Federal Reserve Bulletin, 1968-08

FEDERAL RESERVE BULLETIN AUGUST 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 8 □ VOLUME 54 □ AUGUST 1968 CONTENTS 655 Recent Price Developments 669 Staff Economic Studies: Summary 671 Record of Policy Actions of the Federal Open Market Committee 681 Law Department 694 Announcements 698 National Summary of Business Conditions Financial and Business Statistics A— 1 Contents A— 3 Guide to Tabular Presentation A— 4 U.S. Statistics A— 70 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-104 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

Recent Price Developments IN MID-1968, prices were substantially above the levels of a year earlier and were continuing to rise. Expanding demands, sharply rising wages, and a continuing advance in unit labor costs provided both the support and the stimulus to higher prices. Nevertheless, some significant differences in price behavior had developed. Con­ sumer prices were maintaining a steady upward momentum. The pace and scope of increases in wholesale prices of industrial com­ modities slackened distinctly in the spring and early summer; in late summer, however, the rise in these prices may be stepping up moderately as a result of the increase in steel prices. In June the consumer price index (CPI) was 4.2 per cent above a year earlier—the largest 12-month gain in 16 years. Unusually sharp price increases for consumer goods and services were accom­ panied by large price increases for construction and for govern­ ment services. And the implicit price deflator for gross national product in the second quarter was up 4 per cent from a year earlier. In mid-July, the wholesale price index was about 2.5 per cent above a year earlier; foods and foodstuffs were up 1.7 per cent; and industrial commodities, 2.7 per cent. The rise in wholesale prices of industrial commodities over the past year has been as large as that from mid-1965 to mid-1966, and for a period last winter it exceeded the fastest pace reached in 1965-66. From last summer through early spring of this year, demands for industrial commodities rose substantially, while at the same time upward cost pressures were generally strong and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

656 FEDERAL RESERVE BULLETIN □ AUGUST 1968 supplies of some basic materials were limited. Wage rate increases accelerated steadily, with the labor market remaining tight and consumer prices continuing to show large increases. Productivity gains over the past year have lagged behind those in 1961-66, and unit labor costs have continued the sharp upward trend that began in mid-1966. Prices of consumer products have increased more at retail than at wholesale. Wage rate increases in distributive industries have outpaced those in manufacturing, and marketing costs in general have increased substantially. Consumer spending for goods has behaved erratically, but a spurt in the early months of 1968 and another bulge in July brought a sizable gain over the year. Auto sales have been particularly strong. Service industries have also been subject to powerful upward labor cost pressures, and consumer demands have shown their customary strength. Prices of services included in the CPI have increased 5 per cent over the past year—the largest 12-month gain since the early 1950’s. Since the turn of this year, prices of foods and foodstuffs have risen substantially after having been down in 1967 from their 1966 peak. Production of livestock and livestock products stopped expanding while consumer demands continued to rise; Federal support prices were raised for dairy products; and un­ seasonable weather limited supplies of fruits and vegetables. THE ECONOMIC When the massive drop in the rate of inventory accumulation SETTING during the first half of 1967—-with its accompanying moderate decline in industrial production and employment—failed to effect a slowdown in total final sales, expectations of renewed broad economic advance in the last half of the year began to take hold. The moment appeared opportune for producers to reverse the substantial erosion of their profit margins that had occurred over the preceding 6 months when unit labor costs had risen sharply but prices had shown little change. By late July 1967 a renewed upswing in industrial prices was underway. Despite the limiting effects of the auto strike on output, incomes, and consumer purchases in the autumn, GNP in current prices increased as fast in the last half of 1967 as in the last half of 1966. In real terms, however, the 1967 increase was at a much slower rate than in late 1965 and early 1966. Unemployment had risen somewhat around midyear, but by the end of 1967 the labor market was as tight as in late 1966. The wage settlement in the auto industry gave a significant upward twist to the wage-price Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT PRICE DEVELOPMENTS 657 1 (PRICE RISE slows for INDUSTRIAL COMMODITIES while CONSUMER PRICES increase rapidly RATIO SCALE, 1957-59 100 Bureau of Labor Statistics indexes except for wholesale prices Reserve regroupings of BLS data. Latest figures: wholesale, July of industrial commodities and foodstuffs, which are Federal estimates; consumer, June, spiral, and the accompanying sizable increase in new car prices— reversing an 8-year declining trend—helped speed the rise in the general price level. Owing in part to the spillover of auto sales into 1968 following settlement of the strike in the auto industry, consumer purchases of goods took an extraordinary $17 billion (annual rate) jump in the first quarter of 1968. Moreover, business fixed investment and government purchases accelerated. Despite a sizable drop in the rate of inventory accumulation—attributable in part to the bulge in consumer takings—and despite large, across-the-board price increases and a sharp rise in imports, real GNP rose at a 6.5 per cent annual rate, the fastest since early 1966. Nonagricultural employment and personal income increased sharply further, and the unemployment rate averaged 3.6 per cent—-the lowest since 1953. Thus the upward thrust of the economy and inflationary pressures appeared exceptionally strong. Acceleration in final demands in the first quarter proved to be short-lived. In the spring quarter, despite sustained strength in auto sales, total consumer purchases of goods rose only about one­ fourth as much as in the first quarter, and business fixed capital outlays leveled off. Expansion in total final sales—of both goods and services—subsided to a 6 per cent annual rate (less than 1.5 per cent in real terms). Even though the rate of increase in final demands slackened, the second-quarter rise in GNP was as large as that in the first quarter, for the rate of inventory accumulation stepped up sharply. Inventory accumulation in the second quarter, as in the first, was considerably augmented by stockpiling of steel and autos—steel primarily and autos partly—in anticipation of a steel strike on August 1. These inventory demands thus were largely of a temporary nature. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

658 FEDERAL RESERVE BULLETIN □ AUGUST 1968 Owing mainly to the lag in final takings of goods by consumers and businesses, industrial production was rising at only a mod­ erate rate; the earlier rapid growth in nonagricultural employment slackened; and after May the unemployment rate edged up. The upward thrust of wage rates was maintained through the spring and early summer and was supported by wage settlements in several major industries that continued to emphasize much higher increases in the first year of longer-term contracts (“front­ loading”). And despite the slowing of the rise in employment, per­ sonal income continued to advance rapidly through July. In July, after having shown little change from March to June, retail sales again rose sharply. But with higher withholdings under the Federal surtax effective in mid-July, expansion in disposable personal income is now being substantially reduced. The rise in personal income has slowed since the end of July, in part as a result of a moderate decline in industrial production. A wage settlement in the steel industry was effected without a strike, and production in that industry has dropped sharply as consumers have begun to work down their large stocks of steel. Each of the three most recent major industrial wage settlements —in copper, aluminum, and steel—was accompanied by a sizable increase in wage costs and prices. Industrial productivity has shown little increase since early spring, and unit labor costs have increased considerably further. Nevertheless, the earlier sharp rise in wholesale prices of industrial commodities has tapered off since March. Special developments in supplies of materials, noted below, have contributed significantly to this tapering off, but in general price increases have become more selective. The CPI, which covers services and foods as well as industrial products and is thus less sensitive to current developments in industrial de­ mands, continued to rise at a rapid pace through June. INDUSTRIAL As Chart 2 indicates, industrial commodity prices have moved up COMMODITIES in a quasi-stairstep fashion since 1964. A slowly accelerating rise that began in late 1964 topped out in mid-1966, to be followed by only a modest upward drift to mid-1967. Then a sharp rise to March of this year—at an annual rate of nearly 4 per cent—was followed in recent months by only a slight rise. The alternating periods of speed-up and slowing of the rise have coincided, in a general way, with periods of heightening demand pressures and ebullient expectations on the one hand and, on the other, of a fall­ off in the expansion in demands and some uncertainty about the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT PRICE DEVELOPMENTS 659 economic outlook. However, the mid-1967 to March 1968 rise was propelled to a much greater extent than the 1965-66 rise by upward pressures of labor costs and by shortages of a few basic materials. Movements in average wholesale prices of industrial commodi­ ties reflect changes in a wide variety of materials and products. Prices of industrial PRODUCTS and 2 unit labor COSTS continue up RATIO SCALE, 1957-59=100 Federal Reserve price indexes based on components of BLS wholesale price index, and Census Bureau seasonally adjusted unit-labor-cost index. Latest figures: June except for July estimates of industrial commodities, unit labor costs, and sensitive materials. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

660 FEDERAL RESERVE BULLETIN □ AUGUST 1968 Indexes for four major subcategories of the total are shown in Chart 2: (1) sensitive industrial materials (certain commodity groups whose prices tend to respond promptly and often dramati­ cally to shifts in demands and supplies—both here and abroad), which account for only 13 per cent of the industrial commodity total; (2) the broad aggregate of other industrial materials with more varied and generally less volatile price response, with a weight of 46 per cent; (3) producers’ durable equipment (weight, 13 per cent); and (4) consumer nonfood products (weight, 28 per cent). Price changes for other industrial materials and for producers’ equipment have contributed significantly to the contour of changes in the industrial commodity total in recent years. But because of their behavior, prices of sensitive materials have made a contribu­ tion far out of proportion to their relative importance in the total. Prices of consumer nonfood products have increased steadily since 1965. ' Sensitive materials. The sequence of sharp decline and subse­ quent rise in the sensitive index from mid-1966 to last March was roughly similar in magnitude and duration to that occurring in the 1957-58 recession and the first year of recovery. The rise of 8 per cent from July 1967 to March 1968 was four-fifths as large as the total increase from mid-1963 to mid-1966, and it brought the sensitive index to the highest level in 12 years. After March the index declined sharply for 2 months and then stabilized at a level still well above the low of a year earlier. The rise in sensitive materials accounted for about two-fifths of the rise in wholesale prices of industrial commodities from last July to March. Thus for all industrial commodities except sensi­ tive materials, average prices increased at an annual rate of 2.5 per cent over that period, while the industrial index including sensitive materials increased at a 3.8 per cent rate. Then from March through July, the decline in the sensitive index offset half the rise for all other industrial commodities combined, which, however, slackened to an annual rate of about 1.5 per cent. The sharp rise in prices of sensitive materials through March stemmed in part from expansion in domestic demands—particu­ larly for lumber, steel scrap, and textile materials. To a greater degree, however, the rise resulted from acute shortages of copper and supply limitations for lumber and cotton. Resolution of most supply shortages was the main factor leading to reversal of the upward price movement in April and May. In addition, steel scrap Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT PRICE DEVELOPMENTS 661 SENSITIVE MATERIALS account for large share of fluctuation in prices of industrial commodities since mid-’67 RATIO SCALE, 1957-59=100 Federal Reserve indexes based on BLS data. “Metals” includes nonferrous metals and iron and steel scrap. Latest figures: July estimates. prices dropped sharply in the spring and early summer as steel mills curtailed buying to avoid excessive stocks in case of a strike. As demand continued strong, the sensitive index from May through July held at what was still a high level. With homebuild­ ing and auto output up sharply from a year earlier, demands for lumber and aluminum were strong, and rebuilding of copper stocks by industrial consumers augmented demands for copper temporarily. Textile-apparel demands were higher than a year earlier. Moreover, prices of sensitive materials, like those for other industrial commodities, have responded to strong upward labor cost pressures over the past year. Most domestic copper production facilities and a sizable por­ tion of the fabricating industry were shut down by a strike lasting from mid-July 1967 to early April 1968. During that period the operating copper and brass mills progressively increased their pur­ chases of copper made from scrap and of foreign copper as they drew down their large stocks of lower-priced raw materials accu­ mulated before the strike. With scrap and foreign copper prices rising sharply, the mills then boosted prices of copper and brass mill products. This price pattern was reversed speedily on settle­ ment of the strike. Average prices of copper items included in the sensitive index increased 30 per cent from July to March 1968, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

662 FEDERAL RESERVE BULLETIN □ AUGUST 1968 then fell back 17 per cent from March to June. This swing ac­ counted for the bulk of the sharp fluctuations in the metals com­ ponent of the sensitive materials index shown in Chart 3. More­ over, prices of lead—production of which was affected by the copper strike—were reduced in May and again in July. Accom­ panying the large wage settlements in the copper industry, the price of domestic refined copper was raised from 38 to 42 cents a pound, and in early June aluminum prices were raised about 3 per cent following agreement on a new 3-year wage contract. These actions—along with sharply higher prices for precious metals— resulted in an average price level for nonferrous metals in July that was moderately above a year earlier. The next most significant price development—in terms of its effect on the sensitive, and total industrial, indexes—was the sharp run-up in prices of lumber and plywood. This reflected in the main the rapid recovery in homebuilding that began in the spring of 1967. The rise was augmented by special supply developments: the curtailment of logging operations last summer because of drought and forest fires in the Northwest and shortages earlier this year owing to strikes in Canada and to a large volume of exports. Owing in part to a widely anticipated decline in homebuilding after midyear, the rise in lumber prices has slowed since April; in July, however, the lumber-plywood index was at a new postwar high. In the past year and a half it had risen 20 per cent. A relatively small carry-over of longer-staple cotton and the smallest cotton crop since 1895—owing to small acreage and poor yields—led to a brief but sharp and partly speculative run­ up in prices of cotton and cotton goods in late 1967. Prices of manmade fibers also rose at that time. This year prices of textile materials have tended to stabilize, at a level about 4.5 per cent above the postwar low reached in mid-1967. Other materials. Average prices of other industrial materials were slow to move up in the summer of 1967, had a pronounced rise from October to April, and then showed little change in late spring and early summer. The rise from July 1967 to July 1968 totaled 1.8 per cent, appreciably less than the increase during the inflationary upsurge from mid-1965 to mid-1966. However, in August and September the other materials index is likely to show a step-up because of the recent steel price increase. In large part the more moderate rise for this broad category from mid-1967 to mid-1968—relative to other categories shown in Chart 2 and also as compared with 1965-66—stems from the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT PRICE DEVELOPMENTS 663 behavior of petroleum and paper products. In mid-1967, prices of petroleum products had bulged when the Middle East crisis tem­ porarily threatened a world supply shortage; then over the suc­ ceeding 6 months such prices declined. Despite recovery this year —prompted by strong consumer demand for gasoline—prices in July were slightly below a year earlier. Average prices of paper and paper products have increased only modestly over the past year, with paperboard down substantially. Sharp price increases for copper and lumber were carried over into large increases for such items as plumbing equipment and brass fittings and millwork. Rapid recovery in residential con­ struction activity generally provoked widespread increases for building materials, both metallic and nonmetallic. Steel price increases—which had been modest from 1962 to mid-1967—speeded up after that, and from mid-1967 to mid- 1968 average prices of steel mill products rose almost 2.5 per cent, or three-fifths as much as over the preceding 5 years. In­ creases continued to be selective, rather than across-the-board, but over this period prices were raised for products accounting for around 70 per cent of total steel shipments. Steel demand was quite strong in late 1967 and the first 7 months of 1968, as con­ sumers accumulated large stocks in anticipation of a strike. De­ mands spilled over into markets for foreign steel, prices of which are well below domestic prices. Steel imports this year have been in record volume, about 60 per cent above a year earlier and more than 15 per cent of total domestic shipments. From February through July announced steel price increases were limited, and occasional trade reports suggested some discounting to meet import competition. Following the 3-year wage settlement on July 31, however, and at a time of sharp reduction in output while consumers are working down their stocks, major steel producers announced price increases ranging up to 6 per cent on products accounting for roughly two-thirds of steel mill shipments. For all steel products the rise averaged about 2.5 per cent. Higher steel prices over the past year have contributed to price increases for such items as fabricated structural metal products, tin cans, and auto parts. Prices of the last have in­ creased more than those for finished motor vehicles. Producers’ equipment. Prices of producers’ equipment showed only a small increase from January through September 1967 but then jumped sharply. In the 4-month period from September 1967 to January 1968, average prices of producers’ equip- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

664 FEDERAL RESERVE BULLETIN □ AUGUST 1968 merit rose 2.2 per cent, or at an annual rate of 6.6 per cent. Almost half of this sharp spurt reflected the large increases for 1968-model motor vehicles purchased by business. In addition, sizable price increases were effected for some machinery— notably agricultural and construction machinery, pumps and compressors, and various types of special industry machinery and equipment. At that time, business plans for fixed capital outlays showed considerable strength. After January the price rise for producers’ equipment slowed appreciably, to an annual rate of 2.3 per cent. It appears that this slowing was partly in response to indications of slackening in business fixed investment demands. Consumer goods. Average wholesale prices of consumer indus­ trial products—consumer goods other than foods—were stable during the 6 years that ended in mid-1965. Since then they have increased at a relatively steady pace of around 2 per cent per year. During the period of stability at wholesale, prices of these goods at retail showed a moderate updrift; since mid-1965 retail price increases have accelerated and have considerably outpaced the rise at wholesale, particularly over the past year and a half. Since early 1967 prices have increased at an average annual rate of 3.5 per cent at retail and 2.2 per cent at wholesale. One of the features of price developments in the consumer sector during 1967 and 1968 has been an upturn in prices of durable goods after a number of years with little change. When 1968 models were introduced last autumn, prices of new cars re­ versed a long-term downward drift and showed a sizable increase. Since then, with consumer demands strong new-car prices have shown less than the usual seasonal drift-off as the model year progressed. Demands and prices for used cars showed an excep­ tional rise last year, owing in part to limited availability of new cars during the model changeover and during the work stoppage at one major producer. Prices of household durable goods have risen quite sharply this year as price increases for furniture have accelerated under the impact of sharply rising materials costs, and appliance prices were raised further, as recently as early August. Altogether, prices of consumer durable goods have increased moderately more at retail than at wholesale over the past year. For consumer nondurable goods, price increases over the past year have been considerably larger at retail than at whole­ sale, and to an important degree this reflects developments in apparel and accessories (including footwear). For this impor- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT PRICE DEVELOPMENTS 665 4 | CONSUMER PRICES rise for both DURABLE and NONDURABLE goods RATIO SCALE, 1957-59-100 BLS consumer price indexes. Used car index for March and June estimated by Federal Reserve. Latest figures: June. tant consumer sector average prices increased 3.6 per cent at wholesale and 5.6 per cent at retail from June 1967 to June 1968. Consumer expenditures for clothing and shoes rose sharply in the early months of this year but then leveled off, with the bulk of the rise from mid-1967 representing higher prices. The widen­ ing of the margin between wholesale and retail prices for this sector, as well as for some other consumer sectors, has stemmed in large part from greater upward pressure of labor and other costs, such as transportation, at the distributive level. CONSUMER SERVICES Charges for consumer services have been rising faster each year since 1964—after increasing only 2 per cent annually in the early 1960’s. From June 1967 to June 1968 prices of services increased 5.1 per cent, compared with 4.4 per cent in the preceding 12month period and 3.7 per cent in 1965-66. The service compo­ nent of the CPI is a heterogeneous group comprising such diverse items as rent, utilities, mortgage interest rates, property taxes, postage stamps, babysitters, haircuts, movies, auto repairs, and doctors’ fees. About half the services group represents the output of service industries, where labor costs are a high proportion of total costs and where productivity gains are limited. Large wage advances over the past year, stimulated by manpower shortages and aug­ mented by the further boost last February in Federal minimum wages (which had been extended in February 1967 to cover serv­ ice industries), have contributed significantly to the acceleration in prices of services over the past year. Among the “labor-intensive” services, costs of medical care— an area of longstanding manpower shortages and also one with Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

666 FEDERAL RESERVE BULLETIN □ AUGUST 1968 rapidly expanding demands—continued to rise more rapidly than other major service sectors. However, the rise of 7 per cent over the past year was less than from mid-1966 to mid-1967, when the introduction of the medicare program helped boost the rise to 9 per cent from about 4.5 per cent over the preceding year. The increase in costs of hospital rooms and services (up about 12 per cent further over the past year) has continued to outpace the rapid rise in professional fees. Among other labor-intensive services—such as auto repairs, domestic service, home maintenance and repairs, movie admis­ sions, and personal care—increases in charges have generally ac­ celerated over the past year. Charges for service items in which labor does not account for a large proportion of total costs—such as interest, property insur­ ance, and taxes—have also risen sharply further. Moreover, rents increased 2.4 per cent from mid-1967 to mid-1968, as compared with 1.8 per cent over the preceding year and around 1 per cent a year in the 1961-66 period. This acceleration reflects rising costs and strong demand for rental units for reasons of demog­ raphy as well as because of a limited supply of new houses. Mortgage interest rates, which had advanced sharply through­ out 1966 under the impact of tight monetary policy, showed little net change during 1967 and then rose again in the first half of 1968. Tn June they increased nearly 4 per cent, owing in part to the one-time boost in the statutory rate ceilings on FHA- and VAguaranteed home loans. The June spurt accounted for a fifth or more of that month’s especially large rise in the CPI. From mid- 1967 mortgage interest charges were up 6 per cent as compared with a rise of 3.5 per cent over the preceding 12 months. FOODS AND Retail prices of foods for home use have been the most volatile FOODSTUFFS major component of the CPI over the past few years. These prices, while responding strongly to rising incomes, have fluc­ tuated sharply in response mainly to variations in domestic food supplies but to some extent also to changing foreign demands for U.S. foodstuffs. Since April 1965, retail prices of foods have advanced 10 per cent—double the relatively small but steady increase over the pre­ ceding 5 years. The bulk of the 1965-68 increase occurred from early 1965 to mid-1966 when meat prices rose sharply, primarily because of a downturn in hog production and a subsequent sizable reduction in pork supplies. From the third-quarter 1966 peak Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT PRICE DEVELOPMENTS 667 5 [retail FOOD PRICES rise sharply 1965 1966 1967 1968 BLS consumer price indexes. Latest figures; June. through 1967, food prices generally followed a moderate down­ ward trend, owing mainly to a reversal of the meat supply-price situation. Total production of livestock and products expanded 4 per cent in 1967 in response to the price increases that had occurred earlier. In early 1968, retail prices of foods turned up sharply and in June moderately exceeded the peak reached in the summer of 1966. The net rise of about 2.5 per cent over the first half, like the rapid increases of 1965 and early 1966, reflected the pressure of expanding purchasing power on available food supplies. The upturn in 1968 was featured by large increases for fruits and vegetables, which account for about one-sixth of the food-athome component of the CPI and which were in short supply. Retail prices of fruits rose the most, reflecting a cut of a third in the citrus crop to be marketed in 1967-68 and a moderate reduc­ tion in noncitrus fruit crops. Smaller quantities of fruits processed or marketed fresh from the 1967 crops and smaller marketings of spring-harvested small fruits sustained retail prices at high levels through May, with only moderate easing in June. Stocks of proc- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

668 FEDERAL RESERVE BULLETIN □ AUGUST 1968 essed fruits on June 1 were down sharply from a year earlier. The short supply of vegetables that are marketed fresh reflected weather problems in the major areas producing for winter and spring markets. Total production of meat and other livestock products, ad­ justed for seasonal variation, averaged about the same in the first half of 1968 as in the fourth quarter of 1967. Retail prices for meat rose about 2 per cent in the first half. Prices of dairy prod­ ucts increased substantially further, owing mainly to the 7 per cent boost in Federal support prices for milk effected in April. Expanding production of food products is likely to exert a moderating influence on retail prices of many food items in the second half of 1968, offsetting increases caused by rising costs for marketing, processing, and storage. Total farm production in 1968, according to August 1 prospects, is expected to exceed 1967 output by 3 per cent, with livestock production equaling, and crop production exceeding, the 1967 production records. Output of wheat and soybeans is likely to exceed utilization moderately for the second consecutive year. Acreages of vege­ tables to be processed or to be marketed fresh in the summer and fall are larger than last year, and substantially increased produc­ tion of citrus and of most noncitrus fruit crops is in prospect. Production of livestock products during the remainder of 1968 is expected to stay close to year-earlier levels, with larger beef and broiler output offsetting smaller production of eggs, turkeys, and dairy products. Pork production is expected to exceed that of a year earlier in the third quarter and to dip slightly below in the seasonally high fourth quarter. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Staff Economic Studies The research staffs of the Board of Gover­ In all cases the analyses and conclusions nors of the Federal Reserve System and of set forth are those of the authors and do the Federal Reserve Banks undertake studies not necessarily indicate concurrence by the that cover a wide range of economic and Board of Governors, by the Federal Reserve financial subjects, and other staff members Banks, or by members of their staffs. prepare papers related to such subjects. In Single copies of the full text of each of some instances the Board finances similar the studies or papers that are summarized studies by members of the academic profes­ below are available in mimeographed form. sion. The list of Federal Reserve Board publica­ From time to time the results of studies tions at the back of each Bulletin includes that are of general interest to the economics a separate section entitled “Staff Economic profession and to others are summarized— Studies’’ that enumerates the studies for or they may be printed in full—in this sec­ which copies are currently available in that tion of the Bulletin. form. Study Summary THE LABOR MARKET AND POTENTIAL OUTPUT OF THE FEDERAL RESERVE-MIT ECONOMETRIC MODEL: A PRELIMINARY REPORT A. J. Telia and P. A. Tinsley—Staff, Board of Governors Paper presented at the Annual Meeting of the American Statistical Association, Washington. D.C., Decem­ ber 27-30, 1967, and published in the 1967 Proceedings of the Business and Economic Statistics Section of the American Statistical Association. This paper discusses two distinct, yet re­ ticity of factor substitution of the production lated, topics. The first is a preliminary function that is used to derive the manhour specification of the labor sector of the and capacity equations. The results of Federal Reserve-MIT econometric model simulating the labor sector over the post­ —a specification which estimates the de­ Korean war period are presented, along with mand for manhours and employment, labor projections of manhours and employment force participation, capacity output, and that would have been required had the labor compensation. Aspects of particular capital facilities been fully utilized. interest are (1) the measure of unemploy­ The second topic is interpretation and ment adjusted for “hidden” unemployment measurement of the potential output con­ incorporated in the compensation rate equa­ cepts defined by the structure of the FRBtion and (2) the restrictions on the elas­ MIT model. Because of the restrictions on 669 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

670 FEDERAL RESERVE BULLETIN □ AUGUST 1968 the elasticity of factor substitution noted Bulletin) to generate preliminary esti­ above, the model maintains a distinction be­ mates of potential output. Several crude tween the utilization of capital and utiliza­ simulation experiments of high-employ­ tion of labor. Thus, the model can be ment tax programs are used to illustrate simulated to construct two measures of “po­ how actual and potential output interact and tential output”—full capacity output and full to demonstrate that potential output is not employment output. The labor sector is com­ well defined without identification of the bined with a truncated version of the FRB- policy instrument (or instruments) used to MIT model presented by de Leeuw and effect the movement to and along a potential Gramlich (in the January 1968 issue of this output path. 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 meetings held in 1968 through April 19 were published in the Bulletins for April, pages 372-81; May, pages 431-36; June, pages 482-96; and July, pages 628-37. The record for the meeting held on April 30, 1968, follows: 671 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

672 FEDERAL RESERVE BULLETIN □ AUGUST 1968 MEETING HELD ON APRIL 30, 1968 1. Authority to effect transactions in System Account. Over-all economic activity had expanded at a very rapid pace thus far in 1968 and prices had risen substantially. The outlook was for continued rapid expansion in activity and persisting inflationary pressures. In the first quarter, according to preliminary Department of Commerce estimates, real GNP advanced at a 6 per cent annual rate and average prices—as measured by the GNP deflator—at a 4 per cent annual rate. Defense spending and business capital outlays expanded considerably, and outlays on residential con­ struction increased moderately. Most of the advance in GNP, however, reflected a sharp rise in consumer expenditures; per­ sonal income increased at an unusually rapid rate in the quarter, and the percentage of income saved fell below the unusually high figure of the preceding quarter. Partly because of the large in­ crease in consumer expenditures, the rate of business inventory accumulation declined markedly. In March nonfarm employment rose substantially further, and the unemployment rate edged down to 3.6 per cent from 3.7 per cent in February. Industrial production increased moderately, and retail sales continued to advance rapidly. In early April, how­ ever, retail sales apparently were adversely afl’cctcd by civil dis­ orders in many cities. The consumer price index rose considerably further in March to a level about 4 per cent above a year earlier. With the cost of living advancing at a rapid pace, settlements in recent wage nego­ tiations had provided for increases in wages and fringe benefits of 6 per cent or more per year. The rise in average prices of industrial commodities moderated in both March and April, mainly because of large declines for a few major industrial materials. Average prices of farm products changed relatively little in the 2 months. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 673 It appeared likely that in the second quarter real GNP would advance as fast as or faster than in the first quarter and that average prices would continue upward at about the first-quarter pace. In prospect were further large rises in consumer income and spending and another substantial increase in defense outlays. It was expected that business capital spending and outlays on residential construction would level off, but that business in­ ventory accumulation would rebound from its low first-quarter rate. Since the establishment of the two-market system for gold on March 17, the price of gold in the private market had for the most part ranged between $37 and $40 per ounce. The volume of foreign official gold purchases from the U.S. Treasury had increased considerably in recent weeks. The deficit in the U.S. balance of payments in the first quarter now appeared to have been smaller than estimated earlier and considerably smaller than in the fourth quarter of 1967. The surplus on merchandise trade was reduced further in the first quarter from the low level to which it had fallen in late 1967; in March, when exports declined largely because of a longshore­ men’s strike in New York, U.S. foreign trade was in deficit. The deterioration in the trade account, however, was more than offset by a marked improvement in capital transactions, reflecting in part a net reflow of U.S. bank credits during the quarter that was about as large as the foreign credit restraint program was in­ tended to achieve over the full year. The outlook was for some recovery in the trade account but for substantial deterioration in the capital account—especially in view of the likelihood that the reflow of bank credit and certain other favorable first-quarter capital movements would not be sustained. System open market operations had been directed toward achieving slightly firmer conditions in the money market follow­ ing the meeting of the Committee on April 2. After the increase in Federal Reserve Bank discount rates from 5 to 51/2 per cent effective April 19 and the meeting of the Committee on that day, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

674 FEDERAL RESERVE BULLETIN □ AUGUST 1968 operations had been directed at achieving still firmer money market conditions while facilitating orderly market adjustments to the higher discount rate. In the first part of April the effective rate on Federal funds moved up to a range of 5/2 to 5% per cent, and subsequently it rose to a range around 6 per cent. Net borrowed reserves of member banks averaged $335 million in the 4 weeks ending April 24, compared with an average of about $310 million in March; and average borrowings of member banks increased to about $690 million in the latest 4 weeks from about $650 million in the earlier period. Interest rates on most types of short- and intermediate-term market securities rose substantially over the course of April, in part as a result of the increase in discount rates and the firming of money market conditions. The market rate on 3-month Treasury bills, at 5.48 per cent on the day before this meeting, was 14 basis points above its level on April 18 and 35 basis points higher than on April 1. Yield changes were more irregular in capital markets, where investor sentiment was influenced by fluctuating prospects for fiscal action and for Vietnam peace negotiations, but since mid-April long-term yields in general had also been rising. Several large additions to the April and May calendar of public offerings of corporate bonds and the con­ tinuation of a relatively large volume of new issues of municipal bonds contributed to upward pressures on yields of such securi­ ties. The Treasury was expected, on the day following this meeting, to announce the terms on which it would refund securities matur­ ing in mid-May, of which about $4 billion were held by the public. Estimates suggested that the Treasury would have to raise a substantial amount of new cash before the end of the fiscal year. It was thought likely that some of this would be raised in connection with the May refunding, although the amount was uncertain, and that further cash financing would be undertaken in June. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 675 Interest rates on new-home mortgages, which had changed little in February, edged up in March to postwar highs. Net in­ flows of funds to nonbank depositary institutions had improved somewhat in February and March, but in the 4 months through March they were at an annual rate about one-third less than in the preceding 7 months. Although withdrawals during the interest- and dividend-crediting period in late March and early April were smaller than many observers had anticipated, net inflows in the period shortly thereafter apparently were not as large as usual. Commercial bank credit, as measured by the bank credit proxy —daily-average member bank deposits—was estimated to have declined at an annual rate of 3.5 per cent in April. Business loans outstanding, which had begun to expand more rapidly after mid­ March, increased substantially in April. However, banks con­ tinued to liquidate their holdings of U.S. Government securities. They also reduced the pace at which they acquired other securi­ ties, notably municipal obligations. Following the April 19 in­ crease in the discount rate, commercial banks raised their prime lending rate from 6 to 614 per cent. The money supply increased in April at a pace considerably above that of earlier months of the year. Private demand de­ posits rose sharply as U.S. Government deposits declined, and currency holdings of the public continued to expand at a higherthan-normal rate. Total time and savings deposits of banks were estimated to have increased relatively little in April; with short­ term interest rates rising, inflows of consumer-type time and sav­ ings deposits slackened and the volume of large-denomination CD’s outstanding contracted substantially. The CD run-off was concentrated in the first half of the month, before offering rates were increased under the higher ceilings that became effective on April 19. By the month-end offering rates were at the new maxi­ mum levels for shorter-term CD’s but were somewhat below the ceilings for longer-term certificates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

676 FEDERAL RESERVE BULLETIN □ AUGUST 1968 In the 5 months through April the bank credit proxy had grown at an annual rate of 3.7 per cent, about one-third of the rate for the preceding 7 months. In the same period commercial bank time and savings deposits had expanded at a rate of 5.5 per cent, less than two-lifths of the earlier pace; and the money supply had grown at a 5.6 per cent rate, about two-thirds of that prevailing earlier. Changes in bank credit in May and June were expected to depend in part on the pattern of Treasury financing operations. On the assumptions that prevailing money market conditions would be maintained and that the Treasury would raise only a moderate amount of new cash in connection with the May re­ funding—meeting the bulk of its residual needs for the fiscal year 1968 in June—the annual rate of change in the bank credit proxy was projected in a range of -2 to -j-2 per cent in May and in a range of J-4 to +6 per cent in June. On the same assumptions, U.S. Government deposits were projected to decline substantially further in May and private demand deposits and the money supply to increase rapidly, although not so rapidly as in April. It was expected that banks would expand their out­ standing CD’s somewhat, but that consumer-type time and sav­ ings deposits would continue to grow at a relatively slow pace. The Committee agreed that the Treasury’s forthcoming refund­ ing operation precluded a change in monetary policy at this time. Although members expressed concern about persisting inflation­ ary pressures and the recent worsening in the U.S. foreign trade balance, a number indicated that they would have favored no change in policy at present even if Treasury financing were not in prospect. Among the reasons they advanced were the con­ siderable degree of restraint already achieved by recent monetary policy actions, the effects of which were still in train; and the view that prospects for restrictive fiscal action had improved. At the same time, the desirability was noted of avoiding any tend­ ency toward relaxation in the degree of money market firmness. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 677 The Committee concluded that the firmer conditions now pre­ vailing in the money market should be maintained, with the proviso that operations should be modified, insofar as permitted by the Treasury financing, if bank credit appeared to be deviating significantly from the projection, ft was understood that allow­ ance would be made in interpreting this proviso for any substan­ tial difference between the amount of new cash the Treasury actually raised in connection with the May refunding and the amount assumed in the projection. 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 expanded at a very rapid pace thus far in 1968, with prices rising substantially, and that prospects are for a continuing rapid advance in activity and persisting inflationary pressures in the period ahead. Since late fall, growth rates of bank credit, the money supply, and time and savings accounts at financial institutions have on balance mod­ erated considerably. Market interest rates have risen in recent weeks, partly in reaction to the firming of monetary policy including the further increase in Federal Reserve discount rates. The U.S. foreign trade balance has worsened further, and the international payments position of the United States continues to be a matter of serious concern. In this situation, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to resistance of inflationary pressures and attainment of reasonable equilibrium in the country’s balance of payments. T’o implement this policy, while taking account of Treasury financing activity, System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining the firmer con­ ditions prevailing in the money market; provided, however, that opera­ tions shall be modified, to the extent permitted by Treasury financing, if bank credit appears to be deviating significantly from current projections. Votes for this action; Messrs. Martin, Hayes, Brimmer, Daane, Ellis, Galusha, Kimbrel, Maisel, Robertson, and Sherrill. Vote against this action: Mr. Hickman. Absent and not voting: Mr. Mitchell. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

678 FEDERAL RESERVE BULLETIN a AUGUST 1968 In dissenting from this action, Mr. Hickman expressed the view that the recent upward adjustment of interest rates had been less than contemplated under the policy directive the Com­ mittee had issued at its April 19 meeting, and less than was de­ sirable in view of the inflationary pressures in the economy. He agreed that the prospective Treasury financing precluded sub­ stantial firming of money market conditions before the Com­ mittee’s next meeting. Nevertheless, he thought that firmer con­ ditions should be sought, if and when feasible after the Treasury financing had been completed, on the understanding that the stance of monetary policy would be reexamined should fiscal action be taken. 2. Amendment to authorization for System foreign currency operations. The Committee amended paragraph 1B(3) of the authorization for System foreign currency operations to increase, from $200 million to $250 million, the limit on authorized System Account holdings of sterling purchased on a covered or guaranteed basis. With this amendment, the first paragraph of the authorization read as follows: 1. The Federal Open Market Committee authorizes anti directs the Federal Reserve Bank of New York, for System Open Market Account, to the extent necessary to carry out the Committee’s foreign currency directive: A. To purchase and sell the following foreign currencies in the form of cable transfers through spot or forward transactions on the open market at home and abroad, including transactions with the U.S. Stabilization Fund established by Section 10 of the Gold Reserve Act of 1934, with foreign monetary authorities, and with the Bank for International Settle­ ments : Austrian schillings Belgian francs Canadian dollars Danish kroner Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 679 Pounds sterling French francs German marks Italian lire Japanese yen Mexican pesos Netherlands guilders Norwegian kroner Swedish kronor Swiss francs B. To hold foreign currencies listed in paragraph A above, up to the following limits: (1) Currencies held spot or purchased forward, up to the amounts necessary to fulfill outstanding forward commitments: (2) Additional currencies held spot or purchased forward, up to the amount necessary for System operations to exert a market inlluence but not exceeding $150 million equivalent: and (3) Sterling purchased on ;t covered or guaranteed basis in terms of the dollar, under agreement with the Bank of I'ingland, up to $250 million equivalent. C. To have outstanding forward commitments undertaken under para­ graph A above to deliver foreign currencies, up to the following limits: (1) (Commitments to deliver foreign currencies to the Stabilization Fund, up to $350 million equivalent: (2) Commitments to deliver Italian lire, under special arrangements with the Bank of Italy, up to $500 million equivalent; and (3) Other forward commitments to deliver foreign currencies, up to $550 million equivalent. D. To draw foreign currencies and to permit foreign banks to draw dollars under the reciprocal currency arrangements listed in paragraph 2 below, provided that drawings by either party to any such arrangement shall be fully liquidated within 12 monlhs after any amount outstanding at that time was first drawn, unless the (Committee, because of exceptional circumstances, specifically authorizes a delay. Votes for this action: Messrs. Martin, Hayes, Brimmer, Daane, Ellis, Galusha. Hickman, Kimbrel, Maisel, Robertson, and Sherrill. Votes against this action: None. Absent and not voting: Mr. Mitchell. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

680 FEDERAL RESERVE BULLETIN □ AUGUST 1968 This action was taken on grounds that it would be helpful in connection with discussions of specific arrangements, including a drawing by Britain on its $1.4 billion standby facility with the International Monetary bund, for repayment by the Bank of England of outstanding drawings under its swap line with the Federal Reserve. It was understood that initial use of the en­ larged authority would be subject to the approval of Chairman Martin in light of developments in those discussions. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material MEMBER BANK PURCHASE OF STOCK OF section 5155 of the Revised Statutes (12 U.S. OPERATIONS SUBSIDIARIES Code S 36), which provides that “The term The Board of Governors has reexamined its ‘branch’ . . . shall be held to include any branch position that the so-called “stock-purchase pro­ bank, branch office, branch agency, additional hibition” of section 5136 of the Revised Statutes office, or any branch place of business ... at (12 U.S. (('ode § 24), which is made applicable which deposits are received, or checks paid, or to member State banks by the 20th paragraph of money lent.” 1 section 9 of the Federal Reserve Act (12 U.S. The Board noted its 1967 interpretation that Code § 335), forbids the purchase by a member offices that are open to the public and staffed by bank “for its own account of any shares of stock employees of the bank who regularly engage of any corporation” (the statutory language), ex­ in soliciting borrowers, negotiating terms, and cept as specifically permitted by provisions of processing applications for loans (so-called “loan Federal law or as comprised within the concept production offices”) constitute branches. (1967 of “such incidental powers as shall be necessary Federal Reserve Bulletin 1334.) The Board also to carry on the business of banking”, referred to noted that later in that year it considered the ques­ in the first sentence of paragraph “Seventh” of tion whether a bank holding company may acquire R.S. 5136. ' ’ the stock of a so-called “mortgage company” on In 1966 the Board expressed the view that said the basis that the company would be engaged in incidental powers do not permit member banks “furnishing services to or performing services for to purchase stock of “operations subsidiaries”— such bank holding company or its banking sub­ that is, organizations designed to serve, in effect, sidiaries” (the so-called “servicing exemption” of tts separately-incorporated departments of the seclion 4(c)(1)(C) of the Bank Holding Com­ bank, performing, at locations at which the bank pany Act, 12 U.S. Code § 1843). In concluding is authorized to engage in business, functions that affirmatively, the Board stated that “the appro­ the bank is empowered to perform directly. (See priate test for determining whether the company 1966 Federal Reserve Bulletin 1151.) may be considered as within the servicing exemp­ The Board now considers that the incidental tion is whether the company will perform as prin­ powers clause permits a bank to organize its cipal any banking activities—such as receiving operations in the manner that it believes best deposits, paying checks, extending credit, con­ facilitates the performance thereof. One method ducting a trust department, and the like. In other of organization is through departments; another is words, if the mortgage company is to act merely through separate incorporation of particular opera­ as an adjunct to a bank for the purpose of tions. In other words, a wholly-owned subsidiary facilitating the bank’s operations, the company corporation engaged in activities that the bank may appropriately be considered as within the itself may perform is simply a convenient alterna­ scope of the servicing exemption.” (1967 Federal tive organizational arrangement. Reserve Bulletin 1911.) Reexamination of the apparent purposes and The Board believes that the purposes of the legislative history of the stock-purchase prohibition branch banking laws and the servicing exemption referred to above has led the Board to conclude are related. Generally, what constitutes a branch that such prohibition should not be interpreted to does not constitute a servicing organization and, preclude a member bank from adopting such an vice versa, an office that only performs servicing organizational arrangement unless its use would be inconsistent with other Federal law, either 1 In the Board's judgment, the statutory enumeration of three specific functions that establish branch status is not statutory or judicial. meant to be exclusive but to assure that offices at which fn view of the relationship between the opera­ any of these functions is performed arc regarded as tion of certain subsidiaries and the branch banking branches by the bank regulatory authorities. In applying the statute the emphasis should be to assure that significant laws, the Board has also reexamined its rulings on banking functions arc made available to the public only at what constitutes “money lent” for the purposes of governmentally authorized offices. 681 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

682 FEDERAL RESERVE BULLETIN □ AUGUST 1968 functions should not be considered a branch. (See BANK PROTECTION ACT OF 1968 1958 Federal Reserve Bulletin 431, last para­ By Act approved July 7, 1968 (Public Law 90­ graph.) When viewed together, the above-cited 389) Congress has required the supervisors of fed­ interpretations on loan production offices and erally insured financial institutions to promulgate mortgage companies represent a departure from regulations establishing minimum security measures this principle. In reconsidering the laws involved, for use by such institutions in guarding against loss the Board has concluded that a test similar to that of funds by theft. The text of the relevant portion of adopted with respect to the servicing exemption the Act is as follows: under the Bank Holding Company Act is appro­ AN ACT priate for use in determining whether or not To provide security measures for banks and other fi­ “money |is| lent" at a particular office, for the nancial institutions, and to provide for the appoint­ purpose of the Federal branch banking laws. ment of the Federal Savings and Loan Insurance Accordingly, the Board considers that the Corporation as receiver. He ii enacted by the Senate and Hanse of Repre­ following activities, individually or collectively, do sentatives of the United States of America in Congress not constitute the lending of money within the assembled, That this Act may be cited as the “Bank meaning of section 5155 of the Revised Statutes: Protection Act of 1968". soliciting loans on behalf of a bank (or a branch Sec. 2. As used in this Act the term “Federal su­ pervisory agency” means— thereof), assembling credit information, making (1 ) The Comptroller of the Currency with re­ property inspections and appraisals, securing title spect to national banks and district banks, information, preparing applications for loans (in­ (2) The Board of Governors of the Federal cluding making recommendations with respect to Reserve System with respect to Federal Reserve hanks and State tranks which arc members of the action thereon), soliciting investors to purchase Federal Reserve System, loans from the bank, seeking to have such in­ (3) The Federal Deposit Insurance Corpora­ vestors contract with the bank for the servicing of tion with respect to State banks which arc not members of the Federal Reserve System but the such loans, and other similar agent-type activities. deposits of which are insured by the Federal De­ When Joans are approved and funds disbursed posit Insurance Corporation, and solely at the main office or a branch of the bank, (4) The Federal Home Loan Bank Board with an office at which only preliminary and servicing respect to Federal savings and loan associations, and institutions the accounts of which arc insured steps are taken is not a place where “money [is] by the Federal Savings and Loan Insurance Cor­ lent”. Because preliminary and servicing steps of poration. the kinds described do not constitute the perform­ Sec. 3. (a) Within six months from the date of this Act. each Federal supervisory agency shall prom­ ance of significant banking functions of the type ulgate rides establishing minimum standards with that Congress contemplated should be performed which each bank or savings and loan association must only at governmentally approved offices, such comply with respect to the installation, maintenance, and operation of security devices and procedures, office is accordingly not a branch. reasonable in cost, to discourage robberies, burglaries, To summarize the foregoing, the Board has and larcenies and to assist in the identification and ap­ concluded that, insofar as Federal law is con­ prehension of persons who commit such acts. (b) The rules shall establish the time limits within cerned. a member bank may purchase for its own which banks and savings and loan associations shall account shares of a corporation to perform, at comply with the standards and shall require the sub­ locations at which the bank is authorized to en­ mission of periodic reports with respect to the instal­ lation, maintenance, and operation of security devices gage in business, functions that the bank is em­ and procedures. powered to perform directly. Also, a member Sec. 4. The Federal supervisory agencies shall con­ bank may established and operate, at any loca­ sult with tion in the United States, a “loan production (1 ) insurers furnishing insurance protection against losses resulting from robberies, burgla­ office” of the type described herein. Such offices ries, and larcenies committed against financial may be established and operated by the bank institutions referred to in section 2, and either directly, or indirectly through a wholly- (2) State agencies having supervisory or reg­ ulatory responsibilities with respect to such in­ owned subsidiary corporation. surers This interpretation supersedes both the Board’s to determine the feasibility and desirability of premium 1966 ruling on “operations subsidiaries” and its rate differentials based on the installation, mainte­ nance, and operation of security devices and proce­ 1967 ruling on “loan production offices,” referred dures. The Federal supervisory agencies shall report to above. to the Congress the results of their consultations pur- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 683 suant to this section not later than two years after the exchanges” in the second sentence of that sub­ date of enactment of this Act. section. Sec. 5. A bank or savings and Ioan association which violates a rule promulgated pursuant to this "TENDER OFFERS" WITH RESPECT TO Act shall be subject to a civil penalty which shall not SECURITIES OF MEMBER STATE BANKS exceed $100 for each day of the violation. By Act approved July 29, 1968 (Public Law 90­ * * * * * 439), Congress amended the Securities Exchange MARGIN REQUIREMENTS FOR SECURITIES Act of 1934 to require disclosure of certain infor­ TRANSACTIONS mation with respect to (1) acquisitions of more By Act approved July 29, 1968 (Public Law 90­ than 10 per cent of a class of equity securities 437), Congress amended the Securities Exchange regisicred pursuant to the Act, (2) the making of Act of 1934 to authorize the Board of Governors so-called “tender oilers” (or solicitations favoring (a) to extend the coverage of margin requirements or opposing such oilers), and (3) the replacement to credit that banks and other lenders may extend of a majority of the directors of an issuer in con­ for the purpose of purchasing and carrying securi­ nection with such acquisitions or tender offers. The ties traded over the counter (as distinguished from provisions of the Act arc applicable with respect to on national securities exchanges) and (b) to permit securities of member State banks registered under brokers and dealers to extend credit on such secu­ Regulation F, “Securities of Member State Banks”. rities. The text of the Act is as follows: I’he text of the Act is as follows: AN ACT AN ACT To amend the Securities Exchange Act of 1934 to Providing for full disclosure of corporate equity permit regulation of the amount of credit that may ownership of securities under the Securities Ex­ be extended and maintained with respect to securi­ change Act of 1934. ties that are not registered on a national securities Be it enacted by the Senate and House of Repre­ exchange. sentatives of the United States of America in Con- Be it enacted by the Senate and House of Repre­ press assembled, That section 12(i) of the Securities sentatives of the United States of America in Con- Exchange Act of 1934 is amended by striking out press assembled, That section 7 of the Securities “sections 12, 13, 14(a), 14(c), and 16” and inserting Exchange Act of 1934 (15 U.S.C. 78g) is amended-—• in lieu thereof “sections 12, 13, 14(a), 14(c), 14(d), 14(f), and 16”. (1) by striking out “registered on a national securities exchange” in subsection (a); Sec. 2. Section 13 of the Securities Exchange Act of 1934 is amended by adding at the end thereof the (2) by amending subsection (c) to read as following new subsections: follows: “(d)(1) Any person who, after acquiring directly “(c) It shall be unlawful for any member of a or indirectly the beneficial ownership of any equity national securities exchange or any broker or dealer, security of a class which js registered pursuant to sec­ directly or indirectly, to extend or maintain credit or tion 12 of this title or any equity security issued by arrange for the extension or maintenance of credit a closed-end investment company registered under the to or for any customer— Investment Company Act of 1940, is directly or in­ “(1) on any security (other than an exemp­ directly the beneficial owner of more than 10 per ted security), in contravention of the rules and centum of such class shall, within ten days after such regulations which the Board of Governors of acquisition, send to the issuer of the security at its the Federal Reserve System shall prescribe under principal executive office, by registered or certified subsections (a) and (b) of this section; mail, send to each exchange where the security is “(2) without collateral or on any collateral traded, and file with the Commission, a statement other than securities, except in accordance with containing such of the following information, and such rules and regulations as the Board of Gov­ such additional information, as the Commission may ernors of the Federal Reserve System may pre­ by rules and regulations prescribe as necessary or scribe (A) to permit under specified conditions appropriate in the public interest or for the protec­ and for a limited period any such member, tion of investors— broker, or dealer to maintan a credit initially “(A) the background and identity of all per­ extended in conformity with the rules and regu­ sons by whom or on whose behalf the purchases lations of the Board of Governors of the Federal have been or arc to effected; Reserve System, and (B) to permit the extension “(B) the source and amount of the funds or or maintenance of credit in cases where the ex­ other consideration used or to be used in making tension or maintenance of credit is not for the the purchases, and if any part of the purchase purpose of purchasing or carrying securities or price or proposed purchase price is represented of evading or circumventing the provisions of or is to be represented by funds or other con­ paragraph (1) of this subsection.” sideration borrowed or otherwise obtained for (3) by striking out “registered on a national the purpose of acquiring, holding, or trading securities exchange” in the first sentence of sub­ such security, a description of the transaction and section (d) and “registered on national securities the names of the parties thereto, except that Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

684 FEDERAL RESERVE BULLETIN □ AUGUST 1968 where a source of funds is a loan made in the regulations or by order, shall exempt from the ordinary course of business by a bank, as defined provisions of this subsection as not entered into in section 3(a)(6) of this title, if the person filing for the purpose of, and not having the effect of, such statement so requests, the name of the bank changing or influencing the control of the issuer shall not be made available to the public; or otherwise as not comprehended within the “(C) if the purpose of the purchases or pros­ purposes of this subsection. pective purchases is to acquire control of the "(e)(1) It shall be unlawful for an issuer which business of the issuer of the securities, any plans has a class of equity securities registered pursuant to or proposals which such persons may have to section 12 of this title, or which is a closed-end in­ liquidate such issuer, to sell its assets to or merge vestment company registered under the Investment it with any other persons, or to make any other Company Act of 1940, to purchase any equity se­ major change in its business or corporate struc­ curity issued by it if such purchase is in contravention ture; of such rules and regulations as the Commission, in “(D) the number of shares of such security the public interest or for the protection of investors, which are beneficially owned, and the number of may adopt (A) to define acts and practices which are shares concerning which there is a right to ac­ fraudulent, deceptive, or manipulative, and (B) to quire, directly or indirectly, by (i) such person, prescribe means reasonably designed to prevent such and (ii) by each associate of such person, giving acts and practices. Such rules and regulations may the name and address of each such associate; and require such issuer to provide holders of equity se­ “(E) information as to any contracts, arrange curities of such class with such information relating ments, or understandings with any person with to the reasons for such purchase, the source of funds, respect to any securities of the issuer, including the number of shares to be purchased, the price to be but not limited to transfer of any of the securi­ paid for such securities, the method of purchase, and ties, joint ventures, loan or option arrangements, such additional information, as the Commission deems puls or calls, guaranties of loans, guaranties necessary or appropriate in the public interest or for against loss or guaranties of profits, division of the protection of investors, or which the Commission losses or profits, or the giving or withholding of deems to be material to a determination whether such proxies, naming the persons with whom such security should be sold. contracts, arrangements, or understandings have “(2) For the purpose of this subsection, a pur­ been entered into, and giving the details thereof. chase by or for the issuer or any person controlling, “(2) If any material change occurs in the facts controlled by, or under common control with the is­ suer, or a purchase subject to control of the issuer or set forth in the statements to the issuer and the ex­ change, and in the statement filed with the Commis­ any such person, shall be deemed to be a purchase by the issuer.” sion, an amendment shall be transmitted to the issuer and the exchange and shall be filed with the Com­ Sec. 3. Section 14 of the Securities Exchange Act of mission, in accordance with such rules and regula­ 1934 is amended by adding at the end thereof the tions as the Commission may prescribe as necessary following new subsections: or appropriate in the public interest or for the pro­ “(d)(1) It shall be unlawful for any person, di­ tection of investors. rectly or indirectly, by use of the mails or by any “(3) When two or more persons act as a partner­ means or instrumentality of interstate commerce or of ship, limited partnership, syndicate, or other group any facility of a national securities exchange or other­ for the purpose of acquiring, holding, or disposing of wise. to make a tender oiler for, or a request or in­ securities of an issuer, such syndicate or group shall vitation for tenders of, any class of any equity security be deemed a ‘person’ for the purposes of this subsec­ which is registered pursuant to section 12 of this title, tion. or any equity security issued by a closed-end invest­ ment company registered under the Investment Com­ “(4) In determining, for purposes of this subsec­ pany Act of 1940, if, after consummation thereof, tion, any percentage of a class of any security, such such person would, directly or indirectly, be the bene­ class shall be deemed to consist of the amount of the ficial owner of more than 10 per centum of such class, outstanding securities of such class, exclusive of any unless at the time copies of the olfer or request or in­ securities of such class held by or for the account of vitation are first published or sent or given to security the issuer or a subsidiary of the issuer. holders such person has filed with the Commission a “(5) The provisions of this subsection shall not statement containing such of the information specified apply to— in section 13(d) of this title, and such additional in­ “(A) any acquisition or offer to acquire se­ formation as the Commission may by rules and regu­ curities made or proposed to be made by means lations prescribe as necessary or appropriate in the of a registration statement under the Securities public interest or for the protection of investors. All Act of 1933; requests or invitations for tenders or advertisements “(B) any acquisition of the beneficial owner­ making a tender offer or requesting or inviting ten­ ship of a security which, together with all other ders of such a security shall be filed as a part of such acquisitions by the same person of securities of statement and shall contain such of the information the same class during the preceding twelve contained in such statement as the Commission may months, does not exceed 2 per centum of that by rules and regulations prescribe. Copies of any class; additional material soliciting or requesting such ten­ der offers subsequent to the initial solicitation or re­ “(C) any acquisition of an equity security by quest shall contain such information as the Commis­ the issuer of such security; sion may by rules and regulations prescribe as neces­ “(D) any acquisition or proposed acquisition sary or appropri.'ite in the public interest or for the of a security which the Commission, by rules or protection of investors, and shall be filed with the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 685 Commission not later that the time copies of such "(B) if the acquisition of such security, to­ material are first published or sent or given to se­ gether with all other acquisitions by the same curity holders. Copies of all statements, in the form in person of securities of the same class during the which such material is furnished to security holders preceding twelve months, would not exceed 2 per and the Commission, shall be sent to the issuer not centum of that class; . later than the date such material is fust published or sent or given to any security holders. "(C) by the issuer of such security; or “(2) When two or more persons act as a partner­ "(D) which the Commission, by rules or regu­ ship, limited partnership, syndicate, or other group for lations or by order, shall exempt from the pro­ the purpose of acquiring, holding, or disposing of se­ visions of this subsection as not entered into for curities of an issuer, such syndicate or group shall be the purpose of, and not having the effect of, deemed a ‘person’ for purposes of this subsection. changing or inllucncing the control of the issuer or otherwise as not comprehended within the "(3) In determining, for purposes of this subsec­ purposes of this subsection. tion, any percentage of a class of any security, such class shall be deemed to consist of the amount of the "(e) It shall be unlawful for any person to make outstanding securities of such class, exclusive of any any untrue statement of a material fact or omit to securities of such class held by or for the account state any material fact necessary in order to make of the issuer or a subsidiary of the issuer. the statements made, in the light of the circumstances under which they arc made, not misleading, or to en­ “(4) Any solicitation or recommendation to the gage in any fraudulent, deceptive, or manipulative holders of such a security to accept or reject a tender acts or practices, in connection with any tender offer offer or request or invitation for tenders shall be or request or invitation for tenders, or any solicitation made in accordance with such rides and regulations of security holders in opposition to or in favor of as the Commission may prescribe as necessary or ap­ any such offer, request, or invitation. propriate in the public interest or for the protection of investors. “(f) If, pursuant to any arrangement or under­ standing with the person or persons acquiring securi­ "(5) Securities deposited pursuant to a tender offer or request or invitation for tenders may be with­ ties in a transaction subject to subsection (d) of this section or subsection (d) of section 13 of this title, drawn by or on behalf of the depositor at any time until the expiration of seven days after the time defini­ any persons are to be elected or designated as direc­ tors of the issuer, otherwise than at a meeting of se­ tive copies of the offer or request or invitation are first curity holders, and the persons so elected or designated published or sent or given to security holders, and at will constitute a majority of the directors of the is­ any time after sixty days from the date of the original tender offer or request or invitation, except as the suer, then, prior to the time any such person takes office as a director, and in accordance with rules and Commission may otherwise prescribe by rules, regula­ regulations prescribed by the Commission, the issuer tions, or order ns necessary or appropriate in the pub­ lic interest or for the protection of investors. shall file with the Commission, and transmit to all holders of record of securities of the issuer who would “(6) Where any person makes a tender offer, or be entitled to vote at a meeting for election of direc­ request or invitation for tenders, for less than all the tors, information substantially equivalent to the in­ outstanding equity securities of a class, and where a formation which would be required by subsection (a) greater number of securities is deposited pursuant or (c) of this section to be transmitted if such person thereto within ten days after copies of the offer or or persons were nominees for election as directors at request or invitation are first published or sent or given a meeting of such security holders." to security holders than such person is bound or will­ ing to take up and pay for, the securities taken up Effective August 5, 1968, the Board amended shall he taken up as nearly as may be pro rata, dis­ Regulation F to implement the foregoing amend­ regarding fractions, according to the number of se­ curities deposited by each depositor. The provisions ments to the Securities Exchange Act with respect of this subsection shall also apply to securities de­ to securities of member State banks. The amend­ posited within ten days after notice of an increase in the consideration offered to security holders, as de­ ments read as follows: scribed in paragraph (7), is first published or sent or given to security holders. “(7) Where any person varies the terms of a ten­ AMENDMENT’S TO REGULATION F der offer or request or invitation for tenders before the expiration thereof by increasing the consideration Effective August 5, 1968, Regulation F is offered to holders of such securities, such person shall amended in the following respects: pay the increased consideration to each security holder whose securities are taken up and paid for pur­ 1. Section 206.4 is amended to change its title suant to the tender offer or request or invitation for and to revise paragraph (g), as set forth below: tenders whether or not such securities have been taken up by such person before the variation of the tender offer or request or invitation. SECTION 206.4—REGISTRATION “(8) The provisions of this subsection shall not STATEMENTS AND REPORTS apply to any offer for, or request or invitation for tenders of, any security— ’I: * sis $ sis “(A) proposed to be made by means of a registration statement under the Securities Act (g) Current reports. (1) Every registrant bank of 1933; shall file a current report in conformity with the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

686 FEDERAL RESERVE BULLETIN □ AUGUST 1968 requirements of Form F-3 within 10 days after the date, file (he statement required by this paragraph close of any month during which any of the on or before August 15, 1968. events specified in that form occurs, unless sub­ (2) If any material change occurs in the facts stantially the same information as required by set forth in the statement required by subpara­ that form has been previously reported by the graph (1), the person who filed such statement bank. shall promptly file with the Board an amendment (2) Any person who, after acquiring, subse­ disclosing such change. quent to July 29, 1968, directly or indirectly, the (3) All requests or invitations for tenders or beneficial ownership of any equity security of a advertisements making a tender offer or request­ member State bank, of a class which is registered ing or inviting tenders shall contain the name of pursuant to section 12 of the Act, is directly or the persons making such requests, invitations, or indirectly the beneficial owner of more than 10 advertisements and the information required by per cent of such class shall, within ten days after Items 2(a) and (c), 3, 4, 5 and 6 of Form F-11, such acquisition, send to the bank at its principal or a fair and adequate summary thereof, and shall executive office, by registered or certified mail, be filed with the Board as part of the statement send to each exchange where the security is traded, required by subparagraph (1). and file with the Board a statement containing the (4) Any additional material soliciting or re­ information required by Form F-11. questing such tender offers subsequent to the in­ (3) If any material change occurs in the facts itial solicitation or request shall contain the name set forth in the statement required by paragrapf of the persons making such solicitation or request (g)(2), the person who filed such statement shall and the information required by Items 2(a) and promptly file with the Board and send to the bank (c), 3, 4, 5 and 6 of Form F-11, or a fair and and the exchange an amendment disclosing such adequate summary thereof: Provided, however, change. That such material may omit any of such informa­ * * * * * tion previously furnished to the persons solicited 2. Section 206.5 is amended to change its title or requested for tender offers. Copies of such ad­ and to add paragraphs (1), (m), and (n), as set ditional material soliciting or requesting such ten­ forth below: der offers shall be filed with the Board not later than the time copies of such material are first pub­ lished or sent or given to security holders. SECTION 206.5—PROXY STATEMENTS (m) Recommendations as to tender offers. (1) AND OTHER SOLICITATIONS UNDER No solicitation or recommendation to the holders SECTION 14 OF THE ACT. of a security to accept or reject a tender offer or :|‘ * * * :|« request or invitation for tenders subject to section (/) Invitations for tenders. (1) No person, di­ 14(d) of the Act shall be made unless, at the time rectly or indirectly, by use of the mails or by any copies of the solicitation or recommendation are means or instrumentality of interstate commerce first published or sent or given to holders of the or of any facility of a national securities exchange security, the person making such solicitation or or otherwise, shall make a tender offer for, or a recommendation has filed with the Board a state­ request or invitation for tenders of, any class of ment containing the information specified by any equity security, which is registered pursuant Form F-12: Provided, however, That this para­ to section 12 of the Act, of a member State bank graph shall not apply to (1) a person required if, after consummation thereof, such person by section 206.5(1) to file a statement, or (2) a would, directly or indirectly, be the beneficial person, other than the bank or the management of owner of more than 10 per cent of such class, un­ the bank, who makes no written solicitations or less, at the time copies of the offer or request or recommendations other than solicitations or rec­ invitation are first published or sent or given to ommendations copies of which have otherwise security holders, such person has filed with the been filed with the Board: And, provided further, Board a statement containing the information and That any person making a solicitation or recom­ exhibits required by Form F-ll: Provided, how­ mendation to the holders of a security to accept ever, That any person making a tender offer for or or reject a tender offer or request or invitation a request or invitation for tenders which com­ for tenders which solicitation or recommendation menced prior to August 6, 1968, shall, if such commenced prior to August 6, 1968 shall, if such offer, request or invitation continues after such solicitation or recommendation continues after Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 687 such date, file the statement required by this para­ suant to any arrangement or understanding with graph on or before August 15, 1968. the person or persons acquiring securities in a transaction subject to section 13(d) or 14(d) of (2) If any material change occurs in the facts set forth in the statement required by subpara­ the Act, any persons are to be elected or designa­ ted as directors of the bank, otherwise than at graph (I), the person who filed such statement shall promptly file with the Board an amendment a meeting of security holders, and the persons so elected or designated will constitute a majority of disclosing such change. the directors of the bank, then, not less than 10 (3) Any written solicitation or recommenda­ days prior to the date any such person takes office tion to the holders of a security to accept or reject as a director, or such shorter period prior to that a tender offer or request or invitation for tenders date ;ts the Board may authorize upon a showing subject to section 14(d) of the Act shall include of good cause therefor, the bank shall file with the the name of the person making such solicitation Board and transmit to all holders of record of se­ or recommendation and the information required curities of the bank who would be entitled to vote by Items 1(b) and 2(b) of Form F-12, or a fair at a meeting for election of directors, information and adequate summary thereof: Provided, how­ substantially equivalent to the information which ever, That such written solicitation or recommen­ would be required by Items 5(a), (d), (e) and dation may omit any of such information previ­ (f), 6 and 7 of Form F-5 to be transmitted if ously furnished to the persons to whom the solici­ such person or persons were nominees for elec­ tation or recommendation is made. tion as directors at a meeting of such security (n) Change in majority of directors, if, pur­ holders. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM AMENDMENT TO FORM F-5 PROXY STATEMENT: STATEMENT WHERE MANAGEMENT DOES NOT SOLICIT PROXIES Effective August 5, 1968, Item 5 is amended by adding the following paragraphs (e) and (f): Item 5. Voting securities and principal holders curities of the bank now owned by such person thereof. or persons. (f) Describe any contractual arrangements, including any pledge of securities of the bank or any of its parents, known to the persons on whose (c) If to the knowledge of the persons on whose behalf the solicitation is made, the operation of behalf the solicitation is made, a change in con­ the 'terms of which may at a subsequent date trol of the bank has occurred since the beginning result in a change in control of the bank. of its last fiscal year, state the name of the per­ son or persons who acquired such control, the Instruction. Paragraph (f) docs not require a de­ basis of such control, the date and a description scription of ordinary default provisions contained in of the transaction or transactions in which con­ the charter, trust indentures or other governing instru­ trol was acquired and the percentage of voting se­ ments relating to securities of the bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

688 FEDERAL RESERVE BULLETIN □ AUGUST 1968 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FORM F-11 STATEMENT TO BE FILED PURSUANT TO § 206.4(g)(2) OR 206.5(0 OF REGULATION F " GENERAL INSTRUCTIONS proceeding (excluding traffic violations or similar misdemeanors) and, if so, give the dates, nature The item numbers and captions of the items of conviction, name and location of court, and shall be included but the text of the items may penalty imposed, or other disposition of the case. be omitted. The answers to the items shall be so prepared as to indicate clearly the coverage of the Item 3. Source and amount of funds or other items without referring to the text of the items. consideration. State the source and amount of Answer every item. If an item is inapplicable or funds or other consideration used or to be used the answer is in the negative, so state. in making the purchases, and if any part of the If the statement is filed by a partnership, limited purchase price or proposed purchase price is rep­ resented or is to be represented by funds or other partnership, syndicate, or other group, the infor­ mation called for by Items 2 to 6, inclusive, shall consideration borrowed or otherwise obtained for be given with respect to (1) each partner or any the purpose of acquiring, holding, or trading the partnership or limited partnership, (2) each mem­ securities, a description of the transaction and the names of the parties thereto. ber of such syndicate or group and (3) each per­ son controlling such partner or member. If a Instruction: If the source of funds is a loan made in the ordinary course of business by a bank, the person person referred to in (1), (2), or (3) is a cor­ filing the statement may, at his option, omit the name poration or the statement is filed by a corpora­ of the bank, provided it is furnished to the Board in a tion, the information called for by the above­ letter requesting confidential treatment as to such in­ mentioned items shall be given with respect to formation. Pursuant to section 13(d)(1)(B) of the Act, such information shall not be made available to the each principal officer and director of such corpo­ public. ration and each person controlling such corpora­ Item 4. Purpose of transaction. If the purpose tion. of the purchases or prospective purchases is to Item 1. Security and bank. State the title of acquire control of the bank, describe any plans the class of equity securities to which this state­ or proposals which such persons may have to ment relates and the name and address of the liquidate such bank, to sell its assets to or merge bank which issued such securities. it with any other persons, or to make any other Item 2. Identity and background. State the major change in its business or corporate structure. following with respect to the person filing this Item 5. Interest in securities of the bank. State statement: the number of shares of the security which are (a) Name and business address; beneficially owned, and the number of shares con­ (b) Residence address; cerning which there is a right to acquire, directly (c) Present principal occupation or employ­ or indirectly, by (i) such person, and (ii) each ment and the name, principal business and ad­ associate of such person giving the name and ad­ dress of any corporation or other organization in dress of each such associate. which such employment is carried on; Item 6. Contracts, arrangements, or under­ (d) Material occupations, positions, offices or standings with respect to securities of the bank. employments during the last 10 years, giving the Furnish information as to any contracts, arrange­ starting and ending dates of each and the name, ments, or understandings with any person with principal business and address of any business respect to any securities of the bank, including corporation or other organization in which each but not limited to transfer of any of the securities, such occupation, position, office or employment joint ventures, loan or option arrangements, puts was carried on; and or calls, guaranties of loans, guaranties against (c) Whether or not, during the last 10 years, toss or guaranties of profits, division of losses or such person has been convicted in a criminal profits, or the giving or withholding of proxies, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 689 naming the persons with whom such contracts, requesting such tender oilers, solicitations or arrangements, or understandings have been entered recommendations to the holders of the security into, and giving the details thereof. to accept or reject a tender offer or request or Item 7. Persons retained, employed or to be invitation for tenders shall be filed as an exhibit. compensated. Where this statement relates to a tender offer, or request or invitation for tenders, SIGNATURE identify all persons and classes of persons em­ I certify that to the best of my knowledge and ployed, retained or to be compensated by the belief the information set forth in this statement person filing this statement, or by any person on is true, complete and correct. his behalf, to make solicitations or recommenda­ tions to security holders and describe briefly the terms of such employment, retainer or arrange­ (Date) (Signature) ment for compensation. Item 8. Material to be filed as exhibits. Copies If the statement is signed on behalf of a person of all requests or invitations for tenders or adver­ by an authorized representative, evidence of the tisements making a tender offer or requesting or representative’s authority to sign on behalf of inviting tenders, additional material soliciting or such person shall be filed with the statement. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FORM F-12 STATEMENT’ TO BE FILED PURSUANT TO § 206.5(m) OF REGULATION F GENERAL INSTRUCTIONS Item 3. Persons retained, employed or to be The item numbers and captions of the items compensated. Identify any person or class of shall be included but the text of the items may be persons employed, retained or to be compensated, omitted. The answers to the items shall be so by the person filing this Form F-12, or by any prepared as to indicate clearly the coverage of the person on his behalf, to make solicitations or items without referring to the text of the items. recommendations to security holders and describe Answer every item. If an item is inapplicable or briefly the terms of such employment, retainer the answer is in the negative, so state. or arrangement for compensation. Item 1. Security and bank, (a) State the title Item 4. Material to be filed as exhibits. Copies of the class of equity securities to which this of all solicitations or recommendations to accept statement relates and the name and address of or to reject a tender offer or request or invitation the bank which issued such securities. for tenders of the securities specified in Item 1 (b) Identify the tender offer or request or in­ shall be filed as an exhibit. vitation for tenders to which this statement relates and state the reasons for the solicitation or recom­ SIGNATURE mendation to security holders to accept or reject 1 certify that to the best of my knowledge and such tender offer, request, or invitation for ten­ belief the information set forth in this statement ders. is true, complete and correct. Item 2. Identity and background, (a) State the name and business address of the person filing this statement. (Date) (Signature) (b) Describe any arrangement or understanding in regard to the solicitation with (i) the bank or the management of the bank or (ii) the maker If the statement is signed on behalf of a person of the tender offer or request or invitation for by an authorized representative, evidence of the tender of securities of the class to which this representative’s authority to sign on behalf of such statement relates. person shall be filed with the statement. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

690 FEDERAL RESERVE BULLETIN □ AUGUST 1968 RULES REGARDING DELEGATION OF Commerce Bancshares, Inc., Kansas City, Mis­ AUTHORITY souri, for the Board’s prior approval of action 'The Board of Governors, elective July 2, 1968, whereby Applicant would become a bank holding amended its Rules Regarding Delegation of Au­ company through the acquisition of 80 per cent or thority to provide a more expeditious means for more of the voting shares of the following three performance of its functions relating to withdrawals banks in Missouri: Chariton County Exchange from membership in the Federal Reserve System. Bank, Brunswick; Citizens Bank of Joplin, Joplin; The amendment reads as follows: and The Citizens Bank, Springfield. Applicant pres­ ently owns more than 90 per cent of the voting AMENDMENT shares of Commerce 'Trust Company, Kansas City, Missouri. Effective July 2, 1968, section 265.2(f) is As required by section 3(b) of the Act, the amended by adding subparagraph (14) as follows: Board notified the Commissioner of Finance for the Section 265.2—Specific Functions Delegated State of Missouri of receipt of the application and requested his views and recommendation. The Commissioner recommended approval of the appli­ (f) Each Federal Reserve Bank is authorized, cation. as to member banks or other indicated organiza­ Notice of receipt of the application was pub­ tions headquartered in its districl: lished in the Federal Register on February 10, 1968 (33 Federal Register 2873), which provided an opportunity for interested persons to submit com­ (14) Under the provisions of § 208.10(c) of ments and views with respect to the proposed acqui­ this chapter (Regulation H), to extend the time sition. A copy of the application was forwarded to within which a member bank that has given notice the United States Department of Justice for its con­ of intention to withdraw from membership must sideration. The time for filing comments and views surrender its Federal Reserve Bank stock and its has expired and all those received have been con­ certificate of membership. sidered by the Board. It is hereby ordered, for the reasons set forth in ORDER UNDER SECTION 3 OF BANK the Board’s Statement of this date, that said appli­ HOLDING COMPANY ACT cation be and hereby is approved, provided that the action so approved shall not be consummated (a) COMMERCE BANCSHARES, INC., KANSAS before the thirtieth calendar day following the date CITY, MISSOURI of this Order or (b) later than three months after In the matter of the application of Commerce the date of this Order unless such period is extended Bancshares, Inc., Kansas City, Missouri, for ap­ for good cause by the Board or by the Federal Re­ proval of action to become a hank holding company serve Bank of Kansas City pursuant to delegated through the acquisition of 80 per cent or more authority. of the voting shares of Chariton County Exchange Bank, Brunswick, Missouri, Citizens Bank of Jop­ Dated at Washington, D.C. this 251h day of lin, Joplin, Missouri, and The Citizens Bank, July, 1968. Springfield, Missouri. By order of the Board of Governors. Order Approving Application Under Voting for this action: Governors Mitchell, Maisel, Bank Holding Company Act Brimmer and Sherrill. Absent and not voting: Chair­ man Martin and Governors Robertson and Daane. There has come before the Board of Governors, pursuant to section 3(a)(1) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(1)) (Signed) Robert P. Forrestal, and section 222.3(a) of Federal Reserve Regula­ Assistant Secretary. tion Y (12 CFR 222.3(a)), an application by I seal] Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 691 Statement financial and managerial resources and future pros­ pects of the bank holding company and the banks Commerce Bancshares, Inc., Kansas City, Mis­ concerned, and the convenience and needs of the souri (“Applicant”), has filed with the Board, pur­ community to be served. suant to section 3(a)(1) of the Bank Holding Company Act of 1956, an application for approval Competitive effect of proposed transaction. The of action to become a bank holding company present proposal would bring together, under Appli­ through the acquisition of 80 per cent or more of cant’s ownership, four banks located in geographi­ the voting shares of Chariton County Exchange cally distinct and economically diverse areas of Bank, Brunswick (“Brunswick Bank”), Citizens Missouri. The closest of the four arc Joplin Bank Bank of Joplin, Joplin (“Joplin Bank”), and The and Springfield Bank, which are over 70 miles Citizens Bank, Springfield (“Springfield Bank”), apart. Commerce Bank is over 160 miles from all in the state of Missouri. Joplin Bank, about 170 miles from Springfield Applicant presently controls Commerce Trust Bank, and 90 miles from Brunswick Bank. Company, Kansas City, Missouri (“Commerce Commerce Bank is the largest commercial bank Bank”), which had total deposits of $543.3 mil­ in the Kansas City Standard Metropolitan Statistical lion as of December 30, 1967.’ Springfield Bank, Area (“SMSA”), a growing, economically diversi­ with deposits of $55.9 million, is the largest of the fied area comprised of four counties in Missouri proposed new subsidiaries; Joplin Bank and Bruns­ and two counties in Kansas. Population of the area wick Bank have deposits of $9.7 million and $3.7 is presently over 1.2 million, and its economic base million, respectively. Each of the banks has but one has shifted over time from a concentration in agri­ office, branch banking being prohibited in Missouri; culturally related industries to a fairly even distribu­ Commerce Bank and Joplin Bank, however, each tion among several major industries. Commerce operates the single limited-service facility which the Bank’s deposits represent 18 per cent of the aggre­ law permits. gate total deposits held by 123 banks in the SMSA Views and recommendation of supervisory au­ and about 25 per cent of the total deposits held by thority. As required by section 3(b) of the Act, 56 commercial banks in Jackson County, Com­ notice of receipt of the application was given to, merce Bank’s home office county and the core and views and recommendation requested of, the county of the SMSA. The second and third largest Commissioner of Finance for the State of Missouri. banks in the area hold 12 per cent and 1 1 per cent The Commissioner recommended approval of the of SMSA deposits and 16 per cent and 15 per cent application. of Jackson County deposits, respectively. Of the 13 Statutory considerations. Section 3(c) of the largest banks in the SMSA, 10 are located in Jack­ Act provides that the Board shall not approve an son County. acquisition that would result in a monopoly or The City of Springfield, the primary service area would be in furtherance of any combination or con­ of Springfield Bank,” is located in Greene County, spiracy to monopolize or to attempt to monopolize and is a rapidly growing city with a population of the business of banking in any part of the United about 115,000. Springfield Bank is the second States. Nor may the Board approve a proposed largest of six '' banks in Springfield; in addition, acquisition the effect of which, in any section of the four smaller banks are located in other parts of country, may be substantially to lessen competition, the County. Springfield Bank accounts for about 26 or to tend to create a monopoly, or which in any per cent of the total deposits in Springfield, and other manner would be in restraint of trade, unless about 25 per cent of the total deposits held by the the Board finds that the anticompetitive effects of 10 commercial banks in Greene County. the proposed transaction are clearly outweighed in The City of Joplin, in Jasper County, appears to the public interest by the probable effect of the transaction in meeting the convenience and needs of the community to be served. In each case the “The term “primary service area”, as used herein, refers to the area from which the bank involved derives at least Board is required to take into consideration the 75 per cent of its deposits of individuals, partnerships, and corporations (“(PC deposits”). 1 All banking data are as of this date unless otherwise " A seventh Springfield bank, hirst City Bank of Spring­ noted. field, opened for business on June 3, 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

692 FEDERAL RESERVE BULLETIN □ AUGUST 1968 be on the verge of growth after years of economic petitive implications of the present proposal, the readjustment and population stability. A decline of Board has considered the effects of these relation­ the area’s lead mining industry beginning in the ships, but has concluded that they are without com­ postwar years has until now been barely offset by pelling significance in the present case. Since Appli­ the opening of several chemical and manufacturing cant already controls Commerce Bank, the only plants, and the area’s population of about 40,000 Kansas City Bank involved in this case, neither is but 1,000 over the 1950 figure. The city pres­ corporate nor individual ownership of banks in that ently has two urban renewal programs underway in area would be further concentrated by consumma­ the downtown area, however, and appears to have tion of the proposal. Nor, giving similar considera­ overcome the problems resulting from its declining tion to these common holdings by individuals, mining industry. Joplin Bank is the second largest would State-wide concentration be significantly of 5 banks in Joplin, its primary service area, and affected by such consummation. Further, Appli­ the fourth largest of 12 banks in Jasper County. It cant’s stockholders do not control banks in any of is about one-fifth as large as the First National the areas served by the three proposed subsidiary Bank of Joplin, which is by far the largest bank in banks. Joplin and Jasper County. Although Commerce Bank is an active State­ Brunswick is a small (1,400 population) rural wide competitor for correspondent balances and for community, the economy of which is almost totally the business of customers who require the services dependent on agriculture. Its population has de­ of a large banking institution, it derives only a clined about 15 per cent since 1950. Brunswick negligible amount of business from the three coun­ Bank is the only commercial bank located in the ties in which the proposed subsidiaries are located. community and its primary service area, which ex­ None of (he latter banks derives any significant tends about 10 miles to the west, north, and south amount of business from outside its home office of Brunswick in Chariton County. Five other banks county. Consummation of Applicant’s proposal arc located in the county outside the primary serv­ would not eliminate significant competition between ice area. Two of these, with aggregate deposits of any of the banks involved. Moreover, the distance $10 million, are subsidiaries of a registered bank between the banks, the legal prohibition against holding company and account for 49 per cent of branching, and the differences in the size and serv­ county deposits; Brunswick Bank holds 19 per cent ice offerings of the four banks indicate little likeli­ of such deposits. hood that potential competition would be affected. Missouri’s 10 largest banking organizations The principal competitive effect foreseen as a (which include one of the State’s three registered probable result of consummation of Applicant’s bank holding companies) have aggregate deposits proposal is a strengthening of the competitive ability of $4.1 billion, about 41 per cent of the deposits and expansion of the services offered by the three held by the 656 insured commercial banks in the proposed subsidiaries, particularly Joplin Bank and State. Upon consummation of its proposal, Appli­ Brunswick Bank. Since none of the proposed sub­ cant would rank third among the State’s banking sidiaries is a dominant institution in its service area, organizations, the same position it now holds by such an effect would appear likely to stimulate com­ virtue of its ownership of Commerce Bank, and petition in the relevant areas, without undue adverse would increase its control of the State’s total com­ consequences on competing banks. mercial bank deposits from 5.4 per cent to 6.1 per On the basis of the foregoing, the Board con­ cent. The two largest banking organizations in the cludes that the proposed transaction will not result State, both of which are St. Louis banks, hold 10 in a monopoly or be in furtherance of any com­ per cent and 8.5 per cent, respectively. bination, conspiracy, or attempt to monopolize the Analysis of concentration in Missouri, and par­ business of banking in any relevant area, and will ticularly in the Kansas City SMSA, is complicated not substantially lessen competition, tend to create to some extent by the prevalence of chain banking, a monopoly, or restrain trade in any section of the i.e., common individual control of banks, in those country. areas. Applicant itself has large individual stock­ Financial and managerial resources and future holders who also have large holdings in other banks prospects. Applicant was organized in 1966 and in the Kansas City area. Tn determining the com­ acquired its present subsidiary. Commerce Bank, in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 693 1967. Its financial condition, reflecting the condi­ Joplin Bank appears to be serving the banking tion of Commerce Bank, is sound. Applicant’s needs of its community to the extent that its limited management, which is drawn primarily from Com­ size will permit. The competing First National Bank merce Bank, is experienced and the prospects of of Joplin, however, presently has no serious com­ both arc considered favorable. petition in providing trust services or in serving The financial condition and management of the larger corporate accounts in the area. Consum­ Springfield Bank are satisfactory and its prospects mation of the proposal would facilitate an expan­ are considered favorable whether or not the present sion of the services offered by Joplin Bank, and application is approved. However, the imminent would provide a needed alternative source of bank­ retirement of senior management and the absence ing services for larger businesses in the area, par­ of qualified successors at both Joplin Bank and ticularly for credit necessary to foster the economic Brunswick Bank present problems which affiliation resurgence of the area. with Applicant could solve. New and expanded The Brunswick community is presently without services proposed by Applicant should also enhance the services of a full-service commercial bank. the future prospects of the latter two hanks. Brunswick Bank, the only hank in the community, On the basis of the foregoing, the Board con­ offers no time and savings accounts, consumer in­ cludes that considerations relating to this factor, as stalment loans, or residential or commercial mort­ they pertain to Applicant, Commerce Bank, and gage loans. Its loans-to-deposits ratio has averaged Springfield Bank, arc consistent with approval of only 27 per cent over the past few years—consider­ the application. As they relate to Joplin Bank and ably lower than that of other banks of similar Brunswick Bank, such considerations provide some deposit size—and its lending limit of $30,000 is weight in favor of approval. believed to be some handicap in serving the farm Convenience and needs of the communities in­ credit needs of the community, particularly in view volved. The banking needs of the individuals and of the trend toward larger farm units. Applicant has businesses located in the area served by Commerce indicated its intention, in the event its application is Bank appear to be adequately served at present. It approver!, to provide complete banking services to is unlikely that consummation of Applicant’s pro­ the community, and, as a subsidiary of Applicant, posal will lead to any significant additions to, or Brunswick Bank would be better able to meet afore­ improvements upon, the services which Commerce mentioned larger and more complicated credit re­ Bank is now able to provide. quirements of the larger farm units in its area. Vigorous competition among banks in the Spring­ Considerations bearing on the convenience and field area has supplied the public in that area with needs of the communities to be served lend addiconvenient and reasonably complete banking serv­ lional weight in favor of approval of the applica­ ices. Except to the extent that acquisition by Appli­ tion. cant will enhance such competition and permit Summary and conclusion. On the basis of all Springfield Bank to offer a greater depth of special­ relevant facts contained in the record and in the ized services to a growing industrial and commer­ light of the factors set forth in section 3(c) of the cial community, the proposed transaction would Act, it is the Board’s judgment that the proposed have little effect upon the convenience or needs of transaction would be in the public interest and that that community. the application should be approved. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Announcements CHANGE IN BOARD’S STAFF CHANGE IN DISCOUNT RATES The Board of Governors of the Federal Reserve The Board of Governors of the Federal Reserve System has announced the appointment of Joseph System has approved action by the directors of the R. Coyne as a Special Assistant to the Board. Federal Reserve Bank of Minneapolis reducing the Formerly an economic and financial writer for discount rate of that Bank from 5'/a to 514 per The Associated Press, Washington Bureau, Mr. cent, effective August 16, 1968. Coyne had been with The Associated Press since The Board stated that the change was primarily 1954. He received a degree in journalism from the technical, to align the discount rate with the change University of Scranton and a master of fine arts in in money market conditions which had occurred communications from Fordham University. chiefly as a result of the increased fiscal restraint and a lower Treasury demand for financing result­ ing from the enactment of the tax increase and its APPOINTMENT OF DIRECTOR related expenditure cuts. The Board of Governors of the Federal Reserve The Board of Governors also announced ap­ System announced the appointment, effective proval of a similar action by the directors of the August 14, 1968, of Alvin Huffman, Jr., of Blythe­ Federal Reserve Bank of Richmond, effective ville, Arkansas, as a director of the Memphis August 19, 1968, Branch of the Federal Reserve Bank of St. Louis for the unexpired portion of a term ending Decem­ ber 31, 1970. Mr. Huffman is President of Huff­ REVISIONS IN SERIES ON COMMERCIAL BANK man Brothers Lumber Company in Blytheville. As LOANS AND INVESTMENTS a director of the Memphis Branch he succeeds The seasonally adjusted series on total commercial James S. Williams, who resigned June 1, 1968, bank credit and its major components that are pub­ prior to moving to Cleveland, Ohio, as Vice Presi­ lished regularly in the Bulletin have been re­ dent of American Greetings Corporation. vised to take account of changes in seasonal fac­ tors. Seasonal factor revisions reflect in part the in­ fluence of data for the latest year, and they also RESIGNATION OF DIRECTOR reflect f urther refinement of adjustments for varia­ Mr. Fred W. Gilmore, who served as a Class B tions in last-Wcdnesday-of-month reporting dates director of the Federal Reserve Bank of Kansas which were made in the seasonally adjusted series City from January 1, 1964, resigned effective for the first time last year (see September 1967 August 31, 1968, to accept the position of Deputy Bulletin, p. 1512). These revisions, which are Governor and Director of Land Bank Service of incorporated in the scries annually, affect the sea­ the Farm Credit Administration in Washington, sonally adjusted data from 1959 to date, with the D.C. Mr. Gilmore was President of Union Stock principal changes reflected in data for the last 3 Yards Company of Omaha, Nebraska. years. In general, the revised series for recent years shows somewhat lower levels of total bank credit in April and in the August-November period, with DEATH OF DIRECTOR offsetting increases mainly in March, June, and Dr. Arthur G. Coons of Newport Beach, Califor­ December. nia, who had served as a director of the Los An­ Monthly data before and after seasonal adjust­ geles Branch of the Federal Reserve Bank of San ment arc shown on pages A-94—A—97 for the Francisco since January 7, 1964, died on July 26, period 1948 to date. The table on page A-23, in 1968. Dr. Coons was President Emeritus of Occi­ which current data are shown, also has been re­ dental College, Los Angeles. vised. 694 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

695 ADVISORY COMMITTEE ON TRUTH IN LENDING Mr. Dick Christman Dick Christman, Inc. (Appliance store) The Board of Governors of the Federal Reserve Oklahoma City, Oklahoma System announced the appointment of 18 mem­ bers to its Advisory Committee on Truth in Mr. George H. Dixon Lending which will advise and consult with the President Board in the exercise of its function under the First National Bank of Minneapolis new legislation on the subject. Minneapolis, Minnesota Vice Chairman J. L. Robertson, who will Mr. John IL Eidam temporarily head up the Board’s work in this field, President announced also that the first meeting of the Com­ Omaha Bank for Cooperatives mittee has been called for September 12 and 13 Omaha, Nebraska in Washington. Dr. Richard H. Holton, dean of the School of Mr. David 1. Fand Business Administration at the University of Professor of Economics California, Berkeley, will serve as Advisory Com­ Wayne State University mittee chairman. Some members arc active in the Detroit, Michigan consumer credit field as retailers and lenders, Mr. Richard G. Gilbert while others have had extensive experience work­ President ing with consumer groups, 'they represent all Citizens Savings Association sections of the country. Canton, Ohio The Truth in Lending Act, which is Title I of the Consumer Credit Protection Act signed on Mr. William F. James May 29, 1968, by President Johnson, goes into President effect July 1, 1969, but the Board hopes to pub­ Bill Janies Chevrolet Co. lish its proposed regulation for public comment St. Louis, Missouri later this year. The regulation will cover dis­ Mr. Robert J. Klein closures which must be made by creditors, the Economics Editor right of consumers to cancel some types of trans­ Consumers Union of the U.S., Inc. actions within a specified period, and standards Mount Vernon, New York for advertising credit terms. The final regulation is now tentatively scheduled for publication by the Mr. William F. Melville, Jr. Board early in 1969. Vice President Other members of the Advisory Committee Maryland National Bank selected thus far are: Baltimore, Maryland Mr. James M. Barry Mr. Irving S. Michelman Managing Director Executive Vice President Texas Credit Union League Budget Finance Plan (Consumer finance) Dallas, Texas. Los Angeles. California Mr. Clark W. Blackburn Mrs. Doris E. Saunders General Director Director of Community Relations Family Service Association of America Chicago State College New York, New York Chicago. Illinois Mr. W. H. Bowman Mr. Miles CL Stanley Credit Sales Manager President, West Virginia Davison-Paxon Co. (Department store) Labor Federation, AFL-CIO Atlanta, Georgia Charleston, West Virginia Mr. O. C. Carmichael, Jr. Mr. T. G. While Chairman of the Board Consultant Associates Investment Company 'Uie Goodyear Tire and Rubber Company South Bend, Indiana Akron, Ohio Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

