Federal Reserve Bulletin, 1968-06

FEDERAL RESERVE B U LLETIN JUNE 1968 BOARD OF GOVERNORS □ THE FEDERAL RESERVE SYSTEM □ WASHINGTON, D.C. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

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

FEDERAL RESERVE BULLETIN NUMBER 6 □ VOLUME 54 □ JUNE 1968 CONTENTS 457 Consumer Instalment Credit 470 Margin Account Credit 482 Record of Policy Actions of the Federal Open Market Committee 497 Law Department 529 Announcements 531 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- 98 Board of Governors and Staff A- 99 Open Market Committee and Staff; Federal Advisory Council A—100 Federal Reserve Banks and Branches A—101 Federal Reserve Board Publications A-105 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL Charles Molony COMMITTEE Daniel H. Brill Robert C. Holland Robert Solomon Albert R. Koch Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff edi­ torial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Consumer Instalment Credit CONSUMERS have stepped up their borrowing in recent months. They have also slowed their repayments on existing instalment debt from last year’s unusually fast pace. As a result there has been a sharp rise in outstanding indebtedness to banks, finance com­ panies, and other lenders. The first-quarter increase was especially large, with debt growing at an annual rate almost twice that for 1967 as a whole. Demands for credit have accelerated mainly because of the surge in personal consumption expenditures. Spending on all types of goods and services reached record levels in the first quarter, but purchases of such big-ticket items as autos and major household durable goods were particularly important because they are so often financed on instalment credit. Credit typically is involved in more than two-thirds of all new cars sold and in half of all used cars. And for household goods and apparel, the proportion is about one-third. This turnaround in instalment credit activity came after almost 2 years of relative slack. Consumer credit had continued to ex­ pand in 1966, but with consumer spending growing less rapidly and credit markets tight, the pace was markedly slower than in 1965. The expansion slackened much further in 1967, even though credit had become readily available. As it turned out, the increase in outstanding indebtedness last year was the smallest since the recession low of 1961. Growth was less in all major areas of instalment credit, but especially in the auto sector. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

458 FEDERAL RESERVE BULLETIN □ JUNE 1968 11 With GAP between extensions and repayments widening again, BILLIONS OF DOLLARS, ANNUAL RATES GROWTH in outstanding debt accelerates 10 Seasonally adjusted. Latest figures shown, first quarter. The rise in instalment credit in 1967 amounted to $3.3 billion, about half that for 1966. In relative terms the increase was a little more than 4 per cent, compared with 9 per cent in 1966 and 10 per cent or more in each of the other years since 1961. To a large extent, the 1967 slowdown was a product of the unusual spending/saving relationship in the consumer sector. Consumers saved much more of their incomes and spent much less than in other recent years. The unusually low spending rate created considerably less demand for credit. Also important was the link between the high rate of saving and the exceptionally large payments that consumers were making on existing debt. During the second and third quarters in particular, debt was being retired at such a rapid rate as to indicate some prepayment of debt. With repayments returning to a more normal pattern in the first quarter of this year and with extensions expanding vigor­ ously, the rise in credit outstanding jumped to an annual rate of $6.1 billion. This was almost $2 billion above the fourth-quarter 1967 rate and more than $3 billion higher than in the first quarter of that year, but still well below the record $8 billion increase in 1965. February and March were especially strong, with expan­ sion rates well above those of any other month in the past year and a half. The tempo slowed a little in April, mainly because of a drop in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT 459 demand for auto credit. But with auto sales turning up again in May, the slowdown may prove to have been temporary. There is already some confirmation of this in the scattered reports on credit activity available as of mid-June. MAJOR TYPES The pick-up in consumer borrowing this year has affected virtu­ OF CREDIT ally all major credit categories and lender groups. Among the latter, banks and credit unions have continued to increase their share of the market. Among types of credit, auto credit has grown the most, but extensions for consumer goods other than autos have also continued to expand, and personal loans have held up well. The major area of slack in consumer borrowing continues to be in home improvement loans. This may stem in part from reluc­ tance of lenders to become locked into longer-term loans at a time of uncertainty about the future course of interest rates. Auto credit. Much of the slack in last year’s expansion in total instalment credit, as well as much of the unevenness in month-tomonth movement, was traceable to developments in auto credit. And demands for auto credit, in turn, closely paralleled changes in auto sales. Thus, extensions of auto credit, which had flattened out in 1966, dropped along with sales in early 1967 to the lowest level in more than 2 years. While there was some pick-up in credit use as the year progressed, loan volume generally remained below year-earlier levels. Meanwhile, with repayments on existing auto debt continuing to rise, there was a further marked narrowing of the gap between extensions and repayments. In 1965 net increases in outstanding auto debt had averaged more than $300 million per month. There was a sharp decline to $177 million in 1966, but the drop last year was even steeper—to an average of $20 million per month. (See Chart 2 on following page.) Extensions of auto credit have been rising at a much faster pace since the first of this year. Growth was especially large in the first quarter, when extensions were at an annual rate of $30 billion— up more than $2 billion from the previous quarter and $3.5 bil­ lion from a year earlier. Outstanding auto debt has shown corre­ spondingly large increases. Compared with last year’s average monthly growth of $20 million, auto debt climbed at the rate of almost $200 million per month in early 1968. The major upward thrust to auto extensions has come from the sharp advance in unit sales of autos. First-quarter sales of new Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

460 FEDERAL RESERVE BULLETIN □ JUNE 1968 cars (excluding imports) were at an annual rate of 8.2 million, up 10 per cent from the final quarter of 1967. Sales turned down in April but bounced back sharply in May. The May rate was 8.7 million units compared with 7.9 million in April. 2 | AUTO CREDIT, in particular, slowed in ’67 Figure lor the first quarter of 1968 is based on seasonally adjusted data. Also tending to inflate the use of credit has been the increase in average size of instalment contracts. The typical new-car note has ranged between $2,800 and $2,900 since the 1968 models went on display last fall, more than $100 above corresponding yearearlier levels. This increase reflects both higher base prices for the new models and the trend toward more optional equipment. CREDIT INTENSITY IN Along with buying more cars and paying higher prices for AUTO BUYING1 them, consumers have been relying more heavily on credit in (In per cent) recent months. One measure of credit intensity is the ratio of dollars borrowed to dollars spent. As the table shows, credit in­ 1966 QI.............................. 48.4 Q2.............................. 51.4 tensity is up sharply from last summer. It is still below the high Q3.............................. 48.8 Q4.............................. 49.4 reached in the second quarter of 1966, but in that period unusu­ 1967 Q!.............................. 48.6 ally large numbers of credit buyers were attracted into the market Q2.............................. 46.9 Q3.............................. 44.6 as auto dealers sought to work off excessive inventories. Q4.............................. 49.2 1968 QI . . .......................... 49.4 Other types. Credit arising from the purchase of home goods and apparel rose by $1.5 billion or 8 per cent in 1967, and at a 1 Extensions related to “automotive group” sales in the Dept, of Commerce slightly faster pace in early 1968. Although the rate of growth monthly retail sales series. slowed a little in 1967, this type of credit has advanced steadily since mid-1961 and has accounted for roughly one-fourth of the expansion in total instalment credit since then. Credit-card activity has become increasingly important and so has the financing of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT 461 mobile homes, boats, and other higher priced goods on a com­ paratively long-term basis. Personal loans outstanding rose by $1.6 billion or 8 per cent in 1967. This was about the same as in 1966 but far less than the 13 per cent advance in 1965. During the last 2 years personal loan volume has failed to keep pace with rising demands for con­ sumer services, notwithstanding the spreading use of such loans to finance travel, vacation, education, and other service expenditures. 3| AUTO EXTENSIONS BILLIONS OF DOLLARS, ANNUAL RATES increase sharply in early 1968 ... other consumer goods and personal loans show more modest rise Seasonally adjusted. Latest figures shown, first quarter. Last year’s slowdown in credit expansion carried with it an impression that consumers were intentionally holding down the accumulation of debt. They increased their total instalment bor­ rowings only 3 per cent over 1966, while their spending rose 5.6 per cent and disposable income 7 per cent. In most other recent years, new credit extensions have tended to rise faster than either spending or income. In periods of economic slack, however, con­ sumers usually do become concerned about their financial posi­ tions and prospects, and this in turn affects their willingness to incur debt. In 1961, for example, credit extensions actually de­ clined in the face of small advances in consumer spending and income. The 1967 economic slowdown did not approach that of 1961, but consumer reactions appear to have been broadly similar. DEBT REPAYMENT The question of consumer attitudes may also be approached by reviewing recent developments in repayments on instalment debt. The pattern of repayments is governed largely by past extensions, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

462 FEDERAL RESERVE BULLETIN □ JUNE 1968 with current economic events exerting little influence except as they cause the pattern to be interrupted through either delinquency or prepayment. Typically, as credit extensions begin to move up in the early phases of a recovery period, repayments also pick up, but at a slower rate than extensions. Last year, however, repayments did not lag in the usual fashion but instead moved up side by side with extensions. Indeed—as already mentioned—the rise in repayments was so sharp in the second and third quarters as to indicate some prepayment of debt. Repayments in each of those periods were $200 million to $300 million larger than might have been expected from the level of past extensions. Since then, however, the rise in repayments has slowed to a more normal rate. Repayments ratio. A major consequence of the less rapid growth in repayments has been a decline in the ratio of repayments to dis­ posable personal income. The ratio stood at 14.1 per cent in the first quarter of 1968, down from 14.3 per cent in the previous quarter and from a record high of 14.5 per cent in last year’s third quarter. The ratio also stood at 14.1 per cent in the first quarter of 1967. Its subsequent rise and fall stands out as an unusually volatile movement in what otherwise has been a relatively stable series. The major trend in the ratio during 1965 and the first half of 1966 was sidewise. And for some 15 years before that, the trend was slightly but steadily upward—rising about 1 percentage point, on the average, over each 5-year interval. The repayments ratio continues to receive considerable atten­ tion as a measure of the ability and willingness of consumers to add to their debt. In this context the recent decline in the ratio can probably be viewed as an indication of increased ability to take on more debt. Delinquencies. There is always an expectation that a certain percentage of borrowers will become delinquent or will default on their payments. Changes in delinquency rates are watched closely, therefore, for indications of difficulty in collections. Last year, delinquency rates on consumer loans took a turn for the better. Since mid-1967 in fact, delinquency rates at banks have been running below year-earlier levels. And data for sales finance com­ panies and credit unions reveal much the same pattern of improve­ ment. Indeed, sales finance companies report that several elements of the auto collections picture—including delinquencies, reposses- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT 463 sions, and losses—have shown favorable trends for a good many months. Characteristics of bad loans. Delinquency rates and the repay­ ments ratio have been among the statistical series reviewed regu­ larly over the years in an effort to evaluate the qualitative aspects of consumer credit. Since World War II, consumer credit has been one of the fastest growing areas in the economy. This in turn has raised fundamental questions about the quality of such credit, the prospects for its repayment, the debt burden on the public, and the possible danger to the financial community of an excessive level of consumer debt. To gain further insight into these matters, the Federal Reserve System has initiated a new study of consumer credit quality. In­ formation on contract terms and borrower characteristics is now being collected from commercial banks in five consumer credit markets. Participating banks report detailed characteristics of a sample of the new Ioans being granted and old loans paid off, to provide an indication of how consumer lending standards are changing over time. These banks also report characteristics of defaulted loans, which the System compares with loans success­ fully repaid to determine the association of the various character­ istics with repayment experience. While definitive conclusions will not be available for some time, the data collected so far reveal a number of factors that seem to be closely associated with repayments difficulty. For example, PRIOR DEBT an analysis of the new-car loans that banks have been acquiring Income from auto dealers during the past year and a half shows that a fre­ Loans: already committed Charged Paid quent cause of default was “too much debt” or “bankruptcy.” In (per cent) off off some cases, the difficulty may have arisen because borrowers con­ 0 35% 67% 1-5 10 7 tracted additional debt after the loan was granted. But the study 6-10 18 10 11-15 14 8 shows that 12 per cent of all auto loans charged off were made to 16-20 11 5 borrowers already heavily in debt (those with more than 20 per 21-30 10 2 Over 30 2 1 cent of their income already committed) when they applied for Total 100 100 the loan. In contrast, only 3 per cent of the paid-off loans were to such borrowers. The association between prior debt commitment and prospects for default is brought even more sharply into focus when the analysis is restricted to the particular group of loans that went bad because of too much debt or bankruptcy. More than 20 per cent of these loans were to borrowers falling in the heavilyburdened category. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

464 FEDERAL RESERVE BULLETIN □ JUNE 1968 Roll-over of auto debt was an important characteristic in differ­ entiating between good and bad loans. Almost one-half of the charged-off auto loans involved borrowers who still had payments remaining on their old auto contract at the time they took out the new loan. In contrast, only one-fourth of the good loans fell into this category. When there was a default, it often occurred early in the con­ tract. Most new-car loans are set to run 36 months, but in 7 per cent of the defaults reported, not a single payment was made. And in 28 per cent of the cases the borrower had made no more than 5 payments. The banks apparently did attempt to offset the potential for difficulty presented by the weaker loans, by requiring auto dealers to stand behind them. The study shows that banks had obtained recourse commitments in two-fifths of the loans defaulted, but in only a fourth of the loans repaid satisfactorily. Personal characteristics of the borrower were often significantly related to subsequent repayment experience. Homeowners were much less likely to default on auto loans than renters were. On the other hand, the possibility of default was greater for young bor­ rowers, for those who had been on their present job or lived at their present address only a short time, and for those who were single, divorced, or separated. These findings will be tested further as additional data become available. Meanwhile, a more complete discussion of the study and of the kinds of data being collected is scheduled for inclusion in a forthcoming issue of the Bulletin. CONSUMER LENDING Implicit in the preceding discussion was the fact that lending STANDARDS standards are an important barometer of conditions in the con­ sumer credit markets. This is because restrictive standards are usually associated with a reduction in the availability of funds to consumers, whereas more lenient terms indicate ample funds and a willingness on the part of lenders to expand credit. Any change in lending standards tends to operate at the margin. That is to say, it is most often the marginal credit risk whose loan application is turned down in periods of tight money. The bor­ rower with adequate income and job security is usually able to obtain a loan without much difficulty. Lending standards may change in response to various economic policies and forces. Competitive influences within the consumer Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT 465 credit industry are important, as are changing demand conditions, and monetary and credit developments that affect the supply of credit. The impact of monetary policy is of particular concern these days, because credit grantors who find their own funds be­ coming more limited and more costly can be expected to reevalu­ ate the need for additional restraint in their own standards. Parallels with 1966. Comparison of consumer lending standards in the current period of monetary tightness with those of the tight money period of 1966 shows, so far at least, many more dissimi­ larities than similarities. In 1966 virtually all lenders adopted stricter lending policies. Many banks limited their lending activity to deposit customers only, or to persons living in the immediate trading area. A number of banks and finance companies cut back on the amount of retail paper purchased from auto dealers, and in some instances there were corresponding reductions in financing of dealer inventories. Maturities grew shorter on the average. In the case of new-car loans, for example, the typical maximum maturity remained at 36 months, but fewer customers were able to obtain those terms. Long-term financing for purchases of boats and mobile homes became especially scarce. Consumer interest rates also advanced, although not so much nor so rapidly as most other rates. Some lenders found it impos­ sible to make upward adjustments, since their charges were al­ ready at the legal maximum. Turning now to 1968: Consumer lending standards have grown somewhat more restrictive, but in general the response of credit grantors to the firming of monetary policy has been both slower and less severe than 2 years ago. Advances in consumer interest rates have been confined largely to new-car loans, although announcements of rate increases have become more frequent in recent weeks. As in 1966, rates for some lenders and some types of loans are already at the ceiling permitted by law. Auto contract terms are still relatively liberal. At major sales finance companies the proportion of new-car contracts with 36month maturities has remained near the 83 per cent level that prevailed during most of 1967. Meanwhile, average maturities on used car contracts have actually increased somewhat further this year. The only significant note of tightening has been in down­ payment requirements for loans on used cars. From mid-1967 to early 1968 the proportion of contracts with dealer/cost ratios Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

466 FEDERAL RESERVE BULLETIN □ JUNE 1968 (amount of loan related to wholesale value of auto) of more than 110 per cent declined from one-fourth of the total to one-fifth. Very recently, however, the proportion has begun to creep up again—indicating a return to somewhat easier downpayment terms. Response of finance companies. In 1966 finance companies turned increasingly to commercial paper as a source of funds. Their net short-term borrowings in the open market were $3.4 billion larger than in 1965, while the amount they owed to banks through direct borrowing declined by $0.6 billion. This reversed the pattern of 1965, when finance companies still relied heavily on banks as suppliers of consumer credit funds. The shift to commercial paper in 1966 was part of a longer trend. $ince 1964 finance companies have shown a preference for commercial paper over bank loans, so much so that by the end of the first quarter 1968 their commercial paper balances had grown to $15 billion, more than triple the amount owed to banks. 4 (FINANCE COMPANIES are switching to COMMERCIAL PAPER for short term funds BILLIONS OF DOLLARS Amounts outstanding at end of period. This growing reliance on commercial paper has resulted from a number of factors: First, many companies have found that mar­ ket financing can be a less costly way to raise money than borrow­ ing from a bank. Second, with yields on corporate bonds at or near record levels, some finance companies have been postponing or scaling down their long-term issues—relying instead on short­ term borrowings through the commercial paper market. Third, the investment community has shown an increasing willingness to make funds available through the purchase of commercial paper. This in turn reflects the consistently higher yields on such paper vis-a-vis Treasury bills and other short-term instruments, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT 467 as well as the comparative security of offerings from large, wellknown companies. Fourth, there is a high degree of flexibility in the operations of the commercial paper market. Rates are main­ tained on a daily basis for directly placed paper; a buyer may select maturities ranging from 3 to 270 days; and the notes can be purchased through banks as well as directly from the issuing company. All major finance companies back up their open market bor­ rowings with lines of credit at banks. These lines serve as protec­ tion against unforeseen demands, such as may arise from an increasing volume of receivables, changes in the money market, or seasonal shifts by lenders out of commercial paper. Moreover, unused lines of credit strengthen a company’s position when it is undertaking the sale of either commercial paper or long-term obligations. GROWING IMPORTANCE Consumer credit has played an important role in the develop­ OF REVOLVING CREDIT ment of mass markets for consumer goods and services. It has permitted the average family to make purchases on the basis of future income rather than on present assets and thus has intro­ duced greater flexibility into the timing of expenditures. Highpriced goods, for example, can be acquired as opportunity or need dictates, without reference to the immediate cash position. The advent of revolving credit plans has introduced still another element of flexibility. Within fairly broad limits set by the credit grantor, the consumer is able to dictate his own terms. He can add to his debt in amounts and at times of his own choosing and can repay under similarly flexible arrangements. Bank credit cards and check-credit plans have been in the spotlight recently, although new revolving credit plans have also been introduced by the airlines, by oil companies, and by others. (A brief description and history of the bank plans may be found on pages 348-50 of the Bulletin for March 1967.) Bank plans. Of the two types of bank plans, credit cards are more important in terms of credit volume, although check-credit plans are offered by more banks. In December 1967, 386 banks extended $211 million through credit cards, while 732 banks extended $116 million in check credit. The credit card tends to be a high-volume operation: 1 out of 6 banks offering credit cards had credit extensions of more than $500,000 last December, but only 1 out of 25 banks reached that level with check credit. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

468 FEDERAL RESERVE BULLETIN □ JUNE 1968 Bank credit cards and check-credit plans are spreading through­ out the country, but the largest concentration in terms of amount of credit outstanding is still in the San Francisco Federal Reserve District. Banks in that District reported balances of almost $500 million at the end of 1967. The Chicago District is second, fol­ lowed closely by New York. Credit cards, in particular, have achieved wider geographic distribution this past year, as various local plans have moved be­ yond former boundaries. The trend is toward multibank plans, ranging from regional to national in scope. Growth has resulted both from franchising arrangements and from interchange agree­ ments among banks with their own cards. Despite their recent rapid rise, bank revolving credit plans are not so important in the over-all consumer credit markets as it CREDIT-CARD PLANS might seem. At the end of 1967 the amount outstanding under Credit Outstanding, 12/31/67 these plans was about $1.3 billion. This was less than 2 per cent (In millions of dollars) of total instalment credit outstanding and less than 4 per cent of the total consumer instalment portfolio of commercial banks. Bank credit cards 1.................. 800 Oil companies 2....................... 1,000 Further perspective is provided by comparing bank credit cards Dept, store revolving credit... 3,500 Retail charge accounts............ 6,550 with the entire complex of charge and revolving credit plans—oil Travel and entertainment cards 2 50 All other 3................................ 150 company and department store accounts, travel and entertainment Total................................. 12,050 cards, and so forth. At the end of 1967 bank cards provided $800 million, or somewhat less than 10 per cent of all credit outstanding 1 Excludes check credit. 2 Consumer portion only. on credit-card plans. Retail charge accounts loom largest in this 3 Includes large independent credit­ card firms and revolving credit accounts framework, followed by department store revolving credit. at nondepartment stores. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT 469 Credit cards and consumer spending. There is little question that credit cards will result in a greater proportion of consumer spending being financed through borrowing than heretofore. But perhaps more significantly, the types of goods and services pur­ chased on credit are likely to show substantial proliferation. De­ mand factors will provide part of the impetus for these develop­ ments, but also important will be the extension of credit-card plans to an increasing number of merchants. Nevertheless, certain limitations are implied by the fact that credit cards will be used mainly in the area of convenience credit, that is, for small personal expenditures. Big-ticket items—cars, boats, and the like—cannot readily be purchased with a credit card, at least under present arrangements and current credit limits. With automobile credit accounting for the largest single share of instalment credit—more than 40 per cent of the total—-it is likely that a sizable chunk of consumer credit activity will remain out­ side of credit-card operations for the foreseeable future. Small personal loans may be replaced to some extent either by check-credit or by cash advances under credit-card plans. Large cash loans, though, will continue to be made on a closed-end basis, for most lenders will want up-to-date information on the credit­ worthiness of the borrower before advancing any substantial sum not backed by collateral. Some of the credit extended under the new bank plans has been merely a replacement for conventional forms of both charge­ account and instalment credit. In fact, many of the merchants signing up under the plans are using them as a substitute for their own existing credit arrangements. This is particularly true of specialty shops and small- and medium-sized merchants. In summary, it would seem that for the present the greatest impact of the cards will be in “other consumer goods” credit. Indeed, the relative strength shown in this lending category throughout much of 1966 and 1967—in the face of declining or slackening activity in other credit areas—may have reflected, at least in part, increased use of bank and other credit cards. The Federal Reserve has had a Task Group studying develop­ ments in bank credit cards and check-credit plans. It is expected that results of the study will be made available in the near future. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Margin Account Credit A new statistical series on the amount and NEED FOR EXPANDED MARGIN ACCOUNT structure of credit being extended in margin DATA accounts by member organizations of the Information on credit being extended by New York Stock Exchange appears in this brokers to their customers previously had Bulletin and will be published monthly in been limited to a monthly total for custom­ the future. Estimates of total margin credit ers’ net debit balances. These are reported are based on data for approximately 390,­ to the New York Stock Exchange by all 000 individual margin accounts, close to half member firms which carry margin accounts. of those carried by member firms. Thirty­ The total is compiled by the Exchange and eight participating firms of widely varying has been published in the Bulletin since size now supply—either directly to the New 1945 as a measure of the credit being ex­ York Stock Exchange or through the Mid­ tended to margin customers. This series, west Stock Exchange Service Corporation— however, covers all credit currently being extended by these brokers to all customers summary tables which relate the debit bal­ for all purposes, including the temporary ances in individual accounts to their collat­ credit sometimes extended in connection eral values, indicate the regulatory status of with cash transactions. this debt in relation to the initial margin re­ Most of the customers’ net debit balances quirements established by Regulation T, and reported in any one month represent exten­ show the additional credit expansion that sions of credit to purchase or carry securities potentially might occur in existing accounts in margin accounts. But since not all pur­ without requiring the deposit of additional chases in cash accounts are paid for by margin. settlement date, temporary debit balances Data of this type have been collected ex­ appear in those accounts. The amount of perimentally for a number of years and are this cash account debt varies from month to now available for the period since January month because of such factors as levels of 1966. The table on stock market credit trading activity, the duration of the normal carried regularly in the Bulletin on page settlement period—recently increased by the A-34 has been modified and new tables have Board of Governors from four to five busi­ been added to incorporate this continuing ness days—and brokers’ policies toward ex­ flow of information. Technical terms appear­ tensions of time. Accurate information on monthly changes in stock market credit is ing in these tables or used in this article are needed for current analysis, and shifts in defined in the appendix, page 480. the “cash account” component of customers’ Note.—Ann P. Ulrey, Consultant to the Division of net debit balances which frequently occur Research and Statistics of the Board of Governors of the Federal Reserve System, prepared this article. from one reporting date to the next either 470 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARGIN ACCOUNT CREDIT 471 exaggerate or offset changes over the same although the data never reached a level of period in the amount of credit extended to statistical reliability that warranted publi­ margin customers. Moreover, the long-term cation. The sample was small relative to uptrend in volume of transactions on major the total number of accounts. Accounts in exchanges has been accompanied by an in­ the margin panel were selected initially in crease in the average amount of “cash ac­ accordance with standard sampling pro­ count debt” on brokers’ books, making the cedures, but it was hard to ensure that ac­ series progressively less satisfactory as a counts opened later had a comparable basis for measuring changes over time in chance of being drawn into the sample. Fi­ margin account debt. The new reporting nally, the usefulness of these data for cur­ series attempts to eliminate this distortion. rent analysis was greatly limited by a 2- For analytic purposes, structural data on month lag for processing nearly 2,000 debt in existing margin accounts are essen­ monthly statements. tial in assessing both the market’s vulner­ The statistics on margin accounts now ability to margin calls and the amount of being made available reflect the introduc­ credit expansion which might occur on the tion of automated data-processing equip­ basis of existing collateral values. Such in­ ment in the brokerage industry. Firms using formation cannot be inferred from aggregate such equipment customarily price out the data on customer debt or from the current collateral in each account periodically— level of initial margin requirements, and its often daily—to check the account’s regu­ lack has been a serious deficiency in stock latory and equity status. Where these com­ market credit statistics. putations are being made for individual accounts, total margin account debt can often be tabulated according to margin DEVELOPMENT OF STATISTICS ON MARGIN status. At first only a handful of large firms ACCOUNT DEBT which might or might not be representative Until recent years, the only way to obtain of the industry had this capability. But the detailed and accurate data on margin ac­ size range of firms installing automated count credit was by selecting and maintain­ bookkeeping has widened substantially over ing a laboriously hand-processed sample of time, and it has become possible through individual accounts. Since 1956, research the cooperation of the Midwest Stock Ex­ staffs of the New York Stock Exchange and change Service Corporation to incorporate of the Board of Governors have worked to­ into the sample a composite tabulation for gether to develop a reliable sample from several smaller firms whose bookkeeping is which to project both the total amount of margin account debt and its distribution by carried out through their facilities. equity and regulatory status. Structure of sample. In developing this For several years, more than two dozen statistical series, the 347 member firms of firms supplied monthly statements for a the New York Stock Exchange that carry sample of about 2,000 individual accounts. margin accounts have been divided into Distributions showing the margin status of three groups. The first group (or stratum) debt on both a net and an adjusted basis is composed of the five largest brokerage were computed from these statements and creditors which account for roughly oneproved highly useful for internal analysis third of the customer net debit balance total Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

472 FEDERAL RESERVE BULLETIN □ JUNE 1968 as reported monthly to the Exchange; all of TABLE 1 these firms participate in the present re­ STOCK MARKET CREDIT porting series, providing coverage for 259,­ (In millions of dollars) 891 margin accounts as of March 1968. Credit extended to Cus­ margin customers by: Cus­ tomers’ Net A second stratum of 26 firms accounts tomers’ net credit End of period net free ex­ for roughly another third of all customer debit credit tended Brokers Banks Total bal­ bal­ by credit; five of these supply composite tabu­ i 2 ances ances brokers lations of margin debt for their 108,519 1966 customers whose debit balances represent January...... 5,020 2,180 7,200 5,575 1,730 3,845 February........ 5,120 2,200 7,320 5,777 1 ,765 4,012 March............ 5,100 2,180 7,280 5,671 1,822 3,849 about 33 per cent of the credit extended by April.............. 5,230 2,160 7,390 5,862 1 ,744 4,118 May............... 5,070 2,140 7,210 5,797 1,839 3,958 this stratum. The remaining component of June................ 5,200 2,230 7,430 5,799 1 .658 4,141 July................. 5,190 2,200 7,390 5,701 1,595 4,106 total estimated margin debt is projected August............ 5,060 2,200 7,260 5,644 1 ,595 4,049 September... . 5,000 2,170 7,170 5,400 1 ,528 3,872 from Midwest Service Corporation data October......... 4,960 2,130 7,090 5,216 1 ,520 3,696 November.... 4,980 2,140 7,120 5,274 1,532 3,742 and includes 28 firms carrying 22,366 mar­ December.... 4,900 2,110 7,010 5,387 1 ,637 3,750 1967 gin accounts; these firms provide coverage January...... 4,880 2,060 6,940 5,374 1,914 3,460 February........ 4,940 2,070 7,010 5,444 1,936 3,508 for about 7.5 per cent of the customers’ March............ 5,080 2,090 7,170 5,804 2,135 3,669 April............... 5,100 2,150 7,250 5,896 2,078 3,818 net debit balances carried by the 316 firms May............... 5,180 2,160 7,340 5,966 2,220 3,746 June............... 5,360 2,170 7,530 6,195 2,231 3,964 in this stratum. Estimates of total margin July................. 5,480 2,200 7,680 6,636 2,341 4,295 August............ 5,650 2,260 7,910 6,677 2,281 4,396 debt by equity and regulatory status—based S O e c p to te b m er b .. e .. r . . . . .. . . . . 6 5 , , 0 7 1 9 0 0 2 2 , , 4 3 2 4 0 0 8 8 , , 4 1 3 3 0 0 7 6 , , 1 9 1 4 1 4 2 2 , , 5 4 1 0 3 ! 4 4 , , 5 5 9 4 8 3 November... . 6,050 2,440 8,490 7,200 2,500 4,700 on the sample from each stratum—become December.. .. 6,300 2,460 8,760 7,948 2,763 5,183 available about 15 days after the end of 1968 January....... 6,170 2,430 8,600 7,797 2,942 4,855 each month. February........ 6,150 2,420 8,570 7,419 2,778 4,64! March............ 6,190 2,370 8,560 7,248 2,692 4,556 Despite these improvements, the present 1 End-of-month data. Total amount of credit extended by member sample is not without conceptual weak­ firms of the New York Stock Exchange in margin accounts, estimated nesses. Because firms participating in the from reports by a sample of 38 firms. 2 Figures are for last Wednesday of month for large commercial panel could not be selected through a sys­ banks reporting weekly and represent loans made to others than bro­ kers or dealers for the purpose of purchasing or carrying securities. tematic sampling procedure, estimates of Exclude loans collateralized by obligations of the U.S. Government. Note.—Customers* net debit and free credit balances are end-oftotal debt in each stratum are projected month ledger balances as reported to the New York Stock Exchange by all member firms which carry margin accounts. They exclude bal­ from the shares of participants in customers’ ances carried for other member firms of national securities exchanges as well as balances of the reporting firm and of its general partners. net debit balances as reported by all Net debit balances are total debt owed by those customers whose combined accounts net to a debit. Free credit balances are in accounts firms in the stratum. These shares vary con­ of customers with no unfulfilled commitments to the broker and ate subject to withdrawal on demand. Net credit extended by brokers is siderably from month to month, particu­ the difference between customers’ net debit and free credit balances since the latter are available for the brokers* use until withdrawn. larly for the smaller firms. The shifts—in month variations has been lessened by part at least—reflect such factors as changes calculating the share of customers’ net debit in the relative importance of credit being balances for sample firms as a centered extended temporarily in cash accounts, 3-month moving average.1 Data presented which are included in customers’ net debit in the accompanying tables nevertheless rep­ balances, and changes in the size of out­ resent a significant advance in reporting on standing short positions, which also affect stock market credit. the level of customers’ net debit balances reported by each firm. Thus distortions oc­ 1 Preliminary data as published for the most recent month are estimated on the basis of a 3-month cur in estimating levels of margin debt al­ average ending with that month and subsequently though the impact on the series of month-to- revised. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARGIN ACCOUNT CREDIT 473 Magnitudes of stock market credit. The banks, by other brokers, or by lenders who revised table on stock market credit (Table are now subject to the Federal Reserve 1) provides an improved measure of credit Board’s new Regulation G. being extended specifically to finance and Since debt carried in special accounts to maintain margin positions in stock. (Data is excluded from coverage in the present reported by banks include some debt in­ series on margin debt at brokers, certain curred to finance margin transactions in types of margin credit are not represented bonds—excluding those secured by obliga­ in Table 1. These include credit extended tions of the U.S. Government. Prior to by brokers in subscription accounts and March 1968, data collected from brokers loans collateralized by listed bonds convert­ also included credit with bonds as collateral, ible into listed stocks.2 When corporations but loans secured by bonds of any type must offer shareholders the privilege of subscrib­ now be made in special accounts and are no ing to a new issue, margin regulations permit longer included in the margin credit total holders of stock “rights” to borrow as much for brokers.) Brokers and banks are the as 75 per cent of the stock’s market value. principal sources of loans made “for the This debt is carried in a special subscription purpose of purchasing or carrying securi­ account and is not included in margin ac­ ties,” and as in the past, the left half of the count balances until the portion of the loan table presents separate data for each with exceeding the stock’s ordinary initial loan a combined total for the two. value has been repaid or the loan value of This half of the table had been labeled the stock rises so that it equals the amount customer credit because the figure provided of the loan outstanding—a process that must by brokers included all customers’ net debit now be completed within a year. Loans col­ balances, some of which represented tem­ lateralized by listed corporate bonds con­ porary financing for transactions of various vertible into listed stocks may be made at a types. Loans reported by banks have always lower initial margin than that applicable to been “purpose” loans, and by substituting stocks—60 per cent as of June 8, 1968—but the new estimate of margin account debt at such transactions also must be carried out in brokers for the old series on customers’ net a special account that can be established for debit balances, Table 1 now excludes all this purpose. types of credit except that extended on Net credit demands on brokers. The right margin accounts. The amount shown still half of the revised table on stock market falls short of total margin credit, however, credit in the Bulletin (Table 1) shows since the component series do not include the net demand for credit which customers all lenders. The bank loan figure is for those in the aggregate place on brokers to finance 360 large banks that report weekly on the all types of securities transactions. The volume and composition of their outstand­ ing loans; the figure for brokers includes 2 Loans on other listed corporate bonds, as well as only those firms that are members of the bonds issued by Federal, State, and local authorities and those exempted by the SEC, can be made in New York Stock Exchange. While these another type of special account but are not restricted two sources supply the bulk of margin to the loan values set by Regulation T. As in the case credit, there are as yet no reliable bench­ of corporate stock issues, corporate bonds not listed on a national securities exchange have no loan value marks for the share provided by other in brokerage accounts. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

474 FEDERAL RESERVE BULLETIN □ JUNE 1968 amount owed by those customers who are required when short sales are made do re­ currently in debt to their brokers is meas­ duce the total amount of margin debt re­ ured by customers’ net debit balances. But ported here. other customers have free credit balances in their accounts—usually proceeds from sell­ QUALITY OF MARGIN CREDIT ing securities and dividend receipts—and Margin account debt is not likely to be these sums are available to the broker until defaulted with loss to the lender because he they are used for new purchases or with­ holds readily marketable securities and can drawn. The difference between these two sell them in event of potential loss. The series, as shown in the last column, repre­ danger, as experience has shown, lies rather sents the net demand for funds being made in the disruptive impact which margin calls on brokerage firms by customers outside —if they result in forced sales—may have the securities industry. This is the amount on an already declining market. Forced of customer credit which must be financed sales are likely to produce further price by brokers, either out of their own capital declines and these, in turn, to trigger more or through borrowing.'1 demands for additional margin. The most The discrepancy between customers’ net significant consideration in judging the qual­ debit balances and the margin debt total is ity of margin account credit is the extent to due mainly, as stated above, to the wider which current market prices could decline range of accounts whose current balances are before touching off a substantial volume of included in the net debit figure, but there are margin calls. also differences in accounting procedures. Although margin calls are never insti­ The most important is for accounts with tuted as a result of the requirements estab­ short positions. In computing a customer’s lished by Regulation T, regulations of the net debit balance, proceeds from short sales New York Stock Exchange prevent member are credited to this account—either reduc­ firms from allowing a margin customer’s ing his debit balance or shifting the account equity to fall below 25 per cent (the “main­ into credit status. But part of the proceeds tenance margin”), and most brokers would from such sales must eventually be used for require additional margin before that level buying stock to cover the short position and was reached. The vulnerability to call of do not represent added protection for debt al­ debt in an account depends on the equity ready in the account. The statistics on mar­ status of the account. Table 2 presents a gin account debt reflect this by making an monthly record beginning with 1966 of the adjustment to exclude the proceeds of short proportion of margin debt that has fallen sales, but the additional margin deposits into different equity classes—-ranging from debt protected by collateral values at or ex­ 3 Amounts being borrowed by brokers using their ceeding prevailing margin requirements own or customers’ collateral were formerly included in this table. These data are no longer collected by down to that in accounts where equity was the Exchange, largely because funds becoming avail­ already at or was near minimum mainten­ able from whatever source may be applied to various purposes, including the financing of customer trans­ ance levels. actions. Balance sheet data presenting both sources At any point in time, a distribution of this and uses of funds in more detail are reported an­ nually to the Federal Reserve Banks by New York sort indicates in general whether significant Stock Exchange firms which carry margin accounts; amounts of debt might become subject to the most recent figures are in the Bulletin for Sep­ tember 1967, p. 1647. call if stock prices fell, on average, by a Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARGIN ACCOUNT CREDIT 475 Equity status of margin account debt given per cent. The chart, which shows PER CENT OF TOTAL DEBT graphically the share of margin debt falling EQUITY CLASS (Per Cent) below specified equity levels on particular dates, reflects the impact of such general price movements. A drop in average stock prices of about 17 per cent in 1966, for in­ stance, increased the proportion of debt in accounts where the customer’s equity was less than 50 per cent from one-eighth to one­ fourth of the total. Even in periods when stock price indexes have been advancing rapidly, these statistics show a persistent pool of deeply under­ margined debt. In part, this debt reflects the divergent experience of customers selecting particular issues. But in the aggregate it TABLE 2 probably overstates vulnerability to margin EQUITY STATUS OF MARGIN ACCOUNT DEBT AT call, since for most of the period covered BROKERS by these statistics some accounts contained (Unless otherwise indicated, per cent of total debt) U.S. Government securities or municipal Total Equity class (per cent) debt bonds. Lenders extend relatively more credit (mil­ End of period lions on these government securities—which are of 70 or Under dol­ more 60-69 50-59 40-49 40 entitled to “good faith” loan value under lars)1 margin regulations—than they would on 1966 corporate stock and in these instances would January...... 5,020 50.0 25.5 11.6 5.3 7.7 February........ 5,120 48.7 27.0 11.4 5.3 7.6 March............ 5,100 43.4 31.5 11.5 5.5 8.2 not have called for additional margin until April............... 5,230 46,3 30.2 10.8 5.0 7.7 May................ 5,070 32,4 38.7 13.4 6.4 9.0 the borrower’s equity was far below 25 per June................ 5,200 32.1 38.3 13.1 6.9 9.5 July................. 5,190 30.4 38.5 14.4 6.8 9.8 cent.4 On the other hand, vulnerability to August............ 5,060 22.3 34.6 20.6 9.7 12.8 September. . . . 5,000 21.6 32.5 22.7 10.2 13.1 margin call may be seriously understated October.......... 4,960 22.8 29.6 22.7 10.7 14.2 November.... 4,980 28.0 30.3 18.3 10.6 12.8 for customers with a substantial amount of December.... 4,900 29.1 32.3 16.6 9.7 12.4 thinly margined debt in subscription ac­ 1967 January....... 4,880 43.6 26.2 13.0 6.4 10,8 February........ 4,940 42.7 27.6 12.4 7.1 10.3 counts. March............ 5,080 47.6 25.7 11.0 6.1 9.6 April............... 5,100 52.0 23.4 10.3 5.3 9.0 Although initial margins of 70 per cent May............... 5,180 42.9 31.6 10.8 5.7 8.9 June............... 5,360 48.7 28.3 9.2 5.2 8.6 had applied to all new credit extended since July................. 5,480 54.0 24.5 9.0 3.8 8.7 August............ 5,650 46.0 32.2 9.4 4.2 8.2 November 1963, the proportion of margin September. . . . 5,790 52.1 25.6 8.8 3.9 9.6 October......... 6,010 45.2 30.4 10.1 4.6 9.6 November.. . . 6,050 43.8 31.8 9.7 4.9 9.9 debt in accounts with current customer December. . .. 6,300 50.6 25.8 9.0 4.1 10.5 equities below this level has consistently 1968 January...... 6,170 40.6 35.4 9.5 4.4 10.0 February........ 6,150 33.8 38.3 12.0 5.2 10.7 1 Beginning with March 1968, loans on securities March............ 6,190 32.1 37.6 14.1 5.3 11.0 enjoying good faith loan value are carried in a special “exempt” account, avoiding this statistical prob­ 1 See footnote I of Table 1. Note.™Each customer’s equity in his collateral (market value of lem in the future. Experience with the earlier handcollateral less net debit balance) is expressed as a percentage of cur­ processed samples of accounts had shown that the rent collateral value. When data become available for the period aggregate amount of such “exempt” collateral was not beginning June 8, 1968, table will show separately equity class of 80 large but that it might seriously distort the margin per cent or more, reflecting the new level of initial margin require­ ments. classification of certain accounts. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

476 FEDERAL RESERVE BULLETIN □ JUNE 1968 been substantial. Even in periods when support current borrowings, they do not broad price indexes were reaching new provide a measure of the maximum credit highs, nearly half of outstanding debt was expansion which could occur on the basis margined at less than 70 per cent, and of present holdings. Nor do they indicate during market declines the proportion of whether further price increases could be undermargined debt exceeded 75 per cent expected to create additional loan values be­ on two occasions. cause this depends on the regulatory rather Several factors account for this. Some than the equity status of individual ac­ customers, of course, acquired stocks which counts. fell in value even when average stock prices Increases in the market price of collateral were moving upward. Others were still permit the extension of additional credit without the contribution of additional mar­ using credit that had been extended when gin only in accounts which are “unrestrict­ margin requirements were only 50 per cent. ed”—that is, where the customer’s adjusted And still others, as collateral values rose, debit balance does not exceed the current utilized the resulting increase in loan values loan value of his collateral. Adjusted debt to acquire additional securities without is computed in accordance with provisions putting up more margin. Active traders set out in Regulation T and, as will be —particularly those who hold volatile issues explained, is often greater than the same —are likely to have current equity ratios customer’s net debit balance. Table 3 shows below current initial margins. This is because the month-end regulatory status of outstand­ a trader whose stock rises in price is likely to ing margin debt for the period since 1966 increase his borrowing up to the new maxi­ by classifying adjusted debit balances ac­ mum loan value. Any later decline from the cording to the percentage of collateral values valuation which supported this additional which they represent. Accounts in which debt will reduce the trader’s current equity this ratio is higher than 30 per cent—the ratio below that represented by his initial loan value of collateral under margin regula­ margin; this will be true even if his holdings, tions in effect during the time period shown after the decline, still show a substantial in the table—were restricted because they gain over his original purchase price. had excess debit balances. Conversely, ex­ cess loan values were present in accounts POTENTIAL CREDIT EXPANSION IN where adjusted debit balances amounted to EXISTING MARGIN ACCOUNTS less than 30 per cent of current collateral The role which margin credit might be ex­ valuation. pected to play during a major market up­ As can be seen from Table 3, adjusted swing depends in part on the extent to which debit balances tend to be concentrated in margin customers could finance additional accounts which are “restricted”—accounts purchases by utilizing the rising loan values in which adjusted debt is greater than the of existing collateral. Although classifica­ collateral’s current loan value. Margin cus­ tions of margin debt according to equity tomers whose holdings rise in price can uti­ status, like those in Table 2, give some in­ lize the additional loan values as a basis for dication whether collateral in existing ac­ further borrowing either immediately or by counts has loan value beyond that needed to setting up credit balances equal to the unuti- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARGIN ACCOUNT CREDIT 477 TABLE 3 broker but a line of credit on which he may REGULATORY STATUS OF MARGIN ACCOUNT draw to finance future purchases. The poten­ DEBT AT BROKERS tial credit expansion which this balance (Unless otherwise indicated, per cent of total adjusted debt) makes possible is incorporated in the cus­ Adjusted debt/collateral value tomer’s adjusted debit balance at the time Total ad­ it is added to his special miscellaneous ac­ s U tr n ic r t e e ­ d Restricted ju d s e t b e t d count. End of period (mil­ lions 30 per 30-39 40-49 50-59 60 per of Conceptually such increases in special cent or per centper centper cent cent or dol­ less more lars) miscellaneous account balances should be thought of as transfers between separate 1966 January.......... 14.6 50.7 12.4 5.2 17.1 9,420 accounts. Whenever the periodic pricing of February........ 13.0 53.2 12.2 4.7 17.0 9,570 March............ 10.7 54,2 12.3 5.0 17.9 9,620 margin account collateral reveals excess April............... 7.1 59.3 11.1 4.7 17.7 10,000 J M un ay e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 3 . . 1 1 5 5 4 5 . . 7 3 1 1 5 4 . . 2 9 6 6 . . 0 9 1 1 9 9 . . 9 0 9 9 , , 7 6 9 8 0 0 loan values, the account’s adjusted debit July................. 1.8 55.9 16.7 7.3 18.2 9,530 August............ 1.3 41.2 24.1 10.7 22.8 9,380 balance is increased to the maximum level September.. .. .9 37.8 26,2 11.2 24.0 9,240 October.......... 3.7 34.9 24.4 12.4 24.5 9,190 which the new loan value will support. This November. . . . 6.6 38.7 20.5 9.4 24.8 9,350 December.... 3.4 45.7 17.7 9.4 23.8 9,230 additional “borrowing” is added to the cus­ 1967 tomer’s adjusted debit balance, and the pro­ January.......... 17,0 43.4 13.3 6.6 19.8 9,520 February........ 10.8 51.3 12.2 6.8 19.0 9,660 ceeds of the “loan” are simultaneously de­ March............ 9.7 55.5 10.9 5.9 18.0 10,000 A M p a r y il . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 5 4 . . 1 4 6 4 0 2 . . 5 9 1 9 0 . . 9 9 5 5 . . 7 4 1 17 7 . . 8 4 1 1 0 0 , , 2 1 0 2 0 0 posited in his special miscellaneous account, June................ 9.8 57.7 9.8 5.1 17.6 10,530 July................. 23.5 47.1 9.1 4.2 16.0 10,680 leaving unchanged his net debit balance on August............ 7.2 62.7 9.7 4.5 15.9 10,840 September.. .. 16,8 52.6 8.5 4.4 17.7 11,300 which interest accrues. October.......... 8.0 58.4 9.9 5.0 18.7 11,550 November.. . . 10.7 56.4 9.7 5.1 18.2 11,360 As a bookkeeping procedure, these “trans­ December.... 19,8 47.9 9.1 4,6 18.7 12,020 fers” and deposits are not carried through 1968 January......... 5.3 60.3 11.7 4.6 10.2 11,940 February........ 4.1 56.8 14.4 5.3 19.4 11,870 as entries in separate accounts. Brokers post March............ 5.9 53.3 15.5 6.1 19.2 11,700 only the net debit balance on which interest Note.—Adjusted debt is computed in accordance with require­ is calculated and show the current special ments set forth in Regulation T and often differs from the same custo­ mer's net debit balance, mainly because of the inclusion of special miscellaneous account balance as a memo­ miscellaneous accounts in adjusted debt. Collateral in the margin ac­ randum item. The customer’s adjusted debit counts covered by these data now consists exclusively of stocks listed on a national securities exchange. Unrestricted accounts are those in balance is essentially the sum of his special which adjusted debt does not exceed the loan value of collateral (30 per cent of current market value during the time period covered in miscellaneous account and net debit bal­ this table); accounts in all classes with higher ratios are restricted. Data beginning with June 8, 1968, will show as “restricted” those ances and, although not shown separately, accounts in which debt exceeds 20 per cent of collateral values. must be related to collateral loan values to lized loan value in a special miscellaneous determine the regulatory status of the ac­ account. count.5 In such an account the broker is authorized by Regulation T to “receive from or for any " While most of the differences between net and customer and pay out or deliver to or for adjusted debit balances are attributable to special miscellaneous accounts, there are also technical any customer any money or securities.” differences in the calculation of adjusted debit When collateral in a customer’s margin ac­ balances which may be explained briefly. Short sales currently require the deposit of margin equaling 80 per count possesses excess loan value and a bal­ cent of the short position but do not entail an exten­ ance equal to this amount is credited to his sion of credit by the broker since the proceeds of the sale are also deposited with him. The deposit, there­ special miscellaneous account, this balance fore, reduces the amount the customer is borrowing represents not current borrowing from the (his net debit balance), but since it merely fulfills a re- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

478 FEDERAL RESERVE BULLETIN □ JUNE 1968 Since transfers to a special miscellaneous TABLE 4 account can be made whenever the market SPECIAL MISCELLANEOUS ACCOUNT BALANCES AT BROKERS, BY EQUITY STATUS OF ACCOUNTS valuation of the stocks in a customer’s mar­ (Unless otherwise indicated, per cent of total) gin account reaches a new peak, any later dip in collateral prices will produce an excess Equity class of ac­ counts in debit status Total debit balance in the account. This explains Net balance End of period credit (millions why so much of the adjusted debit total status 60 per cent Less than of dollars) or more 60 per cent shown in Table 3 is in restricted accounts. 1966 But an account’s restricted status does not January............ 46.6 48.2 5.2 4,550 February............. 46.8 48.5 4.6 4,650 prevent the customer from using the credit March.................. 49.6 45.1 5.3 4,810 April.................... 47.4 49.4 3.3 4,890 balance already in his special miscellaneous May............... 47.4 46.4 6.2 4,870 June..................... 47,5 45.2 7.3 4,860 account as his equity in financing new July....................... 47.2 48.3 4.5 4,590 August................. 48.5 44,1 7.4 4,620 purchases. Credit balances in special miscel­ O Se c p to te b m e b r. e .. r . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 8 7. . 9 5 4 43 4 . . 8 6 8 6 . . 3 9 4 4 , , 4 3 9 9 0 0 November............ 45.7 48.5 5.8 4,450 laneous accounts also arise when sales pro­ December............ 48.6 46.0 5.4 4,480 ceeds which could be withdrawn in cash— 1967 January......... 50.1 45.9 4.0 4,840 that portion which is not subject to the reten­ February.............. 48.8 47.4 3,8 4,940 March.................. 49.9 46.7 3.4 5,070 tion requirement—are instead deposited in A M p a r y il . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 9 9 . , 8 4 4 4 7 7 , . 0 8 3 2 . . 1 8 5 5, , 3 1 0 9 0 0 June.................... 49.5 47.8 2.7 5,380 this account. When such proceeds are cred­ July....................... 46.9 50.4 2.7 5,370 August................. 47,7 49.3 3.0 5,340 ited to the special miscellaneous account, September........... 50.7 46.6 2.7 5,610 October............... 47.8 49.0 3.2 5,680 the customer’s net debit balance with the November. .......... 48.8 47.8 3.4 5,490 December............ 50.0 47.0 3.0 5,850 broker is reduced by this amount but his 1968 January............ 50.8 45.6 3.6 6,060 adjusted debit balance is not affected. February.............. 51.1 45.0 3.8 6,080 March.................. 52.5 42.9 4.5 5,820 Table 4 shows special miscellaneous ac­ count balances which have been potentially Note.—Special miscellaneous accounts contain credit balances which may be used by customers as the margin deposit required for available at the end of each month for fi­ additional purchases. Balances may arise as transfers based on loan values of other collateral in the customer’s margin account or de­ nancing additional purchases. Since these posits of cash (usually sales proceeds) occur. outstanding balances are already part of cus­ tomers’ adjusted debt, they can be divided by with existing balances, but it would not im­ the existing margin requirement to provide pair the “spendability” of those balances. a measure of the margin purchases that could Nor would a decline in stock prices unless occur in existing accounts at any given point customers’ equity ratios were reduced to a in time without being subject to regulatory point at which brokers were unwilling to restriction. An increase in margin require­ extend additional credit on existing col­ ments would reduce the dollar volume of lateral. security purchases which could be financed When a customer uses the credit balance in this special miscellaneous account to quirement arising when the short sale is made, it make additional margin purchases, the ag­ does not reduce his adjusted debit balance. Similarly, gregate amount of such balances, as shown when a customer enters into a contract to buy an unissued security for future delivery, an immediate in Table 4, is reduced; the total amount of margin deposit is required because his adjusted debit margin credit being extended by brokers, as balance increases as soon as the commitment is made. The broker, on the other hand, does not debit his recorded in Table 1, rises, and the custom­ account until the security is delivered, and during er’s equity status as reflected in Table 2 this interim the customer’s net debit balance is re­ duced by the amount of the deposit. declines. His regulatory status, however—as Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARGIN ACCOUNT CREDIT 479 recorded in Table 3—remains unchanged, Table 4 classifies the balances in special or even improves slightly since the new pur­ miscellaneous accounts according to the chase is credited with the current initial equity status of the accounts with which they margin drawn from the special miscellaneous are associated. If a customer’s equity ratio account and the adjusted debit balance in­ is already low, it may be assumed that creases only by the loan value of the added brokers would be unwilling to extend addi­ collateral. tional credit without requesting more mar­ A general upward movement in stock gin—although there is no regulatory re­ prices will tend to augment the potential quirement to prevent them. As can be seen credit expansion represented by aggregate from Table 4, however, margin requirements special miscellaneous account balances. But by brokers would not restrict the use custom­ transfers to these balances depend on the ers might choose to make of most of these regulatory status of existing accounts, and balances. On the contrary, over half of all the extent to which such transfers are likely special miscellaneous account balances are to occur as the result of a given price rise associated with accounts which are currently must be gauged from the distribution of ad­ in net credit status. For many customers, justed debt in Table 3. In accounts which this situation may be quite temporary; for are already in unrestricted status, any in­ others, however, decisions to activate the crease in collateral values would, of course, lines of credit represented by their special create new excess loan values which could miscellaneous accounts would require a be utilized at once or shifted to special mis­ basic reevaluation of market trends. cellaneous accounts. The distribution of potentially usable spe­ In the next classification (where the ratio cial miscellaneous account balances revealed between adjusted debit balances and col­ in Table 4 is consistent with the distribution lateral valuation exceeds current loan value of debt by equity status shown in Table 2. by less than 10 percentage points), price Active traders utilize increased loan values rises of somewhat greater magnitude would promptly. Because their accounts tend al­ be needed before they began to provide a ways to be fully loaned up to the highest basis for further credit expansion since some collateral valuation, any retreat in prices increase would first be needed to bring the pushes their equity below the prevailing mar­ account into unrestricted status. But a broad gin requirements; thus equity in these ac­ upward movement in stock prices might be expected to generate additional loan values counts is likely to be less than initial margin in these accounts also. On the other hand, requirements. Special miscellaneous account over the time period shown in the table, ac­ balances, on the other hand, tend to accumu­ counts in which adjusted debt exceeded the late in the accounts of customers who have 30 per cent loan value by as much as 10 per­ holdings that have increased in value but who centage points would have remained re­ have not used the additional loan value either stricted until collateral valuations had risen to increase their security holdings or to with­ by one-third. And accounts that were more draw cash for other purposes. Some of these deeply restricted would not have represented balances, indeed, may reflect reductions in potential sources of credit expansion unless market commitments since they are partly price increases had been even greater. composed of sales proceeds. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

480 FEDERAL RESERVE BULLETIN □ JUNE 1968 The significance of unutilized lines of still expand by the full amount of the special credit in special miscellaneous accounts lies miscellaneous balance itself plus the addi­ in the fact that any surge of market enthusi­ tional loan value of the newly purchased asm would permit the customers holding securities. Under conditions of speculative these balances to finance additional pur­ enthusiasm, the use of existing special mis­ chases without putting up additional cash. cellaneous account balances could become a When margin requirements are increased, major factor in expanding total stock market the amount of stock that can be acquired credit. The size and the extent to which these with a given balance is reduced and the num­ balances are being augmented by price in­ ber of accounts in unrestricted status—from creases are, therefore, important considera­ which special miscellaneous accounts are tions in analyzing the role of margin account created—is lowered. But margin credit can credit. APPENDIX: Margin Accounting Concepts Used in This Article Margin debt. Credit extended for the purpose longer delays require review by the New York of purchasing or carrying stocks or bonds and for Stock Exchange or other appropriate committees. which securities have been put up as collateral. Customers’ net debit balances. A figure re­ These usually include the securities acquired with ported by member firms of the New York Stock the loan proceeds. When the lender is not a broker, Exchange which combines debt owed to brokers such credit is often called a purpose loan to dis­ by all customers, including all accounts currently tinguish it from credit which also has securities as showing a debit balance. This includes—in addi­ collateral but which is applied to other purposes tion to margin debt—cash account debt and debt (nonpurpose loan). The portion of the purchase in other types of special accounts. Customers’ free price supplied by the borrower constitutes his credit balances are the sum of credit balances in initial margin. If the securities purchased or the accounts of those customers who have no carried are stocks listed on a national securities unfulfilled commitments to the broker and could exchange (or are listed bonds convertible into such therefore freely withdraw the entire credit balance stocks), the loan is subject to initial margin re­ if they chose. quirements, specified by Federal Reserve regula­ tions as a percentage of the value of the collateral. Loan value. The amount of credit which lenders Indeed, if the loan is a purpose loan and is col­ can advance to margin customers expressed as a lateralized by the shares of an investment company percentage of the collateral’s market value. Listed with a significant proportion of its assets invested stocks have loan value as set under Regulations T, in listed stock, or an unlisted convertible bond U, and G (30 per cent during the time period convertible into listed stock, the loan is subject to covered by the data in this article, and—since margin requirements stated in Regulations G and June 8, 1968—currently 20 per cent) except that U. Margin requirements may be met by depositing a higher loan value (up to 75 per cent) may be cash and/or other securities with loan value equal granted to stock purchased through a subscription to the required amount. account in which a customer holding rights to Cash account debt. A temporary debit balance purchase newly issued shares from the offering owed by customers purchasing stock for cash. company may temporarily borrow more in order This debt arises if payment is delayed beyond the to exercise those rights. Under present regula­ normal settlement date—now five business days tions, corporate stocks and bonds not listed on a after the transaction date. Under Federal Reserve national exchange (unlisted stocks or bonds) have regulations, extensions of time up to 7 days may no loan value at brokers, but at banks all except be granted for appropriate reasons by the broker; unlisted bonds convertible into listed stock are en- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARGIN ACCOUNT CREDIT 481 titled to good faith loan value, which means that for later purchases in a special miscellaneous lenders can extend whatever credit is warranted in account (see below) in addition to the amount he their judgment. Exempt collateral, which now in­ is already borrowing. Technical adjustments re­ cludes listed bonds not convertible into stock, as quired for certain transactions also result in an well as securities issued by U.S., State, or local adjusted debit balance larger than the customer’s governments and those exempted by the SEC, has current debt to the broker (net debit balance). good faith loan value for both banks and brokers. Excess loan values exist in an account where the current loan value of the collateral is greater Equity status. The customer’s equity in the than the adjusted debit balance; the customer may securities held in his account expressed as a per­ borrow this amount to finance additional pur­ centage of their current market value. Customer’s chases or transfer it to his special miscellaneous equity equals the current value of his securities account. In this account, credit balances may be (collateral value) minus his net debit balance— held for a customer outside his regulated account the amount of credit being extended to him by the and later used to finance additional purchases re­ broker. At time of purchase, the ratio between gardless of the account’s regulatory status at that equity and collateral value equals the initial mar­ time. Sales proceeds may also be deposited and gin requirement. Declines in market value may held as credit balances in special miscellaneous reduce a customer’s equity ratio to the mainte­ accounts. nance margin level: the minimum equity ratio An excess debit balance exists in any account acceptable to the lender and the point beyond where the adjusted debit balance is greater than which he issues a margin call requiring that the the loan value of the collateral at current prices borrower either reduce his debt by depositing more and at current levels of margin requirements. The cash or provide additional securities as collateral. status of any account with an excess debit balance is restricted. Transactions in such accounts are Regulatory status of an account (restricted or subject to a retention requirement—a percentage unrestricted). An account is unrestricted if the of sales proceeds, as specified by the regulation, adjusted debit balance as defined in Regulation T which must be left in the account to reduce its does not exceed the present loan value of collat­ excess debit balance. This requirement applies eral. A customer’s adjusted debit balance is usu­ only to sales transactions which are not offset on ally larger than his net debit balance because it the same business day by equivalent purchases often includes an unused line of credit available (same-day substitutions). 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. ' Records for the first two meetings held in 1968 were pub­ lished in the Bulletins for April, pages 372-81, and May, pages 431-36. The records for the meetings held on March 5 and March 14, 1968, follow: 482 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

483 MEETING HELD ON MARCH 5, 1968 1. Authority to effect transactions in System Account. Reports at this meeting indicated that over-all economic activity was expanding rapidly and that prices were rising at a substantial rate. The outlook was for faster expansion in real GNP in the first two quarters of 1968 than in the latter half of 1967, and for persisting inflationary pressures. Consumers were expected to provide the major stimulus to economic activity in the current half-year. It appeared likely that disposable incomes would advance rapidly—particularly if a tax increase were not enacted—as a result of continuing rises in employment and wage rates and of higher social security bene­ fits. Thus, even if personal saving remained at the unusually high rate of 1967, marked increases in consumer spending were in prospect. In addition, it was anticipated that business fixed investment would rise sharply in the first quarter and moderately in the second and that defense spending would increase at a faster rate than previously estimated. On the other hand, in light of condi­ tions in mortgage markets little or no further increase was fore­ seen in residential construction outlays. Growth in the rate of business inventory accumulation, which had contributed import­ antly to the expansion in the latter half of 1967, was expected to slow in the first quarter and taper off in the second. Retail sales rose substantially in the first 2 months of 1968, according to incomplete information. Industrial production, however, declined somewhat in January and was expected to change little in February. The unemployment rate moved down in January for the third successive month—to 3.5 per cent, from 3.7 per cent in December—although growth in nonfarm employ­ ment slowed from its earlier rapid pace, apparently in large part Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

484 FEDERAL RESERVE BULLETIN □ JUNE 1968 because of the effect of bad weather on employment in the con­ struction industry. Average wholesale prices of both industrial commodities and farm products rose considerably further in February, according to preliminary estimates. Consumer prices continued to advance at a substantial rate in January and were 3.4 per cent higher than a year earlier. The recent pattern of settlements in wage negotiations and the increase on February 1 in Federal minimum wage rates suggested that unit labor costs would remain under upward pressure. Both exports and imports of the United States rose sharply in January, but the surplus on merchandise trade fell somewhat below the markedly reduced fourth-quarter 1967 rate. With re­ spect to the capital account, outstanding U.S. bank credit to foreigners declined more than seasonally and direct investment outflows apparently were reduced by the mandatory restrictions under the President’s new balance of payments program. On bal­ ance, the deficit in U.S. international payments on the liquidity basis of calculation remained sizable in January, and also in the first 3 weeks of February according to tentative figures. The deficit on the official reserve transactions basis was considerably smaller, primarily as a result of large Euro-dollar borrowings by U.S. banks through foreign branches. Heavy speculative demands for gold reemerged in the London market at the end of February and in early March, when fears of a change in U.S. gold policy became widespread. In foreign exchange markets, the generally improved atmosphere that had developed in January persisted for most of February. Late in the month, however, sterling and the Canadian dollar again came under pressure. The Treasury completed two major financing operations in February. In a financing conducted during the first half of the month, $3.8 billion of publicly held securities maturing in Feb­ ruary, August, and November 1968 were exchanged for new 7- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 485 year, 5% per cent notes. Also, the Treasury sold about $4.1 billion of new 15-month, 5% per cent notes to the public for cash payment on February 21; commercial banks, which were permitted to make payment in full for these notes through credits to Treasury tax-and-loan accounts, initially subscribed for the bulk of the issue. Government securities dealers made good progress in distributing the 7-year notes they had acquired, while bank selling of the new 15-month issue appeared to be relatively light and was readily absorbed by the market. In February the Treasury also announced that it was resuming the $100 million addition to each weekly offering of 3-month bills. Growth in bank credit and the money supply had moderated on balance since November 1967, when the System had begun to shift monetary policy toward a posture of somewhat greater restraint. In the 3 months through February the bank credit proxy—daily-average member bank deposits—had expanded at an annual rate of 6 per cent, compared with a rate of nearly 11.5 per cent over the preceding 7 months; and the money supply had grown at an annual rate of 4 per cent, about half that of the earlier period. For February, however, the bank credit proxy was estimated to have increased at an annual rate of 10 per cent. Both loans and investments of banks declined in the first part of February, but bank credit expanded sharply later in the month as a result of bank acquisitions of the new 15-month notes offered by the Treasury. The February advance in bank credit was at the upper end of the range projected at the time of the Committee’s previous meeting and slightly faster than the pace in January, when growth was also stimulated by a large Treasury cash financ­ ing. Private demand deposits and the money supply, which had not been expected to grow in February, increased somewhat but substantially less than in January. Time and savings deposits of commercial banks, after declin­ ing slightly in January, expanded in February at a rate below that of the summer and early fall of 1967. Most of the rise was Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

486 FEDERAL RESERVE BULLETIN □ JUNE 1968 in consumer-type deposits; with business loan demands not par­ ticularly strong, banks were not aggressive in seeking to expand their outstanding large-denomination CD’s. Some banks were now offering the 514 per cent ceiling rate on certificates with maturities as short as 4 months—in contrast to a 6-month mini­ mum 4 weeks earlier—but rates on shorter-maturity CD’s re­ mained below the ceiling. With no major Treasury financings in prospect for March, growth in the bank credit proxy was projected to moderate in that month to an annual rate in the range of 5 to 7 per cent, assuming no change in prevailing money market conditions. It was thought likely that somewhat firmer money market condi­ tions would have relatively little effect on bank credit expansion in March. Projections for April suggested some further modera­ tion in bank credit growth if money market conditions were un­ changed and a quite low growth rate if such conditions were somewhat firmer, unless demands for business loans strengthened considerably or the Treasury decided to undertake a major fi­ nancing. Time and savings deposits were projected to expand in March at about the February pace, and private demand deposits and the money supply were expected to grow somewhat more rapidly than in the preceding month. System open market operations had been directed at main­ taining stable conditions in the money market during the first part of February. The Treasury’s financing operations were under way in that period and staff estimates of bank credit growth for the month were near the lower end of the range that had been pro­ jected at the previous meeting. Subsequently, after estimates of bank credit growth had been revised upward, operations were modified to achieve somewhat firmer conditions in the money market. The net reserve position of member banks shifted to average net borrowed reserves of about $95 million in the last two statement weeks of February from average free reserves of $120 million in the first 2 weeks, and average member bank bor- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 487 rowings rose by about $110 million, to about $425 million. The Federal funds rate, which initially had fluctuated for the most part in a range of 4% to 4% per cent, later was predominantly in a range of 4T4 to 4% per cent and at times was as high as 5 per cent. Market rates on Treasury bills had risen since the preceding meeting of the Committee, but the advance was moderated by sustained nonbank demand for bills and, late in the period, by sizable purchases by foreign central banks. The 3-month bill rate, at 4.99 per cent on the day before this meeting, was up 8 basis points over the interval. Rates on most other short-term market instruments also had edged higher. In longer-term debt markets the generally buoyant conditions of January had been succeeded by a more cautious atmosphere. Conditions in these markets were affected by a variety of con­ flicting factors—including expectations of further tightening of monetary policy, the belief that prospects for fiscal restraint had been somewhat enhanced recently, and continuing uncertainties relating to developments in Vietnam. Yields on Treasury notes and bonds had changed little on balance in the last 4 weeks, but advances in yields on corporate and State and local government bonds, particularly the latter, had resumed. While the calendar of new publicly offered corporate bonds remained relatively light, continuing additions were being made to an already large volume of prospective offerings of municipal securities. Conditions in markets for residential mortgages appeared to have changed little in January, after tightening for some time. Primary market yields on conventional new-home mortgages rose slightly, but secondary market yields on FHA-insured home mortgages remained unchanged at the record level reattained a month earlier. The deposit experience of savings and loan associ­ ations and of mutual savings banks was mixed in January, but in general it apparently was better than many observers had antici­ pated. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

488 FEDERAL RESERVE BULLETIN □ JUNE 1968 The Committee decided that greater monetary restraint was desirable at this time in light of the current and prospective pace of economic expansion, persisting inflationary pressures, and the sharply reduced surplus on U.S. merchandise trade. Specifically, the members agreed that it would be appropriate to seek some­ what firmer conditions in the money market than had been at­ tained in recent weeks, and to seek still firmer conditions if bank credit appeared to be expanding more rapidly than projected. In the course of the discussion a number of members ex­ pressed the view that a discount rate increase should be con­ sidered by the System soon. At the same time, it was noted that action under the Board’s Regulation Q to increase the ceiling rate on large-denomination CD’s might be needed at some point to avoid an undesirably large reduction in the outstanding vol­ ume of such CD’s. The following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting indicates that over-all eco­ nomic activity has been expanding rapidly, with both industrial and con­ sumer prices rising at a substantial rate, and that prospects are for con­ tinuing rapid growth and persisting inflationary pressures in the period ahead. The foreign trade surplus has been at a sharply reduced level in recent months and the imbalance in U.S. international payments remains serious. Interest rates on most types of market instruments have edged up recently, following earlier declines. While growth in bank credit has mod­ erated on balance during the past 3 months, bank credit expansion has been substantial in February, mainly reflecting Treasury financings. Growth in the money supply slowed in February, while flows into bank time and savings accounts expanded moderately. In this situation, it is the policy of the Federal Open Market Committee to foster financial conditions con­ ducive to resistance of inflationary pressures and progress toward reason­ able equilibrium in the country’s balance of payments. To implement this policy, System open market operations until the next meeting of the Committee shall be conducted with a view to attaining somewhat firmer conditions in the money market; provided, however, that Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 489 operations shall be further modified if bank credit appears to be expanding more rapidly than is currently projected. Votes for this action: Messrs. Martin, Hayes, Brimmer, Ellis, Galusha, Hickman, Kimbrel, Maisel, Mitchell, Robertson, and Sherrill. Votes against this action: None. Absent and not voting: Mr. Daane. 2. Amendment of authorization for System foreign currency operations. The Committee amended paragraph 3 of the authorization for System foreign currency operations in two respects. The phrase “Unless otherwise expressly authorized by the Committee” was added at the beginning of the first sentence of the paragraph, be­ fore language specifying that all foreign currency transactions should be at prevailing market rates. Such a qualification had been included at the corresponding point in the Committee’s original authorization regarding foreign currency transactions adopted in February 1962, and had been inadvertently omitted when the previous instruments governing foreign currency opera­ tions were reformulated in June 1966. The effect of restoring the qualification was to simplify procedures in the event the Com­ mittee concluded that because of special circumstances a particu­ lar transaction should be undertaken at a rate different from that prevailing in the market. At the same time, the second sentence of the paragraph, which had read as follows, was deleted: Insofar as is practicable, foreign currencies shall be purchased through spot transactions when rates for those currencies are at or below par and sold through spot transactions when such rates are at or above par, except when transactions at other rates (i) are specifically authorized by the Com­ mittee, (ii) are necessary to acquire currencies to meet System commit­ ments, or (iii) are necessary to acquire currencies for the Stabilization Fund, provided that these currencies are resold forward to the Stabilization Fund at the same rate. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

490 FEDERAL RESERVE BULLETIN □ JUNE 1968 Restrictions on spot sales of foreign currencies at prices below par and on spot purchases at prices above par had been included in the Committee’s foreign currency instruments since their original adoption in February 1962. The Committee now con­ cluded that such restrictions were unnecessary, in light of the limitations on the purposes for which foreign currency opera­ tions could be undertaken given in paragraph 2 of the Commit­ tee’s foreign currency directive. The restrictions also were con­ sidered undesirable on the grounds that spot sales of foreign currencies at prices below par and spot purchases at prices above par might be useful, on occasion, in furthering the purposes specified in the directive. As amended, paragraph 3 of the authorization for System foreign currency operations read as follows: Unless otherwise expressly authorized by the Committee, all transactions in foreign currencies undertaken under paragraph 1(A) above shall be at prevailing market rates and no attempt shall be made to establish rates that appear to be out of line with underlying market forces. Except for the changes resulting from these amendments, the Committee renewed the authorization in its existing form. Votes for this action: Messrs. Martin, Hayes, Brimmer, Ellis, Galusha, Hickman, Kimbrel, Maisel, Mitchell, Robertson, and Sherrill. Votes against this action: None. Absent and not voting: Mr. Daane. 3. Review of continuing authorizations. This being the first meeting of the Federal Open Market Com­ mittee following the election of new members from the Federal Reserve Banks to serve for the year beginning March 1, 1968, and their assumption of duties, the Committee followed its cus­ tomary practice of reviewing all of its continuing authorizations Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 491 and directives. The action taken with respect to the authorization for System foreign currency operations has been described in the preceding portion of the record for this date. The Committee reaffirmed its continuing authority directive for domestic open market operations and its foreign currency directive in the forms in which both were outstanding at the be­ ginning of the year 1968. Votes for these actions: Messrs. Martin, Hayes, Brimmer, Ellis, Galusha, Hickman, Kimbrel, Maisel, Mitchell, Robertson, and Sherrill. Votes against these actions: None. Absent and not voting: Mr. Daane. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

492 FEDERAL RESERVE BULLETIN □ JUNE 1968 MEETING HELD ON MARCH 14, 1968 1. Authority to effect transactions in System Account. In the period since the preceding meeting of the Committee speculative demands for gold in London and other foreign markets had swelled to massive proportions. On the day of this meeting, the British authorities had temporarily closed the London gold market and had declared a Bank Holiday for the following day; the Board of Governors had approved an increase in Federal Reserve Bank discount rates from 4Vi to 5 per cent, effective March 15; and arrangements were made for central bank governors of countries that had been actively participating in the London gold pool to meet in Washington on Saturday and Sunday, March 16 and 17, to consider their future policy with respect to gold. The purpose of this meeting of the Com­ mittee, which was held by telephone, was to review recent developments and make such changes in the Committee’s policy instruments as appeared to be needed in light of those develop­ ments. The Committee agreed that its current policy directive should be modified to permit adaptation of open market operations to the changed circumstances brought about by recent events, including the discount rate action. After discussion, the following current economic policy directive was issued to the Federal Reserve Bank of New York: In light of recent international financial developments, System open market operations until the next meeting of the Committee shall be con­ ducted with a view to maintaining firm but orderly conditions in the money market, taking into account the effects of increases in Federal Reserve discount rates. Votes for this action: Messrs. Martin, Brimmer, Daane, Ellis, Hickman, Maisel, Mitchell, Robert­ son, Sherrill, Clay, Coldwell, and Treiber. Votes against this action: None. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 493 Absent and not voting: Messrs. Hayes, Galusha, and Kimbrel. (Messrs. Treiber, Clay, and Coldwell, respectively, voted as their alternates.) 2. Amendment to authorization for System foreign currency operations. At this meeting the Committee authorized the Special Manager to undertake negotiations looking toward increases, up to spec­ ified limits, in a number of the System’s reciprocal currency arrangements, on the understanding that any such enlargements —and the corresponding amendments to paragraph 2 of the authorization for System foreign currency operations—would become effective upon a determination by Chairman Martin that they were in the national interest. Specifically, negotiations were authorized for increases up to varying maximum amounts, ranging from $100 million to $400 million equivalent, in the System’s two swap arrangements with the Bank for International Settlements and in the arrangements with the central banks of Belgium, Canada, Italy, Japan, the Netherlands, Sweden, and Switzerland. Votes for this action: Messrs. Martin, Brimmer, Daane, EUis, Hickman, Sherrill, Clay, Coldwell, and Treiber. Votes against this action: Messrs. Maisel, Mitchell, and Robertson. Absent and not voting: Messrs. Hayes, Galusha, and Kimbrel. (Messrs. Treiber, Clay, and Coldwell, respectively, voted as their alternates.) This action was taken on the ground that enlargements of the swap arrangements should prove helpful in coping with flows of short-term funds in foreign exchange markets if such flows became heavy in the current highly uncertain environment. The Committee concurred in the view of the Special Manager that under existing conditions it would be desirable if negotiated enlargements were to become effective immediately upon a Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

494 FEDERAL RESERVE BULLETIN □ JUNE 1968 determination by the Chairman that they were in the national interest, thus obviating the need for further Committee action. Messrs. Maisel, Mitchell, and Robertson dissented from this action because of reservations about the desirability, under current circumstances, of authorizing a substantial enlargement of the swap network before discussions were held with monetary authorities of other countries on means for coordinating inter­ national financial policies. They favored postponing consideration of increases in the swap arrangements until after the forthcoming week-end meeting of central bank governors. Subsequent to this meeting, on March 16, available members of the Committee (Messrs. Martin, Brimmer, Daane, Maisel, Mitchell, Robertson, and Treiber, the last voting as alternate for Mr. Hayes) voted unanimously to authorize the Special Manager to undertake negotiations looking toward an increase of $250 million equivalent in the System’s swap arrangement with the German Federal Bank, on the understanding that any such increase, and the corresponding amendment to the author­ ization for System foreign currency operations, would become effective upon a determination by Chairman Martin that it was in the national interest. Messrs. Maisel and Robertson indicated that they continued to hold the general reservations concerning swap line increases that they had expressed on March 14, but that they had voted favorably on this action because— inasmuch as the Committee had taken the action it did on that date—they thought it appropriate to include the swap line with the German Federal Bank in an enlargement of the swap net­ work. On March 17, available members of the Committee (Messrs. Martin, Brimmer, Daane, Ellis, Galusha, Maisel, Mitchell, Rob­ ertson, Sherrill, and Treiber, the last voting as alternate for Mr. Hayes) voted unanimously to authorize the Special Manager to undertake negotiations looking toward an increase of $500 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 495 million equivalent in the System’s swap arrangement with the Bank of England, subject to the same understanding as in the actions taken on March 14 and 16. On March 17 Chairman Martin determined that increases in the System’s swap arrangements with the foreign banks listed below, in the indicated amounts (millions of dollars equivalent), were in the national interest: Bank of Canada 250 Bank of England 500 German Federal Bank 250 Bank of Japan 250 Netherlands Bank 175 Bank of Sweden 50 Swiss National Bank 200 Bank for International Settlements: System drawings in Swiss francs 200 System drawings in other authorized European currencies 400 Accordingly, effective March 17, 1968, paragraph 2 of the authorization for System foreign currency operations was amended to read as follows: 2. The Federal Open Market Committee directs the Federal Reserve Bank of New York to maintain reciprocal currency arrangements (“swap” arrangements) for System Open Market Account for periods up to a maximum of 12 months with the following foreign banks, which are among those designated by the Board of Governors of the Federal Re­ serve System under Section 214.5 of Regulation N, Relations with Foreign Banks and Bankers, and with the approval of the Committee to renew such arrangements on maturity: Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

496 FEDERAL RESERVE BULLETIN □ JUNE 1968 Amount of arrangement Foreign bank (millions of dollars equivalent) Austrian National Bank 100 National Bank of Belgium 225 Bank of Canada 1,000 National Bank of Denmark 100 Bank of England 2,000 Bank of France 100 German Federal Bank 1,000 Bank of Italy 750 Bank of Japan 1,000 Bank of Mexico 130 Netherlands Bank 400 Bank of Norway 100 Bank of Sweden 250 Swiss National Bank 600 Bank for International Settlements: System drawings in Swiss francs 600 System drawings in authorized European currencies other than Swiss francs 1,000 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material PURCHASE OF GOVERNMENT OBLIGATIONS TITLE I—CONSUMER CREDIT COST DISCLOSURE BY FEDERAL RESERVE BANKS Chapter Section By Act of Congress approved May 4, 1968 1. General Provisions................................ 101 (Public Law 90-300), the authority of the Federal 2. Credit Transactions................................ 121 Reserve Banks under section 14(b) of the Federal 3. Credit Advertising.................................. 141 Reserve Act to purchase and sell direct or fully Chapter 1—General Provisions guaranteed obligations of the United States di­ Sec. 101. Short title. rectly from or to the United States, which would 102. Findings and declaration of purpose. have expired on June 30, 1968, was extended to 103. Definitions and rules of construction. June 30, 1970. The text of the Act is as follows: 104. Exempted transactions. 105. Regulations. 106. Determination of finance charge. AN ACT 107. Determination of annual percentage rate. 108. Administrative enforcement. To amend section 14(b) of the Federal Reserve Act, 109. Views of other agencies. as amended, to extend for two years the authority 110. Advisory committee. of Federal Reserve banks to purchase United States 111. Effect on other laws. obligations directly from the Treasury. 112. Criminal liability for wilful and knowing viola­ Be it enacted by the Senate and House of Represent­ tion. atives of the United States of America in Congress 113. Penalties inapplicable to governmental agencies. assembled, That section 14(b) of the Federal Reserve 114. Reports by Board and Attorney General. Act, as amended (12 U.S.C. 355), is amended by § 101. Short title striking out “July 1, 1968” and inserting in lieu thereof “July 1, 1970” and by striking out “June 30, 1968” This title may be cited as the Truth in Lending Act. and inserting in lieu thereof “June 30, 1970”. § 102. Findings and declaration of purpose The Congress finds that economic stabilization TRUTH IN LENDING would be enhanced and the competition among the By Act of Congress approved May 29, 1968 various financial institutions and other firms engaged in the extension of consumer credit would be (Public Law 90-321), entitled “Consumer Credit strengthened by the informed use of credit. The Protection Act”, the Board of Governors is re­ informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of quired to prescribe regulations to carry out the this title to assure a meaningful disclosure of credit purposes of Title I, which is entitled “Truth in terms so that the consumer will be able to compare Lending Act”. That Title and Title V read as fol­ more readily the various credit terms available to him and avoid the uninformed use of credit. lows (Title II—Extortionate Credit Transactions; § 103. Definitions and rules of construction Title III—Restriction on Garnishment; and Title (a) The definitions and rules of construction set IV—National Commission on Consumer Finance forth in this section are applicable for the purposes are omitted): of this title. (b) The term "Board” refers to the Board of Governors of the Federal Reserve System. AN ACT (c) The term “organization” means a corporation, government or governmental subdivision or agency, To safeguard the consumer in connection with the trust, estate, partnership, cooperative, or association. utilization of credit by requiring full disclosure of (d) The term “person” means a natural person or the terms and conditions of finance charges in credit an organization. transactions or in offers to extend credit; by restrict­ (e) The term “credit” means the right granted by ing the garnishment of wages; and by creating the a creditor to a debtor to defer payment of debt or to National Commission on Consumer Finance to incur debt and defer its payment. study and make recommendations on the need for (f) The term “creditor” refers only to creditors who further regulation of the consumer finance industry; regularly extend, or arrange for the extension of, and for other purposes. credit for which the payment of a finance charge is Be it enacted by the Senate and House of Represent­ required, whether in connection with loans, sales of atives of the United States of America in Congress property or services, or otherwise. The provisions of assembled, this title apply to any such creditor, irrespective of his or its status as a natural person or any type of § 1. Short title of entire Act organization. This Act may be cited as the Consumer Credit (g) The term “credit sale” refers to any sale with Protection Act. respect to which credit is extended or arranged by 497 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

