 981 Feb..................... 81,426 55’080 27,034 28,046 5,825 8,513 5,463 8,245 26,346 81,030 54,569 27,358 27,211 5,633 8^038 5^271 8'269 26'461 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 affecting most Note.—-Monthly data are at seasonally adjusted annual rates. Figures private nonresidential groups. for period shown are Census Bureau estimates. NEW HOUSING STARTS (In thousands of units) Annual rate, By area By type of ownership S.A. Government- (private only) underwritten Period Total Metro­ Non­ Private Total N fa o rm n­ politan p m o e li t t r a o n ­ Total fam 1- i ly fam 2- i ly M fam ul i t ly i­ Public Total FHA VA 1959............................... 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960............................... 1,296 889 407 1,252 995 44 213 44 336 261 75 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 53 536 32 292 221 71 1964................................ 1,562 1,093 470 1,529 972 54 505 32 264 205 59 1965................................ 1 1510 1,035 475 1’473 964 51 458 37 246 197 49 1966................................ 1,196 '808 388 1'165 779 35 351 31 195 158 37 1967............................... 1,322 920 402 1 ',292 844 41 406 30 232 180 53 1967—Mar.................... 1,094 1,067 93 63 30 92 67 2 23 r2 18 14 4 1,116 1 ^099 116 77 38 114 80 4 30 2 16 12 4 flay......... 1,274 1 ,’254 134 92 42 132 87 5 40 2 23 18 5 1,233 1,214 132 88 44 125 88 3 35 6 24 19 5 July.................... 1,369 1,356 126 88 39 125 82 5 38 1 20 15 5 1,407 1,381 130 90 40 127 84 4 40 3 23 17 6 1 .’445 1,415 126 88 37 122 78 4 40 4 20 16 5 Oct...................... 1,496 1,478 137 99 38 135 82 5 49 2 25 19 5 1,590 1,567 120 85 35 118 69 3 46 2 20 15 4 Dec..................... 1,250 1,235 83 64 20 80 47 3 30 3 19 16 4 1968—Jan...................... 1,456 1 ,430 83 64 19 81 45 3 33 2 17 14 3 Feb..................... ”1^529 »1'491 ”87 61 26 ”84 55 3 26 ”3 21 17 4 Mar.............. ”1,476 ”1,444 ”126 90 36 ”124 78 4 42 ”2 24 20 5 Note.—Census Bureau series for period shown except in the case of and Veterans Admin, and represent units started, based on field office Government-underwritten data which are from Federal Housing Admin. reports of first compliance inspections. 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A-60 EMPLOYMENT □ MAY 1968 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 . n i A o t o i . o n n n a - l l N ab N o o t . r S i n . f A o t . r h c e e T l f a S o o b r . t c A o a e . r l Total Employed * Unem­ U (p n e m r e a r m e t c e n p e 2 t l n o t y ) ­ Total In c n u o ltu na ra g l r i- In ployed S.A. 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 63376 4’687 4,070 5.7 1964............................ 127,224 51,394 75.830 73,091 69,305 64,782 4,523 3,786 5.2 1965............................ 129,236 52,058 77,178 74'455 71'088 66'726 4’361 3,366 4.5 1966............................ 131,180 52'288 78,893 75 370 72,895 68,915 3,979 2,875 3.8 1967............................ 133319 52,527 80,793 77’347 74'371 70'527 3,844 2,975 3 8 1967 3-Apr................. 132,795 53,234 80,263 76,814 73 939 70,096 3,843 2,875 3.7 May......... 132,969 53319 79’958 76,502 73,550 69,822 3,728 2,952 3.9 June................ 133,168 50,704 80,658 77314 74,168 70,430 3'739 3,045 3.9 July................ 133,366 50,446 80,944 77,495 74,478 70,631 3,847 3^017 3.9 Aug................. 133,645 51,074 81,057 77’598 74364 70'708 3'956 2,934 3.8 Sept............... 133,847 52,865 81,263 77,807 74,638 70’941 3,697 3'169 4.1 Oct.......... 134,045 52.450 81.535 78,072 74 735 71,017 3'718 3,337 4.3 Nov................. 134,224 52,641 81,459 77’989 75,005 71 J 66 3'839 2,984 3.8 Dec................. 134'405 52,879 81,942 78’473 75,577 71,361 4'216 2,896 3.7 1968—Jan.................. 134,576 54,765 81,386 77,923 75,167 71,164 4,003 2,756 3.5 Feb................. 134’744 53'876 82,138 78’672 75,731 71 ,’604 4,127 2.'941 3.7 Mar................. 134'904 53,965 82,150 78,658 75,802 71 ,788 '4,014 2,856 3.6 Apr................ 135’. 059 53,919 81 .849 78'343 75,636 71'656 3.980 2’707 3.5 1 Includes self-employed, unpaid family, and domestic service workers. Note.—Bureau of Labor Statistics. Information relating to persons 16 2 Per cent of civilian labor force. years of age and over is obtained on a sample basis. Monthly data relate 3 Beginning Jan. 1967 data not strictly comparable with previous data. to the calendar week that contains the 12th day; annual data are averages Description of changes available from Bureau of Labor Statistics. of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Manufac­ Contract Transporta­ Govern­ Period Total turing Mining construc­ tion & pub­ Trade Finance Service ment 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 2,963 31903 11,778 2,877 8,325 9,225 1964............................................................. 58,332 17,274 634 3^050 31951 12,160 2’957 8 309 91596 1965............................................................. 60,832 18’062 632 3,186 4,036 12,716 3'023 9,087 101091 1966............................................................. 63,982 19,186 625 3,292 4,151 13311 3,102 9,545 10371 1967............................................................. 65,992 19338 613 31277 4,261 13,600 3329 10,079 11 ,596 SEASONALLY ADJUSTED 1967—Apr.................................................. 65,653 19.331 620 3,276 4312 13,572 3,194 9,973 11,475 May................................................. 65,639 19,238 617 31192 4367 13,609 3,205 9'987 11,524 June................................................ 65,903 19,285 619 31187 41266 13,648 3,227 10,035 11,636 July................................................. 65,939 19,169 623 3,231 41292 13,647 3334 10,074 11,669 Aug........................ 66’190 19.318 606 3,223 4,283 13,664 31253 10,130 111713 Sept................................................. 66,055 19,142 601 3,238 4 262 13,719 3,264 10,161 11,668 Oct................................................... 66343 19,169 597 3 336 41251 13 ,’776 31270 101199 11,745 Nov................................................. 66,918 19,422 597 3,289 4,287 131900 3,290 10397 11,836 Dec.................................................. 67,126 19,491 598 31353 4390 13,870 3 304 10,332 11,888 1968-—Jan................................................... 67,137 19,511 598 3,175 4,294 13,915 3,308 10,358 11 ,978 Feb.................................................. 67.712 19,524 604 3.461 4,318 14,049 3,321 10,407 12,028 Mar J*.............................................. 67,813 19'512 603 3.439 4.316 14,112 3,330 10,449 12,052 67.921 19.585 621 3.425 4.314 14 080 3.343 10,462 12.091 NOT SEASONALLY ADJUSTED 1967—Apr.................................................. 65,215 19,181 614 3,106 4,174 13,412 3,181 9,963 11,584 May............................................... 65,594 19,133 618 3,227 4,250 13,503 3,202 10,057 11,604 June......................... 66,514 19,382 633 3',407 4,304 13,675 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 19,435 620 31594 41330 13,622 31305 10,262 11,240 Sept................................................. 66,672 19,443 609 3,513 4,317 13,689 3,274 10,212 11,615 Oct................................................... 66,914 191388 601 31463 41281 13 308 3,267 10,230 11,876 Nov........................................... 67,470 19,553 600 3,378 4,304 14,104 3,274 10,246 12.011 Dec.................................................. 67,980 19’,500 597 3',202 4,294 14,732 3,284 10339 12,132 1968—Jan................................................... 66,107 19,287 585 2,826 4,234 13,728 3,268 10,151 12,028 Feb.................................................. 66’479 19314 586 2.956 4 345 131714 3 388 10340 12,136 M ar.".................................... 66,787 19334 586 3.033 4 360 13,778 31307 10,313 12,176 Apr.".............................................. 67.563 19,434 615 3.247 4,275 14.002 3,330 101452 12 308 . 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

MAY 1968 a EMPLOYMENT AND EARNINGS A-61 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1967 1968 1967 1968 Apr. Feb. Mar,J' Apr?' Apr. Feb. Mar." Apr?’ Total..................................................................................... 14,233 14,326 14.317 14,364 (4.104 14.144 14,163 14,235 Durable goods..................................................................... 8,286 8,318 8.307 8,346 8,271 8,240 8,244 8,332 Ordnance and accessories......................................... 147 160 160 162 146 161 160 160 Lumber and wood products.................................... 514 527 527 524 502 503 504 512 Furniture and fixtures............................................ . 374 387 387 387 370 382 383 383 Stone, clay, and glass products............................... 499 479 466 514 495 455 448 511 Primary metal industries........................................... 1 .049 1 ,030 1 ,026 1 ,041 1 .058 1 .024 I .026 1 ,050 Fabricated metal products....................................... 1 ,046 1,053 1 ,057 1,038 1 ,040 1 ,041 I ,043 1 ,032 Machinery................................................................... 1 ,380 1,349 1,352 1,351 I ,392 1 ,355 I , 363 1,363 Electrical equipment and supplies.......................... 1 .298 1 ,293 1 ,287 1,284 1.285 1,288 1 ,274 1,271 Transportation equipment..................................... . 1 .347 1,413 1,417 1.419 1,361 1,424 1 ,430 1 ,434 Instruments and related products......................... 289 285 284 283 287 284 283 281 Miscellaneous manufacturing industries................ 343 342 344 343 335 323 330 335 Nondurable goods............................................................... 5,947 6,008 6,010 6.018 5,833 5,904 5.919 5,903 Food and kindred products..................................... I ,195 1,180 1 , 186 1,189 1,115 1 ,098 1,103 1.110 Tobacco manufactures............................................. 73 74 75 72 63 71 68 62 Textile-mill products................................................. 838 866 861 860 837 857 858 859 Apparel and related products.................................. 1 .232 1,231 1 ,227 1 ,239 1,219 1 ,238 1,241 1,225 Paper and allied products.................................... 526 537 536 535 522 530 530 531 Printing, publishing, and allied industries............ 673 672 675 678 672 669 673 676 Chemicals and allied products................................ 583 599 600 591 590 594 601 598 Petroleum refining and related industries.............. 118 122 122 121 1 16 119 119 119 Rubber and misc. plastic products........................ 402 420 421 423 400 419 418 421 Leather and leather products................................... 307 307 307 310 299 309 308 302 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 Apr. Feb. Mar.” Apr." Apr. Feb. Mar." Apr." Apr. Feb. Mar." Apr." Total................................................................ 40.5 40.7 40.7 40.4 112.56 119.07 120.18 118.70 2.80 2.94 2.96 2.96 Durable goods....................................................... 41.0 41.4 41.4 41.0 121.18 128.96 129.68 (28.11 2.97 3. 13 3.14 3. 14 Ordnance and accessories............................ 41.6 42.3 41.9 41.3 132.48 139.77 137.28 135.63 3.20 3.32 3.30 3.30 Lumber and wood products....................... 40.6 41.3 40.6 40. 8 94.77 101.09 100.50 102.97 2.34 2.49 2.50 2.53 Furniture and fixtures.................................. 40.3 41.0 40.9 40.7 90.46 98.01 98.42 96.96 2.29 2.42 2.43 2.43 Stone, clay, and glass products................... 41.3 42.1 41.7 41.5 115.23 119.60 119.60 122.01 2.79 2.91 2.91 2.94 Primary metal industries............................. 40.2 41.7 41.8 41.4 133.57 144.70 146.23 147.14 3.29 3.47 3.49 3.52 Fabricated metal products........................... 41.5 41.3 41.6 41.1 121 54 125.87 128 03 126.07 2.95 3.07 3. 10 3.09 Machinery....................................................... 42.8 42. 3 42. 1 41.8 134.82 139.59 140.44 138.36 3.15 3.30 3.32 3.31 Electrical equipment and supplies.............. 39.6 40.3 40.2 39.8 108.35 116.06 115.49 114.05 2.75 2.88 2.88 2.88 Transportation equipment........................... 40.9 41.8 42.2 41.3 137.30 148.63 151.26 147.24 3.39 3.59 3.61 3.60 Instruments and related products............... 41 5 40.7 40.7 40.6 115.77 i18.84 118.96 118.48 2.81 2.92 2.93 2.94 Miscellaneous manufacturing industries... 39.7 39.7 39.3 39.6 91.57 98.46 98.36 97.22 2.33 2.48 2.49 2.48 Nondurable goods................................................. 39.8 40.0 39.8 39.5 100.22 106.40 106.79 105.30 2.55 2.68 2.69 2.70 Food and kindred products......................... 40 8 40.8 40.7 40.4 105 86 110.28 110.68 110.37 2.64 2.75 2.76 2.78 Tobacco manufactures.......................... 39 4 40.2 37.9 36.4 91.33 93.23 91.27 90.22 2.36 2.46 2.46 2. 52 Textile-mill products.................................... 40.8 41.6 41.5 41.1 81.20 89.64 90.06 87.48 2.02 2.16 2.17 2.16 Apparel and related products ..................... 36 2 36.4 36.1 35.7 72.16 79.57 79 94 77.17 2.01 2.18 2.19 2.18 Paper and allied products........................... 42.5 42.8 42.6 42.0 119.00 125.50 125.93 123.85 2.82 2.96 2.97 2.97 Printing, publishing, and allied industries. 38.6 38.3 38.0 37.8 124.03 129.20 130.30 128.59 3.23 3.40 3.42 3.42 Chemicals and allied products.................... 41.5 41.9 41.6 41.5 127.49 133.02 132.70 134.18 3.05 3.19 3.19 3.21 Petroleum refining and related industries . 42.6 42.3 42.0 41.9 153.15 153.55 153.18 156.98 3.57 3.70 3.70 3.72 Rubber and misc. plastic products............ 41.1 41.6 41.6 40.6 110.30 117.42 118.40 114.57 2.71 2.85 2.86 2.85 Leather and leather products...................... 37.7 38.6 38.6 38.4 75.19 85.80 85.47 82.96 2.06 2.20 2.22 2.23 Note.—-Bureau of Labor Statistics; data are for production and related workers only. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-62 PRICES □ MAY 1968 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Fur­ Apparel Trans­ Period ite A m D s Food Total Rent H ow s o h n m i e p e r - ­ F c a o o u n i a e d l l l t e r G a i l c e n a c i d s t ­ y o n i p a n is e n g h d r s a ­ ­ up a k n e d e p p t o io rt n a­ Total M c ic a e a r d e l ­ s P c o a e n r r e a ­ l r R e a i c e n n r a g e d d a ­ ­ O g s a o e t n o h r d d v e ­ s r tion tion ices 1929 ......................... 59.7 55.6 85.4 1933........................... 45.1 35.3 60.8 1941........................... 51.3 44.2 61.4 64,3 45.2 88.3 51.2 50.6 47.6 57.3 58.2 1945........................... 62,7 58.4 67.5 66.1 53.6 86.4 55.4 57.5 63.6 75.0 67.3 1958........................... 100.7 101.9 100.2 100.1 100.4 99,0 100.3 99,9 99.8 99.7 100,3 100,1 100.4 100,8 99.8 1959........................... 101.5 100.3 101.3 101.6 101.4 100.2 102.8 100.7 100.6 103.8 102.8 104.4 102.4 102.4 101.8 1960........................... 103.1 101.4 103.1 103.1 103,7 99.5 107.0 101.5 102.2 103.8 105,4 108.1 104.1 104,9 103,8 1961........................... 104,2 102.6 103.9 104.4 104.4 101.6 107.9 101,4 103,0 105.0 107.3 111.3 104,6 107,2 104,6 1962........................... 105.4 103.6 104.8 105.7 105.6 102.1 107,9 101.5 103.6 107.2 109,4 114.2 106.5 109.6 105.3 1963 ........................... 106.7 105.1 106.0 106,8 107.0 104.0 107,8 102.4 104,8 107.8 111,4 117.0 107,9 111.5 107.1 1964........................... 108.1 106.4 107.2 107.8 109.1 103.5 107.9 102.8 105.7 109.3 113,6 119.4 109.2 114.1 108.8 1965........................... 109.9 108.8 108.5 108.9 111.4 105.6 107.8 103.1 106.8 111.1 115.6 122.3 109.9 115.2 111.4 1966........................... 113.1 114.2 111.1 110.4 115,7 108.3 108,1 105.0 109.6 112.7 119,0 127.7 112.2 117.1 114.9 1967 ........................... 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................. 114.8 114.2 113.3 111.7 118.9 111.1 108.3 107.0 111.9 113.8 121.8 133.6 114.1 118.6 116.3 115.0 114.2 113.3 111.8 118.6 111,1 108,3 107.3 112.6 114.2 122.2 134.6 114.4 118.9 116.4 Apr................. 115.3 113.7 113.6 111.9 119.0 111.0 108.4 107,7 113.0 115.1 122.6 135.1 114.9 119.4 116.6 May............... 115.6 113.9 113.9 112.1 119.7 110.8 108,3 107.9 113.8 115.5 122.8 135.7 115.0 119.6 116.7 116.0 115.1 114.1 112.2 119.9 110.5 108.2 108.1 113.9 115,7 123.2 136.3 115.3 119.7 116.9 July................ 116.5 116.0 114.3 112.4 120.2 111.4 108,3 108.2 113.7 116,2 123.6 136.9 115.5 119.8 117,8 116.9 116.6 114.7 112.6 120.8 111.7 108.5 108,3 113.8 116.4 124.2 137.5 116.1 120,0 118,8 U7.1 115.9 115.0 112.8 121.1 112.3 108.9 108.8 115.1 116.8 124.9 138.5 116.4 120,5 119.7 Oct.......... 117.5 115.7 115,3 113.0 121.5 112.5 108.9 109.1 116.0 117.7 125,5 139.0 116.5 121.4 120.3 Nov................ 117.8 115.6 115.5 113.2 121.9 112.7 109.0 109.3 116.6 118.3 126.2 139.7 116.9 122.0 121.0 118.2 116.2 116.0 113.5 122.6 113.1 108,7 109.7 116.8 117.9 126.6 140.4 117.2 122.2 121.4 1968—Jan.................. 118.6 117.0 116.4 113.7 122.9 113.7 108.9 110.6 115.9 118.7 127,1 141.2 117.6 122,7 121.9 Feb................. 119.0 117.4 116.9 113.9 123,5 113,8 109,3 111.2 116,6 118.6 127.5 141.9 117.6 123,0 122.1 Mar................ 119.5 117.9 117.2 114.2 123.8 113.9 109.3 111.8 117.6 1(9,0 (28.3 142.9 118.4 124.2 122.4 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59= 100) Industrial commodities Period m c A t o i o e H m d s i ­ ­ F p u r a c o r t d m s ­ P f e f o e a s r o e n s o d e d d c s d 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 e tc b r . , ­ L b e u e tc m r . , ­ P e a t p c e . r, M e a t l e c s . , t ­ e c M a e q h n r u i a y n d i ­ p ­ ­ F t e u u t r c r e n . , i­ N t m m a o l i e l n n i ­ e ­ - T e p t r q o i a o u r n n t i a p s ­ ­ ­ n c M e e o l i l s u a ­ s ­ ment erals ment 1958............................... 100.4 103,6 102.5 99.5 98.9 96.0 98.7 100.4 100,1 97.4 100.1 99.1 100.0 100.2 99,9 n.a. 100.6 1959............................... 100,6 97.2 99.9 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.1 100.4 101.2 n.a. 100.8 1960............................... 100.7 96.9 100.0 101.3 101.5 105,2 99,6 100.2 99.9 100,4 101.8 101,3 102.9 100.1 101.4 n.a. 101,7 1961............................... 100,3 96.0 101.6 100,8 99.7 106.2 100.7 99,1 96,1 95,9 98,8 100.7 102.9 99.5 101.8 n.a. 102.0 1962............................... 100.6 97.7 102.7 100.8 100,6 107.4 100.2 97.5 93.3 96,5 100.0 100.0 102.9 98.8 101.8 n.a. 102.4 1963............................... 100.3 95.7 103.3 100.7 100,5 104,2 99.8 96.3 93.8 98.6 99.2 100.1 103.1 98.1 101,3 n.a. 103.3 1964............................... 100.5 94.3 103.1 101.2 101.2 104.6 97.1 96.7 92.5 100.6 99,0 102.8 103.8 98,5 101,5 n.a. 104,1 1965............................... 102.5 98,4 106.7 102.5 101,8 109,2 98.9 97.4 92.9 101,1 99.9 105.7 105.0 98.0 101.7 n.a. 104.8 1966............................... 105.9 105.6 113.0 104,7 102.1 119.7 101.3 97.8 94.8 105,6 102.6 108,3 108.2 99.1 102,6 n.a. 106,8 1967............................... 106,1 99.7 111.7 106.3 102.1 115.8 103.6 98,4 97.0 105.4 104.0 109.5 111.8 101.0 104.3 n.a. 109.2 1967—Feb.................... 106.0 101.0 111.7 106.0 102,0 118.0 103.4 98.5 95.8 103.6 103.3 109.6 111.2 100.4 103.7 n.a. 108.0 Mar,, 105,7 99.6 110.6 106.0 101,8 117.0 103.7 98.5 95.9 103,6 103.6 109,4 111.5 100,6 103.8 n.a. 107.7 Apr.................... 105.3 97.6 110.0 106.0 101.8 115.7 103.3 98.8 95.9 104.1 103.9 109.1 111.6 100.6 103.9 n.a. 108.0 M*ay............. 105.8 100.7 110.7 106.0 101.6 115,2 104.4 98,8 95.8 104.2 103.9 108.9 111.6 100,8 103.8 n.a. 108,0 June.......... 106.3 102,4 112.6 106,0 101.6 115.6 104,0 98.5 95.8 104.7 103.9 108.9 111.6 100.8 103,9 n.a. 109.6 July.................... 106.5 102.8 113.1 106.0 101.5 115.2 103.9 98.3 95.8 105.3 104.1 109.0 111.6 100.9 104.2 n.a. 109.7 Aug.,................. 106.1 99.2 112.1 106,3 101.7 114.4 104.7 98.0 97.8 106.1 104.0 109.2 111.8 101.0 104.5 n.a. 110.0 Sept.................... 106.2 98.4 112.7 106.5 102,0 114.4 104.5 97.9 98.2 108,7 104,1 109,6 111.9 101,2 104.7 n.a. 110.2 106.1 97.1 111,7 106,8 102.2 114.8 103.0 98.2 98.8 107.3 104.3 109,8 112.2 101.7 104.9 n.a. 110.5 Nov.................. 106.2 96.4 110.9 107.1 103.0 115.4 102.8 98.2 99.1 106.7 104.6 110.5 112.6 102.0 105.1 n.a. 110,6 Dec.,. . ............. 106.8 98,9 111.5 107.4 103.8 116.0 102,6 98.4 99.2 107.6 104.8 111.0 113.2 102.1 105.3 n.a. 110,7 1968—Jan...................... 107.2 99.0 112.4 107.8 104.3 116.5 101,8 98.2 99.5 108.6 105.2 111.7 113.9 103.0 106.0 n.a. 111,0 Feb..................... 108.0 101,3 113.3 (08.3 104.6 116.7 102,5 98. 1 99.5 111.6 105,7 112.8 114.1 103.3 106.9 n.a. 111.3 Mar.................... 108.2 102.1 112,9 108.6 104.6 117.9 102,0 98.6 99.7 113.9 105.2 113.9 114.3 103.6 107.3 n.a. 111.5 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ PRICES A-63 WHOLESALE PRICES: DETAIL (1957-59= 100) 1967 1968 1967 1968 Group Group Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Farm products: Pulp, paper, and allied products: Fresh and dried produce....................... 98 4 108.1 112.5 114.5 Pulp, paper, and products, excluding Grains................................................. 99.9 85.0 86.3 85.1 building paper and board................ 104 0 105 8 106 2 105 7 Livestock.................................................. 97 4 98.7 102.7 105.7 Woodpulp............................................... 98 0 98 0 98 0 98 0 Live poultry...................................... 90 8 78.2 87.0 81.4 Wastepaper............................................. 79 7 76 9 81 8 89 0 Plant and animal fibers......................... 70 3 79.4 76.5 76.5 Paper....................................................... 108 5 1112 1119 1119 Fluid milk................................................ 119.0 124.0 124.6 123.9 Paperboard............................................. 97^3 97 3 973 91'7 Rees ................. 90.8 73.8 80.0 80.9 Converted paper and paperboard.... 104 7 106 7 107 0 107 0 Hay and seeds,....................................... 120.5 112.9 113.0 114.1 Building paper and board................... 92.3 92'1 91 8 92^0 Other farm products....................... 99.5 101.7 101.1 101 4 Processed foods and feeds: Metals and metal products: Cereal and bakery products......... 117. 5 117,1 117.4 117.4 Iron and steel......................................... 103 3 105 5 105 8 105 5 Meat poultry and fish.......................... 101 7 105 5 107.6 107 0 Steelmill products................................... 105 6 107 7 107*8 107 9 Dairy products........................................ 120.7 123 8 124.0 123.3 Nonferrous metals,............................... 1211 125 1 128 8 133 3 Processed fruits and vegetables............ 140.2 113.7 113.8 114.4 Metal containers................................... 1115 112 9 113 4 113 4 Sugar and confectionery ................... 112 5 113 4 113.7 113 7 Hardware................................................ 112 4 116 3 116 6 116 8 Beverages and beverage materials. . .. 105 6 107 9 108.6 108,9 Plumbing equipment............................ 110 5 i io 7 113 3 114 3 Animal fats and oils.............................. 89 6 70 4 71.0 72 5 Heating equipment............................... 92 2 93 11 93 8 94 3 Crude vegetable oils............................... 94.2 85^5 93.0 90.4 Fabricated structural metal products. 104 8 106 2 106 4 106 8 Refined vegetable oils............................ 96.9 89.4 102.1 98.7 Miscellaneous metal products............ 113.7 114.7 115 3 115 3 Vegetable oil end products............... 101.8 100.2 100.2 100.2 Miscellaneous processed foods....... 112.0 114. J iu.i 114.1 Manufactured animal feeds.................. 124.8 120.2 119.7 118.9 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip,... 121.9 125.8 125.8 126.1 Construction machinery and equip... 121.5 127.2 127.7 128.3 Cotton products....................... 101.3 105.2 105.0 105.0 Metalworking machinery and equip.. 122.6 126.1 126.6 127 3 Wool products............... 104.0 102 3 102.8 103.1 General purpose machinery and Man-made fiber textile products.. .. 86.9 89 3 89.6 89.3 equipment........................................... 113.0 115 4 116.0 116 5 Silk yarns....................... 164.1 196 8 197.2 196.3 Special industry machinery and A pparel - ................................................... 106 0 108 3 108 8 109 1 equipment (Jan. 1961= 100)............ 115 4 120 1 120 1 120 2 Textile housefurnishings.......... 105 I 110 6 111.2 110 9 Electrical machinery and equip........... 102 2 io2 7 102 7 102 6 Miscellaneous textile products. ...... 120.8 112.4 110.4 109.9 Miscellaneous machinery.................... 108.8 112'0 112.3 112.'7 Hides, skins, leather, and products: Furniture and household durables: Hides and skins.............................. 98.9 87.3 89.5 99.3 Leather.................................................. 114.6 108.6 108.9 110.3 Household furniture............................. 112.4 115 2 115 7 116 0 Footwear............................................ 121.7 125.6 125.5 125.6 Commercial furniture........................... 109.3 1134 113 4 i 14*0 Other leather products.................... 114.4 112.2 112.2 112.4 Floor coverings..................................... 93 8 95 3 94 8 Household appliances........................... 89* 8 91 1 916 91 9 Fuels and related products, and power: Home electronic equipment................ 83 3 RI 7 si '7 81 6 Other household durable goods..... 115^2 123> 123:9 124.3 Coal.................................................. 102.2 105.0 105.0 105.5 Coke 112.0 112.0 112.0 112.0 Gas fuels (Jan. 1958= 100)................... 134.6 130.0 133.3 126.5 Nonmetallic mineral products: Electric power (Jan. 1958— 100)...... 100.6 101.0 101.1 101,2 Crude petroleum..................................... 98 3 99 0 99 0 99.0 Flat glass............................... ............... 103 3 107 0 107 2 109 4 Petroleum products refined................. 102.4 98^8 99 5 99.5 Concrete ingredients............................. 105 8 107 8 108 5 108 6 Concrete products................................. 104'5 106^5 106^8 107*0 Chemicals and allied products: Structural clay products excluding refractories................. 109 3 111 8 1 1 I 9 112 0 Industrial chemicals............................... 97.0 98 5 98.5 98.7 Refractories................................... 104.9 106 8 112 4 112 6 Prepared paint........................................ 108.8 113.2 113.2 114.1 Asphalt roofing..................................... 94 8 99 6 980 98*0 Paint materials........................................ 90.8 91.5 92.6 92.5 Gypsum products.................................. 102 3 103 9 105 1 105 1 Drugs and pharmaceuticals.......... 94.4 92 9 93.0 93.4 Glass containers.................................... 101.0 102 9 106 3 106 3 Fats and oils, inedible.............. 81.5 76.4 76.7 80.0 Other nonmetallic minerals................. 101 8 103'0 103^7 103.9 Agricultural chemicals and products.. 105.9 99.5 100.6 101.2 Plastic resins and materials................ 90.3 86.6 83.3 82.8 Other chemicals and products............. 107.8 108.6 108.7 109.5 Transportation equipment: Rubber and products: Motor vehicles and equipment........... 101.6 104 3 104 3 104 3 Railroad equipment (Jan. 1961= 100). 102.7 I0M 105 .*4 105:4 Crude rubber........................................... 86.5 83,6 83.2 84.0 Tires and tubes....................................... 94 9 98 7 98 7 98 7 Miscellaneous rubber products....... 100.9 106.5 106.8 106.9 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition....................................... 104 0 106 7 106 6 107 4 Lumber.................................................... 106 0 114 0 117.1 120.3 Tobacco products................................ 110.3 114 8 i 14 8 114 9 Mill work................................................. 111.2 113.9 114.7 115.6 Notions................................................... JOO 8 102 2 105 7 105*7 Plywood................................................... 87.7 89.8 94.6 96.9 Photographic equipment and supplies 110 1 113 6 114 8 114 8 Other wood products (Dec. 1966= 100) 102.0 101.9 105.9 105.9 Other miscellaneous products............ 107 J 109*9 109 .’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 classi­ ncorporate (1) new weights beginning with Jan. 1967 data and (2) various fications.. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-64 NATIONAL PRODUCT AND INCOME □ MAY 1968 GROSS NATIONAL PRODUCT (In billions of dollars) 1967 1968 Item 1929 1933 1941 1950 1963 1964 1965 1966 1967 I II III IV IE Gross national product....................................... 103.1 55.6 124.5 284.8 590.5 632.4 683.9 743.3 785.0 766.3 775.1 791.2 807.3 827.3 Final purchases.................................................... 101.4 57.2 120.1 278.0 584.6 626.6 674.5 729.9 779.8 759.2 774.6 787.4 798.1 823.4 Personal consumption expenditures.................. 'll.! 45.8 80.6 191.0 375.0 401.2 433.1 465.9 491.7 480.2 489.7 495.3 501.8 517.8 Durable goods................................................. 9.2 3.5 9.6 30.5 53.9 59.2 66.0 70.3 72.1 69.4 72.5 72 7 73.8 77.9 Nondurable goods.......................................... 37.7 22.3 42.9 98.1 168.6 178.7 191.2 207.5 217.5 214.2 217.2 218.5 220.3 228.0 Services,........................................................... 30.3 20.1 28.1 62.4 152.4 163.3 175.9 188.1 202.1 196.6 200.0 204.1 207.7 211.9 Gross private domestic investment.................... 16.2 1.4 17.9 54.1 87.1 94.0 107.4 118.0 112.1 110.4 105.1 112.2 120.8 119.4 Fixed investment............................................. 14.5 3.0 13.4 47.3 81.3 88.2 98.0 104.6 107.0 103.3 104.6 108.4 111.6 115.5 Nonresident ial............................................... 10.6 2.4 9.5 27.9 54.3 61.1 71.1 80.2 82.6 81.9 81.5 82.8 84.0 87.2 Structures................................................. 5.0 .9 2.9 9.2 19.5 21.2 25.1 27.9 26.8 21.7 26.3 26.6 26.7 28,7 Producers’ durable equipment........ 5.6 1.5 6.6 18.7 34.8 39.9 46.0 52.3 55.7 54.2 55.2 56,2 57.3 58.5 Residential structures......................... 4.0 .6 3.9 19.4 27.0 27.1 27.0 24.4 24.4 21.4 23.1 25.6 27.6 28.3 Nonfarm................................................... 3.8 .5 3.7 18.6 26.4 26.6 26.4 23.8 23.9 20.9 22.5 25.0 27,0 27.8 Change in business inventories........... 1.7 -1.6 4.5 6.8 5.9 5.8 9.4 13.4 5.2 7.1 0.5 3.8 9.2 3.9 Nonfarm....................................................... 1.8 — 1.4 4.0 6.0 5.1 6.4 8.4 13.7 4.8 7.3 0.6 3.4 7.7 3.0 Net exports of goods and services..................... 1.1 .4 1.3 1.8 5.9 8.5 6.9 5.1 4.8 5.3 5.3 5.4 3.0 2.6 Exports.............................................................. 7.0 2.4 5.9 13.8 32.3 37.1 39,1 43.0 45.3 45.3 45.1 45.6 45.4 47.6 Imports............................................................. 5.9 2.0 4.6 12.0 26.4 28.6 32.2 37.9 40.6 39.9 39.8 40.2 42.4 44.9 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 122.5 128.7 136.4 154.3 176.3 170.4 175.0 178.2 181.7 187.5 Federal. .............................. 1.3 2.0 16.9 18.4 64.2 65.2 66.8 77.0 89.9 87.1 89.5 90.9 92.2 95.7 National defense......................................... 13.8 14.1 50.8 50.0 50.1 60.5 72.5 70.2 72.5 73.3 74.2 16.6 Other....................................................... 3.1 4.3 13,5 15.2 16.7 16.5 17.4 16.8 17.0 17.6 18.0 19.1 State and local................................................. 7.2 6.0 7.9 19.5 58.2 63.5 69.6 77.2 86.4 83.3 85.4 87.4 89.5 91.9 Gross national product in constant (1958) dollars........................................................... 203.6 141.5 263.7 "355.3 551.0 581.1 616.7 652.6 669.3 660.7 664.7 672.0 679.6 689.7 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. For back data and explanation of series, see the Survey of Current Business, July 1967, and Supplement, Aug. 1966. NATIONAL INCOME (In billions of dollars) 1967 1968 Item 1929 1933 1941 1950 1963 1964 1965 1966 1967 I II III IV IE National income................................................... 86.8 40.3 104.2 241.1 481.9 518.1 562.4 616.7 r650.2 636.4 641.6 653.4 '669.3 Compensation of employees........................... 51.1 29.5 64.8 154.6 341.0 365.7 393.9 435.7 469.7 459.1 463.4 472.6 483.6 497.5 Wages and salaries................................. 50.4 29.0 62.1 146.8 311.1 333.7 359.1 394.6 423.8 414.7 418.3 426.2 435.9 447.5 Private........................................................... 45.5 23.9 51.9 124.4 251.6 269.4 289,8 316.7 337.5 331.4 333.2 339 4 346,2 355.8 Military....................................................... .3 .3 1.9 5.0 16 8 11.7 12,1 14.7 16.4 16.1 16.2 16.3 17,3 17.6 Government civilian................................... 4.6 4.9 8.3 17.4 48,6 52.6 57,1 63.2 69.8 67.3 68.9 70.6 72,5 74.0 Supplements to wages and salaries................ .7 .5 2.7 7.8 29.9 32.0 34.9 41.1 45.9 44.4 45,2 46.4 47.6 50.0 Employer contributions for social insurance...................................................... .1 .1 2.0 4.0 15,0 15.4 16.2 20,3 22,6 22.2 22.3 22.8 23.3 24.8 Other labor income..................................... .6 ,4 ,7 3.8 14.9 16.6 18,6 20,8 23.2 22.2 22.9 23 6 24.3 25.2 Proprietors’ income........................... 15.1 5.9 17.5 37.5 51.0 52.3 56.7 59.3 58.4 57.8 57.8 58.8 59.3 59.9 Business and professional.............................. 9.0 3.3 HJ 24.0 37.9 40.2 41.9 43.2 43.6 43.2 43.4 43,8 44.1 44.4 Farm.................................................................. 6.2 2.6 6.4 13.5 13.1 12.1 14.8 16.1 14.8 14.6 14.3 15 0 15.2 15,5 Rental income of persons................................... 5.4 2.0 3.5 9.4 17.1 18.0 19.0 19.4 20.1 19.8 20.0 20.2 20.4 20.6 Corporate profits and inventory valuation adjustment....................................................... 10.5 ”1.2 15.2 37.7 58.9 66.3 74.9 82.2 r79.6 78.1 78.3 79 2 '82 7 Profits before tax.......................................... 10.0 1.0 17.7 42.6 59.4 66.8 76.6 83.8 r80.7 79.0 78.9 80.0 r85.1 Profits tax liability...................................... 1.4 .5 7.6 17.8 26.3 28.3 31.4 34,5 33.2 32.5 32.5 32.9 '35,0 Profits after tax........................................... 8.6 .4 10.1 24,9 33.1 38.4 45.2 49.3 r47.5 46.5 46.5 47.1 '50^ 1 Dividends................................................. 5.8 2.0 4.4 8.8 16.5 17.8 19.8 21,5 22.8 22.2 23.1 23 4 22.4 23.2 Undistributed profits............... 2.8 -1.6 5.7 16.0 16.6 20.6 25.4 27.8 '24 7 24.2 23 4 23 6 '27^6 Inventory valuation adjustment................... .5 -2.1 -2.5 -5.0 — .5 ”.5 -1.7 -1.6 -1.2 — .8 - .7 — .8 -2.3 -4.7 Net interest............................................................ 4.7 4.1 3.2 2.0 13.* 15.8 17.9 20,2 22.4 21.6 22.1 22.7 23.3 23.9 Note,—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ NATIONAL PRODUCT AND INCOME A-65 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME SAVING (In billions of dollars) 1967 1968 Item 1929 1933 1941 1950 1963 1964 1965 1966 1967 I II III IV P’ Gross national product............ ........ 103.1 55.6 124.5 284.8 590.5 632.4 683.9 743.3 785.0 766.3 775.1 791.2 807.3 827.3 Less: Capital consumption allowances.......... 7.9 7.0 8.2 18.3 52.6 56.1 59,9 63.5 67,0 65.5 66.4 67.6 68.6 69.4 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 67.9 69.1 70.2 71.4 73.0 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 -4.0 -2.8 — 1.2 r—3.5 Plus: Subsidies less current surplus of gov­ ernment enterprises............ -.1 .1 .2 .8 1.3 1.2 2.2 i .7 2.3 2.0 1.6 1.2 .7 Equals: National income.................................... 86.8 40.3 104.2 241.1 481.9 518.1 562.4 616.7 '650.2 636.4 641.6 653.4 ^669.3 Less: Corporate profits and inventory valu­ ation adjustment................. 10.5 — 1.2 15.2 37.7 58.9 66.3 74.9 82.2 '79.6 78.1 78.3 79.2 '82.7 Contributions for social insurance.... .2 .3 2.8 6.9 26.9 27.9 29.7 38.2 43.0 42.2 42.5 43.3 44.1 47.4 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 48.1 48.6 49.6 50.1 52.8 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 23.7 23.9 24.2 24.7 25 5 Dividends................................................. 5.8 2.0 4.4 8.8 16.5 17.8 19.8 21.5 22,8 22.2 23.1 23.4 22.4 23.2 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 96.0 227.6 465.5 497.5 537.8 584.0 626.4 612.9 619.1 631.0 642.5 658.7 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.7 60.9 59.4 65.6 75.2 81.7 80.2 79.1 82.8 84.7 87.1 Equals: Disposable personal income. ........ 83.3 45.5 92.7 206.9 404.6 438.1 472.2 508.8 544.7 532.7 540.0 548.2 557.9 571.7 Less: Personal outlays..................................... 79.1 46.5 81,7 193.9 384.7 411.9 445.0 479.0 505.9 493.9 504.0 509.6 516.2 532.6 Personal consumption expenditures.. 77.2 45.8 80.6 191.0 375.0 401.2 433.1 465.9 491.7 480.2 489.7 495.3 501.8 517.8 Consumer interest payments............. 1.5 .5 .9 2.4 9.1 10.1 11.3 12.4 13.4 13.1 13.3 13.5 13.8 14.1 Personal transfer payments to for­ eigners ........................................... .3 .2 .2 .5 .6 .6 .7 .6 .8 .7 1.0 .8 .7 .7 Equals: Personal saving,.................................. 4.2 -.9 11.0 13.1 19.9 26.2 27.2 29.8 38.7 38.5 36.0 38.5 41.6 39.1 Disposable personal income in constant (1958) dollars........................................................... 150.6 112.2 190.3 249.6 381.3 407.9 434.4 456.3 476.5 470.6 474.9 477.5 482.6 489.4 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 1968 Item 1966 1967 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.p Total personal income........................... 584.0 626.4 615.6 616.5 618.2 622.6 627.0 631.6 634.4 635.9 642.4 649.3 650.9 659.3 666.0 Wage and salary disbursements.......... 394.6 423.8 416.2 416.7 417.2 420.9 423.4 426.7 428.5 429.4 435.3 443.1 442.4 449.0 451.1 Commodity-producing industries... 159.3 167.2 165.6 165,0 164.3 165.2 166.1 168.0 168.2 167.9 171.2 173.3 173.3 176.8 177.3 Manufacturing only.............. 128,1 134.4 332.9 132.5 132.2 133.0 133.2 135.3 135.4 134.9 137.5 139.2 139.6 141.5 141.8 Distributive industries...................... 93.9 100.9 99.1 99.1 99.3 100.4 101,3 101.8 102.1 102.6 103.7 103,9 105. 1 106.7 106.9 Service industries.............................. 63.5 69,5 67.6 68.2 68.6 69.5 69.6 70,1 70,8 71 .1 71.9 72.8 73.1 73.8 74.4 Government....................................... 77.9 86.3 84.0 84.5 85.0 85.7 86.4 86.9 87.4 87.8 88.4 93.1 90.9 91.6 92.4 Other labor income.............................. 20.8 23.2 22.4 22.6 22.8 23.1 23.3 23,6 23,8 24.0 24.3 24.6 24.9 25.2 25.5 Proprietors’ income.............................. 59.3 58.4 57.4 57.7 57.8 57.9 58.4 58.8 59,2 59.1 59.3 59.5 59.6" 59.8 60. 1 Business and professional............... 43.2 43.6 43.1 43.3 43.4 43.6 43.7 43,8 43.9 44.0 44,1 44,2 44.3 44.4 44.5 Farm................................................... 16.1 14,8 14.3 14.4 14.4 14.3 14.7 15,0 15.3 15.1 15,2 15.3 15.3 15.4 15.6 Rental income................................. t9.4 20.1 19.9 20.0 20.0 20.1 20.2 20.2 20.3 20.3 20.4 20.4 20.5 20,5 20.6 Dividends................................................ 21.5 22.8 22.6 22.8 23.1 23.3 23.5 23,5 23.4 23.2 23.1 21.0 22.9 23.2 23.6 Personal interest income...................... 42.4 46.5 45.5 45.8 46.0 46.1 46.4 46.9 47.3 47.6 48,0 48.5 48.9 49.4 49.9 Transfer payments................................ 43.9 51.9 51.7 51.0 51.5 51.6 52.2 52,4 52.5 52.8 52.8 53.1 54.0 54.7 58.0 Less: Personal contributions for social insurance............................. 17.9 20.4 20.1 20.1 20.1 20.3 20.4 20.6 20.6 20.6 20.8 21.1 22.3 22.6 22.7 Nonagricultural income......................... 563.1 606.5 596.2 596.9 598.8 603.2 607.2 611.4 614.0 615.7 622.0 628.8 630.3 638.6 645.0 Agriculture income................................ 20.9 19.9 19.5 19.5 19.5 19.4 19.8 20.2 20.4 20.2 20.4 20.5 20.6 20.7 21.0 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also Note to table opposite. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR FOURTH QUARTER, 1967—SEASONALLY ADJUSTED ANNUAL RATES (In billions of dollars) Private domestic nonfinancial sectors Financial sectors Sector H h o o u ld s s e ­ * B ne u s s s i­ an g S d o t v a lo t t s e c . al Total G U o .S v . t . Total Mo a n u e th ta . ry C ba o n m ks l. N f o in n a b n a c n e k R w e t s o h t r e ld of se A ct l o l rs Di a s n c c re y p­ and s N a i y n a i v t n l e . g s t­ ment Transaction u s u s category U S U S U S U S U S U S U s U 8 U S U 1 Gross saving.............................. 127.6 ......... 76.6 . -4.0 ......... 200.2 ......... -14.2 ......... 3.0 * ......... 2.1 ......... .9 ......... -1.8 ......... 187.1 189.0 .. 1 2 Capital consumption.......... ......... 68.4 ......... 56 8 ......... 125.2 ......... 1.1 ....................5 .....................6 ......... 126.3 .126.3.... 2 3 Met saving (1 —2)................ 59 1 19 9 -4 0 ........ 75.0 ............—14.2 ......... 19 * ....... 16 ......... 3 ......... —18 . .. 60 8 ____62.6.. • 3 4 Gross investment (5-plO)........ 125.3......... 72.9 . . -4.2......... 194.0 ......... -12.9......... 2.7......... * 2.1......... .6......... -1.2....1...8..2.7 ......... . .185.4 .. 4 5 Private cap. expend., net........ 92.4 . .. 90.9......... 183.3 ......... .9......... .4 .. . 184.2 ......... ___2.9 . 184.2 . 5 6 Consumer durables.............. 72 1 . 72.1......... 72.1......... 72 1 - 6 7 Residential constr................. 16.0......... 8 4 24.4......... 24.4 . . 24 4 . 7 8 Plant and equipment............ 4 3 77 3 . 81.7......... .9......... 4 .5......... 82.6......... 82 6.••• 8 9 Inventory change.................. 5.2 .. 5.2......... 5.2......... 5.2.... 9 10 Net financial invest. (11 —12). 32.9 —18.0 . -4.2......... 10.7......... -12.9......... 1.8......... ♦ 1.7......... .1......... -1.2.....-..1...6......... .......1.6 . ........1.2 10 11 Financial uses, net................... 55 4 18.7 10.5 . 84.6......... 3.1......... 83.2......... 4.8 .. 39.3 39.2......... 7.8......... 178.7 ......... 8.9 .- 11 12 Financial sources...................... ......... 22.5 ......... 36.7 ......... 14.7 ......... 73.9 ____ 16.0 ......... 81.4 ......... 4.7 ......... 37.5 ......... 39.2 ......... 8.9 ......... 180.3 . . .7.8 - 12 13 Gold & off. U.S. fgn. exch.. .4......... -.5......... — 5 1.2 1.1 11 11 ............. 13 14 Treasury currency................ ....................7 .5 ...... .5......... .5 .7 ...........2........ . 14 15 Dem. dep. and currency... ......... 14.7 . 3 0 11 6 13 7 14 7 16 Private domestic.............. 12 4 .3 ... 11.2......... .7 12.7 ......... 2.1 ......... 10 6 .7......... 11.9 12.7 ...........8........ ............... 16 17 U.S. Govt.......................... 1.0......... ......... 1.2 ......... 9 ......... .2 1.0 1.2 9 ............. 17 18 Foreign......................... ......... .8 * ....... 8 .8......... ....................8 ............. 18 19 Time and svgs. accounts... 32 4 39.0......... .4 40.8 .4......... ......... 40.8 ............... 19 20 At coml. banks................. 15 8 4 1 2.4......... 22.4......... * * 23.8 . 23 8 1.3......... ......... 23.8 ............... 20 21 At svgs. instit.................... 16 6 16.6......... .4 17.0 .4 17.0 ......... 17.0 .................. 21 22 Life insur. reserves.............. 4 8 4 8......... ....................1 ......... 4.6 ......... 4.6 ......... 4.8 ............... 22 23 Pension fund reserves.......... 14 3 4 1 14.3 4.1 ......... 1.6......... 8.5 ......... 8.5 ......... 14.3 ................. 23 24 Consol, bank items1............ 