696 FEDERAL RESERVE BULLETIN □ AUGUST 1968 Mr. William F. Willicr Other research papers in this series that may be Professor of Law obtained by the public are shown on page A-102 of Boston College Law School this Bulletin. Brighton, Massachusetts OVERSEAS BRANCHES OF MEMBER BANKS REAPPRAISAL OF THE FEDERAL RESERVE Total assets of the overseas branches of member DISCOUNT MECHANISM banks increased by $3.3 billion, or 27 per cent, be­ Research papers prepared in connection with tween December 31, 1966, and December 31, the recent study of the Federal Reserve dis­ 1967, to a total of $15.7 billion, the Board of Gov­ count mechanism are now available as follows: ernors of the Federal Reserve System announced “Discount Policy and Open Market Opera­ on August 5, 1968. The data include assets and tions," by Paul Meek. liabilities payable in U.S. dollars as well as those “The Redesigned Discount Mechanism and payable in currencies of the countries where the the Money Market,” by Robert C. Holland and branches are located and in other foreign curren­ George Garvy. cies. Of the total increase, $2.4 billion was ac­ “Summary of the Issues Raised at the Aca­ counted for by branches in Europe and represented demic Seminar on Discounting,” by Priscilla mainly a further increase in the so-called Euro­ Ormsby. dollar business of those branches, particularly the “A Review of Recent Academic Literature ones in London. In this connection, the Board on the Discount Mechanism,” by David M. noted that increases in time deposits at European .Iones. branches, mainly Euro-dollar deposits, accounted A limited supply of these papers is available for virtually all the deposit growth at overseas in mimeographed or similar form, upon re­ branches during 1967. quest for single copies. Requests should be Amounts due from head oilice and^.S. branches sent to Publications Services, Division of Ad­ rose by only $0.3 billion in 1967 in contrast to the ministrative Services, Board of Governors of the marked growth of those balances in the preceding Federal Reserve System, Washington, D.C. 20551. year. Easier monetary and credit conditions in the ASSETS AND LIABILITIES OF OVERSEAS BRANCHES OF MEMBER BANKS, END OF YEAR, 1966 AND 1967 (hi millions of dollars, unless otherwise indicated) U.S. Overseas Areas England & Continental Latin & Trust Item Ireiand Europe America 1 arEast Territories Other Total 1966 1967 1966 1967 1966 1967 1966 1967 1966 1967 1966 1967 1966 1967 ASSETS Cash.................................. 1,057 1,543 318 441 173 212 118 137 32 43 34 21 1,732 2,397 Loans................................ 2,169 3,155 753 1,120 576 591 845 1,047 470 500 138 137 4,951 6,551 Duc from head offices & U.S. branches.... 2,613 2,712 360 359 85 1 19 395 422 266 411 8 21 3,727 4,045 Other................................ 606 768 591 801 218 348 450 660 19 90 78 1 ,974 2,665 Total......................... 6,445 8,178 2,022 2,721 1 ,052 1 .270 1 .808 2,267 787 965 270 257 12,384 15,658 LIABILITIES Deposits: Demand................... 895 838 589 569 437 511 402 439 237 245 88 103 2,649 2,705 Time............................. 4,832 6,534 976 1,454 342 372 717 777 386 492 159 138 7,411 9,767 Duc to head offices & U.S. branches.... 55 32 47 28 92 53 259 209 150 213 4 1 607 536 Other................................ 663 774 410 669 181 334 430 842 14 15 19 16 1,717 2,650 Total.................... 6,445 8,178 2,022 2,721 1,052 1,270 1 .808 2,267 787 965 270 257 12,384 15,658 Number of branches.,. 22 25 26 34 102 133 57 63 29 31 8 9 244 295 Note.—Data arc from Board of Governors of the Federal Reserve System. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 697 United States early in 1967 lessened the need for largest growth in 1967 was loans, which increased head offices to obtain funds in the Euro-doliar mar­ by 32 per cent. ket through their foreign branches for use in the ERRATUM United States, and the balances obtained from In the July 1968 Bulletin, page 639, the order those branches declined during the first half of under the Bank Merger Act relating to Wachovia 1967. Those balances were again built up in the Bank and Trust Company indicates that incident last half of the year as credit conditions again to the merger “three” offices of The State Bank tightened in the United States. Among the assets would become branches of Wachovia. The num­ of overseas branches, the category showing the ber of such offices should read “five”. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication August 16 Industrial production rose moderately further and declined sharply in early August. Other output retail sales increased sharply in July. Nonfarm gains in July were primarily in nondurable ma­ employment rose moderately and the unemploy­ terials. ment rate edged down. Commercial bank credit, EMPLOYMENT time and savings deposits, and the money supply Nonfarm payroll employment increased by 159,­ increased further. Between mid-July and early 000 to 68.2 million in July. Nearly one-third of August, yields on U.S. Government securities de­ the gain resulted from a later than usual auto clined sharply but then turned up; yields on cor­ model changeover; employment in most other porate and municipal bonds declined substantially manufacturing industries changed little. In non­ on balance. manufacturing industries, the employment rise INDUSTRIAL PRODUCTION was primarily in State and local government and retail trade. 'The average factory workweek was Industrial production in July was 165.3 per cent unchanged at 40.9 hours for the third consecu­ of the 1957-59 average, up 0.4 per cent from tive month. T he unemployment rate in July was June and 5.6 per cent above a year earlier. Output 3.7 per cent, compared with 3.8 per cent in June of final products was unchanged while production and 3.5 per cent in April and May. of materials increased further. Auto assemblies, after allowances for the model DISTRIBUTION changeover period, continued at the high June rate. Output of television sets declined and production The value of retail sales in July rose 3 per cent of most other consumer goods changed little. Out­ from June and was about 10 per cent above a year earlier, according to advance Department put of defense equipment rose further and produc­ tion of business equipment was unchanged. Among of Commerce estimates, Sales at durable goods materials, output of steel increased in July but, stores were up 5 per cent from the preceding after the wage negotiation settlement, production month and at nondurable goods stores, 2 per cent. Sales of new domestic cars were at an annual rate of 9.1 million units, the highest rate in more than Industrial production 2 years. COMMODITY PRICES The wholesale commodity price index increased by an estimated 0.4 per cent in July, largely as a result of seasonal advances in prices of foods and foodstuffs. Prices of industrial commodities rose slightly further as increases for lumber, apparel, and textile products more than offset declines in metals, chemicals, and fuels. Since mid-July, prices of grain, livestock, and meat have declined, while prices of home appliances, textile products, electric motors, and steel mill products have been raised. AGRICULTURE Favorable weather continuing through July im­ proved yield prospects for almost all of the major F.lt. indexes, seasonally adjusted. Latest figures shown are crops. Based on August 1 conditions, the index for July. 698 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

699 of crop output is forecast at 121 per cent of the expansion was associated in part with a substantial 1957-59 average, up 3 per cent from last year’s reduction in U.S. Government deposits and the record. July production of livestock products was large rise in bank credit. about the same as a year earlier with larger beef Net borrowed reserves averaged about $190 ttnd pork production otTsctting somewhat smaller million over the 5 weeks ending July 31 as com­ output of poultry and dairy products. pared wilh $390 million in June. Member bank borrowings declined substantially while excess re­ serves remained relatively unchanged. BANK CREDIT, DEPOSITS, AND RESERVES Commercial bank credit rose $7.3 billion in July SECURITY MARKETS following a small increase in June. The July ex­ Yields in all maturity sectors of the U.S. Govern­ pansion reflected in large part heavy bank par­ ment securities market declined sharply from mid­ ticipation in the mid-month Treasury bill financ­ July to early August, largely in anticipation of ing and increased loans to brokers and dealers to slower economic growth and lower interest rates finance expanded trading positions. Other loans later in the year. Most recently, however, some and holdings of municipal and agency securities of this decline has been erased. The 3-month bill increased moderately. was bid at about 5.40 per cent in mid-July, Time and savings deposits rose $2.4 billion in dropped to a low of 4.89 per cent in early August, July, about three times the average monthly ex­ but at mid-August had moved back to 5.14 per pansion over the first half of the year. Holdings of cent. large negotiable CD’s increased sharply while tottil Yields on new and seasoned corporate and mu­ consumer-type time and savings deposits continued nicipal bonds declined sharply between mid-July to grow at about the moderate pace of recent and mid-August. Common stock prices and trad­ months. The money supply expanded $2.2 billion ing volume turned down significantly during the in July, almost twice the June increase. The July period. Interest rates Bureau of Labor Statistics. Latest figures shown are for Discount rate, range or level for all F.R. Banks. Weekly June. 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 Aug. 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: A-4 Member bank reserves, Federal Reserve Bank credit, and related items A-8 Federal funds—Major reserve city banks A-9 Reserve Bank discount rates A-1O 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 FEDERAL RESERVE BULLETIN □ AUGUST 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 (flows through Q I 1968) INTERNATIONAL STATISTICS: A-70 U.S. balance of payments A-71 Foreign trade A-72 U.S. gold transactions A-73 U.S. gold stock; 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 (other than flow of funds): Number of banking offices: A-91 Analysis of changes A-92 On, and not on, Federal Reserve Par List A-93 Bank holding companies, December 31, 1967 A—94 Loans and investments at commercial banks, 1948-68 A-104 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 1PC Individuals, partnerships, and corporations i’ Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets I, H, L Liabilities III, IV Quarters S Sources of funds n.a. Not available U Uses of funds * n.c.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 (I) 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 arc 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 J nnually—Continued Issue l’age Flow of funds............................................... Aug. 1968 A-68 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 Hanking offices: Flow of funds (assets and liabilities): Analysis of changes in number of.. . Aug. 1968 A-91 1966.............................................................. Feb. 1968 A -65.10 On, and not on, Federal Reserve 1967.............................................................. May 1968 A-67.10 Par I.ist, number................................. Aug. 1968 A-9 2 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,‘19157............................. June 1968 A-91 Banking offices and deposits of Stock exchange firms, detailed debit group banks, Dec. 31, 1967............ Aug. 1968 A-93 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 u AUGUST 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 I than member bank Member bank P d e o a r t r io e d T U o .S ta . l Go B v r o o i t g , u u h g t s ­ t h e t c u R m r c a i h e g t e i a r p e n e s u s e t e s 1 r - 1 ­ | c v D s o a a i u n n i d s n c d - ­ c t s s ' l lI I float *1 tai -1 s G to o c ld k r s c T o e u t in a u n r u r c g n y c r t a ­ ­ y d s ­ r c C t e c u i i n o u n i l r c a n r ­ y ­ ­ |T h c r i u n c o a a r g s l y d s s h - ­ ’ ■ | ■ T w r u e r it a y s h - r F e . s R er . v B es a , O n k t s her- I I c O F o a t u . h c R n e ­ t . r s B W F a . n i R t k h . s r : ■ I e c ' C s a o e n i u n rv r d - e 4 ' s I ' T0"11 Averages of daily figures 1929—June.. . 179 179 978 61 1,317, 4,0241 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 2,21 1 1939—Dec.... 2,510 2,510 8 83 2,612| 17,51«l 2,956 7,609 2,402 616| 739 248 11,473 11,473 1941—Dec... . 2,219 2,219 170 2,404 22,759. 3,239' 10,985. 2,189 592 292 12,812 12,812 1945—Dec... . 23,708 23,708 381 652 24,744 20,047 4,3221 28,4521 2,269 625| 1,247 493 16,027 16.027 1950—Dec... . 20,345 20,336 142 1,117 21,606 22,879 4,6291 27,806 I ,290 615' 920 353 739 17,391 17,391 1960—Dec. 27,248 27,170 78. 94 1,665 29,060 17,9541 5,396 33,019' 408 522 250 495 1,029 16,688 2.595 19,283 1962—Dec. 30,546 30,474 72 305 2,298i33,2I8 15,97k1 5,561 35,281 398 587 222 290 1 ,048: 16,932 3 J 08 20,040 1963—Dec. 33,729 33,626 103 360 2,434 36,610 15,562: 5,583 37,603 3 891 879 160 206 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 I ,093 17,964 3,645 21,609 1965—Dec. 40,885 40,772 490 2,349 43,853 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 2911 164 429 83 19,568 4,262 23,830 Sil 1967—July. 46,807 46,784 23 1,584­48,590 13,1091 6,615 44,997 I ,480 128 482 373 19,730 4,177 23,907 Aug. 46,612 46,558 54i 89l 1,423 ■48,210 13,0531 6,665' 45,011 1 ,488 I ,036 128 453 19,600 4,191 23,791 Sept. 46,398 46,377 21 901 I ,571 ■4 8,147 13,007 6,737 45,189 1 ,491 566 472 65 19,980 4,220 24,200 Oct.. 47,367 47,203 I641 126 1,408 48,993 13,003 6,779 45,396 I ,483 974 476 -80 20,402 4,206 24,608 Nov. 48,010 47,885 125 133, 1 ,555 ■4 9,752 12,907 6,781 45,969 I ,462 I ,167 1461 449/ -211 20,458 4,282 24,740 Dec, 48,891 48,810 81 238 2,030 :51,268 12,436 6,777 47,000 I ,428 902 150 451 -204 20,753. 4,507 25,260 1968—Jan.....4..9...,046 48,982 64 237 1 ,906 51,287 11,983 6,783 46,389 I ,393 1 ,011 157 481 -566 21,188 4,646 25,834 Feb.......... 48,930 48,734 196 361 1 ,515 50,873 11,900 6,791 45,854 I ,336 1 ,021 457 -512 21,265 4,345 25,610 Mar.....4..9.,511 49,452 59 6«2 1 ,599 51,863 J1,096 6,798 46,138 1 ,215 165 506 -536 21 ,354 4,226 25,580 Apr......... 50,090 49,943 147 698 I ,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 ,580 52,998 10,452 6,794 46,873 I ,073 1 ,059 159 483 ■-581 21,179 4,326 25,505 June,... 51,306 51,160 146 705 1 ,712 53,813 10,369 6,764 47,486 973 960 181 471 -474 21 ,350 4,363 25,713 July......... 52,090 52,041 49 538!"I .870 "54,573"10,367"6,721 "48.089 "836 1 ,026 164 - 436 472 "21,510"4,490"26,000 Week ending— 1967 July 46,809 46,755 54 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 57 741 1 ,704 49,097 13,110 6,610 45,256i 1 ,479 1 ,073 134 484 470 19,921 4,145 24.066 19.. . 46,471 46,471 « 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 ,188 468 368 19,716 4,305 24,021 Aug. 2 46,833 46,833 1,439 48,470 13,094 6,632 44,849 I,473' 1,390 464 250 19,655 23,974 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 46,716 46,604 1 12 129 1 ,36748,292 13,057 6,656 45,135 1 ,486 1 ,007 126 471 198 19,583 4,180 23,763 23 46,504 46,504 47 I ,614 48,238: 13,058. 6,674 45,020 1 ,497 I ,021 442 257 19,602 4,171 23,773 30 46,249 46,249 46 I ,290 47,651’ 13,0441 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 I ,410 48,247 13,0081 6,714 45,131 I ,495 697 1 10 19,932 3,993 23,925 46,207 46,207 70 1 ,54447,880 13,007 6,726. 45,398 I ,483 202 126 491 103 19,810 4,229 24,039 20 46,055 46,055 106 I ,75447,971 13,007/ 6,7391 45,223 1,487 362 126 473 24 20,021 4,295 24,3)6 27. 46,452 46,452 74 1,530-48,193 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 ,500 866 477 54 20,413 4,229 24,642 47,563 47,319 244 145 I ,418 49,247 13,007 6,767 45,407 I ,473 1 ,002 127 502 93 20,419 3,980 24,399 18 47,802 47,315 487 1 ,40249,515 13,007 6,781 45,559 1 ,484 942 485 -93 20,795 4,234 25,029 25 47,098 47,098 58 1 ,56448,773 13,007 6,792 45,429 I ,482 1 ,087 455 -210 20,210 4,339 24,549 Nov, I 47,220 47,220 80 1 ,289 48,643 12,978 6,787. 45,341 I ,483 929 124 462 -210 20,279 4,426 24,705 8 47,865 47,710 155 132 I ,407 49,458 12,907 6,777 45,563. 1 ,474 928 127 470 -184 20,762 3,992 24,754 15. 47,868 47,713 155 162 I ,487 49,570 12,907 6,782 45,878 1 ,470 I ,096 451 -240 20,470 4,229 1 24,699 22 47,837 47,712 127, I ,777 49,796 12,906 6,782 46,089 1 ,451 I ,051 148 442 -79 20,383 4,2391 24,622 29 48,396 48,347 49 1 ,548 50,117 12,908 6,785 46,347 1 ,457 I ,570 175 432' -345 20,176 4,482: 24,658 Dec. 6 48,902 48,719 183 87 1,655 50,721 12,770 6,774 46,482 1 ,441 1 ,306 160 444 -65 20,498 4,342 24,840 48,853 48,853 121 I,652150,769 12,432 6,773 46,918 1 ,445 787 140 427; 6 20,252 4,458 24,710 20 48,708 48,708 185 2,155 51 ,119 12,432 6,775 47,093 I ,444 844 156 434 - 245 20,600 4,603 25,203 27 48,937 48,849 88 345 2,388 51,785 12,434 6,783 47,293 1 ,405 709 150 412 21,285 4,402 25,687 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ BANK RESERVES AND RELATED ITEMS A-5 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (Fii millions of dollars) 1 Factors supplying reserve funds Factors absorbing reserve funds 1 F.R. Bank credit outstanding Deposits, other Pe o ri r o d j I — U.S. G - o -- v -- t - , - s -- e -- c - u -— rities 1 . ------ ....... - Treas- r C en u c r y - ITeas- th w a it n h m F r e e .R s m e . b rv B e e a r s n . b k a s nk Other Me re m s b e e rv r e b s ank date ' Total B r o o ig u u h t g - t h t I । a R m c g h e e r a p e n s u e t e s r ­ ­ c v D o a a a n u n i d s c n d ­ e ­ ts s Float 2 t T a o l ­ * s G to o c ld k s r o e t in a n u g n c t­ y d ­ c l c i u i o i n l r a n - - । | ; 1 h c in o a g s ld s h - j 1 1 । T u re ry a s-1 । e F i o gn r­ 1 I Other- co F a u . c n R ­ t . s R . W . F . a . . . n i R . t . k . h . s c r C o a e i n u n n d c r ­ y •* Total . —------ ---------- — -------- . .....— — —------------- — . .... .1 — ._ ----- .. -------- Averages of daily figures Week ending— 1 Jan. 3................ 49,298 49,044 254 495 2,335 52,286 11,982 6,784 47,200 1 ,395 949 147 567 -685 21,480 4,968 26,448 10............... 49,183 49,109 74 180 2,33451 ,772 11,983 6,781 46,857 1 ,385 1 ,054 161 493 -679 21,265 4,646 25,911 17............... 48,758 48,700 58 224 1 ,987 51,044 Il ,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 1 1 ,982 6,784 46,117 1 ,390 939 149 471 -459 21,346 4,576 25,922 31................ 48,970 48,936 34 24! 1 ,449 50,751 1 1 ,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 1 1.882 6,788 45,942 1 ,343 1 ,071 1.37 462 -608 21,272 4,258 25,530 21................ 48,443 48,443 405 1 ,73450,643 11,882 6,792 45,881 1,333 1 ,051 140 455 -453 20,911 4,364 25,275 28................ 48,724 48,724 ........... 442 1 ,55650,779 11,883 6.796 45,817 1,319 1 ,022 147 461 - 444 2!. 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 1 22 478 -474 21,386 4,162 25,548 20................ 49,840 49,840 748 1 ,668 52,312 10,872 6,801 46,233 1 ,224 1 ,059 166 505 - 609 21,406 4,266 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 71 1 1 ,449 52,103 10,484 6,798 46,358 1,126 537 182 653 ■579 21,109 4,354 25,463 10............... 50,153 49,950 203 661 1 ,637 52,570 10,484 6,797 46,647 1,119 521 168 582 555 21,369 4,065 25,434 17............... 50,219 49,952 267 778 1 ,804 52,871 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 4,296 25,379 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 4,316 25,379 29................ 50,589 50,589 777 1 ,501 52,923 10,384 6,794 46,937 ( ,053 1 ,076 165 463 -442 20,849 4,473 25,322 June 5................ 50,619 50,619 772 1 ,540 52,985 10,382 6,796 47,254 1 ,042 784 309 477 -742 21,03a 4,294 25,332 12................ 50,899 50,609 290 691 1 ,57653,242 10,367 6,794 47,506 1 ,004 856 157 457 -779 21,203 4,197 25,400 19............... 50,973 50,850 123 677 1 ,812 53,537 10,367 6,782 47,574 982 1 ,072 146 451 -715 21 .176 4,421 25,597 26................ 52,009 51,797 212 820 1 ,737 54,685 10,367 '6,766 '47,484 947 1 ,063 161 481 13 21 ,669 4.548 26,217 July 3................ 52,217 52,217 506 1 ,8JI 54,656 10,367 6,720 47,797 880 1,115 185 522 - 1 36 21,380 4.459 25.839 10............... 52,282 52,203 79 425 2,026 54,800 10,367 6,724 48,267 837 903 181 490 -392 21.604 "4,235 "25.839 17............... 51,994 51,890 104 484 1 ,91454.467 10,367 6.727 48,257 831 1 .106 155 470 -662 21 .404"4,600 "26,004 24............... 51,904 51,904 652 2,023 54.637 10,367 6,714 48,002 838 998 142 448 -420 21 .710"4.552"26.262 31................ 52,118 52,084 34 615 <’l ,627 "M.Mi "10,367 "6.721 "47,850 "829 1 ,033 155 443 -318 "21 ,562 "4.613 "26.175 End of month 1968 Apr. 50,519 50,242 277 741 1,265 52,612 10,484 6,790 46,621 1 ,070 I ,035 140 489 - 689 21.221 4,740 25,961 May 50,625 50,625 1,026 I ,71453,421 10,384 6,790 47,202 990 956 422 490 -797 21 ,334 4,668 26,002 June 52,230 52,230 305 1 ,941 54,610 10,367 6,708 47,640 838 1 ,074 153 507 9 21,462 4,005 25,467 July....................... 52,397 52,160 237 736 "1.648 "54,880"10,367 "6,723 "47,972 "822 1,113 202 479 -320 "21.702 "5.049 "26,751 Wednesday 1968 May 1................ 50,910 50,242 668 728 1 ,501 53,254 10,484 6,795 46,612 1,112 732 165 504 -690 22,098 4,827 26,925 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 4,485 24,626 15................ 50,686 50,069 617 908 1 ,678 53,352 10,484 6,794 47,015 1 ,068 1,146 154 503 -472 2!,215 4,855 26,070 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 4,840 25,026 29................ 50,525 50,525 ........... 567 J ,46652,611 10,384 6,792 47,228 1 ,044 950 191 459 -527 20,442 5,015 25,457 June 5................ 50,686 50,686 432 1 ,617 52,787 10,367 6,796 47,473 I ,015 396 164 470 -818 21 ,251 4,483 25,734 12............... 51,457 50,742 715 539 1 ,572 53,676 10,367 6,791 47,652 1 ,001 505 143 453 -866 21 ,945 4,798 26,743 19................ 51,699 51,497 202 1 ,952 1,78055,534 10,367 6,781 47,622 973 1,177 160 459 -16 22,307 4,943 27,250 26................ 52,032 51,879 153 412 1 ,641 54,214 10,367 '6,735 '47,646 905 1 ,017 198 496 5 21 ,049 5,067 26,1 16 July 3............... 52,230 52,230 505 1,820 54,613 10,367 6,722 48.205 849 1,148 261 525 -393 21,107 "4,580 "25.687 10............... 52,038 52,038 363 1,74254,201 10,367 6,726 48,381 833 897 155 466 -535 21 ,097 "4,938 "26,035 17............... 52,318 51,969 349 921 2,189 55,563 10,367 6,728 48,219 836 969 135 480 -494 22,513 "4,956"27.469 24............... 51,904 51,904 765 1 ,774 54,501 10,367 6,716 47,001 839 973 165 459 -421 21 ,568 "5,049"26,617 31................ 52,397 52,160 237 736 "1,648 "54,880"10,367 "6,723 "47,972 "822| 1.113 202 479 -320 "21 ,702 "5,049:"26,751 j 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; sec Feb. See also note 2. 1961 Bulletin, p. 164. 4 Part allowed as reserves Dec. I, 1959-Nov. 23, 1960; all allowed 3 Includes industrial loans and acceptances, when held (industrial thereafter. Beginning with Jan. 1963, figures are estimated except for Ioan 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 □ AUGUST 1968 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York -iiy City of Chicago Period Reserves Bor­ Reserves Bor­ Reserves Bor­ T h o e t l a d l qu R ir e e ­ d Excess ..... B . r F .i a .n o . a . . n g w R . t . k s.. . ­ s s 1 e r ’ r r e v e ­ e e s T h o e t l a d l qu R ir e e ­ d Excess B r F in a o a . g n w R t s k . ­ s s F e r r r e v e ­ e e s T h o e t l a d l q . u . I i r n e . d ­ . — Excess B r m F a o a . n g w R t k s - . s s F e r r r e e v ­ e e s . . 1929—June.............. 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 63 -62 1933—June.............. 1 2,160 1 ,797 363 184 179 861 792 69 ..............69 21 1 1.13 78 ..............78 1939—Dec................ 11,473 6,462 5,01 1 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 194 { — Dec................ 12,812 9,422 3,390 5 3,385 5,142 4, 153 989 989 1,143 848 295 295 [945—DeC................ 16'027 14,536 1 ',491 334 1 J57 4,118 4,070 48 192 - 144 939 924 14 14 1947—Dec................ i?;26i 16,275 ’986 224 '762 4,404 4,299 105 .18 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 I960—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 -II 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 I ,083 I ,086 - 3 28 -31 1965- - Dec................ 22,719 22,267 452 454 -2 4,’301 4,260 41 1 1 1 -70 1,143 1,128 15 23 -8 1966—Dec................ 23,830 23,438 392 -165 4,583 4,556 27 122 -95 1,119 1,115 4 54 -50 1967—July............... 23,907 23,548 359 87 272 4,787 4,749 38 18 20 1,152 1,162 -10 5 -15 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 24^37 403 133 270 4,826 4,784 42 19 23 I ,191 1,178 13 2 1 1 Dec................ 25,260 24,915 345 238 107 5,'05 2 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 5,01 1 49 106 -57 1 ,221 1 ,215 6 4 2 Mar............... 25,580 25,224 356 671 -315 5 ,1 49 5,063 86 99 -13 1,176 1,169 7 66 - 59 25^546 25,276 270 683 -413 4,993 4,985 8 67 -59 1 ,159 1 ,1 60 - 1 104 -105 May.............. 25,505 25,085 420 746 -326 4,905 4,871 34 68 -34 I , 1 63 1,151 12 76 -64 25'71.3 25,362 351 692 -341 5,1 20 5,029 91 69 22 1,145 1,150 -5 38 --43 July............... "26,000"25,703 >■297 525 "-228 "5,047 "5,060 " - 13 12 " - 25 "1 ,190 "I,180 "10 87 " - 77 Week ending— 1967—July 5 . ... 23,884 23,422 462 353 109 4,921 4,801 120 173 - 53 1.191 1.185 6 77 --7I 12. ... 24,066 23,423 643 69 574 4,780 4,719 61 61 1,148 1,143 5 5 19.... 23,889 23,653 236 51 185 4.773 4,742 31 31 1 ,141 1,138 3 3 26.... 24,021 23,589 432 54 378 4.735 4.727 S 8 1,179 1,170 9 ............. 9 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 5.1 -33 1 ,220 1 ,214 6 8 -2 24.... 25,922 25,546 376 233 143 5,149 5,130 19 19 1,231 1 ,226 5 2 3 31.... 25,672 25,336 336 241 95 5,130 5,108 22 32 10 1 ,226 1 ,223 3 I 2 Feb. 7 . . . . 25,921 25,546 375 241 134 5,218 5,189 29 6 23 1 ,252 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 -.1 21 . 25,275 24,896 379 405 -26 4,949 4,920 29 145 -116 1 ,196 1,188 K 8 28. . .. 25,636 25,323 313 442 -129 5,032 5,030 2 133 -131 1 ,242 1 ,231 II 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 ,1 26 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 I , 200 1,197 3 52 -49 8. . . . 25,698 25,317 381 823 -442 5,023 4,958 65 64 1 I , 198 1,194 4 221) -216 15.... 25,379 24,979 400 712 — 312 4,786 4,774 12 124 -112 1 ,1 39 1 ,1 39 49 -■49 22. . .. 25,379 25,057 322 669 -347 4,900 4,848 52 52 1 ,1 50 1,142 8 23 - 15 29.... 25,322 24,931 391 764 -373 4,866 4,846 20 79 -59 1,134 1 ,130 4 19 - 15 June 5.... 25,332 25,124 208 759 -551 5,024 5,001 23 79 - 56 1.154 1,147 7 18 -11 12.. 25,400 25,090 310 678 -368 4,932 4,909 23 36 - 13 1,123 1,125 — 2 20 -22 19.... 25,597 25,331 266 664 -398 5,067 5,023 44 99 -55 1,138 1 ,130 8 61 -53 26 .... 26,217 25,639 578 807 -229 5.146 5,107 39 92 •53 1,175 1,175 42 -42 July 3.... 25,839 25,657 182 493 -31 I 5,217 5,143 74 26 48 1,180 1,175 5 49 -44 10.... "25,839 "25,388 "451 412 "39 "4,999 "4,975 "24 2 "22 "1,137 "1,137 "-1 24 "-25 17. . . . "26,004 "25,728 "276 470 " - 194 "5,036 "5,008 "28 25 "3 "1,173 "1,170 "2 42 " — 40 24. "26,262 "25,861 "401 639 "-238 "5,108 "5,107 "1 1 1 " - 10 "1,212 "1,209 "3 171 " - 1 68 31 ... . "26,175 "25,835 "340 602 "-262 "5.176 "5,096 "79 15 "64 "1 ,217 "1,208 "10 126 "- 1 16 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ BANK RESERVES AND RELATED ITEMS A-7 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Reserves Reserves Borrow­ Borrow­ Period ings at Hee ings at Free ER. reserves ER. reserves T h o e t l a d l Required Excess Banks T h o e t l a d l Required Excess Banks 761 749 12 409 -397 632 610 22 327 -305 ...........1929-June 648 528 120 58 62 441 344 96 126 -30 ........... 1933—June 3,140 1 ,953 1,188 1,188 1 ,568 897 671 3 668 .......................1939—Dec. 4,317 3,014 1 ,303 1 1 ,302 2,210 1 ,406 804 4 800 ...........1941—Dec. 6,394 5,976 418 96 322 4,576 3,566 1 ,011 46 965 ...........1945—Dec. 6,861 6,589 271 123 148 4,972 4,375 597 57 540 ...........1947—Dec. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 ...........1950—Dec. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 ...........1960—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. 9,564 9,542 22 10 12 8,403 8,095 308 54 254 ...........1967—July 9,557 9,509 48 32 16 8,448 8,129 319 48 271 ..........................Aug. 9,649 9,623 26 32 -6 8,582 8,304 278 47 231 ..........................Sept. 9,878 9,860 18 42 -24 8,648 8,402 246 55 191 ..........................Oct. 9,900 9,835 65 51 14 8,823 8,540 283 61 222 10,081 10,031 50 105 -55 8,901 8,634 267 80 187 10,314 10,283 .11 111 -80 9,(20 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 15 288 -253 9,009 8,780 229 218 11 ..........................Mar. 10,298 10,272 26 283 ■257 9,097 8,859 238 229 9 ..........................Apr. 10,268 10,(95 73 262 -189 9,16'9 8,867 302 340 38 10,275 10,241 .14 258 -224 9,172 8,941 231 327 -96 /’10,446 ”10,394 <52 152 ”-100 ”9.317 ”9,069 ”248 274 ”-26 ...................... July Week ending - 9,537 9,456 28 53 8,235 7,980 255 75 180 ...1967 -July 5 9,506 9,460 46 II .15 8,632 8,100 532 58 474 ...............................12 9,674 9.607 67 2 65 8,302 8,165 1.17 49 88 ...............................19 9,608 9,582 26 11 15 8,499 8,1 10 389 43 346 ...............................26 10,491 10,331 160 216 -56 9,185 8f8O3 382 59 323 ... 1968 -Jun. .1 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 8,770 270 118 152 ...............................31 10,374 10,334 40 97 -57 9,078 8,780 298 137 161 ....................I ch. 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 ........... ...................Apr. 3 10,293 10,235 58 184 - 126 9,0(1 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 10,230 10,169 61 248 -187 9,225 8,898 327 291 36 ...............................15 10,243 10,188 55 259 -204 9,086 8,878 208 387 -179 ...............................22 10,152 10,118 34 278 -244 9,171 8,836 335 388 -53 ...............................29 to,ISO 10,138 42 294 -252 8,974 8,837 137 368 -231 ...................June 5 10,182 10,151 31 278 - 247 9,163 8,906 257 344 -87 ...............................12 10,237 10,212 25 164 - 1 39 9,155 8,965 190 340 -150 ...............................19 10,414 10,370 44 340 -296 9,482 8,988 494 333 161 ...............................26 10,387 10,335 52 172 -120 9,054 9,003 51 246 ■ 195 ...................July 3 ”10,326 ”10,244 ”82 115 ”-33 ”9,375 ”9,032 ”343 271 ”72 ...............................10 ”10,458 ”10,428 ”29 121 ”-92 ”9,340 ”9,122 ”217 282 ”-65 ...............................17 ”10,499 ”10,446 ”53 200 ”-147 ”9,442 ”9,098 <145 257 ”88 ...............................24 ”10,545 ”10,477 ”68 179 ”-111 ”9,237 i'9,05.1 ”184 282 ”-98 ...............................31 i 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; sec also note 3 to preceding table, Note.—Averages of daily figures. Monthly data arc averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they arc not averages of the 4 or 5 Rot-rowings at F.R. Ranks: Based on closing figures. weeks ending on Wed. that fall within the month. Beginning with Jan. 1964. reserves are estimated except for weekly averages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-8 MAJOR RESERVE CITY BANKS a AUGUST 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— Nct - Gross transactions Net transactions Reporting banks and Bor­ week ending— s E e x r r v c e e e ­ s s s 1 r a o t B w F o in . r R g ­ s . F i b e n N a d te e n e t r k r ­ al Surplus r P e e q H r o u V c i g f r e . e n d t ch P a u s r e - s Sales ac t T r t a o io n ta n s l ­ s2 b c o h P u f a y u n s i r n e e - s g t s o S e f a l l l n i e n e s g t d L e o a t a l o e n r s s3 de f r i r a o n o l g w e m s r - s4 lo N a e n t s Banks funds deficit reserves banks banks trans. Total—46 batiks 1968 June 5.............. 55 257 871 -1 .074 9.6 3.357 2,485 1 ,822 1 ,535 664 1,155 319 835 12.............. 27 214 1,149 -1 ,336 12.0 3,252 2,103 1 ,464 1 ,788 639 1 ,085 344 741 19.............. 56 187 1 ,537 -1 ,668 14.8 3,632 2,095 1 ,807 1 ,825 288 1 ,151 291 861 26.............. 46 300 1 ,026 -1 ,280 11.1 3,426 2,400 1 ,827 1 ,599 573 894 340 554 July 3.............. 107 141 1,118 -1,152 10.0 3,420 2,301 1 ,773 1 ,647 529 1 ,101 317 783 10.............. 79 75 1 ,440 -1 ,437 12.7 3,927 2,486 1 ,998 1 ,929 488 1 ,194 254 940 17.............. 44 121 2,077 -2,154 18.8 3,812 1 ,735 1 ,632 2,181 103 1 ,675 93 1 ,582 24.............. 20 271 1 ,763 -2,014 17.3 3,491 1 ,728 I .483 2,008 245 2,354 129 2,225 31.............. 107 158 1 ,558 -1 ,608 13.8 3,472 1 ,913 I ,543 1 .929 371 2,356 148 2,208 8 bi New York City 1968—June 5.............. 23 75 320 -372 8. 1 1,164 844 787 377 57 786 101 684 12.............. 16 36 447 -467 10.4 1 ,255 808 671 584 137 735 116 620 19.............. 35 93 640 -698 15.2 1 ,399 759 739 660 20 819 85 734 26.............. 25 84 516 - 574 12.3 1 ,346 831 791 555 39 675 134 542 July 3.............. 67 26 173 -132 2.8 1,152 979 744 408 235 762 146 615 10.............. 20 2 404 -386 8.5 1,451 I ,047 830 621 217 847 1 10 737 17.............. 22 25 697 -700 15.3 1 ,337 640 631 705 8 1 ,313 82 1 ,231 24.............. -9 11 704 -724 15.5 1 ,277 573 566 711 7 1 ,912 89 1 ,823 31.............. 64 ................ 860 -796 17. 1 1 ,488 628 628 860 ........1 ..,.6...8..4 89 1 ,595 38 outside New York City 1968- June 5.............. 32 182 551 -702 10.5 2,193 1 ,642 1 ,035 1,158 607 369 218 151 12.............. 1 1 178 701 -869 13. 1 1 ,997 1 ,296 793 1 ,204 502 350 229 121 19.............. 21 94 897 -970 14.5 2,233 1 ,336 1 ,068 1,165 268 333 206 127 26.............. 21 216 510 -705 10.3 2,079 1 ,569 1 ,036 1 ,044 534 218 206 12 July 3.............. 41 115 945 -1,020 14,9 2,268 1 ,323 1,029 1,239 294 339 171 168 10.............. 59 73 I ,037 -1 ,051 15,6 2,476 1 ,439 1,168 1 ,308 271 347 144 202 17.............. 22 96 1 ,380 -1 ,454 21.2 2,475 1 ,095 1 ,000 I ,475 95 362 11 351 24.............. 29 260 1 ,059 -1 ,290 18.6 2,214 1,155 917 I ,297 238 441 40 401 31.............. 43 158 698 -812 1 1.6 1 ,984 1 ,286 915 1 ,069 371 672 59 613 5 in City of Chicago 1968—June 5.............. 4 205 -200 19.2 534 329 309 224 20 8 8 12.............. -3 192 -196 19. 1 493 301 245 248 56 19 5 46 263 -304 29.6 545 282 264 282 19 4 4 26.............. 1 32 280 -312 29.1 524 243 230 294 13 2 2 July 3.............. 5 37 288 -320 29.9 547 259 250 296 8 10.............. 4 16 233 -245 23.7 539 306 305 234 1 17.............. 3 31 290 -319 29.8 536 246 241 295 5 17 17 24.............. -3 166 360 -528 47.7 553 192 165 388 28 23 23 31.............. 10 126 237 -353 20.0 538 301 254 284 47 61 ..............6..1 33 others 1968—June 5.............. 27 182 347 -501 8.9 1 ,659 1,313 725 934 587 362 218 143 12.............. 14 178 509 -674 12,0 1 ,504 995 549 955 446 350 229 121 19.............. 16 48 634 -666 11.8 1 ,688 1 ,054 805 883 249 329 206 123 26.............. 20 183 230 -393 6.8 1 ,556 1 ,326 806 750 520 217 206 10 July 3.............. 36 78 657 -699 12. 1 1 ,721 1 ,064 779 943 285 339 171 168 10.............. 56 58 804 -806 14. 1 1 ,937 1,134 863 1 ,074 270 347 144 202 17.............. 19 64 1 ,090 -1,135 19,6 1 ,939 849 759 1,180 90 345 1 1 333 24.............. 31 94 699 -762 13.0 I ,661 962 752 909 210 418 40 378 31.............. 33 32 461 -460 7.8 1 ,446 985 662 785 323 612 59 552 1 Based upon reserve balances, including all adjustments applicable to < 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

AUGUST 1968 □ DISCOUNT RATES A-9 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under Advances and discounts under Advances under last par. Sec. 133 Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b)2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous July 31 date rate July 31 date rate July 31 date rate Boston..................................................... 5Vi Apr. 23, 1968 5 6 Apr. 23, 1968 5’4 6*4 Apr. 23, 1968 6 New York............................................. 5*4 Apr. 19, 1968 5 6 Apr. 19; 1968 5’4 7 6*4 Philadelphia........................................... 5*4 Apr. 19’1968 5 6 Apr. 19; 1968 5’4 6’4 Apr. 19,’ J 968 6 Cleveland............................................... 5*4 Apr. 26’ 1968 5 6 Apr. 26,1968 5'/i 7" Apr. 26, 1968 6*4 Richmond.............................................. 5 >4 Apr, 26; 1968 5 6 Apr. 26; 1968 5’4 6*4 Apr. 26; 1968 6 Atlanta............................................. 5*4 Apr. 22; 1968 5 6 Apr. 22; 1968 5*4 6*4 Nov. 20, 1967 6 Chicago.................................................. 5Vi Apr. 26,1968 5 6 Apr. 26; 1968 5*4 6*4 Apr. 26; 1968 6 St Louis. ............................................. 5*4 Apr. 23; 1968 5 6 Apr. 23; 1968 5’4 6*4 Apr. 23,’ 1968 6 Minneapolis......................................... 516 Apr. 19, 1968 5 6 Apr, 19; 1968 5*4 6’4 Apr. 19, 1968 6 Kansas City........................................... 5'71 Apr. 26; 1968 5 6 Apr. 26; 1968 5*4 6'4 Apr. 26,1968 6 Dallas...................................................... 5^ Apr. 26; 1968 5 6 Apr. 26; 1968 5*4 6*4 6 San Francisco....................................... 5ft Apr. 19; 1968 5 6 Apr. 19; 1968 5ft 6ft 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 -1ft 1 ra 2'^-3 3 ' 15.................................. 16.................................. 3 1942 Ift-^ft May 29.................................. 3 -3 ft 3^4 l^-1 I June 12.............. 3'4 Oct 15 1 “ 5 Sept. 11.................................. 3'4-4 4 30 t1/ 12.................................. 2 ' 18............4......................4 Se * p t. 1 9 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 - ' 2 4 1 /4 2 2 f f t t 1960 ^ 4 Ap 1 r 9 46 2 5.........................t.. ..1...4..-.1... 1 Nov. 2 1 3 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2'4 2 ft 2ft 2ft 14.............................. 1 ... 0 . ............ 3 ... f . t ..................3^ May iu...................................... 1 1956 3 3-3ft 3 3 Apr. 13.........................2...f.t..-.3.. 2ft 1948 ' 20.................................. 2’4-3 2ft 1963 Jan 12. ' ^'A a 1 2’4-3 3 July 17.................................. 3 -3'4 19 31.................................. 3 3 ' 26............3...'.4.................. Aug " . 2 1 3 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . n 1957 1964 3'4-4 4 ’ 23. A ... u ... g .. . . ..... 9 ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .........3.. .. 3 ..-. f .3. t ft 3 3 ft 30.................................. 4 4 1950 4 Nov. 15.................................. 3 -3 ft 3 1965 ift-iy. H Dec. 2.................................. 3 3 Dec. 6.................................. 4 -4'4 4^ 25 . . . .. 13.................................. 4'4 4% 1958 1967 Jan. 22.........................2...f.t..-.3.. h 4 -4'4 4 23..... t . 9 .. 5 ... 3 ......................... lft 2 -2 2 2 Mar. 2 2 1 7 1 4 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2ft 27....................... “ ....... 1 ... 4 . ....... 4 ... ..4 4 .. - . '4 . 4 .... f . t .............4 ^ ■r 1968 1954 :rl Mar. 15.................................. 4'4-5 4ft Feb. 5..........................1...’4...-..2.. 5 22.................................. 5 5 15.................................... 1ft Sept, 12.................................. 2 Apr. 19.................................. 5 -5'4 5ft 'ii-l^ ' 23.................................. 2 2 26.................................. 5ft 5ft ' 16.................................... 1( Oct. 24.................................. 2 -2'4 2 1ft Nov. 7.................................. 2ft 2’4 In effect July 31.................. 5ft 5ft t Preferential rate of one-half of I per cent for advances secured by in the following periods (rates in percentages): 1955—May 4-6, 1.65; U.S. Govt, obligations maturing in I year or less. The rate of 1 per cent Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. was continued for discounts of eligible paper and advances secured by 24-29, 2.75; 1957—Aug. 22, 3.50; I960—Oct. 31-Nov. 17, Dec. 28-29, such paper or by U.S. Govt, obligations with maturities beyond I year. 2,75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, Note.—Discount rates under Secs. 13 and 13a (as described in table 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, above). For data before 1942, see Banking and Monetary Statistics, 28, 30, 31, 3.875; 1965—Jan. 4-8, 3.875; 1968—Apr. 4, 5,11, 15, 16,5.125; 1943, pp. 439-42. Apr. 30, 5.75; May 1-3, 6, 9, 13-16, 5,75; June 7, 11-13, 19, 21, 24, 5.75; The rate charged by the F.R. Bank of N.Y. on repurchase contracts July 5, 16, 5.625. against U.S. Govt, obligations was the same as its discount rate except Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-10 RESERVE AND MARGIN REQUIREMENTS □ AUGUST 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 I’iine depos ts 4 deposits 2 deposits 2 (all classes of 1ranks) Time depos­ its Reserve Country Other lilfective date । Central Re- Coun- cla ( s a s ll e s Effective date > city banks hanks S in a g v s ­ time deposits ba c n i k ty s 3 b c a i n ty k s ba tr n y k s ha o nk f s) $ U 5 n m de il r ­ $ O 5 v m er il­ $ U 5 n m de il r ­ $ O 5 v m er il­ de i p ts os­ $ U 5 n m de il r ­ $5 O v m er il­ lion lion lion lion lion lion In effect Dec. 31, 1949.......... 22 18 12 5 1966- -July 14,21......... 5 I6/2 s 12 5 4 .54 5 Sept. 8, 15......... 6 1951„jan. 11,16.................. 23 19 13 6 Jan. 25, Feb. 1.... 24 20 14 1967—Mar. 2................ J'/z 3/2 1953—July 9,1.................... 22 19 13 Mar. 16................ 3 .3 1954—June 24, 16.................. 21 5 July 29, Aug. 1,... 20 18 12 1968- Jan. 11.18......... 1614 17 12 ' 121/2 1958—Feb. 27, Mar. 1.... 19’/i 171/z ll‘/2 Mar. 20, Apr. 1.... 19 17 1 I In elfect July 31, 1968... 161/2 17 12 : 121/, 3 1 6 18'/1 Ann. 24......................... 18 1614 Present legal I960—Sept. 1......................... 17/2 requirement: Nov. 24......................... 12 10 7 3 1614 22 14 10 1962—July 28......................... (■’) Oct, 25, Nov. 1.... 4 1 When two dates arc shown, the first applies to the change at central 4 Effective Jan. 5, 1967, time deposits such as Christmas ana vacation reserve or reserve city banks and the second to the change at country club accounts became subject to same requirements as savings deposits. hanks. For changes prior to 1950 sec Board’s Annual Reports. 5 See preceding columns for earliest elfective 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 Non:. - /Ml required reserves were held on deposit with F.R. Banks due from domestic banks. June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member 3 Authority of the Board of Governors to classify or reclassify cities banks were allowed to count part of their currency and coin as reserves; as central reserve cities was terminated effective July 28, 1962. effective Nov. 24, 1960, they were allowed to count all as reserves. For further details, see Board’s Annual Reports, MARGIN REQUIREMENTS (Per cent of market value) Infective date Regulation Apr. 23, Jan. 16, Aug. 5, Oct. 16, July 28, July 10, Nov. 6, Mar. II, June 8, 1955 1958 1958 1958 I960 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 Listed bonds convertible into stocks..................... 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: 1 .isted stocks.................................................................. 70 80 Ronds convertible into listed stocks...................... 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

AUGUST 1968 □ MAXIMUM INTEREST RATES; BANK DEPOSITS A-ll MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent pet annum) Rates Jan. 1, 1962—July 19, 1966 Rates beginning July 20, 1966 Effective date Effective date Tvpc 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 1 4 4 Other time deposits: 2 3'A Wl Multiple maturity: 3 90 days or more....................... 5 5 • 5 Other time deposits: 2 Less than 90 days........................ 4 4 4 (30-39 days) 4 i; 1 Single-maturity: 314 4/i j S'/, Less than $100,000................ 5‘/z 5 ’ 5 214 $100,000 or more: 1 4 / 30-59 days............................ f: 5i/i (30-89 days) ' 6 90 0 -8 1 9 7 9 ( . d la a y y s s ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .......... 5i/i >1/2 j 6 180 days and over.................. 6'4 1 Closing date Cor the Postal Savings System was Mar. 28, 1966. Max­ Non-.—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. 1034; and Feb. 1968, the laws of the State in which the member bunk is located. Beginning p. 167. Feb. I, 1936, the FDIC has established identical rates for nonmember • ' Multiple-maturity time deposits include deposits that arc automati­ insured commercial banks. cally renewable at maturity without action by the depositor and deposits For rates before 1962 see Hoard’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 Item m b e a m nk b s er Y N o e r w k C p it t y Other C h o a u n n ks try Item m b e a m nk b s er Y N o e r w k C o it f y Other C b o a u n n ks try City Chicago City Chicago Four weeks ending May 22, 968 Four weeksending June 19, 1968 Gross demand- - fetal.... 158,848 33,417 6,922 57,532 60,977 Gross demand - Total.. . 159,759 34,634 6,876 57,080 61,169 Interbank.......................... 17,057 6,122 1 .183 7,641 2,110 Interbank......................... 17 595 6 594 1 720 7 677 2 106 U.S. Govt......................... 5,610 944 367 2,462 1 ,838 U.S. Govt........................ 4^76 ■757 ’182 1 ,626 1 '712 Other.................................. 136,181 26,352 5,373 47,429 57,028 Other................................ 137,888 27,284 5,474 47,778 57,352 Net demand 1...................... 124,558 22,838 5,297 44,838 51 ,586 Net demand J.................... 124 454 23 256 5,113 44 407 51 679 Time........................................ 152,236 19,563 5,671 58,115 68,887 Time...................................... 152774 19;323 5,'61 7 58 J 22 69 713 Demand balances due Demand balances due from dom. banks........... 8,271 321 378 1 ,899 5,673 from dom. banks.......... 8,528 347 439 1 ,970 5,771 Currency and coin.............. 4,299 359 77 I ,321 2,542 Currency and coin............ 4 747 353 77 1 741 2 576 Balances with F.R. Balances with F.R. Banks................................. 21,195 4,572 1 ,094 8,957 6,572 Banks................................ 21 ,066 4,619 1 ,061 8,846 6 540 Total reserves held........... 25,494 4,931 1,171 10,278 9,114 Total reserves held............ 25,413 4'972 1 ' 1 38 10,187 9’ll 6 Required............................ 25,149 4,889 1, 168 10,230 8,863 Required........................... 25\120 4,945 1,134 10,IS 5 8 887 Excess................................ 345 42 3 48 251 /zrrm............................... '293 ’ 27 4 33 '229 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 □ AUGUST 1968 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Ihid of month Item 1968 1968 1967 July 31 July 24 July 17 July 10 July 3 July 31 June 30 July 31 Assets Gold certificate account......................................................... 10,025 10,025 10,025 10,025 10,025 10,025 10,025 12,604 Cash............................................................................................... 369 375 392 402 419 369 432 341 Discounts and advances: Member bank borrowings......................................... 724 752 908 350 492 724 292 41 Other........................................................................................ 12 13 13 13 13 । ’2 13 Acceptances; Bought outright.................................................................... 56 58 58 58 58 56 59 78 Held tinder repurchase agreements ............................. 43 77 43 75 Federal agency obligations—Heki under repurchase agreements......................................................................... U.S. Govt, securities: Bought outright: Bills..................................................................................... 18,310 18,054 18,119 18,188 18,380 18,310 18,380 14,176 Certificates^-Spccial...................................................... Other..................... .................. 4,353 Notes.................................................................................... 27,746 27,746 27,746 27,746 27,746 27,746 27,746 21,737 Bonds................................................................................... 6,104 6,104 6,104 6,104 6,104 6,104 6,104 6,538 Total bought outright........................................................ 52,160 51,904 51,969 52.038 52.230 52,160 52,230 46,804 Held under repurchase agreements... ......... 237 ..................... 349 237 Total U.S. Govt, securities.................................................. 52,397 51,904 52,318 52,038 52,230 52,397 52,230 46,804 Total loans and securities...................................................... 53,232 52,727 53.374 52.459 52,793 53,232 52,669 46,923 Cash items in process of collection.................................... 7,685 7,785 9,292 7,899 8,685 7,685 7,612 6,327 Bank premises........................................................................... 113 114 114 114 114 113 113 109 Other assets: Denominated in foreign currencies........................... 1 ,217 1,274 1 1,355 1,585 1 ,410 1 ,217 1 .009 579 IMF gold deposited 1....................................................... 230 230 : 230 230 230 230 230 233 All other.................................................................................. 584 554 513 481 478 584 441 454 Total assets................................................................................. 73,455 73.084 75.295 71.195 74,154 73,455 72,531 67,570 Liabilities F.R. notes.................................................................................. 42,098 42,157 ■ 42,377 42,548 42,409 42 41 862 39,521 Deposits: Member bank reserves....................................................... 21,702 21.568 . 22.513 21 ,097 21,107 21,702 ' 21,462 18,877 U.S. Treasurer—General account.................................. 1,113 973 '969 897 1,148 1,113 ■ 1,074 I , 340 Foreign ................................................................................... 202 165 135 155 261 202 : Kt 117 Other: IMF gold deposit1....................................................... 230 230 230 230 230 230 230 233 All other............................................................................. 249 229 250 236 295 249 277 243 Total deposits.......................................................................... 23,496 23,165 24,097 22,615 23,041 23,496 23,196 20,810 Deferred availability cash items........................................... 6,037 6.011 7.103 6,157 6,865 6,037 5,671 5,650 Other liabilities and accrued dividends............................. 375 350 i 363 367 381 375 366 257 Total liabilities......................................................................... 72,006 7I.6R3 73.940 71,687 72,696 72,006 71,095 66,238 Capital accounts Capital paid in........................................................................... 618 617 617 617 617 618 617 586 Surplus.......................................................................................... 598 598 598 598 598 598 598 570 Other capital accounts............................................................ 233 186 140 293 243 233 221 176 Total liabilities and capital accounts................................. 73,455 73,084 75,295 73,195 74,154 73,455 72,531 67,570 Contingent liability on acceptances purchased for foreign correspondents.................................................. 128 115 105 106 109 128 112 324 U.S. Govt, securities held in custody for foreign account...................................... 7,609 7,332 7,410 7,590 7,430 7,609 7,676 7,665 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank)......................... 44,848 44,817 44,920 44,849 44,603 44,848 44,431 42,092 Collateral held against notes outstanding: Gold certificate account............................................. 4,658 4,658 4,858 4,858 4,858 4,658 5,258 6,720 Eligible paper........................................................................ U.S, Govt, securities........................................................... 41,791 41,791 41 ,591 41,221 41 021 41 791 40,321 36 671 Total collateral.......................................................................... 46,449 46,449 46,449 46,079 45,879 46,449 45,579 43,391 i See note J(b) to table at top of p. A-73. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ FEDERAL RESERVE BANKS A-13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 1968 (fn 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. . 10,025 638 1,982 570 836 951 540 1 ,894 387 189 295 313 1,430 F.R. notes of other banks. 759 50 179 52 46 74 90 44 31 30 24 35 104 Other cash............................. 369 22 44 6 50 21 47 70 30 5 23 16 35 Discounts and advances: Secured by U.S. Govt, securities.... 502 33 60 11 5 47 39 213 10 9 20 3 52 Other......................................................... 234 .............. 3 1 1 1 23 173 1 1 16 .............. 3 2 Acceptances: B H o e u ld g u h n t d o e u r t r r e ig p h ur t c .. h ... a .. s .. e ... . a .. g ... r . e ... e .. m .... e .. n ... t . s .. . . . 5 43 6 .............. 4 5 3 6 .............. Federal agency obligations--Held under repurchase agreements....... U.S. Govt, securities: Bought outright..................................... 52,160 2,765 13,095 2,711 4,018 3,839 2,793 8,404 1,848 1,006 2,044 2,170 7,467 Held under repurchase agreements.. 237 237 .— — . ------—,.-----— _.—- —— ——------------ —--------. _ —.------------- ———— Total loans and securities 53,232 2,798 13,494 2,723 4,024 3,887 2,855 8,790 1 ,869 1 ,031 2,064 2,176 7,521 Cash items in process of collection... 9,767 606 1 ,751 574 719 757 824 1 ,629 467 346 635 575 884 Bank premises............................................. 113 3 10 2 5 9 19 18 8 3 18 9 9 Other assets: Denominated in foreign currencies.. 1 ,217 60 Ml 3 65 109 63 77 178 41 28 53 69 161 IMF gold deposited 2......................... 230 230 All other................................................... 584 32 146 30 47 45 30 92 —---21 12 24 24 81 ----------- _-- —._ .—,—_.—-----—.------_^_ ---------------------—- —-------,-----—.^— ---------- Total assets 76,296 4,209 18,149 4,022 5,836 5,807 4,482 12,715 2,854 1 ,644 3,136 3,217 10,225 -^=—777777;---7_-7^7^7-j Liabilities F.R. notes.................................................... 42,857 2,501 9,761 2,483 3,457 3,952 2,351 7,617 1,600 748 1,612 1 ,472 5,297 Deposits: Member bank reserves........................ 21 ,702 972 5,776 925 1 ,526 1 ,005 1,177 3,367 735 524 848 1,104 3,743 U.S. Treasurer—General account.. 1,113 54 214 51 45 75 113 116 83 48 97 67 150 Foreign..................................................... 202 10 353 II 18 10 13 29 7 5 9 26 Other: IMF gold deposit 2......................... 230 230 All other.............................................. 249 1 206 1 8 2 —1 1 2 1 25 ---------—.._—.------- —— ._ .. ■. ------------- —.,—- ——--------—_ Total deposits. 23,496 1 ,037 6,479 988 1 ,589 1 ,098 1,304 3,514 826 578 956 1,183 3,944 Deterred availability cash items........... 8,119 574 1 ,436 458 636 651 718 1 ,306 366 277 492 467 738 Other liabilities and accrued dividends 375 20 103 18 27 27 19 59 13 8 14 16 51 — -------—.-----—.— --------,— ------------ —---------------------—----------- ----------—. ------------- Total liabilities 74,847 4,138 17,779 3,947 5,709 5,728 4,392 12,496 2,805 1 ,611 3,074 3,138 10,030 Capital accounts Capital paid in.............. 618 30 158 32 55 32 39 92 21 14 27 33 83 Surplus............................. 598 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts. 233 12 58 II 18 16 13 40 8 5 9 10 33 Total liabilities and capital accounts.. 76,296 4,209 18,149 4,022 5,836 5,807 4,482 12,715 2,854 1 ,644 3,136 3,217 10,225 —— —--: —.-—^ Contingent liability on acceptances purchased for foreign correspond­ ents.............1..2..8.................6.............’..3..3..... 7 1 1 7 8 19 4 3 6 7 17 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank).................................................... 44,848 2,594 10,195 2,551 3,699 4,099 2,469 7,889 1 ,677 784 1 ,680 1 ,588 5,623 Collateral held against notes out­ standing: Gold certificate account..................... 4,658 330 1 ,000 300 600 640 350 1,000 206 77 155 .............. Eligible paper......................................... U.S. Govt.’securities........................... 41,791 2,301 9,400 2,500 3,200 3,540 2,200 7,150 1 ,570 725 1,725 1 ,480 6,000 Total collateral.................................. 46,449 2,631 10,400 2,800 3,800 4,180 2,550 8,150 1 ,776 802 I ,725 1 ,635 6,000 1 After deducting $904 million participations of other F.R. Banks. 3 After deducting $149 million participations of other F.R. Banks. 2 See note 2 to table at top of p. A-73. 4 After deducting $95 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 □ AUGUST 1968 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outriglit transact!7ns in U.S. Govt, sectrities by maturity Total Treasury bils Others within 1 year 1-5 years Month Exch., c G h p r a u o s r s e ­ s s G sa ro le s s s Re ti d o e n m s p­ c G h p r a u o s r s e ­ s s G sa ro le s s s Re ti d o e n m s p­ c G h p r a u o s s r e ­ s s G sa ro le s s s m re s a d h o t e i u r f m t r s i p t , y ­ c G h p r a u o s r s e ­ s s G sa ro le s s s m E s a h x o tu i c f r t h r s i . . ty tions 1967 June.............. 1.681 567 223 1,332 567 223 17 185 55 July.............. 1,221 956 94 1,221 956 94 ............5..9.1 440 400 SOI 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 F -73 1968 Inn . 1 ,488 1,593 20 1,410 1 593 20 52 Feb.,........... 967 770 100 917 770 100 50 7,658 -8,497 Vf ar............... 1,550 567 305 1,212 567 305 51 208 Apr............... 1 ,761 982 167 1,651 982 167 58 41 May 1,168 784 1 ,098 784 10 -3,566 41 - 73 1 ROd 7 HO 1 693 289 308 H8 -308 Outrighttransactions in U.S.Govt. CCu rities—con tinned Repu re liase Baa cers’ agree nents Federal acccpances (U.S. Govt. Net agency 5-10years 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 O e S s S o E s t r u h x r i m c f it t h s y a . ­ c G h p r a u o s s r e ­ s G sa ro le s s s o E t s u r h x r m i c i f t t h s y a . ­ c G h p r a u o s r s e ­ s s G sa ro le s s s G s it o e ie v c s u t. r­ p ( m a n u g e r e c r t n e h t r e a s e ­ ) s ­ e r O i n g u e h t t t ­ , a r m c e g h n e p r a e e n u s t e t r e s ­ ­ , change' 1967—June... 109 — 55 753 992 652 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 1,427 1 ,427 474 I -104 370 Nov.... 45 20 1 ,369 1 ,046 1 ,541 23 5 1,570 -96 545 736 182 15 16 89 302 1968- Jan........ 21 5 1,136 I ,031 -20 -38 -12 69 -139 Feb.. . . 839 968 1 ,205 -140 -7 - 20 -166 Mar.. . . 64 15 657 596 739 57 -I 35 830 Apr.. . . 8 3 1 ,832 1 ,627 815 -45 2 ■5 766 May. .. 18 3,638 1 ................ 2,488 2,753 119 12 -30 75 June.. . 50 10 1 ,560 1 ,560 1 ,605 3 75 1 .683 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 s P t o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a la d r i s an F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese g N u la e il n t d h d e e s r r s ­ f S ra w n is c s s 1967 May.................................. 5 1 7 4 8 9 3 1 9 15 9 2 2 5 9 3 3 1 I 144 1 1 1 * 2 2 J S O N D A u e e u o l p c g y v t . c . . . . . . . . . . . . . . . . . . . . . . . . t . . . . . . . . . . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , , 3 6 5 7 9 8 0 0 8 5 7 6 7 4 8 3 9 6 1 1 , ’ 1 7 5 7 8 1 4 6 5 9 6 4 0 1 8 4 0 6 4 1 1 5 9 4 3 3 3 3 3 3 3 3 1 1 1 I 1 4 1 1 9 4 4 1 3 4 6 0 3 1 1 1 1 1 1 1 1 1 I 1 ! ♦ * * * * * 2 3 2 3 3 1968—J F a e n b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , ,4 4 8 7 9 0 1 1 , , 1 1 4 5 2 2 4 5 5 0 2 2 5 5 3 3 1 I 2 2 5 7 1 1 1 * ♦ 3 4 A M p a r r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , , 5 5 3 42 6 1 1 , , 1 1 9 9 5 7 5 5 0 0 2 2 5 5 3 6 I 1 3 2 3 6 2 4 4 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 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 — . . ----------- ---.-............. ------------------—------------------ .. --------- July 31 July 24 July 17 July 10 July 3 July 31 June 30 July 31 . ._. ..... - ---------- -a------------- ------------------ ..............—-....... ---------- ------------------ ---------- . . Discounts and advances—Total.......................................... 736 765 921 363 505 736 305 41 Within 15 days...................................................................... 728 751 905 346 476 728 288 35 16 days to 90 days............................................................... 8 14 16 I? 29 8 17 6 91 days to I year................................................................. Acceptances -Total................................................................. 99 58 135 58 58 99 134 78 Within 15 days...................................................................... 59 16 93 11 7 59 82 14 1 6 days to 90 days............................................................... 40 42 42 47 51 40 52 64 91 days to 1 year................................................................. U.S. Government securities—Total................................... 52,397 51,904 52,318 52,038 52,230 52,397 52,230 46,804 Within 15 days 1.................................................................. 7,269 2,673 3,067 2,070 2,252 7,269 I ,455 7,040 16 days to 90 days............................................................... 8,210 12,858 12,854 13,459 1.3,441 8,210 13,821 6,592 91 days to 1 year................................................................. 23,123 22,578 22,602 22,714 22,742 23,123 23,159 18,235 Over 1 year to 5 years........................................................ 7,737 7,737 7,737 7,737 7,737 7,737 7,737 13,407 Over 5 years to 10 years................................................... 5,470 5,470 5,470 5,470 5,470 5,470 5,470 1 .014 Over 10 years........................................................................ 588 588 588 588 588 588 588 516 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 (in billions of dollars) Turnove of demand deposits Period S T M 2 o 3 S t 3 a A l ’s N Le .Y a . ding S 6 M o S th A e ’s rs2 T S o ( N M e ta . x S Y l c A . 2 l. ) 3 ’s 2 S o M 2 th S 2 e 6 A r ’s S T M 2 o S 3 t 3 a A l ’s N Le .Y ad . ingS 6 M o S th A e ’ r s s2 T S o ( N M e ta . x S Y l c A . l 2 . ) 3 ’s 2 S o M 2 th S 2 e 6 A r ’s 1967—June.................................. 6,637.2 2,904.1 1,476,4 3,733.1 2,256.7 56.5 120.0 53.4 40.1 34.4 July................................... 6,688.7 2,857.1 1,560.5 3,831.6 2,271.1 56.8 119,8 55.5 40.7 34.5 Aug................................... 7,067.8 3,185.7 1,575.0 3,882.1 2,307.1 59.0 128.5 56.6 41.1 34,6 Sept................................... 6,799.4 2,952.4 1,513.6 3,847.0 2,333.4 57.4 120.6 55.4 40,8 35. 1 Oct.................................... 6,993.0 3,102.4 1,537.7 3,890.6 2,352.9 58.3 125.5 54.6 40.8 35.1 Nov................................... 6,997.7 3,100.8 1,557.8 3,896.9 2,339.1 58.4 130,2 55.7 41 .2 34.8 Dec................................... 7,047.0 3,149.7 1,515.4 3,897.3 2,381.9 58.5 122. 1 54,6 41 . 1 35.3 1968—Jan.................................... 7,369.4 3,323.4 1,584.8 4,046.0 2,461.2 60.2 128.5 55.6 41 ,6 36.0 Feb.................................... 7,263.9 3,216.8 1,593.3 4,047.1 2,453.8 59.8 129.2 56.9 42. 1 36. 1 Mar................................... 7,218.7 3,197,9 1,601.6 4,020.8 2.419.2 59.3 128.2 56.5 41.6 35.7 Apr................................... 7,500.7 3,285.5 I.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 June.................................. 7,948.5 3,595.0 1,771 .0 4,353.5 2,582.5 62.4 131.4 59.5 43.4 .36.6 July.................................. 8,163.0 3,726.1 1,807.9 4,436.9 2,629.0 64.3 140.3 59.9 43.7 37.0 i Excludes interbank and U.S. Govt, demand deposit accounts. Note.—Total SMSA’s includes some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as S MSA’s. t Los Angeles-Long Beach. For a description of series, sec Mar. 1965 Bulletin, p, 390. All data shown here are revised. For description of revision, see Mar. 1967 Bulletin, p. 389. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-16 U.S. CURRENCY □ AUGUST 1968 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir- End of period cuialion 1 Total Coin $1 2 $2 $5 $10 520 Total $50 $100 $500 $1,000 $5,000 $ 10,000 ------------ --------- -...------- _ ------ .. — — —------_-. . _ . _ . ._._.. _ _ . .. . . _ . . - — 1939......................... 7,598 5,553 590 559 36 1,019 1 ,772 1 ,576 2,048 460 919 191 425 20 32 1941......................... 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1 ,433 261 556 24 46 1945......................... 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947......................... 28,868 20,020 1,404 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 12,109 10,885 3,221 7,110 249 298 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 29,842 4,027 1,908 127 2,618 7,794 13,369 12,214 3,540 8,135 245 288 3 4 1966......................... 44.663 31,695 4,480 2,051 137 2,756 8,070 14,201 12,969 3,700 8,735 241 286 3 4 1967—June............ 44,712 31,684 4,64! 1,879 137 2,635 8,035 14,357 13,029 3,699 8,805 238 280 3 4 July............. 44,866 31,774 4,674 1,873 137 2,625 7,989 14,476 13,094 3,724 8,844 238 281 3 4 Aug............. 45,071 31 ,884 4,720 1 ,87R 136 2,628 8,001 14,521 13,186 3,749 8,911 238 281 3 4 Sept............. 45,031 31,795 4,752 I ,886 136 2,621 7,949 14,45! 13,236 3,751 8,959 238 281 3 4 Oct.............. 45,421 32,095 4,803 1,913 136 2,658 8,013 14,572 13,325 3,766 9,031 238 283 3 4 Nov............. 46,463 32,937 4,865 1 ,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 15,162 13,758 3,9(5 9,31 I 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 1,875 136 2,684 8,104 15,002 13,683 3,857 9,293 240 286 3 4 M ay........... 47,202 33,414 5,231 1 ,883 1 36 2,727 8,230 15,207 13,787 3,894 9,360 240 286 3 4 lune............ 47.640 33,745 5,309 1 ,860 136 2,728 8,287 15,424 13,895 3.932 9,430 240 286 3 4 1 Outside Treasury and F.R. Banks. Before 1955 details areslightly 2 ’aper 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- No n-. - -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 J Held by Kind of currency T s J o t u a t 1 n a n 9 e l d 6 o i 8 3 n 0 u g , t ­ c A g e s a o r s g t l s i i d f a l e i v c i c n e a a u s r n t r e t d it s y Tre ca a s s h ury A H F g a F a e n . o n R d n k r . t s s A B F g a a . n e n R d n k . t s s June .30 1968 May 31 Ju 1 n 9 e 6 7 30 Gold............................................................................................... 10,367 (10,026) 2341 Gold certificates......................................................................... (10,026) ■’10.024 1 Federal Reserve notes.............................................................. 44,431 1 40 2,569 41 ,722 41,322 39,289 Treasury currency—Total...................................................... 6,708 357 433 5,918 5,879 5 423 Standard silver dollars........................................................ 485 3 482 482 482 Silver bullion.......................................................................... Silver Certificates.................................................................. 265 396 Fractional Coin................................................................ . . 5,577 336 41 4 4,827 4,749 4,160 United States notes............................................................. 323 17 7 299 298 300 In process of retirement ^ ................ .................. 323 1 12 310 85 87 Total—-June 30 1968.............................................................. •'61 ,506 (10,026) 838 10,024 3 00 3 47,640 May 3b 1968.............................................................. •'61,181 (10,295) 990 10,024 2.965 47,202 June 30, 1967.............................................................. 561,408 (13,006) 1 ,472 12,607 2.6(6 44,712 __________ J Outside Treasury and F.R. Banks. Includes any paper currency held 5 Docs not include all items shown, as some items represent the security outside the United States and currency and coin held by banks. Esti­ for ocher 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 $230 million gold deposited by and held for the International arc shown in parentheses. Monetary Fund. 3 Consists of cred its payable in gold certificates: (1) the Gold Certificate Nori;.—Prepared from Statement of United States Currency and Coin b und—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