498 FEDERAL RESERVE BULLETIN □ JUNE 1968 the seller. The term includes any contract in the form incident to the extension of credit, including any of of a bailment or lease if the bailee or lessee contracts the following types of charges which are applicable: to pay as compensation for use a sum substantially (1) Interest, time price differential, and any equivalent to or in excess of the aggregate value of amount payable under a point, discount, or other the property and services involved and it is agreed system of additional charges. that the bailee or lessee will become, or for no other (2) Service or carrying charge. or a nominal consideration has the option to become, (3) Loan fee, finder’s fee, or similar charge. the owner of the property upon full compliance with (4) Fee for an investigation or credit report. his obligations under the contract. (5) Premium or other charge for any guaran­ (h) The adjective “consumer”, used with reference tee or insurance protecting the creditor against to a credit transaction, characterizes the transaction the obligor’s default or other credit loss. as one in which the party to whom credit is offered or extended is a natural person, and the money, prop­ (b) Charges or premiums for credit life, accident, erty, or services which are the subject of the trans­ or health insurance written in connection with any action are primarily for personal, family, household, consumer credit transaction shall be included in the or agricultural purposes. finance charge unless (i) The term “open end credit plan” refers to a (1) the coverage of the debtor by the insur­ plan prescribing the terms of credit transactions which ance is not a factor in the approval by the may be made thereunder from time to time and under creditor of the extension of credit, and this fact the terms of which a finance charge may be computed is clearly disclosed in writing to the person apply­ on the outstanding unpaid balance from time to time ing for or obtaining the extension of credit; and thereunder. (2) in order to obtain the insurance in connec­ (j) The term “State” refers to any State, the tion with the extension of credit, the person to Commonwealth of Puerto Rico, the District of Colum­ whom the credit is extended must give specific bia, and any territory or possession of the United affirmative written indication of his desire to do States. so after written disclosure to him of the cost (k) Any reference to any requirement imposed thereof. under this title or any provision thereof includes (c) Charges or premiums for insurance, written in reference to the regulations of the Board under this connection with any consumer credit transaction, title or the provision thereof in question. against loss of or damage to property or against (1) The disclosure of an amount or percentage liability arising out of the ownership or use of prop­ which is greater than the amount or percentage erty, shall be included in the finance charge unless a required to be disclosed under this title does not in clear and specific statement in writing is furnished itself constitute a violation of this title. by the creditor to the person to whom the credit is § 104. Exempted transactions extended, setting forth the cost of the insurance if This title does not apply to the following: obtained from or through the creditor, and stating that (1) Credit transactions involving extensions the person to whom the credit is extended may choose of credit for business or commercial purposes, the person through which the insurance is to be ob­ or to government or governmental agencies or tained. instrumentalities, or to organizations. (d) If any of the following items is itemized and (2) Transactions in securities or commodities disclosed in accordance with the regulations of the accounts by a broker-dealer registered with the Board in connection with any transaction, then the Securities and Exchange Commission. creditor need not include that item in the computation (3) Credit transactions, other than real prop­ of the finance charge with respect to that transaction: erty transactions, in which the total amount to (1) Feqs and charges prescribed by law which be financed exceeds $25,000. actually are or will be paid to public officials for (4) Transactions under public utility tariffs, if determining the existence of or for perfecting or the Board determines that a State regulatory body releasing or satisfying any security related to the regulates the charges for the public utility services credit transaction. involved, the charges for delayed payment, and (2) The premium payable for any insurance in any discount allowed for early payment. lieu of perfecting any security interest otherwise required by the creditor in connection with the § 105. Regulations transaction, if the premium does not exceed the The Board shall prescribe regulations to carry out fees and charges described in paragraph (1) the purposes of this title. These regulations may con­ which would otherwise be payable. tain such classifications, differentiations, or other pro­ (3) Taxes. visions, and may provide for such adjustments and (4) Any other type of charge which is not for exceptions for any class of transactions, as in the credit and the exclusion of which from the judgment of the Board are necessary or proper to finance charge is approved by the Board by effectuate the purposes of this title, to prevent cir­ regulation. cumvention or evasion thereof, or to facilitate com­ (e) The following items, when charged in connec­ pliance therewith. tion with any extension of credit secured by an in­ § 106. Determination of finance charge terest in real property, shall not be included in the (a) Except as otherwise provided in this section, computation of the finance charge with respect to that the amount of the finance charge in connection with transaction: any consumer credit transaction shall be determined (1) Fees or premiums for title examination, as the sum of all charges, payable directly or indirectly title insurance, or similar purposes. by the person to whom the credit is extended, and (2) Fees for preparation of a deed, settlement imposed directly or indirectly by the creditor as an statement, or other documents. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 499 (3) Escrows for future payments of taxes and the form of the corresponding ratio of dollars per insurance. hundred dollars. (4) Fees for notarizing deeds and other docu­ ments. S 108. Administrative enforcement (5) Appraisal fees. (a) Compliance with the requirements imposed (6) Credit reports. under this title shall be enforced under (1) section 8 of the Federal Deposit Insurance § 107. Determination of annual percentage rate Act, in the case of (a) The annual percentage rate applicable to any (A) national banks, by the Comptroller extension of consumer credit shall be determined, in accordance with the regulations of the Board, of the Currency. (B) member banks of the Federal Reserve (1) in the case of any extension of credit System (other than national banks), by the other than under an open end credit plan, as Board. (A) that nominal annual percentage rate (C) banks insured by the Federal Deposit which will yield a sum equal to the amount Insurance Corporation (other than members of the finance charge when it is applied to of the Federal Reserve System), by the the unpaid balances of the amount financed, Board of Directors of the Federal Deposit calculated according to the actuarial method Insurance Corporation. of allocating payments made on a debt be­ (2) section 5(d) of the Home Owners’ Loan tween the amount financed and the amount Act of 1933, section 407 of the National Housing of the finance charge, pursuant to which a Act, and sections 6(i) and 17 of the Federal payment is applied first to the accumulated Home Loan Bank Act, by the Federal Home finance charge and the balance is applied to Loan Bank Board (acting directly or through the unpaid amount financed; or the Federal Savings and Loan Insurance Cor­ (B) the rate determined by any method poration), in the case of any institution subject prescribed by the Board as a method which to any of those provisions. materially simplifies computation while re­ (3) the Federal Credit Union Act, by the taining reasonable accuracy as compared Director of the Bureau of Federal Credit Unions with the rate determined under subparagraph with respect to any Federal credit union. (A). ’ (4) the Acts to regulate commerce, by the (2) in the case of any extension of credit Interstate Commerce Commission with respect under an open end credit plan, as the quotient to any common carrier subject to those Acts. (expressed as a percentage) of the total finance (5) the Federal Aviation Act of 1958, by the charge for the period to which it relates divided Civil Aeronautics Board with respect to any air by the amount upon which the finance charge carrier or foreign air carrier subject to that Act. for that period is based, multiplied by the (6) the Packers and Stockyards Act, 1921 number of such periods in a year. (except as provided in section 406 of that Act), by the Secretary of Agriculture with respect to (b) Where a creditor imposes the same finance any activities subject to that Act. charge for balances within a specified range, the annual percentage rate shall be computed on the (b) For the purpose of the exercise by any agency median balance within the range, except that if the referred to in subsection (a) of its powers under any Board determines that a rate so computed would not Act referred to in that subsection, a violation of any be meaningful, or would be materially misleading, requirement imposed under this title shall be deemed the annual percentage rate shall be computed on to be a violation of a requirement imposed under that such other basis as the Board may by regulation Act. In addition to its powers under any provision of require. law specifically referred to in subsection (a), each (c) The annual percentage rate may be rounded to of the agencies referred to in that subsection may the nearest quarter of 1 per centum for credit trans­ exercise, for the purpose of enforcing compliance actions payable in substantially equal installments with any requirement imposed under this title, any when a creditor determines the total finance charge other authority conferred on it by law. on the basis of a single add-on, discount, periodic, or (c) Except to the extent that enforcement of the other rate, and the rate is converted into an annual requirements imposed under this title is specifically percentage rate under procedures prescribed by the committed to some other Government agency under Board. subsection (a), the Federal Trade Commission shall (d) The Board may authorize the use of rate tables enforce such requirements. For the purpose of the or charts which may provide for the disclosure of exercise by the Federal Trade Commission of its annual percentage rates which vary from the rate functions and powers under the Federal Trade Com­ determined in accordance with subsection (a)(1)(A) mission Act, a violation of any requirement imposed by not more than such tolerances as the Board may under this title shall be deemed a violation of a allow. The Board may not allow a tolerance greater requirement imposed under that Act. All of the than 8 per centum of that rate except to simplify functions and powers of the Federal Trade Commis­ compliance where irregular payments are involved. sion under the Federal Trade Commission Act are (e) In the case of creditors determining the annual available to the Commission to enforce compliance percentage rate in a manner other than as described by any person with the requirements imposed under in subsection (c) or (d), the Board may authorize this title, irrespective of whether that person is en­ other reasonable tolerances. gaged in commerce or meets any other jurisdictional (f) Prior to January 1, 1971, any rate required tests in the Federal Trade Commission Act. under this title to be disclosed as a percentage rate (d) The authority of the Board to issue regulations may, at the option of the creditor, be expressed in under this title does not impair the authority of any Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

500 FEDERAL RESERVE BULLETIN □ JUNE 1968 other agency designated in this section to make rules the United States or any agency thereof, or upon any respecting its own procedures in enforcing com­ State or political subdivision thereof, or any agency pliance with requirements imposed under this title. of any State or political subdivision. S 109. Views of other agencies § 114. Reports by Board and Attorney General In the exercise of its functions under this title, the Not later than January 3 of each year after 1969, Board may obtain upon request the views of any the Board and the Attorney General shall, respec­ other Federal agency which, in the judgment of the tively, make reports to the Congress concerning the Board, exercises regulatory or supervisory functions administration of their functions under this title, in­ with respect to any class of creditors subject to this cluding such recommendations as the Board and the title. Attorney General, respectively, deem necessary or appropriate. In addition, each report of the Board § 110. Advisory committee shall include its assessment of the extent to which The Board shall establish an advisory committee to compliance with the requirements imposed under this advise and consult with it in the exercise of its title is being achieved. functions under this title. In appointing the members of the committee, the Board shall seek to achieve a Chapter 2—Credit Transactions fair representation of the interests of sellers of mer­ Sec. chandise on credit, lenders, and the public. The com­ 121. General requirement of disclosure. mittee shall meet from time to time at the call of 122. Form of disclosure; additional information. the Board, and members thereof shall be paid trans­ 123. Exemption for State-regulated transactions. portation expenses and not to exceed $100 per diem. 124. Effect of subsequent occurrence. § 111. Effect on other laws 125. Right of rescission as to certain transactions. 126. Content of periodic statements. (a) This title does not annul, alter, or affect, or 127. Open end consumer credit plans. exempt any creditor from complying with, the laws 128. Sales not under open end credit plans. of any State relating to the disclosure of information 129. Consumer loans not under open end credit plans. in connection with credit transactions, except to the 130. Civil liability. extent that those laws are inconsistent with the pro­ 131. Written acknowledgment as proof of receipt. visions of this title or regulations thereunder, and then only to the extent of the inconsistency. §121. General requirement of disclosure (b) This title does not otherwise annul, alter or (a) Each creditor shall disclose clearly and con­ affect in any manner the meaning, scope or applica­ spicuously, in accordance with the regulations of the bility of the laws of any State, including, but not Board, to each person to whom consumer credit is limited to, laws relating to the types, amounts or rates extended and upon whom a finance charge is or may of charges, or any element or elements of charges, be imposed, the information required under this permissible under such laws in connection with the chapter. extension or use of credit, nor does this title extend (b) If there is more than one obligor, a creditor the applicability of those laws to any class of persons need not furnish a statement of information required or transactions to which they would not otherwise under this chapter to more than one of them. apply. (c) In any action or proceeding in any court in­ § 122. Form of disclosure; additional information volving a consumer credit sale, the disclosure of the (a) Regulations of the Board need not require that annual percentage rate as required under this title in disclosures pursuant to this chapter be made in the connection with that sale may not be received as order set forth in this chapter, and may permit the evidence that the sale was a loan or any type of use of terminology different from that employed in transaction other than a credit sale. this chapter if it conveys substantially the same mean­ (d) Except as specified in sections 125 and 130, ing. this title and the regulations issued thereunder do (b) Any creditor may supply additional informa­ not affect the validity or enforceability of any contract tion or explanations with any disclosures required or obligation under State or Federal law. under this chapter. § 112. Criminal liability for willful and knowing § 123. Exemption for State-regulated transactions violation The Board shall by regulation exempt from the re­ Whoever willfully and knowingly quirements of this chapter any class of credit trans­ (1) gives false or inaccurate information or actions within any State if it determines that under fails to provide information which he is required the law of that State that class of transactions is to disclose under the provisions of this title or subject to requirements substantially similar to those any regulation issued thereunder, imposed under this chapter, and that there is adequate (2) uses any chart or table authorized by the provision for enforcement. Board under section 107 in such a manner as to § 124. Effect of subsequent occurrence consistently understate the annual percentage If information disclosed in accordance with this rate determined under section 107(a)(1)(A), or chapter is subsequently rendered inaccurate as the (3) otherwise fails to comply with any re­ result of any act, occurrence, or agreement subsequent quirement imposed under this title, to the delivery of the required disclosures, the in­ shall be fined not more than $5,000 or imprisoned not accuracy resulting therefrom does not constitute a more than one year, or both. violation of this chapter. § 113. Penalties inapplicable to governmental agencies § 125. Right of rescission as to certain transactions No civil or criminal penalty provided under this (a) Except as otherwise provided in this section, title for any violation thereof may be imposed upon in the case of any consumer credit transaction in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 501 which a security interest is retained or acquired in 127 (b) as the Board may by regulation require any real property which is used or is expected to be as appropriate to the terms and conditions under used as the residence of the person to whom credit which the extension of credit in question is made. is extended, the obligor shall have the right to rescind § 127. Open end consumer credit plans the transaction until midnight of the third business day following the consummation of the transaction (a) Before opening any account under an open or the delivery of the disclosures required under this end consumer credit plan, the creditor shall disclose section and all other material disclosures required to the person to whom credit is to be extended each under this chapter, whichever is later, by notifying of the following items, to the extent applicable: the creditor, in accordance with regulations of the (1) The conditions under which a finance Board, of his intention to do so. The creditor shall charge may be imposed, including the time clearly and conspicuously disclose, in accordance with period, if any, within which any credit extended regulations of the Board, to any obligor in a trans­ may be repaid without incurring a finance charge. action subject to this section the rights of the obligor (2) The method of determining the balance under this section. The creditor shall also provide, in upon which a finance charge will be imposed. accordance with regulations of the Board, an adequate (3) The method of determining the amount of opportunity to the obligor to exercise his right to the finance charge, including any minimum or rescind any transaction subject to this section. fixed amount imposed as a finance charge. (b) When an obligor exercises his right to rescind (4) Where one or more periodic rates may be under subsection (a), he is not liable for any finance used to compute the finance charge, each such or other charge, and any security interest given by the rate, the range of balances to which it is appli­ obligor becomes void upon such a rescission. Within cable, and the corresponding nominal annual per­ ten days after receipt of a notice of rescission, the centage rate determined by multiplying the creditor shall return to the obligor any money or periodic rate by the number of periods in a year. property given as earnest money, downpayment, or (5) If the creditor so elects, otherwise, and shall take any action necessary or (A) the average effective annual per­ appropriate to reflect the termination of any security centage rate of return received from accounts interest created under the transaction. If the creditor under the plan for a representative period of has delivered any property to the obligor, the obligor time; or may retain possession of it. Upon the performance of (B) whenever circumstances are such that the creditor’s obligations under this section, the the computation of a rate under subpara­ obligor shall tender the property to the creditor, graph (A) would not be feasible or practical, except that if return of the property in kind would be or would be misleading or meaningless, a impracticable or inequitable, the obligor shall tender projected rate of return to be received from its reasonable value. Tender shall be made at the accounts under the plan. location of the property or at the residence of the The Board shall prescribe regulations, consistent obligor, at the option of the obligor. If the creditor with commonly accepted standards for accounting does not take possession of the property within ten or statistical procedures, to carry out the purposes days after tender by the obligor, ownership of the of this paragraph. property vests in the obligor without obligation on his (6) The conditions under which any other part to pay for it. charges may be imposed, and the method by (c) Notwithstanding any rule of evidence, written which they will be determined. acknowledgment of receipt of any disclosures required (7) The conditions under which the creditor under this title by a person to whom a statement is may retain or acquire any security interest in any required to be given pursuant to this section does no property to secure the payment of any credit ex­ more than create a rebuttable presumption of delivery tended under the plan, and a description of the thereof. interest or interests which may be so retained or (d) The Board may, if it finds that such action is acquired. necessary in order to permit homeowners to meet bona fide personal financial emergencies, prescribe regula­ (b) The creditor of any account under an open end tions authorizing the modification or waiver of any consumer credit plan shall transmit to the obligor, rights created under this section to the extent and for each billing cycle at the end of which there is an under the circumstances set forth in those regulations. outstanding balance in that account or with respect (e) This section does not apply to the creation or to which a finance charge is imposed, a statement retention of a first lien against a dwelling to finance setting forth each of the following items to the extent the acquisition of that dwelling. applicable: (1) The outstanding balance in the account at § 126. Content of periodic statements the beginning of the statement period. If a creditor transmits periodic statements in con­ (2) The amount and date of each extension of nection with any extension of consumer credit other credit during the period, and, if a purchase was than under an open end consumer credit plan, then involved, a brief identification (unless previously each of those statements shall set forth each of the furnished) of the goods or services purchased. following items: (3) The total amount credited to the account (1) The annual percentage rate of the total during the period. finance charge. (4) The amount of any finance charge added (2) The date by which, or the period (if any) to the account during the period, itemized to within which, payment must be made in order show the amounts, if any, due to the application to avoid additional finance charges or other of percentage rates and the amount, if any, im­ charges. posed as a minimum or fixed charge. (3) Such of the items set forth in section (5) Where one or more periodic rates may be Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

502 FEDERAL RESERVE BULLETIN □ JUNE 1968 used to compute the finance charge, each such applicable to an amount financed not exceed­ rate, the range of balances to which it is appli­ ing $75, or cable, and, unless the annual percentage rate (B) which does not exceed $7.50 and is (determined under section 107(a)(2)) is required applicable to an amount financed exceeding to be disclosed pursuant to paragraph (6), the $75. corresponding nominal annual percentage rate A creditor may not divide a consumer credit sale determined by multiplying the periodic rate by into two or more sales to avoid the disclosure the number of periods in a year. of an annual percentage rate pursuant to this (6) Where the total finance charge exceeds 50 paragraph. cents for a monthly or longer billing cycle, or the (8) The number, amount, and due dates or pro rata part of 50 cents for a billing cycle shorter periods of payments scheduled to repay the in­ than monthly, the total finance charge expressed debtedness. as an annual percentage rate (determined under (9) The default, delinquency, or similar section 107(a)(2)), except that if the finance charges payable in the event of late payments. charge is the sum of two or more products of a (10) A description of any security interest held rate times a portion of the balance, the creditor or to be retained or acquired by the creditor in may, in lieu of disclosing a single rate for the connection with the extension of credit, and a total charge, disclose each such rate expressed clear identification of the property to which the as an annual percentage rate, and the part of the security interest relates. balance to which it is applicable. (7) At the election of the creditor, the average (b) Except as otherwise provided in this chapter, effective annual percentage rate of return (or the disclosures required under subsection (a) shall be the projected rate) under the plan as prescribed made before the credit is extended, and may be made in subsection (a)(5). by disclosing the information in the contract or other (8) The balance on which the finance charge evidence of indebtedness to be signed by the purchaser. was computed and a statement of how the (c) If a creditor receives a purchase order by mail balance was determined. If the balance is deter­ or telephone without personal solicitation, and the mined without first deducting all credits during cash price and the deferred payment price and the the period, that fact and the amount of such terms of financing, including the annual percentage payments shall also be disclosed. rate, are set forth in the creditor’s catalog or other (9) The outstanding balance in the account at printed material distributed to the public, then the the end of the period. disclosures required under subsection (a) may be (10) The date by which, or the period (if any) made at any time not later than the date the first pay­ within which, payment must be made to avoid ment is due. additional finance charges. (d) If a consumer credit sale is one of a series of consumer credit sales transactions made pursuant to (c) In the case of any open end consumer credit an agreement providing for the addition of the de­ plan in existence on the effective date of this sub­ ferred payment price of that sale to an existing out­ section, the items described in subsection (a), to the standing balance, and the person to whom the credit extent applicable, shall be disclosed in a notice mailed is extended has approved in writing both the annual or delivered to the obligor not later than thirty days percentage rate or rates and the method of computing after that date. the finance charge or charges, and the creditor retains § 128. Sales not under open end credit plans no security interest in any property as to which he (a) In connection with each consumer credit sale has received payments aggregating the amount of the not under an open end credit plan, the creditor shall sales price including any finance charges attributable disclose each of the following items which is applic­ thereto, then the disclosure required under subsection able: (a) for the particular sale may be made at any time not later than the date the first payment for that sale (1) The cash price of the property or service is due. For the purposes of this subsection, in the case purchased. of items purchased on different dates, the first pur­ (2) The sum of any amounts credited as down­ chased shall be deemed first paid for, and in the case payment (including any trade-in). of items purchased on the same date, the lowest priced (3) The difference between the amount re­ shall be deemed first paid for. ferred to in paragraph (1) and the amount re­ ferred to in paragraph (2). § 129. Consumer loans not under open end credit plans (4) All other charges, individually itemized, which are included in the amount of the credit (a) Any creditor making a consumer loan or other­ extended but which are not part of the finance wise extending consumer credit in a transaction which charge. is neither a consumer credit sale nor under an open (5) The total amount to be financed (the sum end consumer credit plan shall disclose each of the of the amount described in paragraph (3) plus following items, to the extent applicable: the amount described in paragraph (4)). (1) The amount of credit of which the obligor (6) Except in the case of a sale of a dwelling, will have the actual use, or which is or will be the amount of the finance charge, which may in paid to him or for his account or to another whole or in part be designated as a time-price person on his behalf. differential or any similar term to the extent (2) All charges, individually itemized, which applicable. are included in the amount of credit extended but (7) The finance charge expressed as an annual which are not part of the finance charge. percentage rate except in the case of a finance (3) The total amount to be financed (the sum charge of the amounts referred to in paragraph (1) (A) which does not exceed $5 and is plus the amounts referred to in paragraph (2)). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 503 (4) Except in the case of a loan secured by a chapter if the creditor shows by a preponderance of first lien on a dwelling and made to finance the evidence that the violation was not intentional and purchase of that dwelling, the amount of the resulted from a bona fide error notwithstanding the finance charge. maintenance of procedures reasonably adapted to (5) The finance charge expressed as an annual avoid any such error. percentage rate except in the case of a finance (d) Any action which may be brought under this charge section against the original creditor in any credit trans­ (A) which does not exceed $5 and is action involving a security interest in real property applicable to an extension of consumer credit may be maintained against any subsequent assignee not exceeding $75, or of the original creditor where the assignee, its sub­ (B) which does not exceed $7.50 and is sidiaries, or affiliates were in a continuing business applicable to an extension of consumer credit relationship with the original creditor either at the exceeding $75. time the credit was extended or at the time of the A creditor may not divide an extension of credit assignment, unless the assignment was involuntary, or into two or more transactions to avoid the dis­ the assignee shows by a preponderance of evidence closure of an annual percentage rate pursuant to that it did not have reasonable grounds to believe that this paragraph. the original creditor was engaged in violations of this (6) The number, amount, and the due dates chapter, and that it maintained procedures reasonably or periods of payments scheduled to repay the adapted to apprise it of the existence of any such indebtedness. violations. (7) The default, delinquency, or similar (e) Any action under this section may be brought charges payable in the event of late payments. in any United States district court, or in any other (8) A description of any security interest held court of competent jurisdiction, within one year from or to be retained or acquired by the creditor in the date of the occurrence of the violation. connection with the extension of credit, and a § 131. Written acknowledgment as proof of receipt clear identification of the property to which the security interest relates. Except as provided in section 125(c) and except in the case of actions brought under section 130(d), in (b) Except as otherwise provided in this chapter, any action or proceeding by or against any sub­ the disclosures required by subsection (a) shall be sequent assignee of the original creditor without made before the credit is extended, and may be made knowledge to the contrary by the assignee when he by disclosing the information in the note or other acquires the obligation, written acknowledgment of evidence of indebtedness to be signed by the obligor. receipt by a person to whom a statement is required (c) If a creditor receives a request for an extension to be given pursuant to this title shall be conclusive of credit by mail or telephone without personal solici­ proof of the delivery thereof and, unless the violation tation and the terms of financing, including the annual is apparent on the face of the statement, of com­ percentage rate for representative amounts of credit, pliance with this chapter. This section does not affect are set forth in the creditor’s printed material dis­ the rights of the obligor in any action against the tributed to the public, or in the contract of loan or original creditor. other printed material delivered to the obligor, then the disclosures required under subsection (a) may be made at any time not later than the date the first Chapter 3—Credit Advertising payment is due. Sec. 141. Catalogs and multiple-page advertisements. § 130. Civil liability 142. Advertising of downpayments and installments. (a) Except as otherwise provided in this section, 143. Advertising of open end credit plans. any creditor who fails in connection with any con­ 144. Advertising of credit other than open end plans. sumer credit transaction to disclose to any person any 145. Nonliability of media. information required under this chapter to be dis­ closed to that person is liable to that person in an § 141. Catalogs and multiple-page advertisements amount equal to the sum of For the purposes of this chapter, a catalog or other (1) twice the amount of the finance charge multiple-page advertisement shall be considered a in connection with the transaction, except that single advertisement if it clearly and conspicuously the liability under this paragraph shall not be less displays a credit terms table on which the information than $100 nor greater than $1,000; and required to be stated under this chapter is clearly set (2) in the case of any successful action to en­ forth. force the foregoing liability, the costs of the action together with a reasonable attorney’s fee § 142. Advertising of downpayments and installments as determined by the court. No advertisement to aid, promote, or assist directly (b) A creditor has no liability under this section if or indirectly any extension of consumer credit may within fifteen days after discovering an error, and state prior to the institution of an action under this section (1) that ,a specific periodic consumer credit or the receipt of written notice of the error, the amount or installment amount can be arranged, creditor notifies the person concerned of the error unless the creditor usually and customarily ar­ and makes whatever adjustments in the appropriate ranges credit payments or installments for that account are necessary to insure that the person will period and in that amount. not be required to pay a finance charge in excess of (2) that a specified downpayment is required the amount or percentage rate actually disclosed. in connection with any extension of consumer (c) A creditor may not be held liable in any action credit, unless the creditor usually and cus­ brought under this section for a violation of this tomarily arranges downpayments in that amount. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

504 FEDERAL RESERVE BULLETIN □ JUNE 1968 § 143. Advertising of open end credit plans valid provision remain in effect. If a provision en­ acted by this Act is held invalid in one or more of its No advertisement to aid, promote, or assist directly applications, the provision remains in effect in all or indirectly the extension of consumer credit under valid applications that are severable from the invalid an open end credit plan may set forth any of the application or applications. specific terms of that plan or the appropriate rate determined under section 127(a)(5) unless it also S 502. Captions and catchlines for reference only clearly and conspicuously sets forth all of the follow­ Captions and catchlines are intended solely as aids ing items: to convenient reference, and no inference as to the (1) The time period, if any, within which any legislative intent with respect to any provision enacted credit extended may be repaid without incurring by this Act may be drawn from them. a finance charge. S 503. Grammatical usages (2) The method of determining the balance upon which a finance charge will be imposed. In this Act: (3) The method of determining the amount (1) The word “may” is used to indicate that of the finance charge, including any minimum or an action either is authorized or is permitted. fixed amount imposed as a finance charge. (2) The word “shall” is used to indicate that (4) Where periodic rates may be used to com­ an action is both authorized and required. pute the finance charge, the periodic rates ex­ (3) The phrase “may not” is used to indicate pressed as annual percentage rates. that an action is both unauthorized and for­ (5) Such other or additional information for bidden. the advertising of open end credit plans as the (4) Rules of law are stated in the indicative Board may by regulation require to provide for mood. adequate comparison of credit costs as between § 504. Effective dates different types of open end credit plans. (a) Except as otherwise specified, the provisions § 144. Advertising of credit other than open end plans of this Act take effect upon enactment. (a) Except as provided in subsection (b), this (b) Chapters 2 and 3 of title I take effect on July 1, section applies to any advertisement to aid, promote, 1969. or assist directly or indirectly any consumer credit (c) Title III takes effect on July 1, 1970. sale, loan, or other extension of credit subject to the provisions of this title, other than an open end credit CREDIT IN STOCK MARKET TRANSACTIONS— plan. (b) The provisions of this section do not apply to MAXIMUM LOAN VALUE OF STOCKS advertisements of residential real estate except to the AND CONVERTIBLE BONDS extent that the Board may by regulation require. The Board of Governors amended the Supple­ (c) If any advertisement to which this section applies states the rate of a finance charge, the ad­ ments to Regulation G, “Credit by Persons Other vertisement shall state the rate of that charge ex­ than Banks, Brokers, or Dealers for the Purpose pressed as an annual percentage rate. (d) If any advertisement to which this section of Purchasing or Carrying Registered Equity Se­ applies states the amount of the downpayment, if any, curities”; Regulation T, “Credit by Brokers, Deal­ the amount of any installment payment, the dollar ers, and Members of National Securities Ex­ amount of any finance charge, or the number of installments or the period of repayment, then the changes”; and Regulation U, “Credit by Banks advertisement shall state all of the following items: for the Purpose of Purchasing or Carrying Regis­ (1) The cash price or the amount of the loan tered Stocks”, effective June 8, 1968. The amend­ as applicable. (2) The downpayment, if any. ments increased the margin requirement from 70 (3) The number, amount, and due dates or to 80 per cent for credit extended by brokers, period of payments scheduled to repay the in­ dealers, banks, and other lenders to finance pur­ debtedness if the credit is extended. (4) The rate of the finance charge expressed chases of stocks registered on a national securi­ as an annual percentage rate. ties exchange and from 50 to 60 per cent for 5 145. Nonliability of media credit extended by such persons to finance pur­ There is no liability under this chapter on the part chases of debt securities convertible into such of any owner or personnel, as such, of any medium stocks. No change was made in the 70 per cent in which an advertisement appears or through which it is disseminated. retention requirement applicable to undermargined :’( s|< $ ;it i’: accounts. The text of the Supplements as amended Title V—General Provisions Sec. are as follows: 501. Severability. 502. Captions and catchlines for reference only. 503. Grammatical usages. SUPPLEMENT TO REGULATION G 504. Effective dates. Effective June 8, 1968 § 5(11. Severability Section 207.5—Supplement If a provision enacted by this Act is held invalid, all valid provisions that are severable from the in­ (a) Maximum loan value of registered equity Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 505 securities.—For the purpose of § 207.1, the maxi­ (d) Margin required for short sales.—The mum loan value of any registered equity security, amount to be included in the adjusted debit bal­ except convertible securities subject to § 207.1 {d), ance of a general account, pursuant to § 220.3(d) shall be 20 per cent of its current market value, (3), as margin required for short sales of securi­ as determined by any reasonable method. ties (other than exempt securities) shall be 80 per (h) Maximum loan value of convertible debt cent of the current market value of each such securities subject to § 207.1(d).—For the purpose security. of § 207.1, the maximum loan value of any (e) Retention requirement.—In the case of an security against which credit is extended pursuant account which would have an excess of the ad­ to § 207.1(d) shall be 40 per cent of its current justed debit balance of the account over the maxi­ market value, as determined by any reasonable mum loan value of the securities in the account method. following a withdrawal of cash or securities from (c) Retention requirement.—For the purpose the account, pursuant to § 220.3(6) (2): of § 207.1, in the case of a loan which would ex­ (1) The “retention requirement” of an ex­ ceed the maximum loan value of the collateral empted security held in the general account on following a withdrawal of collateral, the “reten­ March 11, 1968, and continuously thereafter shall tion requirement” of a registered equity security be equal to its maximum loan value as determined and of a security against which credit is extended by the creditor in good faith, and the “retention pursuant to § 207.1(d) shall be 70 per cent of its requirement” of a registered non-equity security current market value, as determined by any rea­ held in such account on March 11, 1968, and con­ sonable method. tinuously thereafter and of a registered equity se­ curity shall be 70 per cent of the current market SUPPLEMENT TO REGULATION T value of the security. Effective June 8, 1968 (2) In the case of a special bond account sub­ ject to § 220.4(7), the retention requirement of an Section 220.8—Supplement exempted security and of a registered non-equity (a) Maximum loan value for general accounts. security shall be equal to the maximum loan value —The maximum loan value of securities in a of the security. general account subject to § 220.3 shall be: (3) In the case of a special convertible security (1) of a registered non-equity security held in account subject to § 220.4(f) which would have the account on March 11, 1968, and continuously an excess of the adjusted debit balance of the ac­ thereafter and of a registered equity security (ex­ count over the maximum loan value of the securi­ cept as provided in § 220.3(c) and § 220.8(6) ties in the account following a withdrawal of cash and (c)), 20 per cent of the current market value or securities from the account, the retention re­ of such securities. quirement of a security having a loan value in the (2) of an exempted security held in the account account shall be 70 per cent of the current market on March 11, 1968, and continuously thereafter value of the security. the maximum loan value of the security, as deter­ (4) For the purpose of effecting a transfer mined by the creditor in good faith. from a general account to a special convertible se­ (6) Maximum loan value for a special bond curity account subject to § 220.4(f), the retention account.—The maximum loan value of an exempt requirement of a security described in § 220.4(f) security and of a registered non-equity security shall be 70 per cent of its current market value. pursuant to § 220.4(f) shall be the maximum loan (/) Securities having no loan value in general value of the security as determined by the creditor account.—No securities other than an exempted in good faith. security or a registered non-equity security held in (c) Maximum loan value for special convertible the account on March 11, 1968, and continuously debt security account.—The maximum loan value thereafter, and a registered equity security shall of a registered equity security eligible for a special have any loan value in a general account except convertible security account pursuant to that a registered equity security eligible for the § 220.4(f) shall be 40 per cent of the current special convertible security account pursuant to market value of the security. § 220.4(f) shall have loan value only if held in the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

506 FEDERAL RESERVE BULLETIN □ JUNE 1968 account on March 11, 1968, and continuously 90 days apart and certificates that mature 90 days thereafter. after the date of issuance and are automatically renewable for successive 90-day periods until the SUPPLEMENT TO REGULATION U depositor withdraws his funds constitute multiple maturity time deposits in certificate form with the Effective June 8, 1968 shortest intervals between payment dates that are Section 221.4—Supplement permissible if interest thereon is to be paid at a (a) Maximum loan value of stocks.—For the rate of 5 per cent. purpose of § 221.1, the maximum loan value of 90-day notice account.—Another major cate­ any stock, whether or not registered on a national gory of multiple maturity time deposits is deposits securities exchange, shall be 20 per cent of its that are payable only after written notice of with­ current market value, as determined by any rea­ drawal. Such deposits may be in the form of a sonable method. passbook or otherwise. Funds may be added to (b) Maximum loan value of convertible debt the account either at specified times or whenever securities subject to § 221.3(t).—For the purpose the depositor wishes, depending on the terms of of § 221.3(l), the maximum loan value of any se­ the contract. curity against which credit is extended pursuant to A member bank may pay interest at the rate of § 221.3(r) shall be 40 per cent of its current mar­ 5 per cent on funds in such an account, on two ket value, as determined by any reasonable conditions. The first is that funds must not be method. withdrawable within 90 days of the date they are (c) Retention requirement.—For the purpose deposited. The second is that funds must not be of § 221.1, in the case of a loan which would ex­ withdrawable less than 90 days after the date of ceed the maximum loan value of the collateral fol­ written notice of intention to withdraw. In other lowing a withdrawal of collateral, the “retention words, a member bank may pay 5 per cent only on requirement” of a stock, whether or not registered deposits that are payable solely at intervals of at on a national securities exchange, and of a con­ least 90 days. vertible debt security subject to § 221.3 (t), shall If a depositor gives 90-days’ notice of intention be 70 per cent of its current market value, as de­ to withdraw and then decides that he will not need termined by any reasonable method. the funds at the specified date, he may cancel his notice, either explicitly, or impliedly by a new 5% MULTIPLE MATURITY TIME DEPOSITS 90-day notice. He may not, however, retain his From time to time the Board of Governors re­ right to withdraw at the expiration of the first ceives inquiries relating to the payment of interest notice while giving a simultaneous or subsequent of 5 per cent per annum on “multiple maturity notice, unless the latter expires at a date at least time deposits” as defined in § 217.1 (^) of Regula­ 90 days after the expiration of the first. tion Q. In view of the variety of deposit contracts 90-day notice account coupled with provision that have come into use in recent years, the Board for automatic renewal.—Recently, a few banks considers it advisable to clarify, for banks and have offered a 5 per cent multiple maturity time their depositors, certain limitations on the author­ deposit contract that authorizes withdrawal by the ity of a member bank to pay 5 per cent interest depositor on more than one basis. For example, on funds deposited with it. The underlying prin­ the contract may provide that funds received on ciple is that a member bank may pay interest on or before January 1 may be withdrawn March 31 a multiple maturity time deposit at the rate of 5 and, with respect to funds not withdrawn on that per cent only if the deposit is payable at intervals date, the deposit will be automatically renewed of at least 90 days. until June 30, and so forth. The contract also pro­ 90-day certificate of deposit.—One major cate­ vides that funds may be withdrawn on 90 days’ gory of multiple maturity time deposits is certifi­ notice in writing. In such event, to be consistent cates of deposit that (1) mature on a series of with the principle that the depositor may not have specified dates or (2) are automatically renewed access to a 5 per cent multiple maturity deposit at at maturity without any action by the depositor. intervals of less than 90 days, such a contract Certificates that mature at specified dates that are should inform the depositor that, when notice is Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 507 given with respect to all or a portion of the funds “Emergency” withdrawal.—In accordance with on deposit, such notice automatically cancels any section 217.4(d) of Regulation Q, a bank may other provision for withdrawal that is inconsistent pay a time deposit before maturity where that is with said principle. “necessary to prevent great hardship to the de­ Consequently, if the depositor gives notice on positor”, but in that case the depositor forfeits ac­ March 1 of his intention to withdraw $1000 from crued and unpaid (uncredited) interest. Occasions his account on June 1, the contract should make for such withdrawals are exceptional. Unless the clear that this automatically cancels his right to depositor is confronted with an actual emergency, withdraw such amount on March 31, since such a bank may not permit withdrawal of funds before amount would otherwise be payable at intervals of maturity of the deposit or termination of the speci­ less than 90 days. Also, his right under the speci­ fied period of notice. If the depositor simply has fied maturity (or automatic-renewal maturity) pro­ a need for funds, the bank may extend credit to vision to withdraw such amount on June 30 should him on the security of his time deposit, but the be suspended, for the same reason. The latter right rate of interest on such Ioan must be at least 2 might be reinstated by the depositor revoking be­ per cent per annum in excess of the rate of interest fore April 1 his notice of intention to withdraw, paid on the time deposit. since that would be at least 90 days before the Advertising time deposits.—Some recent adver­ specified June 30 maturity. However, the right to tisements by member banks might be interpreted withdraw on March 31 could not be reinstated. If as offering withdrawal privileges from a 5 per cent it could, the depositor would be in a position to multiple maturity time deposit at intervals of less acquire access to the amount involved at intervals than 90 days. of less than 90 days. In December 1966, the Board was joined by As in a “straight” 90-day notice account, the the Comptroller of the Currency, the Federal De­ depositor may supersede his notice of intention to posit Insurance Corporation, and the Federal withdraw by a subsequent 90-day notice. Again, Home Loan Bank Board in a statement of princi­ such notice would have the effect of canceling any ples directed against misleading advertising prac­ other right to withdraw that is inconsistent with tices in the solicitation of deposits. The third the 90-day interval principle. principle states that “If an advertised rate is pay­ Withdrawal “grace period”.—There is one ex­ able only on investments or deposits that meet ception to the rule that a member bank may not fixed time or amount requirements, such require­ pay 5 per cent interest on multiple maturity de­ ments should be stated.” An advertisement by a posits that are payable at intervals of less than 90 member bank that permits the reader to infer that the bank will pay interest at the rate of 5 per cent days. A bank may permit a depositor to withdraw on funds that may be withdrawn at intervals of his funds within ten days after a specified ma­ less than 90 days is inconsistent with that principle turity, even if there is a provision for automatic and is regarded by the Board as misleading. renewal for 90 days if not withdrawn at said ma­ The Board heretofore has refrained, in the de­ turity. If he does so, no interest may be paid for finition of “time deposit” in Regulation Q, from the period from the maturity date to the date of prescribing permissible designations for such de­ withdrawal, for during that time the deposit is a posts, and has not objected to banks offering time “demand deposit”, on which payment of interest is deposit contracts that are called “savings certifi­ prohibited by law. If he does not so withdraw, the cates,” or “savings bonds”. However, use of such deposit remains a time deposit, with a term run­ designations without explanation might have a ning from the maturity date until a subsequent misleading tendency, because of the public’s im­ specified date or for a specified number of days.1 pression that “savings” in a bank will be paid at any time. Consequently, the greater the possibility that the name given to an account may mislead, 1 A single maturity time deposit also may be renewed by action of the depositor within 10 days after maturity. In the more imperative is the bank’s obligation to di­ such event, as in the case of the multiple maturity time rect the depositor’s attention to the withdrawal re­ deposit, a member bank may pay interest on the deposit between the maturity date and renewal thereof at the ap­ strictions that govern the particular account of­ plicable maximum rate, fered. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

508 FEDERAL RESERVE BULLETIN □ JUNE 1968 WHETHER MEMBER BANK ACTING AS TRUSTEE the bank will sign all proxies prior to mailing them IS PROHIBITED BY SECTION 20 OF THE BANKING to the participants, “it being intended that the ACT OF 1933 FROM ACQUIRING MAJORITY Participant(s) shall vote the proxies notwithstand­ OF SHARES OF MUTUAL FUND ing the fact that the Trustee is the owner of the The Board recently considered whether section shares. . .” 20 of the Banking Act of 1933 (12 U.S.C. 377) The bank believes that amendments are now would prohibit a member bank, while acting as under consideration that will also require invest­ trustee of a tax exempt employee benefit trust or ment of the assets of these plans exclusively in the trusts, from, under the following circumstances, Fund’s shares. Accordingly, the bank may eventu­ acquiring a majority of the shares of an open-end ally own the Fund’s shares in several separate trust investment company (“Fund”) registered under accounts and in an aggregate amount equal to a the Investment Company Act of 1940, or more majority of the Fund’s shares. than 50 per cent of the number of Fund’s shares Section 20 of the Banking Act of 1933 provides voted at the preceding election of directors of the in relevant part that “no member bank shall be Fund. affiliated in any manner described in section 2(b) The bank has acted as trustee, since December hereof with any corporation . . . engaged princi­ 1963, pursuant to a trust agreement with a county pally in the issue, flotation, underwriting, public medical society to administer its group retirement sale, or distribution at wholesale or retail or program, under which individual members of the through syndicate participation of stocks ... or society could participate in accordance with the other securities . . .” provisions of the Self-Employed Individuals Tax Section 2(b) defines the term “affiliate” to in­ Retirement Act of 1962 (commonly referred to clude “any corporation, business trust, association as “H.R. 10”). or other similar organization (1) Of which a Under the trust agreement as presently consti­ member bank, directly or indirectly, owns or con­ tuted, each employer, who is a participating mem­ trols either a majority of the voting shares or more ber of the medical society, directs the bank to in­ than 50 per centum of the number of shares voted vest his contributions to the retirement plan in for the election of its directors, trustees, or other such proportions as he may elect in insurance or persons exercising similar functions at the preced­ annuity contracts or in a diversified portfolio of ing election, or controls in any manner the elec­ securities and other property. The diversified port­ tion of a majority of its directors, trustees, or other folio held by the bank is invested and administered persons exercising similar functions. . .” by the bank solely at the direction of a committee The Board has previously taken the position, in of the medical society. an interpretation involving the term “affiliate” It has now been proposed that the trust agree­ under the Banking Act of 1933, that it would not ment be amended to provide that all investments require a member bank to obtain and publish a constituting the trust fund, apart from insurance report of a corporation the majority of the stock and annuity contracts, will be made exclusively in of which is held by the member bank as executor shares of a single open-end investment company or trustee, provided that the member bank holds to be named in the trust agreement and that the such stock subject to control by a court or by a assets constituting the diversified portfolio now beneficiary or other principal and that the member held by the bank, as trustee, will be exchanged for bank may not lawfully exercise control of such the Fund’s shares. The bank will, in addition to stock independently of any order or direction of a holding the shares of the Fund, allocate income court, beneficiary or other principal. 1933 Federal and dividends to the accounts of the various par­ Reserve Bulletin 651. The rationale of that in­ ticipants in the retirement program, invest and terpretation—which was reaffirmed by the Board reinvest income and dividends, and perform other in 1957—would appear to be equally applicable ministerial functions. to the facts in the present case. In the circum­ In addition, it is proposed to amend the trust stances, and on the basis of the Board’s under­ agreement so that voting of the shares held by the standing that the bank will not vote any of Fund’s bank as trustee will be controlled exclusively by shares or control in any manner the election of the participants. Under the proposed amendment, any of its directors, trustees, or other persons ex- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 509 ercising similar functions, the Board has concluded (“Merrill Trust”), with total deposits of $72 mil­ that the situation in question would not fall within lion ', has applied, pursuant to the Bank Merger the purpose or coverage of section 20 of the Bank­ Act (12 U.S.C. 1828(c)), for the Board’s prior ing Act of 1933 and, therefore, would not involve approval of the merger of that bank with Ham­ a violation of the statute. mond Street Trust Company, Bangor, Maine (“Hammond Trust”), which is a newly organized ORDER UNDER BANK MERGER ACT bank, not in operation. The banks would merge under the charter and name of Merrill Trust, THE MERRILL TRUST COMPANY, which is a member of the Federal Reserve System. BANGOR, MAINE The proposed merger is one step in a plan of In the matter of the application of The Merrill corporate reorganization whereby Merrill Bank­ Trust Company for approval of merger with Ham­ shares Company, Bangor, Maine (“Bankshares”), mond Street Trust Company. a newly organized Maine corporation, would be­ come a one-bank bank holding company, owning Order Approving Merger of Banks all of the stock of Merrill Trust. All of the stock of Bankshares would be owned by present stock­ There has come before the Board of Governors, holders of Merrill Trust. Bankshares would sub­ pursuant to the Bank Merger Act (12 U.S.C. scribe to and own all of the stock of Hammond 1828(c)), and application by The Merrill Trust Trust, which would conduct no banking business; Company, Bangor, Maine, a State member bank following the merger of Hammond Trust into of the Federal Reserve System, for the Board’s Merrill Trust, stock of Bankshares would be ex­ prior approval of the merger of that bank and changed for the stock of Merrill Trust. Hammond Street Trust Company, Bangor, Maine, The major purpose for the use of a merger under the charter and title of The Merrill Trust transaction in the plan to make Merrill Trust a Company. Notice of the proposed merger, in form subsidiary of Bankshares is to assure that Bank­ approved by the Board, has been published pur­ shares will be able to acquire all of the outstand­ suant to said Act. ing stock of Merrill Trust. The reorganization is Upon consideration of all relevant material in part of a plan whereby Bankshares will eventually the light of the factors set forth in said Act, in­ apply to the Board for approval to acquire control cluding reports furnished by the Comptroller of of an additional bank, or banks, and to become a the Currency, the Federal Deposit Insurance Cor­ registered bank holding company, pursuant to the poration, and the Attorney General on the com­ Bank Holding Company Act. petitive factors involved in the proposed merger, Statutory considerations.—The merger of Mer­ It is hereby ordered, for the reasons set forth rill Trust and Hammond Trust, the latter being a in the Board’s Statement of this date, that said bank with no operating history, formed solely to application be and hereby is approved, provided facilitate the corporate reorganization plan de­ that said merger shall not be consummated (a) scribed above, would have no effect on competi­ before the thirtieth calendar day following the tion, no effect on the banking convenience and date of this Order or (b) later than three months needs of the Bangor community, and would not after the date of this Order. alter the financial and managerial resources and Dated at Washington, D. C., this 5th day of prospects of Merrill Trust. June, 1968. Accordingly, the Board concludes that the ap­ By order of the Board of Governors. plication should be approved. Voting for this action: Chairman Martin and Governors Robertson, Mitchell, Daane, and Sherrill. ORDERS UNDER SECTION 3 OF BANK Absent and not voting: Governors Maisel and Brim­ HOLDING COMPANY ACT mer. (Signed) Robert P. Forrestal. BANCORPORATION OF MONTANA, Assistant Secretary. GREAT FALLS, MONTANA [seal] In the matter of the application of Bancorpora- Statement The Merrill Trust Company, Bangor, Maine • As of December 31, 1967. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

510 FEDERAL RESERVE BULLETIN □ JUNE 1968 tion of Montana, Great Falls, Montana, for ap­ date of this Order to liquidate all debt incurred in proval of the acquisition of 100 per cent of the connection with the purchase of shares of East­ voting shares of Eastside Bank of Montana, Great side Bank. Falls, Montana. Dated at Washington, D. C., this 13th day of May, 1968. Order Approving Application Under By order of the Board of Governors. Bank Holding Company Act Voting for this action: Chairman Martin, and There has come before the Board of Governors, Governors Robertson, Daane, Maisel, Brimmer, and Sherrill. Absent and not voting: Governor Mitchell. pursuant to section 3(a)(3) of the Bank Holding (Signed) Robert P. Forrestal, Company Act of 1956 (12 U.S.C. 1842(a)(3)), Assistant Secretary. and section 222.4(a) (3) of Federal Reserve Regu­ [seal] lation Y (12 CFR 222.4(a) (3)), an application by Bancorporation of Montana, Great Falls, Mon­ In the matter of the application of Bancorpora­ tana, for the Board’s prior approval of the acqui­ tion of Montana, Great Falls, Montana, for ap­ sition of 100 per cent of the voting shares of East­ proval of the acquisition of 100 per cent of the side Bank of Montana, Great Falls, Montana. voting shares of Pondera Bank of Montana, Con­ As required by section 3(b) of the Act, the rad, Montana. Board notified the Montana Superintendent of Banks of the application and requested his views Order Approving Application Under and recommendation. The Superintendent replied Bank Holding Company Act that he had no objection to the proposed applica­ There has come before the Board of Govern­ tion provided that proceeds for the purchase of ors, pursuant to section 3(a)(3) of the Bank Bank’s stock were obtained by Applicant through Holding Company Act of 1956 (12 U.S.C. the sale of Applicant’s common stock. 1842(a)(3)), and section 222.4(a)(3) of Fed­ Notice of receipt of the application was pub­ eral Reserve Regulation Y (12 CFR 222.4(a) lished in the Federal Register on November 29, (3)), an application by Bancorporation of Mon­ 1967 (32 Federal Register 16295), providing an tana, Great Falls, Montana, for the Board’s prior opportunity for interested persons to submit com­ approval of the acquisition of 100 per cent of the ments and views with respect to the proposal. A voting shares of Pondera Bank of Montana, Con­ copy of the application was forwarded to the De­ rad, Montana. partment of Justice for its consideration. Time for As required by section 3(b) of the Act, the filing comments and views has expired and all Board notified the Montana Superintendent of those received have been considered by the Board. Banks of the application and requested his views It is hereby ordered, for the reasons set forth and recommendation. The Superintendent replied in the Board’s Statement of this date, that said that he had no objection to the proposed applica­ application be and hereby is approved, provided tion provided that proceeds for the purchase of that the acquisition so approved shall not be con­ Bank’s stock were obtained by Applicant through summated (a) before the thirtieth calendar day the sale of Applicant’s common stock. following the date of this Order or (b) later than Notice of receipt of the application was pub­ three months after the date of this Order, unless lished in the Federal Register on November 29, such period is extended for good cause by the 1967 (32 Federal Register 16295), providing an Board or by the Federal Reserve Bank of Min­ opportunity for interested persons to submit com­ neapolis pursuant to delegated authority, and pro­ ments and views with respect to the proposal. A vided further that the acquisition so approved copy of the application was forwarded to the De­ shall not be consummated unless cash with which partment of Justice for its consideration. Time to pay for the shares proposed to be acquired has for filing comments and views has expired and all been raised by issuance of Applicant’s stock, or those received have been considered by the Board. Applicant has a firm commitment from a reliable It is hereby ordered, for the reasons set forth and independent underwriter that sufficient pro­ in the Board’s Statement of this date, that said ap­ ceeds from the sale of Applicant’s stock will be plication be and hereby is approved, provided that provided Applicant within three months of the the acquisition so approved shall not be consum- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 511 mated (a) before the thirtieth calendar day fol­ Notice of receipt of the application was pub­ lowing the date of this Order or (b) later than lished in the Federal Register on November 29, three months after the date of this Order, unless 1967 (32 Federal Register 16295), providing an such period is extended for good cause by the opportunity for interested persons to submit com­ Board or by the Federal Reserve Bank of Minne­ ments and views with respect to the proposal. A apolis pursuant to delegated authority, and pro­ copy of the application was forwarded to the De­ vided further that the acquisition so approved shall partment of Justice for its consideration. Time for not be consummated unless cash with which to pay filing comments and views has expired and all for the shares proposed to be acquired has been those received have been considered by the Board. raised by issuance of Applicant’s stock, or Appli­ It is hereby ordered, for the reasons set forth cant has a firm commitment from a reliable and in the Board’s Statement of this date, that said independent underwriter that sufficient proceeds application be and hereby is approved, provided from the sale of Applicant’s stock will be provided that the acquisition so approved shall not be con­ Applicant within three months of the date of this summated (a) before the thirtieth calendar day Order to liquidate all debt incurred in connection following the date of this Order or (b) later than with the purchase of shares of Pondera Bank. three months after the date of this Order, unless Dated at Washington, D. C., this 13th day of such period is extended for good cause by the May, 1968. Board or by the Federal Reserve Bank of Minne­ By order of the Board of Governors. apolis pursuant to delegated authority, and pro­ vided further that the acquisition so approved Voting for this action: Chairman Martin, and Governors Robertson, Daane, Maisel, Brimmer, and shall not be consummated unless cash with which Sherrill. Absent and not voting: Governor Mitchell. to pay for the shares proposed to be acquired has (Signed) Robert P. Forrestal, been raised by issuance of Applicant’s stock, or Assistant Secretary. Applicant has a firm commitment from a reliable [seal] and independent underwriter that sufficient pro­ ceeds from the sale of Applicant’s stock will be In the matter of the application of Bancorpora­ provided Applicant within three months of the tion of Montana, Great Falls, Montana, for ap­ date of this Order to liquidate all debt incurred in proval of the acquisition of 100 per cent of the connection with the purchase of shares of Valier voting shares of Valier Bank of Montana, Valier, Bank of Montana. Montana. Dated at Washington, D.C., this 13th day of May, 1968. ' Order Approving Application By order of the Board of Governors. Under Bank Holding Company Act Voting for this action: Chairman Martin, and There has come before the Board of Governors, Governors Robertson, Daane, Maisel, Brimmer, and Sherrill. Absent and not voting: Governor Mitchell. pursuant to section 3(a)(3) of the Bank Holding (Signed) Robert P. Forrestal, Company Act of 1956 (12 U.S.C. 1842(a)(3)), Assistant Secretary. and section 222.4(a)(3) of Federal Reserve Reg­ [seal] ulation Y (12 CFR 222.4(a)(3)), an application by Bancorporation of Montana, Great Falls, Mon­ In the matter of the application of Bancorpora­ tana, for the Board’s prior approval of the acqui­ tion of Montana, Great Falls, Montana, for ap­ sition of 100 per cent of the voting shares of proval of the acquisition of 100 per cent of the Valier Bank of Montana, Valier, Montana, voting shares of The People’s State Bank of Mis­ As required by section 3(b) of the Act, the soula, Missoula, Montana. Board notified the Montana Superintendent of Banks of the application and requested his views Order Approving Application Under and recommendation. The Superintendent replied Bank Holding Company Act that he had no objection to the proposed applica­ tion provided that proceeds for the purchase of There has come before the Board of Governors, Bank’s stock were obtained by Applicant through pursuant to section 3(a)(3) of the Bank Holding the sale of Applicant’s common stock. Company Act of 1956 (12 U.S.C. 1842(a)(3)), Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

512 FEDERAL RESERVE BULLETIN □ JUNE 1968 and section 222.4(a)(3) of Federal Reserve Reg­ (Signed) Robert P. Forrestal, ulation Y (12 CFR 222.4(a)(3)), an application Assistant Secretary. by Bancorporation of Montana, Great Falls, [seal| Montana, for the Board’s prior approval of the Statement acquisition of 100 per cent of the voting shares of Bancorporation of Montana, Great Falls, Mon­ The People’s State Bank of Missoula, Montana. tana (“Applicant”), a registered bank holding com­ As required by section 3(b) of the Act, the pany, has applied to the Board of Governors, pur­ Board notified the Montana Superintendent of suant to section 3(a)(3) of the Bank Holding Banks of the application and requested his views Company Act of 1956 (“the Act”), for prior and recommendation. The Superintendent replied approval of the acquisition of 100 per cent of the that he had no objection to the proposed appli­ voting shares of the following four banks located cation provided that proceeds for the purchase of in Montana: Eastside Bank of Montana, Great Bank’s stocks were obtained by Applicant through Falls; Pondera Bank of Montana, Conrad; Valier the sale of Applicant’s common stock. Bank of Montana, Valier; and The People’s State Notice of receipt of the application was pub­ Bank of Missoula, Missoula. At June 30, 1967,1 lished in the Federal Register on November 29, Applicant controlled seven banks with total de­ 1967 (32 Federal Register 16295), providing an posits of $44.1 million. Eastside Bank of Montana opportunity for interested persons to submit com­ (“Eastside Bank”) opened for business in January ments and views with respect to the proposal. A 1967 and has total deposits of approximately copy of the application was forwarded to the $732,000. Pondera Bank of Montana (“Pondera Department of Justice for its consideration. Time Bank”) holds total deposits of $1.3 million. Valier for filing comments and views has expired and Bank of Montana (“Valier Bank”) has total de­ all those received have been considered by the posits of $1.6 million. The People’s State Bank of Board. Missoula (“Missoula Bank”) has total deposits of It is hereby ordered, for the reasons set forth $1.8 million. Of the four proposed subsidiary banks, in the Board’s Statement of this date, that said three are nonmember insured institutions. Valier application be and hereby is approved, provided Bank is a Federal Reserve member bank. At the that the acquisition so approved shall not be con­ present time 45 per cent of Applicant’s common summated (a) before the thirtieth calendar day voting stock is controlled by two brothers, who to­ following the date of this Order or (b) later than gether control an additional 7.6 per cent of Appli­ three months after the date of this Order, unless cant’s stock through a profit-sharing trust. The such period is extended for good cause by the brothers are Chairman of the Board of Applicant Board or by the Federal Reserve Bank of Min­ and its President, respectively, and together own neapolis pursuant to delegated authority, and pro­ 95 per cent of the voting stock of Eastside Bank, vided further that the acquisition so approved shall 96 per cent of the voting stock of Pondera Bank, not be consummated unless cash with which to 94 per cent of the voting stock of Valier Bank, and pay for the shares proposed to be acquired has 91 per cent of the voting stock of Missoula Bank. been raised by issuance of Applicant’s stock, or Views and recommendation of supervisory au­ Applicant has a firm commitment from a reliable thority—As required by section 3(b) of the Act, and independent underwriter that sufficient pro­ notice of receipt of the applications was given to ceeds from the sale of Applicant’s stock will be the Montana Superintendent of Banks, and his provided Applicant within three months of the views and recommendations were requested. The date of this Order to liquidate all debt incurred Superintendent replied that he had no objection to in connection with the purchase of shares of The the proposed acquisitions provided suitable financial People’s State Bank of Missoula. arrangements for the purchases were assured by Dated at Washington, D.C., this 13th day of Applicant. May, 1968. Statutory considerations—Section 3(a) of the By order of the Board of Governors. Act provides that the Board shall not approve an Voting for this action: Chairman Martin, and Gov­ ernors Robertson, Daane, Maisel, Brimmer, and 1 Unless noted, all banking data are of this date and Sherrill. Absent and not voting: Governor Mitchell. refer to insured commercial banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 513 acquisition that would result in a monopoly or Bank is located in and its primary service area2 would be in furtherance of any combination or constitutes the southeastern section of Great Falls. conspiracy to monopolize or attempt to monopolize Five other banks, all subsidiaries of registered bank the business of banking in any part of the United holding companies, and including Applicant’s sub­ States. Nor may the Board approve any other pro­ sidiary Central Bank of Montana (deposits of $6 posed acquisition the effect of which, in any sec­ million), are located outside of Bank’s primary tion of the country, may be substantially to lessen service area in Great Falls’ main business district. competition, or to tend to create a monopoly, or The four banks not affiliated with Applicant have which in any other manner would be in restraint deposits ranging from $10 to $58 million, and each of trade, unless the Board finds that the anticompeti­ competes within Eastside Bank’s primary service tive effects of the proposed transaction are clearly area. If Applicant acquires Eastside Bank, approxi­ outweighed in the public interest by the probably mately 5 per cent of the total deposits and 4 per effect of the transaction in meeting the convenience cent of the loans in the Great Falls area would be and needs of the community to be served. In each controlled by Applicant. case, the Board is required to take into considera­ Competition among the banks in Great Falls tion the financial and managerial resources and appears to be vigorous and there is no indication future prospects of the bank holding company and that such competition, including that offered within the banks concerned, and the convenience and Eastside Bank’s primary service area, will be signif­ needs of the community to be served. icantly lessened by Applicant’s acquisition of East­ Competitive effect of proposed transactions.— side Bank. On the contrary, considering Eastside The 10 largest banking organizations operating in Bank’s size, its affiliation with Central Bank under the State of Montana control 65.6 per cent of total Applicant’s ownership offers a potential for in­ bank deposits. Among these, four bank holding creased competition for the area’s four larger companies, including Applicant and three larger banks. bank holding companies that are headquartered out­ Except for Central Bank, none of Applicant’s side the State, control 52.8 per cent of the total bank subsidiary banks is located within 65 miles of East­ deposits. Under existing law, none of the three side Bank; and the three proposed subsidiary banks out-of-State bank holding companies may acquire are located, respectively, 65, 90, and 152 miles through stock acquisition additional banks within from Eastside Bank. Central Bank is situated 214 the State. If Applicant is permitted to acquire the miles from Eastside Bank, and derives approxi­ four banks that are the subjects of these applica­ mately 10 per cent of its total IPC deposits, 6 per tions, concentration of deposits in the 10 largest cent of its commercial and industrial loans, and 21 banking organization in the State, controls 3.8 per cent of its consumer loans from Eastside Bank’s companies, would be increased, respectively, to 66.1 primary service area. While the volume of business per cent (an increase of .5) and to 53.2 per cent thus derived from Eastside Bank’s service area is (an increase of .4). Applicant, the fifth largest significant in relation to the total of such deposits banking organization in the State, controls 3.8 and loans held by Eastside Bank, any judgment of per cent of the total deposits in the State. Consum­ actual and potential competition between Central mation of its four proposed acquisitions would in­ Bank and Eastside Bank must be made in light of crease that control to 4.2 per cent and would place the facts that (1) Eastside Bank was organized by 11 of the 133 banks in Montana under Applicant’s individuals who are the principal shareholders of control. On the basis of the evidence of record, the Applicant and both Central Bank and Eastside Board concludes that Applicant’s acquisition of the Bank are presently affiliated through the aforesaid four banks proposed would not result in a monop­ common ownership; (2) Eastside Bank has been in existence for only 18 months and, presumably, oly nor be in furtherance of any combination or a significant portion of Central Bank’s business conspiracy to monopolize or to attempt to monop­ derived from Eastside Bank’s primary service area olize in any area relevant to the subject applica­ tions. 3 With respect to each of the proposed acquisitions, the Turning to the probable impact on existing and primary service area is that from which Applicant estimates that at least 75 per cent of the deposits of individuals, potential competition of each of Applicant’s pro­ partnerships, and corporations ("IPC deposits”) held by posed acquisitions, the record reflects that Eastside the bank involved are derived. 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514 FEDERAL RESERVE BULLETIN □ JUNE 1968 predated the latter bank’s organization; and (3) isting between these banks would be virtually un­ Eastside Bank derives no deposit business from changed by Applicant’s acquisition of Pondera Bank Central Bank’s primary service area. While denial inasmuch as present competition reflects the aforeof this application could result in the termination described affiliation existing between Applicant and of the aforementioned affiliation through the sale of Pondera Bank through their common ownership. Eastside bank, the ultimate competitive benefit that Valier Bank, 26 miles northwest of Conrad with might be realized could be measurably less than deposits of $1.6 million, is the only bank located in the benefit to result from approval of Applicant’s Valier, Bank’s primary service area. The next closest proposal. As earlier stated, Eastside Bank’s present banks are two banks located in Shelby, some 25 competitors other than Central Bank are all sub­ miles from Valier and the two banks in Conrad. sidiaries of bank holding companies. Two of these Applicant’s closest subsidiary bank to Valier is Cen­ banks, located 214 and 3 miles, respectively, from tral Bank, 90 miles to the southeast of Valier. Eastside Bank, are subsidiaries of the same holding Neither it nor Pondera Bank, Applicant’s proposed company and are $58 million and $10 million in subsidiary, competes to any significant degree with deposit size. The third competing bank, 2*4 miles Valier Bank. For the reasons set forth in discussing from Eastside Bank, has approximately $42 mil­ Pondera Bank, the Board is unable to foresee any lion in deposits, while the fourth competitor, 214 significant competition arising between Valier Bank miles from Eastside Bank, has deposits of $28 and any of Applicant’s present and proposed sub­ million. Eastside Bank’s acquisition by Applicant sidiaries. will not reduce the number of alternative banking Missoula Bank, Applicant’s proposed fourth sub­ sources now available to the area, and Bank’s ability sidiary bank, is located in Missoula, Montana, some to compete successfully with its larger area competi­ 132 miles northwest of Butte. Missoula Bank’s pri­ tors would appear more certain as a subsidiary of mary service area is the City of Missoula in which Applicant than if it were to operate as an inde­ there are located four banks in addition to Missoula pendent institution, or as presently affiliated. Bank. Two of these banks, subsidiaries of a regis­ Pondera Bank and Valier Bank are both located tered bank holding company, are located within one in Pondera County, some 26 miles apart. If Appli­ mile of Missoula Bank and have total deposits of cant acquired Pondera Bank it would control 10.6 $29 million and $7 million, respectively. The re­ per cent of the total deposits in the county; acquisi­ maining two banks in Missoula, with respective total tion of both Pondera Bank and Valier Bank would deposits of $27 million and approximately $1 mil­ give Applicant control of 23 per cent of such de­ lion, are affiliated through common ownership and posits. Pondera Bank’s competitor would control the common officers. Missoula Bank is fourth in size of remaining 77 per cent of the county deposits. the five banks, holding 2.7 per cent of the total Pondera Bank, with deposits of $1.3 million, is deposits of the banks in Missoula. The two largest the smaller of two banks located in Conrad, Bank’s banks in Missoula combined hold 86 per cent of the primary service area. Its competitor in Conrad, total deposits. Applicant’s acquisition of Missoula Farmers State Bank, has deposits of $9.7 million. Bank would not reduce the existing number of No other banks compete within Pondera Bank’s banking alternatives in the affected area. Applicant’s service area. Four banks ranging in deposit size Butte subsidiary, Miners Bank of Montana, is a $12 from $1.3 million to $9 million are located 25 to million institution serving principally the Butte area. 27 miles from Conrad. One of these is Valier Bank, Neither it nor any of Applicant’s present or pro­ proposed to be acquired by Applicant. The closest posed subsidiaries compete within the area primarily of Applicant’s present subsidiary banks to Pondera served by Missoula Bank. In view of the deposit size Bank is Central Bank in Great Falls. In view of the and existing affiliations of Missoula Bank’s present 65 miles that separate the two banks, and consider­ competitors, and considering the pre-existing com­ ing Pondera Bank’s size, competition between the mon ownership affiliation between Missoula Bank two banks is found to be insignificant, and the po­ and Applicant, there is no reason to believe that tential for competition unlikely. As earlier stated, Applicant’s acquisition of Missoula Bank would Pondera Bank’s principal competitor is located two effect any significant change in the competition now blocks from Bank and is approximately eight times offered by the Missoula area banks. Bank’s size. The competitive situation presently ex­ Review of the record in each of the four applica- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 515 tions before the Board satisfies the Board that none Convenience, needs, and welfare of the areas of the four acquisitions proposed is likely to present involved.—Applicant’s representations with respect a sufficiently greater competitive force with respect to the effect of its proposals on the convenience, to competing institutions serving the areas involved needs, and welfare of the four areas involved are, as to present a consideration adverse to approval. in major respects, identical. There is no showing On the contrary, with respect to all but the Valier made of any substantial existing deficiency in bank Bank, Applicant’s control of the banks proposed services in any of the areas affected. As to each would provide a somewhat greater competitive force application, the record reflects that the communities in areas in which bank holding company subsidiaries affected are adequately served by existing facilities. or otherwise affiliated banks arc now operating. The However, consistent with approval of these applica­ Board concludes that consummation of the pro­ tions is the fact that if approval is denied, one or posed transactions would not substantially lessen more of the banks involved might cease its common competition, tend to create a monopoly, nor in any ownership affiliation with Applicant—an occurrence other manner restrain trade in any relevant section that could result in a lessening of the quality and of the country. quantity of service now being provided. Consumma­ Financial and managerial resources and future tion of Applicant’s proposal, in the Board’s judg­ prospects.—The financial and managerial resources ment, would afford a more assured and more con­ of Applicant and its present and proposed subsidi­ venient source of banking service than would be ary banks are generally satisfactory. While the fu­ the case if any or all the banks operated as inde­ ture prospects of the four banks are reasonably pendent institutions. satisfactory, if their operation continues under the The Board concludes that the evidence relating to existing affiliation, the banks’ prospects are be­ the convenience and needs of the areas involved lieved to be more favorable as subsidiaries of Ap­ with respect to each of the applications is consistent plicant. with and offers slight weight for approval of the Regarding Applicant’s future prospects, in con­ applications. nection with its submission of these applications, Summary and conclusion.—On the basis of all Applicant has stated its recognition of the need for the relevant facts contained in the record, and in the strengthening its capital position, particularly in rela­ light of the factors set forth in section 3(c) of the tion to the purchase for cash of the shares of each Act, it is the Board’s judgment that the proposed of the four banks. In this connection, Applicant has transactions would be in the public interest and that given assurance that should approval be given to subject to the conditions set forth in the Board’s the acquisitions proposed, such acquisitions will not Orders of this date the application should be be consummated unless and until cash with which approved. to pay for the shares of the banks has been raised FIRST AT ORLANDO CORPORATION, by sale of Applicant’s stock, or a firm and uncondi­ tional commitment to provide sufficient funds from ORLANDO, FLORIDA the sale of Applicant’s stock for the purchase of the In the matter of the application of First at banks has been given by a reliable and independent Orlando Corporation, Orlando, Florida, for ap­ securities underwriter. The Board has analyzed the proval of acquisition of 80 per cent or more of pro forma financial statement submitted by Appli­ the voting shares of The First National Bank of Leesburg, Leesburg, Florida. cant with respect to its proposal to raise additional capital and is satisfied with its reasonableness in the Order Approving Application Under light of the obligation to be incurred in the purchase Bank Holding Company Act of the banks’ stock. In offering no objection to Ap­ There has come before the Board of Governors, plicant’s proposed acquisitions, the Montana Super­ pursuant to section 3(a)(3) of the Bank Holding intendent of Banks advised that his position was Company Act of 1956 (12 U.S.C. 1842(a)(3)) conditioned upon Applicant’s aforementioned com­ and section 222.3(a) of Federal Reserve Regula­ mitment for strengthening its capital position. As­ tion Y (12 CFR 222.3(a)), an application by suming the accomplishment of its proposed capital First at Orlando Corporation, Orlando, Florida, improvement plan, the Board finds Applicant’s for the Board’s prior approval of acquisition of future operating prospects to be satisfactory. 80 per cent or more of the voting shares of The Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

516 FEDERAL RESERVE BULLETIN □ JUNE 1968 First National Bank of Leesburg, Leesburg, Bank, which is located in adjoining Lake County, Florida. has total deposits of about $20 million. As required by section 3(b) of the Act, the Views and recommendation of supervisory Board notified the Comptroller of the Currency authority.—As required by section 3(b) of the of the application and requested his views and Act, the Board notified the Comptroller of the recommendation. The Comptroller recommended Currency of receipt of the application and re­ approval of the application. quested his views and recommendation thereon. Notice of receipt of the application was pub­ The Comptroller recommended that the appli­ lished in the Federal Register on January 20, 1968 cation be approved. (33 Federal Register 775), providing an oppor­ Statutory considerations.—Section 3(c) of the tunity for interested persons to submit comments Act provides that the Board shall not approve and views with respect to the proposal. A copy an acquisition that would result in a monopoly of the application was forwarded to the United or would be in furtherance of any combination States Department of Justice for its consideration. or conspiracy to monopolize or attempt to monop­ Time for filing comments and views has expired olize the business of banking in any part of the and all those received have been considered by United States. Nor may the Board approve any the Board. other proposed acquisition the effect of which, in It is hereby ordered, for the reasons set forth any section of the country, may be substantially in the Board’s Statement of this date, that said to lessen competition, or to tend to create a monop­ application be and hereby is approved, provided oly, or which in any other manner would be in that the acquisition so approved shall not be con­ restraint of trade, unless the Board finds that the summated (a) before the thirtieth calendar day anticompetitive effects of the proposed transac­ following the date of this Order or (b) later than tion are clearly outweighed in the public interest three months after the date of this Order unless by the probable effect of the transaction in meet­ such period is extended for good cause by the ing the convenience and needs of the community Board or by the Federal Reserve Bank of Atlanta to be served. In each case, the Board is required pursuant to delegated authority. to take into consideration the financial and man­ Dated at Washington, D.C., this 20th day of agerial resources and future prospects of the bank May, 1968. holding company and the banks concerned, and By order of the Board of Governors. the convenience and needs of the community to Voting for this action: Chairman Martin, and be served. Governors Robertson, Daane, Maisel, Brimmer, and Competitive effect of proposed transaction.—■ Sherrill. Absent and not voting: Governor Mitchell. (Signed) Robert P. Forrestal, The 10 largest banking organizations in Florida, Assistant Secretary. including 7 bank holding companies, control 37 per cent of the deposits held by all commercial [seal] banks in the State. Applicant, whose five subsidi­ Statement aries account for 2.3 per cent of such deposits, is First at Orlando Corporation, Orlando, Florida presently the sixth largest banking organization (“Applicant”), a registered bank holding com­ and the sixth largest of 12 bank holding companies pany, has applied to the Board of Governors in the State. Upon consummation of the proposed pursuant to section 3(a)(3) of the Bank Holding acquisition, Applicant would rank fifth in both Company Act of 1956 (12 U.S.C. 1842(a)(3)), categories, and would increase its share of de­ for prior approval of the acquisition of 80 per posits in the State to 2.6 per cent. cent or more of the voting shares of The First Applicant’s largest subsidiary, the First Na­ National Bank of Leesburg, Leesburg, Florida tional Bank at Orlando, has total deposits of $142 (“Bank”). Applicant presently has five subsidiary million and is the largest bank in Orlando. Of banks, all located in Orlando (Orange County), the other four subsidiaries, which range in size Florida, with total deposits of $198 million.1 from $9 to $18 million, three are located within Orlando; the fourth is close to the city limits and 1 Banking data are as of June 30, 1967, unless otherwise about five miles from downtown Orlando. These noted, adjusted, where appropriate, to reflect acquisitions approved by the Board to date. subsidiaries account for about 42 per cent of the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 517 deposits held by 18 banks located in Orange competitive effectiveness of any of the competing County. Two other holding companies, both banks would be adversely affected by Bank’s ac­ of which are larger than Applicant, have one quisition by Applicant. Since the proposed ac­ subsidiary bank each in Orange County. Together, quisition represents Applicant’s initial entry into the three bank holding companies account for 63 Lake County and Bank’s primary service area, per cent of the deposits held by Orange County concentration in those areas would not be in­ banks. While the extent of this existing concen­ creased and no alternative source of banking tration is a matter of concern, consummation of services would be eliminated. the present proposal would not affect Applicant’s On the basis of the record before it, the Board holdings, increase concentration, or reduce bank­ concludes that consummation of Applicant’s pro­ ing alternatives within Orange County or any posal would not result in a monopoly, nor be in portion thereof. furtherance of any combination, conspiracy, or Bank is located in the northwest corner of Lake attempt to monopolize the business of banking in County, about 40 miles northwest of Orlando, and any relevant area, nor would such consummation its primary service area1 encompasses an area substantially lessen competition, tend to create a within a 15 mile radius of Leesburg. The south­ monopoly, or restrain trade in any section of the east extremity of this area lies approximately 15 country. miles from the northwest extremity of the area Financial and managerial resources and future delineated by Applicant at the time of its forma­ prospects.—Applicant is in sound financial con­ tion in 1967, as the area served by Applicant’s dition and has qualified management. Each of its other subsidiaries.'1 The only one of Applicant’s present subsidiaries has competent management subsidiaries which derives any significant amount and has experienced good growth, and the finan­ of business from the Leesburg area is the First cial condition of each is generally satisfactory. National Bank at Orlando. Of its total loans and Applicant’s prospects are dependent on those of time and savings deposits, 1.5 and 2.4 per cent, its subsidiary banks, and are regarded as favor­ respectively, originate in the primary service area able. of Bank. The only meaningful business derived by Bank’s financial condition is reasonably satis­ Bank from the Orlando area is 2 per cent of its factory, and its present management appears to time and savings deposits. In view of the small be experienced and competent. Two of its senior degree of market overlap, the distance separating officers, however, expect to retire within the next the two primary service areas, and the fact that year, and a third is approaching retirement. While a number of banks are located within this inter­ response to Bank’s future management needs does vening area, there appears to be no significant not appear to be dependent on its affiliation with competition between Bank and Applicant’s pres­ Applicant, consummation of the proposal would ent subsidiaries. These same factors, as well as a probably facilitate the filling of vacancies antici­ State prohibition against branching, also make it pated in the near future. Bank’s prospects appear unlikely that such competition would develop favorable regardless of whether it is affiliated with between them in the future. Applicant; however, the internal efficiencies and Bank is the larger of two banks in Leesburg improved earnings which the proposed affiliation and the largest of nine banks competing in its seems to assure offer sufficiently more favorable primary service area, and accounts for 22 per prospects as to constitute a factor supporting ap­ cent of area deposits. Four of the eight other proval of the application. banks in the area, including its Leesburg compe­ The banking factors, as they relate to Applicant, titor, have deposits in excess of $10 million. It are found to be consistent with approval of the does not appear that the continued viability or application. As they relate to Bank, such factors lend slight weight in favor of approval. 2 The area from which Bank derives an estimated 80 per cent of its deposits of individuals, partnerships, and cor­ Convenience and needs of the communities porations (“IPC deposits”). served.—There is no evidence to indicate that : 1See Application of First at Orlando Corporation, 53 Bank’s affiliation with Applicant’s group would Federal Reserve Bulletin 235, 237 (1967). Applicant es­ have any significant effect on the convenience and timated that it derived 81 per cent of its IPC deposits from this area. needs of Orlando or surrounding communities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

518 FEDERAL RESERVE BULLETIN □ JUNE 1968 The existence of an affiliate of Applicant in Lees­ the Board’s prior approval of the acquisition of 51 burg should have little or no effect on Orlando per cent or more of the voting shares of Monti­ customers. cello National Bank, Charlottesville, Virginia. In the Leesburg area most of the immediate As required by section 3(b) of the Act, the advantages of the proposed affiliation will accrue Board notified the Comptroller of the Currency of directly to Bank in the form of internal improve­ the application and requested his views and recom­ ments, and only indirectly to the banking public. mendation. The Comptroller recommended ap­ However, there is some evidence of a demand for proval of the application. credit in the area in amounts beyond the capacity Notice of receipt of the application was pub­ of any local institution, and it is alleged that, in lished in the Federal Register on January 19, 1968 times of tight money, difficulties have been en­ (33 Federal Register 719), providing an oppor­ countered in obtaining correspondent assistance tunity for interested persons to submit comments in handling overlines. The proposed affiliation and views with respect to the proposal. A copy of should provide a greater facility in arranging par­ the application was forwarded to the United ticipation by other of Applicant’s subsidiaries in States Department of Justice for its consideration. such lending. Also, Lake County ranks second Time for filing comments and views has expired in the State in the growing, processing, packaging, and all those received have been considered by and shipping of citrus fruits. Applicant’s largest the Board. subsidiary bank has, for many years, been actively It is hereby ordered, for the reasons set forth involved in financing the citrus industry in its in the Board’s Statement of this date, that said area, and has developed experience in this field application be and hereby is approved, provided which should be of value to the Leesburg area. that the acquisition so approved shall not be con­ Considerations related to the convenience and summated (a) before the thirtieth calendar day needs of the communities involved are consistent following the date of this Order or (b) later than with, and lend some weight toward, approval of three months after the date of this Order unless the application. such period is extended for good cause by the Board or by the Federal Reserve Bank of Rich­ Summary and conclusion.—Based on all the mond pursuant to delegated authority. relevant facts contained in the record, and in the Dated at Washington, D.C., this 23rd day of light of the factors set forth in section 3(c) of May, 1968. the Act, it is the Board’s judgment that the pro­ posed transaction would be in the public interest By order of the Board of Governors. and that the application should be approved. Voting for this action: Chairman Martin, and Governors Daane, Maisel, Brimmer, and Sherrill. Absent and not voting: Governors Robertson and FIRST VIRGINIA BANKSHARES Mitchell. CORPORATION, ARLINGTON, VIRGINIA (Signed) Kenneth A. Kenyon, Deputy Secretary. In the matter of the application of First Virginia [seal] Bankshares Corporation, Arlington, Virginia, for Statement approval of acquisition of 51 per cent or more First Virginia Bankshares Corporation, Arling­ of the voting shares of Monticello National Bank, ton, Virginia (“Applicant”), a registered bank Charlottesville, Virginia. holding company, has applied to the Board of Governors pursuant to section 3(a)(3) of the Order Approving Application Under Bank Holding Company Act of 1956 (12 U.S.C. Bank Holding Company Act I 842(a) (3)), for prior approval of the acquisition There has come before the Board of Governors, of 51 per cent or more of the voting shares of pursuant to section 3(a)(3) of the Bank Holding Monticello National Bank, Charlottesville, Vir­ Company Act of 1956 (12 U.S.C. 1842(a)(3)) ginia. Applicant presently controls 14 banks and section 222.3(a) of Federal Reserve Regula­ which hold total deposits of $334 million.' Bank tion Y (12 CFR 222.3(a)), an application by has total deposits of $3 million. First Virginia Bankshares Corporation, Arlington, 1 Banking data are as of June 30, 1967, unless otherwise Virginia, a registered bank holding company, for noted. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 519 Views and recommendation of supervisory Bank holds 1.8 per cent of the total area deposits authority.—As required by section 3(b) of the held by the four banks. Act, the Board notified the Comptroller of the Applicant’s closest subsidiary to Bank is The Currency of receipt of the application and re­ Staunton Industrial Bank ($5.9 million deposits), quested his views and recommendation thereon. located 38 miles west of Charlottesville on the The Comptroller recommended that the applica­ opposite side of the Blue Ridge Mountains. That tion be approved. bank reportedly derives no business from Bank’s Statutory considerations.—Section 3(c) of the market area, and no other subsidiary of Applicant Act provides that the Board shall not approve an is believed to compete with Bank. acquisition that would result in a monopoly or In view of the distance between Bank and would be in furtherance of any combination or Applicant’s present subsidiaries, the number of conspiracy to monopolize or attempt to monop­ banking offices which lie between Bank and each olize the business of banking in any part of the of the subsidiaries, and the natural trade barrier United States. Nor may the Board approve any which separates Bank’s market area from that of other proposed acquisition the effect of which, Applicant’s closest subsidiary bank, there does in any section of the country, may be substantially not appear to exist any meaningful competition to lessen competition, or to tend to create a between Bank and any of Applicant’s present monopoly, or which in any other manner would subsidiaries. Coupled with the fact that none of be in restraint of trade, unless the Board finds Applicant’s subsidiaries is located in an area from that the anticompetitive effects of the proposed which it can legally branch into Charlottesville transaction arc clearly outweighed in the public or Albemarle County, the aforementioned factors interest by the probable effect of the transaction serve also to limit the likelihood that potential in meeting the convenience and needs of the competition would be affected by consummation community to be served. In each case, the Board of the proposed transaction. The most likely is required to take into consideration the financial competitive effect foreseen from consummation and managerial resources and future prospects of of this proposal is the emergence of a more the bank holding company and the banks con­ meaningful and more competitive alternative cerned, and the convenience and needs of the source of banking services in the Charlottesville community to be served. area—a result that should strengthen, rather than Competitive effect of proposed transaction.— injure, competition. The 10 largest banking organizations in Virginia, On the basis of the record before it, the Board including 5 bank holding companies, control about concludes that consummation of Applicant’s 64 per cent of the total deposits held by all com­ proposal would not result in a monopoly, nor be mercial banks in the State. Applicant, the fifth in furtherance of any combination, conspiracy or largest banking organization and the third largest attempt to monopolize the business of banking in bank holding company in the State, controls 6.1 any relevant area. It does not appear that con­ per cent of such deposits. Applicant’s proposed summation would substantially lessen competition, acquisition of Bank, which holds but .05 per tend to create a monopoly, or restrain trade in cent of total deposits in the State, would have any section of the country. no significant effect on State-wide concentration. Financial and managerial resources and future Bank’s only office is located in Albermarle prospects.—The financial condition of Applicant County, just outside the city limits of Charlottes­ and its subsidiary banks is reasonably satisfactory, ville and about four miles north of the Charlottes­ and the prospects of each appear favorable. Ap­ ville business district. The relevant market area plicant’s management is regarded as experienced for evaluating the competitive effects of the pro­ and competent, as is that of its subsidiary banks. posed acquisition is the City of Charlottesville and While Bank’s general financial condition is con­ an area within a radius of about five miles of the sidered to be satisfactory, its growth record from City. In addition to Bank’s office, this area in­ the date of its opening in 1964 reflects that it cludes 16 offices of 3 other banks ranging in total has not kept pace with the other Charlottesville deposit size from $22 million to $551 million, and area banks. Bank’s deposit growth has been at with area deposits of $20 million to $70 million. less than half the rate projected in its charter Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

520 FEDERAL RESERVE BULLETIN □ JUNE 1968 application, and time funds represent an unusually The First National Bank of North Glenn, North large percentage of its total deposits (74 per cent). Glenn; and The First National Bank of South- It has been troubled with management problems glenn, Arapahoe County, all in Colorado. since its opening, having had four presidents in three years. Its current president has held the position since July 1967, and has no prior bank­ Order Approving Application Under ing experience. According to Applicant, he de­ Bank Holding Company Act sires to be relieved of his responsibilities as soon There has come before the Board of Governors, as a competent replacement can be found. Bank’s pursuant to section 3(a)(1) of the Bank Holding prospects, which would appear only fair without Company Act of 1956 (12 U.S.C. 1842(a)(1)), assistance of the type which affiliation with Ap­ and section 222.3(a) of Federal Reserve Regula­ plicant could afford, should be considerably tion Y (12 CFR 222.3(a)), an application by improved by consummation of Applicant’s pro­ The First National Bancorporation, Inc., Denver, posal. Colorado, for the Board’s prior approval of action The foregoing considerations under this factor whereby Applicant would become a bank holding support approval of the application. company through the acquisition of voting shares Convenience and needs of the communities in­ of the following four banks in Colorado: 67 per volved.—Consummation of the proposed transac­ cent or more of the voting shares of The First tion would have no effect on customers of Ap­ National Bank of Denver, Denver, and 51 per plicant’s present subsidiaries. Nor does it appear cent or more of the voting shares of The First that any major banking service required within National Bank of Bear Valley, Denver, The First Bank’s market area is not provided by the three National Bank of North Glenn, North Glenn, and larger banks which operate offices in the area. The First National Bank of Southglenn, Arapahoe However, Applicant has indicated its intention to County. undertake measures which would make Bank a As required by section 3(b) of the Act, the more convenient alternative source for a com­ Board gave written notice to the Comptroller of plete line of banking services. Among these the Currency of receipt of the application and measures are consideration of proposals for ad­ requested his views and recommendation. He ditional branch offices, the establishment of cus­ recommended approval of the application. tomer-oriented banking hours, the development Notice of receipt of the application was pub­ of an indirect consumer lending program and lished in the Federal Register on January 24, 1968 improvement of Bank’s direct lending procedures, (33 Federal Register 866), providing an oppor­ and the offering of trust services through coopera­ tunity for interested persons to submit comments tive programs with Applicant’s other subsidiaries. and views with respect to the proposed transaction. Considerations under this factor lend additional A copy of the application was forwarded to the weight toward approval of the application. Department of Justice for its consideration. Time Summary and conclusion.—On the basis of all for filing comments and views has expired and the relevant facts contained in the record, and all those received have been considered by the in the light of the factors set forth in section 3(c) Board. of the Act, it is the Board’s judgment that the It is hereby ordered, for the reasons set forth application should be approved. in the Board’s Statement of this date, that said application be and hereby is approved, provided that the action so approved shall not be consum­ THE FIRST NATIONAL BANCORPORATION, mated (a) before the thirtieth calendar day fol­ INC., DENVER, COLORADO lowing the date of this Order or (b) later than In the matter of the application of The First three months after the date of the Order, unless National Bancorporation, Inc., Denver, Colorado, such period is extended for good cause by the for approval of action to become a bank holding Board or by the Federal Reserve Bank of Kansas company through the acquisition of voting shares City pursuant to delegated authority. of The First National Bank of Denver, Denver; Dated at Washington, D.C., this 27th day of The First National Bank of Bear Valley, Denver; May, 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 521 By order of the Board of Governors Act provides that the Board shall not approve an Voting for this action: Chairman Martin and Gov­ acquisition that would result in a monopoly or ernors Daane, Maisel, Brimmer, and Sherrill. Absent would be in furtherance of any combination or con­ and not voting: Governors Robertson and Mitchell. spiracy to monopolize or to attempt to monopolize (Signed) Kenneth A. Kenyon, the business of banking in any part of the United Deputy Secretary. States. Nor may the Board approve a proposed [SEAL] acquisition the effect of which, in any section of the Statement country, may be substantially to lessen competition, The First National Bancorporation, Inc., Denver, or to tend to create a monopoly, or which in any Colorado (“Applicant”), has filed with the Board, other manner would be in restraint of trade, unless pursuant to section 3(a)(1) of the Bank Holding the Board finds that the anticompetitive effects of Company Act of 1956, an application for approval the proposed transaction are clearly outweighed in of action to become a bank holding company the public interest by the probable effect of the through the acquisition of 67 per cent or more of transaction in meeting the convenience and needs of the community to be served. In each case the Board the voting shares of The First National Bank of Denver, Denver (“First National Bank”), and 51 is required to take into consideration the financial per cent or more of the voting shares of The First and managerial resources and future prospects of National Bank of Bear Valley, Denver (“Bear Val­ the bank holding company and the banks con­ cerned, and the convenience and needs of the com­ ley Bank”), The First National Bank of North munity to be served. Glenn, North Glenn (“North Glenn Bank”), and The First National Bank of Southglenn, Arapahoe Competitive effect of proposed transaction.—The 215 insured commercial banks in the State of Col­ County (“Southglenn Bank”), all in the State of Colorado. orado hold aggregate deposits of $3.1 billion. The First National Bank, with deposits of $437.3 mil­ 10 largest banking organizations operating in the lion as of June 30, 1967,1 is the largest bank in State (4 bank holding companies and 6 independent Colorado and is centrally located in the City of banks) have aggregate deposits of $1.8 billion, or 57.2 per cent of the total. Applicant, as the State’s Denver. Bear Valley Bank ($4.5 million deposits), North Glenn Bank ($4.7 million deposits), and largest banking organization, would control 14.5 per Southglenn Bank ($2.3 million deposits) are sub­ cent of State deposits, .3 per cent more than is presently held by First National Bank. urban banks located in shopping centers 9 to 12 miles from First National Bank. In view of a legal First National Bank’s primary service area 2 is co­ prohibition against branch banking in Colorado, extensive with the Denver Standard Metropolitan Statistical Area (“Denver SMSA”), which is com­ each of the proposed subsidiaries has only one of­ prised of Adams, Arapahoe, Boulder, Denver, and fice. The three suburban banks were organized by Jefferson Counties. Each of the other three proposed officers and stockholders of First National Bank, subsidiaries is also located within, but serves a much and were opened for business between late 1963 smaller portion of, the Denver SMSA. The six and late 1964. A high degree of common ownership continues to exist among the four banks—a group largest banking organizations in the Denver SMSA, which include the four bank holding companies of 481 stockholders owns approximately 74 per cent presently operating in the State, control 73 per cent of the shares of First National Bank, 62 per cent of of the deposits held by commercial banks in the Bear Valley Bank, 80 per cent of North Glenn area. Applicant would control 22.1 per cent of such Bank, and 69 per cent of Southglenn Bank. deposits, 1.6 per cent more than the share held by Views and recommendation of supervisory au­ the area’s second largest banking organization, Den­ thority.—As required by section 3(b) of the Act, ver U.S. Bancorporation (a registered bank holding notice of receipt of the application was given to, company), and .6 per cent more than the share held and views and recommendation requested of, the by First National Bank. Concentration among the Comptroller of the Currency. The Comptroller recommended approval of the application. Statutory considerations.—Section 3(c) of the 2 The area from which Applicant estimates that 85 per cent of the deposits of individuals, partnerships, and cor­ ‘All banking data are as of this date, unless otherwise porations (“IPC deposits”) of First National Bank are noted. derived. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