1.6 1.6 — 1 17 1.7 —.1 1.6 1.6 ................... 24 -3.8 18.8 .4 37.2 7 8 10 5 4 4 66 4 4.5 12.7 73.1 2.2 4 8 . 34.8 .2 33.5 2.0 3.3 4.0 85.4 85.3 ...................... 25 26 U.S. Govt, securities.... _. 9 —3 0 9 —3.0 ....... ......... 12.7 13.6......... 4 8......... 8.8......... 2.1......... ......... 12.7 ................... 26 27 State and local oblig..... 7 -.5 10.1 .3 10.1 9.9......... 9.0 .9......... ......... 10 1 ...................... 27 28 Corp, and foreign bonds. 1 6 15.1 6 5 8.1 15.1 8.9 .9 .8 .3 8.2 .6 .2 1.3 ......... 17.2 ...................... 28 29 Corp, stocks...................... 3 9 2 3 —3.9 2.3 8.4 2.9 8.4 2.9 .8 * ......... 5.2 ..................... 29 30 1- to 4-family mortgages. -.6 10.4 ......... 1.1 .8......... 3 11.5 19. - 10.4 1 0 2 5... 7.9 1.0 ......... 12.5 ............. . 30 31 Other mortgages............... ...... 1.0 ......... 8.4 94 .8......... 8.5......... 2.1 .. 6.4......... ......... 9 4 ............. 31 32 Consumer credit................ .....................4 .4 1 3 1.3 4 4 3.1......... 2.2......... .9......... ......... 4.4 ...................... 32 33 Bank Ioans n.e.c.............. ......... 1.7 ......... 7.4 ... 9.1 6.5 -2.4 6.5......... ......... -2.4 .......... -.3 ......... 6.5 ...................... 33 34 Other loans........... 1.2 1.4 3 0 .3 1.4 4.5 1.8......... 3.9 -.2 * 3.1......... .9 -.2 .2 3.0 7.4 7.3 . . . .-.1....... ...................... 34 35 Open market paper. .. 14 17 1.4 1.7 2.9 2.4 * 3.1 ....... -.1 2.4 .2 .5 ......... 4.5 ...................... 35 36 Federal loans................. ....................2 ____ 1.3 ....................3 1 8 1 8......... ......... —2 5 ......... -2 5 .......... 2.5 ......... 1.8 .................... 36 37 Security credit...................... 1.1 3.3 11 3 3 4.3 2.1 2.8 2.1 .1 .2 ...................... 37 38 To brkrs. and dealers.... 1.1......... .9 2.1 .9......... ......... 2.1 ......... 2.1 ...................... 38 39 To others.......................... ____ 3.3 3.3 3.5......... 6 2.8......... ....................2 ......... 3.5 ...................... 39 40 Taxes payable....................... 5.1 -3.8 * * -3.8 -4.2......... ......... —.3 ......... -.2 -4.2 -4.3 . . . .-.I....... .................... 40 41 Trade credit................. 8.7 5.5 8 7 5 7 1.5 .6 .3......... .3......... 10.4 6.3 ... —4.1....... ...................... 41 42 Equity in noncorp, business. 7 1 .5 3 .4 7.0 5 7 . 1 3 -7 8 . . 3 5 -7 5 . . 3 4 — .1 .4 2.7 7.2 * 1 2 2.2 1.5 5.1 1.1 3.7 .... 1 .. 2 .. . . 1 -7 16 . . 3 7 4 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 2 3 44 Sector discrepancies (1—4)... 2.3......... 3.7......... .2......... 6.2......... — 1 3 ... 3 ... * .3......... — .7........4. 5......... 4 A .........3.6.. 44 1 Claims between commercial banks and monetary authorities: member bank reserves, vault cash, F.R. loans to banks. F.R. float, and stock at F.R. Banks. A-66 FLOW OF FUNDS □ MAY 1968 □ MAY 1968 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ FLOW OF FUNDS A-67.1 2. SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1965 1966 1967 Transaction category, or sector 1963 1964 1965 1966 1967 IV I II III IV I II III IV I. Saving and investment 3 4 6 7 2 5 1 S C F U F t a i o . a n S r r t a m p . e n o G a c a r n a i o n a d t v d l e e s l n o r n e n o c o c G m a n n to r l c f e o r i o g n s s n r o s . . p t . . v . . b , . n . t . . u . . a b . . . . s . . t . u . . H i . i . . o . s n . . . o . . n . i e . . n . . . u . a . . s e . . . s . l . . s . s . . e . . . . s s . . . . . h . . . a . . . . . . . o . . . v . . . . . . . . . . l i . . . . n . d . . . . . . . . . . g s . . . . . . . . . . . . . . 1 ~ . . . . 8 4 4 1 - . . 1 . . 5 3 3 3 4 . . . . . . 6 . . . . . . . 5 5 8 9 5 . . 5 . . . . . . . . . . 1 . . - - . . 9 5 4 6 1 1 . . . . 8 2 0 . .4 0 . . . . . , . . .. . 3 4 5 . . 3 7 5 3 . ..... 1 1 - .. 5 7 1 0 2 3 5 9 7 5 . . . . , . . 2 3 7 5 3 3 1 1 1 6 9 1 1 - - 3 0 3 5 6 . . . 8 9 . . . . 1 3 3 3 0 -1 1 1 - 5 1 8 4 2 4 9 3 6 9 7 . . . . . . . 0 2 9 8 0 0 6 1 1 - - 5 1 1 2 8 1 2 7 4 2 5 . . , . . . . 5 5 8 8 8 8 5 1 1 - 5 1 1 9 1 2 8 5 1 0 3 . . . . . . , 2 1 8 6 7 3 4 1 1 5 9 1 1 - 9 3 1 1 1 5 .8 . . . . . . 7 2 8 3 6 9 1 1 - 5 1 1 1 9 - 9 3 6 4 . 2 . 5 . . . . . 8 1 8 8 8 2 1 1 - 6 9 4 1 2 - 3 2 8 1 6 . . . . 9 . . . 6 5 3 8 4 3 -1 1 1 - 5 3 2 8 1 3 3 8 6 3 6 . . . . . . . 0 2 5 6 9 4 2 -1 1 1 - 5 4 8 2 1 6 4 8 2 4 6 . . . . . . . 3 7 7 7 5 0 6 -1 1 1 - 5 4 1 2 8 4 3 9 7 6 8 . . . . . . 3 . 3 1 5 6 9 4 -1 1 1 - 6 4 3 1 9 2 2 1 4 7 8 . . . . . . 4 . 7 3 7 6 0 5 7 4 5 6 2 3 1 1 9 8 0 Gr C B os u o s s n in s n e u a s m ti s o e n i r n a d v l e u in r n a v t e o b s l r e i t e m g s e . o . n . o . t . d . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 5 4 5 3 3 . , . 9 9 8 1 5 5 5 9 8 . , . 8 0 2 1 6 7 9 6 7 . . . 4 0 1 1 7 1 9 0 0 3 . . . 3 1 4 1 7 8 2 5 5 , . , 1 2 4 1 6 8 9 8 3 . . . 6 6 7 1 7 8 9 1 8 . . . 8 6 4 1 6 8 1 8 8 4 . . . 2 0 3 1 7 1 9 0 1 0 . . . 9 4 0 1 7 9 1 0 3 8 . . . 6 4 7 1 6 8 7 9 1 . . . 4 4 1 1 7 7 2 7 . . . 5 5 0 1 7 8 3 2 7 , . . 8 7 9 1 7 9 9 3 5 . . . 2 8 3 1 9 8 0 1 1 1 11 3 2 4 Gr H N F os i o o n s u n a s f p n i e n v c h a t i . a o n l f l . i d s x b s e e u , d c . s t . o i i . n n . r . e v . s .. s e . . . s . . s . . . . . t . . . m . . . . . . . . . e . . . . . . . . n . . . . . . . t . . . . . . . . . . . . . . . . . . . . . . . . . . ... 2 5 8 7 2 1 t. . . . O 3 9 4 2 6 8 4 3 8 . . . , 9 3 2 0 9 2 7 8 4 3 , . . . 0 9 2 0 1 2 8 0 2 0 1 4 . . . . 8 8 0 6 1 2 8 0 5 0 7 , . . . 8 9 3 0 1 2 7 0 8 3 2 . . . . 0 8 6 4 1 2 8 0 0 1 3 5 . . . . 0 4 9 3 1 7 2 0 9 3 1 4 . . . . 8 0 5 6 1 2 8 0 1 2 1 4 . . . . 1 8 0 9 1 8 2 0 2 0 1 3 . . , . 7 0 0 7 1 8 0 1 4 3 8 . . . . 8 0 3 5 1 8 1 0 4 9 4 . . . . 8 8 0 6 1 8 2 0 6 1 1 8 . . . . 1 3 0 4 1 8 2 1 8 2 1 . . . . 9 7 0 6 1 1 1 1 3 4 2 1 1 1 6 5 Dis N c e re t p fi a n n a c n y c i ( a 1 l - i 8 n ) v .. e .. s .. t . m .... e .. n .. t .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. . 8 6 4 2. . 3 7 3 2 . . 7 4 3 1 . . 0 8 3 1 . . 6 2 3 1 . . 1 1 1 1 . . 8 9 3 1 . . 0 6 2 2. . 8 1 4 1 . . 7 0 4 1 . . 9 6 - 5 . . 6 7 2. .5 9 3. .7 2 1 1 5 6 II. Financial flows—Summary 17 Net funds raised—Nonfinan. sectors. 58.5 67.0 72.3 69.9 83.1 75.8 84.1 83.2 62.6 49.9 74.3 44.3 104.6 108.9 17 18 Loans and short-term securities.... 19.0 26.4 33.1 27.4 27.2 35.0 26.4 22.7 30.7 29,8 33.8 -16.1 46.8 44.2 18 19 Long-term securities and mtgs......... 39.5 40.6 39.2 42.5 55.9 40,8 57.6 60.5 31.9 20,0 40.6 60. 4 57.8 64.7 19 2 21 0 U.S S . h o G r o t- v te e r r m B n y m m s e e k n c t t . t . o . s . r . e ... c .. u .. r . i . t . i . e .. s .. . . . . . . . . . . . . . . . . . . . . . . . . . 5 3 1 . . . 0 6 4 4 7 3 . . . 0 0 1 3 3. . . 5 6 2 6 2 4. . . 1 3 2 1 6 6 2 . . . 2 4 7 8 5 3 . . . 5 4 2 - 1 1 1 2 0 . . , 5 3 8 -7 1 6 4 . . . 3 7 1 -2 4 7 . . . 7 9 6 -7 1 2 0 . . . 2 1 9 -1 9 8 . . . 9 0 9 - -3 2 1 1 5 4 . , . 3 7 5 3 3 4 3 0 . . . 7 9 9 2 2 8 0 9 . . . 7 5 2 2 2 2 1 0 2 2 23 2 Fo O re t i h g e n r b s o e r c r u o r w iti e e r s s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 . . 2 3 4 3. . 7 4 2 1 . . 9 6 1 1 . .5 0 2 4 . . 7 0 2 1 . . 9 7 2 1. . 3 7 2 2 . . 3 5 - - . . 4 4 1 1 . . 0 2 5 4. . 5 5 2 3 . . 7 7 2 3 . .9 2 2 1 . . 8 4 2 2 4 3 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 1 5 9 5 4 6 7 8 9 3 8 0 4 6 7 2 P N v e S C L S L U F t t . o e o e o h . s d B S O S O C C 1 c c a r a g o e - o u u . a t o n . o u n t t a i h h m r r n t G g n r r s i s t i o i c e e n p t t e k s n . . e i i e o . r r e . o e u 4 . . s s l a U . . s v r s f m l m o . . - t u a o . n . . t i f o a . . . . c a , e a t o S a . n . d . n e . f . . n r m r . l . . n . d n s . e . t . c l d . c . s g . o s o s G . . i . n r . n l . e . r a c . e y . . n . . m e d . . . . . . o g c a . . . e . d . f . . . . d i . u m i e v . . o l . . n . . n i . . . c . . t i . s r . t o r . . . g t . . . o . , . i . . t . . . . . t . . b . ( g . . . . . . . r i . s c . . . . . . e . . = . l t a . . . . . . . . . e i a g . . . . . . . . g s . . . . . g . . . . . s c . . a . . . . l . . . . a . . . . i . . . . h e . . t . . . n g . . . . . . . o t . . . . . . . . . . s . . . i . . e . . . . e . r o b . . . . . . . . . . . . . . s . . . . . . . s . . . a . n . . . . . . . . . . 1 . . . . . . . . . . . . . . l . . . s . . . . . . a . . . . . . . . . 7 . . . . . . . . . . . . . . . . n . . . . . . . . . . . . . . . . . ) . . . . . . . . . . . c . . . . . . . . . . . . . . . . . — . . . . . e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 3 5 1 1 - 5 6 2 3 9 2 4 8 0 7 1 5 5 1 . . . . . . . 4 . . . , . . . . 1 7 7 5 3 7 5 7 6 4 2 9 3 2 6 5 3 1 1 1 5 8 6 5 4 2 7 3 5 6 5 0 8 . . . . . . . . . . . . . . . 5 5 9 7 4 8 2 0 5 9 0 0 7 7 1 - 6 7 2 3 1 1 1 4 9 5 9 2 4 6 7 7 8 3 6 . . . . . , . . . . . . . . . 0 3 8 7 8 3 0 4 4 4 7 7 6 3 2 6 3 6 2 1 1 - - 6 9 7 6 9 7 4 1 7 9 2 1 . . . . . . . . 9 . . 4 , . . . . 1 5 6 9 9 9 9 4 0 8 0 4 0 6 8 4 J 1 1 1 9 4 3 4 9 4 5 6 8 0 1 1 7 8 I . . . . . . . . . . . . . . . 1 5 3 1 5 2 4 4 4 1 4 4 0 4 5 7 6 3 2 1 1 8 5 9 2 4 3 5 7 2 6 4 7 6 4 . . . . . . . . . . . . . . . 1 8 8 2 8 0 8 8 6 6 8 6 8 9 0 - - 8 7 4 2 3 1 1 1 1 1 9 6 4 7 0 3 1 9 1 6 2 1 4 . . . . . . . . . . . . 3 5 . . . 1 1 5 9 8 5 3 4 3 6 3 2 2 7 4 8 2 1 1 1 1 1 6 5 6 4 6 3 3 7 7 5 1 5 2 0 . . . . . . . . . . . . . . , 1 2 3 7 4 8 9 2 9 5 2 5 0 5 0 - - 6 2 5 3 6 5 1 9 7 6 9 7 4 2 9 3 8 4 1 . . . . . . . . . . . . . . 2 3 6 8 6 1 6 7 8 0 6 4 0 3 * - 4 4 2 1 1 5 6 6 6 4 9 8 2 5 9 7 1 8 . . . . . . . . . . . . . . . 2 1 2 7 8 6 2 0 9 2 2 6 0 7 1 4 7 6 1 1 1 - 6 8 8 6 4 4 7 1 0 1 1 0 4 . 9 . 5 . . . . . . . . . . . . . 6 1 9 9 8 7 3 4 4 0 3 4 3 1 -1 4 4 6 1 1 1 1 - 4 4 8 9 8 4 4 1 1 1 1 5 1 6 , . . . . . . . , . . . . . . 8 3 3 5 3 9 3 9 3 0 0 9 8 8 7 1 6 5 2 0 1 1 1 3 5 4 5 2 2 6 7 9 1 4 3 1 3 3 . . . . . . , . . . . . . . . 1 3 8 0 5 9 0 4 8 7 6 6 4 4 7 1 7 2 5 0 1 1 1 1 1 6 9 4 2 8 2 4 1 6 8 8 0 5 1 4 . . . . . . . . . . . . . . . 1 8 8 1 0 4 1 4 9 8 9 4 9 2 4 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 1 5 3 5 8 0 7 7 8 2 6 9 4 6 9 4 41 0 P So v u t. r c in e s s u n r . . e & .c . p ... e .. n .. s .. i . o .. n .. . r .. e .. s .. e .. r . v .. e .. s .. . . . .. . . . . 1 4 0. . 1 7 I 5 t . . 7 1 (1 7 . .2 6 1 7 2 . .8 6 1 5 3 . . 6 2 1 5 1 . . 3 9 1 I 2 1 . .8 6 1 6 0 . . 0 8 1 13 3 . . 1 9 -1 14 . . 5 0 1 1 2 . . 6 2 1 5 2 . . 8 4 1 11 4 . . 3 0 1 3 4. . 7 1 4 41 0 42 Pvt. domestic nonfin. sectors..... 39.5 43.8 49.0 42.8 53.1 48,4 53.3 45.3 39.2 33.6 53.5 33.3 58.6 67.0 42 13 Liquid assets............................... 37.4 33,0 43.4 23.9 49.1 43.1 33.3 21.8 18.5 22.1 54.4 38.4 58.7 44.8 43 44 Deposits................................... 34.4 35.3 40.4 22.7 50.9 42.3 29.1 24,6 15.8 21,2 61,5 51,7 56.2 34.1 44 45 Demand dep. and currency 5.9 6.5 7.7 2.9 12.0 1 1 .9 4.0 1.6 -.5 6.5 10.8 10.6 15.2 11.1 45 4 4 6 7 Tim A e t c a o n m d m sv e g r s c . i a a l c b c a o n u k n s t . s . . . . . . 2 1 8 3 . . 5 4 2 1 8 3 . . 8 0 3 f9 2 . . 5 7 1 1 9 2 . . 8 5 2 3 2 9. . 0 4 3 1 0 7 . . 4 9 2 1 5 5 . . 1 4 2 {8 3 . . 1 0 1 11 6 . , 1 4 1 5 4 . . 4 6 3 5 3 0. . 7 8 2 4 0 1 . . 4 0 4 2 1 3 , . 0 0 2 1 3 2 . . 0 3 4 47 6 48 At savings instlt............... 15.1 15.8 13.2 7.3 16.6 12.5 9.8 4.9 5.3 9.3 16.9 20.6 18,0 10.7 48 49 Short-term U.S. Govt. sec... 3.0 -2.3 3.0 1 .2 -1.8 .8 4.2 -2.9 2.7 .9 -7.1 -13.3 2.5 10.6 49 5 51 0 O Pv th t. e c r r U ed .S it . m G k o t v . t i , n s st e ru cu m r e it n ie ts s . . . . . . . 2 1 . . 3 7 3 7 . . 1 5 5'8 1 6 2 . .1 7 -1 7 . . 2 4 2 4 . . 1 6 1 4 5 , . 8 5 1 1 4 0 . . 5 6 1 3 5 . . 3 6 4 6 . . 3 6 -11 9 . . 2 8 -3 1 . . 9 4 -3 6 . . 3 4 1 12 3 . , 1 7 5 51 0 52 Less security debt...................... 2.0 -.2 .3 -.2 2.2 1.3 .3 1 .5 -1.9 -.6 -.5 2.5 3.1 3.5 52 III. Direct lending in credit markets 53 Total funds raised............................... 58.5 67.0 72.3 69.9 83.1 75.8 84.1 83.2 62.6 49.9 74.3 44,3 104.6 108.9 53 54 Less change in U.S. Govt. cash.... -.3 .2 -1.0 -.4 1.2 2.1 -3.3 6.7 -6.1 1.2 -.6 -14,9 13.4 6.7 54 55 Total net of U.S. Govt, cash............ 58.8 66,8 73.3 70.3 81.9 73.7 87.3 76.4 68.7 48,7 74.9 59.1 91 .2 102.2 55 56 Funds supplied directly to cr. mkts.. 58.8 66.8 73.3 70.3 81.9 73.7 87.3 76.4 68.7 48.7 74.9 59.1 91.2 102.2 56 57 Federal Reserve System................ 2.6 3.2 3.8 3.3 3.9 3.5 2.5 -.1 6.6 4.2 2.9 -.3 7.9 4.5 57 58 Total ............................................. 2.9 3.4 3.8 3.5 4.8 3.0 2.5 2. 1 5.0 4.3 5.2 2.9 3.7 6.9 58 59 Less change in U.S. Govt. cash. .3 .2 * .2 .9 - .5 J 2.1 -1.6 . 1 2.4 3.2 -4.2 2.4 59 60 Commercial banks, net.................. 19.7 21.8 29.3 18.0 35.9 32.6 23.0 28.0 14.1 6.8 41. v 40.3 37,2 24.6 60 61 Total............................................. 19.4 22.4 29.1 17.5 36.4 35.6 19.9 32.9 9.6 7.9 39.7 22.3 54.8 28.9 61 62 Less chg. in U.S. Govt. cash... -.6 -1.0 -.5 .2 2.6 -3.3 4.6 -4.5 1.1 -3.0 -18.1 17,6 4.4 62 63 Security issues......................... .3 .6 .8 .1 .2 .4 . 1 .3 * * .8 . 1 * ......6.3... 64 Nonbank finance, net.................... 28.0 29.1 27.0 22.4 32.2 24.3 27.9 16.6 20,9 24. 1 28.8 34.8 38.0 27.2 64 65 Total............................................ 34.4 33.5 32.9 25.7 33.4 33.7 35.7 18.7 21 .5 27.0 30.7 (9. 1 50.9 32.9 65 66 Less credit raised........................ 6.4 4.4 5.9 3.3 1.2 9.4 7.7 2.0 .7 2.9 1.9 -15.7 12.9 5.7 66 67 U.S. Government........................... 2.7 3.8 4.7 7.9 4.5 4.6 H.l 10.0 7.8 2.8 6.1 -.8 5.0 8.0 67 68 Foreign............................................. .9 .6 -.1 -1.4 3.2 2.7 -1.3 1.2 -4.1 — 1.6 3.3 3.6 .9 5.1 68 69 Pvt. domestic nonfin...................... 5.1 8.5 8.6 20.2 2.2 6.1 24.2 20.7 23.4 12,5 -8.0 -18.4 2.4 32.9 69 70 Households.................................. .4 3.2 2.2 10.6 -3.8 -1 .0 13.7 15.4 11.1 2.0 -12.9 -18.0 -1.1 16.8 70 71 Business....................................... 3.1 1.5 1.0 3.2 .4 2.1 5.7 1.4 3.4 2.5 1.2 -5.6 .2 5.9 71 72 State and local govts.......... 3.5 3.7 5.8 6.2 7,8 6.3 5.0 5.4 7,0 7.3 3.2 7.7 6.5 13.7 72 73 Less net security credit.............. 2.0 -.2 .3 -.2 2.2 1.3 .3 1 .5 -1.9 -.6 -.5 2.5 3.1 3.5 73 Note.—Quarterly data are seasonally adjusted totals at annual rates. See also notes on p. A-67.3, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-67.2 FLOW OF FUNDS a MAY 1968 3. PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1965 1966 1967 Transa o c r t i s o e n c c to a r tegory, 1963 1964 1965 1966 1967 IV 1 II III IV I II HI IV I, Demand deposits and currency 1 Net incr. in banking system liability. . 5.8 7.4 7.6 2.6 14.7 15.2 -.3 10.1 -8.0 8.8 8.2 -.9 29.4 21.8 1 2 U.S. Govt, deposits.......................... -.3 .2 -1.0 -.4 1.2 2. 1 -3.3 6.7 -6.1 1.2 -.6 -14.9 13.4 6.7 2 3 Other................................................... 6. 1 7.3 8.6 3.0 13.5 13.1 3.0 3.3 -1.9 7.6 8.8 14.0 16.0 15.0 3 4 Domestic sectors........................... 6.0 6.8 8.3 3.3 12.7 12.8 2.9 2.1 — . 1 8.2 12.0 11.5 15.5 11.5 4 5 Households................................ 4.3 6.4 7.1 1.9 12.4 11.7 -2.2 1.4 .5 8.1 13.6 14.2 7.3 14.5 5 6 Nonfinancial business.............. - .8 -2. 1 -1.7 .7 -1.5 .3 2.3 .2 1.5 -1.3 -4.1 -3.9 4.2 -2.5 6 7 State and local govts............... 2.4 1.2 -.2 .8 .3 -2. 1 2.7 1.3 -.7 -.1 3.3 * 1.0 -2.9 7 8 Financial sectors....................... .2 .3 .7 .4 .7 .9 -1.1 .5 .5 1.6 1.3 .9 .4 .4 8 9 Mail float................................... -.1 .9 2.5 -.5 .8 2.0 1.2 -1.3 -1.8 -.2 -2.0 .4 2.6 2. 1 9 10 Rest of the world.......................... . 1 .5 .3 -.3 .8 .3 . 1 1.2 -1.8 -.6 -3.2 2.4 .5 3.5 10 II. Time and savings accounts 11 Net increase—Total.............................. 29.5 30.4 33.0 20.3 40.8 30.8 24.6 24.5 16.7 15.5 52.3 45.4 42.0 23.5 11 12 At commercial banks—Total......... 14.3 14.5 20.0 13.3 23.8 18.1 15.1 20.1 11.6 6.2 35.1 23.7 23.7 12.7 12 13 Corporate business....................... 3.9 3.2 3.9 -.7 4.1 .9 4.1 1.7 -3.9 -4.6 10.0 -.9 3.7 3.7 13 14 State and local govts.................... 1.6 1.7 2.4 1.3 2.4 3.1 -.4 2.1 1.9 1.5 5.7 3.4 .6 .1 14 15 Foreign depositors...................... 1.0 1.4 . 6 .8 1.3 .5 -.2 2.0 .6 1.0 1.2 2.3 1. 1 .8 15 16 Households.................................... 7.9 8.2 13.3 11.9 15.8 13.8 11.6 14.3 13.0 8.5 18.0 17.9 18.7 8.5 16 17 At savings institutions..................... 15.2 15.9 13.0 7.1 17.0 12.7 9.5 4.4 5.1 9.3 17.2 21.7 18.3 10.7 17 18 Memo: Households total..................... 23.0 23.9 26.5 19.2 32.4 26.3 21.4 19.2 18.3 17.8 35.0 38.6 36.7 19.2 18 III. U.S. Govt, securities 19 Total net issues...................................... 5.0 7.1 3.6 6.3 12.7 8.5 10.8 6.7 4.9 2.9 8.0 -21.3 34.7 29.2 19 20 Short-term marketable.................... 1.4 4.0 3.5 2.2 6.4 5.4 -1.5 -7.3 7.6 10.1 9.9 -35.7 30.9 20.7 20 21 Other................................................... 3.6 3.0 .2 4. 1 6.2 3.2 12.3 14. 1 -2.7 -7.2 -1.9 14.5 3.9 8.5 21 22 Net acquisitions, by sector.................. 5.9 7.1 3.6 6.3 12.7 8.5 10.8 6.7 4.9 2.9 8.0 -21.3 34.7 29.2 22 23 Federal Reserve System.................. 2.8 3.5 3.7 3.5 4.8 2.3 2.8 1.7 5.7 3.8 5.5 2.8 3.6 6.9 23 24 Short-term..................................... 4.9 2.1 3.7 5.4 1.9 -3.4 2.8 -.3 6.7 12.4 -.1 -4.2 2.3 9.3 24 25 Commercial banks........................... -2.6 .4 -2.3 -3.4 8.8 1.4 -2.7 -.3 -5.7 -4.8 17.9 -.3 23.6 -5.9 25 26 Short-term marketable................. -3.5 3.9 -1.7 -4.5 4.6 4.6 -10.2 -.5 -2.8 -4.4 10.2 -7.2 18.3 -2.7 26 27 Other direct................................... .5 -4.1 — 1.4 1.2 1.4 -3.7 7.6 -2.3 -.3 -.3 5.5 2.4 2.8 -5.2 27 28 Nonguaranteed............................. .3 .6 .8 2.8 .4 2.6 -2.6 -.1 2.2 4.4 2.5 2. 1 28 29 Nonbank finance.............................. -.5 2.0 -.8 .9 -.3 4.0 -4.6 3.4 .8 .2 -8.5 9.6 -1.4 29 30 Short-term marketable................. -1.3 1.2 -.4 1.5 1.0 1.5 3.2 -2.6 3.8 1.4 4.6 -10.7 10.6 -.4 30 31 Other direct................................... .6 .5 -.7 -1.0 -1.5 -1.6 -.2 -2.4 -.5 -.9 -5.2 .9 -.7 -1.1 31 32 Nonguaranteed............................. .3 .3 .3 .4 .5 -.2 .9 .4 .1 .4 .8 1.4 -.3 . 1 32 33 Foreign............................................... .6 .5 -.1 -2.6 2.1 2.2 -2.3 -1.6 -4.4 -2.1 2.6 1.9 -1.4 5.2 33 34 Short-term..................................... -.6 .1 -.4 -.8 1.6 2.6 -1.2 -.3 -2.4 .7 3.1 .7 -2.1 4.8 34 35 Pvt. domestic nonfinan. sector.... 4.7 .8 3.1 7.9 -3.0 2.8 9.0 11.6 6.0 5.2 -18.2-17.2 -.8 24.4 35 36 Short-term marketable................ 1.8 -3.2 2.4 .7 -2.7 3.8 -3.5 2.3 -7.9 -14.4 1.8 9.7 36 37 Other direct 1.0 2.8 -1.2 2.1 — 1.6 1.4 .7 .2 1.8 5.8 -9.6 -3.0 -1.8 8.1 37 38 Nonguaranteed............................. .7 .4 1.3 4.6 .4 .7 4.1 14.3 1.5 -1.4 -1.5 -.9 -1.5 5.6 38 39 Savings bonds—Households.. . . 1.2 .9 .6 .6 .9 .8 .3 .7 .3 .9 .8 1.1 .7 .9 39 IV. Other securities 40 Total net issues, by sector. ................. 13.1 14.6 16.2 18.7 29.6 14.8 21.7 23.4 17.2 12.5 28.1 28.1 31.4 30.8 40 41 State and local govts....................... 6.7 5.9 7.3 6.0 10.1 7.8 6.3 6.9 4.6 6.1 10.3 11.5 7.5 11.2 41 42 Nonfinancial corporations.............. 3.6 5.4 5.4 11.4 17.4 2.8 12.2 15.5 11.3 6.6 14.3 15.8 21.4 18.1 42 43 Commercial banks........................... .3 .6 .8 .1 .2 .4 . 1 .3 .8 .1 .......... 43 44 Finance companies.......................... 1.4 2.1 1.9 .8 .6 3.0 1.7 .5 1.2 -.4 1.7 -.3 1.0 . 1 44 45 Rest of the world............................. 1. 1 .7 .8 .5 1.3 .8 1.4 .2 .2 1.0 1.0 1.6 1.4 45 46 Net purchases......................................... 13.1 14.6 16.2 18.7 29.6 14.8 21.7 23.4 17.2 12.5 28.1 28.1 31.4 30.8 46 47 Households........................................ -2.9 1.5 . 1 3.1 -2.4 -2.4 7.4 4.7 3.6 -3.4 -3.8 -6.4 -.7 1.5 47 48 Nonfinancial corporations.............. .9 .2 .7 .8 .7 .8 .8 .8 .7 .8 .7 .7 .8 .7 48 49 State and local govts....................... 2.5 2.8 2.8 4.1 6.0 3.4 3.5 2.4 5.6 5.0 7.0 6.9 4.8 5.5 49 50 Commercial banks.......................... 5.2 3.7 5.0 2.4 9.8 4.9 2.9 7.6 -.1 -.7 9.6 14.5 4.8 10.3 50 51 Insurance and pension funds.......... 7.6 7.5 9.5 9.5 13.5 9.9 11.6 8.3 9.5 8.6 13.9 11.0 14.6 14.4 51 52 Finance n.e.c........................ -.2 -.8 -1.6 -2.3 -1.3 -1.7 -5.4 -2.3 -2.9 1.3 -2.1 -3.0 1.9 -2.1 52 53 Security brokers and dealers.... .2 -.1 .1 -2.8 -.3 1.0 2.6 -1.9 -2.9 2.5 2.5 53 54 Investment cos., net..................... -.5 -.8 -1.5 -2.5 -1.4 -1.7 -2.6 -2.1 -4.0 -1.3 -.2 -.1 -.6 -4.5 54 55 Portfolio purchases.................. .8 1.1 1.6 1.3 1.6 2.1 3.0 .8 -1.1 2.5 3.0 1.3 3.1 -1.1 55 56 Net issues of own shares......... 1.2 1.9 3.0 3.8 2.9 3.8 5.6 2.9 2.9 3.8 3.2 1.4 3.7 3.4 56 57 Rest of the world............................. .3 -.1 -.4 .9 1.0 .2 .7 2.1 .4 .4 .5 1.3 2.2 ♦ 57 V. Mortgages 58 Total net lending................................... 25.0 25.3 25.5 19.6 21.9 26.0 25.7 22.6 17.0 13.2 17.3 19.0 24.8 26.3 58 59 1- to 4-family..................................... 15.7 15.4 16.1 10.0 12.5 16.8 14.4 11.4 7.4 6.9 9.4 9.7 15.0 16.0 59 60 In process............................... .5 -.3 -.9 1.0 -.1 .3 -1.1 -1.7 -1.2 .5 1.4 1.3 .9 60 61 Disbursed....................................... 15.2 15.7 16.2 11.0 11.5 16.9 14.2 12.5 9.1 8.1 8.9 8.3 13.7 15.1 61 62 Other................................................... 9.3 10.0 9.4 9.6 9.4 9.2 11.3 11.2 9.6 6.2 7.9 9.3 9.8 10.4 62 63 Net acquisitions..................................... 25.0 25.3 25.5 19.6 21.9 26.0 25.7 22.6 17.0 13.2 17.3 19.0 24.8 26.3 63 64 Households......................................... -.3 -.2 -.9 -.4 -.6 -.3 -2.3 -.2 .6 .5 -.5 -1.7 -.4 .2 64 65 U.S. Government....................... -1.0 .2 1.0 3.4 2.7 1.6 4.4 4.1 3.1 1.8 2.4 1.6 3.1 3.7 65 66 Commercial banks........................... 4.9 4.5 5.6 4.6 4.6 5.8 5.4 5.3 4.3 3.6 2.0 3.5 6.0 6.7 66 67 Savings institutions........................... 16. 1 14.8 13. 1 6.6 10.8 12.7 11.5 7.3 3.7 3.7 6.8 10.3 13.1 12.9 67 68 Insurance........................................... 4.0 5.1 5.5 5.1 3.1 5.4 5.7 5.9 5.3 3.6 5.2 2.9 2.0 2.3 68 69 Mortgage companies........................ .8 .4 .5 -.6 .4 .1 .3 -.6 -.9 -1.1 .3 1.3 -.2 . 1 69 VI. Bank loans n.e.c. 70 Total net borrowing............................... 7.6 8.7 16.4 8.2 6.5 17.1 9.7 16.0 5.2 2.0 1.7 7.7 6.7 9.8 70 71 Nonfinancial business...................... 5.0 5. 1 12.2 9.9 7.4 12.4 10.1 15.2 9.6 4.7 5.8 11.0 2.0 10.8 71 72 Nonbank finance............................... 1.7 .5 2.4 -1.4 -2.4 3.5 .6 -. 1 -3.5 -2.7 -4.3 -3.3 2. 1 -4.0 72 73 Households......................................... .4 1.4 1.3 -.1 1.7 1.6 -.6 .3 -.7 .5 .9 .7 1.7 3.5 73 74 Rest of the world............................. .5 1.7 .4 -.2 -.3 - .4 -.4 .5 -.3 -.5 -.6 -.8 .8 -.5 74 Note.—Quarterly data are seasonally adjusted totals at annual rates. See also notes on p. A-67.3. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ FLOW OF FUNDS A-67.3 Notes to Table 2 of deposits and credit market instruments by households, nonfinancial I. Saving and investment. Derived statistically Tro in Commerce Dept, business, and State and local govts. Line 49 includes household savings income and product accounts. Tables showing the relation to those bonds as well as marketable issues; see Table 3, line 39. Line 51 includes accounts are in Nov. 1965 Bulletin. Gross national saving (line 1) is the consumer credit and open market paper in addition to private securities sum for domestic sectors of gross-saving entries in Table 4. It is before and mortgages. Line 52 is net of free credit balances at brokers. deduction of capital consumption allowances. Govt, saving is net of I (I. Direct lending in credit markets. Federal Reserve total is Table public outlays for capital goods as well as current operations. Gross 4(G), lines 5 less 14. Commercial-bank total, line 61, is Table 4(H), line 5; national investment (line 8) is gross private domestic investment in includes security credit. Nonbank finance totals include security credit income-and-product accounts plus consumer durables plus net foreign both in lending and funds raised and exclude investment company shares investment. Net foreign investment differs from corresponding income- on both sides; line 65 is lines 7 and 16 of Table 4(1), less line 5 of 4(1.8), and-product series by amount of errors and omissions in balance of pay­ and line 66 is line 22 of Table 4(1) plus line 5 of 4(1.7) less line 5 of 4(1.8). ments statement. Line 69 is the net sum of fines 49-52 tn Table 2-U. Relation of saving-investment discrepancy to flow of funds matrix is described on p. 1536 of Nov. 1965 Bulletin. Notes to Table 3 U. Financial flowsSummary. This table is described in Nov. 1962 I. Demand deposits and currency. Lines 5-8 are holder record; line 9 Bulletin, p. (405. Total net funds raised (line 17) is borrowing through is difference between holder and bank record. credit markets (Une 25 of Table 1) by households, nonfinancial business, III. U.S. Govt, securities. All holdings stated in par values; excludes govts., and foreigners. Credit market funds raised by all sectors consists special issues to International Monetary Fund and includes nonguaran­ of line 17 plus financial-sector borrowing (Table 4(H), Une 32, and Table teed issues of Govt, agencies and loan participation certificates. See note 7 4(1), line 22). to Table 4(E) below. Short-term category consists of direct marketable U.S. Govt, short-term securities are direct marketable issues due in less issues due in less than 1 year plus part of those due in less than 2 years. than I year plus part of those due in less than 2 years. For further IV. Other securities. Total excludes open-end investment co. shares; detail see Table 4(E), lines 26-30. these are shown as a deduction on line 56, offsetting net purchases of Demand deposits on Jines 37 and 45 are on bank-record basis rather such shares included in the other lines (mainly households) under “net than holder records shown in Table 4. Line 37 includes time deposits. purchases.” Net purchases includes small amounts for mutual savings Difference is described in Aug. 1959 Bulletin, p. 852 ff. Foreign funds con­ banks not shown separately. sist of lines 9-12 of Table 4(J). Sources n.e.c. (line 41) is mainly financial V. Mortgages. Loans in process at savings and loan associations are institution net sources of funds other than deposits, insurance and pen­ included in totals outstanding and treated as savings and loan liability. sion reserves, security credit, and credit mkt. funds. Line 63 includes holdings by State and local govts, not shown separately. Private domestic nonfinancial sectors (line 42) consists of acquisition 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (In billions of dollars) 1965 1966 1967 Category 1963 1964 1965 1966 1967 IV I II III IV I II III IV (A) Households! 1 Personal income................................. 465.5 497.5 537.8 584.0 626.4 556.1 567.8 577.3 589.3 601.5 612.9 619,1 631.0 642.5 1 2 Less: Personal taxes & nontaxes., 60.9 59.4 65.6 75.2 81.7 66.7 70.4 74. 1 76.9 79.6 80.2 79. 1 82.8 84.7 2 3 Personal outlays.................. 384.6 411.9 445.0 479.0 505,9 460, 1 470.9 474.6 483.2 487.4 493.9 504.0 509.6 516.2 3 4 Equals: Personal saving................... 19.9 26.2 27.2 29.8 38.7 29.3 26.6 28.7 29.2 34.6 38.8 36.0 38.5 41 .6 4 5 Plus: Credits from Govt, insur.2. 4.0 4.4 4.8 5.1 5.9 4.7 4.9 5.4 5.0 5.2 5.4 6.2 5.5 6.5 5 6 Other adjustments3............. .5 .6 .9 1.3 1.7 1.7 1.7 .7 .9 2.0 1.4 .7 1.2 3.6 6 7 Net durables in consumpt... 8.9 11.2 14.6 14.9 12.8 15.8 17.7 13.3 15.0 13.6 1 1.4 13,5 13.1 13.2 7 8 Purchases.......................... 53.9 59.2 66.0 70.3 72.1 68.6 71.6 68.2 70.9 70.6 69.4 72.5 72.7 73.8 8 9 Less: Cap. consumpt....... 45.0 48.0 51,4 55.4 59.3 52.8 53.8 54,9 55.9 57.0 58.0 59.1 59,6 60.5 9 10 Equals: Net saving............................. 33.3 42.4 47.5 51.1 59.1 51.5 50.9 48,1 50.1 55.5 57.0 56.3 58.3 64.9 10 11 Plus: Capital consumpt.4....... 52.4 55.9 59.8 64.1 68.4 61,3 62.5 63,6 64.7 65.8 67.0 68,1 68.8 69.8 11 12 Equals: Gross saving......................... 85.8 98.3 107.3 115.3 127.6 112.8 113.4 111,7 114.8 121.3 123.9 124.5 127.1 134.7 12 13 Gross investment (14-J-18)................. 87.2 97.8 107.5 114.5 125.3 110.7 113.2 111,3 116.5 117.0 118.5 122.3 126.3 134. 1 13 14 Capital expend, (net of sales).... 76.3 82.2 89.2 93.1 92.4 92.2 95.5 91.8 93.8 91.3 87.9 91 .6 93.8 96,5 14 15 Residential construction............ 19.0 19.3 19.1 18.4 16.0 19.3 19.4 19,2 18.5 16.3 14.1 14.7 16.7 18.4 15 16 Consumer durable goods...... 53.9 59.2 66.0 70.3 72.1 68.6 71.6 68,2 70.9 70,6 69.4 72.5 72.7 73.8 16 17 Plant and equip, (nonprofit)... 3.4 3.7 4.1 4.4 4.3 4.3 4.5 4.4 4.3 4.5 4.4 4.3 4.3 4.3 17 18 Net Iinan, investment (19—37).......... 10.9 15.6 18.3 21.4 32.9 18.5 17.7 19.5 22.7 25.7 30.7 30.7 32.5 37.6 18 19 Net acquis, of finan. assets $........... 37.2 42,9 48,2 43.4 55.4 50.5 44.4 43.7 41.8 43.8 48.4 48.2 57.8 67.2 19 20 Demand dep. and currency.... 4.3 6.4 7.1 1.9 12.4 11.7 -2.2 1.4 .5 8.1 13.6 14.2 7.3 14.5 20 21 Savings accounts........................ 23.0 23.9 26.5 19.2 32.4 26.3 21.4 19.2 18.3 17.8 35.0 38.6 36.7 19.2 21 22 At commercial banks............ 7.9 8.2 13.3 11.9 15.8 13.8 11.6 14.3 13.0 8.5 18.0 17.9 18.7 8.5 22 23 At savings instutitions.......... 15.1 15.8 13.2 7.3 16.6 12.5 9.8 4.9 5.3 9.3 16,9 20.6 18.0 10.7 23 24 Life insurance reserves.............. 4.2 4.3 4.8 4.7 4.8 4.8 4.7 4.7 4.6 4.6 5.3 3.9 4.6 5.3 24 25 Pension fund reserves................ 9.9 11.2 11.7 13,3 14.3 11.7 13.0 11.5 13.5 15.1 12.4 14.7 14.9 15.2 25 26 Cr. market instr.......................... .4 3.2 2.2 10.6 -3.8 -1.0 13.7 15.4 11.1 2.0 -12.9 -18.0 -1.1 16.8 26 27 U.S. Govt, securities............. 3.5 1.9 2.9 7.9 - .9 1.7 8.7 11.0 7.0 4.9 -8.6 -9.9 (5. 1 27 28 Savings bonds........... 1.2 .9 .6 .6 .9 .8 .3 .7 .3 .9 .8 1.1 .7 .9 28 29 Short-term mkt................... 2.8 -1.8 3.2 1.8 -3.5 -1.0 3.1 1.4 2.9 -.3 -5.2 -5.2 -3.6 .1 29 30 Other direct................... -.9 2.0 -1.1 1.5 .6 1.8 3.3 -2.8 1.2 4.3 -4.2 -6.8 3.3 10.2 30 31 Nonguaranteed................... .4 .8 .2 4.1 1.2 .3 2.0 11,8 2.5 * -.1 -.3 4.0 31 32 State and local oblig.............. .7 2.2 2.1 2.2 * 3.0 2.7 -3. 1 4.4 4.8 -.5 -2.4 1.9 1.1 32 33 Corporate and fgn. bonds ... -1.0 -.8 -.3 1.2 1.6 -2.1 3.5 3.4 .8 -2.8 -.7 .9 3.6 2.6 33 34 Corporate stock...................... -2.5 . 1 — 1.7 -.4 -3.9 -3.4 1.2 4.3 -1.6 -5.3 -2.6 -4.8 -6.2 -2.1 34 35 Mortgages............................. -.3 -.2 -.9 -.4 -.6 -.3 -2.3 -.2 .6 .5 -.5 -1.7 -.4 .2 35 36 Net invest, in noncorp. bus.... -5.3 -7.2 -5.7 -7.4 -7.3 -5.8 -8.2 -8.6 -7.0 -5.7 -8.4 -7.0 -6.7 -6.9 36 37 Net increase in liabilities................ 26.3 27.3 29.9 22.0 22.5 31.9 26.6 24.2 19.1 18,1 17.7 17.5 25.3 29.6 37 38 Credit mkt, instruments............ 24.1 27.2 28.7 21.7 18.8 29.0 25.1 23.1 21.0 17.7 15.6 14.2 21.1 24.1 38 39 1- to 4-family mtgs................. 14.8 16.0 16.0 12.0 10.4 16.8 14.2 13.0 11.3 9.6 8.0 7.3 12.5 13.8 39 40 Other mortgages..................... .9 1 .0 1.1 1.1 1.0 1.1 1 .1 l.l 1.1 1.1 1.1 1 .0 1.0 1.0 40 41 Consumer credit..................... 7.3 8.0 9.4 6.9 4.4 8.8 9.3 7.0 6.8 4.6 4.1 4.0 4.9 4.8 41 42 Bank loans n.e.c.,.................. .4 1.4 1.3 -.1 1.7 1.6 -.6 .3 -.7 .5 .9 .7 1.7 3.5 42 43 Other loans 6........................... .6 .8 .8 1.8 1.2 .7 1.2 1.7 2.5 2.0 1.5 1.2 1 .0 1 .0 43 44 Security credit............................ 2.0 -.2 .8 -.2 3.3 2.6 .9 .8 -2.4 —. 1 1.6 2.8 3.7 5.0 44 45 Discrepancy (12—13)......................... -1.5 .5 -.2 .8 2.3 2.1 .2 .3 -1.7 4.3 5.4 2.2 .8 .6 45 For notes see p. A-67.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-67.4 FLOW OF FUNDS □ MAY 1968 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1965 1966 1967 Category 1963 1964 1965 1966 1967 1 1" IV III IV 1 III IV (B) Nonfinancial business—Total i 1 Income before taxes 2......................... 106.9 1 15,3 128,2 137.2 133,5 133.1 137.3 136,5 136.6 138.4 131.6 132.1 133.3 136.9 1 2 Gross saving......................................... 57.3 65.0 71.0 76.3 76.6 73.2 74,4 75,1 75,9 79.8 75.1 75.4 76.5 79.6 2 3 Gross investment.............................. 57.2 59.5 69.7 71.9 72.9 71.1 69.5 70,0 71.7 76.7 73.2 71.2 71.7 75.6 3 4 Capital expenditures...................... 63.8 70.2 83.4 94.2 90.9 87.7 90.2 93.8 92.5 100.4 91.1 85.3 90.1 97.2 4 5 Fixed investment............................ 57.9 64.3 74.0 80.8 85.8 78.0 80.4 79.8 81.1 82.0 84.0 84.8 86.3 88.0 5 6 Business plant & equipment. .. 49.9 56.5 66.1 74.8 77.3 70.6 72.8 73.3 75.9 77.3 76.6 76.4 77.5 78.8 6 7 1-4 family residential const.3... 1.0 . 1 .7 -.8 1 .9 .5 .5 - ,2 - 1.6 -1.8 .9 2.5 2.4 1.8 7 8 Other residential......................... 7.0 7.7 7.2 6.8 6.5 7.0 7.1 6.7 6.8 6.4 6.5 5.9 6.4 7.4 8 9 Change in inventories 4................ 5.9 5.8 9.4 13.4 5.2 9.6 9,8 14.0 11.4 18.4 7.1 .5 3.8 9.2 9 10 Net financial investment..................... 6.5 -10.7 -13.7 -22.3 -18.0 -16.5 -20.7 23,8 -20.8 -23.7 -17.9 -14.1 -18.4 -21.6 10 11 Net acquis, of Jinan, assets............ 19.8 14.1 24.5 19.7 18.7 25.8 27.0 24.8 17.8 9.4 14.7 5.9 24. 1 29.9 11 12 Net increase in liabilities 5............ 26.4 24.7 38.2 42.0 36.7 42.4 47.7 48.6 38.6 33. 1 32.6 20.0 42.6 51.5 12 13 Credit mkt. instruments............. 19. 1 22. 1 29.6 33.5 37.2 27.4 38,7 43.3 30.9 21.1 34.7 35.8 36,9 41.4 13 14 Securities................................ 3.6 5.4 5.4 11.4 17.4 2.8 12.2 15.5 11.3 6.6 14.3 15.8 21.4 18.1 14 15 1-4 family mortgages......... .4 -.3 .2 -1.0 1.1 . 1 - .4 -2.2 -1.5 .9 1.0 1.2 1.3 15 16 Other mortgages. ................... 8.4 9.0 8.3 8.5 8.4 8.1 10.2 10.0 8.4 5. 1 6.9 8.3 8,8 9.4 16 17 Bank loans n.e.c...................... 5.0 5.1 12,2 9.9 7.4 12.4 10.1 15.2 9.6 4.7 5.8 I i .0 2.0 10,8 17 18 Other loans 5........................... 1 .8 3.0 3,4 4.8 3.0 4.0 6.3 3.0 3.6 6.2 6.9 -.2 3.5 1.7 18 19 Trade debt.................................. 7.0 5.8 8.2 9.1 5.5 9.1 8.6 14,9 5.3 7.6 4.7 6.2 4.0 6.9 19 20 Other liabilities........................... .2 -3.2 .4 -.6 -6.0 5.8 .4 -9,6 2.5 4.4 -6.8 -22.1 1.6 3.2 20 21 Discrepancy........................................ . 1 5.5 1 .3 4.3 3.7 2.1 5.0 5.1 4.2 3.1 1 .9 4.2 4.8 4.0 21 (C) Farm and noncorporate nonfinancial business 6 1 Net income 2....................................... 58.4 60.1 65.0 67.7 67.3 66.3 68,4 67.8 67.7 67.1 66.5 66.6 67.7 68.4 1 2 Gross saving 7..................................... 13.5 14,5 15.3 16.0 16.8 15.5 15.7 15.9 16.1 16.3 16,5 16.6 16,9 17.0 2 3 Gross investment................................ 13.5 14.5 15.3 16.0 16.8 15.5 15.7 15.9 16.1 16.3 16.5 16.6 16.9 17.0 3 4 Capital expenditures...................... 17.1 16.6 19.9 19. 1 19.9 21.0 19.7 19.6 17.2 19.7 17.2 18.9 20.8 22.8 4 5 Fixed investment............................. 15.6 16.6 18.2 17.9 19.2 18.8 18.5 17,8 17.4 18.0 18.5 19.2 19.3 19.7 5 6 Change in inventories 4................. 1 .5 * 1.7 1 .1 .8 2.1 1.2 1,8 - .3 1 .8 -1.3 - .3 1 ,5 3.1 6 7 Net financial investment...................... 3.6 -2.1 -4.6 -3.1 -3.2 -5.5 4.0 -3.7 1.1 -3.4 -.7 -2.2 -3.9 -5.8 7 8 Net acquis, of Jinan, assets............ .7 1.0 .9 .9 1.0 1.0 .8 .8 .8 ! .1 1.1 .5 1.6 .9 8 9 Net increase in liabilities 5............. 4.3 3.2 5.5 4.0 4.2 6.5 4.9 4.5 1.9 4.6 1.8 2.8 5.5 6.6 9 10 Credit mkt. instruments............ 8.6 8.6 10,5 10.1 9.1 1 1.2 13,1 9.9 7.2 10.2 6.0 8.4 9.2 12.7 10 11 Mortgages................... 5.2 5.4 5.4 4.8 5.6 5.3 6.2 5.9 4.3 2.8 4.5 5.4 6.1 6.5 11 12 Bank loans n.e.c...................... 2. 1 1 .5 3.1 3.0 2.2 3.7 3.6 2.4 1.4 4.6 - . 1 4.0 .7 4.1 12 13 Other loans 5,8....................... 1 .3 1.7 2.1 2.3 I .3 2.2 3.3 1.6 1.6 2.8 1.6 - .9 2.4 2.1 13 14 Trade debt, net. ......................... 1.1 1 .8 .8 1.3 2.4 I . 1 3.3 1.6 . 1 4.2 1.4 3.1 .8 14 15 Proprietors’ net investment ^... -5.3 -7.2 -5.7 -7.4 -7.3 -5.8 -8.2 -8.6 -7.0 -5.7 -8.4 -7.0 -6.7 -6.9 15 (D) Corporate nonfinancial business 10 Profits 4-1VA........................................ 48.6 55.2 63.1 69.5 66.2 66,9 68,9 68.7 69,0 71,3 65.1 65.4 65.5 68.6 1 2 Profits tax accruals............................. 22,8 24.2 27.6 30.2 28.7 29.2 30,3 30.2 30.2 30.1 28.0 28.1 28,4 30.3 2 3 Net dividend payments 11......... 12.7 13.2 15.1 16.7 17.6 16.5 16.8 16.8 16.8 16.2 17.4 18.3 17.9 16.8 3 4 Net savings4-IVA (1-2-3).................. 13,1 17.8 20.5 22.6 19.9 21 ,2 21.8 21,7 21 .9 25.0 19.7 19. 1 19.2 21,4 4 5 Capital consumption.......................... 30.8 32.8 35.3 37.7 40.0 36.6 37,0 37.5 37.9 38.4 38.9 39.6 40.4 41.2 5 6 Current surp.= gross saving (4+5)., 43.9 50.5 55,7 60,3 59.9 57.8 58.8 59.2 59.8 63.5 58.6 58.7 59.6 62.6 6 7 Gross investment................................ 43.8 45.0 54.4 56.0 56.2 55.6 53.8 54,1 55.6 60.4 56.7 54.5 54.8 58.6 7 8 Capital expenditures...................... 46.7 53.6 63.5 75.2 71.0 66.7 70.5 74.2 75.3 80.6 73.9 66.4 69.3 74.4 8 9 Fixed investment............................. 42.3 47.7 55.8 62.9 66.6 59.2 61 .9 62,0 63.7 64,0 65.5 65.6 67.0 68.2 9 to Plant and equipment.................. 38.6 44.1 52.1 60.2 62.6 55.7 58.4 59,0 61.3 61.9 62.1 61.7 62.9 63.9 10 11 Residential construction............ 3.7 3.6 3.7 2.7 3.9 3.5 3.5 3.0 2.3 2. 1 3.4 3.9 4.2 4.3 1 1 12 Change in inventories 4................. 4.3 5.9 7.7 12.3 4.4 7.5 8.6 12,2 1 1.7 16.6 8.4 .8 2.3 6.2 12 13 Net financial investment..................... 2.9 -8.6 -9.1 -19.2 -14.8 III -16.7 -20, 1 -19.8 -20.3 - 17.2 11.9 -14.5 - 15.8 13 14 Net acquis, of Jinan, assets............ 19. 1 13.0 23.6 18.8 17.6 24.8 26. 1 24.0 17.0 8.3 13.6 5.3 22.5 29. 1 14 15 Liquid assets.............................. 4.3 .8 ,8 1.0 .9 .7 8.4 1 .3 ~ .8 -4.7 4.4 -12.2 5.7 5.5 15 16 Demand dep. and curr...... -.8 -2.3 -1.8 .7 -1.7 .2 2.3 .2 1.5 -1.3 -4.1 -4. I 4.1 -2.6 16 17 Time deposits.................... 3.9 3.2 3.9 -.7 4.1 .9 4.1 1.7 -3.9 -4.6 10.0 -.9 3.7 3.7 17 18 U.S. Govt, securities........ .5 -1.5 -2.1 -1.2 -3.0 -1.1 -.5 -1.6 -1.6 -1.1 -4,9 -7.1 -1.5 1.4 18 19 Open market paper................ .7 1.4 .8 2.3 1.4 .7 2.5 1.0 3.2 2.4 3.4 -.1 -.7 3.0 19 20 State and local oblig.............. .9 .2 .7 .8 .7 .8 .8 .8 .7 .8 .7 .7 .8 .7 20 21 Consumer credit......................... .7 1.0 1.2 1.1 1.0 1.2 2.6 .9 .8 -J 1.6 1.1 .6 .7 21 22 Trade credit................................ 8.5 8.3 12.8 10,8 8.7 15.2 10.5 17,1 9.6 6.0 3.8 9.7 6.5 14.7 22 23 Other financial assets 12............. 4.8 2.8 8.2 5.2 6.4 6.9 3.9 4.0 6.7 6.2 3.1 6.1 8.9 7.5 23 24 Net increase in liabilities.......... 22.0 21.6 32.7 38.0 32.5 35.9 42.8 44.1 36.7 28.5 30.8 17.2 37.0 44.9 24 25 Credit mkt. instruments............ 10.5 13.5 19.1 23,4 28.1 16.2 25.6 33.4 23.6 II.0 28.6 27,4 27.7 28.7 25 26 Corporate bonds..................... 3.9 4.0 5.4 10,2 15. 1 3.8 12.7 9,6 10.5 8.1 13.3 13.9 18.6 14.5 26 27 Corporate stock...................... - .3 1 .4 * 1.2 2.3 - 1 .0 -.5 5,9 .9 -1.5 .9 1.9 2.8 3.7 27 28 Mortgages................................ 3.5 3.3 3.1 2.6 3.8 2.9 3.9 3.7 2.0 .9 3.2 3.9 3.8 4.2 28 29 Bank loans n.e.c...................... 2.9 3.6 9.2 6.9 5.2 8.8 6.5 12,8 8.2 .1 5.9 7.0 1.4 6.7 29 30 Other loans13.......................... .5 I .3 1.3 2.5 1.7 1 .8 3.0 1.4 2.1 3.3 5.2 .7 1.1 -.4 30 31 Profits tax liability 14................. 1.5 .7 1.9 .2 -3.8 5.4 2.8 -6.7 2.7 1.8 1 .5 -20.8 .3 3.8 31 32 Trade debt........................... 6.0 4.0 7.4 7.8 3.1 8,1 8.6 11,6 3.7 7.4 .5 4.8 1.0 6.1 32 33 Other liabilities........................... 4.0 3.3 4.3 6.6 5.1 6.2 5.7 5.8 6.7 8.3 .2 5.8 8.1 6.3 33 34 Discrepancy.......................................... . 1 5.5 1.3 4.3 3.7 2.1 5.0 5.1 4.2 3.1 1.9 4.2 4.8 4.0 34 35 Memo: Net trade credit.................... 2.5 4.3 5.3 3.0 5.6 7. 1 1 .9 5.4 5.9 - 1.4 3.4 4.8 5.5 8.5 35 36 Profits tax payments14....................... 20.8 23.4 25.6 30.6 32.5 25.4 27.8 38,7 28.6 27.2 27.3 50.0 26.6 25.9 36 For notes see p. A-67.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ FLOW OF FUNDS A-67.5 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1965 1966 1967 Category 1963 1964 1965 1966 (967 IV 1 IV 1 Hi ,v (E) U.S. Government1 ......— • • — —.— . 1 Tax receipts (net of refunds)............. 91.4 91.2 99.6 109.9 1 14. 1 101.8 105.1 109.1 111.6 113.9 I 12.0 1 10,9 114.7 118.6 2 Individual income.......................... 51.5 48.6 53.8 61 .7 66.5 54.6 57.7 60.9 63. 1 65.2 65.5 64,0 67.5 69. 1 2 3 Corp, profits tax accruals............. 24.6 26,4 29.3 32.3 31.0 30.9 32.2 32.2 32.4 32.3 30.3 30,3 30.6 32.5 3 4 Other................................................. 15.3 16. 1 16.5 15.9 16.6 16. 3 15.2 15.9 16.2 16.3 16.2 16,5 16.7 17.0 4 Social insurance programs 2 5 Premiums received......................... 21 .0 21 .6 22.8 30.8 35.1 23.4 29.4 30.0 31.4 32.2 34.4 34,6 35.3 36.0 5 6 Benefits paid.................................... 18.2 18.7 20,3 22.5- 27.9 21.1 21 .5 21.1 22.7 24.8 27.5 27.6 28.2 28.0 6 Life insur. & retirement programs 3 7 Premiums received......................... 2.1 2.2 2.3 2.5 2.6 2.4 2.5 2.5 2.5 2.6 2.6 2.6 2.6 2.7 7 8 Benefits paid.................................... 3.2 3.2 3.3 3.9 4.2 3.5 3.7 3.9 4.0 4.0 4.1 4.1 4.2 4.3 8 9 Net grants and donations paid “•.,.. 20.5 22.8 24.2 29.8 32.0 24.7 28.4 29.0 30.5 31.5 31.9 31,2 32. 1 32.7 9 10 Net interest paid................................. 7.7 8.3 8.7 9.5 10.5 8.9 9.1 9.4 9.6 10.0 10.4 10,4 10.5 10,7 10 11 Net purchases of goods & services.. 64.2, 65.2 66.8 77.0 89.9 69.8 72.1 74.9 79.5 81.5 87. 1 89.5 90.9 92.2 II 12 Net surplus........................................... .7 -3.0 1.4 .3 -12.6 -.5 2.2 3.2 -.7 -3.3 -11.9 -14.7 -13.2 -10.7 12 13 Insurance and retirement credits s.. 1.3 1 .4 1.4 1.4 1.8 1.3 1.7 1.2 1.3 1 .4 2.1 1.3 2.2 13 14 Gross saving........................................ -.6 -4.3 . 1 -.9 -14.2 -1.5 I .1 1.6 -1.8 -4.6 -13.2 -16.7 - 14.3 -12.7 14 15 Net finan. investment (16 — 23).......... -1.3 -2.5 -.7 -.2 -12.9 -2.3 .3 1.7 -.5 -2.4 -8.2 -18.3 - 14.5 -10.5 15 16 Net acquis, of finan. assets............. 4.7 5.6 5.0 8.6 J.1 9.0 12.1 70.7 6.8 4.8 5.2 -34.3 20.4 21. 1 16 17 Demand deposits & currency... -.4 .6 -1.4 -.1 1 .0 1.3 -2.5 9.1 -4.2 -2.7 - .9 -13.4 1 1.6 6.7 17 18 Credit market instruments........ 2.7 3.8 4.7 7.9 4.5 4.6 1 1.1 10.0 7.8 2.8 6. 1 -.8 5.0 8.0 18 19 Mortgages................................ - 1 .0 .2 1.0 3.4 2.7 1.6 4.4 4.1 3.1 1 .8 2.4 1.6 3.1 3.7 19 20 Other loans.............................. 3.7 3.5 3.7 4,6 1 .8 2.9 6.7 5.9 4.7 .9 3.7 -2.5 1 .9 4.3 20 21 Excess of tax accruals over receipts..................................... 1 .8 1 .1 1.2 -.5 -4.2 2.9 2.6 -8.9 1.5 2.7 1.0 -■23.0 1.4 3.8 21 22 Other financial assets 6.............. .6 .1 .5 1.3 1 .8 .3 .9 .4 1.7 2.0 -1.0 3.0 2.5 2.6 22 23 Net increase in liabilities................ 6.0 8,1 5.7 8.8 16.0 11.3 11.7 9.0 7.3 7.2 13.5 -15.9 35.0 31.6 23 24 Life insurance and retirement reserves..................................... 1.3 1 .4 1.4 1.4 1 .8 1. 1 1.3 1 .7 1.2 1 .3 1.4 2.1 1.3 2.2 24 25 U.S. Govt, securities 7.............. 5.0 7.1 3.6 6.3 12.7 8.5 10.8 6.7 4.9 2.9 8.0 -21 .3 34.7 29.2 25 26 Svgs. bonds 8.......................... 1.2 .9 .6 .6 .9 .8 .3 .7 .3 .9 .8 1.1 .7 .9 26 27 Short-term marketable 9 . .. . 1.4 4.0 3.5 2.2 6.4 5.4 -1.5 -7.3 7.6 10.1 9.9 -35.7 30.9 20.7 27 28 Other direct............................. 1.1 .9 -2.9 - 1.4 1 .6 1 . 