AUGUST 1968 □ MONEY SUPPLY; BANK RESERVES A-17 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply ^toney supply Period Time Time U.S. deposits deposits Govt. Total c C om ur p re o n n c e y n t D d e e m po a s n i d t jus a te d d ­ i Total c C om ur p re o n n c e y n t D d e e m po a s n it d jus a te d d ­ 1 d d e e p m os a i n ts d 1 component component 1965 Dec.......................................................... 166.8 36 3 130.5 146.6 1 72.0 37.1 134.9 1 45.2 4 6 1966 -Dec........................................................... 170.4 38.3 132. 1 158.1 175.8 39.1 136 7 1 56.9 3'4 1967 July........................................................... 177.8 39.4 138.4 174. 8 175.7 39.6 1 36.2 1 75.2 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 ..........1. .8...0....2..................3..9.....9................1..40.2 180.6 180.5 40.0 140.5 1 80.4 6. 3 Nov. 181.0 40.1 141 .0 182.0 182.4 40.4 141 .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. I 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. 7 141.2 187.7 6.6 Apr.. 184.3 41.4 143.0 187.1 185.6 41 . 1 144,.5 187.9 4.2 May 186.1 41.6 144.5 187.6 182.5 41 .3 141.1 188,4 6.4 June. I 87.3 42.0 145.3 188.1 185.5 41 .9 143.5 188,5 5.4 July '....................................................... 189.4 42.2 147.2 190.5 187.3 42.4 144.9 190.8 5.7 Week ending - 1968-June 5................................................... 187.7 41 8 145.9 188.0 184.9 41 . 8 143 2 1 88.6 4 7 12................................................... 186.4 42.0 144.3 1 88.1 185.2 42. 1 1 4.3. 1 188.7 4.1 19................................................... 186 8 42.0 144.8 1 88. 1 1 86.2 41.9 144. 3 1 88.4 4 8 26................................................... 187.6 42 0 145.6 188.0 184.3 41 .7 142 6 1 88.2 8 3 July 3................................................... 189.7 42. 1 147.6 188,6 188.0 42.0 146.0 189.2 4.7 10 p............................................... 188.6 42.2 146.4 188.2 186.7 42.9 143 9 I 89.6 4 3 17 p................................................ 1 89.9 42,2 147.7 190.2 188.5 42.4 146.1 190.6 5.4 24 p............................................... 188.8 42 2 146.6 191.1 185.8 42.2 143.5 191.5 7.5 31 p 189.6 42 3 147.4 191.8 187.0 42 0 145. 1 192.4 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 Note.—For revised series beginning Jan. 1963; see June 1968 Bul­ rency outside the Treasury, F.R. Banks, and vaults of all commercial letin, pp. A-92—A-97. For monthly data 1947-58, see June 1964 Bul­ banks. Time deposits adjusted are time deposits at all commercial letin, pp. 679-89; and for data for 1959-62, see August 1967 Bul­ banks other than those due to domestic commercial banks and the letin, pp. 1303-16. U.S. Govt. Effective June 9, 1966, balances accumulated for payment of Averages of daily figures. Money supply consists of (1) 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 1 Deposits subject to Member bank reserves1 Deposits subject to reserve requirements2 reserve requirements2 Period Total r N o b w o o e r n ­ d ­ qu R ir e e ­ d Total s T a a v im n in d e g s de v P m a r a t i e ­ n d de G U m o .S a v n t . , d Total r N o b w o o e n r­ d ­ qu R ir e e ­ d Total s T a a v im n in d e g s de v P m a r t a i e ­ n d d G e U m o .S a 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- -Dee........ 22,90 22.29 22.60 244.6 129.4 III.7 3.5 2.3.47 22 . 91 23.08 247.1 127,9 116.1 3.0 1967—July. ... 24.34 24.28 23.96 262.4 142.8 116.7 2,9 24.42 24.33 24.06 26.3.2 1 4.3.1 115.1 5.1 Aug........ 24.6.3 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 24.95 272.9 148.6 118,7 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 25,21 276.1 150.9 118.8 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 5.8 Apr........ 25.62 24.94 25.28 276.9 151,3 120.4 5.2 25,55 24.86 25.28 277.5 152.0 121.7 3.7 May.... 25,71 24.98 25.24 277.3 151.5 122, 1 3.7 25,51 24.76 25.09 276.5 152,3 118.6 5.6 June.... 25.82 25.12 25.44 278.8 151,8 123,1 3.9 25,71 25.02 25.36 278,2 152.2 121.2 4.8 July ”... 25.91 25.41 25.60 280.9 153,8 124,4 2.7 25,99 25.46 25.70 281.8 154.2 122.6 5.0 i 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 □ AUGUST 1968 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas­ Total Date c u u ry r- U.S. Government securities li i a tie b s il­ Total Ca an p d ital Gold s r o t e i a n n u n g c t d ­ y ­ Total n L e o t a n L s , 2 Total s C a a v o n i i n n d g !, s R Fe es d e e r r v a e l Other3 O r s it e t i h e c e s u­ r 2 ca a n p n e i d t t a l, c d u e r a p r n e o d n si c ts y c m o a n u i e c s n ­ t c ts . , banks Banks ” -------- 1947—Dec. 31....................... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30...................... 22,706 4,636 171,667 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 i 1.240 54,745 442,152 400,999 41,150 [967—July 26...................... 13,100 6,600 442,600 268,200 109,800 61,500 46,900 1 ,400 64,600 462,300 417,800 44,500 Aug. 30....................... 13,000 6,700 445,600 268,500 111,200 63.500 46.200 1 ,500 65,900 465,300 418,600 46,700 13,000 6,800 451,200 272,000 112,600 64’500 46’700 1 ,400 66,600 470,900 424,400 46,600 Oct. 25....................... 13,000 6,800 454,700 272,400 115,000 66^600 47,100 1 ,200 67,300 474,500 428,300 46,200 Nov. 29....................... 12,900 6,800 458,300 273,000 117,100 67,300 48,500 1,300 68,100 478,000 431,500 46,500 Dec. 30...................... 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 10,500 6,800 467,700 279,100 116,200 65,500 49,500 1 ,200 72,300 484,900 438,900 46.000 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 297’.................... 10,400 6,800 471,500 282,600 116,000 64,400 50,500 1,100 72,800 488,600 440,400 48,200 June 26rp.................. 10.400 6,600 476,400 287,500 115,700 62,800 52,000 1 ,000 73,200 493,300 444,400 48,900 July 31 "..................... 10,400 6,700 483,200 291,600 117,500 64,400 52,400 800 74,100 500,300 450,806 49,300 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 4 Not seasonally adjusted Time U.S. Government Date Total o b r u C e a t n s u n c i r k d - y s e j d u e m s D p a t a e o d e n d s ­ ­ d its 5 Total o b r u C e a t n s n u i c k r d - y s e d ju m e s D a p t a e o d e n d s ­ ­ d i ts 5 Total b m a C e n o r k m c s ia - l 1 b s M a a u n vi k t n u s g a s 6 l S P t a S e o v y m s i s n t ­ a 3 g l s c n F i e g o n t r - 7 , T h c i r u n o a e g r s l a y d s h s ­ ­ s b c a a a o v A n n i m n t d k g l s . s B F A a .R n t k . s 1947—Dec. 31... . 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 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—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... . 1761600 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 /JOO 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 I 900 1 ’500 5,200 1 800 Dec. 30.... 181,500 39 J600 141 900 191,232 41^071 150 161 242,657 182,243 60,414 2’,I79 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 ,9(X) 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. 24JI... 182,100 40,400 141 ,700 182,100 40,000 142,100 249,000 187,300 61,700 2,000 1 J00 4,300 1 ,600 May 29/'... 182,800 40,800 142,000 181,000 41 100 139,900 250,100 188,100 62,100 2,100 1 ,000 5,300 1 ,000 186,300 40,900 145,400 183,800 40,900 142,900 250,700 188,200 62,500 2 J00 900 5’800 1 ’000 July 3D’. . . 186,100 41,100 145,000 185,900 41,400 144,700 254,700 191.800 62,900 2,200 800 6’000 1 J00 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 2 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 arc 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 Hanking 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 arc partly estimated and arc rounded to the nearest $100 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ COMMERCIAL AND MUTUAL SAVINGS BANKS A-19 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits ! Total assets— Securities ■ Total Interbank3 ! Other Bor­ Total Num­ Class of bunk i“^3ibands row­ capital ber and date Total Lo 1 a , n 2 s U.S. : capital Total3 ' — Demand Time ings co a u c n ­ ts ba o n f k s Govt. Other . ac- mand Time 1 . 5 । counts 4 U.S. Other Govt. All banks: 1941—Dec. 31................. 61 ,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 23 8,414 14,826 1945—Dec. 31................. 140,227 30,361 101,288 8,57735,415 177,332 165,612 14,065 105,935 45,613 227 10,542 14,553 1947—Dec. 31 6............... 134,924 43,002 81,199 10,723 38,388 175,091 161,865 12,793 240 1,346 94,381 53,105 6611,948 14,714 1966—Dec. 3(................ 381,684266,022 60,916 54,74570,085464,376407,637 19,770 968 4,999 167,821 214,07K 4,92936,926 (4,271 1967—July 26................. 401,010274,930 61 ,51064,57063,150 477,020 416,120 17,020 1 ,480 5,920 157,800233,900 6,91037,940 14,247 Aug. 30................ 404,280274,870 63,510 65 ,90059,840 476,930 414,950 16,750 1 ,550 3,640 156,220236,790 6,52038,330 14,245 Sept. 27................. 409,200278,140 64,500 66,56062,300 484,480 422,660 17,040 1 ,530 7,020 159,300237,770 6,47038,160 14,244 Oct. 25................ 412,380278,430 66,63067,32062,300 487,590425,670 17,170 1 ,430 6,680 161,030239,360 6,14038,650 14.236 Nov. 29................ 415,110279,740 67,250 68,12062,650 490,710'427,76016,970 1 ,340 4,980 163,730240,740 6,92038,890 14,240 Dec. 30................ 424,134287,543 66,752 69,83978,924517,374455,501 21,883 1 ,314 5,240 184,139242,925 5,84639,371 14,223 1968-—Jun. 31................. 421,940284,980 66,57070,39067,710 503,580 439,740 17 370 1 ,320 6.920 168,580245,450 6,82039,430 14,219 Feb. 28................ 423,280284,660 67,5 50 7! ,07065,660 502,570 437,630,16,920 1,370 9.0601162,640247,640 7,27039,590 14,219 Mar. 27................. 423,570285,750 65,510 72,31064,860 502,640 435,990'16,710 1 ,280 5,320 163,030249,650 8,15039,670 14,218 Apr. 24'’.............. 427,060290,110 63,84073,11064,740 506,010 438,130'17,340 1 ,230 3,940 166,330249,290 8,93039,870 14,215 May 29a............... 428,890291,680 64,390 72,82065,980509,020 438,69017,340 1,100 4,960 164,860250,430 9,70040,220 14,221 June 26ra........... 434,360298,400 62,75073,21068,610 517,370 444,74018,330 1 ,120 5,500 168,770251,020 11,54040,420 14,225 July 31................ 439,320300,920 64,350 74,05070,870525,030453,340 19,100 1 ,290 5,690 172,240255,020 10,15040,760 14,225 Com merci al 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,'08 3 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 14,011 1947—Dec. 316.............. 1 16,284 38 ,057 69 221 9 00637,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 1966—Dec. 31................ 322 ,'661 217,726 56,163 48,77269,119403,368 352,287 19,770 967 4,992 167,751 158,806 4,85932,054 13,767 1967—July 26................ 338 570224,780 57,110 56 68062,070 412,380 357,75017,020 I ,480 5,920 157,730 175,600 6,91033,030 13,746 Aug 30................ 341 230224 340 59 140 57’75058,810 411,730 356,250 16,750 1 ,550 3,640 156,150 178,160 6,52033,360 13,744 Sepl 27................ 345,780227,430 60,090 58*26061,300 418,910 363,390 17,040 1 ,530 7,020 159,230 178,570 6,47033,190 13,743 Oct. 25................ 348,810227,420 62 3 70 59 02061,300 421,870 366,250 17,170 1 ,430 6,680 160,940 180,030 6,14033,680 13,735 Nov. 29................ 351’100228^460 62'850 59*79061,730 424,650 368,100 16,970 1 ,340 4,980 163,640 181,170 6,92033,890 13,739 Dec. 30................ 359,903235,954 62373 61 37777,928451,012395,008 21 ,883 5,234 184,066 182,511 5,77734,384 13,722 1 968 - Jan. 31................ 356,970233,010 62,230 61 ,73066,830436,580 378,960 17,470 1 ,320 6,920 168,490 184,760 6,82034,420 13,717 Feb. 28................ 357 750232 420 63 I 50 62 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 J00 63 J4063,950434,570374,190,16,710 I ,280 5,320 162,950 187,930 8,15034,600 (3,716 360 960237 640 59 54063 78063,870437,850 376,380117,340 I ,230 3,940 166,250 187,620 8,93034,810 13,714 May 29".............. 362,210238,800 60’02() 63’3906 5,10014 40,2 5 0 376,56O|l7,34O 1 ,100 4,960 164,780 188,380 9,70035,110 13,720 367’520245'400 58 52063 60067,660:448,350 382,150 18,330 1 ,120 5,500 168,690 188,510 11,54035,300 13,724 July 31 a................ 372’100247,620 60 J)4064 34069,920 455,630390,370 19,100 1 ,290 5,690 172,160 192,130 10,15035,640 13,724 Member banks: 1941—Dec. 31................ 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31................ 107,183 22,775 78,338 6,07029,845 138,304 129,670-13,576 6422,179 69,640 24,210 208 7,589 6.884 1947—Dec. 31................ 97,846 32,628 57 914 7 304 32,845 132,060 122,528112,353 50 1,176 80,609 28,340 54 8,464 6.923 j 966—DeCi 31................ 263 J 687 182,802 41 924 38 96060,738334,559 291,063'18,788 794 4,432 138,218 128,831 4,618 26,278 6,150 I 1967_July 26................ 276,381 187,536 42,957 45,888 55,166341 ,784 294,976 16,187 1,326 5,286-129,674142,503 6,625 27,061 6,108 Aug. 30................ 278,259 187 J 30 44,416 46,71352,060340,576 293,115 15,891 1,393 3,128 128,086144,617 6,209.27,318 6,100 Sept. 27................ 281,993 189,870 45,003 47,120 54.477346,853 299,33416,162 I ,377 6,318 130,683 144,794 6,141 27,233 6,095 Oct. 25................ 284 341 189,676 46 967 47 698 54.470349,107 301,584 16,284 1 ,275 6,051 132,075 145,899 5,808 27,575 6,086 Nov. 29................. 285’700 190 515 47*091 48 09454,809350,888 302,689 16,082 1 ,189 4,356 134,283 146,779 6,456 27,734 6,083 Dec. 30................ 293,120 196,849 46’95649 J 15 68,946373,584 326,033 20,81 1 I ,1691 4,631 151,980 147,442 5,370128,098 6,071 6,427128,142 1968—Jan. 31................. 290,389 194,262 46,579 49,548 59,102 360,773 311,534116,668 1,170 6,313 138,263 149,120 6,064 Feb 28 290 844 191 582 47 35449 908 57,129 358,945 309,012'16,112 I ,223 8,094 133,136 150,447 6,825'28,188 6,060 Mar. 27................ 290’527 194*303 45*510 50*714 56,437 358,402 306,703 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 J7656,320 361 ,004 308,15616,534 1 ,083 3,438 136,258 150,843 8,584 28,424 6,046 May 29................ 294,364 198,874 44,733 50,757 57,415 363,139 308,378 16,574: 955 4,282 135,242 151,325 9,073 28,706 6,041 June 26a.............. 299,212204,816 43,494 50,902 59,445 370,168 313,(26 17,529 968 4,792 138,514 151,323 10,779 28,865 6,039 July 31 a.............. 303,009206,378 45.057 51 .57461,854376,785 320,310 18,229 1,146 4,988 141.559 154,388 9,763 29,160 6.039 Mutual savings banks: 1941—Dec. 31................ 10,379 4,901 3,704 1 ,774 793 11,804 10,533 6 10,527 1 ,241 548 1945—Dec. 31................ 16,208 4,279 10 682 I 246 609 17,020 15,385 14 15,371 7 1,592 542 [947—Dec. 316.............. 18 641 4’944 11 978 1 718 886 19,714 17,763 3 14 17,745 1,889 533 1966—Dec. 31................ 59,023 48,296 4,753 5,’973 966 61 ,008 55,350 7 70 55,271 69 4,871 504 1967—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 64,010 51'280 4 400 8 310 920 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 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 68,0701 61,800 80 61,720 ........... 5,070 502 66’100 52^470 4’300 9 330 870 68,160 61,750 80 61,670 5,060 501 May 29a.............. 66 680 52'880 4 370 9 430 880 68,770 62,130 80 62,050 5,110 501 68,840 5 3 000 4 230 9*610 950 69,020 62,590 80 62,510 5,120 501 July 31 a.............. 67,220 53,300 4 ,*310 9,’blO 950 69,400) 62,970 80 62,890 5,120 501 For notes sec p. A-22. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-ZO COMMERCIAL AND MUTUAL SAVINGS BANKS □ AUGUST 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 G U o .S vt . . Oth 2 er a C ss a e s t h s 3 c b c o a i a l a l u i i p n a t c n i i d ­ e - t t a s s l ’ ’ Total3 m D a e n ­ d Time U.S D . emand Time * r B in o o g w r s - ­ c c T a o a o p u c t i n a ­ ta t l s l N ba u h o n e m f k r s - Govt. Other Reserve city member banks: New York City:7’8 1941—Dec. 31..................... 12,896 4,072 7,265 1 ,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31.................... 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31..................... 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1966—Dec. 31..................... 46,536 35,941 4,920 5,674 14,869 64,424 51,837 6,370 467 1 ,016 26,535 17,449 1 ,874 5,298 12 1967—July 26..................... 48,380 36,683 5,408 6,289 14,431 65,964 51,953 5,495 836 1,190 24,754 19,678 2,536 5,600 12 Aug. 30..................... 48,521 36,360 5,634 6,527 12,940 64,698 50,639 5,102 867 574 24,011 20,085 2,140 5,663 12 Sept. 27..................... 49,435 36,981 5,599 6,855 13,206 65,951 52,050 5,311 816 1,686 24,506 19,731 1 ,688 5,680 12 Oct. 25..................... 49,718 36,480 6,443 6,795 13.672 66,592 52,552 5,252 757 1,719 24,802 20,022 1,695 5,708 12 Nov. 29..................... 49,805 36,799 6,257 6,749 13,106 66,251 52,163 5,254 752 828 24,836 20,493 1 ,946 5,729 12 Dec. 30..................... 52,141 39,059 6,027 7,055 18,797 74,609 60,407 7,238 741 1 ,084 31 ,28220,062 1 ,880 5,715 12 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 12 Feb. 28..................... 50,198 37,325 5,771 7,102 14,125 67,771 53,282 5,371 712 1 ,641 25,854 19,704 1,935 5,729 12 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 29.................... 50,800 38,737 5,169 6,894 14,573 68,783 52,747 6,135 530 749 26,506 18,827 2,586 5,944 12 June 26"................... 52,522 40,675 4,926 6,921 15,189 71,169 54,139 6,565 497 1,175 27,132 18,770 3,444 5,986 12 July 31"................... 53,429 40,718 5,675 7,036 16,643 73,553 56,095 6,763 606 1,132 28,299 19,295 3,453 6,081 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 11 1967—July 26..................... 12,272 8,961 1,679 1,632 2,920 15,702 12,877 1,321 10 293 5,416 5,837 655 1 ,214 It Aug. 30..................... 12,252 8,923 1,714 1,615 2,606 15,352 12,668 1,242 11 127 5,246 6,042 498 1,226 (1 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 1 1 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 II Nov. 29..................... 12,350 8,843 1 ,701 1,806 2,560 15,375 12,860 1 ,156 9 227 5,430 6,038 650 1 ,225 10 Dec. 30..................... 12,744 9,223 1 ,574 1 ,947 2,947 16,296 13,985 1 ,434 21 267 6,250 6,013 383 1 ,346 10 1968—Jan. 31...................... 12,573 8,865 1,752 1,956 2,771 15,931 13,205 1,170 10 427 5,596 6,002 561 1,352 to Feb. 28..................... 12,771 9,042 1,764 1,965 2,713 16,068 13,162 1,177 10 496 5,439 6,040 585 1,339 10 Mar. 27..................... 12,522 8,903 1,746 1,873 2,815 15,974 12,450 1,128 10 164 5,311 5,8.37 853 1,323 9 Apr. 24..................... 12,729 9,041 1 ,879 1 ,809 2,606 1 5 ,959 12,407 1,185 9 134 5,401 5,678 835 1 ,337 9 May 29..................... 12,534 8,950 1 ,730 1 ,854 2,968 16,143 12,425 1,139 8 169 5,479 5,630 826 1 ,346 9 June 26"................... 12,961 9,396 1 ,721 1 ,844 2,893 16,505 12,532 1 ,263 9 121 5,577 5,562 909 1 .345 9 July 31".................. 13,371 9,332 2,071 1 ,968 3,089 17,1 20 12,935 1 ,256 7 231 5,567 5.874 1,271 1 .370 9 Other reserve city:7'3 1941—Dec. 31..................... 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1 ,967 351 1945—Dec. 31..................... 40,108 8,514 29,552 2,042 11,286 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—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..................... 101,242 70,004 13,733 17,505 20,084 125,091 108,768 7,514 446 1,198 44,751 54,859 2,959 9,792 165 Sept. 27 ..................... 102,633 71,321 13,926 17,38621,617 128,028 111,366 7,532 478 2,499 45,834 55,023 3,304 9,840 164 Oct. 25..................... 103,434 71,515 14,409 17,51021 ,311 128,525 112,050 7,705 404 2,474 46,278 55,189 3,037 9,887 162 Nov. 29..................... 103,221 71,628 14,127 17,46621,957 128,973 112,429 7,555 322 1 ,803 47,335 55,414 2,937 9,931 163 Dec. 30..................... 105,724 73,571 14,667 17,487 26,867 136,626 120,485 9,374 310 1 ,715 53,28855,798 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 3,104 10,069 164 Feb. 28..................... 105,503 72,949 14,700 17,854 22,623 132,185 114,952 7,477 395 3,461 46,25657,363 3,416 10,075 164 Mar. 27..................... 105,064 73,232 13,790 18,04221,820 130,999 113,620 7,247 393 1 ,679 46,687 57,614 3,523 10,087 164 Apr. 24..................... 106,175 74,648 13,383 18,14422,147 132,442 114,208 7,577 380 1,412 47,409 57,430 4,245 10.152 163 May 29..................... 106,505 74,697 13,496 18,31221,950 132,720 113,758 7,311 321 1 ,587 46,851 57,688 4,407 10,223 163 June 26"................... 108,235 76,998 12,929 18,308 22,350 134,805 115,394 7,632 366 1,660 48,180 57,556 4,769 10,282 163 July 31”.................. 109,210 77,325 13,451 18,43423,547 137,286 118,191 8 ,063 437 1 ,879 49,040 58,772 4,262 10,373 162 Country member banks:7’8 1941—Dec. 31.................... 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31.................... 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 11 2,525 6,476 1947—Dec. 31..................... 36,324 10.199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934 6,519 1966—Dec. 31..................... 109,518 68,641 22,419 18,458 19,004131,338 117,749 2,392 69 1,474 56,67257,144 308 10,309 5,958 1967—July 26..................... 114,929 71,903 22,433 20,593 16,637 134,452 120,410 1,981 69 1,523 54,048 62,789 572 10,508 5,920 Aug. 30..................... 116,244 71,843 23,335 21,066 16,430 135,435 121,040 2,033 69 1,229 54,078 63,631 612 10,637 5,912 Sept. 27 117,676 72,503 23,904 21,269 16,863 137,318 122,932 2,089 69 1 ,701 54,997 64,076 659 10,489 5,908 Oct. 25..................... 118,889 72,777 24,463 21,649 16,864 138,574 124,039 2,103 106 1,511 55,610 64,709 660 10,746 5,901 Nov. 29..................... 120,324 73,245 25,00622,073 17,186 140,289 125,237 2,117 106 1 ,498 56,682 64,834 923 10,849 5,898 Dec. 30..................... 122,511 74,995 24,689 22,82620,334146,052 131,156 2,766 96 1,564 61,161 65,569 552 11,005 5,886 1968—Jan. 31..................... 121,777 74,092 24,880 22,805 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 25,119 22,987 17,668 142,921 127,616 2,087 106 2,496 55,587 67,340 889 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. 24..................... 124,227 76,289 24,289 23,649 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 56,406 69,180 1 ,254 11,193 5,857 June 26".................. 125,494 77,747 23,918 23,829 19,013 147,689 131,061 2,069 96 1 ,836 57,625 69,435 1 ,657 11,252 5,857 July 31".................. 126,999 79,003 23,86024,136 18,575 148,826 133,089 2,147 96 1,746 58,65370,447 777 11,336 5,857 For notes see p. A-22. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 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— .Secunties Total Interbank 3 Other Total Num­ b c C a a la n ll s k d s a a o t n e f d Total Lo l a . n 2 s , G U o .S vt . . Oth 2 er as C s a e s ts h 3 c c b o a i u a a l l p i i n n c a t i i d ­ t e t ­ a s s 2 l Total 3 m D a e n ­ d Time U.S D . ema O n t d her Ti 1 m . 5 e r B i o n o g w r s ­ ­ c c a o a p u c n i ­ ta ts l ba b o n e f k r s Govt. Insured commercial: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1 ,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,27629,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37.583 67,941 8,750 36,926 152,733 141.851 12,615 54 1 .325 92,975 34,882 61 9.734 13,398 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—Dee. 31.. 321,473 217,379 55,78848,307 68,515 401,409 351,438 19.497 881 4,975 166,689 159,306 4,717 31,609 13,533 1967—June 30.. 333,742 223,707 53,871 56,164 64,545 410,308 358,745 17,778 1 ,399 5,135 159,991 174,441 5,050 32,843 13,525 Dec, 30.. 358,536235,502 62,09460,941 77,348 448,878 394,118 21 ,598 1,258 5,219 182,984 183,000 5,531 3.1,916 13,510 National member: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 786 1,088 23,262 8,322 4 3.640 5,117 1945—Dee. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9.229 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53.541 19,278 45 5,409 5,005 1965—Dec. 31.. 176,605 118,537 32,347 25,720 36,880 219,744 193,860 12,064 458 3,284 92,533 85,522 2,627 17,434 4,815 1966—Dec. 31.. 187,251 129,182 30,355 27,713 41,690 235,996 206,456 12,588 437 3,035 96,75593,642 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 34,308 35,348 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 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 1 1,247 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 39,482 39,166 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 nomnember 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 Dee. 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 nonmemher commerci.il: 1941—.Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1 ,291 253 13 329 852 [945—Dec. 31.. 2,211 318 1 ,693 200 514 2,768 2,452 181 1 ,905 365 4 279 714 1947—Dec. 31 6. 2,009 474 I ,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 21 1 Nonmcmber commercial: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5 504 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 II 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—Oec. 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 28,502 33,183 246 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-ZZ COMMERCIAL AND MUTUAL SAVINGS BANKS □ AUGUST 1968 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loa;is anti investments Depos it Total ._._ .... .. assets—• Securities Total Interbank 3 Other b c C a a l n a ll s k d s a a o n te d f Total Lo 1 a . n 2 s G U o .S vt . , Oth 2 er as C s a e s ts h 3 c b c o a i a u l l a i i p n n a t c i i d t e ­ ­ t s a s l - Total ’ m D a e n ­ d Time U.S D . einand T 1 i m s 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 b h a o e n f r k s Other Govt. -- — . ----.- -—------—--------- — . __--------- . —-...... .------- — • ■ — ——— -----.- -—---- ---------- Insured mutual savings: 1941—Dec.31.. 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec.31.. 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1 1 ,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 1 2 1212,192 1,252 194 1965—Dec. 31.. 48,735 39,964 3,760 5,010 904 50,500 45,887 I 7 35945,520 91 3,957 329 1966—Dec. 31.. 51,267 42,591 3,324 5,352 847 53,047 48,254 I 6 381 47,865 69 4,140 330 1967—June30.. 53,785 44,147 3,034 6,604 1,015 55,807 50,877 1 6 445 50,424 42 4,191 332 Dec.30.. 55,936 45,489 3,111 7,336 881 57,863 52,910 ■ ■•... 1 6 429 52,474 68 4,237 331 Noninsured fnutual 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 5,020 6 558 350 1947—Dec. 31 & 5,957 1,384 3,813 760 21 1 6,215 5,556 ............ 2 5,553 637 339 1965 —Dec. 31.. 7,526 5,325 1 ,710 491 113 7,720 6,874 8 6,865 J 706 177 1966—Dec. 31.. 7,756 5,705 1,429 621 1 19 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 "Deposits Accumulated at Commercial Hanks for Payment 8 Beginning with May 18, 1964, one New York City country bank with of Personal Loans" and its notes on p. A-23. loans and investments of $1,034 million and total deposits of 5982 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 SI billion. banks. “Total loans” include Federal funds sold, and beginning with June 1967 securities purchased under resale agreements, figures for which are shown Note.—Data are for all commercial and mutual savings banks in the for commercial banks on pp. A-24 and A-25. United States (including Alaska and Hawaii, beginning with 1959). For 3 Reciprocal balances excluded beginning with 1942, definition of “commercial banks” as used in this table, and tor 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. sec 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, sec Aug. 1962 Bulletin, p. 993. For various changes between Figures are partly estimated except on call dates. reserve city and country status in 1960-63, see note 6, p. 5 8 7, May 1964 For revisions in series before June 30, 1947, see July 1947 IWi.i.etm, Bulletin. pp. 870-71. ' Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ COMMERCIAL BANKS A-23 LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total i, 2 Loans1,2 Total 1,2 Loans1,2 G U o . v S t . . Other2 G U o .S vt . . Other2 1959—Dec. 31.......................................................................... 185.9 107.8 57.7 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.......................................................................... 209,6 120.4 65.3 23.9 214.4 123.9 66,6 23.9 1962—Dec. 31.......................................................................... 227.9 134.0 64.6 29.2 233.6 137.9 66.4 29.3 1963—Dec. 31.......................................................................... 246.2 149.6 61.7 35.0 252.4 153.9 63.4 35.1 1964—Dec. 31.......................................................................... 267.2 1 h7.7 60.7 38.7 273.9 172.1 63.0 38.8 1965—Dec. 31.......................................................................... 294.4 192.6 57.1 44.8 301.8 197.4 59.5 44.9 1966—Dec. 31.......................................................................... 310.5 208.2 53.6 48.7 317.9 213.0 56.2 48.8 1967—July 26........................................................................... 332.5 216.5 59.4 56.5 331.8 218.0 57.1 56.7 Aug. 30........................................................................... 336.6 218.0 (d.3 57,3 334.2 217.3 59.1 57,8 Sept. 27........................................................................... 339. 1 219.9 61.4 57.7 338.8 220.4 60.1 58.3 Oct. 25........................................................................... 342.0 221.4 61.9 58.6 341.6 220,2 62.4 59.0 Nov. 29.......................................................................... 344.3 222.7 61.2 60.4 344.1 221.5 62.9 59.8 Dec, 31.......................................................................... 346.5 225.4 59.7 61.4 354.5 230,5 62.5 61.5 1968—Jan. 31........................................................................... 349.5 227.1 60.0 62.4 350,1 226.1 62.2 61.7 Feb. 28........................................................................... 353.6 228,9 62.1 62.7 350.6 225.2 63.2 62.2 Mar. 27........................................................................... 352.1 228.7 59.8 63.6 351.1 226.9 61.1 63.1 Aur. 24”........................................................................ 354.4 230.9 60.0 63.4 353.9 230.5 59.5 63.8 May 29”........................................................................ 356.4 232.1 60.7 63.5 354.5 231 . 1 60.0 63.4 June 29”........................................................................ 357,3 233.4 60.5 63,4 360.9 238.3 58.7 63.9 July 31”........................................................................ 364.6 237.7 62.6 64.2 364.7 240.2 60.0 64.4 i Adjusted to exclude interbank loans. _ Non;. Seasonally adjusted series revised beginning Jan. 1959. For 2 Beginning June 9, 1966, about $1,1 billion of balances accumulated monthly data 1948 68, see Aug. 1968 Bulletin, pp. A-94- A 97. For a for payment of personal loans were deducted as a result of a change in description of the seasonally adjusted series sec the following Bulletins: Federal Reserve regulations. July 1962, pp. 797-802; July 1966. pp. 950-55; and Sept. 1967, pp. 1511- Beginning June 30, 1966, CCC certificates of interest and Export­ l7- Import Bank portfolio fund participation certificates totaling an estimated Data are for last Wed. of month except for June 30 and Dec. 31; data $1 billion are included in “Other securities" rather than “Other loans." arc partly or wholly estimated except when June 30 and Dec. 31 are call dates. DEPOSITS ACCUMULATED AT COMMERCIAL BANKS FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of bank June 30, Dec. 31, Juno 30, Dec. 30, Class of bank June 30, Dec. 31, June 30, Dec. 30, 1966 1966 1967 1967 1966 1966 1967 1967 A11 commercial.............................. 1 150 1,223 1 ,272 1 ,283 All member (cont.)— I nsured........................................ 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 A11 non me mber......................... 280 283 291 304 All member, .................................. 870 941 981 979 Insured ..................................... 279 282 291 304 New York City......................... Noninsured............................. 1 City of Chicago............ Note.—These hypothecated deposits arc excluded from “Time depos­ These deposits have not been deducted from “Loans" and “Time de­ its” and “Loans” at all commercial hanks 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 a AUGUST 1968 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) — ------- ._ — — Other l _ o .. a . n — s ----------------— — ---------- Investm -- — - e -- n -- t - s ---- — purc r h o a r s ing To U.S. Government b C a l n a k ss a o nd f l # o T a a o n n t d a s l i f F u e n e ra d d l s ­ C m o c m r- - Agri- — o s r e c c a u r r _ r it y ie i . n s . g . — institutions Real Ot t h o e r, —— securit — ies 6 . ._ S a t n a d te Other call date invest- sold, Total cial cul- .......... es- in- Other local secuments etc.2 3 > 4 and tur- To tate di- 5 govt. rities5 in- al 5 bro- vid- Bills seend tr u ia s l ­ k a e n r d s ot T h o e rs Banks| Others uals^ Total cc an rt d if i- Notes Bonds rities — — deal­ cates — ----------... _ . — — — -------- — e . r _ s „ ———- . ——— — ---------- — Total: 2 1947—Dec. 3 116,284 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. 3 306,060 2,103 199,555 71,437 8,212 5,2583,231 2,158 13,291 49,30045,468 5,21559,547 n.a. n.a. n.a.38,6556,201 1966—Dec. 3 323,885 2,544216,40580,598 8,555 5,821 3,203 2,189 13,30253,95047,943 5,18356,163 n.a. n.a. n.a.41,0037,769 1967—June 30.. 336,129 3,944221,28084,5399,333 4,598 3,326 1,784 12,23455,275 49,5305,065 54,233 n.a. n.a. n.a.46,8739,799 Dec. 3().. 361,186 4,057 233,18088,4439,2706,215 3,780 1 ,902 12,535 58,525 51,585 5,65962,473 n.a. n.a. n.a.50,006 11,471 All insured: 1941—Dec. 3 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 3 121,809 25,765 9,461 1,3143,1643,606 49 4,677 2,361 1,13288,91221,526 16,045 51,342 3,873 3,258 1947—Dec. 3 .. 114,274 37,583 18,012 1,610 823 1,190 114............ 9,266 5,654 91467,941 9,676 5,918 52,347 5,1293,621 1965—Dec. 3 303,593 2,064 198,04570,887 8,191 5,088 3,172 2,093 13,14849,02645,2905,15559,120 13,134 13,233 33,85838,4195,945 1966—Dec. 3 321,473 2,461 214,918 80,0608,5365,643 3,148 2,131 13,14853,68647,7705,12755,788 12,080 13,43931,53640,761 7,545 1967—June 3().. 333,742 3,874219,833 84,013 9,3134,383 3,273 1,701 12,11455,05649,3595,01753,871 8,563 14,653 31,91846,6069,558 Dec. 30.. 358,536 3,919231,58387,8709,2506,017 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. 3 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,0902,H7I 1945—Dec. 3 107,183 22,775 8,949 855 3,133 3,378 47 3,455 1,900 1 ,05778,338 19,260 14,271 44,807 3,2542,815 1947—Dec. 3 .. 97,846 ............ 32,628 16,962 1,046 811 1,065 113 7,130 4,662 83957,914 7,803 4,81545,295 4,199 3,105 1965—Dec. 3 251,577 1,861 167,93963,979 5,0994,915 2,714 2,008 12,475 38,98836,4184,83244,992 9,441 10,10626,367 32,5884,198 1966—Dec. 3 264,627 2,119 181,62472,553 5,318 5,3892,660 2,047 12,34942,38437,925 4,75741,924 8,567 9,789 24,60933,800 5,160 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 24,855 39,085 6,731 Dec. 3().. 294,098 3,438 194,38979,3445,7025,82013,099 1,754 11 ,58745,52840,4545,19046,956 9,633 13,657 24,61441,5207,795 New York City: 1941—Dec. 3 12,896 4,072 2,807 8 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 3 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. 3 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, 3 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 1 ,897 1,962 2,303 6,318 737 City of Chicano: 1941—Dec. 3 2,760 954 732 6 48 52 1 22 95 1,430 256 153 1,022 182 193 1945—Dec. 3 5,931 1,333 760 2 211 233 36 51 40 4,213 1,600 749 1,864 181 204 1947—Dec. 3 .. 5,088 1,801 1,418 3 73 87 46 149 26 2,890 367 248 2,274 213 185 1965—Dec. 3 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 1,574 427 344 853 1,487 459 Other reserve city: 1941—Dec. 3 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. 3 .. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 351 20,196 2,731 1,901 15,563 1,342 1,053 1965—Dec. 31.. 91,997 471 64,64624,784 1,206 954 1,108 635 5,820 15,056 14,305 1,999 14,354 2,972 3,281 8,432 11,504 1,022 1966—Dec. 3 96,201 817 69,01728,090 1,251 1,084 1 ,079 684 5,748 16,04414,375 1,968 13,040 2.552 2,673 8,222 12,033 1 ,294 1967—June 30.. 99,850 1,168 68,987 28,887 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 3,140 3.557 8,312 15,3762,110 Country: 1941—Dec. 3 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1 ,484 648 42 471 4 1,881 707 35926,999 5,732 4,544 16,722 1,342 1,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 22422,857 3,063 2,108 17,687 2,006 1 ,262 1965—Dec. 31.. 103,362 905 62,433 16,4783,840 650 698 174 1,983 20,217 18,423 1,17723,735 4,389 5,565 14,098 13,805 2,483 1966—Dec. 3 110,089 1,161 68,051 17,938 3,986 790 761 157 2,175 22,25320,000 1,30722,419 3,791 5,917 13,096 15,473 2,985 1967—June 30.. 114,563 1 ,594 70,681 19,1204,323 591 830 1 16 1,92822,99620,735 1,383 21,557 2,706 5,915 13,270 16,9263,804 Dec. 3( 123,127 1 ,538 74,074 19,8394,332 607 906 100 2,20024,45321 ,554 1,51624,689 4,168 7,793 13,147 18,3384,488 Nonmembor: 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2 2,266 1,061 10911,318 2,179 1,219 7,920 1,078 625 1965—Dec. 3 .. 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. 3 59,257 425 34,781 8,045 3,237 431 543 142 953 11,56610,018 42714,239 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 * 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 fanners directly guaranteed Ioans continue to be shown net. by CCC were reclassified as “Other securities,” and Export-Import Bank 2 Includes securities purchased under resale agreements prior to June portfolio fund participations were reclassified from loans to “Other se­ 30, 1967—they were in loans, for the most part in loans to banks. Prior curities.’’ This increased “Other securities” by about $1 billion. to Dec. 1965, Federal funds sold were included with total loans and loans 6 Beginning with Dec. 31, 1965, components shown at par rather than to banks. at book value; they do not add to the total (shown at book value) and are J See table (and notes) entitled Deposits Accumulated at Commercial not entirely comparable with prior figures. Hanks for Payment of Personal Loans, p. A-23. For other notes sec 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

AUGUST 1968 □ COMMERCIAL BANKS A-25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits h c C a a l n l a ) k s d s a a o n te d f s B F w e R a r . i n v R e th e k ­ . s s r C c e a o n n u i d c n r­ y b m a a w B d n e n c a i o s t k e h l ­ t ­ s s i c 7 ju p m s D a o d a t s e d e e n i ­ ­ d t ­ d s 8 m D e In o s t t ­ e ic r 7 lja e F n ig o k n r ­ 9 G U o .S vt . . S g lo a o t n c a v a d t t e l . c C c h o a f e e i e e f n r f r c d d s i t k ­ i ’ ­ s, I PC I b n a te nk r­ G P S U a o o a n . s S v v d t ­ t . a . l g S lo a o t n c a v d a t t e . l (PC3 r B in o o g w r s ­ ­ c C o a t a u a c p n l ­ i t ­ s etc. ings Total: 3 1947—Dec. 31 . 17,796 2,216 10,216 87,123 11,362 1 ,430 1 ,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 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 15,669 159,1705,16633,285 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 15,892 167,6345,777 34,384 All insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31. 15,810 1,829 11,075 74,722 12,566 1,24823,740 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 12,135 133,6864,325 29,827 1966—Dec. 31 ... . 19,069 5,426 15,348 140,835 17,713 1,784 4,975 14,951 6,956 144,782 881 238 13,414 145,7444,717 31,609 1967—June 30.... 18,999 4,839 14,094 136,024 16,185 1,593 5,135 15,108 7,420 137,463 1,399 267 15,614158,5605,05032,843 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 It ,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 ,86! 4,631 11,857 7,940 132,184 1,169 235 12,856 135,3295,37028,098 New York City: 1941—Dec. 31 , 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31 , 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1 ,206 195 2,120 1947—Dec. 31 ... . 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1965—Dec. 31 ... . 3,788 310 122 18,190 4,191 1 ,034 1 ,271 620 2,937 20,708 522 84 807 17,097 1 ,987 5,114 1966—Dec. 31.... 4,062 326 201 18,013 5,105 1,265 1 ,016 608 3,814 22,113 467 83 918 16,447 1,874 5,298 1967—June 30.... 4,397 279 188 17,459 5,072 1,111 1 ,021 796 4,086 20,774 817 85 1,129 17,7721,841 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 18,840t ,880 5,715 City of Chicago: 1941—Dec. 31 .... 1,021 43 298 2,215 1 ,027 « 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 25 356 4,541 484 1,199 1967—June 30.... 954 R0 153 4,370 1,209 62 299 307 169 5,061 20 1 470 5,215 359 1,224 Dec. 30.... 1,105 94 151 4,758 1,357 77 267 283 217 5,751 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 1965—Dec. 31.... 7,700 1,139 2,341 37,703 8,091 330 1,773 3,532 1,180 42,380 206 71 4,960 40,510 1 ,548 9,007 1966—Dec. 31 .... 8,353 1 ,326 2,517 37,572 8,249 343 1,633 3,708 1,274 44,022 233 57 5,450 44,2041.952 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 60,830 552 11,005 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. 3!.... 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 6^71 29,184 815 167 560 3^641 655 25,237 173 26 2,479 27,753 241 5,776 1967—June 30.... 1,126 5,838 28,135 728 134 571 3,641 670 24,191 154 28 2,921 30^34 246 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 □ AUGUST 1968 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans2 — — . — .. .. . _. --------- ...------- — . . _------------- . ............. —..........—.— . . 1 or purchasing To financial institutions or carry in ^securities Loans1 Total net of Wednesday lo a a n n d s v t a io lu n a­ C m o e m r- - a T n o d b d r e o a k l e e r r s s To other Banks Nonbank Con- Valuainvest­ re­ cial Agri­ — . Real sumer For­ All tion ments 1 serves and cul­ estate instal­ eign other re­ indus­ tural U.S. U.S. Do­ Pers, ment govts. serves trial Govt. Other Govt. Other mes- and sc- 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 July 5........... 196,926 140,782 64,038 1 ,932 511 3,335 77 2,158 1 ,359 3,969 6,124 4,422 27,519 16,066 1 ,082 11,154 2,964 12............ 198,301 139,601 63,808 1 ,896 840 3,223 77 2,173 1 ,383 3,259 5,675 4,424 27,635 16,082 1 ,072 11 ,017 2,963 19........... 198,152 139,732 63,803 1 ,902 I ,014 3,282 77 2,187 1,401 3,242 5,478 4,424 27,729 16,103 1 ,088 10,965 2,963 26........... 19 7,797 139,669 63.666 1 ,906 832 3.363 76 2,197 1,336 3,544 5,399 4,330 27,780 16,077 1,094 1 1 ,0.31 2,962 1968 June 5........... 210,442 149,293 67,419 1 ,991 1 ,035 3,666 96 2,374 1,391 4,271 5,645 4,419 29,873 17,005 1,087 12,231 3,210 12........... 210,214 149,222 67.663 2,001 496 3,816 95 2,383 1,416 3,917 5,817 4,424 29,985 17,059 1 ,109 12,252 3,211 19........... 212,599 151 ,577 68,999 1 ,990 746 4,123 94 2,417 1 ,386 3,731 6,118 4,551 30,095 17,102 1,105 12,333 3,213 26........... 21 J,285 153,105 69,240 2,006 662 3,923 95 2,410 1,408 5,375 5,806 4,631 30,199 17,199 1 ,097 12,269 3,215 July 3........... 213,539 153,456 69,222 1 ,992 856 4,329 97 2,407 1,447 4,761 5,888 4,720 30,226 17,256 1 ,081 12,408 3,234 10........... 211,837 151,934 69,192 2,000 781 4,210 95 2,41 1 1 ,460 3,750 5,752 4,649 30,281 17,302 1,068 12,218 3,235 17........... 214,440 152,422 69,354 2,007 895 4,380 92 2,434 1 ,428 3,585 5,798 4,633 30,388 17,314 1,055 12,293 3,234 24........... 214,250 152,475 69,098 2,004 1 ,692 4,268 92 2,424 1,386 3,555 5,502 4,645 30,436 17,392 1,075 12,139 3,233 31............ 215,833 153,708 69,138 2,017 1 ,690 4,626 96 2,416 1 ,380 3,968 5,641 4,720 30,433 17,514 1 ,071 12,224 3,237 New York City 1967 July 5............ 45,549 35,283 21,799 12 176 2,007 13 614 670 1 , 101 1 ,779 1 ,097 3,004 1 ,249 701 1 ,895 834 12........... 45,981 34,755 21,766 12 417 1 ,930 13 620 689 802 1 ,530 1 ,043 3,002 1 ,249 693 1 ,825 836 19........... 46,319 35,209 21,842 12 529 1 ,895 13 624 70.1 1 ,091 1 ,535 1 ,038 3,009 1 ,248 707 1 ,«00 837 26........... 45,767 35,014 2!,760 11 416 2,011 13 630 673 998 1,528 I ,043 3,008 1 ,234 705 1 ,822 838 1968 June 5........... 47,810 36,714 22,480 19 450 2,257 12 745 736 1 ,1.34 1,511 1,151 3,056 1 ,290 696 2,119 942 12............ 48,416 37,246 22,556 18 235 2,404 12 754 734 1 ,365 1 ,708 1 ,157 3,081 1 ,302 707 2,155 942 19........... 48,831 37,665 23,084 18 346 2,626 12 772 709 812 1,785 1 ,217 3,101 1 ,296 706 2,123 942 26............ 49,526 38,658 23,165 18 316 2,443 15 773 694 2,086 1,575 1 ,248 3,127 1 ,302 692 2,146 942 July 3........... 49,420 38,739 23,149 17 371 2,782 15 776 759 1 ,691 1 ,511 1 ,248 3,109 1 ,311 703 2,237 940 10........... 48,425 37,767 23,190 17 491 2,707 15 783 766 817 1 ,489 I ,227 3,104 1,312 682 2,107 940 17........... 49,423 37,955 23,192 17 573 2,878 15 797 742 729 1,518 1 ,210 3,108 1 ,303 679 2,134 940 24........... 49,511 38,108 23,149 16 1,113 2,782 15 794 728 674 1,368 1 ,201 3,123 1,315 701 2,069 940 31........... 50,460 38,708 2.1,205 14 960 3,H)1 15 791 714 861 1,546 1,219 3,096 1,326 704 2,098 942 Outside New York City 1967 July 5........... 151,377 105,499 42,239 1 ,920 335 1 ,328 64 1 ,544 689 2,868 4,345 3,325 24,515 14,817 381 9,259 2,130 12............ 152,320 104,846 42,042 1 ,884 42.3 1 ,293 64 1 ,553 694 2,457 4, 145 3,381 24,633 14,833 379 9,192 2.127 19........... 151 ,833 104,523 41,961 1 ,890 485 1 ,387 64 1 ,563 698 2,151 3,943 3,386 24,720 14,855 381 9,165 2,126 26........... 152,030 104,655 41.906 1 ,895 416 1 ,352 63 1 ,567 663 2,546 3,871 3,287 24.772 14.843 389 9,209 2,124 1968 June 5........... 162,632 112,579 44,939 1 ,972 585 1 ,409 84 1 ,629 655 3,137 4,134 3,268 26,817 15,715 391 10,112 2,268 12............ 161,798 111,976 45,107 1 ,983 261 1 ,412 83 I ,629 682 2,552 4,109 3,267 26,904 15,757 402 10,097 2,269 19........... 163,768 113,912 45,915 1 ,972 400 I ,497 82 1 ,645 677 2,919 4,333 3,334 26,994 15,806 399 10,210 2,271 26............ 163,759 114,447 46,075 1 ,988 346 1 ,480 80 1 ,6.17 714 3,289 4,231 3,383 27,072 15,897 405 10,123 2,273 July 3............ 164,119 114,717 46.073 1 ,975 485 1 ,547 82 1 ,631 688 3,070 4,377 3,472 27,117 15,945 378 10,171 2,294 10........... 163,412 114,167 46,002 1 ,983 290 1 ,503 80 1 ,628 694 2,933 4,263 3,422 27,177 15,990 386 10,111 2,295 17........... 165,017 114,467 46,162 I ,990 322 1 ,502 77 1 ,637 686 2,856 4,280 3,423 27,280 16,01 I 376 10,159 2,294 24........... 164,739 114,367 45,949 1 ,988 579 1 ,486 77 1 ,630 658 2,881 4,134 3,444 27,313 16,077 374 10,070 2,293 31........... 165,373 115,000 45,933 2,003 739 1 ,527 81 1 ,625 666 3,107 4,095 3,501 27,337 16,188 367 10,126 2,295 For notes see p. A-29. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ WEEKLY REPORTING BANKS A-27 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments ('ash 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 Ger- subdiv. securities Total process and with Total Bills tifi- of coin F.R. catcs collec­ Do­ For­ Banks Ccrtif. tion mestic eign With- 1 to After Tax All of Other banks banks in 5 yrs. 5 yrs. war­ other partici­ secu­ 1 yr. rants J pation 4 rities Large banks total 1967 24,348 2,870 241 2,813 12,882 5,542 3,604 24,155 I ,280 2,757 48,735 25,689 4,549 238 2,472:15,787 8,609 .........July 5 26,780 5,383 237 2,823 12,842 5,495 3,660 24,277 1 ,277 2,706 43,819 21,775 4,226 214 2,759114,845 8,366 ......................12 26,574 5,239 237 2,844 12,753 5,501 3,635 24,199 I ,273 2,739 43,608 21,642 4,265 206 2,71614,779 8,270 ......................19 26,169 4,882 221 2,800 12,792 5,474 3,647 24,179 1 ,321 2,812 43,606 21,003 4,075 212 2,726.15,590 8,445 .....................26 1968 26,535 2,872 4,293 13,330 6,040 4,150 26,610 1 ,285 2,569 46,412 23,112 4,215 194 2,633 16,258 9,757 .........June 5 26,451 2,762 4,395 13,235 6,059 4,145 26,554 1 ,282 2,560 49,171 24,929 4,293 192 2,821 16.936 9,637 ......................12 26,505 2,870 5,013 12,554 6,068 3,937 26,615 1 ,369 2,596 49,286 24,725 4,169 204 2,866:17,322 9,443 ......................19 25,532 2,080 ........... 4,965 12,459 6,028 3,937 26,620 1 ,436 2,655 46,817 23,632 4,201 223 2.940,15,821 9,563 .....................26 25,327 1 ,945 5,053 12,284 6,045 3,875 26,711 1 ,450 2,720 51,940 28,6.16 4.4H6 224 2,479|I6,1 15 9,658 .........July 3 25,209 1 ,877 5,084 12,221 6,027 3,939 26,673 1 ,441 2,641 48,632 25,503 4,074 201 2,870 15,984 9,594 ......................10 27,299 3,914 5,128 12,211 6,046 3,827 26,778 1 ,444 2,670 51 ,646 26,817 4,286 227 2,843 17,473 9,408 ......................17 26,929 3,666 5,048 12,182 6,033 3,939 26,803 1 ,448 2,656 46,663 22,794 4,041 236 2,«74l 1 6,71 8 9,480 .....................24 27,070 3,817 5,053 12,135 6,065 4,001 26,919 1 ,463 2,672 49,079 25,130 4,229 200 2.81 6H 6.704 9,829 .....................31 New York City 1967 4,572 829 93 560 1,992 1 ,098 734 4,251 73 636 15,775 10,593 254 112 341 4,475 3,1 73 .........July 5 5,455 1 ,746 99 556 1 ,973 1 ,081 765 4,323 74 609 12,001 7,577 234 94 345 3,751 3,041 ......................12 5,382 1 ,715 101 517 1 ,963 1 ,086 771 4,252 74 63! 12,675 8,290 255 88 337 3,705 2,961 ......................19 5,057 1 ,427 101 496 1 ,956 1 ,077 762 4,233 80 62! 14,122 8,771 205 102 342 4,702 3,043 .....................26 1968 4,763 943 646 1 ,703 1,471 1 ,243 4,428 58 604 14,334 9,1 60 297 96 344 4,4.17 3,406 .........June 5 4,837 I ,007 691 1 ,671 1 ,468 1 ,236 4,428 54 615 15,820 10,483 300 91 361 4,585 3,349 ......................12 4,836 993 854 1 ,519 1 ,470 1,161 4,481 59 629 15,547 10,181 349 102 351 4,564 3,311 ......................19 4,476 696 ........... 794 1 ,520 1 ,466 1,187 4,489 73 643 14,956 10,114 308 I 10 369 4,055 3,327 .....................26 4,310 540 792 1 ,518 1 ,460 1 ,085 4,531 78 677 16,732 11,945 304 112 318 4,053 3,405 .........July .1 4,292 537 791 1 ,509 I ,455 1 ,066 4,554 80 666 16,550 11,281 358 100 357 4,454 3,321 ......................10 5,064 1,318 777 1 ,510 1 ,459 1 ,096 4,530 84 694 17,503 11 ,551 372 118 340 5,122 3,243 ......................17 4,942 1,156 832 1 ,490 1 ,464 1 ,087 4,601 81 692 15,615 9,908 364 123 351 4,869 3,215 .....................24 5,258 1 ,454 ........... 836 1 ,510 1 ,458 1,114 4,579 79 722 16,299 11,245 352 93 340 4,269 3,350 .....................31 Outside New York ( iiy 1967 19,776 2,041 148 2,253 10,890 4,444 2,870 19,904 1 ,207 2,121 32,960 15,096 4,295 126 2,131 11,312 5,436 .........July 5 21 ,325 3,637 138 2,267 10,869 4,414 2,895 19,954 1 ,203 2,097 31 ,818 14,198 3,992 120 2,414 11,094 5,325 ......................12 21,192 3,524 136 2,327 10,790 4,415 2,864 19,947 1,199 2,108 30,933 13,352 4,010 118 2,379 11,074 5,309 19 21,112 3,455 120 2,304 10,836 4,397 2,885 19,946 1 ,241 2,191 29,484 12,232 3,870 110 2,384 10,888 5,402 .....................26 1968 21 ,772 1 ,929 3,647 11,627 4,569 2,907 22,182 1 ,227 1 ,965 32,078 13,952 3,918 98 2.289 11,821 6,351 ..........June 5 2! ,614 1 ,755 3,704 1 1 ,564 4,591 2,909 22,126 1 ,228 1 ,945 33,351 14,446 3,993 101 2,460 12,351 6,288 ......................12 21,669 1 ,877 4,159 ll ,035 4,598 2,776 22,134 1 ,310 1 ,967 3 3 ,739 14,544 3 ,820 102 2,515 12,758 6,132 ......................19 21,056 1,384 ........... 4,171 10,939 4,562 2,750 22,131 1 ,363 2,012 31,861 13,518 3,893 113 2,571 11,766 6,236 .....................26 21,017 1 ,405 4,261 10,766 4,585 2,790 22,180 1 ,372 2,043 35,208 16,691 4,182 112 2,161 12,062 6,253 .........July 3 20,917 I ,340 4,293 10,712 4,572 2,873 22,119 1 ,361 1 ,975 32,082 14,222 3,716 101 2,513 11,530 6,273 ......................10 22,235 2,596 ........... 4,351 10,701 4,587 2,731 22,248 1 ,360 1,976 34,143 15,266 3,914 109 2,503 12,351 6,165 ......................17 21,987 2,510 4,216 10,692 4,569 2,852 22,202 1 ,367 1,964 31,048 12,886 3,677 113 2,523 11,849 6,265 .....................24 21 ,812 2,363 4,217 10,625 4,607 2,887 22,340 1 ,384 1,950 32,780 13,885 3,877 107 2,476 12,435 6,479 .....................31 For notes see p. A-29. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-28 WttKLY KtKUKIING BANKS □ AUGUSI iyt>» ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand lime Total Wednesday unad- States Do- Foreign 1PC States Foreign justed and mes- and Dopolit- U.S. tic polit- mes- Total 5 1PC ical Govt. com- Com- Total7 ical tic Comsub- mer- Govt., mer- Sav- Other sub- inter- Govt., merdivi- cial etc.'* cial ings divi- bank etc. cial sions banks banks sions banks I-arfie banks • Total 1967 216,665 117,895 81,919 6,085 3,854 15/91 699 1 ,563 98/70 47/48 35,095 9,480 1 ,029 4/39 186 ' 12....................... 212’610 113/88 81,376 5/34 4/47 13,554 720 1 ,'555 99,422 47/91 35/73 9; 547 1 ,016 4:890 205 19....................... 212’718 112/39 80,857 5,221 4/48 13/22 686 1 /02 99/79 47/22 35,975 9/82 1 /47 4/53 202 26....................... 212/87 HI ,'887 80,632 5; 344 4 ,'385 12,918 689 1 .529 100/00 47/17 36/06 9/05 1,086 4,975 208 1968 221,079 1 17,057 84,516 6,095 3/19 14,636 696 1 ,764 104,022 48,492 39,337 10/31 691 4/15 236 12....................... 223 J00 1 19/87 87,586 5/68 2; 466 14/18 692 1 ,702 103/13 48,465 39,445 10/83 691 239 19....................... 224’842 121 306 86,'426 5/87 6/89 13/90 688 1 /45 103,436 48/63 39,181 10/48 683 4/96 231 26....................... 223'070 119,218 85/53 6; 363 3; 669 13,990 706 1:720 103/52 48,657 39,416 10;079 682 4.557 225 July 3....................... 227,548 123,430 87,998 6,202 2,793 15,837 728 1 ,864 104,118 48,597 40,006 9,939 654 4,477 216 ' 10....................... 223'467 1 18/03 86/39 5/07 1/50 15/05 724 1 /58 104,564 48/65 40/81 9/57 731 4.461 239 17....................... 228’950123/83 87,930 5,498 4/66 15/88 742 1 ,876 105,367 48/82 41/99 10/59 764 4,476 260 24....................... 224/>45 118 388 85/95 5,506 4 926 13/26 681 1 /I0 106/57 48/15 41,858 10/79 766 4,545 260 31....................... 228;666 122,241 87/80 6/56 3,786 14;496 797 1 /84 106/25 48/79 41,961 10,409 785 4.449 300 New York City 1967 July 5....................... 51,743 33 591 19,542 403 1 107 4,867 5501 1.090 18/52 4/36 8,364 H30 673 3,369 99 ' 12....................... 47/74 29,206 18;604 294 1 200 3/67 563 1 ,071 18/68 4/28 8/80 878 661 3/20 1 17 19....................... 49/91 30/88 18/83 339 1 '3 39 4/07 537 1 ,102 18,703 4/33 8/79 920 689 3/86 115 26....................... 49/38 30,524 19/20 274 1 129 4,080 542 1 ,043 18/14 4/26 8/18 943 717 3,410 119 1968 49,800 32,255 20/53 555 848 4,733 551 1 ,250 17,545 4/19 8,363 958 410 2/97 112 12....................... 51 J 96 33 603 21/85 354 525 4,890 553 1 ,210 17,593 4/12 8; 466 936 416 2,966 HI 19....................... 51 ,’242 33 81 3 20/77 386 I 976 4,634 53S 1 ,228 17,429 4,610 8,331 980 396 2/15 108 26....................... 51'314 33,773 20/09 464 1/53 4/03 559 1 /I 3 17,541 4,627 8,439 1 ,012 389 2,878 108 July 3....................... 52,575 34 924 21 /11 455 721 5,446 581 1 ,342 17/51 4,631 8,630 1 ,006 358 2,828 109 ' 10....................... 51 ,142 33316 20/54 504 77 5/09 578 I ; 236 17/26 4/14 8'764 1 /06 426 2,818 109 17....................... 53 417 35,279 20'914 412 1 568 5/84 588 1 ,’357 18/38 4,603 8/68 1 /60 447 2,850 121 24....................... 51 435 33,094 20/83 478 1 525 4/195 521 1 /00 18/41 4/98 9/23 1 /96 443 2,868 126 31....................... 53,203 35,055 21'053 447 1'102 5,082 642 1,262 18/48 4/94 8,979 1/14 457 2/68 149 Outside New York City 1967 July 5....................... 164,922 84 304 62,377 5,682 2 747 10,424 149 473 80,618 43/12 26/31 8/50 356 1,570 87 12....................... 164 936 83 982 62'772 5/40 3 ’547 9/87 157 484 80,954 43,063 27 ,'093 8/69 355 1,570 88 19....................... 163,627 82,551 61 /74 4/82 3 509 9/15 149 500 81,076 43/89 27/96 8/62 358 I ,567 87 26....................... 162,749 «l J6.1 61 ,512 5/70 3/56 8/38 147 486 81/86 43/91 27/88 8/62 369 1,565 89 1968 June 5....................... 171 279 84 802 64/63 5,540 2/71 9,903 145 514 86,477 43/73 30,974 9,373 281 1/18 124 12....................... 171 ’,904 85,584 66;401 5,014 1 /4I 9,428 139 492 86,320 43/53 30,979 9/47 275 1,695 128 19....................... 173 600 87 593 65/49 5/01 4/13 9/56 150 517 86/07 43/53 30/50 9,068 287 1/81 123 26....................... 171 756 85 445 64;844 5/99 2'516 9/87 147 507 86,311 44/30 30,977 9,067 293 1 ,679 117 July 3....................... 174,973 88,506 66,887 5,747 2/72 10,391 147 522 86,467 43,966 31/76 8/33 296 1 ,649 107 10....................... 172/25 85 587 65,885 5,403 1 073 9,996 146 522 86/38 43/51 31/17 8/51 305 1 ,643 130 17....................... 175 533 88 304 67/16 5/86 3 298 9/04 154 519 87/29 43,779 32/31 8/99 317 1/26 139 24....................... 173,210 85 294 65/112 5/28 3,401 8 ,’931 160 510 87,916 43,717 32/35 9/83 323 1,677 134 31....................... 175,463 87,186 66/27 5/09 2,684 9,414 155 522 88/77 43/85 32/82 9/95 328 1 ,681 151 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ WEEKLY REPORTING BANKS A-29 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Memoranda Total 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 adjusted 8 and in­ adjusted9 Total Issued Issued vestments a issued to I PC’s to others Large banks- Total 1967 23 6,917 10,766 19,899 254,270 136,813 192,957 73,061 18,935 11,927 7,008 .....................July 5 39 7,021 10,933 19,883 250,486 136,342 195,042 73,112 19,427 12,364 7,063 12 18 6,319 11,119 19,856 250,030 136,490 194,910 72,827 19,517 12,449 7,068 19 78 6,417 11,401 19,865 249,848 136,125 194,253 73,581 19,688 12,541 7,147 .............................. 26 1968 247 9,027 15,084 21,174 266,611 145,022 206,171 76,190 19,468 12,170 7,298 .....................June 5 354 9,006 15,376 21,186 269,022 145,305 206,297 77,474 19,452 12,212 7,240 12 1,751 8,546 15,051 21,138 271,328 147,846 208,868 76,302 19,029 11 ,837 7,192 19 221 10,038 15,175 21,161 269,665 147,730 207,910 77,927 19,271 12,034 7,237 .............................. 26 327 10,094 15,883 21,285 275,137 148,695 208,778 76,164 19,538 12,349 7,189 ......................July 3 251 9,205 15,853 21,287 270,063 148,184 208,087 77,245 19,921 12,672 7,249 10 800 8,972 15,536 21,236 275,494 148,837 210,855 76,812 20,649 13,237 7,412 17 605 8,576 15,318 21,249 270,393 148,920 210,695 77,042 21,280 13,676 7,604 24 586 8,804 15,311 21,374 274,741 149,740 211,865 78,829 21,484 13,698 7,786 ....................... 31 New York City 1967 1,968 5,364 5,422 64,497 34,182 44,448 17,024 6,591 4,230 2,361 .....................July 5 .............. 2,414 5,526 5,409 61,023 33,953 45,179 16,662 6,850 4,473 2,377 12 1,883 5,579 5,402 61,955 34,118 45,228 16,652 6,990 4,599 2,391 19 .............. 2,410 5,785 5,399 62,932 34,016 44,769 16,544 7,041 4,593 2,448 26 1968 10 2,458 7,536 5,746 65,550 35,580 46,676 17,514 5,859 3,901 1,958 .....................June 5 2,857 7,782 5,750 67,585 35,881 47,051 17,704 5,911 3,978 1 ,933 12 696 2,501 7,509 5,741 67,689 36,853 48,019 17,022 5,674 3,743 1,931 19 .............. 3,273 7,484 5,738 67,809 36,572 47,440 17,603 5,803 3,851 1,952 .............................. 26 2,859 8,339 5,784 69,557 37,048 47,729 16,812 5,941 4,026 1,915 .....................July 3 15 2,915 8,445 5,779 68,296 36,950 47,608 16,949 6,112 4,178 1,934 10 100 2,773 8,112 5,767 70,169 37,226 48,694 16,876 6,419 4,380 2,039 17 87 3,076 7,978 5,765 68,341 37,434 48,837 16,966 6,570 4,501 2,069 24 .............. 3,261 7,817 5,828 70,109 37,847 49,599 17,626 6,459 4,336 2,123 .............................. 31 Outside New York CitV 1967 23 4,949 5,402 14,477 189,773 102,631 148,509 56,037 12,344 7,697 4,647 .....................July 5 39 4,607 5,407 14,474 189,463 102,389 149,863 56,450 12,577 7,891 4,686 12 18 4,436 5,540 14,454 188,075 102,372 149,682 56,175 12,527 7,850 4,677 19 78 4,007 5,616 14,466 186,916 102,109 149,484 57,037 12,647 7,948 4,699 ............................. 26 1968 237 6,569 7,548 15,428 201,061 109,442 159,495 58,676 13,609 8,269 5,340 .....................June 5 354 6,149 7,594 15,436 201,437 109,424 159,246 59,770 13,541 8,234 5,307 12 1,055 6,045 7,542 15,397 203,639 110,993 160,849 59,280 13,355 8,094 5,261 19 221 6,765 7,691 15,423 201,856 111 ,158 160,470 60,324 13,468 8,183 5,285 26 327 7,235 7,544 15,501 205,580 111,647 161,049 59,352 13,597 8,323 5,274 .....................July 3 236 6,290 7,408 15,508 201,767 111,234 160,479 60,296 13,809 8,494 5,315 10 700 6,199 7,424 15,469 205,325 111,611 162,161 59,936 14,230 8,857 5,373 17 518 5,500 7,340 15,484 202,052 111,486 161,858 60,076 14,710 9,175 5,535 24 586 5,543 7,494 15,546 204,632 111,893 162,266 61,203 15,025 9,362 5,663 ................................31 1 After deduction of valuation reserves. 2 Individual items shown gross. 1 o Certificates of deposit issued in denominations of $100,000 or more. 3 Includes short-term notes and bills (less than 1 year to maturity) issued by States and political subdivisions. * Federal agencies only. Note.—Beginning June 29, 1966, coverage of series was changed from 3 Includes certified and officers’ checks, not shown separately. Weekly Reporting Member Banks to Weekly Reporting Large Commer­ 6 Deposits of foreign governments and ofiiciat institutions, central cial Banks (earlier figures for 1966 are comparable with the new series). banks, and international institutions. Also beginning June 29, 1966, detailed breakdown is shown of “All other 7 Includes U.S. Government and postal savings not shown separately. loans,’’ of “Other securities,” and of ownership of time certificates of 8 Exclusive of loans to domestic commercial banks. deposit in denominations of $100,000 or more. For description of revisions, • 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

UUUIHLUU LVMMU VI COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during Industry 1968 1968 1968 1967 1968 1967 July July July July July 1st 2nd 31 24 I7 10 3 July June May II 1 IV half half Durable goods manufacturing: Primary metals....................................... 2,009 2,001 I ,923 1 ,928 1 ,907 62 190 29 309 262 1 84 571 287 Machinery............................................... 4’735 4,765 4'717 4>35 4,734 159 238 272 46 240 -248 286 — 630 Transportation equipment................. 1 ’ 823 1 >15 1 '874 1 >92 1 >93 -33 102 -13 36 8 -113 44 -1 36 Other fabricated metal products. . . 1 ,943 1 ,940 1 ,950 1 ,936 1 ,936 37 74 150 60 -103 210 -281 Other durable goods............................ 2,250 2,264 2,256 2,247 2,236 40 1 17 29 1 94 20 -1 52 214 ■ 1 42 Nondurable goods manufacturing: Food liquor, and tobacco............ 2,079 2,133 2,193 2,177 2,234 -158 51 ■ 152 -227 -294 587 521 61 5 Textiles, apparel, and leather........... 2>I8 2; 343 2 >50 2,312 2,297 42 1 19 13 202 325 - 385 527 410 Petroleum refining................................ 1 ,539 1,531 1 ,537 1 ,561 1 ,566 53 63 - 15 45 - 1 1 3 91 -68 - 1 1 3 Chemicals and rubber......................... 2,’271 2,288 2,297 2,359 2,451 241 39 - 75 55 116 29 171 -83 Other nondurable goods..................... 1 ’ K1 3 । >10 1 >08 1 ,801 1 ,802 1 3 55 20 58 1 4 -35 72 95 Mining, including crude petroleum and natural gas....................................... 4,688 4,723 4,726 4,706 4,703 -54 15 - 1 33 61 497 384 558 164 Trade: Commodity dealers.................... 1 '073 1 '076 1 .077 1 ,099 1 .087 -35 -49 -65 -222 275 501 - 497 679 Other wholesale........................... 3 J 66 3'146 3,160 3,162 3,152 9 23 -51 91 9 162 100 96 Retail.............................................. 3 >76 3'737 3,735 3,668 3,686 46 70 8 232 28 -11 204 6 Transportation............................................ 4’972 4 >29 4,933 4,920 4,931 5 167 151 405 155 33.3 560 428 Communication......................................... 1 '012 1 >19 1 ,031 1 >06 1 ,024 89 125 13 174 -72 9 102 4 Other public utilities................................. 2,370 2,320 2,308 2,280 2,272 161 259 -49 212 -419 1 10 - 207 258 Construction................................................ 2,’775 2 >65 2>7I 2>53 2>4I 1 78 99 221 42 -58 263 -•■103 5,507 5,533 5,580 5,563 5,548 36 162 1 11 374 173 304 547 221 All other domestic loans......................... 7 >93 7,185 7'264 7,303 7,255 51 '163 59 '459 100 224 '559 356 Hankers’ acceptances................................ 845 802 ’ 880 >59 822 .14 -7 ■115 -272 - 120 301 - 392 554 Foreign commercial and industrial loans........................................................... 2,557 2,555 2,550 2,537 2,560 34 3 -90 -101 -48 - 15 149 -112 Total classified loans................................ 62’814 62,680 62,'9 20 62 >04 62,837 33 '2,057 -506 '2,502 652 2,099 '3,154 1 ,753 Total commercial and industrial loans. 69,181 69,098 69,354 69,192 69,222 1 ’•2,126 -519 '2,667 695 2,446 '3,362 2,049 See Note to table below. “TERM" COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (hi millions of dollars) Outstanding Net change during ■ 1968 1967 1968 1967 1968 Industry July June May Apr. Mar. Feb. Jan. Dec. Nov. 1st 31 26 29 24 27 28 31 27 29 II I IV III half Durable goods manufacturing: Primary metals...................... 1 393 1 ,339 1 ,199 1,185 1 112 1 ,027 908 874 728 227 238 182 61 465 Machinery............................. 2 >95 2,279 2’ 188 2,231 2>54 2,064 2,067 2,001 1 ,982 125 153 38 156 278 Transportation equipment, 902 908 ’944 953 889 849 >59 888 898 19 1 52 1 20 Other fabricated metal products.............................. 81 1 759 733 696 692 670 667 675 673 67 17 4 6 84 Other durable goods........... 1 ,041 1 ,028 1 ,003 991 994 984 1 ,006 1 ,017 992 34 - 23 1 1 -27 Nondurable goods manufacturing: Food, liquor, and tobacco. 804 821 817 81.1 876 865 818 758 733 -55 118 30 37 63 Textiles, apparel, and leather.................................. 556 566 556 562 555 5 24 485 465 455 11 90 44 -6 101 Petroleum refining............... 1 ,270 1 ,226 1,176 I ,152 1,164 1,195 1 ,200 1,256 1 ,240 62 -92 102 - 1 24 -30 Chemicals and rubber........ 1 ’516 1 >19 1 >83 1 >47 1 ,613 1 ,544 1 ,538 1 ,532 1 ,484 6 81 10 53 87 Other nondurable goods. . 1 ,073 1 ,051 1 ,062 1 ,072 1 ,061 1 ,049 1 ,048 1 ,070 1 ,017 - 10 9 44 102 - 19 Mining, including crude pctroleum and natural gas... 4,042 4,121 4,152 4,233 4,047 4,014 3,996 3,571 3,177 74 476 385 -197 550 Trade: Commodity dealers. . 115 113 11 I 110 115 103 1 11 107 104 -2 8 5 3 6 Other wholesale.......... 608 634 637 624 585 588 575 576 563 49 9 61 22 58 Retail.............................. 1,152 1,144 1,105 1,119 I ,098 1 ,093 1,111 1 ,083 1 ,066 46 15 13 8 61 Transportation........................... 3,688 3,703 3,610 3,503 3,503 3,432 3,426 3,343 3,176 200 160 236 106 360 Communication......................... 453 446 432 '404 412 409 '419 443 435 34 -31 4 -I 3 Other public utilities................ 928 815 749 731 710 741 717 715 715 105 -5 74 -20 100 Construction.............................. 779 769 737 737 706 680 686 682 69.1 63 24 - 1 -15 87 Services......................................... 2,324 2,303 2,268 2,243 2,229 2,187 2,163 2,121 2,038 74 108 1 19 -49 182 All other domestic loans.... 942 905 >64 >77 879 >44 >71 873 792 26 6 36 6 32 Foreign commercial and industrial loans......................... 1 ,892 1 ,934 '1 953 1 ,971 '1 ,976 '1 ,981 2,009 2,027 1,989 -42 '-51 -59 -63 -93 Total loans.................................. 28,684 28,483 '27,879 27,854 ’27,370 '26,843 26,680 26,077 24,950 1,113 '1,293 1 ,390 -253 2,406 Note.---About 161 weekly reporting banks are included in this series; Commercial and industrial “term” loans are all outstanding Ioans with these banks classify, by industry, commercial and industrial loans amount­ an original maturity of more than 1 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 1 year. For description of series see article “Revised Series on Commercial and Industrial Loans by Industry,” Feb. 1967 Bulletin, p. 209. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ INTEREST RATES A-31 BANK RATES ON SHORT-TERM BUSINESS LOANS Size of loan (in thousands of dollars) All sizes 1-9 10-99 100--499 500-999 1,000 and over Interest rate (per cent per annum) May Feb. May Feh. May Feb. May Feb. May Feb. May Feb. 1968 1968 1968 1968 1968 1968 1968 1968 1968 1968 1968 1968 Percentage distribution of dollar amount Less than 6.50.................................. 7.3 64.6 16.0 32.2 6.7 31.1 4.7 48.9 6.3 69.9 8.2 81.2 6.50...................................................... 34.5 7.8 7.3 8.2 1 1.3 12.9 21.4 10.8 32.3 7.8 47.6 4.9 6.51-6.99........................................... 23.0 10.5 9.4 12.6 14. 1 19.4 24.2 15.2 30.5 8.8 22.6 6.2 7.00...................................................... 9.1 6.1 14.0 13.6 16.3 11.5 13.1 8.8 9. 1 5.0 5.4 3.3 7.01-7.49........................................... 11.0 3.8 13.7 14.8 18.5 10.0 15.6 5.1 8.5 3.5 7.7 1.3 7.50...................................................... 5.3 3. 1 10.9 4.8 10,7 4.7 6.2 4.0 5.5 1.7 3.3 2.6 7.51-7.99........................................... 3.2 1 . I 12. 1 5.2 8.5 3.0 5.1 1 .5 2.3 0.9 0.9 0.1 K. 00...................................................... 3.2 1 . I 6.4 3.9 4.9 2.8 3.7 1.7 2.9 0.7 2.6 0.3 Over 8.00........................................... 3.5 1 .8 10. 1 4.6 9.0 4.4 5.7 3.9 2.5 1.7 1.7 0.3 —,.. ._ _——--------- ---------- —_.... . .—.,—. ■.. _ .. . ----------— -------------- " —.------ . Total....................................... 100.0 100.0 100,0 100.0 100.0 1 00.0 100.0 100.0 100.0 100.0 100.0 100.0 'Total loans: Dollar (millions)......................... 4,177.5 3,576.5 60.1 58.5 484.7 455.9 955.3 833.0 623.2 536.6 2,054.1 1 ,692.4 Number (thousands).................. 38.5 36.6 15.8 15.6 15.9 15.1 4.9 4.4 1 .0 0.9 —0.9 0.7 -------------------------- ---------------- — . _.. .... ----- ------ . - ________ Center Weighted average rates (per cent per annum) . . ---------------------------------------- _. . ------ ......—...... .._. .__. . _ . ----- ------ -....- — - 35 centers........................................... 6.84 6.36 6.82 7.21 6.76 7.00 6.56 6.81 6.31 6,68 6.19 New York City............................ 6.60 6.14 7.1 1 6.71 7.07 6.65 6.82 6.39 6.64 6.15 6.52 6.06 7 Other Northeast...................... 7.18 6.73 7.21 6.84 7.48 7.00 7.33 6.85 7.09 6.62 6.90 6.48 8 North Central.......................... 6.89 6.35 7.30 6.95 7.26 6.83 7.06 6.62 6.90 6.36 6.76 6.18 7 Southeast.................................... 6.61 6.21 6.89 6.57 6.83 6.43 6.65 6.25 6.53 6.01 6.37 6.04 8 Southwest.................................. 6.87 6.41 7.16 6.75 7.02 6.54 6.85 6.39 6.72 6.27 6.86 6.42 4 West Coast................................ 6.76 6.31 7.68 7.37 7.37 7,00 6.95 6.62 6.80 6.33 6.54 6.03 Note.—'Beginning Feb. 1967 the Quarterly Survey of Interest Rates on I960- -Aug. 23 416 (967—Jan. 26-27 J'/i-sy. Business Loans was revised. For description of revised scries sec pp. 721­ 1965—Dec. 6 5 Mar. 27 5'6 27 of the May 1967 Bulletin. 1966—Mar. 10 S'/2 Nov. 20 6 Bank prime rate was 5 per cent during the period Jan. 1, 1960-Aug. June 29 5’/. 1968 -Apr. 19 6'6 22, I960. Changes thereafter to new levels (in per cent) occurred on the Aug. 16 6 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 ce e d r b a a c n c k e e p r t s ­ ’ F f e u d n e d r s a l 3-month bills 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 o su n e M y a ie r l k d et n R ew at e is o su n e M y a ie r l k d et B k i e ll t s y ( i m el a d r ) ­ 5 Other <» 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—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 June................... 6.25 6.04 5.96 6,07 5.544 5.52 5,652 5.64 5.67 6.01 5.71 July..................... 6.19 6.02 5.85 6.02 5.382 5.480 5.41 5.40 5.68 5.44 Week ending — 1968—July 6............ 6,25 6.06 6.00 5.73 5.400 5.35 5,589 5.43 5.56 5.86 5,58 13............ 6.25 6.06 5.93 5.95 5.368 5.37 5.410 5.43 5.44 5.71 5.51 20............ 6.25 6.06 5.83 6.13 5.467 5.38 5.554 5.46 5.47 5,70 5.51 27............ 6.15 5.98 5.75 6.1 1 5.293 5.24 5.366 5.36 5.27 5.57 5.27 Aug. 3............ 5.95 5.83 5.70 6.05 5.190 5.08 5,287 5.25 5.14 5,46 5,28 i Averages of daily offering rates of dealers. 4 Except for new bill issues, yields arc averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. 5 Bills quoted on bank discount rate basis. maturities in the 90-179 day range. <» Certificates and selected note and bond issues, J 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

M-J^ INItKt^l KMltd u HUUUdl 1^00 BOND AND STOCK YIELDS (Per cent per annum) 1 Government bonds Corporatc bonds Stock State By selected By Dividend/ Earnings/ Period United and loca rating group price ratio price ratio S (lo ta n te g s ­ Total i term) Total i Aaa Baa Aaa Baa In tr d ia u l s­ R ro a a i d l­ P u u ti b lit li y c fe P r r r e e ­ d C m o o m n ­ C m o o m n ­ 1960....................................................... 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—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. 1 1 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 ’5 72 1968—Jan............................................ 5.18 4.31 4,06 4.66 6.45 6.17 6.84 6.34 6.65 6.47 5.70 3.13 Feb........................................... 5,16 4.28 4.01 4.69 6.40 6. 10 6.80 6.31 6.65 6.36 5.65 3.28 .... Mar.......................................... 5.39 4.54 4.28 4.89 6.42 6. 1 1 6.85 6.33 6,67 6.39 5.80 3.34 6 17 Apr........................................... 5.28 4.44 4.13 4.84 6.53 6.21 6.97 6.42 6.79 6.54 5.86 3.12 May......................................... 5.40 4.59 4.28 4.96 6.60 6.27 7.03 6.49 6.87 6.60 5.92 3.07 ......... June......................................... 5,23 4.59 4.21 5.06 6.63 6.28 7.07 6.54 6.88 6.60 5.90 3.00 July........................................... 5.09 4.45 4.12 4.91 6.57 6.24 6.98 6.50 6.82 6.53 5.74 3.00 ......... Week ending--- 1968—Apr. 6................................... 5,25 4,47 4. 18 4.84 6.54 6.20 6.98 6.43 6.77 6.54 5.84 3.19 ........... 13................................... 5.21 4.40 4.08 4.83 6.52 6. 19 6.98 6.39 6.77 6.55 5.81 3.12 20................................... 5.28 4.40 4.08 4.83 6.52 6.20 6.95 6.38 6.78 6,54 5.86 3.08 27................................... 5.33 4.48 4.18 4.84 6.54 6.22 6.96 6.42 6.81 6.54 5.91 3.09 ........... May 4.................................. 5.32 4.49 4,20 4.84 6,58 6.25 7.00 6.47 6.85 6.57 5.93 3.06 ........... 11................................... 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 ........... 8................................... 5.30 4.65 4.25 5.16 6.64 6.29 7.09 6.52 6.89 6.64 5.89 3.02 15................................... 5.27 4.65 4.25 5.16 6.63 6.28 7.08 6.53 6,89 6,61 5.93 2.96 ........... 22................................... 5.18 4.53 4.15 4.96 6.63 6.29 7.07 6.56 6.90 6,59 5.90 3.01 29................................... 5.15 4.54 4.18 4.96 6.61 6,27 7.04 6.55 6,86 6.57 5.87 3.01 ........... July 6..................................... 5.12 4.54 4. 18 4.96 6.61 6.27 7.04 6.55 6.85 6.58 5.83 2.98 ........... 13.................................... 5.10 4.54 4.18 4.96 6.61 6.27 7.03 6.54 6.85 6.57 5.81. 2.94 20.................................... 5.14 4.41 4. 10 4.90 6.58 6.26 6.99 6.53 6.83 6.54 5.79 2.96 27..................................... 5.03 4.31 4.00 4.80 6.54 6.22 6.95 6.45 6.81 6.48 5.65 3,03 ........... Aug. 3.................................... 4.99 —4.22 3.90 4.73 6.46 6.14 6.88 6.37 6.75 6.41 5.64 3.10 ........... ....... —------ — ------------- —...------- —------- . - ----------—---.--—----- --------------- -. . — .._ Number of issues............................. 10-12 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: Genera! obligations only, based on arately. Decause of a limited number of suitable issues, the number Thurs. figures. Corporate bonds: Averages of daily figures. Both of these of corporate bonds in some groups has varied somewhat. As of Dec. series are from Moody’s Investors Service series. 23, 1967, Aaa-rated railroad bonds are no longer a component of the Stocks: Standard and Poor’s Corporate series. Dividend/price ratios are railroad average or the Aaa composite series. based on Wed, figures; earnings/price ratios are as of end of period. Preferred stock ratio is based on 8 median yields for a sample of non- Note.—Annual yields are averages of monthly or quarterly data. callable issues—12 industrial and 2 public utility; common stock ratios Monthly and weekly yields are computed as follows; U.S. Govt, bonds: on the 500 stocks in the price index. Quarterly earnings are seasonally Averages of daily figures for bonds maturing or callable in 10 years or adjusted at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ SECURITY MARKETS A-33 SECURITY PRICES 1 Cjmmon stock prices 1 Volume of Bond prices New York Stock E—xchange trading in (per cent of par) ..........- - ............... .----------- - - - Amer- thou s s h a ar n e d s s of Period Standard and Poor’s ndex New York Stock Exchange index ican (1941-43= 10) (Dec. 31, 1965= 50) Stock Exchange U.S. total Govt. State Cor- Indus- Rail- Public Indus- Trans- H- index 1 NYSE AMEX (long- and poratc 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. 1 2.05 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-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.If 50.43 68.03 52.46 54.20 56,80 44.69 51.24 21 . 25 9,037 4,393 Sept. 75.04 98.0 80.0 95.81 103,H4 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. 70.5 3 95.2 76.8 92.66 100.90 42.95 63.48 51 .40 53.79 48.43 42.39 50. 19 21.83 10,578 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—Jam. 73.09 95.6 77.2 95.04 103.11 43.3K 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 Apr. 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 June 72,58 92.8 75.6 100.53 109.73 51.72 65.21 56.64 59.83 52.86 43.30 64.60 29.20 15,139 7,491 July................ 73,99 95.3 76.1 100.30 109.16 51.01 67.55 56.41 59. 1 2 51.59 44.69 68.90 29.18 14,266 6.600 Week ending • July 6......... 73.63 93.5 75.4 100.02 108.79 51.69 67.51 56.34 59.06 52. 10 44.65 67.61 28.96 13,007 5,199 13......... 73.82 94.2 75.6 102.23 111.32 52.96 68.07 57.61 60.48 53.56 44.98 70.52 29.99 17.126 8,440 20......... 73.43 94.6 75.9 101.47 IK). 49 51.26 68.07 57. 1 1 59.92 52.21 44.75 70.68 29.81 14,715 7.718 27......... 74.57 96.4 76.2 98.71 107.4! 49.37 67.00 55.41 57.94 49.84 44.59 67.81 28.58 13.736 5.757 Aug. 3......... 74.96 97.6 77. 1 97.33 105.84 48.45 66,57 54.54 57.01 48.69 44.15 66.11 27.71 11,361 4.558 1 Begins June 30, 1965, at 10.90. On that day the average price of a share cent, 20-year bond. Municipal and corporate bunds, 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 arc ponent common stock prices. Volume of trading, average daily trading in computed as follows: LAS’. Govt, bonds, derived from average market stocks on the exchange for a 5'/^-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 rUe on conventional firstmortgages FHAseries 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.H 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 1967....................... 6.55 6.46 6.52 6.53 6.07 ....................6.45 6.60 6.69 6.87 6.57 1967—May......... 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 Aug........... 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. K) 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 6.71 6.77 6.90 6,45 6.30 6.90 6.90 7.15 7.35 6.95 May.......... 6.84 6.95 7.15 6.70 6.90 7.10 7.00 7.35 7.45 7.20 June......... 7.52 "7.03 "7.12 7,25 7.05 7.25 7. 15 7. 10 7.40 7.50 7.30 July........... 7.42 7.30 7.10 7.40 7.20 7.15 7.45 7.55 7.35 Note.—Annual data are averages of monthly figures. The EH A data contract interest rates. The FHA series or. average contract interest rates arc 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 rale series sured mortgages are derived from weighted averages of private secondary reflects fees and charges as well us 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. Chips 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

STOCK MARKET CREDIT REGULATORY STATUS OF MARGIN ACCOUNT DEBT AT BROKERS (In millions of dollars) (Per cent of total adjusted debt, unless otherwise indicated) Credit extended to Cus­ —Adjusted debt/collateral value 1 margin customers by- • tom Cu e s rs ­ ’ tom ne e t r s’ cr N e e d t i t ..........— -...........- .— . T a o d ta - l End of period net free ex­ Un- justed debit credit tended re- Restricted debt Brokers Banks Total bal­ bal­ by I-nd of stricted (mil- 2 ances ances brokers period lions — --------- — of dol- 1967—June.................. 5,360 2,170 7,530 6,195 2,231 3,964 30 per 30-39 40-49 50 59 60 per lars) July................... 5,480 2,200 7,680 6,636 2 341 4 295 cent per per per cent Aug................... 5^ 650 2’260 7^10 6’677 2^81 4’396 or less —cent cent cent or more — S O e c p t. t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6, , 0 7 1 9 0 0 2 2 , , 4 3 2 40 0 8 8 , , 1 4 3 3 0 0 6 7, , 1 9 1 4 1 4 2 2 , ,4 5 0 1 1 3 4 4 , , 5 5 4 9 3 8 -........_.......... ......... — ...------- -- . Nov................... 6 J)50 2'440 8’490 7,200 2'500 4'700 1967-Ju ne... 9.8 57.7 9.8 5. 1 17.6 10,530 [ )ec................... 6 300 2 460 8'760 7/348 2’763 5'183 July. . . 23.5 47.1 9. 1 4.2 16.0 10,680 Aug... 7.2 62.7 9.7 4.5 15.9 10,840 1968 -Jan.................... 6,170 2,430 8,600 7,797 2,942 4,855 Sept.... 16.8 52. 6 8.5 4.4 17.7 11,300 Feb.................... 6,150 2,420 8,570 7,419 2,778 4,641 Oct.. . . 8.0 5).4 9.9 5.0 18.7 11 ,550 Mar................... 6,190 2,370 8,560 7,248 2,692 4,556 Nov.... 10.7 5(.4 9,7 5.1 18.2 11,360 Apr................... 6,430 2,350 8,780 7,701 2,979 4,722 I)ec.... 19.8 47.9 9. 1 4.6 18.7 12,020 May.................. 6’640 2^360 9^000 8'268 3'064 5,204 June 11.............. 6’650 2^410 9,060 8'728 3'293 5,435 1968-Jan.. . . 5.3 60.3 11.7 4.6 :0.2 11 ,940 Feb.... 4. 1 V.8 14.4 5.3 19.4 11,870 Mar... . 5.9 53.3 15.5 6. 1 19.2 11,700 1 E£nd of month data. Total amount of credit extended by member firms Apr.... 19.8 46. 1 10.8 4.7 18.7 12,270 of the N.Y. Stock Exchange in margin accounts, estimated from reports May. . . 21.9 —45.0 9.4 4.9 18.8 12,820 by 2 a F s ig a u m r p e l s e a o r f c 3 f 8 o f r i rm la s s . t Wed. of month for large commercial banks re­ -------- . . . .. ---- _. . _ . _ _ - porting weekly and represent loans made to others than brokers or dealers 20 or 60 or for the purpose of purchasing or carrying securities. Excludes loans col­ less 20 29 30-39 40 49 50 59 more lateralized by obligations of the U.S. Govt. _ — ._ .._. .._..-......... ... . _ ... _ —.......- Note. Customers’ net debit and free credit balances arc end-of-month edger balances as reported to the N.Y. Stock Exchange by all member firms June j 0.9 19.0 48.4 9.0 4.4 18.4 12,520 that carry margin accounts. They exclude balances carried for other member firms of national securities exchanges as well as balances of the 1 reporting firm and of its general partners. Net debit balances are total debt owed by those customers whose combined accounts net to a debit. Note. - Adjusted debt is computed in accordance with requirements set Free credit balances are in accounts of customers with no unfulfilled com­ forth in Regulation T and often differs from the same customer’s net debit mitments to the broker and are subject to withdrawal on demand. Net balance mainly because of the inclusion of special miscellaneous accounts credit extended by brokers is the difference between customers* net debit in adjusted debt. Collateral in the margin accounts covered by these data and free credit balances since the latter are available for the brokers’ use now consists exclusively of stocks listed on a national securities exchange. until withdrawn. Unrestricted accounts are those in which adjusted debt does not exceed the loan value of collateral (30 per cent of current market value during the time period covered in this table); accounts in all classes with higher ratios are restricted, Data beginning June 8, 1968, will show as “restricted” EQUITY STATUS OF MARGIN ACCOUNT DEBT accounts where debt exceeds 20 per cent of collateral values. AT BROKERS (Per cent of total debt, unless otherwise indicated) Total Equity class (per cent) debt (mil­ SPECIAL. MISCELLANEOUS ACCOUNT BALANCES End of lions period of 70 or Under AT BROKERS, BY EQUITY STATUS OF ACCOUNTS dol­ more 60-69 50-59 40-40 40 lars) 1 (Per cent of total, unless otherwise indicated) 1967 - June.. 5,360 48.7 28.3 9.2 5.2 8.6 Equity class of accounts July.. 5,480 54.0 24.5 9.0 3.8 8.7 Net in debi status Total Aug... 5,650 46.0 32.2 9.4 4.2 8.2 End of period credit balance Sept.. 5,790 52.1 25.6 8.8 3.9 9.6 status 60 per cent Less than (millions Oct... 6,010 45.2 30.4 10.1 4.6 9.6 or more 60 per cent of dollars) 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 1967 June......................... 49.5 47.8 2.7 5,380 1 968—Jan.. . 6,170 40.6 35.4 9.5 4.4 10.0 July......................... 46.9 50.4 2.7 5'370 Feb.. . fi,!50 33.8 38.3 12.0 5.2 10.7 Aug.......................... 47.7 49.3 3.0 5,340 Mar.. 6,190 32 37.6 14.1 5.3 I 1 .0 Sept......................... 50.7 46.6 2.7 5,610 Apr. . 6,430 48.7 26.4 10.2 4.3 10.4 Oct........................... 47.8 49.0 3.2 5,680 May.. 6,640 51.0 24.9 8.6 4.4 1 I .0 Nov......................... 48.8 47.8 3.4 5,490 Dec.......................... 50.0 47.0 3.0 5,850 80 or Under 1968 -Jan............................ 50.8 45.6 3.6 6,060 more 70-79 60 69 50-59 40-49 40 Feb.................. 51.1 45.0 3.8 6; 080 Mar.......................... 52.5 42.9 4.5 820 Apr.......................... 46.3 47.9 5.8 6,030 June ,J 6,650 14.9 33.2 28.8 8.2 4.3 10.6 May......................... 49.6 46.2 4.1 5,370 June......................... 50.0 45.7 4.2 6,120 1 See footnote I to table above. Nori-.—Special miscellaneous accounts contain credit balances that Note.- Each customer's equity in his collateral (market value of col­ may be used by customers as the margin deposit required for additional lateral less net debit balance) is expressed as a percentage of current col­ purchases. Balances may arise as transfers based on loan values of other lateral value. When data become available for period beginning June 8, collateral in the customer’s margin account or deposits of cash (usually 1968, table will show separately equity class of 80 per cent or more, re­ sales proceeds) occur. flecting the new level of initial margin requirements. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ 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 t>anks F.R. Goods stored in or Total th P r la o c u e g d h d P i l r a e c c e t d ­ Total Banks Others p i I n o m t r o t ­ s p fr E o o x r m t ­ s D e o x ll ­ ar ship p p o e in d t s b i e n tw — een dealers 1 ly 2 Total O bi w lls n bo B u il g ls h t O ac w c n t. c F e o i o g r n r r ­ . U S n ta it t e es d U S n ta it t e e d s change U S n ta it t e e d s ic F o o u r n e t i r g ie n s 1962......................... 6,000 2,088 3,912 2,650 1,153 865 288 110 86 1,301 541 778 186 i7i : 974 1963 ......................... 6,747 1 '928 4,819 2,890 1,291 1,031 260 162 92 1,345 567 908 56 41 1,317 1964......................... 8361 2,223 6,138 3’385 1,671 1’301 370 94 122 I ,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 i 1 '564 1966......................... 13,279 3,089 10,190 3,603 1,198 '983 215 193 191 2,022 997 829 103 80 | 1 395 1967—June............ 16,150 4,934 11 ,216 4,131 1,361 1,191 170 136 379 2,255 1 ,001 1,007 45 39 2,038 July............. 17344 4’976 12,068 4,116 1 '549 1’252 297 78 324 2,165 974 1,040 65 41 1 396 161816 4,979 11,837 4’ 103 1 '584 1’195 389 65 252 2'203 1 ,020 989 70 75 1,949 Oct............... 1 1 6 6 , , 2 7 2 7 0 7 5 5 , J 1 2 8 4 6 1 11 1 3 3 9 9 1 6 4 4 ,1 i 4 3 6 6 1 1 , '6 8 3 2 5 2 1 1 , , 2 2 3 9 9 8 3 5 9 2 6 4 5 5 2 4 2 1 0 6 5 3 2 2, 3 0 5 9 4 6 1 1 ' ’ 0 0 8 3 5 7 9 9 9 5 1 6 6 51 8 9813 i1 1 1 , , 9 9 6 5 1 8 Nov............. 17,'147 5,136 12,011 4,218 1,878 1,376 501 59 151 2,’130 1 ,095 975 52 124 ’ 1 371 I )ec.............. 171084 4'901 12/83 4’317 1,906 I '447 459 164 156 2,090 1 ,086 989 37 162 2j042 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 17,813 5 ,493 12,320 4,266 I 808 1 ,329 479 56 117 2,285 1 ,091 1 ,029 33 134 1 979 Mar............. 18'487 5'832 12’655 4’336 1 ,884 1 ,395 490 90 100 2; 262 I J 25 1 ,032 36 1 17 2,027 Apr.............. 17'509 5'930 11 ',579 4’430 1 ,778 1 ,409 369 87 118 2,447 1 329 1 ,025 18 116 2'042 May.....1...8..’.417 5'761 12,656 4’359 1 ,624 I '282 342 56 132 2,547 1 ,267 1 ,007 17 77 1 ’992 June............ 18'798 5; 822 12/376 4,286 1 321 I J10 3„ 134 1 12 2319 1 338 '944 23 55 1 '925 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— Other l T ia o b ta ili l ­ Depos­ Other G re e se n r e v r e a l c M o o m rt m ga itm ge e n lo ts a n 3 End of period M ga o g r e t­ Other G U o .S vt . . S lo a t c n a a d te l Co r a a n r t p d e o ­ Cash assets ge a t n i n e e d s ra l its 2 lia tie b s ili­ co a u c n ­ ts govt. other 1 reserve accts. Number Amount 1941.................................. 4,787 89 3,592 86 829 689 11 372 10,503 38 1,231 1945 ......................... 4,202 62 10350 1 357 606 185 16,962 15,332 48 1 '582 I960.................................. 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58350 1300 1961.................................. 28302 475 6/60 677 5 340 937 640 42,829 38,277 781 3371 61,855 1,654 1962.................................. 32,056 602 6,107 527 5’177 956 695 46’,121 41,336 828 3,957 114,985 2’548 1963.................................. 36,007 607 5,863 440 5’074 912 799 49,702 44i606 943 4J53 104 326 2349 1964................................... 40,328 739 5 ,791 391 5 399 1,004 886 54,238 48’849 989 4,400 135’992 2,820 1965.................................. 44,433 862 5’485 320 5,170 1 317 944 58332 52’443 1,124 4,665 120’476 2,697 1966.................................. 47'193 1,078 4,764 251 5’,719 ’953 1 .024 60382 55'006 1314 4,863 88,808 2,010 1967—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 4396 246 7 ’ 642 1,084 1,116 64339 58 J 69 1 ,563 4,908 91359 2,647 Aug....................... 49 322 1 ,210 4,367 242 7’910 1 ,034 1 ,117 65,201 58,499 1 ,732 4,969 n.a. 2392 Sept..................... 49357 1 J52 4,406 243 8 354 ’999 1 ,147 65 3 59 59 366 1 '525 4367 n.a. 2324 Oct....................... 49,827 1,169 4399 228 8380 959 I ,134 65,696 59,257 I ,489 4350 n.a. 2'710 Nov...................... 50'046 1 ,243 4,397 222 8,107 915 I J 30 66,061 59,462 1 397 5 302 n.a. 2'684 Dec....................... 50311 1 303 4319 219 9 320 993 1/38 66,365 60/21 1 ,260 4,984 n.a. 2323 1968 -Jun........................ 50,705 1 ,260 4,344 218 8,444 877 1 ,153 67 302 60,581 1,406 5,015 n.a. 2,416 Feb........................ 50,902 1 334 4,405 220 8/)72 903 1'156 67’592 60,945 1 ,575 5,071 n.a. 2’400 Mar...................... 51 339 1 341 4'412 229 8’917 914 1 J 98 68,070 61’615 1 ,388 5 367 n.a. 2 377 Apr....................... 51 J 99 1 367 4303 221 9 J 13 871 1 ,190 68 J 65 61 '554 1 ,553 5358 n.a. 2'561 May...................... 51 302 1 ,474 4,374 214 9’213 877 1 315 68368 61 '926 1 ,732 5’110 n.a. 2,669 June*’................... 51,613 1 380 4333 210 9,400 950 1 331 69'315 62386 1 ,509 5,121 n.a. 2,709 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 Sec note 5, p. A-l 8. from those shown elsewhere in the Bulletin; the latter are for call dates J Commitments outstanding of banks in N.Y. State as reported to the and arc based on reports filed with U.S. Govt, and Slate 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 INSIIIUIIUNS □ AUGUSI 19b« LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o se ta ts l Total U S n ta it te e s d Sta lo te c a a l nd Foreign 1 Total Bonds Stocks M ga o ge rt s ­ e R st e a a te l P lo o a l n ic s y a O s t s h e e ts r Statement value; 1941........................................... 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1 ,878 2,919 1 ,840 1945................................................ 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1 ,962 1,738 I960................................................ 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961................................................ 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962................................................ 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6.024 1963................................................ 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964................................................ 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 1965................................................ 158,884 11.679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 1966................................................ 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 7,760 Book value: 1964................................................ 149,470 12,343 5,594 3,785 2,964 62,112 55,735 6,377 55,197 4,534 7,141 8,143 1965................................................ 158,884 11,703 5,119 3,546 3,038 65,801 58,532 7.269 60,057 4,686 7,679 8,958 1966................................................ 167,022 10,864 4,824 3,131 2,909 68,677 61 ,141 7,536 64,661 4,888 9,119 8,813 1967—May'................................ 171,177 10,658 4,700 3,022 2,936 70,911 62,803 8,108 66,031 4,984 9,582 9,01 1 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 Apr.................................... 180,411 10,493 4,496 3,016 2,981 76,087 66,661 9,426 68,123 5 ,303 10,474 9,931 May'1................................ 181 ,234 10,584 4,581 3,018 2,985 76,428 66,838 9,590 68,339 5,337 10,599 9,947 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 hook values are not made life insurance companies in the United States. on each item separately hut are included in total, in “other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage End of assets2— loan period M ga o ge rt s ­ s G e U o c .S u v r t . i , ­ Cash Other1 lia T b o il t it a ie l s S c a a v p i i n ta gs l u R n e d a s i n e v r d id v e e s d B m or o r n o e w y e J d L p o r a o n ce s s i s n Other c m o e m n m ts4 it­ ties profits 1941........................ 4,578 107 344 775 6,049 4,682 475 256 636 1945 ....................... 5'376 2,420 450 356 8*747 7365 644 336 402 I960....................... 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961........................ 68’834 5,211 3 315 4,775 82'135 70’885 5,708 2'856 1,550 1,136 I 308 [962........................ 78370 5,563 3,926 5,’346 93^605 80’236 6,520 3,629 1,999 1 ,221 2330 1963 ........................ 90,944 6,445 3,979 6,191 107'559 91308 7,209 5,015 2,528 1 ’499 2314 1964 ....................... 101,333 6,966 4,01 5 7,041 119,355 101,887 7,899 5,601 2,239 1 ’729 2,590 1965........................ 110’306 7,414 3 ’ 900 7,960 129'580 110'385 8'704 6'444 2^ 198 1 ’ 849 2351 1966...................... 114'447 7,77l 3’362 8 416 13.3,996 114,009 9,102 7,464 t , 272 2,149 1’517 1967—J une.......... 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 1381635 120,031 91270 4'456 2’019 2359 3 320 Aug........... 118,'674 8,857 3 127 9,’221 139 379 120’677 9,265 4'399 2’130 3’408 3 343 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 9J71 3 040 9’217 141'790 122’365 9’256 4’373 2,213 3'583 3’310 Nov...... 121.127 9,424 3,068 9 352 142371 122.947 9’248 4’455 2,241 4,070 3387 Dec............ 121,893 9’244 3,408 9357 143602 124,562 9’557 4’739 2,281 2363 3,042 1968—Jan............. 122 095 9 505 2 827 9 101 14.3,528 124 133 9 571 4,7.35 2,204 2 885 3 128 Feb............ 122,637 9,775 2’864 9’263 144 339 124'717 9'567 4’596 2’205 3’454 3'386 Mar........... 123 3 26 V/W 2,909 9 334 145,637 125'993 9’557 4^512 2’324 3 351 3,840 Apr............ 124 305 9,824 2 769 9,325 146,223 125'698 9*552 4'807 2’461 3’705 4’051 May r. . . . 125 362 10,164 2,726 9,641 147; 79.3 126,’455 9347 4'956 2386 4'249 3'993 June'1.... 126,133 9,883 2,983 9,5 «0 148,579 128,061 9,880 5,195 2,613 2,830 3,761 1 Includes other loans, stock in the Federal home loan banks, other 4 Commitments data comparable with those shown for mutual savings­ investments, real estate owned and sold on contract, and office buildings banks (on preceding page) would include loans in process. and fixtures. 2 Before 1958, mortgages are net of mortgage-pledged shares. Asset Note. -Federal 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 arc 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