522 FEDERAL RESERVE BULLETIN □ JUNE 1968 area’s six largest banking organizations would also has no financial or operating history. Its financial be increased by .6 per cent. condition, management and prospects are dependent Despite the fact that the three proposed suburban on those of the proposed subsidiary banks, princi­ subsidiaries are located within the area served by pally First National Bank. First National Bank, the relationship existing be­ Each of the proposed subsidiaries is in satisfactory tween each of them and First National Bank, dating financial condition and has competent and experi­ from their organization, indicates that no real com­ enced management. Prospects of First National petition would be eliminated by consummation of Bank, Bear Valley Bank, and North Glenn Bank Applicant’s proposal. In addition to the high degree are considered favorable regardless of whether the of common ownership of the four banks, officers of instant proposal is consummated. Southglenn Bank’s First National Bank constitute a majority or near office, according to Applicant, is inadequate, poorly majority of the directors of the other three banks. located, and not readily accessible to the public. Management and employees of the suburban banks Applicant proposes to build new facilities for South­ also are provided by First National Bank, and glenn Bank, which does not now have the resources a substantial portion of each of the smaller banks’ necessary to acquire them, and to lease such facili­ loan portfolios consists of participations purchased ties to the bank on reasonable terms. The direct from First National Bank. Inasmuch as Applicant’s benefits to Southglenn Bank of new and expanded proposal would effect only a change in the form of facilities indicate that its prospects would be some­ a pre-existing affiliation, the extent and nature of what more favorable if Applicant’s proposal is con­ competition between the proposed subsidiary banks summated. and other area banks would not be significantly Considerations under this factor, as they pertain altered. Moreover, since the evidence before the to Applicant, First National Bank, Bear Valley Board indicates that the possibility of discontinuance Bank, and North Glenn Bank are regarded as con­ of the afore-described relationships between and sistent with approval of the application. As they among the proposed subsidiaries is remote, regard­ relate to Southglenn Bank, such considerations less of Board action on the present application, provide some weight in favor of approval. potential competition among them, or between any Convenience and needs of the communities in­ of them and other area banks, would not be affected volved.—The banking needs of the individuals and by consummation of the proposal. businesses located in the areas served by the pro­ Summarizing the competitive effects of Appli­ posed subsidiaries appear to be adequately served at cant’s proposal, consummation of the transaction present. It is unlikely that consummation of Appli­ would result in a slight increase in the relatively cant’s proposal will lead to any significant additions high degree of concentration presently existing in to, or improvements upon, services which the four the Denver SMSA. In view of the existing relation­ banks, as presently affiliated, are able to provide. As ships among the four proposed subsidiaries, how­ earlier indicated, however, in the event of approval ever, such increase in concentration does not por­ of this application Applicant proposes to provide the tend any real effect on the number of banking necessary funds to construct badly needed new alternatives in any relevant area, or on the nature banking facilities for Southglenn Bank, which would or vigor of competition among the four subsidiaries add to the convenience of that bank’s customers. or with other banking organizations. Considerations bearing on this factor lend some additional weight in favor of approval of the appli­ On the record before it, the Board concludes that cation. consummation of the proposed transaction would Summary and conclusion.—On the basis of all not result in a monopoly, nor be in furtherance of relevant facts contained in the record, and in the any combination, conspiracy or attempt to monop­ light of the factors set forth in section 3(c) of the olize the business of banking in any relevant area. Act, it is the Board’s judgment that the proposed Further, there appears to be no reasonable proba­ transaction would be in the public interest and that bility that effectuation of the proposal would sub­ the application should be approved. stantially lessen competition, tend to create a monop­ oly, or operate in restraint of trade. FIRST BANC GROUP OF OHIO, INC., Financial and managerial resources and future COLUMBUS, OHIO prospects.—Applicant, a newly formed corporation, In the matter of the application of First Banc Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 523 Group of Ohio, Inc., Columbus, Ohio, for ap­ Dated at Washington, D.C., this 5th day of proval of action to become a bank holding com­ June, 1968. pany through the acquisition of 80 per cent or By order of the Board of Governors. more of the voting shares of The City National Voting for this action: Chairman Martin and Gov­ Bank & Trust Company of Columbus, Columbus, ernors Daane, Maisel, Brimmer, and Sherrill. Absent Ohio, and The Farmers Savings and Trust Com­ and not voting: Governors Robertson and Mitchell. pany, Mansfield, Ohio. (Signed) Robert P. Forrestal, Assistant Secretary. Order Approving Application Under (seal] Bank Holding Company Act Statement There has come before the Board of Governors, First Banc Group of Ohio, Inc., Columbus, pursuant to section 3(a)(1) of the Bank Holding Ohio (“Applicant”), has filed with the Board, Company Act of 1956 (12 U.S.C. 1842(a)(1)), pursuant to section 3(a)(1) of the Bank Holding and section 222.3(a) of Federal Reserve Regula­ Company Act of 1956, an application for approval tion Y (12 CFR 222.3(a)), an application by of action to become a bank holding company First Banc Group of Ohio, Inc., Columbus, Ohio, through the acquisition of 80 per cent or more for the Board’s prior approval of action whereby of the voting shares of The City National Bank Applicant would become a bank holding company & Trust Company of Columbus, Columbus, Ohio through the acquisition of 80 per cent or more (“City Bank”), and The Farmers Savings and of the voting shares of The City National Bank Trust Company, Mansfield, Ohio (“Farmers & Trust Company of Columbus, Columbus, Ohio, Bank”). and The Farmers Savings and Trust Company, City Bank (deposits $298 million) 1 is located Mansfield, Ohio. 70 miles from Farmers Bank (deposits $38 mil­ As required by section 3(b) of the Act, the lion) with two counties intervening. The offices Board gave written notice of receipt of the ap­ of the two banks nearest each other are 51 miles plication to the Comptroller of the Currency apart. A predecessor of City Bank began opera­ and to the Superintendent of Banks for the State tions in 1868; the bank presently operates 16 of Ohio, and requested their views and recom­ offices. Farmers Bank, organized in 1906, pres­ mendations. The Comptroller recommended ap­ ently operates six offices. proval; the Superintendent stated that he had no Fiews and recommendations of supervisory objection to approval of the application. authority.—As required by section 3(b) of the Notice of receipt of the application was pub­ Act, inasmuch as both a State and a nationally lished in the Federal Register on February 8, 1968 chartered bank are involved, notice of receipt of (33 Federal Register 2722), providing an op­ the application was given to, and views and recom­ portunity for interested persons to submit com­ mendations requested of, the Superintendent of ments and views with respect to the proposed Banks for the State of Ohio and the Comptroller transaction. A copy of the application was for­ of the Currency. The State Superintendent replied warded to the United States Department of Jus­ that he had no objection to the proposal. The tice for its consideration. Time for filing comments Comptroller recommended approval of the ap­ and views has expired and all those received have plication. been considered by the Board. Statutory considerations.—Section 3(c) of the It is hereby ordered, for the reasons set forth Act provides that the Board shall not approve in the Board’s Statement of this date, that said ap­ an acquisition that would result in a monopoly plication be and hereby is approved, provided or would be in furtherance of any combination or that the action so approved shall not be consum­ conspiracy to monopolize or to attempt to monop­ mated (a) before the thirtieth calendar day fol­ olize the business of banking in any part of the lowing the date of this Order or (b) later than United States. Nor may the Board approve a three months after the date of the Order, unless proposed acquisition the effect of which, in any such period is extended for good cause by the Board or by the Federal Reserve Bank of Cleve­ ’ Data with, respect to banks are as of June 30, 1967, land pursuant to delegated authority. unless otherwise noted. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

524 FEDERAL RESERVE BULLETIN □ JUNE 1968 section of the country, may be substantially to and has had an increase in population of 61 lessen competition, or to tend to create a monop­ per cent since 1950. The county seat, Columbus, oly, or which in any other manner would be in is also the State capital. Richland County is restraint of trade, unless the Board finds that located about midway between Columbus and the anticompetitive effects of the proposed trans­ Cleveland. From 1950 to 1967 the population action are clearly outweighed in the public inter­ of the County increased from approximately est by the probable effect of the transaction in 91,000 to approximately 13 3,000, an increase of meeting the convenience and needs of the com­ 46 per cent. munity to be served. In each case the Board is The nearest offices of the two proposed sub­ required to take into consideration the financial sidiary banks are 51 miles apart, and neither bank and managerial resources and future prospects of derives significant business from the county in the bank holding company and the banks con­ which the other is located. City Bank competes cerned, and the convenience and needs of the with three subsidiaries of BancOhio Corporation community to be served. (aggregate deposits of $647 million), a subsidiary Competitive effect of proposed transaction.— of Huntington Bancshares (deposits of $379 mil­ The 13 largest banking organizations in Ohio, of lion), and four other banks (deposit sizes rang­ which three are bank holding companies, control ing from $5 to $13 million). Farmers Bank is the 39 banks with aggregate deposits of $9 billion, smallest bank in Mansfield and has direct com­ representing 52.8 per cent of the deposits held by petition from First National Bank of Mansfield, the 535 insured commercial banks in the State. with deposits of $103 million, and Richland Trust Applicant would control approximately 2 per cent Company, with deposits of $57 million. Four of such deposits, would rank thirteenth among the other banks are located in Richland County, 12 large banking organizations, and would be the to 20 miles from Mansfield, and range in deposit smallest bank holding company in Ohio. It does size from $2.6 to $13 million. not appear that consummation of the proposal While concentration of deposits in each of the would significantly affect State-wide concentration. the primary service areas is relatively high, Ap­ In the Columbus Standard Metropolitan Statis­ plicant’s proposal would not effect an increase tical Area (Delaware, Franklin, and Pickaway in concentration or a reduction in banking alter­ Counties) the three largest banks, of which City natives in either area. On the record before the Bank is third, hold 87.5 per cent of total deposits. Board, it is concluded that the proposed transac­ The two largest banking organizations are bank tion will not result in a monopoly nor be in fur­ holding companies and together they account for therance of any combination or conspiracy to 73.4 per cent of such deposits—five subsidiaries monopolize or attempt to monopolize the busi­ of BancOhio Corporation together hold 47.1 per ness of banking in any relevant area. cent, and one subsidiary of Huntington Banc­ Considering next the probable effect of consum­ shares Incorporated holds 26.3 per cent. City mation of Applicant’s proposal on existing or Bank holds 20.7 per cent of the deposits in the potential competition, the Board finds that these Standard Metropolitan Statistical Area. Since considerations present no bar to approval of the Farmers Bank is located outside of the latter Area, application. In view of the distance between the no reduction in banking alternatives or increase proposed subsidiary banks, the lack of any signifi­ in Area banking concentration would result from cant overlap of their service areas, and the exist­ consummation of Applicant’s proposal. ence of several intervening banks, it does not The primary service area of City Bank2 is appear that significant existing competition would Franklin County, and the primary service area be eliminated. These same factors, coupled with of Farmers Bank 3 is Richland County. Franklin a State prohibition against branching outside the County has a population of approximately 850,000 home office county, also make it unlikely that potential competition would be affected. Finally, 2 The area from which City Bank derives approximately 94 per cent of its deposits of individuals, partnerships and while it appears likely that the affiliation of the corporations. two banks would enhance their ability to compete 2 The area from which Farmers Bank derives approxi­ against the larger institutions in their respective mately 99 per cent of its deposits of individuals, partner­ ships and corporations. areas, it does not appear that the viability or com- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 525 petitive effectiveness of any other bank in either Summary and conclusion.—On the basis of all area would be adversely affected. Consummation the relevant facts contained in the record, and of the proposal would not substantially lessen in light of the factors set forth in section 3(c) of competition, tend to create a monopoly, or re­ the Act, it is the Board’s judgment that the pro­ strain trade in any section of the country. posed transaction would be in the public interest Financial and managerial resources and future and that the application should be approved. prospects.—Applicant is a newly-formed corpora­ tion and has no financial or operating history; its HUNTINGTON BANCSHARES financial condition, managerial resources, and INCORPORATED, prospects would be entirely dependent upon those COLUMBUS, OHIO of the subsidiary banks. City Bank is adequately capitalized and ap­ In the matter of the application of Huntington pears to be competently managed. Its growth and Bancshares Incorporated, Columbus, Ohio, for earnings records are excellent, and its prospects approval of the acquisition of 80 per cent or more of the voting shares of The Savings Bank Com­ appear good. pany, Chillicothe, Ohio. The general financial condition of Farmers Bank is good. Its net earnings, however, have been somewhat below average for banks of its Order Approving Application Under size, and although the prospects of Farmers Bank Bank Holding Company Act appear reasonably favorable regardless of whether There has come before the Board of Governors, Applicant’s proposal is consummated, they should pursuant to section 3(a)(3) of the Bank Holding be somewhat improved as a result of economies Company Act of 1956 (12 U.S.C. 1842(a)(3)), which affiliation with Applicant would permit. and section 222.3(a) of Federal Reserve Regula­ Considerations relating to the banking factors tion Y (12 CFR 222.3(a)), an application by are found to be consistent with approval of the Huntington Bancshares Incorporated, Columbus, application. Ohio, a registered bank holding company, for the Convenience and needs of the communities in­ Board’s prior approval of the acquisition of 80 volved.—The banking needs of the individuals and per cent or more of the voting shares of The businesses located in the areas served by City Savings Bank Company, Chillicothe, Ohio. Bank and Farmers Bank apparently are being As required by section 3(b) of the Act, the adequately served by the substantial number of Board gave written notice of receipt of the ap­ commercial banks competing in the areas. Forma­ plication to the Superintendent of Banks for the tion of the holding company will have little effect State of Ohio, and requested his views and re­ on the nature or scope of services rendered by commendation. The Superintendent recommended City Bank, which, together with other local approval of the application. banks, is serving the convenience and needs of Notice of receipt of the application was pub­ Columbus and Franklin County. The affiliation of lished in the Federal Register on March 26, 1968 City Bank and Farmers Bank through the holding (33 Federal Register 5022), providing an op­ company should, however, enhance the services portunity for interested persons to submit com­ and efficiency of the latter bank. Increased con­ ments and views with respect to the proposed sumer lending services, including a revolving transaction. A copy of the application was for­ credit plan and a credit card system, and expan­ warded to the Department of Justice for its con­ sion of agricultural, industrial and education loans, sideration. Time for filing comments and views improved administration of trust accounts, in­ has expired and all those received have been vestment research and portfolio management, and considered by the Board. the availability of increased funds for mortgage It is hereby ordered, for the reasons set forth lending and construction loans are among the in the Board’s Statement of this date, that said benefits to Farmers Bank’s customers foreseen application be and hereby is approved, provided by Applicant in the event of consummation of its that the action so approved shall not be consum­ proposal. Considerations relating to this factor mated (a) before the thirtieth calendar day fol­ favor approval of the application. lowing the date of this Order or (b) later than Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

526 FEDERAL RESERVE BULLETIN □ JUNE 1968 three months after the date of the Order, unless est by the probable effect of the transaction in such period is extended for good cause by the meeting the convenience and needs of the com­ Board or by the Federal Reserve Bank of Cleve­ munity to be served. In each case the Board is land pursuant to delegated authority. required to take into consideration the financial and managerial resources and future prospects of Dated at Washington, D.C., this 10th day of the bank holding company and the banks con­ June, 1968. cerned, and the convenience and needs of the By order of the Board of Governors. community to be served. Voting for this action: Vice Chairman Robertson Competitive effect of proposed transaction.— and Governors Mitchell, Maisel, and Brimmer. Absent The 13 largest banking organizations in Ohio and not voting: Chairman Martin and Governors Daane and Sherrill. control 52.8 per cent of the total deposits held (Signed) Robert P. Forrestal, by all commercial banks located in the State. Ap­ Assistant Secretary. plicant, the third largest of four2 bank holding [seal] companies located in Ohio, is the eleventh largest banking organization in the State, and controls Statement 2.28 per cent of such deposits. Upon acquisition Huntington Bancshares Incorporated, Colum­ of Savings Bank, which holds .11 per cent of bus, Ohio (“Applicant”), a registered bank hold­ State deposits, Applicant would be the tenth larg­ ing company, has applied to the Board of Gov­ est banking organization in Ohio. Chillicothe, the situs of both of Savings Bank’s ernors, pursuant to section 3(a)(3) of the Bank Holding Company Act of 1956 (12 U.S.C. offices, is the county seat of Ross County. Seven 1842(a)(3)), for prior approval of the acquisi­ Banks are located in the County, the three larg­ tion of 80 per cent or more of the voting shares est of which are in Chillicothe. Savings Bank, with $17.8 million in deposits (equal to 27 per cent of of The Savings Bank Company, Chillicothe, Ohio (“Savings Bank”). Applicant controls two sub­ county deposits), is second in size in both Chil­ licothe and Ross County. The two other Chilli­ sidiary banks with aggregate total deposits of $390 million as of June 30, 1967.1 Savings Bank, cothe banks have deposits of $13.5 million and $25 million, respectively; the four other Ross with total deposits of about $18 million, operates two offices in Chillicothe, Ohio. County banks are located from 12 to 19 miles from Chillicothe and hold total deposits ranging Views and recommendation of supervisory from $1.6 million to $3.7 million. authority.—As required by section 3 (b) of the Act, The nearest offices of Applicant’s present sub­ notice of receipt of the application was given to, and views and recommendation requested of, the sidiaries, The Huntington National Bank of Co­ lumbus, Columbus (Franklin County), Ohio, and Superintendent of Banks for the State of Ohio. He The Washington Savings Bank, Washington Court recommended approval of the application. House (Fayette County), Ohio, are located 42 Statutory considerations.—Section 3(c) of the Act provides that the Board shall not approve an miles and 30 miles, respectively, from Savings Bank. acquisition that would result in a monopoly or As indicated by the foregoing discussion, con­ would be in furtherance of any combination or summation of Applicant’s proposal would have conspiracy to monopolize or attempt to monop­ an insignificant effect on State-wide concentration, olize the business of banking in any part of the and would have no effect on concentration in United States. Nor may the Board approve a any relevant area within the State. It does not proposed acquisition the effect of which, in any appear that the proposed transaction would re­ section of the country, may be substantially to sult in a monopoly or be in furtherance of any lessen competition, or to tend to create a monop­ combination, conspiracy, or attempt to monop­ oly, or which in any other manner would be olize the business of banking in any relevant area. in restraint of trade, unless the Board finds that It does not appear that consummation of Apthe anticompetitive effects of the proposed trans­ action are clearly outweighed in the public inter- 2 Includes First Banc Group of Ohio, Inc., Columbus, Ohio, formation of which was approved by the Board on 1 Banking data are as of this date unless otherwise noted. June 5, 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 527 plicant’s proposal would have any adverse effect retail and service establishments; the economy of on existing or potential competition. Neither of the remainder of the County, which ranks second Applicant’s present subsidiaries derives meaning­ in land area and thirty-fourth in population among ful business from Ross County, and the extent Ohio’s 88 counties, is based primarily on agricul­ of Savings Bank’s penetration of Franklin and ture, with hogs, cattle, corn, and dairy products Fayette Counties is similarly insignificant. Poten­ the principal sources of farm income. tial competition between Savings Bank and Ap­ The commercial banks which serve Chillicothe plicant’s subsidiaries is limited by the same fac­ and Ross County provide a full range of banking tors which have inhibited competition between services. Savings Bank, however, does not appear them in the past, as well as by a State prohibition to have aggressively sought to develop its full against branching outside of the home office potential for service to the area. A large portion county. While affiliation of Savings Bank with of its loan portfolio consists of mortgage and Applicant might reasonably be expected to in­ instalment loans. According to Applicant, the crease the competitive effectiveness of Savings bank has made little effort to solicit commercial Bank, such a result is viewed by the Board as a and industrial loans, and, despite the fact that desirable one which should not adversely affect there are 1,300 farms in Ross County, loans to the viability of its competitors. farmers constitute only about one per cent of In the light of the foregoing considerations, and Savings Bank’s loan portfolio. Applicant asserts all the facts of record, the Board concludes that that Bank’s failure to respond to the service needs consummation of the proposed transaction would of the Chillicothe-Ross County area is further not substantially lessen competition, tend to create indicated by the lack of parking or drive-up a monopoly, nor in any other manner restrain facilities at Bank’s downtown office, and Bank’s trade in any section of the country. inaction with respect to a needed expansion of its Financial and managerial resources and future existing branch office, and with respect to provi­ prospects.—The financial condition, management, sion for additional branches in or near newly and prospects of Applicant and its subsidiary constructed shopping centers in Chillicothe. banks are regarded as satisfactory. The experience of Washington Savings Bank Savings Bank’s general financial condition is under Applicant’s direction is indicative of Ap­ also satisfactory. However, the bank’s two top plicant’s ability to lend assistance to a subsidiary’s ranking officers are at or above normal retirement efforts to better serve community needs. Since age, and it is asserted that Savings Bank lacks Applicant’s acquisition of Washington Savings sufficient depth of middle management to fill Bank in June 1967, new management has been the anticipated vacancies. While it appears that installed in the bank; a remodeling of the bank’s Savings Bank should be able, through its own office has been started, and site plans for a new efforts, to attract new management personnel as branch are nearing completion; the bank’s loan needed, affiliation with Applicant would assure a to deposit ratio has increased significantly, and satisfactory solution of this problem. This con­ the dollar volume of its agricultural loans has sideration, as well as the anticipated improve­ doubled. Recently, a check credit plan was in­ ments in Savings Bank’s service rendition noted augurated, and the bank’s interest rate on time hereinafter, indicates that the proposed affiliation certificates of deposit has been raised to a level would have a favorable effect on the bank’s pros­ maintained by other banks in Fayette County. pects, and lend some weight toward approval of Based on the apparent need of the Chillicothe the application. and Ross County communities for stronger finan­ Convenience and needs of the communities cial leadership, and the proven willingness and involved.—Consummation of Applicant’s pro­ ability of Applicant to provide it, considerations posal would not affect the convenience and needs bearing on the convenience and needs factor sup­ of customers located in the areas served by Ap­ port approval of the application. plicant’s present subsidiaries. Summary and conclusion.—On the basis of all Ross County has an estimated population of the relevant facts contained in the record, and 65,000, with about 42 per cent of this number in the light of the factors set forth in section 3(c) residing in Chillicothe, the trade center of the of the Act, it is the Board’s judgment that the County. The economy of Chillicothe is largely proposed transaction would be in the public in­ dependent on four manufacturing companies and terest 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 and Governors Robertson, Daane, Brimmer, and Sherrill. John H. Rhinehart, an Assistant Director in the Division of Data Processing, resigned from the staff effective May 31, 1968, FOREIGN CREDIT RESTRAINT PROGRAM On June 10, 1968, the Board of Governors an­ CHANGES IN MARGIN REQUIREMENTS nounced that primary responsibility for adminis­ On June 7, 1968, the Board of Governors of the tration of the Federal Reserve’s Voluntary Foreign Federal Reserve System amended its regulations Credit Restraint Program has been transferred relating to stock market credit to increase the from Vice Chairman J. L. Robertson to Governor margin requirement from 70 to 80 per cent on Andrew F. Brimmer, at the request of the former. loans made on stocks, effective June 8. The change was made known in letters from The Board also increased the margin require­ the Vice Chairman to all financial institutions ment on loans made on convertible bonds from participating in the program. The text read as 50 to 60 per cent, effective June 8, 1968. follows: The requirements apply to new extensions of “The Federal Reserve’s Voluntary Foreign credit by brokers (governed by the Board’s Regu­ Credit Restraint Program was launched in Febru­ lation T), by banks (Regulation U), and by other ary of 1965 as a part of the President’s effort to lenders (Regulation G) for the purpose of pur­ cope with the difficult balance of payments prob­ chasing or carrying stocks, or bonds convertible lem. It was designed to curtail for a time the out­ into' such stocks, listed on a national securities flow of dollars to other countries through banks exchange. and other financial institutions. This it has done, The margin increases were made pursuant to thanks to the excellent cooperation and support authority granted in the Securities Exchange Act of all such institutions, with a degree of success of 1934 to prevent excessive use of credit to that has earned world-wide commendation. In finance transactions in securities. The Board noted, every year the target goals have been exceeded. in this connection, that margin credit of brokerage “From the outset I have administered the pro­ customers had increased by $200 million in April gram in behalf of the Board of Governors. Now, alone—bringing the total of margin credit out­ however, because of the increasing pressure of standing at brokerage houses to $6.4 billion. Also, there were indications of a further rise in May. other duties as Vice Chairman, I have requested The recent increases in stock market credit mark the Board to delegate the administration of this a resumption of the upward trend observed during function to my associate, Governor Andrew F. 1967 when such credit rose by 29 per cent at Brimmer, who has consented to carry on this brokerage houses and by 19 per cent at commer­ work. I am confident that you will give to him the cial banks. same high degree of cooperation you have given The Board’s action applies to initial margin re­ to me. quirements. No change was made in the 70 per “Many thanks for the constructive part you have cent retention requirement applicable to under­ played in the program.” margined accounts. The “retention requirement” relates to that portion of the proceeds of a sale REVISION OF SERIES ON MONEY SUPPLY, of securities from an account that must be retained AGGREGATE RESERVES, AND MEMBER BANK DEPOSITS if that account does not comply with the new 80 per cent margin requirement. The seasonally adjusted scries on money supply, This action was taken by unanimous vote of deposits, and reserves that are published regularly the five Board members present: Chairman Martin in the Bulletin have been revised. These re- 529 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

530 FEDERAL RESERVE BULLETIN □ JUNE 1968 visions, which are made annually, include 1967 especially for the demand deposit component of benchmark adjustments for the series on money the money supply. The weekly demand deposit supply and related data and revision of the aggre­ series has fluctuated widely over the past year, gate reserve series to reflect the higher percentage mainly because of new intramonthly patterns of reserve requirements on net demand deposits that remittances of withholding taxes and other tax became effective in January. In addition, seasonal payments that have developed as tax payment factors have been revised for all of these series. schedules have been accelerated to a pay-as-you-go Benchmark corrections for the money supply basis. Weekly fluctuations in demand deposits series and related data were the smallest since the over the latest year have been smoothed con­ daily-average series was introduced in 1960. siderably, taking account of these changes. Adjustments to June 1967 benchmarks were in­ The tables showing current figures for money significant. The December benchmarks lowered supply and related data and for aggregate reserves the demand deposit component of the money and member bank deposits, which appear regu­ supply by $200 million at the end of 1967 and larly on page A-16, have been revised in this increased commercial bank time deposits by a like issue. In addition, revised figures for money supply amount. and related data back to 1963 are shown on pages Revisions due to changes in seasonal factors A-92 to A-97. Back data for the member bank also were relatively small for the monthly-average reserves and deposits series may be obtained on series. However, weekly seasonal factors were re­ request from the Banking Section of the Board’s vised considerably more than the monthly factors, Division of Research and Statistics. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication June 14 Industrial production and retail sales increased in put of trucks rose to record levels. Among indus­ May. Nonfarm employment was unchanged and the trial materials, steel production increased further unemployment rate continued at 3.5 per cent. Com­ and output of copper continued to recover from mercial bank credit, the money supply, and time reduced strike levels. and savings deposits increased, but U.S. Govern­ ment deposits declined further. In mid-June, yields EMPLOYMENT on most U.S. Government notes and bonds were Nonfarm payroll employment was unchanged in lower than in mid-May, while yields on seasoned May as a net increase of 100,000 workers on strike, corporate bonds advanced. concentrated in construction and public utilities, offset gains in services, trade, and State and local INDUSTRIAL PRODUCTION government. Manufacturing employment was un­ Industrial production, which showed a small de­ changed over the month but the factory workweek cline from March to April, rose in May to 163.7 rose 0.6 hours, recovering virtually all the loss in per cent of the 1957-59 average as compared to April because of holidays and civil disorders. The 162.5 in April and was 5 per cent above the re­ unemployment rate in May held at the April level duced year-ago level. Output of consumer goods of 3.5 per cent, the lowest since late 1953. and of materials increased while production of business equipment was unchanged. Auto assemblies rose 10 per cent from the DISTRIBUTION moderately reduced April level and were at an an­ The value of retail sales in May rose I per cent but nual rate of 9.4 million units. Output schedules for was still I per cent below the record March level, June are set at about the same rate. Production of according to advance Department of Commerce most other consumer durable goods changed little estimates. May sales were 8 per cent above a year in May and output of consumer staples recovered earlier. from the reduced April level. Production of com­ Sales at durable goods stores rose 1.5 per cent mercial and industrial equipment declined but out­ from April to May, with increases reported for all major kinds of stores. Dealer deliveries of new domestic autos were up 10 per cent from the re­ duced April rate, but declined in early June. At nondurable goods stores, sales advanced nearly 1 per cent. COMMODITY PRICES In May, the wholesale price index was estimated to have risen slightly further as increases in farm products and foods more than offset an estimated decline of 0.2 per cent in industrial commodities. The latter reflected mainly further reductions in prices of copper and steel scrap and lower lead prices; average prices of other industrial commodi­ ties continued to rise. In early June, copper mill products and steel scrap declined further but alu­ minum prices were raised. 531 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

532 FEDERAL RESERVE BULLETIN □ JUNE 1968 AGRICULTURE ings deposits and consumer-type time deposits Crop prospects were reported generally favorable showed moderate expansion. on June 1 despite planting delays in some areas. A Net borrowed reserves averaged about $380 record winter wheat crop was forecast and pros­ million over the five weeks ending May 29 or pects for the non-citrus fruit and early summer somewhat higher than the average of the pre­ vegetable crops were better than last year. In May, vious four weeks. Member bank borrowings con­ output of meat and poultry was 5 per cent above a tinued to increase while excess reserves showed year earlier and January-May production was 1 little further change. per cent above. Milk output, continuing a down­ trend, was 2 per cent below a year earlier in May. SECURITY MARKETS BANK CREDIT, DEPOSITS, AND RESERVES Yields on most U.S. Government notes and bonds Commercial bank credit increased $1.7 billion in rose to their highest levels since the Civil War in May or somewhat less than the average monthly the third week of May. Since then, they have de­ rise earlier in the year. Increased holdings of U.S. clined sharply and are now generally 5 to 20 basis Government securities, associated principally with points lower than the rates prevailing in mid-May. bank participation in the mid-month Treasury note Treasury bills moved in a similar manner over financing, accounted for most of the rise. Holdings the same period, although yields on shorter ma­ of other securities and of loans rose only slightly. turities rose moderately on balance. The 3-month The money supply increased $1.6 billion in May, bill was bid at around 5.70 per cent in the middle somewhat more than in April, and considerably of June. faster than in the first quarter. U.S. Government Yields on seasoned corporate bonds advanced deposits declined substantially in both April and continuously between mid-May and mid-June, but May. Time and savings deposits rose $200 million yields on new corporate bonds, as well as new and in May, slightly less than in April, and much less seasoned municipals, declined in early June. Com­ than in the two previous months. Holdings of large mon stock prices and trading volume rose to new negotiable CD’s declined further in May and sav­ highs over the period. Discount rate, range or level for all F.R. Banks. Weekly average market yields for U.S. Govt, bonds maturing in 10 years or more and for 90-day Treasury bills. Latest figures shown, week ending May 9. 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: A4 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-31 Interest rates A-33 Security markets A-34 Stock market credit A-35 Open market paper A-35 Savings institutions A-37 Federally sponsored credit agencies A-38 Federal finance A-40 U.S. Government securities A-43 Security issues A-46 Business finance A-48 Real estate credit A—52 Consumer credit Continued on next page A-l Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-2 rtDtKAL KtStKVt dULLtllN o JUNt 1968 U.S. STATISTICS—Continued A-56 Industrial production A-60 Business activity A-60 Construction A-62 Labor force, employment, and earnings A-64 Consumer prices A-64 Wholesale prices A-66 National product and income A-68 Flow of funds INTERNATIONAL STATISTICS: A-70 U.S. balance of payments A-71 Foreign trade A-72 U.S. gold transactions and reserve assets A-73 U.S. position in the IMF A-74 International capital transactions of the United States A-86 Gold reserves of central banks and governments A-87 Gold production A-88 Money rates in foreign countries A-89 Arbitrage on Treasury bills A-90 Foreign exchange rates SPECIAL TABLES: A-91 Bank holding companies, December 31, 1967 A-92 Money supply: Revised figures 1963-68 A-105 INDEX TO STATISTICAL TABLES Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-3 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation p Preliminary IPC Individuals, partnerships, and corporations r Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets I, n, L Liabilities III, IV Quarters S Sources of funds n.a. Not available U Uses of funds n.e.c. Not elsewhere classified * Amounts insignificant in terms of the par­ S.A. Monthly (or quarterly) figures adjusted 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, 1967................... June 1968 A-91 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 □ JUNE 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 P d e o a ri t r o e d T U o .S ta . l Go B v r o o i t g , u u h g t s ­ e t h c t u R r m c a it h e g i e p e a r n e s s u t ^ e e s r ­ ­ c v D o a a a n n u d i c s d n ­ e ­ t s s Float 2 t T al o ­ 3 s G to o c ld k T s r c o e r t u i a u e n n u r n a g c r y t ­ ­ y d s ­ ­ r c C t e c u i i n i o u n l r c a n r ­ y ­ ­ T h c i r u o n a e r g s l a y d h s s ­ ­ T t u r w h e r a y a it n s h ­ m r F e . F e e s R e i m o g r . r n v b ­ B e e s r a , O n b k a t s h n e k r 2 c O F a o c . u t R ­ h n . e t s r B W F a . n R it k h M . s e r m e c r C s a o e b e n n i u e r n c d r v r y ­ e 4 b s an T k otal Averages of daily figures 1929—June........ 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June........ 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 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 65224,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16.027 1950—Dec......... 20,345 20,336 9 142 1,117 21,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1960—Dec.......... 27,248 27,170 78 94 1,66529,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1962—Dec......... 30,546 30,474 72 305 2,298 33,218 15,978 5,561 35,281 398 587 222 290 1.048 16,932 3,108 20,040 1963—Dec......... 33,729 33,626 103 360 2,43436,610 15,562 5,583 37,603 389 879 160 206 1,215 17,303 3,443 20,746 1964—Dec......... 37,126 36,895 231 266 2,423 39,873 15,388 5,401 39,698 595 944 181 186 1,093 17,964 3,645 21,609 1965—Dec......... 40,885 40,772 113 490 2,34943,853 13,799 5,565 42,206 808 683 154 231 389 18,747 3,972 22,719 1966—Dec.......... 43,760 43,274 486 570 2,383 46,864 13,158 6,284 44,579 1,191 291 164 429 83 19,568 4,262 23,830 1967—May........ 45,699 45,481 218 126 1,37447,323 13,108 6,576 44,083 1,392 990 137 450 692 19,263 4,021 23,284 June........ 45,844 45,801 43 147 1,45947,547 13,108 6,602 44,567 1,385 715 128 464 609 19,388 4,130 23,518 July......... 46,807 46,784 23 91 1,58448,590 13,109 6,615 44,997 1,480 1,123 128 482 373 19,730 4,177 23,907 Aug......... 46,612 46,558 54 89 1,423 48,210 13,053 6,665 45,011 1,488 1,036 128 453 212 19,600 4,191 23,791 Sept...... 46.398 46,377 21 90 1,57! 48,147 13,007 6,737 45,189 1,491 566 127 472 65 19,980 4,220 24,200 Oct.......... 47,367 47,203 164 126 1 ,40848,993 13,003 6,779 45,396 1,483 974 125 476 -80 20,402 4,206 24,608 Nov......... 48,010 47,885 125 133 1,55549,752 12,907 6,78! 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...4..8..,.9..30 48,734 196 361 1 ,515 50,873 11,900 6,791 45,854 1 ,336 1,021 143 457 -512 21,265 4,345 25,610 Mar......... 49,511 49,452 59 682 1 ,59951 ,863 11,096 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 46,642 1,122 738 167 538 -598 21,181 4,365 25,546 May........ 50,581 50,329 252 759 1 ,58052,998 10,452p6,794*’46,871 p1 ,074 1,059 159 483 -581 21,179»4,323P25.5O2 Week ending— 1967 May 3.............. 45,597 45,295 302 159 1,441 47,369 13,109 6,566 43,799 1,383 1,201 127 461 503 19,570 4,053 23,623 10.............. 45,929 45,469 460 88 1 ,38447,567 13,109 6,567 44,015 1,396 1 ,050 143 463 539 19,636 3,777 23,413 17.............. 45,543 45,243 300 148 1,51247,326 13,108 6,579 44,136 1,404 952 121 455 606 19,341 4,045 23,386 24.............. 45,530 45,530 75 1 ,53247,241 13,109 6,568 44,073 1 ,391 I ,068 121 442 841 18,982 4,099 23,081 31.............. 45,726 45,657 69 127 1 ,15047,081 13,109 6,592 44,198 1,378 872 158 439 854 18,883 4,176 23,059 June 7.............. 45,955 45,869 86 102 1 ,321 47,478 13,109 6,590 44,438 1,380 734 131 459 835 19,200 3,976 23,176 14.............. 45,596 45,596 68 1 ,38047,118 13,108 6,598 44,600 1,380 471 131 450 609 19,183 4,030 23,213 21.............. 45,654 45,587 67 116 1 ,708 47,552 13,108 6,608 44,598 1.393 520 121 450 525 19,661 4,106 23,767 28.............. 45,940 45,924 16 165 1 ,40847,642 13,108 6,610 44,574 1,378 968 126 490 530 19,293 4,254 23,547 July 5.............. 46,809 46,755 54 366 1,231 48,543 13,110 6,614 44,856 1,464, 1 ,088 148 508 360 19,841 4,043 23,884 12.............. 47,158 47,101 57 74 1,70449,097 13,110 6,610 45,256 1,479 1,073 134 484 470 19,921 4,145 24,066 19.............. 46,471 46,471 53 1,847 48,455 13,109 6,603 45,085 1,477 1,021 128 484 380 19,592 4,297 23,889 26.............. 46,715 46,715 .......... 54 1,63248,479 13,109 6,616 44,864 1,485 1,188 116 468 368 19,716 4,305 24,021 Aug. 2.............. 46,833 46,833 119 1,43948.470 13,094 6,632 44,849 1 ,473 1 ,390 115 464 250 19,655 4,319 23,974 9........ 46,931 46,804 127 91 1,385 48,536 13,057 6,642 44,985 1,480 920 128 457 226 20,038 3,922 23,960 16.............. 46,716 46,604 112 129 1 ,367 48,292 13,057 6,656 45,135 1,486 1,007 126 471 198 19,583 4,180 23,763 23.............. 46,504 46,504 47 1 ,61448,238 13,058 6,674 45,020 1,497 1,021 133 442 257 19,602 4,171 23,773 30.............. 46,249 46,249 ...... 46 1 ,29047,651 13,044 6,693 44,918 1,495 1,076 121 443 183 19,151 4,324 23,475 Sept. 6.............. 46,693 46,600 93 79 1,41048,247 13,008 6,714 45,131 1,495 697 133 471 110 19,932 3,993 23,925 13.............. 46,207 46,207 70 1,54447,880 13,007 6,726 45,398 1,483 202 126 491 103 19,810 4,229 24,039 20.............. 46,055 46,055 106 1 ,75447,971 13,007 6,739 45,223 1 ,487 362 126 473 24 20,021 4,295 24,316 27.............. 46,452 46,452 .......... 74 1,53048,193 13,006 6,759 45,044 1,502 927 129 454 37 19,865 4,347 24,212 Oct. 4.............. 46,976 46,976 144 1 ,495 48,773 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 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1968 a 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 P d e o r a i r t o e d U.S. Govt, securities1 Dis­ Gold T c u r u r e y r a ­ s­ re C n in u cy r­ T u re ry a s­ th w a i n th m F re e .R s m e . r b v B e e r a s n , b k a s nk O F th .R er . Me r m es b e e rv r e b s ank Total B r o o ig u u h t g ­ t ht R a m c g e h e r p a e n s u e t e s r ­ ­ c v o a a a u n n d c n d ­ e t s s Float 2 t T al o ­ 3 stock r s o e t i a n n u n g c t­ y d ­ c t c u io i l r n a ­ ­ h c in o a g s ld h s ­ T u re ry as­ F ei o g r n ­ Other2 cou ac n ­ ts B W F a . n R it k h . s c r o C a e i n u n n d c r ­ y 4 Total Averages of daily figures Week ending— 1967 Nov. 1............. 47,220 47,220 80 1,28948,643 12,978 6,787 45,341 1,483 929 124 462 -210 20,279 4,426 24,705 8............. 47,865 47,710 155 132 1,40749,458 12,907 6,777 45,563 1,474 928 127 470 -184 20,762 3,992 24,754 15............. 47,868 47,713 155 162 1,487 49,570 12,907 6,782 45,878 1,470 1,096 133 451 -240 20,470 4,229 24,699 22.............. 47,837 47,712 125 127 1,77749,796 12,906 6,782 46,089 1,451 1,051 148 442 -79 20,383 4,239 24,622 29.............. 48,396 48,347 49 119 1,54850,117 12,908 6,785 46,347 1,457 1,570 175 432 -345 20,176 4,482 24,658 Dec. 6............. 48,902 48,719 183 87 1,65550,721 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 1,65250,769 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 2,38851,785 12,434 6,783 47,293 1,405 709 150 412 -251 21 ,285 4,402 25,687 Jan. 3............. 49,298 49,044 254 495 2,33552,286 11,982 6,784 47,200 1,395 949 147 567 -685 21,480 4,968 26,448 10............. 49,183 49,109 74 180 2,33451,772 11,983 6,781 46,857 1,385 1,054 161 493 -679 21,265 4,646 25,911 17.............. 48,758 48,700 58 224 1,98751,044 11,984 6,781 46,493 1,397 1 ,019 156 473 -625 20,896 4,675 25,571 24............. 49,105 49,105 233 1,72651,186 11,982 6,784 46,117 1,390 939 149 471 -459 21.346 4,576 25,922 31.............. 48,970 48,936 34 241 1,44950,751 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 1,451 51,099 11,954 6,788 45,777 1,361 912 142 450 -554 21,752 4,169 25,921 14............. 49,210 48,815 395 384 1,267 50,949 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 1,73450,643 11,882 6,792 45,881 1 ,333 1 ,051 140 455 -453 20,911 4,364 25,275 28.............. 48,724 48,724 442 1,55650,779 11,883 6,796 45,817 1,319 1,022 147 461 -444 21,137 4,499 25,636 Mar. 6............. 49,077 49,019 58 501 1,72951,363 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 1,66852,312 10,872 6,801 46,233 1 ,224 1 ,059 166 505 -609 21,406 4,266 25,672 27.............. 49,621 49,621 .......... 597 1,53451,855 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 1,44952,103 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 4,399 26,090 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 4,553 25,503 May 1.............. 50,238 50,103 135 689 1 ,461 52,458 10,484 6,797 46,481 1,121 1 ,073 194 490 -601 20,980 4,538 25,518 8.............. 50,617 50,200 417 837 1,467 53,030 10,484 6,796 46,668 1,109 935 148 482 -684 21 ,652 4,046 25,698 15.............. 50,521 50,069 452 725 1,493 52,819 10,484 6,794 46,920 1,082 1 ,080 132 499 -698 21,083*4,290*25,373 22.. 50,549 50,402 147 682 1,861 53,162 10,470 6,795 46,908 1 ,058 1,228 145 486 -462 21,063 *4,314*25,377 29.............. 50,589 50,589 .......... 777 1 ,501 52,923 10,384 6,794 46,937 1,053 1 ,076 165 463 -442 20,849*4,456*25,305 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 1,617 52,127 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 6,790 46,621 1,070 1,035 140 489 -689 21,221 4,740 25,961 May................... 50,625 50,625 .......... 1 ,026 1 ,71453,421 MO,384i’6,795 *47,147 Pl,048 956 422 490 -797 21,334*4,756*26,090 Wednesday 1968 Feb. 7.............. 49,327 48,925 402 236 1,26350,889 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 1,49751,628 11,884 6,793 46,100 1,291 818 161 488 -421 21,867 4,209 26,076 13............. 49,081 49,081 187 1,693 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 1,57651,822 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 1,131 965 161 475 -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 4,597 26,086 10............. 49,875 49,875 335 1 ,81352,131 10,484 6,797 46,899 1,129 727 163 543 -556 20,507 4,611 25,118 17.............. 50,206 50,057 149 630 1,75252,644 10,484 6,798 46,871 1,130 499 116 527 -614 21,398 4,935 26,333 24.............. 49,310 49,310 .......... 709 1 ,411 51,486 10,484 6,797 46,540 1,131 1,585 158 485 -585 19,453 5,034 24,487 May 1.............. 50,910 50,242 668 728 1,50! 53,254 10,484 6,795 46,612 1,112 732 165 504 -690 22,098*4,783*26,88! 8.............. 50,310 50,069 241 272 1,37652,059 10,484 6,792 46,903 1,103 1,265 133 480 -690 20,141 *4,460 *24,601 15............. 50,686 50,069 617 908 1 ,67853,352 10,484 6,794 47,015 I ,068 1,146 154 503 -472 21 ,215 *4,825 *26,040 22.............. 50,402 50,402 390 1,431 52,279 10,384 6,793| 46,935 1 ,058 1,155 141 448 -467 20,186*4,800*24,986 29.............. 50,525 50,525 .......... 567 1 ,46652,611 10,384 6,792 47,228 1 ,044 950 191 459 -527 20,442 *4,909*25,351 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, 1, 1959-Nov. 23, 1960; all allowed 3 Includes industrial loans and acceptances, when held (industrial thereafter. Beginning with Jan. 1963, figures are estimated except for loan program discontinued Aug. 21, 1959). For holdings of acceptances weekly averages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-6 BANK RESERVES AND RELATED ITEMS □ JUNE 1968 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor­ Reserves Bor­ Reserves Bor­ T h o e t ld al qu R i e re ­ d Excess B F r i a o n a . n R w g t k s . ­ s se F r r r e v e ­ e e s T h o e t l a d l qu R ir e e ­ d Excess B F r i o a n a . n R w g t k s . ­ s se F r r r e v e ­ e e s T h o e t l a d l qu R ir e e ­ d Excess B r F i a o n a . n g w R t k s ­ . s s F e r r r e v e ­ e e s 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June i 2,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec. 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—Dec. 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec. 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec. 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 6 7 1950—Dec. 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1960—Dec. 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1962—Dec. 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1,042 1,035 7 18 -11 1963—Dec. 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 5 26 -21 1964—Dec. 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 1,086 -3 28 -31 1965—Dec. 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 23 -8 1966—Dec. .......... 23,830 23,438 392 557 -165 4,583 4,556 27 122 -95 1,119 1,115 4 54 -50 1967—May 23,284 22,914 370 101 269 4,614 4,583 31 19 12 1,133 1,127 6 5 1 June 23,518 23,098 420 123 297 4,701 4,664 37 30 7 1,150 1,138 12 15 -3 July. 23,907 23,548 359 87 272 4,787 4,749 38 18 20 1,152 1,162 -10 5 -15 Aug. 23,791 23,404 387 89 298 4,633 4,619 14 8 6 1,153 1,148 5 1 4 Sept. 24,200 23,842 358 90 268 4,797 4,747 50 11 39 1,172 1,169 3 3 Oct.. 24,608 24,322 286 126 160 4,888 4,871 17 27 -10 1,194 1,188 6 2 4 Nov. 24,740 24,337 403 133 270 4,826 4,784 42 19 23 1,191 1,178 13 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 1,221 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. 25,546 25,276 270 683 -413 4,993 4,985 8 67 -59 1,159 1,160 -1 104 -105 May .......... *25,502*25,087 Ml 5 746 *-331 *4,905 *4,871 *34 68 ”-34 *1,163 *1,151 *12 76 *—64 Week ending—■ 1967—May 3. ... 23,623 23,218 405 134 271 4,788 4,759 29 39 -10 1,171 1,172 -1 21 -22 10. . .. 23,413 23,084 329 63 266 4,684 4,620 64 21 43 1,153 1,147 6 6 17. . .. 23,386 22,982 404 123 281 4,585 4,575 10 36 -26 1,123 1,127 -4 -4 24... . 23,081 22,754 327 50 277 4,555 4,531 24 24 1,108 1 ,094 14 14 31 ... . 23,059 22,678 381 102 279 4,551 4,511 40 ....... 40 1,126 1,122 4 ............4 Nov. I . ... 24,705 24,414 291 80 211 4,942 4.919 23 5 18 1,179 1,180 -1 -1 8. . .. 24,754 24,424 330 132 198 4,852 4,824 28 3 25 1,197 1,194 3 10 -7 15. . . . 24,699 24,181 518 162 356 4,687 4,658 29 36 -7 1,166 1,159 7 7 22,,.. 24,622 24,401 221 127 94 4,816 4,797 19 29 -10 1,197 1,186 11 11 29.... 24,658 24,274 384 119 265 4,856 4,808 48 8 40 1,177 1,173 4 ............4 Dec. 6.... 24,840 24,552 288 87 201 4,920 4,885 35 35 1,201 1,197 4 4 13. ... 24,710 24,377 333 121 212 4,824 4,809 15 2 13 1,158 1,151 7 7 20.... 25,203 24,936 267 185 82 5,088 5,062 26 37 -11 1,217 1,219 -2 -2 27.... 25,687 25,245 442 345 97 5,236 5,179 57 27 30 1,264 1 ,249 15 2 13 1968—Jan. 3. ... 26,448 25,795 653 495 158 5,460 5,362 98 166 -68 1,313 1,299 14 54 -40 10. ... 25,911 25,347 564 180 384 5,110 5,097 13 69 -56 1,221 1,226 -5 -5 17. ... 25,571 25,414 157 224 -67 5,099 5,079 20 53 -33 1,220 I ,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 1 2 Feb. 7. . . . 25,921 25,546 375 241 134 5,218 5,189 29 6 23 1 ,252 1 ,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 1,188 8 8 28. .. . 25,636 25,323 313 442 -129 5,032 5,030 2 133 -131 1,242 1 ,231 11 6 5 Mar. 6 . ... 25,797 25,481 316 500 -184 5,204 5,167 37 1 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. . . . 26,090 25,563 527 763 -236 5,085 5,068 17 47 -30 1,188 1,183 5 255 -250 24. ... 25,503 25,377 126 651 -525 5,020 5,023 -3 49 -52 1,165 1,154 11 109 -98 May 1. ... 25,518 25,242 276 674 -398 5,014 4,975 39 63 -24 1 ,200 1,197 3 52 -49 8. . . . 25,698 25,317 381 823 -442 5,023 4,958 65 64 1 1,198 1,194 4 220 -216 15. ... ”25,373”24,975 *398 712 *-314 *4,786 *4,774 *12 124 *-112 *1,139 *1,139 *.......... 49 p-49 22. ... *25,377*25,063 *314 669 *-355 *4,900 *4,848 *52 *52 *1,150 *1,142 *8 23 *-15 29... . *25,305*24,935 *370 764 *-394 *4,865 ”4,846 *19 79 *-60 *1,134 ”1,130 *4 19 *-15 For notes sec opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 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 Borrow­ Reserves Borrow­ Period ings at Free ings at Free F.R. reserves F.R. reserves Banks Banks T h o e t l a d l Required Excess T h o e t l a d l Required Excess 761 749 12 409 -397 632 610 22 327 -305 648 528 120 58 62 441 344 96 126 -30 3 140 1,953 1,188 1,188 1,568 897 671 3 668 ...........................1939—Dec. 4,317 3,014 1,303 1,302 2,210 I ,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. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 ..........................I960—Dec. 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 ...........................1962—Dec. 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 ...........................1963—Dec. 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 ................1964—Dec. 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 ...........................1965—Dec. 9,509 9,449 61 220 -159 8,619 8,318 301 161 140 ...........................1966—Dec. 9,319 9,282 37 46 -9 8,219 7,922 297 31 266 ...........................1967—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 9,649 9,623 26 32 -6 8,582 8,304 278 47 231 .......................................Sept. 9,878 9,860 18 42 -24 8,648 8,402 246 55 191 9,900 9,835 65 51 14 8,823 8,540 283 61 222 ................. .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 11 10,298 10,272 26 283 -257 9,097 8,859 238 229 9 *10,263 *10,196 *67 262 *-195 *9,170 *8,869 *301 340 *-39 ........................................May Week ending— 9,395 9,385 10 47 -37 8,270 7,902 368 27 341 .....................1967—May 3 9,414 9,349 . 65 13 52 8,162 7,968 194 29 165 .........................................JO 9,344 9,319 25 57 -32 8,334 7,961 373 30 343 ............................................17 9,272 9,220 52 23 29 8,145 7,909 236 27 209 ............. 24 9,236 9,189 47 66 -19 8,146 7,856 290 36 254 ...........................................31 9,917 9,897 20 28 -8 8,667 8,418 249 47 202 9,950 9,894 56 45 11 8,755 8,511 244 74 170 9,845 9,802 43 71 -28 9,000 8,562 438 55 383 ............................................15 9,910 9,861 49 34 15 8,699 8,557 142 64 78 22 9,812 9,755 57 63 -6 8,812 8,539 273 48 225 ...........................................29 9,969 9,947 22 22 8,749 8,523 226 65 161 9.882 9,844 38 69 -31 8',847 8'.572 275 50 225 10,049 10,018 31 52 -21 8,849 8,637 212 96 116 ..............................20 10,177 10,130 47 199 -152 9,010 8,687 323 117 206 ...........................................27 10,491 10,331 160 216 -56 9,185 8,803 382 59 323 .....................1968—Jan. 3 10,243 10,207 36 59 -23 9,338 8,817 521 52 469 ...........................................10 10,357 10,340 17 97 -80 8,895 8,781 114 65 49 17 10,352 10,318 34 157 -123 9,189 8,871 318 74 244 ...........................................24 10,276 10,235 41 90 -49 9,040 8,770 270 1 18 152 ...........................................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 12 168 -156 9,041 8,711 330 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 9,011 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 10,261 10,222 39 321 -282 8,978 8,726 252 252 10,293 10,235 58 184 -126 9,011 8,808 203 309 -106 ...........................................10 10,405 10,367 38 307 -269 9,412 8,944 468 154 314 ...........................................17 10,300 10,267 33 316 -283 9,018 8,933 85 177 -92 ...........................................24 10.290 10.263 27 302 -275 9,014 8,808 206 257 -51 10,348 10,298 50 253 -203 9,130 8,867 263 286 -23 .......................................... 8 P10,226 *10,171 *55 248 *-193 *9,222 *8,891 *331 291 *40 ...........................................15 *10,240 *10,190 *50 259 p-209 *9,084 *8,883 *201 387 *-186 ...........................................22 *10,146 *10,119 *27 278 p-251 *9,159 *8,840 *320 388 *-68 ...........................................29 * This total excludes, and that in the preceding table includes, $51 Total reserves held: Based on figures at close of business through Nov. million in balances of unlicensed banks. 1959; thereafter on closing figures for balances with F.R. Banks and open­ ing figures for allowable cash; see also note 3 to preceding table. Note.—Averages of daily figures. Monthly data are averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks: Based on closing figures. weeks ending on Wed. that fall within the month. Beginning with Jan. 1964, reserves are estimated except for weekly averages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-8 MAJOR RESERVE CITY BANKS □ JUNE 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 transaction Reporting banks and Bor­ week ending—• s E er x 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 i f b e n u N d a t n n e e e d r t r k 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 a s r e o v u 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 c t T r - t a o w io n t a a n s y l ­ s 2 b c o b P u h a f a y u n n s i r k n e e ­ s s g t s o b S e a f a l l n l n i e n k e s g s t d L ea o t l o a e n r s s 3 de f r i a r o n o l g w e m s r ­ s 4 lo N a e n t s trans. Total—46 banks 1968—Apr. 3............ 30 278 792 -1,040 9.2 2,553 ,761 1,199 1,353 562 1,075 85 990 10............ 165 198 1,755 -1,788 16.1 3,389 ,634 1 ,280 2,109 355 1,232 97 1 ,135 17 31 453 2,095 -2,517 22.0 3,743 ,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 May 1............ 40 167 768 -895 7.9 2,781 2,013 1,386 1,395 627 1 ,235 127 1,107 8 91 362 1,362 -1,633 14.4 3,417 2,055 1 ,597 1 ,819 458 1 ,113 173 941 15............ 50 221 1,469 -1,641 14.9 3,596 2,127 I ,507 2,089 620 896 270 627 22............ 84 139 1,309 -1,364 12.3 3,417 2,108 1 ,531 1 ,886 577 941 280 661 29............ 27 211 411 -595 5.4 3,048 2,637 1,579 1 ,469 1,058 673 286 387 8 in New York City 1968—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 May I............ 22 60 582 -621 13.7 1 ,093 510 510 582 683 60 623 8............ 53 64 696 -707 15.7 1,405 709 700 705 9 639 64 575 15 10 123 781 -894 20.6 1 ,438 657 657 781 575 64 511 22............ 39 431 -392 8.9 1 ,215 784 647 568 137 571 74 497 29............ 8 77 65 -135 3.0 1,153 1 ,087 742 4lt 345 465 80 384 38 outside New York City 1968—Apr. 3............ 12 278 356 -622 9.3 1,603 .247 734 869 514 232 232 10............ 44 71 624 -650 9.7 1,910 ,287 932 978 355 415 9 406 17............ 33 407 884 -1,258 18.5 2,018 ,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 May 1....... 18 107 186 -274 4.0 1,688 1,503 876 813 627 551 67 484 8............ 38 298 666 -926 13.6 2,011 ,345 897 1,114 448 475 109 366 15............ 40 99 688 -747 11.2 2,157 ,470 850 1 ,307 620 322 206 116 22............ 45 139 878 -972 14.6 2,202 ,323 884 1 ,318 440 369 206 163 29............ 19 134 345 -460 6.9 1 ,895 1,550 837 1 ,058 713 209 206 3 5 in City of Chicago 1968—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 ............3.5 .............35 May 1............ 2 36 130 -164 15.1 404 274 217 187 57 32 32 8............ 2 198 366 -561 51.6 588 222 222 366 15............ 26 459 — 486 46.9 647 187 187 459 4 4 22............ 6 17 367 -377 36.3 608 242 242 367 29............ 3 255 -252 24.6 502 247 247 255 .............2 ..............2 33 others 1968—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 ,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 t ,671 916 629 1 ,041 287 349 13 336 May 1............ 16 71 56 -110 1 .9 1,285 ,229 659 626 570 519 67 452 8............ 36 100 300 -364 6.4 1,423 ,123 675 749 448 475 109 366 15............ 40 72 228 -261 4.6 1,510 ,282 663 848 620 318 206 112 22............ 38 122 511 -595 10.6 1 ,593 ,082 642 951 440 369 206 163 29............ 16 134 90 -208 3.7 1 ,393 ,303 591 803 713 207 206 1 1 Based upon reserve balances, including all adjustments applicable to 4 Federal funds borrowed, net funds acquired from each dealer by the reporting period. Carryover reserve deficiencies, if any, are de­ clearing banks, reverse repurchase agreements (sales of securities to ducted. dealers subject to repurchase), resale agreements, and borrowings secured 2 Derived from averages for individual banks for entire week, Figure by Govt, or other issues. for each bank indicates extent to which its weekly average purchases and sales are offsetting. Note.—Weekly averages of daily figures. For description of series 3 Federal funds loaned, net funds supplied to each dealer by clearing and back data, see Aug. 1964 Bulletin, pp. 944-74. banks, repurchase agreements (purchases of securities from dealers subject to resale), or other lending arrangements. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 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. I33 Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b)2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous May 31 date rate May 31 date rate May 31 date rate Boston............................................ 5^ Apr. 23, 1968 5 6 Apr. 23, 1968 5*72 672 Apr. 23, 1968 6 New York....................................... 51/1 Apr. 19,1968 5 6 Apr. 19, 1968 5% 7 Apr. 19,1968 672 Philadelphia..................................... 5V4 Apr. 19; 1968 5 6 Apr, 19, 1968 5!/2 6/2 Apr. 19; 1968 6" Glftveland......................................... 572 Apr. 26'1968 5 6 Apr. 26, 1968 5^ 7' Apr. 26,1968 67z R ichmond....................................... 5’Z Apr. 26^ 1968 5 6 Apr, 26, 1968 5^2 6/2 Apr. 26, 1968 6 Atlanta ......... . 5'^ Apr. 22; 1968 5 6 Apr. 22, 1968 51/2 672 Nov. 20,1967 6 Chicago. . ....................................... 5'72 Apr. 26, 1968 5 6 Apr, 26, 1968 51/2 6*4 Apr. 26, 1968 6 St Louis......................................... 5’A Apr. 23, 1968 5 6 Apr. 23, 1968 571 6/2 Apr. 23,1968 6 Minneapolis................................... 5’71 Apr. 19, 1968 5 6 Apr. 19,1968 572 6/2 Apr. 19,1968 6 Kansas Gity..................................... 5'/i Apr. 26,1968 5 6 Apr, 26, 1968 572 6/2 Apr. 26,1968 6 Dallas, ............................................ 571 Apr. 26,1968 5 6 Apr. 26, 1968 5’/2 672 Apr, 26, 1968 6 San Francisco................................. 5>/2 Apr. 19,1968 5 6 Apr. 19, 1968 5'/2 614 Apr. 19,1968 6 1 Discounts of eligible paper and advances secured by such paper or 2 Advances secured to the satisfaction of the F.R. Bank. Maximum by U.S. Govt, obligations. Rates shown also apply to advances secured maturity: 4 months. by obligations of Federal intermediate credit banks maturing within 6 3 Advances to individuals, partnerships, or corporations other than months. Maximum maturity: 90 days except that discounts of certain member banks secured by U.S. Govt, direct obligations. Maximum matu­ bankers’ acceptances and of agricultural paper may have maturities not rity: 90 days. over 6 months and 9 months, respectively, and advances secured by FICB obligations are limited to 15 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date all F.R. of date all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. 1955 1959 In effect Dec. 31, 1941........ 1 -1% 1 114-1% 114 214-3 3 ‘ 15............................. 114-1% 1% 16............................. 3 3 1942 1% 1% May 29............................. 3 -3'/2 314 1 1 t%-2% 1% June 12............................. 314 371 Oct 15 t 14-1 I l%-2% 2 Sept. 11............................. 314-4 4 30 t 1/2 t7z 12............................. 2 -2U 2 18............................. 4 4 2 -2% 2% 1960 Ap 1 r 9 , 4 2 6 5.....................t.. ..1.. l 4..-..1. . l 1 No ‘ v. 2 1 1 3 8 3 . . . . . . . . . . . . 1 . . . . . . 9 . . . . . 5 . . . . . 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2% 2 2 - % % 2>/i ^ 2% 10............................. 3 3 3 1 1 3 3 4 4 - 1 - - 3 4 4 * 14 3 3 3 4 3 1 7 4 z Apr. 13.....................2..1..4..-..3 274 1948 20,.......................... 2%-3 2% 1963 Jan 12 1 -l‘/4 174 2%-3 3 July 17............................. 3 -314 % 19 1% 174 “ 31............................. 3 3 ' 26..........3..1..4............... Aug 13................................. l%-l>/2 11/2 1964 ~ 23................................. U4 1% ~ 23. A ... u 1 .. 9 g .. 5 . . . 7 . .. 9 .. . . . . . . . . . . . . . . . . . . . . . . . . .. . .......3.. .. 3 ..- % .3.14 3 3 ^ Nov. 2 3 4 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 4 4-4 4 4 1950 Nov, 15............................. 3 -314 3 1965 114-1% 1% 3 3 Dec. 6........................... 4 -4'/2 414 25 • - 1% 174 13............................. 414 4'/2 1958 1967 1953 24. J .. a .. n .. . . ... 2 .. 2 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .......2 2 ..% % ....- - .3 3 . 3 ? 14............................. 4 4 -414 4 4 23. ..................... l% 2 -2 2 2 Mar. 2 1 7 1 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 % % 2 - % - 3 2 % 2 2 % % Nov. 2 27 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 41 -4 4 14 4 4 1 1 4 4 l%-2% 1% 1968 1954 1% 1% Mar. 15............................. 414-5 414 Feb 5 1 Aug. 15............................. !^ 1% 22............................. 5 5 15 H« 2 Apr. 19............................. 5 -514 514 ii * 23............................. 2 2 ' 26..........5..1..4...............514 16.............................. BA Oct. 24............................. 2 -214 2 May 21 ........ 1% 1% Nov. 7............................. 214 214 In effect May 31.............. 514 514 f 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 I per cent in the following periods (rates in percentages): 1955—May 4-6, 1.65; was continued for discounts of eligible paper and advances secured by Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. such paper or by U.S. Govt, obligations with maturities beyond 1 year. 24-29, 2.75; 1957—Aug. 22. 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July Note.—Discount rates under Secs. 13 and 13a (as described in table 20> 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, above). For data before 1942, see Banking and Monetary Statistics, 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, 1943, pp. 439-42. 28, 30, 31, 3.875; 1965—Jan. 4-8, 3.875; 1968—Apr. 4,5, II, 15, 16,5.125; The rate charged by the F.R. Bank of N.Y. on repurchase contracts Apr. 30, 5.75; May 1-3, 6, 9, 13-16, 5.75. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-10 RESERVE AND MARGIN REQUIREMENTS □ JUNE 1968 RESERVE REQUIREMENTS OF MEMBER BANKS (Per cent of deposits) Dec. 31, 1949, through July 13, 1966 Beginning July 14, 1966 Net demand Net demand Time deposits 4 deposits 2 deposits 2 (all classes of banks) Time depos­ its Reserve Country Other Effective date 1 Central Re- Coun- cl ( a a s l s l e s Effective date 1 city banks banks S in a g v s ­ time deposits reserve try of depos­ ba c n i k ty s 3 b c a i n ty k s banks banks) $ U 5 n m de il r ­ $5 O v m e i r l ­ $ U 5 n m de il r ­ $ O 5 v m e i r l ­ its $ U 5 n m de il r ­ $ O 5 v m e i r l­ lion lion lion lion lion lion In effect Dec. 31, 1949........ 22 18 12 5 1966—July 14,21........ 5 I6'4 5 12 54 54 5 Sept. 8, 15........ 6 1951—Jan. 11,16............... 23 19 13 6 Jan. 25; Feb. 1.... 24 20 14 1967—Mar. 2.............. 314 314 1953—juiy 91 .......... 22 19 13 Mar. 16.............. 3 3 1954—June 24' 16............... 21 5 July 29’ Aug. 1.... 20 is 12 1968—Jan. 11, 18........ >6'4 17 12 12'A 1958—Feb. 27, Mar. 1.... 19^4 17>A HV4 Mar. 20, Apr. 1.... 19 17 11 In effect May 31, 1968.. 16% 17 12 12% 3 3 6 Apr 17 18V4 Apr. 24..................... 18 16% Present legal I960—Sept. 1...................... 17>/i requirement: Nov. 24..................... 12 Minimum.................. 0 7 3 3 3 Dec. 1..................... 161/4 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 banks and the second to the change at country club accounts became subject to same requirements as savings deposits. banks. For changes prior to 1950 see Board’s Annual Reports. 5 See preceding columns for earliest effective date of this rate. 2 Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances Note.—All required reserves were held on deposit with F.R. Banks due from domestic banks. ... June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member 3 Authority of the Board of Governors to classify or reclassify cities banks were allowed to count part of their currency and coin as reserves; as central reserve cities was terminated effective July 28, 1962. effective Nov. 24, I960, 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 Apr. 23, Jan. 16, Aug. 5, Oct. 16, July 28, July 10, Nov. 6, Mar. 11, June 8, 1955 1958 1958 1958 1960 1962 1963 1968 1968 Regulation T: For credit extended by brokers and dealers on: Listed stocks...................................................... 70 50 70 90 70 50 70 70 80 50 60 For short sales.......................................................... 70 50 70 90 70 50 70 70 80 Regulation U: For credit extended by banks on: Stocks............................................................... 70 50 70 90 70 50 70 70 80 Bonds convertible into listed stocks........... 50 60 Regulation G: For credit extended by others than brokers and dealers and banks on: 70 80 50 60 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