5 7.0 -3.8 -2.0 -6.9 -4.2 8.5 2.5 -.3 28 29 Nonguaranteed agency issues 1.5 .4 2.0 3.8 - .3 .9 3.4 10.3 1.2 .2 -4.2 -2.2 .8 4.4 29 30 Loan participations................ -.2 .8 .4 1.3 4.0 1.6 6.9 -2.2 -1.3 5.7 7.1 -.1 3.5 30 31 Other liabilities.......................... -.3 - .4 .6 1. 1 1 .6 1.6 -.3 .5 1.2 2.9 4.1 3.2 -1.0 .2 31 32 Discrepancy (14 — 15)......................... .7 -1 .8 .8 -.7 -1 .3 .7 .7 - . 1 -1.3 -2.2 -4.9 1.6 .2 -2.2 32 33 Memo: Corp, tax receipts, net......... 22.8 25.3 28.1 32.8 35.1 28.0 29.6 41.1 30.8 29.6 29.4 53.3 29.2 28.7 33 __ (F) State and local governments ■ o Tax receipts........................................ 50.5 54.9 59.5 64.9 70.5 61 .0 62,6 64.1 65.8 67.2 68,5 69.9 71.2 72.5 1 2 Social ins. and grants rec.................. 12.9 14,5 15,6 19.7 21.3 16.8 18.5 19.4 20.2 20.7 20.8 20.5 21.4 22.5 2 3 Purch. of goods and services............ 58.2 63,5 69.6 77.2 86.4 72.5 74.3 76.2 78.1 80.2 83.3 85,4 87.4 89.5 3 4 Net interest & transfers paid 11.... 4.0 4.3 4.3 4.5 5.3 4.3 4.4 4.4 4.6 4.7 4.9 5.2 5.3 5.6 4 5 Net surplus.......................................... 1.2 1 .7 1 .2 2.9 . 1 1 .0 2.4 2.9 3.3 3.0 1.0 - .2 - . 1 - .2 5 6 Less retirement credit to households 2.7 3,1 3.4 3.7 4.1 3.5 3.6 3.7 3.8 3.9 4.0 4.1 4.2 4.3 6 7 Equals: Gross saving........................ -1.5 -1.4 -2.2 -.8 -4.0 -2.5 -1.2 -.8 - .5 -.9 -3.0 -4.3 -4.3 -4.4 7 8 Net financial investment (9- 17) .. .. -2.1 -2.6 -3.1 -2.2 -4,2 -4.3 -2.8 -2.2 -1.6 -2.2 2,5 -5.1 -4.6 -4.6 8 9 Net acquis, of finan. assets.........7....7. 6.9 8.1 8.5 10.5 7.5 7.5 9. / 8.4 U.K 12. 1 10.9 7.8 11. 1 9 10 Liquid assets............................... 4. J 2.4 3.3 2.4 4.0 1 .5 3.5 2.8 1,9 1.4 9.0 .8 4.9 1 .5 10 Demand deposits and cur.... 2.4 1.2 - .2 . 8 .3 -2. 1 2.7 1.3 - .7 -. 1 3.3 1 .0 -2.9 1 1 12 Time deposits.......................... 1.6 1 .7 2.4 1.3 2.4 3.1 -.4 2.1 1.9 1.5 5.7 3.4 .6 .1 12 13 Short-term U.S. Govt. sec. .. . 1 -.5 1 .1 .3 1.3 .5 1.3 -.6 .7 .1 , 1 -2.6 3.3 4.3 13 14 Other U.S. Govt, securities.. .. .6 1.0 1 .2 .9 -.4 1 .8 -.5 2.9 -.1 1.4 -4.8 2.4 -2.7 3.5 14 15 State and local obligations.......-. .7 -.5 - .3 -.3 -.5 - .3 -.3 -.3 - .2 - . 3 -.5 -.5 - .4 -.5 15 16 Other 12.........3....5..........3.....7..........3....8 5.2 7.4 4.5 4.6 3.5 6.7 6.2 8.4 8.4 6.2 6.4 16 17 Net increase in liabilities.........9....8.... 9.4 II.2 10. 7 14.7 11,8 !6.3 11.3 10.0 10.9 14.6 16.0 12.4 15.8 17 18 Credit market borrowing.........7..0 6.2 7.8 6.8 10.5 8.2 6.6 7.5 6. 1 6.9 10.5 11 .8 8.1 1 1.4 18 19 State and local obligations... 6.7 5.9 7.3 6.0 10.1 7.8 6.3 6.9 4.6 6.1 10.3 H.5 7.5 1 1.2 19 20 Short-term.............5........... .5 1 .3 .4 1.3 .5 .6 1.1 -.3 .3 1.8 2.2 1.6 -.3 20 21 Other.........6.....2..........5....4...... 6.1 5.5 8.8 7.3 5.7 5.8 4.9 5.8 8.5 9.3 5.9 11.5 21 22 U.S. Govt, loans.............3......... .4 .4 .8 .3 .3 .4 .6 1.6 .9 .2 .3 .6 .2 22 23 Employee retirement reserves.. 2.7 3. 1 3.4 3.7 4.1 3.5 3.6 3.7 3.8 3.9 4.0 4.1 4,2 4.3 23 24 Trade debt.............1............... .I........ .1 . 1 .1 J . 1 .1 .1 .1 . 1 J .1 .1 24 25 Discrepancy.............................. .6 1.1 1 .0 1.3 .2 1 .8 1.6 1.4 1.1 1.3 -.5 .8 .3 .2 25 26 Memo: Total U.S. Govt. sec.. .7 .5 2.3 1.3 .9 2.2 .7 2.3 .6 1 .5 -4.7 -.2 .6 7.8 26 For notes see p. A-67.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-67,6 FLOW OF FUNDS □ MAY 1968 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1965 1966 1967 Category 1963 1964 1965 1966 1967 IV I II III IV n III IV (G) Monetary authorities 1 Current surplus.................................. . 1 -.5 * * * * * * « * ♦ * * ♦ 1 2 Net acquis, of financial assets........... 2.2 3.4 2.3 4.2 4.8 1.1 5.5 2.4 5.7 3.2 4.2 2.5 4.4 7.5 2 3 Gold and foreign exchange 2........ -.4 * -1.3 -.3 -.5 -1.4 -2.1 .2 .4 . 1 -3.1 1.7 .4 -.8 3 4 Treasury currency........................... -.2 .2 .7 .5 .4 .7 1.0 .5 .8 .7 . 5 .5 .2 4 5 Credit mkt. instruments................ 2.9 3.4 3.8 3.5 4.8 3.0 2.5 2.1 5.0 4.3 5.2 2.9 3.7 6.9 5 6 U.S, Govt, securities.................. 2.8 3.5 3.7 3.5 4.8 2.3 2.8 1.7 5.7 3.8 5.5 2.8 3.6 6.9 6 7 Short-term marketable.......... 4.9 2.1 3.7 5.4 1.9 -3.4 2.8 -.3 6.7 12.4 -. 1 -4.2 2.3 9.3 7 8 Other......................................... -2.2 1.3 . 1 -1.9 2.9 5.7 2.0 - 1.0 -8.6 5.6 7.0 1.4 -2.4 8 9 F.R. float.......................................... -.3 * - .4 .3 - 1.2 3.6 -.5 - 1.7 -.4 1.9 -2.3 .4 9 10 F.R. loans to domestic banks.. .. * . 1 -. 1 . 1 * .4 .8 -.3 1.5 -1.7 -.5 -.4 -.6 1,3. 10 11 Net increase in liabilities.................... 2.1 3.8 2.2 4.2 4.7 1.1 5.6 2.4 5.7 3.2 4.2 2.5 4.4 7.4 1 1 12 Member bank reserves. ................. -.4 1.0 .4 1.3 1.2 .5 -.1 -.4 5.7 .2 -1.0 -1.5 6.4 .9 12 13 Vault cash of coml. banks 3.......... .6 -.4 .3 .6 .5 -.1 .7 -.3 .2 1.7 -.5 -1.0 .9 1.9 13 Demand deposits and currency... 14 Due to U.S. Govt....................... .3 .2 * .2 .9 -.5 . 1 2. 1 -1.6 .1 2.4 3.2 -4.2 2.4 14 15 Due to rest of the world4......... - . 1 . 1 -.1 .2 -.2 1.3 -.5 -. 1 . 1 -. 1 15 16 Currency outside banks , ........... 1.7 2.4 2. 1 2.0 2. 1 2.3 3.7 1.2 2.0 1.1 3.3 1.5 1.6 2. 1 16 17 Other................................................. * .6 -.5 -.1 * - .8 - . 1 -.1 - . 1 * . 1 . 1 -.2 . 1 17 (H) Commercial banks 5 1 Current surplus................................... 1.7 1.9 2.0 2.3 2.1 2.1 2.1 2.2 2.4 2.3 2.2 2.0 2.0 2.2 1 2 Net acquisition of financial assets, . . 20.0 23.6 30.5 20.6 39.3 36.6 20.7 34.8 14.8 12.2 37.3 22.2 61,3 35.9 2 3 Member bank reserves6................. -.4 1 .0 .4 1.3 1.2 .5 -.4 5.7 .2 -1.0 -1.5 6.4 .9 3 4 Vault cash........................................ .6 -.4 .3 .6 .5 - . 1 .7 -.3 .2 1.7 -.5 -1.0 .9 1.9 4 5 Total loans and investments........ 19.4 22.4 29. 1 17.5 36.4 35.6 19.9 32.9 9.6 7.9 39.7 22.3 54.8 28.9 5 6 Credit market instruments........ 18.8 21.9 29.0 17.0 34.8 32.2 20.6 32.3 8.1 7.0 37.6 28.9 45.8 27.2 6 7 U.S. Govt, securities^............. -2.6 .4 -2.3 -3.4 8.8 1.4 -2.7 -.3 -5.7 -4.8 17.9 -.3 23.6 -5.9 7 8 Short-term marketable.. .. -3.5 3.9 - 1.7 -4.5 4.6 4.6 -10.2 -.5 -2.8 -4.4 10.2 -7.2 18.3 -2.7 8 9 Other direct......................... .5 -4.1 -1.4 1.2 1.4 -3.7 7.6 -2.3 -.3 -.3 5.5 2.4 2.8 -5.2 9 10 Agency issues,..................... .5 1. 1 * .5 1.5 -1.5 2.1 -1.2 .8 -.9 .6 1.8 .3 10 11 Loan participations............ - .2 .6 -.3 ~ *1 2.3 -1.1 1.5 .5 - 1.5 -.9 3.1 3.8 .6 1.7 11 12 Other securities & mortgages. 10. 1 8.2 10.6 7.1 14.3 10.7 8.2 12.9 4.2 2.9 11.6 18.0 10.8 17.0 12 13 State and local oblig.......... 5.2 3.6 5.1 2.4 9.0 5.3 2.9 7.6 -.2 -.8 8.4 13.3 4.4 9.9 13 14 Corporate bonds................. . I -. 1 .8 -.4 . 1 1.1 1. 1 .4 .4 14 15 1- to 4-family mortgages... 2.7 2.3 3. 1 2.4 2.5 3.3 2.7 3.0 1.9 1.9 1.0 1.4 3.4 4.0 15 16 Other mortgages................. 2.2 2.2 2.5 2.3 2.1 2.5 2.7 2.4 2.4 1.7 1.0 2.1 2.6 2.7 16 17 Other credit exc. security.. ,. 11.3 13.4 20.7 13.3 1 1.7 20.2 15.0 19.7 9.7 8.9 8.1 11.3 1 1.3 16.1 17 18 Consumer credit................. 3.5 3.8 4.7 3.1 2.2 4.6 3.5 3.1 3.4 2.4 1.3 2.0 3.1 2.4 18 19 Bank loans n.e.c.................. 7.6 8.7 16.4 8.2 6.5 16.9 9.8 16.0 5.2 2.0 1.7 7.6 6.7 9.8 19 20 Other loans8........................ .2 .8 -.5 2.0 3.1 -1.3 1.7 .5 1.1 4.5 5.1 1.7 1.5 3.9 20 21 Security credit............................. .6 .5 . 1 .5 1.5 3.3 -.7 .5 1.5 .9 2. 1 -6.7 9.0 1.7 21 22 Mise, assets..................................... .4 .6 .7 1.1 1.2 .7 .3 2.7 - .8 2.4 - .9 2.3 - .8 4.2 22 23 Net increase in liabilities.................... 19.3 22.0 29.2 19.4 37.5 35.3 20,0 33.4 13.3 11.0 35.9 20.6 60.2 33.0 23 24 Demand deposits, net.................... 3.8 4.8 5.6 .3 11.6 13.6 -5.4 6.8 -7.9 7.5 2.6 -5.7 32. 1 17.3 24 25 U.S. Govt. 9........................ . .. . -.6 -1.0 -.5 .2 2.6 -3.3 4.6 -4.5 1. 1 -3.0 -18. 1 17.6 4.4 25 26 Foreign ^..................................... .4 .4 -.5 .8 .5 -1.2 1.2 -1.4 -.6 -3. 1 2.3 .5 3.4 26 27 Other, net11................................. 4.3 4.4 6.2 1.3 10.6 10.5 - .8 1.0 -2.0 7.1 8.7 10.0 13.9 9.5 27 28 Time deposits................................... 14.3 14.5 20.0 13.3 23.8 18.1 15.1 20.1 1 1.6 6.2 35. 1 23.7 23.7 12.7 28 29 F.R. float......................................... -.3 * - .4 .3 * -1.2 3.6 -.5 - 1.7 -.4 1.9 -2.3 .4 -.1 29 30 Borrowing at F.R. Banks.............. -.1 . 1 .4 .8 -.3 1.5 -1.7 -.5 - .4 - .6 1.3 30 31 Other liabilities............................... 1.4 2.5 4.0 5.5 2.1 4.4 5.8 7.4 9.7 -.7 -3.2 5.3 4.6 1.8 31 32 Security issues............................ .3 .6 .8 . 1 .2 .4 . 1 . 3 .8 . 1 .....3..2... 33 Discrepancy.......................................... .5 * .3 .6 * .5 .9 .3 .4 .7 .6 .2 .3 -1.2 33 34 Memo: Total loans exc. mortgages,. 11.9 13.9 20.8 13.9 13.2 23.5 14.3 20.2 II. 1 9.8 10.2 4.6 20.3 17.8 34 For notes see p. A-67.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ FLOW OF FUNDS A-67.7 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1965 1966 1967 Category 1963 1964 1965 1966 1967 IV 1 11 HI IV 1 11 III IV ______ (I) Nonbank financial institutions1 I Current surplus. .................. 1.7 1.2 1.3 1.0 .9 ,7 .5 L6 1.4 .4 1. 1 2,0 1.5 -.9 1 2 Physical investment (Life ins.)........ .5 .5 .5 .5 .5 .5 .5 .5 .5 .5 .6 .6 .6 .4 2 3 Net acquis, of financial assets............ 37.0 37.2 37.7 31.0 39.2 39.5 40.9 23.1 26.5 33.6 40.7 25.1 54.5 36.7 3 4 Demand deposits and currency... .2 .3 .7 .4 .7 .9 - 1. 1 .5 .5 1 .6 I .3 .9 .4 .4 4 5 Time deposits (Mut. svgs, bks.)... . 1 -.2 - . 1 * .8 -.3 -.3 5 6 Svgs. and loan shares (Cr. unions) . 1 -.2 -.2 .4 . 1 -.3 -.5 - .2 ...........3 .3 * 6 7 Cr. mkt. instr................................... 33.7 35.9 35.8 29.6 33.5 35.7 40.8 21.2 26.4 30.0 32.4 18,9 51.3 31.5 7 8 U.S. Govt, securities................. -.5 2.0 -.8 .9 * -.3 4.0 -4.6 3.4 .8 .2 -8.5 9.6 -1.4 8 9 State and local obligations........ .6 .4 -.2 1.0 .9 - .9 .3 2.0 -. 1 1 .7 2.2 ,4 .8 . 1 9 10 Corporate bonds......................... 4.4 4.4 5.7 4.9 8.2 5.9 7.9 2.5 4.7 4.6 8.2 4.6 11.3 8.5 10 It Corporate stock,................ 3.4 3.7 5.4 5.4 8,4 6.7 4.0 4.4 5.2 7.9 7.1 7.5 11.2 7.7 1 1 12 1- to 4-family mortgages.......... 14. 1 13.0 12.8 4.8 7.9 12.0 10.0 5.2 1.9 2. 1 6.3 8.1 8.6 8.6 12 13 Other mortgages......................... 6.9 7.3 6.3 6.4 6.4 6.2 7.5 7.5 6.4 4.2 6. 1 6.4 6.5 6.7 13 14 Consumer credit......................... 2.8 2.8 3.1 2.3 .9 2.4 2.7 2.6 2.3 1.7 .8 .3 1 .6 14 15 Other loans.................................. 2. 1 2.4 3.3 4.0 .9 3.6 4.4 1.7 2.7 7. 1 1.7 - .8 3.1 - .3 15 16 Security credit................................ 1.9 -.5 .2 - . 1 2.8 1.7 .5 .4 -2.0 .7 1.5 1.7 3.3 4.8 16 17 Trade credit..................................... .2 .2 .2 .2 .3 ,2 .2 .2 .3 .3 .3 .3 .3 .3 17 18 Miscellaneous assets....................... 1.1 1.2 1.2 1.1 1.5 1. 1 .7 1.3 1.6 1.0 5.0 1.5 -.6 * 18 19 Net increase in liabilities.................... 35.5 36.3 36.3 29.8 39.2 39.3 40.0 21.5 24.5 33.3 41.1 23.4 53.2 38.9 19 20 Time and savings acct.................... 15.2 15.9 13.0 7.1 17.0 12.7 9.5 4.4 5.1 9.3 17.2 21.7 18.3 10.7 20 21 Ins. and pension reserves............... 10. 1 II. 1 11.6 12.8 13.2 11.9 12.8 10.8 13. 1 14.5 12.2 12.4 14.0 14.1 21 22 Cr. mkt. instr.2............................... 7. 1 6.2 9.0 6.5 2.0 9.4 13.9 5.6 2.3 4.4 1 . 1 -6.8 7.5 6.2 22 23 Finance company bonds.......... 1.4 2.1 1.9 .8 .6 3.0 1.7 .5 1.2 -.4 1.7 -.3 1.0 . 1 23 24 Investment company shares..,. (.2 ( .9 3.0 3.8 2.9 3.8 5.6 2.9 2.9 3.8 3.2 1.4 3.7 3.4 24 25 Mtg. loans in process................. .5 - . 3 * - .9 1.0 -. 1 .3 -1.1 -1.7 -1.2 .5 1.4 1.3 .9 25 26 Bank loans n.e.c.......................... 1.7 .5 2.4 -1.4 -2.4 3.5 .6 - . 1 -3.5 -2.7 -4.3 -3.3 2. 1 -4.0 26 27 Other loans.................................. 2.3 2.0 1.7 4.3 -.2 - .8 5.6 3.4 3.3 4.9 -6.0 -.5 5.9 27 28 Finance co. paper................... 1.0 1.5 1.0 3.4 2.4 - .4 2.8 1.6 2.2 6.9 2.9 .3 .6 5.8 28 29 FHLB loans............................. 1.3 .5 .7 .9 -2.5 -.3 2.8 1.8 I . 1 -2.0 -2.8 -6.3 -1.1 . 1 29 30 Security credit................................. .5 .6 2. 1 3.7 - .5 -.7 1.3 2.3 4.1 -7.5 9. 1 2.9 30 31 Taxes payable.................................. . 1 . 1 . 1 -.2 .4 -.3 .2 .2 - .9 . 1 -.2 31 32 Miscellaneous liabilities................. 2.5 3. 1 2.6 2.8 5.1 1.7 3.9 1.7 2.6 2.8 6.3 4.6 4.3 5.2 32 33 Discrepancy......................................... - .3 - .2 — .7 -.7 .3 * - .9 -.5 -1.2 - .4 .9 -.2 - .3 .9 33 (1.1) Savings and loan associations 1 Net acquis, of financial assets...... 14.0 11.8 10.2 4.3 9.8 9.0 9.0 4.7 1.3 2.2 8.3 10.2 (2.6 8.3 I 2 Demand deposits and currency 3. . 1 * -.5 -.3 - .2 - .6 -.4 1.0 1 . 1 . I -.5 -1.0 2 3 Cr. mkt. instr. 4.............................. 13.3 1 1. 1 9.6 4.3 9.3 8.8 9.6 4.5 1.5 1.8 4.2 9.5 14.0 9.6 3 4 U.S. Govt, securities,......... 1.0 .6 .5 .5 1.7 .4 1.1 - .8 .8 I .0 .6 2.2 4.2 -.3 4 5 1- to 4-family mortgages........... 9.3 8.0 7.7 2.7 5.9 7.6 6.6 3.4 .6 3.1 5.2 7.6 7,8 5 6 Other mortgages......................... 2.9 2.4 1 .2 1 . 1 1,7 .8 1.9 1 .7 .7 .2 . 5 1.9 2.2 2. 1 6 7 Misc. financial transactions........... .5 .7 .6 .5 .8 .4 ♦ .7 .9 .5 4.0 .6 -1.0 - .3 7 8 Net increase in liabilities.................... 13.3 11.1 9.4 3.7 9.3 8.2 8.1 4. 1 .8 1.9 7.7 9.8 12.1 7.7 8 9 Savings shares................................. 1 1. 1 10.6 8.5 3.6 10.7 8. 1 5.9 2.6 1.4 4.6 10.7 14.0 12.4 5,7 9 10 Mtg. loans in process.................... .5 -.3 -.9 1.0 -. 1 .3 -1.1 - 1.7 -1.2 .5 1 .4 1.3 .9 10 11 Borrowing from FHLB................. 1.3 .5 .7 .9 -2.5 -.3 2.8 1.8 1 . 1 -2.0 -2.8 -6.3 -1.1 . 1 1 1 12 Memo: FHLB loans less deposits... 1.4 .5 .8 .9 -2.9 * 3. 1 1.8 1.3 -2,5 -5.3 -7. 1 .3 .3 12 (L2) Mutual savings banks 1 Net acquis, of financial assets 5......... 3.6 4.5 4.0 2.8 5.4 3.4 2.8 1.5 3.7 3.0 5.6 6.6 5.7 3.7 1 2 U.S. Govt, securities...................... - .2 -.3 -.5 -.3 -.7 -.7 -.9 - . 1 -.3 - 1.6 -.3 .5 2 3 Corporate bonds............................ - .3 — .2 -. 1 .3 2.1 -.3 .3 .4 .4 2.2 2.8 2.8 .4 3 4 1- to 4-family mortgages.............. 2.6 2.7 2.7 1.6 I .8 2.8 1.8 1. 1 (.8 1.7 1.9 1.9 1.7 1.6 4 5 Other mortgages............................. (.3 1 .7 1.4 1. 1 1.4 1.5 I .2 .9 1.2 1.1 1.2 1 .2 1.7 1.4 5 6 Savings deposits................................. 3.3 4.2 3.6 2.6 5. 1 3.5 2.7 1.0 3.0 3.5 5.5 6. J 4.9 4.0 6 (1.3) Life insurance companies 1 Current surplus.................................. 1.1 1.1 1. 1 1.3 1.5 1.2 1.2 1.3 1.4 1.5 1.5 1.5 1.5 1.5 1 2 Net acquis, of financial assets 5...,. 7.0 7.8 8.7 8.3 9.4 9.0 9.4 8.2 7.7 7.7 11.1 8.2 9.1 9.2 2 3 Cr. mkt. instr................................... 6.7 7.4 8.2 7.8 8.9 8.4 9.6 7.6 7.3 6.5 10.7 7.6 8.6 8.6 3 4 U.S. Govt, securities................. -.4 -.3 -.4 -.3 -.2 -.7 - .2 - .6 - .7 -. 1 - .4 1 -.1 4 5 State and local obligations........ -.2 -.3 -.4 -.2 -.3 -.4 -.6 - ,4 - .2 -.3 -. 1 -.4 . 1 5 6 Corporate bonds......................... 2.8 2.3 2.8 2.2 4.3 3.7 4.5 1.8 2.0 .4 4.3 2.0 5.1 5.7 6 7 Corporate stock.......................... .2 .5 .7 .2 1.0 1.2 . 1 . 1 .3 .4 .8 .9 1.2 1.4 7 8 1- to 4-family mortgages........... .9 1.4 1.2 .5 -.4 1.2 .9 .7 .4 1 .5 -.3 -.9 -.9 8 9 Other mortgages......................... 2.7 3.2 3.7 4. 1 3.3 3.8 4.3 4.8 4.4 2.9 4.3 3.2 2.6 3. 1 9 10 Other loans................................. .5 .4 .5 1.5 1.0 -.5 .4 1.3 1.3 3.1 1.2 2.4 1. 1 -.7 10 11 Net increase in liabilities.................... 6.4 7.1 7.9 7.2 8.2 7.7 8.2 7.1 7.0 6.4 10.0 6.8 7.5 8.3 1 1 12 Life insurance reserves.................. 4.0 4.2 4.7 4.5 4.6 4.7 4.6 4.5 4,5 4.5 5.1 3.8 4.5 5.2 12 13 Pension fund reserves.................... 1 .7 2.0 2. 1 2.1 2.2 2.0 2. 1 2.1 2. 1 2.1 2.2 2.2 2.2 2.2 13 14 Other................................................ .7 .8 1.2 .4 1.4 1.0 1 . 5 .5 . 1 - .4 2.6 1.4 .8 .9 14 For notes see p. A-67.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-67.8 FLOW OF FUNDS □ MAY 1968 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1965 1966 1967 Category 1963 1964 1965 1966 1967 IV I 11 HI IV 1 11 ... IV ______ (1.4) Noninsured pension plans 1 Net acquis, of financial assets 5......... 4.4 4.9 4.9 6.2 6.3 5.2 6.1 4,2 6.5 7.9 5.0 6.4 7.3 6.6 1 2 Credit mkt. instr6........................... 4.3 4.8 4.9 6.2 6.1 4.4 6.1 4.8 6.8 7.1 4.9 6.2 7.0 6.1 2 3 U.S. Govt, securities................... .4 .4 -.3 .2 -.2 .2 .4 - .8 .7 .4 -1.8 .3 .6 3 4 Corporate bonds.......................... 1.5 1.6 1.5 1.9 1 .0 .8 2.5 1.4 1.8 1.9 1.7 .4 1.6 .2 4 5 Corporate stock........................... 2.2 2.2 3. 1 3.7 5.2 3.2 2.8 4.0 3.8 4.1 4.8 5.6 5.0 5.3 5 (1.5) Other insurance companies 1 Net acquis, of financial assets 5......... 1.4 1.1 1.8 1.9 1.8 1.5 2.0 1.7 1.9 1.8 1.6 1.9 2.0 1.7 1 2 Demand deposits and currency... -. 1 ♦ -. 1 * * 2 3 Credit mkt. instr.6........................... 1.3 1.0 1.7 1.6 1.5 1 .4 1.8 1.4 1 .6 1.6 1.3 1.6 1.7 1 .4 3 4 U.S. Govt, securities.................. .2 -.4 “.7 -.1 -.4 -.2 -.4 —. 5 -1.3 -.6 -.5 -.3 4 5 State and local obligations........ .8 .4 .4 1.4 1 .0 .7 1.1 1.5 1.6 1.3 1.2 1.1 1.0 .7 5 6 Corporate bonds......................... . 1 .3 1.1 .8 .8 1.0 -.3 -.1 1 .0 .7 .7 .7 6 7 Corporate stock........................... .2 .2 .2 .5 .5 - . 1 , I .5 .6 .7 .4 .5 .4 .4 7 (1.6) Finance companies 1 Net acquis, of financial assets k.... 4.0 4.0 5.4 3.2 .7 5.8 5.9 1.4 .9 4.4 1.0 -3.1 3.4 1.6 1 2 1* to 4-family mortgages............... 8 .4 .5 —. 6 .4 . 1 . 3 — .6 — .9 -1.1 .3 1 3 - .2 . 1 2 3 Consumer credit............................ 1 8 1 8 1.9 1.2 . 2 1 5 1 6 1 3 t 5 6 2 5 — 3 6 3 4 Other loans....................................... 1 .6 1 .8 2.7 2. 3 —. 1 4^ I 3.9 4 , 1 4.7 3 — 5 1 317 7 4 5 Net increase in liabilities..................... 4.0 4.0 5.1 2.7 .7 5 8 5 4 1.3 .1 3.8 1.1 -3.2 3.7 1.5 5 6 Corporate bonds............................. 1.4 2.1 1.9 8 .6 3 0 1.7 5 1 2 - 4 I 7 3 1 0 . 1 6 7 Bank loans n.e.c......................... 1.6 4 2 2 — 1.5 -2.3 3'2 — 8 — 3.4 2.7 —3 5 3 2 2.1 -4 4 7 8 Open mkt. paper............................. 1.0 1.5 1.6 3^4 2.4 -J 2.8 I'.6 2’.2 6.9 2*. 9 3 .6 5.8 8 (1.7) Security brokers and dealers Net acquis, of financial assets .6 .2 .1 .7 2.2 3.9 -.3 -.6 1.4 2.4 4.2 -7.5 9.2 3.0 1 2 U.S. Govt, securities...... -1.3 .7 -.3 .7 -.8 1 .5 1.8 -1.0 2. 1 - .3 4.2 -6.4 3.2 -4.1 2 3 Other securities............... .2 -.1 -2.8 -.3 1.0 2.6 -1.9 -2.9 2.5 2.5 3 4 Security credit................. 1.5 -.5 .5 -.2 2.8 2.3 .6 .6 -1.8 -.1 1.8 1.7 3.3 4.4 4 5 Net incr. in liab.—Security credit... .5 .1 .6 2.1 3.7 -.5 -.7 1.3 2.3 4.1 -7.5 9.1 2.9 5 6 From banks..................................... .2 .2 -.3 .6 .9 3.0 -1.1 .2 2.1 1.0 2.2 -8.0 8.4 .9 6 7 From agencicsof fgn. banks........ . 4 — . 3 . 1 - .6 —. 1 -.2 — .3 .8 — .3 * .4 7 8 Customer credit balances.............. * ♦ .5 * 1.2 1.3 .7 -.7 -.6 .5 2.2 .5 .7 1.6 8 (1.8) Open-end investment companies 1 Net financial investment..................... - .4 - .8 -1.0 — 1.3 -1.7 -1 7 -1.7 -.7 - .9 -2.0 -1.4 — .7 -1.2 -3.6 I 2 Net acquis, of financial assets5. .. .8 1. 1 2.0 2.5 1,2 2.0 3.9 2.2 2.0 1.8 1 .9 .8 2.5 -.2 2 3 Credit mkt. instr...................... .8 1. 1 1.6 I .9 1.1 I 7 4.0 1 3 .3 2.1 2 2 2.7 — .3 3 4 Corporate stock.............6............ 7 1 .2 9 1 4 1 8 2 2 6 — .6 1.6 2 5 1 4 3.1 -1.2 4 5 Net stock issues?.................... 1.2 1.9 3.0 3.8 2.9 3.8 5.6 2.9 2.9 3.8 3.2 1.4 3.7 3.4 5 (J) Rest of the world 1 Net purch. of goods and serv. (2-3).. 5.9 8.5 6.9 5.1 4.8 6.1 6.1 5.4 4.6 4.3 5.3 5.3 5.4 3.0 1 2 Purch. of goods and services 1... 32.3 37.1 39,1 43.0 45.3 40.5 42.0 42.5 43.7 44.0 45.3 45.1 45.6 45.4 2 3 Sales of goods and services 1........ 26.4 28.6 32.2 37.9 40.6 34.4 36.0 37.1 39.0 39.7 39.9 39.8 40.2 42.4 3 4 Net unilateral receipts from Govt.1. 2.8 2.8 2.8 2.9 2.9 2.6 3.4 2.9 2.8 2.5 2.9 3.0 3.1 2.7 4 5 Current surplus (4-1)2................... -3.1 -5.7 -4.1 -2.2 -1.8 -3.4 -2.7 -2.5 -1.8 -1.8 -2.5 -2.3 -2.3 -.3 5 6 Net financial investment (7-14)......... -2.8 -4.7 -3.7 -1.8 -1.2 -3.1 -1.8 -1.6 -2.8 -1.0 -1.6 .6 -2.9 -.7 6 7 Net acquis, of finan. assets............ 3.4 3.4 2.1 3.9 7.8 ].O 2.0 6.2 2.6 4.7 2.7 8.4 7.9 12. 1 7 8 Gold............................................ .5 .1 1.7 .6 L2 .5 .3 .8 .7 .5 .2 . 1 .4 4.0 8 9 U.S. dem. dep. and currency... . 1 .5 .3 -.3 .8 .3 .1 1.2 -1.8 -.6 -3.2 2.4 ,5 3.5 9 10 Time deposits.............................. 1.0 1.4 .6 .8 1.3 .5 -.2 2.0 .6 1.0 1.2 2.3 (.1 .8 10 11 U.S. Govt, securities.................. .6 .5 -.1 -2.6 2.1 2.2 -2.3 -1.6 -4.4 -2. 1 2.6 1 .9 -1.4 5.2 1 1 12 Other credit market instr.......... .3 .1 1.2 1.2 .5 .9 2.9 .4 .4 .8 1.6 2.3 12 13 Mise, financial assets................. l.l .8 -.4 4.2 1.1 -3.1 3.3 .8 7.2 5.5 1.1 -.2 4.9 -1.5 13 14 Net increase in liabilities................. 6.2 8.2 5.8 5.7 8.9 4.1 3.8 7.8 5.4 5.7 4.3 7.7 10.8 12.8 14 15 Official U.S. foreign exchange 3 . 1 .4 * 1.1 -.6 -1.4 .6 .4 .5 -3.9 1.7 1 .9 4.8 15 16 Securities...................................... 1.1 .7 .8 .5 1.3 .8 1.4 .2 .2 1.0 1 .0 1 .6 1.4 16 17 Loans 4......................................... 2.2 3.7 1.9 1.0 2.7 1.9 1.3 2.3 -.4 1.0 4.5 2.7 2.2 1.4 17 18 Miscellaneous 5............................ 2.8 3.9 2.6 4.1 3.7 2.0 2.5 4.6 5.4 4.1 2.6 2.2 4.9 5.1 18 19 Discrepancy (5-6) 6.......................... -.4 -.9 -.4 -.4 -.7 -.3 -.9 -.8 1.0 -.8 -.8 -2.9 .6 .4 19 U.S. gold and fgn. exchg, held by: 20 Monetary auth................................. -.4 — 1.3 -.3 -.5 -1.4 -2.1 .2 .4 .1 -3.1 1.7 .4 -.8 20 21 U.S. Treasury................................. * -.2 . 1 -.2 .4 .4 .4 -.5 -.7 -.1 -1.0 * 1.1 1.6 21 For notes see following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ FLOW OF FUNDS A-67.9 Notes to Table 4 (A) Households 1 Includes nonprofit organizations serving individuals. 1 Line 9 plus capital consumption on owner-occupied houses and nonprofit plant and equipment. 2 Imputed saving associated with growth of government life 3 Includes net free balances with security brokers and miscel­ insurance and retirement reserves. From Tables 4(E), line 13, laneous assets not shown separately. and 4(F), line 6. 0 Policy loans, hypothecated deposits, and U.S. Govt, loans 3 Capital-gains dividends from open-end investments cos. to nonprofit organizations. (B, C, D) Business 1 Sum of Tables 4(C) and 4(D); for detail see below. 8 Loans from U.S. Govt, and commercial loans from finance 3 Profits and noncorporate income as defined in national cos. income. Excludes imputed rental income of owner-occupied ” Includes earnings retained in business; see note 7 above. houses, included in Table 4(A), 10 Excludes corporations in Tables 4(C), (G), (H), and (I). 3 Change in work in process. 4 After inventory valuation adjustment. 11 Includes branch profits paid to foreign parents less branch 5 Excludes C.C.C.-guaranteed loans, treated as Govt, borrow­ profits received from abroad. ing and included in Table 4(E), line 30. 12 Direct investments abroad, foreign currency holdings, and 0 Includes corporate farms. unallocated current assets. 7 Noncorporate net income is treated as payment in full to proprietors in the household sector. Gross saving consists of 13 Mainly commercial paper and commercial loans from capital consumption allowances plus corporate farm retained finance companies. profits. 11 Includes State and local profit taxes. (E, F) Govts. 1 Lines 1 through 12 are derived from national-income data, 5 Govt, life insurance, employee retirement, and R.R. retire­ while lines 15 through 31 are based on data behind Treasury ment programs. Excludes social security, which is treated as cash budget. Line 21 is a link between the two accounting sys­ nonfinancial operation. See Table 4(A), line 5. tems on treatment of corporate taxes, and the discrepancy 3 Mainly nonconvertible foreign currencies and official foreign (line 32) represents differences on other matters. exchange position of Treasury. Net cash borrowing in Treasury cash budget corresponds 7 Public debt held by public and Federal Reserve, plus non­ closely to line 25 less accrual of interest on savings bonds and guaranteed issues of Govt, agencies. Includes interest accruals Treasury bills. Cash surplus is closely indicated by line 17 less on savings bonds and Treasury bills; excludes special notes to net cash borrowing. Lines 18, 22, 30, and 31 are in cash outgo IMF. Loan participations consist of holdings by the domestic in cash budget except for small amounts in receipts. Lines 13 public of C.C.C., FNMA, Export-Import Bank, and all other and 24 are imputations reflected in neither national income nor certificates. In Table 3 they are grouped with nonguaranteed cash budget. issues, Net movements in inventory under C.C.C. guarantee are 2 OASI, disability insurance, and unemployment programs. included in line 11. Loans and mortgages securing other loan Line 5 includes U.S. Govt, employment taxes; line 6, U.S. participations are included in U.S. Govt, financial assets. Govt, benefit payments to households. 8 E and H bonds held by households. 3 Veterans’ life insurance and Govt, employee and R.R. re­ tirement funds. Line 7 excludes Govt, contributions to these 9 Marketable issues due in less than 1 year plus part of those funds. due in less than 2 years. 4 Transfers other than lines 6 and 8, grants-in-aid to State 10 Includes employee retirement funds. and local govts., subsidies less current surplus of Govt, enter­ 11 Net of current surplus of govt, enterprises. prises. 13 Corporate bonds, mortgages, and tax receivables, (G, H) Banking 1 Federal Reserve System plus those Treasury accounts in­ Reported bank data, as on page A-19, are frequently for last cluded in “Member Bank Reserves, Federal Reserve Bank Wednesday of month or other reporting date. Excludes banks in Credit, and Related Items.” Excludes Exchange Stabilization U.S. possessions. Fund, which is in U.S. Govt, accounts. ” Deposits with F.R. Banks; vault cash in reserves is in line 4. 2 Includes F.R. holdings of foreign currencies, which are net 7 Net change in par value of holdings. in other F.R. accounts in table mentioned in note 1. 9 Includes consumer loans secured by hypothecated deposits 3 Includes vault cash of nonmember banks. through 11/1966, not show separately. 4 Includes deposits of international organizations other than 0 Includes deposits held outside Treasury. IMF; IMF deposits are net in line 3. 10 Bank and nonbank. 6 Based on balance sheet estimates for last day of quarter. 11 Net of F.R. float, shown separately in line 29. (I) Nonbank finance 1 In addition to types shown, includes credit unions, agencies laneous, line 7. of foreign banks, and banks in possessions. 4 Includes consumer credit, not shown separately. 3 Lines 10, 11 of 1.1; lines 6, 7, and 8 of 1.6; and line 5 5 Includes cash and other assets, not shown separately. of 1.8. 0 Includes mortgages, not shown separately. 3 Excludes deposits at FHLB, which are included in Miscel­ 7 Includes retained capital-gains dividends. (J) Rest of the world 1 Lines 2, 3, and 4 are exports, imports, and transfers to 4 Bank loans, acceptances, loans from U.S. Govt,, and secu­ foreigners in income and product accounts. rity credit. 2 Net foreign investment in national income accounts with opposite sign. 5 Direct investment abroad, foreign currencies held by other 3 Official foreign currency holdings and net IMF position of than in line 15, subscriptions to_ international organizations U.S. IMF position consists of U.S. capital subscription less except IMF, and unidentified liabilities. IMF holdings of special U.S. Govt, notes, deposits with Federal 0 Errors and omissions in U.S. balance of payments state­ Reserve, and letters of credit. ment. Note.—Quarterly data are seasonally adjusted totals at an­ nual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

5. FINANCIAL ASSETS AND LIABILITIES, DECEMBER 31, 1967 (Amounts outstanding in billions of dollars) (A) All sectors Private domestic nonfinancial sectors Financial sectors Rest of U.S. the All Sector H h o o u ld s s e­ B ne u s s s i­ an g S d o t v a lo t t s e c . al Total Govt. Total Mo a n u e th ta . ry C ba o n m ks l. N fi o n n a b n a ce nk world sectors Discrepancy Transaction category A L A L A L A L A L A L A L A L A L A L A L 1 Total financial assets....................................... 1617.9 ....... 357.0 ......... 103.0 . 2077.8 ......... 99.7......... 1103.5 ......... 72.1......... 396 0 ......... 93.9 3375.0 .. ... 1 2 Total liabilities..................- -............................. ......... 385.7 ......... 546.7 ......... 166.7 ......... 1099.0 ......... 834.7 ......... 1018.9 ......... 72.1 ......... 369.6 ......... 577.3 108.2 ......... 2560.9 •? 3 Gold stock...................................................... .1.......1.2. 0......... 12.0......... 29 5 ... 41 6 ... . . . 3 4 Official U.S. fgn. exch................................... 1.6......... 1.6......... 2 3 . - 2 3 4 5 IMF position 1........................................ 3.4 12.9 .....................1 ......... 1.1 ....... .4 4 6 Treasury currencv........................................ ......... 4 6 6.6......... 6.6......... 6.6 4.6 ...-2.U . 6 7 Demand dep. and currency......................... ......... 200.4 ......... 44.2 ......... 156.2 184.6 200.4 8 Pvt. domestic........................................... 100 9 . . 12.1......... 14.2 188.8 ......... 41.3 ......... 147.5 14.2......... 172.8 188.8 ...16.0... S 9 U.S. Govt.................................................... 8.0......... ......... 7.8 ......... 2.5 ......... 5.2 8.0 7.8 ......2.... 9 10 Foreign.................. ......................... ......... 3.8 ....................4 ......... 3.4 3 8... 3 8 . 10 11 Time and savings accounts.......................... 329 7 ....... 368.3 ......... .9 379.0 9....... 379 0 .................... 11 12 At coml. banks....................................... 134.5........ 22.7......... 15.9......... 173.1 ... . .3......... .2 183.1 ......... 183.1 2......... ... . 183 1 . 12 13 At svgs instit............................................ 195 2 ........ 195.2 ......... .7 195.9 .7 195.9 195 9 13 14 Life insur. reserves...................................... 115.7........ 115.7 ......... ......... 7.3 ......... 108 4 ......... 108 4 . 115 7 14 15 Pension fund reserves................................... 182 2 ......... ......... 41.4 182.2 41.4 ......... 22 3 ......... 118 5 ......... 118 5 182 2 16 Consol, bank items ^. ................................. 29.6 29.6 2.6 26.9 26.9 2.6 29.6 29.6 17 Credit mkt. instr............................................ 867.0 366.8 50.6 341.5 72.8 122.1 990.4 830.4 64.5 291.4 991.4 93.2 49 3 ......... 350.2 2.0 592.0 91.3 33.5 41.62079.7 1256.6 .................... 17 18 U.S. Govt, securities^............................. 83.8......... 12.4......... 27.8......... 124.0 ......... ......... 291 4 154.4 ... 49 1......7...2.2......... 33 1 12 9 . 291 4 IS 19 State and local oblig.................................. 40.8......... 4.1 117.5 49.9 117.5 67.5......... 50.0......... 17.5......... ... . 117 5 . 19 20 Corp, and fgn. bonds.............-................ 6.3........ ......... 123.0 42.0 123.0 107.7 19.5 1.6 2.0 106.1 17.5 2.3 9.5 . 152 0 20 21 Corp, stocks4............................................. 726 8 ......... 726.8 ......... 124.0 44.8 124.0 44.8 16 2 867.0 44.8 21 22 1-4 family mortgages................................. 9.3 226.3......... 7.6 5.2......... 14.5 233.8 10.7......... 210.9 2.3 34 9 ......... 175.9 2.3 236 1 22 23 Other mortgages......................................... ......... 15.8......... 89.1 ......... 104.9 7.7......... 97.2......... 23.6..........1 104 9 . 23 24 Consumer credit................. 99.2 22.8......... 22.8 99.2 76.5 ... 41 1......... 35 4 99 2 24 25 Bank loans n.e.c......................................... 13.4 ......... 89.9 ......... 103.2 118.5 8.2 118 5......... . .. . 8 2 . . 7 0 . 118 5 . 25 26 Other loans............................................... ... 12.2 10.3 31.9 ......... 4.7 10.3 48.7 46.0 .... 34.7 18.4 2........8. 2......... 26.4 18.4 2.1 25.1 93.2 92.3 ......9... 26 27 Open market paper. . -......................... 10.3 4.3 10.3 4.3 26.8 14.1 8 2......... .6 14.1 2.1 3.0 21 4 .................... 27 28 Federal loans.......................................... ......... 1.3 ......... 12.8 ......... 4.7 ......... IS.8 45.3......... ......... 4 4 4 4 99 1 . 45 3 . 28 29 Security credit............................ 2.7 12.3 2.7 12.3 20.1 10.6 10 5......... 9.6 10.6 .3 .3 . 23 2 29 30 To brkrs. and dealers............................... 2.7......... 2,7......... 7.6 10,6 6 7......... .9 10.6 3 . , 10 6 . 30 31 To others..................................................... ......... 12.3 ......... 12.3 12.6 ... 3 8......... 8 7......... ......... 3 . 12 6 .................... 31 32 Taxes payable................................................. 16.8 2.2 . . 2.2 16.8 15 9 ......... 13 ♦ -. 4 8 18.1 18.1 .................... 32 33 Trade credit5............................................. ......... 2.65163.6 122.9 ......... 3.1 163.6 128.6 5.8 5.1 3 2 . . 3 2 . 172.6 133.7 ..-39.0 . 33 34 Misc. financial trans............................. 19.7 4.0 74.4 65.5 94.1 69.5 4.0 4.1 24.0 78.0 ....................9 8.3 25.3 15.7 51.8 17.2 63.5 139.3 215.1 ....75.8.. 34 For notes see following page. A-67.10 FLOW OF FUNDS □ MAY 1968 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

5. FINANCIAL ASSETS AND LIABILITIES, DECEMBER 31, 1967—Continued (Amounts outstanding in billions of dollars) (B) Nonbank financial sector Mutual Savings Life Nonlife Private Agencies Banks in Invest­ Security Sector Total savings and loan Credit insur­ insur­ pension Finance of foreign posses­ ment brokers banks assns. unions ance ance funds cos. banks sions cos. and dealers Transaction category A L A L A L A L A . L A L A L A L A L A L A L A L 1 Total financial assets........................ 635.5 66.4......... 143.6 ___ 11.2......... 173.2 ......... 45.0......... 86.9......... 45.5 . 4.3......... 1.9......... 44.8 12.7 1 7. Total liabilities............................. 577.3 . . . 61.4 ......... 134.0 11.2 25.0 86.9 39.6 ......... 4.3 1.8 44 8 10 7 9 3 Demand dep. and currency............. 3 4 Pvt- domestic...................................... 14.2 8........2..0......... 7 . . 1 6 1 3 12... 2 9 . .8 2 1 6 1 1 4 5 Time and savin accounts........................... .9 195.9 .2......... 6 7 A A t t s c v o g m s. l . in b s an ti k l. s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 195.9 ......... 60 2 .1 ... . . . . . . . . . . . . ... 124.6 .7 11.2 6 8 Life insur. reserves...................... 108 4 ......... 108.4 9 Pension fund reserves......... 118.5 ......... 31.6 ......... 86.9 9 If) Credit mkt. instr________________ 592.0 91.3 64 3......... 133.8 7.0 9 8......... 164.9 .. 40 5 .. 85.7......... 42.6 39.5 2.6 . 1 7 . 43 1 44 8 2 S 10 33.1 10.4 4.6 .. . 4 9.. 3 2......... 2.5 . . 2 1 0 1 0 11 12 State and local oblig............... 17.5 .2......... 3.0......... 13.7......... 1 . 12 13 Corp, and fgn. bonds....... 106.1 17.5 5.3......... 67.5 ... 4 0 17.5 * 3 0 13 1 15 4 C 1- o 4 r f p a , m st i o ly c k m s o 4 r . t . g .. a .. g ... e .. s .. . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7 2 5 4 . . 9 0 4 2 4 .3 8 3 1 3 . . 7 5 . . . . . . . . . . . . . . . . . . 103.2 2.3 - 3 1 0 1 . . 0 8 ... 17 7 . .. 5 3 3 . 9 0 . .. . . . ...... 4 3......... 3 39 1 44 R 1 1 4 5 16 Other raorteaees..................... 73.6 17.0 . 18.7......... 37.5 ... .2 . .. 2 .5......... 1.5......... 9.2......... . 17 18 Bank loans n.e.c..................... 8.2 ................4 7 9 . 18 19 Other loans ....................... 26.4 18.4 .7......... ......... 4.4 10.5......... 14 0 14 1 .2 ... 9 . 19 .6 14.1 .4 . . 14 1 ,2 20 21 Federal loans....................... 4.4 ......... 4.4 22 Security credit............................. 9.6 10.6 .9 .. 8 7 10 6 22 .9 10 6 9 10 6 23 24 To others................................. R 7 24 25 Taxes navable.............................. .8 ......... . 1 ......... 5 I 9 1 25 26 Trade credit.................................................. 3.2 3.2......... 26 27 Mise, financial trans..................................... 15.7 51.8 1.1 1.3 7 8 2.4 ........6....7.. .....1..7..1 ......... 24.9 ...................... .......4..3 ......... 1.8 ..................... 1 IMF position liabilities of the U.S. Govt. (IMF notes) and monetary authorities (deposits of IMF at investment companies. No specific liability is attributed to issuers of stocks other than open-end invest­ F.R. Bank of New York) are netted against assets in determining both the sector and transaction totals. ment companies for amounts outstanding. 2 Claims between commercial banks and monetary authorities: member bank reserves, vault cash, F.R. 3 Business asset is corporate only. Noncorporate trade credit is deducted in liability total to conform loans to banks, F.R. float, and stock at F.R. banks. to quarterly flow tables. " 3 Includes savings bonds, other nonmarketable debt held by the public, nonguaranteed agency issues, Note.-—For description of sectors and transaction categories, see Aug. 1959 Bulletin, pp. 846-57. and loan participation certificates sold through FNMA. Postal savings system deposits are included in Details may not add to totals because of rounding. line 34. The figures In this table are preliminary and are consistant with previous levels data shown in the Feb. 4 Assets shown at market value; nonbank finance liability is redemption value of shares of open-end 1968 Bulletin, pp. A—65.10—A-65.20. MAY 1968 □ FLOW OF FUNDS A-< CD Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-68 U.S. BALANCE OF PAYMENTS □ MAY 1968 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) J 966 1967 Item 1965 1966 1967” 111 IV 1 11 111 1V» 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—Total1....................... 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 1,272 206 210 339 336 237 360 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............................ 512 595 622 143 146 155 161 162 144 Other services.............................................................. 2,401 2,617 2,831 669 673 677 720 727 707 Imports of goods and services—Total.......................... -32,203 -37,937 -40,893 -9,762 -9,913 -9,999 -10,033 -10,122 -10,739 Merchandise................................................................ -21,472 -25,510 -26,980 -6,580 -6,680 -6,662 -6,558 -6,549 -7,211 Military expenditures................................................. -2,921 -3,694 -4,319 -953 -969 -1,045 -1,070 -1,094 -1,110 Transportation............................................................ -2,674 -2,914 -2,965 -727 -756 -756 -726 -707 -776 Travel........................................................................... -2,438 -2,657 -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 1.................................... 6,944 5,102 4,800 1,151 1,084 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................... -3,375 -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 Nonscheduled repayments and selloffs............. 221 428 5 226 192 * 5 * 3. U.S. private capital flow, net................................... -3,743 -4,213 -5,446 -932 -1,165 -984 -1,113 -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 -28 -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............................... 278 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.................................................. 149 269 390 112 55 94 80 176 40 Nonliquid claims on U.S. Govt, associated with— Military contracts............................................... 314 341 68 106 146 103 166 -60 -142 U.S. Govt, grants and capital......................... -85 -213 -85 -12 - 136 -36 -14 -23 -12 Other specific transactions............................... -25 -12 - 1 13 -11 21 ♦ -12 -9 Other nonconvertible, nonmarketable, me­ dium-term U.S. Govt, securities 3................... -7 -49 470 -23 53 * * 335 135 5. Errors and unrecorded transactions......................... -415 -302 -595 277 -148 -295 -546 209 37 Balances A. Balance on liquidity basis Seasonally adjusted (= 1 + 2+3-H4 + 5)............. -1,335 -1,357 -3,575 -165 -419 -533 -553 -638 -1,851 Less: Net seasonal adjustments........................ 530 47 -295 -330 573 52 Before seasonal adjustment.................................. -1,335 -1,357 -3,575 -695 -466 -238 -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............................... 116 2,697 1 ,265 1,062 989 -1,003 341 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 -1,205 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

MAY 1968 □ U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A-69 1. U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1966 1967 Item 1965 1966 1967" III IV I 11 III 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, —)......................................................... 1,222 568 52 82 -6 1,027 -419 -375 -181 Gold................................................................... 41,665 571 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............................. 4-94 537 -94 335 46 -31 -10 — 5 -48 Change In liquid liabilities to ail foreign accounts 113 789 3,523 613 472 -789 642 !,586 2,084 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities3.................................................. 122 -945 455 -226 -176 72 46 125 212 Marketable U.S. Govt, bonds and notes3, -20 -245 48 -254 8 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 -77 -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 to foreign central banks and govts, and IMF (see detail above under A.)........................................................... -18 -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 14 454 23 30 29 -22 347 100 1 Excludes transfers under military grants. 5 With original maturities over I year. 2 Excludes military grants. 3 Includes certificates sold abroad by Export-Import Bank. Note.—Dept, of Commerce data. Minus sign indicates net payments 4 Reflects $259 million payment of gold portion of increased U.S. (debits); absence of sign indicates net receipts (credits), subscription to IMF. 2. MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports 1 Imports 2 Export surplus Period 1965 1966 1967 1968 1965 1966 1967 1968 1965 1966 1967 1968 Month: Jan....................... 3 1,228 2,264 2,616 2,785 31,199 1,918 2,256 2,615 3 2S 347 360 170 Feb...................... 31,623 2,376 2,607 2,773 3 1,606 2,024 2,229 2,602 3 17 352 378 171 Mar..................... 3 2,739 2,554 2,551 2,455 31,861 2,080 2,203 2,612 3 878 474 349 -158 Apr...................... 3 2,406 2,354 2,654 3 1,811 2,113 2,226 3 595 241 428 May.................... 3 2,299 2,416 2,547 31,797 2,082 2,140 3 503 334 407 June.................... 3 2,235 2,487 2,577 31,848 2,142 2,227 3 386 346 349 July..................... 2,300 2,455 2,584 4 1,742 2,178 2,208 4 558 277 376 Aug..................... 2,329 2,444 2,598 1,825 2,119 2,125 504 324 473 Sept..................... 2,291 2,540 2,593 1,858 2,295 2,209 433 244 384 Oct....................... 2,349 2,588 2,392 1,885 2,250 2,202 464 338 191 Nov..................... 2,378 2,503 2,692 1,941 2,186 2,376 438 317 317 Dec...................... 2,362 2,409 2,604 1,911 2,225 2,525 451 184 79 Quarter: I........................... 3 5,589 7,195 7,775 3 4,666 6,021 6,688 3 923 1,173 I ,087 II......................... 3 6,940 7,257 7,777 35,456 6,336 6,593 3 1,484 921 1,184 III ...................... 6,920 7,439 7,775 4 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 Year3...................... 26,700 29,379 30,942 421,366 25,542 26,816 5,334 3,837 4,126 1 Exports of domestic and foreign merchandise; excludes Dept, of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Significantly affected by strikes and by change in statistical procedures. Mutual Security Program. 5 Sum of unadjusted figures. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Note.—Bureau of the Census data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-70 U.S. GOLD TRANSACTIONS AND RESERVE ASSETS □ MAY 1968 3. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (Net sales (—) or net acquisitions; in millions of dollars at $35 per fine troy ounce) 1966 1967 Area and country 1959 1960 1961 1962 1963 1964 1965 1966 1967 IV I II HI IV Western Europe: Austria................................. -83 -1 -143 -82 -55 -100 -25 Belgium................................ -39 -141 -144 -63 -40 -83 France.................................. -266 -173 -456 -518 -405 -884 -601 Germany, Fed. Rep. of. . . —34 -23 -225 Italy....................................... 100 200 -80 -60 -85 -60 -85 Netherlands......................... -30 -249 -25 — 60 -35 Spain..................................... -114 -156 -146 -130 -32 -180 Switzerland.......................... 20 -324 -125 102 -81 -50 -2 -30 -30 United Kingdom................ -350 -550 -306 -387 329 618 150 80 -879 -20 3 -34 -77 -771 Bank for Inti. Settlements. -32 -36 -23 Other.................................... -48 -96 -53 -12 1 -7 -37 -50 14 -12 -18 20 19 -7 Total............................. -827 -1,718 -754-1,105 -399 -88 -1,299 -659 -980 -92 -15 -44 -58 -863 Canada..................................... 190 ............. 200 150 50 ...........1..00 Latin American republics: Argentina............................. -50 -90 85 -30 -39 -1 -11 * Brazil.................................... -11 -2 -2 57 72 54 25 -3 -I * * * * * Colombia......................... -6 38 10 29 7 * O Ve th n e ez r. u .. e .. l . a .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -3 6 5 5 -42 -17 -5 -ii -9 - — 2 1 5 3 -6 ii 8 -2 13 6 -7 Total............................. 19 -100 -109 175 32 56 17 -41 9 -3 -3 12 6 -7 Asia: Japan.................................... -157 -15 -56 Other.................................... -28 -97 -101 -93 12 3 -24 -30 -44 io -20 -i -1 -22 Total............................. -186 -113 -101 -93 12 3 -24 -86 -44 10 -20 -1 -1 -22 All other................................... -5 -38 -6 -I -36 -7 -16 -22 1-166 ♦ 2 -6 -1 1-162 Total foreign countries.......... -998 -1,969 -970 -833 -392 -36 -1,322 -608 -1,031 -86 -36 12 -53 -953 Inti. Monetary Fund............ 2 -44 3 300 150 ............. 4-225 5177 5 22 ...........5.16 55 5* ............ Grand total................. -1,041 -1,669 -820 -833 -392 -36 -1,547 -431 -1,009 -86 -20 17 -53 -953 1 Includes sale of $150 million to Algeria. repurchase; proceeds from these safes invested by IMF in U.S. Govt, 2 Payment to the IMF of $344 million increase in U.S. gold sub­ securities. scription, less sale by the IMF of $300 million (see note 3). 4 Payment to the IMF of $259 million increase in U.S. gold subscription, 3 IMF sold to the United States a total of $800 million of gold ($200 less gold deposits by the IMF. million in 1956, and $300 million in 1959 and in 1960) with the right of s Represents gold deposit by the IMF; sec note 1(b) to table below. 4. U.S. GOLD STOCK, HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES, AND RESERVE POSITION IN IMF (In millions of dollars) End of year r a T e s s o s e t e r a v ts l e To G ta o l ld 2 st T oc re k a s t ury cu v fo r C e r r r e e o t n i i n b g c ­ l n i e e s p R I o M e s s in i F e ti r o v 3 e n End of month r a e T s s o s e t e r a v ts l e To G ta o l l 2 d st T oc re k a s 1 ury v c fo c e u C i r e r r e o t r s i e i n b g n ­ 5 l n e ­ p R I o M e s s in i F e ti r o v 3 n e 1958......................... 22,540 20,582 20,534 1,958 1967—Apr.......1..3..,..9.06 13,234 13,109 315 357 1959......................... 21,504 19,'507 19^56 1,997 May............ 13,'943 13.214 13,109 363 366 June............ 14,274 13,169 131110 738 367 I960......................... 19,359 17,804 17,767 1,555 July............. 14,224 13,136 13,108 719 369 1961.......................... 18,753 16,947 16,889 116 11690 Aug............. 14,605 13,075 13,008 1,162 368 Sept... 14,649 131077 13.006 1,200 372 1962......................... 17,220 16,057 15,978 99 1,064 Oct............. 14^927 13,039 12,905 11509 379 1963......................... 16,843 15,596 15,513 212 I,'035 Nov............. 15,438 12,965 12,908 21092 381 Dec........ 14,830 12,065 11,982 21345 420 1964......................... 16,672 15,471 15,388 432 769 1965......................... 151450 413'806 413'733 781 4 863 1968—Jan.......1..4..,..6..20 12,003 11,984 2,176 441 Feb.............. 14.790 11,900 11,882 21235 655 1966........................ 14,882 13,235 13,159 1,321 326 Mar............ 13,926 10,703 10,484 2,746 477 1967......................... 14,830 12,065 11,982 2,345 420 Apr.............. 13'840 10,547 10,484 2,804 489 i Includes (a) gold sold to the United States by the International Mon­ 4 Reserve position includes, and gold stock excludes, $259 million gold etary Fund with the right of repurchase, and (b) gold deposited by the subscription to the IMF in June 1965 for a U.S. quota increase which IMF to mitigate the impact on the U.S. gold stock of foreign purchases became effective on Feb. 23, 1966. In figures published by the IMF from for the purpose of making gold subscriptions to the IMF under quota June 1965 through Jan. 1966, this gold subscription was included in the increases. For corresponding liabilities, see Table 6. U.S. gold stock and excluded from the reserve position. 2 Includes gold in Exchange Stabilization Fund. 5 For holdings of F.R. Banks only, see pp. A-12 and A-14. 3 In accordance with IMF policies the United States has the right to draw foreign currencies equivalent to its reserve position in the IMF vir­ Note.—See Table 18 for gold held under earmark at F.R. Banks for tually automatically if needed. Under appropriate conditions the United foreign and international accounts. Gold under earmark is not included States could draw additional amounts equal to the U.S. quota. See Table 5. in the gold stock of the United States. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ U.S. POSITION IN THE IMF A-71 5. U.S. POSITION IN THE INTERNATIONAL MONETARY FUND (In millions of dollars) Transactions affecting IMF holdings of dollars IMF holdings (during period) of dollars (end of period) U.S. transactions with IMF Transactions by U.S. other countries reserve Period with IMF position in IMF P s t u d a io b y o n m o s ll s c a f e r r i n . i s n p ts ­ by s g N I a o M l e e ld t s F J D c f r o c a u i r e w r o e r s e i i f g n n 2 n g ­ s I i d M n o c F i l o n la m n rs e e t D d ra o w o lla f in rs gs R m e e i p n n a ts y ­ c T h o an ta g l e Amount P q e U u r o . o S c f t e . a nt p ( e e r n io d d o ) f 3 dollars 1946 1957............................... 2,063 4 594 —45 — 2,664 827 775 775 28 1 975 1958............................... -2 -252 271 17 792 29 1*958 1959............................... 1,031 2 -139 442 1 336 2 128 52 1 997 I960............................... 11 - 149 580 442 2’570 62 1 555 1961............................... 150 16 -822 521 - 135 2 435 59 1 690 1962............................... 17 -110 719 626 3,061 74 1,064 1963............................... 16 -194 207 29 3 090 75 1 035 1964.............................. 525 18 -282 5 266 3 356 81 769 1965............................... 435 12 -282 165 3’521 85 5 863 1966............................... 776 680 15 -159 1 1 313 4'834 94 326 1967............................... 20 -114 -94 4’740 92 420 1967—Apr................................ 4 803 93 357 May................ 4 — 13 — 9 4 794 93 366 2 -3 — 1 4 793 93 367 July............................... 1 -3 -2 4 791 93 369 Aug................................ 2 — 1 1 4,792 93 368 -1 — 3 -4 4 788 93 372 Oct................. 3 -10 — 7 4 781 93 379 Nov.................... 2 — 4 — 2 4*779 93 381 Dec................. -39 -39 4*740 92 420 1968—Jan................................. 3 -24 —21 4 719 91 441 Feb................................ 2 -216 -214 4’505 87 655 200 1 -23 178 4 683 91 477 Apr................................ 2 -14 - 12 <671 91 489 1 Represents net IMF sales of gold to acquire U.S. dollars for use in 4 Represents a $600 million IMF gold sale to United States (1957), IMF operations. Does not include transactions in gold relating to gold less $6 million gold purchase by IMF from another member with U.S. deposit or gold investment (see Table 6). dollars (1948), 2 Represents purchases from the IMF of currencies of other members s Includes $259 million gold subscription to the IMF in June 1965 for for equivalent amounts of dollars. The United States has a commitment a U.S. quota increase, which became effective on Feb. 23, 1966. In figures to repay drawings within 3 to 5 years, but only to the extent that the published by the IMF from June 1965 through Jan. 1966, this gold sub­ holdings of dollars of the IMF exceed 75 per cent of the U.S. quota. scription was included in the U.S. gold stock and excluded from the Drawings of dollars by other countries reduce the U.S. commitment to reserve position. repay by an equivalent amount. 3 Represents the U.S. gold tranche position in the IMF (the U.S. Note.—The initial U.S. quota in the IMF was $2,750 million. The U.S, quota minus the holdings of dollars of the IMF), which is the amount quota was increased to $4,125 million in 1959 and to $5,160 million in that the United States could draw in foreign currencies virtually automati­ Feb. 1966. Under the Articles of Agreement, subscription payments equal cally if needed. Under appropriate conditions, the United States could to the quota have been made 25 per cent in gold and 75 per cent in dollars. draw additional amounts equal to its quota. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-72 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ MAY 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 institutions 3 Banks and other foreigners regional organizations 5 Non­ End market­ pe o ri f o d Total Total p G o d o s e 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 n S l b i t i e o a a e h b s r U n r b o t y m e k . r i r S l e s d t ­ ­ . ­ M n b G U a a o a o o b r t n n . e k S v l d d e s e t . s , 4 t ­ c T o b a U r n a o i u b e b n v n . r l a S l y e d e d e s . r s ­ t ­ Total i i t p S n l b i i t e o a a h e b s U r n b r o y t m k e . i r r S l s t e d ­ ­ . ­ M b n G o a a U a o n o b r n t . e S k d v l d e s e t . s , 4 t ­ Total i i n p t 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 S r i r l s t e d ­ . ­ ­ 6 M n b G U a a a o o o b r n t n . e S k v l d d e s e t . s , 4 t ­ notes 1957........ 715,825 200 200 7,917 5,724 542 1958.............. 716l845 200 200 8,665 5,950 552 1959.............. 19,428 500 500 10,120 9,154 966 7,618 7,077 541 1 190 530 660 19608......1..2..0..,994 800 ............... 800 11'078 10,212 866 7,591 7^48 543 1,525 750 775 1961s............ 1 1 2 2 2 2 , , 9 8 3 53 6 8 8 0 0 0 0 ............... 8 8 0 0 0 0 1 1 1 1 , , 8 8 3 3 0 0 1 1 0 0 , , 9 9 4 4 0 0 8 8 9 9 0 0 8 8 ,2 3 7 5 5 7 7 7 , ,8 7 4 5 1 9 5 5 1 1 6 6 1 1 ,9 9 4 4 8 9 7 7 0 0 3 4 1 1 ,2 2 4 4 5 5 19628............ ( 1 2 2 4 4 , , 0 0 6 6 8 8 8 8 0 0 0 0 ............... 8 8 0 0 0 0 1 1 2 2 , , 7 7 4 1 8 4 1 1 1 1 , , 9 9 6 9 3 7 7 7 5 51 1 8 8, , 3 3 5 5 9 9 7 7 , , 9 9 1 1 1 1 4 4 4 4 8 8 2 2 ,1 1 6 9 1 5 1 1 , , 2 2 5 8 0 4 9 91 1 1 1 1963 8............ 1 (2 2 6 6 , , 3 3 6 2 1 2 8 8 0 0 0 0 ............... 8 8 0 0 0 0 1 14 4 , ^ 3 8 5 7 3 1 1 2 2 ; , 4 4 6 6 7 7 1 1 , , 1 2 8 1 3 7 7 7 0 03 3 9 9 , , 2 2 1 0 4 4 8 8 , , 8 8 6 6 3 3 3 3 5 4 1 1 1 1 ,9 9 6 6 0 5 8 8 0 0 8 8 1 1, , 1 1 5 5 7 2 1964*..... ( . 2 ... 8 .. , . 951 8 8 0 0 0 0 ............... 8 8 0 0 0 0 1 15 5 ,’4 4 2 2 8 4 1 13 3 ^ 2 2 2 2 0 4 1 1 ,1 1 2 2 5 5 1,079 11,001 1 1 0 0 ,'6 6 2 R 5 0 376 l,’722 818 904 1965.............. 29,115 834 34 800 15,372 13*066 1 J05 1,201 11,478 11,006 472 1,431 679 752 19668............ / ( 2 2 9 9 ; , 9 7 0 7 4 9 1 1, , 0 0 1 1 1 1 2 21 1 1 1 8 8 0 0 0 0 i 1 3 3 ’ , , 6 6 5 o 5 q 1 12 2 , , 5 4 3 8 9 4 8 8 6 6 0 0 '2 2 5 5 6 6 1 1 4 4 ^ ,2 3 0 8 8 7 1 1 3 3 ' , , 6 8 8 5 0 9 5 5 2 2 8 8 ’9 90 0 5 6 5 58 8 1 0 3 3 2 2 5 5 1967—Feb... 28,915 1 ,013 213 800 13,353 12,160 865 328 13,694 13,164 530 855 608 247 Mar. . 28,990 1,028 228 800 13,558 12,365 865 328 13,535 13,005 530 869 637 232 Apr... 29,379 1,030 230 800 14,102 12,873 901 328 13,385 12,856 529 862 629 233 May.. 29,612 1 ,030 230 800 14,380 13,115 917 348 13,361 12,832 529 841 607 234 June.. 29,632 1 ,033 233 800 14,099 12,808 917 374 13,708 13,170 538 792 562 230 July. , 30,089 1 ,033 233 800 14,161 12,870 917 374 14,059 13,518 541 836 609 227 Aug. . 30,835 1 ,033 233 800 14,074 12,714 911 449 14,943 14,395 548 785 578 207 Sept. . 31,218 1 ,033 233 800 14,381 12,971 911 499 15,068 14,516 552 736 528 208 Oct... 32,430 1 ,033 233 800 14,910 13,398 911 601 15,766 15,205 561 721 514 207 Nov. . 33,815 1 ,033 233 800 15,960 14,341 908 711 16,070 15,523 547 752 548 204 (33,296 1 ,033 233 800 15,696 14,077 908 71 1 15,880 15,322 558 687 483 204 433,138 1 ,033 233 800 '15,688 '14,069 908 71 1 '15,739 '15,181 558 '■678 M74 204 1968—Jan... 33,077 1 ,033 233 800 15,249 13,821 717 711 16,112 15,542 570 683 479 204 Feb.”. 33,295 1 ,033 233 800 15,363 14,000 652 71 1 16,284 15,691 593 615 410 205 i Represents liability on gold deposited by the International Monetary 7 Includes total foreign holdings of U.S. Govt, bonds and notes, for Fund to mitigate the impact on the U.S. gold stock of foreign purchases which breakdown by type of holder is not available. for the purpose of making gold subscriptions to the IMF under quota in­ 8 Data on the two lines shown for this date differ because of changes in creases. reporting coverage. Figures on the first line are comparable with those 2 U.S. Govt, obligations at cost value and funds awaiting investment shown for the preceding date; figures on the second line are comparable obtained from proceeds of sales of gold by the IMF to the United States with those shown for the following date. to acquire income-earning assets. Upon termination of investment, the same quantity of gold can be reacquired by the IMF. Note,—Based on Treasury Dept, data and on data reported to the 3 Includes Bank for International Settlements and European Fund. Treasury Dept, by banks and brokers in the United States. Data correspond 4 Derived by applying reported transactions to benchmark data; to statistics following in this section, except for minor rounding differences. breakdown of transactions by type of holder estimated for 1960-63. Table excludes IMF “holdings of dollars,” and holdings of U.S. Treasury Includes securities issued by corporations and other agencies of the U.S. letters of credit and non-negotiable, non-interest-bearing special U.S. Govt, that are guaranteed by the United States. notes held by other international and regional organizations. s Principally the International Bank for Reconstruction and Develop­ The liabilities figures are used by the Dept, of Commerce in the statistics ment and the In ter-American Development Bank. measuring the U.S. balance of international payments on the liquidity 6 Includes difference between cost value and face value of securities in basis; however, the balance of payments statistics include certain adjust­ IMF gold investment account. Liabilities data reported to the Treasury ments to Treasury data prior to 1963 and some rounding differences, and include the face value of these securities, but in this table the cost value of they may differ because revisions of Treasury data have been incorporated the securities is included under “Gold investment.” The difference, which at varying times. The table does not include certain nonliquid liabilities amounted to $32 million at the end of 1966, is included in this column. to foreign official institutions that enter into the calculation of the official reserve transactions balance by the Dept, of Commerce. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A-73 7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period fo T r o e t ig a n l E W u e ro s p te e r n 1 Canada Am L e a r t i i c n a n Asia Africa cou O n t t h ri e e r s 2 countries republics 1963.............................................................................................. 14,353 8,445 1,789 1 058 2,731 154 176 1964 15,424 9,220 1,608 1 238 3 020 160 178 1965.............................................................................................. 15,372 8,608 1,528 1 ’497 3 300 194 245 1966 3.......................................................................................... /13.600 7,488 1,189 1 J 34 3,284 277 228 (13,655 7,488 1 ,189 1,134 3,339 277 228 1967—Feb................................................................................... 13 353 7 285 1 134 1 167 3 270 255 242 Mar................................................................................ 13*558 7'490 1 * 127 1'246 3*208 259 228 Apr................................................................................... 14’102 7'829 1’156 1 455 3*148 284 230 May................................................................................ 14 380 8 014 1’154 1 *508 3*183 284 237 June................................................................................. 14 099 8 213 *909 1 *290 3'157 270 ? 60 July.................................................................................. 14,161 8,297 909 1 *317 3’160 246 232 Aug................................................................................... 14 074 8 357 912 1 *189 3*122 253 241 Sept.................................................................................. 14 381 8,649 903 I 186 3 172 224 247 Oct................................................................................... 14,910 9,065 968 1 *222 3 ’ 170 228 257 Nov................................................................................ 15 960 10,257 901 1 ’270 3 *053 224 255 Dec................................................................................... r15 688 9,872 996 4 >37 3*179 246 258 1968—Jan................................................................................... 15,249 9,373 1 091 1 217 3 090 226 252 Feb."................................................................................ 15 >63 9,178 1 >03 1 ,175 3>I8 269 220 1 Includes Bank for International Settlements and European Fund. with those shown for the preceding date; figures on the second line are 2 Includes countries in Oceania and Eastern Europe, and Western Euro­ comparable with those shown for the following date. p . ea 3 n D d a e ta pe o n n d e t n h c e ie t s w i o n L lin a e ti s n s A h m ow e n ri c f a o . r this date differ because of changes of N fo o re t i e g . n — c D o a u t n a t ri r e e s p , r e a s s e r n e t p s o h rt o e r d t - b te y r m ba n li k a s b i in lit i t e h s e t U o n t it h e e d o S f t f a ic te ia s l , a in n s d t it f u o t r i e o ig n n s in reporting coverage. Figures on the first line are comparable in coverage official holdings of marketable and convertible nonmarketable U.S. Govt, securities with an original maturity of more than 1 year. 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional Foreign E pe n r d io o d f G to r t a a n l d 1 Total 1 Inti.' gio R n e a ­ l2 Total c O ia ffi l ­ 3 Other Europe Canada Am La e t r i i n c a Asia Africa O c t o r t i u h e n e s ­ r 1966............................... 27,599 1,380 1,270 110 26,219 12,539 13,680 13 933 2,502 3 883 5,250 385 266 1967—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 >29 i >11 118 25,729 12,873 12*856 13>06 2>98 4>73 5 ,088 389 275 May................... 27,354 1 ,407 1 >87 120 25,947 13,115 >>32 13>37 2>17 4,366 5,158 392 Til June.................. 27,340 1,362 1,252 110 25 >78 12’808 13 >70 13 917 2>65 4 148 5,169 376 303 July.................... 27,797 1 ,409 I >96 113 26>88 12,870 13,518 14’145 2 >70 4 151 5,200 339 284 Aug.................... 28 >87 1 >78 1 >48 130 27,109 12,714 14>95 14 948 2>53 4’019 5,245 367 277 Sept................... 28,815 1,328 1,205 123 27,487 12>71 14,516 15 116 2,329 4,047 5 >71 329 296 Oct..................... 29,917 I >14 1,187 127 28 >03 13,398 15 >05 15 788 2>88 4 >29 5,356 332 309 Nov.................... 31,212 1 >48 1 >17 131 29,864 14>41 15>23 17'100 2>13 4’230 5,286 328 306 Dec.4 r........ (30,682 1 ,283 1 ’177 106 29 >99 14 >77 15>22 16>62 2>06 4>46 5 >26 349 310 (30,524 1,274 1 ,173 101 29,250 14,069 15,181 16,183 2,709 4,143 5,557 349 310 1968—Jan..................... 30,642 1.279 1,182 97 29,363 13,821 15 542 16 015 3,097 4,201 5,411 326 312 Feb."................. 30,901 (,210 I >97 113 29 >91 14'000 15,691 16’109 3>0l 4 ’ 129 5,532 434 286 Mar."................. 30^057 1 >42 1,250 92 28 >15 12>61 15’754 15 >29 2 >91 4 >78 5,390 339 287 8a. Europe Ger­ E p n e d ri o o d f Total Austria Belgium m De a n rk ­ l F a i n n d ­ France m F a e n d y . , Greece Italy N la e n th d e s r­ Norway Po g r a t 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—Mar.... 13,311 181 410 305 65 948 2,412 110 1,232 332 274 350 142 615 Apr..... 13,406 150 426 297 94 929 2,392 117 1,319 328 287 353 121 623 May.,.. 13,437 159 480 274 89 958 2,376 108 1,410 402 301 345 117 651 June.... 13,917 173 557 276 96 948 2,342 103 1,422 396 348 352 122 659 July.... 14,145 197 545 262 91 1,021 2,297 106 1,573 405 379 357 181 660 Aug. .. . 14,948 181 563 - 235 91 1,064 2,278 122 1,773 367 396 370 191 674 Sept...... 15,116 188 585 242 102 1,048 2,294 148 1,908 400 370 378 187 659 Oct........ 15,788 176 618 211 98 1,080 2,221 161 1,993 494 379 409 158 634 Nov....... 17,100 184 605 201 99 1,431 2,276 161 1,999 542 389 414 130 493 /16.362 231 600 243 99 1,326 2,218 170 1 ,948 585 449 437 150 489 (16,183 231 600 243 99 1,330 2,217 170 1 ,948 586 449 437 150 489 1968—Jan........ 16,015 165 564 212 116 1,350 I ,924 165 1,896 527 367 437 137 512 Feb."... 16,109 177 548 220 126 1 ,245 2,143 159 1 ,786 485 390 426 121 532 Mar." . . 15,829 154 537 199 139 1,162 2,351 154 1 .573 358 385 388 129 525 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-74 INTL. TRANSACTIONS OF THE U.S. □ MAY 1968 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 8a. Europe—Continued 8b. Latin America S SS'- Turkey ^ ^o- U.S.S.R. Total Argen- Brazi, chi]e Col™- Cuba Mexico 1966................... 1,805 43 3,817 37 234 8 40 3,883 418 299 261 178 8 632 1967—Mar.... 1,686 30 3,833 36 320 3 27 4,063 459 319 248 174 9 699 Apr........ 1 ,700 31 3,814 34 355 4 34 4,273 524 339 258 195 9 704 May.... 1,747 25 3,531 41 386 4 30 4,366 645 331 252 158 9 762 June.... 1,801 26 3,667 33 557 5 34 4,148 578 249 249 169 8 717 July.... 1,717 23 3,641 27 630 4 30 4,151 603 219 233 153 8 748 Aug.... 1,657 23 4,319 25 581 4 35 4,019 609 196 229 135 9 704 Sept....... 1,701 29 4,221 26 592 5 32 4,047 606 216 224 166 9 696 Oct........ 1,629 27 4,851 25 585 6 33 4,129 581 263 222 151 10 689 Nov....... 1,648 38 5,931 26 491 4 37 4,230 594 273 230 158 9 707 - 4 0,729 33 4,846 23 736 8 44 4,146 485 237 252 169 9 724 (1,729 33 ’’4,662 23 736 8 44 '4,143 ’484 237 252 169 9 ’■721 1968—Jan........ 1,536 39 5,135 42 852 7 31 4,201 432 277 251 159 9 725 Feb.”... 1,512 39 5,426 56 682 6 29 4,129 419 291 239 165 8 747 Mar.”.. 1,649 29 5,568 52 439 4 35 4,078 435 301 263 157 8 721 8b. Latin America—Continued 8c. Asia c™i Other Bahamas Neth. Other China In­ Panama Peru Uru; Vent- L A & Antilles & Latin Total Main- India do- Israel ”eriod Suay zuela rep. Bermuda Surinam America land KonB nesia 1966................... 150 249 161 707 522 177 104 17 5,250 36 142 179 54 115 1967—Mar.... 152 257 168 704 563 184 107 19 5,095 36 142 205 46 99 Apr....... 160 245 156 776 578 204 107 18 5,088 36 150 217 51 106 May.... 145 257 155 732 576 218 107 20 5,158 36 167 223 49 103 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....... 157 257 128 725 520 209 116 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........ 164 250 131 778 515 234 123 18 5,356 36 194 233 59 148 Nov....... 181 264 137 792 520 236 111 20 5,286 35 209 250 39 149 n „ 4 (170 274 147 793 523 233 111 18 5,526 35 215 354 34 138 (170 274 147 793 523 233 111 18 '5,557 35 '214 354 34 138 1968—Jan........ 160 281 143 851 512 276 108 18 5,411 37 224 329 40 127 Feb.”... 153 267 152 770 566 244 89 17 5,532 36 222 347 42 147 Mar.”.. 137 258 143 730 579 242 86 19 5,390 37 225 319 39 123 8c. Asia—Continued 8d. Africa 8e. Other countries End of Philip- Tai- Thai- Other T t Mo- South D.A.R. Other T . Aus- All period Japan K rea jnfiS wan iand Asia Tota snasa) rocco Africa (Egypt) Africa T ta tralia other 1966..................... 2,671 162 285 228 598 779 385 15 31 71 39 229 266 243 22 1967—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 .............'(2,601 176 291 223 630 '859 349 33 18 61 16 221 310 283 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 Mar.”.... 2,536 174 294 209 669 764 339 28 22 57 17 214 287 258 29 1 Data exclude the “holdings of dollars” of the International Monetary 4 Data on the two lines shown for this date differ because of changes in Fund. reporting coverage. Figures on the first line are comparable in coverage 2 Latin American, Asian, African, and European regional organiza- with those shown for the preceding date; figures on the second line are tions, except Bank for International Settlements and European Fund comparable with those shown for the following date. which are included in “Europe.” 5 Includes Bank for International Settlements and European Fund. J Foreign central banks and foreign central govts, and their agencies, por 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

MAY 1968 □ INTL CAPITAL TRANSACTIONS OF THE U.S. A-75 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 8f. Supplementary data 6 (end of period) 1966 1967 1966 1967 Area or country Area or country Apr. Dec. Apr. Dec. Apr. Dec. Apr. Dec, Other Western Europe: Other Asia—Cont.: Iceland..................................... 4.0 6.6 5.7 4.3 Iraq............................... 27,1 17.6 28 0 Ireland, Rep. of............................. 6.6 8.9 7.4 8.8 Jordan................................... 16.0 39.7 45*2 Luxembourg................................... 28.2 25.3 21.7 31 .5 Kuwait.......................................... 24.6 49.2 28.6 36 6 Laos.................................... 5.7 4.6 6.5 36 Other Latin American republics: Lebanon........................................ 92.0 100. 1 112.2 113,3 Bolivia............................................. 64.4 66.9 57.9 59.9 Malaysia........................................ 31,2 38.3 34.9 63.9 Costa Rica...................................... 32.9 34.6 41.9 42.6 Pakistan........................................ 21.0 49.2 45.3 54 8 Dominican Republic.................... 54.3 53.2 53.9 55.1 Ryukyu Islands (inch Okinawa), 39.5 715.9 31.2 14 5 Ecuador.......................................... 62.3 86.3 92.4 85.6 Saudi Arabia................................. 291.0 176.1 96.4 61.2 El Salvador.................................... 78.3 68.9 96*4 72.8 Singapore...................................... 4.9 34.6 60.3 159 5 Guatemala...................................... 86.9 64.2 83.9 73.0 Syria.............................................. 4.8 3.4 4.7 6 3 Haiti................................................ 16.7 16.3 16.8 15.8 Vietnam......................................... 123.8 132.0 146.3 148.2 Honduras......................................... 43.2 26.8 28.6 29.7 Jamaica................................... 11.5 11.7 19.3 22.4 Other Africa: Nicaragua........................................ 75.0 72.8 62.7 45.6 Algeria........................................... 13.6 11.3 13 .4 6 9 Paraguay......................................... 15.0 14.9 16.6 12.7 Ethiopia, (inch Eritrea).............. 58.9 53.5 40.2 23'8 Trinidad & Tobago...................... 6.3 4.7 5.4 6.1 Ghana............................................ 2.9 6.9 5.3 4 3 Liberia................................ 19.7 21.2 21.6 24/9 Other Latin America: Libya............................................ 26.7 37.1 76.0 17 9 British West Indies............. 8.9 14.6 14.2 13.8 Mozambique................................ 1.7 5.0 4.1 3.7 Fre G n u c i h a n W a. e .. s .. t . ... I . n .. d .. i . e .. s .. ... & ... .. F . r .. e .. n .. c .. h ... 1 .5 1.3 1.7 2.4 S N o ig m e a ri l a i . R ... e .. p .. u ... b .. l . i . c .. . . . . . ............ . . . .. . .. . .. . . . .... 20. . 3 9 25 .8 7 36 . 8 5 1 .8 Southern Rhodesia...................... 3.5 2.7 3.3 2 4 Other Asia: Sudan............................................. 3.3 3.4 6.7 2.3 Afghanistan............................ 8.0 9. 5 7.8 5.5 Tunisia........................................... 1.0 1.1 1.0 10 3 Burma.............................................. 34. 6 34.4 20.3 10.8 Zambia........................................... 16.1 34.7 25.9 24‘.8 Cambodia....................................... 3.1 1.1 1.3 1.9 Ceylon......................................... 3.3 3.2 2.7 5.0 All other: Iran................................................ 79.2 36.6 44.0 49.6 New Zealand................................ 27.1 13.6 16.7 17.5 6 Represent a partial breakdown of the amounts shown in the “other” their date of issue. Data exclude the “holdings of dollars” of the Interna­ categories (except “Other Eastern Europe") in Tables 8a-8e. tional Monetary Fund; for explanation see note following Tables 17 and i Data exclude $12 million resulting from changes in reporting cover­ 18. Data exclude also U.S. Treasury letters of credit and non-negotiable, age and classification. non-interest-bearing special U.S. notes held by the Inter-American De­ tim N e o ) t a e n .— d 'S U h .S o . r t- G te o r v m t, s li e a c b u il r i i t t i i e e s s m ar a e t u p ri r n in g c i i n p a n ll o y t d m e o p r o e s i t t h s a n (d e 1 m y a e n a d r fr a o n m d vel F o o p r m d e a n t t a B o a n n k lo a n n g d -t e th rm e I l n ia te b r il n it a ie ti s o , n s a e l e D T e a v b e le lo p 14 m . ent Association. 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars To banks, official and international institutions1 To all other foreigners Payable End of period Total fore in i gn Deposits U.S. Deposits U.S. currencies * Total T b r i e lls a s a u n r d y Other 3 Total T b r il e ls a s a u n r d y Other 3 Demand Time 2 certificates Demand Time 2 certificates 1966 ................................... 27,599 23,266 8 371 4,050 7 ,464 3,381 3,744 I ,513 1,819 83 329 589 1967-—Mar........................ 26,807 22,481 7,462 3,669 7.910 3,440 3,822 1,556 1 ,853 79 334 504 Apr......................... 27 J58 22^829 7,469 3,589 8,277 494 3,783 1 '535 I ,845 73 330 546 May........................ 27,354 231008 7.’656 3'479 '25 3 3,621 3'823 1 '578 1 '855 86 305 522 June........................ 27’340 23’018 7,874 3,617 7,866 3,661 3,825 1 ^615 I ’844 68 297 496 July......................... 27 797 23 482 8 214 3’750 7’891 3,627 3,813 1,580 1,871 296 503 Aug......................... 28 487 24,224 8 915 3,746 7,896 3,667 3,831 1 ,515 1 ,916 69 33! 432 Sept........................ 28 815 24’530 9,044 3,810 8 ,035 3^641 3’907 1 ’579 1 ,937 76 315 379 Oct......................... 29,917 25^653 9^846 3,967 8,117 3,724 3'983 1 ’577 1 ,989 84 332 282 Nov.................. 31,212 26^908 9^994 3,865 9'444 3’605 4^072 1 '630 2,036 72 335 231 Dec. 4 r. . . . ........... ( ( 3 3 0 0 , , 6 5 8 2 2 4 2 2 6 6 , , 1 3 7 3 0 0 1 9 0 , , 8 0 8 5 1 4 3 3 , ’ 7 7 6 7 0 2 9 9 , , 0 0 9 9 6 3 3 3 , ; 4 4 3 0 6 8 4 4, 4 J 2 2 3 5 1 1 , '6 6 9 9 3 3 2 2, ’ 0 0 5 5 2 2 7 7 8 8 3 3 0 0 1 2 2 2 2 2 9 9 1968—Jan........................... 30 642 26,308 10 144 3,685 8 ,867 3,612 4,043 1 ,576 2,083 100 283 291 Feb. »’..................... 30’901 26^511 10,198 3,613 8 ,943 3’758 4’082 1 ,581 2’092 124 286 308 Mar/'...................... 30,057 25,655 10,483 3,470 8^97 3,605 4,079 1 ,584 2,055 96 344 324 i Data exclude “holdings of dollars” of the International Monetary- -* Data on the two lines shown for this date differ because of changes in Fund. reporting coverage. Figures on the first line are comparable in coverage 2 Excludes negotiable time certificates of deposit, which are included with those shown for the preceding date; figures on the second line are in “Other.” comparable with those shown for the following date. 3 Principally bankers’ acceptances, commercial paper, and negotiable time certificates of deposit. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-76 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ MAY 1968 10. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. GOVERNMENT BONDS AND NOTES (End of period; in millions of dollars) 1967 1968 Area and country 1966 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. ’’ Mar J’ Europe: Austria................................. 3 3 3 3 3 3 3 3 3 3 3 3 3 3 Denmark.......................... 13 12 12 12 12 12 12 12 12 12 12 12 12 12 France................................... 7 7 7 7 7 6 6 6 7 7 7 7 7 7 Germany.............................. 1 1 1 1 1 1 1 1 1 1 2 2 2 2 Italy....................................... 2 2 2 2 9 9 9 9 9 9 9 9 6 6 Netherlands................... 5 5 5 5 4 4 4 4 5 5 5 4 4 4 Norway................................ 51 51 51 51 51 51 51 51 51 51 51 51 49 49 Spain..................................... 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Sweden................................ 24 24 24 24 24 24 24 24 24 24 24 24 24 24 Switzerland.......................... 93 93 92 91 90 88 87 87 91 91 91 91 92 91 United Kingdom............... 348 353 355 359 364 368 375 379 383 371 380 390 415 423 Other Western Europe.... 49 50 50 50 50 50 51 51 51 51 51 51 51 38 Eastern Europe.......... 7 7 7 7 7 7 7 7 7 7 7 7 7 7 Total 605 609 611 613 624 626 633 637 646 634 643 652 674 669 Canada 692 695 722 719 716 717 717 718 716 715 716 527 463 378 Latin America: Latin American republics.. 8 8 7 7 6 6 6 6 6 6 6 6 6 5 Other Latin America...... 19 18 18 18 18 18 18 18 18 18 18 20 20 20 Total 25 24 24 24 24 24 24 24 24 24 24 25 26 25 Asia: Japan........ 9 9 9 9 9 9 9 9 9 9 9 9 9 9 Other Asia 42 42 42 53 53 54 54 54 54 54 54 54 54 54 Total 50 50 50 62 62 63 63 63 63 63 63 63 62 63 Africa 15 15 23 28 28 28 22 22 22 19 19 19 19 19 Other countries Total foreign countries. 1,388 1,395 1,430 1,446 1,455 1,458 1,459 1,463 1,472 1,455 1,466 1,287 1,245 1,153 International and regional: International.................... 250 172 172 172 172 169 169 169 169 169 168 168 168 168 Latin American regional... 75 60 60 61 57 58 38 38 38 35 35 36 36 36 Other regional................ 1 1 1 1 1 I 1 1 Total 325 232 233 234 230 227 207 207 207 204 204 204 205 205 Grand total 1,713 1,627 1,663 1,680 1,685 1,685 1,666 1,671 1 ,679 1,659 1,670 1 ,491 I ,450 1 ,358 Note.—’Data represent estimated official and private holdings of mar­ monthly reports of securities transactions (see Table 15 for total trans­ ketable U.S. Govt, securities with an original maturity of more than 1 actions). year, and are based on a July 31, 1963 survey of holdings and regular 11. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) Payable in dollars Payable in foreign currencies End of period Total Total Canadai Italy2 Sweden Total Austria Belgium Germany Italy Sw la i n tz d er­ B.I.S. 1964......................... 1,440 354 329 25 1,086 50 30 679 257 70 1965......................... 1,692 484 299 160 25 1,208 101 30 602 125 257 93 1966......................... 695 353 144 184 25 342 25 30 50 125 111 • • • *........ 1967—Apr.............. 766 352 144 183 25 414 25 30 101 125 133 May............ 784 349 144 180 25 434 25 151 125 133 June............ 809 349 144 180 25 460 25 151 125 159 July............. 934 349 144 180 25 585 25 276 125 159 Aug............. 1,007 347 144 178 25 660 50 326 125 159 Sept........... 1,257 546 344 178 25 710 50 376 125 159 Oct.............. 1,483 546 344 178 25 937 50 551 125 211 Nov........ 1,563 516 314 177 25 1,047 50 60 601 125 211 Dec............. 1,563 516 314 177 25 1,047 50 60 601 125 211 1968—Jan............... 1,484 312 114 173 25 1,172 50 60 726 125 211 Feb.............. 1,479 307 114 168 25 1,172 50 60 726 125 211 Mar.............. 1,879 606 414 167 25 1,272 50 60 726 125 311 Apr.............. 2,002 604 4J4 165 25 1,398 50 60 852 125 311 ................. t 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

MAY 1968 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A-77 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 i i n c a Asia Africa co O un th tr e ie r s 1964................... 7,957 « 1,230 1,004 2,235 3,294 131 64 1965 1................ 17,632 1,201 593 2,288 3,343 139 67 (7,734 1,208 669 2,293 3,358 139 67 1966 i................ J7.819 I 1 ,366 620 2,489 3,135 147 62 17,853 1 ,374 611 2,453 3,206 147 62 1967—Mar........ 7,871 1 1 ,261 614 2,508 3,278 148 62 Apr........ 7,957 I ,277 625 2,468 3,387 139 62 May.... 8,111 1 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 I ,258 596 2,574 3,612 117 74 Aug........ 8,282 1 1 ,342 602 2,587 3,560 119 71 Sept........ 8,338 * I ,316 564 2,579 3,692 115 71 Oct........ 8,267 * I ,260 572 2,554 3,704 108 70 Nov....... 8,360 1 ,224 564 2,603 3,791 107 71 Dec........ 28,605 * 21,236 611 2,708 23,879 102 67 1968—Jan......... 8,442 * 1,136 554 2,692 3,889 101 70 Feb. *... 8,534 ♦ 1,132 546 2,722 3,946 117 71 Mar.*... 8,394 ♦ 1,060 527 2,702 3,931 106 68 12a. Europe End of period Total A tr u ia s­ g B iu e m l­ m De a n rk ­ l F a i n n d ­ France G Fe e d r o m . f R an ep y . , Greece Italy N la e e n r t d ­ h s ­ N w o ay r­ t P u o g r a ­ l Spain S d w e e n ­ 1964................................... 1,230 11 48 26 84 81 152 10 114 36 43 23 40 49 1965 1............................... J j I l , , 2 2 0 0 1 8 8 8 5 52 2 3 3 7 7 8 8 7 7 7 72 2 1 1 9 9 0 0 1 1 3 3 1 1 1 1 0 0 3 3 8 8 5 5 1 1 2 2 6 6 5 5 0 0 5 52 2 1966 t............................... J U I » ,3 3 6 7 6 4 1 1 6 6 6 67 7 6 62 2 9 9 1 1 7 7 3 4 2 2 1 2 5 7 1 1 6 6 1 1 0 1 8 0 4 4 0 0 7 7 6 6 4 41 1 6 67 7 7 75 4 1967—Mar.. . ......... 1.261 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 May....................... 1.307 18 67 34 100 68 192 17 75 34 60 34 71 73 June....................... 1,288 17 65 40 101 71 1 88 14 68 29 44 28 72 75 July.............. ; ... 1,258 13 61 37 97 75 198 15 68 31 50 27 68 62 Aug........................ 1,342 16 65 37 93 74 184 15 61 30 51 26 61 68 Sept....................... 1,316 24 66 33 90 79 189 18 57 36 52 26 53 65 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 18 69 49 57 14 53 67 Dec........................ 2^236 17 66 37 78 88 2179 19 58 35 61 26 54 75 1968—Jan......................... 1,136 9 49 34 78 60 151 19 51 38 61 22 54 65 Feb. *................... 1,132 9 47 32 77 73 137 22 54 37 55 19 53 58 Mar.*.................... 1 ,060 7 58 39 77 59 116 14 58 31 55 16 76 59 12a. Europe—Continued 12b. Latin America End of period S la w e n r i ­ t d z­ T k u ey r­ U K d n i o n it m e g d ­ Y sl u a g vi o a ­ W E O u e r t s h o te p e r e r n U.S.S.R. E E O u a r s th o te p e r e r n Total A t r i g n e a n­ Brazil Chile l C o b m i o a ­ ­ Cuba M ic e o x­ 1964................................... 111 37 310 16 20 20 2,235 203 126 176 338 17 644 1965 1 ............................... 173 42 210 28 28 6 27 2,288 232 94 174 270 16 669 373 42 216 28 28 6 27 2,293 232 94 174 270 16 674 1966 1............................... { 1 8 8 8 3 5 5 2 2 2 1 1 93 0 1 19 9 4 3 0 7 2 2 1 1 6 6 2 2 , , 4 4 5 8 3 9 1 1 9 8 3 7 1 1 1 1 2 4 1 1 5 5 8 9 3 3 0 0 5 8 1 16 6 7 7 5 6 7 7 1967—Mar........................ 81 37 217 22 39 1 20 2,508 180 125 146 274 16 853 Apr........................ 82 47 214 23 42 1 20 2,468 181 121 150 249 16 837 May....................... 85 37 267 24 32 21 2,516 175 123 153 232 16 877 June....................... 86 38 274 24 31 1 22 2,544 185 116 155 223 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 2,579 189 118 170 242 16 944 Oct......................... 118 34 242 19 33 ♦ 19 2,554 199 124 172 227 16 929 Nov....................... IIO 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. v................... 106 37 249 15 28 2 20 2,722 227 221 184 193 15 995 Mar.*................... 76 28 241 15 1 1 1 23 2,702 198 213 187 190 15 1 ,009 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-78 INTL. CAPITAL TRANSACTIONS OF THE U.S. ° MAY 1968 12. SHORTTERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 12b. Latin America—Continued 12c. Asia Other Baha­ Neth. Other E pe n r d i o o d f Panama Peru g U u r a u y ­ V zu e e n l e a ­ re l L ic p . s A ub . ­ m B m u & e a d r s a ­ A S n n a t u & 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 s o ia ­ Israel 1964................... 49 108 78 168 224 65 18 21 3,294 2 28 21 7 47 19651................ J 1 5 59 9 1 1 7 7 0 0 4 4 5 5 2 22 2 0 0 2 2 5 5 0 0 5 5 3 3 1 14 4 2 2 3 3 3 3 , , 3 3 5 4 8 3 I 1 2 2 9 9 1 1 7 7 2 2 8 8 6 6 19661................. ( J 8 8 5 4 212 4 4 5 5 2 2 2 2 0 6 2 2 6 7 1 2 6 6 1 1 1 18 8 1 1 7 6 3 3 , ,2 13 0 5 6 I 1 3 3 1 1 1 16 6 6 6 9 9 8 8 1967—Mar.. . . 79 232 56 212 247 56 17 15 3,278 1 33 13 5 Apr....... 75 238 59 200 248 61 17 16 3,387 1 31 14 5 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 21 258 58 15 19 3,692 1 36 12 5 59 Oct........ 53 236 43 21 266 49 9 19 3,704 1 36 6 59 Nov..... 55 248 46 21 288 54 10 20 3,79! 2 29 6 58 Dec..... 47 249 42 226 289 63 10 18 23,879 I 27 10 5 57 1968—Jan........ 248 40 224 266 53 10 19 3,879 1 28 14 5 50 Feb,^... 246 38 228 252 46 10 18 3,946 I 27 12 9 46 Mar.^... 234 40 221 254 62 9 18 3.931 1 27 12 9 47 12c. Asia—Continued 12e. Other countries End of period Japan Korea P p h in il e ip s ­ T w a an i­ T la h n a d i­ O A t s h i e a r Total C s ( h K o a n i s n g a o ­ ) Mo co roc­ 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 A t l r u i a a s ­ ­ o A th l e l r 1964........................... 2,810 21 203 9 65 82 131 1 2 20 42 67 64 48 16 (2,751 22 231 15 82 108 139 1 2 34 43 60 67 52 15 19651......................... 12,768 22 230 15 82 107 139 1 2 34 43 60 67 52 15 19661......................... / ( 2 2 , , 5 5 0 7 2 2 3 31 1 2 2 2 2 0 0 1 1 4 5 8 8 1 1 1 13 3 5 4 1 1 4 4 7 7 1 1 2 2 5 5 0 0 2 2 5 5 6 6 9 9 6 6 2 2 5 5 2 2 1 1 0 0 1967—Mar................ 2,611 38 232 30 89 131 148 1 2 42 30 73 62 53 9 Apr.......... 2,716 52 245 33 84 116 139 * 2 37 26 74 62 53 9 May............... 2,828 44 250 30 83 114 133 * 5 34 31 63 63 52 11 June............... 2^939 49 270 27 87 122 127 1 2 30 27 66 71 60 12 July............... 2'909 55 289 29 81 116 117 1 2 31 26 58 74 62 12 Aug,........ 2,864 46 299 23 88 119 119 2 33 25 59 71 59 13 Sept................ 2,977 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 I 2 37 14 54 71 58 13 Dec................. 23'154 59 295 37 99 135 102 1 2 37 11 52 67 54 13 1968—Jan................. 3,181 48 290 41 105 125 101 1 2 37 12 49 70 58 13 Feb.?............ 3,213 52 307 44 107 128 117 1 3 39 11 64 71 59 12 Mar.”............. 3,213 54 305 44 92 129 106 I 2 37 11 55 68 55 13 1 Data on the two lines shown for this date differ because of changes in Note.—Short-term claims are principally the following items payable reporting coverage. Figures on the first line are comparable in coverage on demand or with a contractual maturity of not more than 1 year: loans with those shown for the preceding date; figures on the second line are made to, and acceptances made for, foreigners; drafts drawn against comparable with those shown for the following date. foreigners, where collection is being made by banks and bankers for their own account or for account of their customers in the United States; 2 Includes revisions arising from changes in reporting coverage as and foreign currency balances held abroad by banks and bankers and follows: Total, + $12 million; Europe, 4- $4 million; Asia, 4- $8 million. their customers in the United States. Excludes foreign currencies held by U.S. monetary authorities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A-79 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 End of period Total Loans to—■ Collec­ A a c n c c e e p s t ­ g F o o v r t e , i g s n e ­ Total Official t o io u n t­ s fo m r a a d c e c t, Other Total D w e it p h o s fo its r­ c c u o ri m tie l. s , Other Total institu­ Banks Others stand­ of for­ eigners and fi­ tions1 ing eigners nance paper 1964............................... 7.957 7,333 2,773 221 1 ,403 1,150 1,135 2,621 803 624 336 187 102 1965 2............................. J7.632 7’158 2 ^967 271 1,566 1 J 30 1J 268 2,501 422 474 325 54 95 734 7,243 2,970 271 1,567 1,132 1 ,272 2,508 492 492 329 68 96 1966 2............................ / 1 7 7 . , 8 8 1 5 9 3 7 7 , , 3 4 9 3 9 3 3 3 , , 1 1 4 3 1 8 2 2 5 5 6 6 1 1 , , 7 7 3 3 9 9 1 1, , 1 1 4 4 5 3 1 1 , , 3 2 6 8 7 8 2 2, , 5 4 4 5 0 0 4 4 4 6 3 4 4 4 2 2 0 0 2 24 4 1 0 7 70 0 1 n 1 o 0 1967—Mar.................... 7 871 7,448 3,023 252 1,611 1 ,160 1 356 2,628 441 423 275 50 97 Apr..................... 7 957 7,537 2369 271 1 536 1 ’ 162 I 352 2,739 476 421 256 77 88 May.................... 8’111 7^698 2,928 246 1 557 1,125 1 ,385 2,914 471 413 263 62 89 June. ................. 8’261 7,862 2,917 253 1 ,553 1,111 1 330 3,028 487 400 262 54 83 July,.................. 8’232 7,817 2^871 261 1 ,482 1 J27 1 ’430 3’039 478 415 281 57 78 Aug..................... 8,282 7,771 2^918 287 1 ,’497 1 '134 1 ,440 2,’944 470 510 368 70 73 Sept.................... 8338 7,916 3 i046 271 1 ^595 1 ,’181 1 352 2'929 489 422 291 48 83 Oct...................... 8,267 7’834 2,977 270 1 ,556 1,152 1 ,456 2'899 502 433 293 61 79 Nov............ 8 360 7^950 3’033 264 1 ,566 1 '204 1 ,508 2,942 467 410 269 71 70 Dec.2................. / [ 8 8 , , 5 6 9 0 3 5 8 8 , , 1 1 6 8 8 0 3 3. ; 1 1 6 5 1 0 3 3 0 0 6 6 1 1 , , 6 6 0 1 3 3 1 1 ; , 2 24 4 2 i 1 1 ’ .5 5 4 0 8 7 3 3, ^ 0 1 1 6 6 4 4 9 5 6 5 4 4 2 2 5 5 2 2 8 8 7 7 7 7 4 4 6 6 3 3 1968—Jan...................... 8 442 8,039 3 ,077 293 1 ,557 1 ,227 1 ,560 3,029 374 403 261 70 72 Feb. ........... 8’534 8’ 167 3 J 64 302 1 '647 1 '215 1 ’627 2’982 395 367 255 55 57 Mar.''................. 8,394 8,069 3,045 306 1 .524 1 ,216 1 ,630 2’995 398 325 219 50 56 i Includes central banks. with those shown for the preceding date; figures on the second line are 2 Data on the two lines shown for this date differ because of changes in comparable with those shown for the following date, reporting coverage. Figures on the first line are comparable in coverage 14. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Liabilities Claims Type Country or area Inter­ Endof period Total F c o t o r r i u e e i n s g ­ n n re a g a ti i n o o d n n a a l l Total P L a o y a a n b s le in d o A o th ll l e a l r rs P f r o e a c r n y i e u n c a i r i g b e ­ n l s e U K d n i o n it m g e ­ d E O u t r h o e p r e Canada Am La e t r i i n c a Japan O A t s h i e a r t O c r o ie t u h 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 4317 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 1,143 326 1,346 326 409 562 1967-—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 Dec........ ’'2,498 'I ,805 r693 3,895 3,621 258 15 56 720 413 1 ,556 180 433 537 1968-—Jan..... 2,500 1 ,812 688 3,833 3,574 247 12 57 708 416 1 ,514 176 430 533 Feb.*'.. . 2,520 1 ,837 683 3,769 3,517 24! 10 55 684 400 1 ,475 175 442 539 Mar.*’... 2,550 1 ,916 635 3,691 3,446 235 II 54 671 401 1 ,436 172 448 509 t Includes Africa. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-80 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ MAY 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 Pur­ Net pur­ Pur­ Net pur­ Pur­ Net pur­ Total I a n n t d i. Foreign chases Sales cha s s a e le s s or chases Sales cha s s a e le s s or chases Sales cha s s a e le s s or 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—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. 17 16 16 915 760 156 127 168 -41 68 65 3 June, 5 -3 9 -3 12 926 821 105 248 309 -61 71 95 -24 July. -3 3 3 943 740 203 145 314 -169 68 69 Aug. -19 -20 -6 7 877 793 84 147 225 -78 67 106 -39 Sept. 5 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 -3 -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 -191 13 1,109 831 277 85 264 -179 68 79 Feb.p. -42 -42 -65 23 990 648 342 156 265 -108 70 80 -10 Mar. p -92 -92 -103 1,089 809 279 325 375 -50 110 148 -38 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to agencies and corporations that are not guaranteed by the United States. official institutions of foreign countries; see Table 11, Note.—Statistics include transactions of international and regional 2 Includes State and local govt, securities, and securities of U.S. Govt. organizations. 16. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Type of security Country or area Period Total Stocks Bonds France S l z a w e n r d i ­ t­ U K d n i o n it m e g d ­ E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r­ Asia Africa O c t o r t i h u e e n s r ­ re I g a n i n o t d i n , al 1964.............. -173 -349 176 -37 -200 -4 14 -228 3 25 10 -1 18 1965.............. -375 -413 38 14 14 -522 47 -446 42 -13 24 -4 2 21 1966.............. 703 -333 1,036 37 65 -80 116 140 224 65 18 1 4 251 1967.............. 1,059 748 311 182 426 -452 220 375 305 115 79 34 17 136 1967—Mar.. 52 -14 65 10 5 11 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.. . 277 155 122 16 85 7 66 175 63 16 5 3 1 14 Feb. p. 342 81 261 33 94 92 92 311 24 -5 5 8 Mar.p 279 247 32 10 34 7 268 319 29 -14 5 I * -59 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

MAY 1968 o INTL. CAPITAL TRANSACTIONS OF THE U.S. A-81 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) Inti, Total Period Total g a i r o n e n d ­ 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 a m c t a e in r ­ Asia r A ic f a ­ O c t o r t i h u e e n s r ­ E pe nd ri o o d f Deposits U.S A . s G s o e v ts t , i n cu E s a t r o m d a y rked securities t 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 -14 -27 1966.............. 174 7,036 12,946 1967—Mar. -43 -87 44 22 -51 29 28 6 II 1967—Apr... 123 7,912 12,975 Apr., -93 -94 1 2 1 13 -5 -12 1 May.. 193 7,799 12,972 May. -39 -1 -38 11 -23 -23 -5 1 2 June.. 147 7,667 12,977 June, -85 -9 -76 22 -45 5 -49 -10 July... 117 7,665 12,976 July. -171 -14 -157 27 -117 3 -53 1 -18 Aug... 144 7,535 12,993 Aug. -117 -43 -75 -23 -24 2 -31 -I 2 Sept... I 17 7,558 12,992 O S N D e e o c p c t v , t . . . . - - - 2 1 1 -4 0 7 4 5 5 4 2 - - 3 7 - 1 4 7 2 3 - - - 1 2 1 - 0 0 5 7 3 0 4 -6 - - 4 4 2 7 - - - 1 1 1 0 2 4 1 7 8 6 -6 * 2 3 - -1 1 -9 1 4 5 -8 * * * 2 2 2 ♦ O N De o c c t v , . , . . , . . . . 1 1 1 6 3 3 8 5 5 9 9 7 , , , 8 2 4 6 2 5 1 3 6 1 1 1 3 3 3 , , , 2 0 0 5 3 0 3 2 0 1968—Jan.... 160 8,861 13,201 1968—J F a e n b . . . ” . . - -1 1 1 9 8 0 -6 1 4 0 - -1 1 2 2 8 6 -7 4 - - 1 1 1 1 6 2 - -5 I -1 -3 2 - - 1 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 Mar,” -88 -33 -55 -29 -8 -40 10 12 2 Apr... 140 8,763 13.614 1 U.S. Treasury bills, certificates of indebtedness, notes, and bonds; includes securities payable in foreign currencies. Note.—-Excludes deposits and U.S. Govt, securities held for international organizations. Earmarked gold is gold held for foreign and international, accounts and is not included in the gold stock of the United States. Notes to Tables 3-21 Note.—The tables in this section (Nos. 3-21) provide Data on short-term liabilities to foreigners shown in data on U.S. reserve assets and liabilities and other sta­ Tables 8 and 9 (formerly Tables 1 and 2) were revised to tistics related to the U.S. balance of payments; see Table exclude the holdings of dollars by the IMF derived from 1. A number of changes were introduced in the May 1967 payments of the U.S. subscription and from the exchange issue of the Bulletin to increase the usefulness of this transactions and other operations of the IMF. (Liabilities section. representing the “gold investment” of the IMF continue At that time the table showing the U.S. gold stock and to be included.) This change in the treatment of the holdings of convertible foreign currencies (now Table 4) “holdings of dollars” of the IMF is related to the revision was revised to include in the reserve assets of the United of the table on U.S. monetary reserve assets (Table 4) to States its reserve position in the International Monetary include the U.S. reserve position in the IMF. The “hold­ Fund. In accordance with IMF policies, the United ings of dollars” of the IMF do not represent liabilities to States has the right to draw foreign currencies equivalent foreigners in the same sense as do other reported liabili­ to this amount virtually automatically if needed. (Under ties to foreigners. They are more accurately viewed as appropriate conditions the United States could draw contingent liabilities, since they represent essentially the additional amounts equal to the U.S. quota of $5,160 amount of dollars available for drawings from the IMF million.) This presentation corresponds to the treatment by other member countries. Changes in these holdings of U.S. monetary reserves in the U.S. balance of pay­ (arising from U.S. drawings and repayments of foreign ments. currencies, from drawings and repayments of dollars Table 5 shows the factors that affect the U.S. position by other countries, and from other dollar operations of in the IMF. the IMF) give rise to equal and opposite changes in the Table 6 brings together the various statistical compo­ U.S. gold tranche position in the IMF. In the absence of nents of the liabilities that enter into the U.S. balance of U.S. lending to the IMF, the gold tranche position is payments calculated on the liquidity basis. The inclu­ equal to the U.S. reserve position in the IMF. Since the sion of the U.S. reserve position in the IMF in Table 4 reserve position is included in U.S. reserve assets, it is requires that the “holdings of dollars” of the IMF be necessary, in order to avoid double-counting, to exclude excluded from the data on liabilities to foreigners, in the “holdings of dollars” of the IMF from U.S. liabilities order to avoid double counting. For further explanation to foreigners. The revised presentation conforms to the of this change in the liabilities statistics, see next to last treatment of these items in the U.S. balance of payments paragraph. and the international investment position of the United Table 7 (formerly Table 1), presenting an area break­ States. . down of U.S. liquid liabilities to official institutions of Table 10 shows estimated foreign holdings of market­ foreign countries, was revised to include holdings of able U.S. Govt, bonds and notes. convertible nonmarketable U.S. Govt, securities with an original maturity of more than 1 year. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-82 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ MAY 1968 19. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (End of period; in millions of dollars) Liabilities to foreigners Claims on foreigners Area and country 1966 1967 1966 1967 Dec. Mar. June Sept. Dec." Dec. Mar. June Sept. Dec.” Europe: Austria....................................................... 2 2 2 2 2 8 8 9 7 8 Belgium..................................................... 32 34 28 32 26 53 63 39 45 42 Denmark................................................... 3 5 8 8 7 14 H 10 9 U Finland...................................................... 1 1 2 2 3 4 4 5 6 6 France........................................................ 62 61 55 61 64 110 122 102 99 111 Germany, Fed. Rep. of.......................... 78 81 85 94 92 127 122 122 115 138 Greece....................................................... 2 2 2 3 8 15 17 18 20 20 Italy........................................................... 54 62 65 66 61 101 98 80 93 103 Netherlands.............................................. 68 80 78 82 79 48 45 47 45 51 Norway..................................................... 2 2 3 3 4 8 7 7 8 8 Portugal.................................................... 9 7 5 6 6 7 6 7 6 7 Spain......................................................... 27 30 36 35 31 61 76 62 77 90 Sweden...................................................... 17 19 21 24 24 36 18 18 20 24 Switzerland............................................... 58 47 51 84 86 18 26 24 24 29 Turkey....................................................... 2 2 2 2 3 6 7 9 7 9 United Kingdom..................................... 208 236 234 312 306 579 646 577 542 690 Yugoslavia................................................ 1 * 1 * 4 4 3 3 4 Other Western Europe........................... 4 5 5 3 4 11 12 13 13 14 Eastern Europe....................................... 1 1 1 1 I 2 3 5 4 8 Total.................................................. 631 678 682 820 807 1,212 1,296 1,158 1,141 1,373 Canada......................................................... 146 173 199 190 200 489 482 494 461 545 Latin America: Argentina.................................................. 6 3 4 4 4 39 39 35 29 29 Brazil......................................................... 10 11 10 10 9 65 61 60 75 85 Chile.......................................................... 4 5 6 7 8 32 30 31 26 34 Colombia.................................................. 7 5 9 13 9 25 24 24 20 22 Cuba.......................................................... * * 3 2 2 2 2 Mexico....................................................... 11 16 16 12 10 95 96 125 118 1 14 Panama..................................................... 10 4 3 2 4 12 11 10 14 14 Peru........................................................... 7 6 5 7 6 31 31 29 32 29 Uruguay.................................................... 1 1 1 1 1 7 7 9 6 5 Venezuela.................................................. 36 38 37 36 33 62 56 53 54 59 Other L.A. republics............................... 20 15 17 19 23 60 62 56 59 60 Bahamas and Bermuda.......................... 3 7 5 4 8 18 12 21 25 25 Neth. Antilles & Surinam...................... 7 6 8 5 5 4 5 5 5 7 Other Latin America............................... 1 1 1 10 9 10 7 10 Total................................................. 124 118 122 122 121 463 445 469 473 492 Asia: Hong Kong............................................... 3 4 4 4 5 7 7 9 11 9 India.......................................................... 17 13 15 12 12 34 33 35 39 43 Indonesia................................................... 2 2 4 5 4 7 5 5 3 3 Israel......................................................... 2 1 I 3 5 5 4 5 6 Japan......................................................... 27 30 38 44 62 164 163 179 195 213 Korea......................................................... 3 2 2 1 1 5 7 6 8 9 Philippines................................................ 7 6 7 7 7 17 17 23 22 30 Taiwan....................................................... 4 5 2 1 5 7 12 10 10 11 Thailand............................................ 4 4 4 5 5 11 10 8 10 10 Other Asia................................................ 31 41 39 45 46 75 88 79 78 89 Total................................................ 100 107 114 126 150 331 346 357 380 422 Africa: Congo (Kinshasa)................................... 1 1 1 I * 2 2 2 2 3 South Africa............................................. 17 5 8 7 8 24 16 16 14 14 U.A.R. (Egypt)........................................ 1 2 2 3 3 11 9 7 7 7 Other Africa............................................. 6 7 8 11 12 32 35 32 31 34 Total................................................. 24 15 19 21 23 69 62 58 54 58 Other countries: Australia................................................... 58 52 49 61 58 58 54 44 44 57 Al! other................................................... 6 6 7 8 7 8 8 6 7 7 Total.................................................. 64 58 56 70 65 66 61 50 50 64 International and regional......................... * * * * * * * * 1 * Grand total...................................... 1,089 1,148 1,193 1,349 1,367 2,631 2,692 2,587 2,560 2,955 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

MAY 1968 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A-83 20. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NON BANKING CONCERNS, BY TYPE (In millions of dollars) Liabilities Claims Payable in foreign currencies End of period Payable Pay in a ble Payable Total do i l n la rs cu fo rr r e e n ig ci n e s Total do i l n la rs b D a e n p k o s s i a ts b r w oa ith d in reporter’s Other name 1963—Dec......................................................................................... 626 479 148 2,188 1,778 199 211 [964—Mar...................................................................................... 631 475 156 2,407 1,887 239 282 June...................................................................................... 622 471 151 2,482 2,’000 220 262 June1...................................................................................... 585 441 144 2^430 1,952 219 260 Sept........................................................................................ 650 498 152 21719 2,168 249 302 Dec......................................................................................... 695 553 141 2,776 2,306 189 281 Dec 2...................................................................................... 700 556 144 2,853 2,338 205 310 1965—Mar....................................................................................... 695 531 165 2,612 2,147 189 277 June ...................................................................................... 740 568 172 2’411 1 ’966 198 248 Sept........................................................................................ 779 585 195 2,406 1 '949 190 267 Dec........................................................................................ 807 600 207 2^397 2,000 167 229 Dec. 2..................................................................................... 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........................................................................................ 1,349 1,025 324 2^560 2,122 192 246 Dec?’...................................................................................... 1 ,367 1 ,023 343 2,955 2,524 202 229 i Includes reports from firms having $500,000 or more of liabilities or _ 2 Data differ from that shown for Dec. in line above because of changes of claims; for previous series the exemption level was $100,000, 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 Other K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico Am La e t r in ic a Japan O A t s h i e a r Africa o A th l e l r 1964—Dec.......................... 107 1,081 56 116 190 215 73 137 89 98 91 15 1965—Mar......................... 115 1,075 35 121 203 220 74 137 81 96 91 18 June......................... 110 1’081 31 118 208 221 70 144 85 96 91 17 Sept......................... 120 1,101 31 116 230 217 74 138 89 96 91 18 Dec.......................... 136 1,169 31 112 233 209 69 196 98 114 89 17 Dec.1....................... 147 1,139 31 112 236 209 65 198 98 87 85 18 1966—Mar......................... 176 1,156 27 124 239 208 61 206 98 87 87 19 June........................ 188 i;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 2(4 88 290 110 98 85 15 Sept......................... 415 1,452 40 212 309 212 84 283 109 103 87 13 Dec.’7....................... 418 1,545 43 257 310 212 85 288 128 117 89 16 i Data differ from that shown for Dec. tn line above because of changes in reporting coverage. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-84 GOLD RESERVES □ MAY 1968 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Inti. Esti- E p n e d ri o o d f m to a t t a e l d M t o a n ry e­ U S n ta it te e s d m re a st t e o d f Af is g t h a a n n­ Ar ti g n e a n­ t A ra u l s ia ­ A tr u ia s­ g B iu e m l­ Brazil Burma Canada Chile world1 Fund world ------------.---------- — —------------- —— — — —■ -... —...... -- -.........—- --.......... --------------------------..............- 1961................... 41,120 2,077 16,947 22,095 36 190 162 303 1,248 285 946 48 1962................... 41,475 2, 194 16,057 23,225 36 61 190 454 1,365 225 42 708 43 1963................... 42,305 2,312 15,596 24,395 36 78 208 536 1,371 150 42 817 43 1964................... 43,015 2, 179 15,471 25,365 36 71 226 600 1,451 92 84 1,026 43 1965................... 243,230 31,869 13,806 27,285 35 66 223 700 1,558 63 84 1,151 44 1966.................. 43,185 2,652 13,235 27,300 35 84 224 701 1,525 45 84 1 ,046 45 1967—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, 40 35 84 229 701 1,522 45 84 1,066 47 July........ 2,674 13,136 ........ 35 84 229 701 1.520 45 84 1 ,074 47 Aug........ 2,678 13,075 ........ 35 84 229 701 1,516 45 84 1 ,086 46 Sept........ 42,955 2,679 13,077 27,200 33 84 228 701 1 ,514 45 84 1.099 46 Oct......... 2,680 13,039 33 84 230 701 1,512 45 84 1.104 46 Nov........ 2,682 12,965 33 84 229 701 1,510 45 84 1,110 45 Dec........ Ml ,600 2,682 12,065 "26,855 33 84 231 701 1 ,480 45 84 1 ,015 45 1968 -Jan.......... 2,684 12,003 33 84 233 701 1 ,460 45 84 1,025 45 Feb......... 2,699 11,900 .... 33 «4 234 701 I ,454 45 84 1.026 42 Mar........ 2.7I I 10,703 .... 33 ...........2..3.3 701 1 .418 84 976 45 — —————----------- _—------- — . --------- ..........-..—... ..■— ........- —..... —_. ------- 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 J 20 243 ...........1..3.0 106 46 2,414 329 1967—Mar........ 28 108 48 5,240 4,294 123 243 145 106 46 2,416 330 Apr......... 28 108 48 5,241 4,296 127 243 145 106 46 2,417 May.... 29 108 48 5,241 4,294 132 243 145 106 2,416 June.... 29 108 47 5,235 4,292 149 243 145 94 2,412 330 July........ 29 108 47 5,233 4,285 150 243 145 94 2,406 Aug........ 30 108 47 5,234 4,283 149 243 145 94 46 2.400 Sept........ 30 108 47 5,234 4,284 130 243 145 94 46 2,401 335 Oct......... 31 108 47 5,234 4,281 132 243 145 94 46 2,398 Nov........ 31 108 47 5,234 4,277 132 243 145 94 46 2,394 Dec........ 31 107 45 5,234 4,228 130 243 144 115 46 2,400 338 1968—Jan.......... 32 107 45 5,234 4,140 131 243 144 151 46 2,364 Feb......... 32 107 45 5,'’34 4,125 130 243 143 151 46 2,368 Mar........ 32 107 45 5 J’35 3.972 134 243 166 165 46 2,376 .............. ------------------------ --------------------------— — — — --—---------- -—-------------—---------- ..........—............... .............. E pe n r d io o d f Kuwait a L n e o b n ­ Libya M c e o xi­ Mo c r o oc­ N la e n th d e s r­ Nigeria N w o ay r­ P s a ta 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 39 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'—Mar........ 73 193 68 12 21 1,731 20 18 53 55 47 650 69 Apr........ 73 193 68 20 21 1,731 20 18 53 55 49 651 69 May.... 73 193 68 49 21 1,731 20 18 53 45 51 654 69 June.... 89 193 68 60 21 1,731 20 18 53 30 53 661 69 July........ 89 193 68 59 21 1,731 20 18 53 25 54. 668 69 Aug,.... 89 193 68 57 21 1 ,731 20 18 53 20 56 686 69 Sept........ 89 193 68 55 21 1,731 20 18 53 20 57 690 69 Oct...... 89 193 68 55 21 1 ,731 20 18 53 20 58 692 69 Nov........ 89 193 68 64 21 1,731 20 18 53 20 59 698 69 Dec........ 136 193 68 66 21 1,71! 20 18 53 20 60 699 69 1968—Jan......... 134 193 68 64 21 1,682 20 18 53 20 62 699 69 Feb........ 124 203 75 21 1,677 20 18 53 20 63 711 69 Mar........ 125 ............... 85 ............... 1,654 II 18 54 20 64 69 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ GOLD RESERVES AND PRODUCTION A-85 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 i n tz d er­ Taiwan T la h n a d i­ Turkey ( U E . g A y . p R t . ) U K d n i o n it m g ed ­ g U u r a u y ­ V zu e e n l e a ­ Y sl u a g vi o a ­ S I e f n o t t t r l i e . ­ ments 4 1961............................... 298 316 180 2,560 43 104 139 174 2,268 180 401 6 115 1962............................... 499 446 181 2,667 43 104 140 174 2,582 180 401 4 —50 1963............................... 630 573 182 2,820 50 104 115 174 2’484 171 401 14 -279 1964............................... 574 616 189 2',725 55 104 104 139 2,136 171 401 17 50 1965............................... 425 810 202 3,042 55 96 116 139 2,265 155 401 19 — 558 1966............................... 637 785 203 2; 842 62 92 102 93 1,940 146 401 21 — 424 1967—Mar.................... 540 784 203 2,679 74 92 97 93 1,677 146 401 21 — 15 Apr.................... S19 784 203 2,643 74 92 97 93 146 401 22 37 May................... 482 784 203 2,619 74 92 97 93 146 401 22 -87 June................... 468 784 203 2,831 81 92 96 93 1,708 146 401 22 -266 July,.............. , , 493 784 203 2,844 81 92 96 93 146 401 21 -271 Aug.................... 487 784 203 2,843 81 92 96 93 146 401 22 375 Sept.................... 489 785 203 2,841 81 92 97 93 I ,831 146 401 22 -364 Oct..................... 518 785 203 2,840 81 92 97 93 147 401 22 — 358 Nov.................... 558 785 203 2,753 81 92 97 93 140 401 22 275 Dec..................... 583 785 203 3,089 81 92 97 93 1 ,291 140 401 22 -624 1968“—Jan..................... 625 785 203 2,978 83 92 97 93 133 401 22 —529 Feb .............. 691 785 203 2^793 83 92 97 93 133 401 21 -406 M ar.................... 742 203 2.603 92 97 93 401 -345 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas, except regional organizations, central banks and govts, of countries listed in those matched by gold mitigation deposits with the United States and this table and also of a number not shown separately here, and gold to be United Kingdom; adjustment is $270 million. distributed by the Tripartite Commission for the Restitution of Monetary 3 Excludes gold subscription payments made by some member countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun­ in anticipation of increase in Fund quotas: for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold the Bank’s gold assets net of gold deposit liabilities. _ This procedure assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual Note.—For back figures and description of the data in this and the countries. following tables on gold (except production), see “Gold,” Section 14 of 2 Adjusted to include gold subscription payments to the IMF made by Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period produc­ Congo tion 1 A S f o r u ic th a R de h s o ia ­ Ghana s ( h K a i s n a ­ ) U St n a i t t e e s d C a a d n a ­ M ic e o x­ r N a i g c u a a ­ Co b l i o a m­ India P p h in il e ip s ­ t A ra u l s ia ­ ot A h l e l r 1960, 1,175,0 748,4 19.6 30.8 58.8 162.0 10 5 7.0 15.2 5.6 14.4 38,0 53.6 1961, 1,215.0 803.0 20.1 29.2 8.1 54.8 156.6 9 4 7.9 14.0 5.5 14.8 37,7 53.9 1962. 1,295.0 892.2 19.4 31,1 54.5 146.2 8 3 7.8 13.9 5.7 14,8 37.4 56.6 1963, 1,355.0 960.1 19.8 32.2 7.5 51.4 139.0 8 3 7.2 4.8 13.2 35.8 64.3 1964, 1,405.0 1,018.9 20,1 30.3 6.6 51.4 133.0 7 4 7.9 12.8 5.2 14.9 33.7 62.8 1965, 1,440.0 1,069.4 19.0 26.4 3.2 58.6 125.6 7 6 6.9 11.2 4.6 15.3 30.7 61.5 1966, 1,445.0 1,080.8 19.3 24.0 5.6 63.1 114.6 7 5 7.0 9.8 4.2 15.8 32.0 61.3 1967, I ,061.6 103.7 9.0 1967—Feb,, 87.8 8.9 6 .8 1.4 2.1 Mar. 89.5 2M 6 .5 2.2 89.1 8.9 6 .8 1.4 2.6 May. 91.2 8.9 6 .8 2.3 June. 89.1 9.1 4 .8 M.7 1.4 2.6 July. 88.9 8.4 4 .7 2.4 Aug. 90.5 8.3 4 .8 2.1 Sept. 89.9 8.0 .8 2.9 2.2 Oct.. 84.1 8.6 .7 2.7 Nov. 90.0 8.2 .8 2.4 Dec., 82.0 8.7 .6 1968—Jan. 90.3 7.7 Feb. 90.0 7.7 1 Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 Quarterly data, countries and Bureau of Mines. Data for the United States are from 3 Data for Jan.-June. the Bureau of the Mint. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-86 MONEY RATES □ MAY 1968 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Apr. 30, 1967 Rate Country 1967 1968 as of Apr. 30, Per Month 1968 cent effective May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Argentina................. 6.0 Dec. 1957 6.0 Austria.................................... 4.25 Apr. 1967 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................................. 4.5 Apr. 1967 5.0 6.0 7.0 7.5 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.S 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..... 3.5 Apr, 1967 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. (962 3.0 Iceland.................................... 9.0 Jan. 1966 9.0 India........................................ 6.0 Feb. 1965 5.0 5.0 Indonesia................................. 9.0 Aug, 1963 9.0 Iran......................................... 5.0 Aug. 1966 5.0 Ireland..................................... 5.56 Apr. 1967 5.44 5.50 5.56 5.50 5.53 5.94 7.75 7.78 7.69 7.62 7.39 7.39 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 July 1966 6.0 Spain....................................... 4.0 June 1961 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 S8.0 7.5 7.5 Venezuela. .............................. 4.5 Dec. 1960 | 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks Brazils per cent for secured paper and 4 per cent for certain agricultural was fixed at 6 per cent. Rates on Ioans 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); □ne-eighth each month beginning with May 1, 1959, but the rates are Ecuador—6 per cent for bank acceptances for commercial purposes; raised by 1.5 per cent for each month in which the reduction does not Indonesia— various rates depending on type of paper, collateral, com­ occur. modity involved, etc.; 3 Rate shown is for advances only. Japan—penalty rates (exceeding the basic rate shown) for borrowings 4 Rate shown is for call loans. from the central bank in excess of an individual bank’s quota; 5 Effective Nov. 9 the rate was 6.5 per cent. Peru—8 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 and/or gaged in export activities. Preferential rates are also granted on credits to govt, securities for commercial banks or brokers. For 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); and 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

MAY 1968 □ MONEY RATES; ARBITRAGE A-87 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 it n z d er­ Month 3 T m re b o a il n l s s u t , h ry s 1 m Da 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 l s l n s u t , h ry s D m a d o y a n - y e t o y ­ a B d llo e a p w n o o k a n s e n . i r t c s s e ’ m Da o d n y a e - y t y o 3 ­ Tr 6 d e b 0 a a il y - l s 9 s s u 0 , 4 r y D m a o d y n a - y e t o y ­ 5 3 T r m e b a o ill s n s u t , h ry s D m a d o y a n - y e t o y ­ d P is r r c i a v o t a e u te n t 1965—Dec.............. 4.45 4.03 5.91 5.48 4.79 4.00 4.48 3.88 4.00 4.29 3.47 3.00 1966—Dec.............. 5.05 4.71 6.94 6.64 6.00 5.00 5.68 4.75 5.81 4.90 3.68 4.00 1967—Mar.............. 4.26 4.24 6.18 5.72 5.30 4.26 5.02 3.75 4.00 4.64 4.57 4.25 Apr.............. 4.00 3.90 5.69 5.39 4.98 4.00 5.03 3.75 4.19 4.47 4.25 4.25 May............. 4.14 4.12 5.47 5.23 4.55 3.56 4.79 3.00 3.00 4.56 4.36 4.25 June............. 4.34 4.27 5.44 5.27 4.54 3.50 4.29 2.75 3.63 4.56 4.38 4.25 July............. 4.27 3.68 5.47 5.34 4.51 3.50 4.76 2.75 2.38 4.54 4.38 4.13 Aug.............. 4.33 4.16 5.53 5.32 4.56 3.50 4.46 2.75 2.56 4.49 3.83 4.00 Sept........ 4.50 4.24 5.54 5.34 4.58 3.50 4.34 2.75 3.13 4.48 3.69 4.00 Oct,............. 4.91 4.82 5.79 5.60 4.81 3.71 4.48 2.75 2.19 4.50 4.60 J. 75 Nov........ 5.15 4,69 6.88 6.55 5.80 4.90 4.67 2.75 2.31 4.50 3.23 3.75 Dec.............. 5.80 5.67 7.78 7.52 6.83 6.00 4.76 2.75 2.44 4.51 4.05 3.75 1968—-Jan............... 6.01 5.32 7.78 7.48 6.85 6.00 5.00 2.75 2.38 4.33 3.12 3.75 Feb.............. 6.69 6.38 7.75 7.45 6.86 6.00 4.77 2.75 2.69 4.19 3.65 3.75 Mar............. 6.93 6.76 7.65 7.25 6.72 5.81 .........2....7..5... 2.31 4.34 3.10 3.75 i Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month. 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. Note.—For description and back data, see ’‘International Finance,” ♦ Rate in effect at end of month. Section 15 of Supplement to Hanking 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 q K ( u U i a n o U n d g t . i a j d t S . e t o . i t d o o m n U S n ta it te e s d L S ( o f p n a o r d v e f o o a d r n ) P d f ( ( o p r is + e - r o c w m ) u ) o a n i o u o u r d n n d m r t i L n ( o c f N n e a o n d v e f t o o t i v r n e ) qu A i o n s t e d C ana q d u A a o U d t j . a . S t t . i o o n U S n ta i t t e e s d C S ( a f p a n o r v e a f o a d d r a ) C d f ( ( o d a is + - o r n c w ) l a ) l o a a d u o o r r i s a n n d r n t i C n ( c a f N e a n o n v a e f t o d t i v a r e ) basis) Canada basis 1967 Dec. 1................ 7.33 4.93 2.40 -1.17 4-1.23 5.46 5.33 4.93 + .40 -.17 + .23 8............... 7.32 4.89 2.43 -2.83 -.40 5.55 5.45 4.89 + .56 -.32 + .24 15............... 7.27 4.98 2.29 -4,72 -2,43 5.82 5.69 4.98 + .71 -.50 + .21 22............... 7.26 4.92 2.34 -4.67 -2.33 5.97 5,84 4.92 + .92 -.48 + .44 29................ 7.26 4.98 2.28 -2.83 -.55 5.95 5.82 4.98 + .84 -.49 + .35 1968 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 + .64 -1.74 -1.10 26. ....... 7.34 4.87 2.47 -2.99 -.52 6.26 6.08 4.87 + 1.21 -1.30 -.09 Feb. 2............... 7.38 4.81 2.57 -2.59 -.02 6.35 6.15 4.81 + 1.34 -1.20 + .14 9............... 7.32 5.01 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 + 1.58 -1.41 + .17 Mar. 1............... 7.24 5.00 2.24 -3.09 -.85 6.75 6.60 5.00 + 1.60 -1.50 + .10 8............... 7.15 5.06 2.09 -7.01 -4.92 6.82 6.61 5.06 + 1.55 -1.62 -.07 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 5.23 + 1.40 -1.51 -.11 11............... 6.97 5.37 1.60 -4.33 -2.73 6.87 6.66 5.37 + 1.29 -1.38 -.09 19............... 6.97 5.50 1.47 -3.83 -2.36 6.93 6.72 5.50 + 1.22 -1.47 -.25 26............... 6.90 5.49 1.41 -4.53 -3.(2 7.00 6.79 5.49 + 1.30 -1,53 -.23 May 3............... 6.94 5.44 1.50 -4.06 -2.56 7.00 6.79 5.44 + 1.35 -1.62 -.27 Note.—Treasury biMs: All rates are on the latest issue of 91-day bills. All series: Based on quotations reported to F.R. Bank of New York U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K. by market sources. rates are Friday opening market offer rates in London. For description of series and for back figures, see Oct. 1964 Bulletin, Premium or discount on forward pound and on forward Canadian dollar; pp, 1241-60. For description of adjustments to U.K. and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table 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

A-88 MONEY RATES □ MAY 1968 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—Apr................................................................28501 111.52 3.8679 2.0121 92.378 20.954 14.472 31.063 May..............................................................28505 111.43 3.8686 2.0145 92.400 20.946 14.453 31.062 June.............................................................28506 111.20 3,8698 2.0143 92.544 20.917 14.439 31.062 July...............................................................28501 111.05 3.8714 2.0147 92.766 20.903 14.413 31.062 Aug..............................................................2850S 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 ................... MU.54 3.8635 2.0136 92. 171 16.688 13.419 23.763 Apr................... 28469 111.64 3.8655 2.0105 92.568 16.688 13.413 23.763 Period France Sluuche India Ireland Italy Japan Msiay" Mexico Neth­ (franc) <ruPee) (pound) (lira) (yen) (dollar) <Pes°) erlands (guilder) 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 25.007 816.596 279.30 .16014 .27598 32.538 8.0056 27.630 1967.................................................................... 20.323 25.084 13.255 275.04 .16022 .27613 32.519 8.0056 27.759 1967—Apr...................................................... 20,227 25.167 13.294 279.92 .16009 . 27625 32.589 8.0056 27.683 May..................................................... 20.319 25.147 13.267 279.69 .16008 .27628 32.572 8.0056 27.739 June..................................................... 20.375 25.122 13.242 279.12 .16007 .27627 32.519 8.0056 27.756 July...................................................... 20.395 24.996 13.224 278.73 .16020 .27620 32.478 8.0056 27,866 Aug...................................................... 20.386 24.985 13.220 278.53 .16041 .27599 32.467 8.0056 27.797 Sept...................................................... 20.382 24.988 13.217 278.37 .16049 .27618 32.441 8.0056 27.799 Oct....................................................... 20.393 24.974 13.215 278.32 .16061 .27622 32.432 8.0056 27.809 Nov...................................................... 20.401 25.072 M3.236 9266.18 .16059 .27621 1032.472 8.0056 27.805 Dec....................................................... 20.381 25.094 13.334 240.63 .16019 .27633 32.687 8.0056 27.804 1968—Jan....................................................... 20.307 24.974 13.337 240.91 .16004 .27612 32.712 8.0056 27.747 Feb...................................................... 20.315 24.987 13.337 240.92 .16004 .27616 32.721 8.0056 27.719 Mar................................................. 20.316 25.067 13.319 6239.97 .16023 .27620 32.630 8.0056 27.728 Apr...................................................... 20.290 25.093 13.318 240.18 .16011 .27603 32.654 8.0056 27.632 Period Newland n South Spain ^^ Switz- United King­ (pound) (doUar) “ » « dom (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....................................................................N276.69 12131.97 13.985 3.4784 139.09 1.6383 19.373 23.104 275.04 1967—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...................................................... D276.12 12137.97 13.986 3.4788 138.85 1.6634 19.412 23.128 278.73 Aug............................................................................ 137.89 13.981 3.4766 138.75 1.6637 19.394 23.061 278.53 Sept............................................................................ 137.81 13.978 3.4755 138.66 1.6640 19.381 23,027 278.37 Oct........................ 137.78 13.979 3.4736 138.64 1.6635 19.341 23.035 278.32 Nov............................................................................ 128.28 13.985 3.4654 139.05 91.5831 19.326 23.146 9266.18 Dec............................................................................ 111.95 13.996 3.4817 139.84 1.4236 19.341 23.158 240.63 1968—Jan............................................................................. 112.09 13.997 3.4861 140.00 1.4236 19.366 23.017 240.91 Feb............................................................................. 112.10 14.001 3.4866 140.01 1.4231 19.361 22.994 240.92 Mar............................................................................ 6H 1.66 14.005 3.4854 6139.46 1.4264 19.345 23.085 6239.97 Apr............................................................................ 111.75 14.000 3.4891 139.58 1.4283 19.338 23.049 240.18 1 A new markka, equal to 100 old markkaa, was introduced on Jan. 1, 9 Quotations not available Nov. 21, 1967, 1963, 10 Quotations not available Nov. 21-27, 1967. * Based on quotations through Feb. 11, 1966. *1 Based on quotations through July 7, 1967. 3 Effective Feb. 14, 1966, Australia adopted the decimal currency 12 Effective July 10, 1967, New Zealand adopted the decimal currency system. The new unit, the dollar, replaces the pound and consists of 100 system. The new unit, the dollar, replaces the pound and consists of 100 cents, equivalent to 10 shillings or one-half the former pound. cents, equivalent to 10 shillings or one-half the former pound. 4 Effective Oct. 12, 1967, the Finnish markka was devalued from 3.2 to 4.2 markkaa per U. S. dollar. Quotation not available Oct. 12. Note.—After the devaluation of the pound sterling on Nov. 18, 1967, 5 Quotations not available Nov. 21-24, 1967. the following countries devalued their currency in relation to the U.S. 6 Quotations not available Mar. 15, 1968. dollar: Ceylon, Denmark, Ireland, New Zealand, and Spain. The averages 7 Effective Jan. 1, 1963, the franc again became the French monetary for Nov. 1967 reflect the extent of the devaluation. unit. It replaces, at a t to I ratio, the new franc; introduced Jan. 1, 1960. Averages of certified noon buying rates in New York for cable transfers. 8 Effective June 6, 1966, the Indian rupee was devalued from 4.76 to For description of rates and back data, see ‘‘International Finance," 7.5 rupees per U.S. dollar. Section 15 of Supplement to Banking and Monetary Statistics, 1962. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ BANKS AND THE MONETARY SYSTEM A-89 CONSOLIDATED CONDITION STATEMENT (Jn millions of dollars) Assets Liabilities and canitai — - _.--------- Bank credit Total assets, Tre as- net— ury U.S. Government securities Total Capital Date cur- liabil- Total and Gold rency ities deposits misc. out- Loans, Com- Other and and acstand- Total net merciai Federal secu- capital, currency counts, ing Total and Reserve Other ri ties net net savings Banks banks 1929—June 29.. .. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 Il ,819 64,698 55,776 8,922 1933—June 30.... 4,031 2,286 42,148 21 ,957 10,328 8.199 1 ,998 (31 9.863 48,465 42,029 6,436 1939—Dec. 30,. .. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—'Dec. 31... . 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1 ,284 8.999 90,637 82,811 7,826 1945—.Dec. 31 ... . 20,065 4,339 167,381 30,387 128,417 101,288 24.262 2,867 8,577 191.785 180,806 10,979 1947—Dec. 31... . 22,754 4,562 160,832 43,023 107.086 81,199 22.559 3.328 10,723 188,148 175.348 12,800 1950—Dec. 30.. . . 22,706 4,636 171,667 60,366 96.560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1955—Dec. 31... . 21,690 5,008 217,437 100,031 96,736 70,052 24,785 1 ,899 20,670 244,135 224,943 19,193 I960—Dec. 31.. . . 17,767 5,398 266,782 144,704 95,461 67,242 27,384 835 26,617 289,947 263,165 26,783 1963 Dec 20. . .. 15 582 5 586 333 202 189 433 103 273 69 068 33 552 653 40 497 354 371 323 251 31 118 1964—Dec. 31.... 15,388 5 ,'405 365*366 214>54 106’825 68.’7 79 37>44 1 ,002 44’287 386J59 352‘.964 33,193 1965—Dec. 31... . 13,733 5.575 399,799 242,706 106,716 65,016 40,768 932 50.357 419,087 383,727 35,359 1966—June 30.... 13,434 5,978 410,775 254,693 101,630 58,625 42,169 836 54,452 430,187 391.731 38,454 Dec. 31,... 13,159 6,317 422,676 261,459 106,472 60,916 44.316 1 ,240 54,745 442,152 400,999 41,150 1967—Jan. 25.... 13,200 6,400 418,800 257,000 106,100 60,700 44.200 1 ,200 55,700 438,300 396,900 41,400 Feb. 22.... 13,100 6.400 420,700 256,300 107,300 61.300 44.700 1 .400 57,200 440,300 396,900 43,400 Mar. 29.. .. 13,100 6,500 426,100 259.700 107,700 62.500 44,500 700 58,700 445,700 403,500 42,200 Apr. 26.... 13,100 6,600 430.600 262,100 107,600 60.600 45,400 1 .500 61,000 450.300 406,900 43,400 May 31.... 13,100 6,600 432,800 263,000 107,800 60,300 46,100 1 ,400 62,000 452.500 408,300 44,200 June 30.... 13,110 6,612 439,966 268,967 106,752 58,537 46.718 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. 30. . . . 13,100 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. 30.... H ,982 6.784 468,943 282,040 117,064 66,752 49,112 1,200 69,839 487,709 444.043 43,670 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 1 Not seasonally adjusted Time U. S. Government Date For­ At Cur­ De­ Cur­ De­ Postal eign Treas­ com­ rency mand rency mand Com­ Mutual Savings net 4 ury mer­ At Total outside deposits Total outside deposits Total mercial savings Sys­ cash cial F.R. banks ad­ banks ad­ banks banks 2 tem J hold­ and Banks justed 1 justed 1 ings savings banks 1929—June 29.... 26,179 3.639 22,540 28,611 19,557 8,905 149 365 204 381 36 1933—June 30.... 19,172 4,761 14,411 21,656 10,849 9,621 1,186 50 264 852 35 1939—Dec. 30.... 36,194 6,401 29,793 27,059 15,258 10,523 1,278 I ,2(7 2,409 846 634 1941—Dec. 31.... 48,607 9,615 38,992 27,729 15,884 10,532 1,313 1 ,498 2,215 1 ,895 867 1945—Dec. 31... . 102,341 26,490 75,851 48,452 30,135 15,385 2,932 2,141 2,287 24,608 977 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1 ,682 1 ,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,247 36,314 20,009 2,923 2,518 1 .293 2,989 668 1955—Dec. 31.. . . 133,500 27,400 106,100 138,199 28,285 109,914 78,378 48,359 28,1 29 1 ,890 3,167 767 4,038 394 I960—Dec. 31.... 139,200 28,200 111,000 144,458 29,356 115,102 108,468 71 ,380 36,318 770 3.184 377 6,193 485 1963—Dec. 20... . 153,100 31 ,700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 1 ,206 392 6,986 850 1964—Dec. 31.... 159,300 33,500 125.800 167,140 34,882 132,258 175,898 126,447 49,065 386 1 ,724 612 6,770 820 1965—Dec. 31.... 167,100 35,400 131,700 175,314 36.999 138,315 199,427 146,433 52,686 309 I .780 760 5.778 668 1966—June 30.... 167,600 36,300 131,300 168,089 37.128 130,961 208,647 154,798 53,657 192 1 ,943 I ,049 11,237 766 Dec. 31.... 170,400 37,600 132,800 178,304 39.003 139,301 213,961 158,568 55,271 122 1 .904 1.176 5.238 416 1967—Jan. 25.... 168,800 37,900 130,900 171,000 37,400 133,600 217,500 161.800 55,600 100 1,800 1,200 4,900 400 Feb. 22.... 167,700 38,300 129,400 166,800 37,800 129,000 220,200 164,200 55.900 100 1.800 1,200 6,400 400 Mar. 29.... 172,200 38,000 134,200 169,700 37,600 132,100 224,300 167,500 56.700 100 1 .800 1,300 5.800 700 Apr. 26.,. . 170,600 38,000 132,600 170.600 37,700 132,900 225,600 168,600 56,900 100 1,700 1 .400 6,700 800 May 31.... 173,300 38,600 134,700 171,200 38,500 132,700 228,900 171,500 57,300 100 I ,900 I ,400 4,400 600 June 30.. •. 174,100 38,400 135,700 174,328 39,681 134,647 231,780 173,566 58.161 53 1 ,804 1 ,472 5,427 1 ,311 July 26.. . . 173,500 38,500 135,000 173,300 38,600 134,700 233,600 175,300 58,300 1 ,800 1 ,500 6,200 1,300 Aug. 30.. .. 175,100 38,400 136,700 173,500 38,600 134,900 236,500 177,900 58.600 1 ,900 1,500 3,900 1 .300 Sept. 27.. . . 176,600 38,600 138,000 175,500 38,700 136,800 237,500 178,300 59,200 1,900 1 .500 7,300 711 Oct. 25.... 177,200 39,100 138,100 177,900 39.000 138,900 239,100 179,800 59.300 1,900 1,500 6,900 900 Nov, 29.. . ■ 178,300 39,000 139,300 180,700 39,700 141,000 240,500 180,900 59,600 1 ,900 1,500 5,200 1,800 Dec, 30.... 181,500 39,600 141,900 191,232 41,071 150,161 242,657 182,243 60,414 .......2..,.1..79 1 ,344 5,508 1,123 i Other than interbank and U.S. Govt, less cash items in process of $400 million to demand deposits). collection. , 2 Includes relatively, small amounts of demand deposits. Beginning Note.—For back figures and descriptions of the consolidated condition with June 1961, also includes certain accounts previously classified as statement and the seasonally adjusted series on currency outside banks other liabilities, and demand deposits adjusted, see “Banks and the Monetary System,” 3 After June 30, 1967. Postal Savings System accounts were eliminated Section I of Supplement to Banking and Monetary Statistics, 1962, and from this Statement. Jan. 1948 and Feb. 1960 Bulletins. 4 Reclassification of deposits of foreign central banks in May 1961 Except on call dates, figures are partly estimated and are rounded to reduced this item by $1,900 million ($1,500 million to time deposits and the nearest $100 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-90 COMMERCIAL AND MUTUAL SAVINGS BANKS □ MAY 1968 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank ! Other lia­ Bor- Total Num­ Class of bank Cash bilities row­ capital ber and date assets i and Demand ings ac­ of Total Loans capital Total t counts banks U.S. Other ac­ De­ Time Time3 Govt. counts2 mand U.S. Govt. Other All banks: 1939—Dec. 30........ 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 26 8,19415,035 1941—Dec. 31................. 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 23 8,41414,826 1945—Dec. 31................. 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 22710,54214,553 1947—Dec. 31................. 134,924 43,002 81,199 10,723 38,388 175,09! 161,865 12,793 240 1,346 94,381 53,105 6611,94814,714 1950—Dec. 30................. 148,021 60,386 72,894 14.741 41,086 191,317 175,296 13,577 462 2,809 101,936 56,513 9013,83714,650 1955—Dec. 31.............. 190,780 100,057 70,052 20,670 47,803 242,008220,441 15,059 1,587 3,712 123,238 76,844 16318,1 1214,243 I960—Dec. 31.............. 238,623 144,764 67,242 26,617 53,022 298,126266,196 17,080 1,800 5,949 133,408 107,959 16724,53913.986 1963—Dec. 20................. 302,251 192,686 69,068 40,497 51,536 362,394 319,636 15,267 528 6,734 141,576 155,531 3,70229,88214,079 1964—Dec. 31................ 329,739 216,674 68,779 44,287 61,493 401,161 356,308 17,938 821 6,517 155,248 175,785 2,70032,19614,266 1965—Dec. 31................ 362,320 246,946 65,016 50,357 61 .916 435,483 385,196 18,426 1,009 5,532 160,847 199,381 4,56434,93514,309 371 ,684 258,607 58,625 54,452 60,978 444,807391,731 17,034 1 .099 11,005 153,907208,687 4.44436,071 14,307 Dec. 31................ 381,684266,022 60,916 54,74570,085464,376407,637 19,770 968 4,999 167,821 214,078 4,92936.92614.271 1967—jan. 25................ 379,860 263,530 60,680 55,650 59,570 451,390392,970 16,050 1,110 4,680 153,470217,660 7,01036,91014,266 Feb. 22................. 380,920 262,430 61,300 57,190 61.260454,340394,860 16,640 1 , 180 6,200 150,490220,350 6,74037,14014,260 Mar. 29................. 387,050 265.860 62,470 58,720 58.500 457,800399,140 16.350 1,350 5,520 151,510224,410 6,27037,38014,264 389,660 268,040 60,630 60,990 61,450 463,590404,53016,560 1,350 6,440 154,430225,750 6,64037,44014,262 May 31................ 391,880 269,630 60,260 61,990 64,810 469,530409,520 17,520 1,370 4,160 157,450229,020 7,08037,80014,246 396,754 273,970 58,537 64,247 66,210476,268417,790 18,030 1 ,469 5. 159 161,138 231,995 5,20838,21714,247 401,010 274,930 61,510 64,570 63,150 477,020416,120 17,020 1,480 5,920 157,800233,900 6,91037.94014,247 Aug. 30................ 404,280 274,870 63,510 65,900 59,840 476,930414,950 16,750 1,550 3,640 156,220236,790 6,52038,33014,245 409,200 278,140 64,500 66,560 62,300 484,480422,660 17,040 1,530 7,020 159,300237,770 6,47038,16014,244 Oct. 25................. 412,380 278,430 66,630 67,320 62,300 487,590425,670 17,170 1 ,430 6,680 161,030239.360 6,14038.65014,236 Nov. 29................ 415,110279,740 67,250 68,120 62,650 490,710427,760 16,970 1,340 4,980 163,730240,740 6,92038,89014,240 424,134287,543 66,75269,83978,924517,374455,501 21,883 1,314 5,240 184,139 242,925 5,84639,371 14,223 Commercial banks: 1939—Dec. 30.....4..0.,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32.513 15,331 26 6,88514,484 1941 —Dec. 31................ 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,17314,278 1945—Dec. 31................ 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,95014,011 1947—Dec. 31................ 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792 240 1,343 94,367 35,360 6510,05914,181 1950—Dec. 30................. 126,675 52,249 62,027 12,399 40,289 168,932 155,265 13,577 462 2,806 101,917 36,503 9011,59014,121 1955—Dec. 31................. 160,881 82,601 61,592 16,688 46,838 210,734 192,254 15,058 1,585 3,709 123,187 48,715 15915,30013,716 I960—Dec. 31................ 199,509 117,642 61,003 20,864 52,150 257,552229,843 17,079 1 .799 5,945 133,379 71,641 16320,98613,472 1963—Dec. 20................. 254,162 156,006 63,196 34,959 50,711 312,773275,120 15,267 526 6,729 141,534 111,064 3,66425,67713,570 1964—Dec. 31................ 277.376 175,589 62,991 38,796 60,489 346,921 307,170 17,938 819 6,510 155,184 126,720 2,67927,79513,761 1965—Dec. 31................ 306,060 201,658 59,547 44,855 60,899 377,264332,436 18,426 1,008 5,525 160,780 146,697 4,47230,27213,804 1966—'June 30................ 314,238 211,980 53,503 48,755 60,013 385,393 338,00417,034 1 ,098 10,998 153,846 155,029 4,35331,30913,802 Dec. 31................ 322,661 217,726 56,16348,77269.119403,368352,287 19,770 967 4.992 167,751 158,806 4,85932,05413,767 1967—Jan. 25................. 320,320 214,970 56,000 49,350 58,600 389,820337,320 16,050 1,110 4,680 153,410 162,070 7.01032,05013,762 Feb. 22................. 320,890213,600 56,60050,690 60,220 392,220338,87016,640 1,180 6,200 150,430 164,420 6,74032,24013,756 Mar. 29................. 326,570 216,750 57,830 51,990 57,360 395,100342,400 16,350 1,350 5,520 151,450 167,730 6.27032,47013,760 328,830218,730 56,150 53,950 60,380400,610347,59016,560 1,350 6,440 154,370 168,870 6,64032,58013,758 May 31................. 330,400 219,880 55,830 54,690 63,710 405,880352,140 17,520 1,370 4,160 157,380 171,710 7,08032,88013,743 334,857 223,952 54,233 56,671 65,059 412,118359,531 18,029 1,468 5.152 161,048 173,833 5,16633,28513,744 July 26................. 338,570 224,780 57,110 56,680 62,070412,380357,750 17,020 1,480 5,920 157,730 175,600 6,91033,03013,746 Aug. 30................. 341,230224,340 59,140 57,750 58,810 411,730356,25016,750 1,550 3,640 156,150 178,160 6,52033,36013,744 Sept. 27................. 345,780 227,430 60,09058,260 61,300418,910363,390 17,040 1,530 7,020 159,230 178,570 6,47033,19013,743 Oct. 25................. 348,810227,420 62,370 59,020 61.300 421.870366,250 17.170 1 .430 6,680 160,940 180,030 6,14033,68013,735 Nov. 29................. 351,100 228,460 62,850 59,790 61,730 424,650368,10016,970 1,340 4,980 163,640 181,170 6,92033,89013,739 Dec. 30................. 359,903235,954 62,473 61,47777,928451,012395,00821,883 1,314 5,234 184,066 182,511 5,77734,38413.722 Member banks: 1939—Dec. 30........ 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,257 154 743 27,489 11,699 3 5,522 6,362 1941—Dec. 31................ 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31................ 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,576 6422,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31.............. 97,846 32,628 57,914 7,30432,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1950—Dec. 30.............. 107,424 44,705 52,365 10,355 35,524 144,660 133,089 13,106 341 2,523 87,783 29,336 79 9,695 6,873 1955—Dec. 31................ 135,360 70,982 50,697 13,680 41,416 179,414 163,757 14,512 1.353 3,327 105,400 39,165 13712,783 6,543 1960—Dec. 31................ 165,619 99,933 49,106 16,579 45,756 216,577 193,029 16,436 1 .639 5,287 112,393 57,272 13017,398 6,174 1963—Dec. 20................. 210,127 131,712 49,34229,073 44,395 261,469 229,376 14.518 382 5,986 117,562 90,929 3,49921,054 6,112 1964—Dec. 31................ 228,497 147,690 48,717 32,089 52,737 289,142255,724 17,007 664 5,838 128,539 103,676 2,48122,901 6,225 1965—Dec. 31................ 251,577 169.800 44,99236,785 52,814 313,384275,517 17,454 840 4,890 132,131 120.202 4,23424,926 6,221 1966—June 30................. 257,767 178,257 39,942 39,569 52,853 320,350280,339 16,164 928 9,979 126,572 126,696 3,98525,678 6,194 Dec. 31................ 263,687 182,802 41,92438,96060,738 334,559291,063 18,788 794 4,432 138,218 128,831 4,61826,278 6,150 1967—Jan. 25................. 261,583 180,244 41,773 39,566 51,387 322,412277,460 15,228 937 4, 161 125,481 131,653 6,63826,285 6,137 Feb. 22................. 262,135 178,958 42,404 40,773 52,973 324,753279,014 15,828 1,006 5,506 123,124 133,550 6,42626,453 6,130 Mar. 29................ 267,086 181,604 43,545 41,937 50,276327,040281,903 15,547 1,172 4,857 124.096 136,231 6,04426,639 6,129 Apr. 26................. 268,466 182,821 42,001 43,644 53,487 331,864286,486 15,742 1 , 172 5,899 126,642 137,031 6,40026,749 6,127 May 31................ 269,654 183,480 41,900 44,274 56,487 336,422290,441 16.716 1,194 3,629 129,570 139,332 6,76527,009 6,113 June 30................. 273,266 186,814 40,636 45,816 57,391 341,290296,548 17,167 1,314 4,580 132,546 140,942 4,92027,237 6,108 July 26................. 276,381 187,536 42,957 45,888 55,166 341,784294,976 16,187 1 .326 5,286 129,674 142,503 6,62527,061 6,108 Aug. 30.......... 278,259 187,130 44,416 46,713 52,060 340,576293,115 15,891 1,393 3,128 128,086 144,617 6,20927,318 6. 100 Sept. 27................. 281,993 189,870 45,003 47,120 54,477346.853 299,334 16,162 1.377 6,318 130,683 144,794 6,14127,233 6,095 Oct, 25................. 284,341 189,676 46,967 47,698 54,470 349,107301,584 16,284 1,275 6,051 132,075 145,899 5,80827,575 6,086 285,700 190,515 47,091 48,094 54,809 350,888 302,689 16,082 1,189 4,356 134,283 146,779 6,45627,734 6,083 293,120 196,849 46,95649,31568,946373.584326,033 20,811 1,169 4,631 151,980 147,442 5,37028,098 6,071 For footnotes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ COMMERCIAL AND MUTUAL SAVINGS BANKS A-91 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 1 Other lia­ Bor­ Total Num­ Class of bank Cash bilities row­ capital ber and date assets 1 and Demand ings ac­ of Total Loans capital Total1 counts banks U.S. Other ac­ De­ Time Time1 Govt. counts2 mand U.S. Govt. Other Mutual savings banks: 1939—Dec. 30................. 10,216 4,927 3, 101 2,188 818 11,852 10,524 10,521 1,309 551 1941—Dec. 31................. 10,379 4,901 3,704 1,774 793 11,804 10,533 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—Doc. 3H.............. 18,641 4,944 11,978 1,718 886 19,714 17,763 1 3 14 17,745 1 ,889 533 1950—Dec. 30................. 21,346 8,137 10,868 2,342 797 22,385 20,031 3 1920,009 2,247 529 1955—Dec. 31................. 29,898 17,456 8,460 3,982 965 31,274 28,187 2 4 51 28,129 4 2,812 527 I960—Dec. 31................. 39,114 27,122 6,239 5,752 872 40,574 36,353 1 4 29 36,318 4 3,553 514 1963—Dec. 20................. 48,089 36,679 5,872 5,539 826 49,621 44,516 1 6 4244,467 38 4,205 509 1964—Dec. 31................. 52,363 41,085 5,788 5,490 1 .004 54,239 49,138 2 7 6449,065 21 4,401 505 1965—Dec. 31................. 56,260 45,288 5,470 5,501 1 .017 58,219 52,760 8 67 52,686 92 4,663 505 1966—June 30................. 57,446 46,627 5,122 5,697 965 59,414 53,727 1 7 61 53,657 92 4,761 505 Dec. 31................. 59,023 48,296 4,753 5,973 966 61,008 55,350 .......... 1 7 7055,271 69 4,871 504 1967—Jan. 25................. 59,540 48.560 4,680 6,300 970 61,570 55,650 6055,590 4,860 504 Feb. 22................. 60,030 48,830 4,700 6,500 1,040 62,120 55,990 6055,930 4,900 504 Mar.29................. 60,480 49,110 4,640 6,730 1,140 62,700 56,740 6056,680 4,910 504 Apr. 26................. 60,830 49,310 4,480 7,040 1 ,070 62,980 56,940 6056,880 4,860 504 May 31................. 61,480 49,750 4,430 7,300 1,100 63,650 57,380 7057,310 4,920 503 June 30................. 61 ,898 50,018 4,304 7,576 1,152 64,150 58,259 1 7 9058,161 42 4,932 503 July 26................. 62,440 50,150 4,400 7,890 1 ,080 64,640 58,370 7058,300 4,910 501 Aug. 30................. 63,050 50,530 4,370 8,150 1,030 65,200 58,700 7058,630 4,970 501 Sept. 27................. 63.420 50,710 4,410 8,300 1,000 65,570 59,270 7059,200 4.970 501 Oct. 25................. 63,570 51,010 4,260 8,300 1,000 65,720 59,420 9059,330 4,970 501 Nov. 29................. 64,010 51,280 4,400 8,330 920 66,060 59,660 9059,570 5,000 501 Dec. 30................. 64,231 51,590 4,280 8,362 996 66,362 60,494 1 7 7360,414 69 4,987 501 Reserve city member banks: s New York City: 1939—Dec. 30................ 9,339 3,296 4,772 1 .272 6,703 16,413 14,507 4,231 7 74 9,459 736 1,592 36 1941—Dec. 31................. 12,896 4,072 7,265 I ,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1 ,648 36 1945—Dec. 31................ 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1 ,236 195 2,120 37 1947—Dec. 31................. 20,393 7, 179 11,972 1.242 7,261 27,982 25,216 4,453 12 267 19,040 1 ,445 30 2,259 37 1950—Dec. 30................. 20,612 9,729 8,993 1 ,890 7,922 28,954 25,646 4,370 268 451 18,836 1,722 70 2,351 23 1955—Dec. 31................. 23,583 14,640 6,796 2,148 8,948 33,228 29,378 4,515 1 ,085 756 20,719 2,303 1 2,745 18 I960—Dec. 31................ 27,726 18,465 6,980 2,282 10,301 39,767 33,761 5,289 1,216 1 ,217 21,833 4,206 3,554 15 1963—Dec. 20................. 34,827 23,577 6,154 5,095 9,372 46,434 38,327 4,289 214 1 ,419 20,960 11,446 1,438 3,984 13 1964. .Dec. 31................. 39,507 27,301 6,178 6,028 11,820 53,867 45,191 5,088 436 1,486 23,896114,285 1,224 4,471 13 1965—Dec. 31................ 44,763 33,125 5,203 6,435 11,876 59,517 49,270 5,225 522 1,271 24,265 17,988 1,987 5.114 12 1966—June 30................. 46,453 35,796 4,466 6,192 12,930 62,408 51,799 5,869 606 2,279 24,02019,025 1,293 5.179 12 Dec. 31................. 46,536 35,941 4,920 5,674 14,869 64,424 51 ,837 6,370 467 1 .016 26,535 17.449 1 .874 5.298 12 1967—Jan. 25................. 45,756 35,212 4,775 5,769 11,545 60,042 47,414 5,003 551 848 22,82618,186 2,013 5,323 12 Feb. 22................. 45,474 34.396 5,115 5,963 12,200 60,537 47,404 4,987 601 1 ,065 22,547 18,204 2,280 5,443 12 Mar. 29................. 46,506 35,084 5,291 6,131 11,237 60,533 48,061 4,966 736 998 22,862 18,499 1 ,920 5,450 12 Apr. 26................. 46,656 35,541 4,766 6,349 12,756 62,311 49,602 5,287 726 1 ,768 23,630 18,191 2,163 5,485 12 May 31................. 46,240 35,151 5, 130 5,959 15,394 64,794 51,682 5,954 733 695 25,594 18,706 2,416 5,598 12 June 30................ 47,701 36,441 5,048 6,212 14,688 65,668 52,665 6, 183 817 1 ,021 25,656 18.987 1 ,841 5,604 12 July 26................. 48,380 36,683 5,408 6,289 14,431 65,964 51 ,953 5,495 836 1, 190 24,75419,678 2,536 5,600 12 Aug, 30. . ............. 48,521 36,360 5,634 6,527 12,940 64,698 50,639 5,102 867 574 24,011 20,085 2,140 5,663 12 Sept. 27................. 49,435 36,981 5,599 6,855 13,206 65,951 52,050 5,311 816 1 ,686 24,506 19,731 1 ,688 5,680 (2 Oct. 25................. 49,718 36,480 6,443 6,795 13,672 66,592 52,552 5,252 757 1 ,719 24,80220,022 1 ,695 5,708 12 Nov. 29................. 49,805 36,799 6,257 6.749 13,106 66,251 52,163 5,254 752 828 24,83620,493 1 ,946 5,729 12 Dec. 30................ 52,141 39,059 6,027 7,055 18,797 74,609 60,407 7,238 741 1,084 31,28220,062 1,880 5.715 12 City of Chicago:5 1939—Dec. 30................. 2,105 569 1,203 333 1,446 3,595 3,330 888 80 1 ,867 495 250 14 1941—Dec. 31................. 2,760 954 1 ,430 376 1,566 4,363 4,057 1 ,035 127 2,419 476 288 13 1945—Dec. 31................. 5,931 1,333 4.213 385 1 ,489 7,459 7,046 1,312 1 ,552 3,462 719 377 12 1947—Dec. 31. 5,088 1,801 2,890 397 1 ,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30................. 5,569 2,083 2,911 576 2,034 7,649 7, 109 1,225 3 174 4,604 1,103 490 13 1955—Dec. 31................. 6,542 3,342 2,506 695 2,132 8,720 8,010 1,286 11 222 5, 165 1,327 3 628 13 I960—Dec. 31................ 7,050 4,485 1 ,882 683 2,046 9,219 8, 197 1,380 61 327 4,899 1 ,530 35 822 10 1963—Dec. 20................. 9,615 6,220 1 .705 1 ,690 1 ,970 11,776 10,296 1,211 17 395 4,887 3,787 255 996 12 1964—Dec. 31................. 10,562 7,102 1,873 1,587 2,366 13,289 11,807 1,448 22 396 5,362 4,578 204 1,056 12 1965—Dec. 31................. 11,455 8,219 1 ,700 1,536 2,426 14,290 12,475 1 .437 39 345 5,656 4,999 355 1,132 11 1966—June 30................. 11,715 8,567 1,585 1,564 2,322 14,490 12,385 1,230 43 680 5,249 5, 184 521 1,152 11 Dec. 31................. 11,802 8,756 1,545 1,502 2,638 14.935 12,673 1,433 25 310 6,008 4.898 484 1,199 11 1967—Jan. 25................. 11,648 8,316 1 ,712 1.620 2,673 14,779 11,705 1,169 16 191 5,226 5,103 1,072 1,196 11 Feb. 22................ 11,816 8,428 I ,730 1,658 2,609 14,879 11,978 1,268 14 285 5,192 5,219 559 1, 194 11 Mar. 29................ 12,266 8,584 2.039 1,643 2,733 15,452 12,223 1,244 11 283 5,184 5,501 951 1,193 11 Apr. 26................. 12,127 8,475 1 ,886 1 .766 2,576 15,176 12,345 1,182 11 370 5,264 5,518 702 1,202 11 May 31................. 11,995 8,426 1 ,822 1,747 2,691 15,171 12,633 1,319 11 154 5,488 5,661 644 1 ,223 11 June 30................. 12,133 8,924 1,576 1,633 2,432 15,073 12.814 1,270 20 299 5,537 5,686 359 1,224 11 July 26................. 12,272 8,961 1 ,679 1,632 2,920 15,702 12,877 1,321 10 293 5,416 5,837 655 1,214 11 Aug. 30................. 12,252 8,923 1 ,714 1 ,615 2,606 15,352 12,668 1 ,242 11 127 5,246 6,042 498 1,226 11 Sept. 27................. 12,249 9,065 1,574 1,610 2,791 15,556 12.986 1,230 14 432 5,346 5,964 490 1,224 11 Oct. 25................. 12,300 8,904 1,652 1,744 2,623 15,416 12,943 1,224 8 347 5,385 5,979 416 1,234 11 Nov. 29................. 12,350 8,843 1,701 1,806 2,560 15,375 12,860 1,156 9 227 5,430 6,038 650 1 ,225 10 Dec. 30................. 12,744 9,223 1,574 1,947 2,947 16,296 13.985 1,434 21 267 6.250 6,013 383 1,346 10 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-92 COMMERCIAL AND MUTUAL SAVINGS BANKS □ MAY 1968 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (In millions of dollars) Lotins and a vest metUs Deposits Total assets— Securities Total Interbank i Other lia­ Bor­ Total Num - Cla a s n s d o d f a b te ank Total Loan* G U o .S vt . . Other a C ss a e s t h s 1 c c b o a a i a l u p i n t c n i i d e t ­ t a s s l 2 Total1 m D a e n ­ d Time G U o .S v D t . e . rna O n t d her Time3 r in o g w s ­ c c a o a p u c i n ­ ta ts l ba b o n e f k r s Other reserve city’.6 1939—Dec. 30................. 12,272 5,329 5,194 1.749 6,785 19,687 17,741 3,565 120 435 9,004 4,616 1 ,828 346 1941—-Dec. 31................. 15,347 7,105 6,467 1 ,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1 ,967 351 1945—Dec 31................. 40,108 8,514 29.552 2,042 11,286 51 ,898 49,085 6,418 30 8,221 24,655 9,760 2 2.566 359 1947 Dec 31................. 36,040 13.449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 1 2,844 353 1950—Dec. 30................. 40,685 17,906 19.084 3,695 13,998 55,369 51,437 6,391 57 976 32,366 11,647 3,322 336 1955—Dec 31................. 52.459 28,622 (8,826 5,01 ( 16,994 70,478 64,733 7,207 239 1,288 39,835 16,164 82 4,641 292 196o—Dec. 31................. 62,953 40,002 17,396 5,554 18,668 83,464 75.067 7,989 326 1 ,960 42,267 22,525 73 6,423 217 1963—Dec 20................. 78,370 51,891 16.686 9,792 18,778 99,643 87,994 7,225 95 2,212 43,459 35,004 1 ,417 7,697 190 1964— Dec 31................ 84,670 57,555 16,326 10,789 21,607 109,053 97,145 8,289 134 2,195 46,883 39,645 841 8,488 182 1965—Dec. 31................. 91,997 65,117 14.354 12,526 21,147 116,350 103.034 8,422 206 1 ,773 47,092 45,541 1 ,548 9,007 171 1966—June 30................. 93,831 67,779 12.182 13,869 20,764 118,152 103,985 7,153 215 3,968 44,519 48,131 1 ,756 9,297 170 Dec. 31................ 95,831 69,464 13,040 13,32624,228 123,863 108,804 8,593 233 1,633 49,00449,341 1,952 9,471 169 1967—Jan. 25................. 95,162 68,491 12,875 13,796 20,283 118,870 103,332 7,065 306 1,752 43,830 50,379 2,807 9,465 168 Feb. 22................. 95,797 68,077 13,199 14,521 21,113 120,402 104,520 7.598 327 2,336 42,978 51,281 2,957 9,481 168 Mar. 29................. 97,875 68,880 13,724 15,271 19,706 121,135 105,418 7.387 361 1 .825 43,544 52,301 2,725 9,589 167 97,913 68,684 13,065 16,164 21,543 123,100 107,154 7,290 371 2,334 44,522 52,637 3,050 9,642 166 May 3!................. 98,906 69.174 12,938 16,794 21.164 123,823 107.604 7,477 386 1 ,375 45,114 53,252 3,072 9,701 166 99,460 69,765 12,455 17,240 22,222 125,502 110,225 7,667 370 1 ,880 46,396 53,912 2,109 9,755 166 100,800 69,989 13,437 17,374 21,178 125,666 109,736 7,390 411 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 17.386 21.617 128,028 111,366 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 17,466 21,957 128,973 112,429 7,555 322 1 ,803 47,335 55,414 2,937 9,931 163 Dec. 30................. 105,724 73,571 (4,667 17,487 26,867 136,626 (20,485 9,374 310 1 ,715 53,288 55,798 2,555 10,032 163 Country member banks:6 1939—Dec. 30........ 10,224 4,768 3,159 2,297 4,848 15,666 13,762 572 26 154 7,158 5,852 3 1,851 5,966 1941—Dec 31................. 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1.982 6,219 1945—Dec. 31................. 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1 ,207 17 5,465 24,235 12,494 11 2,525 6,476 1947—Dec. 31................. 36,324 10,199 22.857 3,268 10,778 47,553 44,443 1 ,056 17 432 28,378 14,560 23 2,934 6,519 1950—Dec. 30................. 40,558 14,988 21,377 4,193 11,571 52,689 48,897 1 ,121 12 922 31 ,977 14.865 9 3,532 6,501 1955—Dec. 31................. 52,775 24,379 22,570 5,826 13,342 66,988 61,636 1,505 18 1 ,061 39,681 19,372 52 4,769 6,220 I960—Dec. 31................. 67,890 36,981 22,848 8,060 14,740 84,126 76,004 1 ,778 37 1 ,783 43,395 29,011 23 6,599 5,932 1963—Dec. 20................. 87,316 50.023 24,797 12,496 14,274 103,615 92,759 1 ,793 56 1 ,960 48,256 40,693 390 8,377 5,897 1964—Dec. 31................. 93,759 55,733 24,341 13.685 16,944 112,932 101,581 2, 182 71 1 ,760 52,398 45,169 213 8,886 6,018 1965—Dec. 31................. 103,362 63,338 23,735 16,288 17,366 123,227 110,738 2,371 74 1,501 55,118 51,675 343 9,673 6,027 105,768 66,115 21,709 17,944 16,836 125,301 112,170 1 ,912 64 3,052 52,785 54,357 416 10,050 6,001 bee 31.............. 109,518 68,641 22.419 18,458 19,004 131 ,338 117,749 2,392 69 1 ,474 56,67257,144 308 10,309 5,958 [967—Jan. 25................. 109,017 68,225 22,411 18,381 16,886 128,721 115,009 1,991 64 1 ,370 53,599 57,985 746 10,301 5,946 Feb, 22................. 109,048 68,057 22,360 18,631 17,051 128,935 115, 112 1,975 64 1 ,820 52,407 58,846 630 10,335 5,939 Mar. 29................. 110,439 69,056 22,491 18,892 16,600 129,920 116,201 1,950 64 1,751 52,506 59,930 448 10,407 5,939 Apr, 26................. 111,770 70,121 22,284 19,365 16,612 131,277 117,385 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................. 113,972 71,684 21 ,557 20,731 18,049 135,047 120,845 2,047 106 1 ,380 54,956 62,356 611 10,655 5,919 114,929 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 16,430 135,435 121,040 2,033 69 1,229 54,078 63,631 612 10,637 5,912 117,676 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 25,006 22,073 17,186 140,289 125,237 2,117 106 1,498 56,682 64,834 923 10,849 5,898 122.511 74,995 24,689 22,82620,334 146,052 131,156 2,766 96 1 ,564 61,161 65,569 552 11,005 5,886 i Reciprocal balances excluded beginning with 1942. Reclassification Beginning with June 1963, three New York City banks with loans and of deposits of foreign central banks in May 1961 reduced interbank investments of $392 million and total deposits of $441 million were re­ deposits by a total of $1,900 million ($1,500 million time to other time classified as country banks. Beginning with the last Wednesday in May and $400 million demand to other demand). 1965, total assets of country banks were increased and Other Reserve City 2 Includes other assets and liabilities not shown separately. banks decreased by $645 million as a result of the reclassification of Toledo, 3 Figures for mutual savings banks include relatively small amounts of Ohio, banks from reserve city to country banks. Also see note 6, Oct. demand deposits. Beginning with June 1961, also includes certain ac­ 1962 Bulletin, p. 1315. counts previously classified as other liabilities. 4 Beginning with Dec, 31, 1947, the series was revised. A net of 115 Note.—Data are for all commercial and mutual savings banks in the noninsured nonmember commercial banks with total loans and invest­ United States (including Alaska and Hawaii, beginning with 1959). ments of about $110 million were added, and 8 banks with total loans Commercial banks represent all commercial banks, both member and and investments of $34 million were transferred from noninsured mutual nonmember; stock savings banks; and nondeposit trust companies. Com­ savings to nonmember commercial banks. mercial banks exclude, and member banks include, a national bank in the 5 These data reflect the reclassification of New York City and city of Virgin Islands that became a member in May 1957, and in the period 1941 Chicago as reserve cities effective July 28, 1962; for details see Aug. 1962 to July 1962, from one to three mutual savings banks. Bulletin, p. 993. See also second paragraph of note 6 to this table. Comparability of figures for classes of banks is affected somewhat by 6 Beginning with Feb. 1960 reserve city banks with total loans and in­ changes in F.R. membership, deposit insurance status, and the reserve vestments of $950 million and total deposits of $1,070 million were re­ classifications of cities and individual banks, and by mergers, etc. classified as country banks. Beginning with Aug. 23, 1962 (Topeka and Figures are partly estimated except on call dates. Wichita, Kansas) and Sept. 6, 1962 (Kansas City, Kansas) reserve city For revisions in series before June 30, 1947, see July 1947 Bulletin, banks with total loans and investments of $500 million and total deposits pp. 870-71. of $600 million were reclassified as country banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ BUSINESS LOANS OF BANKS, 1967 A-93 COMMERCIAL AND INDUSTRIAL TERM LOANS OF LARGE COMMERCIAL BANKS (In mil lions of dollars) 1967....Wednesday dates Industry Jan. Feb. Mar. Apr. May J une July Aug. Sept. Oct. Nov. Dec. 25 22 29 26 31 28 26 30 27 25 29 31 Durable goods manufacturing: Primary metals.............................................. 503 51 1 518 545 576 631 661 647 692 710 728 874 Machinery.......................................................... 1.941) 1 ,910 2 ,055 2 033 2.007 2,1 19 2.045 2.012 1 .963 2.012 1 ,982 2,001 Transportation equipment.............................. 855 865 854 818 849 835 812 783 836 856 898 888 Other fabricated metal products.................... 597 590 598 598 645 665 679 671 671 672 673 675 Other durable goods....................................... 1 .026 1 057 1 .065 I .025 1 .035 1 .033 1 .001 983 1 ,006 965 992 1 .017 Nondurable goods manufacturing: Food, liquor, and tobacco......................... 659 659 651 655 679 691 690 735 728 718 733 758 Textiles, apparel, and leather....................... . 402 409 388 398 393 427 426 422 421 450 455 465 Petroleum refining.......................................... 1 .234 1.217 1 ,225 1.188 1 .209 1,278 1 .298 1.128 1 ,154 1 .178 1 ,240 1,256 Chemicals and rubber...................................... 1.375 1 .41 1 1 ,462 1 .530 1 .503 1 .469 1 ,480 1 .489 1 ,522 1 .546 1 ,484 1 .532 Other nondurable goods................................. 871 856 890 892 905 924 951 988 1 .026 1 .031 1 .017 1 .070 Mining, including crude petroleum and natural gas..................................................... 3.502 3.462 3,424 3,375 3.381 3.383 3,342 3.169 3,186 3,157 3,177 3,571 Trade: Commodity dealers................................. 103 99 IO0 96 97 99 88 95 102 99 104 107 Other wholesale..................... 500 492 499 502 505 493 492 508 515 526 563 576 Retail......................................................... 1 .045 1 ,067 1 ,063 1 ,048 1 .046 1 .062 J .047 J ,029 1 ,070 1 .050 1 ,066 1 .083 Transportation....................................................... 2,853 2,868 2.912 2,939 2.963 3,001 3 ,024 3,064 3,107 3.136 3.176 3.343 Communication..................................................... 388 395 410 420 438 440 420 444 439 433 435 443 Other public utilities............................................. 756 710 682 659 645 661 653 638 641 659 715 715 Construction.......................................................... 748 740 709 705 688 698 697 695 683 666 693 682 Services.................................................................. 2.021 1 ,984 2.065 2.028 2.026 2.051 2.003 2,009 2.002 I .988 2,038 2.121 All other domestic loans.................................... 798 801 824 827 813 831 862 832 837 789 792 873 Foreign commercial and industrial loans...... 2,248 2,190 2,233 2,205 2.212 2,149 2.112 2,096 2,086 2,025 1 ,989 2,027 Total classified loans.................................... 24,425 24.293 24.627 24.486 24,615 24.940 24.783 24,437 24.687 24.666 24,950 26,077 1968—Wednesday dates Industry Jan. Feb. Mar. Apr. 31 28 27 24 Durable goods manufacturing: Primary metals.................................................. 908 1 ,027 1,112 1 .185 Machinery.......................................................... 2.067 2,064 2,154 2.231 Transportation equipment.............................. 859 849 889 953 Other fabricated metal products.................... 667 670 692 696 Other durable goods......................................... 1 .006 984 994 991 Nondurable goods manufacturing: Food liquor, and tobacco.............................. 818 865 876 813 Textiles, apparel, and leather.......................... 485 524 555 562 Petrleum refining............................................... 1 .302 1 .296 1 ,264 1 .249 Chemicals and rubber............................... 1 .538 1 .544 1 .613 1 ,647 Other nondurable goods......................................... 1,048 1 .049 1 ,061 1 ,072 Mining, including crude petroleum and natural gas......................................................... 3,894 3,913 3.947 4.136 Trade: Commodity dealers................................. 111 103 115 1 10 Other wholesale....................................... 575 588 585 624 Retail.................................... 1,111 1 ,093 1 .098 1,119 Transportation,..................................................... 3,418 3; 424 3.495 3,495 Communication........................................... 419 409 412 404 Other public utilities............................................ 717 741 710 731 Construction......................................................... 686 680 706 737 Services.................................................................. 2,171 2,195 2.237 2,251 Al! other domestic loans. . ................................. 871 844 879 877 Foreign commercial and industrial loans........... 2,009 1 ,946 1 ,957 1 ,971 Total classified Ioans............................................ 26,680 26,808 27,351 27,854 Note.—About 161 weekly reporting banks are included in this series; these banks classify, by industry, commercial and industrial loans amounting to about 90 percent of such loans held by all weekly reporting banks and about 70 per cent of those held by all commercial banks. For description of series see article “Revised Series on Commercial) and Indus­ trial Loans by Industry”, February 1967 Bulletin, p. 209. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-94 MEMBER BANKS, 1967 □ MAY 1968 INCOME, EXPENSES, AND DIVIDENDS, BY CLASS OF BANK (Income in thousands, assets and liability items in millions of dollars) Reserve city All member banks • Country Item New York City of City Chicago Other 1963 1964 1965 1966 1967 1967 Revenue........................................................... 11,169,491 12,385,803 13,841,782 16,071,561 17,859,325 3,079,907 763,218 6,672,611 7,343,589 Interest and dividends on securities: U.S. Govt............................................... 1,725,561 1,741,509 1,686,444 1,702,010 1,934,117 244,907 68,861 611,428 1 ,008,921 Other.......................................... 773,150 911,252 1,078,870 1,265,154 1,561,149 231,966 60,378 577,826 690,979 Interest and discount on loans.............. 7,072,778 7,970,810 9.127,32010,888,81111.889,290 2. 127,841 521,739 4,484,328 4,755,382 Other charges on loans........................... 127,034 140,430 167,776 197,255 238,678 31,016 5,757 113,947 87,958 Service charges on deposits.................... 567,682 607,193 653,233 704,693 756,876 52,361 4,740 294,692 405,083 Other charges, fees, etc............................ 180,270 207,184 223,910 265,378 315,144 44,749 9,985 136,120 124,290 Trust department..................................... 556,684 611,043 667,907 733,131 796,052 239,269 59,154 314,071 183.558 Other current revenue............................. 166,332 196,382 236,322 315,129 368,019 107,798 32,604 140,199 87,418 Expenses......................................................... 7,930,985 8.894,583 10,206,320 11,941,190 13,506,714 2,188,754 558,240 5,092,397 5,667,323 Salaries—Officers..................................... 892,580 968,442 1,047,366 1,148,460 1,258,581 140,998 35,422 432,050 650,105 Salaries and wages—Others................... 1,768,197 1,871,935 1,976,578 2,141,458 2,389,628 413,507 90,462 933,492 952,167 Officer and employee benefits................. 393,150 420,078 448,318 507,199 562,614 111,592 24,597 206,099 220,326 Directors’ fees, etc.................................... 43,230 45,855 48,610 52,707 56,774 2,355 592 7,903 45,924 Interest on time deposits......................... 2,857,600 3,383,524 4,214,144 5,213,416 6,091,355 1,037,401 274,157 2,331,110 2,448,687 Interest on borrowed money.................. 104,074 122,054 183,695 293,884 258,999 83,262 26,049 122,118 27,570 Net occupancy expense........................... 500,550 549,756 598,174 653,828 708,705 127,118 20,016 253,643 307,928 Furniture and equipment........................ 254,865 296,599 333,664 369,420 429,433 45,217 13,350 170,688 200,178 Other current expenses............................ 1,116,739 1,236,340 1,355,771 1,560,818 1,750,625 227,304 73,595 635,288 814,438 Net current earnings before income taxes.. 3,238,506 3,491,220 3,635,462 4,130,371 4,352,611 891,153 204,978 1,580,214 1,676,266 Recoveries, transfers from reserves, and profits...................................................... 409,072 274,775 329,907 284,223 351,589 20,125 20,491 172,888 138,085 On securities: Profits..................................................... 140,361 58,301 67,456 50,036 120,767 9,328 2,699 52,127 56,613 Recoveries.............................................. 2,902 5,473 5,133 3,833 2,745 188 5 428 2,124 Transfers from reserves...................... 56,705 53,978 90,954 94,677 59,356 ............4...,.5..5.2 39,001 15,803 On loans: Recoveries............................................. 10,551 10,369 10,524 9,021 8,289 220 67 608 7,394 Transfers from reserves....................... 124,361 56,385 73,105 45,195 34,316 733 157 18,712 14,714 All other..................................................... 74,192 90,269 82,735 81,461 126,116 9,656 13,011 62,012 41,437 Losses, charge-offs, and transfers to reserves....................................................... 737,728 845,272 982,477 1,330,115 1,088,149 190,713 36,283 421.437 439,716 On securities: Sold........................................................ 42,929 79,732 70,068 412,634 132,414 30,885 1,810 54,010 45,709 Charge-offs prior to sale..................... 9,917 8,378 4,850 5,780 5,385 420 491 751 3,723 Transfers to reserves........................... 56,646 65,260 54,176 67,240 63,977 2,092 4,818 41 ,781 15,286 On loans: Losses and charge-offs............ 16,165 16,845 19,302 17,912 15,152 632 14,520 Transfers to reserves............................ 516,448 551,796 723,997 629,423 726,099 147,959 26,161 255,102 296,877 All other..................................................... 95,623 123,261 110,084 197,126 145,122 9,357 3,003 69,161 63,601 Net income before related taxes................. 2,909,850 2,920,723 2,982,892 3,084,479 3,616,051 720,565 189,186 1,331,665 1,374,635 Taxes on net income..................................... 1,078,789 997.626 879,965 875,644 1,007,186 236,642 57,822 361,731 350,991 Federal........................................................ 991,081 909,928 788,710 769,269 865,718 173,931 57,822 310,471 323,494 87,708 87,698 91,255 106,375 141,468 62,711 51,260 27.497 Net income..................................................... 1,831,061 1,923,097 2,102,927 2,208,835 2,608,865 483,923 131,364 969,934 1,023,644 Cash dividends declared............................... 877,770 960,847 1,057,517 1,144,619 1,248,227 284,173 51,544 492,555 419,955 On preferred stock 2................................ 2,578 24,270 52,248 61,496 77,585 37,352 66 27,883 12,284 On common stock......................... 875,192 936,577 1,005,269 1.083,123 1,170,642 246,821 51,478 464,672 407,671 Memoranda items: Recoveries credited to reserves 1 On securities................................... . 5,724 4,136 3,703 2,800 4,599 1,715 2,884 On loans................................................. 81,604 139,413 100.276 115,668 135,631 16,885 4,836 45,625 68,285 Losses charged to reserves 4 On securities......................................... 14,860 42,030 21,338 54,675 23,167 1 ,861 325 18,197 2,784 On loans................................................. 273,439 319,906 346,200 438,620 486,055 66,665 19,560 172,312 227,518 Assets, deposits, and capital accounts: Loans.......................................................... 122,732 137,915 158,774 177,557 189,788 37,147 8,968 71,307 72,366 U.S. Govt, securities................................ 51,043 47,945 45,702 42,286 43,172 5,331 1,565 13,387 22,888 Other securities......................................... 26,321 30,307 34,658 38,438 44,697 6,314 1,694 16,018 20,671 Cash assets................................................. 44,968 47,698 51,916 55,468 62,358 16,118 2,672 24,439 19,129 Other assets............................................. ■ 6,594 7,471 8,475 9,619 10,762 3,323 536 3,886 3,016 Total assets................................................ 251,657 271,336 299,525 323,368 350,777 68,234 15,435 129,037 138,072 Time deposits.......................................... 85,505 97,538 112,962 126,700 141,130 19,508 5,555 53,695 62,373 Total deposits............................................ 221,479 238,862 263,661 282,910 305,514 54,969 13,157 113,545 123,843 Total capital accounts............................. 20,266 21,932 24,050 25,627 27,204 5,539 1,256 9,753 10,656 Number of officers....................................... 82,045 87,087 91,419 98,288 102,292 8,069 1,860 34,162 58,201 Number of employees................................. 433,299 444,016 459,882 491,551 514,643 69,905 15,804 198,093 230,841 Number of banks......................................... 6,108 6,225 6,221 6,150 6,071 12 10 163 5,886 Note.—The schedule for reporting current operating expenses was funds transactions have been classified as interest and discount on loans revised beginning with 1961 and certain items are not directly comparable and interest on borrowed money tn these tables. with data for previous years. For detailed summary of these changes see For other notes see following two pages. May 1962 Bulletin, pp. 526-27. Revenue and expenses incident to Federal Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ MEMBER BANKS, 1967 A-95 INCOME, EXPENSES, AND DIVIDENDS, BY FEDERAL RESERVE DISTRICT (Income in thousands, asset and liability items in millions of dollars) Federal Reserve district hem New Phila­ Cleve­ Rich­ St. Minne­ Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Revenue........................................... 819,0504,431,992 848,133 1,339,508904,018 1,084,5272.685,176565,674 464,891 738,550883,093 3,094,713 Interest and dividends on securities: U.S. Govt........................... 70,060 378,345 88,749 184,271 109,522 137,517 357,161 82,654 62.836 102,571 105,552 254,879 Other................................... 63.337 378,458 70,956 140,016 70,682 94,229 238.266 53,406 42,059 59,129 84.156 266,455 Interest and discount on loans. 528.4293.038.611 576,334 862,131 596,630 690,370 1 ,766.904369,675 299.125 478,897596,9162,085,268 Other charges on loans............ 7,655 49,229 7,914 13,458 18.874 17,435 29,350 4,526 4,731 7,032 8,249 70,225 Service charges on deposits... 42,294 124,468 29,783 47,345 47,770 63,419 83,472 20,520 23,239 38,642 37,121 198,803 Other charges, fees, etc............ 25,151 60,488 8,678 17,308 19,598 27,614 41,925 10,345 15,530 14,614 14,610 59,283 Trust department...................... 66.363 278,812 49,351 60,667 31,286 34,709 111,657 16,742 12,406 24,138 23,557 86,364 Other current revenue.............. 15,761 123,581 16,368 14,312 9,656 19,234 56,441 7,806 4,965 13,527 12,932 73.436 Expenses......................................... 595,2103.258.361 638.613 987,635669,816 813,5002,085,507417,978 357,238 540.282651,5662.491,008 Salaries—Officers...................... 62,429 239,421 58,311 83,359 75,714 89.249 172,224 46,907 41,624 76,204 76,409 236,730 Salaries and wages—Others.., 131,278 605,152 115,008 161.120 131,378 154,022 337,209 69.470 50,099 90,494 97,077 447.321 Officer and employee benefits. 31,306 156,612 30,796 34.246 28,471 34,841 77,211 16,053 13,979 20,569 22,574 95,956 Directors' fees, etc................... 3,179 7,786 5,170 4,228 4,547 5.033 8.279 3,572 2,615 4,424 5,169 2,772 Interest on time deposits......... 201,797 1,522,785 274,900 477,689261,197 308,488 1,022.509 171,729 166,117 213,215273,100 1,197,829 Interest on borrowed money.. 10,136 89,679 9,785 13,267 7,393 9,880 42,515 9.266 4,085 4,966 17,616 40,411 Net occupancy expense............ 37,760 190,021 34,895 42,609 36,386 42,426 92,954 21,071 16,345 28,432 31,346 134,460 Furniture and equipment........ 23,588 80,116 22,799 29,867 25,376 37,560 61,118 15,299 11,104 23,011 22,633 76,962 Other current expenses............ 93,737 366.789 86,949 141,250 99,354 132,001 271,488 64,611 51,270 78,967 105,642 258.567 Net current earnings before in­ come taxes..................... 223,840 1,173.631 209,520 351,873234,202 271,027 599,669 147,696 107,653 198,268231,527 603,705 Recoveries, transfers from re­ serves, and profits........ 52,835 47,324 13,723 23,361 18,661 23,466 55,850 15.937 5,432 18.410 12,136 64,454 On securities: Profits................................ 6,483 17,069 5,050 8,594 8,302 11.828 17,188 9,792 1,535 7,119 4,153 23,654 Recoveries.............................. 91 427 73 107 47 87 622 202 475 190 106 318 Transfers from reserves.... 13,639 5,758 4,186 3,629 2,001 1, 198 10,085 1 , 106 702 6.193 887 9,972 On Ioans: Recoveries........................ 210 617 456 288 499 478 655 403 612 1,448 1,656 967 Transfers from reserves.... 8,899 4,542 768 4,269 465 4,144 3,736 1 ,600 836 894 1,211 2,953 All other............................ 23,513 18,911 3,190 6,474 7,347 5,731 23,564 2,834 1,272 2,566 4,123 26,590 Losses, charge-offs, and trans­ fers to reserves .............. 57,486 258,585 40,955 93,501 58,179 71,406 147,762 35,506 23,642 45,554 60,989 194,584 On securities: Sold..................................... 1,876 38,402 4,613 19,930 4,806 6,080 19,906 4,516 3,005 3,634 2,625 23,021 Charge-offs prior to sale. . . 38 654 209 293 188 225 1,053 1,124 474 671 391 65 Transfers to reserves............ 1,844 3,485 2,569 10,048 4,481 3,510 11,829 2,451 678 1,695 5,669 15,718 On loans: Losses and charge-offs..... 166 312 524 629 1,338 1,846 1,104 555 804 2,772 3,597 1,505 Transfers to reserves............ 37,125 195,125 25,738 55,024 36,832 48,370 98,563 21,092 16,502 31,864 41,968 117,896 All other..................................... 16,437 20,607 7,302 7,577 10,534 11,375 15,307 5,768 2,179 4,918 6,739 36,379 Net income before related taxes.. 219,189 962,370 182,288 281,733 194,684 223,087 507,757128,127 89,443 171,124182,674 473,575 Taxes on net income..................... 63,771 281,798 51,056 67,711 62,046 62,690 128,285 36,079 26,903 51,283 52,663 122,900 Federal....................................... 48,952 211,673 50,585 67,711 60,444 60,897 125,944 35,134 21,194 46,259 52,575 84,349 State........................................... 14,819 70,125 471 1,602 1,793 2.341 945 5,709 5,024 88 38,551 Net income..................................... 155,418 680,572 131,232 214,022 132,638 160,397 379,472 92,048 62,540 119,841 130,011 350,675 Cash dividends declared.............. 62,305 374,460 68,130 96,583 61,227 62,819 146,289 37,072 30,514 51,127 64,604 193,097 On preferred stock 2................ 734 42,631 374 2,515 1 ,911 4,316 3,436 2,030 50 1,592 2,648 15,348 On common stock.................... 61 ,571 331,829 67,756 94,068 59,316 58,503 142,853 35,042 30,464 49,535 61 ,956 177,749 Memoranda items: Recoveries credited to re­ serves 3. On securities.......................... 538 606 8 329 1,645 161 88 9 3 102 585 525 On loans................................. 6,019 27,477 5,125 9,864 4,267 9,769 22,593 3,760 3,926 9,591 12,821 20,419 Losses charged to reserves 4 On securities..................... 216 2,401 24 1,661 286 809 1,499 608 4 105 1,070 14,484 On loans................................. 24,438 104,694 16,233 24,909 19,886 38,971 75,245 10,674 8,278 27,903 39,271 95,553 Assets, deposits, & cap. accts: Loans...................................... 8,188 51,464 9,180 14,279 9,188 10,407 28,573 5,925 4,568 7,291 9,334 31,390 U.S. Govt, securities................ 1,562 8,520 2,068 4,065 2,410 3,086 8,005 1 ,847 1,374 2,233 2,411 5,591 Other securities........................ 1,862 10,702 2,139 4,089 2,050 2,710 6,945 1,596 i ,221 1 ,877 2,455 7,052 Cash assets................................. 2,533 19,368 2,579 3,856 2,867 4,122 8,344 2,250 1,374 2,879 3,889 8,297 Other assets............................... 405 3,885 361 507 388 577 1 ,285 251 182 309 548 2,065 Total assets............................... 14,550 93,939 16,327 26,795 16,904 20,901 53,151 11,869 8,719 14,588 18.637 54,396 Time deposits............................. 4,698 31,735 7,039 12,505 6,415 7,477 24,167 4,224 3,956 5,097 6,487 27,331 Total deposits............................ 12,543 77,931 14,418 23,661 14,945 18,643 47,276 10,535 7,840 13,047 16,514 48,161 Total capital accounts.............. 1,245 7.427 1,338 2,302 1,354 1,660 3,792 969 646 1,248 1 ,502 3,721 Number of officers....................... 5,005 15,828 5,215 6,755 6,657 7,517 12,806 4,353 3,726 6,640 6,638 21,152 Number of employees................. 28,492 112,008 26,646 35,299 31,870 36,750 72,176 17.302 12,347 26,955 22,929 91,869 Number of banks......................... 247 384 370 492 392 528 987 478 493 836 667 197 i Includes figures for all banks that were members of the FRS at the 2 Includes interest on capital notes and debentures. end of the year (including those becoming members during the year whose returns may cover operations for only part of the year); and in 3 Not included in recoveries shown above. addition includes appropriate adjustments for member banks in opera­ 4 Not included in losses shown above. tion during part of the year but not at the end of the year. Asset and liability data may not add to totals because of rounding. For other notes see following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-96 MEMBER BANKS, 1967 □ MAY 1968 INCOME, EXPENSES, AND DIVIDENDS OF RESERVE CITY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Income in thousands, asset and liability items in millions of dollars) Federal Reserve district Item New Phila­ Cleve­ Rich­ St. Minne­ Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Revenue......................................... 290,472 144,101 381,582 773,084 453,381 411,028 636,062 259,746 138,928 262,091 380,921 2,541,215 Interest and dividends on securities: U.S, Govt......................... 21,987 11,274 29,199 84,156 50,163 43,262 71,725 26,145 10,806 26,236 37,633 198,842 Other...................... 18,421 15,577 22,937 83,633 35,361 29,346 54,274 22,601 9,940 21,087 35,392 229,257 Interest and discount on loans 178,599 101,590 265,227 506,530 296,627 271,148 430,699 178,775 95,774 175,653 267,734 1 .715,972 Other charges on loans.......... 3,996 2,359 3,627 9,081 10,605 8,594 9,547 2,538 1 ,697 3,126 4,410 54,367 Service charges on deposits.. 6,299 6,455 12,858 21,647 23,909 18,503 21,097 8,382 3,729 6,831 6,128 158,854 Other charges, fees, etc.......... 17,408 1,218 3,648 10,845 9,701 14,207 11,846 4,918 6,118 4,760 7,763 43,688 Trust department.................... 34,961 3,324 31,998 47,559 21,745 18,662 25,842 t1,430 9,210 17,320 16,692 75,328 Other current revenue............ 8,801 2.304 12,088 9,633 5,270 7.306 11,032 4,957 1,654 7,078 5,169 64,907 Expenses....................................... 200,577 118,275 282,459 557,818 331,564 298,045 517,640 187,729 99,152 185,765 269,301 2,044,072 Salaries—Officers.................... 18,030 9,505 22,183 39,763 33,547 28,645 29,306 16,026 7,955 18,620 21,910 186,566 Salaries and wages—Others.. 47,401 19,431 57,245 93,245 69,141 61,863 94,584 34,479 18,087 36,263 37,680 364,073 Officer and employee benefits. 9,931 4,157 16,751 19,857 14,86! 14,987 16,972 7,908 4,381 7,858 9,759 78,677 Directors’ fees, etc.................. 260 425 550 692 1,186 880 700 493 315 396 567 1 ,439 Interest on time deposits.... 66,063 60,065 110,028 279,085 126,079 107,389 257,808 72,035 41,730 74,830 123,969 1.012,029 Interest on borrowed money. 8,031 1 ,017 8,959 11,867 6,015 6,361 13,063 8,384 2,926 3,245 15,191 37,059 Net occupancy expense......... 11,875 5,779 16,521 23,223 19,074 15,422 24,446 9,412 4,587 9,307 7,249 106,748 Furniture and equipment.. .. 7,828 4,691 11,266 15,778 13,324 14,483 16,332 7,607 3,261 9,423 8,927 57,768 Other current expenses.......... 31. 158 13,205 38,956 74,308 48,337 48,015 64,429 31,385 15,910 25,823 44,049 199,713 Net current earnings before in­ come taxes................... 89,895 25,826 99,123 215,266 121,817 112,983 118,422 72,017 39,776 76,326 111,620 497,143 Recoveries, transfers from re­ serves, and profits....... 44,495 891 5,082 12,894 11,339 11,890 12,340 9,675 662 9,918 1,559 52,143 On securities: Profits................................... 3,235 147 1,458 4,008 5,455 6,951 2.005 6,844 191 3,480 807 17,546 Recoveries............................ 1 59 20 12 1 3 27 305 Transfers from reserves.... 12,390 3,295 2,810 1 ,073 596 3,509 805 5,616 187 8,720 On loans: Recoveries..................... 74 84 1 35 82 7 1 86 64 7 167 Transfers from reserves.... 8,550 2,571 165 2,938 956 833 148 1 2,550 All other................................... 20,245 744 245 3.445 4,611 1,303 5,851 1,191 237 755 530 22.855 Losses, charge-offs, and trans­ fers to reserves ............ 27,115 3,961 16,534 66,157 27,544 27,819 39,399 16,810 7,850 16,727 22,307 149,214 On securities: Sold................................... 348 100 701 16,299 2,029 3,270 6,362 2,520 1,301 1.408 346 19,326 Charge-offs prior to sale... 443 287 21 Transfers to reserves...... 1 ,306 71 2,412 8,307 2,233 1,655 4,726 1,391 10 1,060 4,163 14,447 On loans: Losses and charge-oils.... 3 73 416 140 Transfers to reserves.......... 14,541 2, 157 11,857 37,099 16,377 16,983 24,922 10,423 6,226 12,732 16,562 85,223 All other................................... 10,920 1 ,633 1,564 4,452 6,902 5,911 3,389 2,033 240 824 1,236 30,057 Net income before related taxes. 107,275 22,756 87,671 162,003 105,612 97,054 91,363 64,882 32,588 69,517 90,872 400,072 Taxes on net income................... 28,859 3,150 27,483 37,862 33,811 29,948 15,818 19,133 12,119 21,712 29,315 102,521 Federal..................................... 21,982 2,143 27,483 37,862 32,689 29,247 14,862 18,641 9,273 19,500 29,315 67,474 State..................................... 6,877 1 ,007 1,122 701 936 492 2,846 2,212 35,047 Net income.................................. 78,416 19,606 60,188 124,141 71,801 67,106 75,545 45,749 20,469 47,805 61,557 297,551 Cash dividends declared............ 24,324 11,673 33,116 63,594 34,454 30,341 37,152 21,482 10,725 24,388 37,859 163,447 On preferred stock 2.............. 855 334 2,069 1,744 3,253 2,286 1,724 1,275 2,301 12,042 On common stock.................. 24,324 10,818 32,782 61,525 32,710 27,088 34,866 19,758 10,725 23,113 35,558 151,405 Memoranda items: Recoveries credited to re­ serves 3 On securities........................ 1,514 3 187 On loans............................... 2,490 1,576 2,143 5,120 1,122 3,261 5,336 1,132 936 3,016 4,112 15,381 Losses charged to reserves 4 On securities.................... 1,478 263 36 926 155 949 14,390 On loans........................... 8,048 3,711 8,722 12,022 7,503 10,878 20.725 4,066 1,426 9.706 14,078 71,427 Assets, deposits, & cap. accts.: Loans.................................... 2,888 1 ,471 4,260 8,502 4,721 4,224 7,094 3,031 1.548 2,877 4,559 26,134 U.S. Govt, securities.............. 480 245 616 1 ,790 1,083 994 1,537 576 236 554 942 4,336 Other securities....................... 548 455 675 2,417 1,021 846 1,556 652 300 618 964 5,964 Cash assets............................... 1,139 354 1,536 2,451 1,698 1,980 2.629 1.334 653 1 ,415 2,129 7,122 Other assets............................. 183 87 194 314 204 249 284 143 53 140 306 1,730 Total assets............................... 5.237 2,612 7,281 15,474 8,727 8,293 13,100 5.737 2,790 5.602 8,898 45,286 Time deposits.......................... 1,384 1,377 2,527 6,887 3,009 2,539 5,915 1 ,685 915 1 ,692 2,845 22,921 Total deposits.......................... 4,435 2,320 6,387 13,518 7,702 7,301 11,721 4,973 2,458 4,969 7,685 40,076 Total capital accounts............ 460 179 562 1 ,402 673 699 854 484 215 488 741 2,997 Number of officers..................... 1,265 653 1,578 2,683 2,629 2,093 1,871 1.268 567 1 ,366 1,496 16,693 Number of employees................ 8,989 4,206 11,981 18.290 15,805 13.317 19,029 8,116 3.960 13.138 7,717 73,545 Number of banks........................ 5 3 6 16 15 21 15 15 8 21 17 21 Note.—-Does not include reserve city banks in the cities of New York reserve balances), and cash items in process of collection. Total capital and Chicago. The figures of assets, deposits, and capital accounts are accounts are comprised of the aggregate book value of capital stock, averages of the amounts reported for three official call dates beginning capital notes and debentures, surplus, undivided profits, reserves for con­ with the end of the previous year and ending with the December 1967 call. tingencies, and other capital reserves. The number of officers, employees, and banks are as of the end of the year. For other notes see preceding page. Cash assets are comprised of cash, balances with other banks (including Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 a MEMBER BANKS, 1967 A-97 INCOME, EXPENSES, AND DIVIDENDS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Income in thousands, asset and liability items in millions of dollars) Federal Reserve district Item San Boston New Phila­ Cleve­ Rich­ Atlanta Chicago St. Minne­ Kansas Dallas Fran­ York delphia land mond Louis apolis City cisco Revenue......................................... 528,5781,207,984 466,551 566,424 450,637 673,499 1,285,896 305,928 325,963 476,459 502,172 553,498 Interest and dividends on securities: U.S. Govt............. 48,073 122,164 59,550 100,115 59,359 94,255 216,575 56,509 52.030 76,335 67,919 56,037 Other................................. 44,916 130,915 48,019 56,383 35,321 64,883 123,614 30,805 32,119 38,042 48,764 37,198 Interest and discount on loans349,830 809,180 311,107 355,601 300,003 419,222 814,466 190,900 203,351 303,244 329,182 369.296 Other charges on loans......... 3,659 15,854 4,287 4,377 8,269 8.841 14,046 1 .988 3,034 3,906 3,839 15,858 Service charges on deposits.. 35,995 65,652 16,925 25,698 23,861 44,916 57,635 12,138 19,510 31,811 30,993 39.949 Other charges, fees, etc.......... 7,743 14,521 5,030 6,463 9,897 13,407 20,094 5.427 9,412 9.854 6,847 15,595 Trust department.................... 31,402 36,219 17,353 13,108 9,541 16,047 26,661 5,312 3,196 6,818 6,865 11,036 Other current revenue............ 6,960 13,479 4,280 4,679 4.386 11,928 12,805 2,849 3,311 6.449 7,763 8,529 Expenses...................................... 394,633 951,332 356,154 429,817 338,252 515,455 1,009,627 230,249 258,086 354,517 382,265 446,936 Salaries—Officers.................... 44,399 88,918 36,128 43,596 42,167 60,604 107,496 30,881 33,669 57,584 54,499 50,164 Salaries and wages—Officers. 83,877 172,214 57,763 67,875 62,237 92,159 152,163 34,991 32,012 54,231 59,397 83,248 Officer and employee benefits. 21,375 40,863 14,045 14,389 13,610 19,854 35,642 8,145 9,598 12,711 12,815 17,279 Directors’ fees, etc.................. 2,919 5,OC6 4,620 3,536 3,361 4,153 6,987 3,079 2,300 4,028 4,602 1,333 Interest on time deposits .... 135,734 425,319 164,872 198,604 135,118 201,099 490,544 99.694 124,387 138,385 149,131 185,800 Interest on borrowed money. . 2,105 5,400 826 1.400 1 ,378 3,519 3,403 882 1,159 1 ,721 2,425 3,352 Net occupancy expense.......... 25,885 57,124 18,374 19,386 17,312 27,004 48,492 11,659 11.758 19,125 24,097 27,712 Furniture and equipment.. . . 15,760 30,208 11 ,533 14,089 12,052 23,077 31,436 7,692 7,843 13,588 13,706 19,194 Other current expenses.......... 62,579 126,280 47,993 66,942 51 ,017 83.986 133,464 33,226 35.360 53.144 61,593 58,854 Net current earnings before in­ come taxes................... 133,945 256,652 110,397 136,607 112,385 158,044 276,269 75,679 67,877 121,942 119,907 106,562 Recoveries, transfers from re­ serves, and profits....... 8,340 26,308 8,641 10,467 7,322 11,576 23,019 6,262 4,770 8,492 10,577 12,311 On securities: Profits............................... 3,248 7,594 3,592 4,586 2.847 4,877 12,484 2,948 1 ,344 3,639 3,346 6, 108 Recoveries............................ 90 239 73 48 47 67 60S 201 475 187 79 13 Transfers from reserves... . 1,249 5,758 891 819 928 602 2,024 301 702 577 700 I ,252 On loans: Recoveries........................ 136 397 372 287 464 396 581 402 526 1.384 1 ,649 800 Transfers from reserves.. . . 349 3,809 768 1,698 300 1,206 2,622 767 688 894 1,210 403 All other................................... 3,268 8.511 2,945 3,029 2,736 4,428 4,703 1,643 1,035 I .811 3,593 3,735 Losses, charge-offs, and trans­ fers to reserves............ 30,371 63,911 24,421 27,344 30,635 43,587 72,080 18,696 15,792 28,827 38,682 45,370 On securities: Sold................................... 1,528 7,417 3,912 3,631 2,777 2,810 11,734 1,996 1 .704 2,226 2,279 3,695 Charge-offs prior to sale... 38 234 209 293 188 225 562 681 474 384 391 44 Transfers to reserves.......... 538 1,322 157 1.741 2,248 1 ,855 2,285 1.060 668 635 1,506 1,271 On loans: Losses and charge-off's.... 166 312 524 629 1,335 1 ,846 1,104 555 731 2,356 3,597 1,365 Transfers to reserves.......... 22,584 45,009 13,881 17,925 20,455 31,387 47,480 10,669 10,276 19,132 25,406 32,673 AH other................................... 5,517 9,617 5,738 3, 125 3,632 5,464 8,915 3,735 1,939 4.094 5,503 6,322 Net income before related taxes. 111,914 219,049 94,617 119,730 89,072 126,033 227,208 63,245 56,855 101,607 91,802 73,503 Taxes on net income................... 34,912 42,006 23,573 29,849 28,235 32,742 54,646 16,946 14,784 29,571 23,348 20,379 Federal...................................... 26,970 35,599 23.102 29,849 27,755 31,650 53,261 16,493 11,921 26,759 23,260 16,875 State.......................................... 7,942 6,407 471 480 1,092 1,385 453 2.863 2,812 88 3,504 Net income................................... 77,002 177,043 71,044 89,881 60,837 93,291 172,562 46,299 42,071 72,036 68,454 53,124 Cash dividends declared............ 37,981 78,614 35,014 32,989 26,773 32,478 57,593 15,590 19,789 26,739 26,745 29,650 On preferred stock 2....... , 734 4,424 40 446 167 I ,063 1 ,084 306 50 317 347 3,306 On common stock.................. 37,247 74,190 34,974 32,543 26,606 31.415 56,509 15,284 19.739 26.422 26.398 26,344 Memoranda items: Recoveries credited to re­ serves 3 On securities........................ 538 606 8 329 131 158 77 9 3 102 398 525 On Joans............................... 3,529 9,016 2,982 4.744 3.145 6,508 12.421 2,628 2.990 6,575 8.709 5,038 Losses charged to reserves 4. . On securities........................ 216 540 24 183 23 773 248 453 4 105 121 94 On loans................... 16,390 34,318 7,511 12,887 12,383 28,093 34.960 6.608 6,852 18,197 25,193 24,126 Assets, deposits, and capital accounts: Loans........................................ 5,300 12,846 4,920 5,777 4,468 6,183 12.511 2,895 3.020 4.415 4,775 5,257 U.S. Govt, securities.............. 1 ,082 2,943 1 ,452 2,275 1,328 2,092 4.903 1.271 I ,138 1.679 1,469 1,255 Other securities....................... 1 ,314 3,933 1,464 1,671 1 ,029 1,864 3,695 944 921 1 .258 1,492 1,087 Cash assets............................... 1,395 2,896 1 ,043 1,405 1,169 2,142 3,043 916 721 1.465 1,760 1,175 Other assets............................. 222 475 168 193 183 328 464 107 129 169 243 335 Total assets............................... 9,313 23,093 9,046 11,322 8,177 12,609 24.616 6, 133 5,929 8,986 9,739 9,109 Time deposits........................... 3,314 10,850 4,512 5,618 3,406 4,938 12,698 2,539 3.041 3.405 3,642 4,411 Total deposits.......................... 8,108 20,641 8,032 10,143 7,244 11,342 22,397 5,562 5,383 8.078 8,829 8,085 Total capital accounts............ 785 1,710 776 900 681 962 1 ,682 486 431 760 761 724 Number of officers.................... 3,740 7,106 3,637 4,072 4,028 5,424 9,075 3,085 3,159 5,274 5,(42 4,459 Number of employees................ 19,503 37,897 14,665 17,009 16,065 23,433 37,343 9,186 8,387 13.817 15,212 18,324 Number of banks....................... 242 369 364 476 377 507 962 463 485 815 650 176 For notes, see preceding two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-98 MEMBER BANKS, 1967 □ MAY 1968 INCOME, EXPENSES, AND DIVIDENDS, BY SIZE OF BANK (Amounts in thousands of dollars) Size group—total deposits (in thousands of dollars) Item Total i Less than 2,000— 5,000— 10,000— 25,000— 50,000— 100,000— 500,000 2,000 5,000 10,000 25,000 50,000 100,000 500,000 or more Revenue...................................................... 17,796,038 24,141 257,254 650,757 1,346,954 1,114,236 1,109,118 3,465,899 9,827,679 Interest and dividends on securities: U.S. Govt...................................... 1,926,926 5,834 54,457 119,294 213,853 158,659 149,863 384,347 840,619 Other................................... 1,555,865 1,313 18,430 56,728 128,478 107,802 105,692 312,984 824,438 Interest and discount on Ioans.......... 11,856,500 14,887 160,740 411,767 861,892 714,383 713,487 2,277,426 6,701,918 Other charges on loans....................... 237,682 103 1,450 4,853 13,771 13,172 16,241 48,292 139,800 Service charges on deposits................ 755,057 1 ,298 14,153 38,100 81,813 65,360 58,048 167,341 328,944 Other charges, fees, etc........................ 314,614 485 5.243 11,528 22,727 17,824 20,716 62,488 173,603 Trust department. , ............................. 782,285 376 1,334 9,629 23,573 29,227 164,528 553,618 Other current revenue......................... 367,109 221 2,405 7,153 14,791 13,463 15,844 48,493 264,739 Expenses..................................................... 13,459,534 18,454 197,821 504,850 1,044,407 865,383 870,235 2,623,667 7,334,717 Salaries—Officers................................. 1,253,394 5,374 39,561 77,051 131,066 98,761 92,031 258,417 551,133 Salaries and wages—Others ........ 2,381,454 2,051 26,198 73,014 160,096 142,096 144,055 495,823 1.338,121 Officer and employees benefits.......... 559,840 562 5,950 16,241 35,903 32,006 32,393 115,566 321,219 Directors’ fees, etc................................ 56,581 520 4,283 8,136 12,305 7, 168 5,104 9,888 9,177 Interest on time deposits..................... 6,074,870 5,402 75,435 212,327 458,763 376,308 386,959 1.089,550 3.470,126 Interest on borrowed money.............. 258,397 57 310 972 1,886 3,435 4,736 29,148 217,853 Net occupancy expense....................... 706,518 1,039 10,209 26,674 55,313 45,962 47,835 141,843 377,643 Furniture and equipment.................... 427,657 520 5,964 15,482 32,201 28,768 32,720 107,851 204,151 Other current expenses....................... 1,740,823 2,929 29,911 74,953 156,874 130,879 124,402 375,581 845,294 Net current earnings before income taxes. 4,336,504 5,687 59,433 145,907 302,547 248,853 238,883 842,232 2,492,962 Recoveries, transfers from reserves, and profits................................................. 350,072 504 5,118 10,734 24,355 21,885 21,519 68,032 197,925 On securities: Profits.......................................... 120,299 86 1,377 4,011 10,465 9,432 9,402 32,420 53,106 Recoveries........................................ 2,735 9 89 235 593 397 370 324 718 Transfers from reserves................. 59,153 113 226 2,302 2,744 2.186 9,577 42,005 On loans: Recoveries. ................................. 8,285 334 2,085 2,180 1,391 523 268 770 734 Transfers from reserves.................. 34,294 28 389 1,329 3,292 1,504 3,392 7,114 17,246 All other................................................. 125,306 47 1,065 2,753 6,312 7,285 5,901 17,827 84,116 Losses, charge-offs, and transfers to reserves.................................................. 1,081,315 1,574 17,832 43,968 82,742 69,097 62,942 188,662 614,498 On securities: Sold................................................. 129,668 105 1,571 4.081 7,942 8,243 6,875 19,389 81,462 Charge-offs prior to sale................ 5,379 9 317 855 1,435 569 287 514 1,393 Transfers to reserves........................ 63,864 10 221 709 2,692 4,264 2,158 10,685 43,125 On loans: Losses and charge-offs................ 15,145 699 4,550 4,771 3,010 1,323 168 402 222 Transfers to reserves........................ 723,518 606 9,603 28,539 56,418 45,712 43,424 130,636 408,580 AH other................................................ 143,741 145 1,570 5,013 11,245 8,986 10,030 27.036 79,716 Net income before related taxes............. 3,605,261 4,617 46,719 112,673 244,160 201,641 197,460 721,602 2,076,389 Taxes on net income................................. 1,003,892 942 10,710 27,532 62,089 52,437 51,579 203,223 595,380 Federal................................................... 862,843 856 9,841 25,422 58,100 48,961 48,573 188,914 482,176 State........................................................ 141,049 86 869 2,110 3,989 3,476 3,006 14,309 113,204 Net income.. ............................................ 2,601,369 3,675 36,009 85,141 182,071 149,204 145,881 518,379 1,481,009 Cash dividends declared.......................... 1,242,396 1,350 12,559 29,509 65,085 57,224 58,192 234,168 784,309 On preferred stock 2............................ 77,583 4 9 116 559 850 1 ,454 9,200 65,391 On common stock............................... 1.164,813 1,346 12,550 29,393 64,526 56,374 56,738 224,968 718,918 Memoranda items: Recoveries credited to reserves 3 On securities. ................................... 4,606 13 42 322 301 300 1,944 1,684 On loans............................................. 135,338 517 3,178 8,659 15,718 10,277 10,706 25,816 60,467 Losses charged to reserves 4 On securities. ............................... 23,163 81 58 626 278 333 1,830 19,957 On loans............................................ 484,565 891 8,535 23,356 45,952 33,799 34,894 95,126 242,012 Assets, deposits, and capital accounts: Loans..................................................... 197,292,345 214,995 2,443,159 6,265,061 13,424,331 11,387,274 11.416,96637,229,329 114,911,230 U.S. Govt, securities........................... 46,774,395 135,574 1,263,539 2,761,485 5,139,703 3,823,574 3,752,917 9,654,730 20,242,873 Other securities..................................... 49,158,033 44,482 622,145 1,915,077 4,282,855 3,583,707 3,508,365 10,131,579 25,069,823 Cash assets............................................. 68,689,216 86,998 763,430 1,763,149 3,539,978 2,962,274 3,162,768 12,355,838 44,054,781 Other assets........................................... 11,482,413 5,663 83,611 240,679 536.208 482,759 500,348 1,670,413 7,962,732 Total assets........................................... 373,396,402 487,712 5,175,884 12,945,451 26,923,07522,239,588 22,341,36471,041,889 212,241,439 Time deposits.................... 149,139,816 161,657 2,188,428 5,956,643 12.794,307 10,341,294 10,279,441 28,640,223 78,777,823 Total deposits....................................... 325,976,029 427,241 4,621,038 11,696,411 24,344,69220,068,95420,176,50763,474,405 181,166,781 Total capital accounts......................... 27,997,109 56,418 500,285 1 .068,565 2,064,219 1 ,626,566 1,580,667 5,226,504 15,873,885 Number of officers................................... 101,883 882 4,684 7,986 12,529 8,456 7,302 20,023 40,021 Number of employees............................. 512,784 740 7,389 (9,473 42,075 35,686 35,043 111,116 261,262 Number of banks..................................... 6,049 295 1,313 1,610 1,546 584 295 307 99 1 Total is for banks operating during the entire year, except that one 4 Not included in losses above. trust company having no deposits is excluded. 2 Includes interest on capital notes and debentures. Note.—-The figures for assets, deposits, capital accounts, number of J Not included in recoveries above. officers and employees, and number of banks are as of the end of the year. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ MEMBER BANKS, 1967 A-99 INCOME RATIOS, BY CLASS OF BANK (Computed from aggregate dollar amounts; ratios expressed as percentage) All member banks Reserve city New City Country Item York of Other City Chicago 1963 1964 1965 1966 1967 1967 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes.......... 16.0 15.9 15. 1 16. 1 16.0 16. 1 16.3 16.2 15.7 Net income before related taxes.......................... 14.4 13.3 12.4 12.0 13.3 13.0 15.1 13.7 12.9 Net income.............................................................. 9.0 8.8 8.7 8.6 9.6 8.7 10.5 9.9 9.6 Cash dividends declared ............................... 4.3 4.4 4.4 4.5 4.6 5.1 4.1 5,1 3.9 Percentage of total assets: Total operating revenue........................................ 4.44 4.56 4.62 4.97 5.09 4.51 4.94 5. 17 5.32 Net current earnings before income taxes.......... 1.29 1.29 1.21 1.28 1.24 1.31 1.33 1.22 1.21 Net income.............................................................. .73 .71 .70 .68 .74 .71 .85 .75 .74 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on— U.S. Govt, securities......................................... 15.4 14. 1 12.2 10.6 10.8 8.0 9.0 9.2 13.7 Other securities................................................... 6.9 7.3 7.8 7.9 8.8 7.5 7.9 8.6 9.4 Revenue on loans................................................... 64.5 65. 5 67.2 68.9 67.9 70. 1 69.1 68.9 66.0 Service charges on deposit accounts.................. 5. 1 4.9 4.7 4.4 4.2 1.7 0.6 4.4 5.5 All other revenue................................................... 8.1 8.2 8. 1 8.2 8.3 12.7 13.4 8.9 5.4 Total revenue....................................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages................................................. 23.8 22.9 21.9 20.4 20.4 18.0 16.5 20.5 21.8 Officer and employee benefits.............................. 3.5 3.4 3.2 3.2 3.1 3.6 3.2 3.1 3.0 Interest on time deposits....................................... 25.6 27. 3 30.4 32.4 34. 1 33.7 35,9 34 9 33 4 Net occupancy expense......................................... 4.5 4.4 4.3 4. 1 4.0 4. i 2.6 3.8 4.2 Other current expenses.......................................... 13.6 13.8 13.9 14.2 14.0 11.7 14.9 14.0 14.8 Total expenses..................................................... 71.0 71.8 73.7 74.3 75.6 71.1 73.1 76.3 77.2 Net current earnings before income taxes.... 29.0 28.2 26.3 25.7 24.4 28.9 26.9 23.7 22.8 Net losses including transfers (or recoveries and profits +).................................................... 2.9 4.6 4.7 6.5 4. 1 5.5 2. 1 3.7 4.1 Taxes on net income.............................................. 9.7 8. 1 6.4 5.5 5.7 7.7 7.6 5.4 4.8 Net income after taxes........................................... 16.4 15.5 15.2 13.7 14.6 15.7 17.2 14.6 13.9 Rates of return on securities and loans: Return on securities: Interest on U.S. Govt, securities......................... 3.38 3.63 3.69 4.02 4.48 4.59 4.40 4.57 4.41 Interest and dividends on other securities......... 2.94 3.01 3.11 3.29 3.49 3.67 3.56 3.61 3.34 Net losses (or recoveries and profits 4-J 1......... +.11 .08 .02 .52 .04 .20 (2) .06 + .02 Return on loans: Revenue on loans.................................. ............... 5.87 5.88 5.85 6.24 6.39 5.81 5.88 6.45 6.69 Net losses (or recoveries +) 1............... . 16 . 14 . 16 . 19 . 19 .13 .16 . 18 .23 Distribution of assets: Percentage of total assets: U.S. Govt, securities............................................ 20.3 17.7 15.3 13.1 12.3 7.8 10.1 10.4 16.6 Other securities................................................ 10.4 11.2 11.6 11.9 12.7 9.3 11.0 12.4 15.0 Loans........................................................................ 48.8 50.8 53.0 54.9 54. 1 54.4 58.1 55.3 52.4 Cash assets............................................................. 17.9 17.6 17.3 17. 1 17.8 23.6 17.3 18.9 13.8 Other assets.............................................................. 2.6 2.7 2.8 3.0 3.1 4.9 3.5 3.0 2.2 Other ratios: Total capital accounts to— Total assets.............................................................. 8. 1 8. 1 8.0 7.9 7.8 8.1 8.1 7.6 7.7 Total assets less U.S. Govt, securities and cash assets..................................................................... 13.0 12.5 I 1.9 11.4 1 1. 1 11.8 11.2 10.7 11.1 Total deposits.......................................................... 9.2 9.2 9. 1 9. 1 8.9 10.1 9.5 8.6 8.6 Time to total deposits................................................ 38.6 40.8 42.8 44.8 46.2 35.5 42,2 47.3 50.4 Interest on time deposits to time deposits............. 3.34 3.47 3.73 4. 11 4.32 5.32 4.94 4.34 3.93 Number of banks............................................................. 6,108 6,225 6,221 6,150 6,071 12 10 163 5,886 > Net losses is the excess of (I) actual losses charged against net income regardless of size or amount—are weighted equally and in general have plus losses charged against valuation reserves over (2) actual recoveries an equally important influence on the result. In the ratios based on and profits credited to net income plus recoveries credited to valuation aggregates presented here, the experience of those banks in each group reserves; net recoveries and profits is the reverse. Transfers to and from whose figures are largest have a much greater influence than that of the valuation reserves are excluded. many banks with smaller figures. Ratios based on aggregates show * Ratio of less than .005. combined results for the banking system as a whole, and, broadly speak­ ing, are the more significant for purposes of general analyses of credit Note.—The ratios in this and the following three tables were computed and monetary problems, while averages of individual ratios are useful from the dollar aggregates shown in preceding tables. Many of these primarily to those interested in studying the financial results of operations ratios vary substantially from the average of individual bank ratios, of individual banks. which were shown in the April Bulletin, in which each bank’s figures— Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-100 MEMBER BANKS, 1967 □ MAY 1968 INCOME RATIOS OF MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item Phila­ Min­ Kan­ San- Boston New del­ Cleve­ Rich­ At­ Chi­ St. neap­ sas Dallas Fran­ York phia land mond lanta cago Louis olis City cisco Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes.. 18.0 15.8 15.7 15,3 17.3 16.3 15.8 15.2 16.7 15.9 15.4 16.2 Net income before related taxes................ 17.6 13.0 13.6 12.2 14.4 13.4 13.4 13,2 13.8 13.7 12 2 12.7 Net income..................................................... 12.5 9.2 9.8 9.3 9.8 9.7 10.0 9 5 9.7 9.6 8.7 9.4 Cash dividends declared.............................. 5.0 5.0 5.1 4.2 4.5 3.8 3.9 3.8 4 7 4.1 4.3 5 2 Percentage of total assets: Total operating revenue........................... 5.63 4.72 5. 19 5.00 5.35 5.19 5.05 4. 77 5. 33 5.06 4.74 5.69 Net current earnings before income taxes. . 1.54 1.25 1.28 1.31 1.39 1.30 1.13 1.24 1.23 1.36 1.24 1.11 Net income..................................................... 1.07 .72 .80 .80 .78 .77 .71 .78 .72 .82 .70 .64 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on— U.S. Govt, securities,........................ ■ 8.6 8.5 10.4 13.8 12.1 12.7 13.3 14.6 13.5 13.9 12.0 8.2 Other securities... .............................. 7.7 8.5 8.4 10.4 7.8 8.7 8.9 9 4 9.0 8 0 9.5 8.6 Revenue on loans......................................... 65.4 69.7 68.9 65,4 68.1 65.3 66.9 66'2 65 4 65.8 68.5 69.7 Service charges on deposit accounts.......... 5.2 2.8 3.5 3.5 5.3 5.8 3. 1 3 6 5.0 5 2 4 2 6.4 All other revenue.......................................... 13.1 10.5 8.8 6.9 6.7 7.5 7.8 6.2 7. 1 7. 1 5.8 7.1 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...................................... • 23.7 19. 1 20.5 18.2 22.9 22.4 19,0 20.6 19.7 22.6 19.6 22.1 Officer and employee benefits..................... 3.8 3.5 3.6 2.5 3.2 3.2 2.9 2.8 3.0 2.8 2.6 3.1 Interest on time deposits............................. 24.6 34.3 32.4 35.7 28.9 28.5 38. 1 30.4 35.7 28.9 30.9 38.7 Net occupancy expense................................ 4.6 4.3 4.1 3.2 4.0 3.9 3.4 3.7 3.5 3.8 3.6 4.4 Other current expenses.................... ........... 16.0 12.3 14.7 14. 1 15.1 17.0 14.3 16.4 14.9 15.1 17. 1 12.2 Total expenses........................................... 72.7 73.5 75.3 73.7 74. 1 75.0 77.7 73.9 76.8 73.2 73.8 80.5 Net current earnings before income taxes..................................................... 27.3 26.5 24.7 26,3 25.9 25.0 22.3 26.1 23.2 26.8 26.2 19,5 Net losses including transfers (or re­ coveries and profitsT)........................ 0.6 4.7 3.2 5.2 4.4 4.4 3.4 J.5 3.9 3.7 5.5 4.2 Taxes on net income.................................... 7.8 6.4 6.0 5. 1 6.8 5.8 4.8 6.4 5.8 6.9 6.0 4.0 Net income after taxes................................. 18.9 15.4 15.5 16.0 14.7 14.8 14.1 16.2 13.5 16.2 14.7 11.3 Rates of return on securities and loans: Return on securities: Interest on U.S. Govt, securities................ 4.49 4.44 4.29 4.53 4.54 4.46 4.46 4.48 4.57 459 4.38 4. 56 Interest and dividends on other securities. . 3.40 3.54 3.32 3.42 3.45 3.48 3.43 3.35 3.44 3.15 3.43 3.78 Net losses (or recoveries and profitsT) 1 • T.15 . 12 T.01 T. 16 T. H T-09 .03 + .H .06 + .07 + .02 . 10 Return on loans: Revenue on loans..................................... 6.55 6.00 6.36 6.13 6.70 6.80 6.29 6.32 6.65 6.66 6,48 6.87 Net losses (or recoveries T) .......... .22 . 15 . 12 .11 . 18 .29 . 19 . 12 . 10 • 27 .30 .24 Distribution of assets: Percentage of total assets: U.S. Govt, securities................................. 10.7 9.1 12.7 15.2 14.2 14.8 15.1 15.6 15.7 15.3 12.9 10.3 Other securities.............................................. 12.8 11.4 13.1 15.2 12.1 13.0 13.1 13.4 14,0 12.9 13.2 13.0 Loans............................................................... 56.3 54.8 56.2 53.3 54.4 49.8 53.7 49.9 52.4 50.0 50.1 57. 7 Cash assets............................................... 17.4 20.6 15.8 14.4 17.0 19.7 15.7 19.0 15.8 19.7 20.9 15,2 Other assets.................................................... 2.8 4.1 2.2 1 .9 2.3 2.7 2.4 2.1 2.1 2. 1 2.9 3.8 Other ratios: Total capital accounts to— Total assets............................................... 8,6 7.9 8.2 8.6 8.0 7.9 7.1 8.2 7.4 8.6 8. 1 6.8 Total assets less U.S. Govt, securities and cash assets...................................... 11.9 11.2 11.5 12.2 11.6 12. 1 10.3 12.5 10.8 13.2 12.2 9.2 Total deposits................................................. 9.9 9.5 9.3 9.7 9. 1 8.9 8.0 9.2 8.2 9.6 9, I 7.7 Time to total deposits, 37.5 40.7 48.8 52.9 42.9 40. 1 51.1 40.1 50.5 39.1 39.3 56.7 Interest on time deposits to time deposits.... 4.30 4.80 3.91 3.82 4.07 4.13 4.23 4.07 4.20 4. 18 4.21 4.38 Number of banks.......................................... 247 384 370 492 392 528 987 478 493 836 667 107 1 Net losses is the excess of (1) actual losses charged against net income reserves; net recoveries and profits is the reverse. Transfers to and from plus losses charged against valuation reserves over (2) actual recoveries valuation reserves are excluded. and profits credited to net income plus recoveries credited to valuation Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ MEMBER BANKS, 1967 A-101 INCOME RATIOS OF RESERVE CITY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district item Phila­ Min­ Kan­ San Boston New del­ Cleve­ Rich­ At­ Chi­ St. neap­ sas Dallas Fran­ York phia land mond lanta cago Louis olis City cisco Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 19.5 14.4 17.6 15.4 18.1 16.2 13.9 14.9 18.5 15.6 15. 1 16.6 Net income before related taxes..............; . 23.3 12,7 15.6 11.6 15.7 13.9 10.7 13.4 15.2 14.2 12.3 13.3 Net income..................................................... 17.0 11.0 10.7 8.9 10.7 9.6 8.8 9.5 9.5 9.8 8.3 9.9 Cash dividends declared.............................. 5.3 6.5 5.9 4.5 5.1 4.3 4.4 4.4 5.0 5.0 5.1 5.5 Percentage of total assets: Total operating revenue.............................. 5.55 5.52 5.24 5.00 5.20 4.96 4.86 4.53 4.98 4.68 4.28 5.61 Net current earnings before income taxes. 1.72 .99 1.36 1.39 1.40 1.36 .90 1,26 1.43 1.36 1.25 1. 10 Net income..................................................... 1.50 .75 .83 .80 .82 .81 .58 .80 .73 .85 .69 .66 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on—• U.S. Govt, securities................................ 7.6 7.8 7.7 10.9 11.1 10.5 11.3 10. 1 7.8 10.0 9.9 7.8 Other securities......................................... 6.3 10.8 6.0 10.8 7.8 7.1 8.5 8.7 7.1 8. 1 9.3 9.0 Revenue on loans......................................... 62.9 72.1 70.4 66.7 67.7 68.1 69.2 69.8 70.2 68.2 71.4 69.7 Service charges on deposit accounts...... 2.2 4.5 3.4 2.8 5.3 4.5 3.3 3.2 2.7 2.6 1.6 6.3 All other revenue......................................... 21.0 4,8 12.5 8.8 8.1 9.8 7.7 8.2 12.2 11.1 7.8 7.2 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........................................ 22.5 20,1 20.8 17.2 22.6 22.0 19.5 19.5 18.8 20.9 15.6 21.7 Officer and employee benefits.................... 3.4 2.9 4.4 2.6 3.3 3.6 2.7 3.1 3.2 3.0 2.6 3.1 Interest on time deposits............................. 22.8 41.7 28.8 36.1 27.8 26. 1 40.5 27.7 30.0 28.6 32.6 39.8 Net occupancy expense................................ 4. 1 4.0 4.3 3.0 4.2 3.8 3.8 3.6 3.3 3.6 1.9 4.2 Other current expenses................................ 16.3 13.4 15.7 13.3 15.2 17.0 14.9 18.4 16.1 14.8 18.0 11.6 Total expenses........................................... 69.1 82.1 74.0 72.2 73.1 72.5 81.4 72.3 71.4 70.9 70.7 80.4 Net current earnings before income taxes........................................................ 30.9 17.9 26.0 27.8 26.9 27.5 18.6 27.7 28.6 29. 1 29.3 19.6 Net losses including transfers (or recoveries and profits +)............................ +6.0 2.1 3.0 6.9 , 3.6 3.9 4.3 2.7 5.2 2.6 5.4 3.8 Taxes on net income................................... 9.9 2.2 7.2 4.9 ' 7.5 7.3 2.4 7.4 8.7 8.3 7.7 4.1 Net income after taxes................................ 27.0 13.6 15.8 16.0 15.8 16.3 11.9 17.6 14.7 18.2 16.2 11.7 Rates of return on securities and loans: Return on securities: Interest on U.S. Govt, securities................ 4.58 4.60 4.74 4.70 4.63 4.35 4.67 4.54 4.58 4.74 4.00 4.59 Interest and dividends on other securities. 3.36 3.42 3.40 3.46 3.46 3.47 3.49 3.47 3.31 3.41 3.67 3.84 Net losses (or recoveries and profits +) 1.. + .28 + .01 + .06 .33 + .22 + .20 . 17 + .30 .21 + .15 .01 .15 Return on loans: Revenue on loans......................................... 6.32 7.07 6.31 6.06 6.51 6.62 6.21 5.98 6.30 6.21 5.97 6.77 Net losses (or recoveries + ) 1.................... . 19 . 15 .15 .08 .13 . 18 .22 . 10 .03 .24 .22 .21 Distribution of assets: Percentage of total assets : U.S. Govt, securities.................................... 9.2 9.4 8.4 11.6 12.4 12.0 11.7 10.0 8.4 9.9 10.6 9.6 Other securities............................................. 10.5 17.4 9.3 15.6 11.7 10.2 11.9 11.4 10.8 11.0 10.8 13.2 Loans.............................................................. 55.1 56.3 58.5 55.0 54.1 50.9 54.2 52.8 55.5 51.4 51.2 57.7 Cash assets..................................................... 21.7 13.6 21.1 15.8 19.5 23.9 20. 1 23.3 23.4 25.3 23.9 15.7 Other assets................................................... 3.5 3.3 2.7 2.0 2.3 3.0 2.1 2(5 1.9 2.4 3.5 3.8 Other ratios: Total capital accounts to— Total assets.................................................... 8.8 6.9 7.7 9.1 7.7 8.4 6.5 8.4 7.7 8.7 8.3 6.6 Total assets less U.S. Govt, securities and cash assets.................................................. 12.7 8.9 1 1.0 12.5 11.3 13.1 9.6 12.6 11.3 13.4 12.7 8.9 Total deposits................................................ 10.4 7.7 8.8 10.4 8.7 9.6 7.3 9.7 8.7 9.8 9.6 7.5 Time to total deposits...................................... 31.2 59.4 39.6 50.9 39.1 34.8 50.5 33.9 37.2 34.1 37.0 57.2 Interest on time deposits to time deposits... 4.77 4.36 4.35 4.05 4. 19 4.23 4.36 4.28 4.56 4.42 4.36 4.42 Number of banks.................................................. 5 3 6 16 15 21 15 15 8 21 17 21 1 Net losses is the excess of (I) actual losses charged against net income Note.—Figures do not include reserve city banks in the cities of New plus losses charged against valuation reserves over (2) actual recoveries York and Chicago. and profits credited to net income plus recoveries credited to valuation reserves; net recoveries and profits is the reverse. Transfers to and from valuation reserves are excluded. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-102 MEMBER BANKS, 1967 □ MAY 1968 INCOME RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district item Phila­ Min­ Kan­ San Boston New del­ Cleve­ Rich­ At­ Chi­ St. neap­ sas Dallas Fran­ York phia land mond lanta cago Louis olis City cisco Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes.. 17. 1 15.0 14.2 15.2 16.5 16.4 16.4 15.6 15.7 16.0 15.8 14.7 Net income before related taxes................ 14.3 12.8 12.2 13.3 13.1 13.1 13.5 13.0 13.2 13.4 12.1 10.2 Net income..................................................... 9.8 10.4 9.2 10.0 8.9 9.7 10.3 9.5 9.8 9.5 9.0 7.3 Cash dividends declared.............................. 4.8 4.6 4.5 3.7 3.9 3.4 3.4 3.2 4.6 3.5 3.5 4.1 Percentage of total assets: Total operating revenue............................... 5.68 5.23 5.16 5.00 5.51 5.34 5.22 4.99 5.50 5.30 5.16 6.08 Net current earnings before income taxes.. 1.44 1. 11 1.22 1.21 1.37 1.25 1.12 1.23 1.14 1.36 1.23 1. 17 Net income.................................................... .83 .77 .79 .79 .74 .74 .70 .75 .71 .80 .70 .58 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on— U.S. Govt, securities................................. 9.1 10.1 12.8 17.7 13.2 14.0 16.9 18.4 16.0 16.0 13.5 10.1 Other securities......................................... 8.5 10.9 10.3 9.9 7.8 9.6 9.6 10. 1 9.8 8.0 9.7 6.7 Revenue on loans.......................................... 66.9 68.3 67.6 63.6 68.4 63.6 64.4 63.1 63.3 64.4 66.3 69.6 Service charges on deposit accounts.......... 6.8 5.4 3.6 4.5 5.3 6.7 4.5 4.0 6.0 6.7 6.2 7.2 All other revenue........................................... 8.7 5.3 5.7 4.3 5.3 6.1 4.6 4.4 4.9 4.9 4.3 6.4 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......................................... 24.3 21.6 20.1 19.7 23.2 22.7 20.2 21.5 20.2 23.5 22.7 24.1 Officer and enployee benefits...................... 4.0 3.4 3.0 2.5 3.0 2.9 2.8 2.7 2.9 2.7 2.5 3.1 Interest on time deposits............................. 25.7 35.2 35.3 35.1 30.0 29.9 38.1 32.6 38.2 29.0 29.7 33.6 Net occupancy expense............................... 4.9 4.8 4.0 3.4 3.8 4.0 3.8 3.8 3.6 4.0 4.8 5.0 Other current expenses................................ 15.8 13.8 13.9 15.2 15.1 17.0 13.6 14.7 14.3 15.2 16.4 14.9 Total expenses........................................... 74.7 78.8 76.3 75.9 75.1 76.5 78.5 75.3 79.2 74.4 76.1 80.7 Net current earnings before income taxes......................................................... 25.3 21.2 23.7 24.1 24.9 23.5 21.5 24.7 20.8 25.6 23.9 19.3 Net losses including transfers (or recoveries and profitsT)............................. 4.2 3.1 3.4 3.0 5.2 4.8 3.8 4.1 3.4 4.3 5.6 6.0 Taxes on net income..................................... 6.6 3.4 5. 1 5.3 6.2 4.9 4.3 5.5 4.5 6.2 4.7 3.7 Net income after taxes................................. 14.5 14.7 15.2 15.8 13.5 13.8 13.4 15.1 12.9 15.1 13.6 9.6 Rates of return on securities and loans: Return on securities: Interest on U.S. Govt, securities................ 4.44 4.15 4.10 4.40 4.47 4.51 4.42 4.45 4.57 4.55 4.62 4.47 Interest and dividends on other securities. . 3.42 3.33 3.28 3.37 3.43 3.48 3.35 3.26 3.49 3.02 3.27 3.42 Net losses (or recoveries and profitsT) 1 ■ • .09 (2) .02 .02 (2) .03 .01 (2) .02 .04 .04 .12 Return on loans: Revenue on Ioans.......................................... 6.67 6.42 6.41 6.23 6.90 6.92 6.62 6.66 6.83 6.96 6.97 7.33 Net losses (or recoveriesT) ' .................... .24 .20 .10 .15 .23 .37 . 18 . 14 . 13 .29 .39 .37 Distribution of assets: Percentage of total assets: U.S. Govt, securities..................................... 11.6 12.8 16.0 20.1 16.2 16.6 19.9 20.7 19.2 18.7 15.1 13.8 Other securities............................................. 14. 1 17.0 16.2 14.8 12.6 14.8 15.0 15.4 15.5 14.0 15.3 11.9 Loans............................................................... 56.9 55.6 54.4 51.0 54.6 49.0 50.8 47.2 50.9 49. 1 49.0 57.7 Cash assets...................................................... 15.0 12.5 11.5 12.4 14.3 17.0 12.4 14.9 12.2 16.3 18.1 12.9 Other assets.................................................... 2.4 2.1 1.9 1.7 2.3 2.6 1.9 1.8 2.2 1.9 2.5 3.7 Other ratios: Total capital accounts to— Total assets..................................................... 8.4 7.4 8.6 7.9 8.3 7.6 6.8 7.9 7.3 8.5 7.8 7.9 Total assets less U.S. Govt, securities and cash assets......................................... 11.5 9.9 11.8 11.8 12.0 11.5 10.1 12.3 10.6 13.0 11.7 10.8 Total deposits................................................. 9.7 8.3 9.7 8.9 9.4 8.5 7.5 8.7 8.0 9.4 8.6 9.0 Time to total deposits.................................... .. 40.9 52.6 56.2 55.4 47.0 43.5 56.7 45.6 56.5 42.2 41.3 54.6 Interest on time deposits to time deposits........ 4.10 3.92 3.65 3.54 3.97 4.07 3.86 3.93 4.09 4.06 4.09 4.21 Number of banks.................................................... 242 369 364 476 377 507 962 463 485 815 650 176 1 Net losses is the excess of (I) actual losses charged against net income reserves; net recoveries and profits is the reverse. Transfers to and from plus losses charged against valuation reserves oyer (2) actual recoveries valuation reserves are excluded. and profits credited to net income plus recoveries credited to valuation 2 Ratio of less than .005. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1968 □ INSURED COMMERCIAL BANKS A-103 INCOME, EXPENSES, AND DIVIDENDS (Amounts in thousands of dollars) All insured Banks not members of FRS Item 1964 1965 1966 1967 1964 1965 1966 1967 Revenue.............................................................. 15,024,487 16,817,187 19,508,414 21,781,611 2,648,846 2,986,220 3,448,036 3,933,121 Interest and dividends on securities: U.S. Govt.............................................. 2,240,389 2,224,711 2,317,794 2,601,900 499,259 538,670 616,178 667,926 Other........................................................... 1,085,334 1,285,287 1,531.517 1,904,886 174,153 206,488 266,434 343,514 Interest and discount on loans.................... 9,612,079 10,999,867 13,042,757 14,351,421 1.641,269 1,872,547 2,153,982 2,462,643 Other charges on loans................................. 173,159 204,996 243,643 295,216 32,729 37,220 46,388 56,433 Service charges on deposits................. 781,405 842,775 915,049 987,187 174,212 189,542 210,356 230,038 Other charges, fees, etc................................. 280,289 304,276 354,036 411,021 73,105 80,366 88,658 95,653 Trust department.......................................... 629,694 689,628 756,130 820,269 28,339 32,037 33,658 35,631 Other current revenue.................................. 222,138 265,647 347,488 409,711 25,780 29,350 32,382 41,283 Expenses.............................................................. 10,897,460 12,486,120 14,561,852 16,553,642 2,009,419 2,286,531 2,627,944 3,054,611 Salaries—Officers........................................... 1,284,140 1,392,765 1,526,300 1,674,955 316,988 346,855 379,243 417,756 Salaries and wages—Others......................... 2.234,922 2,369,259 2,569,442 2,862,941 365,104 394,881 428,943 474.324 Officer and employee benefits..................... 490,732 525,692 598,768 667,345 71,303 78,048 91,876 104,987 Directors’ fees, etc........................................ 72,176 77,093 83,791 92,074 26.336 28,498 31,099 35,049 Interest on time deposits.............................. 4,088,061 5,070,781 6,259,472 7,379,863 704,537 856,637 1 ,046,056 1,290,183 Interest on borrowed money....................... 127,277 189,519 301,768 266,476 5,223 5,824 7,884 7,437 Net occupancy expense................................ 670,243 731,573 802,060 873,541 120.778 133,755 148,453 164,755 Furniture and equipment............................. 362,301 411,889 458,695 533,846 65,784 78,326 89,318 104,167 Other current expenses................................ 1,567,608 1,717.549 1,961,556 2,202,601 333.366 363.707 405,072 455,953 Net current earnings before income taxes,... 4,127,027 4,331,067 4,946,562 5,227,969 639,427 699,689 820,092 878,510 Recoveries, transfers from reserves, and profits................................................... 322,104 390,368 341,711 417,624 47,338 60,466 57,867 66,114 On securities: Profits.......................................................... 74,723 84,619 62,464 150,238 16,430 17,163 12,433 29,361 Recoveries................................................... 6,633 7,114 5,077 3,986 1 , 160 1,981 1 ,244 1,244 Transfers from reserves............................ 57,284 97,435 100,950 62.089 3,306 6.481 6,373 2,932 On loans: Recoveries............................................... 17,383 17,962 15.585 14,307 7,014 7,438 6,564 5,982 Transfers from reserves............................ 62,313 84,001 55,762 44,439 5,928 10,896 10,567 10,105 All other. ....................................................... 103,768 99,237 101,873 142,565 13,500 16,507 20,686 16,490 Losses, charge-offs, and transfers to re­ serves................................................... 1,017,299 1,177,540 1,574,027 1,326,581 172,086 195,167 244,240 238,304 On securities: Sold............................................................. 88,397 85,045 454,911 154,550 8,712 15,067 42,590 22,048 Charge-offs prior to sale.......................... 11,256 9,224 10,198 8,403 2,878 4,374 4,418 3,025 Transfers to reserves................................. 72,213 63,370 78,932 74,572 6,953 9,194 11,692 10,721 On loans: Losses and charge-offs......................... 32,385 36,188 31,251 28,341 15,540 16,886 13,339 13,183 Transfers to reserves................................ 666,040 846,877 775,792 885,885 114,244 122,880 146,369 159,582 All other........................................................ 147,008 136,836 222,943 174,830 23,759 26,766 25,832 29,745 Net income before related taxes....................... 3,431,832 3,543,895 3,714,246 4,319,012 514,679 564,988 633,719 706,320 Taxes on net income.......................................... 1,148,203 1,029,162 1,029,906 1,177,154 152,458 151,213 156,251 171,810 Federal............................................................ 1,050,624 927,423 911,585 1,020,976 142,312 140,435 143,960 156,808 State................................................................. 97,579 101,739 118,321 156,178 10,146 10,778 12,291 15,002 Net income........................................................ 2,283,629 2,514,733 2,684,340 3,141,858 362,221 413,775 477,468 534,510 Cash dividends declared................................... 1,088,310 1,202,349 1,307,387 1,426,202 128,990 146,762 164,758 179,367 On preferred stock 1..................................... 25,749 56,163 67,339 83,664 1,479 3,915 5,843 6,051 On common stock......................................... 1,062,561 1,146,186 1,240,048 1,342,538 127,511 142,847 158.915 173,316 Memoranda items: Recoveries credited to reserves 2 On securities............................................... 4,515 4,158 3,300 5,638 379 455 500 1 ,028 On loans..................................................... 157,791 124,062 143,859 168,680 18,378 23,786 28,191 32,867 Losses charged to reserves 3 On securities.......................................... 43,683 25,761 60,282 29,072 1,653 4,423 5,607 5,906 On loans..................................................... 394,181 429,490 545,647 601,194 74.275 83,290 107,027 114,972 Assets, deposits, and capital accounts: Loans......................................................... 164,816,703 187,661,591 210,240,170226,145,245 25.466,529 28.887,583 32,683,617 36,356,865 U.S. Govt, securities..................................... 61,439,390 59,419,551 56.088.649 57,357,584 13,350,548 13.726,920 13,811,651 14,193,992 Other securities.............................................. 36,360,062 41.540,772 47,054,812 55,213,293 5,892,023 6,884,790 8,619,036 10,518,719 Cash assets..................................................... 54,449,343 59,013,596 62,867,398 70,248,679 6,483,176 7,097,723 7,399,181 7,890,487 Other assets.................................................... 8,425,128 9,578,899 10,862,634 12,163,632 962,019 1,104,760 1 ,244,164 1,402,666 Total assets..................................................... 325,490,626357,214,409 387,113,663421,128,433 52,154,295 57,701.776 63.757,649 70,362,729 Time deposits................................................. 119,606,438 137,554,173 155,000,307 173,923,577 21 .536,090 24,591,831 28,299,896 32,793,654 Total deposits................................................. 287,988,560315,643,533340,336,714 368,906,501 46,937,686 51,982,404 57,426,898 63,391,703 Total capital accounts................................... 26,391,374 28,820,861 30,850,686 32,876,674 4,397,383 4,782,103 5,234,848 5,683,756 Number of officers............................................. 123,996 130,042 137,803 144,868 37,025 38,753 39,630 42,703 Number of employees....................................... 546.771 569,276 606,120 637,511 103,297 109,958 114.769 123,109 Number of banks.............................................. 13,493 13,547 13,541 13,517 7,269 7,327 7,392 7,447 1 Includes interest on capital notes and debentures. this company are included in member bank figures on pp. A-93—A-95. 2 Not included in recoveries above. The figures of assets, deposits, and capital accounts arc averages of the 3 Not included in losses above. amounts reported for call dates at the beginning, middle, and end of each year. The number of officers, employees, and banks are as of the end of each year. Note.—Excludes one nondeposit noninsured trust company; figures for Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-104 BANK LIABILITIES TO FOREIGN BRANCHES □ MAY 1968 LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES (fn millions of dollars) Date Amount Date Amount Date Amount Date Amount 1964 1965 1966 1967 793 Feb 3............................. 1,490 1 ,856 3,201 8 ......................... 932 10............................. 1 ,562 9............................. 1 ,915 ‘ 12............................. 3,064 15 ........ 968 17............................. 1,697 16..................... 1 ,913 19............................. 3,137 22......................... 1,023 24............................. 1 ,592 23............................ 1,951 26............................. 3,047 29 . .... 1 ,040 30............................. 1 ,879 I ,294 2,843 Feb 5 ..... 1,145 10............................. 1 ,350 1 ,762 ' 10............................ 2,790 12 . 1,132 17............................. 1 ,468 ‘ 13.........1. ..,.9..5..6.. ......... 17............................. 2,950 19 ........ 1,127 24............................. 1 ,545 20............................. 1 ,938 24............................ 3,254 26 .. ..................... 1,077 31............................. 1 ,431 27............................. 1 ,909 31............................. 2,776 1,039 1,426 1,720 June 7............................. 3,059 11.. ..... 1 ,006 ' 14............................. 1,344 ' 11.........1..,.8..6..5............. 14............................ 2,991 18 ... 996 21............................. 1 ,404 18............................ 1,981 21............................. 3,215 25 ... 1,046 28............................. 1,433 25........................... 2,003 28............................. 3,166 1,006 1,318 1,852 3,078 r 8 • ...... 1,028 ' 12............................. 1 ,364 ' 8............................. 1 ,959 ' 12............................. 3,304 15 ............ 1,036 19............................. 1 ,410 15............................ 1 ,927 19............................. 3.558 22 ....................... 1 ,151 26............................. 1 ,432 22............................. 1 ,993 26............................ 3.660 29 ........................... 1,146 29............................. 1 ,951 1 ,346 3,370 1,167 9............................. 1,314 1,897 " 9............................. 3,669 1,183 16............................. I ,278 13............................ 2,286 16............................. 3,877 20 . . 1,181 23............................. 1 ,492 20............................. 2,481 23............................. 4,031 27 . ... 1,132 30............................. 1 ,436 27............................. 2,786 30............................. 3,976 1,079 July 7............................. 1 ,505 2,776 3,848 10 .......... 974 ' 14............................. 1 ,531 “ 10.........2..,.8..6...2.. ..........' 13............................. 3,840 17. . 943 21.............................. 1 ,557 17............................ 2,924 20............................. 3,930 24 . .......... 917 28............................. 1 ,572 24............................ 3,020 27............................. 4,059 31............................. 3,134 JL1|y 1............................. 917 1,544 Oct. 4............................. 4,047 ' 8 ..... 847 ~ 11............................. 1 ,612 3,159 11............................. 4,293 15 . . 936 18............................. 1,770 14............................ 3,339 18............................. 4,235 22 . . . 998 25............................. 1 ,792 21............................ 3,450 25............................ 4.322 29......................... 1,008 28............................. 3,472 1 ,833 4,320 8 12 . . 1 1 , , 0 0 7 8 8 3 ' 1 8 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , , 8 8 2 3 6 4 12............................. 3 3. , 3 3 7 7 1 4 15......................... 8 ... ..........4 4 .., , .5 6 ..6 2 .. 3 .0.. ........ 19 .. 1,116 22............................. 1 ,748 19............................. 3,516 22............................. 4,864 26 ........... 1 ,166 29............................. 1,611 26........................... 3,671 29............................. 4,206 1,176 1,693 3,688 4,480 1,190 13............................. 1,788 9............................. 4,111 13............................. 4,634 16. .. .......... 1 ,171 13 1.......................... 1 ,656 16............................ 3,999 20............................. 4,365 23 1,186 20............................. 1 ,658 23............................. 4,276 27............................. 4,241 30 . . . 1 ,166 27............................. 1 .719 30............................ 3.786 Oct 7 • ■ - 1,160 I ,663 4,296 1968 14 ..... 1,192 10............................. I ,785 14............................. 4,349 21 1,175 16............................. 1 ,785 21............................. 4,183 4,157 28 . . 1,198 24............................. 1.697 28............................ 4,050 3 1......................... 4,092 28 ।.......................... 4,036 10............................. 4,289 1,172 1 ,575 17............................. 4,367 11 ...... 1,152 8............................. 1 ,636 1967 24............................ 4,516 18 .... 1,296 15............................. 1 ,719 31............................. 4.259 25 .......... 1,380 22............................. 1,477 3,702 29............................. 1 ,345 11........................... 3,924 Feb. 7. ...................... 4,352 1,492 18............................ 3,683 14............................. 4,474 9 . 1 ,500 25............................ 3,653 21............................. 4.739 16........................... 1 ,530 1966 28............................. 4,530 23............................. 1 ,297 Feb. 1............................. 3,217 30 . 1,183 1 ,395 8............................ 3,422 4,513 12............................. 1 ,559 15............................. 3,376 13............................. 4,805 19............................ 1 ,695 22............................. 3,396 20............................. 4,430 1965 26............................. 1 ,688 27............................. 4,920 3,382 1,119 Feb. 2............................. 1 ,767 8............................ 3,464 13 ...... 1,162 9............................. 1 ,791 15............................. 3,367 20 . . 1,213 16............................. 1 .826 22............................. 3,372 27... . ...... 1 ,358 23............................. 1 .902 29............................. 3,412 i Break in series; see Note. ... , Note.—The data represent gross liabilities of reporting banks to their branches in foreign countries. Certain changes in coverage and definitions have occurred over time that affect the compara­ bility of the data. Where such changes are known to have been significant, two figures for the same date are given; the first is comparable with the data that precede it, and the second with the data that follow. 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 Jack M. Egertson, Assistant Director DIVISION OF RESEARCH AND STATISTICS Thomas A. Sidman, Assistant Director Daniel H. Brill, Director Charles C. Walcutt, Assistant Director Albert R. Koch, Deputy Director J. Charles Partee, Associate Director DIVISION OF PERSONNEL ADMINISTRATION Stephen H. Axilrod, Adviser Edwin J. Johnson, Director Lyle E. Gramley, Adviser John J. Hart, Assistant Director Kenneth B. Williams, Adviser Stanley J. Sioel, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES Tynan Smith, Associate Adviser Murray S. Wernick, Associate Adviser Joseph E. Kelleher, Director James B. Eckert, Assistant Adviser Harry E. Kern, Assistant Director Peter M. Keir, Assistant Adviser Louis Weiner, Assistant Adviser OFFICE OF THE CONTROLLER John Kakalec, Controller DIVISION OF INTERNATIONAL FINANCE Robert Solomon, Director OFFICE OF DEFENSE PLANNING Robert L. Sammons, Associate Director John E. Reynolds, Associate Director Innis D. Harris, Coordinator John F. L. Ghiardi, Adviser 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-105 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-106 FEDERAL OPEN MARKET COMMITTEE Wm. McC. Martin, Jr., Chairman Alfred Hayes, Vice Chairman Andrew 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. Holland, Secretary Merritt 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 E. Reynolds, Associate Economist Daniel H. Brill, Economist Robert Solomon, Associate Economist Stephen H. Axilrod, Associate Economist Charles 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-107 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President uiauuu Deputy Chairman First Vice President in charge of branch Zip code Boston................... ...02106 Howard W. Johnson George H. Ellis Charles W. Cole Earle O. Latham New York.............. ...10045 Everett N. Case Alfred Hayes Kenneth H. Hannan William F. Treiber Buffalo.............. ...14240 Robert S. Bennett A. A. Machines, Jr. Philadelphia..............19101 Willis J. Winn Karl R. Bopp Bayard L. England Robert N. Hilkert Cleveland............... ...44101 Albert G. Clay W. Braddock Hickman Logan T. Johnston Walter H. MacDonald Cincinnati......... ...45201 Graham E. Marx Fred O. Kiel Pittsburgh......... ...15230 F. L. Byrom Clyde E. Harrell Richmond.............. ...23213 Wilson H. Elkins 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 Kimbrel 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. Landing Charles J. Scanlon Elvis J. Stahr Hugh J. Helmer Detroit.............. ...48231 Max P. Heavenrich, Jr. Russel A. Swaney St. Louis............... ...63166 Frederic M. Peirce Darryl R. Francis Smith D. Broadbent, Jr. Dale M. Lewis Little Rock....... ...72203 Jake Hartz John F. Breen Louisville.......... ...40201 C. Hunter Green Donald L. Henry Memphis........... ...38101 Sam Cooper Eugene A. Leonard Minneapolis........... ...55440 Joyce A. Swan Hugh D. Galusha, Jr. Robert F. Leach M. H. Strothman, Jr. Helena.............. ...59601 C. G. McClave Clement A. Van Nice Kansas City........... ...64198 Dolph Simons George H. Clay Dean A. McGee John T. Boysen Denver.............. ...80217 Cris Dobbins John W. Snider Oklahoma City.....73125 C. W. Flint, Jr. Howard W. Pritz Omaha............... ...68102 Henry Y. Kleinkauf George C. Rankin Dallas.................... ...75222 Carl J. Thomsen Philip E. Coldwell Max Levine T. W. Plant El Paso............ ...79999 Joseph M. Ray Fredric W. Reed Houston............ ...77001 Geo. T. Morse, Jr. J. Lee Cook San Antonio.......78206 Francis B. May Carl H. Moore San Francisco........ ...94120 O. Meredith Wiison 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. Pf. 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. RULES OF ORGANIZATION AND PROCEDURE­ DEBITS AND CLEARING STATISTICS AND THEIR 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-108 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A-109 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. (Lindted 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 A DISAGGREGATED MODEL OF THE U.S. BALANCE FINAL DEMAND, by Clayton Gehman and Cor­ OF TRADE, by William H. Branson. May 1968. nelia Motheral. Jan. 1967. Printed in full in the Bulletin. FIRMS' DEMANDS FOR MONEY: THE EVIDENCE (Reprints available as shown in following list.) FROM THE CROSS SECTION DATA, by William J. Frazer, Jr. Jan. 1967. REPRINTS THE EFFECT OF CREDIT CONDITIONS ON STATE (From Federal Reserve Bulletin unless preceded AND LOCAL BOND SALES AND CAPITAL OUT­ by an asterisk.) LAYS SINCE WORLD WAR II, by Paul F. Mc- ADJUSTMENT FOR SEASONAL VARIATION. Descrip­ Gouldrick. Feb. 1967. tion of method used by Board in adjusting eco­ nomic data for seasonal variations. June 1941. INVESTMENT BY MANUFACTURING FIRMS: A QUARTERLY TIME SERIES ANALYSIS OF INDUS­ H PP- TRY DATA, by Robert W. Resek. Mar. 1967. SEASONAL FACTORS AFFECTING BANK RESERVES. Feb. 1958. 12 pp. INDIVIDUALS AS A SOURCE OF LOAN FUNDS FOR LIQUIDITY AND PUBLIC POLICY, Staff Paper by STATE AND LOCAL GOVERNMENTS, by Helmut Stephen H. Axilrod. Oct. 1961. 17 pp. Wendel. Apr. 1967. SEASONALLY ADJUSTED SERIES FOR BANK VARIABLE-RATE MORTGAGES, by Robert Moore CREDIT. July 1962. 6 pp. Fisher. May 1967. INTEREST RATES AND MONETARY POLICY, Staff THE FINANCING OF CAPITAL INVESTMENT IN THE Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. USSR, by Paul Gekker. June 1967. INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. 1962. 10 pp. FEDERAL FISCAL POLICY AND AGGREGATE DE­ MAND, 1956-1966, by Helen B. Junz. June FLOW OF FUNDS SEASONALLY ADJUSTED. Nov. 1967. ’ 1962. 15 pp. RECENT CHANGES IN LIQUIDITY, Staff Paper by BUSINESSES VIEW BANKING SERVICES: A SURVEY Daniel H. Brill. June 1963. 10 pp. OF CEDAR RAPIDS, IOWA, by Lynn A. Stiles. July 1967. ’ MEASURES OF MEMBER BANK RESERVES. July 1963. 14 pp. ' THE IMPACT OF MONETARY VARIABLES: A SELEC MEASURING AND ANALYZING ECONOMIC GROWTH, TIVE SURVEY OF THE RECENT EMPIRICAL LIT Staff Paper by Clayton Gehman. Aug. 1963. ERATURE, by Michael J. Hamburger. July 1967. 14 PP- EMPIRICAL LITERATURE ON THE U.S. BALANCE CHANGES IN BANKING STRUCTURE, 1953-62. Sept. OF TRADE, by Charles K. Harley. July 1967. 1963. 8 pp. ‘ THE BOOM IN OFFICE BUILDINGS, by Robert ECONOMIC CHANGE AND ECONOMIC ANALYSIS, Moore Fisher. Aug. 1967. Staff Paper by Frank R. Garfield. Sept. 1963. 17 PP- CUSTOMERS VIEW BANK MARKETS AND SERVICES: THE OPEN MARKET POLICY PROCESS. Oct. 1963. A SURVEY OF ELKHART, INDIANA, by George G. Kaufman. Aug. 1967. H PP- NEW SERIES ON FEDERAL FUNDS. Aug. 1964. A TEST OF THE DEPOSIT RELATIONSHIP HYPOTH­ 31 pp. ESIS, by Neil B. Murphy. Sept. 1967. YIELD DIFFERENTIALS IN TREASURY BILLS, 1959­ ECONOMIC TRENDS IN LATIN AMERICA IN THE 64, Staff Paper by Samuel I. Katz. Oct. 1964. 1960's, by Yves Maroni. Oct. 1967. 20 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-110 FEDERAL RESERVE BULLETIN □ MAY 1968 RESEARCH INTO BANKING STRUCTURE AND COM­ BANK FINANCING OF AGRICULTURE. June 1967. PETITION. Nov. 1964. 17 pp. 23 pp. BANK CREDITS TO FOREIGNERS. Mar. 1965. 10 pp. EVIDENCE ON CONCENTRATION IN BANKING MARKETS AND INTEREST RATES, Staff Eco­ REVISION OF BANK DEBITS AND DEPOSIT TURN­ nomic Study by Almarin Phillips. June 1967. OVER SERIES. Mar. 1965, 4 pp. >1 PP- MEASURES OF BANKING STRUCTURE AND COM­ NEW BENCHMARK PRODUCTION MEASURES, 1958 PETITION. Sept. 1965. 11 pp. AND 1963. June 1967. 4 pp. TIME DEPOSITS IN MONETARY ANALYSIS, Staff BANKING AND MONETARY STATISTICS, 1966. Economic Study by Lyle E. Gramley and Sam­ Selected series of banking and monetary statis­ uel B. Chase, Jr. Oct. 1965. 25 pp. tics for 1966 only. Mar. and July 1967. 20 pp. CYCLES AND CYCLICAL IMBALANCES IN A CHANG­ ING WORLD, Staff Paper by Frank R. Garfield. RECENT CREDIT AND MONETARY DEVELOPMENTS. Nov. 1965. 15 pp. July 1967. 12 pp. RESEARCH ON BANKING STRUCTURE AND PER­ REVISED INDEXES OF MANUFACTURING CAPACITY FORMANCE, Staff Economic Study by Tynan AND CAPACITY UTILIZATION. July 1967. 3 pp. Smith. Apr. 1966. 11 pp. THE PUBLIC INFORMATION ACT—ITS EFFECT ON COMMERCIAL BANK LIQUIDITY, Staff Economic MEMBER BANKS. July 1967. 6 pp. Study by James Pierce. Aug. 1966. 9 pp. INTEREST COST EFFECTS OF COMMERCIAL BANK REVISION OF WEEKLY REPORTING MEMBER BANK UNDERWRITING OF MUNICIPAL REVENUE SERIES. Aug. 1966. 4 pp. BONDS. Aug. 1967. 16 pp. TOWARD UNDERSTANDING OF THE WHOLE DE­ REVISION OF MONEY SUPPLY SERIES. Aug. 1967. VELOPING ECONOMIC SITUATION, Staff Eco­ 14 pp. nomic Study by Frank R. Garfield, Nov. 1966. REVISION OF BANK CREDIT SERIES. Sept. 1967. 14 pp. 7 PP- A REVISED INDEX OF MANUFACTURING CAPACITY, COMMERCIAL BANKS AND THE SUPPLY OF Staff Economic Study by Frank de Leeuw with MONEY: A MARKET-DETERMINED DEMAND DE­ Frank E. Hopkins and Michael D. Sherman. POSIT RATE, Staff Economic Study by John H. Nov. 1966. 11 pp. Kareken. Oct. 1967. 14 pp. THE ROLE OF FINANCIAL INTERMEDIARIES IN THE ECONOMIC PAUSE IN WESTERN EUROPE. U.S. CAPITAL MARKETS, Staff Economic Study Oct. 1967. 17 pp. by Daniel H. Brill, with Ann P. Ulrey. Jan. THE FEDERAL RESERVE-MIT ECONOMETRIC 1967. 14 pp. MODEL, Staff Economic Study by Frank de SIZE AND COMPOSITION OF CONSUMER SAVING. Leeuw and Edward Gramlich. Jan. 1968. 30 pp. Jan. 1967. 19 pp. CHANGES IN TIME AND SAVINGS DEPOSITS, REVISED SERIES ON COMMERCIAL AND INDUS­ JULY-OCT. 1967. Jan. 1968. 20 pp. TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. RECENT CREDIT AND MONETARY DEVELOPMENTS. AUTO LOAN CHARACTERISTICS AT MAJOR SALES Feb. 1968. 11 pp. FINANCE COMPANIES. Feb. 1967. 5 pp. THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. CONSUMER INSTALMENT CREDIT. Mar. 1967. 12 1968. 7 pp. PP- BALANCE OF PAYMENTS PROGRAM: REVISED THE BALANCE OF PAYMENTS IN 1966. Apr. 1967. GUIDELINES FOR BANKS AND NONBANK FINAN­ 16 pp. CIAL INSTITUTIONS. Mar. 1968. 9 pp. SURVEY OF FINANCE COMPANIES, MID-1965. Apr. TREASURY AND FEDERAL RESERVE FOREIGN EX­ 1967. 26 pp. ' CHANGE OPERATIONS. Mar. 1968. 22 pp. MONETARY POLICY AND ECONOMIC ACTIVITY: A U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN POSTWAR REVIEW. May 1967. 22 pp. 1960-67. Apr. 1968. 23pp. REVISION IN QUARTERLY SURVEY OF INTEREST QUARTERLY SURVEY OF CHANGES IN BANK LEND­ RATES ON BUSINESS LOANS. May 1967. 7 pp. ING PRACTICES. Apr. 1968. 6 pp. MONETARY POLICY AND THE RESIDENTIAL MORT­ RECENT CAPITAL MARKET DEVELOPMENTS. May GAGE MARKET. May 1967. 13 pp. 1968. 1 1 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, sec page A-3.) )xedni siht ni dettimo si ”A“ xiferp eht hguohtla 401-A hguorht 4-A segap ot era secnerefeR( Acceptances, bankers’, 14, 31, 33 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 24, 26 Accumulated at commercial banks for payment Arbitrage, 87 of personal loans, 23 Assets and liabilities (See also Foreign liab. & claims): Adjusted, and currency, 18, 89 Banks, by classes, 19, 24, 26, 33, 90 Banks, by classes, 11, 19, 25, 28, 33, 90 Banks and the monetary system, 18, 89 Federal Reserve Banks, 12, 81 Corporate, current, 45 Postal savings, 18, 89 Federal Reserve Banks, 12 Subject to reserve requirements, 17 Automobiles: Discount rates, 9, 86 Consumer instalment credit, 50, 51, 52 Discounts and advances by Reserve Banks, 4, 12, 15 Production index, 54. 55 Dividends, corporate, 44, 45 Dollar assets, foreign, 71, 76 Bankers’ balances, 25, 27 (See also Foreign liabilities and claims) Earnings and hours, manufacturing industries, 61 Banking and monetary statistics for 1967, 89 Employment, 58, 60, 61 Banks and the monetary system, 18 Banks for cooperatives, 35 Farm mortgage loans, 46, 47 Bonds (See also U.S. Govt, securities): Federal finance: New issues, 41, 42, 43 Cash transactions, 36 Yields and prices, 31, 32 Receipts and expenditures, 37 Branch banks, liabilities of U.S. banks to their foreign Treasurer’s balance, 36 branches, 104 Federal funds, 8, 24 Business expenditures on new plant and equipment, 45 Federal home loan banks, 35, 47 Business indexes, 58 Federal Housing Administration, 32, 46, 47, 48 Business loans (See Commercial and industrial loans) Federal intermediate credit banks, 35 Federal land banks, 35 Federal National Mortgage Assn., 35, 48 Capacity utilization, 58 Federal Reserve Banks: Capital accounts: Condition statement, 12 Banks, by classes, 19, 25, 29, 90 Federal Reserve Banks, 12 U.S. Govt, securities held, 4, 12, 15, 38, 39 Federal Reserve credit, 4, 12, 15 Central banks, foreign, 84, 86 Federal Reserve notes, 12, 16 Certificates of deposit. 29 Federally sponsored credit agencies, 35 Coins, circulation, 16 Finance company paper, 31,33 Commercial and industrial loans: Financial institutions, loans to, 24, 26 Commercial banks, 24 Float, 4 Weekly reporting banks, 26, 30, 93 Commercial banks: Flow of funds: Financial assets and liabilities, 67.10 Assets and liabilities, 19, 24, 26, 90 Saving and financial flows, 66 Consumer loans held, by type, 51 Deposits at, for payment of personal loans, 23 Foreign currency operations, 12, 14, 70, 71, 76 Number, by classes, 19, 90 Foreign deposits in U.S. banks, 4, 12, 18, 25, 28, 81, 89 Real estate mortgages held, by type, 46 Foreign exchange rates, 88 Commercial paper, 31, 33 Foreign liabilities and claims: Condition statement (See Assets and liabilities) Banks, 72, 73, 75, 77, 79, 81, 104 Construction, 58, 59 Nonbanking concerns, 82 Foreign trade, 69 Consumer credit: Instalment credit, 50, 51, 52, 53 Noninstalment credit, by holder, 51 Gold: Consumer price indexes, 58, 62 Certificates, 12, 16 Consumption expenditures, 64, 65 Earmarked, 81 Corporations: Net purchases by U.S., 70 Sales, profits, taxes, and dividends, 44, 45 Production, 85 Security issues, 42, 43 Reserves of central banks and govts., 84 Security yields and prices, 31, 32 Stock, 4, 18, 70, 89 Cost of living (See Consumer price indexes) Gross national product, 64, 65 Currency and coin, 4, 10, 25 Currency in circulation, 4, 16, 17 Hours and earnings, manufacturing industries, 61 Customer credit, stock market, 32 Housing starts, 59 Debits to deposit accounts, 15 Income and expenses: Debt (See specific types of debt or securities) Insured commercial banks, 103 Demand deposits: Member banks, 94 Adjusted, banks and the monetary system, 18, 89 Income, national and personal, 64, 65 Adjusted, commercial banks, 15, 17, 25 Industrial production index, 54, 58 Banks, by classes, 11, 19, 25, 28, 90 Instalment loans, 50, 51, 52, 53 Subject to reserve requirements, 17 Insurance companies, 34, 38, 39, 47 Turnover, 15 Insured commercial 'banks, 21, 23, 24, 103 A—111 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-112 FEDERAL RESERVE BULLETIN □ MAY 1968 Interbank deposits, II, 19, 25, 90 Reserve position, basic, member banks, 8 Interest rates: Reserve requirements, member banks, 10 Business loans by banks, 30 Reserves: Federal Reserve Bank discount rates, 9 Central banks and govts., 84 Foreign countries, 86, 87 Commercial banks, 25, 27 Money market rates, 31, 87 Federal Reserve Banks, 12 Mortgage yields, 32, 49 Member banks, 4, 6, 11, 17, 25 Time deposits, maximum rates, J1 Residential mortgage loans, 46, 47, 48, 49 Yields, bond and stock, 31 Retail credit, 50 International capital transactions of the U.S., 72 Retail sales, 58 International institutions, 70, 71, 84, 86 Inventories, 64 Sales finance companies, loans, 50, 51, 53 Investment companies, issues and assets, 43 Saving: Investments (See also specific types of investments): Flow of funds series, 66 Banks, by classes, 19, 24, 27, 33, 90 National income series, 65 Commercial banks, 23 Savings and loan assns., 34, 39, 47 Federal Reserve Banks, 12, 15 Savings deposits (See Time deposits) Life insurance companies, 34 Savings institutions, principal assets, 33, 34 Savings and loan assns., 34 Securities (See also U.S. Govt, securities): Federally sponsored agencies, 35 Labor force, 60 International transactions, 80, 81 Loans (See also specific types of loans): New issues. 41, 42, 43 Banks, by classes, 19, 24, 26, 33, 90 Commercial banks, 23, 24, 30 Silver coin and silver certificates, 16 State and local govts.: Federal Reserve Banks, 4, 12, 15 Deposits, 25, 28 Insurance companies, 34, 47 Holdings of U.S. Govt, securities, 38, 39 Insured or guaranteed by U.S., 46, 47, 48 New security issues, 41, 42 Savings and loans assns., 34, 47 Ownership of securities of, 24, 27, 33, 34 Manufacturers: Yields and prices of securities, 31, 32 Capacity utilization, 58 State member banks, 21, 23 Production index, 55, 58 Stock market credit, 32 Margin requirements, 10 Stocks: Member banks: New issues, 42, 43 Assets and liabilities, by classes, 19, 24, 90 Yields and prices, 31, 32 Borrowings at Reserve Banks, 6, 12 Deposits, by classes, 11 Tax receipts, Federal, 37 Income and expenses, 94 Time deposits, 11, 17, 18, 19,25, 28, 89,90 Number, by classes, 19, 90 Treasurer’s account balance, 36 Reserve position, basic, 8 Treasury cash, Treasury currency, 4, 16, 18, 89 Reserve requirements, 10 Treasury deposits, 4, 12, 36 Reserves and related items, 4, 17 Mining, production index, 55, 58 Unemployment, 60 Money rates (See Interest rates) U.S. balance of payments, 68 Money supply and related data, 17 U.S. Govt, balances: Mutual funds (See Investment companies) Commercial bank holdings, 25, 28 Mutual savings banks, 18, 19, 22, 33, 38, 39, 46, 89, 91 Consolidated condition statement, 18, 89 Member bank holdings, 17 National banks, 21, 23 Treasury deposits at Federal Reserve Banks, 4, National income, 64, 65 12, 36 National security expenditures, 37, 64 U.S. Govt, securities: Nonmember banks, 21, 23, 24, 25, 103 Bank holdings, 18, 19, 24, 27, 33, 38, 39, 89, 90 Dealer transactions, positions, and financing, 40 Open market transactions, 14 Federal Reserve Bank holdings, 4, 12, 15, 38, 39 Payrolls, manufacturing, index, 58 Foreign and international holdings, 12, 76, 80, 81 Personal income, 65 International transactions, 76, 80 Postal Savings System, 18, 89 New issues, gross proceeds, 42 Prices: Open market transactions, 14 Consumer and wholesale commodity, 58, 62 Outstanding, by type of security, 38, 39, 41 Security, 32 Ownership of, 38, 39 Production, 54, 58 Yields and prices, 31, 32, 87 Profits, corporate, 44, 45 United States notes, 16 Utilities, production index, 55, 58 Real estate loans: Banks, by classes, 24, 26, 33, 46 Veterans Administration, 46, 47, 48 Delinquency rates on home mortgages, 49 Mortgage yields, 32, 49 Weekly reporting banks, 26 Nonfarm mortgage foreclosures, 49 Type of holder and property mortgaged, 46, 47, 48 Yields (See Interest rates) )xedni siht ni dettimo si ”A“ xiferp eht hguohtla 401-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 THE FEDERALRESERVE SYSTEM q) a * (O 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