AUGUST 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 (s F M e e c o d o r e n t r g d a a a l g r N y e a m A ti a s o r s n k n a e , l t Ba fo n r k s inte F r e m d e er d a ia l te Fe la d n e d ra l Assets Liabilities and capita! operations) cooperatives credit banks banks End of period v m a b A n t e e o d c r m s e ­ ­ s I m nv e e n s ts t­ p C a o d a n s e s d i ­ t h s B n a o o n n te d d s s p M o b d e s e e m i r ­ t s ­ C s a to p c it k al M lo g ( a a A o g n ) r e s t ­ D n t e a u ( o b n L r t e e e d ) s s n ­ c L a o ( t o o i A t v a o p e n ) e s s r ­ D t e u ( b L re e ) s n­ c L o a d ( o u A n i a s n d n ) ­ t s s D t e u ( b L re e ) s n­ M l g o ( a A a o g n ) r e s t ­ B ( o L n ) ds 1961............... 2,662 1,153 159 1,571 1,180 1,107 2,770 2,453 697 435 1,650 1 ,585 2,828 2,43! 1962................ 3,479 । 331 173 2,707 1,214 1J26 2'752 2322 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 1 323 141 4,369 1,199 1 327 1 ,940 1 ,601 958 686 2,247 2JI2 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 1 13 6,859 1 ’037 1,369 4,266 3 300 1,290 1,074 2,924 2,786 4’958 4'385 1967................ 4,386 2,598 127 4,060 1 ',432 h395 5’348 4,919 1 ,506 l',253 3',411 3,214 5,609 4,904 1967—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 I ,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 5 304 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 4,87! Nov.. 4,188 2,770 77 4,060 1 ,347 1 ,394 5,178 4,543 1 ,475 1 ,200 3,374 3,259 5,546 4,871 Dec... 4,386 2,598 127 4,060 1 ,432 1,395 5,348 4,919 1 ,506 1 ,253 3,41 1 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 3 356 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 I ,422 6,110 5,650 1 ,549 1 ,322 3,728 3,526 5,853 5,1 20 May.. 4,719 2,337 97 4,151 1,319 1 ,425 6,251 5,650 1 ,482 1 ,280 3,835 3,640 5,923 5,222 June.. 4,889 2,832 103 4,701 1 ,400 1 ,426 6,387 5.887 1 ,454 1 ,207 3,940 3,477 5,973 5,214 Noth.—Data from Federal Horne 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, sec 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, JUNE 30, 1968 Amount Amount Amount Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions Agency, issue, and coupon rate I (millions of dollars) of dollars) ; of dollars) -------------- Federal home loan banks Federal National Mortgage Federal land batiks—Cont. Notes: Association—Cont. Bonds: July 25,1968..........................5.45 300 Debentures: Aug. 20, 1968.................. ...41/4 160 Aug. 26, 1968.........................5% 500 Aug. 10, 1971.........................4% 64 Oct. 21, 1968.................. . .5.50 407 Sept. 25, 1968.......................5.70 400 Sept. 10, 1971.........................4/2 96 Dec. 23, 1968.................. . .5.95 247 Oct. 25, 1968.......................5.85 300 Feb. 10,1972............................5% 98 Jan. 20, 1969................ . . 4y. 341 Feb. 25, 1969.........................5.85 400 June 12, 1972.........................4% 100 Mar. 20, 1969.................. ...4H 100 Apr. 25, 1969.........................6% 326 June 12, 1973.........................4% 146 Apr. 21, 1969.................. ..5.60 250 Feb. 10, 1977.........................4/2 198 July 15, 1969.................. ...4/4 130 Bonds'. July 15,1969.................. ...4ys 60 Nov. 25, 1968.......................5% 300 Oct. 20, 1969.................. ...41/4 209 Jan. 27, 1969............................5»/2 300 Jan. 20, 1970.................. ...5>/4 209 Mar, 25, 1969............................5y8 300 Banks for cooperatives Feb. 20, 1970.................. ...5'4 82 S J F u e e n p b e t . . 2 2 2 5 5 5 , , . 1 1 9 1 9 6 9 7 9 6 0 . 9 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 . . . .6 6 .30 4 5 2 0 0 5 0 0 0 De J A b u u e l g y n . t u 1, r e 1 1 s , 9 1 : 6 9 8 6 . 8 ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 5 .. . . 6 5 0 .65 3 1 6 4 4 0 A A Fe p p b r r . . . 2 2 0 0 1 , , , 1 1 1 9 9 9 7 7 7 0 0 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 6 6 .3 . .2 3 '4 0 0 3 3 6 8 4 3 2 4 M Ap a r r . . 2 2 5 7 , , 1 1 9 9 7 7 0 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 6 2 22 0 5 0 O No ct v . . 4 I, , 1 1 9 9 6 6 8 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 5 . . 9 8 0 0 ’2 2 2 1 3 6 J J u u l l y y 2 2 0 0 , , 1 1 9 9 7 7 0 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 '4 24 8 1 5 Dec 2, 1968.......................6.20 264 May 1,1971.................. ...54 60 Federal National Mortgage Associa­ Sept. 15, 1972.................. ...3H 109 tion—Secondary market opera­ Oct. 23, 1972.................. 200 tions Federal intermediate credit banks Feb. 20, 1973-78........... ...4'4 148 Debentures: Feb. 20, 1974.....................4'4 155 Discount notes...................................... Au J g u . ly 1 1 , , 1 1 9 9 6 6 8 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 ..5 ,5 % 5 '3 3 7 0 8 3 A Fe p b r . . 2 24 1 , , 1 1 9 9 7 7 5 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 5 4H 2 1 0 2 0 3 Sept. 3, 1968.......................5.80 375 July 20, 1976.................. ...5% 150 Debentures: Oct. 1/1968.......................5.95 423 Apr. 20, 1978.....................5'4 150 Sept. 10, 1968. -.5% 350 Nov. 4, 1968.........................5% M91 Jan. 22,1979.................. . . .5 285 Apr. 10, 1969, 4i^o 88 Dec. 2,1968..,.................5% 454 May 12, 1969. ..4y4 300 Jan. 2, 1969.......................5.95 452 Tennessee Valley Authority June 10, 1969. .6.10 250 Feb. 3,1969.......................6.10 445 Short-term notes............ 250 July 10,1969 -.51/8 250 Mar. 3, 1969.......................6.45 428 Bonds: Dec. 12, 1969, ..6 550 Nov. 15, 1985....................4.40 50 Apr. 10, 1970, ••45/8 142 July 1, 1986.....................4’4 50 June 10, 1970. .6.60 119 Federal land banks Feb. 1, 1987.....................4y2 45 Sept. 10, 1970. -.41/8 400 Bonds: May 15, 1992.................. .. 5.70 70 Oct. 13, 1970. ..55/4 400 Feb. 15, 1967-72..................4/8 Nov., 1992....................... ...6ya 60 Mar. 11, 1971 . .6 350 Oct. 1, 1967-70..................4/2 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 □ AUGUST 1968 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Derivation of U.S. Government cash transactions Receipts from the public, Payments to the pub! ic, Net cash borrowing other than debt other than debt or repayment Period Net rects. Bu n d e g t et T f P u r l n u u d s s s : t g I L n o e t v s r t a s . : ­ 1 E r T e q o c u t t a a s l . s l 2 : Budget f T u P r n l u u d s s s : t 3 A m L d e e j n u s t s s s : t 4 ­ E p T q a o u y t a t a s ls l . : pa o y r t s. C (d d h i a e i r n e n b g c t e t a In g L e v e b n e s y . s s : t & , L N c e a o s s n s h : ­ Eq N u e a t ls: & agen.) trusts debt Cal. year—1965 .............. 96,679 31,384 4,449 123,376 101.379 31,014 4,473 127,919 -4,543 4,673 1,386 417 2,872 1966............... 110,802 40,011 4,792 145,137 118,077 36,791 4,003 150,867 -5,730 13,526 8,396 342 4,788 1967............... 117,708 45,861 6,581 156,300 131,698 38,654 6,779 163,572 -7,272 14,967 7,248 -103 7,822 Fiscal year—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’-......... ................ 149,555 ................ 158,362 -8,807 11,874 9,026 ..........2..,..8..48 4 1968"......... 153,485 178,892 -25,407 28,428 5,338 23,090 Half year: 1966—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.......... ................ r67,101 '86,745 -19,644 20,630 1 ,658 ........1...8..,..9.724 1968—Jan.-June"... . 86,409 92,147 -5,738 7,797 3,680 4,118 Month: 1967—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 I ,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...................... '12,220 '15,453 -3,233 3,044 -919 3,963 4 Feb..................... '12,087 '14,383 -2,295 5,617 1 ,533 4,084 Mar.................... '11,870 '14,922 -3,049 -1,776 -428 -1,348 Apr.................... '19,045 '15,678 3,369 -1,113 514 -1,627 May................... 11,711 16,241 -4,529 5,435 2,634 2,801 June"................ 19,476 15,470 4,006 -3,409 360 -3,769 Effects of operations on Treasurer’s account Net operating transactions Net financing transactions ca C sh h a b n a g la e n c in e s Tre fe a n s d u re o r f ’ s p e a r c i c o o d u ) nt Period Agencies & trusts Operating bal. Change Budget in s d u e r o p fi r c l u it s f T u r n u d s s t 3 a C c l c e o a u ri n n t g s i M ss s a u e o a r c k f n . 3 e ce t i I n G n s v e o U e c v . s . S t 3 t , , . p d g d u i r r e o b e b s l c i s t c t T o r H e u a t e s s l i d d u e ry a T u c r c r e e o a r u s ’s n ­ t Balance B F a . n R k . s a l T a o c n a c a d t x n s . O as n t s h e e t e t s r Fiscal year—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 k 1967.......... '-8,807 '793 '5,079 - '9,026 6,796 -517 -4,648 7,759 1 ,31 I 4,272 2,1764 1968".... -25,407 2,736 5,952 -5,338 22,476 1 ,483 -1,065 6,694 1 ,074 4,113 1,507 Half year: 19^6—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......... '-19,644 '562 1,752 '-1,658 18,878 578 -713 7,046 1,123 4,329 1,5944 1968 —Jan.-June’’.. . -5 738 2,174 4,200 -3,680 3,597 906 -351 6,694 1 ,074 4,113 1 ,507 Month: 1967—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 I ,'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 J 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 I ,'594 > 1968—Jan..................... 233 5877 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................... -3;049 51,473 287 428 -2,063 588 -3,512 6,847 581 4,727 1 ^539 Apr.................... 369 5285 1 ,357 -514 -2370 432 1 595 8342 1 035 5’372 2,035 May.................. -4 529 5—422 120 -2,634 5'315 — 215 - 1 ^936 6,506 956 4,225 1 325 June"................ 4; 006 5533 902 -360 — 4,'311 582 188 6,694 I ,074 4 ,’113 1,507 1 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ FEDERAL FINANCE A-39 FEDERAL FISCAL OPERATIONS: DETAIL (Ln millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Estate Int. Total W he I i n t l h d d ­ ivid O ua th l er C r o a r t p e o­ Total a L b n i a q d c u c t o o o r ­ H w ig a h y ­ Total F R a I . n C R d A . e U m n p - l . a g n if d t C to u m s s ­ r m e a p e n n a d t y s ­ fu R n e d ­ s Other Fiscal yean—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 1.3,398 5,888 4,037 25,527 21,243 3,773 3,094 1,811 2,303 7,256 3,472 1967... 153,596 50,521 18,850 34,918 14,114 6,156 4,652 32,857 28,700 3,657 3,014 1 ,972 2,743 9,582 4,189 ► 1967 '.. 149,555 50,521 18,850 34,918 14,114 6,156 4,652 '33,627 28,752 r3,666 3,014 1,972 1 ,805 9,582 '3I6< 1968". . 153,485 57,26820,951 29,889 14.313 n.a. 4,493 34,879 30,186 3,352 3,076 2.113 2,091 I 1 ,376 281 Half year: 1966—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... '67,101 27,192 4, 150 11,345 7,146 3,344 2,253 ri 5,085 '13,098 1 ,337 1,350 1 ,034 957 1 ,263 ri 05 4 1968—Jan. June.. "86,409 30,076 I6,8(H 18,544 7,167 n.a. 2,240 19.794 17,088 2,015 1 ,726 1 ,079 1,134 10,113 201 Month: 1967—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 I ,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 91 3 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............... '12,220 4,352 3,800 940 1 ,193 470 366 'I,829 -1,570 119 238 181 180 500 '7 Feb *12,087 5 ,801 1 , 100 650 1 ,081 470 428 '4,283 ••3,378 807 204 158 182 1 ,403 •31 Mar............. 'I 1 ,870 5,508 697 4,439 1 .162 369 311 '2,257 '2,099 51 235 168 175 2,849 ’78 Apr............. N9,045 4,045 7,687 4,339 1 ,21 1 n.a. 348 -3,456 '3,192 150 450 191 20! 2,561 '26 May............ 11,711 5,566 539 763 1 ,321 n.a. 420 5,175 4,218 843 363 199 191 2,435 29 June"......... 19,476 4,804 2,977 7,412 1 ,199 n.a. 368 2,791 2,629 44 237 183 205 364 32 Cash payments to the public — ... Period Total 5 t f i e N o d n n e a s ­ a ­ e l a I ff n a t i i r , s s S e p r a e a r c ­ c e h A t c u g u re r l­ i­ so N u u r r r e a a c ­ t e l ­ s t m C ra a e o n n r m d s c p e ­ . 1 d c i n l e o o g v m u e s & l l . . ­ la H w b e e o a lf r a l , t r h e & , E t d io uc n a­ 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......... 120,332 54,514 3,837 4,171 5,416 2,774 6,545 1,674 27,191 1,299 6,107 8,011 2,221 1965......... 122,395 50,790 4,794 5,093 5,142 2,921 7,421 908 28,191 1,497 6,080 8,605 2,341 1966......... 137,817 58,464 4,463 5,933 4,114 3,229 6,784 3,425 33,249 2,780 5,556 9,215 2,404 1967......... 155,142 71,843 4,413 5,426 4,159 3,522 7,102 -1,723 39,002 3,286 6,978 10,371 2,641 ► 1967......... ' 158,362 70,092 4,650 5,423 4,377 2,132 7,446 2,285 40,084 4,047 6,898 10,280 2,454 1968".. . . 178,892 '80,252 Half year; 1966—-Jan.-June.. . . 70,781 31,377 2,235 3,094 803 1,464 2,829 2,271 16,873 2,072 2,968 4,856 1,146 July-Dec........ 80,086 33,850 2,457 2,855 3,630 2,002 4,372 1,801 18,192 1 ,755 3,475 4,627 1,386 1967- -Jan.-June.... 75,056 37,996 1 ,955 2,570 5 23 1,518 2,731 -3,522 20,814 1 ,530 3,506 5,741 1,260 July-Dec........ 88,515 39,251 2,856 2,292 3,154 2,037 4,404 2,082 21 ,713 1,471 3,487 4,867 1 ,380 ► July-Dec........ 86,809 "38,757 1968—Jan. June"... 92,083 '41,495 Month: 1967—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.................. 15^02 6^62 546 377 83 336 680 314 3,680 298 626 1 ,861 233 Dec......... 13^434 6,130 408 391 258 292 594 309 3,643 -52 465 521 238 ► 1968—Jan................... '15,453 ’7,164 Feb................... '14,383 '6,412 Mar.................. '14,922 '6;363 Apr.................. '15’678 -7’091 M ay........ 16^241 •7: 191 June".............. 15,470 "7,471 ► 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 t 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. Noth.—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 □ AUGUST 1968 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 End of period d T g e r o o b t s a t s l 1 d T d g e i r o r o b e t s a t c s l 2 t Total Total Bills Ma C r c k e a e r te t t a i s fi b ­ le Notes Bonds 4 b C v o ib e o n l r e n d t­ ­ s T N o o ta n l m s arke b t S i o a n a n g b v d s l ­ c s i S ss p u e e c s ia l 6 & 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 1960—Dec.......................................... 290.4 290.2 242.5 189,0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Dec.......................................... 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962—Dec.......................................... 304.0 303.5 255.8 203.0 48.3 22.7 53.7 78.4 4.0 48.8 47.5 43.4 1963—Dec.......................................... 310.1 309.3 261.6 207.6 51.5 10.9 58.7 86.4 3.2 50.7 48.8 43.7 1964—Dec.......................................... 318.7 317.9 267.5 212.5 56.5 59.0 97.0 3.0 52.0 49.7 46.1 1965—Dec.......................................... 321.4 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 50.3 46.3 1966—Dec.......................................... 329.8 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 50.8 52.0 1967—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 ..........6..1.....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 June......................................... 348.1 347.6 284.9 226.6 64.4 71. 1 91.1 2.5 55.8 51.9 59,5 July......................................... 351.7 351.1 289. 1 231.0 68.9 7M 91.0 2.5 55.6 52.0 58.9 1 Includes non-interest-bearing debt (of which $641 million on July 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, mid 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, Scries A investment 3 Includes amounts held by U.S. Govt, agencies and trust funds, which bonds. totaled $19,518 million on June 30, 1968. ^ I leld only by U.S. Govt, agencies and trust funds. • * Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds, Note.—Based on Daily Statement of U.S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public E p n e d rio o d f T g d r o e o t b s a s t l ag G t U e a r o u n n .S c v s d i . t t e , s B F a . n R k . s Total m C b e a o r n m c k ia s ­ l s M b a a u v n i t n u k g a s s l p I c n a a o n s n m c u ie e r ­ s ­ r c O a o t t i r h o p e n o r s ­ g S lo a o t n c a v a d t t s e l . Savi I n n g d s i vidu O al t s her n F a i o n t a i r o t n e e n d i r g a ­ n l 1 O i m n to v t i h r s e s c e s . ­ r 2 funds bonds securities 1941—Dec................... 64.3 9.5 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .4 .5 1945—Dec.................. 278.7 27.0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21.2 2.4 6.6 1947—Dec.................. 257.0 34.4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 2.7 5.7 1960—Dec................... 290.4 55.1 27.4 207.9 62.1 6.3 11.9 18.7 18.7 45,6 20.5 13.0 11,2 1961—Dec................... 296.5 54.5 28,9 213.1 67,2 6.1 11.4 18.5 19.0 46,4 19.5 13.4 11.6 1962—Dec................... 304.0 55.6 30.8 217.6 67.2 6.1 11.5 18.6 20.1 46.9 19.2 15,3 12,7 1963—Dec................... 310.1 58.0 33,6 218.5 64.3 5.8 11.3 18.7 21.1 48.1 20.1 15.9 13.3 1964—Dec.................. 318.7 60.6 37.0 221.1 64,0 5.7 11.1 18,2 21.2 48.9 20.8 16.7 14.5 1965—Dec.................. 321.4 61.9 40,8 218.7 60.8 5.4 10.4 15,8 22.9 49.6 22.5 16,7 14.7 1966—Dec.................. 329.8 68.8 44.3 216.7 57.5 4.7 9.6 14.9 25.0 50.2 24.5 14.5 16.0 1967—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 UI .6 24.6 50.9 '22.3 14,8 17.0 Nov................. 345.6 76.2 48.9 220.5 63.5 4.2 8.7 UJ.O 24.5 51.0 '22.9 16.2 16.5 Dec................... 345.2 76.0 49.1 220,1 63.9 4.2 8.7 U2.2 25. 1 51.1 '23.0 15.8 16,2 1968—Jan.................... 346.8 74.7 49.1 223.0 63.1 4.1 8.6 U3.4 '25.6 51,0 '23.5 15.4 '18.3 Feb................... 352.1 76.4 49,0 226.7 63.9 4.2 8.5 U4.8 '26.4 51.1 '24. 1 15.2 U8.5 Mar.................. 350.0 75.9 49.7 224.5 62.2 4.2 8.6 U4.2 '27.0 51.1 '23.8 '14.7 '18.5 Apr................... 347.5 75,8 50.5 221.3 60.0 4.1 8.4 13,7 26.8 51.1 24.1 14.7 18.5 352,9 78.3 50.6 224,0 60.9 4.1 8.5 15.8 26.7 51.2 '24,3 '14.0 18.6 June................ 348,1 79.1 52,2 216.8 59.2 4.0 8.2 13.2 26,5 51.2 23.7 13.0 17,8 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

AUGUST 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 ye 1 a -5 rs y 5 e - a 1 r 0 s 1 ye 0 a -2 rs 0 20 O y v e e a r rs Total Bills Other All holders: 1965—Dee, 31................................................................. 214.604 93,396 60,177 33,2(9 60,602 35,013 8,445 17,148 1966—Dec. 31................................................................. 218,025 105,218 64/84 40,534 59/46 28'005 8.433 16,923 1967—Dec 31................................................................. 226,476 104/63 69*870 34,493 78’159 18,859 8 417 16*679 [968—May 31................................................................. 231'761 109,012 69’587 39’425 67JJI7 30,752 8 ’ 409 16*571 June 30................................................................. 226,592 106.407 64'440 41,967 64,470 30/54 8 407 16/51 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 2/86 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 1,513 1968—May 31......................................................... 16'968 3,051 2’011 1 ,040 4*858 3,425 2' 1 17 1’517 17,421 3’428 2*184 1 .244 4/84 3,479 2 116 3.516 Federal Reserve Banks: 1965—Dec. 31........................................................ 40,768 24,842 9,346 15,496 14,092 1,449 147 238 1966 Dec. 31........................................................ 44,282 35’360 12,296 23'064 7,502 1,007 153 260 (967—Dec. 31......................................................... 49*112 31/84 16*041 15,443 16*215 858 178 377 1968—May 31......................................................... 50/25 36,670 16’976 19/194 7'957 5,421 188 390 June 30........................................................ 52.230 38,436 18,380 20,056 7.737 5.470 196 392 Held by public: 1965—Dec. 31......................................................... 160,430 67,198 49,863 17,335 43,349 30,214 6,225 13,444 1966__Dec. 31.......................................................... 159,152 67,072 50*815 16,257 48,224 24,485 6,187 13,184 1967—Dec. 31........................................................ 160'763 69’299 51*, 393 17,906 56*742 15*807 6 124 12*, 789 1968—May 31........................................................ 164,168 69,291 50'600 18,691 54’202 21 ’906 6’104 12,664 June 30........................................................ 156'941 64,’543 43/76 20/67 51 *849 21 /05 6.095 12*645 Commercial banks: 1965—Dec. 31............................................... 50,325 18,003 10,156 7.847 19,676 11,640 334 67I 1966—Dec. 31................................................ 47'182 15,838 8'771 7,067 21,112 9,343 435 454 1967—Dec. 31............................................... 52 J 94 18,451 10*415 8,036 26,370 6,386 485 502 1968—May 31................................................ 491840 14,317 5,*956 8,361 24,902 9,651 512 459 June 30................................................ 48/40 14'318 4/69 9,449 23,375 9.672 516 459 Mutual savings banks: 1965—Dec. 31............................................... 5,241 768 445 .123 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—May 31................................................ 3,’977 809 501 308 1 ,269 827 253 819 June 30............................................ . 3’885 772 436 336 1 *242 814 246 810 Insurance companies: 1965—Dec. 31................................................ 8,824 993 548 445 I ,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—May 31............................................... 7,214 797 486 311 1 ’,878 I ,030 I ,134 2,375 June 30............................................... 6’945 655 283 372 I .788 1 .01 1 1,126 2.36.1 Nonfmancial corporations: 1965—Dec. 31............................................... 8,014 5,911 4,657 1 ,254 1,755 225 35 89 1966—Dec. 31............................................... 6*323 4’729 3*396 1,333 1 '339 200 6 49 1967—Dec. 31............................................... 4’936 3’,966 2*897 1 ,069 '898 61 3 9 1968—May 31............................................... 7,073 5,422 3’682 1 ,740 1 ,478 161 3 8 5’333 3,839 2,121 1,718 1.304 180 3 H Savings and loan associations: 1965—Dec. 31............................................... 3,644 597 394 203 948 1,374 252 473 1966—Dec. 31............................................... 3’,883 782 583 199 1,251 1,104 271 475 1967—Dec. 31............................................... 4,575 1,255 718 537 1 ’,767 81 [ 281 461 1968—May 31................................................ 4’946 1 ,321 852 469 1 /98 1 ,158 312 458 June 30............................................... 4'799 (. 198 698 500 1,688 1 .148 308 456 State and local governments: (965—Dec. 31............................................... 15,707 5,571 4,573 998 1,862 1,894 1 ,985 4,395 1966—Dec. 31............................................... 15’384 5 ,’545 4,512 1,033 2,165 1 ,499 1 ,910 4,265 1967—Dec. 31............................................... 14’689 5,975 4,855 1,120 2,224 937 L557 3,995 1968—May 31............................................... 14’855 6,333 5 J 74 1,159 2’172 1 ,029 1 ,505 3.816 June 30............................................... 14'644 6,147 4,’927 1.220 2,159 1 .048 1 .482 3.808 All others: 1965—Dec. 31............................................... 68,675 35,356 29,089 6,267 15,784 11,386 2,187 3,962 1966—Dec. 31............................................... 73'690 38,'685 32,646 6,039 18,896 9,619 2,215 4,275 1967—Dec. 31............................................... 72’976 38,121 31*628 6,493 21,951 5,991 2/56 4,555 1968—May 31................................................ 76,263 40,292 33’949 6,343 20,805 8,050 2,385 4,729 June 30............................................... 72/395 .17,614 30/42 7’072 20/93 7.932 2,414 4.741 Note.—Direct public issues only. Based on Treasury Survey of about 90 per cent by the 5,847 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 nonfmancial 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: (I) 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 n AUGUST 1968 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By nuiturity By type o’ customer U.S. Govt, Period agency Total Dealers and brokers securities Within 1-5 5-10 Over Corn- All 1 year years years 10 years U.S. Govt, m b e an rc k i s al other Other securities 1967—June.................................. 1,802 1,502 226 52 23 659 56 621 466 199 July................................... 2,084 ('856 161 45 21 740 58 741 544 219 1’884 1 ,578 243 33 30 662 60 662 500 1 59 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 26.3 64 48 1,160 91 I ,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 77 863 608 289 2 ’ 246 1 '972 1 85 60 28 759 75 827 586 227 May.................................. 2; 247 I ,’756 295 174 22 719 75 831 622 262 2 ,’400 2; 006 258 103 )l 912 76 847 565 304 Week ending- ■ 1968—June 5.......................... 2,524 2,074 300 120 31 916 70 938 600 366 12........................... 1'895 1 ,589 201 84 22 681 58 659 497 223 19........................... 2,367 1 ,940 269 127 30 ’’934 84 792 5 50 340 26............................ 2^875 2,428 298 104 46 1,146 97 1 047 21 365 July 3........................... 2,984 2,644 21 3 80 27 1 ,099 71 1,124 690 231 ' 10........................... 2'518 2'205 206 86 20 928 66 1 '005 519 239 17........................... 2,205 1 '846 258 66 36 853 121 778 454 254 24........................... 2,357 1 ,892 310 70 84 1 ,001 89 83.3 434 404 31........................... 2,163 1 ,842 212 7 3 36 793 72 810 457 234 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 i y t e h a in r ye 1 a -5 rs 5 O y v e e a r r s se a G c g u e o r n v it c t i y e . s Period sou A r l c l es Y C N o e it r w y k w E h ls e e r ­ e C t o io r n p s o r 1 a­ ot A h l e l r 1967—June.......... 2,869 2,389 406 74 314 July........... 2,239 2^115 106 18 239 1967—June............ 3,262 1,121 984 665 492 2,903 2’564 312 26 265 July............. 2’147 649 622 598 276 Sept...... 2^545 2,'305 202 38 242 Aug............. 2*717 835 734 868 280 Oct........... 2^880 2.837 22 20 379 2*669 1,010 873 582 204 3'109 2.793 258 58 312 2,660 844 688 744 383 Dec...... 2,410 2,375 35 I 363 Nov............. 2,863 650 640 1,176 397 Dec.............. 2,549 556 482 1,144 367 1968—Jan............. 3,404 3,310 114 -20 393 Feb........... 3 ^762 3,'500 108 153 369 1968—Jan............... 3,209 1 ,003 816 944 446 Mar........... 2,438 2,211 124 103 361 Feb.............. 3 '799 1 '072 1 ,008 1 ,071 648 Apr........... r2’9RI '2 J 601 236 142 403 2,651 678 '643 '829 '501 May.......... 3^04 2,'585 306 312 382 Apr............. 3'073 794 832 937 510 3,308 2,826 222 261 576 J ' 162 699 923 844 696 3,’458 867 879 1 ,010 702 Week ending— Week ending- ■ 1968—May 1.. 3,109 2,716 25.3 1.39 447 8. . 3,063 2,661 262 141 428 1968—May 1.. 2,878 567 958 841 513 15. . 3,629 2,601 435 592 425 8. . . 3,238 623 1 ,024 750 841 22. . 2,901 2,282 315 303 302 15. . . 3,617 852 988 773 1 ,004 29.. 3 ,206 2,720 233 253 343 22. . . 3,151 762 9.30 917 542 29. . . 2,6.18 533 783 901 422 June 5.. .3,575 3,037 260 278 469 12. . 3,552 3,067 224 260 508 June 5... 3 ,442 988 965 1 ,044 445 19, . 3,537 3,026 242 269 625 12. . . 3,715 928 963 1 ,029 795 26. , 2,824 2,36(1 207 256 641 19. . . 3,731 1 ,004 997 975 755 26. . . 3,273 748 694 1 ,005 824 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 Nott.—Averages of daily figures based on the number of calendar days clearly represent investments by the holders of the securities rather than in the period. Both bank and nonbank dealers are included. See also dealer trading positions. Note to the opposite table on this page. Average of daily figures based on number of trading days in the period. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ GOVERNMENT SECURITIES A-43 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, JULY 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 notes—Cont. Aug.' 1, 1968.................... 2 ,600 Jan. ' 9, 1969.................... 1.102 Apr. ’ 1, 1971.............1*4 35 Feb 15 1970 4 4 381 Aug. 8’ 1968.................... 2 J01 Jan. 16, 1969.................... 1,101 May 15,' 1971............5*4 4 265 Aug 15’ 1970 4 4 ’ 129 Aug. 15’ 1968.................... 2’602 Jan. 23, 1969.................... 1,100 Oct. LL97I... • 1 *X ’ 72 Aug 15 1971 4 2806 Aug. 22’ 1968.................... 2’601 Jan. 31, 1969.................... 1 ,500 Nov. 15,’ 1971............5% 1,734 Nov. 15’ 1971 3% 2*760 Aug. 29’ 1968.................... 2 J00 Feb. 28, 1969.................... 1 ,502 Feb. 15^ 1972............4% 2 J06 Feb 15 19^2 4' 2*344 Aug. 3L 1968.................... 1 ’501 Mar. 24’ I969f.................. 2,015 Apr. I ’ 1972.............1*/i ' 34 Aug. 15 19’2 4 7*579 2 ’ 600 Mar. 31’ 1969’.................. 1 ,500 May 15’ 1972............4*4 5,310 Aug. 15 1973 4 3*894 Sept. 12^ 1968.................... 2'601 Apr. 22, I969f.................. 2; 203 Oct. 1,1972.............l*/2 ' 33 Nov. I5- 1973 .. 4*/8 4*352 Sept- 19’ 1968.................... 2,601 Apr. 30 1969^.................. 1,501 Apr. I, 1973.............l*/2 15 Feb. 15 1974. 4*/8 3 129 Sept. 26" 1968.................... 2/>0l May 31, 1969.................... I ,002 Nov. 15’ 1974............5% 1,652 May 15 1974 4% 3*588 Sept. 30’ 1968.................... I ’500 June 30, 1969.................... 1 ,002 Feb. 15^ 1975............5% 5/48 Nov 15’ 1974 314 2*241 Oct. 3’ 1968.................... 2’902 July 31, 1969.................... 1 JOI May 15; 1975............6" 6’750 May 15’ 1975 8 5 4% 1 216 Oct. !0; 1968.................... 2’602 June 15* 1978 83.. .3*% 1 *568 Oct. 17,’ 1968.................... 2,704 Feb. 15 1980 ...4 2,601 Oct. 24’ 1968.................... 2,702 Nov. 15' 1980............3*4 1 908 Oct. 31,1968.................... 2,602 Aug,'l5, 1968............4'4 5,936 Dec. 15, 1963-68.. .2*4 1 ,787 May 15’ 1985............3*4 Lin Nov. ?’, 1968.................... 1 J 02 Oct 1'1968............1*4 ’115 June 15’ 1964-69.. .2*71 2'542 Aug. 15’ 1987-92,. .4*4 3 816 Nov. 14^ 1968.................... 1 J0| Nov. 15^ 1968............5 % 8,984 Dec. 15; 1964-69. ..2*4 2 J89 Feb. 15, 1988-93... 4 249 Nov. 21, 1968.................... 1,100 Feb. 15; 1969............5 5/8 10,738 Mar. 15,’ 1965-70.. .2*4 2,285 May 15’ 1989-94.. .4*4 1 559 Nov. 29 1968.................... 1 '100 Apr. 1, 1969............1*4 61 Mar. 15, 1966-712*4 1 ,223 Feb. 15’ 1990............3*71 4,879 Nov. 3()' 1968.................... 1 JOI May 15, 1969............5% 4,277 June 15, 1967-72...2*4 1 ,250 Feb. 15’ 1995............3 1,685 Dec. 5.’ 1968.................... 1 ,099 Aug. 15; 1969............6 3,366 Sept. 15, 1967-72. . .2*4 1 ,952 Nov. 15’ 1998............3*4 4,3.35 Dec. 12, 1968.................... 1,100 Oct 1,1969............l*/2 159 Dec. 15; 1967-72. , .2*71 2,612 Dec. 19’ 1968.................... I JOI Apr. L 1970............U/i 88 Aug. 15, 1968............3% 2,640 Dec. 26’ 1968.................... 1 ’105 Oct. 1,’ 1970............l’/2 113 Nov. 15, 1968............3% 1,158 Convertible bonds Dec. 31' 1968.................... 1 ,499 Nov. 15, 1970............5 7,675 Feb. 15, 1969............4 3,728 Investment Series B Jan. 2, 1969.................... 1 ,100 Feb. 15,1971...........5% 2,509 Oct. 1, 1969............4 6^246 Apr. 1, 1975-80. ..2^ 2,514 t Tax anticipation series, Note.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) . 1 All issues (new capital and refunding) Issues for new capital Type of issuer I Type of issue Total Use of proceeds amount Period Total G g o a e b a t n i l o l e i n ­ r s ­ R n e u v e e­ HAA 1 । 1 | G lo U o a .S n v s t . . State S d a p i s a s u t e n t a t c r d h t i i , c a . t l Other2 i 1 e d r e e l d iv J ­ Total cation b R r a o id n a g d d e s s i U tie t s il­ 4 H in o g u s s­ V a a e n i t d s e ’ r ­ ( p O p o t s u h e r e s - r 1961............. 8,566 5,724 2,407 315I 120 1,928 2,165 4,473 8,301 8,463 2,82!! 1,167 1,700 385 478 1,913 1962............. 8,845 5,582 2,681 437; 145 1 ,419 2,600 4,825 8,732 8,568 2,963' 1,114 I ,668 521 125 2,177 1963............. 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029' 812 2,344 598 2,369 1964............. 10,847 6,417 3,585 6371 208 1 ,628 3,812 5,407 10,069 10,201 3,392i 688 2,437 727 120 2,838 1965............. 11,329 7,177 3,517 464i 170 2.401 3,784 5,144 11,538 10,471 3,619 900 1 ,965 626 50 3.311 1966............. 11,405 6,804 3,955 3251 312 2,590 4,110 4,695 11,303 3,7381 I .476 1,880 533 3,667 1967............. 14,766 8,946 5,013 477 334 2.842 4,810 7,115 14,643 4,473j I ,254 2,404 645 5,867 1967—June. 1 ,497 860 492 117! 29 138 682 677 I ,497 597 26 228 148 498 July. 950 665 246 ..............., 39 186 260 504 943 36 193 7 393 Aug.. 860 588 254 .............................1 8 195 234 430 858 212 142 211 52 242 Sept.. 1,340 566 648 105 21 246 588 507 I ,330 333 184 250 110 453 Oct.. 975 686 256 ..............; 32 207 257 510 974 269 130 139 18 417 Nov.. 1,400 766 592 ...............1 43 335 548 517 I ,400 225 43 320 803 Dec.. 1,182 484 539 138 22 153 507 521 1,182 277 43 129 1521 580 1968--Jan. ’ 1,175 839 307 ...............................2 9 450 300 427 425 206 174 328 Feb.' 1,149 688 448 ...............................1 4 152 382 616 I ,147 474 I IOi 127 7 429 Mar. 1,396 594 644 144 15 1 10 514 771 I ,384 373 130 190 682 Apr.' 1 ,307 791 498 18 80 579 647 I .298 292 128 321 445 May ’ 1,118 680 234 144 59 219 305 595 394 52l 204 158 309 Juncr 1 ,354 672 651 87 535 734 I ,354 362 182| 251 8 549 l 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 Rond 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 □ AUGUST 1968 TOTAL NEW ISSUES (In millions of dollars) Proposed use of net proceeds, Gross proceeds, all issues 1 all corporate issues 6 Noncorporate Corporate New capital Period Total G U o . v S t . .2 G a U g o . e S v n t . - , S U a t n . a S d te . Other 5 Total — B P o u n b d - s Pri- Stock Total Total m N on ew ey 7 O p t u h r e ­ r s m t R e i o r e c e e f n u ­ ­ t ­ cy J local 4 — —Total licly vately ferred mon poses rities offered placed ——------------ —------ — _ ._. . _— — I960................. 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1 ,664 9,924 9,653 8,758 895 271 1961.................. 35,527 12,253 1,448 8,360 303 13,165 9,420 4,700 4,720 450 3,294 12,885 12,017 10,715 1,302 868 1962.................. 29,956 8,590 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 10,501 9,747 8,240 1,507 754 1963.................. 35,199 10,827 1,168 10,107 887 12,211 10,856 4,713 6,143 343 1 ,011 12,049 10,523 8,898 1,625 1,526 1964.................. 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 13,792 13,038 11,233 1,805 754 1965.................. 40.108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1 ,547 15,801 14,805 13,063 1,741 996 1966.................. 45,015 8,23! 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 I ,867 312 1967—May... 4,002 438 810 1,209 26 1,518 1,361 965 396 47 111 1,493 1 ,474 1 ,418 56 19 June... 5,373 410 650 1 ,461 179 2,674 2,343 1 ,684 659 17 313 2,63! 2,611 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 I ,273 220 1,763 1 ,549 902 647 41 173 1,732 1,723 1,581 142 10 Oct.... 4,609 422 708 991 78 2,409 1 ,940 1 ,375 566 231 238 2,367 2,289 2,120 168 79 Nov.. . 8,732 5,054 710 1 ,320 147 1 ,500 1 ,196 645 551 81 222 1 ,470 1,467 1 ,305 163 3 Dec.... 4,483 371 612 1 ,093 22 2,385 2,107 1 ,087 1 ,020 42 235 2,343 2,336 2,113 223 8 1968 -Jan.... 4,556 481 999 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 Apr.... 3,448 405 225 1 ,276 88 1 ,453 1 ,184 719 465 49 221 1 ,422 1 ,413 1 ,222 191 9 May... 7,715 3,805 744 1,134 152 1 ,880 1 ,582 1 ,046 537 51 247 1 ,842 1 ,840 1 ,679 160 2 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 capital * 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 Ill 2,21 1 47 2,016 22 4,741 127 1 ,955 1 2,399 5 1967—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 1 265 200 184 Oct........................................... 906 6 126 7 176 573 65 119 388 Nov.......................................... 512 1 207 2 88 404 ................ 82 174 Dec........................................... 1,109 6 409 1 198 ................ 278 68 * 273 1968—Jan........................................... 537 15 208 11 91 417 ................ 185 ................ 267 Feb........................................... 556 5 142 1 118 ................ 546 8 147 61 2 Mar.......................................... 761 1 175 192 ................ 431 17 78 6 102 Apr.......................................... 364 9 326 202 ................ 178 ................ 189 154 May......................................... 565 1 192 1 107 ................ 547 ................ 103 ................ 325 1 1 Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of flotation. number of units by offering price. ? For plant and equipment and working capital. 2 Includes guaranteed issues. 8 All issues other than those for retirement of securities. 3 Issues not guaranteed. ■* See Note to table at bottom of opposite page. Note.—Securities and Exchange Commission estimates of new issues 5 Foreign governments, International Bank for Reconstruction and maturing in more than 1 year sold for cash in the United States. Development, and domestic nonprofit organizations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ 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 c v o e s s .1 t. Other In c v o e s s .1 t. Other In c v o e s s .1 t, Other 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 1967........................... 33,303 10,496 22,537 21,299 5,340 15,960 6,987 4,664 2,761 2,397 4,226 2,267 1967—1..................... 7,258 2,344 4,914 4,724 1,202 3,522 1,748 786 592 550 1,156 235 ................... 7,493 2,599 4,894 4,978 1 ,318 3,660 1,381 1,041 701 581 680 461 in.................. 8,868 2,690 6,178 6,248 1,394 4,854 1 ,412 1,232 721 576 691 656 IV.................. 9,414 2,863 6,551 5,349 1 ,426 3,924 2,446 1 ,605 747 690 1 ,699 915 1968—1.................... 7,679 3,019 4,660 3,997 1,286 2,71 1 2,451 1 ,230 821 912 1 ,630 319 Type of issuer Manu­ Commercial Transpor­ Public Communi­ Real estate Period facturing and other 2 tation 3 Utility cation and financial 4 & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1963........................... 1 ,8(14 -664 339 -352 316 -19 876 245 438 447 1 ,806 1,696 1964........................... 1,303 -516 507 -483 317 -30 1 ,408 476 458 1 ,699 2,644 2,753 1965........................... 2,606 -570 614 -70 185 -1 1,342 96 644 518 2,707 3,440 1966............................ 4,324 32 616 -598 956 718 2,659 533 1,668 575 864 4,414 1967........................... 7,237 832 1,104 282 1,158 165 3,444 652 1 ,716 467 1 ,302 4,178 1967—1n..,............................. 1 1 , , 4 8 8 5 9 8 1 5 0 2 7 1 15 3 3 0 - 5 6 2 3 1 7 9 2 8 4 1 7 9 1,0 6 8 4 9 2 1 9 1 0 7 5 3 1 2 1 0 1 9 5 7 8 3 4 7 1 9 1,1 7 3 5 9 4 in.................. 2,253 403 422 29 374 45 867 168 594 92 345 587 IV.................. 1,637 270 399 207 214 54 846 277 291 120 537 698 1968—I..................... 7,679 3,019 4,660 3,997 1 ,286 2,711 2,451 1,230 821 912 1,630 319 1 Open-end and closed-end companies. exclude foreign and include offerings of open-end investment cos., sales of 2 Extractive and commercial and misc. companies. securities held by affiliated cos. or RFC, special offerings to employees, 1 Railroad and other transportation companies. and also new stock issues and cash proceeds connected with conversions 4 Includes investment companies, of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for Note.'—Securities and Exchange Commission estimates of cash trans­ that purpose shown on opposite page. actions only. As contrasted with data shown on opposite page, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales 1 Re ti d o e n m s p­ s N al e e t s Total 2 po C s a it s io h n 3 Other Sales > Re ti d o e n m s p­ s N al e e t s Total 2 po C s a it s io h n3 Other 1956................ 1,347 433 914 9,046 492 8,554 1967—June.. 375 225 150 40,795 2,503 38,292 1957................ 1,391 406 984 8,714 523 8,191 July... 425 222 203 43,064 2,515 40,549 1958................ 1,620 511 1,109 13,242 634 12,608 Aug... 347 249 98 42,663 2,370 40,293 Sept... 352 246 106 43,585 244 41,341 1959................ 2,280 786 1,494 15,818 860 14,958 Oct.. . 409 270 139 42,652 2,218 40,434 I960................ 2'097 842 1,255 17,026 973 16,053 Nov, . 468 231 237 43,262 2,653 40,609 1961................ 2^51 1,160 1 1791 22,789 980 21,809 Dec.. . 501 242 259 44,701 2,566 42,135 1962................ 2; 699 1,123 H576 21,271 1,315 19,956 1968—Jan.... 556 316 240 42,466 2,679 39,787 1963................ 2,460 1,504 952 25,214 1,341 23,873 Feb... 451 260 191 41 ,533 3,409 38.124 1964................ 3,404 1 '875 1,528 29,116 1,329 27,787 Mar.., 557 243 314 42,412 3,919 38,493 1965................ 4,359 1 ;962 2^395 35,220 1,803 33,417 Apr.. . 618 309 309 46,179 3,923 42,256 1966................ 4,671 2,005 2’665 34,829 2,971 31,858 May. . 502 366 136 48,054 3,495 44,559 1967................ 4’670 2,745 1 ;927 44’701 2,566 42,135 June.. 535 374 161 48,426 3,273 45,153 * 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 □ AUGUST 1968 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1966 1967 1968 Industry 1963 1964 1965 1966 1967 II III (V 1 II UI IV 1 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 ‘■53,699 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 '6,193 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 1’268 '3,497 Dividends............................................. 5,444 5,933 6,527 6,920 6,989 1,754 1,631 I ,965 1,670 । ,701 1 J21 1 ,’897 1 ,710 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 3,027 682 673 723 720 756 770 781 742 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 <•.32,441 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 r3,49l Profits after taxes.............................. 5,492 6,341 7,675 7,834 6 3 52 2,216 1,456 2 115 1 599 1,847 1 ,068 1 '838 '1,888 Dividends............................................. 3J79 3,525 4,000 4, 191 3'964 1,072 958 1^42 950 945 952 1 1 1 7 968 Selected industries: Foods and kindred products (25 corps.): Sales...................................................... 14,301 15,284 16,427 19,038 20,134 4,673 4,759 5,01 I 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........................................... 448 481 509 564 583 142 139 146 148 144 146 145 150 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 41 6 501 Dividends............................................ 904 924 926 948 960 224 234 269 238 235 235 252 2.36 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 8.35 941 Profits after taxes.............................. 1,204 11309 1 541 1 ,898 2,038 467 479 495 505 504 489 540 65 5 Dividends............................................ 608 672 737 817 1 ,079 204 204 209 232 280 286 281 253 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.......................... 2J78 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............................................. '734 763 818 924 892 218 230 260 222 214 228 228 224 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 r8,327 Profits before taxes......................... 2,394 2,704 3,107 3,612 3,482 915 851 952 868 807 837 970 <‘9 20 Profits after taxes............................. 1,177 1,372 1,626 1,875 F789 480 444 495 421 417 438 513 r475 Dividends........................ 577 673 774 912 921 225 226 244 232 233 227 229 244 Automobiles and equipment (14 corps.): Sales.......................................... 32,927 35,338 42,712 43,641 42,306 11,728 8,046 12,149 10,413 H ,875 8,354 11,664 12,154 Profits before taxes........................... 5; 004 4^989 6,'253 5,274 3,906 J ,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 58.3 782 62 572 795 Dividends.......................... 1 347 1,629 1,890 1,775 1 ’567 503 361 551 363 365 362 477 362 Public utility Railroad: Onerntinw revenue. .... 9,560 9,778 10,208 10,654 10,366 2,728 2,690 2,718 2,536 2,628 2,529 2,67.3 2,610 Profits before taxes........................... 816 829 980 1,088 391 327 280 268 145 163 ' 83 1 125 Profits after taxes............................. 651 694 816 902 .325 259 227 244 121 143 78 <'-J7 IIO Dividends............................................. 383 438 468 496 539 109 113 161 124 156 103 155 114 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 2,91 1 632 702 673 799 666 '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 1.3,311 3,091 3,135 3,202 3,229 3,312 3,341 3,429 .3,486 Profits before taxes.......................... 2315 3,069 3J85 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 1,36.3 309 317 320 334 337 341 351 351 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 Lincs and General Depts, of American Telephone and Telegraph Co.), published reports of companies. and for 2 affiliated telephone companies. Dividends arc for the20 operat­ Railroads: Interstate Commerce Commission data for Class I line­ ing subsidiaries and the 2 affiliates. haul railroads. All series: Profits before taxes are income after all charges and before Electric power: Federal Power Commission data for Class A and B Federal income taxes and dividends. electric utilities, except that quarterly figures on operating revenue and Back data available from the Division of Research and Statistics. profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ BUSINESS FINANCE A-47 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b ta e ro x fo e fi r t s e s c ta o I x n m e ­ e s P t a a r f o x t e e fi s t r s d C d e a i n v s d i h ­ s tr U p ib r n o u d f t i i e t s s d ­ co c a n a t l i s l p o o u i n w t m a ­ l p ­ Quarter P b ta e ro x fo e fi r s t e s c ta o I x n m e ­ e s P t a a r f o x te e fi s r ts d C d e a i n v s d i h ­ s tr U p ib r n o u d f t i i e t s s d ­ co c a n t a i l s o l p o u n i w t m a ­ l p ­ ances 1 ances 1 1961................. 50.3 23,1 27.2 13.8 13,5 26.2 1966-IL... 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 1963................. 59.4 26.3 33.1 16.5 16.6 31.8 1964................ 66.8 28.3 38.4 17.8 20.6 33.9 1967—1 II . . . . . . . 7 7 8 9 . . 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. .9 3 1 1 9 9 6 6 5 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 6 3. . 8 6 3 34 1 . . 5 4 4 4 5 9. . 3 2 2 1 1 9 . . 5 8 2 2 5 7. . 8 4 3 3 6 9 . . 5 0 I IV II. . . . . . 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 1 2 . . 8 5 1967 ................ 80.7 33.2 47.5 22.8 24.7 41.4 1968—1. . . . 88.7 36.2 52.5 23.2 29.2 43,1 * Includes depreciation, capital outlays charged to current accounts, and No n:..—Dept, of Commerce estimates. Quarterly data arc at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Nel Notes and accts, Notes and accts, End of period working u. s. receivable payable Accrued capital Total Cash s G ec o u v r t i , ­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Ocher ties G U o .S vt . .1 Other G U o . v S t . .1 Other taxes ..... 1961.................................. 148,8 304.6 40.7 19.2 3.4 133,3 95.2 12.9 155.8 1.8 1 10.0 14.2 29.8 1962................................... 155.6 326.5 43.7 19.6 3.7 144,2 100.7 14:7 170.9 2.0 119.1 15.2 34.5 1963.................................. 163.5 351.7 46.5 20.2 3.6 156.8 107,0 17.8 188.2 2.5 130.4 16.5 38.7 1964.................................. 170.0 372.2 47.3 18.6 3.4 169.9 113,5 19.6 202.2 2.7 140.3 17.0 42.2 1965 .................................. 180.1 406.6 49.7 16.5 3.9 187.9 125.7 22.9 226.5 3. 1 158,0 18.8 46.6 1966—11........................... 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 If.......................... 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 Hl......................... 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 21 1.8 152.5 26.6 260.0 5.8 181.0 14.9 58.2 1968—1............................. 204.9 467.5 50.1 13.9 4.8 213.9 155.3 29.4 262.6 6.1 179.3 17.1 60.1 i Receivables from, and payables to, the U.S. Govt, exclude amounts Note.-—Securities and Exchange Commission estimates; excludes offset against each other on corporations’ books. banks, savings and loan assns., insurance companies, and investment companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Mining Public Commu­ Other I (S.A. Non­ utilities nications annual Durable durable Railroad Other rate) 1961............................................... 34.37 6.27 7.40 .98 .67 1.85 5.52 3,22 8.46 1962............................................... 37.31 7.03 7.65 1 .on . 85 2.07 5.48 J. 63 9,52 1963............................................... 39.22 7.85 7,84 1.04 LIO 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—11....................................... 15.29 3.51 3.27 .40 .55 1.00 2.09 1.42 3.06 60.10 Ill...................................... 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 in...................................... 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 1.48 2.96 64.90 JI 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 i Includes trade, service, finance, and construction. Note.—Dept, of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corporate and noncorporate business, excluding agriculture. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-48 REAL ESTATE CREDIT □ AUGUST 1968 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm — ——— -------- — ----- -------- -—----------- —— ------------- E pe n r d i o o d f h A e o r l l s d l ­ tu F i t n i c i n o i s a a n t l i n s ­ ­ i a U g . e S h n o O . - l t d h e — e v r i I r s d n 2 u d a i­ ls h A e o r l l s d l ­ tu F I t i n c i n o i s a a n t l i n s ­ ­ i O h e o t r h s ld e 3 ­ r h A e o r H l s d­ — T 1 o - t t a o l 4- - f F - a - in - i m n -- s a - i t - l n i y . - . , _ h - o -- u O h -- s o - t e - h l - d s - e 4 — - r c T o o m t -- M a - m - l - u - e -- l r — t - c - i F f - i i - a a n i -- n -- l m s - a - t p - i n i - - r l - y , o - - p a — e n O h r d t o i t e h ld s e - r 5 F V H M A A - t o y - r p tg e —a 6 C g v e e o n n - - — cies others tutions * ers tutions 1 ers written tional _---- — — — — —------ ------------------— ------------ —-------- —------ ------— _.. ------ ....... - — ----------- 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 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 49.0 21.2 7.8 13.4 304,8 213.2 184.6 28.6 91.6 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—P. .. 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 Ilf.. 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 HP.. 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 IVC. 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 Hp.. 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 IIP.. 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 1968--1 ". . 374.8 302.7 19.6 52.5 25.6 9.2 16,4 349.2 239. 1 203.9 35.2 110.1 89.6 20,5 K9.0 260.2 IU\. 381,8 1 Commercial banks (including nondeposit trust companies but not 5 Derived figures; includes small amounts of farm loans held by savings trust dents.), mutual savings banks, fife insurance companies, and savings and loan assns. and loan assns. 6 Data by type of mortgage on non farm 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., f ederal 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 Total FH in A ­ - g V u A ar - - C ve o n n ­ ­ n fa o r n m ­ Farm Total Total FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ O n fa t o h r n m e ­ r Farm sured antecd tional sured anteed tional 1941.................................... 4,906 3,292 1,048 566 4,812 3,884 900 28 1945.................................... 4'772 3,395 856 521 4,208 3*387 797 24 1961.................................... 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29 145 26 341 8 045 9,267 9 029 2 753 51 1962.................................... 34’,476 23*482 6,520 2^654 14,308 8,972 2*022 32,320 29,181 9,238 9^787 10 J56 3*088 51 1963.................................... 39,414 26'476 7*105 2,862 16'509 10*611 2'327 36*224 32,718 10,684 10*490 11 544 3 454 52 1964.................................... 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40 556 36,487 12,287 11,121 13 079 4 016 53 1965.................................... 49’675 32'387 7,702 2^688 21,997 14*377 2'911 44,617 40,096 13*791 11’408 14 897 4,469 52 1966.................................... 54’380 34^876 7,544 2,*599 24,'73 3 16'366 3'138 47,337 42,242 14^500 11*471 16,272 5 041 53 1967.................................... 59,019 37,642 7,709 2,696 27’,237 17,931 3*446 50 490 44'641 15*074 11,795 17,772 5 732 117 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 .......5...2.....3..0..6.........3.3^800 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 J62 16,028 3 J109 46,622 41,673 14’274 1L4I3 15,986 4^896 53 IV........................... 54.380 34,876 7,544 2’599 24,733 16*366 3,138 47,337 42*242 14*500 11,471 16 272 5 041 53 1967—1............................. 54,531 34,890 7,444 2,547 24,899 16,468 3,173 48.107 42,879 14,723 11,619 16,537 5 176 52 JI............................ 55,731 35,487 7’396 2 495 25,596 16,970 3,274 48 893 43,526 14,'947 11,768 16 811 5 316 51 Ill.................... 57,482 36,639 7,584 2,601 26*454 171475 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 5,732 117 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, arc 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

AUGUST 1968 □ REAL ESTATE CREDIT A-49 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end ofperiod) Nonfarm Non farm Period — Total —Total in F s H ur A e - d a g n V u t A e a c r - - d Other । Farm 1 — Total Total — in F s H ur A e - d a g n V u t A e a c 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 7,697 1,149 60,013 55,190 12,068 6,286 36,836 4,823 1966...................................................... 10,217 9,223 1,300 467 7,456 694 64,609 59,369 12,351 6,201 40,817 5,240 1967...................................................... 8,399 7,569 753 408 6,408 830 r67,516 r6l ,947 rl2,l61 ’•6,122 r43,664 r5,569 1967—May'...................................... 644 585 55 44 486 59 66,031 60,701 12,384 6,205 42,112 5,330 June........................................ 643 569 60 31 478 74 66,414 61,038 12,397 6,163 42,478 5,376 July......................................... 563 506 36 27 443 57 66,324 60,920 12,311 6,161 42,448 5,404 Aug.......................................... 676 618 68 32 518 58 66,506 61 ,073 12,289 6,144 42,640 5,433 Sept......................................... 688 631 62 36 5 33 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 Hec.......................................... 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 12,137 6,086 44,198 5,634 Apr.......................................... 521 435 40 20 375 86 68,123 62,448 12,103 6,067 44,278 5,675 May......................................... 648 583 55 23 505 65 68,339 62,634 12,075 6,047 44,512 5,705 i Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because (I) 1959 and with “other” noMarm 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 lor year-end adjustments are more complete. Note,—Institute of Life Insurance data. I or loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Loans innde Loans outstanding (end of period) Advances outstanding (end of period) Ad­ Ke pay­ Members’ New Period vances ments deposits Period Total 1 h c o o m n- e H p o u m r- e Total 2 F i H n- A - g V u A ar - - C ve o n n - - Total S te h rm or t­ ’ t L e o rm ng ­ 2 struc- chase su red an teed tional non 1945.......................... 278 213 195 176 19 46 1945 ............... 1,913 181 1 358 5,376 .............................................. 1 1 9 9 6 6 1 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4, , ' 8 1 8 1 2 1 2 3 , ’ 2 2 2 9 0 4 2 3 , 3 6 7 6 9 2 2 1 , , 0 4 0 4 5 7 1 1 , , 4 2 7 1 4 6 1 1 , , 1 21 8 3 0 1 ( 1 1 1 9 9 9 9 9 6 6 6 6 6 5 1 2 3 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 1 0 3 7 4 4 , > ’ 7 3 5 8 5 3 6 0 4 4 5 4 5 7 5 7 6 5 5 , , , , ' 0 9 0 5 9 8 3 1 7 2 1 9 5 9 2 1 1 7 9 8 0 0 , , , > ’ 2 5 3 6 0 2 2 9 9 7 4 0 7 7 1 1 7 6 9 0 1 8 8 0 1 0 , , , ’ , 8 7 3 3 9 3 7 3 0 4 4 3 0 6 4 4 4 4 4 5 , , , , ’ 1 4 8 1 6 6 7 9 4 9 7 6 4 5 6 ’ : 7 7 6 6 6 , , , , ’ 1 0 6 3 9 5 1 8 9 6 2 0 3 8 0 5 6 9 7 8 7 7 8 9 9 , , , , , 5 2 7 2 7 1 8 6 8 5 5 4 3 8 6 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 4 6 3 7 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 3 5 1 , , ’ ’ 5 8 6 0 5 6 0 0 0 2 5 1 4 7 7 4 5 4 2 4 ' , , , 3 2 3 8 0 ) 9 3 2 6 7 5 6 5 6 6 4 5 5 6 4 , , , ’ > 9 9 3 7 2 3 9 8 8 5 5 7 6 4 2 2 5 3 3 , > > ’, ’ 0 0 9 6 4 0 7 8 3 6 6 5 4 2 2 1 1 , > ’ ’ 9 4 9 4 2 2 7 0 2 1 1 3 9 9 1 1 1 1 1 J > , > , 1 4 4 3 9 3 5 3 1 6 9 2 1 1 9 9 6 6 6 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 6 9 ’ ’ 7 89 2 1 0 4 3 ’ ’6 1 0 9 6 0 7 9 ’ > 7 0 4 5 6 1 1 1 2 4 1 , , 4 89 4 3 7 5 5 , , 2 7 7 9 0 4 1 ; 6 6 , , 3 1 5 5 6 8 1 1 0 0 3 9 , , 0 7 1 4 9 3 1967— J Ju u n ly e . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8 93 9 2 2 0 7 8 4 4 4 , > 3 2 0 1 2 3 3 , > 6 8 9 0 6 5 6 4 0 1 6 1 1 > ,9 2 2 1 5 1967—J S J O A u u e u c n p l t y g e . t . . . . . . . . . . . . . . 2 2 1 1 1 , , , , , 1 2 9 8 9 7 6 2 6 5 1 2 8 0 0 4 4 4 3 3 1 8 3 8 2 1 3 5 2 4 1 1 1 , , , 0 1 9 0 9 5 1 4 8 4 1 7 9 6 6 1 1 1 1 1 1 1 1 1 2 9 6 7 8 0 , , , , , 5 9 6 6 3 2 4 7 7 6 9 4 6 2 4 5 5 5 5 5 , , , , , 4 3 5 5 6 3 8 1 7 6 7 4 4 6 0 6 6 6 6 6 , , , , , 1 2 2 1 2 9 8 5 6 2 2 7 8 9 3 1 1 1 1 1 0 0 0 0 0 5 7 6 6 8 , , , , 3 6 , 0 9 4 9 9 5 3 1 1 5 2 7 0 S O N A D e u c o e p t g v c . t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . 2 1 1 1 1 5 0 6 3 7 2 2 0 4 6 2 1 1 1 0 3 6 5 0 2 3 4 2 9 4 4 4 4 4 , ; ' ' ’ 1 1 1 3 1 5 1 2 8 8 3 4 2 8 6 3 3 3 3 3 , , , > 6 7 6 9 5 8 9 4 8 1 9 3 2 5 4 4 4 3 40 8 9 3 9 1 3 5 0 4 1 1 1 1 1 ' , ’ , > 3 4 3 3 4 4 2 3 1 7 3 3 7 2 N De 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 , , 1 8 2 9 7 3 5 5 , , 7 7 1 9 4 4 6 6, , 3 3 3 5 6 6 1 1 0 0 9 9 , , 0 7 7 4 7 3 1968—J F a e n b .. . . . .. . .. . .. . .. . .. . . . . 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 1 , , 1 1 9 8 8 2 1968—J F M A a e p a n b r r . . . . . . . . . . . . . 1 1 1 1 , , , , 3 4 7 9 8 5 6 5 9 6 6 2 2 4 3 4 9 7 0 0 1 5 5 9 6 7 9 8 6 0 3 4 5 4 0 4 1 1 1 1 2 2 2 2 2 2 4 3 , , , , 0 6 3 4 9 3 0 2 5 7 5 6 5 5 5 5 , , , , 7 8 9 9 8 5 0 6 3 3 7 4 6 6 6 6 , , , , 4 4 4 5 4 8 0 2 7 5 2 8 1 1 1 1 1 1 1 0 1 1 0 9 , , 0 , , 8 3 9 4 1 3 0 1 3 7 3 J A M M u p a n a r e r y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 2 8 4 8 8 5 2 7 6 1 1 1 7 6 0 11 5 8 6 4 4 4 4 , ' > J 5 2 8 4 6 1 9 5 9 9 4 4 3 4 , , , , 1 7 4 0 3 9 0 2 3 7 8 6 5 5 5 48 3 1 2 1 9 6 2 1 1 1 1 > , > , 3 3 9 7 0 8 3 0 2 2 Muyr. 2,087 505 1 ,041 125,262 6,029 6,564112,669 June’’. 1,960 428 1 ,066 126,133 6,079 6,599113,455 1 Secured or unsecured loans maturing in I year or less. 2 Secured loans, amortized quarterly, having maturities of more than 1 Includes Joans for repairs, additions and alterations, refinancing, etc., 1 year but not more than 10 years. no 2 t s B h e o g w in n n i s n e g p a w r i a th te ly 1 . 958, includes shares pledged against mortgage loans; Note.—Federal Home Loan Bank Board data. beginning with 1966, includes junior liens and real estate sold on contract; and beginning with 1967, includes downward structural adjustment fur 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 n AUGUST 1968 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NON-FARM 1- to 4-FAMILY PROPERTIES (In millions of dollars) (In billions of dollars) FH A-insured VA-guaranteed Government- Period Total h N om M ew e o s rtga h g is o e E t m i s x n e ­ g s e P c r ts o j­ 1 m p P e r e i r o m r o n t v y t p ­ e s ­ ­ 2 Total J h N om M ew e o s rtga h g is o E e t m i s x n e ­ g s E p n e d ri o o d f Total Tota u l nd s F e u i H n r r w e ­ A d r - it te a n g n V u te A a e - r d ­ 1 t C i v o e o n n n a ­ ­ l 1945................................. 665 257 217 20 171 192 1945 .................. 18.6 4.3 4. 1 .2 14.3 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 1 1 9 9 6 6 2 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 , , 1 2 8 1 4 6 1 1 , , 6 8 6 4 4 9 3 3 , , 4 9 2 0 1 5 1,0 8 7 4 9 3 8 8 3 0 4 4 2 3 , , 6 0 5 45 2 1 1 , , 2 3 7 5 2 7 1 1 , , 7 2 7 9 0 2 1 1 9 9 6 6 2 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1 1 8 66 2 . . 5 2 6 6 2 5 . . 2 9 3 3 2 5 . . 3 0 2 3 9 0 . . 9 9 1 1 1 0 6 4 . . 3 3 1 1 9 9 6 6 4 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 8 , , 1 6 3 89 0 1 1 , , 6 7 0 0 8 5 4 5 , , 9 7 6 6 5 0 8 59 9 1 5 6 6 6 3 3 4 2 2 , , 8 6 4 5 6 2 1 ,0 8 2 7 3 6 1 1 , , 8 7 2 7 1 4 1964 .................. 197.7 69.2 38.3 30.9 128.5 1 19 9 6 6 7 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 , , 3 1 2 5 0 0 1 1 . ,3 7 6 2 9 9 4 4 , , 5 3 1 6 6 6 5 6 8 4 3 2 6 64 2 1 3 2 3 , , 6 4 0 0 0 5 1,1 9 4 8 3 0 2 1 , , 2 6 5 18 9 1 1 9 9 6 6 5 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 22 1 3 3 . , 7 2 7 7 3 6 . . 1 0 4 4 2 4 . . 0 8 3 3 1 1 . . 1 2 1 1 4 4 7 0 . . 8 0 1967"................ 236.1 79.9 47.4 32.5 156.2 1967—June................... 626 105 403 57 61 266 81 185 J S O A u e u c l p t g y .. t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 7 7 81 9 5 6 7 5 8 2 1 1 1 1 0 5 2 2 3 0 9 9 5 3 5 5 1 2 9 1 5 5 9 4 4 5 8 3 8 5 8 6 6 6 5 5 4 2 8 6 2 4 3 .1 3 9 5 4 4 2 6 0 1 1 9 0 2 8 1 5 7 2 2 2 3 2 5 1 1 4 1 0 3 4 1966 - I 1 I I V I l .. . l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 1 1 2 3 6 9 2 . . . . 7 3 8 0 7 7 7 74 6 4 5 . . . , 0 6 4 1 4 4 4 4 3 4 4 3 . . . . 7 8 4 0 3 3 3 3 1 1 1 0 , . , . 1 2 0 9 1 1 1 14 4 4 4 7 2 5 6 . . , . 8 2 2 6 D N e o c v . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 7 5 4 9 6 4 1 1 4 2 9 4 4 3 7 3 1 4 9 72 0 4 5 7 3 3 3 8 4 3 0 1 1 2 2 4 7 2 2 5 1 5 7 1967—1 j| " " .. . . . . . . . . . . . . . . . . . 2 22 2 8 5 . . 2 2 7 7 6 7 , . 4 2 4 45 5 . . 7 2 3 3 1 1 , . 5 2 1 1 4 5 8 0 . . 8 9 1968—J F a e n b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 7 93 3 1 1 4 2 7 4 4 3 3 1 1 2 1 7 0 0 0 4 3 5 6 3 2 4 80 9 1 11 3 1 5 2 1 1 6 3 9 I IV II" ". . . . . . . . 2 23 3 6 2 . . 1 2 7 7 8 9 . . 3 9 4 4 7 6 . . 4 6 3 32 1 , , 5 7 1 1 5 5 3 6 . . 9 2 Mar.................... 535 120 314 62 39 267 115 152 Apr..................... 603 131 340 80 53 265 110 156 1968 1 "......... 239.1 80.6 48.1 32,5 158.5 May.................... 686 121 374 131 60 280 I 12 168 June.................... 674 123 37: 122 58 24. 98 143 1 Includes outstanding amount of VA vendee accounts held by private investors under repurchase i Monthly figures do not reflect mortgage amendments included in annual totals. agreement. 2 Not ordinarily secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separately; only such Note.—For total debt outstanding, figures arc loans in amounts of more than $1,000 need be secured. FHLBB and F.R. estimates. For conventional, figures are derived. rep N re o s t e e n . t — g F ro e s d s e r a a m l o H un o t u s o in f g in su A r d a m nc i e n , w a ri n tt d e n; V e V t A er - a g n u s a ra A n d te m ed in , l oa d n a s t , a . g ro F ss H a A m -i o n u s n u t r s e d o f l l o o a a n n s s Bo B a a rd se , d F e o d n e ra d l a H ta o u f s r i o n m g A F d e m d i e n r . a , l an H d o m Ve e t era L n o s a n A d B m a i n n k , closed. Figures do not take into account principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. FEDERAL NATIONAL MORTGAGE ASSOCIATION MORTGAGE DEBT OUTSTANDING ACTIVITY ON RESIDENTIAL PROPERTIES (In millions of dollars) (In billions of dollars) Mortgage All residential Multifamily 1 Mortgage holdings transactions Com­ (during mit­ End of End of period) ments period Finan­ Finan­ period Total FH in A ­ - g V u A ar - - Pur­ bu d u r i n s s e ­ ­ d Total tu in c ti i s o a t n l i ­ s h O ol t d h e e r r s Total tu in c ti i s o a t n l i ­ s h O ol t d h e e r r s sured antecd Sales chases 1941.................. 24.2 14.9 9.4 5.8 3.6 2.2 1961................................ 6,093 3,490 2,603 815 541 631 1945.................. 24.3 15.7 8.6 5.7 3. 5 2.2 1962................................ 5,923 3 >71 2'353 740 498 355 1963............................... 4,650 3,017 1,634 290 1,114 191 1961.................. 176.0 143.0 33.0 23.0 14.8 8.2 1964............................... 4^412 2 >96 1,416 424 25 1 313 1962.................. 192.5 157.9 34.6 25.8 17.5 8.3 (965............................... 4.731 3,404 1 ,327 913 200 793 1963.................. 211.2 176.7 34.5 29.0 20.7 8.3 1966............................... 7.063 5,407 1 ,656 2,701 705 1967................................ 8,870 6*803 2,066 2,260 12 1 ,672 1964.................. 230.9 195.3 35.7 33.2 24.8 8.5 1965.................. 250.0 213.1 36. 8 36.8 28.5 8.3 1967—June.................. 7,524 5,81 I 1,713 88 6 1,104 1966"................ 263.2 223.2 40.0 39.5 30.9 8.5 July.................. 7,624 5,890 1,734 136 1 1,333 1967"................ 278.7 235.7 43.0 42.6 33.8 8.8 Aug................... 7’872 6*076 1 ,’796 291 1 1,447 Sept.................. 8,105 6’249 1 ,856 272 1,473 1966 -I".......... 254.1 216.6 37.5 37.7 29.3 8.4 Oct.................... 8’371 6 341 1 *930 307 1 >35 II". . . . 258.3 219,9 38.4 38.5 30.0 8.5 Nov................... 8*610 6,615 I /J95 279 1 ,676 III". . . 261.0 221 .H 39.2 39,0 30.5 8.5 Dec................... 8*870 6*803 2,066 299 1’672 IV" . .. 263.2 223.2 40.0 39.5 30.9 8.5 Feb.................... 9 9 , , 2 5 2 2 0 5 7 7* ,0 2 5 6 2 8 2 2, 3 1 5 6 7 8 3 34 8 1 8 i 1 1 , > 5 9 88 4 1967—1 II " " .. . .. . . . .. . . . 2 2 6 69 5 . . 0 4 2 2 2 2 4 8 . . 7 0 4 41 0 . . 1 7 4 4 0 0 . . 2 9 3 3 1 2. . 2 6 8 8 . . 6 6 Mar................... 9,800 7*474 2,326 316 1,451 III". . . 273.9 231.9 42.0 41.7 33.0 8.7 Apr................... 10,046 7 >>57 2,389 289 1,454 IV"... . 278.7 235.7 4.1.0 42.6 33.8 8.8 May,................ IO>82 7 337 2 ’ 445 280 H >06 June.................. 10^503 8*001 2,502 267 .....1. ..,.7..5..9. 1968 -1 ".... 282.3 238.2 44.1 43.2 34.3 8.9 Note.—-Federal National Mortgage Assn, data, including mortgages 1 Structures of 5 or more units. For 1- to 4-family mortgage debt see subject to participation pool of Government Mortgage Liquidation second preceding page. Trust, but excluding conventional mortgage loans acquired by FNMA from the RFC Mortgage Co., the Defense Homes Corp., the Public Note.—Based on data from same source as for “Mortgage Debt Out­ Housing Admin., and Community Facilities Admin. standing” table (second preceding page). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ REAL ESTATE CREDIT A-51 TERMS ON CONVENTIONAL FIRST MORTGAGES New io mes Existing homes Period C c t ( i r e p a o a n e t n c e t r ) t ­ c F c h e ( e a p e n r e s g t r ) e & t s M (y a e t a u r r s i ) ty L c r p ( o a e p ri a t e n c io n r t e ) / (th d c o o p P h u l r l a u i a s c s r r . e ­ e s o ) f (t a d h m o o L l u o l o a a s u r . n n s o ) t f c C t ( r r e p a a o n e t c n e t t ­ ) t ­ c F c h e ( e a p e n r e s g t r e ) & 1 s M (y a e t a u r r s i ) ty L c p r ( o a e p ri a t n e c io n t r e ) / (th d c o o p P h u l r l a u i a s c s r . r e ­ e s o ) f (th a d o L m o u o ll o a s a u . r n s n o ) t f 1963.......................... 5.84 .64 24.0 73.3 22.5 16.3 5.98 .60 19.2 70.8 17.8 12.6 1964............................ 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 1965........................... 5.74 .49 25.0 73.9 25.1 18.5 5.87 .55 21 .8 72.7 21.6 15.7 1966............................ 6.14 .71 24.7 73.0 26.6 19.4 6.30 .72 21.7 72.0 22.2 16.1 1967............................ 6.33 .81 25.2 73.6 28.0 20.6 6.40 .76 22.5 72.7 24. 1 17.5 1967- -June.............. 6.23 ,7fi 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 6.31 .78 25.3 74.2 28.8 21.4 6.36 .73 22.5 72.7 23.9 17.4 Oct................ 6.34 .82 25.4 73.8 28.7 21.2 6.39 .78 22.5 73.0 23.7 17.3 Nov........ 6.33 .76 25.3 73.4 28.9 21.2 6.42 .77 22.7 72.9 25.1 18.3 Dec............... 6.41 .84 25.4 72.7 29.6 21.5 6.51 .83 23.1 73.1 25.2 18,4 1968 -Jan................ 6.39 .86 25.4 72.9 29.7 21.7 6.57 .82 22.7 73.7 24.9 18.4 Feb............... 6.47 .94 25.5 74.5 29.8 22.2 6.58 .81 22.6 73.6 24.5 18 0 Ma r............... 6.50 .88 25.7 74.3 30.2 22,4 6.59 .79 23.0 73.3 25.4 18.6 Apr............... 6.57 ,88 25.3 73.4 30.3 22.2 6.64 .80 22.6 72,8 25.1 18.3 May 6.69 .95 25.0 73.2 30.2 22.1 6.81 .87 22.5 73.1 25 3 18.5 June s'.......... 6.88 25.4 74.4 30.4 22.6 6.97 .86 22.6 73.1 25.2 18.4 1 Fees and charges—related to principal mortgage amount—include originated by major institutional lender groups (including mortgage loan commissions, fees, discounts, and other charges, which provide companies) for purchase of single-family homes. Data exclude loans for added income to the lender and are paid by the borrower. They exclude refinancing, reconditioning, or modernization; construction Ioans 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. Sec 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................................................ 71.1 37 1962............................................... 86.4 42 1963............................................... 98.2 4s 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............................................... H6J 49 1964.............................. 3.21 2.35 .55 .31 .38 1966............................................... 117.5 .48 1965.............................. 3.29 2.40 .55 .34 .40 1967............................................... 1 10. 5 44 1966.............................. 3.40 2.54 .54 .32 .36 1967.............................. 3.47 2.66 .54 .27 .32 1965—I......................................... 27.9 48 [[....................................... 30.1 .52 1965—1......................... 2.94 2.06 .54 .34 .37 HI..................................... 29.1 .50 11....................... 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—I......................................... 28.8 48 .................3..0.....H................ .51 1966—I........................ 3.02 2.13 .55 .34 .38 lii..................................... 29.3 48 IL....................... 2.95 2.16 .49 .30 .38 iv...................................... 28.6 . 46 in............ 3.09 2.25 .52 .32 .36 IV..................... 3.40 2.54 .54 .32 .36 1967—1......................................... 29.5 48 II....................................... 29.0 .47 1967—I........................ 3.04 2.17 .56 .31 .38 nr..................................... 27.2 .43 11....................... 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 1968—I......................................... 24,2 .38 1968—I........................ 2.84 2. 1 1 .49 .24 .32 Note.—Federal Home Loan Bank Board estimates of number of nonfarm mortgaged structures at end of period and of non­ Note.—Mortgage Bankers Association of America data from reports on I­ farm properties acquired during period through foreclosure to 4-family FHA-insurcd, VA-gnarantccd, and conventional mortgages held proceedings (excluding voluntary deeds in lieu of foreclosure and by more than 400 respondents, including mortgage bankers (chiefly), commercial defaults on real estate contracts). Data exclude Alaska and banks, savings banks, and savings and loan associations. Hawaii. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-bZ CONSUMbR CRbDII □ AUGUSI 1968 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e o il r e ­ co O g p n o a s t o h u p d e e m s r r e r e a r n R n lo d i e a z m p n a a s t o i i o r d 1 n ­ Pe lo rs a o n n s al Total p S a l i o y n m a g n l e e s n ­ t a C cc h o a u rg n e ts S c e re rv d ic it e 1939................................................ 7,222 4,503 1 ,497 1,620 298 1,088 2,719 787 1 ,414 518 1941............................................... 9,172 6,085 2,458 1 .929 376 1 ,322 3,087 845 1 ,645 597 1945................................................ 5,665 2,462 455 816 182 1 ,009 3,203 746 1 ,612 845 1960................................................ 56,028 42,832 17,688 11 ,525 3,139 10,480 13,196 4,507 5,329 3,360 1961................................................ 57,678 43,527 17,223 11,857 3,191 1 1,256 14,151 5,136 5,324 3,691 1962................................................ 63,164 48,034 19,540 12,605 3,246 12,643 15,130 5,456 5,684 3,990 1963............................................... 70,461 54,158 22,433 13,856 3,405 14,464 16,303 6,117 5,871 4,315 1964................................................ 78^442 60,548 25,195 15,593 3,532 16,228 17,894 6,954 6,300 4,640 1965................................................ 87,884 68 >65 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 >31 21,690 21 ,282 8,267 7,595 5,420 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 31711 20;666 19 >67 8,100 6 >46 5,32! Aug.................................... 95,684 75,889 31,455 19 755 3,743 20,936 19,795 8,136 6,368 5,291 Sept................................... 95,886 76'039 31,296 19,914 3,742 21,087 19,847 8,179 6,387 5,281 Oct..................................... 96,094 76,223 31,237 20,042 3,746 21,198 19,871 8,189 6>7I 5,211 Nov.................................... 96,802 76,680 31,217 20,340 3,748 21,375 20,122 8,237 6,614 5,271 Dec.................................... 99,228 77,946 31,197 21,328 3,731 21,690 21,282 8,267 7,595 5,420 j 968—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>85 3 >53 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>45 31 ',766 20,802 3,649 22',128 20,797 8,488 6 >59 5,750 May.................................. 100'275 79'270 32 >40 20'953 3,699 22,378 21 ,005 8,508 6,830 5 >67 June.................................. 101 >67 80 >63 32,774 21,176 3,727 22 >86 21 J04 8,519 6,912 5,673 1 Holdings of financial institutions; holdings of retail outlets are in­ hold, family, and other personal expenditures, except real estate mortgage cluded in “other consumer goods paper.” loans. For back figures and description of the data, see “Consumer Credit,” Section 16 (New) of Supplement to Banking and Monetary Note.—Consumer credit estimates cover loans to individuals for house­ Statistics, 1965, and May 1966 Bulletin. INSTALMENT CREDIT (In millions of dollars) •niancial institutions Retail outlets End of period Total Total m C b e a o r n m c k ia s ­ l fin S c a a o n l s e c . s e u C n r i e o d n i s t fi s n C u a o m n n c e ­ e r 1 Other1 Total D st m e o p r e e n a s t r t­ 2 F s t t u u o r r r e n e s i­ A s a t p o n r c p e e l s i ­ d m e A a o u l b e to i r l s e ­ J Other 1939 .................................. 4,503 .3,065 I ,079 1,197 132 657 1,438 354 439 183 123 3 39 1941.................................. 6,085 4 >80 1,726 1 >97 198 759 1 >05 320 496 206 188 395 1945.................................. 2 >62 1 >76 >45 >00 102 629 ’686 131 240 17 28 270 I960.................................. 42,832 37,218 16,672 1 1 ,472 3,923 3,670 1 ,481 5,615 2,414 1,107 333 359 1 ,402 1961................................... 43>27 37>35 17,’008 1 1 >73 4,330 3>99 1 >25 5 >95 2>21 1 ,058 293 342 1 >81 1962................................... 48'034 4!,782 19'005 12'194 4,902 4,131 I >50 6 >52 3>I3 1 ,073 294 345 1 >27 1963.................................. 54,158 47,405 22,023 13,523 5,622 4,590 1 ,647 6,753 3,427 I ,086 287 328 1 ,625 1964.................................. 60 >48 53,141 25,094 14,762 6,458 5,078 1 ' 749 7'407 3 >22 1,152 286 370 1 ,677 1965.................................. 68,565 60,273 29’173 16 >38 7,512 5,606 1 >44 8'292 4 >88 1,235 302 447 1 >20 1966.................................. 74 >5 6 65,565 32’155 16,936 8,549 6’014 1 >1 1 9 >91 n.a. n.a. n.a. 490 n.a. (967................................... 77’946 68,273 33’992 16,851 9>69 6,294 1 '967 9,673 n a. n.a, n.a. 506 n.a. (967—June..................... 75,051 66,452 32,966 16,721 8,826 5,995 1,944 8,599 n.a. n.a. n.a. 502 n.a. July...................... 75>48 66,781 33 >35 16,747 8 >64 6,009 1 >26 8 ’ 567 n.a. 506 n.a. Aug....................... 75 >89 67 >73 33’536 I6>55 8 >91 6>36 1 955 8>!6 n a n.a. n.a. 508 n.a. Sept...................... 76,039 67 >76 33 >37 !6>01 9 >26 6 >67 1 ,945 81663 n.a. n.a, n.a. 507 n.a, Oct........................ 76,223 67,513 33 >23 16’698 9,054 6,086 1 ,952 8,710 n.a. n.a. n.a, 506 n.a. Nov...................... 76,680 67 >63 33,819 16,722 9,113 6,138 1 ,971 8,917 n.a. n.a. n.a. 506 n.a. Dec....................... 77 >46 68,273 33 >92 16'851 9*169 6 >94 1 ’967 9'673 n.a, n.a. 506 n.a. (968—Jan........................ 77,467 68,076 34,017 16,775 9,063 6,251 1 970 9 391 n a 504 n.a. Feb....................... 77,327 68,215 34*155 16 >06 9 094 6 >70 1 ,990 9,’ 1 12 507 n.a. Mar...................... 77,581 68 >70 34>11 16 >00 9'172 6,289 I 998 9,01 1 n a. n.a. n.a. 514 n.a. Apr....................... 78 >45 69 >32 34 >08 16 >90 9,31! 6 >36 1 ,987 9 013 n.a. n.a. 522 n.a. 79 >70 70 >31 35>5O 16'892 9 >75 6'361 2 053 9 039 531 n.a June..................... 80 >63 71 >72 35,980 17,095 9,671 6,470 2 >56 9 >91 n.a. n.a. n.a. 540 n.a. 1 Consumer finance companies included with “other” financial insti- 1 Automobile paper only; other instalment credit held by automobile tutions until 1950. dealers is included with “other” retail outlets. 2 Includes mail-order houses. Sec also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ CONSUMER CREDIT A-53 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In nullions of dollars) find of period Total P A u u r t ­ p o a m pe o D r b ir il e e c t s O g p c u o a t o m o h p n d e e e ­ s r r r e R m r t a e n io o n p iz d n d a a ­ ir ­ s lo P o a e n n r a ­ s l End of period Total m A pa o u p b t e o ile r ­ s g O c u o t o m o h n d e e ­ s r r m i R z o a a e n d t p i d e o a r n i n r ­ l s o P o a e n n r a ­ s l chased loans paper loans 1 1 1 9 9 9 3 4 4 9 5 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , , 0 7 7 7 2 4 9 6 5 2 4 3 4 6 7 7 6 3 1 1 3 4 7 3 8 8 3 1 1 0 1 6 9 4 6 1 n 1 6 3 o 1 5 4 3 3 7 6 1 1 3 2 1 1 1 9 9 9 3 4 4 9 5 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , , 7 1 3 9 9 0 7 7 0 1,3 8 1 6 7 6 3 8 4 1 1 2 6 1 4 5 7 2 1 0 5 4 1 8 8 6 5 5 4 6 6 ( 1 9 9 6 6 0 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7 6 , , 0 6 0 7 8 2 5 5, , 3 3 9 ( 1 6 2 2 , , 8 8 6 2 0 0 2 2, , 7 7 6 5 1 9 2 2 , , 1 2 9 0 8 0 3 3 , , 7 5 9 7 8 7 i 1 9 9 6 6 0 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 ' , 2 4 7 7 3 2 6 7 , , 8 5 1 2 1 8 2 3 , , 7 1 3 0 9 0 1 16 3 1 9 I 1 ,2 0 0 6 1 6 1962............................ 19,005 6,184 3,451 2,824 2,261 4,285 1962...................................... 12,194 7 449 3,123 170 1 452 1 1 1 1 9 9 9 9 6 6 6 6 6 3 4 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 3 2 2 9 5 2 , , , , 1 1 0 0 5 7 2 9 5 3 3 4 1 1 7 8 1 0 , , , , 3 6 3 3 8 9 7 1 1 1 0 0 4 4 5 6 , , , , 7 1 1 7 2 6 0 3 1 5 2 4 5 4 3 3 , , , , 1 6 2 2 0 7 1 6 1 3 0 6 2 2 2 2 , , , , 5 3 5 4 6 7 4 5 7 3 7 7 4 6 6 5 , , , , 3 9 9 5 3 5 4 5 . 2 2 0 1 1 1 1 1 9 9 9 9 6 6 6 6 5 3 4 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 6 6 4 3 , ’ , '7 9 5 1 6 2 3 3 3 6 2 8 9 9 8 8 , , , 2 7 2 3 4 0 2 9 1 1 1 8 4 4 3 3 , , , 8 3 8 4 2 8 8 2 3 9 9 9 1 1 1 1 2 4 5 1 3 2 0 8 2 2 2 1 , , , 3 0 6 7 4 3 0 5 5 0 6 4 1967.............................. 33,992 11,400 6,569 5,808 2,523 7,692 1967 ................................... 16'851 8 959 5 017 103 2 772 (967—J J u u n ly e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 2 , , 2 9 3 6 5 6 1 1 1 1, ,4 48 1 9 4 6 6 , , 4 4 5 0 1 2 5 5 , , 4 5 3 0 1 0 2 2 , , 5 5 0 1 5 9 7 7 , , 2 2 7 1 6 4 1967— J J u un ly e .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 16 6 , ’ 7 7 2 4 1 7 9 9 , , 2 2 5 38 2 4 4 , , 7 7 6 5 1 2 1 10 0 8 6 2 2^ ,6 6 1 3 6 5 Aug................. 33,536 11,538 6,494 5,556 2,536 7,412 Aug......................... 16,755 9 200 4,781 107 2^667 S O e c p t. t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 3 , , 6 7 3 2 7 3 1 1 1 1 , , 4 4 9 6 7 3 6 6 , , 5 4 1 9 5 0 5 5 , , 6 6 1 5 9 6 2 2 , , 5 5 3 3 8 9 7 7 , , 4 5 9 5 3 0 S O e c p t. t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 6 6 1 ,6 70 9 1 8 9 9 ,0 0 7 2 9 4 4 4 , , 8 '8 6 2 3 4 1 1 0 0 7 7 2 2 / ’ ) 7 9 0 1 4 Nov................ 33,819 11,428 6,545 5,696 2,534 7,616 Nov......................... 16’722 8 990 4,907 105 2J20 Dec................. 33,992 11,400 6,569 5,808 2,523 7,692 Dec......................... 16,851 8 959 5/)l7 103 2 772 1968—J M F a e a n b . r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 4 4 4 , , , 4 0 1 1 1 5 1 5 7 1 1 1 1 1 1 , , , 4 4 3 0 8 6 1 9 4 6 6 6 , , , 7 6 6 4 5 0 9 3 0 5 5 5 , , , 8 8 8 9 5 6 7 0 7 2 2 2 , , , 4 4 4 4 8 5 4 2 9 7 7 7 , , , 7 8 7 2 7 3 1 5 2 1968—J M F a e a n b r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 6 6 6 , J , 7 7 0 7 0 0 5 6 8 8 8 ,8 8 8 7 6 4 3 5 5 5 4 4 , , , 9 0 9 4 3 7 7 7 2 9 9 H 8 3 U 2 2 2, , J ’ 7 7 9 7 9 2 9 I Apr................. 34,908 11,643 6,854 5,985 2,457 7,969 Apr......................... 16,790 8 93 1 4’957 86 2^816 May................ 35,450 11,841 6,982 6,076 2,479 8,072 May........................ 16 J92 9 004 4'973 83 2; 832 June................ 35,980 12,043 7,101 6,172 2,502 8,162 June....................... 17,'095 9 J 30 5'028 82 2; 855 See Note to first table on previous page. See Non- 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 iz lo a a ti n o s n loans End of period Total C m o e m r­ ­ O fin th a e n r ­ p D a e r ­ t­ Other Credit 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 3 2 6 4 1 15 4 7 6 8 6 5 9 b c a i n a k l s tu in c ti i s o a t n l i ­ s s m to e re n s t 1 o r u e t t l a e i t l s cards2 1945...................................... 731 54 20 14 643 I960...................................... 9,074 1,665 771 800 5,837 1939................ 2,719 625 162 236 I,I7H 518 1961...................................... 9,654 1,819 743 832 6,'257 1941............... 3,087 693 152 275 1 ,370 597 1962...................................... 10'583 2411 751 815 6,906 1945............... 3,203 674 72 290 1,322 845 1963...................................... 11,859 2,394 835 870 7,760 1960................ 13,196 3,884 623 941 3,952 436 3.360 1964...................................... 13,285 2^699 997 933 8,656 1961............... 14,151 4,413 723 948 3,907 469 3,691 1965..................................... 14'962 3,124 1 ,153 1,009 9',676 1962................ 15,130 4,690 766 927 4,252 505 3,990 1966..................................... 16,474 3,545 1 ,303 1,074 10,552 1967..................................... 17’430 3'763 I J36 I; 105 11,226 1963 ................ 16,303 5,205 912 895 4,456 520 4,315 1964................ 17,894 5.950 1 ,004 909 4,756 635 4,640 16,765 3,652 1 ,291 1,085 10,737 1965................ 19,319 6,587 1,095 968 5,055 723 4,891 July......................... 16,799 666 f ,294 1,084 (0,755 1966............... 20,130 6,714 1,130 n.a. n.a. 874 5,142 16’982 3,715 1 ,310 1,100 10,857 1967................ 21 ,282 7,064 1 ,203 n.a. n.a. 1 ,054 5,420 17,038 3; 723 1 ,315 1,097 10,903 17,092 3,729 1 ,319 1,100 10,944 1967—June.. 19,762 6,902 1,175 n.a. n.a. 965 5,351 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 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. .. 19,87! 7,001 1,188 n.a. n.a. 1 ,056 5,21 I Feb......................... 17,354 3,731 1 ,336 1 J01 1 1 ,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 17,889 3,882 1 ,396 1,137 11,474 1968 Jan,.,. 20,758 7,075 1 ,213 n.a. n.a. 1,081 5,500 June....................... 18,197 3; 960 1 ,425 1,143 1 1 ,669 Feb.. . 20,345 7,098 1 ,227 n.a, n.a. 1 ,040 5,634 Mar... 20,294 7,136 1,234 n.a. n.a. 1 ,025 5,661 Apr... 20,797 7,246 1 ,242 n.a. n.a. 1 ,069 5,750 Note.—Institutions represented are consumer finance companies-, credit May. . 21,005 7,242 1 ,266 n.a. n.a. 1 ,092 5,667 unions, industrial loan companies, mutual savings banks, sayings and Jure.. 21,104 7,259 I ,260 n.a. n.a. 1,144 5,673 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 CONSUMtH CKtDII □ AUGUSI 19b« INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans Period S.A.i | N.S.A. S.A.i N.S.A. S.A.I N.S.A. S.A. 1 N.S.A. S.A.i N.S.A. Extensions 1961................................................ 48,396 16,007 14,578 2,068 15,744 1962............................................... 55'126 19,796 15,685 2,051 17’594 1963 .............................................. 61,295 22,292 17,102 2,198 19,703 1964 .............................. . . 67'505 24,435 19,473 2,204 21,393 1965................................................ 75,508 27,914 .......2...1..,.4...5..4... 2,238 23,902 (966................................................ 78^896 28391 23,502 2,136 24,767 ] 967................................................ 81,263 27,221 25’787 2',076 26,179 1967—June.................................. 6,823 7,458 2,338 2,678 2,081 2,155 190 215 2,214 2,410 July................................... 6,776 6,859 2; 266 2,396 2J47 2,071 175 191 2,188 2,201 Aug.................................... 6,929 7,223 2,285 2,392 2,212 2,229 175 210 2,257 2,392 Sept.......................... 6,973 6 ,’590 2,322 2,042 2,234 2,205 166 176 2,251 2,167 Oct.................................... 6’942 6,912 2,321 2,355 2 J 65 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 2 394 2^321 3,088 169 141 2'239 2'506 1968--J an.................................... 7,089 6,363 2,437 2,178 2,223 1,992 165 132 2,264 2,061 Feb.................................... 7,245 6,372 2,519 2,301 2,250 1 854 179 138 2,297 2,079 Mar................................... 7,380 7,100 2,567 2,589 2J3I 2,140 183 162 2,299 2,209 Apr.................................... 7 ’ 342 7’694 2,517 2,789 2,354 2,280 187 190 2,284 2'435 May.................................. 7,479 7,883 2,578 2,875 2,319 2,334 194 232 2,388 2,442 J ime.................................. 7,516 7,693 2,574 2,761 2,364 2,'302 180 193 2,398 2,437 Repayments 1961................................................ 47,700 16,472 14,246 2,015 14,967 1962..................................... . 50,620 17,478 14,939 1,996 16’206 1963................................................ 55,171 19,400 15,850 2,038 17,883 1964................................................ 61,121 21,676 17,737 2,078 19,630 j 965................................................ 67^495 24,267 19,355 2,096 21,777 1966............................. 72’805 26,373 21,361 2,060 233)11 1967................................................ 77,973 26/385 24’293 2,096 24,599 1967—June.................................. 6,531 6,697 2,281 2,322 1 ,995 2,017 184 189 2,071 2,169 July................................... 6,551 6,562 2,228 2,240 23)74 2,044 175 176 2,074 2,102 Aug................................... 6^585 6,682 2,240 2,301 2,079 2,08! 171 178 2,095 2,122 Sept................................... 6,689 6,440 2,280 2,201 2,106 2,046 178 177 2,125 2,016 Oct.. ................................ 6^631 6,728 2,301 2,414 2^093 2,087 170 174 2,067 2,053 Nov................................... 6'614 6,575 2,’240 2,242 2,105 2,077 177 176 2,092 2,080 Dec.................................... 6,652 6,563 2,250 2J14 2,167 2,100 167 158 2,068 2,191 1968--Jan..................................... 6,691 6,842 2,302 2,314 2,088 2,223 183 185 2,118 2,120 Feb.................................... 6,679 6,512 2,308 2,225 2,110 2,166 170 163 2,091 I ,958 Mar ............................... 6,814 6,846 2,330 2,346 2 J 73 2,233 182 179 2,129 2,088 Apr.................................... 6,800 6,930 2,339 2,403 2 J 59 2,170 173 177 2; 129 2J8O May.................................. 6'869 6,958 2,343 2,401 2'1 59 2,183 180 182 2,187 2,192 June.................................. 6’884 6; 600 2,337 2,227 2,1 «.1 2,079 169 165 2,195 2,129 Net hange in credit outstanding 2 |961 . . 696 -465 332 53 777 1962................................................ 4,506 2.318 746 55 1,388 1963................................................ 6,124 2,892 1,252 160 1,820 1964 ............... 6,384 2,759 1 ,736 126 1 ,763 |965 • • 8,013 3,647 2,099 142 2,125 1966 ..... 6,091 2,1 18 2,141 76 1,756 1967 . ..... ..... 3,290 236 1,494 -20 1 ,580 1967—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 1 10 14 13 155 255 May.................................. 610 925 235 474 160 151 14 50 201 250 June.................................. 632 1 ,093 237 534 181 223 1 1 28 203 308 i Includes adjustments for differences in trading days. sales of instalment paper, and certain other transactions may increase 2 Net changes in credit outstanding arc 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) at' Supplement to Hanking 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