JUNE 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..................... 3 >Zt 3^ Multiple maturity: 3 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 } 4 | 5W Single-maturity: 6 months to 12 months................. 314 4^ . Less than $100,000.................. 514 5 5 90 days to 6 months...................... 2'^ $100,000 or more: Less than 90 days.......................... 1 I 4 30-59 days........................ j 5'/, 5^ | 514 (30-89 days) 60-89 days........................ 5% 90-179 days...................... 6 180 days and over............ 6 >4 i 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 k t s ry City Chicago City Chicago Four weeks ending Mar, 27, 1968 Four weeks ending Apr. 24, 1968 Gross demand—Total... 157,989 33,527 6,768 57,089 60,606 Gross demand—-Total.... 159,111 33,162 6,722 57,984 61 ,244 Interbank..................... 17,020 5,899 1,197 7,758 2,166 Interbank.............. 17,495 6,041 1 ,317 7,911 2,228 U.S. Govt..................... 6,064 1,293 286 2,301 2,186 U.S. Govt...................... 3,662 860 121 I ,415 1 ,267 Other............................ 134,905 26,335 5,287 47,029 56,255 Other........................ 137,953 26,261 5,284 48,659 57 ,749 Net demand 1.................. 125,085 23,653 5,264 44,811 51,357 Net demand 1................... 125,389 23,387 5,183 45,157 51,663 Time................................ 152,155 20,321 5,895 58,075 67,864 Time................................ 152,117 19,863 5,725 58,052 68,477 Demand balances due Demand balances due from dom. banks.... 8,230 314 274 1,936 5,707 from dom. banks...... 8,581 418 297 2,024 5,843 Currency and coin.......... 4,228 388 72 1 ,297 2,473 Currency and coin............ 4,343 380 78 1,353 2,531 Balances with F.R. Balances with F.R. Banks........................... 2I ,358 4.733 1,107 8,959 6,558 Banks............................ 21,280 4,665 1 ,080 8,962 6,574 Total reserves held.......... 25,586 5,121 1,179 10,256 9,031 Total reserves held.......... 25,623 5,045 1 ,158 10,315 9,105 Required................... 25,249 5,071 1,175 10,216 8,788 Required........................ 25,275 4,998 1,15! 10,274 8,853 Excess..................... 337 50 4 40 243 Excess........................... 348 47 7 4! 252 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 □ JUNE 1968 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1968 1968 1967 May 29 May 22 May 15 May 8 May 1 May 31 Apr. 30 May 31 Assets Gold certificate account................................................. 10,026 10,028 10,128 10,128 10,128 10,026 10,128 12,608 Cash................................................................................. 427 435 427 427 426 424 424 329 Discounts and advances: Member bank borrowings......................................... 554 377 895 259 713 1 ,013 726 390 Other........................................................................... 13 13 13 13 15 13 15 25 Acceptances: Bought outright...................................................... 53 56 56 56 56 56 57 70 Held under repurchase agreements........................... 24 45 59 30 Federal agency obligations—Held under repurchase agreements............................................................... 20 5 22 12 U.S. Govt, securities: Bought outright: BiUs...................................................................... 16,876 16,823 16,490 16,490 16,663 16,976 16,663 13,464 Certificates—Special........................................ Other................................................. 4,352 Notes...................................................................... 27,626 27,566 27,566 27,246 27,246 27,626 27,246 2! ,572 Bonds....................................................................... 6,023 6,013 6,013 6,333 6,333 6,023 6,333 6,355 Total bought outright................................................ 50,525 50,402 50,069 50,069 50,242 50,625 50,242 45,743 Held under repurchase agreements........................... 597 236 646 265 323 Total U.S. Govt, securities............................................ 50,525 50,402 50,666 50,305 50,888 50,625 50,507 46,066 Total loans and securities.............................................. 51,145 50,848 51,674 50,683 51,753 51,707 51,347 46,551 Cash items in process of collection............................... 7,223 7,804 9,055 7,422 8,194 6,944 7,239 6,314 Bank premises................................................................ 112 113 113 113 113 113 113 108 Other assets: Denominated in foreign currencies........................... 1,619 1 ,543 1 ,538 1 ,538 1 ,536 1 ,926 1,536 149 IMF gold deposited 1................................................ 247 245 245 245 245 247 245 230 All other...................................................................... 309 279 246 606 578 321 566 209 Total assets................................................................. 71,108 71,295 73,426 71,162 72,973 71,708 71,598 66,498 Liabilities F.R. notes........................................................................ 41,549 41,279 41,361 41,285 40,999 41,466 40,968 39,022 Deposits: Member bank reserves............................................... 20,442 20,186 21,215 20,141 22,098 21 ,334 21,221 19,634 U.S. Treasurer—General account............................. 950 1,155 1,146 1 ,265 732 956 1 ,035 574 Foreign....................................................................... 191 141 154 133 165 422 140 193 Other: IMF gold deposit1................................................. 247 245 245 245 245 247 245 230 All other................................................................. 212 203 258 235 259 258 244 213 Total deposits.................................................................. 22,042 21,930 23,018 22,019 23,499 23,217 22,885 20,844 Deferred availability cash items................................... 5,757 6,373 7,377 6,046 6,693 5,215 5,974 5,066 Other liabilities and accrued dividends.......................... 342 340 346 344 361 378 356 245 Total liabilities................................................................ 69,690 69,922 72,102 69,694 71,552 70,276 70,183 65,177 Capital accounts Capital paid in.............................................................. 615 614 614 614 614 615 614 582 Surplus............................................................................. 598 598 598 598 598 598 598 570 Other capital accounts................................................... 205 161 112 256 209 219 203 169 Total liabilities and capital accounts............................ 71,108 71,295 73,426 71,162 72,973 71,708 71,598 66,498 Contingent liability on acceptances purchased for foreign correspondents........................................... 132 136 130 126 118 132 118 348 U.S. Govt, securities held in custody for foreign account.................................................................... 8,501 8,560 8,556 8,678 8,745 8,328 8,763 7,799 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank)..................... 44,009 43,899 43,955 43,815 43,837 44,006 43,845 41 ,036 Collateral held against notes outstanding: Gold certificate account........................................ 5,504 5,504 5,504 5,504 5,604 5,504 5,604 6,695 Eligible paper.......................................................... U.S. Govt, securities............................................... 39,656 39,656 39,606 39,606 39,606 39,696 39,606 36,336 Total collateral...................................................... 45,160 45,160 45,110 45,110 45,210 45,200 45,210 43,031 1 See note 1(b) to table at top of p. A-73, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1968 □ FEDERAL RESERVE BANKS A-13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 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...................... 10,026 551 3,177 587 703 1,002 416 1 ,645 384 204 306 278 773 F.R. notes of other banks.................. 671 45 219 27 45 53 90 33 20 11 25 21 82 Other cash.................................... 424 26 53 4 61 23 51 84 34 6 23 17 42 Discounts and advances: Secured by U.S. Govt, securities.... 723 59 100 11 2 23 66 132 21 10 59 42 (98 Other................................................. 303 1 153 I 1 22 3 * 35 3 25 58 Acceptances: Bought outright............................ 56 56 Held under repurchase agreements.. ............ Federal agency obligations—-Held under repurchase agreements...... U.S. Govt, securities: Bought outright................................ 50,625 2,636 12,431 2,668 3,878 3,755 2,724 8,267 1,81 1 1,007 2,019 2,121 7,308 Held under repurchase agreements.. Total loans and securities.................... 51,707 2,696 12,740 2,680 3,881 3,779 2,812 8,402 1 ,832 1,052 2,081 2,188 7,564 Cash items in process of collection.. . 9,301 561 1 ,629 566 694 769 851 1 ,675 434 275 570 472 805 Bank premises....................................... 113 3 10 2 5 8 20 18 8 3 18 9 9 Other assets: Denominated in foreign currencies,. 1,926 94 1497 102 173 100 121 281 65 44 85 110 254 IMF gold deposited 2...................... 247 247 All other............................................ 321 16 83 21 24 26 16 48 12 6 13 13 43 Total assets........................................... ■74,736 3,992 18,655 3,989 5,586 5,760 4,377 12,186 2,789 1,601 3,121 3,108 9,572 Liabilities F.R. notes............................................. 42,137 2,462 9,656 2,455 3,378 3,889 2,300 7,435 1,570 740 1,584 1,432 5,236 Deposits: Member bank reserves..................... 21,334 824 6,349 916 1,384 996 1,282 2,978 748 532 893 1,197 3,235 U.S. Treasurer—General account. . 956 31 299 47 51 63 78 72 49 38 65 63 100 Foreign............................................. 422 18 3l40 20 34 20 24 55 13 9 17 22 50 Other: IMF gold deposit 2...................... 247 247 All other........................................ 258 16 200 6 * 7 1 2 4 1 2 i 18 Total deposits...................................... 23,217 889 7,235 989 1 ,469 1,086 1 ,385 3,107 814 580 977 1,283 3,403 Deferred availability cash items......... 7,572 552 1,297 452 586 680 583 1,369 343 240 484 299 687 Other liabilities and accrued dividends 378 19 98 18 28 27 20 60 13 9 15 16 55 Total liabilities.................... 73,304 3,922 18,286 3,914 5,461 5,682 4,288 11,971 2,740 1,569 3,060 3,030 9,381 Capital accounts Capital paid in...................................... 615 30 158 32 55 32 39 91 21 14 27 35 81 Surplus.................................................. 598 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts......................... 219 11 57 11 16 15 12 37 8 4 8 9 31 Total liabilities and capital accounts. . 74,736 3,992 18,655 3,989 5,586 5,760 4,377 12,186 2,789 1,601 3,121 3,108 9,572 Contingent liability on acceptances purchased for foreign correspond­ ents................................................ 132 6 434 7 12 7 8 19 5 3 6 8 17 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)............................................. 44,006 2,540 10,163 2,507 3,664 3,995 2,405 7,678 1,633 758 1,642 1,539 5,482 Collateral held against notes outstanding: Gold certificate account.................. 5,504 330 1,000 496 600 640 350 1,400 206 77 225 180 ............ U.S. Govt, securities........................ 39,696 2,256 9,400 2,100 3,100 3,395 2,150 6,450 1 ,520 695 1,450 1 ,430 5,750 Total collateral............................. 45,200 2,586 10,400 2,596 3,700 4,035 2,500 7,850 1,726 772 1,675 1,610 5,750 1 After deducting $1,429 million participations of other F.R. Banks. 3 After deducting $282 million participations of other F.R. Banks. 2 See note 2 to table at top of p. A-73. 4 After deducting $98 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 □ JUNE 1968 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities by maturity Total Treasury bils Others within 1 year 1-5 years Month Exch., c G p h r a u o s r s e ­ s s G sa r l o e s s s Re ti d o e n m s p­ c G p h r a u o s r s e ­ s s G sa r l o e s s s Re t d io e n m s p­ c G h p r a u o s r s e ­ s s G sa r l o e s s s m re s a d h t o e i u f r m r t s it p , y ­ c G p h r a u o s r s e ­ s s G sa r l o e s s s m E s a h x t o i u c f r r h t s i . t y tions 1967—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 Apr............. 1,761 982 167 1 ,651 982 167 58 41 Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers’ agreements Federal acceptances (U.S. Govt, Net agency 5-10 years Over 10 years securities) change obliga­ Month in U.S. tions Under Net c G h p r a u o s r s e ­ s s G sa r l o e s s s o E t r u x r m c it h y a . ­ c G h p r a u o s r s e ­ s s G sa r l o e s s s o E tu r x r m c it h y a . ­ c G h p r a u o s r s e ­ s s G sa r l o e s s s G s i o t e i c v e u s t. r­ p ( m a n u g e r e r c t n e h r t e s e a ­ ) s ­ e r O i n g u e h t t t ­ , a r m c e g h e p r a e n u s e t r e s ­ ­ , change 1 shifts shifts net 1967—Apr.... 32 25 1,727 1,529 552 -3 -1 57 606 May. .. 62 42 1,438 1,459 606 -10 2 -98 499 June... 109 -55 39 753 992 652 1 21 45 719 July.... 286 370 87 -1 -13 -45 28 -113 450 450 -249 -14 -263 Sept.... 27 - 44 19 453 453 361 -12 104 453 Oct....... • I.......... 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 -1 35 830 Apr., . . 8 3 1 ,832 1,627 815 -45 2 -5 766 1 Net change in U.S. Govt, securities. Federal agency obligations, and Note.—Sales, redemptions, and negative figures reduce System hold­ bankers* acceptances. ings; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d ar ia s n F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese N gu l e a i n t ld h d e e s r r s ­ f S r w an is c s s 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 1 1 2 Aug.............................. 866 761 3 3 1 94 1 1 * 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 I * 2 1968—Jan.............................. 1,470 1,142 45 253 1 25 1 1 * 3 Feb............................... 1,489 1,152 50 253 I 27 1 1 * 4 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 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 May 29 May 22 May 15 May 8 May 1 May 31 Apr. 30 May 31 Discounts and advances—Total................................... 567 390 908 272 728 937 741 415 Within 15 days............................................................ 564 377 891 252 710 934 722 386 16 days to 90 days............................................... 3 13 17 20 18 3 19 29 91 days to 1 year.................................................... Acceptances—-Total........................................................ 53 56 80 101 115 56 87 70 Within 15 days............................................................ 19 21 44 63 71 20 41 16 16 days to 90 days...................................................... 34 35 36 38 44 36 46 54 91 days to 1 year........................................................ U.S. Government securities—-Total............................. 50,525 50,402 50,686 50,310 50,910 50,625 50,519 46,066 Within 15 days 1....................................................... 2,463 2,533 1 ,860 5,695 6,244 1,383 5,270 1,871 16 days to 90 days...................................................... 12,362 12,396 8,773 8,177 7,809 13,099 8,392 11,892 91 days to 1 year........................................................ 21,744 21 ,578 26,158 26,108 26,527 22,187 26,527 17,698 Over 1 year to 5 years................................................ 7,957 7,915 7,915 7,988 7,988 7,957 7,988 13,168 Over 5 years to 10 years............................................ 5,421 5,403 5,403 1 ,765 1 ,765 5,421 1,765 960 Over 10 years.............................................................. 578 577 577 577 577 578 577 477 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 accounts1 Turnover of demand deposits (in billions of dollars) Period S T M 2 o 3 S t 3 a A l 's N Le .Y ad . ing S 6 M o S t A he ’s rs2 T S o N M ( t e a . x S Y l c A . l 2 ) . 3 ’s 2 SM o 2 th 2 S 6 e A r ’s S T M 2 o 3 S t 3 a A l 's L N e .Y ad . ing S 6 M o S t A he ’s rs2 T S o N M ( t e a . x S Y l c A l . 2 . ) 3 ’s 2 S o M 2 th 2 S 6 e A r ’s 1967—Apr............................... 6,553.5 2,864.0 1,451.4 3,689.5 2,238.1 57.7 123.0 54.2 40.8 35.1 May............................. 6,348 2 2*734 5 1'409.2 3 613.7 2,204.5 54.8 115.2 52.0 39.2 33.9 June............................. 6,637.2 2,904.1 1,476.4 3 733 1 2^256.7 56.5 120.0 53.4 40.1 34.4 July...................... 6,688.7 2'857.1 1^560.5 3,831.6 2,271.1 56.8 119.8 55,5 40.7 34.5 Aug.............................. 7,067,8 3 J85.7 1375.0 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. I 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. J 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,’218.7 197. 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 May...................... 7,614.0 3,370.6 1,722.0 4,243.4 2’521.4 61.0 129.5 58.8 43.0 36.1 1 Excludes interbank and U.S. Govt, demand deposit accounts. Note.—-Total SMSA’s includes some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA's. Los Angeles-Long Beach. For a description of series, see Mar. 1965 Bulletin, p. 390. AU 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-lb U.S. CURRENCY u JUNE 1968 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir­ End of period cula­ tion 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939...................... 7,598 5,553 590 559 36 1 019 1 772 1 576 2 048 460 919 191 425 20 1941...................... 11'160 8',120 751 695 44 1,355 2*731 2,545 3’044 724 1 433 261 556 24 46 1945...................... 28,515 20,683 1,274 1,039 73 2’313 6,782 9*201 7 834 2,327 4 220 454 801 7 24 1947...................... 28’868 20 ,’020 1 '404 1,048 65 2’110 6 275 9’119 8 850 2 548 5*070 428 782 5 17 1950...................... 27'741 19'305 1*554 1,113 64 2,049 5 998 8,529 8.438 2,422 5 *043 368 588 4 12 1955 ...................... 31,158 22'021 1*927 1'312 75 2,151 6,617 9 940 9 136 2'736 5 641 307 438 3 12 1958...................... 32,193 22 ,'856 2*182 1’494 83 2,186 6 624 10 288 9 337 2 792 5 886 275 373 3 9 1959...................... 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5 913 261 341 3 5 I960...................... 32*869 23^521 2’,427 1,533 88 2'246 6 691 10 536 9 348 2,815 5*954 249 316 3 10 1961...................... 33,918 24’388 2,582 1^588 92 2’313 6 878 10,935 9’531 2,869 6*106 242 300 3 10 1962...................... 35,338 25’356 2,*782 1,636 97 2’375 7 071 11 395 9 983 2,990 6*448 240 293 3 10 1963...................... 37’692 26',807 3,030 1,722 103 2,469 7,373 12309 10,885 3^ 221 7’ilO 249 298 3 4 1964...................... 39'619 28,100 3,405 1’806 111 2,'517 7,’543 12,717 11,519 3'381 7 590 248 293 2 4 1965...................... 42^056 291842 4,027 1,908 127 618 7 794 13,36912 214 3,540 8 135 245 288 3 4 1966.............. 44,663 31,695 4*480 2 051 137 2,756 8 070 14 201 12 969 3 700 8*735 241 286 3 4 1967—Apr........... 43,730 30,887 4,551 1 948 137 2,607 7 817 13,827 12 844 3,625 8 692 238 282 3 4 May...... 44,443 31,509 4,600 1,984 137 2,671 7,979 14,138 12,935 3,660 8*743 238 282 6 5 June...... 44,712 31^684 4,641 1,879 137 2,635 8,035 14,357 13 029 3,699 8*805 238 280 3 4 July........... 44’866 31,774 4,674 1,873 137 2*625 7,989 14,47613,094 3,724 8 844 238 281 3 4 Aug........... 45,071 31,884 4,720 1,878 136 2',628 8,001 14*521 13 186 3'749 8 911 238 281 3 4 Sept........... 45*031 31,795 4*752 1,886 136 2,621 7 949 14,451 13’236 3 751 8 *959 238 281 3 4 45,’421 32,095 4,803 1 913 136 2,658 8 013 14’572 13 325 3 766 9 031 238 283 3 4 Nov....... 46,463 32,937 4,865 1,965 136 2’748 8,266 14*957 13*524 3,832 9’163 239 283 3 4 Dec............ 47,226 33,468 4,918 2,035 136 2,*850 8,366 15 J 62 13,*758 3*915 9,311 240 285 3 4 1968—Jan............. 45,819 32,232 4,927 1,923 136 2,686 7,977 14,583 13,588 3,835 9,221 240 285 3 4 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 1,857 136 2,676 8,094 14,852 13,632 3*840 9,261 239 285 3 4 Apr............ 46,621 32,938 5,137 r,875 136 2', 684 8,104 15,002 13^683 3,857 9,293 240 286 3 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break­ Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Held by Kind of currency T s A o ta p t 1 a n r 9 l . d 6 8 i o 3 n 0 u g , t ­ A g a s o g l s d a e i c n a u n s r t d i t y Treasury B F F a . n o R k r . s B F a a n . n R d k . s 1968 1967 silver cash and Agents Apr. 30, Mar. 31, Apr. 30, certificates Agents 1968 1968 1967 Gold................................................................................ 10,484 (10,128) 2356 Gold certificates............................................................. (10,128) 310,127 i Federal Reserve notes................................................ 43,846 152 2,876 40,818 40,569 38,244 Treasury currency—Total.............................................. 6,790 (288) 562 425 5,803 5,729 5,486 Standard silver dollars............................................. 485 3 482 482 482 Silver bullion............................................................. 339 285 54 Silver certificates...................................................... (288) 5 284 298 547 Fractional coin........................................................ 5,559 492 412 4,656 4,567 4,069 United States notes.................................................... 323 17 9 297 297 301 In process of retirement ^......................................... 85 85 85 88 Total—'Apr. 30, 1968. ............................................ 561,120 (10,416) 1,070 10,127 3,302 46,621 Mar. 31, 1968.................................................... 560,643 (10,433) 1,084 10,130 3,131 46,297 Apr. 30, 1967.................................................... 560,527 (13,160) 1,365 12,603 2,828 43,730 I Outside Treasury and F.R. Banks. Includes any paper currency held 5 Does not include all items shown, as some items represent the security outside the United States and currency and coin held by banks. Esti­ for other items; gold certificates are secured by gold, and silver certificates mated totals for Wed. dates shown in table on p. A-5. by standard silver dollars and monetized silver bullion. Duplications 2 Includes $245 million gold deposited by and held for the International are 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. 4 Redeemable from the general fund of the Treasury. 1961 Bulletin, p. 936. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 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 s n n i e t d n t jus a te d d ­ 1 Total c C om ur p re o n n c e y n t co D d m e e m p p o o a s n n i e t d n t jus a t d ed ­ 1 d d e e p m os a i n ts d 1 1965—Dec................................................... 166.8 36.3 130.5 146.6 172.0 37.1 134.9 145.2 4.6 1966—Dec................................................... 170.4 38.3 132.1 158.1 175.8 39.1 136.7 156.9 3.4 1967—May................................................. 174.4 39.1 135.3 170.1 171.0 38.8 132.2 170,8 6.6 June.................................................. 176.0 39.3 136.7 172.6 174.2 39.2 135.0 173.0 4.0 July................................................... 177.8 39.4 138.4 174.8 175.7 39.6 136.2 175.2 5.7 Aug................................................... 178.9 39.5 139.4 177.2 (75.8 39.6 136.2 177.8 4.3 Sept................................................... 179. 1 39.7 139.4 179.4 178.3 39.7 138.5 179,0 5.0 Oct.................................................... 180.2 39.9 140.2 180.6 180.5 40.0 140.5 180.4 6.3 Nov................................................... 181.0 40.1 141.0 182.0 182.4 40.5 141.9 181.3 5.3 Dec................................................... 181.3 40.4 140.9 183.5 187.1 41.2 145.9 182.0 5.0 1968—Jan.................................................... 182.3 40.6 141.7 184.1 187.6 40.5 147.1 183.7 5.0 Feb................................................... 182.7 40,7 141.9 185,2 181.4 40.3 141.1 185.8 7.2 Mar.................................................. 183.4 41.1 142.2 186.7 182.0 40.7 141.2 187.6 6.7 Apr................................................... 184.4 41.4 143.0 187.1 185.6 41.1 144.6 187.9 4.2 May,................................................ 186.1 41.6 144.5 187.6 182.5 41 ,4 141.1 188.4 6.4 Week ending— Apr. 3............................................ 183.9 41.2 142.7 187.3 183.0 40.8 142.2 188.2 5.2 10............................................ 183.9 41.3 142.6 187.0 184.5 41,4 143.1 188.1 3.7 17............................................ 186.0 41.3 144.7 187.1 189.7 41.3 148.3 187.8 2.8 24............................................ 183.8 41.4 142.4 186.9 185.4 40.9 144.5 187.4 5.0 May 1............................................ 183.7 41.5 142.3 187.3 183.7 40,7 143.0 188.0 5.6 8............................................ 184.8 41.5 143.3 187.4 183,5 41.5 142.0 188.1 7.3 15 p......................................... 185.1 41.6 143.5 187.7 182.8 41.4 141.4 188.5 5.7 22 2’......................................... 186.8 41 .8 145.0 187.7 181.4 41.4 140.0 188.5 6.7 29 ”......................................... 187.5 41 .8 145.8 187.6 181.7 41.2 140.5 188.4 6.2 1 At all commercial banks. mercial banks and the U.S. Govt., less cash items in process of collection and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) cur­ pp. N o A t - e 9 . 2 — — Se A r - ie 9 s 7 . r e F v o is r e d m o be n g th in ly n in d g a ta Ja n 1 . 9 4 1 7 9 - 6 5 3 8 ; , s s e e e e J J u u n n e e 1 1 9 9 6 6 8 4 B B u u l l l l e e t ti in n , , r b e a n n c k y s . ou T ts i i m de e t d h e e p o T s r i e t a s su a r d y j , u s F te .R d . a B re a nk ti s m , e a n d d e p v o a s u it lt s s a o t f a a l l l l c c o o m m m m e e r r c c i i a a l l pp. 679-89; and for data for 1959-62, see August 1967 Bulletin, pp. banks other than those due to domestic commercial banks and the 1303-16,, U.S. Govt. Effective June 9, 1966, balances accumulated for payment of Averages of daily figures. Money supply consists of (I) demand personal loans were reclassified for reserve purposes and are excluded from deposits at all commercial banks other than those due to domestic com­ time deposits reported by member banks. AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Member bank reserves t Deposits subject to Member bank reserves 1 Deposits subject to reserve requirements2 reserve requirements2 Period Total r N o b w o o r e n ­ d ­ qu R ir e e ­ d Total s T a a v i n m in d g e s de v P m a r a t i e ­ n d d G e U m o . v a S n t . , d Total r N o b w o o r n e ­ d ­ qu R ir e e ­ d Total sa T a v i n i m n d g e s de v P m a r t a i e ­ n d d G e U m o . a S v n t . , d 1965—Dec....... 22.64 22.15 22.31 236.6 121,2 111.0 4.4 23.23 22.77 22.77 239.0 119.8 115.2 4.0 1966—Dec....... 22.90 22,29 22.60 244.6 129.4 111.7 3.5 23.47 22.91 23.08 247. 1 127.9 116. 1 3.0 1967—May.. . . 23,95 23.87 23.53 257,2 138.7 I 14.5 4.0 23.76 23.66 23.39 256.5 139.4 111.2 5.8 June.. . . 24.11 23.98 23.66 259.5 140.8 116.0 2.6 24.01 23.89 23.59 258.9 141,3 114.2 3.4 July. . .. 24,34 24.28 23.96 262.4 142.8 116.7 2.9 24.42 24.33 24.06 263.2 143.1 115. 1 5.1 Aug....... 24.63 24.59 24.26 266.1 144.6 117.5 4.0 24.28 24,19 23.90 263.7 145.2 114.8 3.7 Sept....... 24.79 24.72 24.45 268.4 146.3 117.6 4.5 24.71 24.62 24.35 267.3 146.0 116.9 4.4 Oct........ 25.12 25.02 24.81 270.8 147.4 118.2 5.2 25.12 25.00 24.84 271.1 147.0 118.5 5.7 Nov.. . . 25.28 25.14 25.95 272.9 148,6 118.7 5.6 25.25 25.12 24.85 271.9 147.6 119.7 4.6 Dec....... 25.15 24.85 24.91 273.2 149.9 118.6 4.6 25.78 25.54 25.44 275.9 148.1 123.3 4.5 1968—Jan........ 25.50 25. 19 25.15 274.7 149.9 119,4 5.4 26.04 25,80 25.65 278,3 149.4 124.4 4.4 Feb....... 25,77 25.40 25.39 277.0 150.2 119.7 7.1 25.61 25.25 25.21 276.2 151.0 118.8 6.4 Mar.. . . 25.81 25.14 25.40 278.0 151.2 120.1 6.7 25.58 24.91 25.22 277. 1 152.2 119.1 5.9 Apr....... 25.62 24.94 25.28 276.9 151.3 120.4 5.2 25.55 24.86 25.28 277.5 152.1 121 .7 3.7 May p... 25.71 24,98 25.24 277,3 151 .5 122.1 3.7 25.50 24.75 25.09 276.4 152.2 118.6 5.6 1 Averages of daily figures. Data reflect percentage reserve requirements 9, 1966, balances accumulated for repayment of personal loans were elim­ made effective Jan. 18, 1968. inated from time deposits for reserve purposes. 2 Averages of daily figures. Deposits subject to reserve requirements in­ clude total time and savings deposits and net demand deposits as defined Note.—Back data for the period 1947 to date may be obtained from by Regulation D. Private demand deposits include all demand deposits ex­ the Banking Section, Division of Research and Statistics, Board of Gover­ cept those due to the U.S. Govt., less cash items in process of collection nors of the Federal Reserve System, Washington, D. C. 20551. and demand balances due from domestic commercial banks. Effective June Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-18 BANKS AND THE MONETARY SYSTEM □ JUNE 1968 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas- Total Date c u u r r y - U.S. Government securities li i a ti b e i s l- Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d y ­ - Total n L e o t a n *, s , 2 Total C a o n m d l. R Fe es d e e r r v a e l Other3 O r s i e t t i h c e u e 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 c s n t c ­ t . s, s b a a v n in k g s s Banks 1947—Dec. 31................... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30................... 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,008 184,384 14,624 1963—Dec. 20................... 15'582 5,586 333,203 189,433 103,273 69,068 33,552 653 40,497 354,371 323,251 31,118 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—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 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 13’000 6,700 445,600 268,500 111,200 63,500 46,200 1,500 65,900 465,300 418,600 46,700 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 11'982 6,784 468,943 282,040 117,064 66,752 49,112 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 45,300 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.................... 10’500 6,800 467,700 279,100 116,200 65,500 49,500 1 ,200 72,300 484,900 438,900 46,000 Apr. 24 ^................ 10,500 6,800 469,200 281,900 114,100 63,800 49,300 1 ,000 73,100 486,400 440,100 46,400 May 29”.................. 10>00 6,800 471,200 282,400 116,000 64,300 50,500 1,100 72,800 488,400 440,300 48,000 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 4 Not seasonally adjusted Time U.S. Government Date Total o b r u C e a t n n u s c i k r d y ­ s e d ju e m s D p a t a o d e e n s d ­ ­ d i t s 5 Total o b r u C e a t n n u s c i k r d y ­ s e d ju m e s D p a t a o d e e n d s ­ ­ d i t s 5 Total b m C a e n o r k c m s ia ­ l t b M sa a v n u i k t n u s g a s l 6 S P t a S o e v y s m i s t n a ­ 3 g l s e n F i e g o t n r­ , 7 T h c i u r o n a e r g l s a y d h s s ­ ­ s b c a a a o v A n n i m n d t k g l s . s B F A a .R n t k . s 1947—Dec. 31... . 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1,293 2,989 668 1963—Dec. 20.... 153,100 31.700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 1,206 392 6,986 850 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—May 31.... 173,300 38,600 134.700 171,200 38,500 132,700 228,900 171,500 57,300 100 1,900 1,400 4,400 600 June 30.... 174,100 38,400 135,700 174,328 39,681 134,647 231,780 173,566 58,161 53 1,804 1,472 5,427 1,311 July 26.... 173,500 38,500 135,000 173,300 38,600 134,700 233,600 175,300 58,300 1,800 1,500 6,200 1,300 Aug. 30... . 175,100 38,400 136,700 173,500 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 2,179 1 ,344 5,508 1,123 1968—Jan. 31.... 180,600 40,000 140,600 183,000 39,400 143,600 245,200 184,500 60,700 1 ,900 1 ,400 7,200 1,200 Feb. 28.... 179,300 39,900 139,400 178,400 39,400 139,000 247,300 186,300 61', 100 2,000 1,300 9,400 900 Mar. 27.... 182,500 40,200 142,300 179,800 39,800 140,000 249,300 187,600 61,'700 2,000 1,100 5,700 1,000 Apr. 24 r>’.. 182,100 40,400 141,700 182,100 40,000 142,100 249,000 187'300 61,700 2,000 1,100 4,300 1,600 May 29*... 182,800 40,800 142,000 181,000 41,100 139,900 250,000 188,100 62,000 ......2..,.1..0.0 1 ,000 5,300 1,000 1 Beginning with data for June 30,1966, about $1.1 billion in “Deposits June 1961, also includes certain accounts previously classified as other lia­ accumulated for payment of personal loans” were excluded from “Time bilities. deposits” and deducted from “Loans” at all commercial banks. These 7 Reclassification of deposits of foreign central banks in May 1961 re­ changes resulted from a change in Federal Reserve regulations. These hy­ duced this item by $1,900 million ($1,500 million to time deposits and $400 pothecated deposits are shown in a table on p. A-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,” 5 Other than interbank and U.S. Govt., less cash items in process of Section 1 of Supplement to Banking and Monetary Statistics, 1962, and collection. Bulletins for Jan. 1948 and Feb. 1960. Except on call dates, figures 6 Includes relatively small amounts of demand deposits. Beginning with are partly estimated and are rounded to the nearest $100 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 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— Cla a s n s d o d f a b te ank Total Lo l a , n 2 s G U S o .S v ec t , . urit O ie t s h 2 er a C ss a e s t h s 3 c b c T o i a a l a o p u i l n t c i t i n i a d t a ­ e a ­ t l s s l 4 Total3 m D I a n e n t ­ e d rba T n im k3 e U. D S. e ma O O n t d t h h e e r r Ti t m . 5 e r B i o n o g w r s ­ ­ c c T a o a o p u c t i n a t ­ a t l s l N ba b o u n e m f r k s ­ Govt. All banks: 1941—Dec. 31....... 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 23 8,414 14,826 1945—Dec. 31............... 140,227 30,361 101,288 8,57735,415 177,332 165,612 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 66 11,948 14,714 1966—Dec. 31.............. 381,684266,022 60,91654,745 70,085 464,376407,637 19,770 968 4,999 167,821 214,078 4,929 36,926 14,271 1967—May 31.............. 391,880269,630 60,26061,99064,810469,530409,520 17,520 1 ,370 4,160 157,450229,020 7,080 37,800 14,246 June 30 396,754273,970 58,53764,24766,210476,268417,790 18,030 1,469 5,159 161,138 231,995 5,208 38,217 14,247 July 26.............. 401,010274,930 61,51064,57063,150477,020416,120 17,020 1 ,480 5,920 157,800 233,900 6,91037,940 14,247 Aug. 30.............. 404,280274,870 63,51065,90059,840476,930414,950 16,750 1,550 3,640 156,220236,790 6,520 38,330 14,245 Sept. 27............... 409,200278,140 64,50066,56062,300484,480422,660 17,040 1,530 7,020 159,300237,770 6,470 38,160 14,244 Oct. 25.............. 412,380278,430 66,63067,32062,300487,590425,670 17,170 1,430 6,680 161,030239,360 6,140 38,650 14,236 Nov. 29.............. 415,110279,740 67,25068,12062,650490,710427,760 16,970 1,340 4,980 163,730240,740 6,92038,890 14,240 Dec. 30.............. 424,134287,543 66,75269,83978,924517,374455,501 21,883 1,314 5,240 184,139242,925 5,84639,371 14,223 1968—Jan. 31.............. 421,940284,980 66,57070,39067,710503,580439,740 17,470 1 ,320 6,920 168.580245,450 6,82039,430 14,219 Feb. 28.............. 423,280284,660 67,55071,07065,660 502,570437,630 16,920 1 ,370 9,060 162,640247,640 7,27039,590 14,219 Mar. 27.............. 423,570285,750 65,51072,31064,860502,640435,990 16,710 1,280 5,320 163,030249,650 8,15039,670 14,218 Apr. 24rj’.......... 427,060290,110 63,84073,11064,740506,010438,130 17,340 1 ,230 3,940 166,330249,290 8,93039,870 14,215 May 29 p............ 428,610291,470 64,32072,82065,970 508,710438,610 17,340 1,100 4,960 164,860250,350 9,70040,170 14,223 Commercial banks: 1941—Dec. 31...... 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31.............. 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 14,011 1947—Dec. 316............ 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 1966—Dec. 31.............. 322,661 217,726 56,16348,77269,119403,368 352,287 19,770 967 4,992167,751 158,806 4,85932,054 13,767 1967—May 31.............. 330,400219,880 55,83054,69063,710405,880352,140 17,520 1 ,370 4,160 157,380 171,710 7,08032,880 13,743 June 30 334,857223,952 54,233 56,671 65,059412,118359,531 18,029 1,468 5,152 161,048 173,833 5,16633,285 13,744 July 26.............. 338,570224,780 57,11056,68062,070412,380357,750 17,020 1 ,480 5,920 157,730 175,600 6,91033,030 13,746 Aug. 30.............. 341,230224,340 59,14057,750 58,810411,730356,250 16,750 1,550 3,640 156,150 178,160 6,52033,360 13,744 Sept. 27.............. 345,780227,430 60,09058,26061,300418,910363,390 17,040 1,530 7,020 159,230 178,570 6,47033,190 13,743 Oct. 25.............. 348,810227,420 62,37059,02061,300421,870366,250 17,170 1,430 6,680 160,940 180,030 6,14033,680 13,735 Nov, 29. ............ 351,100228,460 62,85059,79061,730424,650368,100 16,970 1,340 4,980 163,640 181,170 6,92033,890 13,739 Dec. 30.............. 359,903 235,954 62,47361,47777,928 451,012395,00821,883 1,314 5,234 184,066182,511 5,77734,384 13,722 1968—Jan. 31.............. 356,970233,010 62,23061 ,73066,830436,580378,960 17,470 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 61,10063,14063,950434,570 374,190 16,710 I ,280 5,320 162,950 187,930 8,15034,600 13,716 Apr. 24 r”.......... 360,960237,640 59,540 63,78063,870437,850376,380 17,340 1,230 3,940 166,250 187,620 8,930 34,810 13,714 May 29p............ 362,210238,800 60,02063,39065,100440,250376,560 17,340 1,100 4,960 164,780 188,380 9,70035,110 13,722 Member banks: 1941—Dec. 31...... 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31.............. 107,183 22,775 78,338 6,07029,845 138,304 129,670 13,576 6422,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31.............. 97,846 32,628 57,914 7,30432,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1966—Dec. 31.............. 263,687 182,802 41,92438,96060,738 334,559291,063 18,788 794 4,432 138,218 128,831 4,61826,278 6,150 1967—May 31.............. 269,654183,480 41,90044,27456,487336,422290,441 16,716 1,194 3,629 129,570 139,332 6,76527,009 6,113 June 30 .............. 273,266 186,814 40,63645,81657,391 341,290296,548 17,167 1,314 4,580 132,546 140,942 4,92027,237 6,108 July 26.............. 276,381 187,536 42,95745,88855,166341,784294,976 16,187 1 ,326 5,286 129,674 142,503 6,62527,061 6,108 Aug. 30.............. 278,259 187,130 44,41646,713 52,060340,576293,115 15,891 1,393 3,128 128,086 144,617 6,20927,318 6,100 Sept. 27 281,993 189,870 45,00347,12054,477346,853 299,334 16,162 1 ,377 6,318 130,683 144,794 6,141 27,233 6,095 Oct. 25.............. 284,341 189,676 46,96747,698 54,470349,107 301,584 16,284 1,275 6,051 132,075 145,899 5,80827,575 6,086 Nov. 29............... 285,700 190,515 47,091 48,09454,809350,888 302,689 16,082 1 ,189 4,356 134,283 146,779 6,45627,734 6,083 Dec. 30.............. 293,120 196,849 46,95649,31568,946373,584326,033 20,811 1,169 4,631 151,980 147,442 5,37028,098 6,071 1968—Jan. 31.............. 290.389 194,262 46,57949,54859,102360,773 311,534 16,668 1,170 6,313 138,263 149,120 6,42728,142 6,064 Feb. 28.............. 290,844 193,582 47,35449,908 57,129358,945 309,01216,112 1,223 8,094 133,136150,447 6,82528,188 6,060 Mar. 27.............. 290,527 194,303 45,51050,71456,437358,402306,703 15,917 1,129 4,707 133,587 151,363 7,655 28,250 6,049 Apr. 24.............. 293,281 197,820 44,285 51,17656,320 361,004308,156 16,534 1,083 3,438 136,258 150,843 8,58428,424 6,046 May 29 ^............ 294,364 198,874 44,733 50,757 57,415 363,139308,378 16,574 955 4,282 135,242 151,325 9,073 28,706 6,044 Mutual savings banks: 1941—Dec. 31...... 10,379 4,901 3,704 1,774 793 11,804 10,533 5 10,527 1,241 548 1945—Dec. 31.............. 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 7 1,592 542 1947—Dec. 31«............ 18,641 4,944 11,978 1,718 886 19,714 17,763 1 3 14 17,745 1,889 533 1966—Dec. 31.............. 59,023 48,296 4,753 5,973 966 61,008 55,350 .......... 1 7 70 55,271 69 4,871 • 504 1967— J M un ay e 3 3 1 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 6 1 1 , , 4 89 8 8 0 4 50 9 , , 0 7 1 5 8 0 4 4 , , 4 3 3 0 0 4 7 7 , , 3 5 0 7 0 6 1 1 , , 1 1 0 5 0 2 6 6 3 4 , , 6 1 5 5 0 0 5 5 7 8 , , 3 2 8 5 0 9 i 7 7 9 0 0 5 58 7 , , 1 3 6 1 1 0 42 4 4 , , 9 9 2 3 0 2 5 5 0 0 3 3 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 .......... i 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 5,070 502 Apr. 24 r............ 66,100 52,470 4,300 9,330 870 68,160 61 ,750 80 61 ,670 .......... 5,060 501 May 29p....... 66,400 52,670 4,300 9,430 870 68,460 62,050 80 61,970 5,060 501 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 □ JUNE 1968 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets—- Securities Total Interbank 3 Other Cla a s n s d o d f a b te ank Total Loans a C ss a e s t h s 3 c b a i a l l p i n i a t i d i t ­ e a s l Total3 Demand r B i o n o g w r s ­ ­ c c T a o o p u t i n a ta t l s l b N a b o u n e f m k r s ­ G U o . v S t . . Other ac­ m D a e n ­ d Time Time1 counts4 U.S. Other Govt. Reserve city member banks: New York City:7’8 1941—-Dec. 31.................. 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31................. 26'143 7’334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31.................. 20 J93 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—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 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,’3 80 36’683 5,408 6,289 14,431 65,964 51,953 5,495 836 1,190 24,754 19,678 2,536 5,600 12 Aug. 30.................. 48'521 36,360 5,634 6,527 12,940 64,698 50,639 5,102 867 574 24,011 20,085 2,140 5,663 12 Sept. 27.................. 49,435 36'981 5,599 6,855 13,206 65,951 52,050 5,311 816 1,686 24,506 19,731 1,688 5,680 12 Oct. 25.................. 49’718 36 380 6,443 6,795 13,672 66,592 52,552 5,252 757 1,719 24,802 20,022 1,695 5,708 12 Nov. 29............. 49'805 36399 6,257 6,749 13,106 66,251 52,163 5,254 752 828 24,83620,493 1,946 5,729 12 Dec 30......... . 52/41 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 12 May 29p................ 50'800 38'737 5,169 6,894 14,573 68,783 52,747 6,135 530 749 26,50618,827 2,586 5,944 12 City of Chicago: 7 1941—Dec. 31.................. 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31.................. 5‘,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31............ 5 .088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 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 1967—May 31.................. 11,995 8,426 1,822 1,747 2,691 15,171 12,633 1,319 154 5,488 5,661 644 1,223 June 30.................. 12,133 8,924 1,576 1,633 2,432 15,073 12,814 1,270 20 299 5,537 5,686 359 I ,224 July 26................. 12’272 8361 1,679 1,632 2,920 15,702 12,877 1,321 10 293 5,416 5,837 655 1,214 Aug. 30.................. 12'252 8,923 1,714 1,615 2,606 15,352 12,668 1,242 127 5,246 6,042 498 1,226 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 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 Nov. 29.................. 121350 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.................. 12371 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 I ,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 I ,879 1,809 2,606 15,959 12,407 1,185 9 134 5,401 5,678 835 1 ,337 May 29’’................ 12’,534 8,950 1,730 1 ,854 2,968 16,143 12.425 1,139 169 5.479 5,630 826 1 ,346 9 Other reserve city:?*8 1941—Dec. 31'................. 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31.................. 40’108 8J514 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 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—May 31.................. 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 17,24022,222 125,502 110,225 7,667 370 1,880 46,396 53,912 2,109 9,755 166 July 26. ................ 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................. 101342 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 71 328 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........... 105 324 73'571 14,667 17,48726,867 136,626 120,485 9,374 310 1,715 53,28855,798 2,555 10,032 163 1968—Jan. 31.................. 105,141 73,002 14,340 17,799 22,782 132,083 115,168 7,609 335 2,751 47,681 56,792 3,10410,069 164 Feb. 28.................. 105^503 72349 14,700 17,854 22,623 132,185 114,952 7,477 395 3,461 46,256 57,363 3,416 10,075 164 Mar. 27.................. 105'064 73,232 13,790 18,042 21 ,820 130,999 113,620 7,247 393 I ,679 46,687 57,614 3,523 10,087 164 Apr. 24r................ 106,175 74,648 13,383 18,14422,147 132,442 114,208 7,577 380 1,412 47,40957,430 4,245 10,152 163 May 29’’................ 106'505 74,697 13,496 18,312 21,950 132,720 113,758 7,311 321 I ,587 46,851 57,688 4,407 10,223 163 Country member banks:7’8 1941—Dec. 31.................. 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31.................. 35 302 5'596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 2,525 6,476 1947—Dec. 31.................. 36,324 10^199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934 6,519 1966—Dec. 31.................. 109 ,'518 68,641 22,419 18,458 19,004 131,338 117,749 2,392 69 1,474 56,67257,144 308 10,309 5,958 1967—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 July 26.................. 114/929 71903 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 116344 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 55,610 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 56,68264,834 923 10,849 5,898 Dec. 30................. 122 ,'511 74'995 24,68922,82620,334 146,052 131,156 2,766 96 1 ,564 61,161 65,569 552 11,005 5,886 1968—Jan. 31.................. 121,777 74,092 24,88022,805 17,907 142,572 127,617 2,063 106 1,573 57,456 66,419 783 10,947 5,878 Feb. 28.................. 122,372 74,266 25,11922,987 17,668 142,921 127,616 2,087 106 2,496 55,58767,340 889 11,045 5,874 Mar. 27. ................ 122'968 74'834 24,823 23,311 17,527 143,526 127,958 2,058 96 1,606 55,922 68,276 996 11,100 5,864 Apr. 24r................ 124,227 76,289 24,28923,649 17,606 144,949 129,505 2,076 96 1,317 57,359 68,657 695 11,169 5,862 May 29"................ 124,525 76,490 24,338 23,697 17,924 145,493 129,448 1,989 96 1 ,777 56,40669,180 I ,254 11,193 5,860 For notes see p. A-22. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 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 l n l a l k s d s a a o n te f d Total Lo 1, a n 2 s G U o . v S t . . Oth 2 er as C s a e s ts h 3 c c b o a i a u i a l p * n i . n c a t i d i ­ t r t e a s s l 2 Total3 m D a e n ­ d Time U. D S. e mand Ti 1 m . 5 e r B i o n o w g r s ­ ­ c c T a o a o p u c t i n t a ­ a t l s ! b N a b o u n e f m k r s ­ Govt. Other Insured commercial: 1941—Dec. 3L. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 (5,699 (0 6,84413,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,27629,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 1965—Dec. 31.. 303,593 200,109 59,12044,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 29,827 13,540 1966—Dec. 31.. 321,473 217,379 55,78848,307 68,515 401,409 351,438 19,497 881 4,975 166,689 159,396 4,71731,60913,533 1967-—June 30.. 333,742223,707 53,871 56,164 64,545 410,308 358,745 17,778 1,399 5,135 159,991 174,441 5,05032,843 13,525 Dec. 30.. 358,536235,502 62,09460,941 77,348 448,878 394,118 21,598 1,258 5,219 182,984 183,060 5,531 33,91613,510 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 32,34725,720 36,880 219,744 193,860 12,064 458 3,284 92,533 85,522 2,627 17,434 4,815 1966—Dec. 31.. 187,251 129,182 30,355 27,713 41,690 235,996 206,456 12,588 437 3,035 96,75593,642 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.. 208,971 139,315 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 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,41 1 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1965—Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,598 34,680 1,607 7,492 1,406 1966—Dec. 31.. 77,377 54,560 11,569 11,247 19.049 99,504 85,547 6,200 357 1,397 41,46436,129 1,498 7,819 1,351 1967—June 30.. 78,908 55,070 11,091 12,747 17,931 100.232 86,432 5,837 567 1 ,379 39,48239,166 1,501 8,140 1,328 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 27,52825,882 91 4,912 7,320 1966—Dec. 31.. 56,857 33,636 13,873 9,349 7,777 65,921 59,434 709 87 543 28,471 29,625 99 5,342 7,384 1967—June 30.. 59,505 35,912 13,243 10,350 7,154 68,049 61,216 611 85 555 27,445 32,519 130 5,617 7,418 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 «. 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 Nonmeraber 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 4;.5 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 28,649 26,495 238 5,345 7,583 1966—Dec. 31.. 59,257 35,206 14,239 9,812 8,381 69,092 61,506 983 173 560 29,532 30,258 241 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 □ JUNE 1968 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposit Total assets— Securities Total Interbank 3 Other b c C a a l n l a l k s d s a a o n te f d Total Lo 1 a * n 2 s G U o . v S t . . Oth 2 er as C s a e s ts h 3 c c o b a i u a a l l p i n i n c a t i d i t - ­ t e s a s l 2 Total 3 m D a e n ­ d Time U.S D . ema O n t d her T 1 im 1 5 e 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 N b b a o u e n f m r k s ­ 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 11324 10’363 17 10,351 1 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 I 2 12 12,192 1,252 194 1965—Dec. 31.. 48,735 39,964 3,760 5,010 904 50,500 45,887 1 7 35945,520 91 3,957 329 1966—Dec. 31.. 51,267 42,591 3,324 5,352 847 53 347 48,254 6 381 47,865 69 4,140 330 1967—June 30.. 53,785 44,147 3,034 6,604 1,015 55,807 50,877 1 6 44550,424 42 4,191 332 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. 31 6 5,957 1,384 3^13 760 211 6,215 5,556 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 1 36 7,346 742 171 Dec. 30.. 8^295 6,100 1,169 1,026 115 8,499 7,584 1 20 7,563 1 749 170 1 See table (i Deposits Accumulated at Commercial Banks for Payment s 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 banka 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 5 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, 1965, 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. 587, 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

JUNE 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 Loansl, 2 Total', 2 Loans1,2 U.S. Other 2 U.S. Other2 Govt. Govt. 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 38.8 1965—Dec 31........................................................ 294.4 192.4 57.3 44.8 301.8 197.4 59.5 44.9 1966—Dec 31................................................................ 310.2 207.8 53.7 48.7 317.9 213.0 56.2 48.8 1967—May 31................................................................ 324.6 213.5 56.1 55.0 323.6 213.1 55.8 54.7 325.6 213.9 55.4 56.3 329.5 218.6 54.2 56.7 332,4 217.1 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 57.8 339,5 220.2 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 59.8 345.9 224.9 59.6 61.4 354.5 230.5 62.5 61.5 1968—Jan 31............................................................... 349.0 227,5 59.1 62.4 350.1 226.1 62.2 61.7 Feb. 28 ............................................................... 353.0 228.7 61.8 62.6 350.6 225.2 63.2 62.2 Mar. 27............................................................... 351.8 228.5 59.9 63.5 351.1 226.9 61.1 63.1 Apr. 24rp............................................................ 354.6 231.9 59.2 63.4 353.9 230.5 59.5 63,8 May 29 p.............................................................. 356.3 232,0 60.7 63.5 354.5 231.1 60.0 63.4 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 AH 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 nonmember..................... 280 283 291 304 870 941 981 979 Insured............................... 279 282 291 304 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. 31, 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 □ JUNE 1968 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments For To purchasing U.S. Government Class of l T oa o n t s a l 1 F e e ra d l ­ Com­ o s r e c c u ar r r i y ti i e n s g in f s in ti a tu n t c i i o a n l s Other, securities 6 State bank and and funds mer­ Agri- Real to and Other call date invest­ sold, Total cial cul- es­ in­ Other local secu­ ments etc.2 3, 4 and tur- To tate di­ 5 govt, rities 5 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 uals* Total ce a r n t d if i­ Notes Bonds rities deal­ cates ers Total: 2 [947—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 2,103 199,55571,4378,212 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 2,544216,405 80,598 8,555 5,821 3,203 2,189 13,30253,95047,943 5,183 56,163 n.a. n.a. n.a.41,0037,769 1967—June 30.. 336,129 3,944221,28084,5399,333 4,598 3,326 1,784 12,23455,27549,5305,065 54,233 n.a. n.a. n.a.46,8739,799 Dec. 30.. 361,186 4,057 233,t8088,443 9,2706,215 3,780 1,902 12,535 58,525 51 ,585 5,65962,473 n.a. n.a. n.a;50,006^1,471 All insured: [941—Dec. 31.. 49,290 21,259 9,2141,450 614 662 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 I 13288 91221,526 16 045 51 342 3,8733*258 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1,190 114 9 ,'266 5 654 *91467 941 9,676 5 91852 347 5’1293 621 1965—Dec. 31.. 303,593 2,064 198,04570,887 8,191 5,088 3,172 2,093 13,14849,02645,2905,155 59,120 13,13413,23333,858 38,4195,945 1966—Dec. 31.. 321,473 2,461 214,918 80,0608,5365,643 3,148 2,131 13,148 53,68647,7705,127 55,788 12,080 13,439 31,53640,761 7,545 1967—June 30,. 333,742 3,874219,833 84,0139,313 4,383 3,273 1,701 12,11455,05649,359 5,01753,871 8,563 14,653 31,91846,6069,558 Dec. 30.. 358,536 3,919 231 ,58387,8709,2506,017 3,719 1 ,848 12,39458,20951 ,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 .....3..2..,.628 16,962 1,046 811 1,065 113 7’130 4',662 83957’914 7,803 4 815 45'295 4,1993,105 1965—Dec. 31.. 251,577 1,861 167,93963,9795,0994,915 2,714 2,008 12,475 38,98836,418 4,83244,992 9,441 10,10626,367 32,588 4,198 1966—Dec. 31.. 264,627 2,119 181,62472,553 5,3185,3892,660 2,047 12,34942,38437,925 4,757 41,924 8,567 9,78924,609 33,8005,160 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 24,85539,085 6,731 Dec. 30.. 294,098 3,438 194,38979,3445,7025,8203,099 1,754 11,58745,52840,4545,19046,956 n.a. n.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 93 111 564 238 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 35,83221,214 173,109 598 1,025 3,265 3,465 2,799 1,209 4,920 1,871 942 2,286 4,967 708 1967—June 30.. 47,701 423 36,01822,352 142,579 644 791 3,084 3,364 2,889 1,169 5,048 1,216 1,753 2,274 5,485 728 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 I 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 46 459 220 162 951 675 754 241 I ,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 38729,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 351 20’196 2,731 1'901 15,563 1,342 1,053 1965—Dec. 31.. 91,997 471 64,64624,784 1,206 9541,108 635 5,820 15,056 14,305 1,999 14,354 2,972 3,281 8,432 11,504 1,022 1966—Dec. 31.. 96,201 817 69,01728,090 1,251 1,0841,079 684 5,748 16,04414,375 1,968 13,040 2,552 2,673 8,222 12,033 1,294 1967—June 30.. 99,850 1,168 68,98728,887 1,360 695 1,064 539 5,323 16,098 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 1,143 578 5,446 16,969 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 35926^999 5,732 4,544 16,722 1,3421,067 1947—Dec. 31.. 36,324 .......... 10,199 3,096 818 23 227 5 3'827 1,979 22422^857 3'063 2J08 17,687 2; 006 1^62 1965—Dec. 31.. 103,362 905 62,433 16,4783,840 650 698 174 1,983 20,217 18,423 1,177 23,735 4,389 5,565 14,098 13,805 2,483 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 15,473 2,985 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 2,20024,45321,554 1,51624,689 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. 6,067 2,003 1966—Dec. 31.. 59,257 425 34,781 8,045 3,237 431 543 142 953 11,566 10,018 427 14,239 n.a. n.a. n.a. 7,203 2,609 1967—June 30,. 61,882 567 36,862 8,618 3,596 423 583 164 879 12,145 10,618 435 13,597 n.a. n.a. n.a. 7,787 3,068 Dec. 30,. 67,087 618 38,791 9,0993,568 395 681 148 948 12,997 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 Ioans and loans 6 Beginning with Dec. 31, 1965, components shown at par rather than to banks. at book value; they do not add to the total (shown at book value) and are 3 See table (and notes) entitled Deposits Accumulated at Commercial not entirely comparable with prior figures. Banks for Payment of Personal Loans, p. A-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

JUNE 1968 □ COMMERCIAL BANKS A-25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Re­ Cur­ a B nc a e l­ s m D a e n ­ d Interbank Certi­ Capi­ b c C a a l n l a l k s d s a a o n te f d s B F w e a r . i n v R t k h e . s s r c e a o n n i c d n y b m w a d e n i o s t k t ­ h i s c ? ju p s o a d t s d e e i ­ ­ d ts 8 m D es o t ­ ic7 e F ig o n r­ 9 G U o .S vt . . S g l a o o t n c a v d a t t e l . c c h o f a e i e f n e r f c d d i s k ­ ’ s, 1PC I b n a t n e k r­ G P S U a o o a n . s v S v d t ­ t . a . l S l g a o o t n c a v d a t t e l . IPC3 r B i o n o g w r s ­ ­ co a ta u c l n ­ ts etc. ings Total: 3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1965—Dec. 31... . 17.992 4,851 15,300 140,936 16,794 1,632 5,525 14,244 5,978 140,558 1,008 263 12,186 134,247 4,47230,272 1966—Dec. 31.. . . 19,069 5,450 15,870 142,104 17,867 1,904 4,992 15,047 7,051 145,653 967 238 13,462 146,3294,85932,054 1967—June 30.... 18,999 4,854 14,524 137,267 16,338 1,691 5,152 15,207 7,527 138,314 1,468 267 15,669 159,170 5,16633,285 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 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31. ... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1965—Dec. 31.... 17,992 4,833 14,801 139,601 16,620 1,529 5,508 14,152 5,913 139,594 923 263 12,135 133,6864,32529,827 1966—Dec. 31.... 19,069 5,426 15,348 140,835 17,713 1,784 4,975 14,951 6,956 144,782 881 238 13,414 145,7444,717 31,609 1967—June 30.... 18,999 4,839 14,094136,024 16,185 1,593 5,135 15,108 7,420 137,463 1,399 267 15,614158,5605,05032,843 Dec. 30.... 20,275 5,916 16,997 151,948 19,688 1,909 5,219 15,471 8,608 158,905 1,258 267 15,836 166,9565,531 33,916 Member, total: 1941—Dec. 31. . .. 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31. . .. 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1965—Dec. 31.. .. 17,992 3,757 8,957 112,569 15,977 1,477 4,890 10,840 5,386 115,905 840 236 10,041 109,9254,23424,926 1966—Dec. 31.... 19,069 4,249 9,400 112,920 17,051 1,736 4,432 11,406 6,396 120,417 794 213 10,983 118,5764,618 26,278 1967—June 30.... 18,999 3,728 8,686 109,132 15,610 1,557 4,580 11,566 6,857 114,123 1,314 239 12,747 128,9364,92027,237 Dec. 30.... 20,275 4,646 10,550 121,530 18,951 1 ,861 4,631 11,857 7,940 132,184 1,169 235 12,856 135,329 5,37028,098 New York City: 1941—Dec. 31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4,015 Ill 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1965—Dec. 31.... 3,788 310 122 18,190 4,191 1,034 1,271 620 2,937 20,708 522 84 807 17.097 1,987 5,114 1966—Dec. 31.... 4,062 326 201 18,013 5,105 1,265 1,016 608 3,814 22,113 467 83 918 16,447 1,874 5,298 1967—June 30.... 4,397 279 188 17,459 5,072 1,111 1,021 796 4,086 20,774 817 85 1,129 17,772 1,841 5,604 Dec. 30.... 4,786 397 476 20,004 5,900 1,337 1,084 890 4,748 25,644 741 70 1,152 18,840 1 ,880 5,715 City of Chicago: 1941—Dec. 31.... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 ........ 288 1945—Dec. 31.... 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—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 I 470 5,215 359 1,224 Dec. 30.... 1,105 94 151 4,758 1,357 77 267 283 217 5,751 21 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 40,5101,548 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 1,580 48,165 310 80 5,830 50,2502,555 10,033 Country: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31. . .. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—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 47,615 74 77 4,064 47,534 343 9,673 1966—Dec. 31.... 5,839 2,506 6,545 52,832 2,335 57 1,474 6,805 1,161 48,706 69 71 4,260 53,384 308 10,309 1967—June 30.... 5,565 2,237 6,180 51,156 2,005 42 1,380 7,064 1,222 46,670 106 75 5,054 57,819 611 10,655 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 55211,005 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.... 11126 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 □ JUNE 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 Wednesday lo a a n n d s v t a i l o u n a ­ C m o e m r­ ­ T an o d b d r e o a k l e e r r s s To other Banks Nonbank Con­ Valua­ invest- re- cial Agri- Real sumer For- All tion ments1 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 May 193,499 137,466 62,648 1,872 1,333 3,355 66 2,147 1,336 3,229 5,621 4,102 27,087 15,819 1,085 10,727 2,961 10 192,057 135,977 62,185 1,870 939 3,284 68 2,135 1,349 2,855 5,402 4,060 27,152 15,837 1 ,082 10,717 2,958 17 192,241 136,365 62,261 1,878 1 ,008 3,219 67 2,151 1 ,339 3,006 5,400 4,098 27,233 15,849 1,079 10,733 2,956 24 191,642 135,826 62,042 1,879 903 3,005 65 2,149 1,358 3,253 5,225 4,035 27,263 15,860 1 ,070 10,674 2,955 31 192,893 136,623 61,836 1 ,884 924 3,151 68 2,159 1,398 3,517 5,548 4,086 27,295 15,901 1 ,055 10,754 2,953 1968 Apr. 3 206,810 145,328 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. 209,804148,148 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 May 209,465 148,580 67,757 1,985 801 3,694 116 2,327 1,360 3,708 6,082 4,458 29,543 16,733 1 ,050 12,180 3,214 8. 208,801 147,738 67,431 1,990 849 3,563 96 2,346 1,390 3,949 5,377 4,375 29,586 16,776 1,063 12,161 3,214 15. 210,179 148,461 67,610 1,986 702 3,641 96 2,345 1,362 4,191 5,646 4,360 29,721 16,838 1 ,060 12,116 3,213 22. 209,294 148,135 67,427 1,983 563 3,702 99 2,346 1,374 4,408 5,196 4,437 29,770 16,872 1,069 12,099 3,210 29. 208,973 147,837 67,054 1,983 645 3,637 97 2,357 1,463 4,170 5,171 4,463 29,844 16,959 1,089 12,115 3,210 New York City 1967 May 3.. 44,504 34,165 21,197 14 522 1,906 10 606 708 676 1,671 1,067 2,937 1,225 696 1,771 841 10., 44,034 33,706 20,944 14 339 1,897 11 599 705 768 1,588 1,041 2,952 1,225 690 1,773 840 17. . 43,860 33,482 20,988 14 370 1,846 11 606 704 545 1,564 1 ,036 2,969 1,227 689 1 ,753 840 24.. 43,632 33,381 20,895 14 365 1,687 9 611 703 827 1,469 I ,025 2,964 1,222 684 1,746 840 31 43,909 33,639 20,757 15 384 1,808 10 608 721 817 1,669 1,035 2,975 1,222 678 1,778 838 1968 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 11 725 669 886 1,436 1,137 3,002 1,268 742 2,056 943 May 1 47,785 36,669 22,582 20 243 2,149 25 708 681 1,078 1,907 1,159 2,983 1,269 724 2,084 943 8 47,227 36,384 22,366 20 402 2,044 11 720 709 1,395 1,435 1,107 2,994 1 ,284 728 2,112 943 15. 47,646 36,629 22,388 20 319 2,179 11 724 696 1,308 1,702 1,124 3,016 1,286 729 2,069 942 22 47,510 36,584 22,356 19 330 2,272 13 730 706 1,466 1,394 1,162 3,023 1 ,283 725 2,047 942 29 47,774 36,737 22,319 19 353 2,233 13 741 754 1,534 1,398 1,179 3,052 1,284 737 2,063 942 Outside New York City 1967 May 3 148,995 103,301 41,451 1,858 811 1,449 56 1,541 628 2,553 3,950 3,035 24,150 14,594 389 8,956 2.120 10 148,023 102,271 41,241 1,856 600 1,387 57 1,536 644 2,087 3,814 3,019 24,200 14,612 392 8,944 2,118 17. 148,381 102,883 41,273 1,864 638 1,373 56 1,545 635 2,461 3,836 3,062 24,264 14,622 390 8,980 2,116 24. 148,010 102,445 41,147 1,865 538 1 ,318 56 1 ,538 655 2,426 3,756 3,010 24,299 14,638 386 8,928 2,115 31. 148,984102,984 41,079 1,869 540 1,343 58 1,551 677 2,700 3,879 3,051 24,320 14,679 377 8,976 2,115 1968 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 10 161,564111,657 44,703 1,940 692 1,440 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 May I. 161,680 111,911 45,175 1,965 558 1,545 91 1,619 679 2,630 4,175 3,299 26,560 15,464 326 10,096 2,271 8. 161,574 111,354 45,065 1,970 447 1 ,519 85 1 ,626 681 2,554 3,942 3,268 26,592 15,492 335 10,049 2,271 15. 162,533 111,832 45,222 1,966 383 1,462 85 1,621 666 2,883 3,944 3,236 26,705 15,552 331 10,047 2,271 22. 161,784111,551 45,071 1,964 233 1,430 86 1,616 668 2,942 3,802 3,275 26,747 15,589 344 10,052 2,268 29 161,199111,100 44,735 1,964 292 1,404 84 1,616 709 2,636 3,773 3,284 26,792 15,675 352 10,052 2,268 For notes see p. A-29. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 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 1 to After Tax All of . Other banks banks in 5 yrs. 5 yrs. war­ other partici­ secu­ I yr. rants 3 pation4 rities Large banks— total 1967 25.326 3,571 309 3,095 12,415 5,936 3,605 23,054 1,350 2,698 42,239 19,894 4,156 207 2,423 15,559 8,254 May 3 25,164 3,470 309 3,103 12,414 5,868 3,544 23,227 1,439 2,706 39,646 18,228 4,002 229 2,556 14,631 8,215 10 24,982 3,181 287 2,813 12,823 5,878 3,495 23,296 1,400 2,703 42,074 20,456 4,218 216 2,547 14,637 8,094 17 24,813 3,003 282 2,737 12,973 5,818 3,484 23,322 1,429 2,768 39,909 18,883 3,738 229 2,660 14,399 8,105 24 25,398 3,577 277 2,815 12,919 5,810 3,511 23,445 1,241 2,675 44,838 22,515 4,095 217 2,606 15,405 8,487 ................ 31 1968 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..,.8..96 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 26,005 2,795 3,935 13,984 5,291 4,382 26,363 1,315 2,820 48,772 24,331 4,364 212 2,682 17,183 9,799 ........May 1 26,293 2,878 4,195 13,773 5,447 4,149 26,557 1 ,287 2,777 43,943 22,058 3,936 219 2,667 15,063 9,712 ................. 8 27,294 2,980 4,034 14,257 6,023 3,896 26,502 1,293 2,733 49,109 25,775 4,360 215 2,722 16,037 9,574 ..................15 26,756 2,687 4,301 13,700 6,068 3,924 26,522 1,285 2,672 44,893 22,588 3,963 214 2,792 15,336 9,500 ..................22 26,494 2,552 4,406 13,506 6,030 4,047 26,632 1,281 2,682 45,278 22,730 4,069 210 2,705 15,564 9,526..................29 New York City 1967 4,632 949 94 524 1,836 1,229 763 4,121 178 645 11,856 6,726 207 85 313 4,525 2,939 ........May 3 4,647 988 95 520 1,829 1,215 686 4,176 178 641 10,937 6,569 233 102 322 3,711 2,930 10 4,852 1,001 91 535 1,995 1,230 603 4,121 171 631 11,970 7,183 276 94 317 4,100 2,904 17 4,744 896 91 528 2,018 1,211 608 4,088 178 633 12,363 7,822 196 97 325 3,923 2,909 24 4,840 998 90 530 2,024 1,198 599 4,112 89 630 15,109 9,580 257 97 331 4,844 3,065 31 1968 5,134 1,218 655 2,037 1,224 1,6(0 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 ........5..52 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 4,392 638 541 2,031 1,182 1 ,558 4,397 63 706 15,093 9,828 303 103 352 4,507 3,500 .........May 1 4,521 590 735 1 ,881 1,315 1,147 4,418 60 697 13,550 9,338 240 109 354 3,509 3,448 ................. 8 4,838 768 746 1,873 1,451 1,056 4,405 59 659 15,297 10,529 329 105 348 3,986 3,376...................15 4,700 653 803 1,749 1,495 1,116 4,433 56 621 13,993 9,642 269 107 345 3,630 3,346 ..................22 4,704 700 778 1,734 1,492 1,210 4,449 59 615 14,267 9,714 265 102 327 3,859 3,280 ..................29 Outside New York City 1967 20,694 2,622 215 2,571 10,579 4,707 2,842 18,933 1,172 2,053 30,383 13,168 3,949 122 2,110 11,034 5,315 ........May 3 20,517 2,482 214 2,583 10,585 4,653 2,858 19,051 1,261 2,065 28,709 11,659 3,769 127 2,234 10,920 5,285 10 20,130 2,180 196 2,278 10,828 4,648 2,892 19,175 1,229 2,072 30,104 13,273 3,942 122 2,230 10,537 5,190 17 20,069 2,107 191 2,209 10,955 4,607 2,876 19,234 1,251 2,135 27,546 11,061 3,542 132 2,335 10,476 5,196 24 20,558 2,579 187 2,285 10,895 4,612 2,912 19,333 1,152 2,045 29,729 12,935 3,838 120 2,275 10,561 5,422 ................ 31 1968 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 ........Apr. 3 22,023 2,557 ....3..,.3..1.9 12,030 4,117 2,665 21,931 1,270 2,018 30,515 13,326 3^61 112 2,393 10,723 6,072 10 22,102 2,650 3,344 11,979 4,129 2,803 21,952 1,281 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 21,613 2,157 3,394 11,953 4,109 2,824 21,966 1 ,252 2,114 33,679 14,503 4,061 109 2,330 12,676 6,299 ........May 1 21,772 2,288 3,460 11,892 4,132 3,002 22,139 1 ,227 2,080 30,393 12,720 3,696 110 2,313 11,554 6,264 8 22,456 2,212 .....3.,.2..8.8 12,384 4,572 2,840 22,097 1,234 2,074 33,812 15,246 4,031 110 2,374 12,051 6,198 ................ 15 22,056 2,034 3,498 11,951 4,573 2,808 22,089 1,229 2,051 30,900 12,946 3,694 107 2,447 11,706 6,154 22 21,790 1,852 3,628 11,772 4,538 2,837 22,183 1,222 2,067 31,011 13,016 3,804 108 2,378 11,705 6,246 29 For notes see p. A-29. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-28 WEEKLY REPORTING BANKS □ JUNE 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 Totals I PC ical Govt. com- Com­ Total? 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 May 3.................... 207,024 110,455 77,831 6,229 6,150 12,927 756 1 ,435 96,569 46,970 33,769 9,981 938 4,537 197 10................... 203,746 106,958 75,991 5,708 5,214 12,665 764 1,370 96,788 47,066 33,908 9,972 930 4,531 188 17.................... 205,454 108,357 78,316 5,654 4,173 13,007 710 1,404 97,097 47,122 34,160 9,954 926 4,556 188 24.................... 202,828 105,339 75,924 5,573 3,747 12,081 689 1 ,389 97,489 47,213 34,452 9,938 973 4,534 188 31.................... 209,324 111,495 79,782 6,249 2,705 13,490 733 1 ,528 97,829 47,285 34,706 9,920 978 4,563 189 1968 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 10................... 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 ,640 103,781 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 May 1 .................... 225,397 121,317 86,147 7,121 5,208 13,394 755 1,731 104,080 48,386 39,113 10,402 735 4,949 264 8................... 218,660 114,332 81,574 5,996 4,060 13,788 719 1,674 104,328 48,424 39,246 10,555 736 4,877 257 15................... 223,759 119,663 85,750 6,280 4,184 14,088 794 1,641 104,096 48,421 39,148 10,437 725 4,878 255 22.................... 219,029 114,881 82,487 5,844 4,209 13,340 759 1 ,692 104,148 48,466 39,277 10,416 713 4,791 253 29.................... 219,278 115,108 83,860 5,946 3,107 13,135 771 I ,732 104,170 18,470 39,295 10,471 695 4,773 238 New York City 1967 May 3.................... 46,705 29,182 18,390 463 1 ,999 3,643 609 1 ,001 17,523 4,647 8,251 812 602 3,025 104 to.................... 45,625 28,123 17,722 319 I ,507 3,669 609 939 17,502 4,663 8,243 790 597 3,029 94 17.................... 45,969 28,408 18,420 317 1,116 3,847 551 958 17,561 4,678 8,277 786 594 3,049 95 24.................... 46,236 28,553 17,978 295 918 3,674 543 947 17,683 4,692 8,351 788 634 3,043 94 31.................... 49,313 31,469 19,161 435 686 4,517 581 1 ,061 17,844 4,699 8,469 817 640 3,045 93 1968 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 3,122 144 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 May 1.................... 51,630 33,848 21,170 1 ,070 1,023 4,196 591 1 ,221 17,782 4,647 8,418 874 448 3,168 136 8.................... 49,062 31,247 19,340 447 797 4,593 551 1,158 17,815 4,646 8,477 901 441 3,127 130 15................... 50,551 32,826 20,351 469 1,011 4,500 609 1,128 17,725 4,636 8,403 890 434 3,141 129 22................... 49,481 31 ,835 19,746 430 940 4,433 567 1,193 17,646 4,637 8,397 885 427 3,079 130 29.................... 49,915 32,314 20,415 461 726 4,493 614 1 ,209 17,601 4,623 8,347 955 415 3,059 1 15 Outside New York City 1967 May 3.................... 160,319 81,273 59,441 5,766 4,151 9,284 147 434 79,046 42,323 25,518 9,169 336 1,512 93 10.................... 158,121 78,835 58,269 5,389 3,707 8,996 155 431 79,286 42,403 25,665 9,182 333 1 ,502 94 17.................... 159,485 79,949 59,896 5,337 3,057 9,160 159 446 79,536 42,444 25,883 9,168 332 1 ,507 93 24.................... 156,592 76,786 57,946 5,278 2,829 8,407 146 442 79,804 42,521 24,101 9,150 339 1 ,491 94 31.................... 160,011 80,026 60,621 5,814 2,019 8,973 152 467 79,985 42,586 26,237 9,103 338 1 ,518 96 1968 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 10.................... 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 May 1.................... 173,767 87,469 64,977 6,051 4,185 9,198 164 510 86,298 43,739 30,695 9,528 287 1,781 128 8.................... 169,598 83,085 62,234 5.549 3,263 9,195 168 516 86,513 43,778 30,769 9,654 295 1,750 127 15.................... 173,208 86,837 65,399 5.811 3,173 9,588 185 513 86,371 43,785 30,745 9,547 291 1,737 126 22.................... 169,548 83,046 62,741 5,414 3,269 8,907 192 499 86,502 43,829 30,880 9,531 286 1,712 123 29.................... 169,363 82,794 63,445 5,485 2,381 8,642 157 523 86,569 43,847 30,948 9,516 280 1,714 123 For notes see opposite page. 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JUNE 1968 □ WEEKLY REPORTING BANKS A-29 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Memoranda Total assets— Other 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 adjusted8 and in­ adjusted9 Total Issued Issued vestments8 issued to I PC’s to others Large banks—• Total 1967 110 6,422 10,680 19,756 243,992 134,237 190,270 71,484 18,608 11,915 6,693 ..................May 3 13 5,986 10,440 19,733 239,918 133,122 189,202 70,851 18,592 11,873 6,719 .............................10 127 6,183 10>17 19,728 242,409 133,359 189,235 70 >21 18,723 Il >48 6,775 .............................17 6,042 11,074 19,712 239,656 132,573 188,389 70,628 18,972 12,097 6,875 ............................24 347 6,234 10,480 19,833 246,218 133,106 189,376 72>85 19,062 12,181 6 >81 .............................31 1968 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;7ii 13,738 20,768 262,020 143,562 204,779 77,113 19,788 12,380 7,408 ............................24 539 7,655 13,507 20,938 268,036 144,872 205,757 78,384 19,708 12,319 7,389 ..................May 1 143 8,547 14,162 20,944 262,456 143,789 204,852 74,426 19,748 12.337 7,411 . .......................... 8 724 8'873 14,477 21,029 268,862 144,270 205,988 75,616 19,528 12,174 7,354 .............................15 206 8'577 14,858 21,017 263,687 143,727 204,886 74,744 19,540 12,169 7 >71 ............................22 335 8 >70 14,839 21,055 263,777 143,667 204,803 76,136 19,543 12,128 7,415 ............................29 New York Chy 1967 2,332 4,878 5,384 59,299 33,489 43,828 16,814 6,461 4,306 2,155 ..................May 3 2'155 4,738 5,383 57,901 32,938 43,266 16,378 6,409 4,300 2,109 .......................“..10 2'502 4*884 5,379 58,734 32,937 43,315 16,262 6.423 4,333 2,090 ............................17 2'086 5,216 5,366 58,904 32,554 42,805 I6>39 6,558 4,397 2,161 ............................24 2,343 5,009 5,418 62,083 32,822 43,092 16,686 6,611 4>20 2,191 ............................31 1968 2,478 6,803 5,550 65,117 35,107 46,850 17,622 6,337 4,315 2,022 3,201 6 >97 5'548 69,703 35>60 47,156 16>45 6,308 4 >35 2 073 ......................'...10 9 2,901 6,739 5 >42 65,027 35,588 47,067 18,166 5>49 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 2 597 6,551 5,600 66,378 35,591 46,707 18,801 6,063 4,008 2,055 ..... May ( 2,492 7’,073 5 >98 64>25 34 >89 45 >32 16,519 6,066 4>3O 2,036 ........................... 8 172 2’745 7,114 5 >37 66,319 35,321 46,338 16,786 5,979 3,965 2,014 ......................... 15 2,158 7,490 5,720 64,849 35,118 46,044 16,820 5,945 3,959 1 ,986 ............................22 75 2,233 7>85 5,713 65>2I 35,203 46,240 17,381 5 >73 3,861 2,012 ............................29 Outside New York City 1967 110 4,090 5,802 14,372 184,693 100,748 146,442 54,670 12,147 7,609 4,538 13 3,831 5,702 14,350 182,017 100,184 145,936 54>73 12,183 7>73 4,610 ..................... 10 127 3,681 6,033 14,349 183,675 100,422 145,920 54,459 12,300 7,615 4,685 ........... 17 3,956 5,858 14,346 180,752 100,019 145,584 54>89 12,414 7 >00 4,714 ............................24 347 3,891 5,471 14,415 184,135 100,284 146,284 56,099 12,451 7,761 4,690 ............................31 1968 514 4,284 6,509 15,244 198,005 106,971 156,710 58,622 13,970 8,596 5,374 ..................Apr. 3 219 4,992 6,317 15>59 198,151 107,831 157,738 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 ............................24 539 5,058 6,956 15,338 201,658 109,281 159,050 59,583 13,645 8,311 5,334 ..................May 1 143 6>55 7,089 15.346 198 >31 108,800 159,020 57>07 13'682 8,307 5,375 ........................“ . 8 552 6'128 7 >63 15,292 202,543 108,949 159,650 58>30 13,549 8,209 5'340 ............................15 206 6'419 7', 368 151297 198,838 108,609 158,842 57,924 13 >95 8,210 5,385 ............................22 260 6,037 7,454 15,342 198,456 108 >64 158,563 58 >55 13^670 8,267 5 >03 ............................29 1 After deduction of valuation reserves. 2 Individual items shown gross. 10 Certificates of deposit issued in denominations of $100,000 or more. 3 Includes short-term notes and bills (less than 1 year to maturity) issued by States and political subdivisions. 4 Federal agencies only. 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. Ioans,” 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 □ JUNE 1968 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— Industry 1968 1968 1968 1967 1967 May May May May May 2nd 1st 29 22 15 8 i May Apr. Mar. I IV III half half Durable goods manufacturing: Primary metals................................ 1 ,757 1,745 1 ,737 1,726 1,732 29 90 123 262 184 103 287 253 Machinery......................................... 4,338 4,513 4,566 4,588 4,610 -272 80 144 240 -248 -382 -630 887 Transportation equipment.............. 1 ,754 1 ,783 1,793 1 ,759 1 ,757 -13 -53 45 8 -113 -23 -136 -47 Other fabricated metal products. . . 1 ,832 1 ,831 1 ,856 1,841 1 ,833 32 44 76 60 -103 -178 -281 409 Other durable goods...................... 2,093 2,081 2,085 2,086 2,077 29 48 96 20 -152 10 -142 175 Nondurable goods manufacturing: Food, liquor, and tobacco.............. 2,186 2,254 2,221 2,257 2,303 -152 -126 86 -294 587 28 6(5 -577 Textiles, apparel, and leather.......... 2,157 2,162 2,181 2,154 2,(46 13 70 168 325 -385 -25 -410 297 Petroleum refining........................... 1 ,423 1 ,433 1 ,526 1 ,535 1 ,516 -17 -6 -11 -13 91 -204 -113 241 Chemicals and rubber..................... 2,473 2,445 2,460 2,441 2,443 -75 91 96 116 29 -112 -83 309 Other nondurable goods.............. 1 ,745 1 ,752 1 ,760 1 ,751 1 ,772 -20 23 55 14 -35 130 95 161 Mining, including crude petroleum and natural gas............................... 4,727 4,818 4,706 4,703 4,711 -162 182 92 397 384 -220 164 195 Trade: Commodity dealers................. 1,157 1 ,153 1,142 1,149 1,186 -65 -108 -109 -275 501 178 679 -479 Other wholesale....................... 3,134 3,180 3,213 3,217 3,222 -51 119 38 9 162 -66 96 68 Retail........................................ 3,660 3,725 3,722 3,641 3,765 8 154 152 -28 -11 17 6 -27 Transportation..................................... 4,800 4,765 4,725 4,722 4,717 151 87 86 147 333 95 428 273 Communication................................... 976 948 961 964 986 13 36 80 -72 9 -5 4 223 Other public utilities........................... 1,950 2,033 2,048 2,033 2,041 -49 2 -122 -419 1 10 148 258 -109 Construction......................................... 2,696 2,694 2,665 2,628 2,616 99 44 52 42 -58 -45 -103 10 Services................................................. 5,381 5,348 5,314 5,305 5,320 111 101 99 181 304 -83 221 -53 All other domestic loans..................... 6,922 7,015 7,071 7,107 7,110 -67 237 58 100 224 1 32 356 558 Bankers’ acceptances...................... 818 743 815 803 873 — H5 -150 106 -120 301 253 554 114 Foreign commercial and industrial loans.................................................. 2,745 2,649 2,681 2,678 2,688 67 - 14 -18 -48 -15 -97 -112 -20 Total classified loans........................... 60,724 61,070 61,248 61,088 61,424 -506 951 1,392 652 2,099 -346 1 ,753 2,861 Total commercial and industrial loans, 67,054 67,427 67,610 67,431 67,757 -519 1,060 1,456 695 2,446 -397 2,049 3,022 See Note to table below. "TERM” COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— 1968 1967 1968 1967 1967 Industry May Apr. Mar. Feb. Jan. Dec. Nov. Oct. Sept. 2nd 29 24 27 28 31 27 29 25 27 I IV 111 II half Durable goods manufactur­ ing: Primary metals................... 1,199 1 ,185 1,112 1,027 908 874 728 710 692 238 182 61 113 243 Machinery.......................... 2,188 2,231 2,154 2,064 2,067 2,001 1,982 2,012 1,963 153 38 -156 64 -118 Transportation equipment. 944 953 889 849 859 888 898 856 836 1 52 1 -19 53 Other fabricated metal products...................... 733 696 692 670 667 675 673 672 671 17 4 6 67 10 Other durable goods......... 1 ,003 991 994 984 1 ,006 1 ,017 992 965 1 ,006 -23 11 -27 -32 -16 Nondurable goods manufac­ turing : Food, liquor, and tobacco. 817 813 876 865 818 758 733 718 728 118 30 37 40 67 Textiles, apparel, and leather......................... 556 562 555 524 485 465 455 450 421 90 44 -6 39 38 Petroleum refining............. 1,176 '1,152 ’1,164 '1,195 '1 ,200 1 ,256 1 ,240 1,178 1,154 -92 102 -124 53 ~22 Chemicals and rubber....... 1 ,583 1,647 1 ,613 1,544 1 ,538 1 ,532 1 ,484 1,546 1 ,522 81 10 53 7 63 Other nondurable goods. . 1 ,062 1 ,072 1,061 1 ,049 I ,048 1 ,070 1 ,017 1 ,031 1,026 -9 44 102 34 146 Mining, including crude pe­ troleum and natural gas... 4,152 '4,233 '4,047 '4,014 '3,996 3,571 3,177 3,157 3,186 476 385 -197 -41 188 Trade: Commodity dealers . . 111 110 115 103 111 107 104 99 102 8 5 3 -1 8 Other wholesale........ 637 624 585 588 575 576 563 526 515 9 61 22 — 6 83 Retail......................... 1,105 1,119 1,098 1,093 1,111 1 ,083 1 ,066 1 ,050 1,070 15 13 8 -1 21 Transportation....................... 3,610 '3,503 '3,503 '3,432 '3,426 3,343 3,176 3,136 3,107 160 236 106 89 342 Communication................... 432 404 412 409 419 443 435 433 439 -31 4 -1 30 3 Other public utilities............. 749 731 710 741 717 715 715 659 641 -5 74 -20 -21 54 Construction.......................... 737 737 706 680 686 682 693 666 683 24 -1 -15 -11 — 16 Services................................... 2,268 ’•2,243 ’2,229 '2,187 '2,163 2,121 2,038 1 ,988 2,002 108 119 -49 -14 70 All other domestic loans. ... 864 877 879 844 871 873 792 789 837 6 36 6 7 42 Foreign commercial and in­ dustrial loans.................. 2,043 1 ,971 1,957 1,946 2,009 2,027 1 ,989 2,025 2,086 -70 -59 -63 -84 -122 Total Ioans............................. 27,969 27,854 27,351 26,808 26,680 26,077 24,950 24,666 24,687 1,274 1,390 -253 313 1,137 Note.—About 161 weekly reporting banks are included in this series; Commercial and industrial “term” loans are all outstanding loans with these banks classify, by industry, commercial and industrial loans amount­ an original maturity of more than I year and all outstanding loans granted ing to about 90 per cent of such loans held by all weekly reporting banks under a formal agreement—revolving credit or standby—on which the and about 70 per cent of those held by all commercial banks. original maturity of the commitment was in excess of I year. For description of series see article “Revised Series on Commercial and Industrial Loans by Industry”, February 1967 Bulletin, p. 209. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1968 □ INTEREST RATES A-31 BANK RATES ON SHORT-TERM BUSINESS LOANS Size of loan (in thousands of dollars) AU sizes 1-9 10-99 (00-499 500-999 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 27.3 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 H.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 2,006.0 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 1960—Aug. 23 4>/z 1967—Jan. 26-27 5'/2-5% 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 5>A Nov. 20 6 average interest rates on short-term business loans have been revised. June 29 5’/. 1968—Apr. 19 6'/z 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: MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime Period p c a o p m e l r . , p p l a a p c e ed r b a a c n c k e e p r t s ­ ’ F f e u d n e d r s a l 3-month bills 5 6-month bills 5 9- to 12-month issues 3- to 5­ 4- to 6- directly, ances, rate 3 , year months 1 m 3 o - n to th s 6 - 2 90 days 1 n R ew at e is s o u n e M yi a e r l k d et n R ew at e is o su n e M y a ie r l k d et B k i e l t l s y ( i m el a d r ) ­ 5 Other 6 issues 7 1966............................ 5.55 5.42 5.36 5.11 4.881 4.85 5.082 5.06 5.07 5,17 5.16 1967........................... 5.10 4.89 4,75 4.22 4.321 4.30 4.630 4.61 4.71 4.84 5.07 1967—May................ 4.67 4.41 4.27 3.94 3.640 3.60 3.808 3,80 3.88 4.09 4.68 June................ 4.65 4.40 4.40 3.98 3.480 3.53 3.816 3.88 4.16 4,40 4.96 July.................. 4.92 4.70 4.58 3,79 4.308 4.20 4.798 4.72 4.90 4.98 5.17 Aug.................. 5,00 4.75 4.77 3.89 4.275 4.26 4.821 4,82 5,04 5,10 5,28 Sept................. 5,00 4.77 4.76 4.00 4.451 4.42 4.964 4.96 5.10 5,21 5,40 Oct,.......... 5.07 4.96 4.88 3.88 4.588 4.55 5.100 5.06 5,21 5.32 5.52 Nov................. 5.28 5,17 4.98 4.12 4.762 4,72 5.286 5.24 5.38 5.55 5.73 Dec.................. 5.56 5,43 5.43 4.51 5.012 4.96 5.562 5.49 5.58 5.69 5.72 1968—Jan................... 5.60 5.46 5.40 4.60 5.081 4.99 5.386 5.23 5.29 5.39 5.53 Feb.................. 5.50 5.25 5.23 4.72 4.969 4.97 5.144 5.17 5.22 5.37 5.59 Mar................. 5.64 5.40 5.50 5,05 5. 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 May................ 6.18 5.99 6.04 6.12 5.621 5.65 5.785 5.83 5.83 6.06 5.95 Week ending—• 1968—May 4.......... 6.05 5.88 5.93 6. 14 5.499 5.50 5.612 5.66 5.63 5.85 5.88 11 6. 13 6.00 6.08 6.04 5.507 5.52 5.697 5.72 5.73 5.85 5.88 18.......... 6. 13 6,00 6.00 6.34 5.558 5.67 5.750 5.86 5,82 6.02 5.95 25.......... 6.25 6.00 6. 13 6.07 5.847 5.82 5,995 5.99 5.98 6.33 6.09 June 1.......... 6,25 6.00 6.00 6.02 5.696 5.70 5.869 5.86 5.90 6.20 5.91 1 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. 5 Bills quoted on bank discount rate basis. maturities in the 90-179 day range. 6 Certificates and selected note and bond issues. 3 Seven-day average for week ending Wednesday. 7 Selected note and bond issues. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-32 INTEREST RATES □ JUNE 1968 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings / Period United and local rating group price ratio price ratio States Total 1 (long­ term) Total 1 Aaa Baa Aaa Baa In tr d ia u l s­ R ro a a i d l­ P u u ti b li l t i y c fe P r r r e e ­ d C m o o m n ­ C m o o m n ­ I960................................................ 4.01 3.69 3.26 4.22 4.73 4.41 5.19 4.59 4.92 4.69 4.75 3.47 5.88 1961............................................... 3.90 3.60 3.27 4.01 4.66 4.35 5.08 4.54 4.86 4.57 4.66 2.98 4.76 1962............................................... 3.95 3.30 3.03 3.67 4.62 4.33 5.02 4.47 4.86 4.51 4.50 3.37 6.06 1963 ............................................... 4.00 3.28 3.06 3.58 4.50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 5.68 1964............................................... 4. 15 3.28 3.09 3.54 4.57 4.40 4.83 4.52 4.67 4.53 4.32 3.01 5.54 1965 ............................................... 4.21 3.34 3.16 3.57 4.64 4.49 4.87 4.61 4.72 4,60 4.33 3.00 5.87 1966............................................... 4.66 3.90 3.67 4.21 5.34 5.13 5.67 5.30 5.37 5.36 4.97 3.40 6.72 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 ^5.70 1967—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 4.06 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 4.25 3.88 4.64 6.14 5.82 6.52 6.05 6.24 6.12 5.59 3.07 Nov..................................... 5.44 4.32 3.99 4.66 6.36 6.07 6.72 6.28 6.42 6.39 5.79 3.18 Dec..................................... 5.36 4.42 4.15 4.73 6.51 6.19 6.93 6.39 6.63 6.57 5.95 3.09 r5.72 5.18 4.3! 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 5.39 4.54 4.28 4.89 6.42 6.1 1 6.85 6.33 6.67 6.39 5.80 3.34 5.28 4.44 4.13 4.84 6.53 6.21 6.97 6.42 6.79 6.54 5.86 3.12 5.40 4.59 4.28 4.96 6.60 6.27 7.03 6.49 6.87 6.60 5.92 3.07 Week ending—• 1968 Feb 1 ■ 5.15 4.18 3.90 4.60 6.40 6.12 6.80 6.31 6.66 6.38 5.69 3.22 10.......................... 5.17 4.22 3.95 4.64 6.40 6.1 1 6.80 6.30 6.65 6.37 5.64 3.23 17 ....................... . 5.13 4.27 4.00 4.69 6.39 6.10 6.79 6.3! 6.65 6.36 5.64 3.30 24.............................. 5. 14 4.32 4.06 4.73 6.39 6.09 6.79 6.30 6.66 6.35 5.67 3.27 Mar 2 . 5. 19 4.39 4.16 4.78 6.38 6.09 6.80 6.30 6.64 6.34 5.66 3.31 9 ............................ 5.28 4.49 4.27 4.86 6.38 6.07 6.81 6,30 6.64 6.34 5.74 3.35 16.. . 5.49 4.55 4.28 4.90 6.38 6.08 6.81 6.30 6.64 6.35 5.71 3.32 23.............................. 5.41 4.54 4.28 4.89 6.43 6.14 6.87 6.35 6.69 6.39 5.88 3.36 30 . 5.42 4.56 4.28 4.91 6.49 6.17 6.93 6.40 6.71 6.48 5.86 3.33 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.............................. 5.3.3 4.48 4.18 4.84 6.54 6.22 6.96 6.42 6.81 6.54 5.91 3.09 5.32 4.49 4.20 4.84 6.58 6.25 7.00 6.47 6.85 6.57 5.93 3.06 | 1 5.32 4.44 4. 16 4.83 6.59 6.25 7.01 6.47 6.86 6.58 5.89 3.05 18............................. 5.38 4.53 4.25 4.85 6.59 6.27 6.99 6.48 6.86 6.57 5.86 3.08 25.............................. 5.52 4.70 4.35 5.10 6.61 6.28 7.05 6.50 6.89 6.60 5.97 3.10 June 1.............................. 5.43 4.78 4.42 5.18 6.64 6.29 7.10 6.52 6.90 6.64 5.96 3.07 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. scries 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

JUNE 1968 a SECURITY MARKETS A-33 SECURITY PRICES Common stock prices Volume of Bond prices New York Stock Exchange trading in (per cent of par) thousands of Amer­ shares Period Standard and Poor’s index New York Stock Exchange index ican (1941-43- 10) (Dec. 31, 1965 = 50) Stock Ex­ change U.S. total Govt, State Cor­ Indus­ Rail­ Public Indus­ Trans­ Fi­ index 1 NYSE AMEX (long­ and porate Total trial road utility Total trial porta­ Utility nance term) local AAA tion 1965 ......................... 83.76 110.6 93.9 88. 17 93.48 46.78 76.08 47.39 n.a. n,a. n.a. n.a. 12,05 6,174 2,120 1966.......................... 78.63 102.6 86. 1 85.26 91.09 46,34 68,21 46.15 46.19 50.28 45,41 44.25 14.67 7,538 2,741 1967......................... 76.55 100.5 81.8 91.93 99.18 46.72 68.10 50.77 51.97 53.51 45.43 49.82 19.67 10,143 4,508 1967—May.............. 77.48 101.1 83.4 92.59 99.59 47.00 70.70 51.00 51.78 55.76 47.20 48.17 18.63 9,993 4,276 76,37 100.2 81.7 91.43 98.61 48,19 67,39 50,54 51.55 54.97 45.95 47.51 19.28 9,666 4,647 July............... 76.39 99.3 81.1 93.01 100.38 49.91 67.77 51.67 53.13 57.30 44.87 49.85 20.79 10,834 5,202 Aug......... 75.38 99.6 80.3 94.49 102.11 50.43 68.03 52.46 54.20 56.80 44.69 51,24 21.25 9,037 4,393 75.04 98.0 80.0 95.81 103.84 49.27 67.45 53.23 55.28 54.89 44.57 52.98 22.05 10,251 5,236 Oct.......... 73.01 95.9 78.5 95.66 104.16 46.28 64.93 53.13 55.62 51.56 43.33 52.69 22.64 10,223 5,865 Nov............... 70.53 95.2 76.8 92,66 100.90 42.95 63.48 51,40 53.79 48.43 42.39 50.19 21.83 10^78 4'543 Dec............... 71,22 93.6 75.9 95.30 103.91 43.46 64.61 53.06 55.80 48,73 42,75 52.37 23.57 11,476 5,303 1968—Jan................. 73,09 95.6 77.2 95.04 103.11 43.38 68.02 53.24 55.45 47.90 44.87 55.89 24.95 11,947 7,309 Feb............ 73.30 94.8 77.5 90.75 98.33 42.35 65,61 50.68 52.63 45.15 43.36 53.88 22.43 9,182 4^065 Mar............... 70.98 92.7 76,9 89.09 96.77 41.68 62,62 49.48 51.54 43.29 41.78 52.98 22.21 9,178 3,600 72.06 94.7 76.2 95.67 104.42 44.79 63.66 53.23 56.03 46.85 42,46 57.56 24,39 14,779 6,536 May......... 70.89 92.7 75.3 97.87 107.02 48.00 62.92 54.85 58.04 49.92 42.07 60.43 27.17 13,276 8,142 Week ending—• 1968—May 4........ 71.69 93.5 75.4 98.05 107,26 46.53 63.29 54.73 57.94 48.42 42,28 59,10 26.19 14,615 8,187 11.....7.1.. .63 94.4 75.4 98.61 107.90 46.89 63.50 55.12 58.38 48.98 42.38 60,05 26.69 12,759 7,449 18........ 71 .08 92.8 75.4 97.78 106.93 47.44 62.99 54.85 57.96 49.90 42.15 60.55 27.09 12,612 8,942 25....6..9...73 91.2 75.3 96.94 105,89 49.20 62.53 54.46 57.52 50.76 41.89 60.68 27.37 12,952 7,355 June 1 ........ 70.56 91.6 75.1 97.80 106.95 49.56 62,33 55.01 58.27 50.96 41.65 61.26 28.24 13,445 9,223 1 Begins June 30, 1965, at 10.90. On that day the average price of a share cent, 20-year bond. Municipal and corporate bonds, derived from average of stock listed on the American Stock Exchange was $10.90. yields as computed by Standard and Poor’s Corp., on basis of a 4 per cent, Note.—Annual data are averages of monthly figures. Monthly and 20-year bond; Wed. closing prices. Common stocks, derived from com­ weekly data are averages of daily figures unless otherwise noted and are ponent common stock prices. Volume of trading, average daily trading in computed as follows: U.S. Govt, bonds, derived from average market stocks on the exchange for a S^-hour trading day. yields in table at bottom of preceding page on basis of an assumed 3 per MORTGAGES: NEW AND EXISTING HOMES (Per cent) Secondary market Contract rate on conventional first mortgages FHA series Yield FHLBB series Period on FHA- (effective rate) insured New Existing U.S. North Middle South North South New New Existing average East Atlantic East Central West West 1963 .................... 5.46 5.81 5.81 5.60 5.70 5.79 5,74 6.11 5.87 1964 .................. 5.45 5.80 5.65 5,69 5.78 5.74 6.12 5.85 1965.................... 5.47 5.81 5.95 5.83 5.67 5.71 5.78 5.78 6.14 5.89 1966.................... 6.38 6.25 6.41 6.40 6.01 6.31 6.43 6.52 6.79 6.47 j 967 ......... 6.55 6.46 6.52 6.53 6.07 6.45 6.60 6.69 6.87 6.57 1967 Apr........ 6.29 6.43 6.46 6.40 6.05 6. 30 6.45 6.50 6.70 6.45 Mav 6 44 6.37 6.40 6.45 6.05 6.40 6.45 6.60 6.80 6.50 June........ 6.51 6.35 6.39 6.50 6.05 6.40 6.50 6.65 6.80 6.50 July.......... 6.53 6.43 6.41 6.50 6.05 6.45 6.60 6.65 6.80 6.55 6.60 6.40 6.46 6 55 6 05 6.50 6.60 6.65 6.90 6.55 Sept . . . 6.63 6.44 6.47 6.55 6.05 6.45 6.65 6.65 6.95 6.60 Oct........... 6.65 6.47 6.52 6.55 6.05 6.50 6.65 6.70 6.90 6.60 Nov... . 6.77 6.45 6.55 6.65 6. 10 6.60 6.75 6.90 7,00 6.70 Dec........ 6.81 6.54 6.64 6.70 6.10 6.60 6.80 6.95 7.10 6.75 1968—Jan........... 6.81 6.52 6.70 6.75 6.30 6.00 6.70 6.80 7.00 7.10 6.80 Feb.......... 6.78 6.62 6.71 6,75 6.30 6.00 6.70 6.80 7.00 7.15 6.80 Mar.......... 6.83 6.64 6.72 6.80 6.30 6.15 6.75 6.85 6.95 7.20 6.80 Apr...... 6.94 ”6.70 ”6.77 6.90 6.45 6.30 6.90 6.90 7.15 7.35 6.95 May... . Note.—Annual data are averages of monthly figures. The FHA data contract interest rates. The FHA series on average contract interest rates are based on opinion reports submitted by field offices on prevailing local on conventional first mortgages in primary markets are unweighted and conditions as of the first of the succeeding month. Yields on FHA-in- are rounded to the nearest 5 basis points. The FHLBB effective rate series sured mortgages are derived from weighted averages of private secondary reflects fees and charges as well as contract rates (as shown in the table on market prices for Sec, 203, 30-year mortgages with minimum downpay­ conventional first mortgage terms, p. A~51) and an assumed prepayment ment and an assumed prepayment at the end of 15 years. Gaps in the data at end of 10 years. are due to periods of adjustment to changes in maximum permissible Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-34 STOCK MARKET CREDIT □ JUNE 1968 STOCK MARKET CREDIT REGULATORY STATUS OF MARGIN ACCOUNT DEBT AT BROKERS (In million of dollars) (Per cent of total adjusted debt, unless otherwise indicated) Credit extended to Cus­ Adjusted debt/collateral value margin customers by: Cus­ tomers’ Net Total tomers’ net credit ad­ End of period net free ex­ Un­ justed debit credit tended re­ Restricted debt Brokers Banks Total bal­ bal­ by End of period stricted (mil­ i 2 ances ances brokers lions of 30 per 30-39 40-49 50-59 60 per dol­ 1967—Mar................ 5,080 2,090 7,170 5,804 2,135 3,669 cent per per per cent lars) Apr............... 5 JOO 2'150 7,250 5,896 2’078 3,818 or less cent cent cent or more May............... 5 J 80 2 J 60 7,340 5,966 2^220 3,746 June............... 5 ,360 2,170 7,530 6,195 2',231 3 964 July............... 5 ,480 2,200 7’680 6,636 2,341 4 295 1967—Mar................ 9.7 55.5 10.9 5.9 18 0 10 000 Aug................ 5 ,650 2^260 7,910 6^677 2,281 4 396 Apr................ 24.4 42.9 9.9 5.4 17.4 10,120 Sept................ 5 ’790 2’340 8’130 6'944 2,401 4,543 May............... 5.1 60 5 10 9 5.7 17 8 10 200 Oct................. 6^010 2’420 8,430 7 JH 2,’ 513 4,598 June............... 9 8 57.7 9 8 5.1 17.6 10,530 Nov................ 6^050 2^440 8,490 7,200 2’500 4,700 July................ 23 5 47.1 9 1 4.2 16.0 10 680 Dec.......... 6,300 2’460 8,760 7^948 2'763 5 J83 Aug................ 7.2 62 7 9.7 ' 4.5 15.9 10 840 Sept................ 16.8 52.6 8.5 4.4 17.7 11,300 1968—Jan................. 6,170 2,430 8,600 7,797 2,942 4,855 Oct................. 8 0 58.4 9.9 5 0 18.7 11 '550 Feb................. 6’150 2; 420 8,570 7'419 2'778 4,641 Nov................ 10.7 56.4 9.7 5.1 18.2 11,360 Mar................ 6,190 3,370 8,560 7; 248 2; 692 4,556 Dec................ 19.8 47 9 9.1 4.6 18 7 12,020 1968—Jan................. 5.3 60,3 11.7 4.6 10.2 11,940 1 End of month data. Total amount of credit extended by member firms Feb................. 4.1 56.8 14.4 5.3 19.4 11,870 of the New York Stock Exchange in margin accounts, estimated from re­ Mar................ 5.9 53.3 15.5 6.1 19.2 11,700 ports by a sample of 38 firms. 2 Figures are for last Wed. of month for large commercial banks re­ porting weekly and represent Ioans made to others than brokers or dealers Note.—Adjusted debt is computed in accordance with requirements set for the purpose of purchasing or carrying securities. Excludes loans col­ forth in Regulation T and often differs from the same customer’s net debit lateralized by obligations of the U.S, Govt. balance mainly because of the inclusion of special miscellaneous accounts Note.—Customers’ net debit and free credit balances are end-of-month in adjusted debt. Collateral in the margin accounts covered by these data ledger balances as reported to the New York Stock Exchange by all member now consists exclusively of stocks listed on a national securities exchange. firms which carry margin accounts. They exclude balances carried for Unrestricted accounts are those in which adjusted debt does not exceed the other member firms of national securities exchanges as well as balances of loan value of collateral (30 per cent of current market value during the the reporting firm and of its genera! partners. Net debit balances are total time period covered in this table); accounts in all classes with higher debt owed by those customers whose combined accounts net to a debit. ratios are restricted. Data beginning June 8, 1968, will show as “restricted” Free credit balances are in accounts of customers with no unfulfilled com­ accounts where debt exceeds 20 per cent of collateral values. mitments to the broker and are subject to withdrawal on demand. Net credit extended by brokers is the difference between customers’ net debit and free credit balances since the latter are available for the brokers’ use until withdrawn. EQUITY STATUS OF MARGIN ACCOUNT DEBT SPECIAL MISCELLANEOUS ACCOUNT BALANCES AT BROKERS AT BROKERS BY EQUITY STATUS OF ACCOUNTS (Per cent of total debt, unless otherwise indicated) (Per cent of total, unless otherwise indicated) Total Equity class (per cent) Equity class of accounts debt Net in debit status Total (mil­ End of period credit balance End of period lions status 60 per cent Less than (millions of 70 or Under or more 60 per cent of dollars) dol­ more 60-69 50-59 40-49 40 lars) 1 1967—Mar...................... 49.9 46.7 3.4 5,070 Apr...................... 49.4 47.8 2.8 5,190 1967—Mar................ 5,080 47.6 25.7 11.0 6.1 9.6 May..................... 49.8 47.0 3.1 5,300 Apr................ 5 J00 52.0 23.4 10.3 5.3 9.0 June..................... 49 5 47.8 2.7 5,380 May 5’ 180 42.9 31.6 10.8 5.7 8.9 July...................... 46,9 50.4 2.7 5,370 June............... 5,360 48.7 28.3 9.2 5.2 8.6 Aug,............... 47.7 49.3 3.0 5,340 July................ 5'480 54,0 24.5 9.0 3.8 8.7 Sept..................... 50.7 46.6 2.7 5,610 Aug................ 5,650 46.0 32.2 9.4 4.2 8.2 Oct....................... 47.8 49.0 3.2 5,680 Sept................ Si 790 52.1 25.6 8.8 3.9 9.6 Nov..................... 48.8 47,8 3.4 5,490 Oct......... 6’010 45.2 30.4 10.1 4.6 9.6 Dec...................... 50.0 47.0 3.0 5,850 Nov................ 6,050 43.8 31.8 9.7 4.9 9.9 Dec........ 6'300 50.6 25.8 9.0 4.1 10.5 1968—Jan....................... 50.8 45.6 3.6 6,060 Feb...................... 51,1 45.0 3.8 6,080 1968—Jan................. 6 J 70 40.6 35.4 9.5 4.4 10.0 Mar...................... 52.3 42.9 4.5 5,820 Feb................. 6 J50 33.8 38.3 12.0 5.2 10.7 Mar................ 6J90 32.1 37.6 14.1 5.3 11.0 Note.—’Special miscellaneous accounts contain credit balances which may be used by customers as the margin deposit required for additional 1 See footnote 1 to table above. purchases. Balances may arise as transfers based on loan values of other Note.—Each customer’s equity in his collateral (market value of col­ collateral in the customer’s margin account or deposits of cash (usually lateral less net debit balance) is expressed as a percentage of current col­ sales proceeds) occur. lateral value. When data become available for period beginning June 8, 1968, table will show separately equity class of 80 per cent or more, re­ flecting the new level of initial margin requirements. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1968 a OPEN MARKET PAPER; SAVINGS INSTITUTIONS A-35 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by— Based on— End of period Accepting banks F.R. Goods stored in or Banks Im­ Ex­ shipped between Total th P r l o ac u e g d h P di la re c c e t d ­ Total Others p in o t r o ts p fr o o r m ts Do ex ll ­ ar points in— dealers 1 ly 2 Total O bi w ll n s bo B u il g ls h t O ac w ct n . F ei o g r n ­ U S n ta i t t e e s d U S n ta it t e e d s change United Foreign corr. States countries 1962..................... 6,000 2,088 3,912 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963 ..................... 6 >47 1*928 4,819 2,890 1*291 1,031 260 162 92 1,345 567 908 56 41 1 317 1964..................... 8*361 2323 6,138 3,385 1 371 1,301 370 94 122 1,498 667 999 111 43 1 565 1965 ..................... 9,058 1,903 7,155 3,392 1.223 1,094 129 187 144 1,837 792 974 27 35 1,564 1966...................... 13*279 3,089 10,190 3,603 1,198 *983 215 193 191 2,022 997 829 103 80 1,595 1967—Apr............ 16,249 4,356 11,893 3,830 1,356 1,128 229 166 272 2,035 971 971 55 59 1,773 May.......... 17,067 4,713 12,354 3,964 1,339 1,147 192 70 348 2; 207 949 998 38 46 1,933 June...... 16350 4,934 11,216 4,131 1*361 1>91 170 136 379 2,255 1,001 1,007 45 39 2,038 July.......... 17 >44 4,976 12368 4>16 1,549 I >52 297 78 324 2*165 *974 I >40 65 41 1,996 Aug.......... 16^816 4*, 979 11,837 4,103 l’,584 1,195 389 65 252 2,203 1,020 989 70 75 1,949 Sept........... 16,220 5,124 11,096 4,146 I ,’635 1 ,*239 396 52 205 2,254 1>37 991 68 91 1,958 Oct............ 16,777 5’,186 11 ,591 4,136 1,822 1,298 524 54 163 2,096 1,085 956 51 83 1 >61 Nov........... 17*147 5,*136 12,01 1 4*218 1,878 1,376 501 59 151 2,130 1 *095 975 52 124 1,971 Dec........... 17*084 4301 12>83 4*317 1 ,906 1 >47 459 164 156 2,090 1 >86 989 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 5 393 12,320 4*266 1,808 1,329 479 56 117 2,285 1,091 1,029 33 134 1 >79 Mar........... US,487 5,832 ’•12,655 4*336 1,884 1,395 490 90 100 2*262 1,125 I >32 36 117 2 >27 Apr............ 17^509 5 330 11 *,579 4>30 1 >78 1 309 369 87 118 2; 447 1 *229 I >25 18 116 2,042 1 As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total assets— Total General Mortgage loan End of period M ga o g r e t­ Other G U o .S vt . . S l a o t n c 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 e i a a t n i n b e e d i s r l a i­ l D i e ts p o 2 s­ l O ia t t i b e h i s e li r ­ r c e o s a u e c r n ­ v t e s commitments 3 govt. other 1 reserve accts. Number Amount 1941............................. 4,787 89 3,592 1 J86 829 689 11,772 10,503 38 1,231 1945 ............................. 4,202 62 10,650 57 606 185 16,962 15,332 48 1,582 1960............................. 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961............................. 28,902 475 6,160 677 5 >40 937 640 42,829 38,277 781 3 >71 61>55 1,654 1962............................. 32,056 602 6>07 527 5*177 956 695 46*121 41*336 828 3*957 114*985 2,548 1963............................. 36,007 607 5,863 440 5 >74 912 799 49*702 44 >06 943 4,153 104,326 2>49 1964............................. 40,328 739 5,791 391 5 >99 1,004 886 54>38 48*849 989 4 >00 135*992 2*820 1965............................. 44*433 862 5*485 320 5*170 1 >17 944 58,232 52*443 1,124 4,665 120,476 2*697 1966............................. 47*193 1,078 4,764 251 5*719 953 1,024 60,982 55 >06 1,114 4*863 88 >08 2,010 1967—Apr.................... 48,236 1 ,075 4,481 243 6,803 1,069 1 ,076 62,982 56,739 1,381 4,863 88,295 2,242 48,493 1 ,261 4,433 235 7 >62 1 >95 1,074 63,654 57,185 1 >46 4*923 92*754 2*495 June.................. 48*771 1 ,*226 4*336 249 7,313 1,140 1,108 64*143 57,*836 1,379 4,929 95,187 2,657 July................... 49,010 1 ,144 4,396 246 7,642 1,084 1,116 64,639 58,169 1,563 4,908 91,559 2*647 Aug................... 49,322 1,210 4,367 242 7>l0 1,034 1,117 65,201 58,499 1 ,732 4,969 n.a. 2,592 Sept.................. 49 ,'55 7 1,152 41406 243 8 >54 999 1 >47 65,559 59,066 1,525 4 >67 n.a. 2>24 Oct.................... 49,827 1,169 4,299 228 8 >80 959 1,134 65,696 59,257 1,489 4,950 n.a. 2,710 Nov.................. 50 >46 1,243 4,397 222 8,107 915 1,130 66,061 59,462 1,597 5 >02 n.a. 2,’684 50*311 1 >03 4,319 219 9,320 993 1,138 66*365 60,121 1 >60 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.................... 50>02 1 >34 4*405 220 8,672 903 1 >56 67,592 60 >45 1 *575 5,071 n.a. 2,400 51 >39 1 ,341 4*412 229 8 >37 914 1,198 68,070 61,615 1 ,388 5,067 n.a. 2’477 Apr................... 51,199 1,267 4 >03 221 9>13 871 1 >90 68,164 61 >54 1 >53 5 >58 n.a. 2*561 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 loans agencies. Loans are shown net of valuation reserves. Figures for Jan. 1968 beginning with Aug. 1967, include one savings and loan that converted to a mutual savings bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-36 SAVINGS INSTITUTIONS □ JUNE 1968 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities Total Mort­ Real Policy Other assets Total U St n a i t t e e s d Sta lo te c a a l nd Foreign i 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—Mar. r........................... 169,621 10,765 4,758 3,081 2,926 70,055 62,174 7,881 65,522 4,939 9,397 8,943 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 Mar.............................. 179,477 10,562 4,582 3,007 2,973 75,760 66,412 9,348 68,055 5,263 10,362 9,475 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development, on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in ‘‘other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E pe n r d i o o d f M ga o ge rt s ­ s G e U c o . u S v r . t i , ­ Cash Other1 a li s a T s b e o i t l t s i a t 2 i l — e s S ca av p i i n ta g l s u R n e d a s i e n v r d i v d e e s d B m o o rr n o e w y e 3 d L p o r a o n c s e s i s n Other c m o l e m o n a m t n s * 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 7’365 644 336 402 I960.................... 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961.................... 68'834 51211 3;315 4^75 82;135 70^885 5;7O8 2’856 1^550 1,136 C908 1962.................... 78,770 5'S63 3,926 5,'346 93;605 80,236 6,520 3; 629 1,999 ^221 2.230 1963 .................... 90,944 445 3,979 191 107;559 91,308 7,209 5,015 2,528 1>99 2,614 1964 .................... 101i 333 6,966 4’015 7,041 119,355 101,887 7,'899 5,601 2,239 1,729 2,590 1965..................... 110,306 7^14 3,900 7,960 129,580 110,385 8,704 6; 444 2,198 1 ;849 2,751 1966r.................. 114,447 7,771 3; 362 8,416 133,996 114,009 9^102 7; 464 1'272 2,149 1,517 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 1151233 7,950 3^38 8,936 135’757 116,911 9,062 5’027 1 ;503 3^254 2; 699 May, .... 115,909 8; 072 3,859 9,376 137,216 118,041 9^55 4,’630 1,710 3,780 3,081 June......... 116,944 7,987 3,997 9,232 138,160 119,976 9,268 4,559 1,918 2,439 3,250 July.......... 117,676 8.378 3,412 9,169 138,635 120,031 9,270 4,456 2,019 2,859 3,420 Aug.......... 118,674 8 857 3,127 9,221 139,879 120,677 9,265 4,399 2,130 3,408 3,443 Sept.......... 119,529 9,017 3; 078 9,158 140,782 121,870 9,255 4,382 2,158 3,117 3,337 Oct........... 120,362 9,171 3,040 9,217 141,790 122,365 9; 256 4,373 2,213 3 J 583 3,310 Nov.......... 121,127 9*424 3; 068 9,352 142,971 !22;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........... 122,637 9,775 2,864 9,263 144'539 124,717 9,567 4,596 2,205 3,454 3^386 Marr....... 123;426 9,968 2,909 9,334 145^637 125,993 9^57 4^12 2,324 3^251 3,840 Apr.?. . . . 124,306 9,821 2,772 9,330 146,229 125,694 9,556 4,808 2,463 3,708 4,023 1 Includes other loans, stock in the Federal home loan banks, other ^Commitments data comparable with those shown for mutual savings investments, real estate owned and sold on contract, and office buildings banks (on preceding page) would include loans in process. and fixtures. 2 Before 1958, mortgages are net of mortgage-pledged shares. Asset Note.—Federal Home Loan Bank Board data; figures are estimates for items will not add to total assets, which include gross mortgages with no all savings and loan assns. in the United States. Data beginning with 1954 deductions for mortgage-pledged shares. Beginning with Jan. 1958, no are based on monthly reports of insured assns. and annual reports of deduction is made for mortgage-pledged shares. These have declined noninsured assns. Data before 1954 are based entirely on annual reports. consistently in recent years from a total of $42 million at the end of 1957. Data for current and preceding year are preliminary even when revised. 3 Consists of advances from FHLB and other borrowing. 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

JUNE 1968 □ FEDERALLY SPONSORED CREDIT AGENCIES A-37 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Banks Federal Federal Mortgage Assn, for intermediate land (secondary market cooperatives credit banks banks Assets Liabilities and capital operations) End of period v m a b A t n e e o d c m r s ­ e ­ s I m nv en es ts t­ p C a o d a n s e s d i ­ t h s B n a o o n n te d d s s M po b d e s e e m i r ­ t s ­ C s a to p c it k al M l g o ( a A a o g n r ) e t s ­ D n t a e u ( o n b L r t e d e e ) s s n ­ c L a o t ( o o i t A v o a 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 (L b re e ) s n­ M l g o ( a A a o g n r ) e t s ­ 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 1,531 173 2,707 1,214 1,126 2,752 2,422 735 505 1,840 1,727 3,052 2,628 1963............. 4,784 1,906 159 4,363 1,151 1,171 2,000 1 ,788 840 589 2,099 1,952 3,310 2,834 1964............. 5,325 1,523 141 4,369 1,199 1,227 1,940 1,601 958 686 2,247 2,112 3,718 3,169 1965............. 5,997 1'640 129 5,221 1 ,045 1 ,277 2,456 1 ,884 1 ,055 797 2,516 2,335 4,281 3,710 1966.............. 6,935 2,523 113 6,859 1,037 1,369 4,266 3,800 1,290 1,074 2,924 2,786 4,958 4,385 1967............. 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 1967—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 ^ay.. 4,421 4,004 93 5,050 1,831 1 ,392 4,455 3,938 1,316 1,101 3,423 3,186 5,248 4,611 June.. 4,302 3,738 95 4,577 1,927 1 ,392 4,450 4,078 1,296 1 ,042 3,545 3,297 5,303 4,611 July.. 4,221 3,420 81 4,585 1 ,522 1,392 4,507 3,469 1,335 1,072 3,639 3,419 5,358 4,644 Aug... 4,153 3,160 73 4,395 1 ,344 1,392 4,474 4,049 1,368 785 3,696 3,465 5,404 4,787 Sept... 4,122 2,898 63 4,160 1 ,318 1 ,394 4,838 3,927 1,384 1,094 3,523 3,450 5,449 4,787 Oct... 4,114 2,787 81 4,060 1,323 1 ,393 5,022 4,432 1,438 1,138 3,460 3,457 5,502 4,871 Nov. . 4,188 2,770 77 4,060 1,347 I ,394 5,178 4,543 1 ,475 I ,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 1,412 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 Apr... 4,545 2,416 91 4.125 1 ,271 1 ,422 6,1 (0 5,650 1.549 1,322 3,72S 3,526 5,853 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, APRIL 30, 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*4 64 Aug. 20, 1968...................4'4 160 Aug. 26, 1968......................5% 500 Sept. 10, 1971.....................4’4 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 Feb. 25, 1969.....................5.85 400 June 12, 1973.....................4% 146 Mar. 20, 1969...................4% 100 Feb. 10, 1977......................414 198 Apr. 21, 1969.................5.60 250 Bonds: July 15, 1969...................4'4 130 Nov. 25, 1968......................5y8 300 July 15, 1969...................4% 60 Jan. 27, 1969.......................5'4 300 Banks for cooperatives Oct. 20, 1969..................... 209 Mar. 25, 1969.......................5% 300 Debentures: Jan. 20, 1970...................5% 209 Sept. 25, 1969.......................6 400 May 1, 1968.....................5.65 304 Feb. 20, 1970....................5% 82 Feb. 25, 1970.......................6 200 June 3, 1968.......................5’4 352 Apr. 1, 1970....................314 83 Mar. 25, 1970.......................6 200 July 1,1968.....................5.60 93 Apr. 20, 1970..................6.20 362 Apr. 27, 1970.......................6 225 Aug. 1,1968.....................5.65 364 July 20, 1970...................5*4 85 Oct. 1,1968.................5.80 208 July 20,1970......................6 241 May 1,1971......................3'4 60 Federal National Mortgage Associa­ Sept. 15, 1972....................3’/, 109 tion—Secondary market opera­ Oct. 23, 1972...................5% 200 tions Federal intermediate credit banks Feb. 20, 1973-78..............4% 148 Debentures: Feb. 20, 1974...................4*4 155 Discount notes................................. 1,750 J M un ay e 1 3 , , 1 1 9 9 6 6 8 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 .5 .3 % 0 3 3 4 3 5 0 A Fe p b r . . 2 2 1 4 , , 1 19 9 7 7 6 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 5 ’4 2 1 0 2 0 3 July 1, 1968.....................5.55 303 July 20,1976..................5% 150 De J S A J M b u u e p e n a n p r n y e e t . . t u 1 1 1 1 1 r 4 0 0 2 e 0 , , , , , s : 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 9 9 8 9 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 . . 6 . 4 ^ 4 5 . ’ 1 4 % % 0 0 4 3 2 3 0 5 5 0 8 0 0 0 0 8 O S A N J D a e c u o e n p t g c v . . t . . . . 1 4 2 2 3 1 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 8 8 8 9 8 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 . . . 5 5 5 . . . 9 9 8 1 % ’4 / 5 5 0 4 3 4 3 4 4 4 7 2 6 8 5 5 3 3 6 2 4 2 Te S B nn h o J A e o n a s r p d n s t r s e - . . : t e e r V 2 2 m 0 a 2 , l , l n 1 e 1 o y 9 9 t 7 7 e A 8 9 s u . . . . . t . . . h . . . . . . o . . . . . . r . . . . i . . . t . . . y . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 . % 2 2 1 8 0 5 5 0 0 July 10, 1969 ...................... 5% 250 Nov. 15, 1985..................4.40 50 Dec. 12, 1969.....................6 550 Federal land banks July 1, 1986....................4% 50 Apr. 10, 1970.....................4% 142 Bonds: Feb. 1, 1987....................4'4 45 Sept. 10, 1970.....................4W 119 Feb. 15, 1967-72...............4% 72 May 15, 1992...................5.70 70 Oct. 13, 1970.....................5’4 400 Oct. 1, 1967-70...............4'/i 75 Nov., 1992...........................6% 60 Mar. 11, 1971.....................6 350 May 20, 1968.....................5'4 242 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-38 FEDERAL FINANCE a JUNE 1968 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Derivation of U.S. Government cash transactions Receipts from the public, Payments to the public, Net cash borrowing other than debt other than debt or repayment Period Net rects. Bu n d e g t et T f P u l r n u u d s s s : t g I L n o e t v s r s a t. : - 1 E r T e q c o u t t a s a . l l s 2 : Budget f T P un l r u u d s s s : t 3 A m L d e e j n s u t s s s : t 4 ­ E p T q a o u y t a t a s l l . s : pa o y r t s. C (d d h i i e a r n b n e c t g t e a In L g v b e e e y s n s s . t : & , L N c e a o s s n s h : ­ Eq N u e a t ls: & agen.) trusts debt Cal. year—1965 ............ 96,679 31,384 4,449 123,376 101,379 31,014 4,473 127,919 -4,543 4,673 1,386 417 2,872 1966............ 110,802 40,011 4,792 145,137 118,077 36,791 4,003 150,867 -5,730 13,526 8,396 342 4,788 1967............ 117,708 45,861 6,581 156,300 131,698 38,654 6,779 163,572 -7,272 14,967 7,248 -103 7,822 Fiscal year—1964......... 89,459 30,331 4,190 115,530 97,684 28,885 6,237 120,332 -4,802 7,733 2,775 1,099 3,859 1965......... 93,072 31,047 4,303 119,699 96,507 29,637 3,749 122,395 -2,696 6,933 2,356 250 4,328 1966.......... 104,727 34,853 4,451 134,480 106,978 34,864 4,026 137,817 -3,337 6,710 3,562 530 2,618 1967......... 115,849 44,640 6,056 153,596 125,718 34,510 5,085 155,142 -1,546 6,734 10,852 -314 -3,804 ► 1967......... 149,591 158,414 -8,823 10,391 6,840 3,551 Half year: 1966—Jan.-June....... 61,617 20,701 2,379 79,456 54,014 19,164 2,398 70,782 8,674 2,484 5,026 129 -2,671 July-Dec......... 49,185 19,310 2,413 65,681 64,063 17,627 1,605 80,085 -14,404 11,042 3,370 213 7,459 1967—Jan.-June........ 66,664 25,330 3,643 87,915 61,655 16,883 3,480 75,057 12,858 -4,308 7,482 -527 -11,263 July-Dec......... 51,044 20,531 2,938 68,385 70,043 21,771 3,299 88,515 -20,130 19,275 -234 424 19,085 ► July-Dec......... 67,292 86,809 -19,517 20,630 1,633 18,998 Month: 1967—Apr................. 13,534 3,850 233 17,070 9,464 2,789 1,063 11,189 5,881 -3,708 -329 -77 -3,302 May................ 6,289 5,367 303 11,295 10,915 2,897 -634 14,445 -3,150 3,372 4,213 -25 -816 June................ 18,304 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 3,963 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 Apr................. ............ 19,081 .............. 15,712 3,369 -1,113 514 .....-..1..,.6...2.7 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 i c n e s Tre (e a n su d r o er 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 f d p i r g l c u i e t s t f T un ru d s s t 3 a C c l c e o a u ri n n t g s i M ssu a O a r f k n e ce t i I n G n v o U e v s . t S t , . . p d g u i r i r b o n e l s c i s c t T o r H u e t a e s s l i u d d r e y a T c u c r r e e o a r u ’ s n s ­ t Balance B F a . n R k . s l T a o n a a d x n a O s n t s e h e t e t s r sec. 3 sec. 3 debt accts. 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 3414 3,596 -6,840 6,795 -210 -4,648 7,759 1,311 4,272 2,1764 Half year: 1966—Jan.-June... 7,602 1,536 -111 3,481 -5,026 -997 660 5,825 12,407 766 10,050 1,591 July-Dec......... -14,878 1,683 -1,021 1,630 -3,370 9,412 -149 -6,396 6,011 416 4,096 1,499 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—Apr.........4..,.0 70 1,061 907 -563 329 -3,145 595 2,064 8,884 1,360 5,415 2,109 May. -4,626 2,471 -912 285 -4,213 3,087 -649 -3,259 5,626 574 3,469 1,583 June............... 8,173 1,819 -1,061 -304 -1,344 -4,667 483 2,133 7,759 1,311 4,272 2,176 July................ -5,131 -631 355 274 465 4,416 -44 -208 7,551 1,340 4,552 1,659 Aug................. -5,428 1,523 -658 -66 -1,723 5,213 -196 -944 6,607 1,051 3,937 1,619 Sept................ -63 -19 1,060 -384 1,003 46 -87 1,729 8,336 778 5,808 1,750 Oct................. -4,707 -1,559 -34 452 432 4,606 -16 -794 7,542 697 5.171 1,674 Nov............ -4,201 706 -754 145 -292 4,588 133 59 7,601 1,581 4,407 1,613 Dec................. 532 -1,259 -33 413 350 -427 131 -555 7,046 1,123 4,329 1,594 ► 1968—Jan.................. 233 =877 1,434 919 1,610 -168 1,775 8,821 1,153 5,977 1.6914 Feb................. -2,295 5-564 100 -1,533 5,516 -313 1,539 10,359 1,197 7,601 1,561 Mar................ 149 31,473 287 428 -2,063 588 -3,512 6,847 581 4,727 1,539 Apr................. 3,369 5285 1 ,357 -514 -2,470 432 1 ,595 8,442 1,035 5,372 2,035 _________1_________ For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1968 □ FEDERAL FINANCE A-39 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Total Individual Co ra r t p e o­ Total a L n iq d u t o o r ­ H w ig ay h­ Total F a I n C d A e U m n p - l . E a g s n t i a f d t t e t C o u m s s ­ r m e I a p e n n n a t d . y t s ­ f R un e d ­ s Other With­ Other bacco R.R. held Fiscal year—1964... 115,530 39,259 15,331 24,301 13,950 5,630 3,646 21,936 17,405 4,037 2,416 1,284 1,702 7,148 2,499 1965... 119,699 36,840 16,820 26,131 14,793 5,921 3,782 22,138 17,833 3,817 2,746 1,478 2,097 6,030 2,686 1966... 134.480 42,811 18,486 30,834 13,398 5,888 4,037 25,527 21,243 3,773 3,094 1,811 2,303 7,256 3,472 1967... 153,596 50,521 18,850 34,918 14,114 6,156 4,652 32,857 28,700 3,657 3,014 1,972 2,743 9,582 4,189 ►1967... 149,591 50,521 18,850 34,918 14,114 6,156 4,652 33,616 28,752 3,658 3,014 1,972 1,805 9,581 362 ^ Half year: 1966—Jan.-June.. 79,456 22,847 14,680 19,942 6,352 2,825 1,969 15,926 13.500 2,166 1,820 913 1,007 6,194 2,163 July-Dec... 65,681 24,641 3,983 12,045 6,762 3,105 2,313 13,789 11,969 1,569 1,258 1,017 1,493 1,142 1,835 1967—Jan.-June.. 87,915 25,880 14,867 22,873 7,352 3,051 2,339 19,068 16,731 2,088 1,756 955 1,250 8,440 2,354 July-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 « Month: 1967—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 1,193 470 366 1,857 1,598 119 238 181 180 500 -4« Feb............ 12,134 5,801 1,100 650 1,081 470 428 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 Apr............ 19,081 4,045 7,687 4,339 1,211 n.a. 348 3,501 3,237 150 450 191 201 2,561 17 Cash payments to the public Period Total 5 t f i N e d o n e n a s ­ a ­ e l af I f n a t i i r , s s S e p r a e a r ­ c c e h A t c u g u r r e l i ­ ­ so N u u r r r e a a c ­ t l e ­ s t m C ra a o e n n r m s d c p e ­ . H d c in e o o g v m u e & l s l . . ­ l H w ab e e o l a f r l a , t r h e & , E t d io u n ca­ e V ra e n t­ s In e t s e t r­ G g e o r e a v n l t . ­ Fiscal year—1964...1..2..0. ,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...1..2..2., 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...1..3..7., 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..5..5.,142 71,843 4,413 5,426 4,159 3,522 7,102 -1,723 39,002 3,286 6,978 10,371 2,641 ► 1967........ 158,414 70,092 4,650 5,423 4,377 2,132 7,446 2,285 40,084 4,047 6,898 10,280 2,4544 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—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 -114 3,407 293 462 700 231 July.... 14,538 6,440 468 351 648 349 716 524 3,731 229 585 222 270 Aug.... 16,325 6,864 374 410 945 387 862 326 3,583 328 592 1,516 198 Sept.... 14,201 6,627 502 377 802 326 733 329 3,456 356 580 437 198 Oct..... 14.815 6,728 558 386 418 347 819 280 3,620 312 639 310 243 Nov.... 15,202 6,462 546 377 83 336 680 314 3,680 298 626 1,861 233 Dec.... 13,434 6,130 408 391 258 292 594 309 3,643 -52 465 521 238 ^196R Tan . 15,471 •7,164 .......4 Feb . 14,429 •6,412 14,947 '6,363 15,712 •7,091 ► 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. 4 Primarily (1) intragovt, transactions, (2) noncash debt, (3) clearing accounts. 1 Primarily interest payments by Treasury to trust accounts and accumu­ 5 Includes technical adjustments not allocated by functions. lations to U.S. employee trust funds. 2 Includes small adjustments not shown separately. Note.—Based on Treasury Dept, and Bureau of the Budget data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-40 U.S. GOVERNMENT SECURITIES □ JUNE 1968 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 Total End of period d T g e r o b o t t s a s l 1 d d g e i r r b o e t s c s t 2 Total Marketable C v ib e o l r n e t­ ­ Nonmarke S ta a b v l ­ e i S s p su e e c s ia l 6 Total Bills Certifi­ Notes Bonds 4 bonds Total 5 ings cates bonds & notes 1941—Dec.................................... 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1945—Dec.................................... 278.7 278.1 255.7 198,8 17.0 38.2 23.0 120.6 56.9 48.2 20.0 1947—Dec.................................... 257.0 256.9 225.3 165.8 15.1 21.2 11.4 118.0 59.5 52 1 29.0 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 46 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—May................................... 331.4 330.9 271.8 216.7 64,1 5.6 49,1 97.9 2.6 52.6 51.1 55.2 326.7 326,2 266.1 210.7 58.5 5.6 49.1 97.4 2 6 52.9 51.2 56.2 July.................................... 331.2 330.6 270.9 215.0 62.8 5.6 49.1 97.4 2.6 53.4 51.3 56.2 Aug.............................. 336.4 335.9 274.1 218.3 63.3 57.5 97.4 2.6 53.3 51.4 58.3 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 66.5 93.6 2.5 55.4 51.8 57.0 May................................... 352.9 352.3 289.7 231,8 69.6 .............. 71.1 91.1 2.5 55,5 51.9 59.2 1 Includes non-interest-bearing debt (of which $415 million on May 31, 5 Includes (not shown separately): depositary bonds, retirement plan 1968, was not subject to statutory debt limitation) and guaranteed secu­ bonds, foreign currency scries, foreign series, and Rural Electrification rities not shown separately. Administration bonds; before 1954, armed forces leave bonds; before 2 Excludes guaranteed securities. 1956, tax and savings notes; and before Oct. 1965, Series A investment 3 Includes amounts held by U.S. Govt, agencies and trust funds, which bonds. totaled $18,812 million on Apr. 30, 1968, 6 Held only by U.S. Govt, agencies and trust funds. 4 Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds. Note.—Based on Daily Statement of U.S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public End of Total U.S. Individuals period g d r e o b s t s ag G t e a r o n u n v c d s i t t e , s B F a . n R k . s Total m C b e a o r n c m k ia ­ s l M s b a a v u n i t n u k g a s s l p I c a n a o n n s m c u ie e r ­ s ­ r c O a o t t r i h o p e n o r s ­ g S l a o o t n c v a d a t ts e l . Savings Other n F a i o t a n i r n t o e e d i n r g ­ a n l 1 O i m t n o v t i r h s e s c e s . ­ r 2 funds bonds securities 1941—Dec.............. 64.3 9.5 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .4 .5 1945—Dec................ 278.7 27.0 24.3 227.4 90.8 10.7 24.0 22,2 6.5 42.9 21.2 2.4 6.6 1947—Dec................ 257.0 34,4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19,4 2.7 5.7 I960—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—Apr............... 328.3 70.4 45.5 212.5 57,2 4.3 9.0 12.9 25.2 50,5 22.3 15.0 16.1 May.............. 331.4 74.6 46.1 210.8 56,4 4.3 9.0 13,6 25.1 50.5 21.4 15.0 15,4 June.............. 326.7 75,8 46.7 204.2 55.5 4.2 8.7 11.1 25.0 50.6 20.4 14.7 14.1 July.............. 331.2 75.5 46.8 208.9 58.3 4.2 8.7 11.9 24.7 50,7 20.2 14.4 15.9 Aug............... 336.4 77.2 46.6 212.6 60.2 4.2 8.7 12.4 25.1 50.8 20.7 14.3 16.2 Sept............... 336.4 76,4 46.9 213.1 61,1 4.2 8.7 10,7 24.9 50.8 21,7 14.7 16.2 Oct................ 341.0 75.9 47.4 217.7 63.6 4.1 8.8 11,8 24.6 50.9 22.1 14.9 17.0 Nov......... 345.6 76.2 48.9 220.5 63.5 4.2 8.7 13.1 24.5 51.0 22.8 16.2 16.5 Dec................ 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 26.7 51.1 24.0 14.6 18.4 Apr................ 347.5 75.8 50.5 221.3 60.0 4.1 8.4 13.7 26.8 51.1 23.8 14.9 18.5 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

JUNE 1968 □ U.S. GOVERNMENT SECURITIES A-41 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.....2..1..4....6..0..4...........9..3..,.3..9..6...........6.0,177 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—Mar. 31........................................................ 231,651 114,646 71,300 43,346 67,969 24,006 8,412 16,617 Apr. 30........................................................ 228,718 111,783 68,589 43,194 67,922 24,006 8,41 1 16,596 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—Mar. 31................................................ 16,982 3,731 2,475 1 ,256 4,957 2,666 2,115 3,513 Apr. 30................................................ 16,638 3,350 2,109 1 ,241 4,992 2,669 2,115 3,513 Federal Reserve Banks: 1965—Dec. 31......4..0..,.7..6..8............2..4..,.8..4..2..... 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—Mar. 31................................................ 49,691 39,411 16,220 23,191 7,948 1 ,758 187 388 Apr. 30................................................ 50,507 40,154 16,863 23,291 8,003 1 ,773 188 389 Held by public: 1965—Dec. 31.....1..6..0..,.4..3..0...........6..7..,.1..9..8.... 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—Mar. 31 ........ ................................. 164,978 71,504 52,605 18,899 55,064 19,582 6,110 12,716 Apr. 30................................................ 161,573 68,279 49,617 18,662 54,927 19,564 6,108 12,694 Commercial banks: 1965—Dec. 31.......5..0..,.3..2..5...........1..8..,.0.03 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—Mar. 31......................................... 50,781 15,264 7,400 7,864 26,089 8,467 486 476 Apr. 30......................................... 48,882 13,608 5,942 7,666 25,836 8,480 489 469 Mutual savings banks: 1965—Dec. 31.........5.,.2..4..1.................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—Mar. 31......................................... 4,064 769 509 260 1,372 826 260 837 Apr. 30......................................... 3,920 703 434 269 1,333 800 258 827 Insurance companies: 1965—Dec. 31........8..,.8...2..4.................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—Mar. 31......................................... 7,298 890 519 371 1 ,904 978 1,144 2,381 Apr. 30......................................... 7,124 732 372 360 1,896 980 1,138 2,378 Nonfinancial corporations: 1965—Dec. 31.........8..,.0..1..4.............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—Mar. 31......................................... 6,152 4,790 3,284 1,506 1,230 120 2 9 Apr. 30......................................... 5,669 4,263 2,729 I ,534 1,257 139 2 8 Savings and loan associations: 1965—Dec. 31.........3..,.6..4..4.................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—Mar. 31......................................... 4,909 1,340 890 450 1 ,748 1 ,055 308 458 Apr. 30......................................... 4,813 1 ,224 765 459 1 ,770 1,053 307 458 State and local governments: 1965—Dec. 31.......1..5..,.7..0..7.............5..,.5.71 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—Mar. 31......................................... 15,028 6,353 5,046 1,307 2,229 1 ,043 1,515 3,888 Apr. 30......................................... 14,906 6,339 5,025 • 1,314 2,228 990 1,506 3,843 All others: 1965—Dec. 31.......6..8..,.6..7..5...........3..5..,.3.56 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—Mar. 31......................................... 76,746 41,098 34,957 7,141 20,492 7,093 2,395 4,667 Apr. 30......................................... 76,259 41,410 34,350 7,060 20,607 7,122 2,408 4,711 Note.—Direct public issues only. Based on Treasury Survey of about 90 per cent by the 5,851 commercial banks, 501 mutual savings­ Ownership. banks, and 760 insurance companies combined; (2) about 50 per cent by Data complete for U.S. Govt, agencies and trust funds and F.R. Banks the 469 nonfinancial corporations and 488 savings and loan assns.; and but for other groups are based on Treasury Survey data. Of total mar­ (3) about 70 per cent by 504 State and local govts. , ketable issues held by groups, the proportion held on latest date by those “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-42 U.S. GOVERNMENT SECURITIES □ JUNE 1968 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt, Period agency Total Dealers and brokers securities Within 1-5 5-10 Over Com­ AU 1 year years years 10 years U.S. Govt, Other m b e a r n c k ia s l other securities (967—Apr............................... 2,111 1,738 262 82 28 813 76 746 475 222 May............................. 2,075 1,636 332 77 30 784 63 720 507 188 June............................. 1,802 1’502 226 52 23 659 56 621 466 199 July.............................. 2,'084 1,856 161 45 21 740 58 741 544 219 Aug.............................. 1,884 1,578 243 33 30 662 60 662 500 159 Sept..................... 1,937 1 ^705 177 30 24 715 52 711 459 200 Oct..................... 2,168 1,941 150 43 33 795 66 841 465 202 Nov............................. 2^343 1,935 273 96 40 848 76 862 558 243 Dec............................. 2,798 2,352 291 94 63 1,079 90 1,028 601 213 1968—Jan............................... 2,919 2,545 263 64 48 1,160 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 '77 863 608 r289 Apr.............................. 2,246 1,972 185 60 28 759 75 827 586 227 Week ending— (968—Apr. 3....................... 2,789 2,386 266 104 32 962 86 1,014 728 r253 10....................... 1 '913 1'61 1 188 77 38 598 r88 r675 r554 168 17....................... 2,552 2'328 165 39 20 916 78 929 630 r32O 24....................... %238 r1 '989 168 r55 27 770 61 814 r594 176 May 1....................... 1,906 1 ,704 141 29 32 605 59 747 497 231 ' 8....................... 2,619 ! ,985 287 324 23 873 92 967 687 153 15....................... 1,981 1 '474 366 123 21 589 60 816 516 236 22........................ 1,942 1,471 271 184 16 555 73 692 622 407 29....................... 2,445 2’,031 292 108 25 33 227 Note.—The transactions data combine market purchases and sales of ties under repurchase agreement, reverse repurchase (resale), or similar U.S. Govt, securities dealers reporting to the F.R. Bank of N.Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of, and exchanges for, new U.S. Govt, securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi­ DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity U.S. Commercial banks Period mat A ur ll i ties W 1 y it e h a in r y 1 e - a 5 r s 5 O y v e e a r rs se a G c g u e o r n v i c t t i y . e s Period sou A r l c l es Y N o ew rk w E h ls e e r ­ e C t o io rp n o s r 1 a­ o A th U e r City (967—Apr......... 3,902 3,296 382 223 450 May........ 3^75 2,503 744 129 371 1967—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 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 Dec.......... 2,410 2,375 35 1 363 Nov........... 2,863 650 640 1,176 397 Dec........... 2,549 556 482 1,144 367 1968—jail........... 3,404 3,310 114 -20 G93 Feb.......... 3’762 3^500 108 153 369 1968—Jan............. 3,209 1,003 816 944 446 Mar 2,438 2,211 124 103 G61 Feb....... 3,’799 1 ,072 1 008 1,071 648 Apr.......... 2'987 2; 608 236 142 403 Mar........... 2,651 ’678 643 '829 601 Apr........... 3^73 794 832 937 510 Week ending— Week ending'— 1968—Mar. 6.. 3,093 2,754 117 222 399 13. . 2,563 2,359 96 109 354 1968-—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 Apr. 3. . 3,010 2,746 162 102 357 10. . 3,236 2,334 240 161 364 Apr. 3 . .. 2,800 843 681 666 610 17. . 3,030 2,610 262 159 421 10. .. 3,376 1,062 844 873 597 24. . 2,487 2,124 228 135 414 17. .. 3,436 1,000 891 944 600 24. .. 2,622 387 727 1,168 340 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. Sec 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

JUNE 1968 □ GOVERNMENT SECURITIES A-43 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, MAY 31, 1968 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. June 6, 1968 2,602 Nov. 7,1968................. 1,102 Apr. 1,1971..........1ft 35 Feb. 15, 1970.........4 4,381 June 13, 1968., 2,600 Nov. 14, 1968................. 1,101 May 15, 1971..........5ft 4,265 Aug. 15, 1970..........4 4,129 June 20, 1968.. 2,606 Nov. 21, 1968................. 1,100 Oct. 1,1971.........1ft 72 Aug. 15 1971.........4 2,806 June 24, 1968f 5,534 Nov. 29, 1968................. 1,100 Nov. 15, 1971..........5ft 1,734 Nov. 15, 1971..........3’/s 2,760 June 27, 1968.. 2,611 Nov. 30, 1968................. 1 ,501 Feb. 15, 1972.........4ft 2,006 Feb. 15, 1972..........4 2,344 June 30, 1968., 1,501 Dec. 31, 1968.. .............. 1 ,499 Apr. 1,1972.........1ft 34 Aug. 15, 1972..........4 2,579 July 5, 1968.. 2,601 Jan. 31'1969................. 1,500 May 15, 1972.........4ft 5,310 Aug. 15, 1973..........4 3,894 July 11, 1968.. 2,602 Feb. 28, 1969................. 1,502 Oct. 1,1972.........1ft 33 Nov. 15, 1973..........4ft 4,352 July 18, 1968.. 2,603 Mar. 31' 1969................. 1 ,000 Apr. 1,1973.........1ft 12 Feb. 15, 1974..........4ft 3,129 July 25, 1968.. 2,603 Apr. 30’ 1969................. 1 ,001 Nov. 15, 1974.........5ft 1,652 May 15, 1974..........4ft 3,588 July 31, 1968.. 1,501 May 31,' 1969................. 1 ,002 Feb. 15, 1975.........5ft 5,148 Nov. 15, 1974..........37/. 2,241 Aug. 1, 1968.. 2,600 May 15, 1975.........6 6,747 May 15, 1975-85...4ft 1,216 Aug. 8, 1968.. 2,601 June 15, 1978-83...3ft 1,569 Aug. 15, 1968, 2,602 Feb. 15, 1980..........4 2,602 Aug. 22, 1968, 2,601 Treasury notes Treasury bonds Nov. 15, 1980..........3ft 1,908 Aug. 29, 1968. 2,600 Aug. 15, 1968........4% 5,936 Dec. 15, 1963-68...2ft 1,788 May 15, 1985..........3ft 1,115 Aug. 31, 1968, 1 ,501 Oct. 1, 1968........ 1ft 115 June 15, 1964-69...2ft 2,542 Aug. 15, 1987-92... 4ft 3,817 Sept. 5, 1968. 1 ,000 Nov. 15, 1968........5U 8,984 Dec. 15, 1964-69... 2 ft 2,489 Feb. 15, 1988-93...4 249 Sept. 12, 1968. 1 ,000 Feb. 15,1969........5% 10,738 Mar. 15, 1965-70... 2ft 2,285 May 15, 1989-94.. ,4ft 1,559 Sept* 19, 1968. 1 ,000 Apr. 1,1969........1ft 61 Mar. 15, 1966-71... 2ft 1,224 Feb. 15, 1990.........3ft 4,881 Sept. 26, 1968. 1,001 May 15, 1969........5ft 4,277 June 15, 1967-72... 2ft 1,252 Feb. 15, 1995.........3 1,720 Sept. 30, 1968. 1 ,500 Aug. 15, 1969.........6 3,366 Sept. 15, 1967-72.. .2ft 1,952 Nov. 15, 1998..... ,3ft 4,345 Oct. 3, 1968 1,000 Oct. 1,1969........1ft 159 Dec. 15, 1967-72. ..2ft 2,616 Oct. 10, 1968 1 ,001 Apr. 1,1970........1(4 88 Aug. 15, 1968........3ft 2,640 Oct. 17, 1698 1,103 Oct. 1, 1970........1ft 113 Nov. 15, 1968........3% 1,158 Convertible bonds Oct. 24, 1968 1,101 Nov. 15, 1970........5 7.675 Feb. 15, 1969........4 3,728 Investment Series B Oct. 31, 1968, 2,602 Feb. 15,1971........5^ 2,509 Oct. 1, 1969........4 6,247 Apr. 1, 1975-80... 2ft 2,517 f 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 Use of proceeds Total amount Period deliv­ Total G g o a e b t a n i l l o e i­ n r­ s R n e u v e e­ HA Ai G l U o o a .S v n . t s , State S d a i p s a s u t e n t a t c r d h t i i , c a . t l Other2 ered 3 Total c E a d ti u o ­ n b R r a o id n a g d d e s s i U tie ti s l­ 4 H in o g u ® s­ V a a e n i t d s e ’ r ­ O p p o t u s 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 5 307 10,069 10,201 3’392 688 2'337 727 120 2’, 838 1965................. 11329 7,177 3317 464 170 2,401 3'784 5,144 11 338 10,471 3'619 900 1,965 626 50 3,311 1966................. 11,405 6,804 3,955 325 312 2390 4’110 4,695 n.a.11,303 3,738 1376 1,880 533 3,667 1967r............... 14,766 8,946 5,013 477 334 2'842 4,810 7,115 n.a. 14,643 4’473 1'254 2,404 645 5,867 1967r April.. 1,130 848 256 26 182 245 703 n.a. 1,111 460 59 213 10 369 May... 1,254 766 458 30 315 299 641 n.a. 1 ,229 487 116 102 11 513 June... 1 ’497 860 492 117 29 138 682 677 n.a. 1 >97 597 26 228 148 498 July... 950 665 246 39 186 260 504 n.a. 943 314 36 193 7 393 Aug.... 860 588 254 18 195 234 430 n.a. 858 212 142 211 52 242 Sept.... 1,340 566 648 105 21 246 588 507 n.a. 1,330 333 184 250 110 453 Oct.... ’975 686 256 32 207 257 510 n.a. '974 269 130 139 18 417 Nov.... 1,400 766 592 43 335 548 517 n.a. 1,400 225 43 320 9 803 Dec,... 1'182 484 539 138 22 153 507 521 n.a. 1'182 277 43 129 152 580 1968 r—Jan... . 1,175 839 307 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.... 1 365 582 624 144 15 110 500 754 n.a, 1’356 358 9 129 190 669 Apr.... 1378 774 487 17 80 568 767 n.a. 1,273 282 127 316 112 ........4..3..6 1 Only bonds sold pursuant to 1949 Housing Act, which are secured 5 Includes urban redevelopment loans. by contract requiring the Housing Assistance Administration to make annual contributions to the local authority. Note.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S. Govt, loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt, 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. Components may not add to totals due to rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-44 SECURITY ISSUES □ JUNE 1968 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues 1 Proposed use of net proceeds, all corporate issues 6 Noncorporate Corporate New capital Re­ Period Bonds Stock m ti e re n ­ t Total G U o . v S t . .2 G a U c g o y . e S v n 3 t . ­ , l S o U a c t n a . a S d t l e , 4 Other 5 Total Total o P f l f i u e cl r b y e ­ d p v l P a a t r c e i e l ­ y d fe P rr r e e d ­ C m o o m n ­ Total Total m N on ew ey 7 O p p o t u h s r e e ­ s r s ri e t o c i f e u s ­ I960................... 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8,758 895 271 1961................... 35,527 12’253 1’448 8,360 303 13,165 9,420 4,700 4,720 450 3,294 12,885 12,017 10,715 1,302 868 1962................... 29,956 8,590 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 10,501 9,747 8,240 1,507 754 1963................... 35,199 10,827 1,168 10,107 887 12,211 10,856 4,713 6,143 343 1,011 12,049 10,523 8,898 1,625 1,526 1964................... 37,’122 10,656 L205 10’544 760 13,957 10,865 3,623 7,243 412 2,679 13,792 13,038 11,233 1,805 754 1965................... 40;108 9; 348 2,731 11 J48 889 15.992 13,720 5,570 8,150 725 1 ,547 15,801 14,805 13,063 1,741 996 1966................... 45,015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1,939 17,841 17,601 15,806 1,795 241 1967................... 68,514 19,431 8,180 14^288 1,817 24,798 21,954 14,990 6,964 885 1,959 24,409 24,097 22,233 1,867 312 1967—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....... 5,373 410 650 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.r.. .. 4,556 481 999 1,162 144 1,771 1,449 903 546 46 276 1,732 1,705 1 ,588 117 27 Feb/.. . . 8,072 4,719 550 1,134 61 1 ,608 1,382 796 585 58 169 1,585 1 ,568 1,447 121 16 Mar........ 5,069 418 1,370 1 ,363 118 1 ,799 1,359 766 593 145 295 1,765 1 ,740 1,592 149 24 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Period Retire­ Retire­ Retire­ Retire­ Retire­ Retire­ New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ rities rities rities rities rities rities 1960. 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 in 2,211 47 2,016 22 4,741 127 1,955 1 2,399 5 1967--Mar................................... 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 * June................................... 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 I 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.r................................ 537 15 208 11 91 .............. 417 185 267 .............. Feb.r................................. 556 5 142 1 118 546 8 147 ............. 61 2 Mar.................................... 761 1 175 192 .............. 431 17 78 6 102 ............. 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 3 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

JUNE 1968 a SECURITY ISSUES A-45 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire­ Net New Retire­ Net issues ments change issues ments change In co v s e J st, Other In c v o e s s . t 1 , Other I c n o ve s s .1 t. Other 1962....................... 14,308 6,457 7,852 8,613 3,749 4,864 3,440 2,255 1,140 1,567 2,300 688 1963....................... 15,641 8^711 6'930 10'556 4,979 5,577 3,138 1,948 1,536 2'197 1 ,602 -249 1964....................... 18,826 8,290 10'536 10,715 4,077 6,637 4,363 3,748 1,895 2,317 2,468 1,431 1965....................... 21'535 10,025 11'511 12,747 4,649 8'098 5,583 3^205 2,134 3'242 3,450 — 37 1966..................... . 26,327 9'567 16’761 15,629 4'542 11,088 6,529 4,169 2^025 3,000 4,504 1,169 1966—IV......... 5,615 2,535 3,080 3,336 1,111 ■ 2,225 1,657 622 431 993 1,226 -371 1967—I.................. 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 J81 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............... 9301 2,863 6,538 5; 349 1326 3; 924 2,446 1^05 747 690 1,699 915 Type of issuer Manu­ Commercial Transpor­ Public Communi­ Real estate Period facturing and other 2 tation 3 utility cation and financial * & B n on o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & 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....................... 1,804 339 -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 Ill............... 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 i Open-end and closed-end companies. exclude foreign and include offerings of open-end investment cos., sales of 2 Extractive and commercial and misc. companies. securities held by affiliated cos. or RFC, special offerings to employees, 3 Railroad and other transportation companies. and also new stock issues and cash proceeds connected with conversions « Includes investment companies. of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for Note.—Securities and Exchange Commission estimates of cash trans­ that purpose shown on opposite page. actions only. As contrasted with data shown on opposite page, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales 1 Re ti d o e n m s p­ s N al e e t s Total 2 po C si a t s io h n 3 Other Sales 1 Re t d io e n m s p­ s N al e e t s Total 2 po C si a t s i h o n3 Other 1956.............. 1,347 433 914 9,046 492 8,554 1967—Apr... 358 214 144 41,191 2,666 38,525 1957.............. 1’391 406 984 8’714 523 8'191 May.. 357 258 99 39,' 847 2,608 37,239 1958.............. H620 511 1,109 13,242 634 12,608 June.. 375 225 150 40,795 2'503 38’292 July... 425 222 203 43,064 2’515 40,549 1959.............. 2,280 786 1,494 15,818 860 14,958 Aug... 347 249 98 42,663 2,370 40 293 I960.............. 2^097 842 1,255 17^026 973 16^053 Sept... 352 246 106 43,585 2’244 41 341 1961.............. 2’951 1,160 I ,791 22,789 980 21,809 Oct,.. 409 270 139 42^652 2’218 40 434 1962.............. 2^699 1 J23 U576 21,271 1,315 19^56 Nov. . 468 231 237 43,262 2,653 40 609 Dec... 501 242 259 44,701 2; 566 42,135 1963 .............. 2,460 1,504 952 25,214 1,341 23,873 1964.............. 3'404 1 ’875 1 ,528 29,116 1,329 27,787 1968—Jan.... 556 316 240 42.466 2,679 39 787 1965 .............. 4,359 1,962 2395 35,220 1,803 33,417 Feb... 451 260 191 41 533 3,409 38’124 1966.............. 4^671 2^005 2’665 34^829 2,971 31 '858 Mar... 557 243 314 42’412 3 919 38’493 1967.............. 4,670 2,745 1 ,927 44,701 2,566 42,135 Apr.. . 618 309 309 46’179 3’,923 42^56 J 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-46 BUSINESS FINANCE □ JUNE 1968 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1966 1967 1968 Industry 1963 1964 1965 1966 1967 II III IV I II III IV I Manufacturing Total (177 corps.): Sales..................................... 147,380 158,253 177,237 195,738 201,399 49,850 46,202 51,991 48,585 51,679 48,317 52,818 57,075 Profits before taxes....................... 17,337 18,734 22,046 23,487 20,898 6,460 4,881 6,126 5,153 5,608 4,232 5,867 6,922 Profits after taxes......................... 9,138 10,462 12,461 13,307 12,664 3,643 2,845 3,466 2,918 3,190 2,381 3,268 3,894 Dividends...................................... 5,444 5,933 6,527 6,920 6,989 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 18,496 18,297 19,129 18,743 19,535 19,695 19,996 21,258 Profits before taxes....................... 6,333 6,881 7,846 9,181 9,039 2,444 2,305 2,232 2,153 2,250 2,209 2,427 2,702 Profits after taxes......................... 3,646 4,121 4,786 5,473 5,379 1,427 1,389 1,352 1,319 1,343 1,313 1 ,431 1 ,609 Dividends...................................... 2,265 2,408 2,527 2,729 3,027 682 673 723 720 756 770 781 Durable goods industries (99 corps.): 2 Sales............................... 92,008 98,482 112,341 122,094 123,429 31,354 27,905 32,861 29,842 32,144 28,622 32,821 35,817 Profits before taxes....................... 11,004 11,853 14,200 14,307 11,822 4,020 2,577 3,895 3,000 3,358 2,024 3,440 4,220 Profits after taxes......................... 5,492 6,341 7,675 7,834 6,352 2,216 1,456 2,115 1 ,599 1,847 1,068 1 ,838 2,285 Dividends............................ 3,179 3,525 4,000 4,191 3,964 1,072 958 1,242 950 945 952 1,117 Selected industries: Foods and kindred products (25 corps.): 14,301 15,284 16,427 19,038 20,134 4,673 4,759 5,011 4,963 5,060 5,131 4,980 5,062 Profits before taxes....................... 1,546 1,579 1,710 1,916 1,967 488 504 485 447 482 526 512 497 Profits after taxes......................... 747 802 896 1,008 1,041 257 262 259 236 253 284 268 262 Dividends,....... ....................... 448 481 509 564 583 142 139 146 148 144 146 145 Chemical and allied products (20 corps.): Sales............................................... 14,623 16,469 18,158 20,007 20,561 5,216 4,824 5,072 4,998 5,163 5,116 5,284 6,686 Profits before taxes....................... 2,286 2,597 2,891 3,073 2,731 874 789 650 694 700 636 701 916 Profits after taxes......................... 1,182 1,400 1,630 1,737 1,579 480 443 386 396 404 363 416 501 Dividends..................................... 904 924 926 948 960 224 234 269 238 235 235 252 Petroleum refining (16 corps.): Sales..................................... 16,043 16,589 17,828 20,887 23,258 5,114 5,298 5,530 5,390 5,808 5,985 6,075 5,890 Profits before taxes..................... 1,487 1,560 1,962 2,681 3,004 668 631 726 684 741 744 835 941 Profits after taxes................... 1,204 1,309 1,541 1,898 2,038 467 479 495 505 504 489 540 655 Dividends................... 608 672 737 817 1,079 204 204 209 232 280 286 281 Primary metals and products (34 corps.): Sales............................................... 22,116 24,195 26,548 28,558 26,532 7,457 7,309 7,225 6,801 7,040 6,525 6,166 7,072 Profits before taxes................«... 2,178 2,556 2,931 3,277 2,487 928 857 810 693 670 477 647 636 Profits after taxes......................... 1,183 1,475 1,689 1 ,903 1,506 537 490 475 395 411 290 410 368 Dividends...................................... 734 763 818 924 892 218 230 260 222 214 228 228 Machinery (24 corps.): Sales........................................... 21,144 22,558 25,364 29,512 32,721 6,889 7,538 8,100 7,704 7,933 8,090 8,994 11,703 Profits before taxes...................... 2,394 2,704 3,107 3,612 3,482 915 851 952 868 807 837 970 1,639 Profits after taxes......................... 1,177 1,372 1,626 1,875 1,789 480 444 495 421 417 438 513 873 Dividends.. 577 673 774 912 921 225 226 244 232 233 227 229 Automobiles and equipment (14 corps.): Sales............................................. 32,927 35,338 42,712 43,641 42,306 11,728 8,046 12,149 10,413 11,875 8,354 11,664 12,154 Profits before taxes....................... 5,004 4,989 6,253 5,274 3,906 1,615 313 1,567 1,050 1,436 216 1 ,204 1,485 Profits after taxes......................... 2,387 2,626 3,294 2,877 1,999 893 224 826 583 782 62 572 795 Dividends...................................... 1,447 1,629 1,890 1 ,775 1,567 503 361 551 363 365 362 477 Public utility Railroad: Operating revenue........................ 9,560 9,778 10,208 10,654 10,366 2,728 2,690 2,718 2,536 2,628 2,529 2,673 2,610 Profits before taxes....................... 816 829 980 1 ,088 n.a. 327 280 268 145 163 73 n.a. n.a. Profits after taxes......................... 651 694 816 902 n.a. 259 227 244 121 143 78 n.a. n.a. Dividends..................................... 383 438 468 496 539 109 113 161 124 156 103 155 n.a. Electric power: Operating revenue........................ 14,294 15,156 15,816 16,908 17,894 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 4,564 987 1,153 1,041 1,279 1,026 1,161 1,099 Profits after taxes......................... 2,187 2,375 2,586 2,764 2,911 632 702 673 799 666 717 729 Dividends............................. 1,567 1,682 1 ,838 1,932 2,071 486 475 505 518 510 509 534 Telephone: Operating revenue....................... 9,796 10,550 11,320 12,420 13,311 3,091 3,135 3,202 3,229 3,312 3,341 3,429 3,486 Profits before taxes....................... 2,815 3,069 3,185 3,537 3,694 907 911 868 869 923 953 949 971 Profits after taxes........................ 1,417 1,590 1,718 1,903 1,997 488 487 468 472 497 515 513 525 Dividends...................................... 988 1,065 1,153 1,248 1,363 309 317 320 334 337 341 351 351 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. AU 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

JUNE 1968 □ BUSINESS FINANCE A-47 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t r e a o f x o f e i r s t e s c ta o I x n m e ­ s e P t a r a f o x t f e e i s r ts d C d e i a n v s d i h ­ s tr U p i r b n o u d f t i i e t s s d ­ co c a n a t l i l s p o o u i w n t m a ­ l p ­ Quarter P b ta r e o x fo f e i r s t e s c ta o I x n m e ­ e s P t a a r f o x t f e e i r s t s d C d e i a n v s d i h ­ s tr U p i r b n o u d f t i i e t s s d ­ co c a t n a l i l s o p o u n i w t m a ­ l p ­ ances1 ances 1 1961.............. 50.3 23.1 27.2 13.8 13.5 26.2 1966—-JI.... 83.6 34.5 49.2 21.6 27.6 38.7 III. 84.0 34.6 49.4 21.6 27.8 39.2 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 1 1 9 9 6 6 3 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 5 6 9 . . 8 4 2 2 8 6. . 3 3 3 33 8 . . 1 4 1 1 7 6. . 5 8 2 1 0 6 . . 6 6 3 3 1 3 . . 8 9 1967—I II .. . . . . . 7 7 9 8. . 9 0 3 3 2 2 . . 5 5 4 4 6 6 . . 5 5 2 23 2 , . 1 2 2 2 4 3 . . 2 4 4 4 0 0. . 3 9 1965 1 .. 9 .. 6 . 6 .. . . . . . . . . . . . . . . ....... 7 83 6 . . 8 6 3 34 1 . . 5 4 4 49 5 . . 3 2 2 1 1 9 . . 5 8 2 27 5 . . 8 4 3 3 6 9 . . 5 0 I I I V I. . .. 8 85 0 . , 1 0 3 3 5 2. . 9 0 4 5 7 0 . . 1 1 2 2 3 2 . . 4 4 2 2 3 7 . . 6 6 4 4 2 1 . . 5 8 1967.............. 80.7 33.2 47.5 22.8 24.7 41.4 1968—1 ”... 88.8 36.6 52.2 23.2 28.9 43.1 i Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts, Notes and accts, End of period working U. S. receivable payable Accrued capita! 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 [961.............................. 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 (966—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 in...................... 188.0 429.5 47,3 14.3 4.2 201.1 138.3 24.4 241.5 4 0 167 8 17.7 52.1 IV...................... 189.4 439.6 49.8 15.2 4.5 202.6 143.2 24.2 250,2 4 4 173 7 18 8 53.3 1967—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 55.7 HI..................... 196.3 448 9 48.8 10.6 4.7 208.9 149.9 26.0 252.6 5.7 176 1 13 3 57.4 IV..................... 200. 1 460.1 52.0 12.1 5.1 211.8 152.5 26.6 260.0 5.8 181.0 14.9 58.2 1 Receivables from, and payables to, the U.S. Govt, exclude amounts Note.—Securities and Exchange Commission estimates; excludes offset against each other on corporations’ books. banks, savings and loan assns., insurance companies, and investment companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Mining Public Commu­ Other 1 (S.A. Durable du N r o ab n l ­ e Railroad Other utilities nications an ra n t u e) al 1961........................................ 34.37 6.27 7.40 .98 .67 1.85 5.52 3.22 8.46 1962........................................ 37.31 7.03 7.65 1.08 .85 2.07 5.48 3.63 9.52 1963........................................ 39.22 7.85 7.84 1.04 1.10 1.92 5.65 3.79 10 03 1964........................................ 44 90 9.43 9,16 1.19 1.41 2.38 6.22 4.30 10,83 1965........................................, 51.96 11.40 11.05 1.30 1.73 2.81 6.94 4.94 11 79 1966........................................ 60.63 13.99 13.00 1.47 1.98 3.44 8.41 5.62 12.74 1967......................................... 61.66 13.70 13.00 1,42 1.53 3.88 9.88 5.91 12 74 1968 2.................................... 65.78 14.40 13.24 1.63 1.44 4.46 11.17 6 67 12 77 1966—1................................... 12.77 2.87 2.74 .33 .40 .75 1.60 1.26 2.83 58.00 II................................. 15.29 3.51 3.27 .40 .55 1,00 2.09 1,42 3 06 60.10 HI................................ 15.57 3.54 3.30 .37 .48 .82 2.36 1.36 3.33 61.25 IV........................ 17.00 4.07 3.68 .38 .55 .86 2.36 1.58 3 52 62.80 1967—1................................... 13.59 3.08 3.02 .32 .41 .70 1.84 1.35 2.87 61.65 II................................. 15.61 3.46 3.34 .34 .41 1.12 2.46 1.49 2.99 61.50 HI................................ 15.40 3.33 3.15 .37 .35 .98 2.66 1.46 3.09 60.90 IV................................ 17.05 3.82 3.48 .39 .36 1.07 2.92 1.62 3 39 62,70 1968—1................................... 14.28 2.96 2.82 .36 .37 .98 2.33 1 2.96 64.90 II 2............................... 16 37 3.63 3.34 .40 .34 1 .04 2.90 4.71 64.60 Ill 2............................. 16.73 3.68 3,34 .40 .34 1.16 2.92 4.88 66.05 1 1 Includes trade, service, finance, and construction. Note.—Dept, of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corporate and noncorporate business, excluding agriculture. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-48 REAL ESTATE CREDIT □ JUNE 1968 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other I- to 4-family houses4 Multifamily and Mortgage holders2 commercial properties5 type 6 E pe n r d io o d f h A e o r l l s d l ­ tu F i t n c i i n i o s a a t n l i n ­ s ­ 1 a U c g i . e e S n s . ­ v o I i t a d n h n u d e d a i r ­ l s s h A e o r l l s d l ­ tu F i t c n i i n i s o a a t l n 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 tu F i t i n i n o s a t n i n ­ s , 1 O h e o th r l s d e ­ r Total tu F i t i n i n o s a t n i n ­ s , 1 O h e o th r l s d e ­ r w u F V n r H i d A t A t e e - r - n ­ t C i v o e o n n n a ­ ­ l 1941........... 37,6 20.7 4.7 12.2 6.4 1.5 4.9 31,2 18,4 11,2 7.2 12,9 8.1 4.8 3.0 28.2 1945........... 35,5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 1961........... 226.3 172.6 11.8 41.9 13.9 5.0 8,9 212.4 153,1 128,2 24.9 59.3 39.4 19.9 65.5 146.9 1962........... 248.6 192.5 12.2 44.0 15.2 5.5 9.7 233,4 166,5 140.4 26.0 66.9 46.6 20.4 69.4 164.1 1963........... 274.3 217.1 11.2 45.9 16,8 6.2 10.7 257.4 182,2 156.0 26.2 75.3 54.9 20,3 73.4 184.0 1964........... 300.3 241.0 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........... ^326.0 264.6 12.4 r49.0 21,2 7.8 13.4 ’■304.8 213.2 184.6 28.6 r91.6 72.2 ’■19.4 81.2 ’■223,6 1966”......... 347.1 280.8 15.7 50.5 23.3 8.4 14.9 323.7 223.7 192,3 31.4 100.0 80,0 20.0 84.0 239.7 1967”.......... 369.5 298.9 18.5 52.1 25,2 9.1 16.0 344.4 236,1 202.0 34.1 108.3 87.9 20.4 88.2 256,2 1966—1”... 332.0 269.6 13.5 48.9 21.8 8.0 13,7 310.3 216,3 187.3 29,1 93.9 74.3 19.6 82.1 228,2 II”.. 338.6 274.7 14.4 49.5 22.5 8.2 14.2 316. 1 219.8 189.9 29.9 96.4 76.6 19.8 82.6 233.5 III”.. 343.3 278.2 15.2 50.0 23.0 8.4 14.6 320.4 222.0 191.3 30.7 98.4 78.5 19.9 83,4 237.0 IV”.. 347,1 280.8 15.7 50.5 23.3 8.4 14.9 323.7 223.7 192.3 31.4 100.0 80.0 20.0 84.0 239.7 1967—1”... 350.4 283.2 16.4 50.9 23,7 8.5 15.2 326.8 225.2 193.2 32.0 101.6 81.5 20.1 84.4 242,4 II”.. 356.0 287.9 16.7 51.4 24.2 8.7 15.5 331.8 228.2 195.7 32.4 103.7 83.5 20.2 85.3 246.5 iik. 362.7 293.4 17.5 51.8 24.7 8.9 15.8 337.9 232.2 198.9 33.2 105.8 85.5 20.3 86.4 251.5 IV”.. 369.5 298.9 18,5 52. 1 25.2 9.1 16.0 344.4 236.1 202,0 34.1 108.3 87.9 20.4 88.2 256.2 1 Commercial banks (including nondeposit trust companies but not s 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. 4 For multifamily and total residential properties, see p. A-50. 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 FHA- VA- Con­ n fa o r n m ­ Farm Total FHA- VA- Con­ O no th n e ­ r Farm Total in­ guar­ ven­ Total in­ guar­ ven­ farm sured anteed tional sured anteed tional 1941.............................. 4,906 3,292 1,048 566 4,812 3,884 900 28 1945............................... 072 3'395 '856 521 4,208 3'387 797 24 1961............................... 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,029 2,753 51 1962............................... 34,476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9'238 9,787 10,156 3,088 51 1963............................... 39,414 26,476 7^05 2,862 16,509 10^611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 1964............................... 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965............................... 49',675 32,387 7’702 2', 688 21,997 14,377 2,911 44,617 40',096 13,791 11,408 14,897 4,469 52 1966............................... 54,380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 5,041 53 1967............................... 59^019 37j642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 r5’732 117 1966—1.......................... 50,650 32,822 7,717 2,659 22,446 14,840 2,988 45,370 40,700 13,956 11,408 15,336 4,617 53 II........................ 52,306 33,800 7,769 2,654 23,377 15,478 3,028 45,883 41,083 14,047 11,346 15,690 4,747 53 Ill...................... 53,606 34,469 7'687 2,620 24,162 16,028 3,109 46,622 41,673 14.274 11,413 15^986 4^896 53 IV................. 54.380 34^876 7’544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 5'041 53 1967—I.......................... 54,531 34,890 7,444 2,547 24,899 16,468 3,173 48,107 42,879 14,723 11,619 16,537 5,176 52 II. ..................... 55'731 35’487 7^396 21495 25,596 16^70 3,274 48,893 43.526 14,947 11,768 16’811 5,316 51 Ill...................... 57,482 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 IV....................... 59,019 37,642 7^709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 r5,732 117 1 Includes loans held by nondeposit trust companies, but not bank States and possessions. First and third quarters, estimates based on FDIC trust depts. _ data for insured banks for 1962 and part of 1963 and on special F.R. inter­ 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. polations thereafter. For earlier years, the basis for first- and third-quarter estimates included F.R. commercial bank call report data and data from Note.—Second and fourth quarters, Federal Deposit Insurance Corpo­ the National Assn, of Mutual Savings Banks. ration series for all commercial and mutual savings banks in the United Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1968 □ REAL ESTATE CREDIT A-49 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H u A re - d a g n V u t A e a e r - ­ d Other 1 Farm 1 Total Total in F s H u A re - d a g n V u t A e a e r - ­ d Other Farm 1945.............................................. 976 6,637 5,860 1 ,394 4,466 766 1961.............................................. 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24 815 3,170 1962.............................................. 7,478 6,859 1 ’,355 469 5,035 619 46,902 43^502 10,176 6^395 26,931 3,400 1963.............................................. 9'172 8,306 1'598 678 6,030 866 50,544 46,752 10’756 6,401 29,595 3 792 1964.............................................. 10,433 9,386 1 ',812 674 6,900 1 ,047 55’152 50^848 11,484 6,403 32,961 4,304 1965.............................................. 11,137 9,988 1 '738 553 7i 697 1,149 60^013 55 J 90 12,068 6,286 36,836 4,823 1966.............................................. 10217 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—Marr................................ 721 633 77 41 515 88 65,522 60,248 12,419 6,227 41,602 5,274 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 42'478 376 July................................... 563 506 36 27 443 57 66,324 60,920 12 311 6,161 42’448 5,404 Aug................................... 676 618 68 32 518 58 66^506 61’073 12,289 6,144 42’640 5,433 Sept................................... 688 631 62 36 533 57 66.701 61,239 12,263 6’131 42^845 5; 462 Oct..................................... 675 623 68 40 515 52 66,884 61'401 12,236 6,124 43'041 5^483 Nov............................ 662 603 50 30 523 59 67'097 61’595 12,214 6'112 43^269 5,502 Dec................................. 1 ,077 953 58 33 862 124 67’595 62,038 12,192 6'104 43,742 5’557 1968—Jan..................................... 632 558 62 37 459 74 67,770 62,223 12,192 6,106 43,925 5,547 Feb.................................... 527 431 45 25 361 96 67;867 62^292 12,164 6'097 44’031 5’575 Mar.................................... 640 531 52 28 451 109 68 ,005 62,421 I2J37 6,086 44', 198 5,634 1 Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the cnd-of-Dec. figures may differ from end-of-year figures, because (1) 1959 and with "other” nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and (2) data for year-end adjustments 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) - New Period va A n d ce ­ s R m e e p n a ts y­ M de e p m o b s e it r s s' Period Total 1 h c o o m n­ e H p o u m r­ e Total 2 F i H n A ­ - g V u A ar - ­ C ve o n n ­ ­ Total t S e h rm or t­ 1 t L e o rm ng ­ 2 struc­ chase sured anteed tional tion 1945....................... 278 213 195 176 19 46 1945 1 913 181 1 358 5,376 1 1 9 9 6 62 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 , ’ 8 1 8 1 2 1 3 2 , , 2 2 9 2 4 0 2 3 , ^ 6 4 6 7 2 9 2 1 , , 0 4 0 4 5 7 1 1 , '4 2 7 16 4 1 1, , 2 1 1 8 3 0 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 5 2 1 3 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 1 0 4 3 4 7 , ' ' ' , 7 5 8 7 3 3 0 5 4 6 5 5 4 7 4 7 5 6 5 5 , , , ' , 9 0 0 5 9 8 7 3 1 2 1 9 9 5 2 1 1 9 7 8 0 0 , , , , ,’ 9 2 6 3 5 0 2 9 9 2 7 0 7 7 4 1 1 7 9 6 0 1 8 0 8 1 0 , , , , , 7 9 8 3 3 7 3 3 4 0 0 3 4 6 4 4 4 4 4 5 , , , , , 4 1 1 6 8 7 4 6 9 9 6 5 7 6 4 7 7 6 6 6 , , , , , 0 6 1 9 3 8 1 9 5 6 3 0 8 2 0 6 7 5 9 8 7 9 7 8 9 , , , , , 2 2 5 7 7 1 8 8 6 5 5 8 3 4 6 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 6 7 4 5 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 3 1 , , , ’ , 6 5 0 5 8 0 6 0 2 0 1 5 7 7 4 5 4 4 2 4 ^ , , ' ' 8 0 0 3 2 3 2 6 7 9 5 5 6 6 6 4 5 5 6 4 . , , , , 3 7 9 9 3 2 9 3 8 8 5 7 5 6 4 2 2 3 5 3 , ^ ' , ' ’ 0 0 8 8 9 7 0 4 6 8 4 3 6 6 5 2 2 1 1 ' ' , ' ' 4 9 9 9 4 7 2 2 0 2 9 3 1 1 9 1 1 1 1 1 , , 3 ; J 0 ' 0 1 5 3 4 3 9 1 2 3 9 6 1 1 9 9 6 6 6 7 . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 6 9 ' ' , 8 7 9 2 1 0 4 3 , , ' 6 1 0 9 6 0 9 7 , ’ 5 7 0 4 5 6 1 1 1 2 4 1 , , 4 8 4 9 7 3 5 5 , , 2 7 7 9 0 4 6 6 , , 1 3 5 5 8 6 1 1 0 0 3 9 , , 0 7 1 4 9 3 1967—A M p ay r. . . . . . . . . . . . . . . . . . . . . . . 5 59 9 4 4 5 2 2 0 4 4, . 4 7 2 8 1 2 3 3, , 7 9 7 7 6 6 8 6 0 4 6 4 1 1 , , 8 6 3 4 1 8 1967—' J J S A O A M u u e u c p l n a p g y t r y e . t . . . . . . . . . . . . . . . . . . . 2 2 1 1 1 1 1 , , , , , , , 2 9 1 8 7 3 9 7 2 6 6 3 3 5 1 8 0 8 2 9 0 4 4 3 4 3 3 4 8 2 0 3 1 8 1 1 5 4 2 2 3 0 1 1 1 , , , 0 1 0 9 7 9 5 5 4 8 1 7 4 8 1 7 6 6 9 9 6 1 1 1 1 1 1 1 1 1 1 1 1 1 2 8 5 9 6 7 5 0 , , , , , , , 2 5 6 9 6 9 3 3 2 7 4 7 0 6 3 9 4 6 9 2 4 5 5 5 5 5 5 5 , , , , , , , 3 4 5 3 5 3 6 2 3 7 6 8 1 6 1 7 6 5 4 4 0 6 6 6 6 6 6 6 , , , , , , , 1 1 2 2 1 1 2 4 8 2 5 2 6 9 1 7 3 8 7 9 2 1 1 1 1 1 1 1 0 0 0 0 0 0 0 3 5 6 4 6 7 8 , , , , , , , 7 3 9 4 6 0 4 9 7 1 3 9 5 1 1 1 7 7 5 0 2 J J S O N D A u u e c o e u n l p t c v g y . e t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 1 1 1 1 5 7 8 6 0 9 3 3 9 0 6 2 2 4 2 2 1 2 1 1 0 7 3 0 0 6 5 3 8 9 2 4 4 2 4 4 4 4 4 4 4 ' , . , , , , , 2 1 1 1 3 3 1 2 8 0 2 1 8 5 1 8 2 2 4 6 3 3 3 3 3 3 3 3 , , , ' , , ' ' 7 6 6 9 6 6 6 8 9 8 5 8 9 4 1 3 5 0 9 6 2 6 4 4 3 5 4 4 4 0 3 9 8 0 9 1 1 3 5 0 6 4 1 1 1 1 1 1 1 ^ , , , , , , 5 9 3 3 3 4 3 2 2 4 2 1 3 4 1 5 7 3 7 3 2 D N e o c 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 , , 8 1 9 2 3 7 5 5 , , 7 79 1 4 4 6 6 , , 3 3 5 3 6 61 1 0 0 9 9, , 7 0 4 7 3 7 Feb............. 3 1 0 01 8 2 1 5 9 1 5 4 4 , , 4 3 4 4 2 8 3 3^ ,9 8 6 0 3 6 4 5 7 4 9 2 1 I , , 1 1 9 8 8 2 1968—J F a e n b . . . . . . . 1 1 , , 4 3 5 89 6 2 3 9 0 1 5 6 7 6 0 5 4 1 1 2 2 2 2 , , 0 6 9 3 5 7 5 5, , 8 7 5 8 3 7 6 6 , , 4 4 0 4 5 7 1 1 0 1 9 0 , , 9 3 0 3 3 7 A M p a r r .. . . . .. . .. . . . .. . .. . . 3 8 8 7 6 1 11 6 1 6 4 4 , , 2 5 6 4 9 5 3 4 , , 7 0 3 2 3 6 5 5 3 1 6 9 1 I , , 3 2 0 7 2 0 Mar... 1,766 409 840 123,426 5,903 6,482 1H,O4( Apr.p. 1 ,948 474 934 124,306 5,960 6,528 111,818 1 Secured or unsecured loans maturing in 1 year or less. 2 Secured loans, amortized quarterly, having maturities of more than I year but not more than 10 years. 1 Includes loans for repairs, additions and alterations, refinancing, etc., no 2 t s B h e o g w in n n i s n 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 Hens 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-50 REAL ESTATE CREDIT □ JUNE 1968 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON (In millions of dollars) NON FARM 1- to 4-FAMILY PROPERTIES (In billions of dollars) FHA-insurcd VA-guaranteed Government- Period Total h N o M m ew e o s rtga h i g s o E e t m i x s n ­ e g s e P c r t o s j­ 1 m p P e r i e r o m r o n t v y p t ­ e s ­ ­ 2 Total 3 h N om M ew e o s rtga h i g o s E e t m i x s n ­ e g s E pe n r d i o o d f Total Tota u l nd s F e u i H r n r w e ­ A d ri - t te a n g n V u t A e a e r - ­ d 1 t C i v o e o n n n a ­ ­ l ] 945- ....................... 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 ^272 1’770 1963................ 182.2 65.9 35.0 30.9 116.3 1964............................ 8’130 1 ^608 4; 965 895 663 2,846 1,023 1 ^821 1965............................ 8’689 1’705 5’760 591 634 2,652 876 1,774 1964................ 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 I'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—Apr.................. 440 89 270 41 40 184 70 114 May........... 508 87 320 44 58 231 76 154 1965—1.......... 200.7 70.0 39.0 31.0 130.7 June................. 626 105 403 57 61 266 81 185 II......... 205.0 70.7 39.7 31.0 134.3 July.................. 595 103 399 36 58 296 82 214 HI 209.2 72.0 40.9 31,1 137.2 Aug.................. 762 129 525 45 62 340 97 243 IV........ 213.2 73.1 42.0 31.1 140.0 Sept.................. 758 129 514 58 56 352 101 251 Oct................... 817 150 515 88 64 434 125 310 1966—1........... 216.3 74.1 43.0 31.1 142.2 Nov.................. 746 149 471 72 53 383 127 255 H......... 219.8 74.6 43.7 30.9 145,2 Dec.................. 594 124 334 90 47 340 124 217 Ill........ 222.0 75.4 44.4 31.0 146.6 IV........ 223.7 76.0 44.8 31,2 147.8 1968—jan................... 693 147 431 70 45 349 135 213 Feb................... 573 124 312 100 36 280 111 169 1967—Ip........ 225.2 76.4 45.2 31.2 148.8 Mar.................. 535 120 314 62 39 267 115 152 n® 228.2 77.2 45,7 31.5 150.9 Apr.................. 603 131 340 80 53 265 110 156 HIP.... 232.2 78.3 46.6 31.7 153.9 IV”. ... 236.1 79.9 47.4 32.5 156.2 i Monthly figures do not reflect mortgage amendments included in annua! totals. 2 Not ordinarily secured by mortgages. l Includes outstanding amount of VA vendee 3 Includes a small amount of alteration and repair loans, not shown separately; only such accounts held by private investors under repurchase loans in amounts of more than $1,000 need be secured. agreement. rep N re o s t e e n . t — g F ro e s d s e r a a m l o H un ou t s o i f n g in s A ur d a m nc i e n , wr a i n tt d e n; V V et A er - a g n u s a ra A n d te m e i d n , l oa d n a s t , a . g ro F ss H a A m -i o n u s n u t r s e d o f l l o o a a n n s s FH N L o B t B e. —- a F n o d r t F o . t R al . d e e s b ti t m a o te u s t . s tan F d o i r n g, co f n ig v u e r n e t s i on a a r l e , closed. Figures do not take into account principal repayments on previously insured or figures are derived. guaranteed loans. For VA-guaranteed loans, amounts by type 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 tr M an o s r a t c g t a i g o e n s Com­ All residential Multifamily1 E pe n r d io o d f Total F su H in re A ­ d - a g n V u t A e a e r - d ­ Pu ( r p d ­ e u r r io in d S g ) a les b m m u u d e r i n i s n s t ­ e ­ t ­ s d E pe n r d i o o d f Total t F u i i c n t n i i s o a a t l i n n ­ s ­ h O ol t d h e e r r s Total t F u i i n c t n i i s o a a t l n i n ­ s ­ h O ol t d h e e r r s chases 1941............... 24.2 14.9 9.4 5.8 3.6 2.2 1961........................... 6,093 3,490 2,603 815 541 631 1945............... 24.3 15.7 8.6 5.7 3.5 2.2 1962........................... 5^23 3^571 2^353 740 498 355 1963........................... 4 ,’650 3,’017 1^34 290 1,114 191 1961............... 176.0 143.0 33.0 23.0 14.8 8.2 1964........................... 4'412 2^996 1.416 424 '251 313 1962............... 192.5 157.9 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 2^260 12 1,672 1964............... 230,9 195,3 35.7 33.2 24.8 8.5 1965............... 250.0 213.1 V36.8 36.8 28.5 8.3 1967—Apr................. 7,461 5,740 1,721 78 1 744 1966”............. 263.2 223.2 40.0 39.5 30.9 8.5 May............... 7’484 5’767 11717 65 1 835 1967P............. 278.6 235.7 42.9 42.5 33,8 8.8 June............... 7’524 5,811 1,713 88 6 1,104 July................ 7,624 5; 890 1,734 136 1 1^333 1965—III.... 245.1 208.7 36.3 •■35.8 27.5 8.3 Aug................ 7’872 6,076 i .796 291 1,447 IV... . 250.0 213,1 '36.8 36.8 28.5 8.3 Sept................ 81105 6,249 1,856 272 1 473 Oct.......... 8,371 6,441 1,930 307 1,535 1966—P........ 254.1 216.6 37,5 37.7 29.3 8.4 Nov................ 8^610 6'615 1 1995 279 1,676 IP.... 258,3 219.9 38.4 38.5 30.0 8.5 Dec.......... 8,’870 6,803 2,066 299 1,672 IIP. . . 261.0 221,8 39,2 39.0 30.5 8.5 IVP.. . . 263,2 223.2 40.0 39.5 30.9 8.5 1968—Jan................. 9,220 7,052 2,168 388 1,588 Feb................. 9,525 7,268 2,257 341 I 1,494 1967—Ip........ 265.4 224.7 40.7 40.2 31.6 8.6 Mar................ 9^800 7,474 2,326 316 1,451 IP.. . . 269.0 228.0 41.1 40.9 32,2 8.6 Apr................ 10,046 7; 657 2,389 289 1 ,'454 HIP. . . 273.9 231.9 42.0 41.7 33.0 8.7 IV®.... 278.6 235.7 42.9 42,5 33.8 8.8 Note.—Federal National Mortgage Assn, data, including mortgages subject to participation pool of Government Mortgage Liquidation 1 Structures of 5 or more units. For 1- to 4-family mortgage debt see Trust, but excluding conventional mortgage loans acquired by FNMA second preceding page. from the RFC Mortgage Co., the Defense Homes Corp., the Public Housing Admin., and Community Facilities Admin. Note.—Based on data from same source as for “Mortgage Debt Out­ standing” table (second preceding page). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1968 □ REAL ESTATE CREDIT A-51 TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period C c t ( r r e p a o a n e t c n e t r ) t ­ c F c h e ( e a p e n r e s t g ) r e & * s M (y a e t a u r r s i ) ty L c r p ( a o e p r t n i a e i c t r n o e ) / (t d h c o p o P h l r u l u i a a s c r s r . e ­ e s o ) f (t a d h m o L o l u o o la s a u . r n n s o ) t f c C t ( r r e p a o a n e t c n e t r ) t ­ c F c h ( e e a p e n r e s t g ) r e & 1 s M (y a e t a u r r s i ) ty L c r p ( a e o p r t n i a e i c t o n r ) e / (t d h c o o p P h l r u l u a i a s c s r r . e ­ e s o ) f (t d h a L o m o l u o l o a s a u . r n s n o ) t f 1963 ....................... 5.84 .64 24.0 73.3 22.5 16.3 5.98 .60 19.2 70.8 17.8 12.6 1964....................... 5.78 .57 24.8 74. t 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 t 967....................... 6.33 .81 25.2 73.6 28.0 20.6 6.40 .76 22.5 72.7 24 I 17 5 1967-—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 2 184 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 25.7 74.3 30.2 22.4 6.59 .79 23,0 73.3 25 4 18 6 Apr. ’......... 6.56 .88 25,3 73.4 30.3 22.2 6.64 .79 22.6 72.8 25.2 18^3 i Fees and charges—related to principal mortgage amount—include originated by major institutional lender groups (including mortgage loan commissions, fees, discounts, and other charges, which provide companies) for purchase of single-family homes. Data exclude loans for added income to the lender and are paid by the borrower. They exclude refinancing, reconditioning, or modernization; construction loans to any closing costs related solely to transfer of property ownership. home-builders; and permanent loans that are coupled with construction loans to owner-builders. Series beginning 1965, not strictly comparable Note.—Compiled by Federal Home Loan Bank Board in cooperation with earlier data. See also the table on Mortgages: New and Existing with Federal Deposit Insurance Corporation. Data are weighted averages Homes, p. A-33. 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) 90 days closure Total 30 days 60 days or more 1961....................................... 73 1 37 1962........................................ 86^4 42 1963......................................... 98.2 ’ 45 1961.......................... 3.10 2.27 .50 .33 .29 1962.............. 3.04 2*26 .50 .29 .30 1964........................... 108 6 48 1963...................... 3.30 2’32 .60 .38 .34 1965................................. 116 7 ' 49 1964.......................... 3.21 2.35 .55 .31 .38 1966......................................... 1175 *48 1965 ......................... 3.29 2.40 .55 .34 .40 1967........................................ 1105 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 HI................................ 29.1 ' 50 II................... 3.00 2.18 .52 .30 .38 IV................................ 29.6 50 HI.................. 3.20 2.30 .56 .34 .38 IV........... 3.29 2.40 .55 .34 .40 1966—1................................... 28.8 48 II................................. 30.8 51 1966—1..................... 3.02 2.13 .55 .34 .38 Ill................................ 29.3 ' 48 ........2....9..5...... 2.16 .49 .30 .38 IV................................. 28.6 *46 Ill.................. 3.09 2.25 .52 .32 .36 IV.................. 3.40 2.54 .54 .32 .36 1967—1.................................. 29.5 48 11................................. 29 0 *47 1967—1.................... 3.04 2.17 .56 .31 .38 Ill................................ 27.2 '.43 II................... 2.85 2.14 .45 .26 .34 IV................................. 24.9 .40 Ill.................. 3.15 2.36 .52 .27 .31 IV.................. 3.47 2.66 .54 .27 .32 Note.—Federal Home Loan Bank Board estimates of number 1968—I..................... 2.84 2.11 .49 .24 .32 of nonfarm mortgaged structures at end of period and of non­ farm properties acquired during period through foreclosure proceedings (excluding voluntary deeds in lieu of foreclosure and Note.—Mortgage Bankers Association of America data from reports on 1- defaults on real estate contracts). Data exclude Alaska and to 4-family FHA-insured, VA-guaranteed, and conventional mortgages held Hawaii. by more than 400 respondents, including mortgage bankers (chiefly), commercial banks, savings banks, and savings and Ioan associations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-52 CONSUMER CREDIT □ JUNE 1968 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A p o a u p b t e i o l r e ­ co O g p n o a s t o h p u d e e m s r r er e a r n R n l d o i e z a p m a n a t s o i i o r 1 d n ­ Pe l r o s a o n n s al Total p S a l i y o n m a g n l e e s n ­ t a C cc h o a u rg n e ts S c e r r e v d ic it e 1939......................................... 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1 ,414 518 1941......................................... 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1 ,645 597 1945......................................... 51665 2,462 455 816 182 I ,009 3,203 746 1,612 845 1960......................................... 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,360 1961......................................... 57'678 43,527 17,223 11,857 3,191 11,256 14,151 5,136 5,324 3'691 1962......................................... 63,164 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 41640 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—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 51379 June............................. 94'813 75,051 31,208 19,580 3,696 20,567 19,762 8,077 6,334 5,351 July.............................. 95'115 75,348 31,364 19,607 3,711 20,666 19,767 8,100 6,346 51321 Aug............................... 951684 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 191914 3,742 21,087 19,847 8,179 6,387 5,281 Oct............................... 961094 76,223 31,237 20,042 3,746 21,198 19,871 8,189 6,471 51211 Nov............. 96,802 76,680 31,217 20,340 3,748 21,375 20,122 8,237 6,614 5,271 Dec............................... 99'228 771946 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 5,661 Apr............................... 99’,142 78,345 31,766 20,802 3,649 22,128 20,797 8,488 6,559 5'750 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 Bankins 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 fi S n c a o a l n s e . c s e u C n r i e o d n i s t fi s n C u a m o n n e c ­ r e 1 Other 1 Total D st m e o p r e e n a s r t t 2 ­ F st t u o u r r r n e e i s ­ A s a t p o n p r c e e li s ­ d m A ea o u l b e to i r l s ­ e 3 Other 1939.............................. 4,503 3,065 1,079 1,197 132 657 I 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 21421 1 ,058 293 342 1 ,481 1962.............................. 48'034 41’782 19'005 12'194 41902 4,131 1,550 6,252 31013 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 61458 5 078 1 749 7 407 3,922 1,152 286 370 11677 1965............................. 68'565 60'273 29*173 16,138 7,512 5,606 1,844 8 292 4,488 1,235 302 447 11820 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 681273 33^992 16’851 91169 6 294 1 967 9,673 n.a. n.a. 506 n.a. 1967—Apr.................... 73,840 65,298 32,299 16,590 8,561 5,951 1,897 8,542 n.a. n.a. n.a. 490 n.a. May.................. 741290 65'733 32’560 161615 81665 51947 11946 81557 n.a, n.a. n.a. 494 n.a. 75,051 66’452 32'966 16,721 8,826 51995 1,944 8,599 n a n.a. n.a. 502 n.a. July................... 75’348 66'781 33,235 161747 8’,864 6,009 1,926 8,567 n.a. n.a. n.a. 506 n.a. Aug.................. 751889 671273 33,536 161755 8,991 6*036 1,955 8 616 n a. n.a. n.a. 508 n.a. 76,039 67,376 33,637 16,701 9,026 6,067 1 945 8,663 n.a. n.a. 507 n.a. Oct................... 76.223 67,513 33,723 161698 91054 6*086 1 952 8 710 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. 506 n.a. Dec.................... 77,946 68*273 33*992 16*851 9J69 6 294 I 967 9 673 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. 504 Feb.................... 77,327 68,215 34’155 16,706 91094 6,270 1 *990 9 112 n a n.a. 507 n.a 77'581 68*570 34*411 16,'700 9J72 6 289 1 998 9 011 n.a. 514 Apr.................... 781345 69*332 341908 161790 91311 6,336 1,987 9’,013 n.a. n.a. n.a. 522 n.a. 1 Consumer finance companies included with “other” financial insti- J Automobile paper only; other instalment credit held by automobile tutions until 1950. dealers is included with “other” retail outlets. " 2 Includes mail-order houses. See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1968 □ CONSUMER CREDIT A-53 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Automobile Repair End of period Total paper s O g c u o o t m o h n d e e ­ s r r e m r a n n o i d z d a ­ ­ s l P o o a e n n r a ­ s l End of period Total m A o u b t i o le ­ s O c u o t m h n e e ­ r r m R o a e n p d d a e i r r n ­ s P o e n r a ­ l ch P a u s r e ­ d Direct paper l t o i a o n n s paper g p o a o p d e s r iz lo a a ti n o s n, loans 1939........................ 1,079 237 178 166 135 363 1939................................ 1,197 878 115 148 56 1941......................... 1,726 447 338 309 161 471 1941............................... 1'797 1,363 167 201 66 1945 ......................... 745 66 143 114 110 312 1945................................ ’300 164 24 58 54 1960......................... 16,672 5,316 2,820 2,759 2,200 3,577 1960.............................. 11,472 7,528 2,739 139 1,066 1961........................ 17,008 5',391 2’, 860 2,761 2,198 3,798 1961................................. 11,273 6,811 3’100 161 1,201 1962......................... 19,005 6,184 3,451 2,824 2,261 4,285 1962................................ 12,194 7,449 3’ 123 170 1 ’452 1963........................ 22,023 7,381 4,102 3,213 2,377 4,950 1963................................ 13,523 8,228 3,383 158 1,754 1964......................... 25,094 81691 4,734 3,670 2,457 5,542 1964................................ 14,762 8 J01 3,889 142 2,030 1965......................... 29,173 10,310 5,721 4,266 2,543 6,333 1965 ............................... 16,138 9,241 4,429 123 21345 1966......................... 32,155 11,370 6,165 5,101 2,567 6,952 1966............................... 16,936 9,391 4,829 110 2,606 1967......................... 33’992 11,400 6,569 5,808 2,523 7,692 1967 ............................... 161851 8,959 5,017 103 2',772 1967—Apr.............. 32,299 11,256 6,217 5,292 2,478 7,056 1967—Apr..................... 16,590 9,128 4,749 104 2,609 32,560 11'313 6307 5,342 2,489 7,109 May.................... 16,615 9,150 41751 105 2,609 June............. 32,966 11,414 6; 402 5,431 2,505 7,214 J une.................... 16'721 9,238 4’761 106 2,616 July.............. 33'235 11,489 6,451 5,500 2,519 7,276 July..................... 16'747 9,252 4,752 108 2,635 Aug.............. 331536 11,538 6,494 5,556 2,536 7,412 Aug..................... 16'755 9,200 4,781 107 2’667 Sept.............. 33,637 11,497 6,490 5,619 2,538 7,493 Sept.................... 16,701 9,079 4,824 107 2’691 Oct............... 33,723 11,463 6,515 5,656 2,539 7,550 Oct...................... 16,698 91024 4,863 107 2,704 Nov.............. 33,819 11,428 6,545 5,696 2,534 7,616 Nov............ 16,722 81990 41907 105 2’720 Dec.............. 33,992 11,400 6,569 5,808 2,523 7,692 Dec..................... 16’851 8,959 5,017 103 2’772 1968—Jan................ 34,017 11,364 6,600 5,850 2,482 7,721 1968—Jan...................... 16,775 8,873 5,032 98 2,772 Feb............... 3 3 4 4 , , 4 1 1 5 1 5 1 1 1 1 , , 4 4 0 8 1 9 6 6^ ,6 7 5 4 3 9 5 5 , , 8 8 9 6 7 7 2 2 , , 4 4 5 4 9 4 7 7 , , 7 8 7 3 5 2 M Fe a b r. . . . .. .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 16 6 , , 7 7 0 0 0 6 8 8 ,8 8 4 6 5 5 4 4, '9 9 7 47 7 9 8 3 9 2 2, ’ 7 7 9 91 9 Apr............... 34308 111643 6,854 5,985 2,457 7,969 Apr..................... 16^790 8,931 4J57 86 2,816 Sec Note to first table on previous page. See Note to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single­ Other Repair payment Charge accounts Auto­ con­ and Per­ loans End of period Total mobile sumer modern­ sonal paper g p o a o p d e s r i l z o a a ti n o s n loans End of period Total Com­ Other De­ S c e r r e v d ic it e 1 1 9 9 3 4 9 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. . . . . . . . . . . . . . . . . . . . . . .. . . 7 9 8 5 9 7 1 8 2 1 2 2 3 4 6 1 1 5 4 6 7 6 85 9 b m c a i n e a k r l ­ s t f u i i n c t n i i s a a o t l n i n ­ ­ s st m p o a e r r n e t t s ­ 1 o O r u e t t t h l a e e i t l r s c C a r r e d d s i t 2 1945................................ 731 54 20 14 643 1960................................ 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............. 087 693 152 275 1,370 597 1962................................ 10,583 2,111 751 815 6,906 1945............. 3,203 674 72 290 11322 845 1963................................. 11,859 2,394 835 870 7,760 1960............. 13,196 3,884 623 941 3,952 436 3,360 1964................................ 13,285 2,699 997 933 8,656 1961............. 14’151 4,413 723 948 3 ,’907 469 3,691 1965................................ 14,962 3,124 1,153 1,009 9,676 1962............. 15,130 4,690 766 927 4,252 505 3,990 1966............................... 16,474 3,545 1,303 1,074 10,552 1967............................... 17,430 3,763 1,336 1,105 11,226 1963. ....... 16,303 5,205 912 895 4,456 520 4,315 1964.............. 171894 5,950 1,004 909 4,756 635 4,640 1967—Apr..................... 16,409 3,544 1,283 1,054 10,528 1965............. 19,319 6,587 11095 968 5,055 723 4,891 16'558 3,583 1,286 1,076 10,608 1966.............. 20,130 6,714 1 ,'130 n,a. n.a. 874 5,142 16'765 3,652 1,291 1,085 10,737 1967............. 21,282 7,064 1 ,203 n.a. n.a. 1,054 5,420 July..................... 16’799 3,666 1,294 1,084 10,755 Aug.................... 16'982 3,715 1,310 1,100 10,857 1967—Apr... 19,249 6,758 1,132 n.a. n.a. 922 5,436 Sept............. 17,038 3,723 1,315 1 ,097 10,903 May.. 19,627 6,848 1,169 n.a. n.a. 939 5,379 Oct............. 17,092 3,729 1,319 1,100 10,944 June.. 19,762 6,902 1,175 n.a. n.a. 965 5,351 Nov............ 17,222 3,748 1,326 1,109 11,039 July... 19,767 6,927 1,173 n.a. n.a. 1,024 5,321 Dec..................... 17'430 3,763 1,336 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 1,098 11,138 Oct... 19,871 7,001 1,188 n.a. n.a. 1,056 5,211 Feb...................... 17,354 3,731 1,336 1,101 11,186 Nov... 20,122 7,034 1,203 n.a. n.a. 1,046 5,271 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 Apr............ 17',634 3,816 1,369 1,106 11,343 1968—Jan.... 20,758 7,075 1,213 n.a. n.a. 1,081 5,500 Feb.. . 20,345 7,098 1 ,227 n.a. n.a. 1,040 5,634 Note.—Institutions represented are consumer finance companies, credit Mar... 20,294 7,136 1,234 n.a. n.a. 1,025 5,661 unions, industrial loan companies, mutual savings banks, savings and Apr... 20,797 7,246 1,242 n.a. n.a. 1 ,069 5,750 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-54 CONSUMER CREDIT □ JUNE 1968 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper O g th o e o r d c s o p n a su p m er er mode R r e n p iz a a ir ti o a n n d l oans Personal loans Period S.A.1 N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A. i N.S.A. S.A.1 N.S.A. Extensions 1961......................................... 48,396 16,007 14,578 2,068 15 744 1962......................................... 55/26 19,796 15’685 2,051 17 594 1963......................................... 61,295 22,292 17,102 2,198 19,703 1964......................................... 67,505 24’435 19/73 2,204 21 393 1965......................................... 75’508 27’914 21,454 2,238 23 902 1966......................................... 78,896 28’491 23/02 2^136 24 767 1967......................................... 81', 263 27’221 25,787 2 076 26 179 1967—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 2/59 2’,032 2,074 180 219 2’ 104 2 210 J une............................. 6’823 7,458 2’338 2’678 2,081 2’155 190 215 2,214 2 410 July.............................. 6/76 6,859 2/66 2,396 2447 2,071 175 191 2’188 2,201 Aug.............................. 6/29 7’223 21285 2,392 2,212 2/29 175 210 2’257 2 392 Sept.............................. 6,973 6/90 2,322 2,042 2,234 2,205 166 176 2,251 2*167 Oct............................... 6,942 6,912 2,321 2’355 2365 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 3/88 169 141 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 2/50 1 ,854 179 138 2,297 2*079 Mar............................. 7/80 7,100 2,567 2,589 2,331 2,140 183 162 2/99 2 209 Apr.............................. 7,342 7; 694 2/17 2’,789 2/54 2; 280 187 190 2’284 2,435 Repayments [961......................................... 47,700 16,472 14/46 2,015 14/67 1962......................................... 50/20 17/78 14/39 1/96 16/06 (963......................................... 55,171 19,400 15,850 2/38 17,883 1964......................................... 61,121 21/76 17,737 2 078 19 630 1965......................................... 67/95 24/67 19/55 2/96 21,777 1966......................................... 72/05 26/73 21/61 2/60 23 011 1967......................................... 77/73 26,985 24/93 2*096 24 599 1967—Apr............................... 6,393 6,246 2,235 2,186 1,968 1/20 179 175 2/11 1,965 May. 6,361 6/12 2,219 2/42 1,948 2,008 178 185 2,016 2/77 6,531 6/97 2/81 2/22 1/95 2,017 184 189 2/71 2/69 July.............................. 6,551 6,562 2/28 2/40 2/74 2/44 175 176 2/74 2/02 6’585 6/82 2/40 2/01 2,079 2/81 171 178 2/95 2,122 Sept............................. 6’689 6/40 2/80 2/01 2,106 2/46 178 177 2/25 2,016 Oct................... 6,631 6,728 2,301 2/14 2,093 2,087 170 174 2/67 2/53 Nov.............................. 6,614 6,575 2,240 2/42 2,105 2/77 177 176 2/92 2,080 Dec............................... 6/52 6,563 2/50 2/14 2/67 2/00 167 158 2/68 2/91 1968—Jan............................... 6,691 6/42 2,302 2/14 2,088 2/23 183 185 2/18 2/20 Feb............................... 6/79 6,512 2,308 2/25 2/10 2/66 170 163 2/91 1,958 Mar.............................. 6,814 6/46 2,330 2/46 2,173 2/33 182 179 2/29 2,088 Apr............................... 6/00 6/30 2/39 2/03 2/59 2/70 173 177 2/29 2/80 Net change in credit outstanding 2 1961......................................... 696 -465 332 53 777 1962......................................... 4,506 2/18 746 55 1,388 1963......................................... 6,124 2,892 1/52 160 1,820 1964......................................... 6’384 2,759 1,736 126 1,763 1965......................................... 8’013 3/47 2/99 142 2/25 1966......................................... 6,091 2/18 2/41 76 1’756 1967......................................... 3,290 236 1/94 -20 1’580 1967—Apr............................... 213 249 -18 108 127 7 -9 -12 113 146 May................ 193 450 19 217 84 66 2 34 88 133 June............................. 292 761 57 356 86 138 6 26 143 241 July............................. 225 297 38 156 73 27 15 114 99 Aug.............................. 344 541 45 91 133 148 4 32 162 270 Sept.............................. 284 150 42 -159 128 159 -12 -1 126 151 Oct............................... 311 184 20 -59 72 128 1 4 218 111 Nov.............................. 418 457 65 -20 137 298 3 2 213 177 Dec............................. 383 1,266 56 -20 154 988 2 -17 171 315 1968—Jan................................ 398 -479 135 -136 135 -231 -18 -53 146 -59 Feb............................... 566 -140 211 76 140 -312 9 -25 206 121 Mar............................. 566 254 237 243 158 -93 1 -17 170 121 Apr............................... 542 764 178 386 195 110 14 13 155 255 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