AUGUST 1968 □ CONSUMER CREDIT A-55 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (Tn millions of dollars) Total Commercial banks S c a o le m s p fi a n n a i n e c s e Ot i h n e st r i t f u in ti a o n n c s ial Retail outlets Period S.A.l I N.S.A. S.A.l j N.S.A. S.A. i N.S.A. S.A.l N.S.A. S.A.' N.S.A. —------ Extensions .----------- 1961............................................... 48,396 17,711 10,667 ........1..2...,.2..8..2.. 7,736 1962............................................... 55,126 20*474 1 I*999 13*525 9,128 1963............................................... 61,295 23,344 12,664 14,894 10,393 1964............................................... 67,505 25*950 I4J120 16^251 11 ',284 1965............................................... 75'508 29*738 1 5,’075 18 J20 12*575 1966...................................... 78,896 31*114 14,951 18,986 13’845 1967............................................... 81,263 32*314 1 4*, 675 19,633 14'641 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 2^57 1 ,200 I *223 1,601 1,627 1 737 1,152 6,929 7,223 2,796 2,945 J ,203 J ,*260 1,677 1,775 J *253 1 ,243 Sept ................................. 6,973 6 ,*590 2,828 2; 636 1 ,206 1 J42 1 *675 1 *588 1 ,264 1 ^224 Oct.................................... 6,942 6,912 2,767 2,769 1,263 1,284 1,686 I *606 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.................................. 7/135 7,829 2^14 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 7,245 6J72 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 ,289 1 *733 1 ,680 1 ,280 1,169 7,342 7,694 3,036 3*323 1 ,289 1 *336 1 ,708 1 *795 1 ’ 309 1 740 May.................................. 7,479 7,883 3,091 3’370 1 ,*314 1 ,’373 1 809 1 ^888 1 ,265 1 '252 June.................................. 7*516 7*693 3,067 3 J57 1 .292 1 '350 1 ’846 1 *923 1 *311 1 ,263 Repay men is 1961............................................... 47,700 18,294 10,943 11,715 6,749 1962............................................... 50,620 IK.468 1 1 334 12 >93 8*125 1963............................................... 55,171 20,326 12,211 13,618 9,016 I %4............................................... 61,121 22*971 13’161 14’825 10,164 1965............................................... 67,495 25 * 663 13,699 16,443 11,690 1966............................................... 72,805 28 J 32 14,153 17,474 13,046 1967............................................... 77’973 30 477 14*760 18*677 14*059 j 967—June.................................. 6,531 6,697 2,548 2,598 1,234 1,261 1,585 1,668 1,164 1,170 July................................... 6/551 6,562 2; 562 2,588 1,215 1J97 1,564 1 ,593 1 ,210 1,184 Aug...............................-. 6,585 6’682 2,566 2,644 1,255 1,252 1 ,578 1,592 1 ’,186 I ,194 Sept................................. 6*689 6,440 2,616 2^535 1 ,252 1,196 1*615 1,532 1,206 1*177 Oct......................... 6,728 2,600 2,683 1 ,249 1 *287 1 >73 I ,552 1 ,209 1.206 Nov................................... 6,614 6,575 2,579 2,537 1,263 1 >59 1,572 1 >77 1 ,200 1 ,202 Dec................................. 6,652 6,563 2,640 2,477 1 ,246 1 ,247 1 ,527 I *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 >32 1,295 1 ,607 1 ,575 1 *255 1 ,270 Apr.................................... 6,800 6,930 2,750 2 >26 1 >06 1 *246 1 ,592 1 ,620 1 >52 1 238 M ay.................................. 6,869 6,958 2,751 2’828 1 *252 1’271 1 ,637 1 *633 1 >29 1 >26 June................................. 6^84 6.600 2,759 2; 627 1 *210 1 J 47 1 >56 1 *615 1 >59 1 ,21 1 Net change in credit outstanding 2 1961.... ........................... 696 335 -199 578 -20 1962............................................... 4.506 1,997 921 932 656 1963............................................... 6,124 3,018 1,329 1,276 501 1964 .... ........... 6,384 3*065 1 *239 1 *426 654 1965............................................... 8,013 4,075 1 ,’376 1 *677 885 1966............................................... 6’091 2^982 798 1,512 799 1967............................................... 3,290 1 837 -85 *956 582 1967—June................................. 292 761 150 406 I 106 112 207 29 42 July..................... 225 297 176 269 -15 26 37 34 27 -32 Aug................................... 344 541 230 301 -52 8 99 183 67 49 Sept.................................. 284 150 212 101 -46 -54 60 56 58 47 Oct.................................. 311 184 167 86 14 -3 113 54 17 47 Nov................. 418 457 206 96 20 24 126 130 66 207 Dec.................................. 383 1,266 174 173 29 129 129 208 51 756 1968—Jan.................................... 398 -479 260 25 19 -76 61 -146 58 -282 Feb.................................. 566 -140 302 138 84 -69 152 70 28 -279 Mar................................... 566 254 318 256 97 -6 126 105 25 -101 Apr................................. 542 764 286 497 «J 90 116 175 57 2 May.................................. 610 925 340 542 62 102 172 255 36 26 June................................. 632 1 ,093 308 530 82 203 190 308 52 52 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-OO INUUblKIAL KKUUU^I IUI\i: b.A. u AUUUbl iybO MARKET GROUPINGS (1957-59 - 100) 1957-59 1967 (967 1968 pro­ aver­ Grouping por­ age’1 tion June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.r Mayr June Total index........................................... 100 00 158.0 155 6 156.6 158 1 156 8 156 9 159 5 162.0 161 2 162.0 163 0 162.5 164,1 164 7 Final products, total.............................. 47.35 158.3 156 8 157 1 158 2 157 0 156 9 160 0 161.9 160 8 162 0 163 5 161 7 163.0 164 3 Consumer goods................ 32.31 148.4 146 9 147 1 148 6 147 0 147 9 150 1 152 8 1513 152 9 155 0 15.3 5 154 6 155 6 Equipment, including defense. . . . 15.04 179.6 178.1 178.4 178:9 178.6 i76J 181.1 181.5 18L4 181.6 181.8 179^ 181.1 182^ Materials.................................................... 52.65 157.7 154.9 156.1 157.9 156.7 157.4 159.5 162 2 161 7 161 8 162.8 163 1 165.2 165.7 Consumer goods Automotive products-. -.. ..................... 3.21 149.1 151 2 155 2 161 1 142.1 145 2 152 4 170 0 164 2 162. 7 173.4 168 7 178 1 180.6 Autos........................................................... 1.82 145.7 156 0 160*7 163^ 133.4 135 3 144.5 175.1 163 2 158.0 172.7 166^ 182. 3 183.5 Auto parts and allied products.......... 1 39 153.6 144 8 148 0 157 8 153.6 1582 162,9 163 3 165 4 168 8 174 4 171 2 172.6 176. 8 Home goods and apparel....................... 10.00 149.9 143 9 144.0 147. 9 148.7 149 9 152.7 152 4 151 4 153 0 155. 3 153.8 15 1.6 153.1 Home goods............................................. 4.59 166.0 156,6 157.3 163 4 164:1 i 66 4 170,8 168. 3 169 1 171 5 172.9 170 1 170.3 170.9 Appliances, TV, and radios............ 1 .81 159.5 138.6 143 3 155 0 155.9 162 9 168,4 158.7 159 3 162.6 164, 8 156.8 156.7 156.8 Appliances........................................ 1.33 163.1 1497 152.2 153.9 153.7 164 2 168,7 160.8 165 1 165.9 168.4 1 58.9 158.5 158.8 TV and home radios..................... .47 149.2 107 3 118 0 158 3 162 0 159 2 167.6 152.7 142*7 153 1 154 8 151.0 151.7 151.3 Furniture and. rugs,............................ I 26 159.6 157 3 156 3 156 9 157 8 1 59 7 163.4 166.5 166 4 169 2 169 9 170.1 174 6 175.2 Miscellaneous home goods....... 1.52 179.0 177*3 174^8 178.8 179.0 176:1 179.6 181.3 182 9 184.0 185.0 185.9 183.0 184.2 Apparel, knit goods, and shoes.......... 5.4! 136.2 133.2 132,8 134.8 135.7 136.0 137.4 139.0 136^ 137.3 140.3 139.9 139.4 Consumer staples.................................... 19 10 147.5 147 8 147 3 146 9 146.9 147 3 148.4 150 1 149 0 151.2 151.7 150 7 151.2 152. 7 Processed foods....................................... 8 43 130.0 130 2 129 0 129 8 129 7 129 5 129.5 130 4 129 5 130.6 131.3 131.2 131.1 132.4 Beverages and tobacco.......................... 2 43 136.4 136 5 136 3 137 9 135 8 137 6 139.2 142.2 136 8 141 8 141 7 139.4 136.6 Drugs, soap, and toiletries.................. 2.97 183.0 182 7 184 0 178 0 179 H 181 6 183,1 184 3 184 2 185 9 187 5 186 1 190.0 191.8 Newspapers, magazines, and books. 1.47 140.1 141,4 142J 140.9 136.2 134^ 135,7 138.5 138^ 141 .5 142.1 142,1 145.3 143,6 Consumer fuel and lighting. ....... 3 67 168.3 169 3 168 3 168.8 170 5 171 2 174,1 176 8 176 9 179 6 179 4 177.3 176.7 Fuel oil and gasoline........................ 1.20 132 5 135 9 131 3 130 7 138 5 138 1 1 35.4 137 8 1318 135 4 136 2 136.3 139.4 141 .6 Residential utilities............................. 2 46 185 7 185 6 186 4 187 4 1 86 0 187 4 192 9 195 8 198 8 201 2 200 4 197 2 194.9 Electricity.......................................... 1 72 199.8 199;s 20b:4 201 6 199^ 701 d 209.1 213.0 215:4 218.4 217 3 212 5 209.0 Gas...................................................... .74 Equipment Rusiness equipment................................ 11,63 182.9 181 3 180 8 180 6 179 8 176 9 183.5 183.4 183 3 182 9 183 3 180.9 182.5 183.9 Industrial equipment............................. 6 85 170.3 169 0 169 0 166 8 166 6 162 3 170 4 168 9 168*0 165 8 167 0 165 9 165.8 167, 5 Commercial equipment........................ 2 42 200.9 200 5 201.1 201 9 200 3 199 0 200 9 204.7 204 2 206.1 205 4 204.4 20.3.6 204.4 Freight and passenger equipment. .. L76 215.4 208^9 210.2 214,1 210:4 209 .'9 222.9 228.4 226,4 230.1 227,8 220.8 231.5 233,5 Fann equipment...................................... 61 158,7 162.8 148.6 154.3 158 5 157.5 147.2 131.2 148.3 146 4 150.6 140 3 145.1 Defense equipment.................................. 3.41 Materials Durable goods materials........................ 26 73 152 1 148 9 149 7 151.8 148 5 149 0 152 3 155 7 154 9 155 4 156 7 157 1 159.3 159 3 Consumer durable.................................. 3 43 144 6 143 3 1418 142.7 134 9 133 3 143 8 159 4 162 3 162 2 160 1 154.6 163.0 165.8 Equipment.... ....................................... 7 R4 184 5 1796 i 8 i: 2 186.3 184 7 1 R4 I 186 0 184*9 183 9 186 7 185 1 181 9 183.6 184 8 Construction............................................ 917 140 1 137 7 1 38 1 139 0 140 0 139 3 140 9 143 9 142 9 143 3 145 8 144.4 145.1 143 0 Metal materials n.e.c.............................. 6 29 133 5 130 1 1324 129 8 125 1 128*6 132 2 139 3 I 37' 3 141 4 140 7 i44 5 144.6 142 5 Nondurable materials....................... 163 4 161 1 162 6 164 2 165 2 166 0 166 9 168 9 168 7 168 3 169 1 169 3 171.3 172.2 Business supplies..................................... 9 11 152 2 1513 1509 151.7 153 1 152 5 153.2 154 7 154 4 1511 150 1 152 0 154.7 156 7 Containers............................................. 3 03 148 5 145 J 141 7 143 0 1 50 4 153 7 152.6 152 0 154 3 144 5 142 8 150.9 156.2 157.2 General business supplies................ 6 07 154.1 154 4 155 5 156 0 154*5 151 9 153 5 156 0 1 54 5 1 54 4 153 8 152.6 153.9 156 5 Nondurable materials n.e.c.................. 7 40 201 8 196' 1 195 8 198 9 203 0 206 8 209 3 216 1 213 5 21 3 9 215:7 214 9 216.4 216.5 Business fuel and power...................... 9 41 144 0 143 0 147 7 149 1 147 3 146 9 146 9 145 6 147 2 149 1 150 8 150 2 151,8 152 4 Mineral fuels..................................... 6 07 128 9 128*2 135* 1 137.1 133 4 131*0 130 3 1 28 7 128*9 131 4 134 3 132.6 1 34.0 135 3 Nonresident!a! utilities..................... 2.86 183 2 1811 182 I 182 5 183 8 187 9 188 5 188 3 193 4 194 4 193 6 194.6 197.0 Electricity................................... 2.32 1857 183 4 184 6 185.1 186 6 1916 192.2 191 8 197 7 199 0 198 3 199 2 202.0 General industrial..................... 1 03 182 7 180*6 182 9 183 9 185 5 186 6 187 7 188 0 192 0 193 0 191 8 195 4 197,4 Commercial and other............. 1 21 196^8 194 J 194^5 194.5 196 1 204^ 205'.3 204:1 212:0 213:8 213:4 212.1 215,7 Gas...................................................... .54 Supplementary groups of consumer goods Automotive and home goods............. 7.80 159.0 154.3 156.4 162.5 155.0 157.7 163.2 169.0 167,0 167.9 17.1.1 169.5 173.5 174.9 Apparel and staples................................ 24.51 145.0 144.6 144.1 144.2 144.4 144.8 145.9 147.6 146,2 148.1 142.9 148.3 148.6 ........... For footnotes sec opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ INDUSTRIAL PRODUCTION: S.A. A-57 INDUSTRY GROUPINGS (1957-59 - 100) 1957-59 1967 1968 Grouping pro­ 1967 por­ aver­ tion age?’ June July Aug. i Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.T Mayr June Total index........................................... 100.00 158.0 155.6 156.6 158.1 156.8 156.9 159.5 162.0 161 .2 162.0 163.0 162.5 164.1 164.7 Manufacturing, total............................... 86.45 159.6 157.0 157.6 159.4 158.1 158.3 161.1 164.0 162.7 163.6 164.6 163.7 165.7 166.2 Durable.................................................. 48.07 163.8 161.5 162.5 163.6 161.1 160.7 164.1 168.1 167.2 167.6 168.2 167,2 169.8 170.4 Nondurable........................................... 38.38 154.4 151.4 151,5 154.0 154.2 155.2 157.2 158.9 157.1 158,6 160.0 159.5 160.6 160.9 Mining........................................................ 8.23 123.5 123.8 128,0 127,8 124.3 122.4 123.6 122.3 121 .6 123,9 126.2 127.1 127.1 128.2 Utilities....................................................... 5.32 184.4 183.7 184.6 185,4 185.6 188.7 191.5 192.6 195.9 197.5 196.8 195.8 196. 1 197.4 Durable manufactures Primary and fabricated metals'........... 12.32 145.4 142.9 142.8 142.3 141.8 143.3 145.8 150.3 148.3 150.8 15i.7 151.2 155.6 156.2 Primary metals......................................... 6.95 132.5 129.0 129.6 129.3 129.2 131.7 135.0 140.9 136.3 139,3 140.2 143.3 148.2 148.0 Iron and steel...................................... 5.45 1 26. K 121.2 122.3 124.3 125.6 127.7 133.3 140.9 134.2 137.8 140.8 143.1 146.1 147.9 Nonferrous metals and products.. 1.50 153.1 156.4 155.3 144.2 141.1 142.8 142,2 145.3 145.6 154.1 151 .3 154,5 160.7 149.2 Fabricated metal products.................. 5.37 162.0 160.8 159.8 159.1 158. 1 158.2 159.8 162.4 163.9 165.7 166.6 161.4 165.2 166.7 Structural metal parts...................... 2.86 158,1 156.9 156.1 156.8 156.0 156.4 158.8 160.0 159,4 160.9 162,7 156.9 159.8 161.2 Machinery and related products..... 27.98 177.6 175.5 177.5 179.6 175.0 173.4 177.8 181.7 181.6 181.5 182.3 179.2 181.5 182.8 Machinery.................................................. 14.80 183.4 177.5 180.0 182.8 182.2 179.6 183,2 182.2 183.4 183.2 183.3 179.4 179.9 180.5 Nonelectrical machinery.................. 8.43 183.4 181.3 182.2 182,6 182.1 177.2 180.9 179.5 180.7 180.6 180.2 176.9 176.6 177.5 Electrical machinery.......................... 6.37 183.3 172.4 177.1 183.2 182.4 182.8 186,3 185.8 186.9 186.6 187.3 182.8 184,2 184.5 Transportation equipment.................. 10.19 166.0 169.3 170.8 171.9 159.2 159.2 165.6 177.5 175.6 175,1 177,6 175.3 180.6 182.5 Motor vehicles and parts................ 4.68 147.0 154.5 156.7 158.0 129.4 128,6 141,4 166.9 162.2 161,1 167.8 164.8 174.0 174.5 Aircraft and other equipment.. .. 5.26 182.2 181.8 182.6 183.6 184.3 185.2 186,0 186,3 186.8 186.5 185.4 183.5 185.4 188.2 Instruments and related products. .. 1.71 184.8 184.1 182.9 183.2 183.1 183.2 185.4 IH6.3 186.7 184.7 183.8 181.4 181.2 181.2 Ordnance and accessories.................... 1.28 Clay, glass, and lumber......................... 4.72 130.6 126.7 127.3 126.7 129.6 131.4 132.4 137.0 132.5 130.7 128.8 138.0 137.8 134.6 Clay, glass, and stone products......... 2.99 138.7 133.5 134.1 136.9 138.4 139.7 139.2 143,6 140.8 137.3 131.0 146.1 146.5 143.9 Lumber and products........................... 1.73 116.5 114.9 115.5 109.2 114.3 1 17.0 120,6 125.7 118.1 119.3 125.0 123,9 122,7 118.6 Furniture and miscellaneous......... 3.05 162.6 161.5 159.1 159.9 161.4 160.9 161.5 163.3 165.2 166.9 166.9 166.5 169.8 169.9 Furniture and fixtures.......................... 1.54 167.8 166.3 162,7 164.8 166.3 166.6 167.8 170.7 171.3 173.0 173.7 174.1 178.9 178.8 Miscellaneous manufactures............... 1.51 157.4 156.7 155.4 154.9 156.4 155.0 155.1 155.7 158.9 160.7 159.9 158.8 160.6 160.8 Nondurable manufactures 7'extiles, apparel, and leather.............. 7.60 139.6 134.8 135.3 137.6 139.1 140.4 143.0 145.9 141.0 141.9 143.9 142.9 143.9 143.9 Textile mill products............................. 2.90 142.2 136.6 136.8 138.7 141.3 144.9 147.4 151.6 147.6 148.8 149.9 146.3 147.2 149.0 Apparel products.................................... 3.59 147.7 142.4 144.2 146.4 146.8 146.2 148.6 150.9 145.2 146.4 148.5 148.9 149.2 Leather and products............................ 1.11 106.5 105.4 103.0 106.5 108,4 109.7 113.3 115.1 110,4 109.7 113.7 114.6 118.6 ............ Paper and printing.................................. 8.17 149.6 149.4 148,6 150.3 148.5 148.6 149.9 149.5 148.6 150.6 152.0 151.6 154.5 154.9 Paper and products............................... 3.43 153.6 151.6 149.0 152.8 152.9 154.5 156. 1 157.0 155.9 157. 1 159.2 159.5 160.9 Printing and publishing........................ 4.74 146.8 147.8 148,3 148.6 145,4 144,3 145.5 144.1 143.3 145.9 146.8 145.8 149.8 149.8 Newspapers.......................................... 1.53 134.2 134.3 136,1 137.0 135.7 134.0 134,4 129.9 129.9 131.4 133.7 130.8 134.4 134.6 Chemicals, petroleum, and rubber.... 11.54 189.5 183,0 184.0 189.5 191.2 192.8 195.8 199.0 197.7 200.2 201.6 200.9 202.5 202.9 Chemicals and products....................... 7.58 203.8 199.9 201,0 200.7 202.3 205.5 208.0 210.5 211.8 213.8 215.0 215.2 215.9 216.2 Industrial chemicals........................... 3.84 234.8 227.5 227.6 231.4 234.2 238.8 242,3 246.9 250.9 251.8 252.7 256.2 254.2 Petroleum products............................... 1.97 133.9 134.4 132.8 133.2 137,0 137.6 136.8 138.0 134.8 135.7 136.1 137.3 139.1 138.8 Rubber and plastics products............. 1.99 190.3 166.9 170.1 203.1 202.4 199.1 207.5 215.4 206.7 212.3 215.7 209.4 214.3 ............ Foods, beverages, and tobacco............. 11.07 131.5 131.3 130.9 131.0 130.4 131.1 132.2 133.1 132.0 133.1 133.7 133.6 133.0 133.3 Foods and beverages............................. 10.25 132.4 131.9 131.5 131.7 131,2 132.2 133.5 134.1 133.5 133.2 134.5 135.3 134.0 134.4 Food manufactures............................ 8.64 130.1 129.9 129.4 129.0 128.9 129.3 130.2 130.5 130.7 130.7 131.4 131 .9 (32.0 132.0 Beverages............................................... 1.61 144.7 142.9 142.8 146.3 143.8 147.5 151.2 153.3 148.2 146.7 151.2 153.3 145.0 Tobacco products................................... .82 120.0 123.9 123.6 121.4 120.2 118.0 115.5 120.5 114.4 132. 1 122.9 112,1 (20.0 Mining Coal, oil, and gas.................................... 6.80 122.4 121.7 128.0 128.8 125.4 123.7 124.5 122.2 121.9 123.2 126.0 124.7 125.8 126.9 Coal............................................................. 1.16 118,1 122.5 122.6 117.2 115,5 112.3 115.3 116.1 113.4 116.8 126.0 124.4 120.4 121.0 Crude oil and natural gas.................... 5.64 123.2 121.6 129.1 (31.2 127.5 126.1 126.4 123.5 123.6 124.5 126.0 124.8 (26.9 128.2 Oil and gas extraction....................... 4.91 131.4 129.5 138.0 141.9 137.7 135.4 133.9 131 .7 132.5 134.8 136.2 134.5 137.2 138.6 Crude oil........................................... 4.25 126.4 123.6 133.9 138.0 133.1 130.3 128.7 126.4 127.4 129.7 130.9 128.7 131.7 132.8 Gas and gas liquids...................... .66 163.3 167.3 Oil and gas drilling............................ .73 67.9 67.7 69.0 58.9 58,5 63.4 76.1 68.0 63.5 55.0 56.7 59.1 57.7 Metal, stone, and earth minerals......... 1.43 128.8 133.6 127.7 123.4 119.1 116.2 119.5 122.7 120.3 127.0 127.4 138.3 133.5 134.0 Metal mining............................................ .61 119.9 133.9 119.7 105.7 95.6 93.8 93,2 95.7 100.0 102.8 108.7 139.9 131,4 129.8 Stone and earth minerals.................... .82 135.4 133.3 133.7 136.6 (36.5 132.9 139,0 142.7 135.3 145.0 141.2 137.1 135.0 137.2 Utilities Electric....................................................... 4.04 191.7 190.3 191.4 192.1 192.1 195.8 199.4 200.8 205.2 — 207.3 206.4 204.9 205.0 Gas............................................................... 1.28 161.2 163.1 163.3 164.1 165.1 166.5 166,6 166.8 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. □ AUGUST 1968 MARKET GROUPINGS (1957-59 = 100) 1957-59 1967 1968 Ci rouping pro­ 1967 p tio o n r­ a a v g e e r ^ ­ June July Aug. । Sept. Oct. Nov. Dec. Jan. 1 Feb. Mar. Apr.r Mayr June Total index........................................... 100.00 158.0 159.0 150.5 157.9 161.1 161 .5 161.2 160.7 1 59. 1 162,7 164.6 163.2 165.0 167 9 Filial products, total................................ 47.35 158.3 J 59.8 151.2 156.9 163.3 162.2 161.3 161,0 159.1 162.4 164.8 160. <8 162.6- 167.3 Consumer goods................................. 32.31 148.4 150.5 139.9 147.7 155.7 155.4 152.0 150.3 148.9 153.4 156.2 151.7 153.7 159 2 Equipment, including defense. . . . 15.04 179.6 180.0 175.3 176.4 179,5 176.8 181.3 183.9 181 .0 181.7 183.4 180.4 181.6 184 7 Materials..................................................... 52.65 157.7 158.3 150.0 158.9 159.1 160.8 161.1 160.4 159.1 162.8 164.5 165.4 167.3 168.6 Consumer goods A utomatiit products............................... 3.21 149.1 162.5 114.2 106.1 148.2 155.6 159.5 177.7 173.0 171.2 183.7 178.7 189.5 194 3 Autos........................................................... 1.82 145.7 177.1 94.8 62,2 140. 1 148.8 159.0 192.6 179.5 173,8 193.4 183.5 202.4 208 3 Auto parts and allied products.......... 1.39 153.6 143.2 139.8 163.9 158.8 164.6 160.0 158.1 164.5 167.9 170.8 172.3 172.7 176 0 Home goods and apparel....................... 10.00 149.9 148.6 132.7 149.0 155.0 159.6 157.8 148.0 145.5 159.0 160.6 154.9 153.0 156 9 Home goods.............................................. 4.59 166.0 161.6 145.9 159.3 172.0 180. 1 180.3 172.6 164.9 177.2 177.1 172.5 170.8 174 1 Appliances, TV, and radios............ 1.81 159.5 152.8 128.0 140.4 165. 1 182.2 181.4 160.6 159. 1 180.9 176,9 168.7 163.3 166 2 Appliances........................................ 1.33 163.1 169.9 141.8 134,5 160.4 180.1 178.2 163.4 168.7 187.9 185.3 180.3 167.4 172 8 TV and home radios..................... .47 149.2 104.6 89.3 157.2 178.2 187.8 190.4 152.7 131.9 161.1 153.1 135.9 151.7 147 5 Furniture and rugs............................. 1.26 159.6 155.4 148.8 160.5 163.8 168.0 169.4 172.7 162.7 167,2 1 67.9 165.3 168.0 173 1 Miscellaneous home goods............. 1.52 179.0 177.3 164,8 180.6 187.1 187.7 187.9 186.7 173.8 181 .2 184.8 183.1 181.9 184 2 Apparel, knit goods, and shoes......... 5.41 136.2 137.6 121.5 140.2 140.5 142.3 138.8 127.2 129.0 143.5 146.6 139.9 138.0 Consumer staples..................................... 19.10 147.5 149.4 148.0 154.1 157.4 153.2 147.7 146.9 146.7 147.4 149.2 145.5 148.0 154 4 Processed foods....................................... 8.43 130.0 128.9 128.4 137.1 149.7 143.7 134.4 128.2 123.0 122.1 123.8 122.8 125.2 131 1 Beverages and tobacco.......................... 2.43 136,4 156.2 142.8 149.3 139.3 141 .6 131.9 123.1 120.1 129.8 138.5 141 .0 146.7 Drugs, soap, and toiletries.................. 2.97 183.0 189.1 179.4 183.9 185.2 186,0 184.0 185.2 182.9 185.9 189.4 183.7 192.8 198 5 Newspapers, magazines, and books. 1.47 140.1 140.8 140.7 142.6 137.4 134.7 133.9 138.2 137.2 140.9 144.2 142.7 144.9 143 0 Consumer fuel and lighting................. 3.67 168.3 163.2 173.7 176.7 172.3 162.5 163.9 177.8 192.2 187.6 183.2 169.3 165.4 Fuel oil and gasoline......................... 1.20 132.5 134.3 133.6 134.5 138.5 134.5 134,6 141.0 137.5 139.1 134,9 129.3 134.8 139 9 Residential utilities............................. 2.46 185.7 Electricity .......................................... 1.72 199.8 187.5 210.4 215.7 203.5 185.3 188,0 213.0 244.1 232.8 226.4 200.4 188.1 .... Gas...................................................... . 74 Equipment Business equipment.................................. 11.63 182. 9 IS4.2 177.4 178.0 181.1 177.3 182.2 184.9 182.1 183.0 185. 7 182. 7 183.6 186 9 Industrial equipment............................. 6.85 170.3 170.7 167.3 166.3 168.1 161.3 168.9 170.8 166.7 165.0 167.2 165.9 166.0 169 2 Commercial equipment......................... 2.42 200.9 201.1 198.3 201.9 203.3 202.4 205.9 209.2 204.4 204.7 203.6 200.5 201 .2 205 0 Freight and passenger equipment, .. 1.76 215.4 217.3 202.8 205.5 212.5 215.1 218.4 226. 1 221 .9 230.1 238.1 232.9 238.4 242 8 Farm equipment...................................... .61 158.7 173.3 134.9 135.8 148.6 147.9 132.6 128.0 151 .0 162.6 170.4 156.7 153.6 Defense equipment.................................. 3.41 Materials Durable goods materials......................... 26.73 152.1 154.3 145.0 152.5 152.0 152,6 153. 7 154,3 151.7 156.1 157. 7 158.8 162.2 163 9 Consumer durable.................................. 3.43 144.6 146.2 123.4 147.0 133.6 135.3 148. 1 167.4 168.0 164.6 164.9 159.2 167.9 169 1 Equipment................................................. 7.84 184.5 181.4 175.6 180.7 182.9 183.5 186.2 187.7 185.6 188.4 1 87.1 183,9 184.9 186 6 Construction............................................. 9.17 140. 1 146.9 143.6 148.7 148,4 147,0 142.0 135.3 129.0 134.7 139.2 143.0 147,3 153 Metal materials n.e.c.............................. 6.29 133.5 135.6 120.5 126,0 128.9 131 .7 133.3 133.2 133.7 142.7 144.1 1 50.3 152.6 148 5 Nondurable materials.............................. 25.92 163.4 162.4 155.2 165.4 166.4 169.3 168.7 166.7 166.7 169.7 171.5 172.2 172.5 173 4 Business supplies..................................... 9.11 152.2 154.0 141.5 151.9 154.9 158,6 155.3 151.6 149.0 150,6 152.9 156.4 157.3 158 4 Containers............................................. 3.03 148.5 153.1 138.2 153,0 155.5 161,5 148.3 141.4 146.6 142.8 1 43.5 156.3 157,8 162 1 General business supplies................ 6.07 154.1 154.4 143.1 151.3 154.5 157,2 158.9 156.8 150.2 154.4 157.6 156.4 157.0 156 5 Nondurable materials n.e.c.................. 7.40 201.8 199.0 184.6 198.9 203.0 210.9 213.5 211.8 212.4 218.2 220,0 221 .3 219.6 219 7 Business fuel and power....................... 9.41 144.0 141.9 145,3 152.1 148.7 146.9 146.3 145.8 147.9 150.1 151.2 148.9 150,1 151 6 Mineral fuels........................................ 6.07 128.9 125.2 128.1 135.5 131.9 131,5 131.5 130.3 1.10.9 135,6 137.2 134.3 134.0 132 8 Nonrcsidential utilities..................... 2.86 183.2 Electricity......................................... 2.32 185.7 187.5 193.9 201 .8 197.2 190.2 186.3 187.8 194.4 190.8 191.8 189.8 195.3 General industrial..................... 1.03 182.7 184.2 182.0 189.4 188.3 187.0 187.7 186.1 191 .0 187.0 190.8 192.9 198.4 Commercial and other............. 1.21 196.8 198.9 213.0 221 .7—214.1 202.0—194,0—198.0 206.7 203.1 201 .9 196.2 202.1 .... Gas...................................................... .54 — — —-----------------------------------------------------—-------------------,—. —-------.— — —. ............---------- -........ ..... _ _. . Supplementary groups of consumer goods Automotive and home goods.............. 7.80 159.0 162.0 132.9 137.4 162.2 170.0 171 .7 174,7 168.3 174.7 179,8 175.1 178,5 182.4 Apparel and staples................................ 24.51 145.0 146.8 142.2 151,1 153.7 150.8 145.7 142.5 142.8 146.6 148.7 144.2 145.8 .... For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 n INDUSTRIAL PRODUCTION: N.S.A. A-59 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1967 1968 Grouping p p r e o r ­ - a 1 v 9 e 6 r 7 - - - . ._. tion age" June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. I Apr.'' Mayr lune ............ Total index........................................... 100.00 158,0 159.0 150.5 157.9 161.1 161.5 161.2 160.7 159.1 162.7 164.6 163.2 165.0 167.9 Manufacturing, total............................... 86.45 159.6 161.0 130.5 158,3 162.6 163.7 163.5 162.6 160.1 164.2 166.4 165.1 167.2 170.0 Durable.................................................. 48.07 163.8 165.6 154.7 158.9 163.8 164.4 167.1 169.3 166.1 168.9 170.5 169.4 172.1 174.5 Nondurable........................................... 38.38 154.4 155.3 145.1 157.4 161.2 162.9 159.0 154.2 I 52.5 158.3 161.2 159.8 161 .0 164.3 Mining....................................................... 8.23 123.5 123.9 124.8 129.0 125.6 124.7 124.2 121.4 120.2 123,7 125.3 127.3 128.8 128.7 Utilities...................................................... 5.32 184.4 Durable manufactures Primary and fabricated metals............ 12.32 145.4 143.3 135.1 142.2 145.1 146.0 147.9 149 3 147.8 152.9 154.9 154.8 158.2 158.9 Primary metals......................................... 6.95 132,5 130.9 117.9 125.4 129.2 133.0 136.3 136.7 138.3 147.2 148.9 151.5 153.4 150.2 Iron and steel...................................... 5.45 126. H 121,2 111.9 120.6 125.6 129.61 134.6 137.4 136.9 144.7 147.8 148.8 149.0 147.9 Nonferrous metals and products.. 1.50 153.1 166.1 139.8 142.8 142, 1 145,51 142.2 134.3 143.1 156.4 153.0 161.3 169.2 158.5 Fabricated metal products................... 5.37 162.0 164.0 157.4 163.9 165.7 162,9 163.0 165.6 160.0 160.2 162.6 159.0 164.4 170.0 Structural metal parts....................... 2.86 158.1 160.0 156.1 160.7 162.2 161.1 161.2 161,6 156.2 154.5 156.4 152.2 159.0 164,4 Machinery and related products......... 27.98 177.6 179.8 166.9 16V. 1 175.8 176.2 180.8 185.7 182.9 184.4 185.9 182.0 184.4 187.0 Machinery.................................................. J 4.80 183.4 182^ 173.7 177.2 182.6 181.4 185.2 184,1 182.7 185.6 185.8 182.4 182.4 184.9 Nonelectrical machinery................... 8.43 183.4 F86.4 177.6 175,8 179.7 174.0 179.8 180.8 180.7 183.1 185.2 182.2 181.0 183.5 Electrical machinery......................... 6.37 183.3 176.7 168.5 178,9 186.4 191 .3 192.3 188.3 185.3 188.8 186,6 1 82.6 184.1 186.8 Transportation equipment................... 10.19 166.0 174.0 151.4 150,8 160.8 163.6 170.5 185.0 I 80.4 179.8 183.9 179.0 185.3 187.5 Motor vehicles mid parts................ 4.68 147.0 165.2 119.5 116.0 134.0 137.2 149,1 176.1 171.1 168.6 178.1 171.3 184.1 187.8 Aircralt and other equipment. . . . 5.26 182.2 180.9 178.2 180,3 183.6 186.1 188.8 192.8 188.7 189.3 188.2 184.4 184.7 185.6 Instruments and related products... 1.71 184.8 185.9 181.1 184,7 185.1 185,2 186.9 188.5 184.5 183.8 182.9 (78.7 179.4 183.0 Ordnance and accessories.................... 1.28 Clay, glass, and lumber......................... 4.72 130. 6 136.7 133.5 139.1 138. 7 139.2 133.9 125.6 1(9.0 122.2 (24.8 137.6 139.2 143.9 Clay, glass, and stone products......... 2.99 138.7 144.6 143.9 149.5 146.3 147,4 143.4 134.6 126.7 125.6 126.4 145.5 148.8 153.8 Lumber and products........................... 1,73 116.5i 122.9 1 15.5 121.2 125.7 125.2 117.6 110.0 105.7 116.3 121.9 12.3.9 122.7 126.9 Furniture and miscellaneous.................. 3.05 162.6 161.8 154.8 164.5 167.4 169.4 169.3 167.3 158.7 162.9 163.8 162.2 165.9 170. 1 Furniture and fixtures........................... 1.54 167.8 166.0 160,3 169.4 171.3 172,9 172.5 177.2 167.9 171 .3 171.6 169.4 173.5 178.4 Miscellaneous manufactures............... 1.51 157.4 157.5 149,2 159.5 163.4 165.8 166.0 157.3 149.4 154.3 155,9 154.8 158,2 161.6 Nondurable manufactures Textiles, apparel, and leather.............. 7.60 139.6 139.2 121.9 142.0 142.6 146.9 144.7 136.2 137.9 149. 7 152.4 145.8 144.2 146. 7 Textile mill products............................. 2.90 142.2 140.7 124.2 142,2 144.1 152.1 151.1 144.0 146.9 152.5 155.1 149.2 151.6 152.0 Apparel products.................................... 3.59 147.7 148.8 129,1 150,8 151.6 153.5 150.1 138.8 139.4 157.4 160.4 153.4 148.5 Leather and products............................ 1.11 106.5 104.3 92.7 113.4 110.0 112.4 111.0 107.4 109.8 1 17.3 119.4 112.3 111.5 Paper and printing.................................. 8.17 149.6 150.8 139.7 149.0 150.5 156.3 153.1 146.1 146.3 151.2 155.4 156.0 156.3 156,0 Paper and products................................ 3.43 153.6 156.1 137,1 154.3 155.2 166.5 156.9 144.4 155.1 161.0 164.0 165.9 163.3 Printing and publishing........................ 4.74 146.8 147.1 141.6 145.2 147.2 149.0 150.3 147.3 139.9 144.2 149.2 148.8 151.2 149.0 Newspapers........................................... 1.53 134.2 135.0 118.4 125.4 135.0 143.8 147.8 133.1 1 19.5 126.1 137.0 139.3 143.3 135.3 Chemicals, petroleum, and rubber.... 11.54 189.5 188.5 177.5 190.8 194,7 197.2 196.4 197.6 195.1 20!. 9 203. 7 203.5 205. i 208. 1 Chemicals and products....................... 7.58 203.8 205.6 194.6 202.3 206.1 209,0 210,0 211.2 208.2 215.4 217.7 218.9 220.0 220.9 Industrial chemicals........................... 3.84 234.8 230.9 219.6 230.2 237.7 24.3,6 248.4 251.8 247.1 255.6 255.2 261 .3 256.7 Petroleum products............................... 1.97 133,9 138.4 139.8 140.3 142.5 139,0 135.0 134.7 130.8 1.33.0 131.3 131 .8 137,7 143.0 Rubber and plastics products............. 1.99 190.3 172.7 149.7 197.0 203.0 210.0 205.4 207.9 208.8 218.7 222,4 215.9 215.4 Foods, beverages, and tobacco............. 11,07 131.5 135.0 131.3 139.5 146,9 143.1 134.1 127.3 122.7 124.2 127,2 126.8 130.1 137.0 Foods and beverages............................. 10.25 132.4 135.2 133.1 140.1 148.6 144.2 135.4 129.7 123.5 123.6 127.7 128.0 130.5 137.7 Food manufactures........................... 8.64 130.1 129.0 128.1 136.7 149.0 143,5 134.8 128.5 123.5 122.6 124.0 122.9 125.4 131.1 Beverages............................................... 1,61 144.7 168.1 159.7 158,4 146.7 148.2 139.1 135.7 123.6 129.1 147.4 155.8 158.1 Tobacco products................................... .82 120.0 132.6 109.4 131.4 124,9 128.5 117.8 98.1 113.1 131.4 121 .1 111.9 124.3 Mining Coal, oil, and gas.................................... 6.80 322.4 138.9 121.9 127.7 124.4 124.4 125.6 123.6 125.8 126.9 128.2 125. 9 125.6 124.6 Coal............................................................. 1.16 118.1 116.5 99.9 123.3 122.2 122.4 120.0 114.0 111.1 118.2 127,0 125.3 121.6 118.3 Crude oil and natural gas.................... 5.64 123.2 H9.4 126.4 128.6 124,9 124.8 126,7 125.6 126.4 128.7 128,5 126.0 126.5 125.9 Oil and gas extraction....................... 4.91 131.4 127.2 134.8 138.3 134.1 133.7 134.3 134.1 135.6 139.8 1 39.5 136.4 136.9 1 36.2 Crude oil........................................... 4.25 126.4 122.4 131.2 135.2 130.4 129,0 128.7 127.7 129.3 133,6 133.5 130.8 132,4 131.5 Gas and gas liquids....................... .66 163.3 157.9 Oil and gas drilling............................ .73 67.9 66.3 69.5 62.6 62.1 65.0 75.7 67.9 64.5 54.2 53.7 56.0 55.7 ........... Metal, stone, and earth minerals......... 1.43 128.8 147.6 139.1 135.3 131.4 126,3 117.6 111.2 103.2 108.4 Ji 1.6 134.1 143.7 148.1 Metal mining................................ .61 H9.9 151.3 128.1 114.2 108.0 100.4 86.7 86.1 88.0 92.5 96. 7 130. 1 144.5 146.7 Stone <ind earth minerals..................... .82 135.4 144.9 147.2 150.9 148.8 145.5 140.4 129.9 114.5 120.2 122.6 137.1 14.3.1 149. 1 Utilities Electric....................................................... 4.04 191.7 187.5 200.9 207.7 199.9 188.1 187.0 198,5 215.6 208.7 206.6 194.3 192.3 ........... Gas............................................................... 1.28 161.2 Note.—Published groupings include some series and subtotals not Industrial Production—1957-59 Rase. Figures for individual series and shown separately. A description and historical data arc available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-60 BUSINESS ACTIVITY; CONSTRUCTION □ AUGUST 1968 SELECTED BUSINESS INDEXES (1957-59 = 100, unless otherwise noted) Industrial production ' Manu­ Prices 4 facturing 2 Ca­ Period Major market groupings Ma g j r o o r u i p n in d g u s stry u i p n t t a i i o m l c iz n i f t a g y ­ . s C t t i r o u o n c n ­ ­ N r t i o c u c n m u ra a l - - l g - T re o t t a a il l Whole­ Total Final products Mate­ ( c p e e n r t ) t c r o a n c ­ t T m o p e t lo a n y l t — - i p m E l e o m n y ­ t ­ r P o a ll y s ­ sales 3 s C u o m n e ­ r m c s o o a m l d e i ­ ty Total s C u o m n e ­ r E m q e u n ip t ­ rials Mfg. M in i g n­ U itie ti s l­ goods 1951. 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 94.0 63 91.1 106.1 80.2 76 90.5 96.7 1952. 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 91.3 67 93.0 106.1 84.5 79 92.5 94.0 1953. 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 94.2 70 95.6 111.6 93.6 83 93.2 92.7 1954. 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 83.5 76 93.3 101.8 85.4 82 93.6 92.9 1955. 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 90.0 91 96.5 105.5 94.8 89 93.3 93.2 1956. 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 87.7 92 99.8 106.7 100.2 92 94.7 96,2 1957. 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 83.6 93 100.7 104.7 101.4 97 98.0 99,0 1958 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 74.0 102 97.8 95.2 93.5 98 100.7 100.4 1959 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 81.5 105 101.5 100. 1 105.1 105 101.5 100.6 1960 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 80.6 105 103.3 99.9 106.7 106 103. 1 100.7 1961. 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 78.5 108 102.9 95.9 105.4 107 104.2 100.3 1962. 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 82.1 120 105.9 99.1 113.8 115 105.4 100.6 1963. 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 83.3 132 108.0 99.7 117.9 120 106.7 100.3 1964 ....................... 132.3 131.8 131.7 132.0 132.8 133.1 111.5 151.3 85.7 137 111.1 101.5 124.3 127 108.1 100.5 1965 143.4 142.5 140.3 147.0 144.2 145.0 114.8 160.9 88.5 143 115.8 106.7 136.6 138 109.9 102.5 1966 156.3 155.5 147.5 172.6 157.0 158.6 120.5 173.9 90.5 145 121.9 113.5 151.7 148 113.1 105.9 1967 158.0 158.3 148.4 179.6 157.7 159.6 123.5 184.4 85.3 153 125.7 113.5 155.0 153 116.3 106,1 1967-—June........... 155.6 156.8 146.9 178.1 154.9 157.0 123.8 183.7 164 125.3 112.9 152.5 155 116.0 106.3 July........... 156.6 157.1 147.1 178.4 156.1 157.6 128.0 184.6 J 84.3 149 125.5 112.4 152.2 155 116.5 106.5 Aug............ 158.1 158.2 148.6 178.9 157.9 159.4 127.8 185.4 165 126.0 113.2 155.9 155 116.9 106.1 Sept............ 156.8 157.0 147.0 178.6 156.7 158,1 124,3 185.6 168 125.9 112. 1 155.4 156 117.1 106,2 Oct............. 156.9 156.9 147.9 176.1 157.4 158.3 122.4 188.7 | 84.7 171 126.2 112.2 155.2 153 117.5 106.1 Nov........... 159.5 160.0 150.1 181.1 159.5 161.1 123.6 191.5 168 127.1 113.8 158.9 154 117.8 106,2 Dec............. 162.0 161.9 152.8 181.5 162.2 164,0 122.3 192.6 166 127.7 114.3 161.2 155 118.2 106.8 1968-—Jan............. 161.2 160.8 151.3 181.4 161.7 162,7 121.6 195.9 166 127.7 114.2 161.2 158 118.6 107.2 Feb............. 162.0 162.0 152.9 181.6 161.8 163,6 123.9 197.5 ^84.9 152 128.7 114.0 162.8 160 119.0 108.0 Mar........... 163.0 163.5 155.0 181.8 162.8 164.6 126.2 196.8 169 128.8 114.2 163.8 164 119.5 108,2 Apr............. 162.5 161 .7 153.5 179.4 163.1 163.7 127.1 195.8 164 129.0 114.6 161 .4 162 119.9 108,3 May........... 164.1 163.0 154.6 181.1 165.2 165.7 127,1 196. 1 ■ "84.5 172 129.1 r114.7 166.1 164 120. 3 108,5 June........... 164.7 164.3 155.6 182.9 165.7 166.2 128.2 197.4 160 rl 29.5 rl15.2 '167.6 165 120.9 108.7 July ......... 165.3 164.3 155.6 183.1 166.5 166.7 129.4 197.3 .....1...2..9....8. 115.8 168.2 170 .............. 109. 1 1 Employees only; excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidcntial, 2 production workers only. and heavy engineering; docs not include data for Alaska and Hawaii. 3 F.R. index based on Census Bureau figures. Employment anti payrolls: Based on Bureau of Labor Statistics data; 4 Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. 5 Figure is for first quarter 1967. Prices: Bureau of Labor Statistics data. Note.—Data are seasonally adjusted unless otherwise noted. Capacity utilization: Based on data from federal Reserve, McGraw- 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 1966 1967 type of construction Juno July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total construction 1............................. 50,150 52,895■5,577 4,879 5,104 4,695 5,053 4,258 3,996 3,714 3,704 5,417 4,878 6,170 5,589 By type of ownership: Public............................................... 18,152 19,039 2,169 1,989 1,824 1,677 1,526 1,435 1,507 1,300 1,041 1 ,698 1,554 2,036 1 ,860 Private i................................................ 31,998 33,856M, 408 2,890 3,280 3,018 3,527 2,823 2,490 2,414 2,664 3,719 3,324 4,135 3,730 By type of construction: Residential building i.................. 17,827 19,536'2,163 1,829 1,912 1,741 1 ,887 1,717 1 .404 1,462 1,495 2,220 2,312 2,543 Nonresidcntial building.................. 19,393 20,139 2,070 1,749 1,847 1,786 1,874 1,585 1 ,550 1,347 1,251 1 ,835 1,522 2,227 ........... Non building....................................... 12,930 13,220 1,344 1,302 1,345 1,169 1,292 956 1,042 905 958 1,362 1 ,044 1,400............ i Because of improved collection procedures, data for I-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

AUGUST 1968 □ CONSTRUCTION A-61 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonrcsidential Period Total Total d N f r e a e n o r s m t n i i ­ a ­ l Total Buildings Other Total M tar il y i­ H w ig ay h­ d C v e o a v n & t e i s o l e o n r p ­ ­ Other 2 Indus­ Com­ b O u th il 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 I960.................................. 53,941 38,078 21,706 16,372 2,851 4,180 3,118 6,223 15,863 1,366 5,437 1,175 7,885 1961.................................. 55347 38’299 21,680 16,619 2/80 4,674 3,280 5,885 17,148 1,371 5/54 1,384 8/39 1962*................................ 59 367 41/98 24,292 17,506 2,842 5,144 3,631 5,889 17,869 1 /66 6,365 1 /24 8/14 1963 5 ................................ 63323 44'057 26,187 17,870 2,906 4,995 3,745 6,224 19,366 1,189 7,084 1 /90 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 10/90 1965 r................................ 72319 50/53 26;268 23; 985 5/18 6,739 4,735 7,393 22,066 852 7/50 2,019 11 /45 1966' ............................... 75,120 51,120 23,971 27,149 6,679 6,879 5,037 8,554 24,000 769 8,355 2/95 12,681 1967' ................................ 76,160 50,587 23,736 26,851 6,131 6,982 4,993 8,745 25,573 721 8/38 2,196 14,118 1967—June r .................. 73,774 48,737 22,631 26,106 5,807 6,779 4,808 8,712 25,037 647 8,294 2,040 14,056 July...................... 75,738 50,380 23,850 26,530 6,133 6,782 4,891 8,724 25,358 769 8,174 2,209 14,206 Aug...................... 76,741 51 ,641 25,015 26,626 6,061 6,576 5,209 8,780 25,100 740 8,155 2,207 13,998 Sept...................... 78,253 52,841 25,770 27,071 6,395 6,732 5,077 8,867 25,412 728 8,452 2,145 14,087 Oct........................ 78,883 53,520 26,427 27,093 6, 173 6,996 5,064 8,860 25,363 782 8,353 2,158 14,070 Nov...................... 79,609 53,946 27,222 26,724 5,681 7,018 5,144 8,881 25,663 776 8,198 2,194 14,495 Dec........... 81,207 53,965 27,635 26,330 5,822 6,688 4,885 8,935 27,242 865 9,172 2,226 14,979 1968 -Jan' . 82,804 55,254 26,926 28,328 6,330 7,721 5,274 9,003 27,550 816 Feb r 84’091 55/99 26^73 28,626 5,740 8/28 5,417 9,141 28,492 895 Mar r 83,556 55/>79 27’322 28/57 5,528 8/58 5,412 9,159 27,877 738 83,814 55 859 27 ,’776 28/83 5/84 8,512 5/00 8,987 27.955 697 83 641 55,354 27/22 27,632 5’275 8 111 5/21 9/25 28,287 81,319 52,908 27,019 25/89 4,490 7/67 4; 689 9,143 28,411 1 Includes religious, educational, hospital, institutional, and other build­ 5 Beginning 1963, rellects inclusion of new series under “Public” (for ings. State and local govt, activity only). 2 Sewer and water, formerly shown separately, now included i n “Other.” 3 Beginning with 1959, includes data for Alaska and Hawaii. * Beginning July 1962, reflects inclusion of new series affecting most Note.- -Monthly data arc at seasonally adjusted annual rates. Figures private nonrcsidcntial groups. for period shown are Census Bureau estimates. NEW HOUSING STARTS (In thousands of units) Annual rate, By area By type of ownership Government- S.A. underwritten (private only) Private Period Total Metro­ Non­ 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 ly i­ Pu blic Total FHA VA 1959.................................. 1/54 1,077 477 1/17 1,234 56 227 37 458 349 109 I960.................................. 1,296 889 407 1,252 995 44 213 44 336 261 75 1961.................................. 1,365 948 417 1,313 974 44 295 52 328 244 83 1962.................................. 1,492 1 ,054 439 1,463 991 49 422 30 339 261 78 1963.................................. 1 ,642 1,152 490 1,610 1,021 53 536 32 292 221 71 1 1 9 9 6 6 5 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1i ,/5 6io2 1 1 / ,0 3 9 5 3 4 47 7 5 0 1 1 / / 2 7 9 3 9 9 7 6 2 4 5 51 4 4 5 5 0 8 5 3 37 2 2 24 6 6 4 2 1 0 9 5 7 5 4 9 9 1966.................................. 1,196 '808 388 1/65 779 35 351 31 195 158 37 1967 . . . .......................... 1 ,322 920 402 1,292 844 41 406 30 232 180 53 1967--June.......... 1,233 1,214 132 88 44 125 88 3 35 6 24 19 5 July...................... 1,369 1,356 126 88 39 125 82 5 38 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 1,478 137 99 38 135 82 5 49 2 25 19 5 Nov...................... 1/90 1/67 120 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 /37 1,499 87 62 26 85 55 3 26 3 21 17 4 Mar...................... I ,511 1,479 129 92 37 127 79 4 43 2 24 20 5 Apr....................... 1,591 1/62 165 119 47 162 98 4 60 3 28 23 5 May.......... fl,345 Pl,326 »’l 43 100 44 fl 39 86 4 49 ”4 26 20 6 June..................... ”1,313 fl,296 ”139 100 39 H33 80 5 48 *6 21 16 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. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-bZ LM^LUYIVItlN I Li AUbUbl iyOO LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) (Civilian labor force, S.A. Total non- Total Unemploy­ Period in p s o N t p it . u u S l t a . i A o ti . o n n a l la N b o N o t . r S in . f A o t . r h c e e l f S a o b r .A c o e . r Total Employed 1 Unem­ (pe m ra r e t c e n e t 2 n t) In nonagri- In ployed S.A. 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 4.5 196(5............................... 131,180 52,288 78,893 75,770 72,895 68,915 3,979 2,875 3.8 1967............................... 133,319 52,527 80,793 77,347 74,371 70,527 3,844 2,975 3.8 1967Muly.................. 133,366 50,446 80,944 77,495 74,478 70,631 3,847 .3,017 3.9 Aug.................. 133,645 51,074 81 ,057 77,598 74,664 70,708 3,956 2,934 3.8 Sept.................. 133,847 52,865 81,263 77,807 74,638 70,941 3,697 3 ,1 69 4. 1 Oct.................... 134,045 52,450 81 ,535 78,072 74,735 71,017 3,718 3,337 4.3 Nov.................. 134,224 52,641 81,459 77,989 75,005 71,166 3,839 2,984 3.8 Dec................... 134,405 52,879 81 ,942 78,473 75,577 71,361 4,216 2,896 3.7 I96R—Jan.................... 134,576 54,765 81,386 77,923 75,167 71,164 4,003 2,756 3.5 Feb.................... 134,744 53,876 82,138 78,672 75,731 71,604 4,127 2,941 3.7 Mar.................. 134,904 53,965 82,150 78,658 75,802 71,788 4,014 2,B56 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 75,829 71 ,936 3,893 2,784 3.5 June.................. 135,440 50,986 82,585 79,018 76,048 72,197 3,851 2,970 3.8 July................... 135,639 51,088 82,572 78,985 76,038 72,202 3,836 2,947 3.7 1 Includes self-employed, unpaid family, and domestic service workers. Non:.--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 I 2th 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 n s t t r r a u c c t ­ T tio ra n n s & p o p r u ta b ­ ­ Trade Finance Service G m ov e e n r t n­ tion lic utilities 1962.................................................................... 55 596 16,851 650 2,902 .3 906 11,566 2 800 8 ,028 8,890 1963................................................................... 56’702 16,995 635 2 961 J ,*901 11 :?78 2 ,*877 8,325 9,’225 1964............................................................... 58'332 17*274 614 3 050 .3 951 12:160 2 957 8 709 9/96 1965................................................................... 60 832 18/62 632 V1 86 4*036 12*716 3,023 9 087 10,091 1966................................................................... 64*034 19,214 627 3*275 4’151 13,*245 3 100 9*551 IO;871 1967.................................................................... 66*030 19 334 616 3*203 4;27l 13,613 3 ,*217 10/60 1 1 /)16 SEASONALLY ADJUSTED 1967—July...................................................... 65 920 19,288 626 3 168 4 296 13,610 3,223 10 056 11,651 Aug...................................................... 66*186 19,407 6(0 3 J 65 4*288 13 648 3,241 i 0’1 16 I 1 /I7 Sept...................................................... 66*123 19’285 606 3 1 82 4*278 13,684 3 251 10’139 11*698 Oct.... ................................................ 66*286 19,302 603 3*184 4 * 267 I 3,729 3,261 10*171 11 ,769 Nov..................................................... 66*778 19’518 603 3*214 4’297 I 3,791 3*273 10*270 11/12 Dec....................................................... 67*060 19*593 601 3*275 4 ’ 302 13,793 3,289 10’316 11 389 1968—Jan........................................................ 67 058 19,612 604 3 107 4 317 1 J 818 3,291 10 111 1 ( ,978 Feb........................................................ 67’600 19,612 608 3*388 4*342 13,920 3’304 10 405 12:021 Mar...................................................... 67*656 19,607 609 3'330 4*332 13 999 3,311 10*415 12353 Apr....................................................... 67 755 19,657 632 3*113 4*331 14,009 3 ,*32.3 I0 '402 12/88 May...................................................... 67 792 19’693 631 3 245 4'281 14’049 3’334 10*425 12’134 June *'.................................................. 67*997 19 759 63! 3 171 4*127 14’068 .3 317 10*479 12/25 July "................................................. 68 J 56 19.822 63 3 3 181 4:337 14/94 3:346 10 39 5 12,248 NOT SEASONALLY ADJUSTED 1967—July....................................................... 66 097 19 248 640 1 475 4 341 13,605 3,278 10 217 11,271 Aug......................... 66 391 19/35 624 3 519 4*339 13/IO 3^91 10'231 1 1 /40 Sept...................................................... 66 656 19,546 61 3 3,440 4*329 13,*672 3 /hi 10’180 1 i ,'615 Oct,.................................................... 66 858 19’491 605 3 191 4*293 13/57 3 ,254 10/91 11,876 Nov..................................................... 67,397 19,660 605 3,307 4*3(8 14017 3^60 10'219 12/11 Dec....................................................... 67,903 19,609 602 3 134 4*311 14:618 3,269 10,223 12/37 1968—Jan......................................................... 66 017 19 398 590 2 771 4 252 13,602 3,252 10 124 12,028 Feb........................................................ 66*393 19,425 591 2*893 4*264 13 585 3 271 16*228 12/36 Mar...................................................... 66 7 H 19 447 594 2 967 4’276 13,658 3 288 10*290 12/93 Apr. ..................................................... 67’422 19’507 626 3 ’ 1 57 4 ’ 296 13:910 3,310 10*402 K/U May..................................................... 67*724 19/69 631 3*255 4 ’ 268 1 3 ,’959 3 J27 l6,*488 12,227 June Jl.................................................. 68 J 681 19/78 646 1 383 4*366 14 121 3:367 10’647 12,273 July p.................................................. 68,316 19,777 647 3,490 4; 385 14’,089 3; 403 10,684 1 I 341 . 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

AUGUST 1968 □ 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 July May June ‘' July " July May June >' July /' I’otal.............................................................................................. 14,158 14,449 14,512 14,585 14,065 14,352 14,612 14,487 Durable goods............................................................................ 8,267 8,401 8,419 8,493 8,209 8,401 8,515 8,431 Ordnance and accessories............................................. 178 193 197 202 175 191 195 199 Lumber and wood products........................................ 513 516 513 515 535 515 536 537 Furniture and fixtures................................................... 365 389 391 388 361 384 391 383 Stone, clay, and glass products.................................. 496 514 518 518 51 1 517 531 534 Primary metal industries............................................... 1,038 J ,054 1,045 1 ,050 J , 049 1 ,064 1 ,069 1,062 fabricated metal products........................................... 1 ,049 1 ,060 1 ,070 1 ,071 1 ,034 1 ,056 1 ,082 1 ,056 Machinery.......................................................................... 1 ,365 1 .331 1 ,330 1,329 1 ,362 1,336 1 ,342 1 ,326 Electrical equipment and supplies............................. 1 ,293 1 ,312 1 ,306 1 ,321 1 ,270 1 ,293 1 ,304 1 ,297 Transportation equipment........................................... 1 .354 1,419 1 ,435 1 ,481 1 ,307 I ,437 1 ,447 1,430 Instruments and related products............................. 279 275 275 278 277 273 276 276 Miscellaneous manufacturing industries.................. 337 338 339 340 3 28 335 342 331 Nondurable goods..................................................................... 5,891 6,048 6,093 6,092 5,856 5,951 6,097 6,056 Food and kindred products......................................... 1,184 1,185 1 ,197 1 , 1 96 1,215 1,122 1 , 183 1,227 Tobacco manufactures.................................................. 76 73 73 74 65 63 63 64 Textile-mill products...................................................... 840 871 877 878 831 869 887 869 Apparel and related products..................................... 1 ,233 1 ,256 1 ,264 1,261 t ,191 1 ,246 1 ,269 1,218 Paper and allied products............................................. 530 538 541 545 531 533 547 546 Printing, publishing, and allied industries.............. 663 665 666 665 661 663 667 663 Chemicals and allied products.................................... 590 603 609 608 594 606 612 612 Petroleum refining and related industries............... 114 118 118 1 19 1 18 118 121 122 Rubber and raise, plastic products........................... 363 427 436 435 355 424 434 426 Leather and leather products...................................... 298 312 311 295 307 314 309 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 1our; N.S.A.) (dollars per week; N.S.A.) Industry group 1967 1968 1967 1968 1967 1968 July May June p July " July May June p July ” July May June '' July <’ Total.............................................................................. 40 5 40 9 40 9 40.9 113.65 122.29 123 10 122 10 2 82 2.99 3 00 3 00 Durable goods.............................................................. 41 . 1 41 5 41.7 41.6 122.40 132.29 132.92 111.31 1 00 3.18 1 18 J 18 Ordnance and accessories............................... 41 7 41 5 41 8 42.0 131.24 1 33.63 115 41 115 11 3 17 3.22 3 24 3 24 I umber and wood products.......................... 40 0 40 3 40 8 40. 8 95,60 102 97 106 55 105 26 2 39 2.53 2 58 2 58 Furniture and fixtures..................................... 40 4 41.2 4L0 40.8 92.40 99 88 101 27 99 79 2 31 2.46 2 47 2 47 Stone, clay and glass products.................... 41 5 41 8 42 0 42.1 118.01 126.30 127.20 I 27.32 2 8,1 1 00 3 00 3 01 Primary metal industries................................. 40 9 42 0 42 1 42. 1 136 61 148 54 150.10 149.46 1 34 .3.52 3 54 3 55 Fabricated metal products............................. 41 5 41 "7 419 41 .8 122,36 131.99 112.62 130 71 2 97 3.15 3 15 3 15 Machinery............................................................ 42.2 419 42.1 42.0 133.24 141.46 141 71 119.70 3 18 3.36 3 15 3 15 Electrical equipment and supplies............... 40.1 40.2 40 6 40 5 111.32 116 58 118 15 1 17 09 2 79 2 90 2 91 2 92 Trans port utiou equ ipmerit............................. 41.6 42. 9 42 5 42. 5 140.29 157.38 155.55 152.57 3' 4 3 3. 66 3.66 3.65 Instruments and related products................ 41 1 40 5 40.7 40.6 116.69 119,88 121 18 119.69 2 86 2.96 2 97 2 97 Miscellaneous manufacturing industries... 39.3 39.7 39.7 39.6 90.79 98.75 99.25 97.75 2.34 2.50 2 50 2.50 Nondurable goods...................................................... 39.6 39.8 40.0 39,9 102.03 108.26 109.47 109.60 2.57 2.72 2.73 2,74 Food and kindred products.......................... 40 7 40.7 41.1 40^6 109 03 113.68 115.77 115.36 2.64 2.80 2 81 2.80 Tobacco manufactures.................................... 38.6 38 0 37 9 34.4 92 44 98 14 100 35 96 94 2 42 2.61 2 62 2 62 Textile-mill products....................................... 40 7 41.2 41 3 41 .5 81 41 89.40 90.69 89 19 2 02 2.17 2 18 2 17 Apparel and related products........... 35 J) 36.3 36 4 36.3 72.16 79.50 80 10 79.86 2 01 2.19 2.20 2.20 Paper and allied products.............................. 42.8 43.0 43 0 43.0 123.69 129.13 130.16 131.15 2 89 3.01 3.02 3.05 Printing, publishing, and allied industries. 38.3 38. 1 38^2 38.2 124.53 131.45 132.94 132.21 3^26 3.45 3.48 3.47 Chemicals and allied products...................... 41 .6 41 .6 41.7 41.8 129.90 135.01 136.27 137.19 3 H 3.23 3.26 1.29 Petroleum refining and related industries . 42.8 42.5 42.4 42.6 156.67 159. 16 159.27 161.57 3.61 3.73 3.73 3.74 Rubber and misc. plastic products.............. 40.6 41.7 41.7 41 .9 105.73 120.22 121 .64 121.30 2.63 2.89 2.91 2.93 Leather and leather products......................... 38.4 38.8 38.7 38.7 79.75 85,47 87.36 87.02 2.05 2.22 2.24 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 □ AUGUST 1968 CONSUMER PRICES (1957-59= 100) 1 Housing Health and recreation Period ite A m ll s Food Total Rent o H w s o h n m i e p e r ­ ­ F c a o o u n i a e d l l l t e r G a i l c e n a i c d s t ­ y o n F p i t a n i i o s u e n g h d n r r s a ­ ­ ­ u A p p a k p n e a d e r e p l T p t r o i a o r n t n a s ­ ­ Total M c ic a e a r d e l ­ s c P o a e n r r e a ­ l r R e t a c i i e n o n r a g e d n d a ­ ­ O g s a i o c e t n o h e r d v d s e ­ s r 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 HI.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 H4.9 1967............................ 116.3 115,2 114.3 112,4 120.2 111.6 108.5 108.2 114.0 1 15.9 123.8 136.7 115.5 120.1 118,2 (967--June................ 116.0 115.1 114.1 112.2 119.9 IIO.5 108.2 108, 1 113.9 1 15,7 123,2 136.3 1 15.3 1 19.7 H 6.9 July.................. 116.5 116.0 114.3 112.4 120,2 111.4 108.3 108,2 1 13.7 116.2 123.6 136.9 115.5 119.8 117.8 Aug.................. 116.9 1 16.6 114.7 112.6 120.8 111.7 (08.5 108,3 113.8 1 16.4 124,2 137.5 116,1 120,0 118,8 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 1 17.7 125.5 139.0 1 16.5 121,4 120.3 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................... 118.6 117.0 110.4 113.7 122.9 113,7 108.9 110.6 115.9 1 18.7 127.1 141 .2 117.6 122.7 121.9 Feb.................. 119.0 117.4 116.9 113.9 123,5 113.8 109.3 111,2 116.6 118,6 127.5 141.9 1 17.6 123.0 122, 1 Mar................. 119.5 117.9 117,2 1 14.2 123.8 113.9 109.3 111,8 117.6 119.0 128.3 142.9 118,4 124,2 122.4 Apr.................. 119.9 118.3 117.5 1 14.4 124.0 1 14.0 109.5 1 12.2 118.4 119.0 128.8 143.5 119.0 124.9 122.5 May................ 120.3 118.8 1 17,8 114.6 124.3 115.3 109.5 112.5 119.5 119.1 1 29.2 144.0 119.6 1 25.3 122.6 June................ 120.9 119.1 118.7 114.9 126.1 115.4 109,4 112,9 119.9 119.7 129.7 144.4 120. 1 125.6 123.5 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59= 100) Industrial commodities Proc­ All Farm essed Ma­ com­ prod­ foods chin- Non- Trans­ Period m ti o e d s i­ ucts f a e n ed d s Total T t e il e e tc x s . , ­ H e id tc e . s, F e u tc e . l, C ic e h a t e c ls m . , ­ R b e u e tc r b . , ­ L e b u t e c m r . , ­ P e a t p c e . r, M e a t l e c s . t , ­ e a e q n r u y d i p ­ F t e u u t r c r e n . , i­ t m m al i e l n ic ­ ­ e p t q o io u r n t i a p ­ ­ n c M e e o l i l s a u ­ s ­ ment erals ment 1958 100,4 103.6 102.5 99.5 98.9 96,0 98.7 100.4 (00.1 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 I960 100.7 96.9 100.0 101.3 101.5 105.2 99.6 100.2 99.9 100,4 101.8 101.3 102.9 100.1 101.4 n.a. 101.7 1961 100.3 96.0 101.6 100.8 99.7 106.2 100.7 99.1 96.1 95.9 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 HI.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-—June.................... 106.3 102,4 112.6 106.0 101.6 115.6 104.0 98.5 95.8 104.7 103.9 '108,8 111.6 100.8 103.9 n.a. 109.6 July...................... 106.5 102.8 113.1 106.0 101.5 115.2 103.9 98.3 95,8 105.3 104.1 109,0 111.6 100.9 104.2 n.a. 109.7 Aug...................... 106.1 99,2 112.1 106.3 101.7 114.4 104.7 98.0 97.8 106, 1 104.0 109.2 111.8 101 .0 104,5 n.a. 110.0 Sept...................... 106.2 98,4 112.7 106.5 102.0 114,4 104,5 97,9 98,2 108,7 104.1 109.6 111.9 101,2 104,7 n.a. 110.2 Oct....................... 106.1 97.1 111.7 106.8 102.2 H4.8 103.0 98.2 98.8 107,3 104.3 109.8 112.2 101.7 104.9 n.a. 110.5 Nov...................... 106.2 96.4 110.9 107.1 103.0 115.4 102,8 98,2 99.1 106.7 104.6 110.5 112,6 102.0 105.1 n.a. 110.6 Dec....................... 106,8 98.9 Hl.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 Mar...................... 108.2 102.1 112.9 108.6 104,6 117.9 102.0 98.6 99.7 113.9 105.2 113.8 114.3 103.6 107.3 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 May..................... 108.5 103.6 113.6 108,6 104.8 118.8 102,4 98.7 99.8 117.0 105.5 111.7 115.0 104.0 107.8 n.a. 111.8 June..................... 108.7 102.5 114.6 108.8 105.2 118.7 103.7 98.5 99,9 117.2 104.7 111.7 115.0 103.9 108.3 n.a. 111.8 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ PRICES A-65 WHOLESALE PRICES: DETAIL (1957-59= 100) 1967 1968 1967 1968 Group Group June Apr. May J i. no June Apr. j May ; June Farm products: Pal Pt paper, and allied products: Fresh and dried produce......................... 114.1 1112 0 1 23.6 106.4 Pulp, paper, and products, excluding 104.3 105.7 106 0 105 2 Grains............................................................ 96.1 84 7 86.4 82.0 building paper and board.................. 98.0 98.0 98 0 98 0 I iupefm'k .................... 104 9 1 05 2 105 4 106 2 Woodpulp.................................................... 76.7 96 5 98 2 103 I IL lFV npmuuilitirijv* . , »............................................................................ 85^7 HI 1 85.4 89 6 Wastepaper.................................................. 109.6 112 1 113 5 112 7 Plant apd animal fibers .................. 70 9 76 1 75 8 76 0 Paper. ........................................................... 97.3 91 7 917 90 6 Phtirl milk 121 3 1 26 5 128 3 129 4 Paperboard.................................................. 104.9 106 5 106 4 105 1 Eggs................................................................ 76 J) 82 7 72.6 88 J Converted paper and paperboard.,.. 91.5 92?l 923 92 3 1 anil seeds. ................... 116 6 1 I 3 9 114 1 112 9 Building paper and board..................... Other farm products................................. 100.2 1016 101 .8 101 .6 Processed foods and feeds: Metals and metal products: and hnkprv nmdiicts . 117 2 117 3 117 1 (17 0 Iron and steel............................................ •103.1 r|()5 () 104 9 104 8 Meat poultry and fish......................... 108 3 105 8 107.0 109 8 Steelmill products...................................... M05.5 ’107 7 i 07 9 108 0 Dairy products . ............................. 1 22 2 125 9 178 9 1 28 7 Nonferrous metals.................................... 118.7 ’131 0 1 24 1 12 3 6 Processed fruits and vegetables 106 5 114*6 114.6 1 14 8 Metal containers....................................... III.7 116 9 116 9 116 9 and rAnfpCfiftnnrV 112 7 114 0 114? 116 0 Hardware...................................................... 113.0 116 6 116 7 116 8 Beverages and beverage materials. . .. 106.3 i()(L5 109M 109.4 Plumbing equipment................................ 110.8 114^6 114.6 114.1 Animal fat? Anil fills.......................... 82 4 71 9 66.6 63 5 Heating equipment.................................. 92.5 94 5 94 7 95 3 Crude vegetable oils.................................. 91 7 88 8 92.7 87.5 Fabricated structural metal products. 104,9 107 i 106.7 107 ’ .5 UoGnAd vi»a/»tnble oils 93 5 93 0 98 9 94 4 Miscellaneous metal products.............. 113.7 115 5 115 5 115 7 Vegetable oil end products..................... 101*6 100 2 100.2 100 2 M M i a s n ce u l f l a a c n t e u o re us d p a r n o i c m e a ss ! e fe d e f d o s o .. d .. s ... . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 2 1 2 2 . . 4 6 1 1 1 1 4 7 ,1 0 1 1 1 1 3 7 . . 9 8 1 1 1 1 4 9 .4 5 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip.... 121,8 126.2 126.3 126.5 Construction machinery and equip... 121.9 128.9 129.4 129.4 (lotton products........................................ 99.7 105 2 104.9 104.7 Metalworking machinery and equip.. 123.6 127 6 128 0 128 2 Wool products............................................ 103.2 103 0 103.5 103 8 General purpose machinery and madi* fih<*r tpvtilp nmdncfs 8^ 8 89 3 89 7 89 9 equipment............................................... 113. 1 116 8 117 0 117 1 ^ilk yarns...................................................... 1 67 0 189 7 183.8 184 0 Special industry machinery and Apparel-.--................................................ 106.7 109,3 109.4 1 Uh 1 equipment (Jan. 1961= 100)............. 116.1 121 6 121 8 121 9 '['CKtile bf"i^furnishings............................. 105 .1 110 7 110.6 110 6 Electrical machinery and equip............ 101.8 103 0 102 9 102. 7 M iscel 1 inions t^vfde products. J DM) 1 10. 1 1 10.1 1 1 7 4 Miscellaneous machinery....................... 109, 1 1 13.0 114.2 114 1 [[Ides, skins, leather, and products: Furniture and household durables: Hides and skins.......................................... 95 8 95 6 98.2 95 1 I Anther. 110 2 1115 112.5 112 8 Household furniture................................ 112.4 116 2 116 9 117 0 Footwear-.-----■--------------.-- 1 2.1 5 1 26 6 127.0 127 1 Commercial furniture.............................. 111.9 114 5 115 I 115 6 CWhnr leather nmdiirts . in 3 1125 112.5 11'2:6 Floor coverings.......................................... 93.1 95 2 95 1 95 0 Household appliances.............................. 90.0 9 7 7 92 2 92 0 Fuels and related products, and power: Home electronic equipment.................. 82.0 81 .8 81.8 81,3 Other household durable goods.......... 115.9 1 24 5 1 24 5 1 74 s Coal................................................................ 102.4 105.4 105.2 105.3 C Ga o s k e fu ... e .. l . s .. .. ( . J .. a .. n ... . . .. 1 ... 9 .. 5 .. 8 ... = .. .. 1 ... 0 .. 0 ... ) .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 3 1 4 2 . . 3 0 1 I 2 1 5 7 . . 0 0 1 1 2 1 3 7 . . 6 0 1 1 2 1 3 7 .0 3 Nonmetallic min oral products: Electric power (Tan. 1958= 100)........... 100 5 101 3 101 .3 101 3 98 3 99 0 99 0 99 3 Flat glass..................................................... 103.3 109 4 109 4 110 5 Petroleum products refined 103 J 100 3 10<L5 103.1 Concrete ingredients................................ 105.9 i 09 0 109 1 109 3 Concrete products..................................... 105.7 107^5 107’6 108.2 Chemicals and allied products: Structural clay products excluding refractories.............................................. 109.7 112 1 112 5 112 3 Fn/liictrinl chpmicals 97 9 98 8 99 0 98 6 Refractories................................................. 104,9 112 5 112 5 112 5 Prrnarpd nninf .... 108 8 114 4 114 4 114 4 Asphalt roofing.......................................... 88.3 97 6 nA 7 Paint materials 91 0 92 5 92 4 92 4 Gypsum products..,.............................. 100,9 105 I 105 1 105 | I9rugs and pliarmaevHti^aR * * - 94 1 93 4 91 4 93 5 Glass containers........................................ 101.0 106 3 109 7 109 H Fats and oils, inedible.............................. 79.5 80.9 78^4 72 8 Other nonmetallic minerals................... 102,2 101 ’ 8 103 7 105 1 Agricultural chemicals and products.. 105.1 101.6 101.6 101.3 Flastic rebins and materials.............. 90 3 83 7. 82 3 81 0 Other chemicals and products. ...... 108’5 109’8 110.0 110 5 Transportation equipment; Rubber and products: Motor vehicles and equipment............ 101 .4 104 3 104.2 104 5 Railroad equipment (Jam 1961= JOO). 102,9 J 05.4 105.4 1 05.4 Crude rubber............................................... 86 2 84 1 84.5 85 2 Tires and tubes........................................... 94 0 98 7 98.7 98 7 Miscellaneous rubber products............. I0I 5 106.9 106.9 106 9 Miscellaneous products; [.umber and wood products: Toys, sporting goods, small arms, ammunition............................................ 105.3 108.1 108.2 108 2 Lumber.......................................................... 108,0 123.6 125.3 125 0 Tobacco products. ................................... 114.8 114.9 114.9 114 9 Millwork...................................................... 11 1 .7 1 16.6 117,8 118 3 Notions......................................................... 100.8 105.7 108.1 (08 1 Plywood........................................................ 87.6 97 3 97.3 98 2 Photographic equipment and supplies 110. 1 114 9 113.8 113 8 Other wood products (Dec. 1966= 100) 102.0 106.1 106.3 106.3 Other miscellaneous products.............. 108.0 110.4 1 10.6 110^6 Noth.—•Bureau of Labor Statistics indexes as revised in Mar. 1967 to classification changes. Back data not yet available for some new classi­ incorporate (I) new weights beginning with Jan. 1967 data and (2) various fications. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-bb NAIIOINAL ™UUUI AINU INUUMt □ AUUUbl iybd GROSS NATIONAL PRODUCT (In billions of dollars) 1967 1968 I rem 1929 1933 1941 1950 1963 1964 1965' 1966’- 1967' II' III’ IV' 1 11" Gross national product 103.1 55.6 124.5 284.8 590.5 632.4 684.9 747.6 789.7 780.2 705.3 811.0 831.2 850.8 Final purchases'............. 101.4 57.2 120.1 278.0 584.6 626.6 675.3 732.8 783.6 778.0 789.9 802. 7 829. 1 842.5 Personal consumption expenditures, 77.2 45.8 80.6 191.0 375.0 401.2 432.8 465.5 492.2 490.3 495.5 502.2 519.4 527.1 Durable goods.................................. 9.2 3.5 9.6 30.5 53.9 59.2 66.3 70.5 72.6 73.4 73. 1 74.2 79.0 81.0 Nondurable goods........................... 37.7 22.3 42.9 98.1 168.6 178.7 191.1 206.7 215.8 215.3 216.4 218.4 226.5 227.9 Services................................................ 30.3 20.1 28.1 62.4 152.4 163.3 175.5 188.3 203. ft 201.6 205.9 209.6 213.9 218.2 Gross private domestic investment......... 16.2 1.4 17.9 54.1 87.1 94.0 I0H. 1 120. K U4.3 107.6 LU.7 121.8 119.7 126 1 Fixed investment..................................... 14.5 3.0 13.4 47.3 81.3 88.2 98.5 106. / 108. 2 105.4 109.3 113.5 117.6 H7. 7 Nonresidentlal...................................... 10.6 2.4 9.5 27.9 54.3 61.1 71.3 81.3 83. 6 82. 7 83.3 85.0 88.6 87.6 Structures......................................... 5.0 .9 2.9 9.2 19.5 21.2 25.5 28.5 27.9 27.2 27.7 27. 7 29.6 28.0 Producers’ durable equipment.. 5.6 1.5 6.6 18.7 34.8 39.9 45.8 52.8 55.7 55.5 55.6 57..1 59.0 59.6 Residential structures....................... 4.0 .6 3.9 19.4 27.0 27.1 27.2 24.8 24.6 22.7 26.0 28.5 29. 1 30. 1 Nonfarm........................................... 3.8 .5 3.7 18.6 26.4 26.6 26.7 24.3 24.0 22. 1 25.4 27.9 2«. 5 29.5 Change in business inventories......... 1.7 -1.6 4.5 6.8 5.9 5.ft 9.6 14.7 6. 1 2.3 5.3 8.3 2. 1 8.4 Nonfarm............................................... 1.8 -1.4 4.0 6.0 5.1 6.4 8.6 14.9 5.6 2.2 4.8 7.1 1.6 8. 1 Net exports of goods and services, 1.1 .4 1.3 1.8 5.9 8.5 6.9 5. 1 4.8 5. 1 5.4 3.4 1.5 2.0 Exports............................................. 7.0 2.4 5.9 13.8 32.3 37.1 39.2 43. 1 45.ft 45.5 46.1 46.0 47.5 49.4 Imports............................................. 5.9 2.0 4.6 12.0 26.4 28.6 32.3 3ft. 1 41.0 40.4 40.6 42.6 46.0 47.4 Government purchases of goods and services. - M.S 8,0 24.8 37.9 122.5 128.7 137.0 156.2 178.4 177.3 179.6 183.5 190.5 195.6 Federal..........1.....3...........2.....0.........1..6.....9.........1...8....4........6..4.2 65.2 66.9 77.4 90.6 90.0 91.3 93.5 97. 1 100.0 National defense............................................. 13.8 14.1 50.8 50.0 50. 1 60.6 72.4 72. 1 72.9 74.6 76.8 19.3 Other.................................................................... 3 1 4.3 13.5 15.2 16. H 16. ft 18.2 17 9 18.4 19.0 20.3 20.7 State and local...................................................... 7.2 6.0 7.9 19.5 58.2 63.5 70. 1 78. H 87.8 S7.2 88.4 90.0 93.4 95.7 ......... Gross national product in constant (1958) dollars............................................................... 203.6 141.5 263.7 355.3 551.0 581.1 617.8 657. 1 673. 1 669.2 675.6 681.8 692.7 701.7 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. For hack data and explanation of series, sec the Survey of Current Business, July 1968, and Supplement, Aug. 1966. NATIONAL INCOME (In billions of dollars) 1967 1968 Item 1929 1933 1941 1950 1963 1964 1965' 1966’' 1967’ II' III' IV' 1’ 11" ______ — National income. 86.8 40.3 104.2 241.1 481.9 518.1 564.3 620.8j 652.9 645. 1 656.9 670.9 688.1 Compensation of employees 51.1 29.5 64.8 154.6 341.0 365.7 393 8 435.6 468.2 461.8 471.5 482.7 496.8 506.8 Wages and salaries... 50.4 29.0 62.1 146.8 311.1 333.7 358.9 394.6 423.4 417.6 426.3 436.4 448.3 457.4 Private........................ 45.5 23.9 51.9 124.4 251.6 269.4 289.6 316.91 337.1 332.8 339.4 346.0 355.7 362.7 Military...................... .3 .3 1.9 5.0 10.8 II.7 12. 1 14.6 16.3 15.9 16. 1 17.1 17.5 17.ft Government civilian 4.6 4.9 8.3 17.4 48.6 52.6 57. 1 63. 1 70.0 68.8 70. ft 73.3 75.2 76. Supplements to wages and salaries...............7... .5 2.7 7.8 29.9 32.0 35.0 41.! 44.8 44.2 45.2 46.2 48.4 49.4 Employer contributions for social in­ surance ..............1................1...........2.....0...... 4.0 15.0 15.4 16.2 20.2 21.5 21.3 21.6 22. 1 23.5 23.7 Other labor income........................................ .6 .4 .7 3.8 14.9 16.6 18.7 20.8 23.3 22.9 2.1.7 24.2 25.0 25.7 Proprietors* income.................... 15.1 5.9 17.5 37.5 51.0 52.3 57.3 60.7 60.7 60.5 61.2 61.1 61.8 62.6 Business and professional. . 9.0 3.3 1 l.l 24.0 37.9 40.2 42.4 44.8 46.3 46. 1 46.6 46.8 47.2 47.ft Farm........................................... 6.2 2.6 6.4 13.5 13.1 I2.( 14.8 15.9 14,4 14.4 14.6 14.3 14.6 14.ft Rental income of persons 5.4 2.0 3.5 9.4 17.1 18.0 19.0 19.8 20.3 20.2 20.4 20.5 20.7 20.9 Corporate profits and inventory valuation adjustment........................................1..0.....5.......-..1....2 15.2 37.7 58.9 66.3 76.1 83.9 80.4 79.6 80.2 82.3 83.ft ......... Profits before tax............... 10.0 1.0 17.7 42.6 59.4 66.8 77.8 85.6 81.6 80.3 80.8 85.4 88.9 Profits tax liability......... 1.4 .5 7.6 17.8 26.3 28.3 31.3 34.6 33.5 33.0 33.2 35. 1 39.8 Profits after tax.............. 8.6 .4 10.1 24.9 33.1 38.4 46.5 51.0 48.1 47.3 47.6 50.3 49.1 Dividends.................... 5.8 2.0 4,4 8.8 16.5 17.8 19.8 21.7 22.9 23.2 23.5 22.5 23.6 24.4 Undistributed profits 2.8 -1.6 5.7 16.0 16,6 20.6 26.1 29.3 25.2 24.1 24. 1 27.9 25.5 ......... Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -.5 -•.5 -1.7 -1.7 -1.2 -.7 -.6 -3. 1 -5.1 -2.6 Net interest. 4.7 4.1 3.2 2.0 13.8 15.8 18.2 20.8 23.3 22.9 23.6 24.3 25.0 25.1ft 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

AUGUST 1968 □ NATIONAL PRODUCT AND INCOME A-67 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME SAVING (In billions or dollars) 1967 1968 Item 1929 1933 1941 1950 1963 1964 1965' 1966' 1967'' IP IIP IV r II f 103.1 55.6 124.5 284.8 590.5 632.4 684.9 747.6 789.7 780.2 795.3 811.0 831.2 850.18 Less: Capital consumption allowances........... 7.9 7.0 8.2 18.3 52.6 56.1 59.8 64. 1 69.2 68.4 70.0 71.1 72.3 73.*7 Indirect business tax and nontax lia­ bility........................................................ 7.0 7.1 11.3 23.3 54.7 58.4 62. 5 65.3 69.6 69.0 70. i 71.2 72.8 74.*7 Business transfer payments..................... .6 .7 .5 2.3 2.5 2.7 3.0 3. 1 3. 1 3.2 3.2 3 2 3. Statistical discrepancy................................ .7 .6 .4 I .5 — .3 --1.3 3.1 -3.3 ■3.5 -3.8 - - 3.4 -4.2 -4 7 Plus: Subsidies less current surplus of gov­ ernment enterprises............... -.1 . 1 .2 .8 1.3 1.3 2.3 1.6 1.6) 1.5 I. 3 5 6 Equals: National income........................................ 86.8 40.3 104.2 241.1 481.9 518.1 564.3 620.8 652.9 645.1 656.9 670.9 688. 1 Less: Corporate profits and inventory valu­ ation adjustment................... 10.5 - 1.2 15.2 37.7 58.9 66.3 7<>. 1 83.9 80.4 79.6 80.2 82.3 83.8 Contributions for social insurance. ... .2 .3 2.8 6.9 26.9 27.9 29.6 38.0 41.9 41.6 42. 1 43.0 45.8 46. Excess of wage accruals over disburse­ ments...................................................... Plus: Government transfer payments.............. .9 1.5 2.6 14.3 33.0 34.2 37.2 41.0 48.6 48.3 48.9 49.7 52.5 55.(0 Net interest paid by government and consumer............................................... 2.5 1.6 2.2 7.2 17.6 19.1 20.5 22.3 23.6 23.2 23.5 24.2 24.9 25.6 Dividends...................................................... 5.8 2.0 4.4 8.8 16.5 17.8 19.8 21.7 22,9 23.2 23.5 22.5 23.6 24.'4 Business transfer payments..................... .6 .7 .5 .8 2.3 2.5 2.7 3.0 3. 1 3. 1 3.2 3 2 3.2 3 Equals* Personal income........................................ 85.9 47.0 96.0 227.6 465.5 497.5 538.9 586.8 628.8 621.6 633.7 645.2 662.7 678.10 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.7 60.9 59.4 65.7 75.3 82.5 80. 1 83.6 85.6 88.3 9i. Equals: Disposable personal income......... 83.3 45.5 92.7 206.9 404.6 438.1 473.2 511.6 546.3 541.5 550.0 559.6 574.4 586 . <4 Less ■ Personal outlays........................................... 79.1 46.5 81.7 193.9 384.7 41 1.9 444.8 478.6 506,2 504.5 509.5 516.1 533.5 541 .<4 Personal consumption expenditures.. 77.2 45.8 80.6 191.0 375.0 401.2 432.8 465.5 492.2 490.3 495.5 502.2 519.4 527. Consumer interest payments............ 1.5 .5 .9 2.4 9. 1 10.1 11.3 12.5 13.1 13.1 13.2 13.3 13.4 13.( Personal transfer payments to for­ eigners ............................................... .3 .2 .2 .5 .6 .6 . 7 .6 .8 1.2 .8 .7 .7 7 Equals: Personal saving......................................... 4.2 -.9 11.0 13.1 19.9 26.2 28.4 32.9 40.2 37.0 40.5 43.4 40.8 45.(0 Disposable personal income in constant (1958) dollars................................................................ 150.6 112.2 190.3 249.6 381.3 407.9 435.0 459.2 478.0 476.3 479.5 483.7 491.8 496 Non:.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted quarterly totals at annual rates. See also Note to tabic opposite. PERSONAL INCOME (In billions of dollars) 1967r 1968 r Item 1966 r 1967'' June July Aug, Sept. Oct. Nov. Dec. Jan. I’eb. Mar. Apr. May June '* Total personal income.............................. 586.8 628.8 625.8 629.8 634.2 637.0 6.18. 0 644.9 652.6 654.9 663.0 670.0 672.7 678.3 683 1 Wane and salary disbursements. ..’... 394.6 423.4 420.7 423.4 426.6 428.8 429.6 435-4 444.2 443.0 449.7 452.2 453.2 457.5 461 5 Commodity-producing industries... 159.4 166.6 164.7 165.9 167.7 167.8 167.6 171.0 173.0 173.1 176.6 177.0 176.7 179.3 180. 1 Manufacturing only.......................... 128.0 J 34. 1 133.0 133.3 135.3 135. 1 134.8 137.5 139. 1 140.0 141.6 142.2 141.6 144.3 145.7 Distributive industries........................... 93.9 100.5 100.5 100.9 101.2 102. 1 102.4 103. I 103.8 104.5 105.9 106.5 106.9 107.4 109.0 Service industries.................................. 63.6 70.0 70.0 70.4 70.8 71.3 71.6 72.3 73.2 73.6 74.6 75.2 75.5 76. 1 77. 1 Government........................................... 77.7 86.3 85.5 86.3 86.8 87.6 88. 1 89.0 94.2 91.9 92.6 93.4 94.2 94.7 95.3 Other labor income.................................. 20.8 23.3 23. 1 23.4 23.7 23.9 24.0 24.2 24.4 24.7 25.0 25.2 25.5 25.7 26.0 Proprietors’ income.................................. 60.7 60.7 60.9 60.8 61.2 61.5 60.7 61.1 61.3 61.5 61.8 62.3 62.4 62.6 62.7 Business and professional.................. 44.8 46.3 46.5 46.5 46.6 46.7 46.5 46.8 47.0 47. 1 47.2 47.5 47.6 47.8 47.9 Farm.......................................................... 15.9 14.4 14.4 14.3 14.6 14.8 14.2 14.3 14.3 14.4 14.6 14.8 14.8 14.8 14.8 Rental income............................................ 19.8 20.3 20.3 20.3 20.4 20.4 20.5 20.5 20.6 20.6 20.7 20.7 20.8 20.9 20.9 Dividends..................................................... 21.7 22.9 23.0 23.5 23.5 23.4 23.2 23. 1 21. 1 23.2 23.6 23.9 24.3 24.7 24.3 Personal interest income......................... 43.1 46.8 46.4 46.8 47.2 47.6 48.0 48.5 49.0 49.4 49.8 50.2 50.7 51.2 51.8 Transfer payments.................................... 43.9 51.7 51.8 52.0 52.2 51.9 52.6 53.0 53.2 54.5 54.9 57.8 58. 1 58.2 58.5 Less: Personal contributions for social insurance.................................................. 17.8 20.4 20.3 20.5 20.6 20.5 20.7 20.9 21.2 22. 1 22.4 22.4 22.4 22.6 22.7 Nonagricultunil income............................ 566. 1 609.3 606.5 610.5 614.4 617.1 618.8 625.4 633.0 635.1 643.1 649.9 652.5 658. 1 662.9 Agriculture income.................................... 20.7 19.5 19.3 19.3 19.8 19.9 19.2 19.5 19.6 19.8 20.0 20. 1 20. 1 20.2 20 2 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals ut annual rates. See also Note Io table opposite. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR FIRST QUARTER, 1968—SEASONALLY ADJUSTED ANNUAL RATES (In billions of dollars) Private domestic nonfinancial sectors Financial sectors Rest of Sector H h o o u ld s s e­ B n u es s s i­ an g S d o t v a lo t t s e c . al Total Govt. Total Mo a n u e th ta . ry C ba o n m ks l, N f o in n a b n a c n e k w t o h r e ld sectors Di a s n c c re y p­ an s d N a i v n a i v t n l e . g s t­ - .... ment Transaction category u s U S U S U S U S U S U S U 8 U S U S u I Gross saving............................... .. 158.6 .......... 77.6 , -6.1 216.1 .......... -9.9 . 2.2 .......... 2.7 ........... 1.6 ........ 204.0^..........2...0..2....4.. ..... 1 2 3 C N a e p t i s ta av l i c n o g n ( s 1 u — m 2 p ) t . i . o .. n ... . . . . . . . . . . . . . . . . . . . . . . . . . . . ......... . e 16 i .1 5 .......... —6 1 .......... . 1 7 3 5 5 . . 1 0 . ... -99 .......... 1 1 . 0 3 .......... * .......... n r* 20 . . . .. . -1. . 1 6 .......... 1.6 136 3i .. . 1 .6 3 6 6 2 2 . 2 3 4 Gross investment (54-1$)......... 128.8 .......... 73.6 ........ 196.1 ......... -3.6......... -.9......... * -2.5 2.4.......... 189.1 . . 14.9........196.3 4 5 Private cap. expend., net......... 1M.I ........ 9S.9........ 197.9 .9 .4.......... .5......... 198.8 ......... 5.3....... ...198.8 .. 5 6 Consumer durables.............. 79 0 - - - 79.0 .. . 79 0 . . 79 0.... 6 7 Residential constr................ 21 5.......... 7.6.......... 29.1.......... 29.1.......... ....29.1.- 7 8 Plant and equipment........... 3 5.......... S7.7 ... . 9.......... .4.......... 88.6 .... 2 1.......... 2.1.......... 2 1........ ...21.... 9 10 Net financial invest. (11 — 12). 24.8.......... -20.9 ..........-8.6 -1.7.......... 1.2 -3.0.........2..4.......... -9.7......... . 9.7........ . -2.4 10 11 Financial uses, net..................... 34.1.......... §.2 88.9.......... 28.9 ....... 64.5......... 4.3......... 22.4.......... 37.8.......... 12.1 ..1..9..4....4 -....... 9.7-... 11 12 Financial sources......................... ......... 20. S .......... 54.9 . . 14.9 ......... 90.7 ........ 37.5 ........ 66.2 .......... 4.2 .......... 21.2 ......... 40.8 .......... 9.7 .......... 204.1 ........12.1 12 13 Gold & off. U.S. fgn. exch.. .. . 3.4 . -6.2.......... -6.2 .... 9 6 9 6 ......................... 13 14 Treasury currency.................. a ........................ 7 9* 9 ........ 14 15 Dem dep and currency... — 7 9 .......... 19 -82 -79 16 Private domestic................ -14.8.......... 7 7 . 1.0 ... . -6.1.......... ....................... 4.4 -.7 4 6 .......... -5.2 4 4.......... — 1.7 —.7 1 1 ....................... 16 17 U.S. Govt............................. 5 4 -62 . 3 0 - -3 9 -5.4 -6.2 17 18 Foreign................................ ... -10 .......... 4 ' . -14 —i. o . . .. -1.0 . . 18 19 Time and svgs. accounts... 30 6 ........ ....................... 32.6.......... .3 32.4 .3 .. • • ........ 32.4 ....................... 19 20 At com!, banks.................. 18.2.......... .5 • • 15.......... 20.2 ........ .3.......... .1 19.8*........................ .. ... 19.S ........ 19.8 ......................... 20 21 At svgs. instit...................... 1’ 4 . 12.4 . .2 12.6 9 12.6 12.6 21 22 Life insnr. reserves........ ........ .1 ........... 5.1 .......... 5.1 .......... 5.2 ......................... 22 23 Pension fund reserves........... 143 ... 4 4 14.3 4 4 1 3 ... 8.6 ........ 8.6 14 3 23 24 Consol, bank items1 .......... ..................... 5.0 9 9 5.0 .......... 24 25 Credit mkt. instr.................... 17 0 23.0 10.7 31.2 6.S 10 4 34.6 64.6 14.0 34.7 65.0 12.9 4.S 26.1 *; 34.1 12.9, 3.1 4.41 26 U.S. Govt, securities.... 9.1.......... 6 9.......... 7 . 16 8 . . 34 7 18 3.......... 5.1 8 6. . - •!. 47 ....' — .4.......... . 34 71 26 27 State and local oblig.......... 4 3 --- - - 4 10 0 4.6 10.0 5.3.......... .......... 10.0! 07 2 2 3 8 9 0 C C 1 - o o to r r p p 4 , , - a s f n a to d m c k f i o l s y r . e . m .. ig .. o . n . r . t .. b g .. o a .. g . n .. d e .. s s ... . . . 1 1 . 8 7 1 1 • ■ 4 • 7 - • . . . . . . .. ...... 1 - 1 1 . 2 3 2 6 0 7 1 1 . . . 1 3 8 1 1 1 4 1 . . . 3 5 2 ...... 3 .. . . 5 ... ...... . . . .. . . . . 1 5 0 . . 6 0 6 3 9 ...................... 3.4.......... * . i : 6.6 .3 1 1. . 1 7 IT .21 ! ......... . . 1 1 8 4 4 . . 1 4 s , i ............... . ... . .. . ... . .. 2 2 3 8 9 0 31 Other mortgages................ . 9 . S 4 . 9.3 1.1.......... 8.2 . .. . 9.3 31 8 3 2 2 2.2 8.3 ................... 3.9.......... 2 3 ........ 8 3' 32 33 Bank loans n.e.c........ .......... -2.4 .......... 4.8 9.5 4! .1 2.4........... ......................4 . .. . -.4 ........ 2.5. .......... 33 34 Other loans......................... .......... 1.4 .9 5.8 .9 7.6 3.6 3.S -.3.......... .9...........■ 3.0 3.Sj ..77 -3..121i 14.7 14.6.... - .1 . . ......................... 34 35 Open market paper... 9 2 8 .9 2.S' 9 - .2 -.3........ 9...........• .3 -.2 . 35 36 Federal loans................. .. .2 . . . . 4 9 9 94 .... ......... 4 0 ... . 4.0; ... . 3.3' 9.4 ..................... ' 1 -2 7 -3.4' 37 Security credit......................... - 4 -2.6 - 4 -2.6 .........5....7... ..-3 4 -3 0 . . . .1 -.r ............. 37 38 To brkrs and dealers.... — 4 ... - 4 -3.0 -3.4 -3.4i .3 -3.4i . . -3 4l . 38 39 To others ......................... -2 6 . -2 6 .4...........’ ■31. .......... -.1; . 39 40 Taxes payable......................... - 1 15.3 ... .3; 15.9 16 1 . .2. . . 40 10 9 12 0 1 10.9 12.2 9 -11 .3 . ........................1 3...........• 12 1 11 2 -1 0 41 4 4 3 2 E M q is u e it , y f i i n n a n n o c n ia c l o t r r p a , n b s u .. s .. i . n .. e .. s .. s .. . . 2.4 .3 ........ 4 .... .2 . -8 5 . . 6 0 -8 6 . . 6 6 -8 5 . . 6 3 -.3 1.5 -’i ii.s .......... 1.5 -1.6 5.9 1.5 4.5. 5.2 2.7 11.3 21.4 . io.i... . ....... . . .. ... . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 3 2 44 Sector discrepancies (1 - —4)... 9.7.......... 4.6.......... -.4 ... 14.0 . . . .’ -1.3 .. .. 3.1 . .........................i 1.1 . . . , 2.0 . — .8 . ... 14.9...........’ . ..14.9. . . ... 6.1.... 44 A-68 1 Claims between commercial banks and monetary authorities: member bank reserves, vault cash, F.R. loans to banks. F.R. float, and stock at F.R. Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ FLOW OF FUNDS A-69.1 2. SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1966 1967 1968 Transaction category, or sector 1963 1964 1965 1966 1967 I II in IV 1 II nr IV 1 I. Saving and investment 1 Gross national saving............................. 144. 5 160.3 181.6 196.7 192. 1 192.4 195.2 196.7 202.5 188.2 185.8 193.2 200.2 202.4 1 2 Households.......................................... 85.8 98.3 108.9 1 18.6 129.6 1 16.2 1 14.2 1 18.5 125.3 125.3 125.4 129.6 137.1 1 38.6 2 3 Farm and noncorp, business......... 13.5 14.5 15.2 15.9 16.8 15.3 15.7 15.7 17.0 17.1 17.0 17.0 16.2 17.3 3 4 Corporate nonfin. business............ 43.9 50.5 56.6 61.1 61.5 59.2 60. 1 61.0 63.9 60.2 60.6 61.8 63,5 60.4 4 5 U.S. Government.............................. -.6 -4.3 - . 1 -.6 -14.1 .7 2.2 -1.4 -4.0 -12.7 -15.3 -14.1 - 14.3 -9,9 5 6 State and local govt.......................... -1.5 - 1.4 -2.4 --2.7 -5.6 - 2.6 2.1 2.3 -J. 7 -5.7 -6.7 -5.3 -4.6 6.1 6 7 Financial sectors............................... J. 5 2.7 3.5 4.5 3.8 3.6 5. 1 5. 1 4. 1 4.0 4.7 4.3 2.2 2.2 7 8 Gross national investment.................... 143.8 158.0 178.2 193. 1 188.1 190.1 190.8 193.6 197.8 184.4 179.4 190.7 196.8 196.3 8 9 Consumer durable goods................ 53.9 59.2 66.3 70. 5 72.6 71.6 68.2 71.0 71.1 69.8 72.4 73. 1 74.2 79.0 9 10 Business inventories......................... 5.9 5.8 9.6 14.7 6. 1 10.9 15.4 12.8 19.8 8.4 2.3 5.3 8.3 2. 1 to 11 Gross pvt. fixed investment........... 81.3 88.2 98.5 106. 1 108.2 105.9 105.6 107.0 105.9 104.6 105.4 109.3 113.5 117,6 1 1 12 Households.................................... 22.4 23.0 22.9 21.5 20.3 23.2 22.4 21.5 18.9 17.6 18.4 21.5 23.6 25.0 12 13 Nonfinan. business....................... 57.9 64.3 74.8 83.6 87.0 81.7 82.2 84.6 86.0 86.2 86. 1 86.7 88.9 91.8 13 14 Financial sectors............................ 1.0 .8 1.0 .9 1.0 1.0 1.0 1.0 .8 .8 1.1 .9 .9 14 15 Net financial investment.................. 2.8 4.7 3.7 1.8 1.2 1.8 1.6 2.8 1.0 1.6 - .6 2.9 .7 -2.4 15 16 Discrepancy (1-8)................................... .6 2.3 3.5 3.6 4.0 213 4.5 3.0 4.7 3.8 6.4 2.5 3.4 6.1 16 II, Financial flows—Summary 17 Net funds raised—Nonfinan. sectors. 58.5 67.0 72.3 69.9 83.1 84.1 83.2 62.6 49.9 74.3 44.3 104.6 108.9 103.7 17 18 Loans and short-term securities .... 19.0 26.4 33.1 27.4 27.2 26.4 22.7 30.7 29.8 33.8 - 16. 1 46.8 44.2 51.1 18 19 Long-term securities and mtgs........... 39.5 40.6 39.2 42.5 55.9 57.6 60. 5 31.9 20.0 40.6 60.4 57.8 64.7 52.6 19 By sector 20 U.S. Government,................................ 5.0 7.1 3.6 6.3 12.7 10.8 6.7 4.9 2.9 8.0 -21.3 34.7 29.2 34.7 20 21 Short-term mkt. securities.............. 1.4 4.0 3.5 6.4 -1.5 -7..1 7.6 10. 1 9.9 -35.7 30.9 20.7 29.9 21 22 Other securities.................................. 3.6 3.0 4. 7 6.2 12..) I4. I ■2.7 ■■■7.2 - 1,9 14. 5 3.9 8.5 4.8 22 23 foreign borrowers................................. 3.3 4.4 2.6 1.5 4.0 2.7 2.5 -.4 1,2 5.5 3.7 3.9 2.8 4.4 23 24 Loans.................................................. . 3.7 1.9 1.0 2.7 1.3 2.3 -.4 1.0 4.5 2.7 2.2 1.4 2.8 24 25 Securities............................................... T. i .7 . 8 . 5 1.3 1.4 1.0 1.0 1.6 1.4 1.6 25 26 Pvt. domestic nonfin. sectors............. 50.2 55.5 66.0 62.0 66.4 70.5 73.9 58.0 45.7 60.8 61 .9 66.0 76.9 64.6 26 27 Loans..................................................... 15.5 18.7 27.7 24. 1 18.0 26.6 27.8 23.4 18.7 19.4 16.9 13.7 22. 1 18.4 27 28 Consumer credit............................. 7.3 8.0 9.4 6.9 4.4 9. J 7.0 6.8 4.6 4. 1 4.0 4.9 4.8 8.3 28 29 Bank loans n.e.c.............................. 3.4 6.5 15.6 9.8 9. ! 9.5 15.5 9.0 5.2 6.7 11.7 3.8 14.4 2.5 29 30 Other hans....................................... 2.7 4.1 4. 7 7.4 4.5 7.8 5.3 7.7 9.0 8.6 1.3 5. 1 2.9 7.6 30 31 Securities and mortgages................ 34.7 36.9 38.3 37,9 48.4 43.9 46. 1 34.6 27.0 41.4 44.9 52.3 54.8 46.2 31 32 State and heal obligations.......... 6.7 5.9 7.3 6.0 10.1 6.3 6.9 4.6 6.1 10.3 11.5 7.5 11.2 10.0 32 33 Corporate securities....................... 3.6 5.4 5.4 11.4 17.4 12.2 15.5 11.3 6.6 14.3 15.8 21.4 18.1 12.5 33 34 1- to 4-family mortgages.............. 15.2 15.7 16.2 11.0 11.5 14.2 12.5 9.1 8. 1 8.9 8.3 13.7 15.1 14.5 34 35 Other mortgages............................. 9.3 10.0 9.4 9.6 9.4 11.3 11.2 9.6 6.2 7.9 9.3 9.8 10.4 9.3 35 36 Net sources of credit (= line 17)... . 58.5 67.0 72.3 69.9 83.1 84.1 83.2 62.6 49.9 74.3 44.3 104.6 108.9 103.7 36 37 Chg. in U.S, Govt, cash balance.. -.4 .2 -1. 0 -.4 1.2 -3.3 6.7 -6.2 1.2 .5 — 14.8 13.4 6.8 -5.9 37 38 U.S. Govt, lending....................... 2.7 3.8 4.7 7.9 4.5 11.1 10.0 7.8 2.8 6. 1 -.8 5.0 8.0 14.0 38 39 Foreign funds...................................... 1.9 2.5 . 8 -.9 5.4 -1.5 4.4 -5.3 -1.2 1.4 8.3 2.4 9.4 1.6 39 40 Pvt. insur. & pension reserves... . 10. 1 II . 1 11.6 12.8 13.2 12.8 10.8 13.1 14.5 12.2 12.4 14.0 14, 1 13.7 40 41 Sources n.e.c........................................ 4.7 5.7 7. 1 7.7 5.8 11.3 6. 1 14. 1 -.8 1.8 6.0 11.5 3.9 16.1 41 42 Pvt. domestic nonfin. sectors......... 39.5 43.8 49.0 42.8 53.0 53.6 45.2 39.0 33.5 53.3 33.1 58.5 66.9 64.2 42 43 Liquid assets................................... 37.4 33.0 43.4 23.9i 49.1 33.3 21.8 18.5 22. 1 54.4 38.4 58.7 44.8 47.9 43 44 Deposits....................................... 34.4 35.3 40. 4 22.71 50.9 29. 1 24.6 15.8 21.2 61.5 51.7 56.2 34. 1 27.5 44 45 Demand dep, and currency 5.9 6.5 7.7 2.9 12.0 4.0 1.6 -.5 6.5 10.8 10.6 15.2 1 1. 1 -5. 1 45 46 Time and svgs. accounts., , 28.5 28.8 32.7 19.8 39.0 25. 1 2.1.0 16.4 14.6 50.7 41.0 41.0 23.0 32.6 46 47 At commercial banks.... 13.4 13.0 19.5 12.5 22.4 15.4 m. / 11. 1 5.4 33.8 20.4 23.0 12.3 20.2 47 48 At savings Inst it................ 13.1 15.8 13.2 7.3 16.6 9.8 4.9 5.3 9.3 16.9 20.6 18.0 10.7 12.4 48 49 Short-term U.S. Govt. sec.. . 3,0 -2.3 3.0 1.2 -1.8 4.2 -2.9 2.7 .9 -7. 1 -13.3 2.5 10.6 20.4 49 50 Other U.S. Govt, securities.., . 1.7 3.1 . 1 6.8 -1.2 5.2 J 4.5 .1.3 4.3 -11.2 - 3.9 -.1.3 13.7 -3.6 50 51 Pvt. credit mkt. instruments .. . 2.3 7.5 5.9 1 1.9 7.2 15.4 10.5 I 5.4 6.5 9.6 1.2 6.2 11.9 17.8 51 52 Less security debt......................... 2.0 - . 2 .3 -.2 2.2 .3 1.5 - 1.9 -.6 -.5 2.5 3.1 3.5 -2.1 52 IL Direct lending in credit markets 53 Total funds raised.................................. 58.5 67.0 72.3 69.9 83. 1 84.1 83.2 62.6 49.9 74.3 44.3 104.6 108.9 103.7 53 54 Less change in U.S. Govt. cash. .. . -.3 .2 -1.0 -.4 1.2 -3.3 6.7 -6.1 1.2 -.6 - 14.9 13.4 6.7 ■6.2 54 55 Total net of U.S. Govt, cash............. 58.8 66.8 73. 3 70,3 81.9 87.3 76.4 68.7 48.7 74.9 59.1 91.2 102.2 109.9 55 56 Funds supplied directly to cr. mkts.. 58.8 66.8 73.3 70.3 81.9 87.3 76.4 68.7 48.7 74.9 59. 1 91.2 102.2 109,9 56 57 Federal Reserve System.................. 2.6 3.2 3. « 3.3 3.9 2.5 - . 1 6.6 4.2 2.9 -.3 7.9 4.5 7,9 57 58 Total.................................................. 2.9 3.4 3.8 3.5 4.8 2.5 2.1 5.0 4.3 5.2 2.9 3.7 6.9 4.8 58 59 Less change in U.S. Govt,cash. .3 . 2 * ,2 .9 . 1 2. 1 -1.6 . 1 2.4 3.2 -4.2 2.4 ■3.0 59 60 Commercial banks, net.................... 19.7 21 .8 29. 3 17.9 35.9 22.7 28.0 14. 1 6.8 41,9 40.3 37.2 24,6 26.3 60 61 Total................................................. 19.4 22.4 29. 1 17.4 36.4 19.5 32.9 9.6 7.9 39.7 22.3 54.8 28.9 23.1 61 62 Less chg. in U.S. Govt, cash., . -.6 -1.0 -.5 .2 -3.3 4.6 -4.5 1.1 -3.0 -18.1 17.6 4.4 ~3,2 62 63 Security issues............................ .3 .6 .8 .2 . 1 .3 * * .8 • 1 • ........... * 63 64 Nonbank finance, net...................... 28.0 29.1 26.9 22.5 32.4 28.0 16.7 21,0 24.2 29.0 35.0 38.1 27.4 21.8 64 65 Total.................................................. 34.4 .1.1.5 32.9 25.8 33.6 35.8 18.8 21.7 27.2 30.9 19.3 51.0 33.0 24,4 65 66 Less credit raised........................... 6.4 4.4 5.9 3.3 1.2 7.7 2.0 .7 2.9 1.9 -15.7 12.9 5.7 2.6 66 67 U.S. Government.............................. 2.7 3.8 4.7 7.9 4.5 11.1 10.0 7.8 2.8 6.1 -.8 5.0 8.0 14.0 67 68 .9 .6 1 -1.4 3.2 1.3 1.2 -4.! -1.6 3.3 3.6 .9 5.1 3.3 68 69 Pvt. domestic nonfin......................... 5.1 8.5 8.6 20. 1 2.0 24.5 20.6 23.2 12.3 -8. 1 -18.6 2.3 32,7 36.7 69 70 Households...................................... .4 3.2 2.2 10,5 -4.0 14.0 15,3 11,0 1.9 -13.1 -18.1 -1.3 16,7 17.0 70 71 Business............................................ .3. 1 1.5 1.0 3.2 .4 5.7 1.4 3.4 2.5 1.2 -5.6 5.9 10.7 71 72 State and local govts.................... 3.5 3.7 5.8 6.2 7.8 5.0 5.4 7.0 7. 3 3.2 7.7 6.5 13,7 6.8 72 73 Less net security credit................ 2.0 - . 2 . 3 -.2 2.2 .3 1.5 -1.9 - .6 - , 5 2.5 3.1 3.5 -2. 1 73 Note.—Quarterly data are seasonally adjusted totals at annual rates. unrevised before 1968 relative to tables in the May 1968 Bulletin. These tables reflect revisions in income and product accounts for 1965-67 Financial revisions for 1965-67 will be published later this year. published in the July Survey of Current Business but financial data are Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-69.2 FLOW OF FUNDS □ AUGUST 1968 3. PRINCIPAL FINANCIAL TRANSACTIONS (Jn billions of dollars) 1966 1967 ! 1968 Transa o c r t i s o e n c c to a r tegory, 1963 1964 1965 1966 1967 I . If HI ' IV / ■ II 1 '" 1 'v r( 1 I. Demand deposits and currency l 21.8। ■ 7.9 1 1 Not incr. in banking system liability. . 5.8 7.4 7.6 2.6 14.7 -.3 10. 1 -8.0 8.8 8.2 -.9 29,4 2 - • .3 .2 I.( .4 1.2 3.3 6.7 -6.1 1.2 -. 6 -14.9 13.41 6.7 -6.2 2 3 Other......................................................... 6. 1 7.3■ 8.6 3.0 13.5 3.0 3.3 -1.9 7.6 8.8 14.( 16.01 15,0 -1.7 3 4 Domestic sectors............................. 6.( 6.8| 8.3 3.3 12.7 2.9 2. 1 - . 1 8.2 12.0 11.5 15.5 11.5 - .6 4 5 Households................................... 4.3 6.4 7.1 1.9 12.4 -2.2 .5 8.1 13.6 14.2 7.3 14.5 ■14.8 5 6 Nonfinancial business................ -.8 -2. 1 -1.7 .7 -1.5 2.3 .2 1.5 ■1.3 -4.1 3.9 4.2 -2.5 7.7 6 7 State and local govts.................. 2.4 1.2 .8 .3 2.7 1.3 .7 -.1 3.3 1 .0 -2.9 1.0 7 8 Financial sectors......................... .3 .4 ,7 -1.1 . 5 .5 1.6 1.3 .9 J .4 4.4 8 9 Mail float...................................... -.1 .9 2.5 - . 5 .8 1. 2 - 1 . j -1.8 - .2 -2.< 2.6 2. 1 1.1 9 10 Rest of the world............................ . 1 .5 .3 -.3 .8 . 1 1.2 1.8 -.6 -3.2 2.4 .5 3.5 -1.0 10 II. Time and savings accounts (1 Net increase—-Total.................................. 29.5: 30.4 33.0 20.3 40.81 24.6 24.5 16.7 15.5 52.3 45.4 42.0 23.5 32.4 11 12 At commercial bunks—Total.......... 14.3 14.5 20.0 13.3 23.8 15.1 20. 1 11.6 6.2 35.1 23.7 23.7 12.7 19.8 12 13 Corporate business......................... 3.9< 3.2 3.9 -.7 4. 1 4. 1 1.7 -3.9 -4.6 10.0 -.9 3.7 3.7 .5 13 14 State and local govts...................... 1.6 1.7 2.4 1.3 2.4 ■ .4 2. 1 1.9 1.5 5.7 3.4 .6 . 1 1.5 14 15 Foreign depositors.......................... 1.0 1.4 .6 .8! 1.3 2.0 .6 1.0 1.2 2.3 1.1 .8 .7 15 16 Households........................................ 7.9 8.2 13.3 11.9 15.8 11.6 14.3 13.0 8.5 18.0 17.9 18.7 8.5 18.2 16 17 At savings institutions....................... 15.2 15..9 13.0 7. 1 17.0 9.5 4.4 5.1 9.3 17.2 21.7 18.3 I0.7 12.6 17 18 Memo: Households total....................... 23.0 23.9 26.5 19.2 32.4 21.4 19.2 18.3 17.8 35.0 38.6 36.7 19.2 30.6 18 HI. U.S. Govt, securities 19 Total net issues.......................................... S.Oi 7.1 3.6 6.3 12.7 10.8 6.7 4.9 2.9 8.0 -21.3 34.7 29.2 34,7 19 20 Short-term marketable....................... 1.4 4.0 3.5 2.2 6.4 -1.5 -7.3 7.6 10.11 9.9 -35.7 30.9 20.7 29.9 20 21 Other........................................................ 3.6 3.0 4. 1 6.2 12.3 14. 1 --2.7 -7.2 -1.9 14.5 3.9 8.5 4.8 21 22 Net acquisitions, by sector..................... 5.0 7.1 3.6 6.3 12.7 10.8 6.7 4.9 2.9: K.O -21.3 34.7 29.2 34.7 22 23 Federal Reserve System..................... 2.8 3.5 3.7 3.5 4.8 2.8 1.7 5.7 3.8 5.5 2.8 3,6 6.9 5.1 23 24 Short-term......................................... 4.9 2. 1 3.7 5.4 1.9 2.8 -■ .3 6.7 12.4 - .1 -4.2 2.3 9.3 1,1 24 25 Commercial banks.............................. -2.6 .4 -2.3 -3.5 8.8 -3.0 -.3 -5.7 -4.8 17.9 • .3 23.6 5.9 8.6 25 26 Short-term marketable................... -3.5 3.9 1.7 -4.5 4.6 -10.2 - .5 2.8 -4.4 10.2 --7.2 18.3 ■ -2.7 4.8 26 27 Other direct....................................... .5 ■ -4.1 -1.4 1. 1 1.4 7.2 ■2.3 -.3 -.3 5.5 2.4 2.8 ■5,2 2.6 27 28 Nonguarantecd................................ .3 .6 .8 2.8 2.6 -2.6 ■ . 1 2.2 4.4 2.5 2. 1 1.2 28 29 Nonbank finance.................................. .5 2.0 -.8 .9 4.0 -4.6 3.4 .8 .2 -8.5 9.6 -1.4 4.7 29 30 Short-term marketable................... -1.3 1.2 ■ ■ .4 1.5 1.0 3.2 ■ 2.6 3.8 1.4 4.6 - 10.7 10.6 .4 5.3 30 31 Other direct....................................... .6 .5 -1.0 -1.5 -2.4 - .5 -.9 -5.2 .9 - . 7 - 1. 1 -3.0 31 32 Nonguarantecd................................. .3 .3 .3 .4 .5 .9 .4 . 1 .4 .8 1.4 -.3 . 1 2.3 32 33 Foreign..................................................... .6 .5 •. 1 -2.6 2. 1 -2.3 -1.6 -4.4 -2.1 2.6 1.9 1.4 5.2 ■ .4 33 34 Short-term......................................... - .6 , I -.4 -.8 1.6 1.2 ■ . 3 -2.4 .7 3.1 .7 2. 1 4.8 -1.5 34 35 Pvt. domestic nonfinan. sector. . .. 4.7 .8 3.1 8.0 -3.0 9.3 11.6 6.0 5.2 -18.2 - 17.2 .8 24.4 16.8 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 20.1 36 37 Other direct...................................... 1.0 2.8 -- 1.2 2.2 -1.6 J. I 1.8 5.8 -9.6 -3.0 -1.8 8. I -5.8 37 38 Nonguaranteed................................ .7 .4 1.3 4.6 .4 4. 1 14.3 1.5 -1.4 -1.5 - .9 -1,5 5.6 2.2 38 39 Savings bonds—Households .... 1.2 .9 .6 .6 .9 .3 .7 .3 .9 .8 1 . 1 , 7 .9 .2 39 IV. Other securities 40 Total net issues, by sector..................... 13.1 14.6 16.2 18.7 29.6 21.7 23.4 17.2 12.5 25.1 26.1 31.4 30.8 25.5 40 41 State and local govts........................... 6.7 5.9 7.3 6.0 10. 1 6.3 6.9 4.6 6.1 10.3 11.5 7,5 11.2 10.0 41 42 Nonfinancial corporations................ 3.6 5.4 5.4 11.4 17.4 12.2 15.5 11.3 6.6 14.3 15.8 21.4 18. 1 12.5 42 43 Commercial banks.............................. . 3 .6 .8 . 1 . 2 . 1 . 3 * . 8 . I * 43 44 Finance companies.............................. 1,4 2. 1 1.9 .8 .6 J.7 .5 1.2 .4 1,7 - .3 1.0 . 1 1,5 44 45 Rest of the world................................ 1. 1 .7 .8 .5 1.3 1.4 .2 .2 1.0 1.0 1.6 1 .4 1.6 45 46 Not purchases............................................. 13. 1 14.6 16.2 18.7 29.6 21.7 23.4 17.2 12.5 28,1 28.1 31.4 30.8 25.5 46 47 Households,........................................... -2.9 1.5 2.9 - 2.5 7.3 4. 5 3.4 -3.5} -4.0 -6.6 -.9 1.3 7.2 47 48 Nonfinancial corporations................ .9 .2 .8 .7 .8 .8 .7 .8 .7 .7 .8 .7 .8 48 49 State and local govts........................... 2.5 2.8 2.8 4. 1 6.0 3.5 2.4 5.6 5.0 7.0 6.9 4.8 5.5 5.5 49 50 Commercial banks.............................. 5.2 3.7 5.0 2.4 9.8 2.9 7.6 -.1 -.7 9.6 14.5 4.8 10.3 4.6 50 51 Insurance and pension funds........... 7.6 7.5 9.5 9.5 13.5 11.6 8.3 9.5 8.6 13.9 11.0 14.6 14.4 13.8 51 52 Finance n.e.c.......................................... .2 -.8 -1.7 - 2.2 1.1 -5.3 -2.2 -2.8 1.5 -1.9 -2.8 2. 1 -1.9 -11.1 52 53 Security brokers and dealers.... .2 -.1 .1 . 1 -2.8 -.3 1.0 2.6 -1.9 -2.9 2.6 2.5 -2.9 53 54 Investment cos., net....................... .5 .8 -1.5 -2.4 - 1.2 -2.5 - 1 .9 -3.8 - 1.2 -.1 -.5 -4.4 -■8.3 54 55 Portfolio purchases.................... .8 1.1 1.6 1.3 1.6 3.0 .8 -1.1 2.5 3.0 1.3 3. 1 - 1. 1 -1.3 55 56 Net issues of own shares......... 1.2 1 .9 3.1 3.7 2,8 5.6 2.7 2.8 3.6 3.1 1.3 3.6 3.3 6.9 56 57 Rest of the world................................. .3 -. 1 - .4 .9 1 .0 .7 2. 1 .4 .4 .5 1.3 2.2 * 2.8 57 V. Mortgages 58 Total net lending....................................... 25.0 25.3 25.5 19.6 21,9 25,7 22.6 17.0 13.2 17.3 19.0 24.8 26.3i 24.1 58 59 1- to 4-family......................................... 15.7 15.4 16.1 10.0 12.5 14.4 11.4, 7.4 6.9 9.4 9.7i 15.0 16.0 14.8 59 60 In process........................................... .5 -.3 -.9 1.0 .3 -1.1 -1.7 -1.2 .5 1.4i 1.3 .9| . 3 60 61 Disbursed........................................... 15.2 15.7 16.2 11.0 11.5 14.2 12.5 9.1 8.1 8.9 8.3 13.7 15.1 14.5 61 62 Other......................................................... 9.3 10.0 9.4 9.6 9.4 11.3 11.2 9.6 6.2 7.9 9.3 9.8 10.41 9.3 62 63 Not acquisitions......................................... 25.0 25.3 25.5 19.6 21.9 25.7 22.6 17.0 13.2 17.3 19.0 24.8 26.3' 24.1 63 64 Households............................................. - . 3 -.2 - .9 -.4 - .6 -2.3 -.2 .6 .5 -.5 - 1.7 -.4 .2 .7 64 65 U.S. Government................................ -1.0 .2 1.0 3.4 2.7 4.4 4. 1 3.1 1.8 2.4 1.6 3. 1 3.7 4.6 65 66 Commercial banks.............................. 4.9 4.5 5.6 4.6 4.6 5.4 5.3 4.3 3.6 2.0 3.5 6.0 6.7 5.6 66 67 Savings institutions............................. 16.1 14.8 13. 1 6.6 10.8 11.5 7.3 3.7 3.7 6.8 10.3 13. 1 12.9 10.7 67 68 Insurance................................................ 4.0 5. 1 5.5 5.1 3.1 5.7 5.9 5.3 3.6 5.2 2.9 2.0 2.3 2.0 68 69 Mortgage companies........................... .8 .4 .5 -.6 .4 .3 -. 6 - .9 - 1. 1 .3 1.3 - .2 . 1 -. 2 69 VI. Bank loans n.e.c. 70 Total not borrowing.................................. 7.6 8.7 16.4 8.2 6.5 9.7 16.0 5.2 2.0 1.7 7.7 6.7 9.8 2.5 70 71 Nonfinancial business......................... 5.0 5. 1 12.2 9.9 7.4 10. 1 15.2 9.6' 4.7 5.8 11.0 2.0 10.8 4.8 71 72 Nonbank finance.................................. 1 .7 .5 2.4 - 1.4 -2.4 .6 -.1 -3.5 -2.7 -4.3 -3.3 2.1 -4.0 .4 72 7 7 3 4 H Re o s u t s o eh f o th ld e s . w ... o ... r .. l . d ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . 5 4 1 1. . 7 4 1. . 3 4 -- . 2 1 - 1 . . 3 7 - - . 6 .4 ■5I - - . 3 .7 — ..55 -,6.91| -" .7 I 1 . . 8 7 - 3.5 5 , I - - 2 . . 4 4 7 7 3 4 1 Note.—Quarterly data arc seasonally adjusted totals at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ FLOW OF FUNDS A-69.3 Notes to Table 2 of deposits and credit market instruments by households, nonfinancial I. Saving and investment. Derived statistically from Commerce Dept, business, and State and local govts. Line 49 includes household savings income and product accounts. Tables showing the relation to those bonds as well as marketable issues; see 'Table 3, line 39. Line 51 includes accounts are in Nov. 1965 Bulletin. Gross national saving (line 1) is the consumer credit and open market paper in addition to private securities sum for domestic sectors of gross-saving entries in Table 4. It is before and mortgages. Line 52 is net of free credit balances at brokers. deduction of capital consumption allowances. Govt, saving is net of III. Direct lending in credit markets. Federal Reserve total is Table public outlays for capital goods as well as current operations. Gross 4(G), lines 5 less 14. Commercial-bank total, line 61, is Table 4(H), line 5; national investment (line 8) is gross private domestic investment in includes security credit. Nonbank finance totals include security credit inconie-and-product accounts plus cons tuner durables plus net foreign both in lending and funds raised and exclude investment company shares investment. Net foreign investment differs from corresponding income- on both sides; line 65 is lines 7 and 16 of'Table 4(1), less line 5 of 4(1,8), and-product series by amount of errors and omissions in balance of pay­ anti line 66 is line 22 of Table 4(1) plus line 5 of 4(1.7) less line 5 of 4(L8). ments statement. Line 69 is the net sum of lines 49-52 in Table 2-11, Relation of saving-investment discrepancy to flow of funds matrix is described on p. 1536 of Nov. 1965 Bulletin. Notes to Table 3 II. Financial ffows-Summary. This table is described in Nov. 1962 I. Demand deposits and currency. Lines 5-8 are holder record; line 9 Bulletin, p. 1405. Total net funds raised (line 17) is borrowing through is difference between holder and bank record. credit markets (line 25 of Table I) by households, nonfinancial business, HL U.S, Govt, securities. All holdings stated in par values; excludes govts., and foreigners. Credit market funds raised by all sectors consists special issues to International Monetary Fund and includes nonguaran­ of line 17 plus financial-sector borrowing (Table 4(H), line 32, and Table teed issues of Govt, agencies and loan participation certificates. See note 7 4(1), line 22). to Table 4(E) below. Short-term category consists of direct marketable U.S. Govt, short-term securities are direct marketable issues due in less issues due in less than I year plus part of those due in less than 2 years. than I year plus part of those due in less than 2 years. Tor further IV. Other securities. Total excludes open-end investment co. shares; detail see 'Table 4(H), lines 26-30. these are shown as a tied net ion on line 56, offsetting net purchases of Demand deposits on lines 37 and 45 are on bank-record basis rather such shares included in the other lines (mainly households) under “net than holder records shown in Table 4. Line 37 includes time deposits. purchases.” Net purchases includes small amounts for mutual savings Difference is described in Aug. 1959 Bulletin, p. 852 If. Foreign funds con­ banks not shown separately. sist of lines 9-12 of Table 4(J). Sources n.e.c. (line 41) is mainly financial V. Mortgages. Loans in process at savings and loan associations are institution net sources of funds other than deposits, insurance and pen­ included in totals outstanding and treated as savings and loan liability. sion reserves, security credit, and credit mkt. funds. Line 63 includes holdings by State and local govts, not shown separately. Private domestic nonfinancial sectors (line 42) consists of acquisition 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (In billions of dollars) 1966 1967 1968 Category 1963 1964 1965 1966 1967 1 lv 1 hi IV 1 (A) IkmsehokIs J 1 Personal income.................................... 465.5 497.5 538.9 586.8 628.8 570.4 580.3 592. 1 604.5 614.8 621.6 633.7 645.2 662.7 1 2 Less: Personal taxes & nontaxes.. 60.9 59.4 65.7 75.3 82.5 70.4 74.7 76.8 79.2 80.5 80. 1 83.6 85.6 88.3 2 3 Personal outlays.................... 384.6 411.9 444.8 478.6 506.2 470.5 474.2 482.5 487.3 494.6 504.5 509.5 516. 1 533.5 3 4 Equals: Personal saving...................... 19.9 26.2 28.4 32.9 40.2 29. 5 31.4 32.9 38. 1 39.7 37.0 40.5 43.4 40.8 4 5 Plus: Credits from Govt, insur.2. 4.0 4.4 4.8 5.1 5.9 4.9 5.4 5.0 5.2 5.4 6.2 5.5 6.5 5.8 5 6 Other adjustments 1.............. . 5 . 6 .9 1. 3 1.7 1 .7 .7 .9 2.0 1.4 .7 1.2 3.6 3.4 6 7 Net durables in consunipl... 8 .9 11.2 14.8 14.9 12. 1 17.6 13.3 15.0 13.7 11.2 12.5 12.0 I 1.7 15.1 7 8 Purchases............................. 53.9 59.2 66.3 70.5 72.6 71.6 68.2 71.0 71.1 69.8 72.4 73.1 74.2 79.0 8 9 Less: Cap. consumpt....... 45.0 48.0 51.5 55.6 60.6 54.0 54.9 56.0 57.4 58.7 59.9 61.2 62.6 63.9 9 10 I equals: Net saving............................... 33.3 42.4 49.0 54.3 59.8 53.7 50.7 53.7 59. 1 57.6 56.4 59. 1 65.2 65. 1 10 11 Plus: Capital consumpt.4.............. 52.4 55.9 59.9 64.3 69.8 62.6 63.5 64.8 66.2 67.6 69.0 70.4 72.0 73.5 11 12 Equals: Gross saving........................... 85.8 98.3 108.9 118.6 129.6 I 16.2 1 14.2 1 18.5 125.3 125.3 125.4 I 29.6 137.1 1 38.6 12 13 Gross investment (144-18)................... 87.2 97.8 107.3 112.9 124.7 112.4 109.4 114.6 115.1 116.8 120.4 126.1 134.4 128.8 13 14 Capital expend, (net ot sales). . .. 76.3 82.2 89.2 92.0 93.0 94.8 90. 5 92. 5 90.0 87.4 90.8 94.7 97.9 104.0 14 15 Residential construction............. 19.0 19.3 19. 1 18.7 16.6 19.7 19.5 19.1 16.6 14.7 14.8 17.7 19.4 21.5 15 16 Consumer durable goods........... 53 .9 59.2 66. 3 70.5 72.6 7 1.6 68.2 71.0 71.1 69.8 72.4 73.1 74.2 79.0 16 17 plant and equip. (nonprofit). .. 3.4 3.7 3.8 2.8 3.7 3.6 2.9 2.4 2.9 3.7 3.8 4.2 3.5 17 18 Net fniiui. investment (19 — 37)........... 10.9 15.6 18.1 20.9 31.7 17.6 18.8 22.2 25. 1 29.3 29.6 31.4 36.5 24.8 18 19 Net acquis, oj ft nan. assets*............ 37.2 42.9 48.0 42.8 54.2 44. 1 43.0 41. 1 43. 1 47.2 47.0 56.6 66.0 45.7 19 20 Demand dep. and currency.... 4.3 6.4 7. 1 1.9 12.4 - 2—2 1.4 .5 8. 1 13.6 14.2 7.3 14.5 - 14.8 20 21 Savings accounts........................... 23.0 23.9 26.5 19.2 32.4 21.4 19.2 18.3 17.8 35.0 38.6 36.7 19.2 30.6 21 22 At commercial banks............. 7.9 8.2 13.3 1 1.9 15.8 11.6 14.3 13.0 8.5 18.0 J 7.9 18.7 8,5 18.2 22 23 At savings institutions............ 15.1 15.8 13.2 7.3 16.6 9.8 4.9 5.3 9.3 16.9 20.6 18.0 10.7 12.4 23 24 Life insurance reserves................ 4.2 4.3 4.8 4.7 4.8 4."’ 4.7 4.6 4.6 5.3 3.9 4.6 5.3 5.2 24 25 Pension kind reserves.................. 9.9 11.2 11.7 1 3.3 14.3 13.0 11.5 13.5 15. 1 12.4 14.7 14.9 15.2 14.3 25 26 Cr. market instr.............................. .4 3.2 2. 2 10.5 - 4.0 14.0 15.3 1 1.0 1.9 -13. 1 18.1 -1.3 16.7 17.0 26 27 U.S. Govt, .securities............... 3.5 1 .9 2.9 8.0 .9 9. 1 1 1.0 7.0 4.9 8.6 -9.9 15. 1 9.1 27 28 Savings bonds....................... 1 .2 .9 .6 .6 .9 .3 .7 .3 .9 .8 1. 1 .7 .9 .2 28 29 Short-term mkt..................... 2.8 1.8 3- 2 1.8 - 3.5 .3. 1 1.4 2.9 - . 3 -5.2 - 5.2 -3.6 . 1 10.8 29 30 Other direct........................... - .9 2.0 - 1. 1 1.6 .6 3.7 -2.8 1.2 4.3 -4.2 -6.8 3.3 10.2 - 1.6 30 31 Nonguaranteed..................... .4 .8 , 2 4. 1 1.2 2.0 11.8 2.5 ♦ 1.1 -.3 4.0 -.3 31 32 State and local oblig................ ,7 2.2 2, 1 2.2 2.7 -3.1 4.4 4.8 -.5 -2.4 1.9 1. 1 4.3 32 33 Corporate and fgn. bonds ... - 1.0 - .8 -.3 1.2 1.6 3.5 3.4 .8 -2.8 - .1 .8 3.5 2.5 1.1 33 34 Corporate stock........................ -2.5 - 1.7 -.5 4.1 1 . 1 4.2 -1.8 -5.5 -2.8 ■5.0 -6. 3 -2.3 1.8 34 35 Mortgages................................... - .3 -.2 - .9 -.4 -. 6 -2.3 -- .2 .6 . 5 -.5 - 1.7 -.4 .2 .7 35 36 Net invest, in noncorp. bus.... ■5.3 -7.2 6. 1 --7.9 -8.3 -8.8 -9.2 -7.6 -6.3 -9.5 -8. 1 -7.8 -7.9 -8.6 36 37 Net increase in liabilities.................. 26. J 27.3 29, 9 21.9 22.5 26.5 24.2 18.9 18.0 17.8 17.4 25.2 29.5 20.9 37 38 Credit mkt, instruments.............. 24.1 27.2 28.7 21.6 18.7 25. 1 23. 1 20.8 17.6 15.7 14. 1 21.0 24.0 23.0 38 39 1- to 4-family mlgs................... 14.8 16.0 16.0 11.9 10.4 14. 1 13.0 1 1 . 1 9.5 8.2 7.2 12.4 13.7 14.7 39 40 Other mortgages ...................... .9 I .0 1.1 1. 1 1.0 1. 1 1.1 1. 1 1. 1 1.1 1.0 1.0 1.0 .9 40 41 Consumer credit....................... 7.3 8.0 9.4 6.9 4.4 9.3 7.0 6.8 4.6 4. 1 4.0 4.9 4.8 8.3 41 42 Bank loans n.e.c........................ .4 1 .4 1.3 -. I 1.7 - .6 .3 - .7 .5 .9 .7 1.7 3.5 -2.4 42 43 Other loans <»............................. .6 .8 ,8 1.8 1.2 1.2 1.7 2.5 2.0 1.5 1.2 1.0 1.0 1.4 43 44 Security credit................................ 2.0 - .2 .8 ■ -.2 3.3 .9 .8 -2.4 - . 1 1.6 2.8 3.7 5.0 — 2.6 44 45 Discrepancy (12—13)........................... -1.5 .5 1.6 4.9 3.9 4.9 3.8 10.2 8.5 5.0 3.5 2.7 9.7 45 For notes see p. A-69.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-69.4 FLOW OF FUNDS □ AUGUST 1968 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1966 1967 1968 Category 1963 1964 1965 1966 1967 1 " .V IV I (B) Nonfinancial business—Total —1 — — . ... _ . _ ....— ..._. .............— ._.. ------------ --------■-- I Income before taxes 2........................... 106.9 115.3 129.5 139.7 136.0 139.7 139.3 139.5 140.5 134.8 135.7 136.0 137.5 140.2 1 2 Gross saving............................................. 57.3 65.0 71.8 77.0 78.4 74.5 75.8 76.8 80.9 77.3 77.6 78.8 79.8 77.6 2 3 Gross investment.................................. 57.2 59.5 70.8 74.6 74.9 70.6 72.4 74.8 80.8 77.2 75.9 73.3 73.3 73.0 3 4 Capital expenditures............. 6.7.8 70.2 fit. 4 98.3 93. I 92.6 97.6 974 105.8 94.6 88.4 92.0 97.2 93.9 4 S Fixed investment................................ 57.9 64.3 74.8 83.6 87.0 81.7 82.2 84.6 86.0 86.2 86. 1 86.7 88.9 91.8 5 6 Business plant & equipment. .. 49.9 56.5 66.7 77.5 79. 1 74.0 75.9 79.3 80.9 79.8 78.2 78.4 79.9 84.2 6 7 1-4 family residential const.3... 1.0 . 1 .7 -.6 2.0 .4 -.3 -1.5 -1.2 .4 2.6 2.6 2.4 .2 7 8 Other residential........................... 7.0 7.7 7.4 6.7 5.9 7.2 6.6 6.7 6.3 6.0 5.3 5.7 6.7 7.4 8 9 Change in inventories 4.................. 5.9 5.8 9.6 14.7 6. 1 10.9 15.4 12.8 19.8 8.4 2.3 5.3 8.3 2. 1 9 10 Not financial investment....................... -6.5 -10.7 13.6 -23.7 -18. 1 -22.0 -25.2 -22.6 -25.0 -17.3 -12.4 -18.7 -24.0 -20.9 10 11 Net acquis, of finan. assets............. 19.8 14.1 24.3 17.8 17.6 25.2 22.9 15.6 7.6 14.1 6.6 22.9 26,6 34.1 1 1 12 Net increase in liabilities 5.............. 26.4 24.7 37. 9 41.5 35. 7 47.2 48.1 38.2 32.6 31.4 19.1 41.6 50.6 54.9 12 13 Credit mkt. instruments.............. 19. I 22.1 29.5 33.6 37.2 38.8 43.3 31.0 21.2 34.5 35.9 37.0 41.5 31.2 13 14 Securities...................................... 3.6 5.4 5.4 H.4 17.4 12.2 15.5 11.3 6.6 14.3 15.8 21.4 18. 1 12.5 14 15 1-4 family mortgages............... .4 -.3 .2 -1.0 1. i . 1 -.4 -2.0 -1.5 .7 1.1 1.3 1.4 -.2 15 16 Other mortgages....................... 8.4 9.0 8.3 8.5 8.4 10.2 10.0 8.4 5.1 6.9 8.3 8.8 9.4 8.4 16 17 Bank loans n.e.c........................ 5.0 5.1 12.2 9.9 7.4 10. 1 15.2 9.6 4.7 5.8 11.0 2.0 10.8 4.8 17 18 Other loans 5............................. 1.8 3.0 3.4 4.8 3.0 6.3 3.0 3.6 6.2 6.9 -.2 3.5 1.7 5.8 18 19 Trade debt....................................... 7.0 5.8 8.2 9. 1 5.5 8.6 14.9 5.3 7.6 4.7 6.2 4.0 6.9 12.0 19 20 Other liabilities.............................. .2 -3.2 . 1 -1.1 -7.0 -. 2 -10.2 1.9 3.9 -7.8 -23.1 .6 2.1 11.7 20 21 Discrepancy............................................ . 1 5.5 1.1 2.3 3.4 3.9 3.4 2.0 * . 1 1.6 5.4 6.5 4.6 21 (C) Farm and noncorporate nonfinancial business 6 1 Net income 2.......................... 58.4 60. 1 65.6 69.5 69.8 70.1 69.6 69.1 69 2 69 1 69 6 70 3 70 3 711 1 2 Gross saving 7,...................................... 13.5 14. 5 15.2 15.9 16 8 15.3 15 7 15.7 17 0 17 1 17 0 17 0 16 2 17 3 2 3 Gross investment................................... 13.5 14.5 15.2 15.9 16 8 15.3 15.7 15 7 17 0 17 1 17 0 17 0 16 2 17 3 3 4 Capital expenditures...................... 17.1 16.6 19.5 18.5 19.0 18.8 18.9 16.4 19.9 16.7 18.3 20.0 21.0 IS. 4 4 5 Fixed investment................................ 15.6 16.6 17 8 17.8 18 4 18 4 17 5 17 2 18 3 17 8 18 S 18 4 19 0 18 6 5 6 Change in inventories 4.................. 1 5 1.7 .7 6 5 1 4 — . 8 1 6 | | 2 1 6 2 0 -2 6 7 Net financial investment....................... — 3.6 -2.1 4 3 -2.6 2.2 3.5 3 2 7 3 0 4 1 3 3 0 4 8 — 11 7 8 Net acquis, of finan. assets.............. . 7 1.0 9 ,9 1 0 .8 " 8 $ 1 i / / 5 1 6 9 14 8 9 Net increase in liabilities 3.............. 4.3 3.2 5 2 I 5 12 4 4 4 0 1 s 4 I 18 4 6 $ 6 2 s 9 10 Credit mkt, instruments....... 8 6 8.6 10 5 10.1 9 1 13.1 9 9 7 3 10 2 6 0 8 5 9'3 12 7 9 2 10 J] Mortgages.................................... 5 2 5 4 5 3 4 8 5 7 6 3 5 9 4 3 2 8 4 5 5 4 6 2 6 5 4 8 11 12 Bank loans n.e.c........................ 2. 1 1.5 3 1 3.0 2.2 3.6 2 4 1 4 4 6 — 1 4 0 4 i 2 0 17 13 Other loans \ b.......................... 1.3 1.7 2. 1 2.3 1.3 3.3 1.6 1.6 2.8 1 6 - .9 2 4 2. i 2.4 13 14 Tradedebt.net.............................. 1. 1 1.8 8 1 3 2 4 3 1 1 7 i 4 2 1 5 g 18 14 15 Proprietors’ net investment 9... -5.3 — 7.2 -6. 1 -7.9 -8.3 -8.8 -9.2 -7.6 -6^3 -9.5 -8. 1 -7.8 -7.9 -8.6 15 (D) Corporate nonfinancial business to 1 Profits |-IVA............................................ 48 6 55.2 64 0 70.2 66 2 69 5 69 7 70 4 71 3 65 7 66 1 65 7 67 2 69 1 1 2 Profits tax accruals............... 22 8 24.2 27 5 30 3 28 7 30 3 30 3 30 6 30.0 28.0 78 7 78 3 30 1 34 3 2 3 Net dividend payments 1 *. 12 7 13 2 15 0 17 2 18 0 17 1 17 3 17 5 17 0 18 0 18 7 18 2 17 0 18 7 3 4 Net savings 4-IVA (1-2-3).................... 13.1 17.8 21.4 22.7 19.6 22.1 22. 1 22.2 24’3 19’7 19^ 1 19'2 20.2 16.0 4 5 Capital consumption............................. 30.8 32.8 35.2 38.4 42.0 37.1 38.0 38.8 39.6 40.5 41.4 42.6 43.4 44.3 5 6 Current surp.= gross saving (4-p5).. 43.9 50.5 56.6 61.1 61.5 59.2 60. 1 61.0 63.9 60.2 60.6 61.8 63.5 60.4 6 7 Gross investment.................................... 43.8 45.0 55.5 58.7 58.1 55.3 56.7 59.0 63.9 60.1 58.9 56.3 57.0 55.7 7 8 Capital expenditures...................... 46.7 53.6 64.9 79.8 74.1 73.7 78.7 81.0 85.9 77.9 70.1 72.1 76.2 75.5 8 9 Fixed investment............................... 42.3 47.7 57.0 65.8 68.6 63.3 64.7 67.4 67.7 68.4 67.6 68.3 69.9 73.2 9 10 Plant and equipment.................... 38.6 44. 1 53.2 63.0 64.9 59.8 61.8 65.0 65.5 65.5 64.0 64. 5 65.7 69.7 10 11 Residential construction............. 3.7 3.6 3.8 2.8 3.7 3.6 2.9 2.4 2.2 2.9 3.7 3.8 4.2 3.5 II 12 Change in inventories 4................... 4.3 5.9 7.9 14. 1 5.5 10.4 14.0 13.6 18.2 9.5 2.4 3.8 6.3 2.3 12 13 Net financial investment....................... -2.9 8.6 9.4 21.1 — 15.9 -18.5 — 22.0 -21.9 — 22.0 —17.8 — 11.1 —15.7 — 19.2 19.7 13 14 Net acquis, of finan. assets............. 19 1 1 3.0 23.3 16.9 16.5 24.4 22. J 14.8 6 5 13 0 6 J 21.3 25.8 32 7 14 15 Liquid assets................................... 4.3 .8 .8 1.0 ,9 8.4 1.3 — .8 -4.7 4.4 - 12.2 5.7 5. 5 15.9 15 16 Demand dep. and curr........... - .8 -2.3 -1.8 .7 -1.7 2.3 .2 1.5 -1.3 — 4.1 -4.1 4. t -2.6 7.6 16 17 Time deposits............................. 3.9 3.2 3.9 -.7 4. 1 4.1 1.7 -3.9 -4.6 10. 0 -.9 3.7 3.7 . 5 17 18 U.S. Govt, securities............... . 5 — 1.5 — 2.1 -1.2 - 3.0 -. 5 -1.6 —1.6 -1.1 — 4.9 — 7. 1 — 1.5 1.4 6.9 18 19 Open market paper.................. .7 1.4 .8 2.3 1.4 2.5 1.0 3.2 2.4 3.4 - . 1 - .7 3.0 .9 19 20 State and local oblig,, ................ .9 .2 .7 .8 .7 .8 .8 .7 .8 .7 7 . 8 .7 .8 20 21 Consumer credit............................ 7 1.0 1.2 1.1 1.0 2.6 ,9 . 8 1 6 1. 1 .6 .7 1.6 21 22 Trade credit..................................... 8.5 8.3 12.8 10.8 8.7 10.5 I7J 9.6 6.0 3.8 9.7 6. 5 14.7 10.9 22 23 Other financial assets 12.............. 4.8 2.8 7.9 3.3 5. 3 2. 1 2.1 4.5 4. 5 2. 5 6.8 7.7 4.2 3.5 23 24 Net increase in liabilities................. 22.0 21.6 32.7 38.0 32.5 42.8 44.1 36.7 28.5 30.8 17.2 37.0 44.9 52.4 24 25 Credit mkt. instruments.............. 10.5 13.5 19. 1 23.5 28. 1 25.7 33.4 23.7 11.0 28.6 27.5 27.7 28.8 22.0 25 26 Corporate bonds....................... 3.9 4.0 5.4 10.2 15.1 12.7 9.6 10.5 8.1 13.3 13.9 18.6 14.5 11.2 26 27 Corporate stock........................ -.3 1.4 1.2 2.3 - .5 5.9 .9 -1.5 .9 1.9 2.8 3.7 1.3 27 28 Mortgages.................................... 3.5 3.3 3.1 2.7 3.8 4.0 3.7 2.1 .9 3. 1 4.0 3.9 4.3 3.3 28 29 Bank loans n.e.c........................ 2.9 3.6 9.2 6.9 5.2 6.5 12.8 8.2 .1 5.9 7.0 1.4 6.7 2.8 29 30 Other Ioans 13............................. . 5 1.3 1.3 2.5 1.7 3.0 1.4 2.1 3.3 5.2 .7 1. 1 -.4 3.4 30 31 Profits tax liability14................... 1.5 .7 1.9 .2 -3.8 2.8 -6.7 2.7 1.8 1.5 -20.8 .3 3.8 15.3 31 32 Trade debt....................................... 6.0 4.0 7.4 7.8 3. 1 8.6 11.6 3.6 7.4 .5 4.8 .9 6. 1 10.1 32 33 Other liabilities. . .......................... 4.0 3.3 4.3 6.6 5.1 5.7 5.8 6.7 8.3 .2 5.8 8.1 6.3 5.0 33 34 Discrepancy.. ............................. . 1 5.5 1.1 2.3 3.4 3.9 3.4 2.0 . 1 1.6 5.4 6.5 4.6 34 35 Memo; Net trade credit....................... 2.5 4.3 5.3 3.0 5.6 1 .9 5.4 6.0 -1.4 3.3 4.9 5.5 8.6 .8 35 36 Profits tax payments14......................... 20.8 23.4 25.6 30.5 32.4 27.8 38.6 28.6 27.2 27.3 50. 1 26.6 25.8 19.2 36 For notes see p. A-69.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 n FLOW OF FUNDS A-69.5 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1 966 1967 —1968 Category 1963 1964 1965 1966 1967 . ._ .... .. - — — — 1 >' 111 IV 1 11 Ill IV r — — • ............................................ ____ ... .... — — (E) U.S. Government! — — — ..... . ._.------- - ------ .. ------- — 1 Tax receipts (net of refunds).............. 91.4 91.2 99.6 109.9 114.4 105.0 109.6 111.7 113.2 112.2 111.7 115.2 118.6 126.0 1 2 Individual income............................. 51.5 48.6 53.8 61.7 67.3 57.6 61.3 62.9 64.9 66.0 65. 1 68.2 69 7 72.0 2 3 Corp, profits tax accruals............... 24.6 26.4 29.3 32.4 30.9 32.2 32.4 32.8 32.2 30.3 30.5 30.6 32 4 37.0 3 4 Other..................................................... 15.3 16.1 16.5 15.8 16.2 15.2 15.9 16.0 16. 1 15.9 16. 1 16.3 16 4 17.0 4 Social insurance programs 2 5 Premiums received............................ 21.0 21.6 22.8 30.6 .14.1 29.3 29.9 31.2 31.9 33.1 33.9 34.3 35 1 37.4 5 6 Benefits paid....................................... 18.2 18.7 20.3 22.6 27.8 21.4 21.2 22.9 25.0 26.6 27.9 28.3 28 5 28.7 6 Life insur. & retirement programs J 7 Premiums received............................ 2. 1 2.2 2.3 2.5 2.7 2.5 2.5 2.6 2.6 2.7 2.6 2.7 2 7 3. 1 7 8 Benefits paid....................................... 3.2 3.2 3.3 3.8 4.2 3.8 3.8 3.8 3.8 4.8 3.9 3.9 4 0 4.1 8 9 Net grants and donations paid 4.., . 20.5 22.8 24.2 29.0 30.8 28.0 28.4 29.7 30. 1 30.2 29.7 31.4 31 9 34.0 9 10 Net interest paid.................................... 7.7 8.3 8.7 9.5 10.3 9.2 9.2 9. 5 9.9 10.4 9.8 10.2 10 7 11.3 10 11 Net purchases of goods & services.. 64.2 65.2 66.9 77,4 90.6 72.5 75.6 79.9 81.5 87.4 90.0 91.3 93 5 97. 1 1 1 12 Net surplus............................................... .7 -3.0 1.2 -12.4 1.9 3.8 -.3 -2.8 -11.4 -13.2 -12.9 -12. 1 -8.6 12 13 Insurance and retirement credits 5. . 1.3 1.4 1.4 1.4 1.8 1.3 1.7 1.2 1.3 1.4 2. 1 1.3 2 2 1.4 13 14 Gross saving............................................. -.6 -4.3 -.1 -.6 -14. 1 .7 2.2 -1.4 - 4.0 -12.7 -15.3 -14.1 -14 3 -9.9 14 15 Net finan. investment (16 — 23)........... 1.3 - 2.5 -.8 . 1 -12.9 .3 1.9 -.1 -2.5 8.3 -18.2 -14.5 -10 6 -8.6 15 16 Net acquis, of finan. assets............. 4.7 5.6 4.9 8.7 3.1 12.1 10.9 7.2 4.6 5.2 -34. 1 20.5 20 9 28.9 16 17 Demand deposits & currency... - .4 .6 -1.4 -. I 1.0 2.5 9.1 -4.2 -2.7 -.9 -13.4 11.6 6 7 -5.4 17 18 Credit market instruments......... 2.7 3.8 4.7 7.9 4.5 fl. 1 10.0 7.8 2.8 6.1 - .8 5.0 8 0 14.0 18 19 Mortgages................................... -1.0 .2 1.0 3.4 2.7 4.4 4. 1 3.1 1.8 2.4 1.6 3. 1 3 7 4.6 19 20 Other loans................................. 3.7 3.5 3.7 4.6 1.8 6.7 5.9 4.7 .9 3.7 -2.5 1.9 4 3 9.5 20 21 Excess of tax accruals over receipts......................................... 1.8 l.l 1.2 - .4 -4.2 2.6 -.87 2.0 2.5 .9 -22.8 1.4 3 7 16.0 21 22 Other financial assets 6............... .6 . 1 .5 1.3 1.8 .9 .4 1.7 2.0 -1.0 3.0 2.5 2 6 4.2 22 23 Net increase in liabilities.................. 6.0 8.1 5.7 8.8 16.0 11.7 9.0 7.3 7.2 13.5 -15.9 35.0 3! 6 37.5 23 24 Life insurance and retirement reserves......................................... 1.3 1.4 1.4 1.4 1.8 1.3 1.7 1.2 1.3 1.4 2. 1 1.3 2 1.4 24 25 U.S. Govt, securities 2................ 5.0 7.1 3.6 6.3 12.7 10.8 6.7 4.9 2.9 8.0 -21.3 34.7 29 2 34.7 25 26 Svgs. bonds 8............................. 1.2 .9 .6 .6 .9 .3 .7 .3 .9 .8 1.1 .7 9 .2 26 27 Short-term marketable 9. ,. . 1.4 4.0 3.5 2.2 6.4 -1 .5 -7.3 7.6 10.1 9.9 -35.7 30.9 20.7 29.9 27 28 Other direct................................ 1.1 .9 -2.9 -1.4 1.6 7.0 -3.8 -2.0 -6.9 -4.2 8.5 2.5 — 3 -1.1 28 29 Nonguarantecd agency issues 1.5 .4 2.0 3.8 -.3 3.4 10.3 1.2 .2 -4.2 -2.2 .8 4.4 4.3 29 30 Loan participations.................. -.2 .8 .4 1.3 4.0 1.6 6.9 -2.2 -1.3 5.7 7. 1 -.1 3 5 1.4 30 31 Other liabilities....................... -. 3 - .4 .6 1. 1 1.6 .3 .5 1.2 2.9 4.1 3.2 - 1.0 2 1.4 31 32 Discrepancy (14 — 15)............................ .7 -1.8 .6 -.5 -1.2 .4 .3 -1.3 -1.5 -4.5 3.0 .5 -3.7 -1.3 32 33 Memo; Corp, tax receipts, net......... 22.8 25.3 28.1 32.8 35. 1 29.6 41.1 30.8 29.6 29.4 53.3 29.2 28 7 21.0 33 (F) State and local governments I ° Tax receipts........................................... 50.5 54.9 59.8 65.4 71. 62.8 64.6 67.9 69. I 70.3 71.7 73.3 74.8 2 Social ins. and grants rec.................... 12.9 14.5 15.6 19.2 20.7l 18.0 19.0 19.8 20.0 20. 1 19.7 21.0 22.2 22.9 2 3 1’urch. of goods and services............. 58.2 63.5 70.1 78.8 87.8; 75.3 77.4 79.7 82.7 85.8 87.2 88.3 90.0 93.4 4 Net interest & transfers paid 11. ... 4.0 4.4 4.7 5.5 4.6 4.6 4.8 4.9 5.2 5.4 5.5 5.8 6. I 4 Net surplus............................................... 1.2 1.7 1.0 1.0 1.6 1.5 .2 -2.6 -.4 5 6 Less retirement credit to households 2.7 3.1 3.4 3.7 4. 1 3.7 3.8 3.9 4.0 4. I 4.2 4.3 4.4 6 7 Equals: Gross saving........................... -1.5 -1.4 -2.4 -2.7 -5.6 -2.6 -2. 1 -3.7 -5.7 -6.7 -5.3 -4.6 -6. 1 7 8 Net financial investment (9 —17).... -2.1 -2.6 -2.2 -4.2 -2.8 -2.2 -1.6 -2.2 -2.5 -5.1 4.6 -4.6 -5.7 8 9 Net acquis, of finan. assets.........7.7 6.9 8.1 8.5 10.5 8.4 8.8 12.1 10.9 7.8 II.I 9.2 9 10 Liquid assets.................................. 2.4 2.4 4.0 3.5 2.8 1.4 9.0 .8 4.9 1.5 3.9 10 Demand deposits and cur.... 2.4 1.2 -.2 .« .3 2.7 1.3 3.3 1.0 -2.9 1.0 11 12 Time deposits..........J.....6...........1.....7 2.4 1.3 2.4 -.4 2. 1 1.9 1.5 5.7 3.4 .6 1.5 12 13 Short-term U.S. Govt. see... -.5 1. 3 -.6 -2.6 3.3 4.3 1.4 13 14 Other U.S. Govt, securities. ... .6 1.0 1.2 -.4 -.5 2.9 -4.8 2.4 -2.7 3.5 -.7 14 15 State and local obligations........-. .7 -.5 -.3 -.5 .3 -.3 -.2 -.5 -.5 -.4 -.5 -.4 15 16 Other 12.........................3....7...........3.....8 7.4 4.6 3.5 6.7 6.2 8.4 8.4 6.2 6.4 6.5 16 17 Net increase in liabilities......... 9.8 9.4 10.7 14.7 10.3 10.0 10.9 14.6 16.0 13.8 14.9 17 18 Credit market borrowing..........7..0 6.2 7.8 6.8 10.5| 6.6 7.5 6. I 6.9 10.5 11.8 8.1 10.4 18 19 State and local obligations.. . 6.7 5.9 7.3 6.0 10.1 6.3 4.6 10.3 7.5 11.2 10.0 19 20 Short-term..............5............ .5 1.3 1.3 .6 -.3 .3 1.8 2.2 1.6 -.3 1.6 20 21 Other..........6....2............5....4... ..... 6.1 5.5 8.8 5.7 5.8 4.9 5.8 8.5 9.3 5.9 11.5 8.4 21 22 U.S. Govt, loans....................... .4 .4 .8 . 3 .4 .6 1.6 .9 .2 .6 .2 .4 22 23 Employee retirement reserves. . 2.7 3.4 3.7 4. 1 3.6 3.7 3.8 3.9 4.0 4. 1 4.2 4.3 4.4 23 24 Trade debt.................................... 24 25 Discrepancy................. .6 .7 -1.4 -.7 -3.2 -1.5 -.7 -.4 25 26 Memo: Total U.S. Govt. sec. .7 .5 2.3 .9 2.3 .6 -.2 .6 7.8 .7 26 For notes see p. A-69.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-69.6 FLOW OF FUNDS □ AUGUST 1968 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions ol' dollars) 1966 1967 1 968 1963 1964 1 965 1966 1967 Category 1 II III IV IV 1 (G) Monettry authcritics 1 Current surplus ...................................... * * * * 1 2 Net acquis, of financial assets............ 2.3 4.2 4.8 5.5 2.4 5.7 3.2 4.2 2.5 4.2 2 3 Cold and foreign exchange2......... - .4 - 1.3 - . 3 -. 5 2. 1 1 . 1 -3. । 1.7 .4 -.8 6.2 3 4 Treasury currency.............................. * —. 2 .2 .7 .5 .7 L0 .8 .7 . 5 .5 .7 4 5 Credit mkt. instruments.................. 2.9 3.4 3.8 3.5 4.8 2. 5 2. 1 5.0 4.3 5.2 2.9 3.7 6.9 4.8 5 6 U.S, Govt, securities................... 2.8' 3.5 3.7; 3.5 4.8 2.8 1.7 5.7 3.8 5.5 2.8 3.6 6.9 5. 1 6 7 Short-term marketable........... 4.9 2. 1 3.71 5.4 1.9 2.8 - . 3 6.7 12.4 -. 1 -4.2 2.3 9.3 1.1 7 8 Other.. . 1.3 . 1 ■ -1.9 2.9 2.0 1.0 -8.6 5.6 7.0 1.4 -2.4 3.9 8 9 F.R. float.............................................. .4 .3 * 3.6 .5 -1.7 - .4 1.9 -2.3 .4 2.9 9 [0 F.R. loans to domestic banks.... • 1 ■ .1 .1 * .8 - .3 1.5 -1.7 .5 - .4 - .6 1.3 2.0 10 11 Net increase in liabilities...................... 2. 1 .3.8 2.2 4.2 4.7 5.6 2.4 5-7 3.2 4.2 2-5 4.4 7.4 4.2 II 12 Member bank reserves..................... 1.0 .4 1.3' I? -.4 5.7 -1.0 6.4 .9 1.7 12 13 Vault cash of coml. banks3............ .6 .4 .3 .6 . 5 .7' -.3 . 2 1.7 ..5 - L0 .9 1.9 -.8 13 Demand deposits and currency... 14 Due to U.S. Govt.......................... .3 .2 .9 .1 2.1 -1.6 . 1 2.4 3.2 -4.2 2.4 -3.0 14 15 Duc to rest of the world *.......... - . 1 . 1 - . 1 '2 * 1.3 * .5 . 1 -. 1 .4 15 16 Currency outside banks.............. 1.7 2.4 2. 1 2.0! ’.I 3.7 1.2 2.0 1. 1 3.3 1.5 1.6 2. 1 4.6 16 17 Other.................................................. * .6 -.5 ■1 + - . 1 - ^ . । . 1 —. 2 . I 1.4 17 (H) Co nmercial banks 5 I Current surplus............................. 1.7 1 .9 2. I 2.6 2.6 2.5 2.6 2.6 2.5 2.5 2.7 2.7 1 2 Net acquisition of financial assets. .. 20.0 23.6 30.5 20.5 39.3 20.3 34.8 14.8 12.2 37.3 22. 1 61.3 35.9 22.4 2 3 Member hank reserves ft.................. -.4 1.0 .4 1 . 3 1.2 - . 1 -.4 5.7 . 2 -1.0 1.5 6.4 .9 1.7 3 4 Vault cash............................................. .6 -.4 .3 .6 . 5 , 2 1.7 .5 -1.0 .9 1.9 .8 4 5 Total loans and investments......... 19.4 22.4 29. 1 17.4 36.4 19'5 Si? <L6 7.9 39.7 22.3 54.8 28.9 23.1 5 6 Credit market instruments......... 18.8 21.9 29.0 16.9 34.8 20.2 8. 1 7.0 37.6 28.9 45.8 27.2 26.1 6 7 U.S. Govt, securities7.............. -2.6 .4 -2.3 -3.5 8.8 3.0 -.3 -5.7 -4.8 17.9 •.3 23.6 -5.9 8.6 7 8 Short-term marketable... . -3.5 3.9 -1.7 4.5 4.6 10.2 -. 5 -2.8 ■4.4 (0.2 -7.2 18.3 2.7 4.8 8 9 Other direct................ . 5 -4. 1 - 1 .4 1. 1 1.4 7.2 2.3 .3 -.3 5.5 2.4 2.8 5.2 2.6 9 10 Agency issues......................... ■ 5 1.1 !i 2. 1 - 1.2 .8 -.9 .6' 1.8 .3 1.0 10 11 Loan participations.............. .6 - . 3 ■ -. 1 .5 -1.5 .9 3. 1 3.8 .6 1.7 .2 11 12 Other securities & mortgages. 10.1 8.2 10.6 7. 1 14.3 8.2; 12.9 4.2 2.9 11.6 18.0 10.8 17.0 10.3 12 13 State and local oblig. 5.2 3.6 5. 1 2.4 9.0 2.9: 7.6 -.2 - .8 8.4 13.3 4.4 9.9 4.6 13 14 Corporate bonds.................. . 1 -.1 . 1 .8 * * . 1 1.1 1 . 1 .4 .4 ........... 14 15 1 - to 4-family mortgages... 2.7 2.3 3. 1 2.4 2.5 2.7 3.0 1 .9 1.9 1.0 1 .4 3.4 4.0 3.4 15 16 Other mortgages.................. 2.2 2.5 2.3 2. 1 2.7 2.4 2.4 1.7 1.0 2 . 1 2.6 2.7 2.2 16 17 Other credit cxc. security.. . . 1 D3 13.4 20.7 13.3 15.0 19.7 9.7 8.9 8. 1 11.3 11.3 16. 1 7.2 17 18 Consumer credit................... 3.5 3.8 4.7 ^ 3.5 3. 1 3.4 2.4 1.3 2.0 3. 1 2.4 3.9 18 19 Bank loans n.e.c.................... 7.6 8.7 16.4 9.8 16.0 5.2 2.0 1.7 7.6 6.7 9.8 2.4 19 20 Other loansB.......................... .« —. 5 2,0 3. 1 1.7 . 5 1. 1 4.5 5. 1 1.7 1.5 3.9 ■ 9 2o 21 Security credit................................ .6 .5 . 1 . 5 1.5 - .7 .5 1.5 .9 2. 1 - 6.7 9.0 1.7 3.0 21 22 Mise, assets.......................................... .4 .6 .7 1 . 1 1.2 .3 2.7 - .8 2.4 - .9 2.3 - .8 4.2 -1.6 22 23 Net increase in liabilities...................... 19.3 22.0 29.2 19.3 37.5 19.6 33.4 13.3 35.9 20.6 60.2 33.0 21.2 23 24 Demand deposits, net....................... 3.8 4.8 5.6 .3 11.6 -5.4 6.8 — 7.9. 7.5 2.6 -5.7 32. 1 17.3 -9.8 24 25 U.S. Govt.’.................................... .6 1.0 - . 5 . 2 ■3.3 4.6 -4.5 l.l -3.0 -■ 18. 1 17.6 4.4 -3.2 25 26 Foreign io........................................ .4 .4 -.5 ’« -1.2 1.2 -1.4 -.6 -3.1 2.3 .5 3.4 -1.4 26 27 Other, net1 *.................................... 4.3 4.4 6.2 1 .3 10.6 - .8 1.0 -2.0 7. 1 8.7 10.0 13.9 9.5 -5.2 27 28 Time deposits...................................... 14.3 14.5 20.0 13.3 23.8 15.1 20. I 11.6 6.2 35.1 23.7 23.7 12.7 19.8 28 29 F.R. float.............................................. -.3 - .4 .3 * 3.6 -.5 - 1.7 -.4 1.9 -2.3 .4 - . 1 2.9 29 30 Borrowing at F.R. Banks............... . 1 - . 1 . 1 .8 -.3 1.5 - 1.7 -.5 - .4 - . 6 1.3 2.0 30 31 Other liabilities.................................. 1.4 2.5 4.0 5.4 2. 1 5.4 7.4 9.7 -.7 -3.2 5.3 4.6 1.8 6.1 31 32 Security issues................................ .3 .6 .8 . 1 .2 . 1 .3 * * .8 . 1 * * 32 33 Discrepancy............................................. . 5 * .4 .9 .5 1. 1 .6 .7 1.2 1.0 .7 .8 -.7 l.l 33 34 Memo; Total loans exc. mortgages.. 11.9 13.9 20.8 13.9 13.2 14.3 20.2 11.1 9.8 10.2 4.6 20.3 17.8 4.3 34 For notes see p. A-69.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ FLOW OF FUNDS A-69.7 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1966 ! 1967 1968 Category 1963 1964 1965 1966 1 967 ‘ 1 1" . ... IV : 1 L IV (I) Nonbank 11nancial institutions 1 l-jl 2.5 1 Current surplus........................................ 1.7 1.2 1.4 1.9 1.2 2.4 1.2 1.4 2.2 1.8 .6 -.5 I 2 Physical investment (Life ins.)......... . 5 .5 .4 . 5 .5 .5 .5 .5 .6 .6 .6 .4 .5 2 3 Net acquis, of financial assets.............. 37.0 37.2 37.8 31.0 39.3 40.9 23.1 26.5 33.6 40.7 25.1 54.5 36.7 37.8 3 4 Demand deposits and currency... .3 .7 .4 .7 - 1. l| .5 . 5 1.6 1.3 .9 . 4 . 4 4.4 4 5 Time deposits (Mut. svgs. bks.)... . 1 1 -.1 * .8 ■ .3 ■ .3 . 1 5 6 Svgs. and loan shares (Cr. unions) . 1 -.2 .4 -. 3 .5 - . 2 3 1.1 .3 . 2 6 7 Cr. mkt. instr....................................... 33.7 35.9 35.8 29.6 33.5 40.« 21.2 26.4 30.1 32.5 18.9 51.3 31.5 34. 1 7 « U.S. Govt, securities.................... -.5 2.0 - .« .9 4.0 4.6 3.4 .8 .2 -8.5 9.6 ■1.4 4.7 8 9 State and local obligations......... .6 .4 - .2 1.0 .9 .3 2.0 -. 1 1.7 2.2 .4 .8 . 1 .7 9 10 Corporate bonds........................... 4.4 4.4 5.7 4.9 8.2 7.9 2.5 4.7 4.6 8.2 4.6 11.3 8.5 5.3 10 II Corporate stock............................. 3.4 3.7 5.4 5.4 8.4 4.0 4.4 5.2 7.9 7.1 7.5 I 1.2 7.7 5.6 II 12 1- to 4-family mortgages............ 14. 1 13.0 12.8 4.8 7.9 10.0 5.2 1.9 2.1 6.3 8.1 8.6 8.6 6.6 12 13 Other mortgages........................... 6.9 7.3 6.3 6.4 6.4 7.5 7.5 6.4 4.2 6.1 6.4 6.5 6.7 6.0 13 14 Consumer credit........................... 2.8 2.8 3.1 2.3 .9 2.7 2.6 2.3 1.7 .8 1.1 .3 1.6 2.3 14 15 Other loans...................................... 2. 1 2.4 3.3 4.0 .9 4.4 1.7 2.7 7.1 1.7 - .8 3. 1 - .3 3.0 15 16 Security credit.................................... 1.9 - . 5 .2 - . 1 2.8 .5 .4 -2.0 .7 1.5 1 .7 3.3 4.8 -2.7 16 17 Trade credit........................................ .2 .2 .2 .2 .3 .2 .2 .3 .3 .3 .3 .3 .3 .3 17 18 Miscellaneous assets......................... 1. 1 1.2 1.2 1. 1 1.5 .7 1.3 1.6 1.0 5.0 1.5 - . 6 * 1.5 18 19 Net increase in liabilities...................... 35.5 36.3 36.3 29.7 39.0 39.9 21.4 24.3 33.2 40.9 23.3 53. 1 38.8 40.8 19 20 Time and savings acct...................... 15.2 15.9 13.0 7. 1 17.0 9.5 4.4 5. 1 9.3 17.2 21.7 18.3 10.7 12.6 20 21 Ins. and pension reserves................ 10. 1 11.1 11.6 12.8 13.2 12.8 10.8 13.1 14.5 12.2 12.4 14.0 14. 1 13.7 2! 22 Cr. rnkt. instr.2.................................. 7. 1 6. 2 9. 1 6.4 1.9 1 3 .« 5.5 2. 1 4.2 1.0 -6.9 7.4 6. 1 12.9 22 23 Finance company bonds........... 1.4 2. 1 1.9 .8 .6 1.7 .5 1.2 - . 4 1.7 - . 3 1.0 . 1 1.5 23 24 Investment company shares.... 1.2 1.9 3. 1 3.7 2.8 5.6 2.7 2.8 3.6 3.1 1.3 3.6 3.3 6.9 24 25 Mtg. loans in process................... .5 - .3 .9 1 .0 .3 1. 1 -1.7 -1.2 .5 1.4 1.3 .9 . 3 25 26 Bank loans n.e.c............................ 1.7 . 5 2.4 - 1.4 2.4 .6 -. 1 -3.5 -2.7 -4.3 -3.3 2. 1 -4.0 .4 26 27 Other loans...................................... 2.3 2.0 1.7 4.3 -.2 5.6 3.4 3.3 4.9 * -6.0 -.5 5.9 3.8 27 28 Finance co. paper.................... 1.0 1.5 1.0 3.4 2.4 2.8 1.6 2.2 6.9 2.9 .3 .6 5.8 - . 2 28 29 HI LB Joans................................ 1.3 . 5 .7 .9 -2.5 2.8 1.8 1, 1 -2.0 -2,8 -6.3 - 1. 1 . 1 4.1) 29 30 Security credit.................................... . 5 . 1 .6 2. 1 .5 .7 1.3 2.3 4.1 --7.5 9. 1 2.9 -3.4 30 31 Taxes payable..................................... . 1 . 1 -.2 .4 .3 . 2 .9 . 1 9 .5 31 32 Miscellaneous liabilities.................. 2. 5 3. 1 2.6 2.8 5. 1 3.9 1.7 2.6 2.8 6.3 4.6 4.3 5.2 4.5 32 33 Discrepancy............................................. .3 . 2 - .4 * .4 -. 2 .3 - .3 .2 1.0 -. 1 —. 2 _ J-0 2.0 3.1 (1.1) Savings atd loan associations 1 Net acquis, of financial assets............ 14.0 11.8 10.2 4.3 9.8 9.0 4.7 1.3 2.2 8.3 10.2 12.6 8.3 10.9 1 2 Demand deposits and currency J. . 1 -. 5 - . 3 - . 6 ■ .4 1.0 - . 1 . 1 . 1 -.5 -1.0 — 9 1 3 Cr. mkt. instr. 4................................. 13.3 H . 1 9.6 4. 3 9.3 9.6 4.5 1.5 1 .8 4.2 9.5 14.0 9.6 11.3 3 4 U.S. Govt, securities.................... 1.0 .6 . 5 . 5 1.7 1 . 1 .8 .8 1.0 .6 1 7 4.2 .3 2.9 4 5 1- to 4-family mortgages............ 9.3 8.0 7.7 2.7 5.9 6.6 3.4 . 1 .6 3. 1 5.2 7.6 7.« 6.8 5 6 Other mortgages........................... 2.9 2.4 1.2 1. 1 1 .7 1.9 1.7 . 7 .5 1 .9 7 7 2. 1 1.6 6 7 Mise, financial transactions.......... . 5 .7 .6 . 5 . H .7 .9 . 5 4.0 .6 - I . 0 -, 3 - .2 7 8 Net increase in liabilities...................... 13.3 11.1 9.4 3.7 9.3 8. 1 4.1 .8 1.9 7.7 9.8 12.1 7.7 10.4 8 9 Savings shares.................................... 11. 1 10.6 8. 5 3.6 10.7 5.9 2.6 1.4 4.6 10.7 14.0 12.4 5.7 6. 1 9 10 Mtg. loans in process....................... . 5 - .3 • .9 1.0 . 3 -1.1 -- 1.7 -1.2 . 5 1.4 1. 1 .9 .3 10 11 Borrowing from FHLB................... 1.3 .5 .7 .9 -2.5 2. H 1.8 1 . 1 — 2.0 -2.8 --6.3 - 1. 1 . 1 4.0 11 12 Memo: FHLB loans less deposits... 1.4 .5 .8 .9 2.9 3. 1 1.8 1.3 - 2.5 -5.3 ■7. 1 . 3 .3 3.8 12 (1.2) Mutual savings banks 1.5! 1 Net acquis, of financial assets 5......... 3.6 4.5 4.0 2.8 5.4 2.8 3.7 3.0 5.6; 6.6 5.7^ 3.7 5.4 ( 2 U.S. Govt, securities......................... -.2 ♦ -.3 -.5 - . 3 -.7 .9; - . 3 -1.6 -.3 . 5 - .4 3 Corporate bonds............................... -.3 ■ . 1 .3 2. 1 .3 . 1 .4 .4 2.2 2.8 2.8 .4 1.7 3 4 1- to 4-family mortgages................ 2.6 2.7 2.7 1.6 1 .8 1.8 1.1 1.8 1.7 1.9' 1.9 1.7 1.6 1.0 4 5 Other mortgages................................ 1.3 1.7 1.4 1.1 1.4 1.2 1.2 1 .1 1.2 1.2 L7I 1.4 1.2 5 '“l ’•’1 6 Savings deposits...................................... 3.3 4.2 3.6 2.6 5. 1 2.7 3.0 3.5 6. 1 4.9| 4.0 5.4 6 (1.3) Life insurance companies 1 Current surplus....................................... 1. 1 1.1 1.0 1. 1 .9 1.0 1.0 1.2 1.2 .9 .9 1.0 .9 1.0 1 2 Net acquis, of financial assets 5......... 7.0 7.8 8.7 8.3 9.4 9.4 8.2 7.7 7.7 11.1 8.2 9. 1 9.2 8.8 2 3 Cr. mkt. instr...................................... 6.7 7.4 8.2 7.8 8.9 9.6 7.6 7.3 6.5 10.7 7.6 8.6 8.6 8.8 3 4 U.S. Govt, securities.................... -.4 ■. 3 • - .4 - . 3 -.2 -.2 - .6 - .7 - . 1 ■ .4 -. 1 -. 1 .4 4 5 State and local obligations..... -.2 -. 1 -.3 -.4 -.2 - .4 -.6 - .4 -.2 -.3 -.1 -.4 . 1 .2 5 6 Corporate bonds........................... 2.8 2.3 2.8 2.2 4.3 4.5 1.8 2.0 .4 4.3 2.0 5. 1 5.7 3.4 6 7 Corporate stock............................. .2 . 5 .7 .2 1.0 . 1 .3 .4 .8 .9 1.2 1.4 1.3 7 8 1- to 4-family mortgages........... .9 1.4 1.2 .5 -.4 .9 .7 .4 -. I .5 -.9 -.9 -1.0 8 9 Other mortgages........................... 2.7 3.2 3.7 4. 1 3.3 4.3 4.8 4.4 2.9 4.3 1.2 2.6 3.1 3.1 9 10 Other loans...................................... .5 .4 .5 1. 5 1.0 .4 1.3 1.3 3.1 1.2 2.4 Li ■ .7 1.4 10 11 Net increase in liabilities..........6....4......... 7. 1 7.9 7.2 8.2 8.2 7.1 7.0 6.4 10.0 6.8 7.5 8.3 9.0 11 12 Life insurance reserves..........4.....0.. 4.2 4.7 4.5 4.6 4.6 4.5 4.5 4.5 5.1 3.8 4.5 5.2 5. 1 12 13 Pension fund reserves..........1.....7.... 2.0 2. 1 2. 1 2.2 2. 1 2. 1 2. 1 2.1 2.2 2.2 2.2 2.2 2.3 13 14 Other...............7...............8............1....2....... .4 1.4 1.5 .5 . 1 -.4 2.6 1.4 .9 1.4 14 bor notes sec p. A.-69.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-69.8 FLOW OF FUNDS □ AUGUST 1968 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1966 1967 1968 1963 1964 1965 1966 1967 Category ...... 1 ______ (1.4) Noninsured pension plans 1 Net acquis, of financial assets 5.......... 4.4 4.9 4.9 6.2 6.3 6.1 4.2 6.5 7.9 5.0 6.4 7.3 6.6 6.4 1 2 Credit mkt. instr6.............................. 4.3 4.9 6.2 6. 1i 6. 1 4.8 6.8 7.1 4.9 6.2 7.0 6.1 6.8 2 3 U.S. Govt, securities.................... .4 .4 -.3 .2 -.2 .4 -.8 .7 .4 -1.8 .3 .6 - . 3 3 4 Corporate bonds........................... 1.5 1.6 1.5 1.9 1.0 2.5 1.4 1.8 1 .9 1.7 .41 1.6 .2 1.4 4 5 Corporate stock............................. 2.2 2.2 3. 1 3.7 5.2 2.8 4.0 3.81 4.1 4.8 5.6 5.0 5.3 5.6 5 — — (1.5) Other insurance companies ——...... .......... ------. — - ■ . -.- --. --- .. _ 1 Net acquis, of financial assets 5......... 14 1.1 1.8 1.9 1.8 2.0 1.7 1.9 IS 1.6 1.9 2.0 1.7 1.8 1 2 Demand deposits and currency... •. 1 2 3 Credit mkt. instr.6............................. 1.3 1.0 1.7 1.6 1.5 1.8 1.4 1.6 1.6 1.3 1.6 1.7 1.4 1.5 3 4 U.S. Govt, securities.................... .2 -.4 - .7 .4 -.2 -.4 . 5 -1.3 .6 - . 5 -.3 .3 4 5 State and local obligations........ .8 .4 .4 1.4 1.0 1.1 1.5 1.6 1.3 1.2 l.l 1.0 .7 .7 5 6 Corporate bonds........................... .3 J. 1 .8 1.0 -.3 - . I 1.0 .7 .7 .7 .5 6 7 Corporate stock............................. .2 .2 .2 .5 .5 .5 .6 .7 •4 .5 .4 •5 7 (1.6) Finance companies 1 Net acquis, of financial assets 5.......... 4.0 4.0 5.4 3.2 .7 5.9 1.4 .9 4.4 1.0 -3. 1 3.4 1.6 2.4 1 2 1- to 4-family mortgages................ .8 .4 .5 -.6 .4 .3 -.6 -.9 1.1 .3 1.3 -.2 . 1 -.2 2 3 Consumer credit................................. 1.8 1.8 1.9 1.2 2 1.6 1.3 1. 5 .6 .2 .5 ■ .3 .6 1.2 3 4 Other loans.......................................... 1.6 1.8 2.7 2.3 -. 1 3.9 .4 . 1 4.7 .3 -5.1 3.7 .7 1.2 4 5 Net increase in liabilities....................... 4.0 4.0 5.1 2.7 • 7 S.4 1.3 . 1 3.8 1.1 -3.2 3.7 1.5 2.1 5 6 Corporate bonds................................ 1.4 2. 1 1.9 .8 1.7 .5 1.2 -.4 1.7 -.3 1.0 1.5 6 7 8 O ba p n e k n l m oa k n t. s p n a .e p . e c. r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 . . 6 0 1 . . 4 5 2 1 . . 2 0 3 1 . . 4 5 -2 2 . . 3 4 2. . 8 9 - 1 .8 .6 -3 2 . . 4 2 — -2 6 . . 7 9 ■ 2 3 . . 9 5 -3. . 2 3 — 2. . 6 1 -4 5 . . 4 8 -. . 2 8 8 7 . . . . ___________ - _— .......... — . . .. .. — —— (1.7) Security brokers and dealers 1 Net acquis, of financial assets............ .6 .2 .1 2.3 -.3 -.6 1.5 2.4 4.3 -7.5 9.3 3.0 3.1 1 2 U.S. Govt, securities....................... — 1.3 .7 - . 3 .7 - . 8 1.8 — 1.0 2. 1 — .3 4.2 —6 4 3.2 - 4.1 2.7 2 3 Other securities.................................. .2 -. 1 . 1 -2.8 - .3 1.0 2.6 -1.9 -2.9 2.6 2.5 -2.9 3 4 Security credit.................................... 1.5 -.5 .5 -.2 2.8 .6 .6 -1.8 -. 1 1.8 1.7 3.3 4.4 -3.1 4 5 Net incr. in liab,—Security credit... .5 . 1 .6 2.1 - .5 -.7 1.3 2.3 4.1 -7.5 9.1 2.9 -3.4 5 6 From banks......................................... .2 .2 -.3 .6 .9 -l.l .2 2. 1 1.0 2.2 -8.0 8.4 .9 -3.4 6 7 8 C Fr u o s m to m ag e e r n c c r ie e s d i o t b f a fg la n n . c b e a s n ... k .. s .. . . . . . . . . . . . . . . . . . . .4 * * - . . 3 5 ♦ 1.2 . . 7 1 - -. . 7 2 - . . 3 6 — . . 5 8 - 2 .3 .2 .5 —.7 1 . . 4 6 -.3 .3 7 8 -----— -.......... -—----- — — . —_ _ — . ------------—— (1.8) Open-end investment companies 1 Net financial investment....................... -.4 -.8 -1.1 -1.2 -1.6 -1.6 -.5 — .7 -1.9 -1.3 -.5 -1.0 3.4 -3.2 1 2 Net acquis, of financial assets 5, .. .8 1.1 2.0 2.5 1.2 3.9 2.2 2.0 1.8 1.9 .8 2.5 -.2 3.7 2 3 Credit mkt, instr...............8...........1.... 1 1.6 1.9 1. 1 4.0 1. 3 . 3 2. 1 2.2 2.7 - 3 -1.7 3 4 Corporate stock...................6.. .7 1.2 ,9 1.4 2.2 .6 — .6 1.6 2. 5 1 4 3. 1 — 1.2 - .8 4 5 Net stock issues?............................... 1.2 1.9 3.1 3.7 2.8 5.6 2.7 2.8 3.6 3. 1 1.3 3.6 3.3 6.9 5 (J) Rest of the world 1 Net purch. of goods and serv. (2-3).. 5.9 8.5 6.9 5.1 4.8 6.0 5.2 4.5 4.5 5.2 5.1 5.4 3.4 1.5 1 2 Purch. of goods and services 1... 32.3 37.1 39.2 43. 1 45.8 42. 1 42.6 43.6 44.2 45.5 45.5 46.1 46.0 47.5 2 3 Sales of goods and services 1......... 26.4 28.6 32.3 38. 1 41.0 36. 1 37.3 39. 1 39.7 40.3 40.4 40.6 42.6 46.0 3 4 Net unilateral receipts from Govt.1. 2.8 2.8 2.8 2.9 3. 1 3.4 2.9 2.8 2.6 2.9 3.4 3.4 2.6 2.6 4 5 Current surplus (4-1) 2....................... -3. J -5,7 -4. 1 -2.2 -1.7 -2.7 -2.3 -1.7 -1.9 -2.3 -1.6 -2.1 -.8 1.1 5 6 Net financial investment (7-14)......... -2.8 -4.7 -3.7 -1.8 -1.2 -1.8 -1.6 -2.8 -1.0 -1.6 .6 -2.9 -.7 2.4 6 7 Net acquis, of finan. assets.............. 3.4 3.4 2.1 3.9 7.8 2.0 6.2 2.6 4.7 2.7 8.4 7.9 12.1 12.1 7 8 Gold................................................... .5 . 1 1.7 .6 . 12 .3 .8 .7 .5 .2 . 1 .4 4.0 5.4 9 U.S, dem. dep. and currency... . 1 .5 .3 -.3 .8 1.2 -1.8 -.6 -3.2 2.4 .5 3.5 -1.0 9 10 Time deposits.................................. 1.0 1.4 .6 .8 1.3 -.2 2.0 .6 1.0 1.2 2.3 l.l .8 -.7 10 It U.S. Govt, securities.................... .6 . 5 - . 1 -2.6 2. 1 -2.3 -1.6 -4.4 -2. 1 2.6 1.9 -f.4 5.2 -.4 11 12 Other credit market instr............ .3 .1 1.2 1.2 .9 2.9 .4 .4 .8 1.6 2.3 3.5 12 13 Mise, financial assets................... 1.1 .8 -.4 4.2 1.1 3.3 .8 7.2 5.5 l.l -.2 4.9 -1.5 5.2 13 14 Net increase in liabilities.................. 6.2 8.2 5.8 5.7 8.9 3.8 7.8 5.4 5.7 4.3 7.7 10.8 12.8 9.7 14 15 Official U.S. foreign exchange 3 .4 l.l -1.4 .6 .4 .5 -3.9 1.7 1.9 4.8 2.6 15 16 Securities........................................... l.l .7 .8 .5 1.3 1.4 .2 .2 1.0 1.0 1.6 1.4 1.6 16 17 Loans 4............................................. 2.2 3.7 1.9 1.0 2.7 1.3 2.3 -.4 1.0 4.5 2.7 2.2 1.4 2.8 17 18 Miscellaneous 5.............................. 2.8 3.9 2.6 4.1 3.7 2.5 4.6 5.4 4.1 2.6 2.2 4.9 5.1 2.7 18 19 Discrepancy (5-6) 6................................ -.4 -.9 — .4 -.4 -.5 -.9 -.7 1.0 -.9 -.6 -2.3 .9 -. 1 -1.3 19 U.S. gold and fgn. exchg. held by: 20 Monetary auth.................................... -.4 — 1.3 -.3 -.5 -2.1 .4 . 1 -3.1 1.7 .4 -.8 -6.2 20 21 U.S. Treasury..................................... * -.2 . 1 -.2 .4 .4 -.5 -.7 -. 1 -1.0 * 1.1 1.6 3.4 21 For notes see following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ FLOW OF FUNDS A-69.9 Notes to Table 4 (A) Households 1 Includes nonprofit organizations serving individuals. 4 Line 9 plus capital consumption on owner-occupied houses and nonprofit plant and equipment. . 2 Imputed saving associated with growth of government life 3 Includes net free balances with security brokers and miscel­ insurance and retirement reserves. From Tables 4(E), line 13, laneous assets not shown separately. and 4(F), line 6. 0 Policy loans, hypothecated deposits, and U.S. Govt, loans 3 Capital-gains dividends from open-end investments cos. to nonprofit organizations. (B, C, D) Business 1 Sum of Tables 4(C) and 4(D); for detail see below. 8 Loans from U.S. Govt, anil commercial loans from finance 2 Profits and noncorporate income as defined In national cos. income. Excludes imputed rental income of owner-occupied 0 Includes earnings retained in business; see note 7 above. houses, included in Table 4(A). 10 Excludes corporations in Tables 4(C), (G), (II), and (I). 3 Change in work in process. * After inventory valuation adjustment. “Includes branch profits paid to foreign parents less branch “Excludes C.C.C.-guaranteed loans, treated as Govt, borrow­ profits received from abroad. ing and included in Table 4(E), line 30. 13 Direct investments abroad, foreign currency holdings, and 41 Includes corporate farms. unallocated current assets. 7 Noncorporate net income is treated as payment in full to 1: 1 Mainly commercial paper and co mine rein I loans from proprietors in the household sector. Gross saving consists of capital consumption allowances plus corporate farm retained finance companies. profits. 11 Includes State and local profit taxes. (E, F) Govts. 1 Lines 1 through 12 are derived from national-income data, 3 Govt. life insurance, employee retirement, and R.R. retire­ while lines 15 through 31 are based on data behind Treasury ment programs. Excludes social security, which is treated as cash budget. Line 21 is a link between the two accounting sys­ nonfinancial operation. See Table 4(A), line 5. tems on treatment of corporate taxes, and the discrepancy 0 Mainly nonconvertible foreign currencies and official foreign (line 32) represents differences on other matters. exchange position of Treasury. Net cash borrowing in Treasury cash budget corresponds 7 Public debt held by public and Federal Reserve, plus non­ closely to Hue 25 less accrual of interest on savings bonds and guaranteed issues of Govt, agencies. Includes interest accruals Treasury bills. Cash surplus is closely indicated by line 17 less on savings bonds and Treasury bills; excludes special notes to net cash borrowing. Lincs 18, 22, 30, and 31 are in cash outgo IMF. Loan participations consist of holdings by the domestic in cash budget except for small amounts in receipts. Lines 13 public of C.C.C., FNMA, Export-Import Bank, and all other and 24 are imputations reflected in neither national income nor certificates. In Table 3 they arc grouped with nonguarantecd cash budget. issues. Net movements in inventory under C.C.C. guarantee are aOASI, disability insurance, and unemployment programs. included in line 11. Loans and mortgages securing other loan Line 5 includes U.S. Govt, employment taxes; line 6, U.S. participations are included in U.S. Govt, financial assets. Govt, benefit payments to households. 8 E and H bonds held by households. 3 Veterans’ life insurance and Govt, employee and R.R. re­ 11 Marketable issues due in less than 1 year plus part of those t f i u re nd m s e . nt funds. Line 7 excludes Govt, contributions to these due in less than 2 years. 4 Transfers other than lines 6 and 8, grants-in-aid to State 10 Includes employee retirement funds. and local govts., subsidies less current surplus of Govt, enter­ 11 Net of current surplus of govt, enterprises. prises. 12 Corporate bonds, mortgages, and tax receivables. (G, H) Banking 1 Federal Reserve System plus those Treasury accounts in­ Reported bank data, as on page A-19, are frequently for last cluded in “Member Bank Reserves, Federal Reserve Bank Wednesday of month or other reporting date. Excludes banks in Credit, and Related Items.’’ Excludes Exchange Stabilization U.S. possessions. Fund, which is in U.S. Govt, accounts. 0 Deposits with F.R. Banks; vault cash in reserves is in line 4. 2 Includes F.R. holdings of foreign currencies, which are net 7 Net change in par value of holdings. in other F.R. accounts in table mentioned in note 1. 9 Includes consumer loans secured by hypothecated deposits 3 Includes vault cash of non member banks. through 11/1966, not show separately. 4 Includes deposits of international organizations other than 0 Includes deposits held outside Treasury. IMF; IMF deposits are net in line 3. 10 Bank and nonbank. “ Based on balance sheet estimates for last day of quarter. 11 Net of F.R. Boat, shown separately in line 29. (I) Nonbank finance 1 In addition to types shown, includes credit unions, agencies laneous, line 7. of foreign banks, and banks in possessions. 4 Includes consumer credit, not shown separately. 2 Lines 10, 11 of LI; lines 6, 7, and 8 of 1.6; and line 5 3 Includes cash and other assets, not shown separately. of 1.8. n Includes mortgages, not shown separately. 3 Excludes deposits at FHLB, which are included in Miscel­ 7 Includes retained capital-gains dividends. (J) Rest of the world 1 Lines 2, 3, and 4 arc exports, imports, and transfers to 4 Dank loans, acceptances, loans from U.S. Govt., and secu­ foreigners in income and product accounts. rity credit. 2 Net foreign investment in national income accounts with 3 Direct investment abroad, foreign currencies held by other op 3 p o O s f i f t i e c ia s l i gn fo . reign currency holdings and net IMF position of than in line 15, subscriptions to international organizations U.S. IMF position consists of U.S. capital subscription less except IMF, and unidentified liabilities. IMF holdings of special U.S. Govt, notes, deposits with Federal 8 Errors and omissions in U.S. balance of payments state­ Reserve, and letters of credit. ment. Noto.—Quarterly data are seasonally adjusted totals at an­ nual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-70 U.S. BALANCE OF PAYMENTS □ AUGUSI 1908 1. U.S. BALANCE OF PAYMENTS (In miDions of dollars) 1966 1967 1968 ............... Item 1965 1966 1967 1 _,v. Transactions other than changes in foreign liquid assets in U.S. and in U.S, monetary reserve assets—Seasonally adjusted I ll,05‘> 1 11,377 Exports of goods and services —Total1......................... 39,196 43,142 45,756 11,371 11,513 U.496 11,867 Merchandise....................................................................... 26,244 29,176 30,468 : 7,440 7,661 7,703 7 ,626 7,478 7,924 Military sales,.................................................................... 830 829 1 '240 205 335 336 245 323 306 Transportation.................................................................. 2 413 2,608 2,701 657 670 670 680 681 701 Travel.................................................................................... 1 ' 380 I 590 1 '646 411 421 ■ 384 417 424 452 Investment income receipts, private.......................... 5,384 5.659 6,235 1,499 1,443 1,391 1 ,671 1 ,729 1 ,563 Investment income receipts. Govt............................... 509 593 624 149 151 165 1 56 153 198 Other services..................................................................... 2,4.36 2,687 2,843 698 690 ■ 728 718 708 723 Imports of goods and services—Total............................. -32,295 -38,063 40,989 -9,929 i -10,078 - 10,108 -10,154 10,648 - 11,493 Merchandise. ,. ............................................................... -21,516 -25,541 -26,991 -6,675 1 6,686 - 6,605 6,541 -7, 159 -7.840 Military expenditures...................................................... "2’945 -3,735 -4,340 -979 -I 072 - 1'065 1 ,098 --1 ’ 104 ■ 1,108 Transportation................................................................. --2,679 -2’923 -2,982 -750 -767 -745 -720 -750 -824 Travel......................................................................... -2,4.38 -2 657 -3 ’ 195 -674 -704 - 841 -925 -725 -767 Investment income payments....................................... -1,729 -2,074 -2,293 - 563 -560 -560 - ■ 575 598 -650 Other services..................................................................... -989 -I J 32 - 1,189 - 288 -289 -292 -295 -312 - 304 Balance on goods and services'........................................ 6,901 5,080 4,768 1,130 1,293 1,269 1,359 848 374 1,015 - 1,276 -247 -262 -392 -358 -263 -269 1. Balance on goods, services, remittances and pensions.......................................................................... 5,874 4,065 3,492 883 1,031 877 1,001 585 105 2. U.S. Govt, grants and capital How, net..................... -3,370 -3,444 -4,210 747 -1,176 -1,039 -988 -1,008 -1,163 Grants,2 loans, and net change in foreign currency holdings, and short-term claims,.... . . -4,242 - 4,676 -5,191 -1,149 - 1 ,394 - 1,305 - 1,226 - 1.266 -1,510 Scheduled repayments on U.S. Govt, loans. . . 651 803 975 210 2I« 266 233 258 305 Nonscheduled repayments and selloffs................ 221 429 6 192 * 5 * 42 3. U.S, private capital flow, net....................................... -3,794 -4,298 -5,504 1,163 -975 -1,104 -1,788 -1,638 -711 Direct investments....................................................... -3,468 -3,623 -3,020 --1,054 -653 - 651 - 902 -815 - 468 f oreign securities......................................................... -759 -481 - -1,' 266 -30 -259 - 199 -476 - 332 -'406 Other long-term claims: Reported by banks................................................. -232 337 28 5 107 153 188 -72 16 204 Reported by others................................................ -88 -112 -289 -16 -68 - -1 70 42 -93 42 Short-term claims: Reported by banks................................................ 325 -84 -744 59 -74 — 386 --363 79 161 Reported by others....................................... 428 -334 -470 -111 -74 1 14 - 17 493 ■’244 4. Foreign capital flow, net, excluding change in liquid assets in U.S................................................ 270 2,532 3,185 797 866 1,202 766 352 1,311 Long-term investments........................................... . -68 2,156 2,344 679 693 982 359 310 1,112 Short-term claims....................................................... 149 296 388 57 94 80 '74 40 20 Nonliquid claims on U.S. Govt, associated with— Military contracts................3.0..6..................3..4..6......... 64 148 95 147 - 67 -111 -20 U.S. Govt, grants and capital............................ -86 - 205 -85 -129 -.38 -12 - 23 -12 -8 Other specific transactions.................. -24 ■12 5 -11 5 - 12 - 10 • -27 Other nonconvertible, nonmarkctable, mediurn-term U.S. Govt, securities^................ -7 -49 469 53 * * 335 1 35 27 3 5. Errors and unrecorded transactions. . ....................... -315 -210 -532 102 -250 -458 207 -148 1 Balances A. Balance on liquidity basis Seasonally adjusted (= 14-24-34-4+5).... ■1,335 -1,357 - 3,571 -333 -505 -522 802 -1,742 -606 Less: Net seasonal adjustments.................. 133 -267 -302 410 159 -382 Before seasonal adjustment............................ -1,335 -1,357 - A,S7I -466 -238 -220 -1,212 1,901 -224 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted........... 1,335 -1,357 -3,571 -333 -505 -522 -802 -1,742 -606 Plus: Seasonally adjusted change in liquid assets in the U.S. of; Commercial banks abroad.................................. 1 16 2,697 1,262 1 ,007 -979 355 1,119 767 390 Other private residents of foreign countries.. 306 212 413 -54 80 12 96 225 -3 International and regional organizations other than IMF.................................................. -291 ■525 -218 - 108 -36 -78 -55 -49 65 Less: Change in certain nonliquid liabilities to foreign central banks and govts................... 85 761 1 ,29! 413 324 573 III 283 356 Balance U, seasonally adjusted............................... -1,289 266 -3,405 99 -1,764 -806 247 -1,082 -510 Less: Net seasonal adjustments.......................... 284 -485 -101 272 314 -600 Before seasonal adjustment...................................... -1,289 266 -3,405 -185 -1,279 -705 -25 -1,396 90 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A-71 1. U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1966 1967 1968 Item 1965 1966 1967 1 1 " lv P’ Transactions by which balances were settled—Not seasonally adjusted To settle balance on liquidity basis........................... 1,335 1,357 3,571 466 238 22(1 1,212 1,901 224 Change in U.S. official reserve assets (increase, —)................................................................ 1 ,222 568 52 -6 1 ,027 - 419 -375 -181 904 Gold........................................................................... I ,665 571 1,170 121 51 15 92 1 ,012 1 ,362 Convertible currencies........................................ -349 -540 -1,024 - ( 73 1 ,007 -424 462 -1,145 401 IMF gold tranche position................................ -94 5 37 -94 46 -31 -10 -5 -48 57 Change In liquid liabilities to all foreign accounts 113 789 3,519 472 -789 639 1 ,587 2,082 -680 Foreign central banks and govts.; Convertible nonmarketablc U.S. Govt. 122 --945 455 -176 72 46 125 212 100 Marketable U.S. Govt, bonds and notes 5, - 20 - 245 48 8 5 52 - 6 -3 -359 Deposits, short-term U.S. Govt, securities, etc............................................................. - 154 -582 1 ,537 -31 ■ 174 441 162 1,108 -1,107 IMF (gold deposits)............................................. 34 177 22 1 7 5 8 Commercial banks abroad.............................. lift 2,697 1 ,262 833 -753 161 1 ,265 589 616 Other private residents of foreign countries. 306 212 413 ■ 54 80 12 96 225 -■3 International and regional organizations other than IMF'................................................. - 291 -525 218 108 36 -78 -55 -49 65 Official reserve transactions........................................ 1,289 -266 3,405 185 1,279 705 25 1,396 -90 Change in U.S. official reserve assets (increase, —)............................................................... 1 ,222 568 52 -6 1,027 -419 - .175 -181 904 Change in liquid liabilities to foreign central banks and govts, and IMF’(see detail above under A.).......................................................... 18 - 1 ,595 2,062 -199 -80 544 281 1 ,317 -1 ,358 Change in certain nonliquid liabilities to foreign central banks and govts.: Of U.S. private organizations...................... -38 793 839 375 304 587 -212 160 117 Of U.S. Govt..................................................... 123 -32 452 15 28 -7 331 too 247 1 Excludes transfers under military grants. s With original maturities over 1 year. 2 Excludes military grants. J Includes certificates sold abroad by Export-Import Hank. Note.- -Dept, of Commerce data. Minus sign indicates net payments 4 Reflects $259 million payment of gold portion of increased U.S. (debits); absence of sign indicates net receipts (credits). Details may not subscription to IMF. add to totals because of rounding. 2. MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports 1 Imports 2 Export surplus Period 1965 1966 1967’ 1968 1965 1966 1967’ 1968 1965 1966 1967 1968 Month: Jan......................... 31,228 2,264 2,617 2,785 3 1,199 1,918 2,256 2,609 3 28 347 361 176 Feb........................ 31,623 2,376 2,605 2,773 J ,606 2,024 2,229 2,602 3 17 352 376 171 Mar....................... 3 2,739 2,554 2,549 2,455 3 ,861 2,080 2,200 2,612 3 878 474 349 - 158 Apr........................ 3 2,406 2,354 2,653 2,889 3 ,811 2,113 2,226 2,641 3 595 241 427 248 May....................... 3 2,299 2,416 2,547 2,720 3 ,797 2,082 2,137 2,752 3 503 334 410 32 June....................... 3 2,235 2,487 2.577 2.759 3 ,848 2,142 2,227 2,847 3 386 346 350 H7 July........................ 2,300 2,455 2,585 4 ,742 2,178 2,209 4 558 277 376 Aug........................ 2,329 2,444 2,599 ,825 2,119 2,125 504 324 474 Sept....................... 2,291 2,540 2,588 ,858 2,295 2,209 433 244 380 Oct......................... 2,349 2,588 2,394 ,885 2,250 2,198 464 338 196 Nov........................ 2,378 2,503 2,691 ,941 2,186 2,382 438 317 310 Dec........................ 2,362 2,409 2,603 ...................911 2,225 2,525 .................. 451 184 78 Quarter: J.............................. 35,589 7,195 7,770 8,012 3 4,666 6,021 6,684 7,823 >923 1,173 1,086 189 n............................ 3 6,940 7,257 7,777 8,368 35,456 6,336 6,590 «,239 31,484 921 1,187 129 Ill.......................... 6,920 7,439 7,772 45,425 6,592 6,542 4 I,495 846 1,230 IV........................... 7,090 7,500 7,689 .................5.,736 6,661 7,105 .................1.,353 839 584 .................. Years......................... 26,700 29,379 31,007 .................. <21,366 25,542 26,922 .................5.,334 3,837 4,086 .................. 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. Nou:.--Bureau of the Census data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-72 U.S. GOLD TRANSACTIONS □ AUGUST 1968 3. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (Nel sales ( —) or net acquisitions; in millions of dollars at $35 per fine troy ounce) Area and country I960 1962 western Europe: Austria -83 -143 -82 -55; -lOOj -25 Belgium -39 -141 -144 -63 -40i -831 -25 France. -2661 -173 -456 -518 -4051 - 884' -601 Germany, Fed. Rep. of -34 -23 -225 Ireland........ -2 -2 -12 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 United Kingdom -350 -550 -306 -387 329 618 1501 80 -879 -34 -771 -900 Bank for I nil. Settlements. -32: -36 -23 Other......................................... -4«i -96 -12 -15i -49 20 Total -827 -1,718 -754 -1,105 -399 -88 I ,299 -659 -980 -44 -58 -863 -1,195 Canada 190 200 150 50 100 50 Latin American republics: Argentina....................... -50 -90 85 -30 -39 Brazil............................... -2 -2 57 72 54 25 Colombia....................... -6 38 10 29 Venezuela...................6..5.. -25 Other...................3..5........... 42, -17 -5 -13 -6 -28 Total 19 100 109 175 -41 -28 Asia: Iraq..... -30 -10 -4 -21: Japan... . -157 -15 -56 Lebanon. -21 -32 - -74 Malaysia. Singapore -30 Other... . --28 -68 •80 -60 ■22 - 20 Total -186 -113 -101 93 ■24, -86 -44 20 -22 -143 All other, -5 -38 -6 -36 -7 ■16 -22 1-166 2 1-162 Total foreign countries... -998 1,969 970 -833 -392 -36 -1,322 608 1,031 -36 -953 Inti. Monetary Fund 2 -44 3 300 150 4 -225 5177 522 516 Grand total -1,041 -1,669 -820 -833 -392 -36 -1,547 ■431 -1,009 -20 -953 -1,309 i 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 1960) with the right of 5 Represents gold deposit by the IMF; see note 1(b) to Table 4. Note.—Tables 3-22: The tables in this section provide these holdings (arising from U.S. drawings and repay­ data on U.S. reserve assets and liabilities and other sta­ ments of foreign currencies, from drawings and repay­ tistics related to the U.S. balance of payments. ments of dollars by other countries, and from other dollar Beginning with the May 1967 issue of the Bulletin, operations of the IMF) give rise to equal and opposite data on short-term liabilities to foreigners shown in Tables changes in the U.S. gold tranche position in the IMF. 8 and 9 (formerly Tables 1 and 2) have been revised to In the absence of U.S. lending to the IMF, the gold exclude the holdings of dollars by the J MF derived from tranche position is equal to the U.S. reserve position in payments of the U.S. subscription and from the exchange the IMF. Since the reserve position is included in U.S. transactions and other operations of the IMF. (Liabilities reserve assets, it is necessary, in order to avoid double­ representing the “gold investment” of the IMF continue counting, to exclude the “holdings of dollars” of the to be included). This change in the treatment of the IMF from U.S. liabilities to foreigners. The revised “holdings of dollars” of the IMF is related to the revision presentation conforms to the treatment of these items in at that time of the table on U.S. monetary reserve assets the U.S. balance of payments and the international (Tabei 4) to include the U.S. reserve position in the IMF. investment position of the United States. The “holdings of dollars” of the IMF do not represent Beginning with the June 1968 issue of the Bulletin, liabilities to foreigners in the same sense as do other Table 19, “Liabilities of U.S. Banks to their Foreign reported liabilities to foreigners. They are more accurately Branches,” has been included in this section. Weekly viewed as contingent liabilities, since they represent data on these liabilities for the period Jan. 1964-Mar. essentially the amount of dollars available for drawings 1968 were included in the May 1968 issue on page A-104. from the IMF by other member countries. Changes in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ U.S. GOLD STOCK; 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 5 Con­ Total vertible position Total vertible Reserve I-nd of year reserve foreign in End of month reserve foreign position assets Total 2 Treasury currencies IMF 3 assets Total 2 Treasury curren­ IM in F 3 cies 5 1958............................ 22,540 20,582 20,534 1,958 I 967---July.............. 14,224 13,136 13,108 719 369 (959 .................... 21’504 (9'507 19,456 (,997 Aug............... (4,'605 13,075 13308 1,162 368 Sept............... 14,649 13377 13,006 1 '200 372 I960............................ 19,359 17,804 17,767 1,555 Oct................ 14/927 13,039 12/905 1 509 379 1961............................ 18;753 16,947 16,889 i 16 1'690 Nov............... 15'438 12,965 12’908 2/)92 381 Dec............... 14,830 12,065 11 ,982 2’345 420 1962............................ 17,220 16,057 15,978 99 1,064 1963............................ 16^843 15396 15,513 212 1335 1968- Jan................ 14,620 12303 1 1 ,984 2,176 441 Feb................ 14,790 1 1 ,900 11,882 2,235 655 1964............................ 16,672 15,471 15,388 432 769 Mar............... 13/926 10'703 10 384 2,746 477 1965............................ 15350 4 13306 <13,733 781 4 863 Apr............... 13,840 10,547 10’484 2’804 489 Mav 14,348 10,468 10'184 1'186 494 1966............................ 14,882 13,235 13,159 1,321 326 June 14’063 10’681 10,367 2'479 903 1967............................ 14330 12 365 11/982 2345 420 July.............. 14,366 10,676 10'367 2>73 917 1 Includes (a) gold sold to the United States by the International Mon­ « 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. Ranks only, see pp. A-I2 ami A 13. J In accordance with IMF policies the United Stales 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, (ioId under carmark is not included States could draw additional amounts equal to the U.S. quota. See Table 5. in the gold stock of the United States. 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. transact!ons with IMF Transactions by U.S. other countries reserve Period with IMF position P s t u d a io b o y n o m s ll s c a f e r r . i n i s n p t s ­ by s g N I a o M l e e ld t s F » D c f r o c u a i r e r o w e r s e i f i g n n 2 n g ­ s I i d M n o c F i l o n la m n rs e e t D d ra o w □ lla r in rs gs R d m o e e i l p n l n a a u r y s s ­ ch T a o n ta g l e Amount P q e U u r o . o c S f t e . a nt p i ( e n e r n i I o d M d o F ) f J 1946 1957.................................. 2,063 * 594 -45 -2,664 827 775 775 28 1,975 1958 1963.................................. I 331 150 60 -1 '666 2,740 2,315 3,090 75 1 ,035 1964.................................. 525 18 -282 5 266 3,356 81 769 1965.................................. 435 12 -282 165 3,521 85 3 863 1966.................................. 776 680 15 - 159 1 1,313 4,834 94 326 1967.................................. 20 -114 ’ -94 4,740 92 420 1967 July................................... I -3 -2 4,791 93 369 Aug.... ■ .......................... 2 -1 4,792 93 368 - 1 — 3 -4 4,788 93 372 3 -10 -7 4,781 93 379 Nov............................ 2 -4 -2 4,779 93 381 Dec.................................... -39 -39 4,740 92 420 1968- Jan..................................... 3 -24 --2I 4,719 91 441 Feb.................................... 2 -216 --214 4,505 87 655 200 -23 178 4383 91 477 -14 -12 4 371 9! 489 -7 -5 4,666 90 494 -i 408 -409 4,257 81 903 July................................... 4 -18 -14 4’243 82 917 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 (sec Table 6). dollars (1948). 2 Represents purchases from the IMF of currencies of other members 3 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 I Ml’' (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 Slates 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. □ AUGUST 1968 6. U.S. LIQUID LIABILITIES TO FOREIGNERS (Ln millions of dollars) Liabilities to foreign countries Liabilities to Inti. Liabilities to non­ Monetary Fund arising monetary inti, anil from gold transactions Official institutions-"' Banks and other foreigners regional organizations 5 Non­ p E e o r n i f o d d Total Gold Gold it S l i i t e a e h s b r o m i r r l e t ­ ­ ­ Ma a U b r . k S le e . t­ c m o a a n ib b r v l k l e e e e r t t ­ ­ it S l i i t e a e h s b r o m r i r l e t ­ ­ ­ M a a U b r . k S le e . t­ it S l i i e t a h e s b r o m r r il e t ­ ­ ­ M a U a b r .S k le e . t­ Total po d s e i ­ t i i m nv e e n s t t 2 ­ Tota 1 i p n b o a b U r n y te k . S s d . n b G o o a o t n n e v d d s t s , 4 T b U r a o u e n n . r a S y d d s . s ­ Total i p n b o a b r U n t y e k . S s d . b n G o a o n o n te v d d s t s , 4 Total in p b o a U b r n t y . e k S s d . 6 n b G o a o o n t n e v d d s t s , 4 notes ........... _ 1957................ ’15,825 200 200 n.a. 7,917 n.a. n.a. 5,724 n.a. n.a. 542 n.a. 1958................ ’16,845 200 200 . n.a. 8,665 n.a. n.a. 5,950 n.a. n.a. 552 n.a. 1959................ 19,428 500 500 10,120 9,154 966 7,618 7,077 541 1,190 530 660 /20,994 800 800 11,078 10,212 866 7,591 7,048 543 1,525 750 775 1960 b...... 1 .. 2 .. 1 ... ,027 800 800 11,088 10,212 876 7,598 7,048 550 1 ,541 750 791 1961«.............. 1 2 2 2 2 , , 8 9 5 3 3 6 8 8 0 0 0 0 8 8 0 0 0 0 1 1 1 1 , , 8 8 3 3 0 0 1 1 0 0 , , 9 9 4 4 0 0 8 8 9 9 0 0 8 8 , , 2 3 7 5 5 7 7 7, , 8 7 4 5 1 9 5 5 1 1 6 6 1 1 , , 9 9 4 4 8 9 7 7 0 0 3 4 1 1 , , 2 2 4 4 5 5 1962a............. 1 12 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 7 5 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 91 1 1 1 1963 8............. 1 1 2 26 6 , , 3 3 6 2 1 2 8 KO 0 O 0 8 8 0 00 0 1 1 4 4 , , 3 3 5 8 3 7 1 1 2 2 , ,4 4 6 6 7 7 1 1 , , 1 2 8 1 3 7 7 70 0 3 3 9 9 , , 2 2 0 1 4 4 8 8, , 8 8 6 6 3 3 3 3 5 4 1 1 1 1, , 9 9 6 6 5 0 8 8 0 0 8 8 1 1, , 1 1 5 5 7 2 1964 8.............. 1 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 0 4 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 62 8 5 0 3 3 7 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 1966 8.............. 1 1 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 12 2 , , 5 4 3 8 9 4 8 8 6 6 0 0 2 2 5 5 6 6 1 1 4 4 , , 2 3 0 8 8 7 1 1 3 3 , , 8 6 5 8 9 0 5 5 2 2 8 8 9 9 0 0 5 6 5 58 8 1 0 3 32 2 5 5 1967—May.. 29,612 I ,030 230 BOO 14,380 13,115 917 348 13,361 12,832 529 841 607 234 June.. 29,629 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. . >•30,843 1 ,033 23 3 800 14,071 12,71 I 91 1 449 '14,953 '14,405 548 786 579 207 Sept. . HI ,237 1 ,033 233 800 14,378 12,968 91 1 499 '15,090 '14,538 552 736 528 208 Out... >32,472 I ,033 233 800 14,907 13,395 91 I 601 '15,811 '15,250 561 >721 ■514 207 Nov. . 33,853 1 ,033 233 800 15,956 14,337 908 71 1 '16,112 '15,565 547 752 548 204 Dec. 8. U 1 3 3 3 3 . ,1 3 6 H 0 1 1 , , 0 0 3 33 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 06 7 8 6 9 9 0 0 8 8 7 7 1 1 1 1 '1 1 5 5 , , 8 7 9 5 6 8 '1 1 5 5 , , 3 2 3 0 8 0 5 5 5 58 8 6 6 8 8 7 2 4 4 8 7 3 8 2 2 0 0 4 4 1968- Jan.. . 33,135 1 ,033 233 800 15,247 13,819 7(7 71 1 16,168 15,598 570 687 483 204 Feb.. . 33,341 1 ,033 233 800 15,368 14,005 652 711 16,308 15,715 593 632 427 205 Mar. 32'507 1 ,041 241 800 14,318 12,958 549 811 16,396 15,792 604 752 547 205 Apr. 33,044 1,045 245 800 14,402 13,042 549 811 16,734 16,122 612 823 618 205 May” M3,127 1 ,047 247 800 13,635 12,278 546 811 917,823 917,213 610 622 455 167 1 Represents liability on gold deposited by the International Monetary s Data on the two lines shown for this date differ because of changes in Fund to mitigate the impact on the U.S. gold slock of foreign purchases reporting coverage. Figures on the first line are comparable with those for the purpose of making gold subscriptions to the IMF under quota in­ shown for the preceding date; figures on the second line a re comparable creases. with those shown for the following date. 2 U.S. Govt, obligations at cost value and funds awaiting investment 9 Includes $23 million reported for the first time as of May 31, 1968. obtained from proceeds of sales of gold by the IMF to the United States to acquire income-earning assets. Upon termination of investment, the Noir.—Based on Treasury Dept, data and on data reported to the same quantity of gold can be reacquired by the IMF. Treasury Dept, by banks and brokers in the United States. Data correspond 1 Includes Bank for International Settlements and European Fund. to statistics following in this section, except for minor rounding differences. 4 Derived by applying reported transactions to benchmark data; Table excludes IMF “holdings of dollars,” and holdings of U.S. Treasury breakdown of transactions by type of holder estimated for 1960-63. letters of credit and non-negotiable, non-interest-bearing special United Includes securities issued by corporations and other agencies of the U.S. States notes held by other international and regional organizations. Govt, that are guaranteed by the United States. The liabilities figures are used by the Dept, of Commerce in the statistics 5 Principally the International Bank for Reconstruction and Develop­ measuring the U.S. balance of international payments on the liquidity ment and the Inter-American Development Bank. basis; however, the balance of payments statistics include certain adjust­ 6 Includes difference between cost value and face value of securities in ments to Treasury data prior to 1963 and some rounding differences, and IMF gold investment account. Liabilities data reported to the Treasury they may differ because revisions of Treasury data have been incorporated include the face value of these securities, but in this table the cost value of at varying times. The table does not include certain nonliquid liabilities the securities is included under “Gold investment.’* The difference, which to foreign official institutions that enter into the calculation of the official amounted to $32 million at the end of 1966, is included in this column. reserve transactions balance by the Dept, of Commerce. ’Includes total foreign holdings of U.S. Govt, bonds and notes, for which breakdown by type of holder is not available. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 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 e n t t i a g ri l e n s E W u e ro s p te e r n 1 Canada A re m L p e u a r b t i i c l n ic a s n Asia Africa cou O n t t h ri e e r s 2 1963........................................................................................................ 14,353 8,445 1,789 1 058 2,731 154 176 1964........................................................................................................ 15,424 9^220 1,608 1 238 3,020 160 178 1965........................................................................................................ 15,372 8,608 1,528 1 497 3 300 194 245 1966 3.................................................................................................... jl3,6OO 7,488 1 ,189 1,134 3,284 277 228 113,655 7,488 1,189 1,134 3,339 277 228 1967—May.......................................................................................... 14 380 8 014 1 154 1 508 3 183 284 237 June.......................................................................................... 14 097 8 213 ’909 I *287 3 157 270 26' July........................................................................................... 14’158 8 297 909 1*315 3,160 246 231 Aug........................................................................................... 14,’071 8 '357 912 1 *186 3,122 253 241 Sept.......................................................................................... 14,378 8 649 903 1’134 3 172 246 Oct............................................................................................ 14,907 9,065 968 1 219 3*170 259 Nov........................................................................................... 15 956 10 257 901 1 *266 3 ’053 974 7-55 Dec.................................................................... . 15 687 9 872 996 1 ’ 136 3 ’ 179 246 258 1968—jan............................................................................................. 15,247 9,373 1 091 1 215 3 090 226 252 Feb............................................................................................ 15,368 9,179 I 403 1 *175 3’l22 269 220 Mar........................................................................................... 14 318 8 881 851 1 ’ 179 2 964 227 71 6 Apr............................................................................................ 14 402 8,624 1 040 1 371 2*889 244 2.34 May J'........................................................................................ 13'635 7l 908 1 ,035 1 J 380 2*823 248 241 1 Includes Bank for International Settlements and European Fund. with those shown for the preceding date; figures on the second line are 2 Includes countries in Oceania and Eastern Europe, and Western Euro­ comparable with those shown for the following date. pean dependencies in Latin America. Non-:.—Data represent short-term liabilities to the official institutions 3 Data on the two lines shown for this date differ because of changes of foreign countries, as reported by banks in the United States, and foreign in reporting coverage. Figures on the first line arc comparable in coverage oilicial 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 nd ri o o d f G to ra ta n l d 1 Total 1 Intl.i gio R n e a ­ l2 Total c O la fl U i- Other Europe Canada A L m a e ti r n ica Asia Africa O c t o r t i u h e n e s ­ r 1966.............................. 27,599 1 ,380 1 ,270 110 26.219 12,5.39 1.3,680 13,933 2,502 3,883 5 250 385 266 1967—June................. 27,337 1 361 1 252 109 25 976 12 806 1.3 170 13 917 2,065 4,145 5 169 376 303 July.................. 27,795 1 ’409 1 ’ 296 IB 26 ,’386 12 867 13 ’ 519 14,145 2 270 4’148 5 ’ 200 .339 284 Aug.................. ’28'495 1 3 79 1 248 131 r27J 16 12'711 r14 405 '14,958 2'253 4 017 5 ’ 245 367 277 Sept.................. '28 834 1 ’328 1 '205 123 '27;506 12’968 '14538 rl5,1.37 2’329 4’044 5 371 329 296 Oct................... '29 ’959 J 314 1 187 rl27 '28,645 1 1’395 rl5,250 rl5,834 2 688 4 126 5 ’356 .332 309 Nov.................. ’.31 ,250 1 ,348 1,217 131 '29^902 14,337 r15 565 rl7,142 2,6(3 4 226 5 286 328 306 Dec. 4............. ' GO' 697 1 ’28.3 1 ' 177 106 '29,414 14'076 r15J38 '16^378 2’706 4145 5 526 .349 310 1 30,546 1 ,278 1,177 101 29,268 14^068 15:200 16,199 2,709 4', 142 5,559 349 310 1968 Ian .................. 30 700 1 283 1 186 97 29 417 13 819 15 598 16,033 3 101 4 199 5 446 326 312 Feb................... 30,947 1 ’,227 1’113 11 4 29,720 14,005 15,71.5 16,129 3,201 4’131 5 ’539 434 286 Mar................. 30,097 1 347 1 '254 93 28^750 12’958 15,’792 15^861 2’791 4^078 5 ’ 394 339 287 Apr.................. 30,582 1 ’418 1,326 92 29’,164 13 ’,042 16,122 15^846 2’943 4,299 5 415 295 May*'.............. ■GO^ 746 I , 255 1 166 89 529 491 12 278 517; 21 j 16 J()6 3 '()54 4’293 5 383 371 310 June’’............... 30,159 1 ,’312 1 ,2(6 95 28,'817 10,’764 l«;0K3 15;794 2,'842 4,173 5,400 370 268 8a. Europe E pe n r d i o o d f Total Austria B b L e o u l u x g e r iu g m m f ­ t - m De a n rk ­ l F a i n n d ­ France m G F a e e n d r y . ­ , Greece Italy N la e n th d e s r­ Norway Po ga rt l u­ Spain Sweden Rep. of 1966_________ 13,933 196 420 .305 58 1 ,070 2,538 129 1 ,410 .364 283 358 162 656 1967—June... 13,917 173 557 276 96 948 2,342 10.3 1 ,422 .396 348 352 122 659 July. .. 14,145 197 545 262 91 1 ,021 2,297 106 1 ,57.3 405 379 357 181 660 Aug... . '14,958 181 563 235 91 1 ,064 2,278 122 1 ,773 367 396 370 191 674 Sept.... '15,137 188 ''586 242 102 1 ,048 2,294 148 '1 ,916 '403 370 .378 187 '663 Oct... . ’■15,834 176 '625 21 1 98 '1,083 2,221 161 '2,002 '497 379 409 158 '640 Nov.... ’•17,142 184 '612 201 99 ’1 ,4.34 2,276 16! ’’2,001 '545 .389 414 130 '498 Dec.4.. ('’16,378 231 ’601 24.3 99 1 ,326 2,218 170 1 ,948 '589 449 437 150 '492 I 16,199 231 632 243 99 1 ,3.30 2,217 170 1,948 589 449 437 150 492 1968—Jan.. .. 16,033 165 584 21 I 116 1,350 1 ,924 165 1 ,896 530 367 437 137 516 Feb.... 16,129 177 580 220 126 1 ,245 2,143 159 1 ,786 488 390 426 121 541 Mar.... 15,861 154 539 199 139 1,162 2,351 154 1 ,573 361 385 388 129 529 Apr.... 15,846 181 513 177 141 1 ,202 2,134 156 1 ,5.34 .330 399 394 134 565 May7’.. 16,100 165 530 178 140 959 2,009 154 1 ,364 272 404 381 153 582 June*’.. 15,794 164 420 185 150 1,262 1 ,702 152 988 245 411 338 144 510 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-/b IN IL. (JAH I AL I KANSAUI IUNS Uh I Ht U.b. u AUUUbl lyoo 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 8a. Europe—Continued 8b. Latin America E p n e d ri o o d f Sw la i n tz d er­ Turkey U K d n i o n it m e g d ­ Y sl u a g vi o a ­ W E O u e t r s h o t e e p r r e n 7 U.S.S.R. E E O a u s t r h o te e p r r e n Total A t r i g n e a n­ Brazil Chile Co b l i o a m­ Cuba Mexico 1966.................... 1 ,805 43 3,817 37 234 8 40 3,883 418 299 261 178 8 632 1967—June.... I ,801 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........ I ,657 23 r4,329 25 581 4 35 4,017 609 196 229 135 9 702 Sept.. . . 1 ,701 29 r4,226 26 592 5 32 4,044 606 216 224 166 9 693 Oct......... ’•1,630 27 r4,868 25 585 6 33 4,126 581 263 222 151 10 685 Nov.. . . H,653 38 r5,948 26 491 4 37 4,226 594 273 230 158 9 703 fl ,732 33 4,851 23 736 8 44 4,145 485 237 252 169 9 723 Dec. 4, . V ,732 33 4,667 23 706 8 44 4,142 484 237 252 169 9 720 1968—Jan......... 1,539 39 ’•5,142 42 834 7 31 4, 199 432 277 251 159 9 722 Feb......... H ,511 39 ’■5,431 56 653 6 29 4,131 419 291 239 165 8 747 Mar. . . . 1 ,657 29 5,583 52 439 4 35 4,078 435 301 263 157 8 721 Apr. . . . 1 ,543 28 5,881 60 438 4 31 4,299 444 351 260 163 8 745 May1’... 1 ,553 25 6,792 59 350 4 26 4,289 473 310 241 190 8 813 June1’... 1 ,741 25 6,966 51 297 5 40 4,173 429 258 245 201 8 789 8b. Latin America—Continued 8c. Asin E pe n r d io o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ O L re t . h A p e . . r B B e a r h m a & m ud a a s A S n u N t r i e l i l n e th a s . m & A O m La t e h t r i e n ic r a Total C M la h a n in i d n a ­ I K lo o n n g g India nesia 1966.................... 150 249 161 707 522 177 104 17 5,250 36 142 179 54 115 1967—June.. . . 145 265 133 691 567 236 121 19 5,169 36 158 216 47 165 July. ... 155 270 136 764 544 192 HO 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 1 23 18 5,356 36 194 233 59 148 Nov........ 181 264 137 792 520 236 1 1 1 20 5,286 36 209 250 39 149 fl 70 274 147 793 523 233 I 1 1 18 5,526 36 215 354 34 138 Dec.4... (170 274 147 793 523 233 Hl 18 5,559 36 217 354 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 5,394 37 228 319 39 122 Apr. . . . 136 276 140 814 603 242 90 25 5,415 36 221 342 46 131 May1’... 142 272 144 780 579 226 86 25 5,365 36 238 368 41 139 June1’... 150 278 138 742 592 219 99 25 5,400 36 243 384 74 143 ______ _____ 8c. Asia—Continued 8d. Africa 8e. Other countries E pe n r d io o d f Japan Korea P p h in i e li s p­ 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 ­ S A o fr u ic th a ( U E . g A y . p R t) . A O f t r h ic e a r Total t A ra u l s ia ­ o A th l e l r 1966 2,671 162 285 228 598 779 385 15 31 71 39 229 266 243 22 1967—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 (2,567 176 291 226 630 858 349 33 18 61 16 221 310 283 27 Dec.4. ... 12,601 176 291 222 630 859 349 33 18 61 16 221 310 283 27 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.. 2,540 174 293 209 669 764 339 28 22 57 17 215 287 258 29 Apr. 2,537 185 288 196 692 740 366 27 14 54 19 252 295 270 25 May1’ 2,483 178 267 197 690 729 371 25 10 60 20 257 310 285 25 June** 2,537 .72 271 196 689 655 370 21 21 47 19 261 268 239 29 l Data exclude the “holdings of dollars” of the International Monetary with those shown for the preceding date; figures on the second line are Fund. comparable with those shown for the following date. 2 Latin American, Asian, African, and European regional organiza­ 5 Includes $23 million repotted for the first time as of May 31, 1968. tions, except Bank for International Settlements and European Fund * Through the first line for Dec. 1967 Luxembourg was included in which are included in “Europe.” Other Western Europe. 3 Foreign central banks and foreign central govts, and their agencies, 7 Includes Bank for International Settlements and European Fund; and Bank for International Settlements and European Fund. beginning with the second line for Dec. 1967 excludes Luxembourg. 4 Data on the two lines shown for this date differ because of changes in reporting coverage. Figures on the first line are comparable in coverage For Note see end of Table 8. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 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 8 (end of period) 1966 1967 1968 1966 1967 1968 Area or country Area or country Dec. Apr. Dec. Apr. Dec. Apr. Dec. Apr. Other Western Europe: Other Asia—Cent.: (Cyprus................................................. 1.7 1.5 1.7 20.9 Jordan................................................ 39.7 45.2 39.8 6.6 Iceland.................................................. 6.6 5.7 4,3 3.3 Kuwait............................................... 49.2 28.6 36.6 34.0 Ireland, Rep. of................................ 8.9 7.4 9.4 14.7 Laos.................................................... 4.6 6.5 3.6 4.0 Luxembourg....................................... 25.3 21.7 31.3 P) Lebanon............................................. 100.1 112.2 113.3 97,2 Malaysia........................................... 38.3 34.9 63,9 52.1 Other Latin American republics: Pakistan............................................. 49.2 45.3 54.8 54. 1 Bolivia.................................................. 66.9 57.9 59.9 61 .0 Ryukyu Islands (incl. Okinawa). 15.9 31.2 14.5 26.4 Costa Rica.......................................... 34.6 41.9 42.6 55.0 Saudi Arabia.................................... 176.1 96.4 61.2 70.3 Dominican Republic....................... 53.2 53.9 55,1 60.2 Singapore.......................................... 34.6 60.3 159.5 156.9 Ecuador................................................ 86.3 92.4 85.6 64,1 Syria.................................................... 3.4 4.7 6.3 6.5 El Salvador......................................... 68.9 96’4 72,8 83.6 Vietnam............................................. 132.0 146.3 148.2 123.0 Guatemala.......................................... 64.2 83.9 7.3,0 96.4 Haiti...................................................... 16.3 16.8 15.8 17.4 Other Africa: Honduras............................................ 26.8 28.6 29.7 31.4 Algeria................................................ 11.3 13.4 6.9 7.9 Jamaica................................................ 11.7 19.3 22.4 n.a. Ethiopia, (incl. Eritrea)................ 53.5 40.2 23.8 22.5 Nicaragua........................................... 72.8 62.7 45.6 57.9 Ghana................................................ 6.9 5.3 p.<> Paraguay............................................. 14.9 16.6 12.7 13.6 Kenya................................................. 1.2 2-1 16.4 19.8 Trinidad & Tobago......................... 4.7 5.4 6.1 9.2 Liberia................................................ 21.2 21.6 24.9 26.4 Libya................................................... 37.1 76.0 17.9 45.0 Other Latin America: 25.7 36.5 37.9 n.a. British West Indies.......................... 14.6 14.2 13.8 20,6 Southern Rhodesia........................ 2.7 3.3 2.4 4.2 Sudan.................................................. 3.4 6.7 2.3 2.1 Other Asia: 1 anzania........................................... 6.5 9. 1 20.3 n.a. Afghanistan........................................ 9.5 7.8 5.5 5.6 Tunisia................................................ 1.1 1.0 10.3 2.0 Burma................................................... 34.4 20.3 10.8 16.6 Uganda.............................................. .7 .7 1 .4 10.0 Cambodia........................................... 1.1 1.3 1.9 2.7 Zambia............................................... 34.7 25.9 24.8 21.3 Ceylon.................................................. 3.2 2.7 5.0 4.5 Iran....................................................... ?$■« 44.0 49.6 38.4 All other: Iraq........................................................ 17.6 28.0 34.6 n.a, New Zealand................................... 13.6 16.7 17.5 15.4 8 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-8c. tional Monetary Hind; for explanation see note following Fable 3. Data *> Included with Belgium. exclude also U.S. Treasury letters of credit and non-negoliable, non­ interest-bearing special U.S. notes held by the Inter-American Develop­ Noth.—Short-term liabilities are principally deposits (demand mid ment Bank and the International Development Association. time) and U.S. Govt, securities maturing in not more than I year from For data on long-term liabilities, see Table 14. 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars To banks, official and international institutions1 To all other foreigners Payable End of period Total f . o re ‘n i gn Deposits U.S. Deposits U.S. currencies Total T b r i e lls a s a u n r d y Other J Total T b r il e ls a s a u n r d y Other J 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—J uno...................... 27,337 23,016 7,874 3,617 7,866 3,659 3,825 1,615 I ,844 68 297 496 July....................... 27,795 23,479 8,214 3,750 7,891 3,624 3,812 1 ,580 1 ,871 66 296 503 Aug........................ '28,495 '24,232 8,915 3,746 7,896 '3,675 3,831 1,515 1 ,916 69 331 432 Sept....................... '28,834 '24,548 9,044 3,810 8,035 '3,660 3,907 1 ,579 1 ,937 76 315 379 Oct......................... '29,959 '25,695 9,846 3,966 8,117 '3,767 3,983 1 ,577 1 ,999 84 322 282 Nov................... '31 ,250 '26,942 9,994 3,864 9,444 '3,640 4,077 1 ,630 2,036 76 335 231 Dec. ^.................... 7 1 3 3 0 0 , , 6 5 9 46 7 '2 2 6 6 , , 3 1 4 89 2 1 9 0 , , 8 0 8 5 3 4 3 3 , , 7 7 6 7 3 4 9 9 , , 0 0 9 9 3 3 '3 3 , , 4 4 2 5 1 0 4 4 , , 1 1 2 2 8 6 1 1 , , 6 6 9 9 3 3 2 2 , , 0 0 5 5 7 2 8 81 1 2 30 9 1 7 2 2 2 2 9 9 1968—................................ 30,700 26,363 10,144 3,689 8,867 3,663 4,046 1 ,576 2,083 103 283 291 Feb........................ 30,947 26,549 10,203 3,610 8,943 3,793 4,091 1 ,581 2,090 104 315 308 Mar....................... 30,097 25,688 10,487 3,472 8,098 3,631 4,085 1,585 2,055 I0I 344 323 Apr........................ 30,582 26,204 10,750 3,522 8,047 3,885 4,080 1,607 2,059 86 327 300 May-’.................... 530,746 526,371 11,914 3,415 7,082 53,960 54,055 1 ,582 2,048 88 5337 320 June-1.................... 30,159 25,663 12,249 3,352 6,067 3,995 4,173 I , 694 2,049 88 .342 323 i 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 5 Includes $23 million of liabilities reported for the first time as of time certificates of deposit. May 31, 1968, of which $22 million were due co banks and $1 million to all other foreigners. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-/« IN IL. CATHAL I KANbAUI IONS Uh I hit U.b. □ AUUUbl lybS 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. War. Apr. Way’’ June” 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 11 1 1 France.................................... 7 7 6 6 6 7 7 7 7 7 7 7 7 7 Germany................................ 1 1 1 1 1 1 1 2 2 2 2 2 Italy........................................ 2 9 9 9 9 9 9 9 9 6 6 6 6 6 Netherlands.......................... 5 4 4 4 4 5 5 5 4 4 4 4 4 4 Norway................................. 51 51 51 51 51 51 51 51 51 49 49 49 46 46 Spain...................................... 2 2 2 2 2 2 2 2_ 2 2 2 I I I Sweden.................................. 24 24 24 24 24 24 24 24 24 24 24 26 26 26 Switzerland........................... 93 90 88 87 87 91 91 91 91 .92 91 91 92 9! United Kingdom................. 348 364 368 375 379 383 371 380 390 415 423 431 427 432 Other Western Europe.... 49 50 50 51 51 51 51 51 51 51 38 38 39 38 Eastern Europe................... 7 7 7 7 7 7 7 7 7 7 7 7 7 7 Total 605 624 626 633 637 646 634 643 652 674 669 677 671 674 Canada 692 716 717 717 718 716 715 716 527 463 378 377 377 377 Latin America: Latin American republics.. 8 6 6 6 6 6 6 6 6 6 5 5 5 5 Other Latin America........... 19 18 18 18 18 18 18 18 20 20 20 19 19 19 Total 25 24 24 24 24 24 24 24 25 26 25 24 25 25 Asia: Japan.... 9 9 9 9 9 9 9 9 9 9 9 9 10 10 Other Asia 42 53 54 54 54 54 54 54 54 54 54 54 54 54 Total 50 62 63 63 63 63 63 63 63 62 63 63 63 63 Africa 15 28 28 22 22 22 19 19 19 19 19 19 19 19 Other countries Total foreign countries, 1,388 1,455 1,458 1,459 1,463 1,472 1,455 1,466 1,287 1,245 1,153 1,161 1,156 1,159 International and regional: International..................... 250 172 169 169 169 169 169 168 168 168 168 168 129 129 Latin American regional,,. 75 57 58 38 38 38 35 35 36 36 36 36 37 37 Other regional.................. I 1 1 1 1 1 1 I 1 1 1 1 1 Total 325 230 227 207 207 207 204 204 204 205 205 205 166 167 Grand total 1,713 1,685 1 ,685 1,666 1,671 1 ,679 1 ,659 1 ,670 1,491 1 ,450 1,358 1 ,366 1,323 1 ,325 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 I actions). year, and are based on a July 31, 1963, survey of holdings and regular 11. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) — Payable in dollars Payable inforeign currencies ——--------- _—-----... — End of period Total Bel- Den- Bel- Ger- Switzer- Total gium Canada 1 mark Italy 2 Korea Sweden Total Austria giuin many ' Italy land B.l.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 1 1 1 1967 --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 J07 114 168 25 1,172 50 60 726 125 21 1 ........... 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 June.,. 2,506 1,108 12 914 10 147 25 1 ,398 50 60 852 125 31 1 July.. 2,521 1,122 12 914 10 146 15 25 1 ,399 50 60 852 125 311 t Includes bonds issued to the Government of Canada in connection 2 Bonds issued to the Government of Italy in connection with mili­ with transactions under the Columbia River treaty. Amounts outstanding tary purchases in the United States were $204 million, Sept. 1964 through Oct. 1965; $174 million, Nov. 1965 11n addition, non marketable U.S. Treasury notes amounting to $125 through Oct. 1966; $144 million, Nov. 1966 through Oct. 1967; and $114 million equivalent were issued to a group of German commercial banks million, Nov. 1967 through latest date. in June 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 n 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, io a n n a d l Europe Canada Am La e t r i i n ca 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 , , 7 63 3 2 4 * 1 1 i , 2 2 0 0 1 8 5 6 9 6 3 9 2 2 , , 2 2 8 93 8 3 3 , , 3 3 4 5 3 8 1 1 3 3 9 9 6 67 7 J7.819 1 1,366 620 2,489 3,135 147 62 1966 1............................................................................................ (7,853 1 1,374 611 2,453 3,206 147 62 1967- June.................................................................................. 8,261 ] 1,288 592 2 544 3,640 127 71 July................................................................................... 8,232 1 ^258 596 2,574 3,612 117 74 8,282 1 1 ,342 602 2’587 3,560 119 71 Sept................................................................................... 8,338 * I 316 564 2,579 3,692 115 71 Oct.................................................................................... 8,267 1,260 572 2*554 3’,704 108 70 Nov................................................................................... 8*360 1,224 564 2,603 3’791 107 71 Dec. 1.............................................................................. / ( 8 8 , , 5 6 9 11 7 * ! 1 , , 2 2 3 3 2 6 6 6 1 1 1 1 2 2 , , 7 7 0 0 9 9 3 3 , , 8 8 7 8 5 5 1 1 0 0 2 2 6 67 7 1968—Jan.................................................................................... 8 442 * 1,136 554 2,692 3,889 101 70 Feb................................................................................... 8,538 * 1,133 547 2,723 3,947 117 71 Mar.................................................................................. 8,397 ♦ 1 ’060 527 2 ,'702 3 JJ34 106 68 Apr................................................................................... 8,394 1 JOI 510 2 69 5 3 918 105 65 MayJI............................................................................... 28,334 I J 56 490 21689 V 815 116 68 June’’............................................................................... 8,262 I 1 J 08 490 2j 704 3,776 120 63 ___________ I2a. Europe Bel­ End of period Total A tr u ia s­ L b g u o iu x u e m r m g - 3 ­ D m e a n rk ­ l F a i n n d ­ France G Fe e d r o m . f R an e y p , . 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 Spam S d w en e­ 1964.................................... 1 ,230 11 48 26 84 81 152 10 114 36 43 23 40 49 1965 ।................................ J J , , 2 2 0 0 1 8 8 8 5 5 2 2 3 3 7 7 8 8 7 7 7 7 2 2 1 1 9 9 0 0 1 1 3 3 1 1 1 1 0 0 3 3 8 8 5 5 1 1 2 2 6 6 5 50 0 5 52 2 1966 1................................ ' J .1 , , 3 36 7 6 4 1 1 6 6 6 6 7 7 6 6 2 2 9 9 1 1 7 73 4 2 2 1 2 5 7 1 1 6 6 H 10 O 8 4 4 0 0 7 76 6 4 4 1 1 6 6 7 7 7 75 4 1967 -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 Auk........................ 1,342 16 65 37 93 74 184 15 61 30 51 26 61 68 Sept....................... 1 ,316 24 66 33 90 79 189 18 57 36 52 26 53 65 Oct......................... 1 ,260 10 72 36 85 60 198 20 79 31 52 24 56 71 Nov....................... 1 ,224 10 63 48 83 82 174 18 69 49 57 14 53 67 Dec. 1................... 1 fl 1 , , 2 2 3 3 2 6 1 1 7 6 6 S 6 3 3 3 7 7 7 7 8 8 8 8 8 8 1 1 7 7 6 9 1 1 9 9 5 5 8 8 3 3 5 5 6 61 1 2 2 6 6 5 5 4 4 7 7 5 5 (968—Jan......................... 1,136 9 57 34 78 60 J 51 19 51 38 61 22 54 65 Feb........................ 1 J33 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........................ I J01 7 57 30 77 66 113 17 65 38 59 16 73 61 May^.................... 1 J 56 6 62 38 71 83 100 17 72 42 55 17 50 62 June''.................... 1,108 7 61 30 70 58 133 17 87 37 44 15 52 56 12a. Europe—Continued 12b. Latin America End of period S la w e n r i ­ t d z­ T k u ey r­ U K d n i o n it m e g d ­ Y sl u a g vi o a ­ E W O u e r t s o h t p e e e r r n 4 U.S.S.R. E E O a u t s r h o te e p r r e n Total Ar ti g n e a n­ Brazil Chile l C o b m i o a ­ ­ Cuba M ic e o x­ 1964...................................... 111 37 310 16 20 20 2,235 203 126 176 338 17 644 £73 42 210 28 28 6 27 2,288 232 94 174 270 16 669 1965 1................................. 42 216 28 28 6 27 2,293 232 94 174 270 16 674 & 52 210 19 37 2 16 2,489 193 114 159 308 16 767 1966 1.................................. 188 52 193 19 40 2 16 2,453 187 112 158 305 16 757 1967—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......................... HI 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......................... HO 23 232 19 34 19 2,603 208 136 175 227 16 910 J98 38 242 13 30 3 18 2; 709 221 173 179 217 16 960 Dec. *..................... (98 38 242 13 13 3 1 8 2,709 221 173 179 217 16 960 1968—Jan........................... 106 37 230 15 24 3 21 2,692 218 197 195 201 15 954 Feb.......................... 106 37 249 15 H 2 20 2,723 227 221 185 193 15 994 Mar......................... 76 28 241 15 11 I 23 2; 702 198 213 187 190 15 1,010 Apr. ........................ 93 33 238 17 12 3 25 2; 695 208 233 176 188 15 983 Mayp..................... 104 34 279 19 11 2 31 2,689 210 249 156 190 [5 977 Junep....................... 76 41 267 20 11 * 26 2; 704 195 238 166 202 14 972 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. □ AUGUST 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 g U u r a u y ­ V zu e e n l e a ­ re L p .A ub . ­ B m & e a r s ­ A S nt u & il r l i e ­ s A L m at e in r­ Total C M la h a n in i d n a ­ K H o o n n g g India I n n e d s o ia ­ Israel lics muda nam ica 1964.................... 49 108 78 168 224 65 18 21 3,294 2 28 21 7 47 1965 L................ 159 1 1 7 7 0 0 4 4 5 5 2 2 2 2 0 0 2 2 5 50 0 5 5 3 3 1 1 4 4 2 2 3 3 3 3; , 3 3 5 4 8 3 1 1 2 2 9 9 1 1 7 7 2 2 8 8 6 6 19661.................. I 1 8 85 4 2 2 1 1 1 2 4 4 5 5 2 2 2 2 0 6 2 26 7 1 2 6 6 1 1 1 1 8 8 1 1 6 7 3 3 , , 1 2 3 0 5 6 1 1 3 3 1 1 1 1 6 6 6 6 9 9 8 8 1967 —June.... 68 285 64 210 248 78 17 18 3,640 I 36 17 5 88 July. ... 64 255 63 212 247 65 17 20 3,612 I 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 24H 46 211 288 54 10 20 3,791 2 29 11 6 58 (47 249 42 226 289 63 10 18 3,875 1 28 10 5 57 147 249 42 226 289 63 10 IK 3,885 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........ 53 233 40 221 254 62 9 18 3,934 1 30 12 9 47 Apr. ... 52 230 35 214 261 71 10 19 3,918 1 27 15 10 51 May1'... 50 229 30 211 265 77 1 1 19 3,815 1 30 12 10 54 June’’... 52 220 31 21 1 263 109 13 18 3,776 1 3 J 15 24 56 12c. Asia—Continued 12d. Africa 12e. Other countries End of period Japan Korea P p h in i e lip s ­ T w a an i­ T la h n a d i­ O A t s h ia er Total C s ( h o K a n i s n g a o ­ ) Mo co roc­ A S f o r u ic t a h ( U E . g A y . p R t) . A O fr th 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 12,751 22 231 15 82 108 139 1 2 34 43 60 67 52 15 1965 1......................... 12,768 22 230 15 82 107 139 1 2 34 43 60 67 52 15 2,502 31 220 14 81 134 147 1 2 50 25 69 62 52 10 1966•......................... 12,572 31 220 15 81 135 147 1 2 50 25 69 62 52 10 1967—June.............. 2,939 49 270 27 87 122 127 1 2 30 27 66 71 60 12 July................ 2; 909 55 289 29 81 116 117 I 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 1 2 37 14 54 71 58 13 (3,147 59 295 37 100 137 102 1 2 37 11 52 67 54 13 Dec.1............ V,154 59 296 37 100 137 102 1 2 37 11 52 67 54 13 1968—Jan................. 3,181 48 290 41 105 125 101 1 2 37 12 49 70 58 13 Feb................. 3,212 52 305 44 107 128 117 1 3 39 11 64 71 59 12 Mar............... 3,213 54 305 44 92 129 106 I 2 37 11 55 68 55 13 Apr.. ............ 3,223 54 279 42 90 127 105 2 3 39 14 46 65 53 12 May p. ..... 3'105 51 291 41 93 127 116 4 5 40 16 50 68 54 14 June7'............ 3,048 53 293 38 90 126 120 4 7 40 15 53 63 51 12 i Data on the two lines shown for this date differ because of changes in Note.—Short-term claims are principally the following items payable reporting coverage. Figures on the first line are comparable in coverage on demand or with a contractual maturity of not more than 1 year: loans with those shown for the preceding date; figures on the second line are made to, and acceptances made for, foreigners; drafts drawn against comparable with those shown for the following date. foreigners, where collection is being made by banks and bankers for 2 Includes $19 million reported for the first time as of May 31, 1968. their own account or for account of their customers in the United States; 3 Through the first line for Dec. 1967 Luxembourg was included in and foreign currency balances held abroad by banks and bankers and Other Western Europe. their customers in the United States. Excludes foreign currencies held 4 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

AUGUST 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 End of period Total Loans to— C t o io l n le s c ­ A m a c n c a c e d e p e s t ­ Deposits g c F o u o v r r i t e t , i e ig s s e n , ­ Total Total O i t n io f s fi n t c it s i u a 1 ­ l Banks Others s o t i a n u n g t d ­ ­ f o o ei f r g n a fo e c r r c s ­ t, Other Total w e i i t g h n f e o rs r­ a n c p n a o a d n m p c e f l e i . r ­ Other 1964.................................. 7.957 7,333 2,773 221 1,403 1 ,150 1,135 2,621 803 624 336 187 102 P,632 7,158 2,967 271 1,566 1,130 1,268 2,501 422 474 325 54 95 1965 2................................ 17,734 7,243 2,970 271 1 ,567 1,132 1,272 2,508 492 492 329 68 96 1966 2................................ J (7 7 , , 8 8 5 1 3 9 7 7, , 4 3 3 9 3 9 3 3, , 1 1 4 3 1 8 2 2 5 56 6 1 1 , , 7 73 3 9 9 1 1 , , 1 1 4 4 5 3 1 1 , , 3 2 6 8 7 8 2 2, , 5 4 4 5 0 0 4 4 4 6 3 4 4 4 2 2 0 0 2 2 4 4 1 0 7 70 0 1 1 1 1 0 0 1967—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 1,556 1,152 1 '456 2,899 502 433 293 61 79 Nov...................... 8^360 7,950 3,033 264 1 ,566 1,204 I',508 2,942 467 410 269 71 70 Dec.2 ................ / ( 8 8 , , 5 61 9 1 7 8 8, J 1 7 8 3 7 3 3 , , 1 1 5 6 1 4 3 3 0 0 6 6 I 1 , , 6 6 0 1 3 6 1 1 , , 2 2 4 4 2 2 1 1 , , 5 5 1 5 1 2 3 3 , , 0 0 1 1 6 6 4 45 9 5 6 4 4 2 2 5 5 2 2 8 8 7 7 7 7 4 4 6 6 3 3 1968—jan........................ 8,442 8,039 3,077 293 1 ,557 1 ,227 1 ,560 3,029 374 403 261 70 72 Feb....................... 8'538 8,172 3,170 303 1 ^652 1 ,215 1 /)28 2^982 392 366 254 55 57 Mar...................... 8’397 8^072 3’048 306 1 '527 1 ,216 1'630 2^995 399 325 219 50 56 Apr.,................... 8’394 8'047 3'036 278 1 ^563 1,194 1 ;612 3,016 383 347 240 50 57 May*’............... 38’334 38'013 3,090 268 1 621 1 ,201 1 ,610 2 877 M36 321 220 48 53 June1’.................. 8,262 7,937 3,061 286 1,613 1 ,162 1 ,609 2,796 469 325 227 43 55 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 arc comparable in coverage •‘ Includes $19 million reported for the first time as of May 31, 1968. 14. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Liabilities Claims Type Country or area End of period Total F c o t o r r i e u e i n s g ­ n n re I a n g a ti i t n o o e d n n r ­ a a l l Total P L a o y a a n b s le in do A ll l a l rs P fo a c r y i u e n a r i g b ­ l n e U K d n i o n it m e g d ­ E O u t r h o e p r e Canada Am La e t r i i n c a Japan O A t s h i e a r O t c r o ie th u s e n ­ 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—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.... 2,314 1 ,660 654 3,911 3,623 268 19 52 909 364 1 .500 171 395 520 Oct.. . . 2,284 1 ,654 630 3,980 3,694 271 15 52 856 377 1 ,534 204 408 549 Nov.... 2,345 1 ,681 664 3,961 3,677 267 17 51 825 377 1 ,555 193 416 545 Dec.... 2,501 1 ,808 693 3,895 3,621 258 15 56 720 413 1 .556 180 433 537 1968—Jan.. .. 2,503 1 ,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... . 2,555 1 .917 638 3,693 3,444 238 11 54 671 401 1,438 172 448 509 Apr.... 2,615 1 ,990 625 3,756 3,494 252 11 65 661 421 1,450 164 476 519 May*’.. 2,712 2,032 680 23,772 3,414 2347 11 65 632 415 1 ,442 151 552 514 June».. 2,733 2,082 651 3,719 3,362 346 II 65 601 402 I ,437 152 559 502 1 Includes Africa. a Includes $76 million reported for the first time as of May 31, 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-82 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ AUGUST 1968 15. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) ■ U.S, corporate Marketable U.S. Govt, bonds and notes 1 ' securities 2 Foreign bonds Foreign stocks Net purchases or sales Period Pur­ ; Net pur- Pur­ Net pur­ Pur­ Net pur­ Foreign chases Sales ichascs or chases Sales chases or chases Sales chases or ' sales sales sales Official Other 1964.................................. 3,537 3,710 -173 915 I ,843 -928 748 548 200 1965.................................. 4,395 4,770 -375 I ,198 2,440 -1,242 906 617 290 1966.................................. 6,318 5,616 703 I ,778 2,692 -914 960 731 229 1967.................................. 10,272 9,205 1 ,067 2,026 3,191 -1,165 880 I ,037 -157 1967—June..................... 926 82! 105 248 309 -61 71 95 -24 July..................... 943 740 203 145 316 -171 68 69 : -1 Aug...................... 877 793 84 147 225 -78 67 106 -39 Sept..................... I ,109 85R 251 350 481 -131 81 125 -44 Oct....................... 960 I ,148 -188 195 326 -131 77 91 -14 Nov..................... 883 922 -39 112 142 -30 75 89 -14 Dee...................... I ,034 795 240 122 266 -144 94 155 -61 1968 —Jan....................... 1,143 854 289 264 -179 79 -11 Feb...................... 1 ,027 689 339 157 269 -112 80 -10 Mar..................... I ,089 809 279 325 418 -93 148 -38 Apr...................... I ,288 996 293 165 362 -197 79 -6 May»’.................. 1,769 1 ,315 454 305 185 120 110 -22 June''.................. 1 ,348 1,117 231 99 215 -115 111 -17 i 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 Swit­ United Latin Other Inti, Stocks Bonds France zer­ King­ Other Total Canada Amer­ Asia Africa coun­ and land dom Europe Europe ica tries regional 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 ,067 753 313 182 427 -452 225 381 305 115 79 34 17 136 1967—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. , -39 139 -178 9 55 -221 37 -120 49 8 li * 11 3 Dec... 240 158 82 12 87 13 29 141 32 44 23 « 3 -4 1968—Jan.. . 289 167 122 16 98 7 66 188 62 16 5 3 1 14 Feb... 339 78 261 33 90 92 92 308 23 -5 5 8 Mar. . 279 247 32 10 34 7 268 319 29 -14 5 1 ♦ -59 Apr.. . 293 261 32 22 103 4 22 151 83 36 16 7 May". 454 82 372 42 81 166 159 447 19 21 12 * 1 -46 June". 231 179 51 16 109 -9 26 142 48 17 19 • * 3 NOTE.—Statistics include State and local govt, securities, and securities of U.S. Govt, agencies and corporations that arc not guaranteed by the United States. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 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) Period Total g I a i n r o n e t n d ­ i, a l T c t e f o r o o i i u g e t r a n n s ­ l ­ r E op u e ­ C a a d n a ­ A L i m a c t a e in r ­ Asia r A ic f a ­ O c t o r t i h e u e s n r ­ E pe n r d io o d f Deposits U.S. A G ss o e v ts t. in cu E s a t r o m d a y rked securities1 gold 1964...................... -728 - 140 -588 163 -670 -36 -77 7 25 1965...................... -953 -164 -788 108 -659 -55 -131 3 -54 1964................ 229 8,389 12 698 1966...................... -685 -171 -514 214 -726 -9 -7 16 -2 1965................ 150 8,272 12.896 1967...................... -1,322 -393 -929 3 -771 38 -152 -20 -27 1966................ 174 7 036 12 946 1967—J J u u n ly e . . . . . . . . . . . . . . . . . . -1 -8 7 5 3 -1 -9 4 -1 -7 5 6 9 2 2 2 7 -1 -4 1 5 7 5 3 - -5 4 3 9 -1 - - 1 1 8 0 1967—J A u u l g y. . . . . . 1 1 1 4 7 4 7 7 , , 6 5 6 3 5 5 1 12 2 , , 9 9 9 7 3 6 Aug.......... -117 -43 -75 -23 -24 2 -31 -1 2 Sept... 117 7,558 12,992 Sept......... -175 -72 -103 -4 -101 3 5 -8 2 Oct.... 135 7,861 13,000 O N De o c c v t. . . . . . . . . . . . . . . . . . . . . . . . .. - - 2 1 -4 0 4 5 4 4 -3 - 1 4 7 3 - - 2 1 - 0 5 7 0 7 -6 -4 2 7 - - 1 1 2 4 7 8 6 -6 2 - - 1 1 9 1 4 -3 * * 2 2 * D N e o c v . . . . . . 1 1 3 6 5 8 9 9, , 2 4 2 5 3 6 1 1 3 3 , , 2 0 5 3 3 2 1968—J F a e n b . . . . . . . . . . . . . . . . . . . . . - - 1 1 2 9 1 0 -6 1 4 0 - - 1 13 2 1 6 -7 4 - - 1 1 1 1 2 6 - -1 5 -1 -3 2 - - 5 1 * 1 1968—J F M a e a n b r . . . . . . . . . . 1 1 1 9 6 9 7 0 2 8 8 8 , , , 4 8 9 6 1 2 1 8 2 1 1 1 3 3 3 , . , 2 2 4 0 3 6 1 2 6 Mar. -131 -33 -98 -29 -9 -40 10 -31 Apr... 140 8,763 13,614 A M p a r y . . J . ’ . . .. . .. . .. . -20 9 2 7 -5 13 4 7 -1 -4 4 0 9 -13 7 -1 -3 4 7 8 - - 6 8 - 1 2 8 -4 2 1 J M un a e y . . . . 4 1 2 5 2 3 7 8 , , 6 3 7 2 6 8 1 13 3 , , 2 6 3 4 2 5 June7’.... -133 2 -135 7 -87 -27 -13 -17 2 July... 202 7,609 13,281 1 U.S. Treasury bills, certificates of indebtedness, notes, and bonds; includes securities payable in foreign currencies. Notr.—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 1968 1,040 1 ,688 3,059 4,157 Feb. 26............................... 1 ,077 Feb. 23................................ 1,902 14............................... 2,991 31..........4..,.0...9..2............ Mar. 25 ... . . 1,046 Mar. 30 ........................... 1 ,879 21............................... 3,215 10................................ 4,289 28................................ 3,166 17................................ 4,367 Apr. 29............................... 1,146 Apr. 27................................ 1,909 24................................ 4,516 May 27............................... 1,132 May 25................................ 2,003 July 5................................ 3,078 31................................ 4,259 917 1,951 ' 12................................ 3,304 19................................ 3,558 Feb 7................................ 4,352 July 29............................... 1 ,008 July 27................................ 2,786 26................................ 3,660 14................................ 4,474 1,166 Aug, 31................................ 3,134 21................................ 4,739 1,166 3,472 3,370 28 ......................... 4,530 ~ 9................................ 3,669 Oct. 28............................. 1,198 Oct. 26 .............................. 3,671 16................................ 3,877 4,513 Nov. 25............................... 1,380 Nov. 30 ............................. 3,786 23............................... 4,031 13............................... 4,805 1,183 Dec. 28................................ 4,036 30................................ 3,976 20................................ 4,430 27................................ 4,920 3,848 1965 1967 ‘ 13................................ 3,840 4,768 20................................ 3,930 10 ......................... 4,606 Jan. 27............................... 1 ,358 Jan. 25 ............................. 3,653 27................................ 4,059 17................................ 4,845 Feb. 24............................... 1 ,592 24................................ 5 ,020 Mar. 31............................... 1,431 Feb 22................................ 3,396 Oct. 4............................... 4,047 11................................ 4,293 4,784 Apr. 28............................... 1,433 3,382 18................................ 4,235 ' 8 .......5..,.2...3..5.............. M?ay 26............................... 1 ,432 8................................ 3,464 25................................ 4,322 15................................ 5,426 June 30............................... 1 ,436 15................................ 3.367 22................................ 5,968 22............................... 3,372 Nov. I................................ 4,320 29 ........................... 5,888 July 28............................... 1,572 29................................ 3,412 8..........4..,.5...6..0.. ............ Aug, 25................................ 1,792 15................................ 4,623 6,053 Sept. 29............................... 1,611 3.201 22................................ 4,864 12................................ 6,285 ' 12................................ 3,064 29................................ 4,206 19 ......................... 6,203 Oct. 27 . ... 1 ,719 19................................ 3,137 26................................ 6,276 Nov. 24............................... 1,697 26................................ 3,047 Dec. 6................................ 4,480 Dec. 29............................... 1,345 13................................ 4,634 2,843 20................................ 4,365 ' 10................................ 2,790 27................................ 4,241 17................................ 2,950 24................................ 3,254 31................................ 2,776 1 Break in series; see Note. have occurred that affect the comparability of the data. Where such changes arc known to have been significant, two figures for the same date Noth.—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. □ AUGUST 1968 20. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (End of period; in millions of dollars) Liabilities to foreigners Claims on foreigners Area and country 1967 1968 1967 1968 Mar. June Sept. Dec. M ar. '' Mar. June Sept. Dec. Mar.’’ Europe: Austria............................................................ 2 2 2 2 2 8 9 7 8 20 Belgium-Luxembourg *............................. 34 28 32 27 29 63 39 45 42 44 Denmark........................................................ 5 8 8 7 38 11 10 9 9 10 Finland........................................................... 1 2 2 3 4 4 5 6 6 7 France............................................................. 61 55 61 64 68 •121 102 99 IH 128 Germany, Fed. Rep. of............................. 81 85 94 92 108 ’’119 '121 ’11 1 134 128 Greece............................................................. 2 2 3 8 9 17 18 20 20 20 Italy.................................................................. 62 65 66 61 59 98 80 93 103 11 1 Netherlands................................................... 80 78 82 79 68 45 47 45 51 78 Norway........................................................... 2 3 3 4 4 7 7 8 8 10 Portugal......................................................... 7 5 6 6 4 6 7 6 7 6 Spain............................................................... 30 36 35 31 32 76 62 77 90 88 Sweden............................................................ 19 21 24 24 17 18 18 20 24 26 Switzerland.................................................... 47 51 84 86 63 26 24 24 29 31 Turkey............................................................. 2 2 2 3 3 7 '8 7 9 9 United Kingdom......................................... 236 '244 312 306 251 646 577 542 690 1 ,027 Yugoslavia.................................................. 1 L 4 3 3 4 6 Other Western Europe ।............................ 5 5 3 4 4 12 13 13 14 12 Eastern Europe........................................... 1 1 1 1 1 3 5 4 8 10 Total....................................................... 678 r692 820 807 765 '1,293 •1 ,155 1,138 1,367 1 ,773 Canada................................................................ 173 199 190 200 185 482 494 461 545 499 Latin America: Argentina....................................................... 3 4 4 4 5 39 35 29 29 29 Brazil................................................................ 11 10 10 9 13 61 60 75 85 82 Chile................................................................ 5 6 7 8 10 30 31 26 34 31 Colombia....................................................... 5 9 13 9 6 24 24 20 22 25 Cuba................................................................ 2 2 2 T 2 Mexico............................................................ 16 16 12 10 7 96 125 118 114 111 Panama........................................................... 4 3 2 4 5 11 10 14 14 10 Peru.................................................................. 6 5 7 6 6 31 29 32 29 28 Uruguay......................................................... 1 1 1 1 2 7 9 6 5 4 Venezuela....................................................... 38 37 36 33 35 56 53 54 59 63 Other L.A. republics.................................. 15 17 19 24 15 62 56 59 60 57 Bahamas and Bermuda............................. 7 5 4 8 5 12 21 '24 23 35 Neth. Antilles & Surinam........................ 6 8 5 5 5 5 5 5 7 5 Other Latin America.................................. 1 1 2 9 10 7 10 11 Total....................................................... 118 122 122 121 1 17 445 '470 '471 490 494 Asia: Hong Kong................................................... 4 4 4 5 4 7 9 11 8 7 India............................................................... 13 15 12 12 13 33 35 39 43 42 Indonesia........................................................ 4 5 4 4 5 5 3 3 5 Israel................................................................ 1 1 3 4 5 4 5 6 7 Japan............................................................... 30 38 44 62 72 163 179 195 212 193 Korea............................................................... 2 2 I I 1 7 6 8 8 11 Philippines...................................................... 6 7 7 8 8 17 23 22 27 20 Taiwan............................................................. 5 2 1 5 6 12 10 10 11 9 Thailand......................................................... 4 4 5 5 2 10 8 10 10 10 Other Asia..................................................... 41 39 45 46 46 88 79 78 89 86 Total....................................................... 107 114 126 150 160 346 357 380 416 392 Africa: Congo (Kinshasa)....................................... 1 1 1 1 2 2 3 4 South Africa.................................................. 5 8 7 8 7 16 16 14 14 17 U.A.R. (Egypt)............................................ 2 2 3 3 4 9 7 7 7 5 Other Africa.................................................. 7 8 11 12 16 35 32 31 34 38 Total...................................................... 15 19 21 23 29 62 58 54 58 64 Other countries: Australia......................................................... 52 49 61 58 47 54 44 44 57 53 All other......................................................... 6 7 8 7 5 8 6 7 7 9 Total....................................................... 58 56 70 65 52 61 50 50 64 62 International and regional........................... * * * • * * * 1 * • Grand total........................................... 1,148 '1,203 1,349 1,367 1,308 ■•2,689 ■•2,585 '2,555 2,941 3,284 I Beginning Dec. 1967 includes Luxembourg; prior to that time Lux- Data exclude claims held through U.S. banks, and intercompany accounts embourg was included in Other Western Europe. _ between U.S. companies and their foreign affiliates. Note.—Reported by exporters, importers, and industrial and com­ mercial concerns and other nonbanking institutions in the United States. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A-85 21. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NON BANKING CONCERNS, BY TYPE (In millions of dollars) Liabilities Claims Payable in foreign currencies End of period Total P d a o y i l n l a a b rs le P fo a r y i e n a ig b n le Total P d a o y i l n l a a b rs le Deposits with currencies b i a n n r k e s p a o b rt r e o r a ’s d Other 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 June1.............................................................................................. 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 '2,628 '2^225 167 236 1967—Mar................................................................................................. 1,148 864 285 '2,689 '2,245 192 252 June............................................................................................... '1,203 '916 287 '2,585 '21110 199 275 Sept ............................................................................................. 1,349 1,025 324 '2,555 2,116 192 246 Dec .............................................................................................. 1 '367 1,023 343 2,941 2,'523 201 216 1968—Mar.*1............................................................................................. 1,308 949 359 3,284 2,849 209 226 i Includes reports from firms having $500,000 or more of liabilities or 2 Data differ from that shown for Dec. in line above because of changes of claims; for previous scries the exemption level was $100,000. in reporting coverage. 22. LONGTERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (In millions of dollars) Claims Country or area End of period lia T b o il t it a ie l s Total K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico A O m La t e h t r i e n ic 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 1J01 31 116 230 217 74 138 89 96 91 18 Dec.................. 136 11169 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 L207 27 167 251 205 61 217 90 90 86 14 Sept............................ 249 11235 23 174 267 202 64 207 102 91 90 14 Dec............................. 329 1,256 27 198 272 203 56 212 95 93 87 13 1967—Mar............................ 454 1,324 31 232 283 203 58 210 108 98 84 17 June........................... 430 '1,488 27 '257 303 214 88 290 IIO 98 85 15 Sept............................ 415 1,452 40 212 309 212 84 283 109 103 87 13 Dec............................. 418 1,546 43 257 311 212 85 288 128 117 89 16 1968—Mar. J'......................... 572 1,501 36 259 320 206 54 268 128 127 84 19 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-8b GOLD RESERVES o AUGUST 1968 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Inti. Esti- End of mated Mone­ United mated Afghan­ Argen­ Aus­ Aus­ Bel­ — period total tary States rest of istan tina —tralia tria gium Brazil Burma Canada Chile world1 Fund world -------------- . .. — — —-------------- ———------------—.— 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-—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.................. 41,600 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.................. ^40,240 2,711 10,70J ”26,825 33 84 233 701 1,418 45 84 976 45 Apr................... 2,727 10,547 33 84 232 701 1 ,450 45 84 976 45 May................ 2,735 10,468 33 84 235 701 1 ,450 45 84 926 44 June................ 2,210 10,681 31 ................ 257 714 1,512 84 926 45 Ger- E pe nd ri o o d f lo C m o b ­ ia m De a n rk ­ l F a i n n d ­ France m F a e n d y . , Greece India —--Ira-n - Iraq la Ir n e d ­ Israel Italy Japan Rep. of -------------------------- — -------- —---------— _— ---------- _ ------------- — ... .. . —------------------------- -------------- — 1961 88 107 47 2,121 3,664 87 247 130 84 18 10 2,225 287 1962. 57 92 61 2.587 3,679 77 247 129 98 18 41 2,243 289 1963. 62 92 61 3,175 3,843 77 247 142 98 18 60 2,343 289 1964. 58 92 85 3,729 4,248 77 247 141 112 19 56 2,107 304 1965. 35 97 84 4,706 4,410 78 281 146 110 21 56 2,404 328 1966............................. 26 108 45 5,238 4,292 120 243 130 106 23 46 2,414 329 1967--June................ 29 108 47 5,235 4,292 149 243 145 94 24 46 2,412 330 July.................. 29 108 47 5,233 4,285 150 243 145 94 24 2,406 Aug.................. 30 108 47 5,234 4,283 149 243 145 94 24 46 2,400 Sept.................. 30 108 47 5,234 4,284 130 243 145 94 24 46 2,401 335 Oct................... 31 108 47 5,234 4,281 132 243 145 94 24 46 2,398 Nov.................. 31 108 47 5,234 4,277 132 243 145 94 25 46 2,394 Dec.................. 31 107 45 5,234 4,228 130 243 144 115 25 46 2,400 338 1968--Jan................... 32 107 45 5,234 4,140 131 243 144 151 25 46 2,364 Feb................... 32 107 45 5,234 4,125 130 243 143 151 25 46 2,368 Mar.................. 32 107 45 5,235 3,972 134 243 166 165 37 46 2,376 341 Apr................... 32 107 46 5,235 3,972 138 243 166 209 52 46 2,401 May................ 33 107 46 5,235 3,973 141 243—-—-166 209 62 46 2,452 June................ 33 113 46 4,739 4,312 243 166 209 71 46 2,673 355 —----- ------—-------—— —----------------..................— ——------------- ------------ E pe n r d io o d f Kuwait a L n e o b n ­ Libya Ma si l a ay­ M c e o xi­ Mo c r o oc­ —N la e n th d e s r­ —N w o ay r­ P s a ta k n i­ Peru P pi h n i e li s p­ Po g r a t l u­ A S r a a u b d ia i ----------—— ---------------------------------------— —— --------------- -----—--—--- ——— 1961 43 140 112 29 1,581 30 53 47 27 443 65 1962. 49 172 3 3 95 29 1,581 30 53 47 41 471 78 1963. 48 172 7 8 139 29 1,601 31 53 57 28 497 78 1964. 48 183 17 7 169 34 1,688 31 53 67 23 523 78 1965. 52 182 68 2 158 21 1,756 31 53 67 38 576 73 1966. 67 193 68 1 109 21 1 ,730 18 53 65 44 643 69 1967--June................ 89 193 68 1 160 21 1,731 18 53 30 53 661 69 July.................. 89 193 68 1 159 21 1,731 18 53 25 54 668 69 Aug.................. 89 193 68 2 157 21 1 ,731 18 53 20 56 686 69 Sept.................. 89 193 68 6 155 21 1,731 18 53 20 57 690 69 Oct................... 89 193 68 10 155 21 1,731 18 53 20 58 692 69 Nov.................. 89 193 68 24 164 21 1,731 18 53 20 59 698 69 Dec................... 136 193 68 31 166 21 1,711 18 53 20 60 699 69 1968--Jan.................... 134 193 68 31 164 21 1,682 18 53 20 62 699 69 Feb................... 124 203 75 33 163 21 1,677 18 53 20 63 711 69 Mar.................. 125 267 85 42 156 21 1,654 18 54 20 64 711 69 Apr................... 127 267 85 52 156 21 1 ,654 18 54 20 65 711 69 May................. 131 267 85 21 1,655 18 54 20 67 715 69 June................ 133 288 85 21 1 ,697 24 54 20 67 94 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ GOLD RESERVES AND PRODUCTION A-87 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E p n e d ri o o d f S A o fr u ic th a Spain Sweden Sw la it n z d er­ Taiwan T la h n a d i­ Turkey ( U E . g A y . p R t . ) U K d n i o n it m e g d ­ U gu r a u y ­ V zu e e n l e a ­ Y sl u a g vi o a ­ S I e f n o tt 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—June..................... 468 784 203 2,83t 81 92 96 93 I ,708 146 401 22 -266 July...................... 493 784 203 2,844 81 92 96 93 146 401 21 -271 Aug...................... 487 784 203 2,843 81 92 96 93 146 401 22 -375 Sept...................... 489 785 203 2,841 81 92 97 93 1 ,831 146 401 22 -364 Oct........................ 518 785 203 2,840 81 92 97 93 .............1.4..7 401 22 -358 Nov...................... 558 785 203 2,753 81 92 97 93 140 401 22 -275 Dee....................... 583 785 203 3,089 81 92 97 93 1,291 140 401 22 -624 1968--Jan........................ 625 785 203 2,978 83 92 97 93 133 401 22 -529 Feb....................... 691 785 203 2,793 83 92 97 93 133 401 21 -406 Mar...................... 742 785 203 2,603 81 92 97 93 1 ,493 133 401 22 -345 A M p a r y .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 8 4 47 6 7 7 8 8 5 5 2 2 0 0 3 3 2 2 , , 6 6 0 2 3 8 8 8 1 1 9 8 1 9 9 9 7 7 9 9 3 3 — 4 4 0 01 1 2 2 2 2 -3 •3 3 2 1 6 June..................... 975 785 225 2,656 ................ 89 97 93 401 -333 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 tabic 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 1 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 BLS is included in the gold reserves of individual Note.—I or 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 Hanking 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 R de h s o ia ­ Ghana C s (K h o a n i s n g a ­ o ) U St n a i t t e e s d C a a d n a ­ M ic e o x­ r N a i g c u a a ­ Co b l i o a m­ India P p h in il e ip s ­ t A ra u l s ia ­ ot A h H e 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 1 1 .4 4.8 13.2 35.8 64.3 1964................................. I'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.................................. I 345.0 1,080.8 19.3 24.0 5.6 63.1 114.6 7.5 7.0 9.8 4.2 15.8 ’.12.1 r61.2 1967................................. 1,068.7 26.7 5.4 103.7 6.4 6.2 9.0 28.4 1967—May.................... 91.2 8,9 .6 .8 1.5 2.3 89. 1 9,1 . 4 .8 21.7 1 .5 2.6 July..................... 88.9 .............. 8.4 .4 .7 2.4 90.5 8.3 .4 .8 2.1 90.5 8.0 .7 8 3.9 •U.2 2.2 84.1 8.6 . 5 .7 2.7 Nov.......... 90.0 8.2 ,7 .8 2.4 Dec...................... 88.5 8,7 ,4 .6 2.2 1968—Jan....................... 90.3 7.7 .9 2.0 Feb...................... 90.0 7.7 .7 2.0 Mar..................... 91.8 8 3 7 Apr..................... 91.8 8.2 .7 May.................... 93. 1 i Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 Data for Jan.-June. countries and Bureau of Mines. Data for the United States arc from 3 Quarterly data. the Bureau of the Mint. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-88 MONLY KAILS □ AUUUSI 19b8 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) —_ .. . Rate as of — Changes during the last 12 months July 31, 1967 Rate Country 1967 1968 as of July 31, Per Month 1968 cent effective Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Argentina................................. 6.0 Dec, 1957 6.0 Austria.................................... 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 n Canada 1.................................... 4.5 Apr. 1967 5.0 6.0 7.0 7.5 26.5 6.5 Ceylon....................................... 5.0 May 1965 5.5 5.5 Chile 3......................................... 15.84 July 1966 16.61 16.61 Colombia........................, . 8.0 May 1963 8.0 Costa Rica.......................... 3.0 Apr. 1939 3.0 Denmark....................... 6.5 ...........7..5 7.0 6.5 6.5 Ecuador.............................. 5.0 Nov, 1956 5 0 El Salvador.................. 4.0 Aug. 1964 4.0 Finland...................... 7.0 Apr. 1962 7.0 France........................... 3.5 Apr. 1965 5 0 5.0 Germany, Fed. Rep. of......... 3.0 May 1967 3.0 Ghana............................ 6.0 May 1967 5.5 5 5 Greece.................................. 4.5 July 1967 5.0 5.0 Honduras 4.................. 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 I ran.................................... 5.0 Aug. 1966 5.0 Ireland......................................... 5.56 July 1967 5.50 5.53 5.94 7.75 7.78 7.69 7.62 7.39 7.38 7,31 7.44 7 44 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 5.84 6.21 6.21 Korea............................. 28.0 Dec. 1965 28.0 Mexico............................. 4.5 June 1942 4.5 Netherlands...................... 4.5 Mar. 1967 4.5 New Zealand............... 7.0 Mar. 1961 7.0 Nicaragua............................ 6.0 Apr. 1954 6.0 Norway............................ 3.5 Feb. 1955 3.5 Pakistan......................... 5.0 June 1965 5.0 Peru................................ 9.5 Nov. 1959 9.5 Philippine Republic . . 6.0 June 1967 7.5 7 5 Portugal..................................... 2.5 Sept. 1965 2.5 South Africa.............................. 6.0 July 1966 6.0 Spain.............................. 4.0 4.0 Sweden.................................... 5.0 Mar. 1967 6.0 5.5 5.5 Switzerland, 3.0 July 1967 3.0 Taiwan $....................... 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 68.0 7.5 7.5 Venezuela ................... . 4.5 Dec. 1960 4.5 i On June 24, 1962, the bank rate on advances to chartered banks Urazil—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 Effective July 2 the rate was 7.0 per cent. for rediscounts in excess of an individual bank’s quota; 3 Beginning with Apr. 1, 1959, new rediscounts have been granted at Costa Plea—5 per cent for paper related to commercial transactions the average rate charged by banks in the previous half year. Old redis­ (rate shown is for agricultural and industrial paper); counts remain subject to old rates provided their amount is reduced by Ecuador—6 per cent for bank acceptances for commercial purposes; one-eighth each month beginning with May 1, 1959, but the rates arc Indonesia—various rates depending on type of paper, collateral, com­ raised by 1.5 per cent for each month in which the reduction does not modity involved, etc.; occur. Japan—penalty rates (exceeding the basic rate shown) for borrowings 4 Rate shown is for advances only, from the central bank in excess of an individual bank’s quota; 3 Rate shown is for call loans. Pera—8 per cent for agricultural, industrial, and mining paper; 6 Effective Nov. 9 the rate was 6.5 per cent. Philippines—^ per cent for financing the production, importation, and dis­ tribution of rice and corn and 5.75 per cent for credits to enterprises en­ Note.—-Rates shown are mainly those at which the central bank either gaged in export activities. Preferential rates are also granted on credits to discounts or makes advances against eligible commercial paper and/or rural banks; govt, securities for commercial banks or brokers. For countries with Spain—4.6 per cent for financial paper rediscounted for banks (rate shown more than one rate applicable to such discounts or advances, the rate is for commercial bills); and shown is the one at which it is understood the central bank transacts Venezuela—2 per cent for rediscounts of certain agricultural paper (Sept. the largest proportion of its credit operations. Other rates for some 1962), and 4 per cent for advances against govt, bonds, mortgages, or gold, of these countries follow: and for rediscounts of certain industrial paper, and 5 per cent on advances Argentina—3 and 5 per cent for certain rural and industrial paper, de­ against securities of Venezuelan companies. pending on type of transaction; Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ MONEY RATES; ARBITRAGE A-89 OPEN MARKET RATES (Per cent pci annum) Canada United Kingdom France Germany, Netherlands Switzer­ Fed. Rep. of land Month 3 T m r b e o i a l n l s s t u , h r s y ! D m a o d n y a - e y t y o 2 ­ 3 B a a a m c n n c o c k e e n e p s t r h t , s ­ s ’ 3 T r m b ea i o ll s n s u t , h ry s D m a d o y a n - y e to y ­ a B d llo e a w p n o o k a n s e n i r c t s s e ' m Da o d y n a - y e t o y ­ 3 Tr 6 d e b 0 a a il - y l s 9 s s u 0 , * r y m Da o d n y a e - y t y o s ­ 3 T r m b ea i o ll s n s u t , h ry s D m a d o y a n - y e t o y ­ d P is r r c i a v o t a e u te n t 1965—Dec............... 4.45 4.03 5.91 5.48 4.79 4.00 4.48 3.88 4,00 4.29 3.47 3.00 1966—Dec............... 5.05 4.71 6.94 6.64 6.00 5.00 5.68 4.75 5.81 4.90 3.68 4.00 1967—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................ 6.0! 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 5,12 2.75 2,44 4.33 3.49 3.75 May.............. 6.96 6.75 7,42 7.15 6.51 5.50 5.66 2.75 3.00 4.43 4.53 3.75 June.............. 6.75 6.35 7.54 7.21 6.42 5.50 2.75 2.69 4.56 4.69 3.75 1 Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month. 2 Based on weekly averages of daily closing rates. J Rate shown is on private securities, Note,—For description and back data, see “International Finance,*’ 4 Rate in effect at end of month. Section 15 of Supplement to Ranking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent pct annum) United Slates and United Kingdom United States and Canada Treusury bill rates Treasury bill rates Premium Premium Date q K ( u U i a n o U d n g t . j a i d , S t e t o . t i d o o m n U S n ta it te e s d L S ( o f p a n o r d v e f o a o d r n ) d f ( ( o p is + - o r c w ) u ) o a n o u o r d n n d r t i L n ( o c f N n a e o d v n e f o o t t i v r n e ) qu A o in t s e d C ana q d u a 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 C S ( a f p a n o r v a e f o d a r d a ) C d f ( ( d o a is + - o r n c w ) l a ) l o a d a u o o r i r s n a n r d n t i C n ( c a f N a e n o n v a e f o t d t i v r a e ) basis) Canada basis ............ 1968 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 -11.55 -1.62 -.07 14................. 7.15 5,33 1.82 -8.75 -6,93 6.88 6.65 5.33 -1-1,32 -2.39 -1.07 22................. 7.00 5,21 1.79 -4.78 -2.99 6.99 6.78 5.21 -1-1.57 -1.67 -.10 29................. 6.95 5.14 1.81 -7.33 -5.52 6.96 6.75 5.14 -1-1.61 -1.69 -.08 Apr. 5................. 6.90 5.23 1,67 -4.83 -3,16 6.83 6.63 5.23 -1-1.40 -1.51 -.11 Il................. 6.97 5,37 1.60 -4.33 -2.73 6.87 6.66 5.37 4-1.29 -1.38 -.09 19................. 6,97 5.50 1.47 -3.83 -2.36 6.93 6.72 5.50 + 1.22 — t , 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 41.19 -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 4-1 .06 -1 .38 -.32 3!................. 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 14................. 7.00 5.64 1.36 -4.45 -3.09 6.77 6.57 5.64 + .93 -.91 4-. 02 21................. 7.03 5.32 1.71 -4.29 -2.58 6.66 6.46 5,32 + 1.14 -.84 •+30 28................. 7.03 5.26 1.77 -5.23 -3.46 6.54 6.35 5.26 + 1.09 -.95 + .14 July 5................. 7.03 5.35 1.68 -5.56 -3.88 6.50 6.31 5.35 -.96 -1.01 -.05 12................. 7.09 5.33 1.76 -3.54 -1,78 6,35 6. (7 5.33 + .84 -1.14 -.30 19................. 7.03 5.27 1.76 -2.64 -.88 6.10 5.93 5.27 + .66 -1.51 -.85 26................. 6.90 5.17 1.73 -2.14 -.41 6.00 5.83 5.17 + .66 -1.61 -.95 Aug. 2................. 6.90 4.86 2.04 -2,04 .00 5.99 5.82 4.86 4-, 96 -1,52 -.56 Note.—Treasury bills'. All rates are on the latest issue of 9l-day bills. All series: Based on quotations reported to F.R. Bank of New York U.S. and Canadian rates are market offer rates II a.m. Friday; U.K. by market sources. rates are Friday opening market .offer rates in London, For description of series and for back figures, see Oct. 1964 Bulletin, Premium or discount on forward pound and on forward Canadian dollar: pp. 1241-60. For description of adjustments to U.K. and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table I, p. 1257, and to Table 2, p. 1460, bid and offer) at 11 a.m, Friday in New York for both spot and forward Oct. 1964 Bulletin. pound sterling and for both spot and forward Canadian dollars. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-9U MUINtY KAIES □ AUGUSI 19b« FOREIGN EXCHANGE RATES (Ill cents per unit of foreign currency) Australia Period Argentina Austria Belgium Canaria Ceylon Denmark Finland (peso) (schilling) (franc) (dollar) (rupee) (krone) (markka) (pound) (dollar) 1963. .72447 223.10 3.8690 2.0052 92.699 21.015 14.484 131.057 1964. .71786 222.48 3.8698 2.0099 92.689 20.988 14.460 31.067 1965. .59517 222.78 3.8704 2.0144 92.743 20.959 14.460 31.070 1966. .48690 2223.41 3111.22 3.8686 2.0067 92.811 20.946 14.475 31.061 1967. .30545 111.25 3,8688 2,0125 92.689 20.501. 14,325 429.553 1967--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 N 11.54 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 June...— —.28470 110,84 3.8683 2,0058 92.846 16.662 13.373 23.763 July. .. .28474 III.09 3.8706 2.0013 93.123 1 6.669 13.317 23.763 ---... _ ——....... — ........................................... — ............- ---------------- ------------------ .. — _ . Period F (f r r a a n n c c e ) ( G d m e e r u a m ts r a k 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 ra ly ) J ( a ye p n an ) ( M do a si l l a l a a y r ­ ) —M (p e e x s i o c ) o ( e g N r u la e il n d th d e ­ s r) —-------------------— —. —-------- ---------—.... . . -------------- —.... _ .—— —.— 1963. 720.404 25.084 20.966 280.00 .16087 .27663 32.664 8.0056 27.770 1964. 20.404 25.157 20.923 279.21 .16014 .27625 32.566 8.0056 27.724 1965. 20.401 25.036 20.938 279.59 .16004 .27662 32.609 8.0056 27.774 1966. 20.352 25.007 »16.596 279.30 .16014 .27598 32.538 8.0056 27.630 1967. 20.323 25.084 13.255 275.04 .16022 .27613 32.519 8.0056 27.759 1967--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 .27621 1032.472 8.0056 27.805 Dec,... 20.381 25.094 13.334 240.63 .16019 .27633 32.687 8.0056 27.804 1968--Jan.. .. 20.307 24.974 13.337 240.91 .16004 .27612 32.712 8.0056 27.747 Feb.... 20.315 24.987 13.337 240.92 .16004 ,27616 32.721 8.0056 27.719 Mar.. . 20.316 25.067 13.319 <•239.97 .16023 .27620 32.630 8.0056 27.728 Apr.... 20.290 25.093 13.318 240,18 .16011 .27603 32.654 H.0056 27.632 May... 20.212 25.119 1 3.268 238.92 .16059 .27604 32.556 8.0056 27.635 June... 20.107 25.032 13.228 238.46 .16048 .27636 32.509 8.0056 27.620 July. . . 20.107 24.945 13.240 239.00 .16068 .27740 32.551 8.0056 27.611 Period (pou N n e d w ) Zeal ( a d n o d llar) N (k o ro rw n a e y ) (e P s o g c a r u t l d u o ­ ) ( S A ra o fr u n ic t d h a ) (p S e p s a e i t n a ) S (k w ro e n de a n ) ( S e fr r w a la n i n t c z d ) ­ (p U K d o n i o u n it m n g e d d ­ ) 1963........................................................................ 277.22 13,987 3.4891 139.48 1.6664 19.272 23.139 280.00 1964........................................................................ 276.45 13.972 3.4800 139.09 1.6663 19.414 23.152 279.21 1965........................................................................ 276,82 13,985 3.4829 139.27 1.6662 19.386 23.106 279.59 1966........................................................................ 276.54 13.984 3.4825 139.13 1.6651 19.358 23.114 279.30 1967........................................................................ 11276.69 12131.97 13.985 3.4784 139.09 1.6383 19.373 23.104 275.04 1967—July........................................................... i1276.12 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 1 3.996 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........................................................... <»111.66 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 June,........................................................ 110.95 14.000 3.4867 138.58 1.4279 19.352 23.233 238.46 July........................................................... 111.20 14,000 3.4863 1.18.89 1,4282 19.351 23.265 239,00 1 A new markka, equal lo 100 old markkaa, was introduced on Jan, 1, ^ Quotations not available Nov. 21, 1967. ’963. to Quotations not available Nov. 21-27, 1967. 2 Based on quotations through Feb. 11, 1966. i1 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 ? 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 I to 1 ratio, the new franc introduced Jan. I, i960. 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 Hanking and Monetary Statistics, 1962. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ BANKING OFFICES A-91 NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks 1 ...............-------. . ._—.........- — --------- . Mutual savings banks All Member Non mem her Type of office and type of change banks Total -------------- -------—---------. _ — —..........— Na- Non- Non- Total tional State। Total Insured insured Insured 1 insured -------------- ____ Banks (head office): Dec. 31, 1934...................................................................... 16,063 15 484 6 442 5,462 980 9,042 7,699 1 ,343 68 511 Dec. 3L 1941...................................................................... 14 826 14,278 6 619 5,117 1 ,502 7,662 6,810 852 52 496 Dec, 31' 19472................:................................................. 14 714 14181 6 923 5.005 1,918 7,261 6,478 783 194 339 Dec. 31’ 1951...................................................................... 14 618 14 089 6 840 4.939 1 ,901 7,252 6,602 650 202 327 Dec. 31’ 1956...................................................................... 14 167 13’640 6*462 4,651 I ,81 I 7,181 6,737 444 223 304 Dec. 31’ 1957...................................................................... 14 090 13,’568 6 393 4,620 I ,773 7,178 6,753 425 239 283 Dec 31’ 1958...................................................................... 14 020 13 501 6*312 4.578 1 ,734 7,192 6,793 399 241 278 Dec. Il’ 1959...................................................................... 13’991 13 474 6 23 3 4,542 1 ,691 7,244 6,878 366 268 249 Dec. 3l’ 1960...................................................................... 13 986 13 472 6*174 4.530 1 ,644 7,300 6,948 352 325 189 Dec 31 ’ 1961...................................................................... 13 946 1 3 432 6*113 4.513 I , 600 7,320 6,997 323 330 184 Dec. 3^ 1962...................................................................... 13.938 13’427 6*047 4.503 1 ,544 7,380 7,072 308 331 180 Dec. 31’ 1963...................................................................... 14 078 13’569 6 108 4,615 1 ,493 7,461 7,177 284 330 179 Dec 31’ 1964...................................................................... 14 266 13 761 6*225 4.773 1 ,452 7,536 7,262 274 327 178 Dec. 31’ 1965...................................................................... 14,309 13 804 6*221 4,815 1,406 7,583 7,320 263 328 177 Dec. 31 1966..................................................................... 14 274 13,770 6 ’ 150 4,799 1,351 7,620 7,385 235 330 174 Dec. 31’1967...................................................................... 14’222 13,721 6*071 4,758 1,313 7,650 7,439 211 331 170 June 30’ 1968 ...................................................................... 14,225 13,724 6 >39 4,742 1 ,297 7,685 7,474 21 1 331 170 Branches, additional offices, and facilities: Dec 31 1934...................................................................... 3 133 3 007 2 224 1 ,243 981 783 783 r16 Dec. 31 ’ 1941..................................................................... 3*699 3 564 2 580 1 ,565 1 ,015 984 932 52 32 103 Dec. 31’ 19472.................................................................... 4 332 4161 3 *051 1 ,870 1,181 1,110 1 ,043 67 124 47 Dec. 31J 951...................................................................... 5’383 5,153 3*837 2,370 1 ,467 1,316 1 ,275 41 165 65 Dec. 31 ’ 1956...................................................................... 7 955 7’589 5 ’ 886 3,809 2,077 1 ,703 1 ,666 37 257 109 Dec. 31J 1957...................................................................... 8 609 8 ,204 6*378 4,178 2,200 1,826 1 ,789 37 296 109 Dec 3l’ 1958 ..................................................................... 9 286 8 861 6’924 4,534 2,390 1,937 1 ,898 39 305 120 Dec, 31’ 1959...................................................................... 1 o’099 9 652 7*492 4,973 2,519 2,160 2,118 42 318 129 Dec. 3b 1960...................................................................... 10 969 10 483 8 133 5,509 2,624 2,350 2,303 47 381 105 Dec, 31’ 1961...................................................................... 11’896 11 353 8 899 6,044 2,855 2,454 2,410 44 427 116 Dec. 31J 1962...................................................................... 12,932 12 345 9 ’ 649 6,640 3,009 2,696 2,646 50 466 121 Dec. 3l' 1963 ...................................................................... 14 122 13 498 10*613 7,420 3,193 2,885 2,835 50 502 122 Dec. 31 ’ 1964...................................................................... 15 275 14 601 11*457 8,156 3,301 3,144 3,094 50 549 125 Dec. if 1965 ...................................................................... 16’471 15 ’756 12*298 8,964 3,334 3,458 3,404 54 583 132 Dec 31’ 1966...................................................................... 17’665 16 908 13’129 9,611 3,518 3,779 3,717 62 614 143 Dec. 3 C 1967..................................................................... 18*757 17,928 13*856 10,183 3,673 4,072 4,026 46 669 160 June 30^ 1968...................................................................... 19,288 18,'425 14*191 10,431 3,760 4,234 4,188 46 699 164 Changes Jan.-June 30, 1968 Banks: New banks ■*........................................................................ 57 56 I | 11 45 8 I Suspensions......................................................................... -2 -2 -1 — 1 — 1 Consolidations and absorptions: Banks converted into branches................................ -50 49 -23 -20 -3 -26 -25 I -1 Other................................................................................. -3 -3 -2 — 1 — 1 Addition.............................................................................. 1 I 1 ................J Interclass changes: Nonmember to State member................................. I 1 -1 State member to national.......................................... 2 — 2 State member to nonmember................................... 12 12 12 12 National to nonmember............................................ — 6 -6 6 6 Noninsured to insured ................................................ 8 -8 3 3 -- 37 -16 -16 35 35 Number of banks June 30, 1968................................ 14,225 13 724 6,039 4,742 1 ,297 7,685 7,474 21 1 331 170 Branches and additional ofliccs: De novo.............................................................................. 508 47 3 .313 212 101 160 160 31 4 Banks converted................................................................ 49 49 3.3 29 4 16 16 Discontinued..................................................................... -31 -30 -26 18 - 8 4 — 4 .............-..1. Interclass changes: Non member to national............................................. 7 7 ■ 7 -7 Nonmember to State member.................................. 9 9 -9 ... 9 State member to national........................................... 19 • - 19 State member to non member................................... — 1 - 1 1 1 -3 -3 3 3 Reclassified as branches............................................. 4 4 4 2 530 496 336 248 88 160 160 30 4 Number of branches and additional 19,049 18,186 13,985 10,239 3,746 4,201 4,155 46 699 164 Banking facilities: 4 Established.......................................................................... 7 7 4 3 1 3 3 -3 -3 -2 -2 -1 - 1 fntcrclass changes: Facilities reclassified as branches............................ -3 -3 -3 • 1 -2 I 1 - 1 — 1 2 2 Number of facilities, June 30, 1968 ............................ 239 239 206 192 14 33 33 1 State member banks and insured mutual savings banks figures both 3 Exclusive of new banks organized to succeed operating banks. include 1 to 3 member mutual savings banks, 1941 to 1962 inclusive, not 4 Provided at military and other Govt, establishments through arrange­ reflected in total commercial bank figures. State member bank figures ments made by the Treasury Dept. also include 1 or 2 noninsured trust companies 1954 to date. 2 Series revised as of June 30, 1947. The revision resulted in an addition Noth.—Beginning with 1959, figures include all banks in Alaska and of 115 banks and 9 branches. Hawaii, but non member banks in territories and possessions arc excluded. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-92 FEDERAL RESERVE PAR LIST □ AUGUST 1968 NUMBER OF PAR AND NONPAR BANKING OFFICES Par Total Nonpar (nonmember) F.R. District, Total Member Nanniember State, or other area Branches Branches Branches Branches Branches Banks and odices Banks and odices Banks and ollices Hanks and offices Banks and offices Total, including Puerto Rico and Virgin Islands: • Dec. 31, 1967........................ 13,641 18,080 12,266 17,759 6,071 13,881 6,195 3,878 1 ,375 321 June 30, 1968......................... 13,640 18,579 12,296 18,263 6,039 14,217 6,257 4,046 1 ,344 316 F.R. Districts, June 30,1968: Boston....................................... 387 1 ,360 387 1 ,360 247 1,041 140 319 New York 1........................... 496 3,018 496 3,018 380 2,665 116 353 Philadelphia........................... 496 1 ,253 496 1 ,253 362 934 134 319 Cleveland................................. 822 1 ,698 822 1 ,698 489 I ,441 333 257 Richmond................................ 792 2,452 726 2,388 387 1,552 339 836 66 64 Atlanta..................................... 1 ,583 1,142 1,148 1 ,030 532 784 616 246 435 112 Chicago.................................... 2,550 1,970 2,550 1,970 985 1,115 1 .565 655 St. Louis.................................. 1 ,508 735 1,301 667 474 416 827 251 207 68 M inneapolis........................... 1 ,357 239 787 178 490 109 297 69 570 61 Kansas City............................ 1 ,927 243 1 ,927 243 836 153 1 ,091 90 Dallas....................................... 1,290 261 1 ,225 250 663 151 562 99 65 II San Francisco........................ 432 4,208 431 4,208 194 3,656 237 552 State or area, June 30, 1968: Alabama.................................. 268 223 205 209 1 10 17.1 95 36 63 14 Alaska....................................... 12 54 11 54 5 45 6 ^ Arizona.................................... 14 275 14 275 5 211 9 64 Arkansas.................................. 248 137 166 114 «2 95 84 19 82 23 California................................ 168 2,738 168 2,738 «9 2,475 79 263 Colorado.................................. 218 9 2(8 9 135 6 83 3 Connecticut............................. 66 362 66 362 36 293 30 69 Delaware.................................. 19 73 19 73 7 34 12 39 District of Columbia........... 14 99 14 99 12 92 0 7 Florida...................................... 450 22 423 22 210 13 213 9 27 .................... Georgia..................................... 429 234 207 218 74 J 80 133 38 222 16 Hawaii...................................... 7 122 7 122 2 4.1 5 79 Idaho......................................... 26 142 26 142 16 128 10 14 Illinois....................................... 1,069 26 1 ,069 26 517 21 552 5 1 ndiana..................................... 415 558 415 558 201 363 214 195 Iowa........................................... 673 270 673 270 159 66 514 204 Kansas...................................... 601 61 601 61 211 36 390 25 Kentucky.................................. 346 281 346 281 94 171 252 1 10 Louisiana................................. 229 314 128 264 58 1 85 70 79 101 50 Maine....................................... 41 193 41 193 27 135 14 58 Maryland................................. 123 459 123 459 55 279 68 180 Massachusetts........................ 159 670 159 670 105 539 54 131 .................... Michigan.................................. 339 I ,070 339 1 ,070 209 886 130 184 .................... Minnesota............................... 722 9 333 8 222 6 1 1 1 389 1 Mississippi.............................. 187 289 87 217 42 124 45 93 100 72 Missouri................................... 663 80 629 80 177 41 452 39 34 Montana.................................. 134 5 134 5 89 5 45 Nebraska................................. 435 36 435 36 139 20 296 16 Nevada..................................... 9 75 9 75 6 66 3 9 New Hampshire.................... 76 38 76 38 54 32 22 6 New Jersey.............................. 226 774 226 774 184 679 42 95 New Mexico........................... 64 110 64 110 41 68 23 42 New York................................ 322 2,165 322 2,165 259 2,058 63 2 107 North Carolina..................... 119 882 80 821 27 426 53 395 39 61 North Dakota........................ 168 67 77 29 46 13 31 16 91 38 Ohio........................................... 528 1 ,099 528 1 ,099 346 950 182 149 Oklahoma................................ 422 53 422 53 244 44 178 9 Oregon...................................... 49 292 49 292 14 239 35 53 Pennsylvania........................... 511 1,470 511 1 ,470 364 1,150 147 320 Rhode Island......................... 14 152 14 152 5 85 9 67 South Carolina...................... 124 338 97 335 32 222 65 113 27 3 South Dakota........................ 165 88 75 66 58 53 17 13 90 22 Tennessee................................ 299 406 243 390 87 276 156 114 56 16 Texas......................................... 1,147 61 1,125 61 606 27 519 34 22 Utah....................................... . 56 112 56 112 22 85 34 27 Vermont.................................. 45 70 45 70 27 39 18 31 Virginia.................................... 243 673 243 673 158 532 85 141 Washington............................. 95 466 95 466 36 416 59 50 West Virginia......................... 195 1 195 1 114 81 Wisconsin................................ 601 205 601 205 167 60 434 145 Wyoming................................. 69 I 69 1 53 1 16 Puerto Rico I......................... 12 156 12 156 16 12 140 Virgin Islands 1..................... 6 14 6 14 1 14 5 1 Puerto Rico and the Virgin Islands assigned to the N.Y. District for Non:.—Includes all commercial banking offices in the United States, purposes of Regulation J, “Check Clearing and Collection." Member Puerto Rico, and the Virgin Islands on which checks are drawn, including branches in Puerto Rico and all except 3 in the Virgin Islands are branches 239 banking facilities. Number of banks and branches differs from that in of N.Y.C. banks. Certain branches of Canadian banks (2 in Puerto Rico the preceding table because this table includes hanks in Puerto Rico and and 3 in the Virgin Islands) are included above as nonmember banks; and the Virgin Islands but excludes banks and trust companies on which no non member branches in Puerto Rico include 7 other branches of Cana­ checks are drawn. dian banks. 2 Includes 8 N.Y.C. branches of 2 insured nonmember Puerto Rican banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ BANK HOLDING COMPANIES A-93 BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 1967 A. Details for 34 States and District of (Columbia Number of olfiec.s [deposits Banks and branches State Number of ------------------------ ............... - -- As a percompanies 1 As a per- In centage of Banks Branches centage of millions all commercial Total all commercial of dollars bank banking deposits offices ................................. -...............- ■ • —------ -------------- -----------— - ----------- -------- ---------- ..... — ....... - — .......... - Totals—34 States and District of Columbia................................................. 1 74 603 2,085 2,688 ........................... 49,827 ........................... Arizona................................................................. 1 2 98 100 36. 1 842 13.6 California............................................................. 5 5 241 246 8.7 3,773 9. 1 C D o is lo tr r ic a t d o o f .. . C ... o ... l . u ... m .... b ... i . a .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........if- 1 13 2 1 4 2 . . 7 4 7 2 9 7 1 0 2 1 2 0 . . 8 4 Florida.................................................................. 13 84 S4 18.5 3,316 34.2 Georgia................................................................. 7 19 90 109 16.9 1 ,978 34.5 Idaho..................................................................... 2 2 69 71 42.8 447 42.4 Illinois................................................................... 4 4 . 4 363 1.2 Indiana.................................................................. 3 4 7 . 7 80 1.0 Iowa....................................................................... 2 18 22 40 4.3 473 9.0 Kentucky............................................................. 1 2 26 28 4.6 438 10.4 Maine.................................................................... 6 42 48 20.4 199 20.0 Maryland............................................................. 2 4 15 19 3.4 124 2.9 Massachusetts.................................................... 24 194 218 27. I 1 ,946 21.3 Michigan.............................................................. 1 11 12 .9 196 1. 1 Minnesota........................................................... 5 116 8 124 16.9 4,318 58.7 Missouri............................................................... 3 11 4 15 2.0 404 4.0 Montana............................................................... 4 32 1 33 24.3 689 53.3 Nebraska.............................................................. 1 5 3 8 1.7 284 10.2 Nevada.................................................................. 1 2 36 38 45.8 497 59.3 New Hampshire................................................ I 7 3 10 8.9 121 16.8 New Mexico....................................................... 1 5 21 26 15.2 149 13.5 New York........................................................... 14 3 5 472 507 20.7 15,301 19.6 North Dakota.................................................... 3 32 16 48 20.8 470 38.4 Ohio....................................................................... .1 29 107 (36 8.5 2.294 12.3 Oklahoma............................................................. 1 2 .4 394 8.7 Oregon.................................................................. 1 T 112 113 33.7 I , 439 42.4 South Dakota..................................................... 11 35 46 18.2 407 33.5 Tennessee............................................................. 4 9 1 5 24 3.4 202 3.4 Texas...................................................................... 3 14 2 16 1.3 1,114 5.3 Utah...................................................................... i 3 62 65 39.6 740 48.0 Virginia................................................................. 6 45 256 301 33.9 2,266 37.0 Washington......................................................... 3 7 81 88 16.2 658 13.8 Wisconsin............................................................ 9 45 28 73 9.5 2,740 35.2 Wyoming.............................................................. 4 4 5.8 104 16.4 B. Summary totals and comparisons Holding company groups as a 34 Slates and District of Columbia percentage of all commercial banks in— United Slates— All Item commercial 34 States and Holding All banks District company groups commercial banks of United States Columbia Number of banking offices, total...................... 2,688 23,389 31,407 11.5 8.6 Banks................................................................ 603 10,825 13,720 Branches........................................................... 2,085 12,564 17,687 Deposits (millions of dollars)............................. 49,827 324,127 396,247 15.4 12.6 1 Data for individual States represent bank holding companies having request.) The data include: (I) banks of which the bank holding companies subsidiary banks in the respective States rather than bank holding com­ owned or controlled 25 per cent or more of the outstanding stock, and panies whose principal offices are located in such States. Total does not (2) nine domestic commercial banks that are themselves bank holding equal sum of State figures because it. has been corrected for duplica­ companies. The nine banks have 69 branches and deposits aggregating tions; that is, holding companies that have subsidiary banks in more than $2,982,897,000. Exclusion of these 78 banking offices and their deposits one State are included in the total only once. The 74 bank holding com­ from the data in the table would reduce the percentage ratios shown in the panies included in the total represent only 65 separate bank groups. table as follows: holding company groups to all commercial banks in 34 States and District of Columbia—number of banking offices from 11.5 to Note.—Holding companies registered pursuant to Bank Holding 11.2; deposits from 15.4 to 14.5; holding company groups to all commer­ Company Act of 1956, as amended. (A list showing the names and total cial banks in the United States—number of banking offices from 8.6 to deposits of the banks in the holding company groups is available upon 8.3; deposits from 12.6 to 11.8. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-94 REVISED SERIES ON BANK CREDIT □ AUGUST 1968 LOANS AND INVESTMENTS AT COMMERCIAL BANKS, 1948-68 (hi billions of dollars) Seasonally adjusted Not seasonally adjusted Month * Securities Securities Total 2 Loans 2 . . — ... — —...........f.o...l.a...l. ..2... Loans 2 —......... ■ --------... U.S. Govt. Other U.S. Govt. Other 1948 —Jan............................... 115.2 37.7 68 4 9 1 116 4 38 0 69 4 9 0 Feb............................. 115 4 38.2 68 0 9* 1 115 2 38 4 67'9 9 0 Mar............................. 115.1 38 5 67.4 9 2 113 4 38.7 65 5 9 3 Apr............................. 115 4 39 0 67 2 9 2 114 1 38 7 66 3 9 2 May............................ 115,4 39 i 8 66^4 9.2 1 14^4 39.’3 65'9 9'2 June............................ I 14 7 40 1 65 4 9 2 113 7 39 7 64 8 9 T July............................. 1 15 A) 40 6 65 2 9 2 114 5 39 8 65 3 9 3 Aug............................. I 14.5 40 7 64 5 9 2 114 8 40 3 65 1 9 4 Sept............................. 113.2 41.1 62 8 9*2 113 3 41 4 62'5 9 4 Oct.............................. 1 13 J 41.3 62 6 9/2 IB/) 4l'4 613 9 2 Nov............................. 113.0 41 4 62 4 9 2 114 0 42 1 62.8 9 1 Dec............................. 1 1 3 0 41.5 62 3 9 2 1142 42 4 6? 6 9 2 1949—Jan.............................. 113 3 42.0 62 2 9 1 114 3 42 3 61.0 9 1 Feb.............................. 113.2 41.6 62^3 9- 3 113 1 41 7 62.2 9 I Mar............................. 113 8 41.9 62 7 9 2 112 2 42.1 60 9 9 3 113.5 41 4 62 8 9 2 112 2 41 0 62 0 9 2 May............................ 114 2 41 1 63 6 9 4 113 1 40' 6 61 2 9 3 June............................ 114 6 41'3 63 7 9 6 113 7 40 ’ 9 63 2 9 5 July............................. 115 0 410 64'3 9 7 114 5 40'2 64 4 9' 8 Aug............................. 117 3 41 3 66 1 9 9 1 17 6 40 9 66 7 10 0 Sept........................... 118 2 41 2 67 0 10() 118 3 41 5 66*7 10 2 Oct.............................. 1 18 5 41 5 66 9 10 1 119 3 41,6 67.6 10 1 Nov............................. 118.4 41'8 66.4 10’2 [19'5 42.5 66.9 10.1 Dec............................. 118 7 42 0 66 4 10 1 1 20 1 42.9 67 0 10 2 1950—Jan . .............. 120 0 42 4 67 1 10 4 1 7,0 9 42 6 68 0 10 3 Feb............................. 1 20 4 42' 8 67 1 li)' 6 1 20 3 428 67 1 10 4 Mar............................. 121 1 43.3 67 0 10 8 120 1 41.5 65.8 10 8 Apr............................. 1 21 4 43 8 66 6 110 1 20 () 41 5 65.5 11 0 May............................ I22J 44.4 66.6 JI ‘ 1 J2J J) 43.9 66.1 11.0 June........................... 122 4 45 1 66 1 1 1 2 1 21 7 44.7 65 8 11 2 July............................. 122'6 46 4 64 9 11.3 1 22 0 45.7 65.0 114 Aug............................. 122 9 47 4 63 9 11 6 1 22 9 46.9 64 2 1 1 8 Sept............................. 123 1 48'5 62 8 119 12 3,3 48.6 62. 5 12.1 Oct.............................. 1 23 4 49 5 61 8 12 1 124 3 49 7 62 5 12.1 Nov............................ 123 9 50 3 61 3 12. 2 125 0 51.1 61.7 12.1 Dec............................. 124 7 51 1 61 1 1 2 4 126 6 62.0 12 4 1951—Jan.............................. 123 8 52 1 59 2 1 2 5 124 7 52.3 60.0 12.4 Feb............................. 124' 8 5 L0 59 2 12.5 1 24.5 5.3.0 59 1 12 4 Mar............................. 125 7 53.7 59 5 12 5 125.2 53.9 58,8 12,6 Apr............................. 126 3 54 1 59 6 12.6 124 9 5 3.9 58.5 12,6 May............................ 126.0 54.6 58.9 12.6 J 24. 7 54. 1 58. 1 12.5 June............................ 126 5 55 0 58 8 1 2 7 1 25 9 54 7 58 5 12 7 July............................. 126 2 54 9 58*7 12 7 125,6 54.1 58.7 12.8 Aug............................. 126.7 55.2 58.9 12.6 126.4 54.6 59. 1 12.7 Sept............................. 1 28.1 55 5 59.8 12 7 128 1 55,5 59.7 1 2.9 Oct.............................. 128 9 55 9 60 1 12 9 129 8 56. 1 60.9 12 9 Nov............................. 1 29.6 55.8 60 8 1 1 1 131.2 56.6 61.6 1.3.0 Dec............................. 1 30.2 56 5 60 4 I 1 4 132.5 57.6 6(. 5 13.3 1952—Jan.............................. 1 31. 1 56.6 61.1 13.4 1 32.0 56.7 62,0 1 3.3 Feb.............................. 131.8 57.1 61.2 13.5 131.5 56.9 61.3 13,4 Mar...................... 1 32.3 57.3 61 ’4 13 5 1 32. 1 57,4 61. I 1 3,6 Apr............................. 1 33 4 58 1 61 7 13 7 131.9 57 8 60 5 1 3.7 May........................... 134.0 58.5 61 ' 7 13.' 9 132.6 58.0 60. 7 13,8 June................ 1 35 0 59. 3 61.7 14 0 134 3 59. 1 61.2 14 0 July............................. 137.0 59.9 63 1 14 I 136.4 59.3 62.9 14.1 Aug............................. 1 36.2 60.3 61.7 14.2 1 36.0 59.6 62.0 14,4 Sept............................. 136,4 60.6 61.6 14.2 136.4 60.5 61.6 14.3 Oct.............................. 1 37.9 61.6 62.1 14.2 1 38.8 61.8 62.9 1 4.2 Nov............................. 139.3 62.3 62.8 14.2 141.3 63.0 64.1 14.2 Dec............................. 139 1 62.8 62 2 14 2 141 5 64.0 63 1 14 1 195 3—jan.............................. 139.3 63.3 61.7 14 3 140.3 63.4 62.8 14.2 Feb.............................. 139.7 63.7 61.8 14.2 139.4 63.4 61.9 14. 1 Mar........................... 1 39.6 64.3 61.0 14.3 1 39,2 64, 4 60.5 14. 3 Apr............................. 1 39.5 64.9 60,2 14.3 137.9 64.7 58.9 14.4 May............................ 138.7 65 0 59.4 14.4 137.2 64.5 58. 3 14.4 June........................... 138.5 64.9 59.4 14.2 137.8 64,9 58.6 14. 3 July............................. 143.5 65.6 63.6 14.3 142,8 65.2 63.2 14.3 Aug............................. 142.8 66.0 62 4 14.4 142,5 65.4 62.6 14.5 Sept............................. 142.6 66.0 62.2 14.4 142.6 65.9 62,2 14,5 Oct............................. 142.2 66. 3 61.4 14.5 14.3.2 66.3 62.3 14.5 Nov............................. 142.9 65.9 62.4 14.6 144.9 66.7 63.7 14.6 Dec............................. 143. 1 66.2 62.2 14.7 145,5 67,4 63.4 14.7 For notes sec end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ REVISED SERIES ON BANK CREDIT A-95 LOANS AND INVESTMENTS AT COMMERCIAL BANKS, 1948-68—Continued (hi billions of dollars) Seasonally adjusted Not seasonally adjusted Month * Securities Securities I otal 2 Loans 2 Total 2 Loans 2 U.S. Govt. Other U.S. Govt. Other 1954 _jan.............................. 143.8 66.0 63 0 14 8 144 8 66.0 64 2 14 7 Feb.............................. 144.4 66.4 63.0 15 0 144.0 66.0 63 0 15 0 Mar............................. 144,8 66.7 63.1 15 0 142 5 66.8 60 7 15 1 Apr............................. 145.1 66.5 63 4 15 2 143.6 66.3 62 I 15 2 May............................ 146.1 66.6 64 2 15 3 144.8 66.2 63 3 15 3 June........................... 146.9 67.0 64 5 15 5 146 2 67 2 63 5 15 5 July............................. 147.3 66.8 64*9 15 7 146 6 66'6 64 3 15 7 Aug............................. 149.2 66.4 67 1 15*7 148 9 65 9 67 3 15 7 Sept............................. 150.1 66.9 67.3 15 9 150 1 66.8 67 3 16.0 Oct.............................. 152.2 67.1 69 0 16.1 153 1 67.0 70 2 16.1 Nov............................ 1 53.0 68.2 68 6 16 2 155 1 68 9 70 1 16 2 Dec............................. 1 53.1 69.1 6716 16 4 155 7 70 4 69 0 16.3 1955 Jan............................... 1 54.5 70.0 67 7 16 8 155 5 69.8 69 0 16 7 Feb............................. 154.6 70.8 66 9 16 9 153 8 70.2 66 8 16.8 Mar............................ 154.7 71.2 66 6 16 9 152 4 712 64 2 17.0 Apr............................. 155.5 72.1 66 5 16.9 154.4 71.8 65.6 17.0 May........................... 155.6 73.2 65.6 16 7 154 5 72 8 65.0 16.7 June........................... 155.6 74.3 64 5 16 8 154 8 74 8 61 3 16.8 July............................. 156.6 75.5 64^3 1 6. H 155.8 75.4 63.7 16,7 Aug............................. 155,9 76.7 62.4 16 8 155.6 76 2 62 5 16.9 Sept............................. 156.4 77.4 62.2 16 7 156.4 77.5 62.0 16.9 Oct.............................. 157.0 78.5 61 7 16 8 158.1 78.4 62.9 16.8 Nov,.......................... 156.6 79.6 60.3 1 6.7 158.2 80. 2 61.4 16.6 Dec............................. 157.6 80.6 60 1 16 8 160.3 82.0 61.6 16.7 (955—Jan.............................. 158.0 81.4 59.9 16.7 158. 3 80.9 60 9 16.5 I'eb.............................. 158.2 82.1 59 4 1 6.7 157.1 81.2 59.2 16.6 Mar............................. 159.6 83.4 59 7 16.6 158 5 8 L 3 58.6 16.6 Apr............................. 159.2 84.2 58 4 1 6.5 158.7 83.9 58.2 16.6 May............................ 159.2 85. 1 57 7 1 6.4 158.4 84.7 57.3 16.4 j uno............................ 159.7 85.4 57 8 1 6.5 159.3 86.2 56.6 16.5 July............................. 1 59. 1 85.9 56 9 16 3 158.3 85.8 56.2 16.3 Aug............................. 160.2 86.6 57 1 16.4 159.8 86.3 57.2 16.4 Sept,.......................... 160.7 87.0 57.2 16.5 160.7 87.2 57.0 16.6 Oct.............................. 160.5 87.7 56 6 16.3 161.3 87.6 57.5 16,3 Nov............................. 161 .4 87.8 57.3 16.3 162.7 88.2 58.2 16.3 Dec............................. 161.6 88. 1 57.2 1 6.3 164.5 89.7 58.6 16.3 1957—j:ln.............................. 161.6 88.5 56.8 16.3 161.6 87.7 57.7 16.2 Feb............................. 162,2 88.9 56.9 16.4 161.1 87.9 56.8 16.3 Mar............................. 162.5 89.5 56.6 16.4 161.4 89. 1 55.7 16,5 Apr............................. 163.8 90.1 57.2 16.5 163.8 89.7 57.5 16.7 May........................... 164.6 90.3 57.5 16.8 16.1.8 89.9 57.1 16.8 June........................... 164.6 91.1 56.8 16.8 164.3 92.0 55.5 16.8 July............................. 164.7 91.0 56 9 16.8 164.1 91.0 56.3 16.8 Aug............................. 164.9 91.5 56.5 16.9 164.6 91,5 56.2 16,9 Sept............................. 165.1 91.8 56.4 16.9 165.1 92.2 55.9 17.1 Oct.............................. 165.7 91,7 56.4 17.6 166.5 91.6 57.5 17,6 Nov............................. 164.9 91.4 55.9 17.6 165.9 91.5 56.9 17.4 Dec............................. 166.4 91.5 56.9 17.9 169.3 93.2 58,2 17.9 1958—Jan.............................. 166,3 91.4 56,8 18. 1 166.2 90.5 57.7 17.9 Feb............................. 168.3 91.6 58. 3 t8.3 167.1 90.6 58.3 18.2 Mar............................ 170.8 92.0 59,9 18.8 169.9 91.5 59,6 18.9 Apr............................. (74.0 92. 1 62.7 19.1 174.0 91,9 62.8 19.3 May........................... 174.7 91.8 63.6 19.4 173.8 91.3 63.1 19.4 June............................ 178.6 92.7 65.9 19.9 178.2 93.6 64,6 20.0 July............................ 176.6 92.2 64.4 19.9 176.2 92.2 64,1 19.9 Aug............................. 178.6 92.1 66.4 20.2 178.3 92,1 66.1 20,2 Sept.................... 177,9 92.3 65.2 20.4 177.9 92.6 64,7 20,6 Oct.............................. 179.2 93.5 65.2 20.5 180.1 93.4 66.2 20.5 Nov............................. 181.7 94.6 66.7 20.5 182.7 94.7 67,7 20,3 Dec............................. 181.2 95.6 65. 1 20.5 184.4 97.5 66.4 20,6 1959 Jan.............................. 184. 1 96.9 66.6 20.6 183.8 95.9 67,5 20,4 Feb............................. 183,2 97.2 65.5 20.6 181.9 96.0 65.5 20.4 Mar............................. 182.2 98.2 63.5 20.5 181.1 97.4 63.2 20.6 Apr............................. 183,8 99.5 63.5 20.8 183.8 99,3 63.6 20,9 May............................ 184,8 100.9 63.2 20,7 183.9 100.5 62.6 20.8 June........................... 184,8 101.8 62.4 20.6 184.2 102.8 60.9 20.6 July............................. 185.7 103,8 61.2 20,6 185.7 103.9 61,1 20.6 Aug............................. 186.5 105.3 60.6 20.6 186.1 105.3 60.3 20,5 Sept........................... 186.1 105.9 59.6 20.6 186,3 106,3 59.2 20.7 Oct.............................. 185,8 106.6 58.6 20.6 186.7 106.5 59.6 20.6 Nov..... 185.6 107.2 57.9 20.5 186.1 107.3 58.5 20.3 Dec............................. 185.9 107.8 57.7 20.5 189.5 110.0 58.9 20.5 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-96 REVISED SERIES ON BANK CREDIT □ AUGUST 1968 LOANS ANO INVESTMENTS AT COMMERCIAL BANKS, 1948-68—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Month 1 Securities Securities Total 2 Loans 2 Total 2 Loans 2 U.S. Govt. Other U.S. Govt. Other I960—Jan ............................. 185 8 108,5 56 9 20.4 185 6 107.4 58 0 20 3 Feb............................. 185 5 109. i 55 9 20.2 184,3 108,1 56 2 20 1 Mar............................. 186 1 109.9 56 2 20.1 183.4 109 1 54.2 20 1 Apr............................. 1 86.6 110.8 55.9 19.9 186.2 110.4 55.8 20 0 May............................ 186 9 111.2 55 9 19.8 185.9 110.9 55 1 19 8 June............. 187 3 111.6 55 8 19 8 186 7 112,6 54.2 19 9 July............................. 1 88.6 111.9 56.7 20,0 188.6 111,9 56 7 20 0 Aug............................. 189 6 112.5 57.0 20.0 189.0 112,5 56.6 20 0 Sept........................... 191 1 113.0 58 0 20 0 191 4 113.5 57.7 20.2 Oct.............................. 192.9 1 13.2 59.4 20.3 193,8 113.0 60.4 20 4 Nov............................. 193 1 113.3 59 4 20.5 193.9 113.4 60,2 20 3 Dec........................... 194 5 113.8 59 8 20. 8 198.5 116,7 61 0 20 9 1961—Jan............................. 195 8 113.9 60.7 21.1 195.6 112. 8 61.9 20.9 Feb............................. 198.0 115.6 61.0 21.4 197.0 114.4 61.3 21.3 Mar............................. 197 9 115.1 61.2 21.6 195.6 114 2 59 7 21 7 Apr........................... 197.9 115.3 61.0 21.6 197,2 114.7 60.7 21.8 May............................ 200.1 115.9 62.2 21.9 199. 1 115,8 61.5 21.9 J unc........................... 201.3 115.9 63.3 22 0 200,9 1 17.0 61.8 22 1 July............................. 203.1 116.5 64.4 22’2 203.3 116,3 64,7 22,3 Aug............................. 204.3 116.8 64.9 22.6 202.9 116,3 64,2 22.5 Sept............................. 206.9 117.5 66. 3 23.1 207.5 118.1 66.1 23.3 Oct.............................. 207.3 118.6 65.6 23.1 208.3 118.5 66,6 23.2 Nov............................. 208.3 119.4 65.3 23.6 209. 1 1 19.5 66,2 23.4 Dec............................. 209.6 120.4 65 3 23.9 214.4 123.9 66.6 23.9 1962—Jan............................... 211.1 120.8 66.0 24.3 210.9 119.6 67.2 24.1 Feb............................. 212.1 121.8 65.6 24.6 211.6 121.1 66.0 24.5 Mar............................. 214.0 123.5 65,1 25.3 212.4 122.6 64.4 25.4 Apr........................... 215.5 124.7 64.9 25,9 214.8 124.0 64.7 26.1 May............................ 217.0 125.3 65.4 26.2 215.3 124,8 64. 4 26.1 June ......................... 218 3 126.3 65.1 26.9 219.2 127.7 64.4 27.0 July............................. 219.0 126.6 65 0 27.4 217,8 126.1 64.2 27.5 Aug............................. 221 3 128.1 65 4 27.8 219,0 127,3 63,9 27.9 Sept............................. 222.3 129.9 64.4 28.0 223. 1 130.6 64.3 28.2 Oct.............................. 224.2 131.0 64.6 28.6 225.7 131,5 65.6 28.6 Nov............................. 226.1 132.3 64.7 29.1 226,8 132,3 65.6 28.8 Dec. 3........................ 227. 9 134.0 64.6 29.2 233,6 137.9 66.4 29.3 1963—Jan............................. 229.6 135.0 64.9 29.8 229.1 133.4 66.2 29.5 Feb............................. 231.3 136.3 64.9 30.2 230,4 135,2 65.3 29.9 Mar............................ 232.4 137.3 64.5 30.7 231.9 136,4 64.8 30.7 Apr............................. 233.4 1.37.8 64.4 31.2 232.3 136,9 64.0 31.4 May............................ 235 4 139.4 64.1 31.9 233,6 138,9 63.0 31.7 June........................... 237,2 141.0 63.9 32.3 239.1 143,1 63.5 32.4 July............................. 238.9 142.1 63.9 32.8 237.8 142,4 62.5 32,9 Aug............................. 239.5 143.4 62.7 3 3.4 237,1 142.5 60.9 33,7 Sept............................. 241.0 145.1 62.1 33.9 241.9 146.0 61.8 34.2 Oct............................. 242.3 146.6 61.3 34.3 242.4 146.0 62.0 34.5 Nov............................. 244. 3 148.6 61.3 34,4 245,0 148.6 62.3 34.1 Dec. 3........................ 246.2 149.6 61 .7 35.0 252.4 153.9 63.4 35. 1 |964—Jan ............................. 246.8 151.2 60.5 35.0 246,2 149.5 62. 1 34.6 Feb........................... 248.7 152.6 60.8 35.3 247.2 150.6 61.5 35.1 Mar............................. 249.7 153.7 60.3 35.6 249,9 152.8 61.5 35,6 Apr............................. 251.5 155.4 60.5 35.7 250.6 154,7 60. 1 35.8 May............................ 253.3 157.0 60.4 35.9 251.5 156,7 59.1 35.8 June........................... 255.0 158.6 60.2 36.2 257.3 161.6 59.3 36.4 July............................. 256.1 159.9 59,7 36.4 254.2 159.4 58.3 36.5 Aug............................. 258.8 161.2 60.8 36.8 256.1 160.2 58.8 37,1 Sept............................. 261.9 163.0 61.4 37,5 262.2 163.7 60.7 37.8 Oct............................. 262.4 163.9 60.7 37.9 262.4 163.0 61.4 38.0 Nov............................. 265.6 165.6 61.5 38.5 266,3 165.5 62.7 38,1 Dec............................. 267.2 167.7 60.7 38,7 273.9 172.1 63.0 38.8 1965^—Jan ........................... 269.7 170.4 59. 8 39.5 269.1 168.5 61,5 39.1 Feb............................. 272.6 172.8 59.8 40.0 270.7 170.5 60.5 39.7 Mar........................... 274.9 175.0 59.4 40.5 273.9 174.5 59.0 40.3 Apr............................. 276.9 177.0 58.7 41.2 275.9 176.2 58.3 41.4 May............................ 279.1 179.2 58.6 41.3 277.1 178.8 57,2 41.1 June........................... 281.1 180.9 58.3 41.9 283.9 184.9 56.9 42.2 July............................ 283.3 182.8 58,1 42.4 281.2 182.4 56.3 42.6 Aug............................. 285.6 184.9 57.6 43. 1 283,2 184.3 55.5 43.4 Sept............................. 286.9 186.7 56,7 43.5 286.8 187.0 55.9 43.9 Oct.............................. 290.3 188.8 57.7 43.8 290,2 187.7 58.5 44.1 Nov............................ 292.0 190.5 57.2 44.2 292,3 189.8 58.8 43.8 Dec............................. 294.4 192.6 57.1 44.8 301.8 197.4 59,5 44.9 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1968 □ REVISED SERIES ON BANK CREDIT A-97 LOANS AND INVESTMENTS AT COMMERCIAL BANKS, 1948-68—Continued (hi billions of dollars) Seasonally adjusted Not seasonally adjusted Month 1 Securities Securities Total 2 Loans z, 4 Total 2 Loans 2, 4 U.S. Govt. Other4 U.S. Govt. Other4 1966 Jan.............................. 297,3 194.6 57.7 45.0 296.7 192.6 59.6 44 4 Feb............................. 298.3 196. 5 56.4 45.5 295.9 193.5 57.3 45 1 Mar............................ 299.9 198,5 55.7 45.8 298.3 197.4 55 4 45 4 Apr............................. 302.1 200.4 55.5 46.2 301 .5 199.6 55.5 46.5 May........................... 303.6 202.2 54.2 47.2 302.2 201.5 53.6 47 1 June........................... 307.1 203.4 55.3 48.4 310 1 207.9 53 5 48 8 July............................ 308.2 204,6 55.1 48.5 306.9 205.6 52.7 48 6 Aug............................. 308.9 205,2 55.6 48.0 307.4 205.2 53.7 48 4 Sept............................ 309.2 206,0 54.8 48.4 308.8 206.4 5 3.6 48’ 8 Oct.............................. 308.5 207.0 53.1 48.4 308.0 205.8 53.6 487 Nov............................. 308.8 207.5 52.9 48.4 309.0 206.7 54.4 47 9 Dec............................. 310.5 208.2 53.6 48,7 317.9 213.0 56.2 48 8 1967 Jan.............................. 314.3 210,2 54.1 49.9 313.8 208.5 56,0 49 4 Feb............................. 317.7 210.8 55.8 51.1 314.5 207.2 56.6 50 7 Mar........................... 321.5 211.9 57.3 52.4 320.1 210. 3 57.8 52 0 Apr,........................... 322.9 212.9 56.3 53.7 322.5 212.4 56.2 54 0 May...................... ■ • 324.7 213,4 56.4 54.9 323.6 213.1 55,8 54 7 June........................... 326.2 214.1 55.9 56,2 329.5 218.6 54.2 56.7 July............................ 332.5 216.5 59.4 56.5 331.8 218.0 57.1 56.7 Aug............................. 336.6 218.0 61.3 57.3 334.2 217.3 59.1 57.8 Sept............................ 339.1 219.9 61.4 57.7 338.8 220.4 60.1 58.3 Oct.............................. 342.0 221.4 61 .9 58.6 341,6 220.2 62.4 59.0 Nov............................. 344.3 222.7 61,2 60.4 344. 1 221.5 62.9 59 8 Dec............................. 346.5 225.4 59.7 61 .4 354.5 230.5 62.5 61 5 1968- -Jan.............................. 349.5 227.1 60.0 62.4 350. 1 226.1 62.2 61.7 Feb............................. 353.6 228.9 62.1 62,7 350.6 225.2 63,2 62.2 Mar............................ 352,1 228.7 59.8 63.6 351.1 226.9 61,1 63.1 Apr.1'......................... 354.4 230.9 60.0 63.4 353.9 230.5 59.5 63.8 May1'......................... 356.4 232.1 60.7 63.5 354.5 231.1 60.0 63.4 June1’......................... 357.3 233.4 60.5 63.4 360.9 238.3 58.7 63.9 July’’........................... 364.6 237.7 62.6 64.2 364.7 240.2 60.0 64.4 1 Data are for last Wednesday of the month and arc partly estimated deducted as a result of a change in Federal Reserve regulations. except for June 30 and Dec. 31 call dates. Data for June 29, 1968, are 3 Data are estimates for Dec. 31. estimates. 4 Beginning June 30, 1966, CCC certificates of interest and Export­ 2 Adjusted to exclude interbank loans. Beginning June 9, 1966, about Import Bank portfolio fund participation certificates totaling an estimated 51.1 billion of balances accumulated for payment of personal loans were SI billion are included in “Other” securities rather than in loans. 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 Joseph R. Coyne, Special Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF FEDERAL RESERVE BANK OPERATIONS Robert C. Holland, Secretary Kenneth A. Kenyon, Deputy Secretary John R. Farrell, Director Elizabeth L. Carmichael, Assistant Secretary John N. Kiley, Jr., Associate Director Arthur L. Broida, Assistant Secretary James A. McIntosh, Assistant Director Robert P. Forrestal, Assistant Secretary P. D. Ring, Assistant Director Charles C. Walcutt, Assistant Director LEGAL DIVISION Lloyd M. Schaeffer, Chief federal Reserve Examiner David B. Hexter, General Counsel Thomas J. O’Connell, Deputy General Counsel DIVISION OF SUPERVISION AND REGULATION Jerome W. Shay, Assistant General Counsel Frederic Solomon, Director Brenton C. Leavitt, Deputy Director Frederick R. Dahl, Assistant Director DIVISION OF RESEARCH AND STATISTICS Jack M. Egertson, Assistant Director Daniel H. Brill, Director Janet O. Hart, Assistant Director Albert R. Koch, Deputy Director John N. Lyon, Assistant Director J. Charles Partee, Associate Director Thomas A. Sidman, Assistant Director Stephen H. Axilrod, Adviser Tynan Smith, Acting Assistant Director Lyle E. Gramley, Adviser Kenneth B. Williams, Adviser DIVISION OF PERSONNEL ADMINISTRATION Stanley J. Sigel, Associate Adviser Tynan Smith, Associate Adviser Edwin J. Johnson, Director Murray S. Wernick, Associate Adviser John J. Hart, Assistant Director James B. Eckert, Assistant Adviser DIVISION OF ADMINISTRATIVE SERVICES Peter M. Keir, Assistant Adviser Bernard Shull, Assistant Adviser Joseph E. Kelleher, Director Louis Weiner, Assistant Adviser Harry E. Kern, Assistant Director OFFICE OF THE CONTROLLER DIVISION OF INTERNATIONAL FINANCE Robert Solomon, Director John Kakalec, Controller Robert L. Sammons, Associate Director John E. Reynolds, Associate Director OFFICE OF DEFENSE PLANNING John F. L. Ghiardi, Adviser Innis D. Harris, Coordinator A. B. Hersey, Adviser Reed J. Irvine, Adviser DIVISION OF DATA PROCESSING 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 W. Braddock Hickman George W. Mitchell J. Dewey Daanf. Monroe Kimbrel J. L. Robertson Hugh D. Galusha, Jr. Sherman J. Maisel William W. Sherrill Frank E. Morris Robert C. Holland, Secretary Merritt Sherman, Assistant Secretary John H. Karekhn, Associate Economist Kenneth A. Kenyon, Assistant Secretary Albert R. Koch, Associate Economist Arthur L. Broida, Assistant Secretary Roberp 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, HI, eleventh federal reserve district RESERVE DISTRICT David M. Kennedy, seventh federal Frederick G. Larkin, Jr., twelfth federal reserve district RESERVE. DISTRICT Herbert V. Prochnow, Secretary William J. Korsvik, Assistant Secretary Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-100 FEDERAL RESERVE BULLETIN □ AUGUST 1968 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President Deputy Chairman First Vice President in charge of branch Zip code Boston.........................02106 Howard W. Johnson Frank E. Morris Charles W. Cole Earle O. Latham New York............... ...10045 Everett N. Case Alfred Hayes Kenneth H. Hannan William F. Treiber Buffalo.............. ...14240 Robert S. Bennett A. A. Maclnnes, Jr. Philadelphia............ ...19101 Willis J. Winn Karl R. Bopp Bayard L. England Robert N. Hilkert Cleveland................. ...44101 Albert G. Clay W. Braddock Hickman Logan T. Johnston Walter H. MacDonald Cincinnati......... ...45201 Graham E. Marx Fred O. Kiel Pittsburgh......... ...15230 F. L. Byrom Clyde E. Harrell Richmond................ ...23213 Wilson H. Elkins Aubrey N. Heflin Robert W. Lawson, Jr. Robert P. Black Baltimore.......... ...21203 E. Wayne Corrin Donald F. Hagner Charlotte........... ...28201 James A. Morris Edmund F. MacDonald Atlanta..................... ...30303 Edwin I. Hatch Monroe Kimbrel John C. Wilson Robert E. Moody, Jr. Birmingham.......35202 Mays E. Montgomery Edward C. Rainey Jacksonville....... ...32201 Castle W. Jordan Thomas C. Clark Nashville........... ...37203 Alexander Heard Jeffrey J. Wells New Orleans...... .70160 George B. Blair Morgan L. Shaw Chicago................... ...60690 Franklin J. Lunding Charles J. Scanlon Elvis J. Stahr Hugh J. Helmer Detroit.............. ...48231 Max P. Heavenrich, Jr. Russel A. Swaney St. Louis................. ...63166 Frederic M. Peirce Darryl R. Francis Smith D. Broadbent, Jr. Dale M. Lewis Little Rock....... ...72203 Jake Hartz John F. Breen Louisville.......... ...40201 C. Hunter Green Donald L. Henry Memphis........... ...38101 Sam Cooper Eugene A. Leonard Minneapolis............ ...55440 Joyce A. Swan Hugh D. Galusha, Jr. Robert F. Leach M. H. Strothman, Jr. Helena.............. ...59601 C. G. McClave Clement A. Van Nice Kansas City................64198 Dolph Simons George H. Clay Dean A. McGee John T. Boysen Denver.............. ...80217 Cris Dobbins John W. Snider Oklahoma City.....73125 C. W. Flint, Jr. Howard W. Pritz Omaha.............. ...68102 Henry Y. Kleinkauf George C. Rankin Dallas....................... ...75222 Carl J. Thomsen Philip E. Coldwell Max Levine T. W. Plant El Paso.............. ...79999 Joseph M. Ray Fredric W. Reed Houston............ ...77001 Geo. T. Morse, Jr. J. Lee Cook San Antonio.......78206 Francis B. May Carl H. Moore San Francisco......... ...94120 O. Meredith Wilson Eliot J. Swan S. Alfred Halgren A. B. Merritt Los Angeles...... ...90054 J. L. Atwood Paul W. Cavan Portland............ ...97208 Robert F. Dwyer William M. Brown Salt Lake City......84110 Peter E. Marble Arthur L. Price Seattle............... ...98124 Robert D. O’Brien William R. Sandstrom Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS Available from Publications- Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C., 20551. Where a charge is indicated, remittance should ac­ company request and be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. For a more complete list, including periodic re­ leases, see pp. 2166-69 of the December 1967 Bulletin. (Stamps and coupons not accepted) THE FEDERAL RESERVE SYSTEM—PURPOSES AND $.35. Sec. 9. Federal Reserve Banks. 1965. 36 FUNCTIONS. 1963. 298 pp. pp. $.35. Sec. 10. Member Bank Reserves and Related Items. 1962. 64 pp. $.50. Sec. 11. C>ir- ANNUAL REPORT. rency. 1963. 11 pp. $.35. Sec. 12. Money Rates FEDERAL RESERVE BULLETIN. Monthly. $6.00 per and Securities Markets. 1966. 182 pp. $.65. annum or $.60 a copy in the United States and Sec. 14. Gold. 1963. 24 pp. $.35. Sec. 15. Inter­ its possessions, Bolivia, Canada, Chile, Colom­ national Finance. 1962. 92 pp. $.65. Sec. 16 bia, Costa Rica, Cuba, Dominican Republic, (New). Consumer Credit. 1965. 103 pp. $.65. Ecuador, Guatemala, Haiti, Republic of Hon­ BANK MERGERS & THE REGULATORY AGENCIES: duras, Mexico, Nicaragua, Panama, Paraguay, APPLICATION OF THE BANK MERGER ACT OF Peru, El Salvador, Uruguay, and Venezuela; 10 1960. 1964. 260 pp. $1.00 a copy; 10 or more or more of same issue sent to one address, $5.00 sent to one address, $.85 each. per annum or $.50 each. Elsewhere, $7.00 per annum or $.70 a copy. BANKING MARKET STRUCTURE & PERFORMANCE IN METROPOLITAN AREAS: A STATISTICAL FEDERAL RESERVE CHART BOOK ON FINANCIAL STUDY OF FACTORS AFFECTING RATES ON AND BUSINESS STATISTICS. Monthly. Annual BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or subscription includes one issue of Historical more sent to one address, $.40 each. Chart Book. $6.00 per annum or $.60 a copy in the United States and the countries listed above; FARM DEBT. Data from the 1960 Sample Survey 10 or more of same issue sent to one address, of Agriculture. 1964. 221 pp. $1.00 a copy; 10 $.50 each. Elsewhere, $7.00 per annum or $.70 or more sent to one address, $.85 each. a copy. MERCHANT AND DEALER CREDIT IN AGRICUL­ HISTORICAL CHART BOOK. Issued annually in Sept. TURE. 1966. 109 pp. $1.00 a copy; 10 or more Subscription to monthly chart book includes sent to one address, $.85 each. one issue. $.60 a copy in the United States and MONETARY THEORY AND POLICY: A BIBLIOGRA­ countries listed above; 10 or more sent to one PHY. Part I—-Domestic Aspects. 137 pp. $1.00 address, $.50 each. Elsewhere, $.70 a copy. a copy; 10 or more sent to one address, $.85 FLOW OF FUNDS IN THE UNITED STATES, 1939­ each. 53. 1955. 390 pp. $2.75. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. DEBITS AND CLEARING STATISTICS AND THEIR USE. 1959. 144 pp. $1.00 a copy; 10 or more RULES OF ORGANIZATION AND PROCEDURE­ sent to one address, $.85 each. BOARD OF GOVERNORS OF THE FEDERAL RE­ SERVE SYSTEM. 1967. 16 pp. THE FEDERAL FUNDS MARKET. 1959. Ill pp. $1.00 a copy; 10 or more sent to one address, PUBLISHED INTERPRETATIONS OF THE BOARD OF $.85 each. GOVERNORS, as of June 30, 1967. $2.50. INDUSTRIAL PRODUCTION—1957-59 BASE. 1962. TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 172 pp. $1.00 a copy; 10 or more sent to one a copy; 10 or more sent to one address, $.85 address, $.85 each. each. U.S. TREASURY ADVANCE REFUNDING, JUNE THE FEDERAL RESERVE ACT, as amended through 1960-JULY 1964. 1966. 65 pp. $.50 a copy; 10 Nov. 5, 1966, with an appendix containing pro­ or more sent to one address, $.40 each. visions of certain other statutes affecting the Federal Reserve System. 353 pp. $1.25. SURVEY OF FINANCIAL CHARACTERISTICS OF SUPPLEMENT TO BANKING AND MONETARY STA­ CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. TISTICS. Sec. 1. Banks and the Monetary Sys­ tem. 1962. 35 pp. $.35. Sec. 2. Member Banks. THE PERFORMANCE OF BANK HOLDING COM­ 1967. 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36 PANIES. 1967. 29 pp. $.25 a copy; 10 or more pp. $.35. Sec. 6. Bank Income. 1966. 29 pp. sent 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 □ AUGUST 1968 REAPPRAISAL OF THE FEDERAL RESERVE DIS­ EFFECTS OF MONEY ON INTEREST RATES, by Wil­ COUNT MECHANISM: liam E. Gibson. Mar. 1968. REPORT OF A SYSTEM COMMITTEE. 1968. 23 pp. A DISAGGREGATED MODEL OF THE U.S. BALANCE $.25 a copy; 10 or more sent to one address, OF TRADE, by William H. Branson. May 1968. $.20 each. THE LABOR MARKET AND POTENTIAL OUTPUT OF REPORTON RESEARCH UNDERTAKEN IN CONNEC­ THE FEDERAL RESERVE-MIT ECONOMETRIC TION WITH A SYSTEM STUDY. 1968. 47 pp. $.25 MODEL: A PRELIMINARY REPORT, by A. J. Telia a copy; 10 or more sent to one address, $.20 and P. A. Tinsley. Aug. 1968. each. Printed in full in the Bulletin. Limited supply of the following papers, in mimeo­ (Reprints available as shown in following list.) graphed or similar form, available upon request for single copies: REPRINTS EVOLUTION OF THE ROLE AND FUNCTIONING OF THE DISCOUNT MECHANISM. 1968. 65 pp. (From Federal Reserve Bulletin unless preceded by an asterisk.) A STUDY OF THE MARKET FOR FEDERAL FUNDS. 1968. 47 pp. ADJUSTMENT FOR SEASONAL VARIATION. Descrip­ THE SECONDARY MARKET FOR NEGOTIABLE tion of method used by Board in adjusting eco­ CERTIFICATES OF DEPOSIT. 1968. 89 pp. nomic data for seasonal variations. June 1941. H PP- THE DISCOUNT MECHANISM IN LEADING IN­ SEASONAL FACTORS AFFECTING BANK RESERVES. DUSTRIAL COUNTRIES SINCE WORLD WAR II. Feb. 1958. 12 pp. 1968. 216 pp. LIQUIDITY AND PUBLIC POLICY, Staff Paper by STAFF ECONOMIC STUDIES Stephen H. Axilrod. Oct. 1961. 17 pp. Studies and papers on economic and financial sub­ SEASONALLY ADJUSTED SERIES FOR BANK jects that are of general interest in the field of CREDIT. July 1962. 6 pp. economic research. INTEREST RATES AND MONETARY POLICY, Staff Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. Summaries only printed in the Bulletin. RECENT CHANGES IN LIQUIDITY, Staff Paper by (Limited supply of mimeographed copies of full Daniel H. Brill. June 1963. 10 pp. text available upon request for single copies.) MEASURES OF MEMBER BANK RESERVES. July MEASURES OF INDUSTRIAL PRODUCTION AND 1963. 14 pp. FINAL DEMAND, by Clayton Gehman and Cor­ MEASURING AND ANALYZING ECONOMIC GROWTH, nelia Motheral. Jan. 1967. Staff Paper by Clayton Gehman. Aug. 1963. BUSINESSES VIEW BANKING SERVICES: A SURVEY 14 pp. OF CEDAR RAPIDS, IOWA, by Lynn A. Stiles. CHANGES IN BANKING STRUCTURE, 1953-62. Sept. July 1967. " ' 1963. 8 pp. EMPIRICAL LITERATURE ON THE U.S. BALANCE ECONOMIC CHANGE AND ECONOMIC ANALYSIS, OF TRADE, by Charles K. Harley. July 1967. Staff Paper by Frank R. Garfield. Sept. 1963. THE BOOM IN OFFICE BUILDINGS, by Robert 17 pp. Moore Fisher. Aug. 1967. THE OPEN MARKET POLICY PROCESS. Oct. 1963. CUSTOMERS VIEW BANK MARKETS AND SERVICES: H PP- A SURVEY OF ELKHART, INDIANA, by George G. NEW SERIES ON FEDERAL FUNDS. Aug. 1964. Kaufman. Aug. 1967. 31 pp. A TEST OF THE DEPOSIT RELATIONSHIP HYPOTH­ YIELD DIFFERENTIALS IN TREASURY BILLS, 1959­ ESIS, by Neil B. Murphy. Sept. 1967. 64, Staff Paper by Samuel I. Katz. Oct. 1964. 20 pp. INTEREST RATES AND THE DEMAND FOR CON­ SUMER DURABLE GOODS, by Michael J. Ham­ RESEARCH INTO BANKING STRUCTURE AND COM­ burger. Dec. 1967. PETITION. Nov. 1964. 17 pp. THE LAGS BETWEEN INVESTMENT DECISIONS AND REVISION OF BANK DEBITS AND DEPOSIT TURN­ THEIR CAUSES, by Shirley Almon. Feb. 1968. OVER SERIES. Mar. 1965. 4 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A-1O3 MEASURES OF BANKING STRUCTURE AND COM­ REVISED INDEXES OF MANUFACTURING CAPACITY PETITION. Sept. 1965. 11 pp. AND CAPACITY UTILIZATION. July 1967. 3 pp. TIME DEPOSITS IN MONETARY ANALYSIS, Staff THE PUBLIC INFORMATION ACT—ITS EFFECT ON Economic Study by Lyle E. Gramley and Sam­ MEMBER BANKS. July 1967. 6 pp. uel B. Chase, Jr. Oct. 1965. 25 pp. INTEREST COST EFFECTS OF COMMERCIAL BANK CYCLES AND CYCLICAL IMBALANCES IN A CHANG­ UNDERWRITING OF MUNICIPAL REVENUE ING WORLD, Staff Paper by Frank R. Garfield. BONDS. Aug. 1967. 16 pp. Nov. 1965. 15 pp. REVISION OF BANK CREDIT SERIES. Sept. 1967. RESEARCH ON BANKING STRUCTURE AND PER­ 7 PP- FORMANCE, Staff Economic Study by Tynan THE ECONOMIC PAUSE IN WESTERN EUROPE. Smith. Apr. 1966. 11 pp. Oct. 1967. 17 pp. COMMERCIAL BANK LIQUIDITY, Staff Economic THE FEDERAL RESERVE-MIT ECONOMETRIC Study by James Pierce. Aug. 1966. 9 pp. MODEL, Staff Economic Study by Frank de REVISION OF WEEKLY REPORTING MEMBER BANK Leeuw and Edward Gramlich. Jan. 1968. 30 pp. SERIES. Aug. 1966. 4 pp. CHANGES IN TIME AND SAVINGS DEPOSITS, TOWARD UNDERSTANDING OF THE WHOLE DE­ JULY-OCT. 1967. Jan. 1968. 20 pp. VELOPING ECONOMIC SITUATION, Staff Eco­ nomic Study by Frank R. Garfield. Nov. 1966. RECENT CREDIT AND MONETARY DEVELOPMENTS. 14 pp. Feb. 1968. 11 pp. A REVISED INDEX OF MANUFACTURING CAPACITY, THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. Staff Economic Study by Frank de Leeuw with 1968. 7 pp. Frank E. Hopkins and Michael D. Sherman. BALANCE OF PAYMENTS PROGRAM: REVISED Nov. 1966. 11 pp. GUIDELINES FOR BANKS AND NONBANK FINAN­ THE ROLE OF FINANCIAL INTERMEDIARIES IN CIAL INSTITUTIONS. Mar. 1968. 9 pp. U.S. CAPITAL MARKETS, Staff Economic Study TREASURY AND FEDERAL RESERVE FOREIGN EX­ by Daniel H. Brill, with Ann P. Ulrey. Jan. CHANGE OPERATIONS. Mar. 1968. 22 pp. 1967. 14 pp. ’ U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN REVISED SERIES ON COMMERCIAL AND INDUS­ 1960-67. Apr. 1968. 23 pp. TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. QUARTERLY SURVEY OF CHANGES IN BANK LEND­ AUTO LOAN CHARACTERISTICS AT MAJOR SALES ING PRACTICES. Apr. 1968. 6 pp. FINANCE COMPANIES. Feb. 1967. 5 pp. RECENT CAPITAL MARKET DEVELOPMENTS. May CONSUMER INSTALMENT CREDIT. Mar. 1967. 12 1968.11 pp. PP- BANKING AND MONETARY STATISTICS, 1967. SURVEY OF FINANCE COMPANIES, MID-1965. Apr. 1967. 26 pp. ‘ Selected series of banking and monetary statis­ tics for 1967 only. Mar. and May 1968. 20 pp. MONETARY POLICY AND ECONOMIC ACTIVITY: A POSTWAR REVIEW. May 1967. 22 pp. CONSUMER INSTALMENT CREDIT. June 1968. I 3 pp. MONETARY POLICY AND THE RESIDENTIAL MORT­ GAGE MARKET. May 1967. 13 pp. MARGIN ACCOUNT CREDIT. June 1968. 12 pp. BANK FINANCING OF AGRICULTURE. June 1967. RECENT MONETARY AND CREDIT DEVELOP­ 23 pp. MENTS. July 1968. 11 pp. EVIDENCE ON CONCENTRATION IN BANKING MONETARY RESTRAINT AND BORROWING AND MARKETS AND INTEREST RATES, Staff Eco­ CAPITAL SPENDING BY LARGE STATE AND nomic Study by Almarin Phillips. June 1967. LOCAL GOVERNMENTS IN 1966. July 1968. 30 11 PP- PP- NEW BENCHMARK PRODUCTION MEASURES, 1958 RECENT CHANGES IN STRUCTURE OF TIME AND AND 1963. June 1967. 4 pp. SAVINGS DEPOSITS. July 1968. 20 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 Demand deposits—Continued Agricultural loans of commercial banks, 24, 26 Adjusted, commercial banks, 15, 17, 25 Arbitrage, 89 Banks, by classes, 11, 19, 25, 28 Assets and liabilities (See also Foreign liab. & claims): Subject to reserve requirements, 17 Banks, by classes, 19, 24, 26, 35 Turnover, 15 Banks and the monetary system, 18 Deposits (See also specific types of deposits): Corporate, current, 47 Accumulated at commercial banks for pay Federal Reserve Banks, 12 of personal loans, 23 Automobiles: Adjusted, and currency, 18 Consumer instalment credit, 52, 53, 54 Banks, by classes, 11, 19, 25, 28, 35 Production index, 56, 57 Federal Reserve Banks, 12, 83 Postal savings, 18 Bank holding companies, banking offices, and deposits Subject to reserve requirements, 17 of group banks, Dec. 31, 1967, 93 Discount rates, 9, 88 Bankers’ balances, 25, 27 Discounts and advances by Reserve Banks, 4, 1 (See also Foreign liabilities and claims) Dividends, corporate, 46, 47 Banking offices: Dollar assets, foreign, 73, 78 Changes in number, 91 Par and nonpar offices, number, 92 Earnings and hours, manufacturing industries, 63 Banks and the monetary system, 18 Employment, 60, 62, 63 Banks for cooperatives, 37 Bonds (See also U.S. Govt, securities): Farm mortgage loans, 48, 49 New issues, 43, 44, 45 Federal finance: Yields and prices, 32, 33 Cash transactions, 38 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 Business indexes, 60 Federal home loan banks, 37, 49 Federal Housing Administration, 33, 48, 49, 50 Business loans (See Commercial and industrial loans) Federal intermediate credit banks, 37 Capacity utilization, 60 Federal land banks, 37 Federal National 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 Banking offices, changes in number, 91 Foreign deposits in U.S. banks, 4, 12, 18, 25, 2 Consumer loans held, by type, 53 Foreign exchange rates, 90 Deposits at, for payment of personal loans, 23 Foreign liabilities and claims: Loans and investments, 94 Banks, 74, 75, 77, 79, 81, 83 Number, by classes, 19 Nonbanking concerns, 84 Real estate mortgages held, by type, 48 Foreign trade, 71 Commercial paper, 31, 35 Condition statements (See Assets and liabilities) Gold: Construction, 60, 61 Certificates, 12, 16 Consumer credit: Earmarked, 83 Instalment credit, 52, 53, 54, 55 Net purchases by U.S., 72 Noninstalment credit, by holder, 53 Production, 87 Consumer price indexes, 60, 64 Reserves of central banks and govts., 86 Consumption expenditures, 66, 67 Stock, 4, 18, 73 Corporations: Gross national product, 66, 67 Sales, profits, taxes, and dividends, 46, 47 Security issues, 44, 45 Hours and earnings, manufacturing industries, 63 Security yields and prices, 32, 33 Housing starts, 61 Cost of living (See Consumer price indexes) Currency and coin, 4, 10, 25 Income, national and personal, 66, 67 Currency in circulation, 4, 16, 17 Industrial production index, 56, 60 Customer credit, stock market, 34 Instalment loans, 52, 53, 54, 55 Insurance companies, 36, 40, 41, 49 Debits to deposit accounts, 15 Insured commercial banks, 21, 23, 24, 91 Debt (See specific types of debt or securities) Interbank deposits, 11, 19, 25 Demand deposits: Interest rates: Adjusted, banks and the monetary system, 18 Business loans by banks, 31 A-104 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A—105 Federal Reserve Bank discount rates, 9 Reserve position, basic, member banks, 8 Interest rates—Continued 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 Inventories, 66 Retail sales, 60 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, 94 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, 94 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 Manufacturers: Ownership of securities of, 24, 27, 35, 36 Capacity utilization, 60 Yields and prices of securities, 32, 33 Production index, 57, 60 State member banks, 21, 23, 91 Margin requirements, 10 Stock market credit, 34 Member banks: Stocks: Assets and liabilities, by classes, 19, 24 New issues, 44, 45 Banking offices, changes in number, 91 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 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 Unemployment, 62 Mutual funds (See Investment companies) U.S. balance of payments, 70 Mutual savings banks, 18, 19, 22, 35, 40, 41, 48, 91 U.S. Govt, balances: Commercial bank holdings, 25, 28 National banks, 21, 23, 91 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, 91 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 Par and nonpar banking offices, number, 92 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 * (o THE FEDERAL RESERVE SYSTEM °> A -~~ 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