JUNE 1968 □ CONSUMER CREDIT A-55 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c al o e m s p fi a n n a i n e c s e Ot i h n e s r ti t f u in ti a o n n c s ial Retail outlets Period S.A.> N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.I N.S.A. S.A.I N.S.A. Extensions 1961 .............. 48,396 17,711 10,667 12,282 7,736 1962................................. 55,126 20'474 11’999 13,525 9,128 1963......... ................. 61,295 23,344 12,664 14,894 10,393 1964.............. 67,505 25,950 14'020 16,251 11’,284 1965.... .............. 75,508 29'738 15,075 18,120 12’575 1966.... .............. 78,896 311114 14,’951 18,986 13,845 1............. 81,263 32’,314 14,675 19,633 14 641 1967-—Apr.............................. 6,606 6,495 2,631 2,688 1,212 1,168 1,589 1,559 1,174 1,080 May................ 6,554 7,062 2,577 2,891 1,193 1,278 1,614 1,728 1,170 1,165 June............................. 6,823 7,458 2,698 3,004 1,235 1,367 1,697 1’875 1,193 1^212 July............................. 6,776 6,859 2,738 2,857 1^00 1,223 1,601 1'627 1,237 1452 Aug............................. 6’929 7,223 2,796 2,945 1 ,203 1 ,260 I ,677 1 ',775 1 ,253 1,243 Sept.............................. 6,973 6,590 2,828 2,636 1,206 1,142 1,675 1,588 1,264 1,224 Oct............................... 6,942 6,912 2,767 2,769 1,263 1,284 1,686 17606 1,226 1,253 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 1,837 1,290 1,966 1968--Jan............................... 7,089 6,363 2,884 2,710 1,264 1,141 1,668 1,463 1,273 1,049 Feb.............................. 7,245 6,372 2,967 2,725 1,309 1,157 1,732 1,535 1,237 955 Mar,...»..................... 7,380 7,100 3,038 2,962 1,329 1,289 1,733 1,680 1,280 1,169 Apr.............................. 7,342 7,694 3,036 3,323 1,289 1,336 1,708 1 ,795 1,309 1 ,240 Repayments 1061 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 22^71 13^61 14,825 10J64 1965 ........ 67,495 25^663 13^699 16,443 11^690 1966..... ........................... 72,805 28,132 14,'153 17,'474 13,046 1067 ............. 77', 973 30,477 14',760 18,677 14^059 1967-—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 2^48 2,598 1,234 1,261 1,585 1,668 1,164 1,170 July.............................. 6,551 6,562 2362 2,588 1,215 1,197 1,564 1393 1,210 1,184 Aug.............................. 6^85 6,682 2,566 2,644 1,255 1,252 1 ,578 1,592 1,186 1,194 Sept.............................. 6,689 6,440 2,616 2,535 1,252 1,196 1,615 1,532 1,206 1,177 Oct............................. 6,631 6,728 2,600 2,683 1,249 1,287 1,573 1,552 1,209 1,206 Nov.............................. 6,614 6,575 2,579 2,537 1,263 1,259 1,572 1,577 1,200 1,202 Dec.............................. 6,'652 6,563 2,640 2,477 1.246 1 ,247 1 ,527 1,629 1,239 1,210 1968-—Jan,, ............................ 6,691 6,842 2,624 2,685 1,245 1 ,217 1,607 1,609 1,215 1,331 Feb.............................. 6,679 6,512 2,665 2,587 1,225 1,226 1 ,580 1,465 1,209 1 ,234 Mar......................... 6,814 6,846 2,720 2,706 1,232 1 ,295 1,607 1,575 I ,255 1 ,270 Apr.............................. 6,800 6,930 2,750 2,826 1,206 I ,246 1 ,592 1 ,620 1,252 1 ,238 Net change in credit outstanding 2 IQ61 696 335 -199 578 -20 1962... ...... 4.506 1,997 921 932 656 1963 ............. 6,124 3,018 1,329 1,276 501 1964 ........ 6,384 3,065 1 ,239 1,426 654 1965. . .............. 8,013 4'075 1,376 1,677 885 1966.... ............. 6,091 2,982 '798 1.512 799 10^7 ........... 3’,290 1 ,837 -85 956 582 1967-—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 Auc.............................. 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 Apr.............................. 542 764 286 497 83 90 116 175 57 2 1 Includes adjustments for differences in trading days. _ payments for some particular holders do not equal the changes in their 2 Net changes in credit outstanding are equal to extensions less repay- outstanding credit. Such transfers do not affect total instalment credit ments, except in certain months when data for extensions and repayments extended, repaid, or outstanding. have been adjusted to eliminate duplication resulting from large transfers See also Note to previous table. of paper. In those months the differences between extensions and re- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-56 INDUSTRIAL PRODUCTION: S.A. □ JUNE 1968 MARKET GROUPINGS (1957-59 = 100) 1957-59 1967 1967 1968 pro­ aver­ Grouping por­ age p tion Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb.r Mar.r Apr. Total index..................................... 100.00 158.0 156.5 155.6 155.6 156.6 158.1 156 8 156 9 159 5 162 0 161 2 162.0 163.0 162 5 Final products, total........................... 47.35 158.3 157.3 156.3 156 8 157.1 158.2 157.0 156 9 160 0 161 9 160.8 162.0 163.4 161.4 Consumer goods............................ 32 31 148.4 147.1 146.0 146 9 147.1 148.6 147 0 147 9 150 1 152 8 151.3 152 9 154 8 152 9 Equipment, including defense.... 15.04 179.6 179.2 178.5 178.1 178.4 178.9 178.6 176.1 181 J 181.5 18X4 18X6 181.8 179.5 Materials............................................. 52.65 157.7 156.0 154.6 154.9 156.1 157.9 156.7 157,4 159.5 162.2 161 7 16X8 162.8 163.5 Consumer goods Automotive products........................... 3.21 149.1 151.3 145.8 151.2 155.2 161.1 142.1 145.2 152 4 170,0 164.2 162.7 173.6 168.4 Autos................................................... 1 82 145.7 149.6 149.9 156.0 160 7 163.7 133 4 135 3 144 5 175 1 163.2 158 0 172 7 166 8 Auto parts and allied products........ 1.39 153.6 153.6 140.5 144.8 148^0 157.8 153.6 158.2 162^9 163*3 165.4 168.8 174.7 170.5 Home goods and apparel.................. 10.00 149.9 145.9 144.1 143.9 144.0 147.9 148.7 149.9 152.7 152 4 151.4 153.0 155,2 152.3 Home goods....................................... 4.59 166.0 158.9 158.5 156.6 157.3 163.4 164.1 166.4 170 8 168.3 169,1 i 71 .5 172,9 169.7 Appliances, TV, and radios...... 1.81 159.5 144.2 143.8 138.6 143.3 155,0 155.9 162.9 168.4 158.7 159,3 162.6 164.8 156.5 Appliances................... 1 33 163.1 149.4 147.0 149.7 152.2 153,9 153.7 164.2 168 7 160 8 165,1 165 9 168 4 158 4 TV and home radios................. .47 149,2 129.6 135.0 107.3 118.0 158.3 162.0 159.2 16X6 152 7 142.7 153.1 154,8 151 .0 Furniture and rugs......................... 1.26 159.6 157.9 157.2 157.3 156.3 156.9 157.8 159,7 163.4 166,5 166.4 1'69.2 169.9 170.2 Miscellaneous home goods........... 1.52 179.0 177.1 177.1 177.3 174.8 178.8 179.0 176,1 179.6 181,3 182.9 184.0 185,1 184.9 Apparel, knit goods, and shoes........ 5.41 136.2 135.0 131.9 133.2 132.8 134.8 135.7 136.0 137,4 139.0 136.5 137.3 140. 1 Consumer staples........ ........ 19.10 147.5 147 1 147.0 147.8 147.3 146.9 146.9 147.3 148 4 150 1 149.0 151.2 151 5 150.6 Processed foods................................. 8.43 130.0 129.6 130.3 130.2 129.0 129.8 129.7 129.5 129 5 130 4 129,5 130.6 131 4 131 0 Beverages and tobacco................. 2.43 136.4 136.1 133.2 136.5 136.3 137.9 135.8 137.6 139,2 142 2 136,8 141 8 140.0 Drugs, soap, and toiletries................ 2.97 183.0 182.4 182.3 182.7 184.0 178.0 179.8 181.6 183,1 184.3 184.2 185.9 187.5 18X8 Newspapers, magazines, and books. (.47 140.1 143.6 142.5 141.4 142.1 140.9 136.2 134.8 135,7 138.5 138.4 141.5 142.1 143.1 Consumer fuel and lighting.............. 3.67 168.3 166.6 166.9 169.3 168.3 168.8 170.5 171.2 174,1 176.8 176.9 179.6 179.1 Fuel oil and gasoline..,~.............. 1.20 132.5 131.9 130.5 135.9 131.3 130.7 138.5 138.1 135,4 137.8 131.8 135.4 135.4 137. J Residential utilities....................... 2.46 185.7 183.5 184.6 185.6 186.4 187.4 186.0 187,4 192.9 195.8 198.8 201.2 200.4 Electricity.................................... 1.72 199.8 197.3 198.6 199.5 200.4 201.6 199.5 201.4 209.1 213.0 215.4 218.4 217.3 Gas.............................................. .74 Equipment Business equipment.. ..................... 11.63 182.9 183 5 182.1 181 3 180.8 180.6 179.8 176.9 183 5 183 4 183,3 182 9 183 3 181.0 Industrial equipment......................... 6 85 170. 3 172.1 169,1 169 0 169 0 166.8 166.6 162.3 170 4 168 9 168,0 165 8 167 0 165.3 Commercial equipment..................... 2.42 200.9 201.7 200*8 200.5 201.1 201.9 200 3 199.0 200*9 204 7 204.2 206 1 205*4 204.4 Freight and passenger equipment. .. 1.76 215.4 210.4 211,7 208,9 210.2 214.1 210.4 209.9 222.9 228; 4 226.4 230 J 227; 8 221.3 Farm equipment................................ 61 158.7 161 5 167.6 162.8 148.6 154.3 158.5 157.5 147.2 131,2 148. 3 146.4 150.6 Defense equipment............................. 3.41 Materials Durable goods materials..................... 26 73 152 1 151.0 149.7 148.9 149.7 151.8 148 5 149.0 152 3 155 7 154.9 155 4 156 8 157. 7 Consumer durable............................. 3 43 144.6 137 5 143.7 143 3 141 8 142.7 134 9 133.3 143*8 159 4 162.3 1 62 2 160 I 153 9 Equipment.......................................... 7 84 184.5 1832 180.9 179.6 181.2 186.3 184 7 184,1 I860 1 84 9 183.9 1 R6 7 185 1 182 0 Construction................................. 9 17 140 1 139 2 137.1 137.2 138.1 139.0 140 0 139.3 140 9 143 9 142 9 143 3 146 2 145 4 Metal materials n.c.c............., 6 29 1335 133*9 130.0 130.1 132.4 129,8 125.1 128.6 1322 139 1 137.3 1 41 4 140 8 1456 Nondurable materials......................... 25 92 163.4 161 1 159 6 161.1 162.6 164.2 165.2 166.0 166 9 168 9 168.7 168 3 169 0 169 5 Business supplies................................ 91X1 152 2 153 4 150 1 151,3 150.9 151.7 153 1 152.5 153*2 154 7 154 4 1511 1 50 4 1,53 4 Containers....................................... 3 03 148 5 148 5 146 2 145 1 141.7 143 0 150 4 153.7 152 6 152 0 154 3 143 3 152 4 General business supplies.............. 6 07 154 1 155 8 152 0 154 4 155 5 156.0 154 5 151.9 153 5 156 0 154 5 154 4 153 9 153 9 Nondurable materials n.e.c.............. 7*40 201'8 195 7 196.0 196.1 195.8 198.9 203*0 206,8 209 * 3 216 1 213 5 213 9 214 5 21 ? 4 Business fuel and power................... 0 41 144 0 141 3 140 3 143 0 147.7 149 1 147 3 146.9 146 9 145 6 147 2 149 1 151 3 151 4 Mineral fuels.................................. 607 128 9 125 3 124 3 128 2 135 1 137 1 133 4 131.0 130 3 128 9 1 35 2 134^ Nonresidential utilities.................. 2 86 183 2 182* 1 1810 181 J 182J 182.5 183 8 187.9 188*5 188 3 193^ 194 4 193 6 Electricity................... 2' 32 185 7 184 4 183.2 183 4 184.6 185.1 186 6 191.6 192 2 191 8 197.7 198 3 General industrial.................. 1 03 182 7 179’0 180.5 180.6 182.9 183.9 \85 5 186.6 187 7 188 0 192.0 193 0 191 8 Commercial and other........... L21 196^8 197.3 193.7 194.1 194.5 194.5 196 J 204.9 205 3 204 J 212.0 21X8 213> Gas.............................................. I ,54 Supplementary groups of consumer goods Automotive and home goods........... 7.80 159.0 155.8 153.3 154.3 156.4 162.5 155.0 157.7 163.2 169.0 167.0 167.9 173.2 169.1 Apparel and staples.. .7................... 24.51 145.0 144.4 143.7 144.6 144.1 144.2 144.4 144.8 145.9 147.6 146.2 148.1 149.0 For footnotes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1968 □ INDUSTRIAL PRODUCTION: S.A. A-57 INDUSTRY GROUPINGS (1957-59 = 100) 1957-59 1967 1968 Grouping pro­ 1967 por­ aver­ tion age p Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.*- Mar.r Apr. Total index..................................... 100.00 158,0 156.5 155.6 155.6 156.6 158.1 156.8 156.9 159.5 162.0 161.2 162.0 163.0 162. 5 Manufacturing, total.......................... 86.45 159.6 158.2 157.2 157.0 157.6 159.4 158.1 158.3 161,1 164.0 162.7 163.6 164.4 163.7 Durable........................................... 48.07 163.8 162.5 162.2 161.5 162.5 163.6 161.1 160,7 164.1 168.1 167.2 167,6 168.2 167,3 Nondurable.................................... 38.38 154.4 152.8 151.1 151.4 151.5 154.0 154.2 155,2 157,2 158,9 157,1 158.6 159,7 159.1 Mining............................................. 8.23 123,5 122.0 120.2 123.8 128.0 127.8 124.3 122.4 123.6 122.3 121,6 123 9 126 9 128 2 Utilities.................................... 5.32 184.4 182.7 182.7 183.2 184.1 184.8 184,8 187.6 190.5 191.8 195.9 197.5 196.8 198.0 Durable manufactures Primary and fabricated metals...... 12.52 145.4 143.0 142.8 142 9 142.8 142.3 141.8 143.3 145.8 150.3 148.3 150.8 151.8 152.2 Primary metals................................... 6.95 132.5 129.1 128.9 129 0 129.6 129.3 129.2 131.7 135,0 140.9 136.3 139.3 140.2 144,5 Iron and steel................................. 5.45 126,8 122.7 122.9 121 2 122 3 124.3 125.6 127.7 133 3 140.9 134.2 137 8 140 8 143 8 Nonferrous metals and products.. 1.50 153.1 161.4 154.4 156.4 155.3 144.2 141.1 142.8 142.2 145.3 145,6 154.1 151 .4 156.8 Fabricated metal products................ 5.37 162.0 161.0 160.8 160.8 159.8 159.1 158.1 158.2 159.8 162,4 163,9 165.7 166.8 162.2 Structural metal parts................... 2.86 158.1 158.1 156.4 156 9 156.1 156,8 156.0 156.4 158.8 160,0 159.4 160.9 162.7 157.3 Machinery and related products........ 27.98 177.6 176.5 176.5 175.5 177.5 179.6 175.0 173.4 177.8 181.7 181,6 181.5 182.3 179.3 Machinery... •. .......................... 14.80 183.4 182.1 180.5 177 5 180.0 182.8 182.2 179.6 183.2 182,2 183,4 1 83,2 183,3 179.6 Nonelectrical machinery......... 8.43 183.4 183.5 181.7 181 3 1 82.2 182.6 182.1 177 2 180 9 179,5 180.7 180 6 180 2 177 2 Electrical machinery................ 6.37 183,3 180.3 178.9 172'4 177.1 183.2 182.4 182.8 186 J 185.8 186.9 186.6 187^4 182.8 Transportation equipment......... 10.19 166.0 165.7 167.5 169.3 170.8 171.9 159,2 159.2 165.6 177.5 175.6 175 1 177 6 175.1 Motor vehicles and parts.............. 4.68 147.0 149.5 152.0 154 5 156.7 158.0 129.4 128.6 141.4 166.9 162.2 161 1 167 8 164.3 Aircraft and other equipment.... 5,26 182.2 179.8 181.4 181.8 182.6 183.6 184.3 185.2 186.0 186.3 186.8 186.5 185.4 183.7 Instruments and related products... 1.71 184.8 185.2 185.3 184.1 182.9 183.2 183,1 183.2 185.4 186.3 186.7 184.7 183.8 181.4 Ordhance and accessories................. 1,28 Clay, Slass, and lumber................ 4,72 130.6 129.8 127.8 126.7 127.3 126.7 129.6 131.4 132.4 137.0 132,5 130. 7 129 1 137.5 Clay, glass, and stone products........ 2.99 138.7 136.0 134.8 1333 134.1 136.9 138.4 139.7 139.2 143.6 140,8 137.3 131.0 144.9 Lumber and products....................... 1.73 116.5 119. 1 115.6 114 9 115.5 109.2 114.3 117.0 120 6 125,7 118.1 119 3 125 8 124. 8 Furniture and miscellaneous............... 3.05 162.6 162 9 162.3 161 5 159.1 159.9 161.4 160.9 161 5 163.3 165.2 166 9 166 9 166.8 Furniture and fixtures,,................... 1.54 167.8 166.5 166.5 166*3 162.7 164.8 166.3 166.6 167.8 170.7 171.3 173 0 173 7 174.1 Miscellaneous manufactures............ 1 51 157.4 159.2 158.1 1563 155.4 154.9 156.4 155.0 155.1 155.7 158.9 160 7 159 9 159.3 Nondurable manufactures Textiles, apparel, and leather........... 7.60 139.6 135.5 135.3 134 8 135.3 137.6 139.1 140.4 143.0 145.9 141.0 141.9 143.7 143.6 Textile mill products.............. 2 90 142.2 137.8 137.8 1366 136 8 138.7 141.3 144 9 147 4 151 6 147 6 148 8 149 9 147 5 Apparel products,............................ 3 59 147.7 142 5 142.6 142*4 1442 146.4 146.8 146.2 148 6 150 9 145 2 146 4 148 1 Leather and products........................ 1 11 106.5 107.1 105.0 105*4 103 0 106 5 108 4 109.7 113 3 115 I 110.4 109 7 113 7 Paper and printing.............................. 8 17 149.6 149.9 149.1 149 4 148.6 150.3 148.5 148 6 149 9 149 5 148.6 150 6 151.3 151.3 Paper and products........................... 3 43 153.6 152.1 151.4 151 *6 149 0 152 8 152 9 154 5 156 1 157 0 155.9 157 1 Printing and publishing............ 4.74 146.8 148.3 147 4 147 8 148 3 148.6 145 4 144.3 145 5 144 1 143.3 145 9 146 8 146.2 Newspapers.................................... 1 53 134.2 133 8 133 1 134 3 136 1 137 0 135.7 134 0 134 4 129 9 129.9 1314 133 7 130.8 Chemicals, petroleum, and rubber.... 11.54 189.5 136.4 182.2 183.0 184,0 189.5 191.2 192.8 195.8 199.0 197.7 200.2 201.7 199.8 Chemicals and products. .................. 7 58 203.8 200 I 199 6 199 9 201 0 200 7 202 3 205 5 208 0 210 5 211 8 213 8 215 2 213 2 Industrial chemicals,................... 3 84 234.8 228 3 228 8 227 5 227 6 231 4 234 2 238 8 242 3 246 9 250 9 251 8 252 7 Petroleum products........................... I 97 133.9 133.1 132* 1 134 4 132 8 133 2 137 0 137 6 136 8 138 0 134 8 I 35 7 135 5 136 8 Rubber and plastics products....... 1 99 190.3 186,9 165,7 166 9 170 1 203 J 202*4 199 J 207'5 215 4 206'7 212 3 215 7 Foods, beverages, and tobacco....... 11 07 131.5 131.8 130 9 131 3 130 9 131.0 130 4 131 1 J32 2 133.1 132 0 133 1 133 4 133.4 Foods and beverages......................... 10*25 132.4 133 1 1320 1319 1315 131 7 1312 132 2 133 5 134 1 133 5 133 2 134 2 134 2 Food manufactures........................ 8*64 130.1 130 6 130 3 129 9 129*4 129 0 128 9 129 3 130*2 1 30 5 130 7 130 7 1315 131 7 Beverages........................................ 1 61 144.7 146 3 141 2 142 9 142 8 146 3 143 8 147 5 151 2 153 3 148 2 1 46 7 1 48 7 Tobacco products.............................. ‘.82 120,0 llb'.O 117'. 4 123J9 123’6 121.4 120.2 iis.b iis.'s 120.'5 114 4 i 32* J 122^9 Mining Coal, oil, and gas................. 6 80 122.4 118 5 118 0 121 7 128 0 128.8 125 4 123 7. 124 5 122 2 121.9 123 2 126 8 126.3 Coal..................................................... 116 118.1 125 5 120*1 122*5 122 6 117.2 115 5 112 3 iij '3 116 I 113 4 116 8 126 0 124.4 Crude oil and natural gas................. 5'64 123 2 117 1 117 5 1216 129 t 131 2 127^ 1 ?£1 126 4 123 5 123 6 124 5 126 9 176 7 Oil and gas extraction................... 4*91 131 4 125 3 125 3 129 5 1 380 141 9 137 7 135 4 133 9 1317 132 5 134 8 117 3 1 36 8 Crude oil.................................... 445 126 4 119 6 119*6 123 6 133^9 138*6 133J 130J 128^7 126^4 127,4 129 7 132^8 131.3 Gas and gas liquids................... .66 163.3 161*5 161,3 1673 Oil and gas drilling.............. 73 67 9 61 8 65 5 67 7 69 0 58 9 58 5 63 4 76 I 68 0 63 5 55 0 56 7 Metal, stone, and earth minerals....... 1.43 128.8 138.7 130.8 133.6 127.7 123.4 119.1 116.2 119.5 122.7 120.3 127.0 127.4 137.3 Metal mining...................................... 61 119.9 149 5 132 9 1 33 9 119 7 105 7 os 6 93 8 93 2 95 7 100 0 102 8 108 7 138 2 Stone and earth minerals.......... ' 82 135.4 130.6 129^2 133.3 133 7 136.6 136^5 132*9 139^6 142*7 135 3 145:0 1412 136.7 Utilities Electric................. 4 04 191.7 189.9 189.7 190.3 191.4 192.1 192.1 195.8 199.4 200.8 205.2 207.3 206.4 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 INDUSTRIAL PRODUCTION: N.S.A. □ JUNE 1968 MARKET GROUPINGS (1957-59 = 100) 1957-59 1967 1968 Grouping pro­ 1967 por­ aver­ tion age^ Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.' Mar,r Apr. Total index.............................. 100.00 158.0 157.9 156,0 159.0 150.5 157.9 161.1 161.5 161 2 160 7 159 1 162.7 164.6 163 6 Final products, total.......................... 47.35 158.3 157.7 155.2 159.8 151.2 156.9 163.3 162.2 161 3 161.0 159. / 162.4 164.7 161.4 Consumer goods............................ 32.31 148 4 147.1 144.2 150.5 139.9 147.7 155.7 155.4 152 0 150 3 148 9 153.4 156 0 152 4 Equipment^including defense. . . . 15.04 179.6 180.3 179.0 180.0 175.3 176.4 179,5 176,8 1813 183.9 181.6 181.7 183.4 180.7 Materials............................................. 52.65 157.7 158.1 156.6 158.3 150.0 158.9 159.1 160.8 161.1 160.4 159.1 162.8 164.5 165.8 Consumer goods Automotive products........................... 3.21 149.1 161.9 155.1 162.5 114.2 106.1 148.2 155.6 I 59 5 177.7 173 0 171.2 183.8 178 3 Autos................................................. 1.82 145.7 167.6 166.4 177.1 94.8 62.2 140.1 148.8 159 0 192,6 179 5 173.8 193,4 183.5 Auto parts and allied products........ 1.39 153.6 154.2 140,3 143.2 139.8 163.9 158.8 164.6 160*0 158,1 164.5 167.9 171.1 171.6 Home goods and apparel................... 10.00 149.9 149.8 144.0 148.6 132.7 149.0 155.0 159.6 157 8 148.0 145 5 159.0 160 4 155 9 Home goods...................................... 4.59 166 Q 161.8 159.8 161.6 145.9 159.3 172.0 180 1 180*3 172 6 164 9 177 2 177.1 172 1 Appliances, TV, and radios.......... 1.81 159 5 157,0 152.0 152.8 128.0 140.4 165.1 182.2 181'4 160 6 159 1 180 9 176 9 168 3 Appliances................................... 1 33 163 1 169.8 159.7 169.9 141 8 134 5 160 4 180 1 178 2 163 4 168 7 187 9 185 3 179 8 TV and home radios.................. .47 149 2 120,7 130,5 104.6 89.3 157.2 178.2 187.8 190 4 152*7 1319 161 I 153,1 135 9 Furniture and rugs........................ 1.26 159.6 153.5 151.2 155,4 148 8 160.5 163 8 168.0 169 4 172 7 162 7 167 2 167 9 165 4 Miscellaneous home goods........... 1.52 179.0 174,4 176.0 177.3 164.8 180.6 187.1 187.7 187*9 186 7 173 8 181 2 184 9 182 1 Apparel, knit goods, and shoes........ 5.41 136.2 139.7 130.6 137.6 121.5 140.2 140.5 142.3 138*8 127.2 129.0 143.5 146.4 Consumer staples............................. 19.10 147 5 143.3 142.4 149 4 148,0 154 1 157.4 153 2 147 7 146 9 146 7 147 4 149 0 146 I Processed foods................................. 8 43 130 0 121'3 122.5 128 9 128 4 137 1 149 7 143 7 1344 128*2 123 0 122 1 123*9 1226 Beverages and tobacco...................... 2.43 136.4 141.8 143.0 156 2 142.8 149.3 139.3 141.6 isi 9 123 I 120 , i 129 8 137’0 Drugs, soap, and toiletries................ 2.97 183.0 185.1 180.7 189.1 179.4 183,9 185.2 186.0 184 0 185 2 182,9 185 9 189,4 184 5 Newspapers,’ magazines, and books. 1.47 140.1 144.2 142.1 140.8 140.7 142.6 137.4 134.7 133^9 138.2 137.2 140.9 144.2 143.7 Consumer fuel and lighting.............. 3.67 168.3 159.0 156.2 163.2 173.7 176.7 172.3 162.5 163 9 177.8 192.2 187 6 182.9 Fuel oil and gasoline..................... 1.20 132 5 125.0 126.2 134.3 133.6 134.5 138.5 134.5 134.6 141.0 137,5 139.1 134.1 129 9 Residential utilities......................... 2.46 185^7 Electricity................................. 1.72 199.8 186.1 178.8 187.5 210.4 215.7 203.5 185.3 188.0 213.0 244.1 232.8 226.4 Gas........'..................................... .74 Equipment Business equipment............................ 11.63 182.9 185.5 183.2 184.2 177 4 178,0 181 1 177.3 182.2 184 9 182.1 183 0 185 7 183 0 Industrial equipment......................... 6.85 170.3 172,1 169.3 170.7 167 3 166,3 168 1 161 3 168 9 170*8 166 7 165 0 167 2 165 3 Commercial equipment..................... 2.42 200.9 197.9 198.4 201.1 198.3 201.9 203 3 202,4 205 9 209*2 204.4 204 7 203 6 200*5 Freight and passenger equipment. .. 1.76 215.4 222.0 218.1 217.3 202.8 205,5 212.5 215.1 218^4 226.1 221.9 230.1 238.1 233*5 Farm equipment................................ .61 158.7 181.6 178.0 173,3 134.9 135.8 148,6 147.9 132.6 128.0 151.0 162.6 170 4 Defense equipment.............................. 3.41 Materials Durable goods materials.............. 26.73 152 1 152.5 152.5 154 3 145.0 152.5 112 0 152 6 153 7 154 3 151 7 1S6 1 157 9 159 3 Consumer durable............................. 3 43 144 6 141.6 148 0 146 2 123 4 147.0 133 6 135 3 148* 1 167*4 168 0 164*6 164 9 158 5 Equipment.......................................... 7.84 184 5 185.2 182 2 1814 175.6 180 7 182 9 1 S3 5 186 2 1R7 7 185 6 i 88 4 187*1 1R4 0 Construction...................................... 9.17 l40'i 137.8 139.2 146 9 143.6 148.7 148 4 147 0 142 0 135 3 129 0 1 34 7 139 6 143 9 Metal materials n.e.c.......................... 6.29 133 5 139,3 137.2 135.6 120 5 126.0 tills 131.7 133 3 133 2 133 7 1 42 7 144 2 151 4 Nondurable materials........................ 25.92 163 4 163 9 160 9 162 4 155.2 165 4 166 4 169 3 168 7 166 7 166 7 169 7 171 4 172 4 Business supplies. . ............................ 9.11 152 2 157.7 152.6 1540 141 5 151.9 154 9 158 6 155 3 151 6 149 0 150 6 153 1 157 8 Containers....................................... 3.03 148'5 153.8 147.7 153 1 138 2 153.0 155 5 161 5 148* 3 141 4 146 6 142 8 144 0 157*9 General business supplies.............. 6.07 154 1 159.7 155.0 154 4 143 1 151.3 154 5 157 2 158 9 156 8 150 2 1 54 4 157*7 1 57 7 Nondurable materials n.e.c.............. 7.40 201,' 8 201.6 198.9 199 0 184.6 198.9 203 0 210 9 213 5 2118 212 4 218*2 218 8 218*8 Business fuel and power................... 9.41 144 0 140.2 139,0 141 9 145 3 152.1 148 7 146 9 146 3 145 8 147 9 150 1 1 51 8 150 2 Mineral fuels................................... 6.07 128 9 126.9 124.3 125'2 128.1 135.5 13L9 13LS 13L5 130*3 130,9 135.6 138J 136J Nonresidential utilities.................. 2.86 183,2 Electricity.................................... 2.32 185 7 175,7 178.2 187.5 193 9 201.8 197 2 190 2 186 3 187 8 194 4 190 8 191 8 General industrial.................. 1.03 182.7 176.7 181.4 184 2 182.0 189.4 188 3 187.0 187*7 J 86 1 191,0 187*0 190 8 Commercial and other....... 1.21 196.8 182.5 183.4 198.9 213.0 221.7 2143 202.0 194.0 198,0 206.7 203 J 201; 9 Gas....................................... .54 Supplementary groups of consumer goods Automotive and home goods....... 7.80 159 0 161.8 157.8 162 0 132.9 137.4 162 2 170 0 171 7 174 7 168 3 174 7 179 8 174.7 Apparel and staples........................... 24.51 145.0 142.5 139.8 146> 142.2 151.1 153^7 150.8 145^7 142*5 142.8 1*46*6 148^4 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1968 □ INDUSTRIAL PRODUCTION: N.S.A. A-59 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1967 1967 1968 pro- aver- Grouping por- agep tion Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.' Mar.r Apr. Total index..................................... 100.00 158.0 157.9 156.0 159.0 150.5 157.9 161.1 161.5 161.2 160.7 159J 162.7 164.6 163.6 Manufacturing, total.......................... 86.45 159.6 160.3 158.1 161.0 150.5 158.3 162.6 163.7 163.5 162.6 160.1 164.2 166.3 165.3 Durable.......................................... 48.07 163.8 164.9 164.1 165.6 154.7 158.9 163.8 164.4 167,1 169,3 166.1 168.9 170.6 169.6 Nondurable.................................... 38.38 154.4 154.4 150.6 155.3 145.1 157.4 161.2 162.9 159.0 154,2 152.5 158.3 160.9 159.9 Mining......................................... 8.23 123.5 122. 1 121.8 123.9 124.8 129.0 125.6 124.7 124,2 121.4 120.2 123.7 126.0 128.5 Utilities............................................... 5.32 184.4 Durable manufactures Primary and fabricated metals.......... 12.32 145.4 146.5 145.0 145.3 135.1 142.2 145.1 146.0 147.9 149 3 147.3 152.9 155.0 155.8 Primary metals.................................. 6.95 132.5 136.5 133.4 130.9 117.9 125.4 129.2 133.0 136.3 136.7 138.3 147.2 148.9 152.7 Iron and steel................................. 5.45 126.8 127.6 125.4 121.2 111.9 120.6 125.6 129.6 134.6 137.4 136.9 144.7 147.8 149.6 Nonferrous metals and products.. 1.50 153.1 168.5 162.6 166.1 139.8 142.8 142.1 145,5 142.2 134.3 143.1 156.4 153.1 163.7 Fabricated metal products................ 5.37 162.0 159.4 160,0 164.0 157.4 163.9 165.7 162.9 163,0 165,6 160.0 160.2 162.8 159.8 Structural metal parts............... 2.86 158.1 153.4 154.8 160.0 156,1 160.7 162.2 161.1 161.2 161.6 156.2 154.5 156.4 152.6 Machinery and related products..... 27.98 177.6 179.7 178.8 179.8 166.9 169.1 175.8 176.2 180.8 185.7 182.9 184.4 185.9 182,0 Machinery.......................................... 14.80 183.4 185.4 182.5 182.2 173.7 177.2 182.6 181.4 185.2 184,1 182.7 185.6 185.8 182.6 Nonelectrical machinery................ 8.43 183.4 189.0 186.2 186.4 177.6 175.8 179,7 174.0 179.8 180.8 180.7 183.1 185.2 182.5 Electrical machinery...................... 6.37 183.3 180.5 177.6 176.7 168.5 178.9 186.4 191.3 192.3 188.3 185.3 188.8 186.7 182.7 Transportation equipment................ 10.19 166.0 169.8 171,4 174.0 151.4 150.8 160.8 163.6 170.5 185.0 180.4 179.8 183.9 178.8 Motor vehicles and parts.............. 4.68 147.0 157.0 160.4 165.2 119.5 116.0 134.0 137.2 149.1 176.1 171.1 168.6 178.1 170.8 Aircraft and other equipment. . . . 5.26 182.2 180.7 180.7 180.9 178.2 180,3 183.6 186,1 188.8 192.8 188.7 189.3 188.2 184,6 Instruments and related products. .. 1.71 184.8 184.8 183.4 185.9 181.1 184.7 185.1 185,2 186.9 188.5 184.5 183.8 182.9 178,7 Ordnance and accessories................. 1.28 Clay, glass, and lumber...................... 3.72 130.6 129.5 150,0 136.7 133.5 139.1 138.7 139.2 133.9 125.6 119,0 122.2 125.1 137.1 Clay, glass, and stone products,.... 2.99 138.7 135.5 138.3 144.6 143.9 149.5 146.3 147.4 143.4 134.6 126,7 125.6 126.4 144.3 Lumber and products....................... 1.73 116.5 119.1 115,6 122.9 115.5 121.2 125.7 125.2 117.6 1 10.0 105,7 116.3 122.7 124.8 Purniture and miscellaneous............... 3.05 162.6 158.6 158.6 161.8 154.8 164.5 167.4 169.4 169.3 167.3 158.7 162.9 163.8 162.4 Furniture and fixtures....................... 1.54 167.8 162.0 161.5 166.0 160.3 169.4 171.3 172.9 172.5 177.2 167,9 171.3 171.6 169.4 Miscellaneous manufactures............. 1.51 157.4 155.2 155.7 157.5 149.2 159.5 163.4 165.8 166.0 157.3 149,4 154.3 155.9 155.3 Nondurable manufactures Textiles, apparel, and leather............ 7.60 139.6 142.3 135.2 139,2 121.9 142.0 142.6 146.9 144.7 136.2 137.9 149.7 152.2 147.4 Textile mill products......................... 2.90 142.2 144.0 141.9 140.7 124.2 142.2 144.1 152.1 151.1 144.0 146,9 152.5 155.1 150.5 Apparel products............................... 3.59 147.7 152.5 141.2 148.8 129.1 150.8 151.6 153.5 150,1 138.8 139.4 157.4 160.0 Leather and products........................ 1.11 106.5 105.0 98.7 104.3 92.7 113.4 110.0 112.4 111,0 107.4 109.8 117.3 119.4 ......... Paper and printing............................. 8.17 149.6 153.5 150.2 150.8 139.7 149.0 150.5 156.3 153.1 146.1 146.3 151.2 154,7 155.7 Paper and products........................... 3.43 153.6 158.2 152.2 156.1 137.1 154.3 155.2 166.5 156.9 144.4 155.1 161.0 Printing and publishing.................... 4.74 146.8 150.2 148.7 147.1 141.6 145.2 147.2 149,0 150.3 147.3 139.9 144.2 149,2 149.1 Newspapers.................................... 1.53 134.2 142.5 141.9 135.0 118.4 125.4 135.0 143.8 147.8 133.1 119.5 126.1 137.0 139.3 Chemicals, petroleum, and rubber.... 11.54 189.5 190.2 183.6 188.5 177.5 190.8 194.7 197.2 196.4 197.6 195.1 201.9 203.8 202.9 Chemicals and products.................... 7.58 203.8 205.7 201.8 205.6 194.6 202.3 206.1 209.0 210.0 211.2 208.2 215.4 217.9 217.7 Industrial chemicals....................... 3.84 234.8 232.9 231,1 230.9 219.6 230.2 237.7 243.6 248.4 251.8 247.1 255.6 255.2 Petroleum products......................... . 1.97 133.9 127.8 130.8 138.4 139.8 140.3 142.5 139.0 135.0 134.7 130.8 133.0 130.8 131 .3 Rubber and plastics products........... 1.99 190.3 192.7 166.5 172.7 149.7 197,0 203.0 210.0 205.4 207.9 208,8 218.7 222.4 .......... Foods, beverages, and tobacco....... 11.07 131.5 126.1 127.1 135.0 131.3 139.5 146.9 143.1 134.1 127.3 122.7 124,2 126.9 126.7 Foods and beverages......................... 10.25 132.4 125.9 127.6 135.2 133.1 140,1 148.6 144.2 135.4 129,7 123.5 123,6 127.4 127.1 Food manufactures....................... 8.64 130.1 121 .7 122.6 129.0 128.1 136.7 149.0 143.5 134.8 128,5 123.5 122.6 124.1 123.7 Beverages........................................ 1.61 144.7 148.6 153.9 168.1 159.7 158,4 146.7 148.2 139.1 135,7 123.6 129.1 145.0 Tobacco products.............................. .82 120.0 128.5 121.6 132.6 109.4 131.4 124.9 128.5 117.8 98.1 113.1 131.4 121 .1 Mining Coal, oil, and gas............................... 6.80 122.4 119.6 117.8 118.9 121.9 127.7 124.4 124.4 125.6 123.6 123.8 126.9 129.1 127.5 Coal.................................................... 1.16 118.1 126.4 121.3 116.5 99.9 123.3 122.2 122.4 120.0 114.0 111.1 118.2 127.0 125.3 Crude oil and natural gas................. 5.64 123.2 118.2 117.0 119.4 126.4 128.6 124,9 124.8 126.7 125.6 126.4 128.7 129.5 128.0 Oil and gas extraction................... 4.91 131.4 127,0 125.0 127.2 134.8 138.3 134.1 133.7 134.3 134.1 135.6 139.8 140.7 138.6 Crude oil................................... 4.25 126,4 121.5 120.2 122.4 131.2 135.2 130.4 129.0 128.7 127,7 129.3 133.6 135.5 133.4 Gas and gas liquids.................... .66 163.3 162.0 155.7 157.9 Oil and gas drilling........................ .73 67.9 58,6 63.3 66.3 69.5 62.6 62.1 65.0 75,7 67.9 64.5 54.2 53.7 ......... Metal, stone, and earth minerals..... 1.43 128.8 134.2 140.9 147.6 139.1 135.3 131.4 126.3 117.6 111.2 103.2 108.4 Iil.6 133.2 Metal mining..................................... .61 119.9 139.0 146.2 151.3 128,1 114,2 108.0 100.4 86.7 86.1 88.0 92.5 96.7 128.5 Stone and earth minerals.................. .82 135.4 130,6 136.9 144.9 147.2 150.9 148.8 145.5 140.4 129.9 114.5 120.2 122.6 136,7 Utilities Electric................................................ 4.04 191.7 180.1 178.4 187.5 200.9 207.7 199.9 188.1 187.0 198.5 215.6 208.7 206.6 Gas...................................................... 1.28 161.2 Note.—Published groupings include some series and subtotals not Industrial Production—1957-59 Hase. 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-60 BUSINESS ACTIVITY; CONSTRUCTION □ JUNE 1968 SELECTED BUSINESS INDEXES (1957-59 = 100, unless otherwise noted) Industrial production Manu­ Prices 4 facturing 2 Ca­ pacity Nonag­ Major market groupings utiliza­ Con­ ri cul­ Major industry tion struc­ tural Total Period groupings ratio tion em­ retail Whole­ Final products in mfg. con­ ploy­ Em­ sales3 sale Total Mate­ c ( e p n e t r ) tract T m o e ta n l t — i p m lo en y- t P ro a l y ls ­ s C um on e ­ r m co o m di ­ ty Total g s C o u o o m n d e ­ s r E m q e u n ip t ­ rials Mfg. M in i g n­ U iti t e i s l­ 1951..................... 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 94.0 63 91.1 106.1 80.2 76 90.5 96.7 1952..................... 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 91.3 67 93.0 106.1 84.5 79 92.5 94.0 1953..................... 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 94.2 70 95.6 111.6 93.6 83 93.2 92.7 1954..................... 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 83 5 76 93.3 101.8 85.4 32 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 I960..................... 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 7 137 111.1 101.5 124.3 197 108.1 100.5 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 1 48 113 I 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—Apr........... 156.5 157.3 147.1 179.2 156.0 158.2 122.0 182.7 | •■84.9 138 124.7 112.4 151.0 152 115.3 105.3 May......... 155.6 156.3 146.0 178.5 154.6 157.2 120.2 182.7 154 124.6 111.7 150.1 151 115.6 105.8 June......... 155.6 156.8 146.9 178.1 154.9 157,0 123,8 183.2 164 125.5 112.5 151.7 155 116.0 106.3 July.......... 156.6 157.1 147.1 178.4 156.1 157.6 128.0 184.1 149 125.5 111.6 151.4 155 116 5 106.5 Aug.......... 158.1 158.2 148.6 178.9 157.9 159.4 127.8 184.8 ”84.1 165 126.0 112.7 155.0 155 116.9 106.1 Sept.......... 156.8 157.0 147.0 178.6 156.7 158.1 124.3 184.8 168 125.8 111.2 154.5 156 117.1 106.2 Oct....... 156.9 156.9 147.9 176.1 157.4 158.3 122.4 187.6 171 126.1 111.4 154.3 153 117.5 106.1 Nov...... 159.5 160.0 150.1 181.1 159.5 161.1 123.6 190.5 ”84.4 168 127.4 113.4 157.9 154 117.8 106.2 Dec........... 162.0 161.9 152.8 181.5 162.2 164.0 122.3 191.8 166 127.8 113 7 160.1 1 55 118.2 106.8 1968—Jan....... 161.2 160.8 151.3 181.4 161.7 162.7 121.6 195.9 | "84,5 f 159 127.8 113.7 160.1 158 118.6 107.2 Feb........... 162.0 162.0 152.9 181.6 161.8 163.6 123.9 197.5 1 156 128.9 113.7 161.7 160 119.0 108.0 Mar...... 163.0 163.4 154.8 181.8 162.8 164.4 126.9 196.8 | 176 r128.8 N 14.2 U63.8 r164 119.5 108.2 Apr........... 162.5 161.4 152.9 179.5 163.5 163.7 128.2 198.0 I 146 G29.1 H 14.8 M61.2 rl6l 1 19.9 108.3 May” .... 163.7 162.6 154.8 179.3 164.7 165.0 127.9 198.0 129.1 114.6 163.9 163 108.4 1 Employees only; excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidenttai, 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; -♦ Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. Note.—Data are seasonally adjusted unless otherwise noted. Prices: Bureau of Labor Statistics data. Capacity utilization: Based on data from Federal Reserve, McGraw- Construction contracts: F. W. Dodge Co. monthly index of dollar Hill Economics Department, and Department of Commerce. CONSTRUCTION CONTRACTS (In millions of dollars) 1967 1968 Type of ownership and type of construction 1966 1967 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr, Total construction 1......................... 50,150 52,895M,543 5,095 5,414 4,879 5,104 4,695 5,053 4,258 3,996 3,714 3,704 5,417 4,878 By type of ownership: Public........................................... 18,152 19,039 1,498 1 ,820 2,169 1 ,989 1,824 1,677 1 ,526 1 ,435 1,507 1,300 1 ,041 1 ,698 1,554 Private 1......................................... 31 ,’998 33,856’-3'045 3’275 3,245 2’890 3,280 3,018 3’527 2,823 2’490 2,414 2; 664 3,719 3^324 By type of construction: Residential building1.................. 17,827 19,536r 1,781 2,002 2,000 1,829 1,912 1,741 1,887 1 ,717 1,404 1,462 1,495 2,220 Nonresidcntial building............... 19’393 20,139 1,830 1 '808 2,070 1 1749 1,847 1,786 1 874 1 '585 1,550 1,347 1'251 1,835 Nonbuilding........................... 12,930 13,220 931 1,285 1,344 1,302 1,345 1,169 1,292 '956 1,042 ’905 958 1,362 .......... i 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

JUNE 1968 □ CONSTRUCTION A-61 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Period Total N fa o rm n­ Buildings Mili­ High­ C v o a n ti s o e n r ­ Total de re n s t i i ­ al Total Other Total tary way dev & el op­ Other 2 Indus­ Com­ b O u t i h l e d r ­ ment trial mercial ings 1 19593............................ 55,305 39,235 24,251 14,984 2,106 3,930 2,823 6,125 16,070 1,465 5,761 1,121 7,723 1960.............................. 53,941 38,078 21,706 16,372 2,851 4,180 3,118 6,223 15,863 1,366 5,437 1,175 7,885 1961.............................. 55,447 38,299 21,680 16,619 2,780 4,674 3,280 5,885 17,148 1,371 5,854 1,384 8,539 19624........................... 59i667 41,798 24,292 17;506 2,842 5J44 3;631 5,889 17,869 1,266 6,365 1,524 8,714 19635 .......................... 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 4^66 7,896 25,353 705 1967—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 1,885 13,652 July.................... 73,399 49351 23,652 25,499 6,154 6,739 4,748 7,858 24,248 775 8,012 1,968 13,493 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 8,290 2,043 14,153 Oct.............. 77,533 52,195 25,971 26,224 6,240 6,991 5,037 7,956 25,338 751 8,199 2,097 14,291 Nov............... . ■ 78;438 52322 26,602 26,020 5,592 7,234 5,203 7,991 25,816 750 8,015 2,225 14,826 Dec................... 78^363 52358 26,903 25,455 5,870 6,683 4^91 8,011 26,005 931 1968—Jan..................... 80,527 54,546 26,918 27,628 6,260 7,865 5,426 8,077 25,981 Feb.................... 81 326 55,080 27,034 28,046 5,825 8,513 5,463 8,245 26,346 81,311 54355 27,409 27,446 5,543 8,249 5,385 8,269 26,456 Apr.1’................ 80,691 54,269 27,780 26,489 5; 339 8; 009 4,988 8,153 26,422 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. •* 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- Period (private only) Total Metro­ Non­ Private underwritten Total N fa o rm n­ politan p m o e li t t r a o n ­ Total fam 1- i ly fam 2- i ly f M am ul i t l i y ­ Public Total FHA VA 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 L463 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.............................. 1,510 1 ,035 475 1,473 964 51 458 37 246 197 49 1966.............................. 1,196 808 388 1,165 779 35 351 31 195 158 37 1967............................. 1,322 920 402 1^92 844 41 406 30 232 180 53 1967—Apr.................... 1,116 1,099 116 77 38 114 80 4 30 2 16 12 4 May.......... 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 Aug............ 1,407 1,381 130 90 40 127 84 4 40 3 23 17 6 Sept................... 1,445 1,415 126 88 37 122 78 4 40 4 20 16 5 Oct.................... 1,496 11478 137 99 38 135 82 5 49 2 25 19 5 Nov................... 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.................... 1,537 1 ,'499 87 62 26 85 55 3 26 3 21 17 4 Mar................... ”1,500 ”1 ,468 ”128 91 36 ”126 79 4 43 ”2 24 20 5 Apr.................... ”1,620 ”1 ,590 ”168 119 49 ”164 100 4 60 ”4 28 23 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-62 EMPLOYMENT □ JUNE 1968 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Total non- Total Unemploy­ Period i p n o s N t p it . u S u l t . a A i t o i . n o a n l l N ab N o o t . r S i n . f A o t . r h c e e l f S a o b . r A c o e . r Total E In m n p o l n o a y g e r d i- 1 In U pl n oy em ed ­ (pe m r S r a . e t A c e n e . 2 t n t) Total cultural agriculture industries 1962........................... 122,981 49,539 73,442 70,614 66,702 61,759 4,944 3,911 5.5 1963........................... 125'154 50,583 74'571 71,833 67,762 63 076 4,687 4,070 5 7 1964........................... 127,224 51’394 75'830 73,091 69,305 64,782 4,523 3,786 5.2 1965........................... 129,236 52’058 77'178 74 ,’455 71,’088 66,726 4,361 3,366 4.5 1966........................... 131'180 52'288 78'893 75',770 72’895 68,915 3,979 2^875 3.8 1967........................... 133,319 52^27 80'793 77^347 74'371 70,527 3 ,844 2’,975 3 8 1967 3—May............... 132,969 53,419 79,958 76,502 73,550 69 822 3 ,728 2,952 3.9 June............... 133,168 50’704 80’658 77,214 74,168 70’430 3 J 739 3’045 3.9 July............... 133,366 50;446 80;944 77,495 74,478 70,631 3'847 3,017 3.9 Aug................ 133,645 51,074 81,057 77,598 74,664 70,708 3,956 2’934 3.8 Sept............... 133,847 52,865 81,263 77^807 74,638 70,941 3,697 3,169 4.1 Oct................. 134,045 52,450 81'535 78,072 74^35 71 017 3,718 3,337 4.3 Nov,........ 134’,224 52^41 81'459 77^989 75^05 71’166 3^839 2,984 3.8 Dec................ 134^05 52,879 81,942 78,473 75^77 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 J 672 75,731 71 604 4.127 2^941 3.7 Mar............... 134^904 53,965 82,150 78,658 75^802 71 788 4^614 2,856 3.6 Apr................ 135,059 53,919 81,849 78,343 75,636 71*656 3^980 2,707 3.5 May............... 135^249 53*479 82;149 78;613 75829 71 ,936 3^893 2; 784 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) Period Total M t a u n ri u n f g ac­ Mining c C o o n t n i s o t t n r r a u c c t ­ T ti l o i r c a n n u & s ti p l i o p ti r u e t b a s ­ ­ Trade Finance Service G m ov e e n r t n­ 1962.......................................................... 55,596 16,853 650 2,902 3,906 11,566 2,800 8,028 8,890 1963.......................................................... 56,702 161995 635 2 963 3,903 111778 21877 81325 9,225 1964.......................................................... 581332 17,274 634 3,050 3,951 12,160 21957 8,709 9,596 1965.......................................................... 601832 181062 632 3 186 4 036 12,716 3’,023 9 ’087 10 091 1966.......................................................... 63,982 19,186 625 3 292 4 151 13,211 3 102 9 545 10 871 1967........................................................ 65 992 19,338 613 3 277 4 261 13,600 31229 10*079 11 596 SEASONALLY ADJUSTED 1967—May............................................. 65,639 19,238 617 3 192 4,267 13,609 3,205 9 987 11,524 June.............................................. 65,903 191285 619 3 187 4,266 13,648 31227 10,035 11,636 July............................................... 65,939 19,169 623 3 231 4 292 13,647 3’,234 10 074 11*669 Aug.............................................. 66,190 19,318 606 3’223 4 283 13,664 3 ,*253 lOl130 11 713 Sept.............................................. 66,055 19,142 601 3 238 4 262 13,719 31264 10’16i 11*668 Oct............................................... 66,243 191169 597 3 236 4,251 131776 31270 10’199 111745 Nov............................................. 66,918 19,422 597 3*289 4,287 13,900 3,290 10*297 11,836 Dec............................................... 67,126 19,491 598 3 353 41290 13,870 31304 10*332 111888 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 31321 10*407 12 028 Mar.............................................. 67,656 19,'607 609 3 ,’330 4,332 13,999 3,311 161415 12,053 Apr. p........................................... 67,784 19,670 632 3*307 41331 141019 31322 10*4i0 12'093 May p........................................... 67,788 19,665 634 3,249 4,285 14,038 31333 10,450 12,134 NOT SEASONALLY ADJUSTED 1967—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 131675 3 253 10 196 11,664 July.............................................. 66,129 19,156 636 3 548 4,335 131629 31289 16*265 ii’271 Aug............................................... 661408 191435 620 3 594 4 330 131622 3 ,’305 10*262 11 240 Sept.............................................. 66,672 191443 609 3 513 4,317 13,689 3,274 10,212 11,615 Oct................................................ 661914 191388 601 3 463 41281 13,808 31267 101230 11,876 Nov............................................... 67,470 191553 600 3 378 4,304 14,104 3 274 10 246 12 011 Dec............................................... 67,980 191500 597 3,202 4,294 141732 31284 10*239 12*132 1968—-Jan................................................ 66,107 19,287 585 2 826 4 234 13,728 3,268 10 151 12 028 Feb................................................ 66,479 19,314 586 2*956 4,245 13,714 3,288 161240 12;136 Mar.............................................. 66,713 19,447 594 2,967 4,276 13,’658 3,288 10,290 12,193 Apr. 35........................................... 67,449 19,517 626 3,152 4,296 13,920 3,309 10,410 12,219 May ”........................................... 67;723 191543 634 3,259 4,272 131949 3,326 10,513 12,227 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

JUNE 1968 a EMPLOYMENT AND EARNINGS A-63 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1967 1968 1967 1968 May Mar. Apr,? May? May Mar. Apr.’ May’ Total..................................................................... 14,227 14,386 14,454 14,433 14,130 14,248 14,318 14,336 Ourabln goods........................................................................ 8,332 8,371 8,422 8,404 8,332 8,325 8,402 8 404 Ordnance and accessories..................................... 171 191 192 '195 169 '191 192 193 Lumber and wood products................................... 514 528 522 521 513 509 511 520 Furniture and fixtures............................................ 373 385 387 389 368 382 382 383 Stope dny and glass products............................. 495 463 517 512 497 448 513 514 Primary metal industries........................................ I ,059 1 ,038 1 ,054 1,051 1 ,069 1,040 1,061 1,062 Fabricated metal products. ............................. 1 ^049 1 ,062 1 059 1 '054 1 ,045 1 '051 1,053 1,050 Machinery............................................................. 1,372 1 ,346 1’337 1,332 1'378 1J 357 1,347 1,338 Electrical equipment and supplies..................... 1 ,309 1,311 1 ,313 1,308 1 ’,290 I , 299 1 ',298 M90 Transportation equipment..................................... 1,371 1 '429 1 '431 1'431 1,389 1 345 1,444 1,449 Instruments and related products......................... 280 '278 ’275 '275 278 277 ’274 273 Miscellaneous manufacturing industries............... 339 340 335 336 336 326 327 332 Nondurable goods................................................................. 5,895 6,015 6,032 6,029 5,798 5,923 5,916 5,932 Food and kindred products.................................. 1'193 1 ,181 1,190 1,179 1 ’129 1,101 1 ’ 109 1 ’,116 Tphacco manufactures........................................... 74 74 70 73 ’ 63 67 ’ 60 ’ 62 Tf$xt>h*m>1l products. ............................... ............ 841 867 868 871 840 863 865 869 4ppnr?l and related products. ....................... 1,241 1,243 1,251 1,255 1 231 1,254 1 238 1.245 Paper and allied products............................... 523 534 '535 '535 519 528 ’530 ’531 Printing publishing, and allied industries....... 662 662 663 666 660 661 663 664 Chemicals and allied products. ............................. 588 607 602 600 591 607 609 604 Petroleum refining and related industries............. 114 117 117 117 114 114 116 116 Rubber and misc. plastic products........................ 356 422 425 424 353 420 422 421 Leather and leather products................................. 303 308 311 309 298 308 304 304 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 May Mar. Apr.? May? May Mar. Apr.? May? May Mat. Apr.? May? Total......................................................... 40. 5 40.7 40.0 40.6 113.81 120.18 117.91 120.99 2,81 2,96 2.97 2.98 Durable goods..................................................... 41.0 41.4 40.5 41,1 122.89 129.68 126.54 130.19 2.99 3.14 3.14 3.16 Ordnance and accessories...................... 41.9 41 9 40.5 40.9 131.15 133.95 129,04 131.29 3.13 3.22 3.21 3.21 Lumber and wood products...................... 40 0 40 5 40.0 40.3 94.54 100.50 100.25 102.97 2.34 2.50 2 50 2.53 Furniture and fixtures ................... .......... 40.1 40.9 40.0 40. 3 91.25 98.42 95.26 96.87 2.31 2,43 2.43 2.44 Stone, clay and glass products................. 41.2 41.7 41.6 41.8 116.20 119.19 123.55 125.88 2.80 2.90 2.97 2.99 Primary metal industries........................... 40.7 41.8 42.1 42.0 134,97 146.23 149.81 148.97 3.30 3.49 3.55 3,53 Fabricated metal products......................... 41.3 41 5 40.3 41.5 123.26 128.44 123.91 130,94 2,97 3.11 3.09 3,14 Machinery................................................. 42.3 42.1 40.9 41.4 134,30 140.86 135.38 138.53 3.16 3.33 3.31 3.33 Electrical equipment and supplies............. 39.9 40.2 39.6 40.2 110.12 115.49 112.90 116.18 2.76 2.88 2.88 2.89 Transportation equipment......................... 41.6 42.4 40.3 41.4 141.78 151.62 143.24 150.23 3.40 3.61 3.59 3.62 Instruments and related products.............. 41.1 40.8 39.7 40,1 116.72 119.66 115.74 117,89 2.84 2.94 2.93 2.94 Miscellaneous manufacturing industries... 39.5 39.5 38.5 39.0 91.57 98.60 95.12 96.61 2.33 2.49 2.49 2.49 Nondurable goods............................................... 39.5 39.8 39.2 39.7 100.73 106.79 104.76 107.98 2.55 2.69 2.70 2.72 Food and kindred products....................... 40,7 40.7 40.4 40.5 107.59 111.08 110.48 113.12 2.65 2.77 2.79 2.80 Tobacco manufactures............................... 38.5 37.9 33.9 37.9 90.68 92.01 87.12 97.88 2.38 2.48 2.57 2.61 Textile-mill products.................................. 40.5 41.6 40.7 41.2 82.22 89.84 86.43 89.40 2.03 2.17 2.15 2.17 Apparel and related products............... 36.0 36.2 35.1 36.1 72.36 80.15 75.95 78.70 2.01 2,19 2.17 2.18 Paper and allied products.......................... 42.6 42.7 42.1 42.9 120.28 125.93 124.27 128.83 2.83 2,97 2.98 3.01 Printing, publishing, and allied industries. 38.3 38.2 37.8 38.1 124.86 130.64 128.59 131.45 3.26 3,42 3.42 3.45 Chemicals and allied products................... 41.2 41.6 41.4 41.6 127.10 132.70 134.18 134,60 3.07 3.19 3.21 3,22 Petroleum refining and related industries . 42.6 42.2 42.5 42.7 153,58 154.24 161.78 161.25 3.58 3.69 3.78 3.75 Rubber and misc. plastic products,.......... 41 .0 41.4 40.4 41.4 107.57 117,14 113.60 118,94 2.63 2.85 2.84 2.88 Leather and leather products..................... 37.7 38.7 38.1 38,4 77.04 85,25 81.92 84.58 2.06 2,22 2.22 2.22 Note.—Bureau of Labor Statistics; data are for production and related workers only. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-64 PRICES □ JUNE 1968 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em U s Food Total Rent H ow s o h n m ip e e r ­ ­ F c a o o u n i a e d l l l t e r G a i l n c e a i c d s t ­ y o n F i p a n i u n s e g h d r r s - a - ­ ■ A up p a k p n e a d e r p el T p t o r i a o r n t n a s ­ ­ Total M c ic a e a r d e l ­ s c P o a e n r r a e ­ l r R e t a i c i e n n o r a g e d n d a ­ ­ O g s a i o e c t n o h r e v d d s e ­ s r tion 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--Apr................ 115.3 113.7 113.6 111.9 119.0 111.0 108.4 107.7 113.0 115.1 122.6 135.1 114.9 119.4 116.6 May.............. 115.6 113.9 113.9 112.1 119.7 110.8 108.3 107.9 113.8 115.5 122.8 135.7 115.0 119.6 116.7 June.............. 116.0 115.1 114.1 112.2 119.9 110.5 108.2 108.1 113.9 115.7 123.2 136.3 115.3 119.7 116.9 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 Aug............... 116.9 116.6 114.7 112.6 120.8 111.7 108,5 108.3 113,8 116.4 124,2 137.5 116.1 120.0 118.8 Sept............... 117.1 115.9 115.0 112.8 121.1 112.3 108.9 108.8 115,1 116.8 124,9 138.5 116.4 120.5 119.7 Oct................ 117.5 115.7 115.3 113.0 121.5 112.5 108.9 109.1 116,0 117.7 125,5 139.0 116.5 121.4 120,3 Nov............... 117.8 115.6 115.5 113,2 121.9 112.7 109.0 109.3 116.6 118,3 126.2 139.7 116.9 122.0 121.0 Dec............... 118,2 116.2 116.0 113.5 122.6 113.1 108.7 109.7 116.8 117.9 126,6 140.4 117.2 122.2 121.4 1968-—Jan................. 118.6 117,0 116.4 113.7 122.9 113.7 108.9 110.6 115.9 118.7 127.1 141.2 117.6 122.7 121.9 Feb................ 119.0 H7.4 116.9 113.9 123.5 113,8 109.3 111.2 116.6 118.6 127.5 141.9 117.6 123.0 122,1 Mar............... 119.5 117,9 117.2 114.2 123.8 113.9 109.3 111.8 117.6 119,0 128.3 142.9 118,4 124.2 122.4 Apr............... 119.9 118.3 117.5 114.4 124.0 114.0 109.5 1 12.2 118.4 119.0 128.8 143.5 119.0 124.9 122.5 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59= 100) Industrial commodities Period m c t A o i o e m l d s l i ­ ­ p F u r a c o r t m d s ­ r f e f o a r e s o n o e se d d d c d s s - Total t T i e l e t e c x s . ­ , H e i t d c e . s, F e u tc e . l, C i e c h t a e c l m s . , ­ R b e u e tc r b . , ­ L b e u t e c m r . , ­ P e a t p c e . r, M e a t l e c s . t , ­ e c M a q e h n r u i y a d n i ­ p ­ ­ F t e u u t r r c e n . , i ­ N t m m a o l i l e n n i ­ c ­ - T e p t q r o io a u r n n i t p a s ­ ­ ­ n c M e e o l i l u s a ­ s ­ ment erals ment 1958............................. 100.4 103,6 102.5 99,5 98.9 96.0 98.7 100.4 100.1 97.4 100.1 99.1 100.0 100.2 99.9 n.a. 100.6 1959............................. 100.6 97.2 99.9 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.1 100.4 101.2 n.a. 100.8 1960............................. 100.7 96.9 100.0 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101,3 102.9 100.1 101.4 n.a. 101.7 1961............................. 100.3 96.0 101.6 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.9 99.5 101.8 n.a. 102.0 1962............................. 100.6 97.7 102.7 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.9 98.8 101.8 n.a. 102.4 1963............................. 100,3 95,7 103.3 100.7 100,5 104.2 99.8 96.3 93.8 98.6 99.2 100,1 103.1 98.1 101.3 n.a. 103.3 1964............................. 100,5 94.3 103.1 101.2 101.2 104.6 97.1 96.7 92.5 100.6 99.0 102.8 103.8 98.5 101.5 n.a. 104.1 1965............................. 102,5 98.4 106.7 102.5 101.8 109,2 98.9 97.4 92.9 101.1 99.9 105.7 105.0 98.0 101.7 n.a. 104.8 1966.............................. 105.9 105.6 113.0 104.7 102.1 119.7 101.3 97.8 94.8 105.6 102.6 108.3 108.2 99.1 102.6 n.a. 106.8 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—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. 108.0 105.8 100.7 110.7 106.0 101.6 115,2 104.4 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. 109.7 106.1 99.2 112,1 106.3 101.7 114.4 104.7 98.0 97.8 106.1 104.0 109.2 111.8 101.0 104.5 n.a. 110.0 Sept................... 106.2 98.4 112.7 106,5 102,0 114.4 104,5 97.9 98.2 108.7 104.1 109.6 111.9 101.2 104.7 n.a. 110.2 Oct.................... 106,1 97.1 111 .7 106,8 102.2 114.8 103,0 98.2 98.8 107.3 104.3 109.8 112,2 101.7 104.9 n.a. 110.5 106.2 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.................... 108,0 101.3 113.3 108.3 104.6 116.7 102.5 98.1 99.5 111,6 105.7 112.8 114.1 103.3 106,9 n.a. 111.3 108.2 102.1 112.9 108,6 104.6 117.9 102.0 98.6 99,7 113.9 105.2 113,9 114.3 103.6 107.3 n.a. 111.5 Apr................... 108.3 102.1 112.8 108.8 104.7 118.3 102.4 98.8 99.7 115.8 105.2 113.3 114.8 103.8 107.4 n.a. 111.8 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1968 □ PRICES A-65 WHOLESALE PRICES: DETAIL (1957-59= 100) 1967 1968 1967 1968 Group Group Apr. Feb. Mar. Apr. Apr, Feb. Mar. Apr. Farm products: Pulp, paper, and allied products: Fresh and dried produce.................... 99.6 112.5 114.5 112.0 Pulp, paper, and products, excluding Grains.................................................... 98.3 86.3 85.1 84.7 building paper and board............... 104.3 106.2 105.7 105.7 Livestock............................................... 94.0 102.7 105.7 105.2 Woodpulp........................................... 98.0 98.0 98.0 98.0 Live poultry........................................... 89.0 87.0 81.4 81. 1 Wastepaper......................................... 79.1 81.8 89.0 96.5 Plant and animal fibers....................... 69.9 76.5 76.5 76.1 Paper.................................................... 109.3 111.9 111.9 112.1 Fluid milk............................................. 119. 1 124.6 (23.9 126.5 Paperboard........................................... 97.3 97.3 91.7 91.7 Eggs....................................................... 77.0 80.0 80.9 82.7 Converted paper and paperboard.... 104.9 107.0 107.0 106.5 Hay and seeds..................................... 118.4 113.0 114.1 113.9 Building paper and board.................. 92.2 91.8 92,0 92. 1 Other farm products............................ 99.2 101.1 101.4 101.6 Processed foods and feeds: Metals and metal products: Cereal and bakery products................ 117.2 117.4 117.4 117.3 Iron and steel....................................... 103.2 105,8 105.5 105.1 Meat, poultry and fish......................... 100.6 107.6 107.0 105.8 Steelmill products................................ 105.6 107.8 107.9 107.9 Dairy products..................................... 120. 1 124.0 123.3 125.9 Nonferrous metals............................... 120.0 128.8 133.3 130.8 Processed fruits and vegetables........... 104.3 113.8 114.4 114.6 Metal containers................................ 111.5 113.4 113.4 116.9 Sugar and confectionery...................... 111.8 113.7 113.7 114.0 Hardware............................................ 112.8 116,6 116.8 116.6 Beverages and beverage materials.... 105.9 108.6 108.9 109.5 Plumbing equipment........................... 110.5 113,3 114.3 114.6 Animal fats and oils............................. 91.5 71.0 72.5 71.9 Heating equipment............................. 92.0 93.8 94.3 94.5 Crude vegetable oils............................. 93.8 93.0 90.4 88.8 Fabricated structural metal products. 104.9 106.4 106.8 107. 1 Refined vegetable oils.......................... 96.8 102.1 98.7 93.0 Miscellaneous metal products............ 113.6 115.3 115.3 115.5 Vegetable oil end products.................. 101.6 100.2 100.2 100.2 Miscellaneous processed foods........... 112.9 114.1 114.1 114.0 Manufactured animal feeds................. 122.9 119.7 118.9 117. 1 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip.... 121.8 125.8 126.1 126.2 Construction machinery and equip... 121.8 127.7 128.3 128.9 Cotton products................................... 100.8 105.0 105.0 105.2 Metalworking machinery and equip.. 122.9 126.6 127.3 127.6 Wool products...................................... 102.9 102.8 103.1 103.0 General purpose machinery and Man-made fiber textile products........ 868 89.6 89.3 89.3 equipment....................................... 113.0 116.0 116.5 116.8 Silk yarns.............................................. 164.5 197.2 196.3 189.7 Special industry machinery and Apparel.................................................. 106.2 108.8 109.1 109.3 equipment (Jan. 1961= 100)........... 115.8 120.1 120.2 121.6 Textile housefurnishings...................... 105.2 111.2 110.9 110.7 Electrical machinery and equip.......... 102.3 102.7 102.6 103.0 Miscellaneous textile products............ 119.4 110.4 109.9 110.1 Miscellaneous machinery.................. 108.8 112.3 112.7 113.0 Hides, skins, leather, and products: Furniture and household durables: Hides and skins.................................... 88.3 89.5 99.3 95.6 Leather................................................... 112,9 108.9 110.3 111.5 Household furniture........................... 112.4 115.7 116.0 116.2 Footwear............................................... 121.5 125.5 125.6 126.6 Commercial furniture......................... 109.3 113.4 114,0 114.5 Other leather products....................... 114.5 112.2 112.4 112.5 Floor coverings................................... 93.1 94.8 95.2 95.2 Household appliances......................... 89.8 91.6 91.9 92.2 Fuels and related products, and power: Home electronic equipment............... 83.3 81.7 81.6 81.8 Other household durable goods........ 115.7 123.9 124,3 124.5 Coal....................................................... 102.7 105.0 105.5 105.4 Coke...................................................... 112.0 112.0 H2.0 117.0 Gas fuels (Jan. 1958= 100).................. 134.8 133.3 126.5 125.0 NonmetaUic mineral products: Electric power (Jan. 1958= 100)......... 100.6 101. t 101.2 101.3 Crude petroleum................................... 98.3 99.0 99.0 99.0 Flat glass............................................ 103.3 107.2 109.4 109.4 Petroleum products, refined......... 101.7 99.5 99.5 100.3 Concrete ingredients........................... 106.0 108.5 108.6 109.0 Concrete products............................... 104.6 106.8 107.0 107.5 Chemicals and allied products: Structural clay products excluding refractories................................ 109.4 111.9 112.0 112. I Industrial chemicals............................. 97.6 98.5 98.7 98.8 Refractories......................................... 104.9 112.4 112.6 112.5 Prepared paint...................................... 108.8 113.2 114.1 114.4 Asphalt rooting................................... 94.8 98.0 98.0 97.6 Paint materials..................................... 91.2 92.6 92.5 92.5 Gypsum products................................ 102.3 105.1 105.1 105.1 Drugs and pharmaceuticals................. 94.0 93.0 93.4 93.4 Glass containers.................................. 101.0 106.3 106.3 106.3 Fats and oils, inedible......................... 85.3 76.7 80.0 80.9 Other nonmetallic minerals................ 102.0 103.7 103.9 103.8 Agricultural chemicals and products.. 105.2 100.6 101,2 101.6 Plastic resins and materials................. 90.4 83.3 82,8 83.2 Other chemicals and products............ 108.6 108.7 109,5 109.8 Transportation equipment: Rubber and products: Motor vehicles and equipment.......... 101.6 104.3 104.3 104.3 Railroad equipment (Jan. 1961= 100). 102.7 105.4 105.4 105.4 Crude rubber......................................... 86.5 83.2 84.0 84. 1 Tires and tubes..................................... 94.0 98.7 98,7 98.7 Miscellaneous rubber products........... 101.5 106.8 106.9 106.9 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition..................................... 105.2 106.6 107.4 108.1 Lumber.................................................. 106.6 117.1 120.3 123.6 Tobacco products........................... 110.3 114.8 114.9 114.9 Millwork............................................... 111.6 114.7 115.6 116.6 Notions................................................ 100.8 105,7 105.7 105.7 Plywood................................................. 87.9 94.6 96.9 97.3 Photographic equipment and supplies 110.2 114.8 114.8 114.9 Other wood products (Dec. 1966= 100) 102.0 105.9 105.9 106.1 Other miscellaneous products............ 107.4 109.9 109.9 110.4 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-66 NATIONAL PRODUCT AND INCOME □ JUNE 1968 GROSS NATIONAL PRODUCT (In billions of dollars) 1967 1968 Item 1929 1933 1941 1950 1963 1964 1965 1966 1967 I II in IV 1’ Gross national product..................................... 103.1 55.6 124.5 284.8 590.5 632.4 683.9 743.3 785.0 766.3 775.1 791.2 807.3 826.7 Fino! purchases................................................ 101.4 57.2 120.1 278.0 584.6 626.6 674.5 729.9 779.8 759.2 774,6 787.4 798.1 824.0 Personal consumption expenditures................. 77.2 45.8 80.6 191.0 375.0 401.2 433.1 465.9 491.7 480.2 489,7 495.3 501.8 518.7 Durable goods.............................................. 9.2 3.5 9.6 30.5 53.9 59.2 66,0 70.3 72.1 69.4 72.5 12.7 73.8 78.4 Nondurable goods........................................ 37.7 22.3 42.9 98.1 168,6 178,7 191.2 207.5 217.5 214.2 217.2 218.5 220.3 228.1 Services......................................................... 30.3 20.1 28.1 62.4 152.4 163.3 175.9 188.1 202.1 196.6 200.0 204.1 207.7 212.1 Gross private domestic investment................... 16.2 1.4 17.9 54.1 87.1 94.0 107.4 118.0 112.1 110.4 105.1 112.2 120.8 118.0 Fixed investment........................................... 14.5 3.0 13.4 47.3 81.3 88.2 98.0 104.6 107.0 103.3 104.6 108.4 111.6 115.4 Nonresidential.......................................... 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 27.7 26.3 26.6 26.7 28.5 Producers* durable equipment........ 5.6 1.5 6.6 18.7 34.8 39.9 46.0 52.3 55.1 54.2 55,2 56,2 57.3 58.7 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 21.6 28.2 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 27.6 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 2.7 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 1.8 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 1.7 Exports.......................................................... 7.0 5.9 13.8 32.3 37.1 39.1 43.0 45.3 45.3 45.1 45.6 45.4 47.2 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 45.5 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 122.5 128.7 136.4 154.3 176.3 170.4 175.0 178.2 181.7 188.3 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 96.2 National defense....................................... 13.8 14.1 50.8 50.0 50.1 60.5 12.5 70.2 72.5 73.3 74.2 16.1 Other.......................................................... 3.1 4.3 13.5 15.2 16.7 16.5 17.4 16.8 17,0 17.6 18.0 19.5 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 92.1 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 Ip National income................................................ 86.8 40.3 104.2 241.1 481.9 518.1 562.4 616.7 650.2 636.4 641.6 653.4 669.3 686.2 Compensation of employees............................. 51.1 29.5 64.8 154.6 341.0 365.7 393.9 435.7 469.7 459.1 463.4 472.6 483.6 497.6 Wages and salaries....................................... 50.4 29.0 62.1 146.8 311.1 333.7 359.1 394.6 423.8 414.7 418.3 426.2 435.9 447.6 Private........................................................ 45.5 23.9 51.9 124.4 251.6 269.4 289.8 316.7 337.5 331.4 333.2 339.4 346.2 355.9 Military...................................................... .3 .3 1.9 5.0 10,8 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 ta 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 in­ surance ............................................... .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 11.1 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 79.6 78.1 78.3 79.2 82.7 84.3 Profits before tax........................................... 10.0 1.0 17.7 42.6 59.4 66.8 76.6 83.8 80.7 79.0 78.9 80.0 85.1 88.8 Profits tax liability.................................... 1.4 .5 1.6 17.8 26.3 28.3 31.4 34.5 33,2 32.5 32.5 32.9 35.0 36,6 Profits after tax..................................... 8.6 .4 10.1 24.9 33.1 38.4 45.2 49.3 47.5 46.5 46.5 47.1 50.1 52.2 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 28.9 Inventory valuation adjustment.................. ,5 -2.1 -2.5 -5.0 -.5 -.5 -1.7 -1.6 -1.2 -.8 -.7 -.8 -2.3 -4.5 Net interest............................................... 4.7 4.1 3.2 2.0 13.8 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

JUNE 1968 a NATIONAL PRODUCT AND INCOME A-67 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 IP Gross national product........................................ 103.1 55.6 124.5 284.8 590.5 632.4 683.9 743.3 785.0 766.3 775.1 791.2 807.3 826.7 Less: Capital consumption allowances......... 7.9 7.0 8.2 18.3 52.6 56.1 59.9 63.5 67.0 65.5 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 —3.5 -4.0 Plus: Subsidies less current surplus of gov­ ernment enterprises........... -. 1 .1 .2 .8 1.3 1.2 2.2 1.7 2.3 2.0 1.6 1.2 ,7 86.8 40.3 104.2 241.1 481.9 518.1 562.4 616.7 '650.2 636.4 641.6 653.4 669.3 686.2 Less: Corporate profits and inventory valu­ ation 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 84.3 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 96.0 227.6 465.5 497.5 537.8 584.0 626.4 612.9 619.1 631.0 642.5 659.0 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 87.5 Equals’ Disposable personal income............... 83.3 45.5 92.7 206.9 404.6 438.1 472.2 508.8 544.7 532.7 540.0 548.2 557.9 571.5 Less' Personal outlays.................................... 79.1 46.5 81.7 193.9 384.7 411.9 445.0 479.0 505,9 493.9 504.0 509.6 516,2 533.5 Personal consumption expenditures.. 77.2 45.8 80.6 191.0 375.0 401.2 433. 1 465.9 491,7 480.2 489.7 495.3 501.8 518.7 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 38.8 36.0 38.5 41.6 38.0 Disposable personal income in constant (1958) 150.6 112.2 190.3 249.6 381.3 407.9 434.4 456.3 476.5 470.6 474.9 477.5 482.6 490.1 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 Apr. May June July Aug, Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.P Total personal income.................. 584.0 626.4 616.5 618.2 622.6 627.0 631.6 634.4 635.9 642.4 649.3 650.9 ’■659.4 666.5 670.1 Wage and salary disbursements.......... 394.6 423.8 416.7 417.2 420.9 423.4 426.7 428.5 429.4 435.3 443.1 442.4 449.0 451.4 453.1 Commodity-producing industries... 159.3 167.2 165.0 164.3 165.2 166.1 168.0 168.2 167.9 171.2 173.3 173.3 176.8 177.4 178.0 Manufacturing only...................... 128.1 134.4 132,5 132.2 133.0 133.2 135.3 135.4 134.9 137.5 139.2 139.6 141.5 141.9 142.5 Distributive industries..................... 93.9 100.9 99.1 99.3 100.4 101.3 101.8 102.1 102.6 103.7 103.9 105.1 106.7 107.1 106.6 Service industries............................. 63.5 69.5 68.2 68.6 69,5 69.6 70.1 70.8 71.1 71.9 72,8 73.1 73.8 74.5 75.2 Government..................................... 77.9 86.3 84.5 85.0 85.7 86,4 86.9 87.4 87.8 88.4 93.1 90.9 91.6 92.4 93.2 Other labor income............................. 20.8 23.2 22.6 22.8 23,1 23.3 23.6 23.8 24.0 24.3 24,6 24.9 25.2 25.5 25.8 Proprietors’ income............................. 59.3 58.4 57.7 57.8 57.9 58.4 58.8 59.2 59.1 59.3 59.5 59.6 59.8 60.1 60.0 Business and professional............... 43.2 43.6 43.3 43.4 43.6 43.7 43.8 43.9 44.0 44.1 44.2 44.3 44.4 44.5 44.5 Farm................................................ 16.1 14.8 14.4 14.4 14.3 14.7 15,0 15.3 15,1 15.2 15.3 15.3 15.4 15.6 15.5 Rental income................................ 19.4 20.1 20.0 20.0 20.1 20.2 20.2 20.3 20.3 20.4 20.4 20.5 20.5 20.6 20.6 Dividends............................................. 21,5 22.8 22.8 23.1 23.3 23.5 23.5 23.4 23.2 23.1 21,0 22.9 23.2 23.6 24.0 Personal interest income..................... 42.4 46.5 45.8 46.0 46.1 46.4 46.9 47.3 47.6 48.0 48.5 48.9 '49.5 50.1 50.6 Transfer payments............................... 43.9 51.9 51.0 51.5 51.6 52.2 52.4 52.5 52.8 52.8 53.1 54.0 54.7 58.1 58.8 Less: Personal contributions for social insurance............................ 17.9 20.4 20.1 20.1 20.3 20.4 20.6 20.6 20.6 20.8 21.1 22.3 22.6 22.8 22.8 Nonagricultural income....................... 563.1 606.5 596.9 598.8 603.2 607.2 611.4 614.0 615.7 622.0 628.8 630.3 0.7 645.6 649.3 Agriculture income............................... 20.9 19.9 19.5 19.5 19.4 19.8 20.2 20.4 20.2 20.4 20.5 20.6 20.7 20.9 20.8 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also Note to table opposite. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-68 FLOW OF FUNDS □ JUNE 1968 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1965 1966 1967 Transaction category, or sector 1963 1964 1965 1966 1967 IV I II 111 IV I II in IV I. Saving and investment 4 7 2 3 5 6 1 Gr H C U S F F o t i s a o . o a n S s r r u t m a . e p n s n o G e a c a a r t h i n i o a n a o o d t v d l n l e d e s a l n s n r o e l n . o o c c . s . m n a n t . a o l . c f v . e i . r o g . i n n s . n r o . . . t p . . g v . . . b , . . . . t . . . . . u . b . . . . . . . . . s . u . . . . . . . i . . s . . . . n . . . . i . . . . . n . e . . . . . . . . e . s . . . . . . . . s s . . . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 — 4 8 4 1 — 3 3 5 3 4 1 . . . . . . . 5 5 5 9 8 5 6 1 - — 5 9 1 4 6 0 2 8 4 1 0 . . . . , 3 . . 5 7 3 5 4 3 1 1 - 5 1 7 2 0 3 5 5 9 7 . . . . , . , 2 3 7 3 3 5 1 1 1 6 1 9 1 — — 0 3 3 6 5 . . , , . . , 3 3 1 9 0 3 8 — 1 1 — 5 1 1 8 2 4 9 3 6 4 9 7 . . . . . . , 0 8 9 0 2 0 6 1 — 1 - 5 1 1 8 1 2 2 7 5 4 2 . . . . , 5 . . 5 5 8 8 8 8 1 1 - 5 1 9 1 1 2 8 1 5 0 3 . . . . . . 2 . 1 8 7 3 4 6 1 1 5 ( 9 — 1 5 9 1 3 1 1 . , . . . . . 9 2 6 8 3 7 8 1 1 - 5 1 9 1 — 1 3 9 2 6 4 . . . . 8 . . . 5 8 8 2 8 1 1 1 — 6 1 — 9 2 4 2 3 6 1 8 . . . . . . . 6 5 9 8 3 3 4 - 1 1 1 - 5 ( 8 3 2 3 3 6 8 6 3 . . , . . , . 0 2 4 6 2 9 5 — 1 1 - 5 1 1 4 8 2 4 8 6 2 4 6 . . . . 3 . . . 7 7 0 5 7 6 — 1 1 - 5 1 1 4 8 2 3 9 4 6 7 8 . . , . . . . 3 5 3 1 6 9 4 -1 1 1 — 6 1 9 3 2 4 2 1 7 8 4 . . . . . . . 7 3 4 6 7 0 5 7 4 5 6 3 2 1 1 9 0 8 Gr C B os u o s s n i n s n u a e t m s i s o e n i r n a d v l u e in r n a v t b o e l s 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 1 0 1 7 9 1 0 0 3 . . . 3 1 4 1 7 8 5 2 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 3 0 1 7 9 1 0 0 1 . . . 0 4 9 1 7 9 1 0 3 8 . . . 7 6 4 1 6 8 7 9 1 . . . 1 4 4 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 10 9 8 1 1 1 1 3 2 Gr H N os o o s n u f p s i e v n h t a . o n f l . i d x b s e u . d . s . . i i . n n .. v e .. s e .. s s . . t . . m . . . . . . e . . . . n . . . . t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 8 5 2 1 7 , . . 3 4 9 8 2 6 8 4 3 . . . 3 2 0 9 7 2 8 4 3 . . . 0 0 2 1 2 8 0 2 0 4 . . . 8 8 6 1 2 8 0 0 5 7 . . . 8 0 3 1 2 7 0 3 8 2 . . . 6 4 0 1 2 8 0 3 0 5 . . . 3 9 4 1 2 7 0 3 9 4 . . . 5 6 8 1 2 8 0 1 2 4 . . . 1 8 9 1 2 8 0 0 2 3 . . . 7 0 7 1 8 0 1 4 3 8 . . . 3 5 0 1 8 1 0 4 9 4 . . . 8 6 0 1 2 8 0 1 6 8 . . . 3 0 4 1 2 8 1 2 8 1 . . , 7 6 0 1 1 r3 1 2 14 Financial sectors....................... 1.0 .9 .9 1.0 .9 .8 1.0 1.0 1.0 1.0 .8 .8 1.1 .9 14 1 1 5 6 Di N sc e r t e p fi a n n a c n y c i ( a 1 l - 8 in ) v .. e .. s .. t . m .... e .. n .. t . . . . .. . . . .. . .. . .. . . . .. . . 2. . 8 6 4 2. . 3 7 2 3 . . 4 7 3 1 , . 0 8 3 1 . . 6 2 3 1. . 1 1 1 1 . .8 9 3 1 . . 0 6 2 2. . 1 8 4 1 . . 7 0 4 1 . . 9 6 - 5 . . 6 7 2. . 9 5 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 shortterm 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 20 U.S. Gover B n y m s e e n c t t . o .. r . ......................... 5 1 . . 0 4 4 7. . 1 0 3 3 . . 5 6 6 2 . . 3 2 1 6 2 . , 4 7 5 8 . . 4 5 — 1 1 0 . . 5 8 — 7 6 . . 3 7 7 4 . . 6 9 1 2 0, . 1 9 9 8 . . 9 0 - - 3 2 5 1. . 3 7 3 3 4 0 . . 7 9 2 20 9 . . 7 2 2 21 0 2 2 2 2 1 4 3 2 Fo O L S re h o t i h o g a e r n n t r - s t b s . e . o e . r . c . m r . r u . o . r . m . w i . t . i . e k e .. r t s . . s . . . . . s . . . . . . e . . . . . . c . . . . . . u . . . . . . r . . . i . . . t . . . . . . i . . . e . . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 3. . . 3 6 2 3 3 4 . . . . 7 0 7 4 2 1 . . . . 6 8 2 9 4 1 1 . . . . 1 5 0 5 2 6 4 1 . . . . 7 3 2 0 3 2 1 . . . . 9 2 7 8 1 2 1 2 1 . , . . 7 3 3 4 1 2 2 4 . . . . 1 3 5 2 — - — 2 . . 4 . 7 4 -7 1 1 . . . . 2 2 2 0 — 4 5 1 1 . . . . 5 5 9 0 1 2 3 1 4 . . . . 7 5 7 0 2 3 3 1 . . . . 9 2 9 6 8 2 1 1 . . . . 5 8 4 4 2 2 2 2 5 3 4 2 2 2 5 6 Pv S t. e d cu o r m it e ie s s ti .. c . . n .. o ... n .. f . i . n .. . . .. s . e .. c .. t . o .. r .. s .. . . . . . . . . . . . . . . . . . . . . . 5 1 0 5 . .5 2 5 1 5 8 . . 5 7 6 2 6 7 . , 0 7 6 24 2 . . 1 0 6 1 6 8 . . 4 0 6 2 4 7 . , 6 8 7 2 0 6 . . 5 6 7 2 3 7 , . 9 8 5 2 8 3 . , 0 4 4 1 5 8 . . 7 7 6 1 0 9 . . 8 4 6 1 1 6 . . 9 9 6 1 6 3. . 7 0 7 22 6 , . 1 9 2 2 6 7 3 2 2 3 3 3 3 3 3 2 3 3 7 3 8 1 8 9 0 2 5 4 6 7 Ne C S U L t e h . o s B S S C O C O c 1 g o a u - t . a . o o t u t a n r h h n t G r n r i i t s o e n p e c t k e s . i o r e r o u . e 4 . s a v I U r m . s m l - o . a o n t f . o . a e , a . a o t S d a . f e r n n . m r l . . n s e l t c d . c s o g . G i s n r e . r l n c . a . e y m d c e . . o , a d . g . u e d i . . v l m o . i e . n . r . i . t t o c s . r . i t g o , . . t . . t . b . . ( i . r . . g . c . . . . e . . = l . t . . . . . a a i . . g . s . . . g . . . . . . s g . . . a . l . . . . . a . h . . i . . . e . . g . . . . n . . t . . . . . s . . . e i . . . . e b . . . . o . . . . . . s . . . . . . . a . . . n . . . . . 1 . . . . . . . . l . . . . . s . . . . . a . . . 7 . . . . . . . . . . . . . n . . . . . . . . . . ) . . . . . . c . . . . . . . . . . . . . . e . . . . . . . . . . . . . . . . . . . . . . 3 5 1 - 2 5 2 6 3 9 4 8 7 5 . . . . . . . . . 4 . . 7 7 6 3 7 5 4 7 2 3 6 3 1 1 6 5 5 3 8 4 7 5 6 0 . . . . . . . . . . . 8 1 9 5 4 2 0 9 0 0 7 - 7 1 3 1 1 4 4 5 2 9 9 7 8 3 6 . . . . . . . . . . . 0 7 3 3 4 4 3 6 4 2 7 6 3 1 1 - 6 7 9 6 9 7 9 7 1 1 . . . . . . . . . 4 . , 9 6 9 9 4 9 8 0 4 0 8 4 1 1 1 4 9 4 3 4 9 1 8 1 0 7 . . . . . . . . . . . 5 1 1 1 5 5 4 4 4 2 4 7 3 1 1 5 4 2 9 2 8 7 5 6 4 6 . . . . . . . . . . . 1 6 2 0 8 8 8 8 8 0 9 - 4 8 1 H 1 1 3 ? 6 9 7 4 3 4 2 1 . . . . . . ' . . . . 3 3 1 8 9 ? 3 2 3 2 1 8 1 1 4 1 1 1 5 6 6 6 3 2 0 7 5 5 1 . . . . . . . . . . . 1 3 7 5 0 9 5 2 2 5 0 - 3 6 1 6 9 9 7 4 9 6 7 2 4 1 . . . . . . . . . . . 2 8 1 6 6 7 0 8 6 3 6 2 4 6 8 2 6 5 9 6 7 9 4 1 . . . . . . . . . . . 1 8 1 2 6 0 9 0 2 2 6 4 7 1 1 - 6 8 6 8 7 4 4 1 4 0 . . . . . 5 . . . . . . 1 6 9 7 1 3 9 4 3 3 -1 4 4 1 1 1 - 4 9 8 4 4 1 4 1 1 5 . . 8 . . . . . . . . . 8 3 3 3 3 9 5 7 8 0 1 5 2 1 0 1 5 5 3 7 9 2 1 4 3 4 3 . . . . . . . . . . . 1 0 3 8 6 5 8 4 7 9 4 1 5 1 1 1 0 1 1 8 2 6 4 5 4 8 4 8 0 1 . . . . . . . . . . , 0 1 8 9 1 9 4 8 8 2 4 3 3 3 3 3 3 2 2 3 3 3 1 8 3 5 7 9 0 4 8 2 6 4 4 3 1 9 0 P F S v o o t u r . e r i c i g n e n s s u f n r u . . e n & . d c s . p .. .. e . . . n . . . . s . . . i . . o . . . . n . . . . . . . . r . . e . . . . s . . . . e . . . . r . . v . . . . . e . . . . s . . . . . . . . .. . . . . . 1 4 1 0. . . 1 7 9 1 2 5 1 . . . 5 1 7 1 7 1 . . . 2 6 8 1 — 7 2 . . . 6 8 9 1 5 5 3 . . . 4 6 2 1 3 5 1 . . . 3 6 9 — 1 1 1 1 2 . . . 5 8 6 1 4 6 0 . . . 4 8 0 — 1 1 5 3 3 . . . 1 3 9 - - 1 1 1 4 . . . 2 0 5 1 1 1 2 . . . 4 6 2 1 8 5 2 . . . 3 8 4 1 1 2 4 1 , , , 4 0 3 1 9 3 4 , . . 1 4 7 3 4 41 9 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 4 4 4 3 Liquid assets............... D ... e .. p .. o ... s . i .. t . s . ...... 3 . 3 .. 7 4 .. . . . 4 4 .......3 3 ..5. 3 ... . .3 0 ....... 4 4 . 3 0 . . 4 4 2 2 3 2 . . 9 7 4 5 9 0 . . 1 9 4 4 3 2 . . 1 3 3 29 3 . . 1 3 2 2 1 4 . . 8 6 1 1 5 8 . . 8 5 2 2 2 1 . . 1 2 6 5 1 4 . . 5 4 5 3 1 8 . . 7 4 5 5 8 6 . , 7 2 4 3 4 4. . 1 8 4 4 3 4 45 Demand dep. and currency 5.9 6.5 7.7 2.9 12.0 11.9 4.0 1.6 -.5 6.5 10.8 10. 6 15.2 11.1 45 46 Time and svgs. accounts... 28.5 28.8 32.7 19.8 39.0 30.4 25.1 23.0 16.4 14.6 50.7 41.0 41.0 23.0 46 4 4 7 8 At comm A er t c s i a a v l i b ng a s n I k n s s . t . i . t . ........ 1 1..5 3 ... . .1 4 . 1 1 3 5 . . 0 8 1 1 9 3 . . 5 2 1 7 2 . . 3 5 2 1 2 6 . . 4 6 1 12 7 . . 5 9 1 9 5 . . 8 4 1 4 8 . .1 9 1 5 1 . .1 3 5 9 . . 4 3 3 1 3 6 . . 8 9 2 2 0 0 . . 4 6 2 1 3 8 . , 0 0 1 1 2 0 . . 3 7 4 4 7 8 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 50 Other U.S. Govt, securities.... 1.7 3.1 . 1 6.7 -1.2 2.1 4.8 14.5 3.3 4.3 -11.2 -3.9 -3.3 13.7 50 51 Pvt. credit mkt. instruments. .. 2.3 7.5 5.8 12.1 7.4 4.6 15.5 10.6 15.6 6.6 9.8 1.4 6.4 12.1 51 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 .1 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 41.9 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 * 63 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 19.1 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 11.1 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. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1968 □ FLOW OF FUNDS A-69 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1965 1966 1967 Transaction category, 1963 1964 1965 1966 1967 or sector IV I 11 III IV J 11 111 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................................. .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 (7 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.S 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 -U5 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 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 -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 -I. 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 1 1.4 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. I 8.9 8.3 13.7 15. I 6f 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 Not 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 -t.l .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 - . I -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. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-70 U.S. BALANCE OF PAYMENTS o JUNE 1968 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1966 1967 Item 1965 1966 1967* III IV I II III IV» Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted Exports of goods and services—Total 1...................... 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 services1................................... 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 w 5. Errors and unrecorded transactions........................ -415 -302 -595 -148 -295 -546 209 37 Balances A. Balance on liquidity basis Seasonally adjusted (=1+2+3+44-5),. -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 — 52S -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

JUNE 1968 □ U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A-71 1. U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1966 1967 Item 1965 t966 1967’ III IV I II 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................................................................ M.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 all foreign accounts 113 789 3,523 613 472 -789 642 1,386 2,084 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities 5............................................... 122 -945 455 -226 -176 72 46 125 212 Marketable U.S, Govt, bonds and notes 5. -20 -245 48 -254 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 1 year. 5 Excludes military grants. 3 Includes certificates sold abroad by Export-Import Bank. Note.—Dept, of Commerce data. Minus sign indicates net payments * Reflects $259 million payment of gold portion of increased U.S. (debits); absence of sign indicates net receipts (credits). subscription to IMF. 2. MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports i Imports 2 Export surplus Period 1965 1966 1967 1968 1965 1966 1967 1968 1965 1966 1967 1968 Month: Jan.................. 31,228 2,264 2,616 2,785 31,199 1,918 2,256 2,615 3 28 347 360 170 Feb..................... 3 1,623 2,376 2,607 2,773 31,606 2,024 2,229 2,602 3 17 352 378 171 Mar.................... 3 2,739 2,554 2,551 2,455 31,861 2,080 2,203 2,612 3 878 474 349 -158 Apr............... 3 2,406 2,354 2,654 2,888 3 1,811 2,113 2,226 2,640 3 595 241 428 248 May................... 3 2,299 2,416 2,547 3 1,797 2,082 2,140 3 503 334 407 June................... 3 2,235 2,487 2,577 ............3.. .1..848 2,142 2,227 3 386 346 349 July.................... 2,300 2,455 2,584 41,742 2,178 2,208 4558 277 376 Aug.................... 2,329 2,444 2,598 1,825 2,119 2,125 504 324 473 Sept.................... 2,291 2,540 2,593 1,858 2,295 2,209 433 244 384 Oct..................... 2,349 2,588 2,392 1,885 2,250 2,202 464 338 191 Nov.................... 2,378 2,503 2,692 1,941 2,186 2,376 438 317 317 Dec..................... 2,362 2,409 2,604 1,911 2,225 2,525 451 184 79 Quarter: I...................... 3 5,589 7,195 7,775 8,012 3 4,666 6,021 6,688 7,830 3 923 1,173 1,087 183 ....3. .6..,.9...4..0..........7,257 7,777 3 5,456 6,336 6,593 31,484 921 1,184 Ill....................... 6,920 7,439 7,775 45,425 6,592 6,542 41,495 846 1,233 IV...................... 7,090 7,500 7,688 5,736 6,661 7,102 1,353 839 586 Years..................... 26,700 29,379 30,942 ...........<..2..1.,366 25,542 26,816 ...............5.,334 3,837 4,126 ................ 1 Exports of domestic and foreign merchandise; excludes Dept, of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Significantly 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-72 U.S. GOLD TRANSACTIONS AND RESERVE ASSETS □ JUNE 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) 1967 1968 Area and country 1959 1960 1961 1962 1963 1964 1965 1966 1967 I II HI IV I Western Europe: Austria............................ -83 -143 -82 -55 -100 -25 Belgium........................... -39 -141 -144 -63 -40 -83 -25 France............................. -266 -173 -456 -518 -405 -884 -601 Germany, Fed. Rep. of... -34 -23 -225 Italy................................. 100 200 -80 -60 -85 -85 -184 Netherlands.................... -30 -249 -25 -60 -35 -49 Spain............................... -114 -156 -146 -130 -32 -180 Switzerland.................... 20 -324 -125 102 -81 -50 -2 -30 -30 -25 United Kingdom............ -350 -550 -306 -387 329 618 150 80 -879 3 -34 -77 -771 -900 Bank for Inti. Settlements. -32 -36 -23 Other............................... -48 -96 -53 -12 -37 -50 14 -18 20 19 -13 Total -827 -1,718 -754 -1,105 -399 -88 -1,299 -659 -980 -15 -44 -58 -863 -1,195 Canada 190 200 150 50 100 50 Latin American republics: Argentina....................... -50 -90 85 -30 -39 Brazil............................... -11 -2 -2 57 72 54 25 -3 Colombia....................... -6 38 10 29 7 Venezuela....................... 65 -25 Other............................... -35 -42 -17 -5 -11 -9 -13 -6 -2 13 6 -7 -28 Total 19 -100 -109 175 32 56 17 -41 9 -3 12 6 -7 -28 Asia: Japan, -157 -15 -56 Other. -28 -97 -101 -93 12 3 -24 -30 -44 -20 -22 -143 Total -186 -113 -101 -93 12 3 -24 -86 -44 -20 -22 -143 All other, -5 -38 -6 -36 -7 -16 -22 1-166 2 -6 1-162 Total foreign countries. -998 -1,969 -970 -833 -392 -36 -1,322 -608 -1,031 -36 12 -53 -953 -1,317 Inti. Monetary Fund 2 -44 3 300 150 4-225 5177 5 22 516 5 8 Grand total -1,041 -1,669 -820 -833 -392 -36 -1,547 -431 -1,009 -20 17 -53 -953 -1,309 1 Includes sale of $150 million to Algeria. repurchase; proceeds from these sales invested by IMF in U.S. Govt, 2 Payment to the IMF of $344 million increase in U.S. gold sub­ securities. scription, less sale by the IMF of $300 million (see note 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 I960) with the right of s Represents gold deposit by the IMF; see note 1(b) to table 4. Note—Tables 3-22: The tables in this section 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

JUNE 1968 □ U.S. POSITION IN THE IMF A-73 4. U.S. GOLD STOCK, HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES, AND RESERVE POSITION IN IMF (In millions of dollars) Gold stock 1 Con­ Reserve Gold stock 1 Con­ Reserve Total vertible position Total vertible End of year r a e s s s e e rv ts e Total 2 Treasury cu fo rr r e e n ig c n ie s IM in F 3 End of month r a e s s s e e rv ts e Total 2 Treasury c fo u r r e r i e g n n ­ p I o M s i i n F t i o 3 n cies 5 1958. .................. 22 540 20,582 20,534 1,958 1967—May....... 13,943 13,214 13,109 363 366 1959........................ 21,504 19,507 19*456 1,997 June........... 14,274 13*169 13,110 738 367 July....... 14*224 13336 13'108 719 369 I960........................ 19,359 17,804 17,767 1,555 Aug....... 14,605 13,075 13,008 1,162 368 1961........................ 18;753 16,947 16,889 116 1*690 Sept............ 14,649 13^077 13,006 1,200 372 Oct........ 14’927 13*039 12 905 I 509 379 1962........................ 17,220 16,057 15,978 99 1,064 Nov............. 15,438 12,965 • 12,908 2^092 381 1963........................ 16^843 15*596 15*513 212 UO35 Dec........... 14*830 12,065 11,982 2,345 420 1964........................ 16,672 15,471 15,388 432 769 1968—Jan.......1..4..,.6..20 12,003 11,984 2,176 441 1965........................ 15^50 413^806 413,733 781 4 863 Feb............. 14,790 11,900 11^882 2335 655 Mar 13^926 10,703 10*484 2’746 477 1966........................ 14,882 13,235 13,159 1,321 326 Apr............. 13’840 10,547 10,484 2,804 489 1967........................ 14,830 12,*065 11,982 2,345 420 May............ 14,348 10,468 10,384 3,386 494 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-13. 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 Statescould draw additional amounts equal to the U.S. quota. See Table 5. in the gold stock of the United States. 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 P s t u d a io b y o n o s m ll c s f a e r r i n i s p n t ­ s by s g N I a o M l e l e d t s F 1 D c f r o c u a i r r o w e e r s f i e i g n n 2 n g ­ s I i d M n o c i l F o n la m n rs e e t D d ra o w o ll f a i n rs gs R d m o e e i l p n l n a a t r y s s ­ c T ha o n ta g l e Amount P q e U u r o . o S c f t e . a nt p i ( e n e r n i I o d M d o ) F f 3 1946—1957............................. 2,063 4 594 -45 -2,664 827 775 775 28 1 975 1958............................. -2 -252 271 17 792 29 1 958 1959............................. 1,031 2 -139 442 1 336 2,128 52 1 997 I960............................. 11 — 149 580 ’■442 2,570 62 1’555 1961............................. 150 16 -822 521 -135 2,435 59 1*690 1962............................. 17 -110 719 626 3,061 74 1 064 1963............................. 16 -194 207 29 3,090 75 1 035 1964............................. 525 18 -282 5 266 3,356 81 ’769 1965............................ 435 12 -282 165 3*521 85 5 863 i966............................. 776 680 15 -159 1 1,313 4*834 94 326 1967............................. 20 -114 -94 4^740 92 420 1967 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 J 792 93 368 Sept.............................. -1 —3 -4 4,788 93 372 Oct............................... 3 -10 -7 4,781 93 379 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 Mar............................. 200 1 -23 178 4,683 91 477 Apr............................. 2 -14 -12 4,671 91 489 2 -7 -5 4,666 90 494 1 Represents net IMF sales of gold to acquire U.S. dollars for use in 4 Represents a $600 million IMF gold sale to United States (1957)» IMF operations. Does not include transactions in gold relating to gold less $6 million gold purchase by IMF from another member with U.S. deposit or gold investment (see Table 6). dollars (1948). 2 Represents purchases from the IMF of currencies of other members 5 Includes $259 million gold subscription to the IMF in June 1965 for for equivalent amounts of dollars. The United States has a commitment a U.S. quota increase, which became effective on Feb. 23, 1966. In figures to repay drawings within 3 to 5 years, but only to the extent that the published by the IMF from June 1965 through Jan. 1966, this gold sub­ holdings of dollars of the IMF exceed 75 per cent of the U.S. quota. scription was included in the U.S. gold stock and excluded from the Drawings of dollars by other countries reduce the U.S. commitment to reserve position. repay by an equivalent amount. 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—74 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 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 p E e o r n i f o d d Total Total p G o d o s e i l ­ t d 1 i m n G v e o e n l s d t t 2 ­ Total i p S t l i t i o e h e a r s r o b t m e i r r l t d e ­ ­ ­ M b G U a a o o b r n .S k l v d e t e . s , t ­ c m T o U a a n i r b b e r v . l k S l a e e e s e . r ­ t t ­ ­ Total i p S t l i t i o e h a e r s b r o t m e i r r l t e d ­ ­ ­ M b G o U a a n o b r . k S v d le t e . s , t ­ Total i p S t l i t i o e h a e r s b r o t m e i r r l t e d ­ ­ ­ M b G a U o a o b r n . v S k l d e t e . s , t ­ i b n a b U n y k . S s . n a o n te d s 4 b a o u n n ry d d s i b n a b U n y k . S s . n a o n te d s 4 in b a U b n y . k S s . « n a o n te d s 4 notes 1957............ 715,825 200 200 n.a. 7,917 n.a. n.a. 5,724 n.a. n.a. 542 n.a. 1958........... 716,845 200 200 n.a. 8,665 n.a. n.a. 5,950 n.a. n.a. 552 n.a. 1959........... 19,428 500 500 10,120 9,154 966 7,618 7,077 541 1,190 530 660 20,994 800 800 11,078 10,212 866 7,591 7,048 543 1,525 750 775 19608......... 21,027 800 800 11,088 10,212 876 7,598 7,048 550 1,541 750 791 22,853 800 800 11,830 10,940 890 8,275 7,759 516 1,948 703 1,245 19618......... 22,936 800 800 11,830 10,940 890 8,357 7,841 516 1,949 704 1,245 19628......... 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 9 6 7 3 7 75 5 1 1 8 8 , , 3 3 5 5 9 9 7 7 , , 9 9 1 1 1 1 4 4 4 4 8 8 2 2 , , 1 1 6 9 1 5 1 1 , , 2 2 5 8 0 4 9 9 1 1 1 1 1963 8......... 26,361 800 800 14,387 12,467 1,217 703 9,214 8,863 351 1,960 808 1,152 26,322 800 800 14,353 12,467 1,183 703 9,204 8,863 341 1,965 808 1,157 19648......... 2 2 8 9 , , 9 0 5 0 1 2 8 8 0 0 0 0 8 8 0 0 0 0 1 1 5 5 , , 4 4 2 2 8 4 1 1 3 3 , , 2 2 2 2 4 0 1 1 , , 1 1 2 2 5 5 1 1 , , 0 0 7 7 9 9 1 1 1 1 , , 0 0 0 5 1 6 1 1 0 0 , , 6 6 2 8 5 0 3 37 7 6 6 1 1 , , 7 7 2 2 2 2 8 8 1 1 8 8 9 9 0 0 4 4 1965........... 29,115 834 34 800 15,372 13,066 1,105 1,201 11,478 11,006 472 1,431 679 752 19668......... ( [2 2 9 9 , , 7 9 7 0 9 4 1 1 , , 0 0 1 1 1 1 2 2 1 1 1 1 8 8 0 0 0 0 1 1 3 3 , , 6 6 5 0 5 0 1 1 2 2 , , 4 5 8 39 4 8 8 6 6 0 0 2 2 5 5 6 6 1 1 4 4 , , 3 2 8 0 7 8 1 1 3 3 , , 8 6 5 8 9 0 5 5 2 2 8 8 9 90 0 5 6 5 5 8 8 1 0 3 3 2 2 5 5 1967—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. r29,629 1,033 233 800 '14,097 '12,806 917 374 13,708 13,170 538 '791 '561 230 July. ^30,087 1 ,033 233 800 '14,158 '12,867 917 374 '14,060 '13,519 541 836 609 227 Aug. r3O,833 1,033 233 800 '14,071 '12,711 911 449 14,943 14,395 548 '786 '579 207 Sept, '31 ,216 1,033 233 800 '14,378 '12,968 911 499 r15,069 '14,517 552 736 528 208 Oct.. '32,427 1 ,033 233 800 '14,907 '13,395 911 601 ’15,765 '15,204 561 '722 '515 207 Nov. 33,815 1 ,033 233 800 '15,956 '14,337 908 711 ’16,074 '15,527 547 752 548 204 Dec.. 4 ( 3 3 3 3 , , 1 2 4 9 7 8 1 1 , , 0 0 3 3 3 3 2 2 3 3 3 3 8 8 0 0 0 0 ' ' 1 1 5 5 , , 6 6 9 8 5 7 ' ' 1 1 4 4 , ,0 0 6 7 8 6 9 90 0 8 8 7 71 1 1 1 ’ ' ■ 1 1 5 5 ,7 ,8 4 8 5 3 ' ' 1 1 5 5 , , 3 1 2 8 5 7 5 5 5 5 8 8 '6 6 8 87 2 '4 4 7 8 8 3 2 20 0 4 4 1968—Jan.. . '33,122 1 ,033 233 800 '15,247 '13,819 717 711 r16,154 '15,584 570 '688 '484 204 Feb... 33,328 I ,033 233 800 15,368 14,005 652 711 16,295 15,702 593 632 427 205 Mar. p 32,467 1 ,041 241 800 14,321 12,961 549 811 16,358 15,754 604 747 542 205 1 Represents liability on gold deposited by the International Monetary 7 Includes total foreign holdings of U.S. Govt, bonds and notes, for Fund to mitigate the impact on the U.S. gold stock of foreign purchases which breakdown by type of holder is not available. for the purpose of making gold subscriptions to the IMF under quota in­ b 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. 5 Principally the International Bank for Reconstruction and Develop­ The liabilities figures are used by the Dept, of Commerce in the statistics ment and the Inter-American Development Bank. measuring the U.S. balance of international payments on the liquidity 6 Includes difference between cost value and face value of securities in basis; however, the balance of payments statistics include certain adjust­ IMF gold investment account. Liabilities data reported to the Treasury ments to Treasury data prior to 1963 and some rounding differences, and include the face value of these securities, but in this table the cost value of they may 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

JUNE 1968 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A-75 7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o n e t t i a r g i l n e s E W u e ro st p e e r n 1 Canada A re m L pu e a b r ti i l n c ic a s n Asia Africa cou O n t t h ri e e r s 2 1963......................................................................................... 14,353 8,445 1,789 1.058 2,731 154 176 1964......................................................................................... 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 j .................................................................................. / \ 1 1 3 3 . , 6 6 0 5 0 5 7 7 , , 4 4 8 8 8 8 1 1 , , 1 1 8 8 9 9 1 1 , , 1 1 3 3 4 4 3 3 , , 2 33 8 9 4 2 2 7 7 7 7 2 2 2 2 8 8 1967—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.............................................................................. ’’14,097 8,213 '909 '1'287 3,157 270 r261 July.............................................................................. ’■14,158 8,297 909 rl, 315 3,160 246 r231 Aug........................................................................... ’'14,071 8,357 912 '1,186 3'122 253 241 Sept.............................................................................. ’'14,378 8,649 903 '1,184 3J72 224 ’•246 Oct.. ................................................................... ’•14,907 9,065 968 n .219 3,170 228 257 Nov............................................................................ ’15,956 10,257 901 rl,266 3,053 224 255 Dec............................................................................. ’■15,687 9,872 996 '1 ,136 3,179 246 258 1968—Jan............................................................................... ’•15,247 9,373 1,091 rl ,215 3,090 226 252 Feb............................................................................... 15',368 9^179 1,403 1,175 3,122 269 220 Mar. p.......................................................................... 14,321 8,'881 851 1,179 2,'966 227 217 i Includes Bank far International Settlements and European Fund. with those shown for the preceding date; figures on the second line are 2 Includes countries in Oceania and Eastern Europe, and Western Euro­ comparable with those shown for the following date. pea 3 n D d a e t p a e o n n de t n h c e i e t s w i o n L lin a e ti s n s A ho m w e n ri c f a o . r this date differ because of changes of N fo o re t i e g .— n c D ou at n a t ri r e e s p , r e a s s e r n e t p o sh rt o e r d t - b te y r m ba n l k ia s b i in li t t i h es e U to n t it h e e d o S f t f a ic te ia s l , a in n s d t i f tu or ti e o ig n n s in reporting coverage. Figures on the first line are comparable in coverage official holdings of marketable and convertible nonmarketable U.S. Govt, securities with an original maturity of more than 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 i Intl.i gi R on e a ­ l2 Total c O i f a f l i­ 3 Other Europe Canada A L m a e t r i i n c a Asia Africa O c t o r t i u h e e n 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—Apr................... 27,158 1,429 1 ,311 1 18 25,729 12,873 12,856 13,406 2,298 4,273 5,088 389 275 May. ................ 27'354 1,407 1 ,287 120 25,947 13,115 12,832 13,437 2,'317 4^66 5,158 392 277 June.................. ^27,337 ’'1,361 1 ,252 ’■109 '25,976 *•12,806 13,170 13,917 2,065 '4,145 5,169 376 303 July................... '27,795 1 '409 1 ,’296 113 ’•26,386 ’‘12,867 '13,519 14,145 2,270 '4,148 5,200 339 284 Aug........... '28,485 '1 ,379 I '248 ’■131 ’•27,106 '12,711 14,395 14',948 2',253 '4,017 5,245 367 277 Sept................... '28'813 1’328 1 '205 123 ’’27,485 ’■12,968 '14,517 15,116 2,329 *•4,044 5,371 329 296 Oct.............. '29,914 ’■1,315 1,187 ’128 ’’28,599 ’I3;395 ’’15,204 15;788 2,688 '4,126 5^356 332 309 Nov................... 31,212 1,348 1,217 131 29,864 '14;337 ’'15,527 '17J04 2^13 *■4,226 5,286 328 306 Dec. 4,.. .......... ’•/30;684 1,283 1 J77 106 ’•29,401 ’14,076 ’■15,325 '16;365 2,706 ’4,145 5,526 349 310 '\3O,533 rl,278 '1,177 101 '29,255 ’‘14,068 rl5,187 '16,186 2,709 r4,142 r5,559 349 310 1968—Jan.................... GO, 687 ’’1,284 d ,186 '98 *•29,403 '13,819 '15,584 ’’16,020 '3,101 *■4,199 ’■5,446 326 312 Feb.................... 30^934 1,227 1'113 114 29,707 14^005 15,702 16J16 3,201 4'131 5'539 434 286 Mar. p............ 30,057 1’342 1 '250 92 28,715 121961 15’754 15,829 2,791 4'078 5’,390 339 287 Apr. p. ........ 30’,556 1,415 1,322 93 29,141 13,064 16,077 15,804 2,942 4,303 5,432 366 295 8a. Europe Ger­ E p n er d i o o d f Total Austria B L e u lg x i e u m m ­ - m D a e r n k ­ l F a i n n d ­ France m F a e n d y . , Greece Italy N l e a t n h d e s r­ Norway Po g r a t l u­ Spain Sweden bourg 5 Rep. of 1966 ................ 13,933 196 420 305 58 1,070 2,538 129 1,410 364 283 358 162 656 1967—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...... ’17,104 184 605 201 99 1,431 2,276 161 1,999 542 389 414 130 493 ’116,365 231 600 243 99 1,326 2,218 170 1,948 585 449 437 150 489 ’\16,186 231 '631 243 99 1,330 2,217 170 1,948 586 449 437 150 489 1968—Jan........ *■16,020 163 *■582 212 116 1,350 1,924 165 1,896 527 367 437 137 512 Feb....... 16,116 177 579 220 126 1,245 2,143 159 1,786 485 390 426 121 532 Mar. p.. 15,829 154 537 199 139 1,162 2,351 154 1 ,573 358 385 388 129 525 Apr. p . . 15,804 181 510 177 141 1,202 2,123 156 1,533 324 402 394 134 562 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-76 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 1968 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 8a. Europe—Continued 8b. Latin America E p n er d i o o d f Sw la i n tz d er­ Turkey U K d n i o i n m t g ed ­ Y sl u av g i o a ­ W E O u e t r s h o te e p r r e n 6 U.S.S.R. E E O a u s t r h t o e e p r r n e Total A t r i g n e a n­ Brazil Chile Co b l i o a m­ Cuba Mexico 1966................. 1 805 43 3,817 37 234 8 40 3,883 418 299 261 178 8 632 1967—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.. . . t.sot 26 3,667 33 557 5 34 "4,145 578 249 249 169 8 '715 July.... 1,717 23 3,641 27 630 4 30 '4,148 603 219 233 153 8 "745 Aug....... 1 ,657 23 4,319 25 581 4 35 "4,017 609 196 229 135 9 '702 Sept.. . . 1,701 29 4,221 26 592 5 32 "4,044 606 216 224 166 9 "693 Oct....... 1,629 27 4,851 25 585 6 33 "4,126 581 263 222 151 10 "685 Nov.. . . ri ,652 38 5,931 26 491 4 37 "4,226 594 273 230 158 9 "703 Dec. 4. . 4 'f 1 l , , 7 7 3 3 2 2 3 3 3 3 4 4 , , 8 6 4 6 6 2 2 23 3 * 7 •7 3 0 6 6 8 8 4 4 4 4 " " 4 4, , 1 1 4 4 5 2 4 4 8 85 4 2 2 3 3 7 7 2 2 5 5 2 2 1 1 6 6 9 9 9 9 " " 7 7 2 23 0 1968—Jan....... '1,539 39 "5,137 42 "834 7 31 "4,199 432 277 251 159 9 "722 Feb....... 1 ,517 39 5,426 56 653 6 29 4,131 419 291 239 165 8 747 Mar. ’.. 1,649 29 5,568 52 439 4 35 4,078 435 301 263 157 8 721 Apr. ’.. 1,543 29 5,858 60 441 4 31 4,303 449 351 260 163 8 745 8b. Latin America—Continued 8c. Asia E pe n r d i o o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ O L re t . h A p e . . r B B e a r h m & am ud a a s A S n u N t r i e l i l n t e h a s . m & A O L m a t e h t r i e n ic r a Total C M la h a n i i n d n a ­ H K o o n n g g India n d I e n o si ­ ­ a Israel 1966................. 150 249 161 707 522 177 104 17 5,250 36 142 179 54 115 1967—Apr....... 160 245 156 776 578 204 107 18 5,088 36 150 217 51 103 May.... 145 257 155 732 576 218 107 20 5,158 36 167 223 49 106 June... . 145 265 133 691 567 236 121 19 5,169 36 158 216 47 165 July.... 155 270 136 764 544 192 110 17 5,200 36 165 220 58 166 Aug...... 157 257 128 725 520 209 116 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 "36 209 250 39 149 J17O 274 147 793 523 233 111 18 5,526 "36 215 354 34 138 (170 274 147 793 523 233 111 18 "5,559 "36 "217 357 34 138 1968—Jan....... 160 281 143 851 512 276 108 18 "5,446 37 224 329 40 127 Feb....... 153 267 152 770 559 252 89 17 5,539 36 226 351 42 147 Mar. ’.. 137 258 143 730 579 242 86 19 5,390 37 225 319 39 123 Apr. ’. . 136 275 140 814 603 242 90 25 5,432 35 221 342 46 135 8c. Asia—Continued 8d. Africa 8e. Other countries E pe n r d i o o d f Japan Korea P p h in il e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total C s ( h K o a n i s n g a o ­ ) ro M c o co ­ A So fr u i t c h a ( U E . g A y . p R t . ) A O f t r h i e c r a Total t A ra u l s ia ­ o A th l e l r 1966 2,671 162 285 228 598 779 385 15 31 71 39 229 266 243 22 1967—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 "220 629 802 328 13 26 63 17 209 306 276 30 Dec. 4... / ( 2 2 , , 5 60 6 1 7 1 1 7 7 6 6 2 2 9 9 1 1 " " 2 2 2 26 2 6 6 3 3 0 0 8 8 5 5 8 9 3 3 4 49 9 3 3 3 3 1 1 8 8 6 6 1 1 1 1 6 6 2 2 2 2 1 1 3 3 1 1 0 0 2 2 8 8 3 3 2 27 7 1968—Jan........... "2,496 195 299 216 655 830 326 30 17 61 18 201 312 285 27 Feb.......... 2,545 181 295 211 661 843 434 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 Apr,’.. .. 2,551 185 289 196 692 740 366 27 14 55 18 252 295 270 25 t Data exclude the ’‘holdings of dollars’* of the International Monetary with those shown for the preceding date; figures on the second line arc Fund. comparable with those shown for the following date. 2 Latin American, Asian, African, and European regional organiza­ 5 Through the first line for Dec. 1967 Luxembourg was included in tions, except Bank for International Settlements and European Fund Other Western Europe. which are included in “Europe.” 6 Includes Bank for Internationa! Settlements an I European Fund; 3 Foreign central banks and foreign central govts, and their agencies, beginning with the second line for Dec. 1967 excludes Luxembourg. and Bank for International Settlements and European Fund. 4 Data on the two lines shown for this date differ because of changes in For Note see end of Table 8. reporting coverage. Figures on the first line are comparable in coverage Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1968 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A-77 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 8f. Supplementary data 7 (end of period) 1966 1967 1966 1967 Area or country Area or country Apr. Dec. Apr. Dec. Apr. Dec. Apr. Dec. Other Western Europe: Other Asia—Cont.: Iceland .. ............................. 4.0 6.6 5.7 4.3 Iraq......................................... 27.1 17.6 28.0 n.a. Ireland Rep of........................... 6.6 8.9 7.4 8.8 Jordan......................................... 16.0 39.7 45.2 n.a. Luxembourg................................. 28.2 25.3 21.7 31.5 Kuwait......................................... 24.6 49.2 28.6 36.6 Laos............................................ 5.7 4.6 6.5 3.6 Other Latin American republics: Lebanon...................................... 92.0 100.1 112.2 113.3 Bolivia........................................... 64.4 66.9 57.9 59.9 Malaysia................................... 31.2 38.3 34.9 63.9 Costa R lea. ,................. 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 (incl. Okinawa). 39.5 815.9 31.2 14.5 Eci ia d o r ......................... 62.3 86.3 92.4 85.6 Saudi Arabia....................... 291.0 176.1 96.4 61.2 F.l 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, (incl. Eritrea).............. 58.9 53.5 40.2 23.8 TrJnidad & Tobago..................... 6.3 4.7 5.4 6.1 Ghana.. ..................................... 2.9 6.9 5.3 4.3 Liberia......................................... 19.7 21.2 21.6 24.9 Other Latin America: Libya..................................... 26.7 37.1 76.0 17.9 British West Indies................... 8.9 14.6 14.2 13.8 Mozambique.............................. 1.7 5.0 4.1 3.7 French West Indies & French Nigeria....................................... 20.3 25.7 36.5 n.a. Guiana.............................. 1.5 1.3 1.7 2.4 Somali Republic......................... .9 .8 .8 .8 Southern Rhodesia................ 3,5 2.7 3.3 2.4 Other Asia: Sudan......................................... 3.3 3.4 6.7 2.3 Afgha n istan................................... 8.0 9.5 7.8 5.5 Tunisia........................................ 1.0 1.1 1.0 10.3 Rnrma........................................... 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 7 Represent a partial breakdown of the amounts shown in the ‘'other” their date of issue. Data exclude the “holdings of dollars” of the Interna­ categories (except “Other Eastern Europe”) in Tables 8a-8e. tional Monetary Fund; for explanation see note following Table 3. Data s Data exclude $12 million resulting from changes in reporting cover­ exclude also U.S. Treasury letters of credit and non-negotiable, non­ age and classification. interest-bearing special U.S. notes held by the Inter-American Develop­ 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 i r l i i t t i i e e s s m ar a e t ur p i r n in g c i i n p a n ll o y t d m e o p r o e s i t t h s a n (d e 1 m y a e n ar d fr a o n m d me F n o t r B d a a n t k a a o n n d l o th n e g - I t n e t r e m rn l a ia ti b o i n li a ti l e D s, e s v e e e l o T p a m bl e e n 1 t 4 A . ssociation. 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars To banks, official and international institutions1 To all other foreigners Payable in End of period Total foreign Deposits U.S. Deposits U.S. currencies Total T bi r l e ls a s a u n r d y Other 3 Total T bi r l e ls a s a u n r d y Other 3 Demand Time 2 certificates Demand Time 2 certificates 1966................................... 27,599 23,266 8,371 4,050 7,464 3,381 3,744 1 ,513 1 ,819 83 329 589 1967—Apr........................ 27,158 22,829 7,469 3,589 8,277 3,494 3,783 1,535 1,845 73 330 546 May....................... 27,354 23,008 7,656 3,479 8,253 3,621 3,823 1 ,578 1 ,855 86 305 522 June....................... r27’337 '23^016 7,874 3,617 7,866 r3,659 3,825 1 ,615 1 ,844 68 297 496 July........................ '27^795 r23,479 8,214 3,750 7,891 '3,624 '3,812 1 ,580 1 ,871 66 296 503 Aug........................ '28^485 '24,222 8,915 3,746 7,896 '3,665 3,831 1 ,515 1 ,916 69 331 432 Sept............ r28,8l3 '24,527 9,044 3,810 8,035 '3,639 3,907 1 ,579 1 ,937 76 315 379 Oct......................... r29,914 '25;650 9,846 '3,966 8,1 17 '3,722 3,983 1 ,577 '1 ,999 84 '322 282 Nov........................ 31,212 '26,904 9,994 '3,864 9,444 '3,602 '4,077 1 ,630 2,036 '76 335 231 '130,684 '26,329 10,054 '3,774 '9,093 3,408 '4,126 1 ,693 2,052 '81 301 229 Dec. 4.................... ’-130,533 ’26,176 '9,883 ’a,763 9,093 '3,437 '4,128 1,693 '2,057 '81 '297 229 1968—Jan......................... *■30,687 '26,350 10,144 '3,689 8,867 '3,649 '4,046 1 ,576 2,083 '103 283 291 Feb......................... 30^934 26,535 10,203 3^610 8,943 3,779 4^91 1 ,581 2,090 104 315 308 Mar. p. .......... 30^057 25^655 10,483 3,470 8,097 3,605 4,079 1,584 2,055 96 344 324 Apr. y.................... 30^556 26J77 10,743 3,540 8,046 3,847 4^080 1 ,606 2,059 88 327 299 1 Data exclude “holdings of dollars” of the International Monetary 4 Data on the two lines shown for this date differ because of changes in Fund. _ reporting coverage. Figures on the first line are comparable in coverage 2 Excludes negotiable time certificates of deposit, which are included with those shown for the preceding date; figures on the second line are in “Other.” comparable with those shown for the following date. 3 Principally bankers’ acceptances, commercial paper, and negotiable time certificates of deposit. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-78 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.” Apr." 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 6 6 6 7 7 7 7 7 7 7 Germany............................ 1 1 1 I 1 1 1 1 1 2 2 2 2 2 Italy..................................... 2 2 2 9 9 9 9 9 9 9 9 6 6 6 Netherlands....................... 5 5 5 4 4 4 4 5 5 5 4 4 4 4 Norway.............................. 51 51 51 51 51 51 51 51 51 51 51 49 49 49 Spain................................... 2 2 2 2 2 2 2 2 2 2 2 2 1 Sweden............................... 24 24 24 24 24 24 24 24 24 24 24 24 24 26 Switzerland......................... 93 92 91 90 88 87 87 91 91 91 91 92 91 91 United Kingdom................ 348 355 359 364 368 375 379 383 371 380 390 415 423 431 Other Western Europe.. .. 49 50 50 50 50 51 51 51 51 51 51 51 38 38 Eastern Europe.................. 7 7 7 7 7 7 7 7 7 7 7 7 7 7 Total........................... 605 611 613 624 626 633 637 646 634 643 652 674 669 677 Canada................................... 692 722 719 716 717 717 718 716 715 716 527 463 378 377 Latin America: Latin American republics.. 8 7 7 6 6 6 6 6 6 6 6 6 5 5 Other Latin America...... 19 18 18 18 18 18 18 18 18 18 20 20 20 19 Total........................... 25 24 24 24 24 24 24 24 24 24 25 26 25 24 Asia: Japan................................... 9 9 9 9 9 9 9 9 9 9 9 9 9 9 Other Asia. ....................... 42 42 53 53 54 54 54 54 54 54 54 54 54 54 Total........................... 50 50 62 62 63 63 63 63 63 63 63 62 63 63 Africa...................................... 15 23 28 28 28 22 22 22 19 19 19 19 19 19 Other countries...................... 1 I 1 1 1 1 1 1 I 1 1 1 1 1 Total foreign countries.......... 1,388 1,430 1,446 1,455 1,458 1,459 1,463 1,472 1 ,455 1,466 1,287 1,245 1 ,153 1,161 International and regional: International...................... 250 172 172 172 169 169 169 169 169 168 168 168 168 168 Latin American regional... 75 60 61 57 58 38 38 38 35 35 36 36 36 36 Other regional.................... t 1 1 1 1 1 I 1 1 I I Total.......................... 325 233 234 230 227 207 207 207 204 204 204 205 205 205 Grand total................ 1,713 1,663 1,680 1,685 1,685 1,666 1,671 1,679 1,659 1,670 1,491 1,450 1,358 1,366 Note.—Data represent estimated official and private holdings of mar­ monthly reports of securities transactions (see Table 15 for total trans­ ketable U.S. Govt, securities with an original maturity of more than 1 actions). year, and are based on a July 31, 1963 survey of holdings and regular 11. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) Payable in dollars Payable in foreign currencies End of period Total Total Canada1 Italy 2 Sweden Total Austria Belgium Germany Italy Sw la i n tz d er­ B.I.S. 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—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............. 2,002 604 414 165 25 1,398 50 60 852 125 311 May............ 2,302 904 714 165 25 1,398 50 60 852 125 311 ................ 1 Includes bonds issued to the Government of Canada in connection through Oct. 1966; $144 million, Nov. 1966 through Oct. 1967; and $114 with transactions under the Columbia River treaty. Amounts outstanding million, Nov. 1967 through latest date. were $204 million, Sept. 1964 through Oct. 1965; $174 million, Nov. 1965 2 Bonds issued to the Government of Italy in connection with mili­ tary purchases in the United States Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1968 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A-79 12. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d I r n e t g i i , o a n n a d l Europe Canada A L m a e t r in ic a Asia Africa co O un th tr e ie r s 1964................................................................................. 7,957 1,230 1,004 2,235 3,294 131 64 1965 1 ....................................................................... J ( 7 7 , , 6 7 3 3 2 4 ♦ 1 1 , , 2 20 0 1 8 '5 6 9 6 3 9 2 2 ' , , 2 2 9 8 3 8 3 3, ’, 3 3 5 43 8 1 1 3 3 9 9 6 6 7 7 1966 1............................................................................... / ( 7 7 , , 8 8 1 53 9 1 1 1 t , , 3 3 6 7 6 4 6 61 2 1 0 2 2 , , 4 4 5 8 3 9 3 3 , , 1 2 3 0 5 6 1 1 4 47 7 6 62 2 1967—Apr....................................................................... 7,957 1,277 625 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 ♦ 1 ,258 596 2^574 3 ’612 117 74 Aug............................................................. 8,282 1 1 ,’342 602 2,'587 3 560 119 71 Sept....................................................................... 8^338 * 11316 564 2,579 3^692 115 71 Oct...................................................................... 8,267 1 '260 572 2,554 3,704 108 70 Nov...................................................................... 8'360 ♦ 1,224 564 2,603 3,791 107 71 Dec 1............. .... p I 8 r8 ,5 ,6 9 1 7 1 * 1 1 , , 2 2 3 3 2 6 6 61 1 1 1 r 2 2 , ,7 7 O 09 9 '‘ 3 3, ’ 8 8 8 7 5 5 1 10 0 2 2 6 6 7 7 1968—Jan........................................................................ 8,442 * 1 ,136 554 2,692 3 889 101 70 Feb....................................................................... 8,538 ♦ 1,133 547 2,723 3 947 1 17 71 Mar. J> ............................................................. 8’394 * 1 ’060 527 2*702 3 931 106 68 Apr. p................................................................... 8,399 * 1,102 510 2; 702 3^915 104 65 12a. Europe Bel­ End of period Total A tr u ia s­ b L g o u iu u xe m r m g - 2 - 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 en e­ 1964................................ 1,230 11 48 26 84 81 152 10 114 36 43 23 40 49 1965 1......................... / H I > ,2 2 0 0 8 1 8 8 5 52 2 3 3 7 7 8 8 7 7 7 7 2 2 1 1 9 9 0 0 1 13 3 1 1 1 1 0 0 3 3 8 8 5 51 1 2 2 6 6 5 5 0 0 5 5 2 2 1966 1............................. U /I , > 3 3 6 7 6 4 1 16 6 6 67 7 6 6 2 2 9 9 1 1 7 7 4 3 2 2 2 15 7 1 1 6 6 1 1 1 08 0 4 4 0 0 7 7 6 6 4 4 1 1 6 67 7 7 7 5 4 1967—Apr...................... 1,277 17 73 35 97 74 193 15 66 35 60 36 68 78 May.................... 1,307 18 67 34 1O0 68 192 17 75 34 60 34 71 73 June..................... 1,288 17 65 40 101 71 188 14 68 29 44 28 72 75 July...................... 1 ,258 13 61 37 97 75 198 15 68 31 50 27 68 62 Aug.................... 1,342 16 65 37 93 74 184 15 61 30 51 26 61 68 Sept..................... I ,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 1................. J (1 I , ^ 2 2 3 3 6 2 ' 1 17 6 ’8 6 3 6 3 3 7 7 7 7 8 8 8 8 8 8 1 1 7 7 9 6 1 19 9 5 5 8 8 3 3 5 5 6 6 1 1 2 2 6 6 5 5 4 4 7 7 5 5 1968—Jan....................... 1,136 9 r57 34 78 60 151 19 51 38 61 22 54 65 Feb...................... 1 ,133 9 64 32 77 74 140 19 55 37 55 19 53 58 Mar. ^.......... 1 ,060 7 58 39 77 59 116 14 58 31 55 16 76 59 Apr. ^.................. 1 302 7 57 30 77 66 113 17 65 37 59 16 73 61 12a. Europe—Continued 12b. Latin America End of period S l e w an r i ­ t d z­ T k u ey r­ U K d n o in i m t g e ­ d J sl u a g vi o a ­ E W O u e r t o s h t p e e e r r n 3 U.S.S.R. E E O u a r s th o te e p r r e n Total A t r i g n e a n­ Brazil Chile l C o bi m o a ­ ­ Cuba M ic e o x­ 1964................................ 111 37 310 16 20 * 20 2,235 203 126 176 338 17 644 /73 42 210 28 28 6 27 2,288 232 94 174 270 16 669 1965 1.............. 173 42 216 28 28 6 27 2,293 232 94 174 270 16 674 /83 52 210 19 37 2 16 2,489 193 114 159 ___308 16 767 1966 1............................. \88 52 193 19 40 2 16 2,453 187 112 158 305 16 757 19^7—Apr...................... 82 47 214 23 42 1 20 2,468 181 121 150 249 16 837 Mav..................... 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 2,587 185 117 160 242 16 943 Sept..................... 111 49 289 23 36 2 20 2,579 189 118 170 244 16 944 Oct...................... 118 34 242 19 33 * 19 2,554 199 124 172 227 16 929 Nov......... 110 23 232 19 34 19 2,603 208 136 175 227 16 910 198 38 242 13 30 3 18 2,709 221 173 179 217 16 960 Dec. 1.................. \98 38 242 I 3 r13 3 18 r2,709 221 173 179 217 16 960 1968—Jan....................... 106 37 230 15 '24 3 21 2,692 218 197 195 201 15 954 Feb...................... 106 37 249 15 11 2 20 2,723 227 221 185 193 IS 994 Mar. .............. 76 28 241 15 11 1 23 2,702 198 213 187 190 15 1,009 Apr. p................. 93 33 240 17 12 3 25 2,702 208 233 179 188 15 987 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-80 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 1968 12. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 12b. Latin America—Continued 12c. Asia Other Baha­ Neth. Other E pe n r d i o o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ r l e L i p c . s A ub . ­ m B m u & e a d r s ­ a A S n n u t a & i m r l l i e ­ s A L m a ic t a i e n r ­ Total C M la h a n i i n d n a ­ H K o o n n g g India I n n e d si o a ­ Israel 1964.................. 49 108 78 168 224 65 18 21 3,294 2 28 21 7 47 170 45 220 250 53 14 23 3’,343 I 29 17 2 86 19651............... 159 170 45 220 250 53 14 23 3,358 I 29 17 2 86 19661................ (85 2 2 1 1 1 2 4 4 5 5 2 2 2 2 6 0 2 2 6 7 1 2 6 6 1 t 1 1 8 8 1 1 7 6 3 3 , , 1 2 3 0 5 6 I 1 3 3 1 1 1 16 6 6 6 9 9 8 8 1967—Apr....... 75 238 59 200 248 61 17 16 3,387 1 31 14 5 89 May,... 75 262 60 217 241 51 18 16 3,497 1 35 14 5 94 June.... 68 285 64 210 248 78 17 18 3,640 1 36 17 5 88 July.... 64 255 63 212 247 65 17 20 3,612 1 37 13 5 78 Aug.... 62 244 60 214 249 59 18 19 3,560 1 35 11 5 69 Sept...... 60 231 45 211 258 58 15 19 3,692 1 36 12 5 59 Oct........ 53 236 43 211 266 49 9 19 3,704 36 11 6 59 Nov...... 55 248 46 211 288 54 10 20 3,791 2 29 11 6 58 147 249 42 226 289 63 to 18 3,875 1 28 10 5 57 147 249 42 226 289 63 10 18 r3,885 1 30 10 5 57 1968—Jan........ 52 248 40 224 266 53 10 19 -*3,889 1 28 14 5 50 Feb....... 52 246 38 228 252 46 10 18 3,947 1 30 12 9 46 Mar.®... 52 234 40 221 254 62 9 18 3,931 I 27 12 9 47 Apr.®... 52 230 35 214 260 71 10 20 3,915 I 27 15 10 51 12c. Asia—Continued 12d. Africa 12e. Other countries End of period Japan Korea P p h in il e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total C s ( h K o a n i s n g a o ­ ) Mo co roc­ A So fr u 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 i u a a s ­ ­ o A th ll e r 1964......................... 2,810 21 203 9 65 82 131 I 2 20 42 67 64 48 16 (2,751 22 231 15 82 108 139 1 2 34 43 60 67 52 15 17UJ 1 ............ . 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 3 1 1 2 2 2 2 0 0 1 1 4 5 8 8 1 1 1 1 3 3 5 4 1 1 4 47 7 1 1 2 2 5 5 0 0 2 2 5 5 6 6 9 9 6 6 2 2 5 5 2 2 1 1 0 0 1967—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 H7 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 37 14 54 71 58 13 Dec. i....... / \3 J , . 1 1 5 4 4 7 5 5 9 9 2 2 9 9 5 6 3 37 7 N 1 O 0 O 0 H 1 3 3 7 7 1 1 0 0 2 2 1 2 2 3 3 7 7 u 11 5 52 2 6 6 7 7 5 5 4 4 1 1 3 3 1968—Jan................ 3,181 48 290 41 105 125 101 1 2 37 12 49 70 58 13 Feb. .............. 3,212 52 305 44 107 128 117 1 3 39 11 64 71 59 12 Mar.®............ 3,213 54 305 44 92 129 106 1 2 37 11 55 68 55 13 Apr.®............ 3,223 54 276 42 90 127 104 2 3 39 14 46 65 53 12 i Data on the two lines shown for this date differ because of changes in Note.—Short-term claims ^re principally the following items payable reporting coverage. Figures on the first line are comparable in coverage on demand dr 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 2 Through the first line for Dec. 1967 Luxembourg was included in their own account or for account of their customers in the United States; Other Western Europe. and foreign currency balances held abroad by banks and bankers and their customers in the United States. Excludes foreign currencies held J Beginning with the second line for Dec. 1967 excludes Luxembourg. by U.S. monetary authorities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1968 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A-81 13. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies Loans to— Accept­ Foreign End of period Total Total Official C t o i o o u n l t l ­ s e c­ fo m a r n a c a d e c e s c t, Other Total w D i e t p h o f s o it r s ­ g c o c u o v ri t m t , i e s I. s e , ­ Other Total i t n i s o t n it s u 1 ­ Banks Others st i a n n g d­ o ei f g n fo e r rs ­ eigners a n n a d n c f e i­ paper 1964............................. 7,957 7,333 2,773 221 1,403 1.150 1,135 2,621 803 624 336 187 102 1965 2........................... 1 /7 7 , , 6 7 3 3 2 4 7 7, , 2 1 4 5 3 8 2 2 , , 9 9 6 7 7 0 2 2 7 7 1 1 1 1 , ^ 5 6 6 6 7 1 1 , , 1 1 3 30 2 1 1 , , 2 2 6 7 8 2 2 2 , , 5 5 0 0 1 8 4 49 2 2 2 4 4 7 9 4 2 3 3 2 2 5 9 5 68 4 9 9 5 6 1966 2........................... / ( 7 7 . , 8 8 1 5 9 3 7 7 , , 4 3 3 9 3 9 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 3 5 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 1 1 10 0 1967—Apr.................... 7,957 7,537 2,969 271 1 ,536 1,162 1,352 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 1,430 3,028 487 400 262 54 83 July.................... 8,232 7,817 2^871 261 1 '482 1,127 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.............. 8,338 7,916 3,046 271 I '595 1,181 1,452 2,929 489 422 291 48 83 Oct.................... 8,267 7.834 2’977 270 l’,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........... • r 1 )8 8, , 5 6 9 l 7 1 < ’’8 1 ,1 7 8 3 7 • • 3 3 , , 1 1 5 6 1 4 3 3 0 0 6 6 rl 1 , , 6 6 0 1 3 6 r! 1 , , 2 2 4 4 2 2 r ^ l 1 , ,5 5 1 5 1 2 3 3 , , 0 01 1 6 6 4 4 5 9 5 6 4 4 2 2 5 5 2 2 8 8 7 7 7 7 4 4 6 63 3 1968—Jan..................... 8,442 8,039 3,077 293 1 ,557 1,227 1,560 3,029 374 403 261 70 72 Feb.................... 8,538 8,172 3,170 303 1 '652 1 ,215 I ' 628 2’982 392 366 254 55 57 Mar.’’................ 8’394 8,069 3'045 306 1 ,524 1 ,216 1'630 2,995 398 325 219 50 56 Apr.v................ 8'399 8,'052 3,’043 276 J ,'569 1 '197 1,612 3'017 380 347 240 50 57 1 Includes central banks. with those shown for the preceding date; figures on the second line are 2 Data on the two lines shown 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 Endof period Foreign n I a n ti t o e n r­ al Total c t o ri u e n s ­ reg a i n o d n al Total P L a o y a a n b s le in do A l l l l a rs P fo a c r y i u e n a i r b g ­ l n 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 A L m a e t r i i n c a Japan O A t s h i e a r c O tr o i t e u h s n e r ­ 1 other rencies 1964. 310 204 106 4,285 3,995 288 1 87 1,632 327 1 ,275 430 255 278 1965. 513 203 311 4,517 4,211 297 9 86 1 ,506 358 1 ,296 445 391 436 1966............ • • 1 ,494 988 506 4,180 3,915 247 18 70 1,143 326 1,346 326 409 562 1967--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.. . . ■-2,472 •1,872 600 3,839 3,585 237 17 40 931 333 1 ,349 195 381 610 July.... ■•2,458 •1,854 604 3,843 3,588 238 17 48 952 355 1 ,410 185 393 500 Aug....... ■■2,524 •1,882 642 3,894 3,635 242 17 51 942 352 1 ,455 176 396 522 Sept.. . . r2,314 rl ,660 654 •3,911 •3,623 268 19 52 909 364 1 .500 171 395 •520 Oct....... r2,284 •1 ,654 630 •3,980 •3,694 271 15 52 856 377 1 ,534 204 408 •549 Nov...... r2,345 rl ,681 664 3,961 3,677 267 17 51 825 377 1 ,555 193 416 545 Dec....... ■•2,483 r| ,800 r684 3,895 3,621 258 15 56 720 413 1 .556 180 433 537 1968-—Jan........ r2,503 r| ,815 688 3,833 3,574 247 12 57 708 416 1 ,514 176 430 533 Feb....... 2,520 1 ,835 684 3,767 3,517 240 10 55 684 400 1 ,474 175 442 539 Mar.?’... 2,550 1,916 635 3,691 3,446 235 11 54 671 401 1,436 172 448 509 Apr."... 2,586 1 ,956 629 3,753 3,490 252 11 65 662 421 1 ,446 164 476 519 i Includes Africa. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-82 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 1968 15. PURCHASES AND SALES BY FOREIGNERS OF LONGTERM SECURITIES, BY TYPE (In millions of dollars) Marketable U.S. Govt, bonds and notes 1 U. s S e . c u c r o i r ti p e o s ra 2 te Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d i. Foreign ch P a u s r e ­ s Sales c N h s a e a s t l e e p s s u o r r ­ ch P a u s r e ­ s Sales c N ha s e a s t l e e p s s u o r r ­ ch P a u s r e ­ s Sales c N h s a e a s t l e e p s s u o r r ­ regional Total Official Other 1964. -338 -315 -23 -59 36 3,537 3,710 -173 915 1,843 -928 748 548 200 1965. -76 -151 75 -20 95 4,395 4,770 -375 1,198 2,440 -1,242 906 617 290 1966. -616 -427 -189 -245 56 6,318 5,616 703 1,778 2,692 -914 960 731 229 1967. -43 -121 78 45 33 10,208 9,148 1,059 2,026 3,185 -1,159 880 1 ,037 -157 1967—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 3 943 740 203 145 314 -169 68 69 -1 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 -11 Feb... -42 -42 -65 23 991 648 342 157 265 -108 70 80 -10 Mar.p -92 -92 -103 1 ,089 809 279 325 375 -50 110 148 -38 Apr.’’. 8 8 8 I ,274 996 278 165 362 -197 73 79 -6 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. 2 Includes State and local govt, securities, and securities of U.S. Govt. Note.—Statistics include transactions of international and regional 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 i d ­ t­ U K d n i o i n m t g ed ­ 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 u i h e n e s r ­ reg I a n i n o t d i n , al 1964............. -173 -349 176 -37 -200 -4 14 -228 3 25 10 -1 18 1965............. -375 -413 38 14 14 -522 47 -446 42 -13 24 -4 2 21 1966............. 703 -333 1,036 37 65 -80 116 140 224 65 18 1 4 251 1967............. 1,059 748 311 182 426 -452 220 375 305 115 79 34 17 136 1967—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 — H8 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... 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 1 -59 Apr.’’. 278 261 17 20 100 1 16 136 83 36 16 * * 7 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

JUNE 1968 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A-83 17. NET PURCHASES OR SALES BY FOREIGNERS OF 18. DEPOSITS, U.S. GOVT. SECURITIES, LONG-TERM FOREIGN SECURITIES, BY AREA AND GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Total Period Total g I a i r n o n e t n d ­ i a , l c t e f o r i o i u g e r n n s ­ ­ r E op u e ­ C ad an a ­ A L i a m c t a i e n r ­ Asia r A ic f a ­ O c t o r t i u h e e n s r ­ E pe n r d i o o d f Deposits U.S. A G ss o e v ts t , in c E us a t r o m d a y rked securities! 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—Apr......... -93 -94 1 2 1 13 -5 -12 1 1967—May.. 193 7,799 12,972 J M un ay e . . . . . . . . . . . . . . - - 3 85 9 - - 1 9 - - 3 7 8 6 2 1 2 1 - -4 2 5 3 -23 5 -4 -5 9 * 1 -10 2 J J u u n ly e . . . . . 1 1 1 4 7 7 7 7 , , 6 6 6 6 7 5 1 1 2 2 , , 9 97 7 7 6 July........ -171 -14 -157 27 -117 3 -53 1 -18 Aug... 144 7,535 12,993 Aug........ -117 -43 -75 -23 -24 2 -31 -1 2 Sept... 117 7,558 12,992 S O D N e e c o p c t v . t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - - 1 2 1 -4 7 0 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 4 2 1 8 7 6 -6 2 3 * - - 1 1 -9 1 4 5 -8 ♦ * * 2 2 2 * D O N e o c c t v . . . . . . . . . . 1 1 1 3 3 6 5 5 8 7 9 9 , , , 8 2 4 6 2 5 1 3 6 1 1 1 3 3 3 , , , 2 0 0 5 0 3 3 0 2 1968—Jan.... 160 8,861 13.201 1968-—'Jan......... -190 -64 -126 4 -H6 -1 -12 -I I Feb.. . 192 8,922 13,232 Feb........ -117 10 -127 -7 -112 -5 -3 -1 Mar... 197 8,418 13,466 M Ap a r r . . ® ® . . , . . . . -2 -8 0 8 2 - - 3 5 3 4 -1 -5 4 5 9 -29 7 -1 - 4 8 8 -4 -8 0 - 1 2 0 1 * 2 2 2 A M p a r y ,. . . . 4 1 2 4 2 0 8 8 , , 7 3 6 2 3 8 1 1 3 3 , , 6 64 1 5 4 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. 19. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES (In millions of dollars) Wednesday Amount Wednesday Amount Wednesday Amount Wednesday Amount 1964 1966 1967 1967 Ian 29 ....................... 1,040 1,688 3.201 Nov. 1........................... 4 320 Feb 26 . 1 ^077 Feb. 23........................... 1,902 ’ 12.........3..,.0..6..4........... 8........................... 4’560 M^r 25 . . . . 1,046 Mar. 30........................... 1,879 19........................... 3,137 15........................... 4 623 26........................... 3’047 22........................... 4 864 Apr. 29........................... 1,146 Apr. 27........................... 1 ,909 29........................... 4^206 May 27... . . 1,132 2,003 2,843 June 24 . 917 June 29......................... 1 ;95i ’ 10........................... 2’790 4 480 17........................... 2,950 13 ....................... 4*634 July 29 . . .. 1,008 July 27........................... 2,786 24........................... 3,254 20........................... 4’365 Aug 26................. 1,166 3,134 31........................... 2^776 27........................... 4’,241 Sept. 30........................... 1,166 Sept. 28........................... 3'472 June 7......................... 3,059 Oct 28 t 198 Oct 26.......................... 3,671 14........................... 2,991 1968 Nov. 25 . 1,380 Nov. 30........................... 3,786 21........................... 3,215 Dec 30 . 1^183 Dec. 28........................... 4,036 28........................... 3'166 4 157 31......................... 4’092 July 5........................... 3,078 10........................... 4’289 1965 1967 ' 12........................... 3,304 17........................... 4 367 19........................... 3’,558 24........................... 4*516 1,358 J, 702 26........................... 3'660 31........................... 4’259 Feb. 24.......................... 1 '592 II........................... 3,924 Mar 31... . 1 ^431 18........................... 3,683 3,370 Feb. 7........................... 4 352 25........................... 1,653 ~ 9........................... 3’669 14........................... 4’474 Apr 28 . 1,433 16........................... 3,877 21........................... 4’739 1,432 Feb. 1........................... 3,217 23........................... 4’,031 28........................... 4,530 lune 30........................... 1^436 8........................... 3'422 30........................... 3'976 15........................... 3,376 Mar. 6.......................... 4 513 Tidy 28 . 1,572 22........................... 3 ,'396 3,848 13........................... 4'805 Aug. 25 ..................... 1,792 13........................... 3,840 20........................... 4,430 Sept. 29 - 1 '611 3,382 20........................... 3’930 27........................... 4,920 8........................... 3’,464 27........................... 4,059 Oct 27. . . 1 ,719 15........................... 3,367 4,768 Nov. 24 ..................... 1 '697 22........................... 3,372 Oct. 4........................... 4,047 1 10........................... 4,606 Dec. 29........................... 1 ,345 29........................... 3312 11........................... 4,293 17........................... 4,845 18........................... 4'235 24........................... 5,020 25........................... 4,322 1 Break in series; see Note. have occurred that affect the comparability of the data. Where such changes are known to have been significant, two figures for the same date Note.—The data represent gross liabilities of reporting banks to their are given; the first is comparable with the data that precede it, and the branches in foreign countries. Certain changes in coverage and definitions second with the data that follow. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-84 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 1968 20. SHORTTERM 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 i 1967 Dec. Mar. June Sept. Dec?' Dec. Mar. June Sept. Dec.p 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 ll 10 9 il 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 I * 4 4 3 3 4 Other Western Europe......................... 4 5 5 3 4 11 12 13 13 14 Eastern Europe............................... 1 I I I 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.................................................... 1 1 16 16 12 10 95 96 125 118 114 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 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 1 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 I 17 23 22 30 Taiwan.................................................... 4 5 2 1 5 7 1 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 1 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 II 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 All 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

JUNE 1968 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A-85 21. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (In millions of dollars) Liabilities Claims Payable in foreign currencies End of period Total P d a o y i l n l a a b r l s e cu P f r o a r r y e i e n a n i b g c l n i e e s Total P d a o y i l n l a a b r l s e b D a e n p k o s s i a ts b r w o i a t d h Other in reporter’s name 1963 Dec................................................................................... 626 479 148 2,188 1,778 199 211 1964—Mar.................................................................................... 631 475 156 2,407 1,887 239 282 June................................................................................... 622 471 151 2,482 2,000 220 262 J une i................................................................................. 585 441 144 2,430 1 ,952 219 260 Sept.................................................................................... 650 498 152 2'719 2,168 249 302 Dec .................................................................................. 695 553 141 2'776 2,306 189 281 Dec 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 ............................................................................... I .’349 1,025 324 2,560 2,’122 192 246 Deed’................................................................................. 1,367 1 ,023 343 2,955 2,524 202 229 1 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. 22. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (In millions of dollars) Claims Country or area Total End of period liabilities Total K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico A O L m a t e h t r i e i n c r 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 1,207 27 167 251 205 61 . 217 90 90 86 14 Sept........................ 249 1,235 23 174 267 202 64 207 102 91 90 14 Dec......................... 329 1,256 27 198 272 203 56 212 95 93 87 13 1967—Mar........................ 454 1,324 31 232 283 203 58 210 108 98 84 17 June...................... 430 1,494 27 263 303 214 88 290 110 98 85 15 Sept........................ 415 1,452 40 212 309 212 84 283 109 103 87 13 Dec.?..................... 418 1,545 43 257 310 212 85 288 128 117 89 16 1 Data differ from that shown for Dec. in line above because of changes in reporting coverage. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-86 GOLD RESERVES □ JUNE 1968 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Inti. Esti- E pe n r d i o o d f m to a t t a e l d M ta o r n y e­ U S n ta i t t e e s d r m es a t t e o d f A i f s g t h an an­ A t r i g n e a n­ t A ra u l s ia ­ A tr u ia s­ g B iu e m l­ Brazil Burma Canada Chile world1 Fund world 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--Apr................ 2,657 13,234 35 84 228 701 1,525 45 84 1,042 46 May............ 2,658 13,214 35 84 228 701 1,524 45 84 1,053 47 June.............. 42,980 2,669 13,169 27,140 35 84 229 701 1,522 45 84 1,066 47 July............... 2,674 13,136 35 84 229 701 1,520 45 84 1,074 47 Aug............... 2,678 13,075 35 84 229 701 1,516 45 84 1,086 46 Sept............... 42,955 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 84 234 701 1 ,454 45 84 1 ,026 42 Mar............... 2,711 10,703 33 84 233 701 1 ,418 45 84 976 45 Apr................ 2,727 10,547 33 232 701 1 ,450 84 976 45 Ger- E pe n r d i o o d f lo C m o b ­ ia D m e a n rk ­ l F a i n n d ­ France m F a e n d y . , Greece India I n n e d si o a ­ Iran Iraq Israel Italy Japan Rep. of 1961 88 107 47 2,121 3,664 87 247 43 130 84 10 2,225 287 1962. 57 92 61 2,587 3,679 77 247 44 129 98 41 2,243 289 1963 . 62 92 61 3,175 3,843 77 247 35 142 98 60 2,343 289 1964. 58 92 85 3,729 4,248 77 247 141 112 56 2,107 304 1965. 35 97 84 4,706 4,410 78 281 146 110 56 2,404 328 1966......................... 26 108 45 5,238 4,292 120 243 .............. 130 106 46 2,414 329 (967--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 5,234 4,125 130 243 143 151 46 2,368 Mar............... 32 107 45 5,235 3,972 134 243 166 165 46 2,376 '"'34i' Apr................ 32 107 46 5,235 3,972 243 ...........1.6..6 209 46 2,401 E pe n r d i o o d f Kuwait a L n e o b n ­ Libya M c e o xi­ Mo c r o oc­ N l e an th d e s r­ Nigeria N w o ay r­ P s a ta k n i­ Peru P p h in il e i s p­ Po g r a t l u­ A S r a a u b d i i a 1961. 43 140 112 29 1,581 20 30 53 47 27 443 65 1962. 49 172 3 95 29 1,581 20 30 53 47 41 471 78 1963. 48 172 7 139 29 1,601 20 31 53 57 28 497 78 1964. 48 183 17 169 34 1,688 20 31 53 67 23 523 78 1965. 52 182 68 158 21 1.756 20 31 53 67 38 576 73 1966. 67 193 68 109 21 1,730 20 18 53 65 44 643 69 1967--Apr................ 73 193 68 120 21 1,731 20 18 53 55 49 651 69 May.............. 73 193 68 149 21 1,731 20 18 53 45 51 654 69 June.............. 89 193 68 160 21 1,731 20 18 53 30 53 661 69 July............... 89 193 68 159 21 1,731 20 18 53 25 54 668 69 Aug................ 89 193 68 157 21 1,731 20 18 53 20 56 686 69 Sept............... 89 193 68 155 21 1,731 20 18 53 20 57 690 69 Oct................ 89 193 68 155 21 1,731 20 18 53 20 58 692 69 Nov............... 89 193 68 164 21 1,731 20 18 53 20 59 698 69 Dec................ 136 193 68 166 21 1,711 20 18 53 20 60 699 69 1968--Jan................. 134 193 68 164 21 1,682 20 18 53 20 62 699 69 Feb................ 124 203 75 163 21 1,677 20 18 53 20 63 711 69 Mar............... 125 267 85 156 21 1,654 11 18 54 20 64 711 69 Apr................ .................. 267 85 .............. 21 1,654 20 18 54 20 711 69 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1968 □ GOLD RESERVES AND PRODUCTION A-87 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f A So fr u i t c h a Spain Sweden Sw la i n tz d er­ Taiwan T la h n a d i­ Turkey ( U E . g A y . p R t) . U K d n i o n it m g e ­ d U gu r a u y ­ V zu e e n l e a ­ Y sl u av g i o a ­ S I e f n t o t t r l i e . ­ ments 4 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-—Apr................... 519 784 203 2,643 74 92 97 93 146 401 22 37 May.................. 482 784 203 2,619 74 92 97 93 i46 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 l,83i 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-—Tan..................... 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 Mar................. 742 785 203 2,603 81 92 97 93 133 401 22 -345 Apr.................. 847 203 2',603 91 97 93 401 -331 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 p t r i o o d n u c 1 ­ A So fr u ic th a d R e h s o ia ­ Ghana C s ( h K o a n i s n g a ­ o ) U St n a i t t e e s d C ad an a ­ M ic e o x­ r N ag ic u a a ­ Co b l i o a m­ India P p h in il e ip s ­ t A ra u li s a ­ ot A h l e l r 1960............................. 1,175.0 748.4 19.6 30.8 11.1 58.8 162.0 10.5 7.0 15,2 5.6 14.4 38.0 53,6 1961............................. 1,215.0 803.0 20.1 29.2 8.1 54.8 156.6 9.4 7.9 14.0 5.5 14.8 37.7 53.9 1962............................. 1,295.0 892.2 19.4 31.1 7.1 54.5 146.2 8.3 7.8 13,9 5.7 14.8 37.4 56,6 1963............................ 1,355.0 960.1 19.8 32.2 7.5 51.4 139.0 8.3 7.2 11.4 4.8 13.2 35.8 64.3 1964............................. 1'405.0 1,018.9 20.1 30.3 6.6 51.4 133.0 7.4 7.9 12.8 5.2 14,9 33.7 62.8 1965............................ 1,440.0 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............................. n»l ,068.7 103.7 9.0 1967—Mar.................. 89.5 2l.l 9.1 .6 .5 1.4 2.2 Apr................... 89.1 8.9 .6 .8 1.4 2.6 91.2 8.9 .6 .8 1.4 2.3 June................. 89.1 9.1 .4 .8 31.7 1.4 2.6 July.................. 88.9 8.4 .4 ,7 2.4 Aug....... .... 90.5 8.3 .4 .8 2.1 r90.5 8.0 .7 .8 2.9 2.2 Oct................... 84.1 8.6 .7 2.7 Nov,......... 90.0 8.2 .8 2.4 Dec .. ............ rp88.5 8.7 .6 1968—Jan .......... 90.3 7.7 Feb .......... 90.0 7.7 Mar 91.8 8.4 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-88 MONEY RATES □ JUNE 1968 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of May 31, 1967 Rate Country 1967 1968 M a a s y . o f 3 1, Per Month 1968 cent effective June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Arge.nflnfl , . . - - - 6.0 Dec. 1957 6.0 Aijstria . 4.25 Apr. 1967 3.75 3.75 Belgium 4.5 May 1967 4.25 4.00 3.75 3.75 Brazil,............................. 12.0 Jan. 1965 12.0 Burma 4.0 Feb. 1962 4.0 Canada *..........-■ ■ •, .... 4.5 Apr. 1967 5.0 6.0 7.0 7.5 7.5 Ceylon 5.0 May 1965 5.5 5.5 Chile 2 , 15.84 July 1966 16.61 16.61 Colombia....... .. .. 8.0 May 1963 8.0 Co$fa R icfl 3.0 Apr. 1939 3.0 Denmark 6.5 June 1964 7.5 7.0 7.0 Bet i a do r . 5.0 Nov. 1956 5.0 FJ 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....... 3.0 May 1967 3.0 Ghana ...... 6.0 May 1967 5.5 5.5 Greece ............. 5.5 Jan. 1963 4.5 4.5 TTondnras 3............,, 3.0 Jan. 1962 3.0 Iceland ........ . 9.0 Jan. 1966 9.0 India...................................... 6.0 Feb. 1965 5.0 5.0 Indonesia 9.0 Aug. 1963 9.0 Tran.. ,, t............., . 5.0 Aug. 1966 5.0 Ireland................................... 5.44 May 1967 5.50 5.56 5.50 5.53 5.94 7.75 7.78 7.69 7.62 7.39 7.38 ........7...38 Israel....................,............... 6.0 Feb. 1955 6.0 Italy. ,,................ ........ 3.5 June 1958 3.5 Jamaica.......................... ... 5.0 May 1967 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 7.e,aland .... , 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 ............................. 13.3 May 1967 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. ...... 5.5 May 1967 6.0 58.0 7.5 7.5 Venezuela.............................. 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks Brazil—8 per cent for secured paper and 4 per cent for certain agricultural was fixed at 6 per cent. Rates on loans to money market dealers will paper; continue to be .25 of 1 per cent above latest weekly Treasury bill tender Colombia—5 per cent for warehouse receipts covering approved lists of average rate, but will not be more than the bank rate. products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at for rediscounts in excess of an individual bank’s quota; the average rate charged by banks in the previous half year. Old redis­ Costa Rica—5 per cent for paper related to commercial transactions counts remain subject to old rates provided their amount is reduced by (rate shown is for agricultural and industrial paper); one-eighth each month beginning with May 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 docs 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; 3 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 percent 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

JUNE 1968 □ MONEY RATES; ARBITRAGE A-89 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e . r R m e a p n . y o , f Netherlands Sw la i n tz d er­ Month 3 T m r b e o i a l n s ls u t , h ry s 1 D m a d o y a n - y e t y o 2 ­ 3 B a a m a c n n c o c k e e n p e s t r t h , ­ s s ’ 3 T m r b e i o a 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 ll e o a p n w o o k n a s e n i r t c s s e ’ D m a o d y n a - e y t y o ­ 3 Tr 6 d b e 0 a i a - l y s l 9 s s u 0 , 4 r y D m a o d y n a - e y t y o s ­ T 3 m r b e i o a ll s n s u t , h ry s D m a d o y a n - y e t o y ­ d P is r r c i a v o t a e u t n e 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—Apr............. 4.00 3.90 5.69 5.39 4.98 4.00 5.03 3.75 4.19 4.47 4.25 4.25 May........... 4.14 4.12 5.47 5.23 4.55 3.56 4.79 3.00 3.00 4.56 4.36 4.25 June........... 4.34 4.27 5.44 5.27 4.54 3.50 4.29 2,75 3.63 4.56 4.38 4.25 July....... 4.27 3.68 5.47 5.34 4.51 3.50 4.76 2.75 2.38 4.54 4.38 4.13 Aug............. 4.33 4.16 5.53 5.32 4.56 3.50 4.46 2.75 2.56 4.49 3.83 4.00 Sept............ 4.50 4.24 5.54 5.34 4.58 3.50 4.34 2.75 3.13 4.48 3.69 4.00 Oct.............. 4.91 4.82 5.79 5.60 4.81 3.71 4.48 2.75 2.19 4.50 4.60 3.75 Nov............ 5.15 4.69 6.88 6.55 5.80 4.90 4.67 2.75 2.31 4.50 3.23 3.75 Dec............. 5.80 5.67 7.78 7.52 6.83 6.00 4.76 2.75 2.44 4.51 4.05 3.75 1968—Jan.............. 6.01 5.32 7.78 7.48 6,85 6.00 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 5.07 2.75 2.31 4.34 3.10 3.75 Apr............. 6.91 6.85 7.42 7.08 6.48 5.50 2.75 2.44 4.33 3.49 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 Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Date K U in n g i d te o d m Spread P d ( r i + e sc m ) o i u o u n r m t in ( c f N e a n v e t o t i v r e Canada Spread P d ( ( r i + - e sc m ) ) o i u o o u n n r m t in ( c f N e a n v e t o t i v r e q ( u a o U d t j . a . S t . i t o o n U St n a i t t e e s d L ( o f n a o v d f o o r n ) f ( p o - o r ) w u n a o r d n d Lon o d f o n) qu A o in t s e d q A uo U d t j . a . S t t i . o o n U St n a i t t e e s d C ( a fa n o v a f o d r a ) C f d o an o rw l a l d a a i r r a s d n Can o a f d a) basis) Canada basis 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 -.1 1 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 -3.12 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 10.............. 6.92 5.52 1.40 -4.95 -3.55 6.92 6.71 5.52 + 1.19 -1.25 -.06 17.............. 6.94 5.75 1.19 -5.28 -4.09 6.93 6.72 5.75 + .97 -1.21 -.24 24.............. 7.03 5.70 1.33 -6.10 -4.77 6.97 6.76 5.70 + 1.06 -1.38 -.32 31.............. 7.06 5.65 1.41 -6.79 -5.38 6,94 6.73 5.65 + 1.08 -1.36 -.28 June 7.............. 7.03 5,62 1.41 -6.10 -4.69 6.94 6.73 5.62 +1.11 -1.90 -.79 Note.—Treasury bills: All rates are on the latest issue of 91-day bills. All series: Based on quotations reported to F.R. Bank of New York U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K. by market sources. rates are Friday opening market offer rates in London. For description of series and for back figures, see Oct. 1964 Bulletin, Premium or discount on forward pound and on forward Canadian dollar: pp, 1241-60. For description of adjustments to U.K. and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1460, bid and offer) at 11 a.m. Friday in New York for both spot and forward Oct. 1964 Bulletin. pound sterling and for both spot and forward Canadian dollars. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-90 MONEY RATES □ JUNE 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 1067 ............................................................ .30545 111.25 3.8688 2,0125 92.689 20.501 14.325 *29.553 1967-—May... .28505 111.43 3.8686 2.0145 92.400 20.946 14.453 31.062 June... .28506 111.20 3.8698 2,0143 92.544 20.917 14.439 31.062 July... .28501 111.05 3,8714 2.0147 92.766 20.903 14.413 31.062 Aug.. . .28505 110.97 3.8728 2.0148 92.937 20,900 14.403 31.062 Sept.. . .28507 110.90 3.8720 2,0146 92.989 20.894 14.417 31,062 Oct... . .28503 110.88 3.8693 2.0147 93.149 20.889 14.416 426,672 Nov.. . .28488 111.28 3.8656 2.0145 93.004 519.806 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 6111,54 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 May... .28469 111.05 3.8670 2.0110 92.760 16,671 13.399 23.763 Period F (f r r a a n n c c e ) G (d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e ) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p en an ) ( M do s a i l l a l a a y r ­ ) M (p e e x s i o c ) o ( e g N r u la i e l n d th d e ­ s r) 1963............................................................. 720.404 25.084 20.966 280.00 . 16087 .27663 32.664 8.0056 27.770 1964............................................................. 20.404 25.157 20.923 279.21 .16014 .27625 32.566 8.0056 27.724 1965............................................................. 20.401 25.036 20.938 279.59 .16004 .27662 32.609 8.0056 27.774 1966............................................................. 20.352 25.007 816.596 279.30 .16014 .27598 32.538 8.0056 27.630 1067............................................................. 20.323 25.084 13,255 275.04 .16022 .27613 32.519 8.0056 27.759 1967-—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 25.072 513.236 9266,18 .16059 .2762! 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 May... 20.212 25,119 13.268 238.92 .16059 .27604 32.556 8.0056 27.635 Period (pou N n e d w ) Zea ( la d n o d llar) N (k o r r o w ne a ) y (e P s o g c a u rt l d u o ­ ) A ( S r o a fr u n ic t d h a ) (p S e p s a e i t n a) ( S k w ro ed n e a n ) ( e S fr r w a la n i n t c z d ) ­ ( U p K d o n o i u n i m t n g e d - d ) 1963............................................................. 277.22 13.987 3.4891 139.48 1.6664 19.272 23.139 280.00 1964............................................................. 276.45 13.972 3.4800 139.09 1.6663 19.414 23.152 279.21 1965 ...................................................... 276.82 13.985 3.4829 139,27 1.6662 19.386 23.106 279.59 1966............................................................. 276.54 13.984 3.4825 139,13 1.6651 19.358 23.114 279.30 1067............................................................. 11276.69 12131.97 13.985 3.4784 139.09 1,6383 19.373 23.104 275.04 1967-—May... 276.92 13.990 3.4830 139.32 1.6631 19.399 23.169 279.69 Tune .. 276.35 13,992 3.4810 139,04 1,6632 19.415 23.166 279.12 July... 11276,12 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.. . 6111.66 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 May... 111.17 14.000 3.4874 138.85 1.4283 19.354 23.118 238.92 1 A new markka, equal to 100 old markkaa, was introduced on Jan. 1, $ Quotations not available Nov. 21, 1967. 1963. to Quotations not available Nov. 21-27, 1967. 2 Based on quotations through Feb. 11, 1966, 11 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 1 to 1 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

JUNE 1968 □ BANK HOLDING COMPANIES A-91 BANK HOLDING COMPANIES, DECEMBER 31, 1967 (Registered pursuant to Section 5, Bank Holding Company Act of 1956) Location of Location of principal office Holding company principal office Holding company California Montana Los Angeles............... Western Bancorporation Great Falls.....B..a..n..c..o..rporation of Montana Colorado New Hampshire Denver.................... Denver U.S. Bancorporation, Inc. Nashua.................. New Hampshire Bankshares, Inc. Denver 1................... . First Colorado Bankshares, Inc. New York District of Columbia Buffalo................... Marine Midland Banks, Inc. i Washington................. Financial General Corporation New York 1.............. Bankers Trust New York Corporation New York................. Charter New York Corporation Florida New York................. Empire Shares Corporation Coral Gables1......... United Bancshares of Florida, Inc. New York................. The Morris Plan Corporation Haines City................. First Florida Bancorporation Rochester.................. Lincoln First Group Inc. Jacksonville................. Atlantic Bancorporation Rochester.................. Security New York State Corporation Jacksonville............ The Atlantic National Bank of Jacksonville Warsaw......... Financial Institutions, Inc. Jacksonville........ Barnett National Securities Corporation Warsaw..................... Geneva Shareholders, Inc. Jacksonville................. Trustees, Estate of Alfred I. duPont Miami........................ Commercial Bancorp, Inc. Ohio Miami.......................... Southeast Bancorporation, Inc. Cleveland.............. Society Corporation Orlando....................... First at Orlando Corporation Columbus.................. BancOhio Corporation Pensacola....................... Commercial Associates, Inc. Columbus.................. Huntington Bancshares Incorporated Riviera Beach........ Bancstock Corporation of America Tampa........................ The First National Bank of Tampa Oklahoma Tampa........................... Union Security & Investment Co. Oklahoma City..... First Oklahoma Bancorporation, Inc. Georgia Tennessee Atlanta..................... Trust Company of Georgia Chattanooga.......... Hamilton National Associates, Incorporated Atlanta. ....................... Trust Company of Georgia Associates Savannah................ Citizens and Southern Holding Company Texas Savannah..................... The Citizens and Southern National Bank Dallas.................... Mercantile National Bank at Dallas Fort Worth............... The First National Bank of Fort Worth Indiana Houston.................. C. B. Investment Corporation South Bend.............. St. Joseph Agency, Inc. South Bend................. St. Joseph Bank and Trust Company Utah Salt Lake City.......... First Security Corporation Iowa Des Moines..... Brenton Banks, Inc. Virginia Arlington............... First Virginia Bankshares Corporation Kentucky Richmond........... United Virginia Bankshares Incorporated Louisville.................... Trustees, First National Bank of Louisville Richmond................. Virginia Commonwealth Bankshares, Inc, Roanoke.................... Dominion Bankshares Corporation Maine Augusta....................... Depositors Corporation Washington Bangor........................ Eastern Trust and Banking Company Port Angeles........ Union Bond & Mortgage Company Spokane..................... Old National Corporation Massachusetts Boston............. Baystate Corporation Wisconsin Boston......................... Shawmut Association, Inc. Appleton............... First National Corporation Appleton................... Valley Bancorporation Michigan Milwaukee. ............... First Wisconsin Bankshares Corporation Flint...................... Charles Stewart Mott Foundation Milwaukee... ...... The Marine Corporation Milwaukee................ Marshall & Ilsley Bank Stock Corporation Minnesota Wausau...................... Central Wisconsin Bankshares, Inc. Minneapolis. ......... Bank Shares Incorporated Minneapolis................ First Bank System, Inc. 1 Canada Minneapolis................ Northwest Bancorporation Montreal............... Bank of Montreal St. Paul........................ Otto Bremer Company Toronto..................... Canadian Imperial Bank of Commerce St. Paul..................... Otto Bremer Foundation England Missouri London.................. Barclays Bank Ltd. Kansas City............ Joe W. Ingram Trust “B” St. Joseph................... The First National Bank of St. Joseph Japan St. Louis..................... General Bancshares Corporation Tokyo........................ The Bank of Toyko, Ltd. 1 Reflects name and location changes subsequent to Dec. 31, 1967. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-92 REVISION OF MONEY SUPPLY SERIES □ JUNE 1968 MONEY SUPPLY AND RELATED DATA, 1963-68 (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Month Time Time U.S. deposits deposits Govt, Demand ad­ Demand ad­ demand Total Currency deposit justed 1 Total Currency deposit justed 1 deposits 1 component component component component 1963—Jan............................................... 148.0 30.7 117.4 99.0 151.8 30 5 121.2 98.6 4.8 Feb................................................... 148.6 30.9 117.7 100.3 148.4 30 5 117.9 100.1 5.7 148,8 31.0 117.8 101.4 147.6 30 7 116.9 101 9 6 0 Apr.................................................. 149.3 31.1 118.2 102.7 149.8 30 9 118.9 103 I 4.2 May................................. 149.8 31.3 118.5 103.6 147.5 31 0 116.5 104.3 7.1 June,............................................... 150.4 31.5 118.9 104.7 148.3 31.4 116.9 105.2 7.5 July. ............................................ 151 .0 31.6 1 19.4 105.9 149.5 31 8 117.7 106.2 7.8 Aug................................................... 151 .2 31.8 119,5 107,2 149.2 31 9 117.3 107 5 6.3 Sept................................................. 151,5 31.9 119.6 108.4 150.6 32 0 118.6 108.3 6.6 Oct................ 152.3 32.0 120.3 109,6 152.5 32.1 120.4 109.5 5.3 Nov................................................... 153.3 32.3 121.0 111.1 154,8 32.6 122.1 110.2 4.4 Dec................................................... 153,0 32,5 120.5 112.2 157.3 33.1 124,1 111.0 5.1 j964—Jan.................................................... 153.5 32.6 120,9 113,4 157.7 32.4 125,2 113.0 4.1 Feb.................................................... 153.8 32.8 121.1 114.4 153.7 32,3 121.3 114.5 4.8 Mar............................................ .. 154.1 32.9 121.2 115,2 152.9 32,6 120,2 115.7 6.0 Apr................................................... 154.5 33.1 121.4 116.2 154,9 32,8 122,2 116.7 4.2 May................................................ 155.1 33,3 121.8 117,4 152,2 33 1 119.2 118.0 6.8 June.................................................. 155.6 33,5 122.1 118.7 153 4 33.4 120.0 119.1 7.6 July................................................... 156.6 33.6 123.0 119.8 155.0 33.7 121.3 120.0 6.9 Aug................................................. 157.3 33,8 123.6 120.8 155.0 33.9 121.1 121.1 6.3 Sept................................................ 158.0 33.9 124.2 122.2 157.1 33.9 123.2 122.0 6.5 Oct................................................. 158.5 34,0 124.6 123.5 159.0 34,1 124,9 123.4 5.5 Nov.................................................. 159.1 34.2 125.0 125.0 160.6 34 6 126.1 124,1 5.8 Dec................................................... 159.3 34.2 125.1 126.6 164.0 35,0 129,1 125,2 5.5 1965—Jan.................................................... 159.6 34.4 125.2 128.6 164.4 34.4 130.0 128,3 4.2 Feb................................................... 160.0 34.6 125,4 130.5 159.5 34.2 125,2 130.8 5.7 Mar................................................... 160.2 34.7 125.6 132.0 158.9 34 4 124.6 132.7 6.6 Apr................................................. 160,7 34.7 126,0 133.4 161.5 34 5 127,1 134.0 5.5 May................................................. 160.9 34.9 126.0 134.9 157.5 34.6 122.9 135,4 9.5 June.................................................. 161.7 35,0 126.7 136,4 159.5 34.9 124.5 136.6 9.1 July................................................... 162.4 35.2 127.2 138,0 160 8 35 4 125,4 138,3 9.0 Aug................................................... 163.2 35.5 127.8 139.8 160.3 35 5 124.8 140.2 7.3 Sept.................................................. 164.0 35.7 128.4 141 .7 163.1 35 7 127.5 141.4 5.5 Oct.................................................... 165.2 36,0 129.3 143,7 165.7 36.0 129.7 143.5 5.0 Nov................................................... 165.7 36.1 129.6 145,2 167.3 36.5 130.8 144.3 4.1 Dec................................................... 166.8 36. 3 130,5 146.6 172,0 37 1 134,9 145,2 4.6 1966—Jan.................................................... 167.9 36.6 131.4 147.7 173,0 36.5 136.5 147.4 3.8 Feb.............................................. 168.6 36.7 131.9 148.3 167 7 36. 4 131.3 148.7 5,1 Mar................................................. 169.2 36.9 132,3 149.6 167,8 36.5 131 .2 150.4 4.5 Apr.............................................. 170.3 37.1 133.2 151 .8 171,5 36.8 134.7 152.4 3.0 May................................................. 170.3 37.3 133.0 153.6 166.7 37,0 129.7 154.2 7.1 June.................................................. 170.5 37.4 133.1 154.1 168.6 37.3 131,4 154.4 6.1 July................................................... 169.9 37.6 132.3 155,9 168,0 37,8 130.1 156.2 8.0 Aug............................................. 170.0 37.8 132.2 156.9 167.0 37.8 129.2 157,4 5.1 Sept................................................ 170.5 37.9 132.6 157.7 169,7 37.9 131.8 157.4 4.3 Oct.................................................... 170.2 38,0 132.1 157.3 170,5 38 1 132.4 157.1 4.8 Nov.................................................. 170.2 38.2 132.0 156.9 171.5 38.5 133,0 156.1 3.7 Dec........................................ 170.4 38.3 132 1 158.1 175 8 39 1 1 36.7 156 9 3.4 1967—-Jan.................................................... 170.3 38.5 131.8 161.0 175.3 38 5 136,8 160,6 4.2 Feb.................................................... 171.8 38.7 133.0 163.5 170.6 38.3 132.2 164.0 5.1 Mar,.......................................... 173.2 38.9 134.3 165.9 171.9 38 5’ 133,4 166.7 4.9 Apr...................... 172.5 39.0 133.5 168.1 173.6 38 6 134.9 168.8 4.8 May.................................................. 174.4 39.1 135.3 170.1 171.0 38 8 132,2 170.8 6.6 June.................................................. 176.0 39.3 136.7 172.6 174.2 39 2 135.0 173.0 4.0 July.............................................. 177.8 39.4 138.4 174. 8 175.7 39 6 136.2 175.2 5.7 Aug.......................... 178.9 39.5 139,4 177.2 175,8 39.6 136.2 177.8 4.3 Sept................................................... 179.1 39.7 139,4 179.4 178,3 39,7 138.5 179.0 5,0 Oct...................... 180.2 39.9 140.2 180,6 180 5 40.0 140.5 180.4 6.3 Nov.................... 181.0 40.1 141.0 182.0 182.4 40 5 141.9 181.3 5.3 Dec................................................... 181.3 40.4 140.9 183.5 187.1 41.2 145.9 182.0 5.0 1968—Jan.................................................... 182.3 40.6 141.7 184.1 187.6 40.5 147,1 183,7 5.0 Feb................................................... 182.7 40.7 141.9 185.2 181.4 40. 3 141.1 185.8 7.2 Mar.................................................. 183.4 41.1 142.2 186.7 182.0 40.7 141.2 187.6 6.7 Apr................................................... 184.4 41.4 143.0 187.1 185 6 41 1 144.6 187.9 4.2 MfayP.................................... 186.1 41.6 144.5 187.6 182,5 41.4 141,1 188.4 6.4 For notes see p. A-97. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1968 □ REVISION OF MONEY SUPPLY SERIES A-93 MONEY SUPPLY AND RELATED DATA, 1963-68—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Week ending— Time Time U.S. deposits deposits Govt, Demand ad­ Demand ad­ demand Total Currency deposit justed 1 Total Currency deposit justed 1 deposits 1 component component component component 1963—Jan. 2............................................ 147.9 30.6 117.3 98.5 153,3 30 9 122 4 97 6 6 9 9.........1..4..8....0...............3..0....7........ 117.3 98.7 152.4 31 0 121 4 98 1 6 I 16............................................ 148 0 30.7 117.4 98.9 152.7 30 6 122 1 98 5 4’ 3 23.......................................... 148.1 30.7 117.4 99.2 151.5 30,4 1211 98 9 4 2 30............................................ 148.1 30.7 117,4 99,4 1 50.2 30 2 1 20 0 99 2 4 1 Feb. 6........................................... 148.4 30.8 117.6 99. 6 150.4 30 5 119 9 99 5 4 9 13............................................ 148.5 30 9 117.6 100, 1 149.7 30,6 1 19 1 99 9 4 9 20............................................ 148.6 30.9 117.7 100. 4 147.7 30 5 1172 100 2 6.2 27............................................ 148.8 31.0 117.8 100.8 146.4 30.4 1 16 0 100 5 6 7 Mar. 6.......................................... 148.8 31.0 117.8 100.9 147.5 30,7 116 8 101 .0 6 5 13............................................ 148.9 31.0 117.9 101.2 148,2 30 8 117 4 101.6 4.6 20................................... 148.8 31.0 117.8 101.4 148.7 30 8 117 9 102 0 5 0 27............................................ 148 8 31 0 117.8 101.7 146.4 30 6 115 7 102 3 7 3 Apr. 3.......................................... 149.0 31.1 117.9 102.1 147.1 30.8 H6 3 102.7 7.0 ” 10.........1.4..9.. ..0...............3..1....1........ 117,9 102,2 148.6 31.2 117 4 103 0 4,6 17............................................ 149.6 31.1 118,5 102,6 151 .3 31 .0 120,3 103.0 3.2 24............................................ 149.2 31.1 118,0 102,9 150.5 30.8 119 8 103 1 3.6 May 1............................................ 149,5 31.2 118.2 103.1 149.8 30.6 1 19.2 103.4 4.7 8.........1..4..9....6...............3..1....3........ 118.3 103.3 149.0 31.2 117.8 103.7 6.7 15............................................ 149 7 31.3 118.4 103.6 148.5 31 .1 117 4 104 1 6.3 22............................. 149.9 31.4 118.5 103.8 146.1 31 .1 115 0 104,5 8.2 29............................................ 150.1 31.4 118.7 103.9 146.4 30.9 115 5 104,7 7.6 June 5.......................................... 150.0 31.4 118.7 104.2 147.5 31.3 116.2 104.9 6.8 12............................................ 150.2 31.4 118,8 104.6 148.9 31.5 117.3 105.1 4.7 19............................................ 150.2 31.5 118.8 104.8 149.4 31.4 118 0 105.2 5.9 26............................................ 150.3 31.5 118.8 104.9 147.1 31 .2 115.9 105.3 10.5 July 3............................................ 150.7 31,5 119.2 105.1 148.1 31 .6 116,6 105.8 10.9 10............................................ 150.6 31,5 119. I 105.4 148.6 32. 1 116,5 105.9 9.5 17............................................ 151.1 31.5 119.6 105,8 150.0 31 .8 118.2 106.1 7.7 24............................................ 151.1 31.5 119.5 106, 1 149.7 31.7 118 1 106 4 6.7 31............................................ 151.0 31.6 119.5 106,4 150.0 31 .5 118,5 106.7 6.0 Aug. 7.......................................... 151.1 31,6 119.5 106.7 150.7 31 .9 118.8 107.0 6.4 14............................................ 151.3 31.7 119.5 107.0 150.3 32.0 118.3 107 3 5.4 21............................................ 151.2 31.8 119.4 107.3 148.0 31 .9 116.1 107,6 6.9 28............................................ 151.3 31.9 119,4 107.5 147.8 31.7 116.1 107.8 6.6 151.3 31.9 119.4 107.8 149.4 31,9 117.5 108.1 6.1 ' 11.........1..5..1...5................3..1....9........ 119.6 108.2 150.8 32.2 1 18.6 108.2 5.1 18............................................ 151.6 31.9 119.7 108.5 152.1 32.0 120.2 108.4 5.1 25............................................ 151.7 31.9 119.8 108.6 149.9 31.8 118.1 108,3 8.1 Oct. 2............................................ 152.0 31.9 120.0 108.8 150.1 31,7 118.4 108.7 8.8 9........1..5..2....1................3..2....0........ 120.2 109.1 151.3 32.3 119.0 109.1 7.7 16......................................... 152. I 32.0 120.2 109.3 152.8 32,2 120.6 109.3 5.4 23............................................ 152.2 32.1 120,1 109.7 152.6 32.2 120,5 109.6 4.1 30.......................................... 152.5 32.2 120.3 1 10.3 153.3 31.9 121.4 110.1 3.1 Nov. 6............................................ 153.1 32.1 121,0 110.5 155.0 32.3 122.7 110,2 4.2 13........................................... 153.1 32,2 120,9 110.7 155.2 32.7 122.5 110.2 3.6 20............................................ 153.2 32,2 120,9 111.2 154,4 32,6 121 .8 110,1 4.7 27............................................ 153.3 32.4 120.9 111,5 153.8 32.6 121 .2 110.4 4.9 153.3 32.5 120,8 11 1 .8 155.5 33,0 122.5 1 10.5 4.5 11............................................ 153.2 32.4 120,7 112. 1 156.4 33.3 123.1 1 10.8 3.8 18............................................ 153. 1 32.5 120,6 112.2 158.2 33.1 125.1 111.0 4.2 25............................................ 153. 1 32,4 120.7 112,3 157.5 33.3 124,3 111.0 6.6 1964—Jan. 1........................................... 153.2 32.4 120.7 1 12.6 158.8 32.8 126,0 111.5 6.5 8.........1..5..3...3................3..2..,.5........ 120,8 112,9 158.7 32.9 125.8 112.3 6.4 15............................................ 153.5 32.6 120,8 113,3 158.4 32.6 125.8 112.9 4.2 22........................................... 153.6 32.7 120.9 1 13.6 158.0 32.5 125.5 113.2 3.1 29............................................ 153.6 32,7 120.9 113.8 156.0 32.1 124.0 113.6 2.8 Feb. 5............................................ 153.6 32.6 121.0 113.9 156.0 32.2 123.8 113.9 3.5 12............................................ 153.7 32.7 121.0 I 14.2 155.4 32.5 122.9 114,4 3.6 19............................................ 153.8 32.8 121.0 114.5 153.1 32.3 120.8 114.6 5.2 26............................................ 153.9 32.8 121.1 114.6 151.4 32.2 119.2 114.8 5.9 For notes see p. A-97. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-94 REVISION OF MONEY SUPPLY SERIES □ JUNE 1968 MONEY SUPPLY AND RELATED DATA, 1963-68—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply A4oney supply Week ending— Time Time U.S. deposits deposits Govt. Demand ad- Demand ad- demand Total Currency deposit justed 1 Total Currency deposit justed 1 deposits 1 component component component component 1964—Mar. 4.........1..5..4....0...............3..2....8........ 121.2 1 14.7 152.3 32,3 120.0 115.2 5.6 11............................................ 154.1 32.9 121 ,2 1 15.0 153.0 32.8 120.3 115.5 4.5 18............................................ 154.1 32.9 121 .2 1 15.2 154.3 32.7 121 .6 1 15.8 4.6 25.......................................... 154.1 33.0 1 21 .1 1 15.4 151.8 32.6 119.2 115,9 7.7 154.4 33,0 121 .4 115.5 152.5 32.5 120.0 116,2 7.8 ' 8.........1..5..4....4...............3..3....1........ 121.4 115.8 153.6 33,0 120.7 116,4 5.9 15............................................ 154.5 33.1 121 .4 116.1 155,4 32.9 122.5 116.6 5.0 22............................................ 154.7 33.2 121 .5 1 16.3 156.5 32,8 123.7 116.6 2.3 29............................................ 154.7 33.2 121 .5 116.7 154.6 32.5 122.1 117.1 2.9 May 6.......................................... 154.9 33,2 121.7 117.0 154.3 33.0 121 .3 117.3 5.5 13............................................ 155.0 33,3 121.8 117.2 153.3 33.1 120.2 117.8 6.0 20............................................ 155.1 33.3 121.8 117.6 151 .3 33.0 118.3 118.1 7.4 27............................................ 155.2 33.3 121 .9 117.9 150.4 32.9 117.5 118,4 7.5 June 3........................................... 155.3 33.4 121.9 (18.2 152.2 33.2 119.0 118,8 7.1 10............................................ 155.4 33.4 122.0 1 18.6 153.0 33.6 119.4 119.1 6.1 17............................................ 155.4 33.4 122.0 1 18.8 155.1 33.4 121 .7 119.2 6.2 24............................................ 155.5 33.5 122.1 118.8 153.2 33.3 119.9 119.1 8.8 July 1............................................ 155.9 33.5 122,4 118,9 152.7 33,3 119.5 1 19.3 10.0 8.........1..5..6.... .1..............3..3....5........ 122.6 119,3 154.3 34.0 120.2 1 19.6 9.5 15............................................ 156.5 33.6 122.9 119.6 155.3 33.9 121.5 119.9 8.1 22.,......................................... 156.7 33.6 123,1 1 19.9 155,4 33,8 121.6 120.2 5.4 29............................................ 156.9 33,6 123.2 120.2 155.1 33.5 121 .6 120.4 4.6 Aug. 5.......................................... 157.0 33 ,7 123.4 120.2 156.3 33.7 122.5 120.6 5.8 12............................................ 157.3 33.7 123.6 120.5 156.0 34.0 122,0 120,9 5.4 19.,......................................... 157.4 33.7 123.7 120.8 154.4 33.9 120.6 121.1 6.8 26............................................ 157.5 33.7 123.8 121 .0 153,6 33.7 119.9 121 .4 7.2 Sept. 2............................................ 157.6 33.8 123.9 121 .4 155.2 33.6 121.6 121 .7 5.9 9........................ 157.7 33.8 123.9 121.8 156.4 34.3 122.1 121.9 5.6 16............................................ 157.9 33.8 124,0 122.1 158.8 34.0 124,8 122.1 4.0 23............................................ 158.1 33.9 124.1 122.4 157.3 33.8 123.5 121.8 7.5 30............................................ 158.3 34.0 124,3 122.6 155.9 33.6 122,3 122,2 9,1 Oct. 7............................................ 158,4 33.9 124.5 122.9 157.8 34.1 123.7 122.8 8.2 14............................ 158.5 34.0 124.5 123.3 159.1 34.2 124.9 123.3 5.5 21............................................ 158.6 34.0 124.5 123.6 159,1 34.1 125.0 123.4 4.5 28............................................ 158.7 34.1 124.7 124.0 159.3 33,9 125,4 123.8 4.1 Nov. 4............................................ 158.9 34.1 124.8 124.2 160.8 34.1 126.7 124.0 5.1 11............................................ 159,1 34.1 125,0 124.5 161.1 34.6 126,5 124.1 4.5 18............................................ 159,1 34.1 125.0 125.0 161 .1 34.6 126,5 124.1 5.3 25............................................ 159.2 34.1 125.1 125.4 159.6 34.6 125.0 124.2 6.9 Dec. 2............................................ 159.3 34.2 125,1 125.7 161.1 34,7 126.4 124.4 7.1 9.........1..5..9....3...............3..4....2........ 125.1 126.0 162,1 35.0 127.1 124.7 5.5 16............................................ 159.0 34.3 124.8 126.5 165.0 34.9 130.1 125,1 3.6 23........................................... 159.2 34.3 125.0 126.8 165.0 35.0 130.0 125,3 5.7 30............................................ 159.3 34.3 125.0 127.0 164.2 35.1 129.1 125,7 6.6 1965—Jan. 6.........1..5..9....6...............3..4....3......... 125.2 127.4 166.9 34.8 132.1 126.7 6.4 13............................................ 159,5 34,4 125.1 128.1 165.1 34.6 130.6 127,7 4.0 20............................................ 159.5 34.4 125.1 128.8 164,5 34.2 130.3 128.5 2.9 27............................................ 159.5 34.5 125.1 129.1 162.4 34,0 128.4 129.3 3.8 Feb. 3............................................ 159.8 34.5 125.3 129.5 162.5 34.0 128.4 129.7 4.6 to............................................ 159.9 34.6 125.3 130.0 161.4 34,4 127.0 130.4 4.7 17.......................................... 159.9 34.6 125,4 130.3 159.6 34.2 125,4 130.9 5.2 24............................................ 160.0 34.6 125.4 130.8 156.6 34.1 122.4 131 .3 7.1 Mar. 3............................................ 160.2 34.6 125.6 131 .1 158.9 34,1 124.8 131.6 6.6 10............................................ 160.2 34.6 125.5 131 .6 159.1 34.6 124.6 132.3 5 .2 17............................................ 160.4 34.7 125.8 131 .9 160.9 34.4 126.4 132.7 4.6 24............................................ 160,0 34.7 125.3 132.1 157,8 34.4 123.4 132,8 8.2 31............................................ 160,2 34.7 125.4 132.5 157,7 34,1 123.5 133.3 8.4 Apr, 7............................. 160.5 34.8 125.7 132.9 160,0 34.7 125.3 133.6 7,1 14............................................ 160.7 34.8 125.9 133.2 161 .8 34.7 127.1 133.9 4.6 21.................................. 161.1 34.8 126.2 133.5 164.0 34.6 129.4 133.9 4.4 28............................................ 160.7 34.8 125.9 133.8 160.8 34.1 126.7 134.3 5.7 For notes see p. A-97. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1968 a REVISION OF MONEY SUPPLY SERIES A-95 MONEY SUPPLY AND RELATED DATA, 1963-68—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Week ending— Time Time U.S. deposits deposits Govt, Demand ad­ Demand ad­ demand Total Currency deposit justed 1 Total Currency deposit justed 1 deposits 1 component component component component 160.6 34.8 125.9 134,2 160,2 34.4 125 8 134.7 8 4 ‘ 12........................................... 160.8 34.8 125.9 134.4 158.8 34 8 124 0 135 1 8.3 19............................................ 160.9 34.9 126,0 134.8 156,5 34 6 121 9 135 4 10 1 26............................................ 161.0 34.9 126.2 135.1 155,6 34.5 121.1 135.7 10 6 161.2 35.0 126.2 135.7 157.4 34.8 1 22.7 1 36. 1 9,5 9.......1..6..1....4...............3..5....0.......... 126.4 136.0 158.7 35.1 123.6 I 36. 4 7 9 16............................................ 161.7 35.0 126.7 136.3 161.1 35,0 126 1 I 36.7 7 0 23............................................ 161.8 35.0 126.7 136.5 160,1 34 9 125 2 136.6 10,0 30............................................ 161.9 35. 1 126 8 1 36.9 158.3 34 7 123 6 1 37 0 11.3 July 7.......1..6..2....2...............3..5....2.......... 127.0 137.1 160,3 35.6 124.6 137.5 11.8 ' 14............................................ 162.4 35.2 127.2 137.7 161.2 35 5 125.7 137 9 9. 1 21............................................ 162.4 35,3 127 2 138.1 160.9 35 4 125 5 138 4 8 2 28............................................ 162.6 35.3 127,3 138.6 160.4 35,2 125,2 1 38.9 7.5 162.9 35.3 127.6 138,9 1 62.0 35,3 126.7 139 3 7.3 “ H............................................ 163.1 35 4 127.7 139,4 161.3 35 7 125 5 139 8 6.6 18 .......................................... 163.2 35,4 127,8 139.8 160.2 35,6 124 6 140 2 7.5 25........................................... 163,3 35.4 127.8 140,1 158.7 35,4 123.2 140.5 8.0 163.4 35.4 127.9 140,7 160.3 35,2 125.1 141 .0 6.9 8.......1..6..3....5...............3..5....6.......... 127.9 141.2 161.5 36.0 125.6 141.4 5.5 15............................................ 163.7 35.6 128.1 141,4 164.2 35.7 128 5 141.5 2.9 22 ........................................... 164.1 35.7 128.4 141,7 164.7 35.6 129.1 141 .0 5.7 29 ........................................ 164.5 35.8 128.7 142,1 162.2 35.5 126.7 141 7 7.6 165.0 35,9 129. 1 142.7 164.3 35.9 128.4 142.5 6.2 13........................................... 165.1 35.9 129,2 143,5 165.3 36.2 129.1 143.3 4.1 20............................................ 165.2 35,9 129.3 143,8 165.9 36.1 129.9 143.6 5.7 27.................-...................... 165.4 36.0 129.4 144,1 166,0 35.9 130 1 144.0 4.8 165.6 36.0 129,6 144.5 167.6 36.0 131.7 144.2 4.3 10............................................ 165.6 36,0 129,6 144,7 167.6 36.5 131 .0 144.3 3.1 17 .......................................... 165.7 36.1 129,7 145.1 167,8 36.5 131.3 144.2 3.3 24............................................ 165.8 36.1 129.6 145,7 166.5 36.6 129.9 144,4 4.2 Dec. 1.................................. 166.0 36.1 129.9 146,1 167.3 36.6 130.7 144.6 5.7 8.......1..6..6...3................3..6....2.......... 130.1 146.3 169.4 37.1 1 32.3 145,0 4.8 15 ........................................ 166.6 36.3 130. 3 146,5 171.9 37.0 134 8 145.2 2.6 22............................................ 167.0 36.4 130.6 146,7 173.7 37.2 136.5 145.1 4.5 29............................................ 167.2 36.4 130.8 147.0 172.7 37.2 135.5 145,6 6.0 167.6 36.5 131.1 147.2 175.6 36.9 138.7 146,5 5,3 12.......................................... 167.8 36,5 131.3 147.4 174.3 36.9 137.4 146.8 3.8 19............................................ 167.9 36.5 131.4 147.7 173,3 36.5 136.8 147.4 2.5 26............................................ 168.1 36.6 131.5 148,1 171 .0 36.2 134.8 147.9 3.8 Feb. 2............................................ 168.3 36.7 131.6 148.2 171 .0 36.1 134.9 148,2 4.3 9.......1..6..8...5................3..6....7.......... 131.8 148.2 170,0 36.6 133.4 148.3 4.3 16............................................ 168.6 36.7 131.9 148.3 168,4 36.4 132.0 148.7 4.5 23............................................ 168.7 36.7 131.9 148.5 164.8 36.3 128.5 149.0 6.3 Mar. 2............................................ 168.7 36.8 131.9 148,7 166.3 36.2 130.2 149.3 5.6 9 ....1..6..8....8................3..6....9.......... 132.0 149,1 167.3 36.8 130,5 149.9 4. 1 16.......................................... 169.0 36.9 132.1 149.3 169.4 36.6 132.7 150,2 2.6 23............................................ 169.1 37.0 132.2 149.7 167.8 36.6 131.2 150.4 5.5 30............................................ 169.3 37.0 132.4 150.4 166.5 36.4 130. 1 151.1 5.7 169.7 37.1 132.7 150.9 168.9 36.8 132.0 151.7 4.7 13............................................ 170.4 37. 1 133.3 151 .4 171.8 37.2 134.7 ' 152.2 2.7 20..................................... . . . 170.5 37. 1 133.5 151 .9 173.8 36.7 137.0 152.3 1 .4 27............................................ 170.5 37.1 133.4 152.5 171.7 36.5 135. 1 152,9 2.8 170.5 37.2 133.2 152.7 170.1 36.7 133,4 153.3 5.9 ' ||............................................ 170.5 37.3 133.2 153.1 168.7 37.2 131.5 153.7 6.4 18............................................ 170.4 37.3 133.2 153.5 166,7 37.0 129.6 154.1 7.7 25.................................. 170.3 37.3 133.0 153.9 164.5 36.9 127.6 154.5 7.7 170.2 37.3 132.8 154.3 165.4 37.0 128.4 154.9 7.2 8.......1..7..0....3...............3..7..,.3.......... 132.9 154,6 167,7 37.5 130,3 155.1 5.7 15............................................ 170.3 37,4 132.9 153.8 169,7 37.4 132.3 154.1 3.1 22............................................ 171.1 37.4 133.6 153,9 170.9 37.4 133.5 153.9 5.2 29............................................ 170.1 37.4 132.6 154.5 166.6 37.1 129.5 154.5 9.8 For notes see p. A-97. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-96 REVISION OF MONEY SUPPLY SERIES □ JUNE 1968 MONEY SUPPLY AND RELATED DATA, 1963-68—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Week ending- Time lime U.S. deposits deposits Govt. Demand ad- Demand ad- demand Total Currency deposit justed 1 Total Currency deposit justed । deposits component component component component 1966—July 6............................................ 170.2 37.5 132.7 155.2 168.6 37.9 130.7 155.3 10.7 1.1.................................... 169.9 37.6 132.3 155.7 167.9 38,0 129,9 1 55.9 8.9 20........................................... 169.8 37.6 132.2 155.9 168.4 37.8 130.6 156.4 6.7 27............................................ 169.8 37.7 132.1 (56.1 166.7 37.6 129.2 156.7 7.0 Auk. 169.8 37.7 1 32.1 156,3 168,7 37.6 1 31.0 156.8 5.8 10........................................... 169.7 37.7 132.0 156.6 167.3 38, 1 129.2 157.0 5,9 17........................................... 169.9 37.8 132.2 157.0 167.4 38.0 129.4 157.5 4.7 24............................................ 170.1 37.8 132.3 157.2 165. 7 37.8 127.9 1.57.7 4.3 31............................................ 170,2 37.8 132.4 157.3 166,8 37.5 129.3 15 7.8 5.1 Sept. 170.5 37 9 132.6 157.4 168.6 38.2 1 30.4 157.6 4.6 14........................................ 170.6 37.9 132.7 157.5 170,1 38. 1 132.1 157.6 3.1 21............................................ 170.7 37 9 132.8 157.8 172.3 37.9 134.4 157.1 3 .0 28........................................ 170.5 37.9 132.6 157.8 167.9 37.6 130.4 157.3 6.2 Oct, $................................. 170.6 37.9 132.6 157.7 170, 1 37.9 132.2 157.4 12............................................ 170. J 38 0 132.4 157.5 170.4 38.3 132.1 157.4 4.4 1 o........................................ 170.2 38.0 132.2 157.5 170.7 38. 1 132.6 157.3 3.1 26............................................ 170.1 38.0 132.1 157.0 169.9 37.9 132.1 156.8 5.5 Nov. 2...................................... 1 70.0 38.0 132.0 156.9 171.5 37.8 1 33.7 156.7 4.6 o 170.0 38. 1 131 .9 157,0 171.5 38.5 132.9 156.5 4.5 16............................................ 170.1 38.2 131.9 157. 1 171.9 38.6 133.3 156.2 3.1 23........................................ 170.1 38.2 131.9 (57.3 170.9 38.6 132.3 155.9 3.2 30............................................ 170.1 38.2 131 .9 157.4 171.2 38.6 132.6 155.9 3.5 Dec 170,2 38.2 132.0 157.6 173.3 39.0 134,3 156.2 3.4 14............................................ 170.3 38. 3 132.0 157.8 174.6 39.1 135,5 156.5 2.2 21............................................ 170.6 38.3 132.3 157.9 178.8 39.1 139.7 156.6 2.3 28............................................ 170.6 38.4 132.2 158.7 175.8 39.4 136.4 157.6 5.2 1967—Jan, 4........................................ 170.7 38.5 132.2 159.3 178.7 38,9 139.8 158.7 5.0 11............................................ 170.6 38.5 132.1 159.9 177,1 38.9 138.2 159,4 4.4 18...................................... 170.4 38.5 131.9 160.7 176,4 38,5 137.9 160.4 2.7 25........................................ 1 70.3 38 5 131.8 161.6 173.2 38.1 135.0 161.6 4.5 Feb. 1.................................. 1 70.5 38.6 131 .9 162.4 172,5 37.9 134.6 162.5 4.6 8............................................ 171.1 38.6 132,5 162.8 172.3 38.5 133.8 163.1 5.3 15............................................ 171.4 38.7 132.7 163.4 171.0 38.5 132.5 163.9 4.7 22.......................................... 172.3 38.8 133.6 (63.9 169,4 38.3 131 . 1 164.4 5.0 Mar. I............................................ 172.4 38.7 133.7 (64.1 169,2 38. 1 131.2 164.8 5.3 8............................................ 172.8 38.8 133.9 164.8 170.6 38.7 131.9 165.7 4.2 15........................................ 173.2 38.9 134.3 (65.6 172.2 38.6 (33.6 3.0 22........................................... 173.2 38 9 134.3 166.2 (73,5 38.6 1 34.9 167.0 5.3 2«...................................... 1 7.1. 3 39.0 134.3 166.9 171,2 38.4 132.8 167.6 6.8 Apr. 5............................................ 1 73.1 39.0 134. 1 167.5 172.9 38.5 134.4 168.2 4.9 12............................................ 172.8 39.0 133.8 167,8 173.9 38.9 135.0 168.7 3.9 19............................................ 172.3 .39,0 133,3 168.0 175.2 38.7 136.6 (68.7 3.6 26........................................ (72.0 39 0 133.0 168.5 172.6 38,4 134.2 169.0 6.0 May 172.8 39.0 133.7 (68.8 172,6 38.5 1 34.1 169.5 6,7 10...................................... , 173.0 39.1 133.9 169.4 171.3 39.1 132.2 170,1 7.9 17............................................ 174.8 39.1 135.7 170.0 171,7 38.9 132.8 170.7 6.7 24............................................ 174.7 39.1 135.6 170.5 169.2 38.8 130.5 171 .2 6.6 31........................................... 175.4 39. 2 136.2 171.4 170.8 38.7 132. 1 171.9 5.0 June 7........................... 175.7 39.3 136.4 171.8 173.1 39.3 133.9 172.3 3.4 14............................................ 175.8 39.3 136.5 172.4 174,8 39.4 135.4 173.0 2.3 21. 176.0 39.3 136.7 172.8 176.3 39.3 137.0 172,9 4.8 28........................................... 176.2 39.4 (36.8 173.1 172.7 39.0 133.7 173.3 5.2 July 177,5 39.4 138.1 173.8 174.6 39.5 136.1 174.2 5.1 12............................................ 178.0 39. 4 138.6 174.0 175.8 39,8 136,0 174.4 4.7 19............................................ 177.7 39.4 138.3 174.9 176.1 39.5 136,6 175.2 6.1 26........................................... 177.8 39.4 138.4 175.3 174.6 39.3 135.3 175.7 6.6 Aug. 2. .. ..................................... 178.2 39,4 138.8 175.9 176.7 39.2 137.5 176.4 5.4 9............................................ 178.6 39.5 139,1 176.7 176.1 39.9 136.2 177.2 5.5 16............................................ 1.78,8 39.5 139.3 177.0 176.5 39.7 136.8 177.7 3.8 23........................................ 178.9 39.6 139.3 (77.4 174.5 39.6 134.9 178,0 4.5 30............................................ 179.1 39.7 139.4 178,0 175.2 39.3 135.9 178,5 3.2 For notes see p. A-97. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1968 □ REVISION OF MONEY SUPPLY SERIES A-97 MONEY SUPPLY AND RELATED DATA, 1963-68—Continued (lii billions of dollars) Seasonally adjusted Not seasonally adjusted .................. ■-.--—---.-.-.--.-.--.. -— .............. ..-.-.-.-.-..-.-..-.-.-..-.-.-.-..- Money supply Money supply Week ending .....-..........- -.......-....- de l p ii o n s c it s --------------- -------- — ------ de r p im os e it s G U o . v S t . . Demand ad- Demand ad- demand Total Currency deposit justed 1 Total Currency deposit justed 1 deposits 1 component component component component ---------..... --------------—....----------- ------------- ——..........--------_— 1967 Sept, 6............................................ 179.4 39.7 139.6 178.7 177.3 39.9 137.4 178.9 4.3 179.4 39.7 139.7 179.1 178.9 39.9 139.0 179.1 3.3 20............................................ 178.5 39,8 138.8 179.3 179.4 39.7 139.7 178.8 4.7 27............................................ 179.2 39.8 139.4 179.8 177. 1 39.5 137.7 179.1 6.9 Oct. 4............................................ 179.8 39.7 140. 1 180.2 179.4 39.6 139.8 179.6 6. 1 II........................................... 180.2 39.9 140.3 180.4 180.5 40.2 140.2 180.1 5.3 18............................................ 180.2 39.9 140.3 180.7 181.0 40. 1 140.9 180.5 6.7 25 180.0 40.0 140. 1 180.8 179.7 39.9 139.8 180.6 7.0 Nov. 1............................................ 180.4 40.0 140.5 181.2 181.4 39.7 141.8 181. 1 6.3 8............................................ 180.9 40.0 140.9 181.3 182.6 40.4 142.2 181.1 5.7 15............................................ 180.9 40.0 140.9 181.6 182.9 40.4 142.4 181.3 4.2 181.1 40.2 140.9 182.2 181.9 40.6 141.3 181.1 5.9 2<)............................................ 181 . 1 40.2 140.9 182.9 181.9 40.6 141.3 181.6 5.2 Dec. 6.......................................... 181.2 40,2 141.0 183.3 184.8 40,9 143.9 181.8 4.8 13........................................... 181,0 40.3 140.7 183.6 185,4 41 .2 144.2 182.1 3.2 20............................................ 180.9 40.3 140.6 183.5 187.7 41 .2 146.5 181.9 4.7 27............................................ 181.4 40.5 140.9 183.5 187.6 41.6 146.0 182.0 7.1 1968 -Jan. 3............................................ 182.3 40.5 141.8 183.9 191.6 40.9 150.7 182.6 5.5 10............................................ 182.4 40.5 141.8 183.9 189.7 41 .0 148.7 183.0 4,7 182.7 40.6 142.1 184.0 189.4 40.6 148.8 183.7 3.1 24............................................ 182.2 40.6 141.6 184.0 185.5 40.3 145.2 184.0 6.0 31............................................ 182.1 40.6 141,5 184.3 183.9 39.9 144.0 184.7 5,8 Feb. 7............................................ 182.4 40.7 141.8 184,5 184.4 40.4 144.0 184.9 7.1 14............................................ 182.7 40.8 141.9 185.0 182.0 40.5 141.5 185.6 6.1 21............................................ 182.8 40.8 142.0 185.3 180.6 40.3 140.3 185.9 5.4 28............................................ 182.9 40.8 142.1 185.7 178.7 40.1 138.6 186.5 9.7 Mar. 6........................................... 183.1 40.9 142.2 186.0 181.6 40.6 141.0 186.9 8.4 13............................................ 183.6 41.0 142.5 186.7 182.5 40.9 141.6 187.7 5.9 20............................................ 183.3 41.1 142,2 186.8 181.5 40.8 141.7 187.7 6.4 27............................................ 183.6 41.2 142.4 187.0 181.2 40.6 140,7 187.9 6.9 Apr, J............................................ 183.9 41.2 142,7 187.3 183.0 40.8 142.2 188.2 5.2 10............................................ 183.9 41.3 142.6 187.0 184.5 41.4 143.1 188.1 3.7 17............................................ 186.0 41.3 144.7 187. 1 189.7 41.3 148,3 187.8 2.8 24............................................ 183.8 41.4 142.4 186,9 185.4 40.9 144.5 187.4 5.0 May 1........................................... 183,7 41.5 142.3 187.3 183,7 40.7 143,0 188.0 5.6 184.8 41.5 143.3 187.4 183,5 41 .5 142.0 188.1 7.3 15 185.1 41.6 143.5 187.7 182.8 41.4 141.4 188.5 5.7 186.8 41.8 145.0 187.7 181.4 41.4 140.0 188.5 6.7 29 .......................................... 187.5 41.8 145.8 187.6 181.7 41.2 140.5 188.4 6.2 i At all commercial bunks. at all commercial banks other than those due to domestic commercial banks and the U.S. Govt. Note....All figures arc averages and are based on daily figures. Money Effective June 9, 1966, balances accumulated for payment of personal supply consists of (1) demand deposits at all commercial banks other than loans were reclassified for reserve purposes and are excluded from time those due to domestic commercial banks and the U.S. Govt., less cash deposits reported by member banks. The estimated amount of such de­ items in process of collection and F.R. flout; (2) foreign demand balances posits at all commercial banks ($1,140 million) is excluded from time at F.R. Banks; and (3) currency outside the Treasury, the FRS, and the deposits adjusted thereafter. vaults of all commercial banks. Time deposits adjusted are time deposits 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 Lyle E. Gramley, Adviser Edwin J. Johnson, Director Kenneth B. Williams, Adviser John J. Hart, Assistant Director Stanley J. Sigel, Associate Adviser Tynan Smith, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES 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 DIVISION OF INTERNATIONAL FINANCE John Kakalec, Controller Robert Solomon, Director Robert L. Sammons, Associate Director OFFICE OF DEFENSE PLANNING 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 Samuel I. Katz, Adviser Lawrence H. Byrne, Jr., Director Ralph C. Wood, Adviser Lee W. Langham, Assistant Director A-98 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-99 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, IB, 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-100 FEDERAL RESERVE BULLETIN □ JUNE 1968 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President UI UldllUIJ 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 11ayes Kenneth 11. Hannan William F. Treiber Buffalo............... ...14240 Robert S. Bennett A. A. Machines, Jr. Philadelphia........... ...19101 Willis .1. Winn Karl R. Bopp Bayard L. England Robert N. Hilkert Cleveland............... ...44101 Albert <1. Clay W. Braddock Hickman Logan T. Johnston Walter I I. MacDonald Cincinnati.............45201 Graham E. Marx Fred O. Kiel Pittsburgh.............15230 E. I.. 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. Hagncr Charlotte........... ...28201 James A. Morris Edmund F. MacDonald Atlanta.................... ...30303 Edwin I. Hatch Monroe Kimbrcl John C. Wilson Robert E. Moody, Jr. Birmingham.......35202 Mays E. Montgomery Edward C. Rainey Jacksonville....... ...32201 Castle W. Jordan Thomas C. Clark Nashville........... ...37203 Alexander Heard Jeffrey J. Wells New Orleans.......70160 George B. Blair Morgan L. Shaw Chicago................. ...60690 Eranklin .1. Landing Charles J. Scanlon Elvis .1. 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. [.each 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 V. 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............. ...7700J Geo. T. Morse, Jr. J. Lee Cook San Antonio.......78206 Francis B. May Carl H. Moore San Francisco........ ...94120 O. Meredith Wilson Eliot J. Swan S. Alfred Halgrcn 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 The material listed may he obtained from Publications Services. Division of Administrative Services, Hoard of Governors of the federal Reserve System, Washington, D C. 20551. Where a Charite is indicated, remittance should accompany request and be made payable to the order of the Board of Governors of the T'edera! Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons not accepted). THE FEDERAL RESERVE SYSTEM—PURPOSES AND SUPPLEMENT TO BANKING AND MONETARY STA­ FUNCTIONS. 1963. 298 pp. TISTICS. Sec. I. 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. I I 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: APPLICATION OF THE BANK MERGER ACT OF FEDERAL RESERVE CHART BOOK ON FINANCIAL 1960. 1964. 260 pp. $1.00 a copy; 10 or more AND BUSINESS STATISTICS. Monthly. Annual sent to one address, $.85 each. subscription includes one issue of Historical BANKING MARKET STRUCTURE & PERFORMANCE Chart Book. $6.00 per annum or $.60 a copy in IN METROPOLITAN AREAS: A STATISTICAL the Uniled States and the countries listed above; 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. FARM DEBT. Data from I he 1960 Sample Survey HISTORICAL CHART BOOK. Issued annually in Scpl. of Agriculture. 1964. 221 pp. $1.00 a copy; 10 Subscription to monthly chart book includes or more sent to one address, $.85 each. one issue, $.60 a copy in the United States and MERCHANT AND DEALER CREDIT IN AGRICUL­ countries listed above; 10 or more sent to one TURE. 1966. 109 pp. $1.00 a copy; 10 or more address, $.50 each. Elsewhere, $.70 a copy. sent to one address, $.85 each. MONETARY THEORY AND POLICY: A BIBLIOGRA­ TREASURY-FEDERAL RESERVE STUDY OF THE GOV­ PHY. Part I—Domestic Aspects. 137 pp. $1.00 ERNMENT SECURITIES MARKET. Pt. I. 1959. 108 a copy; 10 or more sent to one address, $.85 pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. each. Set of 3, $2.50; individual books $1.00 each. REGULATIONS OF THE BOARD OF GOVERNORS OF FLOW OF FUNDS IN THE UNITED STATES, 1939­ THE FEDERAL RESERVE SYSTEM. 53. 1955. 390 pp. $2.75. RULES OF ORGANIZATION AND PROCEDURE­ BOARD OF GOVERNORS OF THE FEDERAL RE­ DEBITS AND CLEARING STATISTICS AND THEIR SERVE SYSTEM. 1967. 16 pp. USE. 1959. 144 pp. $1.00 a copy; 10 or more PUBLISHED INTERPRETATIONS OF THE BOARD OF sent to one address, $.85 each. GOVERNORS, as of June 30, 1967. $2.50. TRADING IN FEDERAL FUNDS. 1965. I 16 pp. $1.00 THE FEDERAL FUNDS MARKET. 1959. Ill pp. a copy; 10 or more sent to one address, $.85 $1.00 a copy; 10 or more sent to one address, each. $.85 each. 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 address, $.85 each. SURVEY OF FINANCIAL CHARACTERISTICS OF 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. senl to one address, $.20 each. A-101 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-102 FEDERAL RESERVE BULLETIN □ JUNE 1968 PERIODIC RELEASES CONSUMER INSTALMENT CREDIT AT COMMER­ CIAL BANKS (G.18) WEEKLY DEBITS, DEMAND DEPOSITS, AND TURNOVER AT 233 INDIVIDUAL CENTERS (G.ll) APPLICATIONS AND REPORTS RECEIVED, OR ACTED ON, BY THE BOARD (H.2) FEDERAL RESERVE PAR LIST (Also annual list) (G.3) COMMERCIAL AND INDUSTRIAL LOANS OUT­ STANDING BY INDUSTRY (H.12) INTERDISTRICT SETTLEMENT FUND (G.15) CONDITION REPORT OF LARGE COMMERCIAL INDEX NUMBERS OF WHOLESALE PRICES (G.8) BANKS IN NEW YORK AND CHICAGO (H.4.3) MATURITY DISTRIBUTION OF OUTSTANDING NE­ CONDITION REPORT OF LARGE COMMERCIAL GOTIABLE TIME CERTIFICATES OF DEPOSITS BANKS (H.4.2) (G.9) DEMAND DEPOSITS, CURRENCY, AND RELATED MONTHLY FOREIGN EXCHANGE RATES (G.5) ITEMS (H.6) NATIONAL SUMMARY OF BUSINESS CONDITIONS FACTORS AFFECTING BANK RESERVES AND CON­ (G.12.2) DITION STATEMENT OF F. R. BANKS (H.4.1) OPEN MARKET MONEY RATES AND BOND PRICES RESERVE POSITIONS OF MAJOR RESERVE CITY (G.13) BANKS (H.5) SALES FINANCE COMPANIES (G.20) WEEKLY FOREIGN EXCHANGE RATES (H.10) STATE MEMBER BANKS OF THE FEDERAL RE­ WEEKLY U.S. GOVERNMENT SECURITY YIELDS SERVE SYSTEM AND NONMEMBER BANKS THAT AND PRICES (H.15) MAINTAIN CLEARING ACCOUNTS WITH FEDERAL RESERVE BANKS (Also annual list) (G.4) SEMIMONTHLY—IRREGULAR SUMMARY OF EQUITY SECURITY TRANSACTIONS (G.16) ASSETS AND LIABILITIES OF ALL BANKS IN THE MONTHLY U.S. GOVERNMENT SECURITY YIELDS UNITED STATES (J.4) AND PRICES (G.14) CHANGES IN STATE MEMBER BANKS (K.3) DEPOSITS, RESERVES, AND BORROWINGS OF QUARTERLY—SEMIANNUALLY MEMBER BANKS (J.l) ALL BANKS IN THE UNITED STATES AND OTHER RESEARCH LIBRARY—RECENT ACQUISITIONS (J.2) AREAS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES (E.4) MONTHLY BANK RATES ON SHORT-TERM BUSINESS LOANS (E.2) AGGREGATE RESERVES AND MEMBER BANK DE­ POSITS (G.10) CAPACITY UTILIZATION IN MANUFACTURING (E.5) ASSETS AND LIABILITIES OF ALL MEMBER BANKS, SUMMARY REPORT—ASSETS AND LIABILITIES OF BY DISTRICTS (G.7.1) MEMBER BANKS (E.3.1) AUTOMOBILE LOANS BY MAJOR SALES FINANCE ALL MEMBER BANKS, BY CLASS OF BANK (E.3.4) COMPANIES (G.25) SALES, PROFITS, AND DIVIDENDS OF LARGE COR­ AUTOMOBILE INSTALMENT CREDIT DEVELOP­ PORATIONS (E.6) MENTS (G.26) ANNUALLY BANK DEBITS AND DEPOSIT TURNOVER (G.6) BUSINESS INDEXES (G.12.3) BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS CONSUMER CREDIT (G.19) EXCEPT INTERBANK AND U.S. GOVERNMENT ACCOUNTS (C.5) CONSUMER CREDIT AT CONSUMER FINANCE COMPANIES (G.22) MEMBER BANK INCOME (C.4) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A-103 STAFF ECONOMIC STUDIES INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. 1962. 10 pp. Studies and papers on economic and financial sub­ RECENT CHANGES IN LIQUIDITY, Staff Paper by jects that are of general interest in the field of economic research. Daniel H. Brill. June 1963. 10 pp. MEASURES OF MEMBER BANK RESERVES. July 1963. 14 pp. Summaries only printed in the Bulletin. MEASURING AND ANALYZING ECONOMIC GROWTH, Staff Paper by Clayton Gehman. Aug. 1963. (Limited supply of mimeographed copies of full 14 pp. text available upon request for single copies.) CHANGES IN BANKING STRUCTURE, 1953-62. Sept. MEASURES OF INDUSTRIAL PRODUCTION AND 1963. 8 pp. FINAL DEMAND, by Clayton Gehman and Cor­ ECONOMIC CHANGE AND ECONOMIC ANALYSIS, nelia Motheral. Jan. 1967. Staff Paper by Frank R. Garfield. Sept. 1963. BUSINESSES VIEW BANKING SERVICES: A SURVEY 17 pp. OF CEDAR RAPIDS, IOWA, by Lynn A. Stiles. THE OPEN MARKET POLICY PROCESS. Oct. 1963, July 1967. 11 PP- EMPIRICAL LITERATURE ON THE U.S. BALANCE NEW SERIES ON FEDERAL FUNDS. Aug. 1964. OF TRADE, by Charles K. Harley. July 1967, 31 pp. THE BOOM IN OFFICE BUILDINGS, by Robert YIELD DIFFERENTIALS IN TREASURY BILLS, 1959­ Moore Fisher. Aug. 1967. 64, Staff Paper by Samuel I. Katz. Oct. 1964. 20 pp. CUSTOMERS VIEW BANK MARKETS AND SERVICES: A SURVEY OF ELKHART, INDIANA, by George G. RESEARCH INTO BANKING STRUCTURE AND COM­ Kaufman. Aug. 1967. PETITION. Nov. 1964. 17 pp. A TEST OF THE DEPOSIT RELATIONSHIP HYPOTH­ REVISION OF BANK DEBITS AND DEPOSIT TURN­ ESIS, by Neil B. Murphy. Sept. 1967. OVER SERIES. Mar. 1965. 4 pp. INTEREST RATES AND THE DEMAND FOR CON­ MEASURES OF BANKING STRUCTURE AND COM­ SUMER DURABLE GOODS, by Michael J. Ham­ PETITION. Sept. 1965. 11 pp. burger. Dec. 1967. TIME DEPOSITS IN MONETARY ANALYSIS, Staff THE LAGS BETWEEN INVESTMENT DECISIONS AND Economic Study by Lyle E. Gramley and Sam­ THEIR CAUSES, by Shirley Almon. Feb. 1968. uel B. Chase, Jr. Oct. 1965. 25 pp. EFFECTS OF MONEY ON INTEREST RATES, by Wil­ CYCLES AND CYCLICAL IMBALANCES IN A CHANG­ liam E. Gibson. Mar. 1968. ING WORLD, Staff Paper by Frank R. Garfield. Nov. 1965. 15 pp. Printed in full in the Bulletin. RESEARCH ON BANKING STRUCTURE AND PER­ (Reprints available as shown in following list.) FORMANCE, Staff Economic Study by Tynan Smith. Apr. 1966. 11 pp. REPRINTS COMMERCIAL BANK LIQUIDITY, Staff Economic Study by James Pierce. Aug. 1966. 9 pp. (From Federal Reserve Bulletin unless preceded by an asterisk.) REVISION OF WEEKLY REPORTING MEMBER BANK SERIES. Aug. 1966. 4 pp. ADJUSTMENT FOR SEASONAL VARIATION. Descrip­ TOWARD UNDERSTANDING OF THE WHOLE DE­ tion of method used by Board in adjusting eco­ VELOPING ECONOMIC SITUATION, Staff Eco­ nomic data for seasonal variations. June 1941. 11 PP- nomic Study by Frank R. Garfield. Nov. 1966. 14 pp. SEASONAL FACTORS AFFECTING BANK RESERVES. Feb. 1958. 12 pp. A REVISED INDEX OF MANUFACTURING CAPACITY, Staff Economic Study by Frank de Leeuw with LIQUIDITY AND PUBLIC POLICY, Staff Paper by Frank E. Hopkins and Michael D. Sherman. Stephen H. Axilrod. Oct. 1961. 17 pp. Nov. 1966. 11 pp. SEASONALLY ADJUSTED SERIES FOR BANK THE ROLE OF FINANCIAL INTERMEDIARIES IN CREDIT. July 1962. 6 pp. U.S. CAPITAL MARKETS, Staff Economic Study INTEREST RATES AND MONETARY POLICY, Staff by Daniel H. Brill, with Ann P. Ulrey. Jan. Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. 1967. 14 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-104 FEDERAL RESERVE BULLETIN □ JUNE 1968 REVISED SERIES ON COMMERCIAL AND INDUS­ REVISION OF BANK CREDIT SERIES. Sept. 1967. TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. 7 PP- AUTO LOAN CHARACTERISTICS AT MAJOR SALES THE ECONOMIC PAUSE IN WESTERN EUROPE. FINANCE COMPANIES. Feb. 1967. 5 pp. Oct. 1967. 17 pp. CONSUMER INSTALMENT CREDIT. Mar. 1967. 12 THE FEDERAL RESERVE-MIT ECONOMETRIC MODEL, Staff Economic Study by Frank tie PP- Leeuw and Edward Gramlich. Jan. 1968. 30 pp. SURVEY OF FINANCE COMPANIES, MID-1965. Apr. CHANGES IN TIME AND SAVINGS DEPOSITS, 1967.26 pp. JULY-OCT. 1967. Jan. 1968. 20 pp. MONETARY POLICY AND ECONOMIC ACTIVITY: A RECENT CREDIT AND MONETARY DEVELOPMENTS. POSTWAR REVIEW. May 1967. 22 pp. Feb. 1968. 11 pp. MONETARY POLICY AND THE RESIDENTIAL MORT­ THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. GAGE MARKET. May 1967. 13 pp. 1968. 7 pp. BANK FINANCING OF AGRICULTURE. June 1967. BALANCE OF PAYMENTS PROGRAM: REVISED 23 pp. GUIDELINES FOR BANKS AND NONBANK FINAN­ EVIDENCE ON CONCENTRATION IN BANKING CIAL INSTITUTIONS. Mar. 1968. 9 pp. MARKETS AND INTEREST RATES, Staff Eco­ TREASURY AND FEDERAL RESERVE FOREIGN EX­ nomic Study by Almarin Phillips. June 1967. CHANGE OPERATIONS. Mar. 1968. 22 pp. 11 PP- U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN NEW BENCHMARK PRODUCTION MEASURES, 1958 1960-67. Apr. 1968. 23 pp. AND 1963. June 1967. 4 pp. QUARTERLY SURVEY OF CHANGES IN BANK LEND­ REVISED INDEXES OF MANUFACTURING CAPACITY ING PRACTICES. Apr. 1968. 6 pp. AND CAPACITY UTILIZATION. July 1967. 3 pp. RECENT CAPITAL MARKET DEVELOPMENTS. May THE PUBLIC INFORMATION ACT—ITS EFFECT ON 1968. 11 pp. MEMBER BANKS. July 1967. 6 pp. BANKING AND MONETARY STATISTICS, 1967. Selected series of banking and monetary statis­ INTEREST COST EFFECTS OF COMMERCIAL BANK tics for 1967 only. Mar. arid May 1968. 20 pp. UNDERWRITING OF MUNICIPAL REVENUE BONDS. Aug. 1967. 16 pp. MARGIN ACCOUNT CREDIT. June 1968. 12 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3.) )xedni siht ni dettimo si ”A“ xiferp eht hguohtla 79-A hguorht 4-A segap ot era secnerefeR( Acceptances, bankers’, 14, 31, 35 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 24, 26 Accumulated at commercial banks for pa; Arbitrage, 89 of personal loans, 23 Assets and liabilities (See also Foreign liab. Sc claims): Adjusted, and currency, 18 Banks, by classes, 19, 24, 26, 35 Banks, by classes, 11. 19, 25, 28, 35 Banks and the monetary system, 18 Federal Reserve Banks, 12, 83 Corporate, current, 47 Postal savings, 18 Federal Reserve Banks, 12 Subject to reserve requirements, 17 Automobiles: Discount rates, 9, 88 Consumer instalment credit, 52, 53, 54 Discounts and advances by Reserve Banks, 4, 1 Production index, 56, 57 Dividends, corporate, 46, 47 Dollar assets, foreign, 73. 78 Bank holding companies, list of, Dec. 31, 1967, 91 Bankers’ balances. 25, 27 Earnings and hours, manufacturing industries, 63 (See also Foreign liabilities and claims) Employment, 60, 62, 63 Banks and the monetary system, 18 Banks for cooperatives, 37 Bonds (See also U.S. Govt, securities): Farm mortgage loans, 48, 49 Federal finance: New issues, 43, 44, 45 Cash transactions, 38 Yields and prices, 32, 33 Receipts and expenditures, 39 Branch banks, liabilities of U.S. banks to their for­ Treasurer’s balance, 38 eign branches, 83 Federal funds, 8, 24 Business expenditures on new plant and equipment, 47 Federal home loan banks, 37, 49 Business indexes, 60 Federal Housing Administration, 33, 48, 49, 50 Business loans (See Commercial and industrial loans) Federal intermediate credit banks, 37 Federal land banks, 37 Capacity utilization, 60 Federal Nalional Mortgage Assn., 37, 50 Capital accounts: Federal Reserve Banks: Banks, by classes, 19, 25, 29 Condition statement, 12 Federal Reserve Banks, 12 U.S. Govt, securities held, 4, 12, 15, 40, 41 Central banks, foreign, 86, 88 Federal Reserve credit, 4, 12, 15 Certificates of deposit, 29 Federal Reserve notes, 12, 16 Coins, circulation, 16 Federally sponsored credit agencies, 37 Commercial and industrial loans: Finance company paper, 31, 35 Commercial banks, 24 Financial institutions, loans to, 24, 26 Weekly reporting banks, 26, 30 Float, 4 Commercial banks: Flow of funds, 68 Assets and liabilities, 19, 24, 26 Foreign currency operations, 12, 14, 73, 78 Consumer loans held, by type, 53 Foreign deposits in U.S. banks, 4, 12, 18, 25, 2 Deposits at, for payment of personal loans, 23 Foreign exchange rates, 90 Number, by classes, 19 Foreign liabilities and claims: Real estate mortgages held, by type, 48 Banks, 74, 75,77, 79,81,83 Commercial paper, 31,35 Nonbanking concerns, 84 Condition statements (See Assets and liabilities) Foreign trade. 71 Construction, 60, 61 Consumer credit: Gold: Instalment credit, 52, 53, 54, 55 Certificates, 12, 16 Noninstalment credit, by holder, 53 Earmarked, 83 Consumer price indexes, 60, 64 Net purchases by U.S.. 72 Consumption expenditures, 66, 67 Production, 87 Corporations: Reserves of central banks and govts., 86 Sales, profits, taxes, and dividends, 46, 47 Stock, 4, 18, 73 ' Security issues, 44, 45 Gross national product, 66, 67 Security yields and prices, 32, 33 Cost of living (See Consumer price indexes) Currency and coin, 4, 10, 25 Hours and earnings, manufacturing industries, 63 Currency in circulation, 4, 16, 17, 92 Housing starts, 61 Customer credit, stock market, 34 Income, national and personal, 66, 67 Debits to deposit accounts, 15 Industrial production index, 56, 60 Debt (See specific types of debt or securities) Instalment loans, 52, 53, 54, 55 Demand deposits: Insurance companies, 36, 40, 41, 49 Adjusted, banks and the monetary system, 18 Insured commercial banks, 21, 23, 24 Adjusted, commercial banks, 15, 17, 25, 92 Interbank deposits, 11, 19, 25 Banks, by classes, 11, 19, 25, 28 Interest rates: Subject to reserve requirements, 17 Business loans by banks, 31 Turnover, 15 Federal Reserve Bank discount rates, 9 A-105 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-106 FEDERAL RESERVE BULLETIN □ JUNE 1968 Interest rates—Continued Reserve position, basic, member banks, 8 Reserve requirements, member banks, 10 Foreign countries, 88, 89 Reserves: Money market rates, 31, 89 Central banks and govts., 86 Mortgage yields, 33, 51 Commercial banks, 25, 27 Time deposits, maximum rates, 11 Federal Reserve Banks, 12 Yields, bond and stock, 32 Member banks, 4, 6, 11, 17, 25 International capital transactions of the U.S., 74 Residential mortgage loans, 48, 49, 50, 51 International institutions, 72, 73, 86, 88 Retail credit, 52 Retail sales, 60 Inventories, 66 Investment companies, issues and assets, 45 Investments (See also specific types of investments): Sales finance companies, loans, 52, 53, 55 Banks, by classes, 19, 24, 27, 35 Saving: Commercial banks, 23 Flow of funds series, 68 Federal Reserve Banks, 12, 15 National income series, 67 Life insurance companies, 36 Savings and loan assns., 36, 41, 49 Savings and loan assns., 36 Savings deposits (See Time deposits) Savings institutions, principal assets, 35, 36 Labor force, 62 Securities (See also U.S. Govt, securities): Loans (See also specific types of loans): Federally sponsored agencies, 37 Banks, by classes, 19, 24, 26, 35 International transactions, 82, 83 Commercial banks, 23, 24, 30 New issues, 43, 44, 45 Federal Reserve Banks, 4, 12, 15 Silver coin and silver certificates, 16 Insurance companies, 36, 49 State and local govts.: Insured or guaranteed by U.S., 48, 49, 50 Deposits, 25, 28 Savings and loan assns., 36, 49 Holdings of U.S. Govt, securities, 40, 41 New security issues, 43, 44 Ownership of securities of, 24, 27, 35, 36 Manufacturers: Yields and prices of securities, 32, 33 Capacity utilization, 60 State member banks, 21, 23 Production index, 57, 60 Stock market credit, 34 Margin requirements, 10 Stocks: Member banks: New issues, 44, 45 Assets and liabilities, by classes, 19, 24 Yields and prices, 32, 33 Borrowings at Reserve Banks, 6, 12 Deposits, by classes, 11 Number, by classes, 19 Tax receipts, Federal, 39 Reserve position, basic, 8 Time deposits, 11, 17, 18, 19, 25, 28, 92 Reserve requirements, 10 Treasurer’s account balance, 38 Reserves and related items, 4, 17 Treasury cash, Treasury currency, 4, 16, 18 Mining, production index, 57, 60 Treasury deposits, 4, 12, 38 Money rates (See Interest rates) Money supply and related data, 17, 92 Unemployment, 62 Mutual funds (See Investment companies) U.S. balance of payments, 70 Mutual savings banks, 18, 19, 22, 35, 40, 41, 48 U.S. Govt, balances: Commercial bank holdings, 25, 28 National banks, 21, 23 Consolidated condition statement, 18 National income, 66, 67 Member bank holdings, 17 National security expenditures, 39, 66 Treasury deposits at Federal Reserve Banks, 4, Nonmember banks, 21, 23, 24, 25 12, 38 U.S. Govt, securities: Open market transactions, 14 Bank holdings, 18, 19, 24, 27, 35, 40, 41 Dealer transactions, positions, and financing, 42 Federal Reserve Bank holdings, 4, 12, 15, 40, 41 Payrolls, manufacturing, index, 60 Foreign and international holdings, 12, 78, 82, 83 Personal income, 67 International transactions, 78, 82 Postal Savings System, 18 New issues, gross proceeds, 44 Prices: Open market transactions, 14 Consumer and wholesale commodity, 60, 64 Outstanding, by type of security, 40, 41, 43 Security, 33 Ownership of, 40, 41 Production, 56, 60 Yields and prices, 32, 33, 89 Profits, corporate, 46, 47 United States notes, 16 Utilities, production index, 57, 60 Real estate loans: Banks, by classes, 24, 26, 35, 48 Veterans Administration, 48, 49, 50 Delinquency rates on home mortgages, 51 Mortgage yields, 33, 51 Nonfarm mortgage foreclosures, 51 Weekly reporting banks, 26 Type of holder and property mortgaged, 48, 49, 50 Yields (See Interest rates) )xedni siht ni dettimo si ”A“ xiferp eht hguohtla 79-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 * (Q THE FEDERAL RESERVE SYSTEM q) * Legend _ Boundaries of Federal Reserve Districts ---- Boundaries of Federal Reserve Branch Territories O Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis