Federal Reserve Bulletin, 1968-11

FEDERAL RESERVE B U LLETIN NOVEMBER 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 fprm 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 11 □ VOLUME 54 □ NOVEMBER 1968 CONTENTS 883 Economic Upswing in Western Europe Staff Economic Study: 900 Manufacturing Capacity: A Comparison of Two Sources of Infor­ mation 905 Financial Developments in the Third Quarter of 1968 910 Record of Policy Actions of the Federal Open Market Committee 920 Law Department 938 Announcements 939 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- 91 Board of Governors and Staff A- 92 Open Market Committee and Staff; Federal Advisory Council A- 93 Federal Reserve Banks and Branches A- 94 Federal Reserve Board Publications A- 97 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL COMMITTEE Charles Molony Daniel H. Brill Robert C. Holland Robert Solomon 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

Economic Upswing in Western Europe ECONOMIC ACTIVITY in Western Europe has been in a strong cyclical upswing since mid-1967, following an earlier pause. Dur­ ing this period there were major developments in the international economy—the devaluation of sterling last November, the subse­ quent gold and currency speculations, and the civil disturbances in France last spring—and such important structural changes as the transition to a more uniform taxation system within the Euro­ pean Economic Community and the implementation of the first stages of the Kennedy Round of tariff cuts. Nevertheless, cyclical recovery and expansion have been a main and a common feature of developments in most West European countries for more than a year. Only in Italy have cyclical influences remained out of phase with those elsewhere in Western Europe. In most of Western Europe, the renewed expansion has been accompanied by relatively moderate price and wage increases and, until recently, has exerted only a limited impact on employment and unemployment levels. Western Europe’s imports increased considerably, but an even stronger export expansion has occurred. In fact, export demand was a principal element sustaining the upturn. The international balances of many West European coun­ tries were further strengthened during the renewed expansion. The European Economic Community (EEC), which before the 1966­ 67 slowdown had recorded deficits in its trade account, shifted Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

884 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 into surplus during the pause and—despite the expansion and the events in France—has enlarged its trade surplus since mid-1967. Demands from the United States and Britain have been impor­ tant elements in the rapid increase of total exports of continental European countries. Should these demands slacken in conse­ quence of current efforts to restore internal and external equilib­ rium in the United States and Britain, the continental economies may need to foster further expansion of their domestic demands in order to maintain satisfactory over-all growth rates. RENEWED EXPANSION OF OUTPUT In contrast with the previous major economic slowdown in West­ ern Europe in 1957-58, the recent pause was longer, but—except in Germany—not so intense. The latest slowdown manifested it­ self in a leveling off or decline in industrial production, a slowing in the growth of real gross national product, and increased unem­ ployment. The EEC recorded the lowest rate of expansion since its formation—real GNP increased by only 3 per cent from 1966 to 1967, compared with an annual average of 5 per cent from 1962 to 1965. Germany showed an actual decline in real GNP from 1966 to 1967; in other EEC countries moderate growth rates were maintained with the help of increased agricultural out­ put and, in some countries, an increase in construction. Indus­ trial output in the EEC remained unchanged from the second quarter of 1966 to the second quarter of 1967; Germany recorded a sharp decline, and the Netherlands, Belgium, and France showed slight increases, while Italy continued its strong expansion. Out­ side the EEC, industrial output declined in the United Kingdom and Austria from the second quarter of 1966 to the third quarter of 1967, while Sweden and Switzerland recorded only small in­ creases in this interval. The resurgence of economic activity since mid-1967 has been brisk, with only brief interruptions. From the second quarter of 1967 to the second quarter of 1968 the combined industrial pro­ duction of seven principal West European economies—Germany, the United Kingdom, Italy, Sweden, the Netherlands, Belgium, and Switzerland—increased by 9 per cent. France is excluded from this calculation because of the severe distortion of trends in that coun­ try caused by the nationwide strikes in May and June 1968. In April 1968, industrial production in France was 8 per cent higher than in mid-1967, and production has advanced strongly since the disturbances ended. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ECONOMIC UPSWING IN WESTERN EUROPE 885 The expansion in Western Europe has been propelled by vari­ ous factors. Stimulative fiscal measures have been taken, monetary and credit conditions have continued easy, and exports have been buoyant. In several countries, a recovery in fixed investment spending and in inventory accumulation has contributed to the ex­ pansion. With few exceptions, private consumption has remained the least dynamic component of aggregate demand. In Germany, where the 1966-67 recession was the most severe —real GNP decreased by about 3 per cent and industrial produc­ tion declined by 7 per cent from the second quarter of 1966 to the second quarter of 1 967—the recovery also has been most pro­ nounced. From mid-1967 the recovery was stimulated by two special budg­ ets, which primarily aided the construction sector. Expanding exports and the revival of private investment helped sustain the expansion. Owing to the effects of various tax measures, capital expenditures and inventory accumulation alternated in contribut­ ing to aggregate demand. The prospect of expiration in October 1967 of the special depreciation allowance and the anticipation of a changeover from a turnover tax to a value-added tax and of increases in investment taxes on January 1, 1968, stimulated a rapid spurt of fixed investment spending during the final months of 1967. Investment spending decelerated in early 1968 but sub­ sequently rose again. Stockbuilding, on the other hand, was discouraged during the 11 INDUSTRIAL PRODUCTION of Western Europe resumes expansion after mid-1967 * indicates strikes in May-June. line, July-August average; for “Total” anti for Italy, July Seasonally adjusted indices of industrial production, ex- August averages are estimated. “Total” excludes France. eluding construction. Quarterly data from OECD. Dashed Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

886 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 second half of 1967 by the prospective change in indirect taxation, and inventories were reduced. Inventory replenishment began on an extensive scale in early 1968 and then continued at a more moderate pace. The net effect of these movements, together with export demand, was a steep rise in industrial production toward the end of 1967 and a mild relapse early this year. Since then the expansion of output has resumed. By July-August, industrial pro­ duction was 14 per cent above its level in the corresponding months of 1967. In the first half of 1968 real GNP was 6 per cent larger than in the first half of 1967. Over one-third of this increase is attribut­ able to the swing in inventory accumulation. The upswing in production has not been accompanied by a pro­ portionate rise in consumption. In the first half of 1968 private consumption in real terms was only 3 per cent greater than in January-June 1967. Retail sales increased sharply between Feb­ ruary and March of 1968, then remained virtually level through August. Purchases of consumer durable goods, however, showed a steady rise through August. In the first 7 months of 1968 the savings ratio was higher than that of a year earlier, and the ex­ pected acceleration in consumer demand had not yet materialized. In the Netherlands the second quarter of 1967 witnessed the start of a strong upswing in economic activity—led by export de­ mand, a revival of capital expenditure, and an appreciable rise in consumer spending. By July-August 1968, industrial output ex­ ceeded the year-earlier level by more than 10 per cent. The Belgian economy recorded a marked advance after mid- 1967, in contrast with the leveling of output which had started to­ ward the end of 1965. By the second quarter of 1968, industrial production was 8 per cent above the previous year’s level. A strong expansion of exports, an increase in public investment, and some growth of private investment have sustained the upswing. Private consumption was relatively slack in 1967, and it was not until the second quarter of 1968 that consumer spending began to show a noticeable rise. In Sweden, economic activity has continued to expand only slowly. The pressures of demand on productive resources have eased throughout the past 3 years. Industrial production in July- August of 1968 was 5 per cent above its level in the corresponding months of 1967. Expansion has been aided by strong export growth and government spending of countercyclical “investment Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ECONOMIC UPSWING IN WESTERN EUROPE 887 funds.” Private investment has remained virtually unchanged for the past 3 years, and consumption has shown little strength during the expansion. The Swiss advance has been even more sluggish, but since there is little reserve capacity in the economy, no major expansion is ex­ pected. Industrial output rose only 3 per cent over the year ending with the second quarter. Export growth has been very vigorous since mid-1967, while the domestic components of aggregate de­ mand have remained nearly level. Before the May and June disturbances, the French economy had resumed rapid growth of activity, and the rise in unemploy­ ment—reflecting rapid growth in the population of working age— had begun to slacken. The advance was led by strong export de­ mand and was stimulated early this year by expansionary fiscal policy measures. In May, with a widespread cessation of activity after midmonth, the index of industrial output fell by a third. Fol­ lowing the resumption of economic activity in the latter part of June, the previous level of output was rapidly regained. Industrial production in July-August again equaled the April level and rose further to a new high in September. With the stimulus of a strong consumer expenditure boom fed by very large wage increases, and with efforts of businesses to expand inventories, output has con­ tinued to advance. Since the United Kingdom devalued sterling on November 18, 1967, the authorities in that country have pursued policies to hold down domestic demand for output and to contain wage and price increases in order that the devaluation may bring about a shift in resource utilization toward exports and a substantial surplus in the balance of payments. Output has advanced since mid-1 967, and the 7 per cent yearover-year rise in industrial production to August was the largest 12-month increase in Britain since 1963. The upswing was fos­ tered by an increase in exports which gained momentum after the termination of the U.K. dock strike in the autumn of 1967 and the devaluation of the pound in November. The sharp rise in con­ sumer spending from mid-1967 through early 1968 provided an expansionary impetus, and since then an inventory build-up and the beginning of a rise in manufacturing investment have sus­ tained the expansion. A strong rise in consumer buying began to develop after in­ stalment credit regulations were relaxed in the summer of 1967, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

888 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 and buying surged after the November devaluation. Following the March 1968 budget actions, which aimed at reducing real private consumption in the remainder of the year and in 1969, consumer spending eased. A new rise in retail sales and in consumer credit occurred, however, in the third quarter; as a consequence, new limitations were placed on instalment credit at the beginning of November 1968. Italy is the only major West European country that experi­ enced no slowing of expansion between mid-1966 and mid-1967. A delayed reaction to the easing of demand elsewhere developed in the third quarter of 1967, when both exports and industrial production declined. Exports soon recovered and have since in­ creased rapidly. Industrial production in July 1968 was more than 5 per cent above its level a year earlier. Investment activity slowed down in 1968, and most other components of internal demand were relatively sluggish during the summer and autumn of 1968. From March to July 1968 industrial output has remained vir­ tually unchanged. The government consequently has taken some expansionary fiscal measures aimed principally at stimulating pri­ vate investment. EMPLOYMENT AND WAGES Unemployment, which by postwar West European standards reached fairly high levels during the pause, has generally re­ sponded more slowly than output to the upswing in demand. The major exception is in Germany. By September 1968, unemploy­ ment in Germany, seasonally adjusted, had declined to 284,000 persons—less than 1 per cent of the labor force—and less than half the peak reached in May 1967. The number of foreign work­ ers, which declined substantially during the recession, also in­ creased, but in October 1968 it was not yet back to the pre­ recession level. Job vacancies started to exceed the number of unemployed early in 1968 and have continued to increase steadily. By September, job vacancies reached 553,000, approaching the prerecession peak. However, total employment has risen only slightly and in October was still below prerecession levels. These conditions in the German labor market stem in good part from a decline in the domestic labor force as the population in the higher age brackets increases and young people stay in school longer. In the other major West European countries unemployment in September-October exceeded or was still close to peak levels reached during the economic pause. Unemployment in France has Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ECONOMIC UPSWING IN WESTERN EUROPE 889 increased sharply, and in September 1968—at nearly half a mil­ lion—was 50 per cent higher than in mid-1967 and the highest since World War II. In most other countries, however, job vacan­ cies have increased since mid-1968, evidencing a rising demand for labor. The general slack in labor markets during the initial phases of the upswing is in some instances—for example, Belgium and the Netherlands—partly attributable to structural and regional un­ employment problems that are not necessarily corrected by an in­ crease in aggregate demand. More significantly, however, the relatively easy labor market conditions in Western Europe at a time of fairly active expansion imply that the increase in output has so far been achieved by lengthening the workweek and by an increase in productivity per manhour. In nearly all of the coun­ tries affected by the recent slowdown, employment in September was below the levels before the pause. Improved economic conditions have led to only moderate wage increases in most West European countries. The increases in hourly earnings during the 12-month period ending in the second quarter of 1968 for Germany, Belgium, and Sweden—3.0 pet­ cent, 5.5 per cent, and 5.7 per cent, respectively—were relatively low compared with the wage advances that accompanied previous periods of expansion in these countries. In Germany, hourly earn­ ings advanced less than productivity, and unit labor costs thus de­ clined. In the first half of 1968 unit labor costs in Germany were 2 per cent lower than in January-June 1967. However, the pace of German wage rate advances picked up sharply during the spring of 1968. The rise in hourly wage rates in Switzerland of 4.1 per cent from June 1967 to June 1968 and that in the Netherlands of 6.5 per cent from August 1967 to August 1968 were both below the previous year’s increases. In Italy, too, recent wage increases have been even less than last year’s; in the 12 months to September the wage rate advance in manufacturing was 3.8 per cent. The reduction in unit labor costs in Germany and the near­ stability in unit labor costs in Italy partly explain the ability of both countries to maintain strong international competitive positions and large balance of payments surpluses. Germany has maintained a massive trade surplus during its economic expansion, and Italy has substantially reduced its trade deficit. In the United Kingdom, the 12-month increase to September in hourly wage rates in manufacturing was 6.2 per cent. This rise oc- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

890 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 curred mainly between June 1967, when the 1966-67 wage re­ straints were relaxed, and January 1968. Since January, hourly wage rates have advanced more slowly; through September the rise was at only a 1.2 per cent annual rate. The government’s present incomes policy imposes a ceiling of 3.5 per cent a year on wage in­ creases, with various exceptions, and calls for a close linkage be­ tween wage gains and productivity increases. This wage restraint program, regarded as essential by the government if the devalua­ tion is to succeed in improving Britain’s international competitive position, has met with strong opposition from organized labor. France is the only West European country to experience a large acceleration of wage increases in 1968; this is mainly a result of the wage rises granted after the May-June disturbances. Hourly wage rates in manufacturing in July were 15 per cent higher than a year earlier. In accordance with the settlement reached by the workers and the government, an additional 3 per cent wage in­ crease became effective in October. The record in the labor markets in Western Europe—moderate changes in employment and in wage rates in most countries—sug­ gests that thus far the expansion has resulted in only a small growth of disposable incomes. This partly explains the weak and limited contribution of private consumption to the upswing in most of these countries. As the upswing continues and as output gains derived from drawing on excess capacity and rising produc­ tivity become more limited, West European labor market condi­ tions are likely to become tighter. With the rise in employment and a stronger wage advance, total labor earnings will show cor­ responding growth and may spark private consumption during the next phase of the expansion. STABILITY OF PRICES Consumer and wholesale prices have remained relatively stable during the current expansionary phase. Except in France and the United Kingdom, increases in consumer prices since the summer of 1967 have been significantly below the average annual advance experienced during 1964-66 and less than the 4 per cent rate of rise in the U.S. consumer price index. While a decline in food prices has contributed to the relative price stability, the prin­ cipal determinant has been the stability of unit labor costs. Tn Germany, the 1.4 per cent consumer price rise and the 5.6 per cent advance in wholesale prices of investment goods over the year through September were mostly attributable to the effects of the two-stage introduction of the value-added tax on January 1 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ECONOMIC UPSWING IN WESTERN EUROPE 891 CONSUMER PRICES rise more slowly in Western Europe than 2 in U.S. during current European upswing RATIO SCALE. 1963=100 130 Consumer prices for all goods and services; lor Belgium rent is excluded. U.K. prices are in terms of sterling; after November 1967-—indicated by *—dollar equivalents are lower by 14.3 per cent. OECD quarterly data. and July 1, 1968. From January to June I 968, when no increase in indirect taxation occurred, wholesale prices remained virtually un­ changed. In France, too, the extension of the value-added tax to the con­ sumer sector at the beginning of 1968 caused consumer prices to increase somewhat. From May to September, in the aftermath of the disorders, however, consumer prices rose nearly 2 per cent further. Although a number of measures have been taken to keep the price rise from accelerating, there may be further price in­ creases, as the effects of the large wage settlements of June con­ tinue to filter through the economy. French wholesale prices de­ clined in the early months of 1968 as a result of a partial shift of the value-added tax from the wholesale to the retail level but have been rising since the disturbances. The rise in prices in the United Kingdom has been greater than in any other major country in Western Europe, but in view of the devaluation of the pound, the significance of the rise differs from a similar rise under ordinary circumstances. Domestic consumer prices in September were only 6 per cent higher than a year earlier, even though sterling prices for imports had increased by 13 per cent. Export prices, while rising 9 per cent in terms of sterling, declined 7 per cent in dollar terms as a result of the devaluation. In view of the objective of transferring resources out of con­ sumption into export industries and private investment, the gov­ ernment has considered some rise in consumer prices to be de­ sirable in order to reduce real consumption. From March to Au- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

892 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 gust 1968, consumer prices rose 2.2 per cent, while average weekly earnings in manufacturing increased by about 2 per cent. CONTINUED MONETARY EASE Monetary policy and monetary conditions in Western Europe have remained relatively easy as would be appropriate to the early phases of an expansion. The United Kingdom, and to a lesser ex­ tent France in recent months, stand out as exceptions to this general pattern. The relaxation of monetary policy which had occurred in many countries in the first half of 1967 continued after mid-1967, with cuts in discount rates in Switzerland in July, Belgium in September and October, and Austria in October of that year. At the time of the November 1967 devaluation of the pound and the March 1968 gold crisis, the United Kingdom and Canada —each with its own balance of payments problems—found it necessary to tighten monetary policy significantly. The United States-—both for domestic and external considerations—raised its discount rate in November 1967 and again in March and April 1968. With their strong reserve and balance of payments positions, the major continental countries found it possible and, in view of the slack in their economies, also desirable to maintain easy money policies. As the international monetary climate improved, Sweden —which had felt compelled for external reasons to raise its dis­ count rate by one point in December 1967—reversed the increase in two steps in February and October of 1968, and Belgium re­ duced its discount rate again—the sixth time since early 1967—in March 1968. Following the end of the period of significant decline in market interest rates between 1966 and mid-1967 in Western Europe, in­ terest rates have held fairly steady in countries where monetary ease has continued. In instances where fluctuations or considerable declines in market rates were recorded—as, for example, in Bel­ gium and Sweden—the movements were closely linked to cor­ responding discount rate changes. In Germany, long-term interest rates have declined during the upswing—the composite yield on 6 per cent public authority bonds declined from 6.9 per cent in the final week of June 1967 to 6.2 per cent in early November 1968. As is typical during the early phases of an expansion, the pace of bank credit extension in Western Europe has increased. Italy is an exception, a further indication that the tempo of Italian ex­ pansion has subsided in 1968. The maintenance of relatively low interest rates, together with Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ECONOMIC UPSWING IN WESTERN EUROPE 893 ample liquidity in their banking systems, has enabled Germany and Italy to assume major roles as long-term capital exporters during the past year. In Germany the bond market has been ab­ sorbing a growing volume of new issues while bond yields con­ tinued to decline into October. Through September of 1968, bond issues denominated in German marks amounting to more than $1 billion were placed in Germany by foreign borrowers. This amount was far greater than the $150 million of foreign issues placed during the same months last year. As the upswing con­ tinues and domestic credit needs rise, it may become difficult for Germany to sustain this level of capital outflow. Where tightening of monetary policy did occur during the period under review, external considerations were of overriding importance. In the early fall of 1967 when exchange markets re­ flected an increasing lack of confidence in sterling, Great Britain raised its discount rate from 516 to 616 per cent in two stages. When the pound was devalued on November 1 8, the discount rate was raised another 1 16 points—to 8 per cent, the highest since 1914. The Bank of England at the same time stiffened instalment credit terms and also instructed the banks to limit the total vol­ ume of credit to levels then outstanding, although export credit was exempt from this regulation. In May 1968 a new ceiling was placed on bank credit, this time including credits to finance ex­ ports. The amount of export credit that was extended by the banks between November 1967 and May 1968 apparently exceeded expectations. Following the March 1968 budget announcement the discount rate was reduced to 716 per cent, and in mid-September, after favorable trade figures were recorded, it was cut again—to 7 per cent. This change, which led to declines in short-term interest rates, was not accompanied by an easing of quantitative credit re­ straints. In early November, in fact, a new tightening of consumer credit was announced. Long-term interest rates in Britain have remained high. The 7.65 per cent yield on the U.K. 316 per cent War Loan in early November was only slightly below the July 1968 peak of 7.77 per cent. In France, monetary policy had been generally easy before the May-June disorders. During and after the disturbances, the authorities took actions aimed at halting the outflow of capital resulting from the weakening of confidence in the franc while minimizing the restrictive impact domestically in order to encour­ age rapid expansion of production. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

894 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 Exchange controls were imposed in late May 1968 and lifted in September. The Bank of France raised the discount rate in early July from 316 per cent to 5 per cent, the first change since April 1965. As a result of this action and of the pressure exerted on bank liquidity through the settlement of external payments, do­ mestic interest rates rose considerably. By mid-July, the effective auction yields on 12-month Treasury bills had risen to more than 6 per cent compared with 5.3 per cent before the crisis. The re­ newed speculative outflow in September brought a dramatic rise to 7.8 per cent; the rate settled at 7.3 per cent by the end of Octo­ ber. The yield on public sector bonds, net of tax, in mid-June ap­ proached 7 per cent—more than one-half percentage point above the mid-May level—and at the end of October 1968 was 6.7 per cent. Tn order to cushion the effects of tighter money on the domestic economy, the authorities in July provided special facilities for “medium and small firms” to borrow at banks at preferential rates. Also in that month the proportion of deposit liabilities that banks are required to keep in the form of medium-term paper was re­ duced from 16 per cent to 14 per cent, and in September a further 1 percentage point reduction took effect. Also in July, the basic re­ discount ceilings for individual banks were increased by one-fifth for a 4-month period, and the increases were permitted to lapse at the end of October. Moreover, the Bank of France relieved pres­ sures on bank liquidity by a large volume of operations in the money market. In addition to these monetary actions, several tax incentives have been granted to stimulate private investment. Monetary policy was tightened on November 12, when the Bank of France raised the discount rate I percentage point— to 6 per cent. At the same time the authorities placed limits on short-term bank credit extension for the remainder of 1968, although credit to finance exports and equipment purchases were exempt from the new curbs. In addition, cash and medium-term paper reserve requirements for commercial banks were increased. TRADE EFFECTS The reciprocal influences of domestic economic activity and foreign trade are apparent in Western Europe’s recent expansion. Imports have rebounded strongly from their relatively sluggish state during the slowdown. Increased exports, partly to countries outside Western Europe and partly to those within it, have been a primary source of increasing aggregate demand for most countries. International trade statistics for the period of the upswing must Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ECONOMIC UPSWING IN WESTERN EUROPE 895 be interpreted with caution because an unusually large number of special factors distorted the pattern and timing of trade flows. The 1967 U.K. dock strike and then the sterling devaluation and a temporary bulge in U.K. trade for several months after the end of the dock strike in November introduced discontinuities in the trade data of Great Britain and its major trading partners. In Italy, data for the early months of 1968 understated the true values of imports, owing to unusual recording lags; as these difficulties were overcome, recorded imports for subsequent months were corre­ spondingly inflated. During the spring and early summer of 1968 the French strikes disrupted international commerce—especially among the West European countries—depressing their trade in May and June and contributing to an unusually large rise in July. 3 | West European EXPORTS fuel expansion . . . IMPORTS resume more rapid growth RATIO SCALE. BILLIONS OF DOLLARS, ANNUAL RATE EXPORTS f.o.b. 100 OECD EUROPE BO 60 A indicates drop caused by U.K. dock strike. Seasonally adjusted OECD quarterly data; 3rd quarter 1968, ■ indicates drop caused by anticipation of renewal of im­ preliminary except for France and the Netherlands. port surcharge for imports. • indicates distortion of true values caused by recording lags in early 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

896 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 Finally, several significant tariff reductions which took effect in mid-1968—the elimination of the final 15 per cent of intra­ EEC tariffs, the harmonization of the common EEC external tariff, and the implementation by Common Market countries of the first two stages of the Kennedy Round—also tended to reduce trade flows in June and to enlarge them in subsequent months. In order to make a partial adjustment in the trade statistics for these many irregularities, the following discussion focuses on changes between the second quarter of 1967 and the average of the 4-month period May through August 1968. Imports. West European imports have made a strong recovery during the expansion, although they have increased less rapidly than before the slowdown. Imports of the 18 West European mem­ bers of the Organization for Economic Cooperation and Develop­ OECD-EUROPE IMPORTS ment (OECD) increased by $9 billion (annual rate, c.i.f. values) RATIO SCAW BILLIONS OF DOLLARS or 9 per cent between the second quarter of 1967 and May- August of 1968. Germany and the Netherlands recorded in­ creases in imports in this interval substantially above the rate of import expansion of the region as a whole. Whereas during the slowdown there had been little increase in imports of the Euro­ pean OECD countries from outside the area, during the upswing the total increase in imports of these countries was more equally Seasonally adjusted imports (c.i.f. values) of the 18 European members shared between intra-European purchases and imports from the of the OECD, by trading area. Quar­ terly OECD data at annual rates. rest of the world. Dashed lines. July-August data. The United States has derived a sizable export gain from the upswing. Seasonally adjusted U.S. exports to OECD Europe in­ creased by $1.1 billion (annual rate, f.o.b. values), or 1 1 per cent, from $10 billion in the second quarter of 1967 to $ I 1.1 billion in May-August 1968, compared with an increase of 5 per cent be­ tween mid-1966 and mid-1967. The rate during the upswing was, however, only two-thirds of the rate at which U.S. exports to West­ ern Europe expanded during 1963-65—when most of this area was operating at close to full capacity. Most of the recent acceler­ ated increase of U.S. exports to this region has been in sales to the Netherlands, Italy, Great Britain, and Switzerland (see table). U.S. exports to Germany have not increased significantly al­ though Germany’s total imports have expanded considerably. These disparate developments have been due to several causes. Germany has attained very high rates of productivity gains—7 per cent from the first half of 1967 to the first half of this year— and this has contributed to its competitiveness. While U.S. prices have been advancing relatively rapidly, German prices have risen Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ECONOMIC UPSWING IN WESTERN EUROPE 897 U.S. TRADE WITH WESTERN EUROPE (Annual rates) U.S. exports U.S. imports U.S. balance U.S. trade with— (in mil­ In Per­ In Per­ lions of millions of centage millions of centage dollars) dollars increase dollars increase EEC May-Aug. 1967...... 5,454 4,359 + 1,095 May-Aug. 1968.......... 6,174 13 5,943 36 + 231 Belgium-Luxembourg May-Aug. 1967.... 684 597 + 87 May-Aug. 1968.... 753 10 723 21 + 30 France May-Aug. 1967.... 1,005 714 + 291 May-Aug. 1968.... 1,032 3 837 17 + 195 Germany May-Aug. 1967.... 1,665 1,851 -186 May-Aug. 1968.... 1,752 5 2,799 51 - 1,047 Italy May-Aug. 1967.... 927 864 + 63 May-Aug. 1968.... 1,200 29 1,155 34 +45 Netherlands May-Aug. 1967.... 1,173 333 + 840 May-Aug. 1968.... 1,437 23 429 29 + 1,008 United Kingdom May-Aug. 1967...... 1,890 1,686 + 204 May-Aug. 1968...... 2,097 11 2,142 27 -45 Sweden May-Aug. 1967...... 363 309 + 54 May-Aug. 1968.......... 450 24 399 29 + 51 Switzerland May-Aug. 1967...... 405 360 +45 May-Aug. 1968..... 588 45 435 21 + 153 Note.—Amounts are calculated at annual rates, by using May-August data multiplied by 3. Data are not seasonally adjusted. Source.—Department of Commerce, Bureau of the Census. very little. The effective gap between U.S. and German price in­ creases, so far as imports into Germany are concerned, is actually wider than the domestic price indices of the two countries would suggest because the “border tax” levy on German imports has been increased in line with the increase in indirect taxes embodied in German domestic prices. The failure of U.S. exports to Germany to increase much during the upswing also reflects in part the fact that until recently Ger­ many has had ample underutilized capacity. There has therefore been little pressure to increase imports of machinery and equip­ ment—for many types of which the United States has an export advantage. As Germany approaches fuller utilization of plant ca- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

898 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 pacity, its imports from the United States should show more of an increase. Finally, reduced demand by Germany for U.S. agricul­ tural exports during the upswing has also affected the U.S. export performance. Exports. Exports of OECD Europe advanced 10 per cent in dollar value between the second quarter of 1967 and May- August 1968. Although this rate of export expansion was below OECD-EUROPE EXPORTS the average rate experienced by this region during 1962-65, it substantially exceeded the rate of increase during the 1966-67 pause. For the countries of the Common Market, export growth during the renewed expansion was even stronger than during 1962-65. The importance of export growth in the upswing was propor­ tionately greatest for the countries in which foreign trade is a dominant influence. In Belgium, the Netherlands, and Switzer­ land, exports expanded more rapidly, in percentage terms, than Seasonally adjusted exports (f.o.b. values) of the 18 European countries did industrial production. of the OECD, by trading area. Quar­ terly OECD data at annual rates. For Germany, GNP in current prices increased by more than Dashed lines, July-August data. $10 billion between the second quarter of 1967 and the second quarter of 1968, a gain of 8.5 per cent. Exports, which constitute nearly one-fifth of GNP, advanced in annual rate terms by $2.3 billion, or 13 per cent, between April-June 1967 and May- August 1968. Thus, increased exports accounted directly for approximately a quarter of the mid-1967 to mid-1968 growth in German GNP. The increase in Western Europe’s exports from the second quarter of 1967 to May-August 1 968 amounted to an annual rate of $8.5 billion. A geographic analysis of the region’s recent export expansion reveals the contribution of increased U.S. purchases from this area. U.S. imports from OECD Europe increased by $2.8 billion (annual rate, f.o.b. values) from the second quarter of 1967 to May-August 1968. Had the United States absorbed only its normal proportion—about 8 or 9 per cent—of this area’s exports, the increase in Western Europe’s exports would have been $2 billion smaller. Thus, the acceleration of U.S. imports from Western Europe amounted to almost one-fourth of the in­ crease in the region’s exports during the upswing. For Germany the increase in export sales to the United States was even more important. More than 40 per cent of the increase in German exports during the upswing went into increased sales to the United States—particularly of automobiles, but also of steel and capital equipment. Given the estimate that German export Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ECONOMIC UPSWING IN WESTERN EUROPE 899 expansion contributed close to one-quarter of the over-all German GNP growth for the year since mid-1967, approximately 10 per cent of the total expansion of aggregate demand in Germany can be attributed to increased U.S. imports from Germany. A primary factor in the rapid rise in U.S. imports from Western Europe during the past year was, of course, the general buoyancy of demand and rising prices in the United States. Stockbuilding in anticipation of the threatened U.S. steel strike was a special factor that contributed to the import rise. Given the current outlook for a slowing of the pace of econom­ ic expansion in the United States, and given that the past year’s massive steel imports will not recur in the near future, U.S. imports, particularly those from Western Europe, are not likely to be nearly so buoyant in the period ahead. At the same time, the United Kingdom is attempting to correct its balance of pay­ ments difficulties, and the devaluation of sterling and related British economic measures are acting to curb U.K. import growth. Thus, the stimulus which growing exports have provided to the upswing in continental Europe may be reduced by prospective developments in Britain as well as in the United States. The weakening of U.S. and British demand for West European exports may be offset by several other developments in the period ahead. In recent months, national authorities and international organizations have revised upward their previous forecasts of the German GNP growth from mid-1968 to mid-1969. Internal sources of demand—particularly consumption, which thus far has lagged in the upswing—should show growing strength to help maintain a high rate of growth in that country. Recent indications of capital spending plans in Germany suggest that a further rise in investment is also likely. A continuation of strong growth in German demand would bring a further rise in imports from its trading partners in Western Europe, and this should act as an important offset for these coun­ tries to any slackening of their sales to the United States and Britain. Moreover, the current rise in French imports, in part re­ flecting the increase in consumption following the disturbances, is providing an additional stimulus to the exports of France’s trading partners in Western Europe. In any case, in order to maintain over-all growth, many of the European countries can afford to counteract any eventual weakening of export demand by pursuing expansionary domestic policies. Such action would contribute to a better equilibrium in international payments. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Staff Economic Study MANUFACTURING CAPACITY: A COMPARISON OF TWO SOURCES OF INFORMATION Jared J. Enzler—Staff, Board of Governors From time to time the Federal Reserve thor is responsible for the analyses and con­ Bulletin publishes in full staff studies that clusions set forth, and the views expressed are of general interest to the economics pro­ are not necessarily those of the Board of fession and others. Governors, the Federal Reserve Banks, or As in all staff economic studies, the au­ members of their staffs. The Federal Reserve makes available quar­ Since 1964, the U.S. Department of Com­ terly estimates of manufacturing capacity merce has been collecting capacity informa­ and capacity utilization. These series, de­ tion from respondents to the quarterly plant veloped by the staff of the Board of Gover­ and equipment survey.2 The question asked nors, have been described earlier in the is phrased as follows: “Taking into account Bulletin.' They are probably subject to your company’s current and prospective much larger measurement errors than most sales for the next 12 months, how would commonly used time series because of de­ you characterize your (present date) plant ficiencies in coverage, detail, and accuracy and equipment facilities: —more plant and of the underlying data, ambiguities in the equipment needed; —about adequate; —ex­ definition of capacity, and the indirect isting plant and equipment exceeds needs?’’ nature of the construction of the capacity Responses are weighted by gross capital as­ estimates. Thus, it is quite useful to com­ sets and tabulated. Table 1 contains the re­ pare the estimates with another independent sults of these surveys as published by the source of capacity information, so that the Commerce Department. In addition to the two bodies of data provide some check on figures for total manufacturing, tabulations each other’s accuracy. In addition it may are presented for five industry groupings. prove possible to combine the two sets of The published Federal Reserve capacity information in such a way as to provide and utilization series do not contain corres­ an improved capacity series. ponding industry detail, but it is possible to construct this detail by using essentially the Noth..—This article is part of a paper presented at same methodology as that used in construct­ the August 20, 1968. meeting of the American Statisti­ cal Association. ing the aggregate figures. Such calculations 1 For a complete description, see Frank de Leeuw. “A Revised Index of Manufacturing Capacity.” Federal Reserve Bulletin, November 1966, pp. 1605-15. For ■ U.S. Department of Commerce, Office of Business later revisions see “Revised Indexes of Manufacturing Economics, Survey of Current Business, March 1964. Capacity and Capacity Utilization,” Federal Reserve Current figures are published quarterly in the Survey of Bulletin, July 1967, pp. 1096-98. Current Business. 900 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

901 TABLE 1 ify the relationship that these concepts are MANUFACTURERS' EVALUATION OF THEIR assumed to have to each other. At any mo­ CAPACITY ment of time firms in an industry have oper­ (Per cent of gross capital assets held by firms which indicated more plant and equipment was needed) ating rates distributed about some mean utili­ zation rate for that industry (F) (Fig. 1). Manu­ Metal Date fac­ Petro­ fabri- Primary Chemi­ Food Let us assume that there is some utiliza­ turing leum <:ators 1 metals cals tion rate U* above which firms report they 1963 have inadequate facilities and below which Dec. 31 40 33 31 48 61 39 they report their facilities to be adequate or 1964 Mar. 31 36 23 31 45 69 29 June 30 38 23 30 45 77 32 more than adequate. For simplicity we will Sept. 30 39 24 32 43 77 34 Dec. 31 43 28 41 44 79 39 assume that U* is the same for all firms in 1965 an industry. If the area under the curve is Mar. 3! 42 24 39 48 79 37 June 30 47 24 51 53 83 40 taken to be 100, the percentage of firms Sept. 30 49 24 61 53 80 44 Dec. 31 48 23 51 53 83 46 expected to have inadequate facilities is the 196 M 6 ar, 31 51 31 51 61 81 47 area under the curve to the right of U*. June 30 50 30 52 56 83 45 Sept. 30 50 30 52 58 87 47 The higher the average utilization rate, the Dec. 31 47 22 51 54 88 45 greater is the percentage of firms that will 1967 Mar. 31 45 27 48 48 80 42 report inadequate facilities. Once we specify June 30 45 37 49 42 76 40 Sept. 30 46 37 49 43 75 45 the form of the distribution, its parameters Dec. 31 43 39 43 31 78 42 can be estimated from the data. 1968 Mar. 31 40 27 47 35 67 38 For estimating purposes, triangular fre­ quency distributions were used because of 1 Includes machinery, transportation equipment, and fabricated metals industries. Source.—U. S. Department of Commerce, Office of Business TABLE 2 Economics, and the Securities and Exchange Commission. UTILIZATION RATES have been made, and the results are pre­ (Percentage distribution, seasonally adjusted) sented in Table 2. The industry series are Manu- Metal not calculated on a current basis and are Quarter lac- Petro­ fabri­ Primary Chemi­ Food turing leum cators metals cals presented here for analytical purposes only; 1963 they probably contain very large measure­ 11 83.9 91.9 80.0 86.0 84.4 83.2 111 83.7 91 .7 80.8 76,1 85.0 83.3 ment errors. The McGraw-Hill data on IV 83.7 91.1 81 . 1 85,0 85,1 83.2 which these figures depend heavily are col­ 1964 I 84.5 91.5 81.5 81.6 84,1 84.2 lected at the firm rather than at the estab­ II 85.7 92.7 82.7 86.9 83.8 83,3 111 86.3 92.3 83.5 89.3 83,6 82.6 lishment level. Thus errors in the industry IV 86.2 92.5 82.3 91.4 83,8 83.5 series might largely cancel out when we ag­ 196 1 5 88.5 91.8 87.0 93.7 83.6 83.5 II 88.4 91.3 87.8 94.8 82.2 81 .8 gregate to total manufacturing. The in­ III 88.5 92.6 88.5 92.6 82.2 81.4 IV 88.6 93.2 90.9 80.2 82.0 81.6 dustry series are implicit in the published 1966 manufacturing capacity index, however, and 1 90.5 93.5 93.1 88.4 82.9 82.2 11 90.9 93.2 93.1 92.5 82.8 81.7 an examination of this detail should indi­ JII 90.6 93,4 93,3 91.7 82.6 81 .9 IV 90.0 93.6 93.4 86.9 82.3 82.0 cate the kind of error we might expect in the 1967 aggregate series. I II 8 8 7 5 . . 1 0 9 9 2 4 . . 0 2 8 8 9 7 . , 3 0 7 81 9 . . 1 7 8 7 0 8 . . 8 6 8 81 2 , . 3 7 III 84.3 93.9 85.6 78.0 77.3 80.5 Before we can compare utilization rates IV 84.7 95.0 84.4 81 .7 78.1 80.9 with the adequacy of capacity figures of 1968 1 84.0 92.9 85.1 83.7 78,4 80.5 the Department of Commerce, we must spec­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

902 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 FIGURE 1 the entire striped area to the right of U*. When this average operating rate is U- the expected proportion is the white striped por­ flU) tion. The problem is to choose the parameters L7„,!1X and U* so as to minimize the differ­ ence between the calculated percentage of firms reporting inadequate facilities and the actual percentage as reported by the Depart­ ment of Commerce. The criterion used was least squares. The equation to be estimated is not linear in the parameters and an itera­ tive technique had to be used. The observa­ their simplicity. Several forms were tried, tion for December 1963 was dropped be­ but the best results were obtained by as­ cause the statistics for petroleum and food suming that the upper limit of company for that quarter appear to be quite out of operating rates for any industry does not line with the remainder of those series. change over time whereas the dispersion of operating rates varies with the average rate The results, presented in Table 3A, seem for firms in that industry. Thus when the av­ reasonable for the total manufacturing, pe­ erage operating rate is high-—as in the dis­ troleum, and metal fabricators industries— tribution with mean LA in Figure 2—utiliza­ the last category contains the machinery, tion rates are distributed rather compactly transportation equipment, and metal fabri­ about that average. When the average utili­ cating industries. The fact that in every case zation rate is low—as in the distribution the quantity Umm is placed at a value above with mean LA—the dispersion of firm oper­ 100 percent is not too surprising. The con­ ating rates is greater. The percentage of cept of capacity for machinery firms is any­ firms expected to report inadequate facili­ thing but clear. According to McGraw-Hill ties when the mean utilization rate is LA is these firms tend to define capacity as some­ thing like their maximum output with a normal work force. Firms that normally FIGURE 2 operate only two shifts, for instance, might operate well over their usual concept of capacity by operating a third shift. In the petroleum industry, where capacity is much easier to define, it seems unlikely that firms could have an operating rate of over 100 per cent. The estimate of Umns for this in­ dustry is 108.8 per cent. At a normal in­ dustry operating rate of about 92 per cent, this would indicate that about one-eighth of the firms were operating above 100 per cent of capacity. This indicates that the trian­ gular distribution is not the best possible Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MANUFACTURING CAPACITY: A COMPARISON 903 TABLE 3 the next 12 months. What answer should we REGRESSION RESULTS FOR PERCENTAGE OF expect from a firm which expects to have GROSS ASSETS HELD BY FIRMS WITH excess capacity for, say, 9 months of the ■■INADEQUATE” CAPACITY coming year and very inadequate capacity for the remaining 3 months? In fact some Preferred R 2 Industry t^max U* rate 1 (2) of the sharp swings in the primary metals A. Based on meanutilization rates for current quarter. operating rate are not reflected in the an­ swers. As a result the best fitting triangular All manufacturing 123.9 89.3 93 .279 (6.5) (1.2) distribution is a very wide one which places Petroleum 108.8 97.1 98 .593 about the same proportion of firms to the (II.2) (0.7) right of the critical value U* regardless of Metal fabricators 3 140.8 90.2 93 .483 (7.3) (1.5) the mean operating rate for the industry. Primary metals 228.4 90.8 91 .242 (74.6) (15.9) This form of the relationship between the Chemicals 100.1 74.1 90 /? 2 < 0 mean operating rate and the percentage of (16.7) (2.7) companies reporting inadequate facilities is Food 143.1 87.6 90 /? 2 < () (H.6) (2.1) undoubtedly too simple to reflect reality very accurately. There are, however, only B. Based on average of utilization rates for current and (wo previous quarters. 1 8 observations in the Commerce scries at All manufacturing 122.6 89.9 93 .502 present, and so the number of parameters (5.7) (I.I) to be estimated must be kept small. Petroleum 109.1 97.0 98 . 466 (6.4) (0.5) The estimates of the critical value (U*) Metal fabricators -1 142.5 90.0 93 .518 above which firms report inadequate capac­ (7.4) (1.5) ity seem quite reasonable in most cases. If Primary metals 165.3 88.8 91 .434 (I4.l) (2.9) firms prefer to operate at levels where their Chemicals I02.0 74.1 90 R 2 <C 0 capacity is just adequate, U* should cor­ (13.0) (2.1) Food 123.7 86.2 90 R 2 <C 0 respond closely to the McGraw-Hill prefer­ (8.4) (1.4) red rate. That they do in fact correspond 1 Source: McGraw-Hill Economics Department. closely can be seen from Table 3. In most 2 Calculated as I------;------ .. 7?2<0 in these equations corre- cases the critical value is slightly below the spends roughly to a wrong sign on the variable U in an ordinary lin­ preferred rate. The Commerce Department ear least squares estimation. 3 Includes machinery, transportation equipment, and fabricated question refers to sales for the next 12 metals industries. Note.*—Standard errors are given in parentheses. months. The difference between U* and the preferred rate may be caused by expecta­ one. A Piosson distribution, for example, tions of moderate sales increases. skewed to the left from Uma* might have fit In the chemical and food industries the the data better and might have given lower estimates are unsatisfactory. There appears estimates of U max. to be no relation between industry utilization The results for the primary metals indus­ rates and the proportion of firms reporting try are unsatisfactory, and the reason is not inadequate facilities. An examination of the difficult to find. Iron and steel production data shows that there has been little varia­ is subject to wide swings, especially near tion in the estimated operating rates of either times of labor contract negotiations. The industry over the sample period, although Commerce Department question asks firms both have tended to move downward. In to judge the adequacy of their capacity for both cases the proportion of firms reporting Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

904 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 inadequate capacity rose until sometime in The most important effect of this change 1966 and declined thereafter. This casts is to increase the explanatory power of most doubt on the capacity utilization series pre­ of the equations and to reduce the size of sented in Table 2. Tt seems to imply that re­ the standard errors. U^ for the primary cent rates of capacity growth in these two metals industry is lowered considerably but industries are overstated. is still far too high. UMm for the food indus­ It will be recalled that manufacturers try is also reduced to more reasonable levels. were asked to evaluate their capacity in the These results suggest that, when enough data light of their current and prospective sales. become available to support more complex hypotheses about sales expectations, further It seems likely that they base their expecta­ improvements may occur. tions on more than current sales. If they Because of the small number of observa­ have information not reflected in current tions used, it is difficult to draw firm con­ sales—for example, the size of their order clusions. It appears that the Commerce De­ backlog—this suggests using leading operat­ partment data are broadly consistent with ing rates in the estimating equation. This the Federal Reserve operating rate series, possibility was not followed up because although the Federal Reserve method may it would result in reducing the number of have led to an overstatement of recent ca­ usable observations, of which there are al­ pacity increases in the chemical and food ready too few. If businessmen doubt the industries. The data also seem to indicate permanence of present sales this suggests that the spread of company operating rates using lagged operating rates. In order to is surprisingly wide. However, the estimated avoid using up degrees of freedom by ex­ dispersion may be an overstatement because panding the number of parameters to be es­ of incorrect specification of the functional timated, the equation was rerun using as form of the distribution of company operat­ the independent variable the average ing rates. Finally, it appears that more data utilization rate of the current and previous will be needed before the Commerce De­ two quarters. The results are presented in partment series can be integrated into a new Table 3B. set of capacity estimates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Financial Developments in the Third Quarter of 1968 The shifting mix of fiscal and monetary ing rates. The greater availability of funds policies, fluctuating market expectations to banks in the summer months enabled about the future strength of business activi­ them sharply to expand investments in U.S. ty and of credit demands, and relatively Government and State and local govern­ heavy credit demands from the Federal ment securities. Government and State and local govern­ In contrast to the accelerated growth in ments were the dominant factors in financial time and savings deposits, growth in the markets during the third quarter. money stock—currency and private demand The move toward fiscal restraint as a deposits taken together—slowed in the third result of the tax increase and spending con­ quarter, to a 4'/2 per cent annual rate, or straints legislated in June led to market about half the second-quarter pace. There expectations of declining interest rates, appeared to be some easing of transactions predicated for the most part on anticipa­ demands for cash, as the rise in gross na­ tions of a weaker business outlook and an tional product moderated and as there was easier monetary policy. Longer-term inter­ some abatement in stock market activity. est rates and Treasury bill rates declined In addition, money stock growth in the during the first part of the summer. In summer was held down as sizable Treasury recognition of the market impact of the cash borrowing and enhanced tax receipts change in the fiscal stance, Federal Reserve led to a larger than seasonal net transfer discount rates were reduced from 51/2 to of funds from private to U.S. Government 514 per cent in midsummer to align these balances. Thus, although the total of pri­ rates with developing conditions in credit vate bank deposits grew rapidly over the markets. summer, the increase reflected divergent The reduced level of market interest trends among component types of deposits, rates enabled banks to acquire more funds with expansion in private demand balances through an accelerated expansion of time slowing sharply and private time deposit and savings deposits, particularly of large- growth accelerating. denomination negotiable time certificates of System open market operations provided deposit. Time deposit inflows to banks had the reserves to support the resurgence in been severely constrained in the second time deposit growth, as well as the rise quarter when short-term market interest in Treasury cash balances. In the third quar­ rates rose to and above Regulation Q ceil- ter, the total reserves of the banking system grew at about a 9 per cent annual rate, Note.—This report, which was sent to the Joint compared with virtually no change in re­ Economic Committee of the U.S. Congress, attempts serves in the second quarter of the year to highlight the important developments in financial markets and interest rates over the summer months, when time deposit growth was limited and with emphasis on the relationships among Treasury Treasury balances were being drawn down. financing needs, private credit demands, and banking and monetary flows. As summer progressed, the economic 905 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

906 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 developments indicated more strength than continued to rise relatively rapidly. Indus­ many market participants had expected. trial revenue bonds added at the margin to Moreover, relatively high day-to-day financ­ the size of new offerings, with many offer­ ing costs—typified by the Federal funds ings coming to market before the end-ofand dealer loan rates—persisted. Under these year cut-off date, when such bonds of large circumstances, and with credit demands denomination will no longer be tax exempt. remaining generally strong, long- and short­ MONTHLY AVERAGE OFFERINGS term market interest rates backed up from OF NEW SECURITY ISSUES their midsummer lows. Interest rates re­ (In billions of dollars; not seasonally adjusted) mained below their spring peaks, however, 1967 1968 partly reflecting a continued relatively large Type availability of funds for investment by banks. III IV 1 II III* Corporate bonds... 2.1 1.7 1.4 1.6 1.3 DEMANDS ON CREDIT MARKETS State and local govt. issues..................1.0 1.1 1.2 1.2 1.5 Credit demands during the third quarter 0 Estimated. were sustained both by the Federal Govern­ ment’s need for funds and by continued Corporate bond issues in the third quarter relatively heavy borrowing by other sec­ were substantial by most earlier standards tors of the economy. As shown in the fol­ but were below the record volume of a year lowing table, the Federal Government’s net earlier, which was still being augmented by cash borrowing in the third quarter came to corporate efforts to improve liquidity posi­ $7.7 billion, almost as much as in the third tions and restructure outstanding debt. quarter of 1967. With the budget deficit Short-term borrowing by businesses, partic­ lower than a year ago, however, much of ularly at banks, was sustained by continued this borrowing enabled the Government to fairly high rates of business inventory ac­ build up its cash balance from the relatively cumulation as well as additional corporate low midyear level and to prepare for the tax payments stemming from the tax legis­ seasonally large fourth-quarter deficit. lation enacted in June. Demands for mortgage credit remained FEDERAL GOVERNMENT BORROWING large during the summer, as the backlog of AND CASH BALANCE housing demand led to a continued relatively (Quarterly totals, in billions of dollars; not seasonally adjusted) advanced level of construction activity. At 1967 1968 the same time, the surge in consumer buying Item I | II | III III IV of durable goods led to an acceleration in the growth of outstanding consumer instal­ Budget surplus, or deficit (—)....... -8.9 -10.9 -8.6 2.8 -3.2 ment debt. Net cash borrow­ ing, or repayment (-)................. 8.5 10.4 6.7 -2.6 7.7 While the net increase in mortgage debt Change in cash bal­ ance................. 1.0 -1.1 -.2 -.1 3.3 outstanding was slightly slower in the third quarter than in the second (after adjusting Credit demands from other sectors of the for seasonal patterns), there was a pick-up economy in the third quarter were sustained in mortgage commitment activity of finan­ by record offerings of State and local gov­ cial institutions. Net savings inflows to thrift ernment bonds, shown in the following table, institutions were sustained through and after as State and local government expenditures the midyear interest-crediting period, and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS IN THE THIRD QUARTER 1968 907 declines in interest rates on competitive slowed and when U.S. Government balances market instruments made mortgages a rela­ were being reduced, sharply so when ad­ tively more attractive investment outlet. justed for past seasonal patterns. Nonbor­ rowed reserves of banks increased more QUARTERLY CHANGES IN MORTGAGE rapidly than the total in the summer months AND CONSUMER DEBT because, as market interest rates fell rela­ (In billions of dollars; seasonally adjusted) tive to the discount rate, banks utilized 1967 1968 reserves supplied through Federal Reserve Type III IV I II IIP1 open market operations to reduce borrow­ ings at the Reserve Banks’ discount window. Mortgage debt....... 6.5 6.9 6.7 6.6 6.2 Consumer instal- During the third quarter, time and sav­ ment debt........... .9 l.l 1.5 1 .8 2.2 ings deposits at banks expanded at an 18 e Estimated. per cent annual rate, compared with an Note.—Net change in outstanding debt. expansion rate of only 3 per cent in the SUPPLY OF FUNDS THROUGH THE spring quarter. This time deposit growth BANKING SYSTEM was sparked by banks’ efforts to recapture The banking system was able to accommo­ funds through issuance of large negotiable date a greater share of total credit demands CD’s that they had been unable to obtain in the third quarter, in large measure re­ or retain in previous months, when yields flecting banks’ success in recapturing time on Treasury bills and other short-term mar­ deposit funds, flows of which had dwindled ket instruments rose to or above Regula­ earlier in the year. Banks also continued tion Q ceiling rates. to increase the amount of funds obtained With CD’s relatively uncompetitive, the in the Euro-dollar market through their amounts outstanding declined by almost branches. $1.5 billion during the second quarter. As The increase in time deposits, together bill and other short-term rates dropped with a rise in Treasury balances, was ac­ following the tax increase, commercial commodated by a monetary policy that per­ banks quickly rebuilt their outstanding CD’s mitted total bank reserves to expand during to previous peak levels and beyond, with the third quarter, as shown in the following CD’s rising by $3 billion during the third table. There had been little change in such quarter. reserves outstanding in the previous quar­ While issuance of large CD’s was the ter, when time and savings deposit growth principal source of the rapid deposit ex­ pansion of the third quarter, a somewhat GROWTH IN RESERVES AND DEPOSITS more rapid net inflow of other time and (Percentage annual rate of change from preceding period) savings deposits also developed as consum­ 1967 1968 ers shifted some funds back to banks, mainly Item 1 JI Hl I 11 HI to smaller denomination time certificates and notice accounts. However, the sharp reduc­ Total reserves.. 17.0 4.0 11.3 5.9 10.5 0.1 8.9 Nonborrowed tion in the rate of personal saving during reserves..... 24.8 5.3 12.3 2.1 4.6 -0.2 13.2 Total member the third quarter, when consumer spending bank deposits (bank credit expanded, tended to limit expansion of con­ proxy)....... 15.4 8.7 13.7 7.2 7.0 1.2 13.1 sumer-type time and savings deposits at Note.—Changes are based on seasonally adjusted data for last banks. The decline in personal savings also month in period shown and in preceding period. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

908 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 affected the flow into savings accounts at Though the money stock tends to fluctu­ mutual savings banks and savings and loan ate fairly widely in the short-run, the slow­ associations, which on balance increased ing of money growth ih the course of the no more rapidly in the third quarter of 1968 third quarter reflected in part reduced trans­ than in the previous three quarters. actions demands for additional cash, given While more of the public’s funds went the already advanced levels of cash hold­ into interest-bearing deposits, growth in pri­ ings, as economic and also stock market vate demand deposits and in the money activity moderated. In addition, Treasury stock moderated. During the third quarter, financing and fiscal activities tended to re­ growth in the money stock was at about a duce private demand deposits in the third 4.5 per cent annual rate (measured from quarter, after having increased them in the the average outstanding in June to the av­ second. As the Treasury draws down its de­ erage outstanding in September), with cur­ posits to make payments, or as Treasury rency outstanding showing a larger rate of deposits rise as a result of receipts from rise than demand deposits. private sectors, this tends to be reflected, at The growth rate of the total money stock least temporarily, in partly offseting move­ was about half the advance of the previous ments of private demand deposits. In the quarter. The money stock had grown rapid­ second quarter the Treasury added to the ly during the second quarter, accompanying flow of private demand deposits reaching a sharp expansion in GNP and in financial, the public by reducing its cash balance conparticularly stock market, activity. The rapid traseasonally, while in the third quarter siz­ advance in money balances during the spring able Treasury cash borrowing and enhanced was fairly steady, culminating around mid­ tax receipts led to larger than seasonal net year, and brought balances to a level from transfers from private demand deposits to which they showed little net change there­ U.S. Government deposits. after during the third quarter.1 BANKS' USE OF FUNDS GROWTH IN MONEY STOCK AND TIME The rapidity with which banks regained CD AND SAVINGS ACCOUNTS funds during the third quarter enabled them (Percentage annual rates of change from preceding period) to accommodate a much larger share of T.!?W-4;-1,WW<eM«®HSWS>«S*iaM»««»»«3WM 1967 1968 credit demands, particularly demands com­ Item ing through securities markets. In the sum­ I ll III IV T 11 III mer banks were especially aggressive inves­ Money stock... 6.6 6.5 7.0 4.9 4.6 8.7 4.5 Time and sav­ tors in an effort to nail down relatively highings deposits at banks.... 19.7 16.2 15.8 9.1 7.0 3.2 17.9 yielding portfolio investments at a time when Savings accounts in thrift insti­ interest rates were generally expected to tutions....... 9.5 11.3 9.4 6.1 6.2 6.1 6.1 decline. <_>6^.«w-v*t^^»^^wsw;z^i«zsswOTS»»sa.»'S*sa'3raas>®ffi®^^t»sse«sas®a Note,“Changes are based on seasonally adjusted data for last Because banks purchased a substantial month in period shown and in preceding period. share of the U.S. Government and State 1 In view of the pattern of change in the money sup­ and local government securities offered in ply—rising throughout the second quarter and then markets during the summer, about two-fifths tending to level off at the higher level over the summer —the average daily level of cash balances outstanding of the $17 billion third-quarter rise in total in the third quarter was about 8 per cent higher, at an loan and investments of banks was in the annual rate, than the average daily level outstanding in the second quarter. form of securities. Another one-fifth of the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS IN THE THIRD QUARTER 1968 909 bank credit expansion was in the form of MARKET INTEREST RATES, 1968 security loans, advanced in part to U.S. (In per cent) Government security dealers as they helped Quarterly average underwrite Treasury financings and they also Type Highs Lows built up security inventories in anticipation 1 1! HI of future interest rate declines. Federal funds rate 1............ 6.34 (4/15) 4.54 (1/3) 4.79 5.99 5.95 3-month Treasury QUARTERLY CHANGE IN BANK CREDIT bill.....5....9..2.. .(.5./21) 4.82 (1/29) 5.05 5,52 5.20 AND VARIOUS COMPONENTS U.S. Govt. bonds2........ 5.77 (3/14) 5.14 (8/2) 5.46 5.47 5.26 (In billions of dollars; seasonally adjusted) Co ( r n p e o w ra is te s u A e a s a ) ... 6.83 (5/24) 6.13 (8/16) 6.32 6.63 6.36 Municipal bonds 1967 1968 ( B 2 u 0 y -y e e r. a .. r . B ... o . n . d 4,71(5/24) 4.07 (8/8) 4.3 8 4.46 4.31 Item H । Mo y r e tg a a r g F e H s A (3 ) 0 . - . .. 7.52 (June) 6.78 (Feb.) 6.81 7.32 7.35 I II in IV I III Total loans and 1 Highs and lows represent daily averages during a statement week. investments. . 11.0 4.7 12.9 7.4 6.0 5.3 17,0 2 20-year constant maturity series. U. S. Govern­ ment securi- 5-year call protection) were around 6.15 ties................. 3.7 -1.4 5.5 -1.7 .2 .5 3.6 Other securities. 3.7 3.8 1.5 3.7 2.2 .3 3.1 per cent. Loans, total.... 3.7 2.2 5.8 5.5 3.6 4.5 10.3 While these interest rates declined, there Business........ 2.3 1.9 1.5 2.0 1.5 1.8 2.3 Consumer.... .4 .4 .7 .7 1 .0 .9 1.5 was little net change in the cost of day-to­ Real estate. .. .7 .8 1.4 1 .7 1.7 1.3 1.3 Security......... .4 -.9 2.2 -.4 -.5 -.5 3.8 day money, as noted earlier. The persistence a»«Ae»ZHSSi of relatively high day-to-day financing costs, Apart from security loans, there was a together with growing doubts that the busi­ moderately larger growth in bank loans ness situation was as weak as expected or during the third quarter as compared with that monetary policy would become as easy the second, mainly resulting from bank par­ as many had anticipated, contributed to a ticipation in the expansion of consumer rise in interest rates from these lows. The credit. rise in yields continued into late summer and early fall, but key market interest rates INTEREST RATE CHANGES have remained about 20-40 basis points Most interest rates during the third quarter below their highs for the year. With the were lower on average than in the preceding over-all market interest rate structure at a quarter, as shown in the following table. somewhat reduced level, and with banks This was mainly the result of expectational able to attract funds for loans and invest­ factors and the initial impact of the resumed ments, banks in late September reduced the participation in security markets by banks. prime loan rate. The early summer decline of long-term Mortgage yields, as measured by the sec­ interest rates and Treasury bill rates brought ondary market yield on FHA-insured loans, them to levels that were from 60 to 100 basis averaged slightly higher in the third than points lower than the previous highs for the the second quarter. But this in part reflected year reached in the spring. At their lows for the higher level of the series following the the quarter in early or mid-August, the 3- jump in yields in May, when the permissible month bill rate was just under 5 per cent contract rate was raised. After June, yields (on a discount basis), 20-year U.S. Govern­ declined moderately on a month-to-month ment securities were around 5.15 per cent, basis, though, as usual, tending to lag the and high-grade new corporate issues (with reduction in other market interest rates. 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 appear 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 July 16 were published in the Bulletins for April, pages 372-81; May, pages 431-36; June, pages 482-96; July, pages 628-37; August, pages 671-80; September, pages 749-56; and October, pages 853-71. The records for the meetings held on August 13 and 19, 1968, follow: 910 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 911 MEETING HELD ON AUGUST 13, 1968 Authority to effect transactions in System Account. Reports at this meeting indicated that some elements of economic activity had expanded vigorously in early summer. Staff projec­ tions suggested, however, that expansion in over-all activity would slow considerably in the months ahead as a result of the new fiscal restraint measures and a marked reduction in inven­ tory accumulation. Retail sales rose sharply in July, according to the advance report. Industrial production increased moderately, and non­ farm employment continued upward at the reduced pace of re­ cent months. The unemployment rate edged down to 3.7 per cent from 3.8 per cent in June, but remained above the low of 3.5 per cent recorded in the two preceding months. Average prices of industrial commodities advanced only slightly further in July, but increases in steel prices were an­ nounced following the wage settlement in the steel industry at the end of the month. Because of a marked, although largely seasonal, increase in prices of farm products and foods, the wholesale price index rose considerably in July. In June the consumer price index rose more than it had in other recent months. About one-half of the advance reflected higher costs of consumer services, including mortgage interest charges. The staff projections suggested that inventory accumulation, which had contributed significantly to the rapid growth of real GNP in the second quarter, would slow in the third and fourth quarters. A sharp curtailment of steel production had already begun, and it was expected that liquidation of the stocks of steel that had been built up as a precaution against a strike would continue throughout the rest of the year and perhaps into early 1969. Growth in final sales was projected to remain at about the reduced second-quarter rate, in the expectation that the rise in Federal spending would taper off and that the income tax surcharge would damp increases in consumer expenditures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

912 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 In foreign exchange markets the French franc had remained under pressure in recent weeks. The position of sterling had improved earlier, following the announcement that 12 central banks had expressed willingness to participate in new arrange­ ments to offset fluctuations in overseas sterling balances and a report indicating that the British foreign trade deficit had nar­ rowed in June. The sterling exchange rate moved lower on the day of this meeting, however, after publication of figures indi­ cating that the British trade deficit had widened again in July. The price of gold in the private London market recently had continued to fluctuate in a narrow range around $39 per ounce. In the second quarter the U.S. foreign trade balance had deteriorated further. Nevertheless, the over-all payments balance on the liquidity basis, although still in deficit, had improved substantially, partly as a result of various special official trans­ actions. Even apart from such transactions, however, the balance had improved markedly in May and June, when there were sizable net inflows of private capital; and it appeared that the improvement had been maintained in July. A substantial surplus was recorded in the payments balance on the official settlements basis in the second quarter, mainly because of a massive increase in liabilities of U.S. banks to their branches abroad. Such liabili­ ties increased further in early July, but declined in subsequent weeks. On July 31 the Treasury offered a new 6-year, 5% per cent note priced to yield about 5.70 per cent, for payment on August 15. Commercial banks were permitted to pay for 50 per cent of their allotments by credits to Treasury tax and loan accounts. The issue was very well received, and the Treasury raised about $1.9 billion of new cash in addition to refunding $3.6 billion of publicly held securities maturing in mid-August. This was the largest sale to the public of an intermediate-term issue in more than 20 years. Most interest rates had declined substantially on balance since the previous meeting of the Committee. The declines were largely Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 913 attributable to market expectations that credit conditions would ease as a result of slower economic growth, smaller prospective Treasury financing needs, and relaxation of monetary restraint following the recent enactment of fiscal legislation. Expectations of a near-term shift in monetary policy, perhaps including a cut in the discount rate, appeared to have been encouraged by a reduction in the interest rate on System repurchase agreements from 5s/s to 5!/2 per cent on the day after the Committee’s preceding meeting. Contributing to the rate declines were increases in bank pur­ chases of Treasury and municipal securities and a large build-up of dealer inventories of Treasury securities, as well as prospects for a substantial reduction in the volume of new corporate bond issues. The fact that only an intermediate-term obligation was offered in the Treasury’s August financing—in contrast to the customary practice of including a short-term “anchor” issue— added to downward pressures on rates in short-term markets, where the declines were most pronounced. Most recently, however, continued firmness in day-to-day money market rates had raised doubts about prospects for an immediate substantial easing of monetary policy. Both short- and long-term interest rates had turned up and had erased part of their earlier declines. On the day before this meeting the market rate on 3-month Treasury bills was 5.05 per cent, 16 basis points above the low reached in the preceding week but still 37 basis points below its mid-July level. Net inflows of funds to mutual savings banks and savings and loan associations slowed in .July. There were signs, however, that conditions in primary and secondary mortgage markets were beginning to ease, after tightening gradually but steadily for more than a year. With interest rates on competing market instruments declining on balance in July, the volume of large-denomination CD’s out­ standing at commercial banks increased by an unusually large amount. Banks recently had reduced their offering rates on all Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

914 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 CD’s except those with short maturities, and by the time of this meeting such rates were still at the Regulation Q ceilings only for CD’s maturing within 2 months. Growth in consumer-type time and savings deposits continued in July at about the moder­ ate pace of previous months. Government deposits declined on average, and growth in private demand deposits and the money supply accelerated—the latter to an annual rate of about 13 per cent, from 8.5 per cent in the second quarter and 4.5 per cent in the first. Business loans outstanding at banks increased more than sea­ sonally in July, although the rise was somewhat less than might have been expected in view of the additional corporate tax pay­ ments required under the new fiscal legislation. Bank investments expanded sharply, however, as did loans to finance securities holdings. Total bank credit, as measured by the bank credit proxy—daily-average member bank deposits—grew at an annual rate of 9 per cent, compared with rates of 1 per cent in the second quarter and 7 per cent in the first. Allowance for changes in the daily average of U.S. bank liabilities to foreign branches would have served to increase the growth rate by 2 percentage points in July and slightly more in the second quarter. System open market operations in the early part of the interval following the preceding meeting of the Committee had been directed at accommodating the tendencies for short-term interest rates to decline. Later in the period, however, when it became apparent that bank credit was increasing at a rate significantly above that projected at the time of the previous meeting, oper­ ations were modified to the extent permitted by the Treasury financing. Member bank borrowings, which had averaged $555 million in the 2 weeks ending July 24, rose to an average of $670 million in the following 2 weeks; and average net borrowed re­ serves increased from $215 million to $320 million. Since the preceding meeting of the Committee, the effective rate on Federal funds had fluctuated mostly in a 6 to 6% per cent range and bank rates on loans to dealers in U.S. Government securities, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 915 whose financing needs were heavy, also had remained high. New staff projections suggested that the bank credit proxy would increase from July to August at an annual rate of 16 to 18 per cent if the prevailing stance of monetary policy were maintained. About three-fourths of the estimated growth re­ flected an expected increase in average Government deposits from July to August as a result of Treasury cash borrowing. Much slower growth—at an annual rate of 5 to 7 per cent— was anticipated for September, when the Treasury was not ex­ pected to engage in new borrowing except in connection with its regular bill offerings. The money supply was projected to remain about unchanged in August and to grow moderately in September when a decline in Government deposits was antici­ pated. Expansion in time and savings deposits was expected to moderate somewhat in August and September. The Committee agreed that the rate of economic growth was likely to slow during the second half of the year. Several mem­ bers noted, however, that some moderation in the recent rapid pace of expansion would be desirable in light of prevailing in­ flationary pressures, and that the evidence available to date was not sufficient to indicate the amount of slowing in prospect. Considerable concern was expressed about the rapid rates of increase in bank credit experienced in July and projected for August, even though it was noted that the spurt was projected to be temporary. At the same time, it was thought generally that it would be undesirable for short-term interest rates, which had been advancing in recent days, to rise substantially further. The Committee concluded that it would be appropriate at this time to maintain, on balance, about the prevailing conditions in money and short-term credit markets, with some easing in day-to-day money market rates to be permitted if Treasury bill and other short-term rates remained under marked upward pres­ sure. It was also agreed, however, that operations should be modified if bank credit growth in August and September appeared to be significantly exceeding current projections. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

916 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 Several members expressed the view that in light of the marked net decline in short-term interest rates since the enact­ ment of fiscal legislation, a near-term reduction in the discount rate would be appropriate to bring it into better alignment with current market rates. These members noted that a cut in the discount rate might have the effect of moderating further up­ ward pressures on short-term rates without requiring reserve injections of the size that might otherwise be needed for that purpose. At the conclusion of the discussion the following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting indicates that some elements of economic activity continued to expand vigorously in early summer. Ex­ pansion in over-all activity, however, is projected to slow considerably in coming months as a result of the new fiscal restraint measures and a marked reduction in inventory accumulation. Industrial prices have been increasing less rapidly in recent months, but consumer prices have con­ tinued to rise substantially. Wage pressures remain strong, and the recent wage settlement in the steel industry was followed by announcements of steel price increases. Both short- and long-term interest rates have declined considerably, in large part as a result of expectations of easier credit con­ ditions. Bank time and savings deposits, particularly large-denomination CD’s, have expanded sharply in early summer; growth in the money supply has continued large as U.S. Government deposits have been drawn down further on average; and growth in total bank credit has been unusually rapid. Although the U.S. balance of payments has recently shown a marked improvement, the foreign trade balance and underlying payments position continue to be matters of serious concern. In this situation, it is the policy of the Federal Open Market Committee to foster financial conditions con­ ducive to sustainable economic growth, continued resistance to inflationary pressures, and attainment of reasonable equilibrium in the country’s balance of payments. To implement this policy, System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining, on balance, about the prevailing conditions in money and short-term credit markets; provided, however, that operations shall be modified if bank credit appears to be significantly exceeding current projections. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 917 Votes for this action: Messrs. Martin, Brimmer, Daane, Galusha, Hickman, Kimbrel, Maisel, Mitch­ ell, Robertson, Sherrill, Bopp, and Treiber. Votes against this action: None. Absent and not voting: Mr. Hayes. (Mr. Treiber voted as his alternate. Also, Mr. Bopp voted as an alternate member in place of Mr. Ellis, whose mem­ bership on the Committee had terminated on June 30, 1968, the effective date of his resignation as President of the Federal Reserve Bank of Boston.) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

918 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 MEETING HELD ON AUGUST 19, 1968 Authority to effect transactions in System Account. On Thursday, August 15, the Board of Governors of the Federal Reserve System approved a reduction from 5 V^ to 514 per cent in the discount rate of the Federal Reserve Bank of Minneapolis.1 In its announcement the Board stated that the change was pri­ marily technical, to align the discount rate with the change in money market conditions that had occurred chiefly as a result of the enactment of the Federal tax increase and its related expendi­ ture cuts. The purpose of today’s meeting, which was held by telephone, was to consider the need for a revision of the Com­ mittee’s current economic policy directive in light of the discount rate action. Reports at this meeting indicated that the reaction in financial markets to the Board’s discount rate announcement had been quite mild. Prices of Treasury notes and bonds had edged up slightly on Friday, August 16. The market rate on 3-month Treasury bills—which had advanced from 5.05 per cent on Au­ gust 12, the day before the Committee’s previous meeting, to 5.17 per cent on August 15—declined the next day to 5.1 1 per cent. There had been no significant change in the effective rate on Federal funds, which had been fluctuating in a 6 to 614 per cent range in recent weeks. Staff projections still suggested that the bank credit proxy—daily-average member bank deposits— would increase at annual rates of 16 to 18 per cent in August and 5 to 7 per cent in September, even if there were some easing of day-to-day money market rates in the wake of discount rate re­ ductions. The Committee agreed that open market operations should be directed at facilitating orderly money market adjustments to re- 1 The reduction was effective August 16. Discount rates of the other Federal Reserve Banks were subsequently reduced to 514 per cent, with effective dates as follows: Richmond, August 19; Chicago, Cleveland, Kansas City, and Philadel­ phia, August 23; Boston, August 27; Dallas, August 28; and Atlanta, New York, St. Louis, and San Francisco, August 30. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 919 ductions in Federal Reserve Bank discount rates. As at the pre­ ceding meeting, the desirability was noted of cushioning upward pressures on short-term interest rates if they should develop. The Committee also agreed that operations should be modified if bank credit appeared to be deviating significantly from current projections, on the understanding that this proviso was to be im­ plemented as a result of any downward deviations only if such deviations were of considerable magnitude. The following current economic policy directive was issued to the Federal Reserve Bank of New York: System open market operations until the next meeting of the Committee shall be conducted with a view to facilitating orderly adjustments in money market conditions to reductions in Federal Reserve Bank discount rates; provided, however, that operations shall be modified if bank credit appears to be deviating significantly from current projections. Votes for this action: Messrs. Hayes, Brimmer, Daane, Galusha, Hickman, Kimbrel, Maisel, Robert­ son, Sherrill, and Bopp. Votes against this action: None. Absent and not voting: Messrs. Martin, Mitchell, and Morris. (Mr. Bopp voted as alternate for Mr. Morris.) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material ORDERS UNDER BANK MERGER ACT Statement BANKERS TRUST COMPANY, Bankers Trust Company, New York, New York NEW YORK, NEW YORK (“Bankers Trust”), with total deposits of about $5.5 billion, has applied, pursuant to the Bank In the matter of the application of Bankers Trust Merger Act (12 U.S.C. 1828(c)), for the Board’s Company for approval of merger with Northern prior approval of the merger of that bank with Westchester National Bank. Northern Westchester National Bank, Chappaqua, Order Approving Merger of Banks New York (“Northern Bank”), which has total deposits of about $33 million.1 The banks would There has come before the Board of Governors, merge under the charter and name of Bankers pursuant to the Bank Merger Act (12 U.S.C. Trust, which is a member of the Federal Reserve 1828(c)), an application by Bankers Trust Com­ System. As an incident to the merger, the eight pany, New York, New York, a State member offices of Northern Bank would become branches bank of the Federal Reserve System, for the of Bankers Trust, increasing the number of its Board's prior approval of the merger into that offices to 77. bank of Northern Westchester National Bank, Competition. Northern Bank’s main office is Chappaqua, New York, under the charter and located in Chappaqua in the northern part of title of Bankers Trust Company. As an incident Westchester County. In addition to Northern Bank, to the merger, the eight offices of Northern West­ which operates eight banking offices, six banks chester National Bank would become branches of operate 36 banking offices in Northern Westchester the resulting bank. Notice of the proposed merger, County (estimated population of 190,000). Three in form approved by the Board, has been published of these banks arc large New York City banks, pursuant to said Act. and the other three banks are considerably larger Upon consideration of all relevant material in than Northern Bank. Northern Bank holds about the light of the factors set forth in said Act, in­ 13 per cent of the estimated $255 million deposits cluding reports furnished by the Comptroller of of the banking offices in Northern Westchester the Currency, the Federal Deposit Insurance Cor­ County.poration, and the Attorney General on the com­ petitive factors involved in the proposed mergers, Bankers Trust is the sixth largest bank head­ It is hereby ordered, for the reasons set forth quartered in New York City and the seventh in the Board’s Statement of this date, that said largest bank in the country. It is the “lead” bank application be and hereby is approved, provided of a registered bank holding company. Bankers Trust New York Corporation (the “Corporation”), that said merger shall not be consummated (a) before the thirtieth calendar day following the date which controls a total of four banks having ag­ of this Order or (b) later than three months after gregate deposits of approximately $5.7 billion. the date of this Order unless such period is ex­ Bankers Trust presently has no offices in West­ tended for good cause by the Board or by the chester County but has received approval to es­ Federal Reserve Bank of New York pursuant to tablish a branch in the town of Greenburgh, delegated authority. which is in the southwestern part of Westchester Dated at Washington, D.C., this 24th day of County about 15 miles south of Chappaqua. One October, 1968. of the Corporation’s banking subsidiaries, First By order of the Board of Governors. State Bank of Rockland County, has a branch office located in West Haverstraw, about four miles Voting for this action: Chairman Martin and Gov­ ernors Mitchell, Daane, Maisel, and Sherrill. Voting from a branch of Northern Bank, but the Hudson against this action: Governor Robertson. Absent and not voting: Governor Brimmer. 1 Deposit figures are as of December 30, 1967, unless (Signed) Robert P. Forrestal, otherwise indicated. ■ r I Assistant Secretary. - As of June 30, 1966. 920 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

921 River prevents easy accessibility between the two effect of the merger on banking convenience and offices. needs would be limited to Northern Westchester Bankers Trust derives about $2.0 million in County. That area is presently served (in addition deposits and $4.3 million in loans from Northern to Northern Bank) by six large banks offering full Bank’s service area, a small portion of total area banking services and with adequate lending limits. deposits and loans. The three other subsidiaries Nevertheless, in those parts of the County that of the Corporation derive deposits of about $91,­ arc conveniently served only by Northern Bank, 000 and loans totaling about $132,000 from the proposed merger would provide residents with Northern Westchester County. Northern Bank complete trust services, expanded consumer and derives about $312,000 of deposits and $352,000 real estate loan services, and higher effective rates of loans from New York City and only a very of interest on savings deposits. small amount of loans and deposits from the areas Summary and conclusion. In the judgment of served by the Corporation’s other subsidiaries. the Board, the effect of the merger on competition The Board thus concludes that there is no would be slightly favorable. The banking factors meaningful existing competition between Bankers offer some support for approval of the merger, Trust and the other holding company subsidiaries and the merger would benefit the banking con­ and Northern Bank. On the other hand, competi­ venience and needs of Northern Westchester tion could be increased through the establishment County through a broader range of banking and of branches by Bankers Trust in Northern West­ trust services. chester County. State law permits New York City Accordingly, the Board concludes that, on bal­ banks to establish branches in Westchester County, ance, the application should be approved. and Bankers Trust would be a likely de novo en­ trant into that market. However, since 1960, the Dissenting Statement of New York State Banking Board has approved Governor Robertson only 4 of 10 applications by State banks head­ I agree with the majority Statement that present quartered in New York City for de novo branches competition between Bankers Trust and Northern in Northern Westchester County, and it is ap­ Bank is not significant, but in my view, the poten­ parent, through an analysis of growth projections tial for competition in the future is too great to for the northern part of the County and of the warrant its preclusion by approval of this merger availability of suitable banking office locations, application, in the absence of real public benefits that the possibility of future competition between which might be expected to flow therefrom. Bankers Trust and Northern Bank is not signifi­ I view Bankers Trust as the most likely de novo cant. entrant into all parts of Westchester County. Furthermore, the village of Chappaqua, under Whether the northern part of the County achieves State law, is not open for the establishment of sufficient growth to support additional banking branches by any banks other than Northern Bank, offices next year, in five years, or in twenty years, which maintains its home office there. Consum­ I believe Bankers Trust would have a number of mation of the merger would thus permit de novo those offices. Bankers Trust presently has an ex­ branching in the Chappaqua community, and two tensive branch system, and of all the areas into banks have filed applications for branches there which it is permitted to branch, it lacks adequate contingent upon favorable action on this merger. representation only in Westchester County. In Financial and Managerial resources and pros­ fact, the merger application itself states that for pects. The banking factors with respect to Bankers several years Bankers Trust has been looking for Trust are satisfactory, but the adequacy of the appropriate locations within the County and that capital structure of Northern Bank has not been it will ultimately have one or more de novo offices regarded as completely satisfactory due to a liberal located there. I thus conclude that Bankers Trust dividend policy and the high cost of maintaining has the will and the resources to become an active a large volume of interest bearing deposits. The competitor in Northern Westchester County. merger would eliminate that inadequacy, and the Northern Bank is one of only seven banks hav­ banking factors with respect to the resulting bank ing offices in Northern Westchester County and would be satisfactory. the only bank headquartered in that part of the Convenience and needs of the community. The County. Three of the other banks with offices in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

922 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 Northern Westchester County are large New York the light of the factors set forth in said Act, in­ City banks. Northern Bank has eight prime loca­ cluding reports furnished by the Comptroller of tions and holds approximately 13 per cent of the the Currency, the Federal Deposit Insurance Cor­ total deposits in Northern Westchester County. I poration, and the Attorney General on the com­ can sec no reason to make a gift of those offices petitive factors involved in the proposed merger, and deposits to a large and aggressive bank that It is hereby ordered, for the reasons set forth has every capability to compete for business there. in the Board’s Statement of this date, that said The record in this case shows that the banking application be and hereby is approved, provided convenience and needs of the Northern West­ that said merger shall not be consummated (a) chester County area are being fully met, if not before the thirtieth calendar day following the completely by Northern Bank, then by the other date of this Order or (b) later than three months six large banking institutions having offices there. after the date of this Order unless such period is Every conceivable service that Bankers Trust can extended for good cause by the Board or by the offer is now available in the area. Northern Bank Federal Reserve Bank of Boston pursuant to dele­ itself offers a fairly complete line of services, and gated authority. the services that it does not offer arc of a type Dated at Washington, D.C., this 30th day of not in constant day-to-day demand. For example, October, 1968. it is no great inconvenience to drive a few miles By order of the Board of Governors. to obtain trust services. Voting for this action: Chairman Martin and Gov­ The banking factors also lend no support to ernors Mitchell, Daane, Maisel, Brimmer, and Sherrill. the merger. Northern Bank is a well-managed, Absent and not voting: Governor Robertson. viable institution. Any capital inadequacies have (Signed) Robert P. Forrestal, been or can be remedied by the Bank. Assistant Secretary. In conclusion, I sec this as a clear case of the [seal] complete and total elimination of potential com­ petition between two good banks, with the public Statement interest suffering from the elimination. The Colonial Bank and Trust Company, Water­ bury, Connecticut (“Colonial”), with total deposits THE COLONIAL BANK AND of $165 million, has applied pursuant to the Bank TRUST COMPANY, Merger Act (12 U.S.C. 1828(c)), for the Board’s WATERBURY, CONNECTICUT prior approval of the merger of that bank with Litchfield County National Bank, New Milford, In the matter of the application of the Colonial Connecticut (“Litchfield Bank”), which has total Bank and Trust Company for approval of merger deposits of $20 million.1 The banks would merge with Litchfield County National Bank. under the charter and name of Colonial, which Order Approving Mercer of Banks is a member of the Federal Reserve System. As an incident to the merger, the six offices of Litchfield There has come before the Board of Governors, Bank would become branches of Colonial, in­ pursuant to the Bank Merger Act (12 U.S.C. creasing the number of its offices to 22.2 1828(c)), an application by The Colonial Bank Competition. Colonial operates 16 offices in and Trust Company, Waterbury, Connecticut, a Waterbury, which has a population of about 108,­ State member bank of the Federal Reserve System, 000, and surrounding communities. Waterbury for the Board’s prior approval of the merger is located in the northern part of New Haven into that bank of Litchfield County National County, a heavily industrialized area. Litchfield Bank, New Milford, Connecticut, under the char­ Bank maintains its head office and two branches ter and title of The Colonial Bank and Trust in New Milford (population 11,600), which is Company. As an incident to the merger, the six located 28 miles west of Waterbury. Litchfield offices of Litchfield County National Bank would Bank also maintains three branches in communibecome branches of the resulting bank. Notice of the proposed merger, in form approved by the 1 Figures are as of December 30, 1967. Board, has been published pursuant to said Act. 2 Colonial has received approval for the establishment Upon consideration of all relevant material in of three branches that have not yet been opened. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 923 ties surrounding New Milford, an area consisting Litchfield Bank and the Savings Bank for time mainly of small farms and woodland. deposits and mortgage loans. Litchfield Bank operates the only commercial The net effect of the merger on competition banking offices in the communities in which its would be favorable. offices are located. Competition for some or all Financial and managerial resources and pros­ of those offices is provided by four banks, ranging pects. The banking factors with respect to each in deposit size from $4 to $53 million, and two of the banks are reasonably satisfactory, as they of the larger banks in the State with headquarters would be with respect to the resulting bank. at Bridgeport. In addition, banks located in Dan­ Convenience and needs of the communities. The bury, 15 miles south of New Milford, compete in merger would affect banking convenience and varying degrees for the deposits of New Milford needs only in the area presently served by Litch­ area residents employed in Danbury. It appears field Bank. Residents of two of the four communi­ unlikely that the merger would have significant ties served by Litchfield Bank do not have con­ consequences for any of the competing banks. venient access to a full range of banking services. The closest offices of Colonial and Litchfield The merger would bring to those residents ex­ Bank arc approximately 11 miles apart over an panded trust services, an increased lending limit, indirect route. East-west travel on the roads con­ and a wider variety of credit and deposit instru­ necting the separate areas of Colonial and Litch­ ments. In addition, through the removal of home field Bank is time-consuming and difficult. Very office protection in New Milford, residents there few residents of the New Milford area arc em­ will eventually have convenient access to the serv­ ployed in Waterbury, but a substantial number ices of more than one commercial bank. are employed in Danbury. The two banks derive Summary and conclusion. The proposed transac­ only a small number of deposit and loan accounts tion would have a favorable overall effect on from one another’s service area. banking competition and would benefit the bank­ Accordingly, little existing competition between ing convenience and needs of the area presently Colonial and Litchfield Bank would be eliminated served by Litchfield Bank. by consummation of the merger. Connecticut law Accordingly, the application is approved. permits State-wide branching with the exception MARINE MIDLAND TRUST COMPANY that branches of commercial banks may not be OF ROCKLAND COUNTY, established in communities in which the home of­ NYACK, NEW YORK fice of another commercial bank is located. Thus, it is legally permissible for Colonial to establish In the matter of the application of Marine branches in the area served by Litchfield Bank. Midland Trust Company of Rockland County for However, the communities in that area, aside from approval of merger with Lafayette Bank and Trust New Milford, have small populations with no Company of Suffern. sizable growth anticipated in the foreseeable fu­ ture. The removal of home office protection from Order Approving Merger of Banks New Milford, therefore, appears likely to increase There has come before the Board of Governors, competition in that area; two large banks have pursuant to the Bank Merger Act (12 U.S.C. applied for permission to establish branches in 1828(c)), an application by Marine Midland New Milford contingent upon approval of this Trust Company of Rockland County, Nyack, New merger. York, a State member bank of the Federal Re­ Although no commercial bank other than Litch­ serve System, for the Board’s prior approval of field Bank has offices in New Milford, the New the merger into that bank of Lafayette Bank and Milford Savings Bank (deposits of $48 million) Trust Company of Suffern, Suffern, New York, operates offices there and maintains its home of­ under the charter and title of Marine Midland fice on the same premises as Litchfield Bank. Two Trust Company of Rockland County. As an inci­ trustees of the Savings Bank, a mutual savings dent to the merger, the two offices of Lafayette bank, arc directors of Litchfield Bank, in which Bank and Trust Company of Suffern would be­ the Savings Bank holds a minority stock interest. come branches of the resulting bank. Notice of the Consummation of the merger should increase the proposed merger, in form approved by the Board, intensity of competition between the successor of has been published pursuant to said Act. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

924 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 Upon consideration of all relevant material in County. Rockland County is about 30 miles north the light of the factors set forth in said Act, in­ of New York City and has an estimated popula­ cluding reports furnished by the Comptroller of tion of 193,000. The County is mostly residential, the Currency, the Federal Deposit Insurance Cor­ but many new industrial and commercial concerns poration, and the Attorney General on the com­ arc locating there. petitive factors involved in the proposed merger, Suffern Bank’s main office is located in the town It is hereby ordered, for the reasons set forth of Suffern (population of 5500) in the south­ in the Board’s Statement of this date, that said western part of Rockland County, and its only application be and hereby is approved, provided branch is in the village of Sloatsburg, 3 miles that said merger shall not be consummated (a) north of Suffern. before the thirtieth calendar day following the date The towns of Nyack and Suffern are about 11 of this Order or (b) later than three months after miles apart. Nyack is located on the west bank of the date of this Order unless such period is ex­ the Hudson River, and Suffern is on the New tended for good cause by the Board or by the lersey border. The nearest offices of the two Federal Reserve Bank of New York pursuant to banks arc located 6 miles apart on an cast-west delegated authority. line. The flow of local traffic in Rockland County Dated at Washington, D.C., this 4th day of is generally in a north-south direction, and there November, 1968. arc a number of other banking offices in the area By order of the Board of Governors. between the offices of Nyack Bank and Suffern Bank, but each bank does derive some deposits Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, Maisel, and Sherrill. and loans from the service area of the other. Thus, Absent and not voting: Chairman Martin and Gover­ the merger would eliminate some existing com­ nor Brimmer. petition between the two banks. (Signed) Robert P. Forrestal, Neither bank can establish branches in the Assistant Secretary. community where the main office of the other is [seal] located, and much of the surrounding area is Statement presently not sufficiently developed to support ad­ ditional banking offices. However, Nyack Bank Marine Midland Trust Company of Rockland and Suffern Bank are potentially more vigorous County, Nyack, New York (“Nyack Bank”), with competitors than they are at present. total deposits of about $49 million, has applied, Nyack Bank holds about 16 per cent of total pursuant to the Bank Merger Act (12 U.S.C. deposits in an area slightly larger than Rockland 1828(c)), for the Board’s prior approval of the County, and Suffern Bank holds about 4 per cent. merger of that bank with Lafayette Bank and Although the merger would thus result in a bank Trust Company of Suffern, Suffern, New York holding 20 per cent of area deposits, there are 47 (“Suffern Bank”), which has total deposits of offices of 12 other banks competing in that area. about $13 million.' The hanks would merge under One bank holds 29 per cent of total area deposits, the charter and name of Nyack Bank, which is a and seven of the other banks competing in the member of the Federal Reserve System. As an area have total deposits exceeding those of the incident to the merger, the two offices of Suffern bank that would result from this merger. Bank would become branches of Nyack Bank, In conclusion, the effect of the merger on com­ increasing the number of its offices to nine. petition, both existing and potential, would not be Competition. Nyack Bank is a subsidiary of significantly adverse. Marine Midland Banks, Inc., Buffalo, New York, Financial and managerial resources and pros­ a registered bank holding company that has 11 pects. The banking factors in regard to Suffern subsidiary banks in the State of New York. The Bank are reasonably satisfactory, except that the 11 banks operate 230 offices with aggregate de­ Bank is lacking sufficient managerial depth. In posits of $4.2 billion. Nyack Bank operates 7 recent years, the Bank has suffered two serious offices in 6 communities, all within a 7-mile radius defalcations, which have had a detrimental effect of the town of Nyack, where its main office is on the confidence of Bank personnel and cus­ located, in the southeastern part of Rockland tomers. In addition, the Bank has had difficulty 1 Deposit figures are as of December 30, 1967. maintaining fidelity insurance coverage. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 925 Consummation of the merger and the resulting proving an application, filed pursuant to the New affiliation with Marine Midland Banks, Inc. should York Banking Law, with respect to the same alleviate the difficulties of Suffern Bank. The bank­ transaction. ing factors with respect to Nyack Bank are rea­ Notice of receipt of the application was pub­ sonably satisfactory and would remain so after the lished in the Federal Register on April 24, 1968 merger. (33 Federal Register 6263), which provided an Convenience and needs of the community. The opportunity for interested persons to submit com­ effect of the merger on banking convenience and ments and views with respect to the proposed needs would be limited to the immediate area of acquisition. A copy of the application was for­ Suffern Bank. The merger would make available in warded to the United States Department of Justice that area an additional source of a broad range of for its consideration. Time for filing comments and banking services, which are now offered only by views has expired and all those received have been one bank in the town of Suffern. considered by the Board. Summary and conclusion. In the judgment of It is hereby ordered, for the reasons set forth the Board, the effect of the merger on competition in the Board’s Statement of this date, that said would not be significantly adverse. Moreover, the application be and hereby is denied. merger would have a beneficial effect in removing Dated at Washington, D.C., this 28th day of the difficulties of Suffern Bank and a slightly fa­ October, 1968, vorable effect on the banking convenience and By order of the Board of Governors. needs of the Suffern community. Accordingly, the Board concludes that the appli­ Voting for this action: Chairman Martin and Gover­ nors Robertson, Maisel, and Brimmer. Voting against cation should be approved. this action: Governors Mitchell, Daane, and Sherrill. (Signed) Robert P. Forrestal, ORDERS UNDER SECTION 3 OF BANK HOLDING COMPANY ACT Assistant Secretary. [seal] CHARTER NEW YORK CORPORATION NEW YORK, NEW YORK Statement /n the matter of the application of Charter New York Corporation, New York, New York, for Charter New York Corporation, New York, approval of acquisition of all of the voting shares New York (“Applicant”), a registered bank hold­ of Central Trust Company Rochester, N.Y., Roch­ ing company, has applied to the Board of Gov­ ernors, pursuant to section 3(a)(3) of the Bank ester, New York. Holding Company Act of 1956, for prior approval Order Denying Application Under of the acquisition of all of the outstanding voting Bank Holding Cowpany Act shares of Central Trust Company Rochester, There has come before the Board of Governors, N.Y., Rochester, New York (“Central Trust”). pursuant to section 3(a)(3) of the Bank Holding Applicant presently controls four banks with 40 Company Act of 1956 (12 U.S.C. 1842(a)(3)). banking offices and aggregate deposits of $3.5 and section 222.3(a) of Federal Reserve Regula­ billion.1 Central Trust, with 14 offices and de­ tion Y (12 CFR 222.3(a)), an application by posits of $191 million, is the fourth largest of five Charter New York Corporation, New York, New banks in Rochester, and of 31 banks in New York York, for the Board’s prior approval of the acqui­ State’s Eighth Banking District. sition of all of the outstanding voting shares of Views and recommendation of supervisory au­ Central Trust Company Rochester, N.Y., Roches­ thority. As required by section 3(b) of the Act, ter, New York. notice of receipt of the application was given to, As required by section 3(b) of the Act, the and views and recommendation requested of, the Board gave written notice of receipt of the appli­ New York State Superintendent of Banks. In view cation to the New York State Superintendent of of his coordinate responsibilities under New York Banks and requested his views and recommenda­ law, the Superintendent did not comment directly tion. The New York State Banking Board advised the Board of its action, consistent with a recom­ 1 All banking data are as of December 30, 1967, unless mendation made to it by the Superintendent, ap­ otherwise noted. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

926 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 to the Board. The New York State Banking Board, Rochester, Central Trust’s home office city, is however, advised the Board of its action, con­ located in Monroe County in New York’s Eighth sistent with a recommendation of the Superin­ Banking District. It is the third largest city in New tendent (a copy of which was also provided to York, and one of the leading industrial, business, the Board), approving an application with respect transportation, and cultural centers in the State. to the same transaction pursuant to Article III-A Its current population of 295,000 represents about of the New York Banking Law. 45 per cent of that of Monroe County and 35 Statutory considerations. Section 3(c) of the per cent of that of the Eighth Banking District, a Act provides that the Board shall not approve an six-county region covering an area of over 4,300 acquisition that would result in a monopoly or square miles in the northwestern part of New York would be in furtherance of any combination or State. In terms of population, employment, and conspiracy to monopolize or to attempt to monop­ business and industrial activity, the Rochester area olize the business of banking in any part of the has experienced a more rapid growth in recent United States. Nor may the Board approve any years than New York State or upstate New York other proposed acquisition, the effect of which, in as a whole, and this trend is expected to continue any section of the country, may be substantially in the future. Rochester has excellent transporta­ to lessen competition, or to tend to create a tion facilities, which include five railroads as well monopoly, or which in any other manner would as highly accessible highways. Three airlines serve be in restraint of trade, unless the Board finds that the city, and Port Rochester, on Lake Ontario, the anticompetitive effects of the transaction arc serves ocean going vessels entering the Great clearly outweighed in the public interest by the Lakes via the St. Lawrence Seaway. Rochester is probable effect of the transaction in meeting the recognized as a precision-industry city, the world convenience and needs of the community to be leader in the production of photographic equip­ served. In each case, the Board is required to take ment, optical goods, dental equipment, and control into consideration the financial and managerial instruments; it also ranks high in the manufacture resources and future prospects of the bank holding of men’s clothing, commercial equipment, plastics, company and the banks concerned, and the con­ and office supplies. The area has the highest per­ venience and needs of the community to be served. centage of skilled professional and technical em­ Competitive effect of proposed transaction. ployees of any area in the United States, and its Applicant is presently the eighth largest commer­ unemployment rate is consistently one of the cial banking organization (branch banking or­ lowest in the country. ganizations and bank holding companies) in New Of Central Trust’s 14 offices, seven are located York State and the State’s third largest bank in Rochester and five others arc in Monroe holding company; its subsidiaries account for ap­ County. The two remaining offices are located in proximately 4.6 per cent of the deposits held by Wayne County and Steuben County. 17 miles cast all commercial banks in the State. The 12 largest and 50 miles south, respectively, of Rochester. banking organizations in the State control 84 per The market served by Rochester-headquartered cent of the total deposits held by all commercial banks encompasses Monroe, Livingston, and banks located therein. Applicant’s share of State Wayne Counties (“the greater Rochester arca”).deposits, and that of the State’s largest banking Its potential branching area, under New York law, organizations, would be increased by .3 per cent is the entire Eighth Banking District (which con­ in the event of consummation of the present sists of those three counties plus the counties of proposal. Ontario, Yates and Steuben), except that the law Applicant’s largest subsidiary bank, Irving precludes establishment of a branch in a city or Trust Company, the seventh largest bank in New village which is the location of the principal office York City, has total deposits of $3.3 billion. Its of an independent bank. other subsidiary banks are The Merchants Na­ The closest of Applicant’s present subsidiaries tional Bank & Trust Company, Syracuse ($161 million deposits), Endicott Trust Company, Endi­ 2 This area coincides with the Rochester Standard Met­ cott ($54 million deposits), and Dutchess Bank & ropolitan Statistical Area, except that the latter Area in­ cludes Orleans County, which is not located in the Eighth Trust Company. Poughkeepsie ($31 million de­ Banking District and therefore is not regarded as :i part of posits). the local banking market. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 927 to the greater Rochester area is The Merchants First Banks Inc., a registered bank holding com­ National Bank & Trust Company, the main office pany; Marine Midland Trust Company ($385 mil­ of which, in Syracuse, is located 82 miles from lion deposits), a subsidiary of Marine Midland Rochester and a branch office of which is located Banks, Inc., a registered bank holding company; about 50 miles from the Wayne County office of Security Trust Company ($300 million deposits), Central Trust. Applicant’s largest subsidiary, a subsidiary of Security New York State Corpora­ Irving Trust Company, is located 312 miles from tion, a registered bank holding company; and Cen­ Rochester. Business derived by Central Trust from tral Trust. The fifth bank in the city is First areas served by Applicant’s subsidiaries is mini­ National Bank of Rochester, an independent bank mal, as is that derived by the present subsidiaries chartered in 1963, which has total deposits of $13 from the greater Rochester area and the Eighth million. The four large banks account, in the ag­ Banking District. The effect of Applicant’s proposal gregate, for 95 per cent of the total deposits held on existing competition, therefore, does not con­ by 17 banks in the greater Rochester area and 87 stitute a significant obstacle to approval of the per cent of the deposits held by the 31 banks in application. the Eighth Banking District. Central Trust, the There are other competitive considerations, smallest of the four, accounts for 12 per cent and however, which are of much greater concern. The 11 per cent of area and Eighth District deposits, Board has previously had occasion to express its respectively. Consummation of the proposal would views with respect to the inconsistency with the result in the same three bank holding companies purpose and intent of the Act of proposals which (Applicant, Marine Midland, and Lincoln First) would tend toward creation of a banking structure controlling three of the four largest banks in both consisting of a few giant banking organizations the Rochester and Syracuse areas, which arc lo­ competing only among themselves in a State’s cated in adjoining Banking Districts. These three significant banking markets. The most recent ex­ holding companies presently account for 67 per position of these views occurred in connection cent of the total deposits in the Syracuse (Onon­ with the Board’s reconsideration and affirmance daga County) area, and would account for about of an Order denying an application by BT New 77 per cent of the deposits in the greater Rochester York Corporation, Suffern, New York, to acquire area. voting shares of Liberty National Bank and Trust From the foregoing discussion, the parallel Company, Buffalo (Ninth Banking District), New between the present proposal and that denied by York.3 That case involved a proposal by the sixth the Board in a unanimous decision in the BT largest banking organization in New York State New York matter, supra, seems clear. The market to acquire a $341 million deposit bank, the third involved is highly concentrated, thus requiring largest in the State’s most highly concentrated particular care to preserve the possibility of even­ major banking market, and the fourth largest in­ tual deconcentration. Applicant, based on its over­ dependent bank in upstate New York. all size and the scope of its operations, appears Many of the same considerations found to re­ capable of expanding its upstate operations quire denial of that application apply with equal through means less likely to raise higher the exist­ force and effect to the proposal of Applicant, the ing barriers to entry in this concentrated market, eighth largest banking organization in the State, and Central Trust is one of the few remaining to acquire Central Trust, the seventh largest inde­ independent banks of such size as to be capable, pendent bank in upstate New York. The greater through affiliation with other banks of similar Rochester area, which, like Buffalo, is a significant size, of providing competition on a regional basis and growing economic market, has the second with Applicant and other large holding companies. highest concentration of banking resources among Affiliation of Central Trust with Applicant not the State’s major banking markets. Five banks are only would stifle such potential competition, but headquartered in Rochester, the four largest of would bring one significant step closer the domi­ which are Lincoln Rochester Trust Company nation of significant banking markets in the State ($692 million deposits), a subsidiary of Lincoln by a few large organizations. The question of whether the effect of an acqui­ J54 Federal Reserve Bulletin (1968). The Board's or­ sition “may be substantially to lessen competition”, iginal Order and Statement in that case appear at 53 Fed­ eral Reserve Bulletin 769 (1967). the Supreme Court has noted, “is not the kind of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

928 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 question which is susceptible of a ready and pre­ tisc of Irving Trust Company. In seeking approval cise answer in most cases. It requires not merely of its formation, Applicant asserted that the affilia­ an appraisal of the immediate impact of the . . . tion of Irving Trust with Merchants National [acquisition] upon competition, but a prediction of Bank & Trust Company would permit the former its impact upon competitive conditions in the to draw upon the retail expertise of the latter to future. . . ." United States v. Philadelphia Na­ extend retail services to Irving Trust’s New York tional Bank, 374 U.S. 321, 362 (1963). In mak­ City customers,5 and since Applicant’s formation, ing that prediction, it is essential to bear in mind Irving Trust has in fact engaged in a vigorous that if a competitive structure is lost through un­ advertising program apparently designed to ex­ due permissiveness, it cannot readily be restored. pand this phase of its business. It is apparent that, When a proposal involves the elimination of an considering the aggregate financial and managerial independent competitor of the size and competi­ resources of Applicant and its subsidiaries, Appli­ tive force of Central Trust, the event is of such cant has the ability to expand by means more irreversible proportions that particular care is consistent with the preservation of sound banking required in analyzing its implications for the competition. structure of banking markets. Also, although each A judgment on a proposal’s consistency or in­ application must be judged on its own merits, consistency with the competitive standard of the sound administrative procedure requires considera­ Bank Holding Company Act must be guided by tion of the precedential effect of determinations the intent of Congress in enacting the legislation. made pursuant to the Act.4 Reference to the committee reports 0 on the origi­ While no agency is required to follow precedent nal bank holding company legislation makes clear which subsequent developments establish to be that the primary objectives of Congress in estab­ improvident, it should avoid establishing precedent lishing a competitive standard to be applied to which, if consistently applied, will clearly do vio­ applications such as that presently before the lence to the letter and spirit of the legislation Board were to prevent the concentration of bank­ which it has the duty of impartially administering. ing resources in the hands of a few large banking To do otherwise would be to confer on a particu­ organizations and to protect and encourage a lar applicant a competitive advantage which simi­ framework for a banking structure consisting of larly situated applicants would be deprived in the as many separate and competing banking organi­ future of the opportunity to overcome, and the zations as can effectively and efficiently serve the unwillingness of a particular applicant to under­ convenience and needs of the banking public. In take less anticompetitive methods of expansion 1966, the Act was amended to incorporate a com­ which are within its capability does not justify petitive standard identical with that of the anti­ such a preference. trust laws. That amendment evidences no depar­ In finding Applicant fully capable of expanding ture from the original goals of Congress. Rather, to serve additional markets in upstate New York the Clayton Act, from which is derived the re­ without resort to acquisitions of the size and po­ striction against acquisitions the effect of which tential anticompetitive effects of that here pro­ “may be substantially to lessen competition, or to posed, the Board has considered the fact that tend to create a monopoly” was itself inspired by Applicant’s largest subsidiary, Irving Trust Com­ “what was considered to be a rising tide of eco­ pany, is primarily a wholesale bank. The ability nomic concentration in the American economy” of Applicant to assist small upstate banks in de­ (Brown Shoe Co. v. United States, 370 U. S. 294, veloping the retail phase of their business or to 315 (1962)), and the fact that Congress has man­ sponsor the establishment of new banks which dated that standard as one to be applied to bank could significantly compete for such business, holding company expansion serves to underscore however, is not to be gauged solely by the exper- its determination to prevent undue concentration in the banking industry arising out of such expan­ 4 See lirown Shoe Co. v. United States, 370 U.S. 294, sion. And because Congress saw the process of 343-344 (1962): “If a merger achieving 5% control were now approved, we might be required to approve future merger efforts by Brown’s competitors seeking similar mar­ * Application <>/ Charter New York Corporation, 52 ket shares. The oligopoly Congress sought to avoid would Federal Reserve Bulletin 527, 530 (1966). then be furthered and it would be difficult to dissolve the “Sen. Rep. No. 1095, 84th Cong., July 25, 1955; H. Rep. combinations previously approved.” No. 609, 84th Cong., May 20, 1955. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 929 concentration as a dynamic force, it sought to share of municipal and State deposits—from 12 brake this force at its outset and before it gathered per cent in the mid-1950’s to about 20 to 26 per momentum. Id. at 317-318. cent recently. Its performance in lending to busi­ The basic issue to be determined under the ness, the touchstone of commercial banking, has competitive criterion is whether consummation been exceptional. Although accounting for only of the proposal presented by the application would 10 to 12 per cent of the commercial bank assets, be inconsistent with the goal of preventing undue it has accounted over the past 15 years for about concentration of banking resources. For the rea­ 18 to 23 per cent of the commercial and industrial sons stated herein and discussed in detail in the loans of Rochester-headquartered banks. Central Board’s Statement on the BT New York applica­ Trust’s share of that loan market is about equal tion earlier cited, the Board concludes that affilia­ to that of the area’s third largest bank, and only tion of one of the few remaining large independ­ moderately lower than the 30 per cent share of ent banks in upstate New York, and the only such each of the two largest banks in Rochester. bank in the highly concentrated Rochester area, Applicant disclaims any intent to transform with one of the largest bank holding companies Central Trust from a small businessmen’s bank presently in operation in the State would tend into a “big business-oriented bank.” It is asserted, toward that concentration of banking resources however, that the proposed affiliation will permit which it was Congress’ purpose to avoid. Consum­ the bank to more adequately serve present cus­ mation of Applicant's proposal would substantially tomers who are in the process of outgrowing the lessen potential competition and tend to create a bank’s capacity to serve them. It is also contended monopoly in commercial banking in the greater that Central Trust’s reliance upon public deposits Rochester area, the Eighth Banking District of the provides it with a less stable lending base than State of New York, and other upstate areas. would a greater proportion of other deposits which Under the Act, the Board is precluded from ap­ are not as subject to sudden fluctuation. Applicant proving such a proposal unless it finds that bene­ asserts that Irving Trust Company is prepared to fits which the proposal would confer upon the restrict its outstanding real estate loans by $20 convenience and needs of the communities in­ million to $25 million in order to support liquidity volved clearly outweigh these anticompetitive needs of Central Trust in the event public deposits effects. arc drawn down or as needed to finance new loan Convenience and needs of the communities in­ demand in the Rochester area. volved. Consummation of Applicant’s proposal Although such figures as arc available suggest would not affect the convenience and needs of the that Central Trust’s rate of deposit growth has communities served by Applicant’s present sub­ been about equal to the growth in average size of sidiaries. the industrial establishments and trade firms in the The adequacy of banking facilities in the Rochester area, there are undoubtedly some cus­ Rochester area is not seriously disputed by Appli­ tomers of Central Trust which are growing at a cant. It is contended, however, that Central Trust's rate sufficient to develop borrowing needs which affiliation with Applicant would permit the bank the bank cannot fill without assistance. There is to broaden the range of services which it offers every reason to believe, however, that any inability and to improve the quality of its present services, of Central Trust in this respect does not result in and would provide the bank with more ready such needs remaining unfilled, since any firm de­ access to loanable funds which could be used to veloping such needs presumably has access not serve the needs of its community. only to larger Rochester banks, but to regional The record indicates that Central Trust is a or national banking markets. Nor docs it appear viable and competitive bank which has provided likely that any loss of such customers will result quality banking services to its community, and in an inability of Central Trust to find sufficient particularly to the small businesses located therein. lending outlets, since any slack in loan demand Over the past 20 years, its share of deposits held from that source would be taken up, as it has been by Rochester banks has increased slightly, ranging in the past, by new businesses entering the market from about 10 to 11 per cent in the 1950’s to and by the expanding needs of existing small and about 11 to 12 per cent in the 1960’s. This slight medium-sized firms. Any increase in Central increase is attributable to a sharp rise in the bank’s Trust’s ability in this respect would benefit only Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

930 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 those larger customers whose alternatives are of similar size in the Second Federal Reserve numerous, and could result in limiting the amount District. of its resources devoted to the needs of smaller The greater facility for raising additional capital customers whose alternatives are more restricted. which affiliation would provide is a consideration While it is true that public deposits are tradi­ of slight weight in view of the success of Central tionally regarded as more volatile than most other Trust, without assistance, in increasing its capital deposits, there has been no indication of such on an average of every three years over the last instability of the funds held by Central Trust as to 25 years. Prospects of the bank appear good re­ he a matter of serious concern, and the bank, with gardless of whether Applicant’s proposal is con­ a loans to deposits ratio of over 70 per cent, summated. clearly has not been inhibited in its lending ac­ Considerations under this factor provide only tivity by its deposit structure. Moreover, Appli­ slight weight for approval of the application. cant’s proposal to restrict the real estate loans of Conclusion. On the basis of all relevant facts Irving Trust to provide funds to the Rochester contained in the record, and in the light of the area would involve a contraction of credit in one factors set forth in section 3(c) of the Act, it is section of the economy, ostensibly just as deserv­ the Board’s judgment that consummation of Appli­ ing and needy, in the same measure as credit cant’s proposal may have the effect of substan­ would be expanded in the Rochester area. There tially lessening competition or tending to create a is no reason to prefer the allocation of scarce monopoly, and that the anticompetitive effects of credit resources proposed to that dictated by im­ the transaction are not clearly outweighed in the partial market forces, and the proposed realloca­ public interest by any probable effect of the trans­ tion therefore provides no basis for approval. action in meeting the convenience and needs of In addition to the above, Applicant asserts that the community to be served. Accordingly, the consummation of the proposed acquisition would application should be denied. result in various internal economies for Central Dissenting Statement of Governor Mitchell Trust, development of international banking serv­ ices, and expansion of trust, consumer lending, My dissent from the majority’s position on the and other domestic banking services. All of the application of Charter New York Corporation to new services proposed are already available in the acquire Central Trust Company reflects a basic Rochester area, and their introduction at Central disagreement with certain of the majority’s find­ Trust, as well as the improvements proposed, re­ ings of fact and conclusions relating to the service late only to the convenience, rather than the characteristics and potential of Irving Trust Com­ needs, of the Rochester community. There is no pany and Central Trust Company. I also disagree evidence that such a broadened or improved with the conjectural conclusion that, in view of service offering could not be accomplished by Charter’s “giant” size, Rochester and the State of means less inimical to the preservation of future New York would be better served by Central’s competition. affiliation with some smaller, yet unformed, hold­ Considerations under this factor arc consistent ing company group. with approval, but do not outweigh the anticom­ While Central is not a “problem” bank in the petitive effects noted earlier. usual sense of the word, it does have, in addition Financial and managerial resources and future to the typical management succession and capital prospects. The financial condition, management, difficulties of banks of its size, a rather special and future prospects of Applicant and its present problem. In order to carry out its aggressive loan subsidiaries are regarded as satisfactory. program it has had to place disproportionate re­ liance on two sources of funds subject to special The financial condition of Central Trust is uncertainties or volatility, namely on local gov­ regarded as reasonably satisfactory and its man­ ernment deposits and on negotiable certificates of agement is experienced and capable, although deposit. This is evidenced by its share of the vari­ some difficulty has been experienced in attracting ous deposit markets in the community. While it junior officers. Deposits and loans of the bank has only 11.8 per cent of total deposits, its market have grown by over 150 per cent in the last 10 share of State and local deposits is 22.6 per cent,1 years, and its earnings in relation to its assets have in recent years been above average for banks ' As of June 29, 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 931 and its share of IPC time deposits under $100,000 the community of Rochester might be advantaged is 14.7 per cent.2 by a holding company affiliation for Central, but Central's growth measured absolutely, or rela­ that such affiliation should be with a group of tive to that of other Rochester banks, has been smaller banks and perhaps regional in character. good. However, the heavy orientation of its de­ If the purpose is to lessen exposure to adverse posit structure toward public deposits and its competitive effects it would seem that affiliations heavily-loaned position negative the reasonable which are an extension of market participation probability that Central could meet the growing are to be preferred over those that confine partici­ finance requirements of its present customers, or pations regionally or to limited market specialties. even the lesser sized loan needs of new business Affiliations involving, as this one does, broader entries to the Rochester market. Further, the exist­ geographic coverage and greater variety in spe­ ing level of loan activity—a distinguishing feature cialization must be viewed as diluting existing or of the bank’s operation that in my opinion should potential concentrations. be supported in the public interest—involves a Moreover, the issue should not be the absolute potential for exposure when viewed in the light size of Charter; Charter derives its size from of the bank’s deposit structure. Irving. Irving derives its size from correspondent, Charter offers to backstop these exposures to foreign, and wholesale banking operations. In its the extent of $20-$25 million. There is no reason international operations it faces the competition to doubt that it would do so or to believe that of a score or more of U.S. banks (and foreign such assistance would he unprofitable. The acqui­ institutions, too, for that matter). This has little sition proposal is consistent with such a stance. or nothing to do with Rochester. Nor is the size Since there is nothing in the record to indicate of Irving's competitive position in the United that Central is particularly attractive as a source States, New York State, or New York City pri­ of loanable funds to be invested elsewhere, it is marily at issue here. An appropriate competitive reasonably assumed that Charter’s interest in ac­ analysis is only fogged by references to these mar­ quiring Central stems from its conviction that the ket areas and their magnitudes. What is at issue return on developing business in Rochester will is the competition in Rochester and environs. prove more profitable than some of Irving Trust’s Charter states it will not enter this market de novo. present portfolio investments. Central specializa­ Will some other possible entrant be a better com­ tion in financing small and medium-sized busi­ petitor? The majority’s view that this will he the nesses is the key to these better prospects, and to case can, at the most, only be conjectural. the economic logic of Charter’s proposal to utilize As to whether Central Trust would or could, Central as its conduit to expansion and develop­ with the same potential for competitive status that ment in the Rochester area. The entire business is offered by Applicant’s proposal, become a lead sector in the Rochester area would be the principal bank in a regional holding company system, I am beneficiary of this proposal. Admittedly, Irving disinclined to accept the likelihood of such an Trust and Central Trust would be co-bencficiaries occurrence. Even assuming away the practical dif­ of the arrangement. None of these interests would ficulties of such an affiliation, the relatively small as certainly be beneficiaries of any alternative sizes of Central Trust and the remaining inde­ service proposal. Importantly, and contrary to the pendent banks in the region, combined with Cen­ conclusion implicit in the Board’s Statement, any tral Trust’s lack of experience in the rendition of expansion in Central Trust’s service potential, par­ a broad scale of banking services to the Rochester ticularly with respect to larger loans to existing market, make unlikely Central Trust’s move in this customers whose continuing growth has placed direction in the foreseeable future. them beyond Central’s lending ability, would not In sum, I find that the favorable competitive appear to occur at the expense of those business potential evident in the proposal is far greater customers of Central which will remain small to than that likely to result from the conjectured hy­ medium sized. pothesis of an Upstate holding company by the With respect to the competitive efTcct of the majority. But more importantly I find Applicant’s proposal will clearly benefit the Rochester area proposal, the majority implies that Central and economic interests—small, medium, and large— from Central Trust’s expanded service rendition. I - As of June 30, 1966. would approve the application. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

932 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 Dissenting Statement of lihood that significant benefits will result from Governors Daane and Sherrill consummation of its proposal. Admittedly, Cen­ tral has, as the majority states, a record of sound We concur in the reasoning of the dissenting growth. That growth is attributable in the main, position expressed by Governor Mitchell. Our however, to Central's rendition of banking service separately stated dissent is intended to focus more to small and medium size customers in the sharply on, and thus to emphasize, certain of the Rochester area. In turn, this service has, in part, points contained in Governor Mitchell’s dissent. resulted in the growth and expansion of these cus­ First, we find undue the reliance placed by the tomers to a point that Central’s size now dis­ Board’s majority on the effect of Charter’s pro­ enables it to render full banking services, particu­ posal on areas beyond Rochester, particularly the larly credit accommodations, to many of its cus­ Board’s reliance on State-wide deposit control tomers. Consummation of Applicant’s proposal data. Charter’s application, whether viewed in the will, as stated in Governor Mitchell’s Dissenting context of competitive consequences, market re­ Statement, enable Irving Trust and Central to sponse, or ultimate benefit to specific communities, share in the responsibility and benefits incident to deals directly and emphatically with the immedi­ answering these demands for larger credit accom­ ate Rochester area. It is the latter area, therefore, modations in the Rochester area, and to continue that must be the focal point for a decision on this with increased facility Central’s response to exist­ application. When thus viewed, we believe, for ing and future demands for credit by small and the reasons set forth in Governor Mitchell’s Dis­ medium size borrowers. We find no evidence that senting Statement, particularly those emphasized either class of borrowers will be disserved by this herein, that the application should be approved. proposal; rather each should benefit measurably Charter’s proposal to make available to Central, therefrom. through Irving Trust, some $20-$25 million, in We conclude that the minimal adverse competi­ the event of an undue outflow of Central’s public tive effect inherent in this proposal is clearly out­ deposits, is viewed by the majority as undersirablc weighed by the benefits likely to inure to the resi­ in that it would interfere with “impartial market dents and businesses in the Rochester area. We forces” now regulating the allocation of resources, cannot accept the majority’s conclusion that denial and would substitute a forced misallocation of of Applicant’s proposal is warranted because of such resources. We submit that the proposed Applicant’s ability to expand into the Rochester placement of $25 million in the Rochester market area by means more consistent with the preserva­ would be clearly responsive to market forces, evi­ tion of sound competition. As stated by Governor dencing a business judgment that use of these Mitchell, this conclusion is conjectural. Not only funds in the Rochester market would be more is the conclusion unsupported by affirmative evi­ profitable than their continued use in Irving’s in­ dence that alternative means of expansion are rea­ vestment portfolio. Further, direction of these sonably available to Charter, but it is in direct funds from Irving to Central’s trade area would be conflict with Applicant’s stated intention. Accord­ of direct benefit to the business interests in ingly, we would approve the application. Rochester where, as established by the record, the growth of Central’s business customers has placed FIRST VIRGINIA BANKSHARES them beyond Central’s present lending ability. Nor CORPORATION, would such larger lines of credit be extended at ARLINGTON, VIRGINIA the expense of smaller business customers whose In the matter of the application of Firxt Vir­ interests, Applicant states, will continue to be a ginia Bankshares Corporation, Arlington, Virginia, matter of principal concern to Central’s manage­ for approval of acquisition of 51 per cent or more ment. The extent to which Applicant’s proposal of the voting shares of The Planters Bank of will serve the clear and present needs of the Bridgewater, Bridgewater, Virginia. Rochester area argues strongly for approval of the application. Order Approving Application Under It is an aspect of the latter consideration to Bank Holding Company Act which we address our final comment. As indicated, There has come before the Board of Governors, we believe that Applicant has established the like­ pursuant to section 3(a)(3) of the Bank Holding Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 933 Company Act of 1956 (12 U.S.C. 1842(a)(3)) The Planters Bank of Bridgewater, Bridgewater, and section 222.3(a) of Federal Reserve Regula­ Virginia (“Bank”). Applicant presently controls tion Y (12 CFR 222.3(a)), an application by 14 banks which hold total deposits of $379 mil­ First Virginia Bankshares Corporation, Arlington, lion.1 Bank has total deposits of $8.1 million. Virginia, a registered bank holding company, for Views and recommendation of supervisory au­ the Board’s prior approval of the acquisition of 51 thority. As required by section 3(b) of the Act, per cent or more of the voting shares of The the Board notified the Virginia Commissioner of Planters Bank of Bridgewater, Bridgewater, Vir­ Banking of receipt of the application and re­ ginia. quested his views and recommendation thereon. As required by section 3(b) of the Act, the The Commissioner offered no objection to ap­ Board notified the Virginia Commissioner of proval of the application. Banking of receipt of the application and re­ Statutory considerations. Section 3(c) of the quested his views and recommendation. The Com­ Act provides that the Board shall not approve an missioner offered no objection to approval of the acquisition that would result in a monopoly or application. would be in furtherance of any combination or Notice of receipt of the application was pub­ conspiracy to monopolize or to attempt to monop­ lished in the Federal Register on July 27, 1968 olize the business of banking in any part of the (33 Federal Register 10768), providing an op­ United States. Nor may the Board approve any portunity for interested persons to submit com­ other proposed acquisition the effect of which, in ments and views with respect to the proposal. A any section of the country, may be substantially copy of the application was forwarded to the De­ to lessen competition, or to tend to create a partment of Justice for its consideration. Time for monopoly, or which in any other manner would filing comments and views has expired and al! be in restraint of trade, unless the Board finds that those received have been considered by the Board. the anticompetitive effects of the proposed trans­ It is hereby ordered, for the reasons set forth action are clearly outweighed in the public interest in the Board’s Statement of this date, that said by the probable effect of the transaction in meet­ application be and hereby is approved, provided ing the convenience and needs of the community that the acquisition so approved shall not be con­ to be served. In each case, the Board is required summated (a) before the thirtieth calendar day to take into consideration the financial and mana­ following the date of this Order or (b) later than gerial resources and future prospects of the bank three months after the date of this Order unless holding company and the banks concerned, and such period is extended for good cause by the the convenience and needs of the community to Board or by the Federal Reserve Bank of Rich­ be served. mond pursuant to delegated authority. Competitive effect of proposed transaction. The Dated at Washington, D.C., this 30th day of 10 largest banking organizations in Virginia, in­ October, 1968. cluding five bank holding companies, control By order of the Board of Governors. about 64 per cent of the total deposits held by all Voting for this action: Chairman Martin and Gov­ commercial banks in the State. Applicant, the ernors Robertson, Mitchell, Daane, Maisel, and Sher­ fifth largest banking organization and the third rill. Absent and not voting: Governor Brimmer. largest bank holding company in the State, con­ (Signed) Robert P. Forrestal, trols about 6.2 per cent of such deposits. Appli­ Assistant Secretary. cant’s proposed acquisition of Bank, which holds [seal] but .1 per cent of total deposits in the State, would have no significant effect on State-wide concen­ Statement tration. First Virginia Banksharcs Corporation, Arling­ Bank’s main office is located in Bridgewater in ton, Virginia (“Applicant”), a registered bank holding company, has applied to the Board of 'Banking data are as of December 30, 1967, unless Governors, pursuant to section 3(a)(3) of the otherwise noted. The total deposit figures include the de­ posits of Monticello National Bank, Charlottesville, Vir­ Bank Holding Company Act of 1956 (12 U.S.C. ginia, the acquisition of which by Applicant was approved 1842(a)(3)), for prior approval of the acquisi­ by the Board on May 23, 1968, but has not yet been con­ tion of 51 per cent or more of the voting shares of summated. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

934 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 the southern part of Rockingham County. Bank tion would have no effect on customers of Appli­ has one branch office at Dayton, about three miles cant’s present subsidiaries. Nor does it appear that northeast of Bridgewater. Seven other banks op­ any major banking service in the area served by erate offices in Rockingham County, including six Bank is not being provided by the banks located offices of the first, second, and seventh largest in and near that area. However, Applicant has banking organizations in the State. Bank is the indicated that it intends to make Bank a more fifth largest commercial bank in the County and convenient alternative source for a complete line holds about 6.4 per cent of total County deposits. of banking services by considering the establish­ Applicant’s closest subsidiary to Bank is First ment of more convenient banking hours, the im­ Security Bank, Verona ($7.5 million deposits), provement of lending services, and the offering of located in Augusta County 15 miles south of trust services through cooperative programs with Bridgewater. Two branches of Rockingham Coun­ Applicant’s other subsidiaries. ty’s largest bank arc located between Bridgewater Considerations under this factor lend additional and Verona. As a result of these factors, together weight toward approval of the application. with the fact that Bridgewater and Verona are Summary and conclusion. On the basis of all located on separate north-south highways, no sig­ relevant facts contained in the record, and in light nificant competition exists between Bank and First of the factors set forth in section 3(c) of the Act, Security Bank. The potential for future competi­ it is the Board’s judgment that the proposed trans­ tion between the two banks is likewise limited by action would be in the public interest and that the these considerations and by legal restrictions application should be approved. which prevent either bank from branching into the county in which the other is located. AMERICAN BANKSHARES CORPORATION, The proposed transaction would not result in a MILWAUKEE, WISCONSIN monopoly or be in furtherance of any combina­ tion, conspiracy or attempt to monopolize the In the matter of the application of American business of banking in any relevant area. Approval Bankshares Corporation, Milwaukee, Wisconsin, of the application and consummation of the pro­ for approval of action to become a bank holding posal would not substantially lessen competition, company through the acquisition of 80 per cent or tend to create a monopoly, or restrain trade in any more of the voting shares of the Hampton State section of the country. Bank, Milwaukee, Wisconsin. Financial and managerial resources and future prospects. The financial condition of Applicant Order Approving Application Under and its subsidiary banks is reasonably satisfactory, Bank Holding Company Act and the prospects of each appear favorable. Ap­ plicant’s management is regarded as experienced There has come before the Board of Governors, and competent, as is that of its subsidiary banks. pursuant to section 3(a)(1) of the Bank Holding While Bank has experienced a modest but Company Act of 1956 (12 U.S.C. 1842(a)(1)) steady deposit growth during the past 10 years, and section 222.3(a) of Federal Reserve Regula­ its record of earnings has been poor and capital tion Y (12 CFR 222.3(a)), an application by structure is less than satisfactory. Bank’s manage­ American Bankshares Corporation, Milwaukee, ment, while competent, has been reluctant to Wisconsin, for the Board’s prior approval of ac­ initiate programs necessary to improve earnings, tion whereby Applicant would become a bank and, as a result, Bank’s future earnings prospects holding company through the acquisition of 80 are regarded as poor. Affiliation with Applicant, per cent or more of the voting shares of Hampton on the other hand, should considerably improve State Bank, Wilwaukee, Wisconsin. Applicant the financial condition and prospects of Bank. currently owns over 99 per cent of the voting Applicant can also more easily supply Bank with shares of American City Bank & Trust Company, experienced management on an operational level. Milwaukee, Wisconsin. The foregoing considerations under this factor As required by section 3(b) of the Act, the support approval of the application. Board gave written notice of receipt of the appli­ Convenience and needs of the communities in­ cation to the Commissioner of Banking for the volved. Consummation of the proposed transac­ State of Wisconsin and requested his views and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 935 recommendation. The Commisisoner recom­ which had total deposits of approximately $109 mended approval of the application. million at December 31, 1967.’ Hampton Bank, Notice of receipt of the application was pub­ with total deposits of about $9 million, operates a lished in the Federal Register on June 14, 1963 single office, which is located about 7'/2 miles (33 Federal Register 8755), providing an oppor­ northwest of American Bank in a section of the tunity for interested persons to submit comments city described as a suburban area. Applicant states and views with respect to the proposal. A copy that Hampton Bank is situated in a shopping cen­ of the application was forwarded to the United ter at the crossroads of two of the major streets States Department of Justice for its consideration. of the area. The application shows that officers of Time for filing comments and views has expired American Bank assisted in the formation of and all those received have been considered by Hampton Bank, that the two banks have directors the Board. in common, and that 132 shareholders hold a It is hereby ordered, for the reasons set forth majority of the shares of common stock of Appli­ in the Board’s Statement of this date, that said cant and also own close to 72 per cent of Hamp­ application he and hereby is approved, provided ton Bank’s common stock. that the action so approved shall not be consum­ Views and recommendation of supervisory au­ mated (a) before the thirtieth calendar day fol­ thority. As required by section 3(b) of the Act, lowing the date of this Order or (b) later than notice of receipt of the application was given to three months after the date of this Order unless the Commissioner of Banking for the State of such time shall be extended by the Board, or by Wisconsin, and his views and recommendations the Federal Reserve Bank of Chicago pursuant to were requested. He recommended approval of the delegated authority. application. Dated at Washington, D.C., this 30th day of Statutory considerations. Section 3(c) of the October, 1968. Act provides that the Board shall not approve an By order of the Board of Governors. acquisition that would result in a monopoly or would be in furtherance of any combination or Voting for this action: Chairman Martin and Gov­ ernors Robertson, Mitchell, Maisel, and Brimmer. Ab­ conspiracy to monopolize or to attempt to monop­ sent and not voting: Governors Daane and Sherrill. olize the business of banking in any part of the (Signed) Robert P. Forrestal, United States. Nor may the Board approve a pro­ Assistant Secretary. posed acquisition the effect of which, in any sec­ [seal] tion of the country, may be substantially to lessen competition, or to tend to create a monopoly, or Statement which in any other manner would be in restraint American Bankshares Corporation, Milwaukee, of trade, unless the Board finds that the anticom­ Wisconsin (“Applicant”), has applied to the petitive effects of the proposed transaction are Board of Governors, pursuant to section 3(a)(1) clearly outweighed in the public interest by the of the Bank Holding Company Act of 1956 (“the probable effect of the transaction in meeting the Act”), for prior approval of action to become a convenience and needs of the community to be bank holding company through the acquisition of served. In each case the Board is required to take 80 per cent or more of the voting shares of the into consideration the financial and managerial Hampton State Bank, Milwaukee, Wisconsin resources and future prospects of the bank holding (“Hampton Bank”), a nonmember insured bank. company and the hanks concerned, and the con­ Applicant became a one-bank holding company venience and needs of the community to be served. in 1964 when it acquired substantially all of the Competitive effect of proposed transaction. The shares of The City Bank & Trust Company, Mil­ 10 largest banking organizations in the State, of waukee, which bank merged in 1965 with Ameri­ which six are holding companies, control deposits can State Bank, Milwaukee, resulting in Appli­ of approximately $3 billion or 39 per cent of total cant’s present ownership of over 99 per cent of bank deposits in the State. Applicant, the fifth the shares of American City Bank & Trust Com­ largest organization, controls 1.4 per cent of total pany (“American Bank”), a State member bank. American Bank, located in the downtown business 1 Banking data are of this date unless otherwise noted, district of Milwaukee, operates a single office, and refer to insured commercial banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

936 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 bank deposits in the State. The acquisition of Considering next the probable effect of con­ Hampton Bank’s $9 million of deposits would in­ summation of Applicant’s proposal on existing or crease Applicant's control of deposits to 1.5 per potential competition, the Board finds that these cent and the resulting holding company would be­ considerations present no bar to approval of the come the fourth largest banking organization in application. According to Applicant, Hampton Wisconsin. Bank derives 4 per cent of its IPC deposits and 15 The Milwaukee Standard Metropolitan Statisti­ per cent of its loans from the primary service cal Area (“SMSA”) includes the counties of Mil­ area of American Bank. These percentages repre­ waukee, Ozaukee, Waukesha, and Washington. sent an insignificant portion of the latter’s business. The four registered holding companies head­ Applicant shows that American Bank obtains 4 quartered in the SMSA now control 68 per cent per cent of its IPC deposits and 4 per cent of its of total deposits in that area. American Bank and loans from the primary service area of Hampton Hampton Bank together control less than 4 per Bank. These amounts represent 49 per cent and cent of the deposits in the SMSA. 48 per cent, respectively, of the IPC deposits and In Milwaukee County, Applicant controls 4 per loans of Hampton Bank. However, the significance cent of total deposits. That percentage would be of these figures is considerably lessened by the increased to 4.4 per cent, if the proposal herein is facts that (1) the banks are closely affiliated consummated; and Applicant would control 2 of through interlocking directorates and stockholder the 62 offices in the county. interests; (2) the management of American Bank, According to Applicant, the primary service which is shown to be a large downtown bank em­ areas 2 of the two banks arc contiguous (in part) phasizing commercial services, assisted in the for­ but do not overlap. In its primary service area. mation of Hampton Bank which is described as Hampton Bank is the second smallest of four specializing in neighborhood retail services in a banks and controls 9 per cent of aggregate total suburban location; and (3) each of the primary deposits of the four banks. The smallest bank is a service areas involved has a substantial number member of a bank holding company system. In of alternative banking offices. On the record be­ addition, Milwaukee’s largest bank has two branch fore the Board, it is concluded that there is no offices in the area. In its primary service area, meaningful present competition between the two American Bank ranks fourth with 5 per cent of banks involved in this application; and it appears deposits. Twenty-three offices of 16 banks operate unlikely that any significant future competition in this area. between them would be foreclosed by the proposed The data presented reflect that Applicant’s acquisition. acquisition of Hampton Bank would not have a With respect to the competitive force of Appli­ significant impact upon the degree of concentra­ cant in relation to the other banks in the areas tion of banking resources in the State, the SMSA, involved, the facts of record show that each of the or Milwaukee County. Consummation of the pro­ banks in the proposed holding company faces posal would not cause the banking alternatives in strong competition in the areas served. As indi­ the relevant service areas to be reduced in number cated earlier, American Bank competes with 22 nor cause an increase in the concentration of de­ banking offices in its primary service area. The posits already existing in the banking organizations three largest, the smallest of which is more than in those areas. On the record before the Board, it twice the size of American Bank, are the lead is concluded that the proposed affiliation would banks in three large bank holding company sys­ not result in a monopoly nor be in furtherance of tems. American Bank holds about 5 per cent of any combination or conspiracy to monopolize or the total deposits in the area. It appears that con­ attempt to monopolize the business of banking in summation of the proposal herein would not any relevant area. strengthen American Bank’s competitive ability to an extent that would adversely affect other Mil­ waukee banks. An examination of the facts pre­ “The area from which Applicant estimates that Bank derives more than 75 per cent of deposits of individuals, sented with respect to Hampton Bank’s competi­ partnerships, and corporations (“IPC deposits”); with re­ tors indicates that consummation of the proposal spect to American Bank, it is the area from which 69 per herein may effect some strengthening of the com­ cent of the bank's IPC deposits arc estimated to be de­ rived. petitive ability of Hampton Bank but is not likely Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 937 to impair the competitive vigor of existing insti­ posed acquisition, it is concluded that the banking tutions serving the area, particularly in the light of factors weigh somewhat in favor of approval of the fact that Hampton Bank is next to the smallest the application. of the six banking offices in its primary service Convenience and needs of the community in­ area, and the smallest is a subsidiary of a holding volved. Applicant states that no changes in the company system. The evidence before the Board services offered by American Bank are expected, indicates that there is no reasonable likelihood if the holding company is formed. However, that the acquisition herein would preclude future Hampton Bank expects to offer several services competition in any relevant area. not now provided by it, including trust services, The Board concludes that consummation of the data processing services for customers, bond pur­ proposed transaction would not substantially lessen chases and sales, assistance in foreign transactions, competition, tend to create a monopoly, nor in financial counseling, safekeeping, letter of credit any other manner restrain trade in any relevant information, and bulk currency and coin handling. section of the country. In addition, Applicant states that certain spe­ Financial and managerial resources and juture cialized management talents will be made available prospects. The financial condition of Applicant is to Hampton Bank. Although no banking needs in dependent on the financial condition of its sub­ the area appear to be unserved, Applicant’s assist­ sidiary banks. Applicant has taken steps recently ance to Hampton Bank would enable it to provide to strengthen American Bank’s capital accounts a broader range of services and make such services and is in the process of carrying out a program for more immediately available to the local commu­ the reduction of Applicant’s outstanding debt obli­ nity so that Hampton Bank could become a gation and for improvement of its net worth. No stronger and more aggressive competitor, to the new debt is to be created in respect to the proposal benefit of the community. While such assistance herein. could probably be provided under the present The board of directors of American Bank is affiliation between the banks, a more permanent identical to Applicant’s and the five principal of­ association would insure the continued availability ficers of Applicant are all officers of American of the assistance described. Bank. Management of Applicant and its present The Board concludes that the evidence relating subsidiary is deemed satisfactory, and their pros­ to the convenience and needs of the area is con­ pects arc reasonably favorable. sistent with and weighs somewhat in favor of Hampton Bank’s financial resources, manage­ approval of the application. ment, and future prospects appear to be fair. Inas­ Summary and conclusion. On the basis of all the much as the proposed holding company would be relevant facts contained in the record, and in the able to strengthen Hampton Bank’s asset condi­ light of the factors set forth in section 3(c) of the tion and management and would be able to supply Act, it is the Board’s judgment that the proposed capital to Hampton Bank, as needed, more easily transaction would be in the public interest and that than Hampton Bank could do without the pro­ the application should be approved. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Announcements APPOINTMENT OF DIRECTOR present Associations. (These tables appear on page The Board of Governors of the Federal Reserve A-51.) In addition to current data beginning with System announced the appointment, effective Octo­ September 1968, comparable data for earlier years ber 22, 1968, of Mr. Chas. F. Jones, President of on activity directly related to the respective port­ Ffumble Oil and Refining Company, Houston, folios involved are shown. Also included is a new table on FNMA’s weekly “auction,” or Free Mar­ Texas, as a Class C director of the Federal Reserve Bank of Dallas for the unexpired portion of a term ket System, which was inaugurated in the week ending December 31, 1968. As a director of the ending May 6, 1968. The new format for page Dallas Bank he succeeds Dr. Kenneth S. Pitzer, A-51 has required some rearrangement of other who resigned October 1, 1968, to assume the tables concerning real estate credit and exclusion of the quarterly table on nonfarm mortgage fore­ presidency of Stanford University, California, on closures. December 1, 1968. FEDERAL NATIONAL MORTGAGE ASSOCIATION PUBLISHED INTERPRETATIONS OF THE BOARD AND GOVERNMENT NATIONAL MORTGAGE ASSOCIATION STATISTICAL TABLES Supplement No. 10 to the loose-leaf compilation of “Published Interpretations of the Board of As a result of recent legislation by Congress, the Governors of the Federal Reserve System,” con­ functions of the Federal National Mortgage Associ­ taining the published interpretations as of June ation have been separated into two distinct entities 30, 1968, is now available. —the Government National Mortgage Association and the Federal National Mortgage Association; the latter was reconstituted as a private corporation ADMISSION OF STATE BANK TO effective October 1, 1968. Because of this action, MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM changes have been made as follows in the domestic The following bank was admitted to membership section of Financial and Business Statistics that ap­ in the Federal Reserve System during the period pears regularly in the Bulletin. The table on the October 16, 1968, through November 15, 1968: combined mortgage activity of the former Federal National Mortgage Association has been replaced Texas by two new tables to show activity of each of the Corpus Christi..................Citizens State Bank 938 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication November 18 Industrial production and nonfarm employment ness equipment increased further but output of de­ rose further in October, the unemployment rate was fense equipment continued to decline. Production unchanged, and retail sales edged down. Commer­ of iron and steel and most other industrial ma­ cial bank credit, time and savings deposits, and the terials, except coal, rose. money supply increased. The rise in the money sup­ ply was associated in part with a decline in U.S. EMPLOYMENT Government deposits. Between mid-October and Nonfarm payroll employment increased 1 35,000 in mid-November, yields on Treasury securities and October. Most major industries participated in the on corporate and municipal bonds rose on balance. rise, with the largest gains in manufacturing, trade, and State and local government. Federal Govern­ INDUSTRIAL PRODUCTION ment employment declined further and the 45,000 Industrial production increased further in October drop in mining reflected strikes in the coal industry. to 165.0 per cent of the 1957-59 average from the Manufacturing employment showed the first sizable upward revised September level of 164.4. Changes increase since June, with the rise concentrated in in the index for September reflected revisions made transportation equipment and fabricated metals. in basic data on manhours worked and physical The average workweek of production workers in output in selected industries. The gain in output in manufacturing was 41.0 hours, little changed from October was widespread among final products and the high for the year reached in September. The materials although limited by work stoppages in the unemployment rate continued at 3.6 per cent in coal industry early in the month. October and has been unusually stable thus far in Auto assemblies recovered from the slight dip in 1968, remaining in a narrow range of 3.5 to 3.8 per September, and November schedules indicate a cent. continued high level of production. Output of tele­ DISTRIBUTION vision sets, some appliances, and most other con­ The value of retail sales declined one half of 1 sumer goods rose in October. Production of busiper cent in October, but was 10 per cent above a year ago. Sales at durable goods retail stores were off 4 per cent, although dealer deliveries of new domestic-type cars were maintained. In early No­ vember, unit sales of new domestic cars apparently declined from the high September and October rate. At nondurable goods stores, sales in October rose nearly 1.5 per cent, back to the August level. COMMODITY PRICES Price increases for industrial commodities were more widespread in October than in September and the BLS industrial average rose an estimated 0.4 per cent further. Higher prices for 1969 model autos contributed significantly to the advance. The over-all wholesale price index remained unchanged in October as a pronounced decline for foods and foodstuffs offset the industrial price rise. Since mid­ October, price increases have been announced for F.R. indexes, seasonally adjusted. Latest figures shown are for October. various industrial commodities but the price of hot- 939 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

940 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 rolled steel sheets, which had been raised in late and August. The expansion was associated in part August, was cut sharply in early November, ap­ with a decline in U.S. Government deposits which parently in part to meet import competition. had been built up over the summer. Time and sav­ ings deposits increased $2.3 billion in October, about the same as the high third-quarter average. AGRICULTURE Sales of large negotiable CD’s continued substan­ Despite declining prospects this fall, a 3 per cent tial and expansion in consumer-type time and sav­ larger crop output than last year’s record is indi­ ings deposits was larger than in other recent months. cated by November 1 conditions. Compared with Net borrowed reserves averaged about $215 mil­ 1967, output of food grains, cotton, and oilseeds lion over the 5 weeks ending October 30 compared will be larger, and output of feed grains, hay, and with $158 million in September. This reflected a tobacco, smaller. The citrus crop is expected to be substantial decline in excess reserves offset in part a third larger than the short crop of 1967-68. by further reductions in member bank borrowings. Meat production in October was larger than last Total and required reserves increased. year, but output of poultry and eggs was less, and milk production changed little. SECURITY MARKETS Yields on Treasury securities rose on balance be­ BANK CREDIT, DEPOSITS, AND RESERVES tween mid-October and mid-November, especially Commercial bank credit increased $4.8 billion in in the short-term area, as the economy failed to October, or at approximately the pace of the pre­ slow to the extent expected earlier by many market vious 2 months. Despite heavy bank participation participants. The 3-month bill was bid at about in the late-month Treasury bill financing, holdings 5.40 per cent in the middle of November, com­ of U.S. Government securities increased only pared with around 5.35 per cent a month earlier. slightly further following the sharp increase during Yields on corporate and municipal bonds ad­ the summer. Security loans declined somewhat but vanced slightly between mid-October and mid-Nomost other major loan categories showed further vember. In the municipal market particularly, new expansion. Acquisitions of municipal and agency is­ issue volume continued very heavy and was a con­ sues continued heavy. tributing factor to the yield increase. Common The money supply increased $800 million in stock prices changed little on balance during the October after showing little net change over July period. Bureau of Labor Statistics. Latest figures shown are for Discount rate, range or level for all F.R. Banks. Weekly September. 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 Nov. 8. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Financial and Business Statistics Contents A-3 GUIDE TO TABULAR PRESENTATION U.S. STATISTICS: A-4 Member bank reserves, Federal Reserve Bank credit, and related items A-8 Federal funds—Major reserve city banks A-9 Reserve Bank discount rates A-10 Reserve and margin requirements A-ll Maximum interest rates; bank deposits A-12 Federal Reserve Banks A-14 Open market account A-15 Reserve Banks; bank debits A-16 U.S. currency A-17 Money supply; bank reserves A-18 Banks and the monetary system A-19 Commercial and mutual savings banks, by classes A-23 Commercial banks A-26 Weekly reporting banks A-30 Business loans of banks A-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 □ NOVEMBER 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 II 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 A-97 INDEX TO STATISTICAL TABLES Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-3 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation p Preliminary IPC Individuals, partnerships, and corporations r Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets i. n, L Liabilities III, IV Quarters S Sources of funds n.a. Not available U Uses of funds n.e.c. Not elsewhere classified * Amounts insignificant in terms of the par­ S.A. Monthly (or quarterly) figures adjusted for ticular unit (e.g., less than 500,000 when seasonal variation the unit is millions) .. (1) Zero, (2) no figure to be expected, or (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. “U.S. Govt, securities” may include guaranteed issues of U.S. Govt, agencies (the flow of funds figures also in­ clude not fully guaranteed issues) as well as direct obligations of the Treasury. “State and local govt.” also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled Note (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page A nnually—Con tinned Issue Page Flow of funds...................................... Nov. 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 Banking 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 List, number........................... Aug. 1968 A-92 Income and expenses: Federal Reserve Banks.................. Feb. 1968 A-88 Member banks: Annually Calendar year................................ May 1968 A-94 Operating ratios............................ Apr. 1968 A-89 Bank holding companies: Insured commercial banks................ May 1968 A-103 List of Dec. 31, 1967.................... June 1968 A-91 Banking offices and deposits of Stock exchange lirms, detailed debit group banks, Dec. 31, 1967 ...... Aug. 1968 A-93 and credit balances: Original........................................ Sept. 1968 A-92 Corrected...................................... Oct. 1968 A-91 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-4 BANK RESERVES AND RELATED ITEMS □ NOVEMBER 1968 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other Treas than member bank Member bank P d e o a r r i t o e d U To .S ta . l Go B v r o o i t g u , u h g t s ­ t h e t c u R m r c a i e h t g e i a p e r n e s u s t e e s ! r ­ ­ c v D a o a a n u n i d s c n d ­ e ­ t s s Float 2 t T a o l ­ 3 s G to o c ld k r s u c o e t i u n a r n u y g r n c t ­ ­ y d ­ r C c e t c i u i o n u i n l r c n a r ­ y ­ ­ T h c i r u n o e a g r s l a y d s h s ­ ­ T u re r a y w s it ­ h re F F s e e i o . g R rv r n ­ . e s B , O an th k e s rs c O o F a t u . h c R n ­ e t . r s B W F a . n R it k h . s re r c C s e a o e n n u i r n c d v r y ­ e * s Total Averages of daily figures 1929—June... 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June... 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec.... 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec.... 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec.... 23,708 23,708 381 65224,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16.027 1950—Dec.... 20,345 20,336 9 142 1,11721,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1960—Dec. 27,248 27.170 78 94 1,66529,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1962—Dec. 30,546 30,474 72 305 2,298 33,218 15,978 5,561 35,281 398 587 222 290 1,048 16,932 3,108 20,040 1963—Dec. 33,729 33,626 103 360 2,43436,610 15,562 5,583 37,603 389 879 160 206 1,215 17,303 3,443 20,746 1964—Dec. 37,126 36,895 231 266 2,423 39,873 15,388 5,401 39,698 595 944 181 186 1,093 17,964 3.645 21,609 1965—Dec. 40,885 40,772 113 490 2,34943,853 13,799 5,565 42,206 808 683 154 231 389 18,747 3,972 22,719 1966—Dec. 43,760 43,274 486 570 2,383 46,864 13,158 6,284 44,579 1,191 291 164 429 83 19,568 4,262 23,830 1967—Oct. 47,367 47,203 164 126 1,40848,993 13,003 6,779 45,396 1 ,483 974 125 476 -80 20,402 4,206 24,608 Nov. 48.010 47,885 125 133 1,55549,752 12,907 6,781 45,969 1 ,462 1,167 146 449 -211 20,458 4,282 24,740 Dec. 48,891 48,810 81 238 2,03051,268 12,436 6,777 47,000 1 ,428 902 150 451 -204 20,753 4,507 25,260 1968—Jan... 49,046 48,982 64 237 1,90651,287 11,983 6,783 46,389 1,393 1 ,011 157 481 -566 21,188 4,646 25,834 Feb.. 48,930 48,734 196 361 1,515 50,873 11,900 6,791 45,851 1,336 1,021 143 457 -512 21,265 4,345 25,610 Mar.. 49,511 49,452 59 682 1,59951,863 11,096 6,798 46,138 1 ,215 916 165 506 -536 21 ,354 4,226 25,580 Apr.. 50,090 49,943 147 698 1,641 52,509 10,484 6,797 46,642 1,122 738 167 538 -598 21,181 4,365 25,546 May. 50,581 50,329 252 759 1 ,58052,998 10,452 6,794 46,873 1 ,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 1,87054,573 10,367 6,721 48,089 836 1 ,026 164 472 -436 21,510 4,491 26,001 Aug.. 52,646 52,463 183 568 1 ,76055,048 10,367 6,733 48,194 811 963 170 459 -102 21,653 4 3’6 26,069 Sept.. 52,222 52,208 14 515 '1,981 54,769 10,367 6,737 48,474 791 611 131 450 -151 21,567 4,510 26,077 Oct.’’. 53,300 53,252 48 426 1,94855,741 10,367 6,757 48,632 781 1,054 137 461 -312 22,112 4,521 26,633 Week ending—• 1967 Oct. 4 46,976 46,976 144 1 ,49548,773 13,006 6,763 45,107 1,500 866 125 477 54 20,413 4,229 24,642 47,563 47,319 244 145 1 ,41849,247 13,007 6,767 45,407 1 ,473 1,002 127 502 93 20,419 3,980 24,399 18 47,802 47,315 487 216 1 ,40249,515 13,007 6,781 45,559 1,484 942 131 485 -93 20,795 4,234 25,029 25 47,098 47,098 58 1,56448,773 13,007 6,792 45,429 1 ,482 1 ,087 119 455 -210 20,210 4,339 24,549 Nov. 1 47,220 47,220 80 1,28948,643 12,978 6,787 45,341 1 ,483 929 124 462 -210 20,279 4,426 24,705 8 47,865 47,710 155 132 1,40749,458 12,907 6,777 45,563 1,474 928 127 470 -184 20,762 3,992 24,754 15, 47,868 47,713 155 162 1,48749,570 12,907 6,782 45,878 1 ,470 1,096 133 451 -240 20,470 4,229 24,699 22 47,837 47,712 125 127 1,77749,796 12,906 6,782 46,089 1 ,451 1 ,051 148 442 -79 20,383 4,239 24,622 29 48,396 48,347 49 , H9 1,54850,117 12,908 6,785 46,347 1,457 1 ,570 175 432 -345 20,176 4,482 24,658 Dec. 6 48,902 48,719 183 87 1,65550,721 12,770 6,774 46,482 1,441 1,306 160 444 -65 20,498 4,342 24,840 13 48,853 48,853 121 1,65250,769 12,432 6,773 46,918 1,445 787 140 427 6 20,252 4,458 24,710 20 48,708 48,708 185 2,155 51,119 12,432 6,775 47,093 1,444 844 156 434 -245 20,600 4,603 25,203 27 48,937 48,849 88 345 2,38851,785 12,434 6,783 47,293 1,405 709 150 412 -251 21,285 4,402 25,687 1968 Jan. 3 49,298 49,044 254 495 2,33552,286 11,982 6,784 47,200 1,395 949 147 567 -685 21,480 4,968 26,448 10 49,183 49,109 74 180 2,33451 ,772 11,983 6,781 46,857 1 ,385 1 ,054 161 493 -679 21,265 4,646 25,911 17 48,758 48,700 58 224 1,98751,044 11,984 6,781 46,493 1,397 1 ,019 156 473 -625 20,896 4,675 25,571 24 49,105 49,105 233 1,72651 ,186 11,982 6,784 46,117 1,390 939 149 471 -459 21,346 4,576 25,922 31 48,970 48,936 34 241 1,44950,751 11,983 6,786 45,763 1,391 1 ,096 161 467 -426 21 ,069 4,603 25,672 Feb, 7 49,344 48,925 415 241 1 ,451 51 ,099 11 ,954 6,788 45,777 1,361 912 142 450 -554 21 ,752 4,169 25,921 14 49,210 48,815 395 384 1 ,267 50,949 11 ,882 6,788 45,942 1,343 1 ,071 137 462 -608 21,272 4,258 25,530 21 48,443 48,443 405 1 ,73450,643 11 ,882 6,792 45,881 1 ,333 1 ,051 140 455 -453 20,911 4,364 25,275 28 48,724 48,724 442 1 ,55650,779 11,883 6,796 45,817 1,319 1 ,022 147 461 -444 21 ,137 4,499 25,636 Mar. 6, 49,077 49,019 58 501 1 ,72951,363 11,883 6,797 45,832 1 ,301 992 152 489 -418 21,695 4,102 25,797 13, 49,278 49,166 112 787 1,473 51,595 11,609 6,795 46,205 1 ,275 1 ,008 122 478 - 474 21 ,386 4,162 25,548 20, 49,840 49,840 748 1 ,66852,312 10,872 6,801 46,233 1 ,224 1 ,059 166 505 -609 21,406 4,266 25,672 27, 49,621 49,621 ......... 597 1 ,53451 ,855 10,484 6,800 46,153 1 ,129 844 205 465 -597 20,941 4,385 25,326 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ BANK RESERVES AND RELATED ITEMS A-5 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other Pe o ri r o d U.S. Govt, securities^ T u re ry a s- C re u n r c ­ y Treas­ th w a i n th m F r e e .R m se . b r v e B e r a s n b , k a s nk Other Me r m es b e e rv r e b s ank date Total B r o o ig u u h t g ­ t ht R a c g e h r p a e s u e e r ­ ­ c v D a o a a n u n i d s c n d - e ­ t s s Float 2 t T a o l ­ 3 s G to o c ld k r s c e o t i u a n n u n r g c t ­ d ­ y ­ c t c u i i o n i l r a n ­ ­ h c i u n o a r g s l y d s h ­ T u re r a y s - F ei o g r n - Other2 co F a u . c n R ­ ts , B W F a . n i R t k h . s C r a e n u n d r c ­ y Total ments coin * Averages of daily figures Week ending— 1968 Apr. 3........ 49,843 49,634 209 711 1,449 52,103 10,484 6,798 46,358 1,126 537 182 653 -579 21,109 4,354 25,463 10............. 50,153 49,950 203 661 1,63752,570 10,484 6,797 46,647 1,119 521 168 582 -555 21,369 4,065 25,434 17............. 50,219 49,952 267 778 1,80452,871 10,484 6,799 46,901 1,126 422 148 534 -667 21,691 4,399 26,090 24............. 49,927 49,927 ......... 666 1,841 52,490 10,484 6,797 46,608 1,124 1,038 160 487 -594 20,950 4,553 25,503 May 1............. 50,238 50,103 135 689 1,461 52,458 10,484 6,797 46,481 1,121 1 ,073 194 490 -601 20,980 4,538 25,518 8............. 50,617 50,200 417 837 1,46753,030 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 1 ,053 1 ,076 165 463 -442 20,849 4,473 25,322 June 5............. 50,619 50,619 772 1,54052,985 10,382 6,796 47,254 1 ,042 784 309 477 -742 21,038 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 1,831 54,656 10,367 6,720 47,797 880 1,115 185 522 -136 21,380 4,459 25,839 10............. 52,282 52,203 79 425 2,02654,800 10,367 6,724 48,267 837 903 181 490 -392 21,604 4,222 25,826 17............. 51,994 51,890 104 484 1 ,91454,467 10,367 6,727 48,257 831 1,106 155 470 -662 21,404 4,607 26,011 24............. 51,904 51,904 652 2,023 54,637 10,367 6,714 48,002 838 998 142 448 -420 21,710 4,551 26,261 31............. 52,118 52,084 34 615 1,62754,466 10,367 6,719 47,851 826 1 ,033 155 443 -318 21,562 4,624 26,186 Aug. 7............. 52,483 52,160 323 748 1,645 54,971 10,367 6,726 47,976 824 845 204 475 -274 22,014 4,213 26,227 14............. 52,518 52,212 306 580 1 ,63654,820 10,367 6,730 48,289 811 927 189 449 -313 21,565 4,325 25,890 21............. 52,788 52,604 184 619 1 ,98255,457 10,367 6,734 48,252 808 998 173 467 42 21,816 4,411 26,227 28............. 52,663 52,663 374 1,721 54,810 10,367 6,740 48,190 808 1 ,084 125 444 51 21,217 4,574 25,791 Sept. 4............. 52,975 52,975 454 '1,707 •■55,188 10,367 6,730 48,431 787 938 140 457 101 21,430 4,451 25,881 11............. 52,341 52,341 634 1,90454,930 10,367 6,733 48,685 787 147 134 446 60 21,771 4,421 26,192 18............. 51 ,630 51,630 405 ^2,203 ^54,288 10,367 6,735 48,567 790 208 128 465 -292 21,525 4,449 25,974 25............. 51,844 51,844 ......... 475 2,223 '64,592 10,367 6,742 48,325 798 866 123 445 -293 21,437 4,418 25,855 Oct. 2 J*........ 52,893 52,829 64 540 1 ,84055.328 10,367 6,744 48,306 791 1 ,201 145 449 -257 21,803 4,584 26,387 9?......... 53,063 53,063 402 1 ,933 55,451 10,367 6,749 48,550 786 1 ,072 156 473 -250 21,781 4,682 26,463 16?......... 53,496 53,397 99 518 1 ,98456,105 10,367 6,754 48,764 780 980 132 483 -248 22,336 4,624 26,960 23?......... 53,289 53,232 57 335 2,17755,860 10,367 6,759 48,702 772 1,043 131 450 -377 22,266 4,203 26,469 30?......... 53,402 53,345 57 497 1,681 55,636 10,367 6,767 48,556 782 1 ,092 127 438 -382 22,157 4,539 26,696 End of month 1968 Aug. 53,044 53,044 529 1,851 55,475 10,367 6,724 48,353 776 916 127 463 109 21,822 4,139 25,961 Sept. 53,288 52,839 449 390 1 ,00454,768 10,367 6,743 48,340 772 1,036 192 485 -246 >•21,297 •■4,704 '26,001 Oct.?............5..3.,.329 53,329 ...... 179 2,35555,919 10,367 6,771 48,704 774 1,086 99 434 -356 22,316 4,590 26,906 Wednesday 1968 Aug. 7............. 52,798 52,160 638 514 fl ,596 •■55,036 10,367 6,729 48,254 823 358 214 467 -299 22,315 4,456 26,771 14............. 52,521 52,212 309 291 '1,746 ^54,656 10,367 6,731 48,379 812 931 216 491 -389 21,315 4,933 26,248 21............. 52,894 52,750 144 416 n ,867 '55,229 10,367 6,737 48,288 807 1,046 125 450 41 21,575 4,896 26,471 28............. 52,618 52,618 ......... 537 4,562 •■54,769 10,367 6,739 48,353 808 999 132 459 51 21,073 5,157 26,230 Sept. 4............. 52,796 52,796 445 fl ,661 •■54,954 10,367 6,731 48,694 795 1,041 149 448 68 20,857 4,708 25,565 11............. 50,952 50,952 115 1,715 52,833 10,367 6,734 48,771 788 21 129 460 -71 19,836 5,059 24,895 18............. 50,395 50,395 355 ••2,326 ••53,125 10,367 6,738 48,527 800 668 125 446 -315 19,980 4,449 24,429 25............. 52,405 52,405 ...... 1,565 1,792 •■55,811 10,367 6,741 48,356 797 1 ,027 134 451 -281 22,435 4,418 26,853 Oct. 2’......... 53,153 53,153 314 1 ,96455,485 10,367 6,747 48,475 789 1,178 170 470 -263 21,780 4,608 26,388 9?......... 52,606 552,606 288 1,694 54,642 10,367 6,751 48,794 795 1,295 112 481 -258 20,541 4,682 25,223 16?......... 53,409 553,204 205 189 2,09055,787 10,367 6,757 48,860 760 1 ,047 136 486 -369 21,991 4,624 26,615 23?......... 53,824 53,425 399 1 ,103 1,66656,665 10,367 6,760 48,695 780 1 ,031 136 4391 -392 23,103 4,203 27,306 30?......... 53,561 53,362 199 513 1 ,733 55,864 10,367 6,769 48,706 784 1 ,155 127 427 -388 22,189 4,539 26,728 1 U.S. Govt, securities include Federal agency obligations, 4 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed 2 Beginning with 1960 reflects a minor change in concept; see Feb. thereafter. Beginning with Jan. 1963, figures are estimated except for 1961 Bulletin, p. 164. weekly averages, Beginning Sept. 12, 1968 amount is based on close-of- 3 Includes industrial loans and acceptances, when held (industrial business figures for reserve period two weeks previous to report date. loan program discontinued Aug. 21, 1959). For holdings of acceptances 5 Includes securities sold, and scheduled to be bought back, under on Wed. and end-of-month dates, see subsequent tables on F.R. Banks. matched sale-purchase transactions. See also note 2. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-6 BANK RESERVES AND RELATED ITEMS □ NOVEMBER 1968 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks New York City City of Chicago Period Reserves Bor- Reserves Bor- Reserves Bor- T h o e t ld al qu R ir e e ­ d 1 Excess B r F i a o n a . n g w R t s k - . s s F e r r r e v e e e ­ s T h o e t l a d l qu R ir e e ­ d 1 Excess B r F i a o n a . n g R w t k s . - s s F e r r r e e v ­ e e s T h o e t l a d l qui R re e d ­ 1 Excess B r F i a o n a . n g w R t k s - . s se re rv ­ es 1929—June............ 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June........... 2 2,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec............. 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—Dec............. 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec............. 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec............. 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 6 7 1950—Dec............. 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1960—Dec............. 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1962—Dec............. 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1,042 1,035 7 18 -11 1963—Dec............. 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 5 26 -21 1964—Dec............. 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 1,086 -3 28 -31 1965—Dec............. 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 23 -8 1966—Dec............. 23,830 23,438 392 557 -165 4,583 4,556 27 122 -95 1,119 1,115 4 54 -50 1967—Sept............. 24,200 23,842 358 90 268 4,797 4,747 50 11 39 1,172 1,169 3 3 Oct.............. 24,608 24,322 286 126 160 4,888 4,871 17 27 -10 1,194 1,188 6 2 4 Nov............. 24,740 24,337 403 133 270 4,826 4,784 42 19 23 1,191 1,178 13 2 11 Dec............. 25,260 24,915 345 238 107 5,052 5,034 18 40 -22 1,225 1,217 8 13 -5 1968—Jan.............. 25,834 25,453 381 237 144 5,170 5,131 39 48 -9 1 ,231 1 ,230 1 3 -2 Feb............. 25,610 25,211 399 361 38 5,060 5,011 49 106 -57 1,221 1,215 6 4 2 Mar............ 25,580 25,224 356 671 -315 5,149 5,063 86 99 -13 1,176 1,169 7 66 -59 Apr............. 25,546 25,276 270 683 -413 4,993 4,985 8 67 -59 1,159 1,160 -1 104 -105 May........... 25,505 25,085 420 746 -326 4,905 4,871 34 68 -34 1,163 1,151 12 76 -64 June........... 25,713 25,362 351 692 -341 5,120 5,029 91 69 22 1,145 1,150 -5 38 -43 July............. 26,001 25,702 299 525 -226 5,047 5,060 -13 12 -25 1 ,190 1,181 9 87 -78 Aug............. 26,069 25,694 375 565 -190 4,940 4,912 28 192 -164 1 ,165 1,161 4 2 2 Sept............. 26,077 25,694 383 515 -132 4,886 4,868 18 154 -136 1 ,147 1,143 4 23 -19 Oct.”........... 26,633 26,397 236 426 -190 5,089 5,071 18 65 -47 1,180 1,177 3 9 -6 Week ending— 1967—Oct. 4.... 24,642 24,229 413 144 269 4,955 4,929 26 4 22 1 ,206 1 ,204 2 2 11.... 24,399 24,150 249 145 104 4,804 4,771 33 21 12 1,177 1 ,178 -1 -1 18.. 25,029 24,468 561 216 345 4,925 4,890 35 98 -63 1,198 1,198 7 -7 25. . .. 24,549 24,359 190 58 132 4,977 4,893 84 ...........84 1 ,193 1 ,187 6 ........... 6 1968—May 1.... 25,518 25,242 276 674 -398 5,014 4,975 39 63 -24 1 ,200 1,197 3 52 -46 8. ... 25,698 25,317 381 823 -442 5,023 4,958 65 64 1 1,198 1,194 4 220 -219 15.... 25,379 24,979 400 712 -312 4,786 4,774 12 124 -112 1,139 1,139 49 -49 22. 25,379 25,057 322 669 -347 4,900 4,848 52 52 1,150 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 -311 5,217 5,143 74 26 48 1,180 1,175 5 49 -44 10. 25,826 25,393 433 412 21 4,999 4,975 24 2 22 1,140 1,138 2 24 -22 17.... 26,011 25,737 274 470 -196 5,036 5,008 28 25 3 1,173 1,171 2 42 -40 24.... 26,261 25,851 410 639 -229 5,108 5,108 11 -11 1,212 1,209 3 171 -168 31 .... 26,186 25,828 358 602 -244 5,176 5,097 79 15 64 1 ,217 1 ,208 9 126 -117 Aug. 7.... 26,227 25,885 342 737 -395 5,113 5,093 20 337 -317 1,187 1,182 5 5 14.... 25,890 25,576 .114 576 -262 4,866 4,834 32 191 -159 1,153 1,147 6 6 21 . 26,227 25,713 514 619 -105 4,906 4,898 8 278 -270 1 ,167 1,162 5 5 28.... 25,791 25,612 179 374 -195 4,893 4,854 39 ...........39 1 ,147 1,148 -1 10 -11 Sept. 4... . 25,881 25,626 255 454 -199 4,818 4,839 -21 Ill -132 1,186 1,175 11 11 11... . 26,192 25,636 556 634 -78 4,989 4,854 135 240 -105 1 ,145 1,123 22 22 18... . 25,974 25,600 374 404 -30 4,860 4,839 21 107 -86 1 ,174 1,175 -1 11 -12 25..,. 25,855 25,658 197 474 -277 4,836 4,854 -18 90 -108 1 ,127 1,123 4 86 -82 Oct. 2.... 26,387 26,002 385 541 -156 5,045 4,970 75 154 -79 1,135 1 ,128 7 7 9P... 26,463 26,280 183 402 -219 5,096 5,149 -53 65 -118 1 ,125 1 ,132 -7 -7 16?... 26,960 26,608 352 518 -166 5,272 5,221 51 173 -122 1,250 1 ,246 4 14 -10 23?... 26,469 26,477 -8 335 -343 4,962 5,010 -48 36 -84 1,194 1 ,205 -11 25 -36 30?... 26,696 26,369 327 497 -170 4,953 4,957 -4 12 -16 1 ,163 1,145 18 ............18 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 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 Period Borrow­ Borrow­ ings at Free ings at Free F.R. reserves F.R. reserves T h o e t l a d l Required1 Excess Banks T h o e t l a d l Required 1 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. 9,649 9,623 26 32 -6 8,582 8,304 278 47 231 ...........................1967—Sept. 9,878 9,860 18 42 -24 8,648 8,402 246 55 191 ......................................Oct. 9,900 9,835 65 51 14 8,823 8,540 283 61 222 ......................................Nov. 10,081 10,031 50 105 -55 8,901 8,634 267 80 187 ......................................Dec. 10,314 10,283 31 111 -80 9,120 8,809 31 1 75 236 10,271 10,218 53 126 -73 9,057 8,766 291 125 166 .......................................Feb. 10,247 10,212 35 288 -253 9,009 8,780 229 218 1 1 ......................................Mar. 10,298 10,272 26 283 -257 9,097 8,859 238 229 9 .......................................Apr. 10,268 10,195 73 262 -189 9,169 8,867 302 340 -38 .......................................May 10,275 10,241 34 258 -224 9,172 8,941 231 327 -96 10,447 10,392 55 152 -97 9,317 9,070 247 274 -27 ......................................July 10,568 10,501 67 161 -94 9,396 9,120 276 210 66 .......................................Aug. 10,534 10,473 61 194 -133 9,510 9,210 300 144 156 10.743 10.762 -18 186 -204 9,621 9,387 233 166 67 ....................................Oct." Week ending— 9,827 9,783 44 68 -24 8,653 8,314 339 72 267 ......................1967—Oct. 4 9,840 9,796 44 60 -16 8,577 8,405 172 64 108 11 9,957 9.943 14 54 -40 8,949 8,436 513 57 456 ...........................................18 9,924 9.866 58 10 48 8,456 8,413 43 48 -5 ..........................................25 10,290 10,263 27 302 -275 9,014 8,808 206 237 -51 .....................1968—May I 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 10,180 10,138 42 294 -252 8,974 8,837 137 368 -231 10,182 10,151 31 278 -247 9,163 8,906 257 344 -87 ...........................................12 10,237 10,212 25 164 -139 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 10,328 10,244 84 115 -31 9,359 9,037 322 27! 51 ...........................................10 10,459 10,428 31 121 -90 9,343 9,130 213 282 -69 17 10,499 10,441 58 200 -142 9,442 9,094 348 257 91 ..........................................24 10,545 10,477 68 179 -111 9,248 9,047 201 282 -81 ..........................................31 10,538 10,515 23 170 -147 9,390 9,095 295 230 65 .............. Aug. 7 10,534 10,457 77 149 -72 9,336 9,139 197 236 -39 ...........................................14 10,578 10,536 42 152 -110 9,576 9,117 459 189 270 ..........................................2! 10,530 10,489 41 158 -117 9,221 9,121 100 206 -106 ..........................................28 10,516 10,460 56 178 -122 9,361 9,152 209 165 44 10,545 10,444 101 261 - 160 9,511 9,215 296 133 163 ...........................................11 10,467 10,461 6 147 -141 9,473 9,125 348 1 39 209 ...........................................18 10,447 10,447 191 -191 9,445 9,234 21 1 107 104 ..........................................25 10,620 10,572 48 182 -134 9,587 9,332 255 205 50 .................................Oct. 2 10,633 10,645 -12 232 -244 9,609 9,354 255 105 150 .......................................... 9" 10,871 10,821 50 206 -156 9,567 9,320 247 125 122 10,738 10,833 -95 107 -202 9,575 9,429 146 167 -21 ..........................................23" 10,890 10,809 81 230 -149 9,690 9,458 232 255 -23 ..........................................30" 1 Beginning Sept. 12, 1968, amount is based on close-of«business fig­ weeks ending on Wed. that fall within the month. Beginning with Jan. ures for reserve period 2 weeks previous to report date. 1964, reserves are estimated except for weekly averages. 2 This total excludes, and that in the preceding table includes, 351 Total reserves held: Based on figures at close of business through Nov, million in balances of unlicensed banks. 1959; thereafter on closing figures for balances with F.R. Banks and open­ ing figures for allowable cash; see also note 3 to preceding table. Note.—Averages of daily figures. Monthly data are averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks: Based on closing figures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-8 MAJOR RESERVE CITY BANKS □ NOVEMBER 1968 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less— Net— Gross transactions Net transactions Reporting banks and Total Bor­ week ending-— s E e x r r v c e e e ­ s s s 1 r a o B t B w a F o n in . r k R ­ g s s . F f i b e n u N a d n te e n e d r t k r s ­ a l S d u e o r f p i r c l u it s r P r e e e q s a r o e u v c r g i f v r e . e e n d s t c P ha u s r e ­ s Sales a 2 t c r - t a w io n a n s y s ­ 2 b c b o h P u a f a y u n s n i k r n e e ­ s s g t s o b S e a f a l n l n l i e n k e s s g t d L e o a t a l o e n rs s 3 de f r i a r n o o l g e w m s r ­ s '* lo N a e n t s trans. Total—46 banks 1968—Sept. 4........... 13 194 2,299 -2,479 21.9 4,132 1 ,833 1,524 2,608 309 2,214 190 2,024 11............ 213 426 3,573 -3,786 33.7 4,898 1 ,325 1 ,181 3,717 144 2,375 179 2,196 18........... 18 213 3,948 -4,143 36.7 5,467 1 ,519 1,435 4,032 84 2,718 163 2,555 25............ 16 297 3,349 -3,629 32.3 4,792 1 ,443 1 ,306 3,486 137 2,464 103 2,362 Oct. 2............ 113 179 2,564 -2,630 23.1 4,339 1,775 1,422 2,918 354 2,323 121 2,202 9........... 16 177 3,829 -3,990 34.3 5,492 1 ,663 1 ,491 4,001 172 2,368 125 2,243 16........... 116 275 3,697 -3,856 32.2 5,338 1 ,641 1,513 3,825 129 1 ,524 117 1 ,407 23............ -39 103 2,676 -2,818 24.1 4,528 1,852 1,718 2,811 134 1 ,408 143 1,265 30........... 72 112 2,035 2,075 17.9 4,281 2,246 1,969 2,312 277 1 ,466 99 1 ,367 8 tn New York City 1968—Sept. 4........... -25 104 976 -1,105 25.1 1 ,495 519 519 976 1,195 100 1 ,094 11............ 129 225 1,478 -1,575 35.6 1,781 302 300 1 ,481 3 1,193 89 1,104 18........... 19 86 1,416 -1 ,483 33.6 1 ,905 490 490 1 ,416 1 ,435 95 1 ,340 25........... 9 84 1,124 -1 ,199 27.1 1,635 512 512 1 ,124 ......1. ..,.4.0..3 100 1 ,303 Oct. 2............ 69 150 1,493 -1,574 34.8 1 ,871 378 378 1,493 1 ,286 97 1,189 9 10 60 1 ,786 -1,836 39.1 2,167 382 382 1 ,786 1 ,001 100 901 16........... 60 161 1,813 -1,914 40.2 2,245 432 432 1 ,813 740 88 652 23........... 21 952 -973 21.4 1 ,710 758 750 960 8 735 93 642 30........... 9 12 609 612 13.6 1 ,599 990 908 691 82 823 63 760 38 outside New York City 1968—Sept. 4........... 38 90 1 ,322 -1 ,374 19.9 2,636 1,314 1 ,005 1,631 309 1 ,019 90 929 11........... 84 201 2,095 -2,211 32.5 3,117 1,022 881 2,236 141 1,182 90 1 ,092 18........... -1 128 2,533 -2,661 38.6 3,562 1 ,029 945 2,617 84 1 ,283 68 1 ,215 25........... 8 213 2,225 -2,430 35.7 3,156 931 794 2,362 137 1 ,061 2 1,059 Oct. 2............ 44 29 1,071 -1,056 15.4 2,468 1,397 1 ,043 1,425 354 1 ,037 24 1,013 9........... 6 117 2,043 -2,154 31.0 3,325 1,282 1 ,110 2,215 172 1 ,367 25 1 ,342 16........... 56 115 1,883 -1,942 27.0 3,093 1 ,210 1 ,081 2,012 129 784 29 756 23............ -39 81 1 ,724 -1,844 25.9 2,818 1 ,094 968 1 ,851 126 674 50 624 30........... 63 100 1 ,426 1,462 20.7 2,682 1,256 1 ,061 1 ,622 195 643 36 607 5 bi City of Chicago 1968—Sept. 4........... 6 466 -460 42.9 752 286 273 479 13 80 80 11........... 24 689 -664 65.3 872 183 183 689 74 74 18........... -4 11 680 -696 65.0 898 218 218 680 83 83 25............ 5 86 769 -850 83.4 920 151 151 769 ............5.3 ............. 53 Oct. 2............ 8 232 -225 22.0 635 402 289 345 113 89 89 9........... 2 629 -627 61.3 943 315 308 635 7 140 140 16........... 6 14 625 -633 55,6 822 197 197 625 43 43 23............ -6 24 468 -498 45.3 750 283 283 468 38 38 30............ 12 ............. 323 310 29.9 630 308 296 334 12 35 ............3.5 33 others 1968—Sept. 4........... 32 90 856 -914 15.7 1 ,884 1 ,028 732 1,152 296 939 90 849 11........... 60 201 1 ,406 -1 ,547 26.8 2,245 839 698 1 ,547 141 1,108 90 I ,018 18........... 3 116 1 ,853 -1 ,965 33.7 2,664 811 727 1 ,937 84 1 ,200 68 1 ,132 25........... 2 127 1,456 -1 ,581 27.3 2,236 780 643 1,593 137 1 ,008 2 1 ,006 Oct. 2............ 36 29 839 -831 14.2 1 ,834 995 754 1 ,080 241 948 24 925 9........... 4 117 1 ,414 -1 ,527 25.8 2,381 967 802 1 ,580 165 1,227 25 1 ,202 16........... 51 100 1 ,259 -1,308 21.6 2,271 1 .013 884 1 ,387 129 741 29 712 23........... -33 58 1 ,257 -1,347 22.3 2,068 811 685 1 ,383 126 636 50 586 30............ 51 too 1 ,104 1 ,153 19.2 2,052 948 765 1,287 183 608 36 572 i Based upon reserve balances, including all adjustments applicable to 4 Federal funds borrowed, net funds acquired from each dealer by the reporting period. Prior to Sept. 25, 1968, carryover reserve deficiencies, clearing banks, reverse repurchase agreements (sales of securities to if any, were deducted. Excess reserves for later periods are net of all carry­ dealers subject to repurchase), resale agreements, and borrowings secured over reserves. . _ by Govt, or other issues. 2 Derived from averages for individual banks for entire week. Figure for each bank indicates extent to which its weekly average purchases Note.—Weekly averages of daily figures. For description of series and sales are offsetting. and back data, see Aug. 1964 Bulletin, pp, 944-74. 3 Federal funds loaned, net funds supplied to each dealer by clearing 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

NOVEMBER 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 Oct. 31 date rate Oct. 31 date rate Oct. 31 date rate Boston........................................... 5’4 Aug. 27, 1968 5 >4 5’4 Aug. 27, 1968 6 6'4 Aug. 27, 1968 6'4 New York................................ Aug. 30, 1968 5 >4 5% Aug. 30, 1968 6 6’4 Aug. 30, 1968 7 Philadelphia................................... 5'4 Aug. 23, 1968 54 5'4 Aug. 23, 1968 6 6'4 Aug. 23, 1968 6'4 Cleveland....................................... 51/4 Aug. 23, 1968 54 5'4 Aug. 23, 1968 6 6’4 Aug. 23, 1968 7 Richmond...................................... 5% Aug. 19, 1968 5’4 5% Aug. 19, 1968 6 6'4 Aug. 19, 1968 6'4 Atlanta........................ 5% Aug. 30, 1968 54 5'4 Aug. 30, 1968 6 6'4 Aug. 30, 1968 6’4 Chicago.......................................... 5'4 Aug. 23, 1968 54 5’4 Aug. 23, 1968 6 6'4 Aug. 23, 1968 6'4 St. Louis............................ 5'4 Aug. 30, 1968 54 5'4 Aug. 30, 1968 6 6'4 Aug. 30, 1968 6'4 Minneapolis................................... 5'4 Aug. 16, 1968 5 >4 5'4 Aug. 16, 1968 6 6'4 Aug. 16, 1968 6’4 Kansas City.................................. 5 >4 Aug. 23, 1968 54 5’4 Aug. 23, 1968 6 6'4 Aug. 23, 1968 6'4 Dallas............................................. 5 >4 Aug. 28, 1968 5'4 5’4 Aug. 28, 1968 6 6'4 Aug. 28, 1968 6'4 San Francisco................................. 5 >4 Aug. 30, 1968 5'4 5’4 Aug. 30, 1968 6 6'4 Aug. 30, 1968 6'4 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. In effect Dec. 31, 1941........ 1 -1'4 1 1955—Cont. 1960 Sept. 9............................ 2 "2'4 2'4 June 3............................ ^ 4 1942 ‘ 13............................ 2'4 2'4 10............................ 3^ 1 Nov. 18............................ 2'4 14..........3..'.4...............3^ Oct. 15............................... ir 1 23............................ 2'4 3 -3’4 3 30............................... t!4 3 3 1956 1946 Apr. 13............................ Apr. 25.....................t. ...^..-..1.. . 1 20........................... 2’4 1963 1 1 2’4-3 3 July 17............................ 3 -3’4 ~ 31............................ 3 3 ' 26..........3..’4................ 1948 Jan. 12................................ 1957 19................................ "id* 1^ 23............................ 3 3 - '4 3'4 3 3 '4 Nov. 24.... 1 .. 9 . 6 . 4 . ................. 3'4-4 4 ~ 23................................ 3 -3’4 3 30..........4..................4 Dec. 2............................ 3 3 1950 Aug. 21.........................1.'4-1’4 }^ 1958 1965 “ 25............................... 1’4 Jan. 22....................2...%...-.3. 3 4 -4’4 4’4 24............................ 2^ 13..........4..'.4...............4’4 1953 Mar. 7............................ 1’4-2 2 13............................ 2'4 23............................ 2 2 21............................ 2'4 1967 Apr. 18............................ 1’4-2'4 1’4 Apr, 7....................4.. ....-.4’4 4 1954 May 9............................ 1’4 1^ ' J4..........4..................4 Feb. 5.............................. '^ 1% Aug, 15............................ 1’4-2 Nov. 20............................ 4 -4’4 4’4 15.............................. Sept. 12.. 1’4-2 2 27............................ 4’4 4'4 * 23............................ 2 2 16.............................. Oct. 24........................... 2 -214 2 May 21.............................. 1'4 Nov. 7........................... 2'4 2/2 1968 4’4—5 4’4 1955 1959 22..........5..................5 1^ Mar. 6....................2...’4..-..3. 3 5 -5’4 5'4 ' 15.............................. 16....................... 3 3 26............................ 5'4 5'4 1’4 May 29................ 3 -3’4 3^ 5'4-5’4 5'4 !O June 12.................... 3'4 3’^ 5’4 5’4 2 Sept. 11............................ 3’4^1 4 12.............................. 2 -20 2 ’ 18............................ 4 4 5’4 5'4 t Preferential, rate of one-half of 1 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 1 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; 1960—Oct. 31-Nov. 17, Dec. 28-29, such paper or by U.S. Govt, obligations with maturities beyond 1 year. 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3^1, 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, sec Banking and Monetary Statistics, 28, 30, 31,3.875; 1965—Jan. 4-8, 3.875; 1968—Apr. 4,5,1 1, 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; Aug. 16, 19, 5.25. 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 □ NOVEMBER 1968 RESERVE REQUIREMENTS OF MEMBER BANKS (Per cent of deposits) Dec. 31, 1949, through July 13, 1966 Beginning July 14, 1966 Net demand Net demand Time deposits * deposits 2 deposits 2 (all classes of banks) Time depos­ its Reserve Country Other Effective date 1 b C re a e c s n n i e k t t y r s r v a e 3 l b s a R c e i n r e t v y k ­ e s C ba o tr n u y k n s ­ c b l a a ( o n s a s k f ll e s s ) Effective date 1 Un c d it e y r ban O k v s er Unde b r a nks Over d S e in i p a t g s o v s ­ s ­ U ti n m d e e r d ep O os v i e ts r $5 mil­ $5 mil­ $5 mil­ $5 mil­ $5 mil­ $5 mil­ lion lion lion lion lion lion In effect Dec. 31, 1949........ 22 18 12 5 1966—July 14,21........ 5 16'4 5 12 54 54 5 Sept. 8, 15....... 6 1951—Ian. 11,16............... 23 19 13 6 Jan. 25, Feb. 1.... 24 20 14 1967—Mar. 2............. 3’/4 3’A 1953—July 9,1................ 22 19 13 Mar. 16............. 3 3 1954—lune 24, 16............... 21 5 July 29, Aug. 1.... 20 18 12 1968—Jan. 11,18........ 1614 17 12 12'/4 1958—Feb. 27, Mar. 1.... 191,4 1714 II14 Mar. 20, Apr. 1.... 19 17 In effect Oct. 31, 1968... 16!4 17 12 12'4 3 3 6 Apr. 17.................... 181/4 Apr. 24..................... 18 1614 Present legal I960—Sept. 1..................... 171/4 requirement: Nov. 24..................... 12 Minimum............. 10 7 3 3 3 Dec. 1..................... 1654 Maximum................. 22 14 10 10 10 1962—July 28..................... (3) Oct. 25, Nov. 1.... 4 1 When two dates are shown, the first applies to the change at central 4 Effective Jan. 5, 1967, time deposits such as Christmas and vacation reserve or reserve city banks and the second to the change at country club accounts became subject to same requirements as savings deposits. banks. For changes prior to 1950 see Board’s Annual Reports. 5 See preceding columns for earliest effective date of this rate. 2 Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances Note.—All required reserves were held on deposit with F.R. Banks due from domestic banks. June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member 3 Authority of the Board of Governors to classify or reclassify cities banks were allowed to count part of their currency and coin as reserves; as central reserve cities was terminated effective July 28, 1962. effective Nov. 24, 1960, they were allowed to count all as reserves. For further details, see Board’s Annual Reports. MARGIN REQUIREMENTS (Per cent of market value) Effective date Regulation Apr. 23, Jan. 16, Aug. 5, Oct. 16, July 28, July 10, Nov. 6, Mar. 11, June 8, 1955 1958 1958 1958 1960 1962 1963 1968 1968 Regulation T: For credit extended by brokers and dealers on: Listed stocks.............................. 70 50 70 90 70 50 70 70 80 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: Listed stocks................................................ 70 80 Bonds 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 ihe time of extension; margin requirements are the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ MAXIMUM INTEREST RATES; BANK DEPOSITS A-ll MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Jan. 1,1962—July 19, 1966 Rates beginning July 20, 1966 Effective date Effective date Type of deposit Type of deposit Jan. 1, July 17, Nov. 24, Dec. 6, July 20, Sept. 26, Apr. 19, 1962 1963 1964 1965 1966 1966 1968 Savings deposits: 1 Savings deposits.............................. 4 4 4 12 months or more....................... 4 4 } 4 4 Other time deposits: 2 Less than 12 months..................... 3V4 31/4 Multiple maturity: 3 90 days or more....................... 5 5 5 Other time deposits: 2 Less than 90 days.................... 4 4 4 (30-89 days) 12 months or more...................... 4 } 4 Single-maturity: 6 90 m d o a n y t s h s to t o 6 1 m 2 o m nt o h n s t . h .. s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 1 1 / 6 1 4/2 5/2 $ Le 1 s 0 s 0 , t 0 h 0 a 0 n o 5 r 1 m 00 o , r 0 e 0 : 0.............. 5/2 5 5 Less than 90 days.......................... 1 1 4 30—59 days.. .................. 5’/4 (30-89 days) ' 6 9 0 0 — — 8 1 9 7 9 d d a a y y s s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . ...... 5h 5^ 5 6 % 180 days and over............... 6/4 1 Closing date for the Postal Savings System was Mar. 28, 1966. Max­ Note.—'Maximum rates that may be paid by member banks as estab­ imumrates on postal savings accounts coincided with those on savings lished by the Board of Governors under provisions of Regulation Q; deposits. however, a member bank may not pay a rate in excess of the maximum 2 For exceptions with respect to certain foreign time deposits, see rate payable by State banks or trust companies on like deposits under Bulletins for Oct. 1962, p. 1279; Aug. 1965, p. 1084; and Feb. 1968, the laws of the State in which the member bank is located. Beginning p. 167. Feb. 1, 1936, the FDIC has established identical rates for nonmember 3 Multiple-maturity time deposits include deposits that are automati­ insured commercial banks. cally renewable at maturity without action by the depositor and deposits For rates before 1962 see Board’s Annual Reports. that are payable after written notice of withdrawal. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks All AH 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 Item m b e a m nk b s er Y N o e r w k C o it f y Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending Aug. 14, 1968 Four weeks ending Sept. 11, 1968 Gross demand—-Total.., 162,969 35,225 6,958 58,485 62,302 Gross demand—'Total.... 162,948 34,858 6,893 58,466 62,731 Interbank................. 18,270 6.863 1 ,262 7,958 2,188 Interbank..................... 18,619 6,860 1 ,304 8,209 2,246 U.S. Govt................ 5,365 1 ,227 290 2,061 1 ,787 U.S. Govt..................... 4,172 708 151 1 ,597 1 ,717 Other....................... 139,335 27,135 5,407 48,467 58,326 Other............................ 140,159 27,291 5,440 48,660 58,768 Net demand i................. 127,486 23,522 *5,299 45,827 52,838 Net demand J.................. 125,951 22,439 5,060 45,540 52,912 Time................................ 155,815 20,013 5,905 59,423 70,475 Time................................. 157,942 20,215 6,003 60,441 71 ,284 Demand balances due Demand balances due from dom. banks.... 8,596 369 436 1,961 5,830 from dom. banks...... 9,037 357 579 2,009 6,093 Currency and coin.......... 4,429 349 76 1,345 2,658 Currency and coin........... 4,464 350 77 1 .369 2,667 Balances with F.R. Balances with F.R. Banks.......................... 21 ,713 4,717 1 ,117 9,184 6,696 Banks........................... 21,559 4,552 1 ,085 9,173 6,750 Total reserves held......... 26,142 5,066 1 ,193 10,529 9,354 Total reserves held......... 26,023 4,902 1,162 10,542 9,417 Required...................... 25,786 5.033 J, 186 10,473 9,094 Required........................... 25,647 4,862 1,152 10,483 9,151 Excess........................... 356 33 7 56 260 Excess................................ 376 40 10 59 266 1 Demand deposits subject to reserve requirements are gross demand Note.—Averages of daily figures. Balances with F.R. Banks arc 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 □ NOVEMBER 1968 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1968 1968 1967 Oct. 30 Oct. 23 Oct. 16 Oct. 9 Oct. 2 Oct. 31 Sept. 30 Oct. 31 Assets Gold certificate account.............................................. 10,026 10,026 10,026 10,026 10,026 10,026 10,026 12,410 Cash.............................................................................. 287 295 307 310 312 289 316 360 Discounts and advances: Member bank borrowings.................................... 513 1 ,103 189 288 314 179 390 120 Other......................................................................... Acceptances: Bought outright........................................................ 57 57 57 54 54 56 47 54 Helcf under repurchase agreements.......................... 15 42 39 Federal agency obligations'—Held under repurchase agreements............................................................ 47 8 9 U.S. Govt, securities: Bought outright: Bills....................................................................... 19,181 19,244 19,023 18,425 19,108 19,148 18,794 14,571 Certificates—Special............................................. Other............................................... Noles..................................................................... 28,424 28,424 28,424 28,424 28,312 28,424 28,312 26,198 Bonds..................................................................... 5,757 5,757 5,757 5,757 5,733 5,757 5,733 6,621 Total bought outright............................................... 53,362 53,425 153,204 152,606 53,153 53,329 52,839 47,390 Held under repurchase agreements.......................... 199 352 197 440 Total U.S. Govt, securities.......................................... 53,561 53,777 53,401 52,606 53,153 53,329 53,279 47,390 Total loans and securities............................................ 54,131 54,999 53,697 52,948 53,521 53,564 53,764 47,564 Cash items in process of collection......................... ”7,860 ”8,124 ”9,616 ”7,876 ”8,719 ”7,914 ’’7,609 6,697 Bank premises.............................................................. 114 115 115 115 115 112 115 111 Other assets: . , . . Denominated in foreign currencies.......................... 1,273 1 ,265 1 ,224 1,299 1 ,293 1 ,273 1,281 953 IMF gold deposited 2....................................... 230 230 230 230 230 230 230 233 All other................................................................... 613 579 549 516 486 615 480 544 Total assets................................................................ >>74,534 ”75,633 ”75,764 ”73,320 ”74,702 ”74,023 *•73,821 68,872 Liabilities F.R. notes..................................................................... 42,667 42,669 42,829 42,807 42,488 42,655 42,346 39,974 Deposits: ”22,189 ”23,103 ”21,991 ”20,541 ”21 ,780 ”22,316 r2l,297 20,604 U.S. Treasurer—General account.......................... 1,155 1 ,031 1 ,047 1 ,295 1 ,178 1,086 1,036 697 Foreign .................................................................... 127 136 136 112 170 99 192 135 Other: IMF gold deposit2.................................... 230 230 230 230 230 230 230 233 All other.............................................................. 197 209 256 251 240 204 255 208 Total deposits............................................................... >’23,898 ”24,709 ”23,660 ”22,429 ”23,598 ”23,935 '23,010 21,877 Deferred availability cash items................................... 6,127 6,458 7,526 6,182 6,755 5,559 6,605 5,388 Other liabilities and accrued dividends........................ 386 393 394 386 398 411 411 286 Total liabilities....................................................... ”73,078 ”74,229 ”74,409 ”71,804 ”73,239 ”72,560 *"72,372 67,525 Capital accounts 621 621 621 621 620 621 619 590 Surplus.......................................................................... 598 598 598 598 598 598 598 570 Other capital accounts............................................... 237 185 136 297 245 244 232 187 Total liabilities and capital accounts........................... »74,534 ”75,633 ”75,764 ”73,320 ”74,702 ”74,023 *■73,821 68,872 Contingent liability on acceptances purchased for foreign correspondents......................................... 120 1 17 118 121 123 119 124 163 U.S. Govt, securities held in custody for foreign account.................................................................. 7,882 7,685 7,696 7,964 7,692 7,956 7,777 7,861 Federal Reserve Notes—Federal Reserve Agents’ Accounts F R notes outstanding (issued to Bank)..................... 45,476 45,508 45,583 45,452 45,412 45,444 45,470 42,548 Collateral held against notes outstanding: Gold certificate account........................................... 4,068 4,068 4,068 4,118 4,118 4,068 4,118 6,714 Eligible paper.......................................................... U.S. Govt, securities................................ 42,951 42,751 42,751 42,65! 42,651 42,951 42,651 37,281 Total collateral............................................................ 47,019 46,819 46,819 46,769 46,769 47,019 46,769 43,995 1 Includes securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2 See note 1(b) to table at top of p. A-73. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ FEDERAL RESERVE BANKS A-13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1968 (In millions of dollars) Phila­ Kan­ San Item Total Boston New del­ Cleve­ Rich­ Atlan­ Chi­ St. Minne­ sas Dallas Fran­ York phia land mond ta cago Louis apolis City cisco Assets Gold certificate account..................... 10,026 618 2,757 607 762 903 493 1 ,580 330 158 360 301 1,157 F,R. notes of other banks................ 817 91 210 55 39 72 72 39 27 30 29 38 115 Other cash........................................... 289 16 35 7 37 17 41 41 29 4 20 15 27 Discounts and advances: Secured by U.S. Govt, securities.... 174 13 69 4 2 3 25 30 5 2 8 4 9 Other............................................... 5 5 Acceptances: Bought outright........................... 56 56 Held under repurchase agreements.. Federal agency obligations—Held under repurchase agreements...... U.S. Govt, securities: Bought outright.................. 53,329 2,771 12,893 2,706 4,143 3,931 2,869 8,792 1,932 1,071 2,171 2,287 7,763 Held under repurchase agreements.. Total Ioans and securities................... 53,564 2,784 13,018 2,710 4,145 3,934 2,899 8,822 1,937 1,073 2,179 2,291 7,772 Cash items in process of collection... 10,289 616 1 ,882 545 723 790 890 1 ,776 514 367 653 608 925 Bank premises.................................. 112 3 10 2 5 10 19 17 8 3 19 9 7 Other assets: Denominated in foreign currencies.. 1,273 62 1327 68 115 66 80 186 43 29 56 73 168 IMF gold deposited 2.................... 230 230 All other.......................................... 615 33 149 30 49 47 32 99 23 13 25 26 89 Total assets......................................... 77,215 4,223 18,618 4,024 5,875 5,839 4,526 12,560 2,911 1,677 3,341 3,361 10,260 Liabilities F.R. notes........................................... 43,472 2,503 9,977 2,471 3,513 3 ,991 2,336 7,788 1,608 739 1,629 1 ,508 5,409 Deposits: Member bank reserves.................... 22,316 971 6,092 973 ! ,548 1 ,018 1 ,347 3,061 789 555 1,006 I ,207 3,749 U.S. Treasurer—General account.. 1 ,086 66 357 52 64 57 42 90 57 41 102 46 112 Foreign.......................................... 99 6 310 6 11 6 8 17 4 3 5 7 16 Other: IMF gold deposit 2................. 230 230 All other...................................... 204 163 3 8 i i 1 j 2 i 23 Total deposits...................................... 23,935 1,043 6,852 1 ,034 1 ,623 1 ,089 1 ,398 3,169 851 600 1,115 1,261 3,900 Deferred availability cash items......... 7,934 585 1,317 422 580 649 679 1,313 387 296 518 494 694 Other liabilities and accrued dividends 411 21 102 21 31 29 22 68 15 9 17 17 59 Total liabilities.................................... 75,752 4,152 18,248 3,948 5,747 5,758 4,435 12,338 2,861 1,644 3,279 3,280 10,062 Capital accounts Capital paid in.................................... 621 30 158 32 55 32 40 93 21 14 27 36 83 Surplus................................................. 598 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts........................ 244 12 58 12 19 18 13 42 9 5 9 11 36 Total liabilities and capital accounts.. 77,215 4,223 18,618 4,024 5,875 5,839 4,526 12,560 2,911 1,677 3,341 3,361 10,260 Contingent liability on acceptances purchased for foreign correspond­ ents. ............................................. 119 6 430 6 11 6 8 17 4 3 5 7 16 F.R, notes outstanding (issued to Bank).......................................... 45,444 2,597 10,392 2,556 3,751 4,147 2,460 8,047 1,678 769 1,718 1,641 5,688 Collateral held against notes out­ standing: Gold certificate account................. 4,068 330 500 300 600 600 350 1,000 206 27 ..........1.55 ........... Fligihle paper........................... U.S. Govt, securities....................... 42,951 2,301 10,200 2,500 3,300 3,600 2,200 7,150 1,570 775 1,775 1,580 6,000 Total collateral.................................... 47,019 2,631 10,700 2,800 3,900 4,200 2,550 8,150 1,776 802 1,775 1,735 6,000 1 After deducting $946 million participations of other F.R. Banks. 3 After deducting $89 million participations of other F.R. Banks. 2 See note 2 to table at top of p. A-73. 4 After deducting $89 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 □ NOVEMBER 1968 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities by maturity Total Treasury bills Others within 1 year 1-5 years Month Exch., c G h p r a u o s r s e ­ s s G sa ro le s s s Re ti d o e n m s p­ c G h p r a u o s r s e ­ s s G sa ro le s s s Re ti d o e n m s p­ c G p h r a u o s r s e ­ s s G sa ro le s s s m s a h o t i u f r t r s it , y c G h p r a u o s r s e ­ s s G sa ro le s s s m E a x o t c u r h r i . . ty redemp­ shifts tions 1967—Sept............ 1,110 623 127 919 623 127 24 121 44 Oct............. 700 27 200 700 27 200 Nov........ 1,386 168 1 ,200 168 -1,227 121 .. 1 227 Dec............. 622 250 622 250 169 -73 1968—Jan............. 1,488 1,593 20 1,410 1,593 20 52 Feb............ 967 770 100 917 770 100 50 7,658 -8,497 Mar............ 1,550 567 305 1,212 567 305 51 208 Apr............. 1,761 982 167 1 ,651 982 167 58 41 1.168 784 1 ,098 784 10 -3,566 41 -73 June....... 1,894 289 1 ,693 289 54 308 88 -308 July............ 404 409 65 404 409 65 Aug........ 1,111 140 87 1 ,028 140 87 14 -4,778 24 142 Sept........ 5,515 5,605 115 5,403 5,605 115 31 31 Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers’ agreements Federal acceptances (U.S. Govt, Net agency 5-10 years Over 10 years securities) change obliga­ Month in U.S. tions Under Net c G h p r a u o s r s e ­ s s G sa ro le s s s o E t s r u h x r m i c f it t h s y a . ­ c G p h r a u o s r s e ­ s s G sa ro le s s s o E t s r u h x r c i m i f t h t y s a . ­ c G h p r a u o s r s e ­ s s G sa ro le s s s G s it o e ie c v s u t. r­ p ( m a n u g e r e c r t n e h t r e a s e ­ ) s ­ e r O i n g u e h t t t ­ , a r m c e g h n e p r a e e n u s t e t e r s ­ ­ , changei 1967 Sept ... 27 - 44 19 453 453 361 -12 104 453 Oct....... 1,427 1,427 474 1 -104 370 Nov.... 45 20 1 ,’369 1 '046 1 ,541 23 5 1 570 Dec , , -96 '545 '736 182 15 16 89 302 1968 Jan 21 5 1,136 1 ,031 -20 -38 — 12 — 69 — 139 Feb.... 839 '968 1 ,205 -140 -7 -20 -166 64 15 657 ’596 739 57 — t 35 830 8 3 1,832 1 ,627 815 — 45 2 — 5 766 May. . . 18 3,638 1 2'488 2'753 119 -12 -1 -30 75 50 10 1'560 1 '560 1 ,605 3 75 1 ,683 July.... 1,145 ’908 166 -2 -32 132 Aug . . 34 4,637 12 2,497 2,734 647 -5 -43 599 Sept.. . . 45 5 '440 235 9 -4 39 280 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) Pounds Belgian Canadian Danish French German Italian Japanese Nether­ Swiss End of period Total sterling francs dollars kroner francs marks lire yen lands francs guilders 1967 July............................. 579 566 4 3 1 2 1 1 * 2 Aug.............................. 866 761 3 3 1 94 1 1 3 Sept . ......................... 788 754 13 3 1 13 1 J Oct............................... 953 898 3 46 1 * 3 Nov.............................. 1,307 1 ,140 19 3 I 140 1 1 * 2 Dec.. .......................... 1 ’604 1 ,140 45 3 1 413 1 1 * 1968—Jan............................... 1 ,470 1,142 45 253 1 25 1 1 * 3 Feb............................... 1 ,489 1,152 50 253 1 27 1 1 4 Mar........................... ■ 1 .542 1 ,197 50 253 1 33 2 1 2 4 Apr.......................... 1,536 1 ’195 50 256 1 26 2 1 2 4 May............................. 1 ,926 1 ,544 50 256 1 67 2 2 4 June................ 1 ,009 '503 52 132 25 101 134 1 57 4 July.............................. 1 ,217 851 52 8 25 151 69 1 1 57 1 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 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 Oct. 30 Oct. 23 Oct. 16 Oct. 9 Oct. 2 Oct. 31 Sept. 30 Oct. 31 Discounts and advances—Total................................... 513 1,103 189 288 314 179 390 120 Within 15 days.......................................................... 508 1 ,099 186 286 312 174 387 118 16 days to 90 days..................................................... 5 4 3 2 2 5 3 2 91 days to 1 year...................................................... Acceptances—Total...................................................... 57 72 99 54 54 56 86 54 Within 15 days.......................................................... 13 28 59 17 15 13 53 7 16 days to 90 days................................................... 44 44 40 37 39 43 33 47 91 days to 1 year....................................................... U.S. Government securities—Total.. ......................... 53,561 53,824 53,409 52,606 53,153 53,329 53,288 47,390 Within 15 days 1....................................................... 3,004 3,199 2,632 1,714 2,185 7,675 1,840 8,466 16 days to 90 days.................................................... 14,660 14,679 14,819 15,174 15,352 8,518 15,574 6,895 91 days to 1 year...................................................... 17,399 17,448 17,460 17,220 17,201 18,638 17,150 15,701 Over 1 year to 5 years.............................................. 7,652 7,652 7,652 7,652 7,625 7,652 7,934 14,910 Over 5 years to 10 years........................................... 10,235 10,235 10,235 10,235 10,186 10,235 10,186 883 Over 10 years............................................................ 611 611 611 611 604 611 604 535 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) Turnover of demand deposits Period S T M 2 o 3 S t 3 a A l ’s N Le .Y ad . ing S 6 M o S th A e ’s rs2 T S o N ( M e ta . x S Y l c A . 2 l. ) 3 ’s 2 S o M 2 th 2 S e 6 A r ’s S T M 2 o 3 S t 3 a A l ’s N Le .Y ad . ing S 6 M o S th A e ’s rs2 T S o N ( M t e a . x S Y l c A 2 . l ) . 3 ’s 2 S o M 2 th 2 S 6 e A r ’s 1967—Sept............................. 6,799.4 2,952.4 1,513.6 3,847.0 2,333.4 57.4 120.6 55.4 40.8 35.1 Oct.............................. 6,993.0 3,102.4 1,537.7 3,890.6 2,352.9 58.3 125.5 54.6 40.8 35.1 Nov............................ 6,997.7 3’100.8 1 ,557.8 3’896.9 2,339.1 58.4 130.2 55.7 41.2 34.8 Dec............................. 7,047.0 3,149.7 1,515.4 3,897.3 2,381.9 58.5 122.1 54.6 41.1 35.3 1968—Jan.............................. 7,369.4 3,323.4 1,584.8 4,046.0 2,461.2 60.2 128.5 55.6 41.6 36.0 Feb............................. 7,263.9 3,216.8 1,593.3 4',047.1 2’453.8 59.8 129.2 56.9 42.1 36.1 Mar............................. 7'218.7 3,197.9 1,601.6 4,020.8 2.419.2 59.3 128.2 56.5 41.6 35.7 Apr............................. 7’500.7 3'285.5 1,673.5 4,215.2 2,541.7 59.7 126.7 57.4 42.3 36.2 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 Aug............................. 8,521.8 4,079.6 1,825.2 4,442.2 2,617.0 65.2 147.7 60.8 43.7 36.5 Sept... ....................... 8’368.4 3,857.8 1,840.2 4'510.6 2;670.4 64.7 144.7 61.3 43.8 36,7 Oct....................... 8,599.8 3,953.7 1,904.9 4,646.1 2,741.2 66.3 143.1 64.4 45.6 37.7 1 Excludes interbank and U.S. Govt, demand deposit accounts. Note.—Total SMSA’s includes some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA’s. Los Angeles-Long Beach. For a description of series, see Mar. 1965 Bulletin, p. 390. All data shown here are revised. For description of revision, sec Mar. 1967 Bulletin, p. 389. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-16 U.S. CURRENCY □ NOVEMBER 1968 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in cir­ cula­ tion 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939..................... 7,598 5,553 590 559 36 1 019 1 772 1 576 2 048 460 919 191 425 20 1941..................... 111160 8,120 751 695 44 1 355 2 731 2*545 3*044 724 1 433 261 556 24 1945..................... 281515 20,683 1 274 1 039 73 2*313 6 782 9 201 7*834 7 327 4*220 454 801 7 1947..................... 28,868 20,020 1,404 1 048 65 2 116 6*275 9 119 8 850 2 54R 5*070 428 782 17 1950..................... 27,741 19,305 1,554 1,113 64 2’049 5*998 8 529 8*438 2*422 5*04? 368 588 1955..................... 31358 22,021 1 927 1 312 75 2 151 6*617 9 940 9*136 2 736 5 *641 307 12 1958..................... 32,193 22,856 2 182 1 494 83 2 186 6*624 10 288 9*337 2*792 5*886 275 1 j 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 1960..................... 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 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 45 071 31 884 4 720 1 878 136 2 628 8 001 14 521 13 186 3 749 8 911 238 281 3 4 Sept........... 45*031 31^795 4*752 1*886 136 2*621 7*949 14*451 13 236 3*751 8*959 238 281 3 4 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 95713 524 3 832 9*163 239 283 3 4 Dec....... 47,226 33 468 4 918 2 035 136 2*850 8*366 15*16213*758 3*915 9 311 240 285 3 4 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*61913*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*261 219 285 3 4 Apr........... 46,621 32,938 5,117 1 875 136 2 684 8 104 15,002 13 683 3’857 9*293 240 286 3 4 May......... 47,202 33,414 5 ,211 1 883 136 2*727 8 230 15,207 13 787 3 894 9*160 240 286 3 4 June......... 47^640 33^745 5,309 1 *860 136 2*728 8,287 15*42413 895 3 932 9*430 240 286 3 4 July........... 47'979 33*963 5 385 1 *871 136 2 720 8 261 15 590 14 015 3 971 9511 240 286 3 4 Aug.......... 48^353 34,238 5,449 j ,863 136 2,728 8’309 15 753 14 J 15 3 *999 9*581 240 287 3 4 Sept....... 48,340 34,161 5,498 1 ,872 136 2,732 8,269 15,65414,179 4,002 9’,641 241 288 3 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break­ Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation * Held by Total out­ F.R. Kind of currency s S t e a 1 p n 9 t d 6 . 8 i 3 n 0 g , A g s a o g s ld a e i c a n u s n r t d i t y Tre ca a s s h ury B F F a . o n R k r . s A B g a a e n n n d k t s s 1968 1967 cer s t i i l f v ic e a r t es Ag a e nd n ts Sept. 30 Aug. 31 Sept. 30 Gold.............................................................................. 10,367 (10,026) 2342 Gold certificates................................................... (10,026) 310,024 i Federal Reserve notes................................................... 45,471 116 3,126 42,229 42,291 39,508 Treasury currency—-Total........................................... 6,743 (...........) 315 317 6,111 6,061 5,524 Standard silver dollars............................................. 485 ................. 3 ............4..8..2. 482 482 Silver bullion............................................................ Silver certificates....................................................... (..........1 383 Fractional Coin........................................................ 5,626 ................. 299 ................. 311 5,016 4,967 4,270 United States notes................................................. 323 13 5 304 303 303 In process of retirement 4......................................... 309 309 309 87 Total—Sept. 30, 1968.................................................. 562,581 (10,026) 772 10,024 3,444 48,340 Aug. 31, 1968.................................................... 562,288 (10,026) 776 10,024 3,135 48,353 Sept. 30, 1967.................................................. 562,121 (12,896) 1 ,463 12,509 3,118 45,031 1 Outside Treasury and F.R. Banks. Includes any paper currency held s Does not include all items shown, as some items represent the security outside the United States and currency and coin held by banks. Esti­ for other items; gold certificates are secured by gold, and silver certificates mated totals for Wed. dates shown in table on p. A-5. by standard silver dollars and monetized silver bullion. Duplications 2 Includes $230 million gold deposited by and held for the International are shown in parentheses. Monetary Fund. 3 Consists of credits payable in gold certificates, the Gold Certificate Note.—Prepared from Statement of United States Currency and Coin Fund—Board of Governors, FRS. and other data furnished by the Treasury. For explanation of currency 4 Redeemable from the general fund of the Treasury. reserves and security features, see the Circulation Statement or the Aug. 1961 Bulletin, p. 936. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ MONEY SUPPLY; BANK RESERVES A-17 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt, Total c C om ur p re o n n c e y n t co D d m e e m p p o o a n s n i e d t n t jus a te d d ­ 1 Total c C om ur p re o n n c e y n t c D o d m e e m p p o o a s n n i e t d n t jus a te d d ­ i d d e e p m os a i n ts d 1 1965—Dec................................................. 166.8 36.3 130.5 146.6 172.0 37.1 134 9 145.2 4,6 1966—Dec.......................................... 170.4 38 3 132.1 158.1 175.8 39.1 1 36 7 156 9 3 4 1967—Oct.................................................. 180.2 39.9 140.2 180.6 180.5 40.0 140 5 180 4 6 3 Nov................................................. 181.0 40 1 141.0 182.6 1 82.4 40.4 141 9 181 3 5'3 Dec................................................. 181.3 40 4 140.9 183. 5 1 87.1 41’2 145 9 182 6 50 1968—Jan............................................. 182.3 40.6 141.7 184.1 187.6 40.5 147.1 183.7 5 0 Feb.................................................. 182.7 40.7 141.9 185.2 181.4 40,3 141 1 185 8 72 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 42 May............................................... 186.1 41.6 144.5 187. 6 182.5 41.3 141 1 188,4 64 June................................................ 187.4 42.0 145.4 188,2 1 85.6 41.9 143 6 188.6 5'4 July.................... 189.4 42.2 147.2 190.4 187.2 42.4 144.8 190.8 5 7 Aug................................................ 190.3 42.6 147.6 193.8 186.9 42.7 144.2 194.4 55 .........1..8..9...5..............4..2....7.............1.46.7 196.6 188.6 42.7 145. 8 196.2 5 9 Oct.* Week ending 1968—Sept. 4......................................... 190.3 42.7 147.5 195.2 187.7 42.7 145.0 195.6 4.2 11......................................... 190.2 42.6 147.5 195.8 189.4 43.1 146.3 195.8 3 3 18......................................... 188.7 42.7 146.0 196.6 189.2 42.7 146.5 195.8 5 0 25......................................... 188.5 42.6 145.9 197.2 186.7 42.4 144.3 196.4 8.5 Oct. 2......................................... 190.0 42.7 147.3 198.1 189.8 42.4 147 3 197.3 8.1 9......................................... 189.9 42.9 147.1 198.7 190.3 43.2 147.1 198.3 7 2 16......................................... 191.0 42.8 148.2 199. 1 191.8 43.0 148.8 198.9 4.9 23? 189.4 42.8 146.6 200.0 189.3 42.9 146.4 199.6 5.2 30*....................................... 190.2 42.8 147.3 200.6 190.5 42.5 148.0 200.2 6.7 i 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 le N tin o , t e p . p — . F A o - r 9 2 r — evi A se -9 d 7 . s e F rie o s r m be o g n in th n l i y n g d a J t a a n . 19 1 4 9 7 6 - 3 5 , 8 s , e se e e 'J J u u n n e e 1 1 9 9 6 6 8 4 B B u u l l ­ ­ b re a n n c k y s . ou T ts im ide e t d h e e p T os re it a s su a r d y ju , s F te .R d . a B re a nk ti s m , e a n d d e p v o a s u it l s ts a o t f a a l l l l c c o o m m m m e e r r c c i i a a l l letin, pp. 679-89; and for data for 1959-62, see Aug. 1967 Bulletin, banks other than those due to domestic commercial banks and the pp. 1303-16. U.S. Govt. Effective June 9, 1966, balances accumulated for payment of Averages of daily figures. Money supply consists of (I) demand personal loans were reclassified for reserve purposes and are excluded from deposits at all commercial banks other than those due to domestic com­ time deposits reported by member banks. AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Member bank reserves 1 re D se e r p v o e s r it e s q s u u ir b e j m ec e t n to ts 2 Member bank reserves1 re D se e r p v o e s r it e s q s u u ir b e je m c e t n to ts 2 Period Total N bo o r n ­ ­ qu R ir e e ­ d Tola! T a im nd e v P a r t i e ­ G U o .S vt . , Total N b o o n r­ ­ qu R i e re ­ d Total T a im nd e v P a r t i e ­ G U o .S vt . , rowed savings demand- demand rowed savings demand demand 1965—Dec....... 22.64 22.15 22.31 236.6 121,2 111.0 4.4 23,23 22.77 22.77 239.0 119.8 115.2 4.0 1966—Dec....... 22.90 22.29 22.60 244.6 129,4 111.7 3.5 23.47 22.91 23,08 247.1 127.9 116.1 3.0 1967—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 25.44 278.8 151.8 123.2 3.9 25.71 25.02 25.36 278,3 152.2 121.3 4.8 July.... 25.92 25.43 25.60 280.9 153,8 124.3 2.7 26.00 25.48 25,70 281.7 154,1 122.6 5.0 Aug..... 26.43 25.92 26.05 285,9 156,5 124,6 4.8 26,06 25.50 25.69 283.6 157.1 121.7 4.8 Sept...... 26.40 25.95 26.16 287.9 158.9 123.6 5.3 26.32 25.84 26.03 286.7 158.6 123,0 5.2 Oct.*... 26.64 26.24 26.34 290.9 161.5 124.5 4.9 26.66 26.24 26.40 291.2 161.0 124.8 5.4 1 Averages of daily figures. Data reflect percentage reserve requirements cept those due to the U.S. Govt., less cash items in process of collection made effective Jan. 18, 1968. For comparability with past data, September and demand balances due from domestic commercial banks. Effective June figures reflect required reserves based on current deposits, the method of 9, 1966, balances accumulated for repayment of personal loans were elim­ calculating required reserves that was in effect prior to September 12. inated from time deposits for reserve purposes. Under the revised Regulation D, required reserves henceforth will be based on average deposits with a 2-week lag. Note.—Back data for the period 1947 to date may be obtained from 2 Averages of daily figures. Deposits subject to reserve requirements in­ the Banking Section, Division of Research and Statistics, Board of Gover­ clude total time and savings deposits and net demand deposits as defined nors of the Federal Reserve System, Washington, D, C. 20551. by Regulation D. Private demand deposits include all demand deposits ex­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-18 BANKS AND THE MONETARY SYSTEM □ NOVEMBER 1968 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas­ Total Date c u u r r y ­ U.S Government securities li i a ti b es il ­ Total C a a n p d it al Gold s ■ r o t e i a n u n n g c t d ­ y ­ Total n L e o t a n *, s , 2 Total s C a a v o n i m n d g i s , R F e e s d e e r r v a e l Other 3 O r s it e t i h e c e u s ­ r 2 ca a n p n e it d t a l, c d u e r a p r n o e d s n i c ts y c m o a n u i e s c n c ­ t ts . , banks Banks 1947—Dec, 31.................. 22,754 4,562 160,832 43,023 107 086 81 199 22 559 3 328 10 723 1 RR 14R 175,348 12,800 1950—DeCi 30.................. 22'706 4*636 171,667 60,366 96 560 72 894 20 778 2 888 14 741 199 DAR 184,384 14,624 1963—Dec. 20................... 15,582 5,586 333,203 189,433 103’273 69 068 33’552 *653 46’497 354 371 323,251 31,118 1966—Dec. 31................... 13,159 6,317 422*676 261,459 106 472 60 916 44 316 1 240 54’745 442 152 400,999 41,150 1967—oct, 25................... 13.000 6,800 454,700 272 400 115 000 66 600 47 100 1 200 67 300 474 SAO 428.300 46,200 Nov. 29................... 12,900 6,800 458/00 273,000 117*100 67 ’ 300 48*500 1 300 68*100 47R 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 Mar. 27.................. 10,500 6’800 468 000 279*300 116 300 65 600 49 500 1 200 72*300 485*200 439,200 46,000 Apr. 24................. 10,500 6,800 469,900 282,300 114 400 64,100 49,300 1 *000 73 *200 487 * 100 440,800 46/00 May 29................. 10,400 6,800 472/00 283,100 116 300 64,700 50 500 1 ’100 72 900 489*500 441,300 48,200 10,367 6,708 479,667 289,920 115 818 62,809 52,230 *779 73*929 496 *742 447,839 48,901 July 31................. 10'400 6,700 484,600 292*300 117 900 64,700 52 400 800 74*400 501*700 451,700 50,000 10,400 6 700 485 500 291 100 118 400 65,700 52 600 100 76 000 502'600 451,700 50,900 Sept. 25 r................. 10,400 6,700 492,200 295,400 119,100 66*700 52/00 100 77/00 509/00 457,600 51,700 Oct. 30*................. 10,400 6,800 497,600 296,400 122,400 68,800 53,600 100 78,900 514,700 463,300 51,400 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 k r d ­ y s e d ju e m s D p a t a e o d e n s d ­ ­ d i t s 5 Total o b r u C e a t n u n s c i k r d ­ y s e d ju e m s D a p t a e d o e n d ­ s ­ d i t s 5 Total b m C a e n o r k m c s ia ­ l 1 b M s a a u v n i t k 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 e n F i e g o t n r­ , 7 T h c i r u n o a e r g s l a y d s h s ­ ­ s b c a a a o v A n n i m n t d k g ! s , s B F A a .R n t k . s 1947—Dec. 31.... 110,500 26,100 84/00 113,597 26/76 87,121 56/11 35,249 17/46 3/16 1,682 1/36 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25/98 92,272 59,246 36/14 20,009 2,923 2,518 1,293 2,989 668 1963—Dec. 20.... 153,100 31,700 121/00 158,104 33/68 124,636 155/13 110/94 44/67 452 1 ,206 392 6,986 850 1966—Dec. 31.... 170,400 37,600 132,800 178/04 39,003 139/01 213,961 158,568 55,271 122 1 ,904 1,176 5,238 416 j967—Oct. 25.... 177,200 39,100 138,100 177,900 39,000 138,900 239,100 179/00 59/00 1 ,900 1 ,500 6,900 900 Nov. 29.. . . 178'300 39,000 139,300 180/00 39 /00 141'OOO 240,500 180,900 59*600 1 900 1 500 5 200 1 800 Dec. 30.... 181*500 39,600 141,900 191 /32 41 ,071 150/61 242,657 182,243 60/14 2,179 1 ,344 5 508 1 ’123 1968—Jan. 31.... 180,600 40,000 140,600 183,000 39,400 143,600 245,200 184,500 60/00 1 ,900 1 ,400 7,200 1 200 Feb. 28.... 179,300 39,900 139/00 178*400 39/00 139/00 247/00 186/00 61 ',100 2*000 1 /00 9 400 900 Mar. 27 . . . 182,600 40/00 142,400 180'000 39/00 140/00 249/00 187/00 61 /OO 2/00 1,100 5/00 1 ,000 182,400 40/00 142,000 182/00 40,000 142/00 249/00 187,600 61 ,700 2 000 1 ,100 4 400 1 ,600 May 29 . . . 183*200 40/00 142/00 181 /00 41 '100 140/00 250,500 188/00 62,100 2,100 1 ,000 5 ,400 1 ,000 186,700 40,800 145/00 186,562 42'261 144/01 251 /13 189,144 62/69 2J54 ’838 5 ,298 1 074 July 31 . . . 186,800 41,300 145/00 186,600 41,400 145/00 254/00 192,100 62/00 2/00 800 6,100 1 ,100 Aug. 28 . . . 186/00 41,300 145'100 184/00 41'500 143,200 257/00 194,900 63/00 2'000 800 5 /OO 1 000 186,500 41'400 145,100 185/00 41 ,500 143*800 259'600 196,100 63,500 2,100 800 8,900 1 000 Oct. 30”... 187,900 41,600 146/00 189,600 41 ,800 147/00 263,200 199,600 63'600 ......2...’.1.00 800 6/00 1 ,200 1 Beginning with data for June 30,1966, about $1.1 billion in “Deposits June 1961, also includes certain accounts previously classified as other lia­ accumulated for payment of personal loans” were excluded from “Time bilities. deposits” and deducted from “Loans” at all commercial banks. These 7 Reclassification of deposits of foreign central banks in May 1961 re­ changes resulted from a change in Federal Reserve regulations. These hy­ duced this item by $1,900 million ($1,500 million to time deposits and $400 pothecated deposits are shown in a table on p. A-23. million to demand deposits). 2 See note 2 at bottom of p. A-22, 3 After June 30, 1967, Postal Savings System accounts were eliminated Note,—For back figures and descriptions of the consolidated condition from this Statement. statement and the seasonally adjusted series on currency outside banks * Series begin in 1946; data are available only last Wed. of month. and demand deposits adjusted, see “Banks and the Monetary System,” 5 Other than interbank and U.S. Govt., less cash items in process of Section I of Supplement to Banking and Monetary Statistics, 1962, and collection. Bulletins for Jan. 1948 and Feb. 1960. Except on call dates, figures 6 Includes relatively small amounts of demand deposits. Beginning with are partly estimated and are rounded to the nearest $100 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 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 Cla a s n s d o d f a b te ank Total Lo 1 a . n 2 s G U o .S vt . . Oth 2 er a C ss a e s t h s 3 b c c o i . a l a a u i I p t n * c n l ? i e d ­ t t - a s s ' l * Total 3 m D a e n ­ d Time Demand T 1 im . 5 e r B in o o g w r s ­ ­ c c T o a a o u p c t n i - a t t a s l l N ba b u o n e m f k r s ­ Govi. Other All banks: 1941—Dec. 31.., 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 23 8,414 14,826 1945—Dec. 31.., 140,227 30,361 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 227 10,542 14,553 1947—Dec. 316., 134,924 43,002 81,199 10,723 38,388 175,091 161,865 12,793 240 1,346 94,381 53,105 6611,948 14,714 1966—Dec. 31 . . 381,684 266,022 60,9165 4,745 70,085 464,376 407,637 19,770 968 4,999 167,821 214,078 4,929 36,926 14,271 1967—Oct. 25.. 412,380 278,430 66,6306 7,320 62,300 487,590 425,670 17,170 1,430 6,680 161,030 239,360 6,140 38,650 14,236 Nov. 29. . 415,110 279,740 67,2506 8,120 62,650 490,710 427,760 16,970 1 ,340 4,980 163,730 240,740 6,920 38,890 14,230 Dec. 30. . 424,134 287,543 66,752 69,839 78,924 517,374 455,501 21,883 1 ,314 5,240 184,139 242,925 5,846 39,371 14,223 1968—Jan. 31.. 421 ,940 284,980 66,570 70,390 67,710 503,580 439,740 17,470 1,320 6,920 168,580 245,450 6,820 39,430 14,219 Feb. 28.. 423,280 284,660 67,550 71,070 65,660 502,570 437,630 16,920 1,370 9,060 162,640 247,640 7,270 39,590 14,219 Mar. 27.. 423,870 285,950 65,610 72,310 64,860 502,940 436,290 16,710 1,280 5,320 163,180 249,800 8,150 39,670 14,218 Apr. 24.. 427,760 290,460 64,140 73,160 64,740 506,710 438,830 17,340 1,230 4,040 166,630 249,590 8,930 39,870 14,215 May 29., 429,790 292,180 64,690 72,920 65,980 509,920 439,590 17,340 1,100 5,060 165,260 250,830 9,700 40,220 14,221 June 29.. 434,415 297,677 62,809 73,929 76,293 525,856 456,874 20,638 1,095 4,977 177,930 252,234 8,196 40,885 14,224 July 31., 440,760 301,620 64,7407 4,400 70,540 526,100 454,140 19,170 1,310 5,800 172,690 255,170 10,150 40,850 14,219 Aug. 28 L 443,320 301 ,640 65,680 76,000 67,930 525,720 451,330 18,020 1,350 4,970 168,800 258,190 11 ,130 41,030 14,216 Sept. 25r” 449,800 305,470 66,680 77,650 70,630 535,240 459,540 19,250 1,410 8,540 170,420 259,920 11 ,660 41 ,280 14,216 Oct. 30”. 455,060 307,450 68,750 78,860 72,350 542,520 466,390 19,690 1 ,330 6,070 175,730 263,570 11 ,660 41 ,590 14,216 Commercial banks: 1941—Dec. 31 , 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31. 124,019 26,083 90,606 7.331 34,806 160,312 150,227 14.065 105,921 30.241 219 8.950 14.011 1947—Dec. 316 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792 240 1,343 94,36? 35,360 65 10,059 14,181 1966—Dec. 31. 322,661 217,726 56,163 48,772 69,119 403,368 352,287 19,770 967 4,992 167,751 158,806 4,859 32,054 13,767 1967—Oct. 25.............. 348,810 227,420 62,370 59,020 61,300 421,870 366,250 17,170 1,430 6,680 160,940 180,030 6,140 33,680 13,735 Nov. 29............. 351,100 228,460 62,850 59,790 61,730 424,650 368,100 16,970 1,340 4,980 163,640 181,170 6,920 33,890 13,739 Dec. 30............. 359,903 235,954 62,473 61 ,477 77,928 451 ,012 395,008 21 ,883 1,314 5,234 184,066 182,511 5,777 34,384 13,722 1968—Jan. 31............. 356,970 233,010 62,230 61,730 66,830 436,580 378,960 17,470 1,320 6,920 168,490 184,760 6,820 34,420 13,717 Feb. 28............. 357,750 232,420 63,150 62,180 64,760 434,980 376,490 16,920 1,370 9,060 162,550 186,590 7,270 34,520 13,717 Mar. 27............. 357,910 233,570 61 ,200 63,140 63,950 434,870 374,490 16,710 1,280 5,320 163,100 188,080 8,150 34,600 13,716 Apr. 24............. 361,660 237,990 59,840 63,830 63,870 438,550 377,080 17,340 1,230 4,040 166,550 187,920 8,930 34,810 13,714 May 29............. 363,110 239,300 60,320 63,490 65,100 441,150 377,460 17,340 1,100 5,060 165,180 18 8,7 80 9,700 3 5,110 13,720 June 29............. 367,560 244,580 58,604 64,376 75,334 456,827 394,004 20,638 1,094 4,970 177,837 189,465 8,13135,774 13,723 July 31............. 373,480 248,370 60,530 64,580 69,610 456,670 391 ,330 19,170 1 ,310 5,800 17 2,610 192,440 10,150 3 5,7 40 13,717 Aug. 28 r........... 375,550 248,050 61 ,480 66,020 67,020 455,820 388,280 18,020 1 ,350 4,970 168,720 195,220 11,130 35,850 13,714 Sept. 25r”......... 381,840 251,680 62,540 67,620 69,640 465,040 395,960 19,250 1 ,410 8,540 170,320 196,440 11,660 36,090 13,714 Oct. 30”........... 386,950 253,360 64,760 68,830 71 ,360 472,170 402,660 19,690 1 ,330 6,070 175,630 199,940 11,660 36,400 13,714 Member banks: 1941—Dec. 31 43,521 18,021 19,539 5,96123,123 68,121 61,71710,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,576 64 22,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1966—Dec. 31 263,687 182,802 41,924 38,960 60,738 334,559 291 ,063 18,788 794 4,432 138,218 128,831 4,618 26,278 6,150 1967—Oct. 25............. 284,341 189,676 46,967 47,698 54,470 349,107 301,584 16,284 1,275 6,051 132,075 145,899 5,808 27,575 6,086 Nov. 29.............. 285,700 190,515 47,091 48,094 54,809 350,888 302,689 16,082 1,189 4,356 134,283 146,779 6,456 27,734 6,083 Dec. 30............. 293,120 196,849 46,956 49,315 68,946 373,584 326,033 20,811 1,169 4,631151,980 147,442 5,370 28,098 6,071 1968—Jan. 31............. 290,389 194,262 46,579 49,548 59,102 360,773 311,534 16,668 1,170 6,313 138,263 149,120 6,427 28,142 6,064 Feb. 28.............. 290,844 193,582 47,354 49,908 57,129 358,945 309,012 16,112 1,223 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 4,707133,587151,363 7,65528,250 6,049 Apr. 24............. 293,281 197,820 44,285 51,176 56,320 361 ,004 308,156 16,534 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 29............. 297,630 203,016 43,361 51 ,253 67,130 376,904 322,990 19,644 934 4,126 146,470 151,816 7,684 29,139 6,039 July 31............. 303,009 206,378 45,057 51,574 61 ,854 376,785 320,310 18,229 1,146 4,988 141,559 154,388 9,763 29,160 6,026 Aug. 28'........... 304,669 205,850 45,898 52,921 59,497 375,766 317,186 17,088 1,193 4,181 138,031 156,693 10,684 29,240 6,019 Sept. 25r”......... 309,985 208,917 46,755 54,313 61 ,846 383,685 323,730 18,275 1,246 7,468 139,166 157,575 11,192 29,415 6,019 Oct. 30”........... 314,164 210,270 48,704 55,190 63,275 389,598 329,287 18,673 1,169 5,226 143,684 160,535 11,153 29,687 6,019 Mutual savings banks: 1941—Dec. 31 ..1..0. ,379 4,901 3,704 1,774 793 11,804 10,533...................... 6 10,527 ......... 1,241 548 1945—Dec. 31.....1 6,208 4,279 10,682 1,246 609 17,020 15,385 ...................... 14 15,371 7 1,592 542 1947—Dec. 316....1 8,641 4,944 11,978 1,718 886 19,714 17,763 ......... 1 3 14 17,745 ......... 1,889 533 1966—Dec. 31....5..9,023 48,296 4,75 3 5,973 966 61,008 55,350 ......... 1 7 70 55,271 69 4,871 504 1967—Oct. 25....6..3..,.5..7..0. 51,010 4,260 8,300 1,000 65,720 59,420.................................. 90 59,330 ........ 4,970 501 Nov. 29.............. 64,010 51,280 4,400 8,330 920 66,060 59,660 .................................. 90 59,570 ......... 5,000 501 Dec. 30............. 64,231 51,590 4,280 8,362 996 66,362 60,494 ......... 1 7 73 60,414 69 4,987 501 1968—Jan. 31....6..4..,.9..7..0. 51,970 4,340 8,660 880 67,000 60,780 .................................. 90 60,690 ........ 5,010 502 Feb. 28............. 65,530 52,240 4,400 8,890 900 67,590 61,140.................................. 90 61,050 ........ 5,070 502 Mar. 27.............. 65,960 52,380 4,410 9,170 910 68,070 61,800 ................. .......... 80 61,720 ........ 5,070 502 Apr, 24,........... 66,100 52,470 4,300 9,3 30 870 68,160 61,750.................................. 80 61,670 ........ 5,060 501 May 29. 66,680 52,880 4,370 9,430 880 68,770 62,130 .................................. 80 62,050 ........ 5,110 501 June 29............. 66,855 53,097 4,205 9,553 959 69,029 62,870 ......... I 7 93 62,769 65 5,1 11 501 July 31.............. 67,280 53,250 4,210 9,820 930 69,430 62,810 .................................. 80 62,730 ........ 5,110 502 Aug. 28 67,770 53,590 4,200 9,980 910 69,900 63,050 .................................. 80 62,970 ........ 5,180 502 Sept. 25r........... 67,960 53,790 4,140 10,030 990 70,200 63,580 .................................. 100 63,480 ....... 5,190 502 Oct. 30”........... 68,110 54,090 3,990 10,030 990 70,350 63,730 .................................. 100 63,630 ........ 5,190 502 For notes see p. A-22. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-20 COMMERCIAL AND MUTUAL SAVINGS BANKS □ NOVEMBER 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 Lo b an 2 s G U o .S vt . . Oth 2 er a C ss a e s t h s 3 c c b o a i a l a l u i p i n a t c n i i d e ­ t ­ t a s s l 4 TotaP m D a e n ­ d Time U. D S. e ma O n t d her Time1 r B i o n g w o s ­ r- c c a o T a u p c o n i ­ t t t a a s l l N ba b u o n e m f k r s ­ Govt. Reserve city member banks: New York City:7 1941—Dec. 31............. 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 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 5,67414,869 64,424 51,837 6,370 467 1,016 26,535 17,449 1,874 5,298 12 1967—Oct. 25......... .. 49,718 36,480 6,443 6,795 13,672 66,592 52,552 5,252 757 1,719 24,80220,022 1,695 5,708 12 Nov. 29.4............. 49,805 36,799 6,257 6,74913,106 66,251 52,163 5,254 752 828 24,83620,493 1,946 5,729 12 Dec. 30................. 52,141 39,059 6,027 7,055 18,797 74,609 60,407 7,238 741 1 ,084 31,28220,062 1,880 5,715 12 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 7,10214,125 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 7,57413,961 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 6,89414,573 68,783 52,747 6,135 530 749 26,506 18,827 2,586 5,944 12 June 29................. 51,361 39,544 5,046 6,771 20,633 75,544 59,329 8,034 513 823 31 ,125 18,834 2,283 6,022 12 July 31................. 53,429 40,718 5,675 7,03616,643 73,553 56,095 6,763 606 1 ,132 28,299 19,295 3,453 6,081 12 Aug. 28 ............... 53,187 39,806 5,855 7,52616,347 72,977 54,043 5,971 673 720 27,137 19,542 4,108 6,088 12 Sept. 25................. 54,905 40,729 6,191 7,985 16,669 75,060 56,259 6,776 691 2,198 27,136 19,458 3,605 6,108 12 Oct. 30?................ 54,882 40,488 6,607 7,78716,975 75,530 56,825 6,757 660 1 ,042 28,20720,159 3,438 6,180 12 City of Chicago:7*8 1941—Dec. 31............. 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,4J9 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—Oct. 25................. 12.300 8,904 1,652 1,744 2,623 15,416 12,943 1 ,224 8 347 5,385 5,979 416 1,234 11 Nov. 29................. 12,350 8,843 1,701 1,806 2,560 15,375 12,860 1,156 9 227 5,430 6,038 650 1,225 10 Dec. 30................. 12,744 9,223 1,574 1 ,947 2,947 16,296 13,985 1 ,434 21 267 6,250 6,013 383 1 ,346 10 1968—Jan. 31.................. 12,573 8,865 1,752 1 ,956 2,771 15,931 13,205 1,170 10 427 5,596 6,002 561 1,352 10 Feb. 28................. 12,771 9,042 1,764 1,965 2,713 16,068 13,162 1,177 10 496 5,439 6,040 585 1 ,339 10 Mar. 27................. 12,522 8,903 1 ,746 1,873 2,815 15,974 12,450 1,128 10 164 5,311 5,837 853 1 ,323 9 Apr. 24................. 12,729 9,041 1 ,879 1 ,809 2,606 15,959 12,407 1 ,185 9 134 5,401 5,678 835 1 ,337 9 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 29................. 12,848 9,248 1 ,762 1,838 2,647 16,168 12,701 1 ,220 20 93 5,768 5,600 811 1,362 9 July 31................. 13,371 9,332 2,071 1 ,968 3,089 17,120 12,935 1 ,256 7 231 5,567 5,874 1 ,271 1 ,370 9 Aug. 28................. 13,473 9,381 2,061 2,031 3,033 17,179 12,870 1 ,230 10 149 5,484 5,997 1,047 1,365 9 Sept. 25................. 13,334 9,297 2,028 2,009 3,185 17,196 12,760 1 ,223 11 181 5,326 6,019 1 ,218 1,395 9 Oct. 30?............... 13,579 9,356 2,222 2,001 3,403 17,666 13,118 1 ,260 12 253 5,456 6,137 1 ,134 1,412 9 Other reserve city:7’8 1941—Dec. 31............. 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31................. 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31................. 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 1 2,844 353 1966—Dec. 31................. 95,831. 69,464 13,040 13,32624,228 123,863 108,804 8,593 233 1,633 49,00449,341 1,952 9,471 169 1967—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 17,48726,867 136,626120,485 9,374 310 1 ,715 53,288 55,798 2,555 10,032 163 1968—Jan. 31.................. 105,141 73,002 14,340 17,79922,782 132,083 115,168 7,609 335 2,751 47,681 56,792 3,104 10,069 164 Feb. 28................. 105,503 72,949 14,700 17,85422,623 132,185 114,952 7,477 395 3,461 46,25657,363 3,416 10,075 164 Mar. 27................. 105,064 73,232 13,790 18,04221 ,820 1.30,999 113,620 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 13,49618,31221,950132,720113,758 7,311 321 1,587 46,851 57,688 4,407 10,223 163 June 29................. 107,654 76,213 13,083 18,35824,528 136,603 118,123 8,131 300 1 ,400 50,394 57,898 3,720 10,351 163 July 31................. 109,510 77,553 13,468 18,48923,601 137,652 118,508 8,065 437 1 ,881 49,185 58,940 4,267 10,407 162 Aug. 28................. 110,559 77,479 13,972 19,108 22,161 136,984 117,523 7,759 414 1 ,612 47,725 60,013 4,638 10,433 162 Sept. 25................. 112,559 78,661 14,211 19,68723,382 140,294 119,750 8,054 448 2,798 48,12660,324 5,437 10,445 162 Oct. 30>'............... 114,861 79,584 15,13520,14223,605 142,930 122,205 8,351 395 2,128 49,85461 ,477 5,554 10,559 162 Country member banks:718 1941—Dec. 31............. 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31................. 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 11 2,525 6,476 1947—Dec. 31................. 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934 6,519 1966—Dec. 31................. 109,518 68,641 22,419 18,458 19,004 131,338 117,749 2,392 69 1,474 56,67257,144 308 10,309 5,958 1967—Oct. 25................. 118,889 72,777 24,463 21,64916,864 138,574124,039 2,103 106 1,511 55,61064,709 660 10,746 5,901 Nov. 29.................. 120,324 73,245 25,00622,073 17,186 140,289 125,237 2,117 106 1,498 56,68264,834 923 10,849 5,898 Dec. 30................. 122,511 74,995 24,68922,82620,334 146,052131,156 2,766 96 1,564 61,161 65,569 552 11,005 5,886 1968—Jan. 31................. 121,777 74,092 24,88022,805 17,907 142,572 127,617 2,063 106 1,573 57,45666,419 783 10,947 5,878 Feb. 28................. 122,372 74,266 25,11922,987 17,668 142,921 127,616 2,087 106 2,496 55,58767,340 889 11,045 5,874 Mar. 27................. 122,968 74,834 24,823 23,311 17,527 143,526127,958 2,058 96 1 ,606 55,92268,276 996 11,100 5,864 Apr. 24................. 124,227 76,289 24,28923,649 17,606 144,949 129,505 2,076 96 1 ,317 57,359 68,657 695 11,169 5,862 May 29................. 124,525 76,490 24,33823,697 17,924 145,493 129,448 1 ,989 96 1 ,777 56,40669,180 1 ,254 11,193 5,857 June 29................. 125,767 78,011 23,46924,287 19,321 148,588 132,837 2,258 102 1 ,811 59,183 69,483 870 11,403 5,855 July 31................. 126,699 78,775 23,843 24,081 18,521 148,460 132,772 2,145 96 1 ,744 58,508 70,279 772 11,302 5,843 Aug. 28 r.............. 127,450 79,184 24,01024,256 17,956 148,626 132,750 2,128 96 1 ,700 57,685 71,141 891 11,354 5,836 Sept. 25 r............... 129,187 80,230 24,32524,632 18,610 151 ,135 134,961 2,222 96 2,291 58,57871 ,774 932 11,467 5,836 Oct. 30?............... 130,842 80,842 24,75025,260 19,292 153,472 137,139 2,305 102 1 ,803 60,16772,762 1 ,027 11,536 5,836 For notes see p. A-22. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 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— b c C a a la n ll s k d s a a o n te f d Total Loans Securities a C ss a e s ts h 3 b T i a l l o i i n a t t i d a ­ e l s TotaD Interbank 3 Dema O n t d her B r in o o g w r s ­ ­ c c T a o a o u p c t n i a ­ ta t l s l N ba b o u n e f m k r s ­ 1,2 G U o .S vt . . Oth 2 er c c o a u a p c n i ­ t t a s l 2 m D a e n ­ d Time as. Other Ti 1 m .5 e Govt. Insured commercial: 1941—Dec. 31.. 49,290 21,259 21,b46 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 13,383 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 4,32529,827 13,540 1966—Dec. 31.. 321,473 217,379 55,78848,307 68,515 401,409 351,438 19,497 881 4,975 166,689 159,396 4,717 31,609 13,533 1967—Dec. 30.. 358,536235,502 62,09460,941 77,348 448.878 394,118 21,598 1,258 5,219 182,984 183,060 5,531 33,916 13,510 1968—June 29.. 365,955 243,993 58,18963,772 74,686 454,398 392,801 20,337 1,019 4,951 176,569 189,926 7,913 35,269 13,512 National member: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6/786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1965—Dec. 31.. 176,605 118,537 32,347 25,720 36,880 219,744 193,860 12,064 458 3,284 92,53385,522 2,627 17,434 4,815 1966—Dec. 31.. 187,251 129,182 30,355 27,713 41,690 235,996 206,456 12,588 437 3,035 96,755 93,642 3,120 18,459 4,799 1967—Dec. 30.. 208,971 139,315 34,30835,348 46,634 263,375 231,374 13,877 652 3,142 106,019 107,684 3,478 19,730 4,758 1968—June 29.. 212,344 143,802 31,627 36,915 44,788 265,497 229,028 12,383 561 2,821 102,093 111,170 5,09720,503 4,742 State member: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3.'139 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1 ,918 1965—Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,598 34,680 1,607 7,492 1,406 1966—Dec. 31.. 77,377 54,560 11,569 11,247 19,049 99,504 85,547 6,200 357 1,397 41,46436,129 1,498 7,819 1,351 1967—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 1968—June 29.. 86,231 60,159 11,73414,338 22,342 ’’112,352 94,908 7,261 373 1 ,306 44,37741,591 2,586 8,636 1 ,297 Insured nonmember commercial: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1 ,560 10,635 5,680 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 1965—Dec. 31.. 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,52825,882 91 4,912 7,320 1966—Dec. 31.. 56,857 33,636 13,873 9,349 7,777 65,921 59,434 709 87 543 28,471 29,625 99 5,342 7,384 1967—Dec. 30.. 64,449 37,675 15,146 11,629 8,403 74,328 67,107 786 89 588 31,004 34,640 162 5,830 7,440 1968—June 29.. 67,390 40,033 14,83612,521 7,557 76,561 68,866 693 85 824 30,09937,164 230 6,142 7,474 Noninsured nonmem­ ber commercial: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1,291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1 905 365 4 279 714 1947—Dec. 31 6. 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1965—Dec. 31.. 2,455 1,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 1966—Dec. 31.. 2,400 1,570 367 463 604 3,171 2,073 274 86 17 1,062 633 142 434 233 1967—Dec. 30.. 2,638 1,735 370 533 579 3,404 2,172 285 58 15 1,081 733 246 457 211 1968—-June 29.. 2,829 1 ,821 407 602 647 3,652 2,438 300 75 20 1,268 775 217 493 211 Nonmember commercial: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31.. 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1965—Dec. 31.. 54,483 31,858 14,555 8,070 8,085 63,879 56,919 972 168 635 28,649 26,495 238 5,345 7,583 1966—Dec. 31.. 59,257 35,206 14,239 9,812 8,381 69,092 61,506 983 173 560 29,53230,258 241 5,776 7,617 1967—Dec. 30.. 67,087 39,409 15,51612,162 8,983 77,732 69,279 1 ,071 147 603 32,085 35,372 408 6,286 7,651 1968—June 29.. 70,219 41,853 15,242 13,124 8,204 80,213 71,304 994 160 844 Gl,36737,939 447 6,635 7,685 For notes see p. A-22. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-22 COMMERCIAL AND MUTUAL SAVINGS BANKS □ NOVEMBER 1968 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 3 Other b c C a a l n a ll k s d s a a o n te d f Total Loans G U o .S vt . . Oth 2 er as C s a e s ts h 3 c c b o a i a u l a l i i p n n a t c i i d t - ­ e t s a s l 2 Total 3 m D a e n ­ d Time U.S D . ema O n t d her T 1 i m »5 e r B i o n o g w r s - ­ c c T a o a o p u c t i n ­ a ta t l s l N b b a o u e n f m r k s ­ Govt. Insured mutual savings: 1941—Dec. 31.. 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—.Dec. 31.. 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 ......... i 2 12 12,192 .......... 1,252 194 1965—Dec. 31.. 48,735 39,964 3,760 5,010 904 50,500 45,887 1 7 35945,520 91 3,957 329 1966—Dec. 31.. 51,267 42,591 3,324 5,352 847 53,047 48,254 1 6 381 47,865 69 4,140 330 1967—Dec. 30.. 55,936 45,489 3,111 7,336 881 57,863 52,910 1 6 429 52,474 68 4,237 331 1968—June 29.. 58,178 46,813 3,039 8,325 833 60,128 54,991 ...... 1 6 49254,491 65 4,349 331 Noninsured mutual savings: 1941—Dec. 31.. 8,687 4,259 3,075 1,353 642 9,846 8,744 .......... 6 ....8..,.7..3..8 1,077 496 1945—Dec. 31.. 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 6 558 350 1947—Dec. 316 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 ...... 637 339 1965—Dec. 31.. 7,526 5,325 1,710 491 113 7,720 6,874 1 8 6,865 1 706 177 1966—Dec. 31.. 7,756 5,705 1,429 621 119 7,961 7,096 1 19 7,076 732 174 1967—Dec. 30.. 8,295 6,100 1,169 1 ,026 115 8,499 7,584 1 20 7,563 1 749 170 1968—June 29.. 8,677 6,283 1 ,166 1 ,228 126 8,901 7,879 .......... 1 41 7,838 .......... 762 170 i See table “Deposits Accumulated at Commercial Banks for Day merit 8 Beginning with May 13, 1965, Toledo, Ohio, reserve city banks with of Personal Loans" and its notes on p. A-23. total loans and investments of $530 million and total deposits of $576 2 Beginning June 30, 1966, loans to farmers directly guaranteed by million were reclassified as country banks. Beginning Jan. 4, 1968, a CCC were reclassified as securities, and Export-Import Bank portfolio country bank with deposits of $321 million was reclassified as a reserve fund participations were reclassified from loans to securities. This reduced city bank. Beginning Feb. 29, 1968, a reserve city bank in Chicago with “Total loans’’ and increased “Other securities” by about $1 billion. total deposits of $190 million was reclassified as a country bank. “Total loans” include Federal funds sold, and beginning with June 1967 securities purchased under resale agreements, figures for which are shown Note,—Data are for all commercial and mutual savings banks in the for commercial banks on pp. A-24 and A-25. United States (including Alaska and Hawaii, beginning with 1959). For 3 Reciprocal balances excluded beginning with 1942. definition of “commercial banks” as used in this table, and for other 4 Includes other assets and liabilities not shown separately. banks that are included under member banks, see Note, p. 643, May 1964 s Figures for mutual savings banks include relatively small amounts Bulletin. of demand deposits. Beginning with June 1961, also includes certain Comparability of figures for classes of banks is affected somewhat by accounts previously classified as other liabilities. changes in F.R. membership, deposit insurance status, and the reserve 6 Beginning with Dec. 31, 1947, the series was revised; for description, classifications of cities and individual banks, and by mergers, etc. see note 4, p. 587, May 1964 Bulletin. Data for national.banks for Dec. 31, 1965, have been adjusted to make 2 Regarding reclassification of New York City and Chicago as reserve them comparable with State bank data. cities, see Aug. 1962 Bulletin, p. 993. For various changes between Figures are partly estimated except on call dates. reserve city and country status in 1960-63, see note 6, p. 587, May 1964 For revisions in series before June 30, 1947, see July 1947 Bulletin, Bulletin. pp. 870-71. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ COMMERCIAL BANKS A-23 LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total 1,2 Loans1,2 Total1,2 Loans1,2 U.S. Other2 U.S. Other2 Govt. Govt. 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.............................................................. 267.2 167 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_ 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 30.............................................................. 346.5 225.4 59.7 61.4 354 5 230.5 62.5 61 5 1968—jan. 31.............................................................. 349.9 227.5 60.0 62.4 350.5 226.5 62.2 61.7 Feb. 28............................................................. 353.9 229.2 62.0 62.7 350.9 225.5 63.2 62.2 Mar. 27.............................................................. 352.5 229.0 59,9 63.6 351.5 227.2 61.2 63.1 355.2 231.4 60.3 63.4 354.7 231.0 59.8 63.8 357.3 232,6 61.0 63.6 355.4 231.6 60.3 63.5 June 29.............................................................. 357.8 233.5 60.4 63.9 361.4 238.4 58.6 64.4 July 31.............................................................. 365.9 238.4 63.1 64.4 366.0 240.9 60.5 64.6 Aug. 28.............................................................. 370.4 241.1 63.9 65.5 367.9 240.4 61.5 66.0 Sept. 25?’............................................................ 374.8 243.8 64.0 67.0 374.6 244.5 62.5 67.6 Oct.' 30?’............................................................ 379.6 246.9 64.2 68.5 379,5 245.9 64,8 68.8 1 Adjusted to exclude interbank loans. Note.—For monthly data 1948-68, sec Aug. 1968 Bulletin, pp. A-94 2 Beginning June 9, 1966, about $1.1 billion of balances accumulated —A-97. For a description of the seasonally adjusted series see the follow­ for payment of personal loans were deducted as a result of a change in ing Bulletins: July 1962, pp. 797-802; July 1966, pp. 950-55; and Sept. Federal Reserve regulations. 1967, pp. 1511-17. Beginning June 30, 1966, CCC certificates of interest and Export­ Data are for last Wed. of month except for June 30 and Dec. 31; data Import Bank portfolio fund participation certificates totaling an estimated arc partly or wholly estimated except when June 30 and Dec. 31 are call $1 billion are included in “Other securities” rather than “Other loans." dates. DEPOSITS ACCUMULATED AT COMMERCIAL BANKS FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of bank Dec, 31, June 30, Dec. 30, June 29, Class of bank Dec. 31, June 30, Dec. 30, June 29, 1966 1967 1967 1968 1966 1967 1967 1968 All commercial....................... 1.223 1,272 1,283 1.235 All member (cont.)—■ Insured............................... 1,223 1,271 1 ’283 1,235 Other reserve city........ 370 389 362 347 National member................. 729 '764 ’747 '744 Country............... 571 591 617 598 State member....................... 212 217 232 201 All nonmember..................... 283 291 304 290 All member.............................. 941 981 979 945 Insured ............................... 282 291 304 290 New York City................ Noninsured........................ City of Chicago.............. ............... Note.—These hypothecated deposits are excluded from "Time depos­ These deposits have not been deducted from “Loans” and “Time de­ its” and “Loans” at all commercial banks beginning with June 30, 1966, posits” in the table on pp, A-21 and A-22, or from "Loans” and “Time as follows: in the tables on pp. A-19—A-22; in the table at the top of this deposits, IPC” in the tables on pp. A-24 and A-25. page; and in the tables on pp. A-26—A-29 (consumer instalment loans). Details may not add to totals because of rounding; also, mutual savings These changes resulted from a change in the Federal Reserve regulations. banks held $268,000 of these deposits on Dec. 31, 1966, $244,000 on Sec June 1966 Bulletin, p. 808. June 30, 1967, $94,000 on Dec. 30, 1967, and $192,000 on June 29, 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-24 COMMERCIAL BANKS □ NOVEMBER 1968 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments For Class of Io T a o n t s a l t F e e ra d l ­ Com­ o p s u r e r c c c a u h r r a r it s y ie i i n n s g g in f s in ti a T tu n o t c io i . a n l s Other, U.S s . e G cu o r v it e ie rn s m 6 ent State bank and and funds mer­ Agri- Real to and Other call date invest­ sold, Total cial cul- es­ in­ Other local secu­ ments etc.2 3,4 and tur- To tate di­ 5 govt, rities5 in­ al 5 bro­ vid- Bills secu­ d tr u ia s l ­ k a e n r d s ot T h o er s Banks Others uals3 Total c a e n rt d if i­ Notes Bonds rities deal­ cates ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 94769,221 9,982 6,034 53,205 5,2763,729 1965—Dec. 31.. 306,060 2,103199,55571,4378,212 5,2583,231 2,158 13,291 49,30045,4685,21559,547 n.a. n.a. n.a.38,6556,201 1966—Dec. 31.. 323,885 2,544216,405 80,598 8,555 5,821 3,203 2,189 13,30253,95047,943 5,18356,163 n.a. n.a. n.a.41,003 7,769 1967—Dec. 30.. 361,186 4,057233,18088,443 9,2706,215 3,780 1,902 12,535 58,525 51,585 5,65962,473 n.a. n.a. n.a.50,006 11,471 1968—June 29,. 368,795 4,813241,001 91,4279,9794,9503,731 1,94412,193 61,409 54,221 5,97658,603 n.a. n.a. n.a.52,635 11^742 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4/ 05 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,3143,1643,606 49 4,677 2,361 1,13288,912 21,526 16,045 51,342 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1,190 114 9,266 5,654 91467,941 9,676 5,918 52,347 5,1293,621 1965—Dec. 31.. 303,593 2,064198,045 70,8878,191 5,088 3,172 2,093 i3,14849,02645,2905,15559,120 13,134 13,233 33,85838,4195,945 1966—Dec. 31.. 321,473 2,461214,91880,0608,5365,643 3,148 2,131 13,14853,68647,7705,12755,788 12,080 13,439 31,53640,761 7,545 1967—Dec. 30.. 358,536 3,919231 ,583 87,8709,2506,0173,719 1,848 12,39458,20951,395 5,60662,094 13,134 18,62431,62349,737 11,204 1968—June 29.. 365,955 4,655239,33890,8739,958 4,7233,668 1,881 12,02961,11254,020 5,89358,189 n.a. n.a. n.a.52,355 11,417 Member, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,f 53 19,539 971 3,007 15,561 3,0902,871 1945—Dec. 31.. 107,183 22,775 8,949 855 3,133 3,378 47 3,455 1,900 1,05778,338 19,260 14,271 44,807 3,2542,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 113 7,130 4,662 83957,914 7,803 4,81545,295 4,1993,105 1965—Dec. 31.. 251,577 1,861 167,93963,979 5,0994,915 2,714 2,008 12,475 38,98836,4184,83244,992 9,441 10,10626,36732,588 4,198 1966—Dec. 31.. 264,627 2,119181,62472,553 5,318 5,3892,660 2,047 12,34942,38437,925 4,75741,924 8,567 9,78924,60933,8005,160 1967—Dec. 30.. 294,098 3,438194,38979,3445,702 5,8203,099 1,754 11,58745,52840,4545,19046,956 9,633 13,657 24,61441,5207,795 1968—June 29.. 298,575 4,041 199,92081,9226,081 4,525 3,057 1,778 11,25947,69742,291 5,46443,361 n.a. n.a. n.a.43,3827,871 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 26 80 287 27217,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 23811,972 1,642 558 9,772 638 604 1965—Dec. 31.. 44,763 412 32,713 18,075 202,866 665 1,010 3,471 3,139 2,928 1,340 5,203 1,538 987 2,876 5,879 556 1966—Dec. 31.. 46,536 109 35,83221,214 17 3,109 598 1,025 3,265 3,465 2,799 1,209 4,920 1,871 942 2,286 4,967 708 1967—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 1968—June 29.. 51,361 556 38,98824,042 192,976 796 1 ,015 3,118 3,495 3,197 1,309 5,046 n.a. n.a. n.a. 6,034 736 City of Chicago: 1941—Dec. 31.. 2,760 954 732 6 48 52 1 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,213 1 ,600 749 1 ,864 181 204 1947—Dec. 31.. 5,088 1 ,801 1,418 3 73 87 46 149 26 2,890 367 248 2,274 213 185 1965—Dec. 31.. 11,455 72 8,147 4,642 32 444 244 188 1,201 577 762 316 1,700 542 273 961 1,400 137 1966—Dec. 31.. 11,802 31 8,724 5,311 64 406 222 181 1,161 622 751 273 1,545 353 256 1 ,004 1,328 174 1967—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 1968—June 29.. 12,848 192 9,056 5,796 39 355 220 173 1,046 693 748 236 1,762 n.a. n.a. n.a. 1 ,564 274 Other reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 17 1,459 855 38729,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 35120,196 2,731 1,901 15,563 1,342 1,053 1965—Dec. 31.. 91,997 471 64,646 24,784 1,206 9541,108 635 5,820 15,056 14,305 1,99914,354 2,972 3,281 8,432 11,504 1,022 1966—Dec. 31.. 96,201 817 69,01728,090 1,251 1,0841,079 684 5,748 16,044 14,375 1,96813,040 2,552 2,673 8,222 12,033 1,294 1967—Dec. 30.. (06,086 1 ,219 72,713 30,609 1,311 881 1,143 578 5,446 16,969 15,0472,14814,667 3,140 3,557 8,312 15,3762,110 1968—June 29.. 108,001 1 ,422 75,13831,720 1,414 758 1,206 513 5,19617,861 15,6252,30413,083 n.a. n.a. n.a. 16,1772,180 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1 ,881 707 35926,999 5,732 4,544 16,722 1,342 1,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 22422,857 3,063 2,108 17,687 2,006 1,262 1965—Dec. 31.. 103,362 905 62,433 16,478 3,840 650 698 174 1,983 20,217 18,4231,17723,735 4,389 5,565 14,098 13,805 2,483 1966—Dec. 31.. 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 15,4732,985 1967—Dec. 30.. 123,127 1,538 74,074 19,8394,332 607 906 too 2,20024,45321,554 1 ,51624,689 4,168 7,793 13,147 18,3384,488 1968—June 29,. 126,365 1,871 76,738 20,363 4,610 436 835 77 1,89925,64722,721 1 ,61423,469 n.a. n.a. n.a. 19,6074,680 Nonmember: 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. 31.. 54,483 242 31,616 7,458 3,113 343 516 151 817 10,312 9,050 38314,555 n.a. n.a. n.a. 6,067 2,003 1966—Dec. 31.. 59,257 425 34,781 8,045 3,237 431 543 142 953 11,56610,018 42714,239 n.a. n.a. n.a. 7,2032,609 1967—Dec. 30.. 67,087 618 38,791 9,099 3,568 395 681 148 948 12,997 11,131 46915,516 n.a. n.a. n.a. 8,4863,676 1968—June 29.. 70,219 772 41,081 9,5063,898 425 674 166 935 13,712 11,929 51215,242 n.a. n.a. n.a. 9,2523,871 1 Beginning with June 30, 1948, figures for various Ioan items are available before 1947; summary figures for earlier dates appear in the shown gross (i.e., before deduction of valuation reserves); they do not preceding table. add to the total and are not entirely comparable with prior figures. Total 5 Beginning with June 30, 1966, loans to farmers directly guaranteed loans continue to be shown net. by CCC were reclassified as “Other securities,” and Export-Import Bank 2 Includes securities purchased under resale agreements prior to June portfolio fund participations were reclassified from Ioans to “Other se­ 30, 1967—they were in loans, for the most part in loans to banks. Prior curities.” This increased “Other securities” by about $1 billion. to Dec. 1965, Federal funds sold were included with total loans and loans 6 Beginning with Dec. 31, 1965, components shown at par rather than to banks. at book value; they do not add to the total (shown at book value) and are 3 See table (and notes) entitled Deposits Accumulated at Commercial not entirely comparable with prior figures. Banks for Payment of Personal Loans, p. A-23. For other notes see opposite page. 4 Breakdowns of loan investment and deposit classifications are not Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ COMMERCIAL BANKS A-25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Re­ Bal­ De­ b c C a a l n a ll s k d s a a o n te d f B s w F e a r . n i v R th k e . s s r C c e a o n u n i c d r n ­ y b m a a w d n e n c i o s t k e h ­ t s s i c ? ju m p s o d a a t s e d e n i ­ ­ d t d s 8 m D e In s o t t i ­ e c? rba e F n ig o k n r­ 9 G U o .S v . t . S g lo a o t n c a v a d t t e . l c C c h o f a i e e e e n f r f c r d d s i t k ­ ’ i ­ s, IPC I b n a te nk r­ G P U S a o o a n . s S v v d t ­ . t a , l S g lo a o t n c a v d a t t e l . IPC3 B r i o n 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 6510,059 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 12,186 134,2474,47230,272 1966—Dec. 31 . 19,069 5,450 15,870 142,104 17,867 1,904 4,992 15,047 7,051 145,653 967 238 13,462 146,3294,85932,054 1967—Dec. 30.... 20,275 5,931 17,490 153,253 19,853 2,029 5,234 15,564 8,677 159,825 1,316 267 15,892 167,6345,77734,384 1968—June 29.. .. 20,846 5,190 15,494 147,296 18,632 2,005 4,971 16,284 10,123 151,430 1 ,094 321 16,522 173,857 8,13035,774 All insured: 1941—Dec. 31. . .. 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1965—Dec. 31.... 17,992 4,833 14,801 139,601 16,620 1,529 5,508 14,152 5,913 139,594 923 263 12,135 133,6864,32529,827 1966—Dec. 31.. .. 19,069 5,426 15,348 140,835 17,713 1,784 4,975 14,951 6,956 144,782 881 238 13,414 145,7444,71731,609 1967—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 15,836166,9565,53133,916 1968—June 29.... 20,846 5,170 14,936145,782 18,468 1,869 4,951 16,198 9,890 150,482 1 ,019 321 16,456173,1487,91335,269 Member, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1965—Dec. 31.... 17,992 3,757 8,957 112,569 15,977 1,477 4,890 10,840 5,386 115,905 840 236 10,041 109,925 4,23424,926 1966—Dec. 31.... 19,069 4,249 9,400 112,920 17,051 1,736 4,432 11,406 6,396 120,417 794 213 10,983 118,5764,61826,278 1967—Dec. 30.... 20,275 4,646 10,550 121,530 18,951 1,861 4,631 11 ,857 7,940 132,184 1 ,169 235 12,856 135,3295,37028,098 1968—June 29.... 20,846 3,999 9,218 116,269 17,809 1 ,834 4,127 12,503 9,251 124,716 934 286 13,373 139,1027,68429,139 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—Dec. 30.... 4,786 397 476 20,004 5,900 1 ,337 1 ,084 890 4,748 25,644 741 70 1 ,152 18,8401,880 5,715 1968—June 29.... 5,013 305 558 18,223 6,709 1 ,326 824 1 ,203 6,043 23,879 513 89 1 ,250 17,4962,283 6,022 City of Chicago: 1941—Dec. 31.... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31 .... 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31.... 1,070 30 175 3,737 1,196 21 72 285 63 3,853 ...... 2 9 902 ..... 426 1965—Dec. 31.... 1,042 73 151 4,571 1,377 59 345 328 126 5,202 39 4 210 4,785 355 1,132 1966—Dec. 31.... 815 92 136 4,502 1,362 71 310 286 146 5,575 25 1 356 4,541 484 1,199 1967—Dec. 30.... 1,105 94 151 4,758 1 ,357 77 267 283 217 5,751 21 2 602 5,409 383 1,346 1968—June 29.... 926 69 237 4,428 1 ,160 61 93 277 192 5,300 20 2 509 5,088 811 1 ,363 Other reserve city: 1941—Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 '20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1963—Dec. 31.... 7,700 1 ,139 2,341 37,703 8,091 330 1,773 3,532 1,180 42,380 206 71 4,960 40,510 1 ,548 9,007 1966—Dec. 31.... 8,353 1 ,326 2,517 37,572 8,249 343 1,633 3,708 1,274 44,022 233 57 5,450 44,2041,952 9,472 1967—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 1968—June 29.... 8,806 1 ,233 2,117 38,667 7,734 397 1 ,399 3,641 1,674 45,079 300 117 6,219 5!,9103,72010,351 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 30810,309 1967—Dec. 30.... 5,767 2,704 7,117 56,812 2,709 57 1,564 7,142 1 ,395 52,624 96 83 5,272 60,830 55211,005 1968—June 29.... 6,101 2,392 6,305 54,952 2,207 51 1 ,811 7,382 1 ,343 50,458 102 78 5,395 64,608 87111,403 Nonmember:3 1947—Dec. 31 . . .. 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1965—Dec. 31 . ... 1,093 6,343 28,367 817 155 635 3,404 592 24,653 168 27 2,145 24,322 238 5,345 1966—Dec. 31 .... 1 ,201 6,471 29,184 815 167 560 3,641 655 25,237 173 26 2,479 27,753 241 5,776 1967—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 1968—June 29. ... •......... 1,191 6,275 31,027 823 170 844 3,781 872 26,715 160 35 3,149 34,755 447 6,635 ? Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, see Note, p. 589, May 1964 b 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 □ NOVEMBER 1968 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans 2 For purchasing To financial institutions or carrying securities Loans1 Total net of loans valua­ Com­ To brokers Wednesday and tion mer­ and dealers To other Banks Nonbank Con­ Valu­ invest­ re­ cial Agri­ Real sumer For­ All ation ments1 serves and cul­ estate nstal- eign other re­ indus­ tural U.S. U.S. Do­ Pers, ment govts. serves trial Govt. Other Govt, Other mes­ and se". se­ se­ se­ For­ tic sales curi- curi­ curi­ curi­ eign com­ finan. Other ties ties ties ties mer­ cos., cial etc. Large banks— Total 1967 Oct. 4......... 202,046 142,325 63,569 1 ,885 1 ,056 3,746 74 2,431 1 ,399 3,911 5,785 4,456 28,342 16,171 1 ,136 11,339 2,975 Il 203,372 141,427 63,385 1 ,875 1 ,058 3,805 76 2,446 1 ,350 3,367 5,623 4,429 28,393 16,169 1 ,133 11,291 2,973 18......... 203,312 141,462 63,296 1 ,881 990 3,532 75 2,434 1,348 3,774 5,562 4,472 28,446 16,157 1 ,134 11,331 2,970 25......... 202,748 141,117 63,083 1 ,885 1,312 3,358 77 2,423 1 ,383 3,670 5,378 4,440 28,480 16,157 1 ,127 11,314 2,970 1968 Sept. 4......... 218,461 153,997 68,182 2,025 1 ,985 4,677 100 2,494 1 ,434 4,359 5,272 4,662 30,760 17,766 1 ,105 12,414 3,238 11.......... 220,530 154,351 68,485 2,028 2,785 4,451 112 2,497 1 ,440 3,696 5,228 4,728 30,844 17,778 1 ,107 12,415 3,243 18......... 224,114 157,046 69,569 2,026 3,032 4,664 154 2,518 1,358 4,450 5,480 4,728 30,935 17,815 1 ,094 12,465 3,242 25...... 221,098 155,023 69,425 2,018 1 ,714 4,738 105 2,515 1 ,378 3,706 5,467 4,706 31,018 17,879 1 ,096 12,499 3,241 Oct. 2......... 224,697 158,458 69,693 2,009 2,545 5,043 99 2,558 1 ,414 5,047 5,769 4,818 31 ,057 17,932 1 ,099 12,636 3,261 9......... 222,909 156,716 69,903 2,010 2,027 4,677 97 2,550 1 ,415 4,087 5,503 4,843 31 ,125 17,983 1,106 12,645 3,255 16......... 223,593 157,385 70,353 2,013 I ,525 4.540 98 2,556 1 ,388 4,709 5,483 4,849 31,245 18,007 1 ,102 12,774 3,257 23 ?....... 220,956 154,924 69,830 2,009 828 4,208 95 2,561 1 ,437 3,693 5,332 4,861 31 ,455 18,062 1,103 12,705 3,255 30 p....... 223,971 155,922 69,720 2,013 1 ,183 4,448 97 2,557 1 ,412 4,006 5,346 4,892 31,459 18,141 1 ,144 12,759 3,255 New York City 1967 Oct. 4...... 46,626 35,360 21,328 12 322 2,325 U 784 700 1,104 1 ,683 1 ,015 3,019 1,237 773 1 ,882 835 11.......... 47,248 34,846 21,239 12 258 2,312 14 782 650 936 1 ,582 996 3,016 I ,240 765 1,879 835 18......... 47,443 35,003 21,102 13 225 2,076 13 784 651 1,436 1,599 1,002 3,025 1,235 765 1 ,912 835 25.......... 46,858 34,714 21,085 13 475 1,987 13 772 679 1,149 1 ,496 991 3,016 1,238 763 1 ,872 835 1968 Sept. 4......... 50,661 38,100 22,824 15 920 2,847 16 824 762 776 1 ,516 1 ,205 3,101 1,321 734 2,183 944 11......... 50,949 37,587 22,929 15 819 2,650 16 824 782 506 1,488 1 ,205 3,104 1 ,325 737 2,131 944 18......... 53,064 38,907 23,336 15 1 ,056 2,771 17 840 702 963 1 ,673 1 ,205 3,116 I ,324 723 2,110 944 25.......... 51 ,715 38,549 23,279 14 895 2,857 17 827 724 702 1 ,642 1 ,198 3,142 I ,328 725 2,143 944 Oct. 2......... 51,914 39,001 23,399 14 738 2,854 14 855 754 894 1,752 1,235 3,142 1 ,327 732 2,229 938 9......... 50,904 37,957 23,429 14 471 2,564 14 846 760 473 1 ,676 1 .254 3,149 1 ,328 746 2,172 939 16......... 51,744 38,852 23,522 14 632 2,400 15 833 733 1 ,287 1 ,612 1 ,252 3,170 1 ,328 726 2,267 939 23 *....... 50,919 38,051 23,230 15 339 2,399 13 830 773 1,128 1 ,599 1 ,248 3,175 1 ,330 721 2,190 939 30 »’....... 51,680 38,337 23,202 15 506 2,437 13 819 748 1 ,197 1,578 1 ,259 3,160 1 ,335 765 2,239 938 Outside New York City 1967 Oct. 4......... 155,420106,965 42,241 1,873 734 1 ,421 63 1,647 699 2,807 4,102 3,441 25,323 14,934 363 9,457 2,140 11......... 156,124 106,581 42,146 1 ,863 800 1 ,493 62 1 ,664 700 2,431 4,041 3,433 25,377 14,929 368 9,412 2,138 18......... 155,869 106,459 42,194 1 ,868 765 1 ,456 62 1 ,650 697 2,338 3,963 3,470 25,421 14,922 369 9,419 2,135 25......... 155,890 106,403 41,998 1 ,872 837 1 ,371 64 1,651 704 2,521 3,882 3,449 25,464 14,919 364 9,442 2,135 1968 Sept. 4......... 167,800 115,897 45,358 2,010 1 ,065 1 ,830 84 1,670 672 3.583 3,756 3,457 27,659 16,445 371 10,231 2,294 11......... 169,581 116,764 45,556 2,013 I ,966 1 ,801 96 1,673 658 3,190 3,740 3,523 27,740 16,453 370 10,284 2,299 18......... 171,050 118,139 46,233 2,01 1 1 ,976 1 ,893 137 1,678 656 3,487 3,807 3,523 27,819 16,491 371 10,355 2,298 25...... 169,383 116,474 46,146 2,004 819 1 ,881 88 1,688 654 3,004 3,825 3,508 27,876 16,551 371 10,356 2,297 Oct. 2......... 172,783 119,457 46,294 1 ,995 1 ,807 2,189 85 1,703 660 4,153 4,017 3,583 27,915 16,605 367 10,407 2,323 9......... 172,005 118,759 46,474 1 ,996 1 ,556 2,113 83 1,704 655 3,614 3,827 3,589 27,976 16,655 360 10,473 2,316 16......... 171,849 118,533 46,831 1 ,999 893 2,140 83 1,723 655 3,422 3,871 3,597 28,075 16,679 376 10,507 2,318 23 ?'....... 170,037 116,873 46,600 1 ,994 489 1 ,809 82 1 ,731 664 2.565 3,733 3,613 28,280 16,732 382 10,515 2,316 30 »’....... 172,291 117.585 46,518 I ,998 677 2,011 84 1 ,738 664 2,809 3,768 3,633 28,299 16,806 379 10,520 2,317 For notes see p. A-29, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ WEEKLY REPORTING BANKS A-27 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments Cash assets U.S. Government securities Other securities Balances with— Obligations of States Other bonds, Cash All Notes and bonds and corp, stocks items Cur­ Re­ other Wednesday maturing— political and in rency serves assets Cer- subdiv. securities Total process and with Total Bills tifi- of coi F.R. cates collec­ Do­ For­ Banks Certif. tion mestic eign With­ 1 to After Tax All of Other banks banks in 5 yrs. 5 yrs. war­ other partici­ secu­ 1 yr. rants 3 pation4 rities Large banks— Total 1967 26,835 5,056 3,402 13,716 4,661 4,518 24,457 1,293 2,618 46,149 23,108 4,185 244 2,472 16,140 8,889 29’114 7 J19 3'395 13,759 4^641 4’444 24,507 1 J92 2’588 45,023 22,529 3,847 220 2,680 15,747 8,586 ....................11 28’849 7’070 3’387 13,763 4^629 4'433 24^650 1 J66 2 J52 45,873 23,006 4,106 208 2,742 15,511 8,501 ....................18 28,658 6,877 3'381 13,759 4^641 4'312 24,643 1 ,474 2 J44 42,689 20,047 3,948 261 2,816 15,617 8,560 ....................25 1968 28 029 3,712 4,859 12,215 7,243 4,781 27,369 1 415 2,870 50,644 27,433 4,467 203 2,720 15,821 9,900 28,908 4 J87 4,984 12:237 7 J00 5 ,'252 27,719 1 '416 2,884 49,839 27,262 4,648 241 2,989 14,699 9,690 ............. 29 800 5 J95 5^059 12^286 7^ 260 5 J78 27 ,’875 1 J34 2'881 50,538 27,662 4,817 193 2,900 14,966 9,660 ....................18 28,615 3’954 5 J 79 12^230 7’252 5,172 28 ,050 1 ,339 2,'89 8 49,109 24,454 4,205 208 2,983 17,259 9,753 ....................25 28,602 3,901 5,496 11.866 7,339 5,156 28 154 1 371 2,956 51,317 27,634 4,246 212 2,782 16,443 10,115 ..........Oct. 2 28 599 3’9!0 5,576 11 815 7’298 5,217 28 088 1 347 2,942 48,824 25,835 4,259 232 2,832 15,666 9,841 ......................9 28’516 3,807 5,644 11 ,784 7,28! 5,179 28,238 1 J38 2,937 53,572 28,877 4,791 217 2,837 16,850 9,901 ....................16 28,262 3,599 5^643 11 J4I 7^279 5,155 28 288 1 347 2,980 52.036 26,766 4,416 212 2,965 17,677 9,885 ..................”23 30^099 5,329 5’752 1J J62 7 J56 5.294 28^238 1 J70 3,048 50,090 25.527 4,465 209 3,019 16.870 10.103 ..................”30 blew York City 1967 4 939 1 ,330 841 1 880 888 1 543 4 139 56 589 14,089 9,131 240 101 323 4,294 3,377 ..........Oct. 4 6 119 2 390 855 1 883 891 1 J39 4 088 61 59S 13,926 8,964 254 96 339 4,273 3,177 ....................II 6J96 2.588 856 1 :§57 895 1 ,454 4 144 59 587 13,608 8,893 269 95 344 4,007 3,061 ............... . .18 5 923 2,320 844 1 J7I 888 1 '444 4’124 61 592 13,391 7,954 267 91 348 4,731 3.105 ....................25 1968 5 459 1 ,338 802 1 586 1 ,733 1 ,396 4 794 158 754 16,797 11,946 311 100 351 4,089 3,481 5’879 1 J 699 834 1 J68 1 ,778 1 ^693 4 906 i 1 3 771 16,449 12,082 250 124 362 3,631 3,367 ....................II 6,617 2,396 809 1 ’618 1 ,794 1 /42 5 ’047 98 753 16,694 12,401 324 88 356 3,525 3,336 ....................18 5.685 1 ,437 797 1 643 1 J08 1 J57 4 973 100 751 16,271 11.236 285 106 361 4,283 3.358 ....................25 5,529 I ,235 862 1 ,603 1 ,829 1 ,604 4 931 102 747 17,435 12,104 287 99 363 4,582 3,570 ..........Oct. 2 5 599 1 ,262 902 1 608 1 J 27 1 J51 4 853 104 740 16,928 12,119 298 115 362 4,034 3,376 ......................9 5’528 I ,252 882 1 ,594 1 ,800 1 ,588 4’,926 103 747 17,324 12,874 334 105 354 3,657 3,397 ....................16 5 5(9 1 ,228 884 1 592 1 ,815 1 J57 4 926 110 756 17,990 13,15! 300 95 360 4,084 3,454 ..................”23 6,064 1 ,758 936 1 370 1 ,'800 1 ,’478 4 899 116 786 16.659 11.768 270 96 374 4.15! 3,545 ..................”30 Outsule New York City 1967 21,896 3 ,726 2,561 11 836 3,773 2,975 20 318 1 237 2,029 32,060 13,977 3,945 143 2,149 11,846 5,512 ..........Oct. 4 22,995 4,829 2,540 11J76 3,750 2,905 20^419 1 J3I 1,993 31,097 13,565 3,593 124 2,341 11,474 5,409 ....................Il 22,653 4,482 2'531 11,906 3'734 2:979 20 J06 1 307 1 ,’965 32,265 14,113 3,837 113 2,398 11,804 5,440 ...................18 22’,735 4 557 2’537 11 .888 3 J53 2 868 20 519 I 413 1 ’952 29,298 12,093 3,681 170 2,468 10,886 5,455 ....................25 1968 22,570 2,374 4,057 10,629 5,510 3,385 22,575 1 ,257 2,116 33,847 15,487 4,156 103 2,369 1 1 ,732 6,419 23*029 2,688 4,150 1 O’, 669 5 '522 3 J59 22,813 1 303 2 J 13 33,390 15,180 4,398 117 2,627 11,068 6,323 ....................11 23^183 2’799 4^250 10,668 5 J66 3'536 22,828 1 J36 2J28 33,844 I5,26l 4,493 105 2,544 11,441 6,324 ....................I8 22^930 2,517 4,382 10’587 5 ’444 3,515 2 3,'077 1 J39 2.’147 32,838 13,218 3,920 102 2,622 12,976 6,395 ........... 25 23 073 2,666 4,634 10 263 5 510 3,552 23,223 1 ,269 2,209 33,882 15,530 3,959 113 2,419 11,861 6,545 ..........Oct. 2 23 000 2’648 4^674 10 J07 5 ,471 3 J66 23^235 1 J43 2:202 31,896 13,716 3,961 117 2,470 11,632 6,465 ......................9 22^988 2’555 4 J62 10 190 5,481 3’591 23 JI 2 1 J35 2J90 36,248 16,003 4,457 112 2,483 13,193 6,504 ........... 16 22^743 2,3711... 4,-759 10,149 5,464 3,598 23 J62 1 J37 2,'224 34,046 13,615 4,116 117 2,605 13,593 6,431 ..................”23 24,035 3’571 4 J16 10 J92 5 J56 3^416 23,'739 1 J54 2^262 33,431 13,759 4,195 113 2,645 12,719 6,558 .................>-JO For notes see p. A-29. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-28 WEEKLY REPORTING BANKS □ NOVEMBER 1968 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time Total Wednesday unad­ States Do­ Foreign IPC States Foreign justed and mes­ and Do­ polit­ U.S. tic polit­ mes­ Totals IPC ical Govt. com­ Com­ Total’ ical . ^c Com­ sub­ mer­ Govt., mer­ Sav­ Other sub­ inter­ Govt., mer­ divi­ cial etc.6 cial ings divi­ bank etc. cial sions banks banks sions banks Large banks— Total 1967 Oct. 4................... 217,975 116,106 82,636 6,020 3,993 14,366 676 J ,561 101,869 48,391 37,514 9,409 1 ,009 5,091 261 11................... 218,511 116,442 83,073 5,612 5,382 14,036 672 1 ,487 102,069 48,414 37,741 9,383 994 5,089 255 25................... 218,852 116,915 84,016 5,284 5,210 13,679 834 1 ,530 101,937 48,409 37,687 9,397 944 5,061 250 25........... 215,916 113,743 82,193 5,320 5,157 12,870 668 1 ,568102,173 48,428 37,804 9,404 941 5,139 265 1968 Sept. 4................... 229,695 121,425 88,698 5,843 1,197 15,477 794 1,759 108,270 48,283 43,126 10,925 863 4,537 274 11................... 230,394122,049 89,384 5,528 1 ,438 15,973 768 1 ,716108,345 48,298 43,254 10,894 876 4,492 273 18................... 233,155 125,111 88,515 5,460 5,917 15,971 741 1 ,645 108,044 48,315 43,137 10,602 887 4,474 291 25................... 230,486 121,834 85,873 5,645 6,207 14,669 711 1,715 108,652 48,354 43,439 10,761 885 4,649 300 Oct. 2........... 236,723 127,364 88,412 6,366 5,485 16,216 684 1 ,944109,359 48,512 44,023 10,708 877 4,665 311 9................... 231,829 122,150 86,313 5,939 3,729 15,702 684 1 ,836109,679 48,506 44,330 10,738 874 4,666 299 16................... 235,920 125,729 90,445 5,673 3,232 16,505 744 1 ,771 110,191 48,512 44,791 10,763 856 4,694 310 23*............. 232,295 121,799 87,460 5,499 3,317 15,326 682 1 ,721 110,496 48,527 44,966 10,944 857 4,659 283 3Qr, ................ 234,303 123,527 88,655 6,122 3,992 14,899 723 1 ,725 110,776 48,522 45,106 11 ,104 817 4,680 285 New York City 1967 Oct. 4................... 50,296 31,428 19,464 527 1,137 4,163 536 1,058 18,868 4,741 8,908 939 631 3,431 144 11................... 50,386 31,517 19,407 585 1 ,831 4,074 536 1 ,029 18,869 4,730 8,929 942 630 3,425 139 18................... 50,556 31,788 19,695 403 1 ,786 3,901 681 1 ,030 18,768 4,730 8,866 970 602 3,390 139 25................... 49,839 30,864 19,460 370 1 ,661 3,783 520 1 ,066 18,975 4,732 8,960 1 ,017 605 3,436 152 1968 Sept. 4................... 52,474 34,085 21,606 386 158 4,867 643 1,238 18,389 4,572 9,095 1,186 506 2,796 157 11................... 52,299 33,982 21,410 433 102 5,331 599 1 ,168 18,317 4,570 9,086 1 ,157 506 2,766 158 18................... 54,139 36,077 21,438 438 2,300 5,541 573 1,137 18,062 4,569 8,924 1 ,054 508 2,759 174 25................... 53,318 34,981 20,490 508 2,153 5,170 549 1,194 18,337 4,568 9,064 1,104 500 2,834 191 Oct. 2................... 54,579 36,042 21,050 618 1 ,245 5,466 538 1 ,422 18,537 4,584 9,289 1,040 492 2,859 196 9................... 52,844 34,208 20,177 521 734 5,364 538 1 ,324 18,636 4,573 9,377 1 ,053 495 2,864 197 16................... 53,941 35,072 21,186 524 652 5,812 589 1 ,264 18,869 4,569 9,602 1 ,051 487 2,884 198 23 p................. 53,763 34,901 20,897 432 646 5,611 524 1 ,215 18,862 4,571 9,617 1 ,047 495 2,879 178 30 J’.......... 53,886 34,914 21,427 542 1 ,027 5,129 570 1,198 18,972 4,565 9,701 1 ,072 482 2,898 178 Outside New York City 1967 Oct. 4.................... 167,679 84,678 63,172 5,493 2,856 10,203 140 503 83,001 43,650 28,606 8,470 378 1,660 117 11................... 168,125 84,925 63,666 5,027 3,551 9,962 136 458 83,200 43,684 28,812 8,441 364 1 ,664 116 18................... 168,296 85,127 64,321 4,881 3,424 9,778 153 500 83,169 43,679 28,821 8,427 342 1 ,671 111 25................... 166,077 82,879 62,733 4,950 3,496 9,087 148 502 83,198 43,696 28,844 8,387 336 1 ,703 113 1968 Sept. 4................... 177,221 87,340 67,092 5,457 1 ,039 10,610 151 521 89,881 43,711 34,031 9,739 357 1 ,741 117 11................... 178,095 88,067 67,974 5,095 1 ,336 10,642 169 548 90,028 43,728 34,168 9,737 370 1 ,726 115 18................... 179,016 89,034 67,077 5,022 3,617 10,430 168 508 89,982 43,746 34,213 9,628 379 1 ,715 117 25................... 177,168 86,853 65,383 5,137 4,054 9,499 162 521 90,315 43,786 34,375 9,657 385 1 ,815 109 Oct. 2................... 182,144 91,322 67,362 5,748 4,240 10,750 146 522 90,822 43,928 34,734 9,668 385 1 ,806 115 9................... 178,985 87,942 66,136 5,418 2,995 10,338 146 512 91,043 43,933 34,953 9,685 379 1 ,802 102 16................... 181,979 90,657 69,259 5,149 2,580 10,693 155 507 91,322 43,943 35,189 9,712 369 1 ,810 112 23 p................. 178,532 86,898 66,563 5,067 2,671 9,715 158 506 91,634 43,956 35,349 9.897 362 1 ,780 105 30 ”,............... 180,417 88,613 67,228 5,580 2,965 9,770 153 527 91,804 43,957 35,405 10,032 335 1 ,782 107 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ WEEKLY REPORTING BANKS A-29 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Memoranda Total assets— B F F a r . o n R m k . s o F t r h o e m rs lia O b t i h lit e ie r s a C cc a o p u it n a t l s l a ia c c T a b c a o o p i n l t u i i d a t t n i a e l t l s s ad T l j ( o u n o a s e t n t a t e s ) l d 8 ad T l ( o j n o u a e s t n a t t ) s e l d a D d d e e ju p m s o t a s e n i d ts d 9 La o rg f e d e c p e o rt s if i i t c a 1 t 0 es Wednesday and in­ Total Issued Issued vestments 8 issued to IPC’s to others Larse banks— Total 1967 88 6,601 12,222 20,198 257,084 138,414 198,135 74,639 19,981 12,691 7,290 ................Oct. 4 72 6,101 12,097 20,200 256,981 138,060 200,005 74,495 20,068 12,794 7,274 ..........................11 111 6,375 12,173 20,175 257,686 137,688 199,538 75,020 19,993 12,719 7,274 ..........................18 25 5,553 12,311 20,192 253,997 137,447 199,078 75,669 20,107 12,804 7,303 .........................25 1968 356 10,727 16,686 21,541 279,005 149,638 214,102 77,318 22,197 14,230 7,967 ................Sept. 4 64 10,491 17,583 21,527 280,059 150,655 216,834 77,376 22,155 14,216 7,939 ..........................11 292 11 ,855 17,511 21,499 284,312 152,596 219,664 75,561 21 ,833 13,974 7,859 ........... 18 1 ,453 9,354 17,142 21,525 279,960 151,318 217,392 76,504 22,260 14,209 8,051 ..........................25 187 11,066 16,511 21,642 286,129 153,411 219,650 78,029 22,589 14,531 8,058 ................Oct. 2 222 11,134 16,721 21,668 281,574 152,629 218,822 76,984 22,699 14,635 8,064 ...........................9 145 12,096 17,245 21,660 287,066 152,676 218,884 77,115 23,108 14,988 8,120 1 ,015 10,295 17,602 21,670 282,877 151,231 217,263 76,390 23,155 15,101 8,054 .........................23 416 10,389 17,302 21,754 284,164 151,916 219,965 79,109 23,305 15,173 8,132 ..........................30 New York City 1967 1,697 6,593 5,506 64,092 34,256 45,522 16,997 6,969 4,494 2,475 ..............Oct. 4 1 ,763 6,702 5,500 64,351 33,910 46,312 16,648 6,955 4,505 2,450 ..........................11 1 ,524 6,530 5,502 64,112 33,567 46,007 17,208 6.879 4,462 2,417 ..........................18 1 ,512 6,500 5,503 63,354 33,565 45,709 17,466 7,032 4,542 2,490 .........................25 1968 180 3,777 8,635 5,873 70,939 37,324 49,885 17,114 6,509 4,409 2,100 ................Sept. 4 4 3,289 9,274 5,899 70,765 37,081 50,443 16,467 6,418 4,353 2,065 ..........................11 3,954 9,143 5,858 73,094 37,944 52,101 15,835 6,214 4,183 2,031 ..........................18 390 2,799 8,982 5,855 71,344 37,847 51,013 16,422 6,449 4,297 2,152 .........................25 4 3,686 8,758 5,892 72,919 38,107 51,020 17,227 6,626 4,465 2,161 ................Oct. 2 82 3,615 8,791 5,876 71,208 37,484 50,431 15,991 6,717 4,537 2,180 ......................... 9 3,710 8,903 5,911 72,465 37,565 50,457 15,734 6,919 4,742 2,177 160 3,135 9,401 5,904 72,363 36,923 49,791 15,493 6,928 4,778 2,150 ........................231 85 2,997 8,991 5,924 71,883 37,139 50,483 16,990 6,962 4,805 2,157 ..........................30 Outside New York City 1967 88 4,904 5,629 14,692 192,992 104,158 152,613 57,642 13,012 8,197 4,815 ................Oct, 4 72 4,338 5,395 14,700 192,630 104,150 153,693 57,847 13,113 8,289 4,824 ..........................11 111 4,851 5,643 14,673 193,574 104,121 153,531 57,812 13,114 8,257 4,857 ..........................18 25 4,041 5,811 14,689 190,643 103,882 153,369 58,203 13,075 8,262 4,813 ..........................25 1968 176 6,950 8,051 15,668 208,066 112,314 164,217 60,204 15,688 9,821 5,867 ................Sept. 4 60 7,202 8,309 15,628 209,294 113,574 166,391 60,909 15,737 9,863 5,874 ..........................11 292 7,901 8,368 15,641 211,218 114,652 167,563 59,726 15,619 9,791 5,828 ..........................18 1,063 6,555 8,160 15,670 208,616 113,471 166,379 60,082 15,811 9,912 5,899 .........................25 183 7,380 7,753 15,750 213,210 115,304 168,630 60.802 15,963 10,066 5,897 ................Oct. 2 140 7,519 7,930 15,792 210,366 115,145 168,391 60,993 15,982 10,098 5,884 ......................... 9 145 8,386 8,342 15,749 214,601 115,111 168,427 61 ,381 16,189 10,246 5,943 ..........................16 855 7,160 8,201 15,766 210,514 114,308 167,472 60,897 16,227 10,323 5,904 .........................23i 331 7,392 | 8,311 15,830 212,281 114,777 169,482 62,119 16,343 10,368 5,975 ..........................30 1 After deduction of valuation reserves, 2 Individual items shown gross. 10 Certificates of deposit issued in denominations of $100,000 or more. 3 Includes short-term notes and bills (less than 1 year to maturity) issued by States and political subdivisions. 4 Federal agencies only. Note.—Beginning June 29, 1966, coverage of series was changed from 3 Includes certified and officers’ checks, not shown separately. Weekly Reporting Member Banks to Weekly Reporting Large Commer­ 6 Deposits of foreign governments and official institutions, central cial Banks (earlier figures for 1966 are comparable with the new series). banks, and international institutions. Also beginning June 29, 1966, detailed breakdown is shown of "All other 7 Includes U.S. Government and postal savings not shown separately. loans," of "Other securities,’’ and of ownership of time certificates of a 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

A-30 BUSINESS LOANS OF BANKS □ NOVEMBER 1968 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— Industry 1968 1968 1968 1968 1967 Oct. Oct. Oct. Oct. Oct. 1st 2nd 30f 23” 16i’ 9i’ 2? Oct.» Sept. Aug. III II 1 half half Durable goods manufacturing: Primary metals................................ 2,048 2,065 2,084 2,091 2,099 -67 69 37 168 309 262 571 287 Machinery....................................... 4,347 4,401 4,505 4,434 4,433 -251 125 -262 22 46 240 286 -630 Transportation equipment.............. 1 ,897 1,889 1 ,957 1 ,842 1 ,851 86 100 -112 -45 36 8 44 -136 Other fabricated metal products... 1,852 1 ,876 1 ,907 1,901 1 ,915 -65 32 -58 11 150 60 210 -281 Other durable goods. ..................... 2,194 2,225 2,246 2,257 2,264 -56 14 -14 40 194 20 214 -142 Nondurable goods manufacturing: Food, liquor, and tobacco.......... 2,488 2,564 2,540 2,455 2,455 81 274 54 170 -227 -294 -521 615 Textiles, apparel, and leather......... 2,285 2,301 2,365 2,369 2,365 -119 -3 89 128 202 325 527 -410 Petroleum refining.......................... 1 ,523 1 ,581 1,603 I ,605 1 ,612 -48 34 -2 85 45 -113 -68 -113 Chemicals and rubber..................... 2,285 2,294 2,290 2,299 2,303 6 114 -106 -233 55 116 171 -83 Other nondurable goods................. 1 ,744 1 ,770 1 ,784 1 ,823 1 ,827 -108 45 -6 52 58 14 72 95 Mining, including crude petroleum and natural gas............................ 4,473 4,527 4,537 4,545 4,554 -122 -24 -69 -147 61 497 558 164 Trade: Commodity dealers................ 1,164 1,122 1 ,095 1 ,039 I ,042 140 -31 -18 -84 -222 -275 -497 679 Other wholesale...................... 3,328 3,338 3,307 3,267 3,232 117 73 -28 54 91 9 100 96 Retail...................................... 3,835 3,884 3,862 3,735 3,544 365 -89 -217 -260 232 -28 204 6 Transportation................................... 4,937 4,912 4,928 4,914 4,899 29 -15 -49 -59 405 155 560 428 Communication.................................. 1 ,013 1 ,013 1 ,021 1 ,029 1 ,055 25 51 -75 -113 174 -72 102 4 Other public utilities........................... 2,548 2,494 2,588 2,612 2,605 -12 137 53 351 212 -419 -207 258 Construction....................................... 2,875 2,870 2,895 2,875 2,857 36 21 43 65 221 42 263 -103 Services.............................................. 5,702 5,693 5,670 5,634 5,630 158 54 -17 1 374 173 547 221 All other domestic loans..................... 7,311 7,189 7,376 7,382 7,304 221 -203 69 459 100 5.59 356 Bankers’ acceptances.......................... 749 726 731 772 813 -9 -47 -40 -53 -272 -120 -392 554 Foreign commercial and industrial loans............................................. 2,545 2,544 2,531 2,531 2,528 9 -22 1 -55 -101 -48 -149 -112 Total classified loans.......................... 63,143 63,278 63,822 63,411 63,187 195 1 ,133 -999 167 2,502 652 3,154 1 ,753 Total commercial and industrial loans. 69,720 69,830 70,353 69,903 69,693 295 1,291 -1,047 245 2,667 695 3,362 2,049 See Note to table below. "TERM” COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— 1968 1968 1967 1968 Industry Oct. Sept. Aug. July June May Apr. Mar. Feb. 1st 30»- 25 28 3! 26 29 24 27 28 III II I IV half Durable goods manufactur­ ing: Primary metals.................. 1 ,417 1 .466 1 ,426 1 ,393 1 ,339 1 ,199 I ,185 1,112 1 ,027 127 227 238 182 465 Machinery......................... 2,212 2,338 2,294 2,395 2,279 2,188 2,231 2,154 2,064 59 125 153 38 278 Transportation equipment. 909 931 910 902 908 944 953 889 849 23 19 1 52 20 Other fabricated metal products.................... 748 801 798 811 759 733 696 692 670 42 67 17 4 84 Other durable goods......... 991 999 1 ,003 1 ,041 1 ,028 I ,003 991 994 984 -29 34 -23 1 1 1 1 Nondurable goods manufac­ turing: Food, liquor, and tobacco. 755 849 823 804 821 817 813 876 865 28 - 55 118 30 6.1 Textiles, apparel, and leather........................ 601 588 575 556 566 556 562 555 524 22 11 90 44 101 Petroleum refining............. 1 ,178 1 ,228 1 ,235 1 ,270 1 ,226 1 ,176 1,152 1,164 1 ,195 2 62 -92 102 -30 Chemicals and rubber....... 1 ,555 1 ,538 1 ,462 1 ,516 1 ,619 1 ,583 1 ,647 1 ,613 1 ,544 -81 6 81 10 87 Other nondurable goods. . 1 ,061 I ,087 1 ,074 1 ,073 1 ,051 1 ,062 1 ,072 1 ,061 1 ,049 36 -10 -9 44 -19 Mining, including crude pe­ troleum and natural gas... 3,829 3,963 3,984 4,042 4,121 4,152 4,233 4,047 4,014 -158 74 476 385 550 Trade: Commodity dealers. . 114 112 1 14 115 113 111 110 115 103 -1 -2 8 5 6 Other wholesale........ 616 585 603 608 634 637 624 585 588 -49 49 9 61 58 Retail........................ 1,144 1,114 1 ,106 1,152 1,144 1,105 1 ,119 1 ,098 1 ,093 -30 46 15 13 61 Transportation...................... 3,680 3,673 3,688 3,688 3,703 3,610 3,503 3,503 3,432 -30 200 160 236 360 Communication.................... 449 472 452 453 446 432 404 412 409 26 34 -31 4 3 Other public utilities............. 1 ,077 1,071 1 ,001 928 815 749 731 710 741 256 105 -5 74 100 Construction............... 782 794 774 779 769 737 737 706 680 25 63 24 -1 87 Services,................................ 2,386 2,361 2,329 2,324 2,303 2,268 2,243 2,229 2,187 58 74 108 1 19 182 All other domestic loans.... 940 921 903 942 905 864 877 879 844 16 26 6 36 32 Foreign commercial and in­ dustrial loans.................. 1 ,876 rl ,881 1 ,901 1 ,918 1 ,934 1 ,953 1 ,971 1 ,976 1 ,981 -34 -42 -51 -59 -93 Total loans............................ 28,320 r28,772 28,455 28,710 28,483 27,879 27,854 27,370 26,843 308 1 ,113 1,293 1 ,390 2,406 Note.-—About 161 weekly reporting banks are included in this series; Commercial and industrial “term” loans are all outstanding loans with these banks classify, by industry, commercial and industrial loans amount­ an original maturity of more than 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

NOVEMBER 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) Aug. May Aug. May Aug. May Aug, May Aug. May Aug. May 1968 1968 1968 1968 1968 1968 1968 1968 1968 1968 1968 1968 Percentage distribution of dollar amount Less than 6.50 per cent............... 3.1 7.3 3.5 16.0 2.3 6.7 1 9 4 7 3 6 6.3 3.5 8 1 6.50 per cent............................... 33.9 34.5 6.0 7.3 10,4 11.3 19 4 21 4 31 3 32.2 48 4 47 7 6,51 -6.99 per cent....................... 24.5 22.9 11.4 9.4 14.7 14,0 26 2 24 1 29.2 30 4 25 2 22.6 7.00 per cent................................ 10.6 9.1 13.4 14.0 15.1 16,3 11.8 13 0 9.1 9.0 9.3 5 4 7.01—7.49 per cent....................... 10.5 11.0 20.5 13.6 20.9 18.4 14 8 15 5 9 2 9 6 6 0 7 7 7,50 per cent.............................. 6.5 5.3 13.4 11.0 12.1 10.7 9.6 6.2 7 0 5 5 3.2 3 3 7.51—7.99 per cent...................... 3.9 3.2 14.0 12.1 9.4 8.5 5 5 5 0 2 8 2 5 1 8 0 9 8.00 per cent............................... 3.2 3.2 7.2 6.4 6.0 4.9 4 5 37 3.9 2 9 1 4 26 Over 8.00 per cent...................... 3.7 3.7 10.5 10.1 8.7 9.1 6.0 6.0 4.0 2.5 1.2 1.7 Total................................. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Total loans: Dollar (millions).................... 3,765.1 4,186.0 56.1 60.1 466.3 485.0 886.8 958.7 524.7 625.5 1 831.2 2,056.7 Number (thousands)............... ' 36.2 38.5 14.8 15.8 15.1 15.9 4.6 4.9 .9 1.0 .8 ' .9 Center Weighted average rates (per cent per annum) 35 centers................ 6,89 6,84 7.35 7.18 7.27 7.21 7 07 7 00 6 90 6.81 6.70 6.68 New York City.................. 6.67 6.60 7.30 7.11 7.14 7.07 6 87 6.82 6.69 6.64 6.60 6.52 7 Other Northeast................... 7.16 7.19 7.49 7.21 7.48 7.49 7.28 7.34 7.14 7.10 6.83 6.90 8 North Central...................... 6.96 6.89 7.35 7.30 7.34 7.26 7.21 7.06 7.08 6.90 6.78 6.76 7 Southeast.............................. 6.74 6.61 7.09 6.89 6.96 6.83 6.78 6,65 6.61 6.53 6.54 6.37 8 Southwest............................ 6.86 6,87 7.20 7.16 7.08 7.02 6.91 6.85 6.78 6.72 6.72 6.86 4 West Coast.......................... 6.86 6.76 7.73 7.68 7.50 7.37 7.11 6,95 6.78 6,80 6.63 6.54 Note.—Beginning Feb. 1967 the Quarterly Survey of Interest Rates on 1960—Aug. 23 414 1967—Jan. 26-27 5%-5% Business Loans was revised. For description of revised series see pp. 721­ 1965—Dec. 6 5 Mar. 27 5% 27 of the May 1967 Bulletin. , 1966—Mar. 10 5% Nov. 20 6 Bank prime rate was 5 per cent during the period Jan. 1, 1960-Aug. June 29 5% 1968—Apr. 19 6’4 22, I960. Changes thereafter to new levels (in per cent) occurred on the Aug. 16 6 Sept. 25 6-6% 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 s o u n e M y a ie rk ld et n R e a w t e is s o u 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 6 issues 7 1966........................... 5.55 5.42 5.36 5,11 4,881 4.85 5.082 5.06 5,07 5.17 5.16 1967........................... 5.10 4.89 4.75 4.22 4.321 4.30 4.630 4.61 4.71 4.84 5.07 1967_ 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 5.31 5.480 5 41 5.40 5.68 5.44 Aug................. 5.88 5.74 5.66 6.03 5,095 5.08 5.224 5.23 5.15 5,41 5.32 Sept................. 5.82 5.61 5.63 5.78 5,202 5.20 5.251 5.26 5,19 5.40 5.30 Oct........... 5.80 5.59 5.79 5.92 5.334 5.35 5.401 5.41 5.33 5.44 5,42 Week ending— 1968—Oct. 5.......... 5.75 5.50 5.63 5.93 5.182 5.21 5.283 5.31 5.21 5.34 5.34 12.......... 5,75 5.50 5.75 5.75 5.277 5.31 5.362 5,38 5.28 5.41 5.43 19.......... 5.77 5,60 5.85 5.96 5,345 5,34 5.428 5.43 5.34 5.45 5.43 26.......... 5,88 5.60 5.88 5.83 5.396 5,40 5.457 5.43 5.37 5.47 5.43 Nov. 2.......... 5.88 5.73 5.88 5.91 5.471 5.48 5.473 5.50 5.45 5.52 5.42 t Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. 5 Bills quoted on bank discount rate basis. maturities in the 90-179 day range. 6 Certificates and selected note and bond issues. 3 Seven-day average for week ending Wednesday. 7 Selected note and bond issues. 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A-32 INTEREST RATES □ NOVEMBER 1968 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings / Period United and local rating group price ratio price ratio States Total 1 (long­ term) Total 1 Aaa Baa Aaa Baa In tr d ia u l s­ R ro a a U d - 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 4.66 435 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 4.64 449 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~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 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 5 39 4.54 4.28 4 89 6.42 6.11 6.85 6 33 6 67 6.39 5 80 3 34 6.17 Anr.................................... 5 28 4.44 4.13 4 84 6.53 6.21 6.97 6.42 6 79 6 54 5.86 3' i2 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 Julv. 5,09 4,45 4.12 4.91 6,57 6.24 6.98 6.50 6.82 6.53 5.74 3 00 Aug.................................. 5 04 4.29 4.00 4.72 6.37 6.02 6.82 6.26 6.72 6.30 5.59 3 09 Sept................................. 5 09 4.45 4.23 4.78 6.35 5.97 6.79 6.24 6 70 6.27 5 63 301 Oct............................. 5.24 4.49 4.21 4.89 6.43 6.09 6.84 6.35 6.72 6.39 5.76 2^94 Week ending— 1968—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 10........................... 4 99 4.17 3.80 4.68 6.40 6.07 6.83 6,30 6,73 6.33 5.60 3 12 17............................. 5 06 4.29 4.00 4 70 6.36 6.00 6.82 6.24 6,73 6.29 5,57 3 08 24............................ 5 09 4.32 4.05 4.70 6.34 5.98 6.80 6.23 6.70 6.27 5.58 3.08 31............................ 5,06 4.46 4.25 4.80 6.33 5.97 6.79 6.23 6.70 6.25 5.62 3,08 Sept. 7........................... 5.07 4,47 4.25 4,80 6,33 5,95 6.79 6,23 6.72 6.24 5.59 3.00 14............................ 5.12 4.47 4.25 4.80 6.34 5.95 6.80 6.23 6.70 6.26 5.63 3.02 21............................. 5.08 4.44 4.21 4,78 6.35 5,98 6.79 6,25 6.68 6.29 5.64 3.00 28............................ 5,09 4.41 4.20 4.75 6.37 6.00 6.79 6.26 6.69 6.30 5.65 2.97 Oct. 5............................ 5,15 4.43 4.14 4.80 6.37 6.02 6.78 6.29 6.70 6.30 5.70 2.96 12............................. 5.25 4.49 4.22 4.90 6.40 6.06 6.79 6.31 6.70 6.33 5.77 2.94 19............................. 5.28 4.49 4.22 4.90 6.43 6.10 6.84 6.36 6,73 6.39 5.75 2.94 26............................. 5,24 4.48 4.21 4.90 6.47 6.13 6.88 6.38 6.74 6.44 5.75 2.92 Nov. 2............................. 5.26 4.54 4.25 4.95 6.49 6,15 6.92 6.39 6.75 6.48 5.81 2.96 ................. Number of issues 2................ 9-12 20 5 5 108 18 30 38 30 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep­ Averages of daily figures for bonds maturing or callable in 10 years or arately. Because of a limited number of suitable issues, the number more. State and local govt, bonds: General obligations only, based on of corporate bonds in some groups has varied somewhat. As of Dec. Thurs. figures. Corporate bonds: Averages of daily figures. Both of these 23, 1967, Aaa-rated railroad bonds are no longer a component of the series are from Moody’s Investors Service series. railroad average or the Aaa composite series. Stocks: Standard and Poor’s Corporate series. Dividend/price ratios are 2 Number of issues varies over time; figures shown reflect most recent P ba re se fe d r re o d n s W to e c d k . r f a ig ti u o r e i s s ; b e a a se rn d i n o g n s / 8 p ri m ce e d r ia a n ti o y s i e a ld r s e f a o s r o a f s e a n m d p l o e f o p f e n ri o o n d - . count. callable issues—12 industrial and 2 public utility; common stock ratios Note.—Annual yields are averages of monthly or quarterly data. on the 500 stocks in the price index. Quarterly earnings are seasonally Monthly and weekly yields are computed as follows: ILS. Govt, bonds: adjusted at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ SECURITY MARKETS A-33 SECURITY PRICES Common stock prices Volume of Bond prices New York Stock Exchange trading in (per cent of par) thousands of Amer­ shares Period Standard and Poor’s index New York Stock Exchange index ican (1941-43=10) (Dec. 31, 1965 = 50) Stock Ex­ change U.S. total Govt, State Cor­ Indus­ Rail­ Public Indus­ Trans­ Fi­ index 1 (long­ and porate Total trial road utility Total trial porta­ Utility nance NYSE AMEX term) local AAA tion 1965........................ 83.76 110.6 93.9 88,17 93.48 46,78 76.08 47.39 12 05 6 174 2 120 1966......................... 78.63 102.6 86.1 85.26 91.09 46,34 68.21 46.15 46.19 50 28 45 41 44,25 14 67 7*538 2 741 1967........................ 76.55 100.5 81.8 91.93 99.18 46.72 68 10 50.77 51.97 53 51 45 43 49 82 19 67 10*143 4 508 1967—Oct................ 73.01 95.9 78.5 95.66 104.16 46.28 64 93 53.13 55.62 51 56 43,33 52 69 22 64 10 223 5 865 Nov............... 70.53 95.2 76.8 92.66 100.90 42.95 63 48 51,40 53.79 48*43 42 39 50 19 21 83 10*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 73.09 95.6 77.2 95.04 103.11 43.38 68.02 53.24 55,45 47 90 44 87 55 89 24 95 11 947 7 309 Feb............... 73.30 94.8 77.5 90.75 98.33 42.35 65 61 50.68 52,63 45 15 43.36 53 88 22 43 9*182 4,065 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 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 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 59.12 51 *59 44 69 68*90 29.18 14,266 6,600 Aug........... 74.48 95.9 78.1 98.11 106.77 48.80 66.60 55.04 57 59 49* 01 44 09 68.19 28 38 10,718 4'778 Sept.............. 73.95 r93.7 78.4 101.34 110,53 51,11 66.77 56.80 59.57 51*94 44.53 71.77 29*75 13,435 6,542 Oct.......... 72.44 92.7 77.0 103.76 113.29 54.26 66.93 58.32 61 .07 55.24 45.22 77.50 30.76 15,112 6^376 Week ending'— 1968—Oct. 5........ 73.35 94.1 77.8 103.15 112.53 54,34 66.96 57.95 60,74 54.94 44.79 76.30 30.75 16.414 7,579 12........ 72.35 92.8 77.3 103.48 112.96 54.11 66.83 58.10 60,87 54.88 45.12 76.17 30,60 14,022 6,315 19 72.03 92.2 76.7 103.92 113,46 54.50 66,96 58.42 61.17 55.59 45.29 77,53 30,82 15,399 6,661 26........ 72.46 92.3 76.8 104.40 114.05 54.34 66.96 58.72 61.47 55,72 45.47 78.68 30,96 15,133 5,804 Nov. 2........ 72.24 91.9 76.4 103.42 112.90 53.58 67.00 58.16 60,83 54.69 45,30 78,55 30.58 14,061 5,570 i Begins June 30, 1965, at 10.90. On that day the average price of a share cent, 20-year bond. Municipal and corporate bonds, derived from average of stock listed on the American Stock Exchange was $10.90. yields as computed by Standard and Poor’s Corp., on basis of a 4 per cent, Note.—Annual data are averages of monthly figures. Monthly and 20-year bond; Wed. closing prices. Common stocks, derived from com­ weekly data are averages of daily figures unless otherwise noted and are ponent common stock prices. Volume of trading, average daily trading in computed as follows: U.S. Govt, bonds, derived from average market stocks on the exchange for a S^-hour trading day. yields in table at bottom of preceding page on basis of an assumed 3 per TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period c C t ( r r e p a a o n e t c n e t r ) t ­ c F c h e ( e a p e n r e s g t r e ) & 1 s M (y a e t a u r r s i ) ty L c p r ( o a e p ri a t n e c io n t r e ) / (th d c o o p P h l r u l u a i a c s 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 c C t ( r r e p a a o n e t c n e t r t ) ­ c F c h e ( e a p e n r e s g t r ) e & i s M (y a e t a u r r s i ) ty L r c p ( a o p e 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 (th a d L o m o o u ll o a a s u . r n s n o ) t f 1963...................... 5.84 .64 24.0 73.3 22.5 16,3 5.98 .60 19.2 70.8 17,8 12.6 1964...................... 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 1965...................... 5,74 .49 25.0 73.9 25.1 18,5 5,87 .55 21.8 72.7 21,6 15.7 1966...................... 6.14 .71 24,7 73.0 26.6 19.4 6.30 .72 21.7 72,0 22.2 16.1 1967...................... 6.33 .81 25.2 73.6 28.0 20.6 6,40 .76 22.5 72,7 24,1 17.5 1967-—Sept............ 6.31 .78 25.3 74.2 28.8 21.4 6,36 .73 22.5 72.7 23.9 17.4 Oct............. 6.34 .82 25.4 73.8 28.7 21.2 6.39 .78 22.5 73.0 23,7 17.3 Nov............ 6.33 .76 25.3 73.4 28.9 21.2 6.42 .77 22,7 72.9 25.1 18.3 Dec............ 6.41 .84 25.4 72.7 29.6 21.5 6.51 .83 23.1 73.1 25,2 18,4 1968-—Jan............. 6,39 .86 25.4 72.9 29,7 21,7 6.57 .82 22.7 73,7 24.9 18.4 Feb............. 6.47 .94 25.5 74.5 29.8 22.2 6,58 .81 22.6 73.6 24.5 18.0 Mar............ 6.50 .88 25.7 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........... 6.88 .95 25.4 74.4 30,4 22.6 6.97 .86 22.6 73.1 25.2 18,4 July............ 7.04 .85 25.5 73.7 30.5 22.5 7.10 .83 22.5 72,6 25.7 18.6 Aug............ 7.10 .87 25.5 73.6 31.0 22.8 7,12 .85 22.7 73,0 25.6 18.7 Sept.”......... 7.09 .86 25.5 74.2 30.2 22.4 7.12 .81 22.6 72.6 25.4 18.4 1 Fees and charges—related to principal mortgage amount—include originated by major institutional lender groups (including mortgage loan commissions, fees, discounts, and other charges, which provide companies) for purchase of single-family homes. Data exclude loans for added income to the lender and are paid by the borrower. They exclude refinancing, reconditioning, or modernization; construction loans to any closing costs related solely to transfer of property ownership. home-builders; and permanent loans that are coupled with construction loans to owner-builders. Series beginning 1965, not strictly comparable Note.—Compiled by Federal Home Loan Bank Board in cooperation with earlier data. See also the table on Home-Mortgage Yields, p.A-51, with Federal Deposit Insurance Corporation. Data are weighted averages based on probability sample survey of characteristics of mortgages Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-34 STOCK MARKET CREDIT □ NOVEMBER 1968 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 margin customers by— Cus­ tomers’ Net Total tomers’ net credit ad­ End of period net free ex­ Un­ justed debit credit tended re­ Restricted debt Brokers Banks Total bal­ bal­ by End of stricted (mil­ 1 2 ances ances brokers period lions of dol­ 1967—Aug............... 5,650 2,260 7,910 6 677 2 281 4 396 30 per 30-39 40-49 50-59 60 per lars) Sept............... 5,790 2 >40 8,130 6,944 2’401 4 543 cent per per per cent Oct................ 6,010 2 >20 8 430 7,111 2 513 4 598 or less cent cent cent or more Nov............... 6,050 2,440 8 490 7 200 2 500 4*700 Dec................ 6,300 2,460 8,760 7,948 2,’763 5'183 1967-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 >41 Oct.. . . 8.0 58.4 9.9 5.0 18.7 11,550 Mar............... 6,190 2'370 8'560 7'248 2 692 4 556 Nov.... 10.7 56.4 9.7 5.1 18.2 11,360 Apr................ 6’,430 2’,350 8 ,780 7,701 2 979 4 722 Dec.... 19.8 47.9 9.1 4.6 18.7 12,020 May.............. 6 >40 2 >60 9,000 8,268 3 064 5 204 June............... 6,690 2,410 9,100 8'728 3,293 5,435 1968-Jan.. .. 5.3 60,3 11.7 4.6 10.2 11,940 July............... r6j 500 2 >20 r8,920 8,861 3,269 5 592 Feb.... 4.1 56.8 14.4 5.3 19.4 11,870 Aug.r............ 6,460 2’490 8,950 8,489 2’984 5 505 Mar.... 5.9 53.3 15.5 6.1 19.2 11,700 Sept,*............ 6,390 2; 520 8,910 8,715 3,126 5,589 Apr.... 19.8 46.1 10.8 4.7 18.7 12,270 May... 21.9 45.0 9.4 4.9 18.8 12,820 1 End of month data. Total amount of credit extended by member firms of the N.Y. Stock Exchange in margin' accounts, estimated from reports 20 or 60 or by a sample of 38 firms. less 20-29 30-39 40-49 50-59 more 2 Figures are for last Wed. of month for large commercial banks re­ porting weekly and represent loans made to others than brokers or dealers for the purpose of purchasing or carrying securities. Excludes loans col­ June.. 0.8 22.1 47.3 8.5 4.0 17.3 12,590 lateralized by obligations of the U.S. Govt. July... 1.2 21.3 43.5 10.4 5.1 18.5 ’’12,060 Note.—'Customers* net debit and free credit balances are end-of-month Aug... 2.7 25.9 37.9 10.1 4.9 18.6 UI,940 ledger balances as reported to the N.Y.Stock Exchange by all member firms Sept.”. 5.4 32.4 29.6 8.8 4.1 19.7 11,910 that carry margin accounts. They exclude balances carried for other member firms of national securities exchanges as well as balances of the reporting firm and of its general partners. Net debit balances are total Note.—Adjusted debt is computed in accordance with requirements set debt owed by those customers whose combined accounts net to a debit. forth in Regulation T and often differs from the same customer’s net debit Free credit balances are in accounts of customers with no unfulfilled com­ balance mainly because of the inclusion of special miscellaneous accounts mitments to the broker and are subject to withdrawal on demand. Net in adjusted debt. Collateral in the margin accounts covered by these data credit extended by brokers is the difference between customers’ net debit now consists exclusively of stocks listed on a national securities exchange. and free credit balances since the latter are available for the brokers’ use Unrestricted accounts are those in which adjusted debt does not exceed the until withdrawn. loan value of collateral; accounts in all classes with higher ratios are restricted. EQUITY STATUS OF MARGIN ACCOUNT DEBT AT BROKERS (Per cent of total debt, unless otherwise indicated) Total Equity class (per cent) debt (mil­ SPECIAL MISCELLANEOUS ACCOUNT BALANCES End of lions AT BROKERS, BY EQUITY STATUS OF ACCOUNTS period of 70 or Under dol­ more 60-69 50-59 40-49 40 (Per cent of total, unless otherwise indicated) lars) 1 Equity class of accounts 1967~Aug... 5,650 46.0 32.2 9.4 4.2 8.2 Net in debit status Total Sept.. 5,790 52.1 25.6 8.8 3.9 9.6 End of period credit balance Oct... 6,010 45.2 30.4 10.1 4.6 9.6 status 60 per cent Less than (millions Nov.. 6,050 43.8 31.8 9.7 4.9 9.9 or more 60 per cent of dollars) Dec.. 6,300 50,6 25.8 9.0 4.1 10.5 1968—Jan... 6,170 40.6 35.4 9.5 4.4 10.0 1967—Aug..................... 47.7 49.3 3.0 5 340 Feb... 6,150 33.8 38.3 12.0 5.2 10.7 Sept..................... 50.7 46.6 2.7 5 ,610 Mar.. 6,190 32.1 37.6 14.1 5.3 11.0 Oct...................... 47.8 49.0 3.2 5,680 Apr.. 6,430 48.7 26.4 10.2 4.3 10.4 Nov..................... 48.8 47.8 3.4 5 ,490 May.. 6,640 51.0 24.9 8.6 4.4 11.0 Dec,......... 50.0 47.0 3.0 5 850 1968—Jan...................... 50.8 45.6 3.6 6,060 80 or Under Feb...................... 51.1 45.0 3.8 6,080 more 70-79 60-69 50-59 40-49 40 Mar.................... 52.5 42.9 4.5 5,820 Apr...................... 46.3 47.9 5.8 61030 May.............. 49.6 46.2 4.1 5,370 June . 6,690 14.9 33.2 28.8 8.2 4.3 10.6 June,............. 50.0 45.7 4.2 6,150 July.. •■6,500 15.4 28.1 30.6 9.5 4.9 11.6 July..................... 51.7 44.4 3.9 6 000 Aug.r 6,460 17,3 28.7 28.2 9.1 4.8 11.9 Aug.................... 49.8 46.4 3.8 r5,800 Sept.* 6,390 19.9 31.1 25.0 8.1 4.4 11.5 Sept J’.................. 51.0 45.3 3.6 5 >40 Note.—Special miscellaneous accounts contain credit balances that 1 See footnote 1 to table above. ( may be used by customers as the margin deposit required foi additional Note.—Each customer’s equity in his collateral (market value of col­ purchases. Balances may arise as transfers based on loan values of other lateral less net debit balance) is expressed as a percentage of current col­ collateral in the customer’s margin account or deposits of cash (usually lateral value. sales proceeds) occur. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 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 banks F.R. Goods stored in or Placed Placed Total Banks p i o m rt ­ s p E o x rt ­ s Dollar shi p pp o e in d t s b i e n tw — een Total through direct- Others into from ex­ dealers 1 iy2 Total O bi w lls n bo B u il g ls h t O ac w ct n . c F e o i o g r n r r. ­ U S n ta it te e s d U S n ta it t e e d s change U S n ta it t e es d c F o o u r n e t i r g ie n s 1962..................... 6,000 2,088 3 912 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963..................... 6,747 1,928 4*819 2,890 1,291 1,031 260 162 92 1,345 567 908 56 41 1,317 1964..................... 8 361 2,223 6’ 138 3 385 1,671 1,301 370 94 122 1,498 667 999 111 43 1,565 1965 ..................... 9,058 1 903 7 155 3 392 1,223 1,094 129 187 144 1,837 792 974 27 35 1,564 1966..................... 13 279 3 089 io'190 3,603 1,198 983 215 193 191 2,022 997 829 103 80 1,595 1967—Sept........... 16,220 5 124 11 096 4 146 1,635 1,239 396 U56 205 r2,l50 1,037 991 68 91 1,958 Oct............ 16,777 5,186 11*591 4 J 36 1,822 1,298 524 54 163 2,096 1,085 956 51 83 1,961 Nov........... 17,147 5,136 i2’611 4 218 1,878 1,376 501 59 151 2,130 1,095 975 52 124 1,971 Pec....... 17^084 4,901 12*183 4 317 1,906 1,447 459 164 156 2,090 1,086 989 37 162 2,042 1968—Jan............ 18,370 5,216 13 154 4 312 1,797 1,307 490 83 141 2,292 1 ,055 1 ,013 49 165 2,030 Feb............ 17*813 5 493 12 320 4 266 1,808 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 1,125 1,032 36 117 2,027 Apr............ 17 509 5 930 11 ’579 4 430 1,778 1,409 369 87 118 2,447 1,229 1 ,025 18 116 2,042 May......... 18 417 5 761 12*656 4 359 1 ,624 1,282 342 56 132 2,547 1 ,267 1 ,007 17 77 1,992 June.......... 18 798 5 822 12*976 4,286 1,677 I ,366 311 134 112 2,364 1,338 944 23 55 1 ,925 July........... 19,746 6,270 13*476 4 330 I ,751 I ,410 341 99 128 2,352 1 ,390 917 42 54 1 ,927 Aug........... 20,734 7,091 13’643 4 418 1 ,819 1 ,474 344 51 149 2,399 1 ,435 932 100 52 1 ,899 Sept........... 20,264 7,737 12^527 4*327 1 ,714 1,393 321 86 124 2,403 1 ,420 945 78 46 1 ,838 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 Mortgage loan assets— commitments3 Total General Other liabili­ Depos­ Other reserve End of period State Corpo­ Cash assets ties its2 liabili­ ac­ Mort­ Other U.S. and rate and ties counts Months to maturity gage Govt. local and genera1 govt. otheri reserve accts. 3 or 3 thru Over less 9 9 Total 1941................... 4,787 89 3,592 1.786 829 689 11,772 10,503 38 1 ,231 n.a. n.a. n.a. n.a. 1945................... 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1 ,582 n.a. n.a. n.a. n.a. I960................... 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 n.a. n.a. n.a. 1,200 1961................... 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 n.a. n.a. n.a. 1 ,654 1962................... 32,056 602 6,107 527 5,177 956 695 46,121 41 ,336 828 3,957 n.a. n.a. n.a. 2,548 1963................... 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 n.a. n.a. n.a. 2,249 1964................... 40,328 739 5,791 391 5,099 1 ,004 886 54,238 48,849 989 4,400 n.a. n.a. n.a. 2,820 1965................... 44,433 862 5,485 320 5,170 1 ,017 944 58,232 52,443 1 ,124 4,665 n.a. n.a. n.a. 2,697 1966................... 47,193 1 ,078 4,764 251 5,719 953 1 ,024 60,982 55,006 1 ,114 4,863 n.a. n.a. n.a. 2,010 1967—Aug......... 49,322 1 ,210 4,367 242 7,910 1 ,0.34 1.117 65,201 58,499 1 ,732 4,969 758 1 ,065 769 2,592 Sept......... 49,557 1 ,152 4,406 243 8,054 999 1,147 65,559 59,066 I ,525 4,967 836 1 ,047 841 2,724 Oct.......... 49,827 I , 169 4,299 228 8,080 959 1,134 65,696 59,257 1 ,489 4,590 801 999 911 2,710 Nov......... 50,046 1 ,243 4,397 222 8,107 915 1,130 66,061 59,462 1 ,597 5,002 730 1 ,075 879 2,684 Dec.......... 50,311 1 ,203 4,319 219 9,320 993 1 ,138 66,365 60,121 1 ,260 4,984 742 982 799 2,523 1968—Jan.......... 50,705 1 ,260 4,344 218 8,444 877 1,153 67,002 60,581 1 ,406 5,015 666 932 819 2,416 Feb.......... 50,902 1 ,334 4,405 220 8,672 903 1 ,156 67,592 60,945 1 ,575 5,071 627 955 818 2,400 Mar......... 51,039 1 ,341 4,412 229 8,937 914 1,198 68,070 61,615 1 ,388 5,067 669 1 ,036 772 2,477 Apr......... 51 ,199 1,267 4,303 221 9,113 871 1,190 68,165 61,554 1 ,553 5,058 695 906 961 2,561 May........ 51,402 1 ,474 4,374 421 9,213 877 1,215 68,768 61,926 1 ,732 5,110 650 1 ,069 949 2,669 June........ 51,621 1 ,387 4,235 206 9,403 951 1 ,230 69,034 62,41 I 1 ,503 5,120 '640 1 ,051 1 ,018 2,709 July......... 51,869 1,385 4,213 205 9,616 924 1 ,218 69,429 62,607 1 ,706 5,116 737 I ,046 996 2,779 Aug.r.... 52,102 1 ,489 4,203 201 9,778 912 1 ,217 69,902 62,85! 1 ,871 5,180 776 I ,094 I ,058 2,928 Sept.”.. .. 52,323 1 ,468 4,139 204 9,827 990 1 ,253 70,203 63,381 1.628 5,194 889 1 ,067 1 ,015 2,971 1 Also includes securities of foreign governments and international Note.—National Assn, of Mutual Savings Banks data; figures are organizations and nonguaranteed issues of U.S. Govt, agencies. estimates for all savings banks in the United States and differ somewhat 2 See note 5, p. A-18. from those shown elsewhere in the Bulletin; the latter are for call dates 3 Commitments outstanding of banks in N.Y. State as reported to the and are based on reports filed with U.S. Govt, and State bank supervisory Savings Banks Assn, of the State of N.Y. Data include building loans agencies. Loans are shown net of valuation reserves. Figures for Jan. and beginning with Aug. 1967. June, 1968 include one savings and loan that converted to a mutual sav­ ings bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-36 SAVINGS INSTITUTIONS □ NOVEMBER 1968 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort­ Real Policy Other assets gages estate loans assets Total U S n ta it t e es d Sta lo te c a a l nd Foreign 1 Total Bonds Stocks Statement value: 1941................................... 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1.840 1945..................................... 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1960....................................... 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5.231 5,273 1961...................................... 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962....................................... 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6.024 1963....................................... 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964....................................... 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 1965....................................... 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 1966....................................... 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 7,760 Book value: 1964................................... 149,470 12,343 5,594 3,785 2,964 62,112 55,735 6,377 55,197 4,534 7,141 8,143 1965....................................... 158,884 11,703 5,119 3,546 3,038 65,801 58,532 7,269 60,057 4,686 7,679 8,958 1966....................................... 167,022 10,864 4,824 3,131 2,909 68,677 61 ,141 7,536 64,661 4,888 9,119 8,813 1967—Aug............................. 173,853 10,590 4,664 2,993 2,933 72,555 64,124 8,431 66,505 5,058 9,805 9,340 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 9,543 179,477 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 9,931 181,234 10,584 4,581 3,018 2,985 76,428 66,838 9,590 68,339 5,337 10,599 9,947 June............................ 182,110 10,360 4,365 3,002 2,993 76,987 67,234 9,753 68,508 5,366 10,729 10,160 July .......................... 183,094 10,476 4,400 3,038 3,038 77,602 67,659 9,943 68,708 5,424 10,813 10,071 Aug.7'.......................... 183,840 10,491 4,427 3,023 3,041 77,894 67,850 10,044 68,909 5,474 10,925 10,147 1 Issues of foreign governments and their subdivisions and bonds of Year-encl figures: Annua! statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in “other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E p n e d ri o o d f M ga o ge rt s ­ s G e U o c .S u v r t . i , ­ Cash Other 1 a li s a T s b e o i t l s t i a t 2 ie — l s S c a a v p in it g a s l u R n e d a s i e n v r i d d v e e s d B m or o r n o e w y e 3 d L p o r a o n c s e s i s n Other c m o l e o m n a m t n s 4 it­ ties profits 1941................... 4,578 107 344 775 6,049 4,682 475 256 6:6 1945. .. 5'376 2 420 450 356 8,747 71365 644 336 402 1960................... 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961................... 68,834 5,211 3,315 4’775 82', 135 70,885 5,708 2,856 1,550 1,136 1,908 1962................... 78,770 5,563 3,926 5,346 93,605 801236 6,520 3,629 1,999 1,221 2,230 1963................... 90'944 6'445 3^979 6,191 1071559 911308 7,209 5,015 2,528 1,499 2,614 1964 ................... 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5,601 2,239 1,729 2,590 1965.................... 110'306 7'414 3,900 7,960 129,580 110,385 8,704 6,444 2,198 1,849 2,751 1966.................... 114'447 7,771 3,362 8,416 133,996 114,009 9,102 7,464 1,272 2,149 1 ,517 1967—Aug......... 118,674 8,857 3,127 9,22! 139,879 120,677 9,265 4,399 2,130 3,408 3,443 Sept......... 119,529 9,017 3,078 9,158 1401782 121,870 9,255 4,382 2,158 3,117 3,337 Oct........... 120,362 9,171 3,040 9’217 1411790 122,365 9,256 4,373 2,213 3,583 3,310 121,127 9,424 3,068 9,352 1421971 1221947 91248 4,455 2,241 4,070 3,287 Dec.......... 121,893 9,244 3,408 9'057 143,602 1241562 9,557 4,739 2,281 2,463 3,042 1968—Jan........... 122.095 9,505 2,827 9,101 143,528 124,133 9,571 4,735 2,204 2,885 3,128 Feb.......... 122,637 9.775 2'864 9,263 144’,539 124,717 9,567 4,596 2,205 3,454 3,386 123,426 9,968 2,909 9,334 145,637 1251993 9,557 4,512 2,324 3,251 3,840 Apr.......... 124305 9,’824 2^69 9'325 146,’223 125,698 9,552 4,807 2,461 3,705 4,051 M ay..... 125,262 10,164 2,726 9,641 1471793 126,455 9,547 4,956 2,586 4,249 3,993 June........ 125,988 9,886 2,972 9,533 148,379 127,950 9,860 5,195 2,616 2,758 3,762 July .... 126,707 9,764 2,405 9,472 148,348 127,345 9,851 5,277 2,561 3,314 3,918 Aug.r. . .. 127,582 9,668 2,365 9,573 149,188 127,733 9,845 5,275 2,465 3,870 3,855 Sept.7'.. .. 128,387 9,613 2,486 9,573 150,059 128,835 9,842 5,330 2,445 3,607 3.801 1 Includes other loans, stock in the Federal home Ioan banks, other *» Commitments data comparable with those shown for mutual savings investments, real estate owned and sold on contract, and office buildings banks (on preceding page) would include loans in process. and fixtures. 2 Before 1958, mortgages are net of mortgage-pledged shares. Asset Note.—Federal Home Loan Bank Board data; figures are estimates for items will not add to total assets, which include gross mortgages with no al! savings and loan assns. in the United States. Data beginning with 1954 deductions for mortgage-pledged shares. Beginning with Jan. 1958, no are based on monthly reports of insured assns. and annual reports of deduction is made for mortgage-pledged shares. These have declined noninsured assns. Data before 1954 are based entirely on annual reports. consistently in recent years from a total of $42 million at the end of 1957. Data for current and preceding year are preliminary even when revised. 3 Consists of advances from FHLB and other borrowing. Figures for Jan. and June 1968 reflect conversion of one savings and loan assn, to a mutual savings bank. Figures for June 1968 also reflect exclu­ sion of two savings and loan associations in process of liquidation. 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NOVEMBER 1968 □ FEDERALLY SPONSORED CREDIT AGENCIES A-37 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Mortgage Assn, Banks Federal Federal (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m a b A n t e e o d c r m s e ­ s ­ I m nv e e n s ts t­ p C a o d a n s e s d i ­ t h s B n a o o n n te d d s s M po b d e s e e m i r ­ 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 L n r t e e e d ) s s n ­ c L a o o t ( o i t A v a o p e n ) e s s r ­ D t e u ( 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 lo g ( a a A o g n ) r e s t ­ Bo (L n ) ds 1961............. 2,662 1,153 159 1,571 1,180 1,107 2,770 2,453 697 435 1,650 1,585 2,828 2,431 1962............. 3^479 1 ^531 173 2^707 1,214 1,126 2,752 2’422 735 505 1,840 1’727 3,052 2’628 1963............. 4,784 1 ,’906 159 4*363 1,151 1'171 2 ,'000 1 ,'788 840 589 2,099 1,952 3,310 2,834 1964............. 5,325 1,523 141 4^369 1,199 1 '227 1 ,940 1,601 958 686 2,247 2J12 3’718 3’169 1965............. 5’997 1.640 129 5^221 1,045 1 '277 2^456 1 '884 1,055 797 2'516 2,335 4’281 3'710 1966............. 6,935 2,523 113 6 ,'859 1 '037 1 ,’369 4,266 3,800 1,290 1,074 2,'924 2386 4,’958 4^385 1967............. 4,386 2,598 127 4 060 1 '432 1 ,395 5'348 4,919 1 ,506 1,253 3 411 3,214 5'609 4,'904 1967—Sept... 4,122 2,898 63 4,160 1,318 1 ,394 4,838 3,927 1 ,384 1 ,094 3,523 3,450 5,449 4,787 Oct... 4,114 2,787 81 4,060 1,323 1,393 5,022 4,432 1 ,438 1,138 3,460 3,457 5,502 4,871 Nov.. 4,188 2,770 77 4,060 1,347 1,394 5,178 4,543 1,475 1 ,200 3,374 3,259 5,546 4,871 Dec... 4,386 2,598 127 4,060 1 ,432 1 ,395 5,348 4,919 1 ,506 1 ,253 3,411 3,214 5,609 4,904 1968—Jan.. . 4,442 2,604 88 4,310 1,199 1 ,401 5,589 5,088 1 ,565 1,253 3,456 3,236 5,661 4,377 Feb... 4,348 2,775 95 4,373 1,182 1,412 5,802 5,149 1,595 1,416 3,529 3,336 5,721 4,990 Mar... 4,269 2,720 75 4,125 1,302 1,417 5,659 5,481 1 ,598 1 ,316 3,615 3,420 5,793 5,120 Apr... 4,545 2,416 91 4,125 1 ,271 1 ,422 6,110 5,650 1,549 1 ,322 3,728 3,526 5,853 5,120 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 July. . 4,988 2,463 86 4,700 1,189 1 ,406 6,465 5,550 I ,454 1 ,291 4,031 3,862 6,004 5 ,214 Aug... 4,997 2,264 68 4,501 1 ,177 1 ,401 6,502 5,822 1 ,450 1 ,280 3,998 3,871 6,033 5,384 Sept... 5,026 2,283 93 4,501 1 ,253 1 ,401 6,562 6,032- 1 .479 1 ,280 3,841 3,814 6,064 5,384 Note.—Data from Federal Home Loan Bank Board, Federal National bonds held within the FHLB System), and are not guaranteed by the U.S. Mortgage Assn., and Farm Credit Admin. Among the omitted balance Govt.; for a listing of these securities, see table below. Loans are gross sheet items are capital accounts of all agencies, except for stock of home of valuation reserves and represent cost for FNMA and unpaid principal loan banks. Bonds, debentures, and notes are valued at par. They in­ for other agencies. clude only publicly offered securities (excluding, for the home loan banks. OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, SEPTEMBER 1968 Amount Amount Amount Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions of dollars) of dollars) of dollars) Federal home loan banks Federal National Mortgage Federal land banks—Cont. Notes: Association—Cont. Bonds: Oct. 25, 1968............. . . .5.85 300 Debentures: Oct. 21, 1968............... .5.50 407 Feb. 25, 1969............. . . .5.65 300 Sept. 10, 1971..................41/2 96 Dec. 23, 1968............... .5.95 247 Feb. 25, 1969............. . . .5.85 400 Sept. 10, 1971............... ...5% 350 Jan. 20, 1969............... • .4% 341 Apr. 25, 1969............. . ...6^ 326 Feb. 10, 1972............... ...5'4 98 Mar. 20, 1969............... . .4% 100 May 26, 1969............. ... .6 300 June 12, 1972............... ...4% 100 Apr. 21, 1969............... .5.60 250 June 12,1973................41/4 146 July 15,1969............... ■ ..41/4 130 Bonds: Oct. 1, 1973............... ..6 250 July 15, 1969............... ..4y, 60 Nov. 25, 1968............. ....5% 300 Feb. 10, 1977............... ■ ..4'/2 198 Sept. 22, 1969..................6% 279 Jan. 27, 1969............. ...,5ft 300 Oct. 20,1969.....................4W 209 Mar. 25, 1969............. • ...sy. 300 Jan. 20, 1970............... 209 June 25,1969............. ...6.30 550 Banks for cooperatives Feb. 20, 1970............... 82 Sept. 25, 1969............. 400 Debentures: Feb. 20; 1970............... .6.30 344 Feb. 25, 1970............. . . ..6 200 Oct. 1, 1968............... . .5,80 223 Apr. 1, 1970...............• • .314 S3 Mar. 25, 1970............. 200 Nov. 4, 1968............... . .5.90 216 Apr. 20, 1970.................6.20 362 Apr. 27, 1970............. ... .6 225 Dec. 2’ 1968............... ..6.20 264 July 20, 1970............... 85 Jan. 2,’ 1969............... ..6.20 224 July 20,1970............... 241 Feb. 3 J 969............... . .5.65 350 May 1,1971............... •..314 60 Federal National Mortgage Associa­ Feb. 15, 1972............... . .5.70 230 tion—Secondary market opera­ Sept. 15, 1972.............. ...3% 109 tions Oct. 23, 1972............... 200 Federal intermediate credit banks Feb. 20, 1973-78......... . ..4% 148 Discount notes................................ 1,882 De O b c e t n . ture 1 s ,1 : 968............... . .5.95 423 F A e p b r . . 2 21 0 , ' 1 1 9 9 7 7 4 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...4« 2 1 0 55 0 Nov. 4,1968............. ’476 Feb. 24, 1976................. .5 123 Debentures: Dec. 2,1968............... 460 July 20; 1976............... ...5% 150 Apr. 10, 1969. 4 l^o 88 Jan. 2, 1969............. ...5.95 452 Apr. 20, 1978.............. ...5/s 150 May 12, 1969. ..4% 300 Feb. 3, 1969............... ..6.10 445 Jan. 22; 1979............... ...5 285 June 10, 1969. .6.10 250 Mar. 3, 1969............... . .6.45 428 July 10, 1969, -.5% 250 Apr. 1,1969............... ...61/4 409 Tennessee Valley Authority Dec. 12, 1969. ..6 550 May 1, 1969............... . .5.95 387 300 Apr. 10, 1970. ..4% 142 June 2, 1969................ .5.65 337 Bonds: June 10, 1970. .6.60 400 Nov. 15, 1985.............. ..4.40 50 Sept. 10, 1970. -.4% 119 Federal land hanks July 1, 1986.............. ...4y, 50 Oct. 13, 1970. • •5% 400 Bonds: Feb. 1, 1987.............. ...4tf 45 Mar. 11, 1971 ..6 350 Feb. 15, 1967-72......... ...41/, 72 May 15, 1992............... ..5.70 70 Aug. 10, 1971. ..4% 64 Oct. 1, 1967-70......... ...416 75 Nov., 1992.......................6y, 60 NOTE.—These securities are not guaranteed by the U.S. Govt.; see also note to table above. 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A-38 FEDERAL FINANCE □ NOVEMBER 1968 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Derivation of U.S. Government cash transactions Receipts from the public, Payments to the public, Net cash borrowing other than debt other than debt or repayment Period Net rects. Bu n d e g t et f T P u r n l u u d s s s t : g I L n o e t v s ra s t. : ­ 1 E r T e q o u c t a t a s l l s j ; Budget f T u P n r lu u d s s s : t 3 A m L d e e j n s u t s s s : t 4 ­ E p T q a o u y t a t a s l l s . : pa o y r t s. C (d d h i e a i r n e n b c g t t e a In g L v e e b e s y n s s . : t & , L N c e a o s s n s h ­ : Eq N u e a t ls: & agen.) trusts debt Cal. year—1965 ........... 96,679 31,384 4,449 123,376 101,379 31,014 4,473 127,919 -4,543 4,673 1.386 417 2,872 1966...1..1..0..,.8.0.2 40,011 4,792 145,137 118,077 36,791 4,003 150,867 -5,730 13,526 8,396 342 4,788 1967...1..1..7..,.7.0.8 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...1..0..4.,.7.27 34,853 4,451 134,480 106,978 34,864 4,026 137,817 -3,337 6,710 3,562 530 2,616 1967...1..1..5..,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 2,8484 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...,.. ............. 67,101 86,745 -19,644 20,630 1 ,658 .......1..8..,.9.72-^ 1968—Jan.-June’’.... 86,409 92,147 -5,738 7,797 3,680 4,118 Month: ► 1967—Sept................ 14,896 14,458 438 -705 -486 -219^ 1968—Jan.................. 12,220 15,453 -3,233 3,044 -919 3,963 Feb................. ........... 12,087 ............. 14,383 -2,295 5,617 1 ,533 ........4..,.0..84 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 July................. 11,706 14,274 -2,567 3,580 -475 4,055 Aug................. 13,195 16,349 -3,155 4,662 1 ,821 2,841 Sept................ 18,746 16,231 2,515 416 -343 5758 Effects of operations on Treasurer’s account Net operating transactions Net financing transactions ca C sh h a b n a g la e n c in e s Tre (e a n s d u re o r f ’ s p e a r c i c o o d u ) nt Period Agencies & trusts Change Operating bal. s B d u u e r o d p fi r g l c u e i s t t f T u r n u d s s t 1 C ac le co a u ri n n t g s i M ss s a u e o a r c f k n . 3 e ce t i I n n G s v e o U e c v . s . S t 3 t , , . p d g d u i r i r e o n b e b s l c i s t c t T o r H u e t a 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 t d x n s . O as n t s h e e e t 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 ► 1967........ -i,807 793 5,079 - 9,026 6,796 -517 -4,648 7,759 1,311 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: 1966—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 6 562 1,752 -1,658 18,878 578 -713 7,046 1,123 4,329 1.594< 1968—Jan.-June’'. . . -5,738 “ 2,174 4,200 -3,680 3,597 906 -351 6,694 1 ,074 4,113 1 ,507 1 Month: ► 1967—Sept................ 438 H ,617 -256 486 449 106 1 , 729 8,336 778 5,808 1 ,7504 1968—Jan................. -3,233 "877 1 ,434 919 1,610 -168 1,775 8,821 1,153 5,977 1 ,691 Feb................ -2,295 6-564 100 -1,533 5,516 -313 1 ,539 10,359 1,197 7,601 1 ,561 Mar............... 049 61,473 287 428 -2,063 588 -3,512 6,847 581 4,727 1,539 Apr................ 369 6285 1 ,357 -514 -2,470 432 1 ,595 8,442 1 ,035 5,372 2,035 May............... -4.529 6 - 422 120 -2,634 5,315 -215 - 1,936 6,506 956 4,225 1,325 June’’............. 4,006 6533 902 -360 -4,311 582 188 6,694 1 ,074 4,113 1 ,507 July............... 567 6-1,020 68 475 3,512 66 401 7,095 1,113 4,787 1,195 Aug................ 155 6 -778 I ,369 -1 ,821 3,293 251 -1,342 5,753 916 3,564 1,273 Sept................ 2,515 6 809 28 343 387 39 4,042 9,795 1 ,036 7,448 1 ,31 1 1 For notes sec opposite page. 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NOVEMBER 1968 □ FEDERAL FINANCE A-39 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Total W I i n th d ­ ividual Co ra r t p e o­ Total L a b n i a q d c u c t o o o r ­ H w ig a h y ­ Total F R a I n C .R d A . e U m n p - l. E a g s n t i a f d t t e t C o u m s s ­ r m e a I e p n n n a t d . t y s ­ fu R n e d ­ s Other held Other Fiscal year—1965... 119,699 36,840 16,820 26,131 14,793 5,921 3,782 22,138 17,833 3,817 2,746 1,478 2,097 6,030 2,686 1966... 134,480 42,811 18,486 30,834 13,398 5,888 4,037 25,527 21,243 3,773 3,094 1,811 2,303 7.256 3,472 1967... 153,596 50,521 18,850 34,918 14,114 6,156 4,652 32,857 28,700 3,657 3,014 1,972 2,743 9,582 4,189 ► 1967... 149,555 50,521 18,850 34,918 14,114 6,156 4,652 33,627 28,752 3,666 3,014 1,972 1,805 9,582 3164 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 11,376 281 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 15,085 13,098 1,337 1 ,350 1 ,034 957 1,263 1054 1968—Jan.-June.. ”86,409 30,076 16,801 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—Sept........... 14,896 4,233 2,864 4,032 1 ,088 539 355 2,338 2,150 88 199 163 159 195 >54 1968—Jan............ 12,220 4,352 3,800 940 1,193 470 366 1,829 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........... 11,870 5,508 697 4,439 1,162 369 311 2,257 2,099 51 235 168 175 2,849 78 Apr........... 19,045 4,045 7,687 4,339 1,211 574 348 3,456 3,192 150 450 191 201 2,561 26 May......... 11,711 5,566 539 763 1,321 514 420 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 July........... 11,706 4,560 605 2,259 1,459 n.a. 392 2,412 2,171 115 235 210 204 254 16 Aug........... 13,195 6,200 272 654 1,186 n.a. 491 4,450 3,733 618 232 217 214 250 20 Sept........... 18,746 5,565 3,682 5,133 1,234 n.a. 372 2,651 2,462 55 232 210 219 201 21 Cash payments to the public Period Total s t f i N e 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 r C a a e o n n r m s d c p e ­ . H c d in o e o g v m u e & s l l . . ­ l H a w b e e o a lf r a l , t r h e & , Ed tio u n ca­ e V ra e n t­ s In e t s e t r­ g G e o r e v a n t l . ­ 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 2,4544 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 2,570 523 1,518 2,731 -3,522 20,814 1 ,530 3,506 5,741 1,260 July-Dec....... 88,515 39,251 2,856 2,292 3,154 2,037 4,404 2,082 21,713 1,471 3,487 4,867 1 ,380^ ► July-Dec....... 86,809 *38,757 1968—Jan.-June”... 92,083 *41,495 Month: ► 1967—Sept.............. 14,458 *6,507 .........4 1968—Jan................ 15,453 *7,164 14,383 *6,412 Mar......... 14,922 *6,363 Apr............... 15,678 •7,091 May.............. 16,241 •7,191 15,470 *7,471 July............... 14,274 *5,895 Aug............... 16,349 *6,746 16,231 *6,694 ^ Data on new budget basis. Data for any prior entries were derived debt declined by $5,284 million due to conversion of FNMA to private on basis of cash budget. ownership. FNMA debentures of $5,817 million were eliminated from gross Federal debt, but the reduction of Federal debt held by the public 1 Primarily interest payments by Treasury to trust accounts and accumu­ was smaller by $533 million due to such holdings by Government invest­ lations to U.S. employee trust funds. ment accounts. 2 Includes small adjustments not shown separately. 6 Includes technical adjustments not allocated by functions. 3 Includes net transactions of Govt.-sponsored enterprises. 4 Primarily (1) intragovt, transactions, (2) noncash debt, (3) clearing Note.—Based on Treasury Dept, and Bureau of the Budget data. accounts. 5 In addition to the changes that arc shown for September, the Federal Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-40 U.S. GOVERNMENT SECURITIES □ NOVEMBER 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 t a s l 1 d d T g e i r o r o b e t s t a c s l t 2 Total Marketable C v ib e o l r e n t­ ­ Nonmarket S a a b v le ­ i S ss p u e e c s ia 6 l Total Bills C c e a r te ti s fi­ Notes Bonds 4 bonds Total 5 b i o n n g d s s & notes 1941—Dec................................... 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1945—Dec................................... 278.7 278.1 255,7 198.8 17.0 38.2 23.0 120.6 56.9 48.2 20,0 1947—Dec................................... 257.0 256,9 225.3 165.8 15.1 21.2 11.4 118.0 59.5 52.1 29.0 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—Oct........................... 341.0 340.5 279.9 223.3 68,9 57.1 97.3 2.6 54.0 51.6 57.2 Nov.................................. 345.6 345.1 284.2 226,1 69,5 61.4 95.3 2.6 55.6 51.7 57.4 Dec.................................. 345.2 344.7 284.0 226.5 69.9 ............. 61.4 95.2 2.6 54.9 51.7 57.2 1968—Jan.................................... 346.8 346.3 286.9 229.3 72.7 61.4 95.2 2.6 55.0 51.7 55.9 Feb.................................. 352.1 351.6 291.1 233.3 72.9 66.7 93.6 2.6 55.3 51.7 57.2 Mar.................................. 350.0 349.5 289.4 231.7 71.3 66.7 93.6 2.5 55.2 51,8 56.7 Apr................................... 347.5 347.0 286.7 228.7 68.6 66.5 93.6 2.5 55.4 51.8 57.0 May.................................. 352.9 352.3 289.7 231.8 69.6 71.1 91.1 2.5 55.5 51.9 59.2 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 71.1 91.0 2.5 55.6 52.0 58.9 Aug................................... 354.9 354.4 291.1 233.2 69.4 75.4 88.4 2.5 55.5 52.0 60.1 Sept.................................. 355.3 354.7 291.9 233.6 69.8 75.4 88,3 2.5 55.8 52.1 59.7 Oct,.................................. 357.8 357.2 295.2 236.7 73,0 ............. 75.3 88.3 2.5 56.1 52.2 58.8 1 Includes non-interest-bearing debt (of which $639 million on Oct. 31, 5 Includes (not shown separately): depositary bonds, retirement plan 1968, was not subject to statutory debt limitation) and guaranteed secu­ bonds, foreign currency series, foreign series, and Rural Electrification rities not shown separately. Administration bonds; before 1954, armed forces leave bonds; before 2 Excludes guaranteed securities. 1956, tax and savings notes; and before Oct. 1965, Series A investment 3 Includes amounts held by U.S. Govt, agencies and trust funds, which bonds. totaled $19,321 million on Sept. 30, 1968. 6 Held only by U.S. Govt, agencies and trust funds. 4 Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds. Note.—Based on Daily Statement of U.S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public E p n e d ri o o d f T g d r o e o t b s a s t l ag G t U e a r o u n n .S v c 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 M s b a a u v n i t n u k g a s s l p I c a n a o n s n m c u ie e r ­ s ­ r c O a o t t r i h o p e n o r s ­ g S l a o o t n c a v d a t t e s l . Savi I n n g d s iv idu O al t s her n F a i o n t a r i t n o e e d i n g r ­ a n l 1 i O 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—Sept.............. 336.4 76.4 46.9 213,1 61.1 4.2 8.7 10.7 24.9 50.8 21.7 14.7 16.2 Oct.......... 341.0 75.9 47,4 217.7 63,6 4.1 8.8 11.6 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 13.0 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 12.2 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 13.4 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 14,8 26.4 51.1 24.1 15.2 18.5 Mar........ 350.0 75.9 49.7 224.5 62.2 4.2 8.6 14.2 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 May............. 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 23.8 12.9 17.8 July............... 351.7 78.3 52.4 220,9 60,6 3.9 8.2 14.4 26.6 51.2 24.3 13.1 18.6 Aug.............. 354.9 79.4 53.0 222.5 61.5 3.9 8.2 14.6 26.8 51.3 '24.4 '13.3 18.5 Sept............... 355.3 79.1 53,3 223.0 62.9 3.8 8.2 13.0 26.7 51.3 24.6 13.5 18.8 t 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

NOVEMBER 1968 □ U.S. GOVERNMENT SECURITIES A-41 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date Total 1-5 5-10 10-20 Over years years years 20 years Total Bills Other All holders: 1965—Dec. 31....................................................... 214,604 93,396 60,177 33,219 60,602 35,013 8,445 17.I4S 1966—Dec. 31....................................................... 218,025 105,218 64,684 40,534 59,446 28,005 8,433 16,923 1967—Dec. 31....................................................... 226,476 104,363 69,870 34,493 78,159 18,859 8,417 16,679 1968—Aug. 31....................................................... 233,167 106,121 69,366 36,755 64,996 37,143 8,402 16,504 Sept. 30...................................................... 233,556 106,534 69,779 36,755 64,997 37,143 8,401 16,482 U.S Govt, agencies and trust funds: 1965—Dec. 31............................................... 13,406 1,356 968 388 3,161 3,350 2,073 3,466 1966—Dec. 31............................................... 14,591 2,786 1 ,573 1,213 3,721 2,512 2,093 3,479 1967—Dec. 31............................................... 16,601 3,580 2,436 1,144 5,202 2,194 2,115 3,513 1968—Aug. 31............................................... 17,140 3,347 2,051 1 ,296 5,095 3,067 2,115 3,516 Sept. 30............................................... 17,224 3,357 2,032 1 ,325 5,111 3,127 2,115 3,515 Federal Reserve Banks: 1965—Dec. 31............................................... 40,768 24,842 9,346 15,496 14,092 1,449 147 238 1966—Dec. 31............................................... 44,282 35,360 12,296 23,064 7,502 1,007 153 260 1967—Dec. 31............................................... 49,112 31.484 16,041 15,443 16,215 858 178 377 1968—Aug. 31............................................... 53,044 34,401 i9,no 15,291 7,902 10,141 200 400 Sept. 30............................................... 53,279 34,552 19,227 15,325 7,934 10,189 201 404 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—Aug. 31............................................... 162,983 68,373 48,205 20,168 51,999 23,935 6,087 12,588 Sept. 30............................................... 163,053 68,625 48,520 20,105 51,952 23,827 6,085 12,563 Commercial banks: 1965—Dec. 31........................................ 50,325 18,003 10,156 7,847 19,676 11,640 334 671 1966—Dec. 31........................................ 47,182 15,838 8,771 7,067 21,112 9,343 435 454 1967—Dec. 31........................................ 52,194 18,451 10,415 8,036 26,370 6,386 485 502 1968—Aug. 31...................................... 50,546 15,228 6,133 9,095 23,246 11,035 524 513 Sept. 30........................................ 51 ,756 16,115 6,979 9,136 23,419 11,150 564 508 Mutual savings banks: 1965—Dec. 31........................................ 5,241 768 445 323 1,386 1,602 335 1.151 1966—Dec. 31................................ 4,532 645 399 246 1,482 1,139 276 990 1967—Dec. 31........................................ 4,033 716 440 276 1,476 707 267 867 1968—Aug. 31........................................ 3,795 744 384 360 1 ,211 809 239 792 Sept. 30....................................... 3,730 698 347 351 1,179 825 240 788 Insurance companies: 1965—Dec. 31........................................ 8,824 993 548 445 1,938 2,094 1,096 2,703 1966—Dec. 31........................................ 8,158 847 508 339 1,978 1,581 1,074 2,678 1967—Dec. 31........................................ 7,360 815 440 375 2,056 914 1,175 2,400 1968—Aug. 31........................................ 6,985 672 331 34! 1 ,949 882 1 ,147 2,335 Sept. 30........................................ 6,972 689 351 338 1 ,936 883 1 ,157 2,308 Nonfinancial corporations: 1965—Dec. 31...................................... 8,014 5,911 4,657 1,254 1 ,755 225 35 89 1966—Dec. 31........................................ 6,323 4,729 3,396 1,333 1,339 200 6 49 1967—Dec. 31....................................... 4,936 3,966 2,897 1,069 898 61 3 9 1968—Aug. 31....................................... 6,071 4,119 2,825 1,294 1 ,518 416 4 14 Sept. 30....................................... 4,557 2,683 1 ,484 t ,199 1 ,453 403 5 13 Savings and loan associations; 1965—Dec. 31........................................ 3,644 597 394 203 948 1,374 252 473 1966—Dec. 31....................................... 3,883 782 583 199 1,251 1,104 271 475 1967—Dec. 31........................................ 4,575 1,255 718 537 1,767 811 281 461 1968—Aug. 31........................................ 4,758 1 ,072 632 440 1 ,728 1 ,202 305 450 Sept. 30........................................ 4,709 1 ,049 605 444 1 ,679 1 ,207 325 449 State and local governments: 1965—Dec. 31....................................... 15,707 5,571 4,573 998 1,862 1,894 1 ,985 4,395 1966—Dec. 31........................................ 15,384 5,545 4,512 1,033 2,165 1,499 1,910 4,265 1967—Dec. 31....................................... 14,689 5,975 4,855 1,120 2,224 937 1 ,557 3,995 1968—Aug. 31....................................... 14,185 5,806 4,704 1,102 2,293 1 ,012 1 ,441 3,632 Sept. 30........................................ 13,878 5,536 4,401 1.135 2,260 1 ,033 1 ,425 3,623 All others: 1965—Dec. 31........................................ 68,675 35,356 29,089 6,267 15,784 11,386 2,187 3,962 1966—Dec. 31....................................... 73,690 38,685 32,646 6,039 18,896 9,619 2,215 4,275 1967—Dec. 31..................................... 72,976 38,121 31,628 6,493 21,951 5,991 2,356 4,555 1968—Aug. 31....................................... 76,643 40,732 33,196 7,536 20,054 8,579 2,427 4,852 Sept. 30....................................... 77,451 41,855 34.353 7,502 20,026 8,326 2,369 4,874 Note.—Direct public issues only. Based on Treasury Survey of about 90 per cent by the 5,840 commercial banks, 501 mutual savings Ownership. banks, and 756 insurance companies combined; (2) about 50 per cent by Data complete for U.S. Govt, agencies and trust funds and F.R. Banks the 469 nonfinancial corporations and 488 savings and loan assns.; and but for other groups are based on Treasury Survey data. Of total mar­ (3) about 70 per cent by 504 State and local govts. ketable issues held by groups, the proportion held on latest date by those “All others,” a residual, includes holdings of all those not reporting reporting in the Survey and the number of owners surveyed were: (1) in the Treasury Survey, including investor groups not listed separately. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-42 U.S. GOVERNMENT SECURITIES □ NOVEMBER 1968 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt, Period agency Total Dealers and brokers securities Within 1-5 5-10 Over Com­ All 1 year years years 10 years U.S. Govt, Other m ba e n rc k i s al other securities 1967—Sept............................. 1,937 1,705 177 30 24 715 52 711 459 200 Oct.............................. 2,168 1’941 150 43 33 795 66 841 465 202 Nov................. 2,343 1,935 273 96 40 848 76 862 558 243 Dec............................. 2,798 2,352 291 94 63 1,079 90 1 028 601 213 1968—Jan.............................. 2,919 2,545 263 64 48 1,160 91 1,051 618 304 Feb.............................. 2,'679 2^207 295 150 27 1,019 82 '969 609 223 Mar............................ 2,467 2,132 236 74 25 ’919 77 863 608 289 Apr............................. 2'246 1 '972 185 60 28 759 75 827 586 227 May............................ 2’247 1,756 295 174 22 719 75 831 622 262 June............................ 2'400 2^006 258 103 33 912 76 847 565 311 July............................ 2'448 2^087 244 75 42 949 87 908 504 280 Aug................ 2',214 1 '705 228 261 20 849 90 790 485 258 Sept............................. 2,133 1 ;820 180 1 1 1 22 824 63 762 484 233 Week ending— 1968-—Sept. 4..................... 2,295 1,960 159 J 59 18 808 60 793 635 320 * 11..................... 1 J13 1 ^440 161 97 16 575 61 623 455 189 18.................... 2,395 2,053 211 113 19 1 ,039 64 844 448 210 25.................... r2J23 U '804 172 122 26 '864 70 r766 422 r272 Oct. 2.................... 2,132 1 ,839 153 1 10 31 724 65 752 590 221 9.........1 ..'7..0..3..... 1 ;447 132 106 18 620 62 658 363 193 16..................... 1 '975 1 ,712 169 73 20 703 65 685 522 364 23..................... 1 ,833 1 '606 142 62 24 734 69 663 367 320 30 2’334 1 ,933 225 148 28 307 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 ofsecuri- DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity U.S. Commercial banks Period mat A ur ll i ties W 1 y it e h a in r y 1 ea -5 rs 5 O y v e e a r r s s a e G g c e u o n r v i c t t i y e , s Period sou A r l c l es Y N o e r w k w E h ls e e re ­ C t o io rp ns o r 1 a­ o A th l e l r City 1967—Sept........2.,545 2,305 202 38 242 2,880 2,837 22 20 379 |967—Sept,......... 2,669 1,010 873 582 204 Nov......... 3’109 2,793 258 58 312 ' Oct........ 2,660 '844 688 744 383 2,410 2,375 35 1 363 Nov....... 2^863 650 640 1,176 397 Dec........... 2,549 556 482 1,144 367 1968—Jan........3..,404 3,310 114 -20 393 Feb......... 3,762 3,'500 108 153 369 1968—Jan............ 3,209 1 ,003 816 944 446 2'438 2,211 124 103 361 Feb........... 3,’799 1 ,072 1 ,008 1,071 648 2^981 2’601 236 142 403 Mar........... 2,651 678 643 829 501 May........ 3,204 2^85 306 312 382 Apr........... 3^073 794 832 937 510 June........ 3,308 2,826 222 261 576 May.......... 3,162 699 923 844 696 July........ 4,420 3,972 159 288 644 June.......... 3,458 867 879 1 ,010 702 Aug.. .... 5,262 4'097 283 881 732 July.......... 4’341 1,193 1 ,032 1 ^415 701 5,098 4’043 198 857 687 Aug....... 5’465 1 ,431 1 '372 1 '710 952 Sept........... 5,519 1 '596 1 '894 1 .254 775 Week ending-—■ Week ending— 1968—Aug. 7... 5,148 4,421 265 462 711 14. . . 5,883 4,485 345 1 ,053 735 1968—Aug. 7. ... 5,275 1 ,380 1 ,286 1,540 1 ,069 21... 5,008 3,709 295 1 ,003 749 14.... 5,494 1 ,295 1 ,433 1 ,610 1 ,156 28... 5,083 3,842 257 984 710 21 .... 5,603 1 ,528 1 ,331 1 ,766 977 28. ... 5,516 1 ,521 1 ,395 1 ,883 717 Sept. 4... 5,203 4,048 206 949 765 11... 5,352 4,176 242 934 683 Sept. 4. . . . 5,367 1 ,431 I ,478 1 ,786 672 18... 5,276 4,229 182 864 654 11.... 5,886 1 ,554 I ,870 1 ,689 774 25.. . 4,752 3,751 192 809 680 18.... 5,981 1 ,772 2,039 1,315 855 25.... 5.195 1 ,631 1 ,985 855 725 Note.—The figures include all securities sold by dealers under repur­ chase contracts regardless of the maturity date of the contract, unless the 1 All business corporations, except commercial banks and insurance contract is matched by a reverse repurchase (resale) agreement or delayed companies. delivery sale with the same maturity and involving the same amount of securities. Included in the repurchase contracts are some that more Note.—Averages of daily figures based on the number of calendar days clearly represent investments by the holders of the securities rather than in the period. Both bank and nonbank dealers are included. Sec also dealer trading positions. Note to the opposite table on this page, Average of daily figures based on number of trading days in the period. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ GOVERNMENT SECURITIES A-43 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, OCTOBER 31, 1968 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cent. Treasury notes—Cent. Treasury bonds—Cont. Nov. 7, 1968................. 2 702 Apr. 3 1969............... 1,102 May 15, 1971..........5% 4,265 Aug. 15, 1970..........4 4,129 Nov. 14’ 1968................. 2’701 Apr, lb’ 1969............... 1 103 oct. 1,1971.........nA 72 Aug. 15, 1971..........4 2,806 Nov. 21 1968................. 2 702 Apr. 17’ 1969............... l’,102 Nov. 15, 1971..........5% 1,734 Nov. 15, 1971..........3% 2,760 Nov. 29^ 1968................. 2 700 Apr. 22 i 1969f.............. 2,003 Feb. 15,1972..........4% 2,006 Feb. 15, 1972..........4 2,344 Nov. 30’ 1968................. 1 ,501 Apr. 24 J 1969^............. 1,100 Apr. 1,1972..........PA 34 Aug. 15, 1972..........4 2,579 Dec, 5’1968................ 2 701 Apr. 30 ’ 1969............... 1 ,501 May 15,1972..........4^ 5,310 Aug. 15, 1973..........4 3,894 Dec, 12^ 1968................. 2,701 1,101 Oct. 1,1972..........PA 33 Nov. 15, 1973.........4>/» 4,351 Dec. 19’ 1968................. 2,702 May 31 ’ 1969............... 1 ’503 Apr. 1,1973..........114 34 Feb. 15, 1974.........4<A 3,129 Dec 26 1968................. 2,710 June 23’ 1969j............. 3 010 Aug. 15, 1974..........5% 10,284 May 15, 1974..........4^ 3,588 Dec. 31’ 1968................. 1 ’499 June 30,’ 1969^............. 1 ,502 Oct, 1. 1973 ........DA 3 Nov. 15, 1974..........3y8 2,241 Jan. 2’, 1969................. 2,702 July 3i; 1969............... 1 ’502 Nov. 15, 1974..........5% 1 ,652 May 15, 1975-85.. .41/4 1,215 2*703 Aug. 31; 1969............... 1 ’000 Feb. 15, 1975..........5% 5,148 June 15, 1978-83... 3% 1 ,567 Jan. 16,’ 1969................. 2,702 Sept. 30,' 1969............... 1 ,00! May 15, 1975..........6 6,750 Feb. 15, 1980..........4 2,600 Jan. 23’ 1969................. 2,700 Oct, 31 ' 1969................ 1 ;oo2 Nov. 15, 1980.........3 A 1,908 Jan. 30^ 1969................. 2’.704 Treasury bonds May 15, 1985.........3% 1,110 Jan. 31' 1969................. 1 J 560 Dec. 15, 1963-68... 2U 1 ,787 Aug. 15, 1987-92...4% 3,816 Feb. 6 J 969................. 1,103 Nov. 15 1968.........514 8,984 June 15, 1964-69... 21/ 2,541 Feb. 15, 1988-93...4 249 Feb. 13’ 1969................. 1 ,101 Feb. 15, 1969..........5% 10.738 Dec. 15, 1964-69... 2IA 2,488 May 15, 1989-94.. .4% 1 ,559 Feb. 20’ 1969................. 1 101 Apr 1’1969...........1U 61 Mar. 15, 1965-70... 2U 2,284 Feb. 15, 1990____314 4,875 Feb. 27’ 1969................. 1 104 May 15’ 1969..........5% 4,277 Mar. 15, 1966-71.2’4 1,223 Feb. 15, 1995..........3 1 ,642 Feb. 28, 1969................. 1,502 Aug. 15’ 1969..........6 " 3’366 June 15, 1967-72... 2U 1 ,249 Nov. 15, 1998..........314 4,322 Mar. 6’ 1969................. 1,103 Oct 1’1969..........114 159 Sept. 15, 1967-72...214 1,952 Mar. 13’ 1969................. i job Apr. 1^1970...........1»X 88 Dec. 15, 1967-72. ..2U 2,607 Mar. 20 J 969................. 1,100 Oct. 1, 1970...........HA 113 Nov. 15, 1968.........3% 1 ,158 Mar. 24’ 1969f............... 2,015 Nov. 15’, 1970..........5 7,675 Feb. 15,1969.........4 3,728 Convertible bonds Mar. 27’ 1969.'............... 1,102 Feb. 15,1971.........5% 2,509 Oct. 1, 1969.........4 6,244 Investment Series B Mar. 31. 1969................. 11500 Apr. 1, 1971...........DA 35 Feb. 15,1970.........4 4,381 Apr. 1, 1975-80... 2% 2,492 t Tax anticipation series. Note.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount Special deliv­ 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 HAAt G lo U o a .S n v s t . , State d a s i a s u t n a t t r h d t i , c . t Other2 ered 3 Total c E a d ti u o ­ n b R r a o id n a g d d e s s i U tie t s il ­ * H in o g u s s­ V a e a n i t d s e ’ r ­ O p p o t s u h e e r s ­ r 1961................ 8,566 5,724 2,407 315 120 1,928 2,165 4,473 8,301 8,463 2,821 1,167 1,700 385 478 1 913 1962................ 8'845 5,’582 2,681 437 145 1,419 2,600 4'825 8,732 8,568 2’963 1,114 1 '668 521 125 2^177 1963....... 10,538 5'855 4,180 254 249 1,620 3^636 5*281 10'496 9,151 3'029 812 2,344 598 2,369 1964................ 10^847 6,417 3,585 637 208 1 '628 3’812 5j4O7 10^069 10'201 3’392 688 2'437 727 120 2838 1965................ ll’,329 7,177 3,517 464 170 2’,401 3’,784 5'144 11,538 10,471 3,619 900 1 ',965 626 50 3,311 1966................. 11'405 6,804 3’955 325 312 2'590 4,110 4'695 n.a. 11'303 3,738 1 ,476 1 '880 533 3,667 1967 ............... 14,766 8 946 5 013 477 334 2 842 4 810 7,115 n.a. 14'643 4'473 1 ,254 2,404 645 5 867 1967—Sept...... 1 ,340 566 648 105 21 246 588 507 n.a. 1 ,330 333 1 84 250 110 453 Oct....... 975 686 256 32 207 257 510 n.a. '974 269 130 139 18 417 Nov..,.. 1 ,400 766 592 43 335 548 517 n.a. 1 ,400 225 43 320 9 803 1’182 484 539 138 22 153 507 521 n.a. 1 ,1 82 277 43 129 152 580 [968—Jan .... 1,175 839 307 29 450 300 427 n.a. 1,133 425 206 174 328 Feb....... 1,149 688 448 14 152 382 616 n.a. 1,147 474 110 127 7 429 Mar..... 1,396 594 644 144 15 110 513 771 n.a. 1 '384 373 9 130 190 682 Apr,.... 1,307 791 498 18 80 579 647 n.a. 1 ,298 292 128 321 112 445 1,120 681 234 144 61 221 305 596 n.a. 1 '115 397 52 204 158 304 June.».. 1 ,380 686 662 32 87 539 756 n.a. 1 '381 371 183 258 8 561 July.. .. I ,450 810 621 20 257 585 609 n.a. 1 '446 391 113 278 4 660 Aug...... 1 ,683 783 749 129 22 264 786 638 n.a. 1,681 492 123 407 133 526 Sept.... 1 ,341 987 332 22 291 316 732 n.a. 1 ,331 388 126 192 3 ........6..2.2 1 Only bonds sold pursuant to 1949 Housing Act, which are secured 5 Includes urban redevelopment loans. by contract requiring the Housing Assistance Administration to make annual contributions to the local authority. Note.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 5 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 □ NOVEMBER 1968 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues 1 Proposed use of net proceeds, all corporate issues <5 Noncorporate Corporate New capital Period Re­ Bonds Stock tire­ Total U.S. U.S. Total ment G U o . v S t . .2 G a c g o y e v n 3 t ­ , lo S a c t n a a d t l e 4 Other s Total Total o P f l f i e c u r l b y e ­ d p v l a P a t c r e i e ­ ly d fe P rr r e e­ d C m o o m n ­ Total m N o e n w ey 7 O p p o t u h se r e ­ s r s ri e t o i c e f u s ­ 1960 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8 758 895 271 1961 35,527 12,253 1 ^448 8,360 303 13,165 9,420 4,700 4'720 450 3,294 12 885 12 017 10 715 1 302 868 1962 29^956 8'590 1’188 8,558 915 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 80S 13 *063 1 ’741 996 1966 45'015 8^231 6^806 11,089 815 18'074 15', 561 8^018 7,542 574 1 939 17 841 17 601 15’806 1 795 241 1967 68,514 19,431 8,180 14'288 1,817 24,798 21 '954 14,990 6^964 885 1 959 24 409 24 097 22 233 1 867 312 1967-—Aug........ 10.625 6,458 250 840 596 2,481 2,231 1,813 418 105 144 2,440 2,406 2,184 222 34 Sept........ 4,218 362 599 1,273 220 1,763 1,549 902 647 41 173 1,732 1,723 1,581 142 10 Oct......... 4,609 422 708 991 78 2,409 1,940 1,375 566 231 238 2 367 2 289 2 120 168 79 Nov.. . . . 8’732 5,054 710 1,320 147 1,500 1,196 ’645 551 81 222 1 J 470 M67 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 I ,771 1 ,449 903 546 46 276 1 ,732 1 705 1 588 117 27 Feb......... 8'072 4,719 550 1,134 61 I ,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......... 3,423 404 225 1 ,277 88 1 ,428 1,157 719 438 49 221 1,397 1,385 1,210 175 12 May....... 7,702 3,805 744 1,134 153 1 ,866 1,566 1 ,046 521 51 249 1 ,829 1 ,825 1,647 177 4 June....... 4,984 383 779 1 ,360 '52 2,411 2,025 1,340 685 24 361 2,367 2,334 1,944 389 33 July........ 4,942 417 800 1 ,422 130 2,173 1 ,804 1 ,244 561 86 283 2,127 2,120 2,010 111 6 Aug..... 9,838 5,850 580 1,729 257 1 ,423 1 ,033 637 396 93 297 1 ,387 I ,384 1 ,077 307 3 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om isc m e e ll r a c n ia eo l u a s nd Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Period Retire­ Retire­ Retire­ Retire­ Retire­ Retire­ New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ rities rities rities rities rities rities I960. 1,997 79 794 30 672 39 2,754 51 1,036 1 2,401 71 1961. 3,691 287 1,109 36 651 35 2,883 106 1,435 382 2,248 22 1962............................................ 2,958 228 803 32 543 16 2,341 444 1,276 11 1,825 23 1963. 3,272 199 756 53 861 87 1,939 703 733 359 2,962 125 1964. 2,772 243 1,024 82 941 32 2,445 280 2,133 36 3,723 80 1965. 5,015 338 1,302 79 967 36 2,546 357 847 92 4,128 93 1966. 6.855 125 1,356 44 1,939 9 3.570 46 1 ,978 4 1,902 14 1967. 10,774 111 2,211 47 2,016 22 4,741 127 1 ,955 1 2,399 5 (961--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 ’186 ............. 267 ............. Feb................................... 556 5 142 1 1 1 8 546 8 147 ............. 61 2 Mar.................................. 761 1 175 192 431 17 78 6 102 Apr.................................. 353 11 317 203.. 178 189 1 1 4b May.................................. 550 1 175 1 106 2 549 103 341 1 June.................................. 750 5 394 1 154 474 27 237 ............. 326 1 July.................................. 839 4 412 2 195 236 ............. 236 ........ 203 Aug.................................. 357 200 1 87 ............. 438 ............. 117 2 185 ............. 1 Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of flotation, number of units by offering price. 7 For plant and equipment and working capital. 2 Includes guaranteed issues, 8 All issues other than those for retirement of securities. 3 Issues not guaranteed. 4 See Note to table at bottom of opposite page. Note.—Securities and Exchange Commission estimates of new issues 5 Foreign governments, International Bank for Reconstruction and maturing in more than 1 year sold for cash in the United States. Development, and domestic nonprofit organizations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 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 Invest. Other Invest. Other Invest. Other COS.1 cos.1 COS.1 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—n............... 7,493 2,599 4,894 4,978 1,318 3,660 1,381 1,041 701 581 680 461 Ill............... 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—j................. 7,682 3,049 4,663 3,997 1,286 2,711 2,454 1 ,230 821 912 1,633 319 it............... '8,364 3,933 4,431 5,124 1 ,308 3,816 1 ,815 1 ,424 1 ,053 1 ,572 762 -147 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 a 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....................... 1,804 -664 339 -352 316 -19 876 245 438 447 1,806 1,696 1964....................... 1,303 -516 507 -483 317 -30 1 ,408 476 458 1,699 2,644 2,753 1965...................... 2,606 -570 614 -70 185 -1 1,342 96 644 518 2,707 3,440 1966....................... 4,324 32 616 -598 956 718 2,659 533 1,668 575 864 4,414 1967....................... 7,237 832 1 ,104 282 1,158 165 3,444 652 1 ,716 467 1 ,302 4,178 1967—II................ 1,858 107 153 52 198 47 1,089 117 320 158 41 754 Ill............... 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 '•1,698 ] 968—1................. 991 -60 M91 112 170 -26 956 309 295 31 109 '1,587 II............... 1 ,520 -556 375 <371 260 10 848 214 524 33 288 '543 1 Open-end and closed-end companies. exclude foreign and include offerings of open-end investment cos., sales of 2 Extractive and commercial and misc. companies. securities held by affiliated cos. or RFC, special offerings to employees, 3 Railroad and other transportation companies. and also new stock issues and cash proceeds connected with conversions 4 Includes investment companies. of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for Note.—Securities and Exchange Commission estimates of cash trans­ that purpose shown on opposite page. actions only. As contrasted with data shown on opposite page, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales 1 Re ti d o e n m s p­ s N al e e t s Total 2 po C s a it s io h n 3 Other Sales 1 Re ti d o e n m s p­ s N al e es t Total 2 po C s a it s io h n3 Other 1956.............. 1,347 433 914 9,046 492 8.554 1967—Sept... 352 246 106 43,585 2,244 41,341 1957.............. 1,391 406 984 8,714 523 8,191 Oct... 409 270 139 42,652 2,218 40,434 1958.............. 1,620 511 1,109 13,242 634 12,608 Nov.. 468 231 237 43,262 2,653 40,609 Dec... 501 242 259 44,701 2,566 42,135 1959.............. 2,280 786 1,494 15,818 860 14.958 I960.............. 2^097 842 i’,255 17,026 973 16'053 1968—Jan.... 556 316 240 42,466 2,679 39,787 1961.............. 21951 1,160 1,791 22,789 980 21,809 Feb... 451 260 191 4E533 31409 38,124 1962.............. 2; 699 1'123 1,576 21,271 1 ,315 19,956 Mar... 557 243 314 42,412 3,919 38,493 Apr... 618 309 309 46;179 3,923 42,256 1963 .............. 2,460 1,504 952 25,214 1,341 23,873 May. . 502 366 136 48,054 3,495 44,559 1964............. 3'404 1 ,'875 1,528 29,116 1,329 27'787 June.. 535 374 161 48,426 3,273 45,153 1965.............. 4,’359 1,962 2,395 35,’220 1 1803 33,417 July. . 582 344 237 47 ,’342 31113 44 ,’229 1966............. 4,671 2,005 21665 34^829 2,971 31 858 Aug... 531 309 222 48;470 3 359 45,011 1967.............. 4; 670 2’745 1,927 44,701 2'566 42,135 Sept... 494 292 202 51,030 3,747 47.’283 * 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 □ NOVEMBER 1968 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1966 1967 1968 Industry 1963 1964 1965 1966 1967 III IV I II III IV I II Manufacturing Total (177 corps.): Sales.............................................. 147,380158,253 177,237 195,738201,399 46,202 51,991 48,585 51,679 48,317 52,818 54,338 55,691 Profits before taxes...................... 17,337 18,734 22,046 23,487 20,898 4,881 6,126 5,153 5,608 4,232 5,867 6,280 7,157 Profits after taxes......................... 9,138 10,462 12,461 13,307 12,664 2,845 3,466 2,918 3,190 2,381 3,268 3,497 13,468 Dividends..................................... 5,444 5,933 6,527 6,920 6,989 1,631 1,965 1,670 1,701 1,721 1,897 1,710 1,694 Nondurable goods industries (78 corps.):2 Sales............................................. 55,372 59,770 64,897 73,643 77,969 18,297 19,129 18,743 19,535 19,695 19,996 20,594 19,879 Profits before taxes...................... 6,333 6,881 7,846 9,181 9,039 2,305 2,232 2,153 2,250 2,209 2,427 2,789 2,826 Profits after taxes........................ 3,646 4,121 4,786 5,473 5,379 1,389 1,352 1,319 1,343 1,313 1 ,431 1 ,609 i1,434 Dividends..................................... 2,265 2,408 2,527 2,729 3,027 673 723 720 756 770 781 742 720 Durable goods industries (99 corps.): 3 Sales............................................. 92,008 98,482112,341 122,094 123,429 27,905 32,861 29,842 32,144 28,622 32,821 33,744 35,812 Profits before taxes...................... 11,004 11,853 14,200 14,307 11,822 2,577 3,895 3,000 3,358 2,024 3,440 3,491 4,331 Profits after taxes........................ 5,492 6,341 7,675 7,834 6,352 1,456 2,115 1,599 1,847 1 ,068 1,838 1,888 i2,034 Dividends..................................... 3,179 3,525 4,000 4,191 3,964 958 1,242 950 945 952 1,117 968 973 Selected industries: Foods and kindred products (25 corps.): Sales............................................ 14,301 15,284 16,427 19,038 20,134 4,759 5,011 4,963 5,060 5,131 4,980 4,698 5,268 Profits before taxes...................... 1,546 1,579 1,710 1,916 1,967 504 485 447 482 526 512 497 603 Profits after taxes........................ 747 802 896 1,008 1,041 262 259 236 253 284 268 262 i 272 Dividends..................................... 448 481 509 564 583 139 146 148 144 146 145 150 146 Chemical and allied products (20 corps.): Sales............................................. 14,623 16,469 18,158 20,007 20,561 4,824 5,072 4,998 5,163 5,116 5,284 6,447 5,870 Profits before taxes...................... 2,286 2,597 2,891 3,073 2,731 789 650 694 700 636 701 916 721 Profits after taxes........................ 1,182 1,400 1,630 1,737 1,579 443 386 396 404 363 416 501 i 384 Dividends..................................... 904 924 926 948 960 234 269 238 235 235 252 236 236 Petroleum refining (16 corps.): Sales............................................. 16,043 16,589 17,828 20,887 23,258 5,298 5,530 5,390 5,808 5,985 6,075 5,829 6,303 Profits before taxes..................... 1,487 1,560 1,962 2,681 3,004 631 726 684 741 744 835 1 ,028 1,089 Profits after taxes........................ 1,204 1,309 1,541 1,898 2,038 479 495 505 504 489 540 655 i 544 Dividends.................................... 608 672 737 817 1,079 204 209 232 280 286 281 253 255 Primary metals and products (34 corps.): Sales............................................. 22,116 24,195 26,548 28,558 26,532 7,309 7,225 6,801 7,040 6,525 6,166 7,089 7,746 Profits before taxes...................... 2,178 2,556 2,931 3,277 2,487 857 810 693 670 477 647 636 848 Profits after taxes........................ 1,183 1,475 1,689 1,903 1,506 490 475 395 411 290 410 368 i 455 Dividends..................................... 734 763 818 924 892 230 260 222 214 228 228 224 229 Machinery (24 corps.): Sales............................................. 21,144 22,558 25,364 29,512 32,721 7,538 8,100 7,704 7,933 8,090 8,994 8,327 8,945 Profits before taxes...................... 2,394 2,704 3,107 3,612 3,482 851 952 868 807 837 970 920 994 Profits after taxes........................ 1,177 1,372 1,626 1 ,875 1,789 444 495 421 417 438 513 475 i 444 Dividends..................................... 577 673 774 912 921 226 244 232 233 227 229 244 244 Automobiles and equipment (14 corps.): Sales............................................. 32,927 35,338 42,712 43,641 42,306 8,046 12,149 10,413 11,875 8,354 11,664 12,154 13,950 Profits before taxes...................... 5,004 4,989 6,253 5,274 3,906 313 1 ,567 1,050 1 ,436 216 1 ,204 1 ,485 1 ,846 Profits after taxes........................ 2,387 2,626 3,294 2,877 1,999 224 826 583 782 62 572 795 ‘ 823 Dividends..................................... 1,447 1,629 1,890 1,775 1 ,567 361 551 363 365 362 477 362 364 Public utility Railroad: Operating revenue....................... 9,560 9,778 10,208 10,654 10,366 2,690 2,718 2,536 2,628 2,529 2,673 2,610 2,757 Profits before taxes...................... 816 829 980 1,088 391 280 268 145 163 83 1 125 205 Profits after taxes........................ 651 694 816 902 325 227 244 121 143 78 -17 110 174 Dividends.................................... 383 438 468 496 539 113 161 124 156 103 155 114 136 Electric power: Operating revenue....................... 14,294 15,156 15,816 16,908 17,894 4,236 4,246 4,697 4,280 4,406 4,511 5,138 4,580 Profits before taxes...................... 3,735 3,926 4,213 4,395 4,564 1,153 1,041 1 ,279 I ,026 1 ,161 1 ,099 1 ,284 1 ,018 Profits after taxes........................ 2,187 2,375 2,586 2,764 2,911 702 673 799 666 717 729 863 641 Dividends................................... 1,567 1,682 1 ,838 1,932 2,071 475 505 518 510 509 534 539 555 Telephone: Operating revenue...................... 9,796 10,550 11,320 12,420 13,311 3,135 3,202 3,229 3,312 3,341 3,429 3,486 3,544 Profits before taxes...................... 2,815 3,069 3,185 3,537 3,694 911 868 869 923 953 949 971 989 Profits after taxes....................... 1,417 1,590 1,718 1,903 1,997 487 468 472 497 515 513 525 441 Dividends..................................... 988 1,065 1,153 1,248 1,363 317 320 334 337 341 351 351 318 i Reflects each company’s adjustment for 10% surcharge. Telephone: Data obtained from Federal Communications Commis­ 2 Includes 17 corporations in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System 3 Includes 27 corporations in groups not shown separately. Consolidated (including the 20 operating subsidiaries and the Long Lines and General Depts, of American Telephone and Telegraph Co .) 'Note,—Manufacturing corporations: Data are obtained primarily from and for 2 affiliated telephone companies. Dividends are for the 20 operat­ published reports of companies. ing subsidiaries and the 2 affiliates. Railroads: Interstate Commerce Commission data for Class I line­ All series: Profits before taxes are income after all charges and before haul railroads. Federal income taxes and dividends. Electric power: Federal Power Commission data for Class A and B Back data available from the Division of Research and Statistics. electric utilities, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve to include ffi Hated nonelectric operations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ BUSINESS FINANCE A-47 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e a ro x fo e fi r s t e s c ta o I x n m e ­ s e P t a a ro f x t f e e it s 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 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 t e s s d ­ co c a t n a i l o l s p o u n i w t m a ­ l p ­ ances 1 ances i 1961.............. 50.3 23.1 27.2 13.8 13.5 26.2 1966—III... 86.7 35.0 51.6 21.9 29.7 40.1 IV... 85.0 34.4 50.7 21.6 29.1 41.0 1962.............. 55.4 24.2 31.2 15.2 16.0 30.1 1963............. 59.4 26.3 33.1 16.5 16.6 31.8 1967—1.... 79.9 32.8 47.1 22.5 24.6 41.9 1964.............. 66.8 28.3 38.4 17.8 20.6 33.9 II.... 80.3 33.0 47.3 23.2 24.1 42.9 III... 80.8 33.2 47.6 23.5 24.1 44,1 1965.............. 77.8 31.3 46.5 19.8 26.7 36.4 IV... 85.4 35.1 50.3 22.5 27.9 44,9 1966.............. 85.6 34.6 51.0 21.7 29.3 39.7 1967............. 81.6 33.5 48.1 22.9 25.2 43.4 1968—1. ... 88.9 39,8 49.1 23.6 25.5 45.7 H.... 91.8 41.1 50.7 24.4 26.3 46.7 1 Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts, Notes and accts, End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i , ­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties G U o . v S t . .1 Other G U o .S vt . .1 Other taxes 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 1965r........................... 180,7 410.2 50.0 17.0 3.9 190.2 126.9 22.3 229.6 3.1 160.4 19.1 46.9 1966r—111................... 189.0 433.4 47.6 14.8 4.2 203.5 139.5 23.8 244.4 4.0 170.2 18.0 52.3 IV................... 190,2 443.4 50.1 15.7 4.5 205.1 144.5 23.6 253.2 4.4 176.2 19.1 53.6 1967’’—I...................... 192.6 443.9 47.3 14.4 4.4 205,1 148,1 24.8 251.4 4.9 173.5 18.6 54.3 II.................... 193.8 444.9 47.7 11.5 4.6 207.5 149,2 24.3 251.1 5.4 177.0 12.7 55.9 Ill 197.2 452.7 49.1 10.8 4.7 211.5 151,2 25.4 255.4 5.7 178.6 13.5 57.6 IV................... 201.1 464,0 52.3 12.4 5.1 214.5 153.8 25.9 262.9 5.8 183,6 15.2 58.3 1968r—I...................... 206.0 471.4 50.1 14.6 4.8 216.6 156.6 28,7 265.4 6.1 181.9 17.3 60.2 II.................... 209.8 481.9 51,4 13,3 4.7 223.6 159.9 29,1 272.1 6.2 188.0 15.4 62.5 1 Receivables from, and payables to, the U.S. Govt, exclude amounts Note.—Securities and Exchange Commission estimates; excludes offset against each other on corporations’ books. banks, savings and loan assns., insurance companies, and investment companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Public Commu­ (S.A. Period Total Mining utilities nications Other 1 annual Durable Non­ Railroad Other rate) durable 1962....................................... 37.31 7.03 7.65 1.08 .85 2,07 5.48 3.63 9.52 1963....................................... 39.22 7.85 7,84 1.04 1.10 1.92 5.65 3.79 10,03 1964....................................... 44.90 9.43 9,16 1.19 1.41 2.38 6.22 4.30 10.83 1965..................................... 51.96 11.40 11,05 1.30 1.73 2.81 6.94 4.94 11.79 1966...................................... 60.63 13.99 13.00 1.47 1.98 3.44 8.41 5.62 12.74 1967........................................ 61.66 13.70 13.00 1.42 1.53 3,88 9.88 5.91 12.74 196§2.......... 64.37 13.42 13.13 1.49 1.52 4,55 11.29 6.42 12.56 1966—in............................... 15.57 3.54 3,30 .37 .48 .82 2.36 1.36 3,33 61.25 IV............................... 17.00 4.07 3.68 .38 .55 .86 2.36 1.58 3.52 62.80 1967—1.................................. 13.59 3.08 3,02 .32 .41 .70 1.84 1.35 2.87 61.65 ................................. 15.61 3.46 3.34 .34 .41 1.12 2.46 1.49 2.99 61.50 Ill................................ 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 ................................. 15.90 3.22 3,28 .36 .38 1.04 2,97 1,51 3.14 62.75 in 2.............................. 16.44 3.32 3.33 .38 .34 1,23 2.98 4.84 64.90 IV2.............................. 17.75 3.91 3.69 .38 .43 1,30 3.00 5.04 65.15 1 Includes trade, service, finance, and construction. Note.—Dept, of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corporate and noncorporate business, excluding agriculture. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-48 REAL ESTATE CREDIT □ NOVEMBER 1968 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other 1- to 4-family houses 4 Multifamily and Mortgage E p n e d ri o o d f h A e o r l l s d l ­ tu F i t n c i i n o i s a a n t l i n s ­ ­ i a U c g i . e e S h s n o . ­ lde v o r I i s a t d n h 2 n u d e d a i r ­ l s s h A e o r l l s d l ­ t F u in t c in io i s a a t n l i n ­ s ­ 1 O h e o t r h s ld e 3 ­ r h A e o r l l s d l ­ Total tu F in t in i s o a t n i n ­ s , 1 O h e o th r l s d e ­ r c T o o m ta m l er t c u F i i a n t in i l s o a p t n i n ­ r s , o 1 pe O h r e t o t i h r e l s d e s ­ r 3 w u F V n r H i d A tt A e c - t r y - n - p e t < C s i v o e o n n n a ­ ­ l 1941........... 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12,9 8.1 4.8 3 0 2g o 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........... 300,1 241.0 11.4 47,7 18.9 7.0 11.9 281.2 197.6 170.3 27.3 83,6 63.7 19 9 77.2 204 0 1965........... 325.8 264.6 12.4 48,7 21.2 7.8 13,4 304,6 212.9 184.3 28.7 91.6 72.5 19.1 81.2 223 4 1966?......... 347.0 280.8 15.8 50.4 23.3 8.4 14.9 323.6 223.6 192.2 31 .5 100.0 80.2 19 8 84.1 339'6 1967”......... 369.5 298.9 18.5 52,1 25.2 9.1 16.0 344,3 236,0 201.9 34.1 108.3 87.9 20 4 88,2 256 1 1966—P... 331.9 269.6 13.5 48.8 21,8 8.0 13.7 310,2 216.2 187.0 29.2 94.0 74.6 19.4 82.1 228,1 IP’.. 338.6 274.7 14.4 49,4 22,5 8.2 14.2 316,1 219.6 189.6 30,0 96.5 76.8 19.7 82.6 233.5 IIP.. 343.3 278.2 15.2 50,0 23,0 8.4 14,6 320,3 221.9 191.1 30.8 98.5 78.7 19.8 83.4 236,9 IV”.. 347.0 280.8 15.8 50,4 23.3 8.4 14.9 323,6 223.6 192.2 31,5 100.0 80.2 19,8 84.1 239.6 1967—P... 350.0 282,9 16.4 50.7 23,7 8.5 15.2 326,3 224.9 192.8 32.0 101.5 81.6 19.9 84.4 241.9 IP'.. 355.6 287.7 16.7 51,3 24.2 8.7 15.5 331 .4 227.8 195.4 32.4 103.6 83.6 20.0 85.3 246.1 IIP.. 362.6 293.4 17,5 51,8 24.7 8.9 15,8 337.9 232,0 198.7 33,2 105.9 85.7 20.2 86.4 251.5 IV^.. 369.5 298.9 18,5 52.1 25.2 9.1 16.0 344,3 236.0 201.9 34.1 108.3 87.9 20.4 88.2 256,1 1968—P... 374.9 302.7 19.6 52.5 25.7 9.3 16.4 349,2 239.3 204,1 35.2 109.9 89.4 20.5 89.4 259,8 IP'.. 381.9 308,2 20.6 53.1 26.3 9.6 16.7 355,6 243,4 207,1 36.3 112,2 91.5 20.8 90.1 265.5 i Commercial banks (including nondeposit trust companies but not 5 Derived figures; includes small amounts of farm loans held by savings trust depts,), mutual savings banks, life insurance companies, and savings and loan assns. and loan assns, 6 Data by type of mortgage on nonfarm I - to 4-family properties alone 2 U.S, agencies are FNMA, FHA, VA, PHA, Farmers Home Admin., are shown on second page following. and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Other U.S agencies (amounts small or current separate data not readily Note.—Based on data from Federal Deposit Insurance Corp., Federal available) included with “individuals and others.” Home Loan Bank Board, Institute of Life Insurance, Depts, of Agricul­ ture and Commerce, Federal National Mortgage Assn., Federal Housing 3 Derived figures; includes debt held by Federal land banks and farm Admin., Public Housing Admin., Veterans Admin., and Comptroller debt held by Farmers Home Admin. of the Currency. 4 For multifamily and total residential properties, see p. A-50. Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Other Total Total FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ f n a o rm n­ 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 anteed tional sured anteed tional 1941.............................. 4,906 3.292 1,048 566 4,812 3,884 900 28 1945.............................. 4,772 3'395 '856 521 4,208 3387 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 23382 6*520 2'654 14'308 8,972 022 32320 29,181 9'238 9'787 10'156 3388 51 1963.............................. 39*414 26'476 7’105 2,862 16'509 10^611 2,327 36324 32'718 10'684 10’490 11,544 3 354 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 7344 2'599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16'272 5'041 53 1967.............................. 59319 37'642 7*709 2396 27 j 237 17331 3,446 50,490 44'641 15’074 11 ',795 17372 5332 117 1966—1......................... 50,650 32,822 7,717 2,659 22,446 14,840 2,988 45,370 40,700 13,956 11,408 15,336 4,617 53 II....................... 52'306 33’,800 7'769 2’654 23'377 15,478 3 328 45^883 41'083 14,047 11*346 15'690 4’747 53 in...................... 53,606 34369 7,687 2’620 24’162 16,028 3'109 46,622 41,673 14,274 11 313 15386 4396 53 IV...................... 54’380 34,876 7'544 2’599 24*733 16,'366 3'138 47337 42'242 14'500 11 371 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 II....................... 55,731 35,487 7,396 2,495 25,596 16,970 3,274 48*893 43,526 14347 11,768 16,811 5,316 51 Ill...................... 57*482 36*639 7*584 2,601 26,454 17*475 3368 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 3^46 50 390 44,641 15374 11,795 17,772 5,732 117 1968—1......................... 60,119 38,157 7,694 2,674 27,789 18,396 3,566 51,218 45,171 15,179 11,872 18,120 53.ll 116 11...................... 61,967 39,113 7,678 2,648 28,787 19,098 3'756 51*793 45'570 15,246 11,918 18,406 6’108 115 1 Includes loans held by nondeposit trust companies, but not bank States and possessions. First and third quarters, estimates based on FDIC trust depts. data for insured banks for 1962 and part of 1963 and on special F.R. inter­ 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. polations thereafter. For earlier years, the basis for first-and third-quarter estimates included F.R. commercial bank call report data and data from Note.—Second and fourth quarters, Federal Deposit Insurance Corpo­ the National Assn, of Mutual Savings Banks. ration series for all commercial and mutual savings banks in the United Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ REAL ESTATE CREDIT A-49 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H ur A e - d a g n V u t A e a e - r ­ d Other 1 Farm 1 Total Total in F s H ur A e - d a g n V u t A e a e r - ­ d Other Farm 1945............................................. 976 6,637 5,860 1,394 4,466 766 1961............................................ 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962............................................ 7’478 6,859 1,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 3,400 1963............................................ 9,172 8,306 1,598 678 6,030 866 50,544 46,752 10,756 6,401 29,595 3,792 1964............................................ 10,433 9,386 1,812 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 4,304 1965............................................ 11137 9,988 1,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 4,823 1966............................................. 10'217 9,223 1 ,300 467 7,456 994 64,609 59,369 12,351 6,201 40,817 5,240 1967........................................... 8’470 7,633 757 444 6,432 837 67,516 61,947 12,161 6,122 43,664 5,569 1967—-Aug.r............................... 680 621 69 34 518 59 66,505 61 ,072 12,297 6,158 42,617 5,433 Sept.................................. 688 631 62 36 533 57 66,701 61,239 12,263 6,131 42,845 5,462 Oct................................... 675 623 68 40 515 52 66,884 61,401 12,236 6,124 43,041 5,483 Nov................................. 662 603 50 30 523 59 67,097 61,595 12,214 6,112 43,269 5,502 Dec................................... 1 ,077 953 58 33 862 124 67,595 62,038 12,192 6,104 43,742 5,557 1968—Jan,.................................. 632 558 62 37 459 74 67,770 62,223 12,192 6,106 43,925 5,547 Feb................................... 527 431 45 25 361 96 67,867 62,292 12,164 6,097 44,031 5,575 Mar.................................. 640 531 52 28 451 109 68,055 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 June................................. 568 519 53 20 446 49 68,508 62,777 12,047 6,022 44,708 5,731 July.................................. 664 612 59 41 512 52 68,708 62,969 12,036 6,046 44,887 5,739 Aug................................. 616 575 71 30 474 41 68,909 63,154 12,029 6,034 45.091 5.755 1 Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because (1) 1959 and with “other” nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and (2) data for year-end adjustments are more complete. Note.'—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Advances outstanding (end of period) Ad­ Repay- Members’ New Period vances ments deposits Period Total 1 h c o o m n­ e H p o u m r­ e Total 2 FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ Total t S e h rm or t 1 ­ t L e o rm ng ­ 2 struc­ chase sured anteed tional tion 1945...................... 278 213 195 176 19 46 1945 1,913 181 1,358 5,376 1961...................... 2,882 2,220 2,662 1,447 1,216 1,180 1962...................... 4,111 3.294 3,479 2,005 1,474 1,213 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 1 3 5 4 2. 2 2 2 2 1 3 4 4 0 7 ^ , , , , 7 5 7 3 8 3 0 5 6 4 5 5 4 4 7 7 5 6 5 5 , * , , ’ 0 0 9 9 5 8 3 2 7 1 1 9 2 9 5 1 1 7 9 8 0 0 , , , ' ’ 2 9 3 6 5 0 2 9 9 2 7 7 0 7 4 1 1 6 7 9 0 1 8 8 0 1 0 , , , , , 8 7 9 3 3 3 7 4 3 0 3 4 0 4 6 4 4 4 4 5 , , , , ; 1 4 8 1 6 6 4 7 9 9 7 5 6 4 6 7 7 6 6 6 , , ; , ’ 1 0 6 9 3 1 5 8 6 9 3 0 2 8 0 7 5 9 6 8 7 9 7 8 9 , , > ’ ’ 2 5 7 7 8 1 8 6 5 5 4 8 3 6 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 3 4 7 6 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 3 1 ' , ' , ’ 6 0 5 8 5 0 0 6 0 2 1 5 7 4 7 4 4 5 2 4 , ' , , , 3 2 0 0 8 3 2 9 7 6 5 5 6 6 6 4 5 5 6 4 , ; ' , , 9 7 9 3 3 9 8 3 8 2 5 7 4 6 5 2 2 3 5 3 , , ^ ; , 8 8 9 0 0 6 4 8 7 0 3 6 5 4 6 2 2 1 1 , , , , 4 9 9 9 4 7 2 2 0 2 1 9 1 3 9 1 1 1 1 1 , , , , , 1 1 0 0 4 5 9 3 4 3 1 9 3 6 2 1 19 9 6 6 7 6 1 1 6 9 , ’ 7 8 2 91 0 3 4 , , 6 1 0 9 6 0 7 9, '7 5 4 05 6 1 12 1 1 4 , , 8 4 9 4 3 7 5 5 , '7 2 9 7 4 0 6 6 , . 1 3 5 5 8 6 ,1 1 0 0 9 3 . , 7 0 4 1 3 9 1967— S A e u p g t . . . . . . . . . . . . . . . . . . . . . . . . 1 1 3 0 4 2 2 1 0 33 2 4 4 , , 1 1 5 2 3 2 3 3 , > 6 4 5 2 9 4 48 9 0 4 1 1 , , 3 3 4 1 3 7 1967--S O N e o c p t v . t . . . . . . , . . 1 1 1 , , , 9 8 9 7 0 5 1 1 0 4 3 3 8 1 8 1 3 8 1 ,0 9 8 1 4 5 7 9 6 1 1 1 2 2 1 1 0 9 , , , 1 5 3 2 2 6 9 7 2 5 5 5 , , , 5 6 7 7 6 1 6 0 4 6 6 6 , , , 2 2 3 5 9 3 8 2 6 1 1 1 0 0 0 7 9 8 , , , 6 0 4 9 7 1 5 7 0 O N De o c c t v . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 1 5 6 7 2 0 6 1 1 5 0 6 2 9 4 4 < 4, 3 J 1 1 8 8 6 4 8 3 3 3 , , , 6 7 9 8 9 8 1 3 5 4 3 40 3 9 1 3 5 1 1 1 , , , 3 3 4 2 4 3 3 7 2 Dec... 1,759 380 780 121,893 5,794 6,356 109,743 [968—Jan............. 308 251 4,442 3,963 479 1 ,198 1968--J F J J M A A M a u u e u p n a a l n b y g y . r r e . . . . . . . . . . . . . . . . . . . . . . 2 1 1 1 1 1 1 1 , , , , , , , , 0 3 4 9 9 7 9 8 8 8 5 5 6 6 7 4 7 5 9 6 2 6 7 4 2 4 3 4 5 4 4 3 9 7 0 0 0 2 0 9 1 5 5 5 9 6 9 6 1 1 1 1 , , , , 0 1 0 0 7 8 9 6 4 3 4 6 0 3 6 4 1 1 5 6 6 4 4 0 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 5 4 5 6 7 3 , , , , , , . , 0 6 3 9 2 7 5 4 0 8 9 3 6 0 8 2 5 8 5 7 7 2 2 6 5 5 5 5 6 6 6 6 , , , , , , , , 1 8 9 7 0 2 9 0 8 5 0 8 8 8 2 6 1 3 3 7 2 2 9 4 6 6 6 6 6 6 6 6 , , , , , , , , 4 4 5 4 5 5 6 6 0 4 2 8 6 9 3 9 5 7 8 2 4 9 7 4 1 1 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 9 0 1 2 3 3 4 , , , , , , , , 0 9 3 8 6 3 8 6 4 0 3 1 6 0 8 0 1 3 7 3 9 7 9 6 J S J F M A M A u u e e u p a a n p l b g r y y e r t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2 2 3 1 1 1 0 4 8 8 3 8 6 9 1 5 7 2 4 5 8 6 2 1 1 1 1 1 1 3 7 9 1 0 8 6 3 1 5 5 5 8 8 6 6 4 4 4 4 4 4 4 5 , , , , , , ' > 9 2 3 5 7 9 0 8 9 6 4 4 1 8 2 9 7 8 5 9 8 9 6 4 4 4 4 4 4 3 3 , , , , , ' J > 5 8 6 5 7 0 6 0 0 3 0 3 2 9 1 8 3 5 3 6 6 7 5 5 4 4 4 5 5 4 8 5 4 1 3 3 2 2 1 3 6 2 9 7 2 3 1 1 1 1 1 1 I 1 , , , , , , , . 3 1 1 2 2 3 2 1 5 0 8 8 9 8 7 7 1 2 3 2 2 4 0 4 Sept.’’. 1 .812 394 966 128.387 6,361 6,752 115.274 1 Secured or unsecured loans maturing in 1 year or less. 2 Secured loans, amortized quarterly, having maturities of more than 1 Includes loans for repairs, additions and alterations, refinancing, etc., not shown separately. 1 year but not more than 10 years. 2 Beginning with 1958, includes shares pledged against mortgage loans; beginning with 1966, includes junior liens and real estate sold on contract; Note.—Federal Home Loan Bank Board data. and beginning with 1967, includes downward structural adjustment for change in universe. Note.—Federal Home Loan Bank Board data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-50 REAL ESTATE CREDIT □ NOVEMBER 1968 MORTGAGE DEBT OUTSTANDING MORTGAGE DEBT OUTSTANDING ON ON RESIDENTIAL PROPERTIES NONFARM 1- to 4-FAMILY PROPERTIES (In billions of dollars) (In billions of dollars) All residential Multifamily 1 Governmentunderwritten E pe n r d io o d f Total F in c in i s a a t l i n ­ ­ h O ol t d h e e r r s Total F in i c n i s a a t l i n ­ ­ h O ol t d h e e r r s E pe n r d io o d f Total Total F i H n­ A- g V u A ar - ­ t C i v o e o n n n a ­ ­ l tutions tutions sured anteed 1 1941............... 24.2 14.9 9.4 5.8 3.6 2.2 1945 ............... 18.6 4.3 4.1 .2 14 3 1945............... 24.3 15.7 8.6 5.7 3.5 2.2 1961............... 153.1 59.1 29.5 29.6 93 9 1961............... 176.0 143.0 33.0 23.0 14.8 8.2 1962............... 166.5 62.2 32.3 29 9 104 3 1962............... 192.5 157.9 34.6 25.8 17.5 8.3 1963 ............... 182.2 65.9 35.0 30 9 116 3 1963............. 211.2 176,7 34.5 29.0 20.7 8.3 1964............... 197.6 69.2 38.3 30 9 128 3 1964.............. 231.1 195.4 35.7 33.6 25.1 8.5 1965................ 212.9 73 1 42 0 31 1 1398 1965.............. 250.1 213.2 36.9 37.2 29.0 8.2 1966................ 223.6 r76 1 44.8 31.3 147 6 1966*............ 263,8 223.7 40.1 40.1 31.5 8.6 1967*............. 236.0 79 9 47.4 32 5 1 56 i 1967?............ 279.8 236.7 43.1 43.7 34.7 9.0 1966—1 .......... 216.2 74.1 43.0 31.1 142 1 1966—P....... 254.4 216.7 37,7 38.2 29.8 8.4 11......... 219,6 r74.7 43.7 31 .0 145.2 H*.. 258.6 220.1 38,5 39.0 30.5 8.5 in 221.9 75.4 44.4 31.0 146 5 Hlf. . . 261.5 222,1 39.4 39.6 31 .0 8.6 IV........ 223.6 r76.1 44.8 31.3 147 6 IV... 263.8 223.7 40.1 40.1 31.5 8.6 1967—p. .... 224.9 76.4 45.2 31.2 148 4 1967—P....... 265.7 225.0 40,7 40.8 32.2 8.6 IP....... 227.8 77.2 45.7 31.5 150.6 IP... . 269.5 228.3 41,2 41 .7 32.9 8.8 IIP.. .. 232.0 78.3 46.6 31.7 153.7 IIP. .. 274.6 232,5 42.1 42.6 33.8 8.8 IV*.... 236.0 79.9 47.4 32.5 156.1 IIP. .. 279.8 236.7 43.1 43.7 34.7 9.0 1968—1 *........ 239.3 81 .0 48. 1 32.9 158.3 1968—P....... 283.5 239.2 44.3 44.2 35.1 9.1 H*....... 243.4 81.4 48.7 32.7 162,0 IP.... 288.6 243.1 45.5 45.2 36.0 9.2 1 Includes outstanding amount of VA vendee i Structures of 5 or more units. For 1- to 4-family mortgage debt sec accounts held by private investors under repurchase second preceding page. agreement. Note.—Based on data from same source as for “Mortgage Debt Out­ Note.—For total debt outstanding, figures are standing” table (second preceding page). FHLBB and F.R. estimates. For conventional, figures are derived. Based on data from Federal Home Loan Bank Board, Federal Housing Admin,, and Veterans Admin. GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE DELINQUENCY RATES ON HOME MORTGAGES (In millions of dollars) (Per 100 mortgages held or serviced) FH A-insured VA-guaranteed Loans not in foreclosure but delinquent for—■ Loans in Mortgages Mortgages End of period fore­ Period Prop- closure Proj- erty 90 days Total Ex- ects1 im- Total2 Ex- Total 30 days 60 days or more New isting prove- New isting homes homes ments2 homes homes 1961............... 3 10 2.27 .50 .33 29 1962............... 3.04 2.26 .50 .29 ’30 1945 ........... 665 257 217 20 171 192 1963............... 3.30 2.32 60 . 38 .34 1964............... 3.21 2.35 .55 .31 38 1961........... 6,546 1 ,783 2,982 926 855 1 ,829 1 ,170 656 1965............... 3.29 2,40 .55 . 34 40 1962........... 7,184 1 849 3'421 1 ,079 834 2'652 1 ’357 1 292 1966............... 3 40 2 54 54 32 . 36 1963........... 7 '216 1 ,664 3 ’905 843 804 3,045 I ’272 1 ,770 1967............... 3.47 2.66 54 .27 . 32 1964........... 8 130 1 ,608 4,965 895 663 2'846 1 ’023 1 ,821 1965 ........... 8,689 1 ’705 5,760 591 634 2,652 ’876 1 ,774 1965—H........ 3.00 2.18 .52 .30 .38 1............ 7,320 1 ’729 4,366 583 641 2’600 980 1’618 Ill. 3.20 2. .30 .56 .34 .38 1967. 7 J 50 1 ’369 4,516 642 623 3’405 1 ,143 2’259 IV.... 3.29 2.40 .55 .34 .40 1967- -Sept., 758 129 514 58 56 352 101 251 1966 1......... 3.02 2.13 .55 .34 .38 Oct... 817 150 515 88 64 434 125 310 II....... 2.95 2, 16 .49 .30 .38 Nov.. 746 149 471 72 53 383 127 255 III . . . , 3.09 2.25 .52 .32 .36 Dec., 594 124 334 90 47 340 124 217 IV. . . . 3.40 2.54 .54 .32 .36 1968-Jan... 693 147 431 70 45 349 135 213 1967—1.......... 3.04 2.17 .56 .31 . 38 Feb... 573 124 312 100 36 280 11 1 169 II....... 2.85 2. 14 .45 ,26 .34 Mar.. 535 120 314 62 39 267 115 152 Ill.... 3.15 2.36 .52 .27 .31 Apr.. 603 131 340 80 53 265 110 156 IV.. . . 3.47 2.66 .54 .27 .32 May. 686 121 374 131 60 280 112 168 June. 674 123 371 122 58 241 98 143 1968—I......... 2.84 2.11 49 .24 .32 July.. 712 135 438 72 66 327 120 207 II........ 2.89 2.23 .44 .22 .28 Aug.. 752 135 460 94 63 341 122 218 Sept.. 727 135 453 78 6! 322 Hl 21 1 Note.—Mortgage Bankers Association of America data from reports on 1- to 4-family FHA-insured, VA-guaranteed, and con­ 1 Monthly figures do not reflect mortgage amendments included in annual ventional mortgages held by more than 400 respondents, including totals. mortgage bankers (chiefly), commercial banks, savings banks, and 2 Not ordinarily secured by mortgages. savings and loan associations. 2 Includes a small amount of alteration and repair loans, not shown separ­ ately; only such Ioans in amounts of more than $1,000 need be secured. Note.—Federal Housing Admin, and Veterans Admin, data. I H A-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans 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. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 n REAL ESTATE CREDIT A-51 GOVERNMENT NATIONAL MORTGAGE FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY ASSOCIATION ACTIVITY (In miillons of dollars) (In millions of dollars) Mortgage Mortgage Mortgage holdings transactions Com­ Mortgage holdings transactions Com­ (during mit- (during mit- End of period) ments End o f period) ments period FHA- VA- un- period FHA- VA- un- Total in­ guar­ dis­ Total in­ guar­ dis­ sured anteed Pur­ Sales bursed sured anteed Pur­ Sales bursed chases chases 1963......................... 2,589 1,644 944 107 334 173 1963. ....2..,.0...6..2.. .....1. .,.3..72 689 181 780 9 1964. 2,415 1,610 805 227 174 248 1964. 1 ,997 1 ,386 611 198 78 39 1965. 2,212 1,540 671 156 154 332 1965. 2,519 I ,864 656 757 47 462 1966. 2,667 2,062 604 620 491 1966. 4,396 3,345 1 ,051 2,081 214 1967. 3,348 2,756 592 860 1,171 1967. 5,522 4,048 1 ,474 1 ,400 12 501 1967-—Sept................ 3,113 2,534 579 79 .....1..,.0..8.7 1967-—Sept......... 4,992 3,714 1 ,277 192 ........3..8.6 Oct................. 3,189 2,609 580 92 1 ,146 Oct.............. 5,182 3,832 1 ,349 215 389 Nov............... 3,265 2,679 586 93 1,158 Nov............ 5,344 3,935 1,409 187 518 Dec................ 3,348 2,756 592 98 1 ,171 Dec............. 5,522 4,048 1 ,474 200 501 1968-—Jan................. 3,445 2,841 604 112 1,160 1968--Jan................ 5,775 4,211 1,564 275 428 Feb................ 3,526 2,913 613 97 1 1,159 Feb................ 5,999 4,356 1 ,643 245 335 Mar............... 3,635 3,010 626 127 1,118 Mar............... 6,165 4,465 1 ,700 189 ........3..3.2 Apr................ 3,721 3,087 633 103 1,126 Apr................ 6,325 4,570 1 ,755 186 328 May............... 3,805 3,166 639 103 1 ,135 May.............. 6,477 4,671 1 ,806 177 477 June.............. 3,880 3,235 646 95 I ,158 June.............. 6,623 4,767 1 ,856 173 601 July............... 3,949 3,298 652 86 1,170 July............... 6,707 4,820 1 ,887 108 842 Aug............... 4,018 3,361 656 86 1 ,205 Aug........... ,. 6,780 4,867 1 ,913 99 1 ,014 Sept......... 4,063 3,406 657 66 1 ,215 Sept......... 6,844 4,909 1 ,935 89 1 ,085 Note.—Government National Mortgage Association data. Data prior Note.—Federal National Mortgage Association data. Data prior to to Sept. 1968 relate to Special Assistance and Management and Liquidating Sept. 1968 relate to Secondary Market portfolio of former FNMA, portfolios of former FNMA and include mortgages subject to participation pool of Government Mortgage Liquidation Trust, but exclude conven­ tional mortgage Joans acquired by Former FNMA from the RFC Mortgage Company, the Defense Homes Corporation, the Public Housing Adminis­ tration,and Community Facilities Administration. HOME-MORTGAGE YIELDS FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY UNDER FREE MARKET SYSTEM (Percent) Primary Market Secondary Mortgage amounts Implicit yield market (in millions of dollars) (per cent) FHA series Accepted FHLBB series Yield Auction Period (effective rate) on FHA- date New insured Offered By commitment 90 6 I period days months year Total U.S. 90 6 1 New Existing average New days months year 1963...................... 5.81 5.46 1968 1964...................... 5.80 5.45 July 1........ 148.0 89.0 16.3 60.5 12.2 7.51 7.48 7.47 1965...................... 5.81 5.95 5.83 5.47 8........ 157.2 88.5 11.2 65.9 11.3 7.42 7.40 7.37 1966..................... 6.25 6.41 6.40 6.38 15........ 172.2 80.4 9.6 57.3 13.5 7.36 7.35 7.32 1967.................... 6.46 6.52 6.53 6.55 22........ 158.6 65.8 8.6 47.4 9.8 7.33 7.32 7.31 29........ 148.4 70.0 7.1 53.7 9.2 7.32 7.33 7.33 I%7—.sept........... 6.44 6.47 6.55 6.63 Oct........ 6.47 6.52 6.55 6,65 Aug. 5........ 121.8 66.3 9.8 49.7 6.8 7.31 7.32 7.31 Nov....... 6.45 6.55 6.65 6.77 12........ 108.4 60.2 9.8 43,4 7.0 7.29 7.31 7.29 Dec............ 6.54 6.64 6.70 6,81 19........ 93.1 54.7 10.3 37.4 7.0 7.27 7.27 7.25 26..... 99.3 51.1 7.5 37,0 6.6 7.25 7,24 7.23 1968—Jan............. 6.52 6,70 6.75 6.81 Feb............ 6.62 6.71 6.75 6.78 Sept. 3........ 90.9 51.7 5.7 37,6 8.3 7.25 7.23 7.21 Mar........... 6.64 6.72 6.80 6.83 9 88.5 50.4 5.0 39.0 6.5 7.21 7.22 7.17 Apr............ 6,71 6.77 6.90 6.94 16 81.9 47.1 6.1 29.9 H.l 7.17 7,19 7.11 May........... 6.84 6.95 7.15 23....... 93.2 34.5 4.5 21.0 9.1 7.17 7,17 7.11 June........... 7.03 7.12 7.25 7.52 30........ 91.0 36.2 3.1 24.8 8.3 7.16 7.16 7.10 July............ 7.17 7.23 7.30 7,42 Aug,........... 7.24 7.26 7.30 7,35 Oct. 7........ 98.9 35. 1 2.2 22.9 10.0 7.19 7.16 7.09 Sept. J’7.23 J’7.25 7.30 7.28 14....... 119.2 41.6 2.5 30.0 9.1 7,20 7.18 7.12 Oct............. 7.25 7.29 21........ 132.8 44.0 2.7 30.7 10.7 7,21 7.20 7.13 28........ 131.9 49.1 3.0 31.3 14.7 7.24 7.23 7.17 Note.—Annual data are averages of monthly figures. The Nov. 4....... 125. 1 53.8 4.9 29.5 19.4 7,26 7.26 7.19 FHA data are based on opinion reports submitted by field offices 12........ 144.4 48. 1 8.4 29.3 10.3 7,29 7,30 7.23 on prevailing local conditions as of the first of the succeeding 19........ (50.0) month. Yields on FHA-insured mortgages arc derived from weighted averages of private secondary market prices for Sec. 203, 30-year mortgages with minimum downpayment and an Note.—Implicit secondary market yields are gross—before deduction of 50assumed prepayment at the end of 15 years. Gaps in the data basis-point fee paid for mortgage servicing. They reflect the average accepted bid arc due to periods of adjustment to changes in maximum per­ price for Government-underwritten mortgages after adjustment by Federal Reserve missible contract interest rates. The FHA series on average Board to allow for FNMA commitment fees and FNMA stock purchase and hold­ contract interest rates on conventional first mortgages in primary ing requirements, assuming a prepayment period of 15 years for 30-year loans. markets arc unweighted and are rounded to the nearest 5 basis One-year commitments are for new homes only. points. The FHLBB effective rate series reflects fees and charges Total accepted shown in parenthesis for most recent week indicates FNMA as well as contract rates (as shown in the table on conventional announced limit before the “auction” date. first mortgage terms, p. A-33) and an assumed prepayment at end of 10 years. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-52 CONSUMER CREDIT □ NOVEMBER 1968 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b to e ile ­ r co O g p n o a s t o h p u d e e m s r r er e a r n R n lo d i e a z m p n a a s t o i i o r 1 d n ­ Pe lo rs a o n n s al Total p S a lo i y n m a g n l e e s n ­ t a C cc h o a u rg n e ts S c e r r e v d ic it e 1939....................................... 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1 414 518 1941....................................... 9,172 6^085 2,458 1^29 376 1'322 3’087 845 i ,645 597 1945.......................... 5'665 2,462 '455 '816 182 1 '009 3^03 746 1 612 845 1960....................................... 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3 360 1961....................................... 57,678 43,527 17,223 11,857 3,191 11'256 14,151 5’136 5,324 3’691 1962....................................... 63'164 48,034 19',540 12'605 3'246 12'643 15 J30 5’456 5,684 3 990 1963....................................... 70,461 54,158 22,433 13,856 3,405 14,464 16,303 6,117 5,871 4 315 1964....................................... 78'442 60,548 25,195 15,593 3'532 16,228 17^894 6'954 6,300 4,640 1965....................................... 87’884 68^565 28,843 17^693 3'675 18’354 19,319 7’682 6,746 4,891 1966....................................... 94'786 74,656 30'961 19,834 3,751 20'110 20 J 30 7,844 71144 5 142 1067....................................... 99,228 77,946 31,197 21,328 3,731 21’690 21,282 8,267 7’595 5 420 1967--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 647i 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 5 320 1968--Jan............................... 98,225 77,467 31,061 21,097 3,678 21,631 20,758 8,288 6,970 5,500 Feb.............................. 97,672 77,327 31.137 20,785 3^653 21,752 20,345 8,325 6,386 5 ’634 Mar............................. 97’875 77,581 31,380 20,692 3’636 21 ,873 20’294 8,370 6,263 5,661 Apr..................... 99'142 78^345 31,766 20;802 3,649 22^128 20’797 8,488 6,559 5 ,750 May................ 100,275 79^270 32,240 20;953 3,699 22^378 21'005 8,508 6,830 5,667 June........................... 101,467 80,363 32,774 21,176 3^727 22'686 21'104 8,519 6,912 5,673 July............................ 102,439 81,308 33,253 21,356 3'769 22’930 21'131 8,543 6,’955 5,633 Aug............................ 103'775 82^55 33,684 21,637 3'823 23,311 21,320 8,622 7,085 5,613 Sept............................. 104',322 82^940 33,677 21,849 3’849 23,565 21 *382 8'728 7,048 5,606 1 Holdings of financial institutions; holdings of retail outlets are in­ hold, family, and other personal expenditures, except real estate mortgage cluded in ‘’other consumer goods paper.” loans. For back figures and description of the data, see “Consumer Credit,” Section 16 (New) of Supplement to Banking and Monetary Note,—Consumer credit estimates cover loans to individuals for house­ Statistics, 1965, and May 1966 Bulletin. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Total m C e o r m cia ­ l fi S na a n le c s e u C n r i e o d n i s t s C u o m n e ­ r Other 1 Total D m e e p n a t rt­ F t u u r r n e i­ A a p n p cc li - m A o u b to ile ­ Other banks cos. finance1 stores 2 stores stores dealers 3 1939............................ 4,503 3,065 1,079 1,197 132 657 1 ,438 354 439 183 123 339 1941............................ 6'085 4,480 1,726 1,797 198 759 1^605 320 496 206 188 395 1945............................ 2,462 1 '776 '745 300 102 629 686 131 240 17 28 270 1960............................ 42,832 37,218 16,672 11,472 3,923 3,670 1,481 5,615 2,414 1,107 333 359 1,402 1961............................ 43,527 37 ,'935 17,008 11,273 4,330 3,799 1 ,525 5,595 2,421 I ,058 293 342 1 ,481 1962............................ 48'034 41,782 19^005 12,194 4,902 4,131 1 ,550 6,252 3,013 1 ,073 294 345 1,527 1963............................ 54,158 47,405 22,023 13,523 5,622 4,590 1 ,647 6,753 3,427 1 ,086 287 328 1,625 1964............................ 60’548 53'141 25,094 14,762 6,458 5,078 1 ,749 7,407 3,922 1,152 286 370 1 ,677 1965............................ 68'565 60,273 29,173 16,138 7,512 5,606 1 ,844 8,292 4,488 1,235 302 447 1,820 1966............................ 74'656 65,565 32,155 16,936 8,549 6,014 1 ,911 9,091 n.a. n.a. n.a. 490 n.a. 1967............................. 77,946 68^273 33,992 16,851 9,169 6,294 1,967 9,673 n.a. n.a. n.a. 506 n.a. 1967—Sept.................. 76,039 67,376 33,637 16,701 9,026 6,067 1,945 8,663 n.a. n.a. n.a. 507 n.a. Oct............ 76,223 67,513 33,723 16,698 9,054 6,086 1,952 8,710 n.a. n.a. n.a. 506 n.a. Nov................. 76,680 67,763 33,819 16,722 9,113 6,138 1,971 8,917 n.a. n.a. n.a. 506 n.a. Dec................... 77,946 68'273 33,992 16,851 9,169 6,294 1 ,967 9,673 n.a. 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. n.a. n.a. 504 n.a. Feb................... 77,327 68'215 34,155 16,706 9,094 6,270 1 ,990 9,112 n.a. n.a. n.a. 507 n.a. Mar.................. 77,581 68’570 34,411 16,700 9,172 6,289 1 ,998 9,01 I n.a. n.a. n.a. 514 n.a. Apr.................. 78'345 69'332 34,908 16,790 9,31 1 6,336 1 ,987 9,013 n.a. n.a. n.a. 522 n.a. May................. 79,270 70,231 35,450 16,892 9,475 6,361 2,053 9,039 n.a. n.a. n.a. 531 n.a. 80^363 71 ,272 35'980 17,095 9,671 6,470 2,056 9,091 n.a. n.a. n.a. 540 n.a. July................... 81 ,308 72'199 36321 17,265 9,787 6,552 2,074 9,109 n.a. n.a. n.a. 549 n.a. 82 455 73'262 37,113 17,454 9,955 6,626 2,114 9,193 n.a. n.a. n.a. 557 n.a. Sept.................. 82,940 73'688 37'381 17.455 10,069 6,663 2,120 9,252 n.a. n.a. n.a. 557 n.a. 1 Consumer finance companies included with “other” financial insti- 3 Automobile paper only; other instalment credit held by automobile tutions until 1950. dealers is included with “other” retail outlets. 2 Includes mail-order houses. See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ CONSUMER CREDIT A-53 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Automobile Repair End of period Total paper s O c u t o m h n e e ­ r r m an o d d ­ s P o e n r a ­ ! Auto­ O c t o h n e ­ r R a e n p d a ir Per­ ch P a u s r e ­ d Direct g p o a o p d e s r e l r o t n i a o i n z n a s ­ loans End of period Total m pa o p b e il r e s g p u o a m o p d e e s r r m iz lo o a a d ti n e o s r n n ­ s lo o a n n a s l 1939 ........................ 1,079 237 178 166 135 363 1939............................... 1,197 878 115 148 56 1941........................ 1’726 447 338 309 161 471 1941............................... 1,797 1,363 167 201 66 1945 ........................ 745 66 143 114 110 312 1945............................... 300 164 24 58 54 I960........................ 16,672 5,316 2,820 2,759 2,200 3,577 1960............................... 11,472 7,528 2,739 139 1 066 1961........................ 17^008 5,391 2’860 2,761 2', 198 3^798 1961............................... 11,273 6'811 3,100 161 1,201 1962........................ 19’005 6,184 3',451 2’824 2^261 4’285 1962................................ 12,194 7'449 3'123 170 1 '452 1963........................ 22,023 7,381 4,102 3,213 2,377 4,950 1963............................... 13,523 8,228 3,383 158 1,754 1964........................ 25'094 8^691 4^734 3’670 2', 457 5,542 1964............................... 14,762 8,701 3'889 142 2 030 1965........................ 29,173 10,310 51721 41266 2'543 6'333 1965 .............................. I6J38 9,241 4,429 123 2,345 1966........................ 32,155 11,370 6,165 51101 2,'567 6'952 1966.............................. 16,936 9'391 4,829 110 2,606 1967........................ 33,992 11,400 6,569 5 ’ 808 2,523 7,692 1967 .............................. 16,851 8,959 5,017 103 2’,772 1967—Sept............. 33,637 11,497 6,490 5,619 2,538 7,493 1967—Sept.................... 16,701 9,079 4,824 107 2,691 Oct............. 33,723 11’463 61515 5,656 2,539 71550 Oct..................... 16,698 9,024 4^863 107 2,704 Nov............. 33’819 11,428 6,545 5,696 2,534 7,616 Nov.................... 16,722 8*990 4’907 105 2'720 Dec.............. 33,992 11,400 6’, 569 5’808 2,523 7’692 Dec.................... 16,851 8,959 5,017 103 2^772 1968—Jan............... 34.017 11,364 6,600 5,850 2,482 7,721 1968—Jan..................... 16,775 8,873 5,032 98 2,772 Feb......... 34’, 155 11,401 6,653 5,867 2,459 7’775 Feb..................... 16,706 8’845 4’977 93 2,791 Mar............. 34,411 11,489 6,749 5,897 2,444 7,832 16,700 8*865 4'947 89 2’799 Apr.............. 34’908 11,643 6,854 5,985 2,457 7*969 Apr................. 16,790 8,931 4,957 86 2',816 May............. 35,450 11^841 6,982 6,076 2379 8,072 May.. 16,892 9,004 4,973 83 2,832 June............. 35,980 12’043 7’101 6,172 2^502 8’162 June................... 17’095 9,130 5,028 82 2,855 July............. 36’521 12'248 7'195 6,'302 2,532 8'244 July.................... 17,265 9'254 5’043 82 2^86 Aug............. 37.113 12'465 7'260 6^423 2'565 8’400 Aug.................... 17'454 9^329 5’098 80 2^47 Sept............. 37,381 12,493 71253 6,511 2.587 8,537 Sept.................... 17,455 9,257 5,139 77 2,982 See Note to first table on previous page. See Note to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single­ Other Repair payment Charge accounts Auto­ con­ and Per­ loans End of period Total mobile sumer modern­ sonal paper g p o a o p d e s r iz lo a a ti n o s n loans End of period Total C m o e m r­ ­ O fin th a e n r ­ p D a e rt ­ ­ Other Credit S c e r r e v d ic it e 1 1 9 9 4 3 1 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 9 8 5 9 7 1 8 2 1 2 2 3 4 6 1 1 5 4 6 7 6 8 9 5 b c a i n a k l s tu in c ti s i 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 1960............................... 9,074 1,665 771 800 5,837 1939 ............. 2,719 625 162 236 1,178 518 1961............................... 9,654 N819 743 832 6’257 1941............. 3,087 693 152 275 1,370 597 1962............................... 10,583 2,111 751 815 6^906 1945............. 3*203 674 72 290 1 J 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 3 324 1,153 1 ,009 9'676 1962............. 15'130 4'690 766 927 4'252 505 3’990 1966 16,474 3,545 1 ’303 1,074 10,552 1967 17'430 3^763 1'336 1 ,105 11'226 1963............. 16,303 5,205 912 895 4,456 520 4,315 1964............. 17'894 5*950 1,004 909 4’756 635 4,640 1967-—Sept............ 17,038 3,723 1,315 1 ,097 10,903 1965 ............. 19'319 6’587 1,095 968 5,055 723 4'891 Oct................... 17’,092 3,729 1 319 1 J00 10,944 1966............. 20*130 6’714 1,130 n.a. n.a. 874 5*142 Nov.................... 17^222 3,748 1 ,326 1'109 11’039 1967 ............. 21 ’,282 7,064 1,203 n.a. n.a. 1 ,054 5,420 Dec.................... 17 330 3*763 1,336 1 ’105 11,226 1967—Sept... 19,847 6,994 1,185 n.a. n.a. 1,083 5,281 1968-—Jan.............. 17,284 3,720 1 ,328 1 .098 11,138 Oct... 19,871 7,001 1,188 n.a. n.a. 1,056 5,211 Feb..................... 17,354 3,731 1 ,336 1 ,101 11'186 Nov... 20,122 7,034 1 ,203 n.a. n.a. 1,046 5,271 Mar................... 17,459 3^763 1 ,351 1,103 11,242 Dec.,. 21 ,282 7,064 1,203 n.a. n.a. 1,054 5,420 Apr..................... 17334 3.816 1 *369 1,106 11 343 May.................... 17*889 3,882 1 ’ 396 1 J37 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 11’669 Feb.. . 20,345 7,098 1 ,227 n.a. n.a. 1,040 5,634 July..................... 18,413 4,007 1 ,451 1'155 11,800 Mar... 20,294 7,136 1 ,234 n.a. n.a. 1,025 5,661 Aug..................... 18,695 4'073 1 '480 1 ,178 11,964 Apr.. . 20,797 7,246 1,242 n.a. n.a. 1,069 5,750 Sept.................... 18,852 4J17 1 *504 1 J85 12,046 May. . 21 ,005 7,242 1,266 n.a. n.a. 1,092 5,667 June.. 21,104 7,259 1,260 n.a. n.a. 1,144 5,673 July... 21,131 7,279 1 ,264 n.a. n.a. 1,227 5,633 Note.—Institutions represented are consumer finance companies, credit Aug.. . 21 ,320 7,338 1 ,284 n.a. n.a. 1 ,288 5,613 unions, industrial loan companies, mutual savings banks, savings and Sept... 2! ,382 7,431 1 ,297 n.a. n.a, 1 ,326 5,606 loan assns., and other lending institutions holding consumer instalment loans. See also Note to first table on previous page. t Includes mail-order houses. 2 Service station and miscellaneous credit-card accounts and home­ heating-oil accounts. See also Note to first table on previous page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-54 CONSUMER CREDIT □ NOVEMBER 1968 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir t io a n n d l oans Personal loans Period S.A.l N.S.A. S.A.l N.S.A. S.A.l N.S.A. S.A.l N.S.A. S.A.l N.S.A. Extensions 1961....................................... 48,396 16,007 14,578 2 068 15 744 1962....................................... 55'126 19’796 15,685 2,051 17 594 1963........................................ 61,295 22,292 17,102 2,198 19 703 1964....................................... 67,505 24'435 19'473 2 204 21 393 1965....................................... 75^508 27^914 21,454 2,238 23 902 1966....................................... 78'896 28'491 23,502 2’136 24,767 1967....................................... 81,263 27'221 25’,787 2 076 26 179 1967—Sept............................. 6,973 6,590 2,322 2,042 2,234 2,205 166 176 2,251 2 167 Oct.............................. 6,942 6,912 2,321 2’,355 2,165 2,215 171 178 2 285 2’164 Nov........................ 7,032 7,032 2,305 2,222 2,242 2,'375 180 178 2,305 2*257 Dec............................. 7^035 7^829 2^306 2^094 2^321 3,088 169 141 2,239 2 506 1968—Jan.............................. 7,089 6,363 2,437 2,178 2,223 1,992 165 132 2,264 2 061 Feb............................. 7^245 6,372 2,519 2,301 2^250 1 ,854 179 138 2.297 2’079 Mar............................. 7,380 7,100 2,’567 2,589 2,331 2^140 183 162 2 299 2 209 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 June............................ 7,516 7,693 2^574 2,761 2,364 2 302 180 193 2 398 2437 July............................. 7,683 8,206 2^669 2,986 2*363 2 396 198 226 2 453 2’598 Aug............................ 7,788 8,070 2,679 2,783 2,432 2,447 187 223 2,490 2*617 Sept............................. 8’,023 7’330 2',781 2^367 2',497 2^81 193 198 2’,552 2,384 Repayments 1961....................................... 47,700 16,472 14,246 2,015 14,967 1962....................................... 50'620 17’478 14,939 1,996 16^206 1963........................................ 55,171 19,400 15,850 2,038 17,883 1964....................................... 61,121 21,676 17’737 2'078 19’630 1965....................................... 67,495 24'267 19'355 2^096 21 '777 1966........................................ 72,805 26^373 21,361 2,060 23*011 i967....................................... 77’,973 26*985 24,293 2^096 24*599 1967—Sept............................. 6,689 6,440 2,280 2,201 2,106 2,046 178 177 2,125 2,016 Oct.............................. 6,631 6.728 2,301 2,414 2,093 2^087 170 174 2’067 2,053 Nov............................. 6,614 6,575 2,240 2,242 2,105 2,077 177 176 2,092 2,080 Dec.............................. 6,652 6’563 2’250 2,114 2,167 2 J00 167 158 2’068 2’191 1968—jan............................... 6,691 6,842 2,302 2,314 2,088 2,223 183 185 2,118 2,120 Feb.............................. 6,679 6,512 2,308 2,225 2,110 2,166 170 163 2'091 1 ,'958 Mar............................ 6,814 6'846 2,330 2,346 2,173 2,233 182 179 2,129 2,088 Apr............................. 6’, 800 6^930 2^339 2 303 2’159 2J70 173 177 2', 129 2,180 May............................ 6,869 6’958 2’343 2,401 2,159 2,183 180 182 2'187 2,192 June............................ 6,884 6’600 2’337 2,227 2,183 2,079 169 165 2’195 2,129 July............................. 7'001 7,261 2'405 2’507 2’185 2,216 177 184 2^234 2,354 Aug............................. 6,935 6’923 2'352 2'352 2'181 2’166 165 169 2'237 2,236 Sept............................. 7'334 6,845 2,529 2,374 2.318 2,169 177 172 2,310 2 J 30 Net change in credit outstanding 2 1961 ...................................... 696 —465 332 53 777 1962...................................... 4,506 ................. 2,318 ................. 746 ..............5.5.. ................. 1,388 1963........................................ 6,124 2,892 1,252 160 ................. 1,820 1964....................................... 6,384 2,759 1,736 126 1,763 1965....................................... 8,013 3,647 2,099 142 2,125 1966....................................... 6,091 2,118 2,141 76 1,756 1967....................................... 3,290 236 1,494 ...........-.2...0.. ................. 1,580 1967—Sept............................. 284 150 42 -159 128 159 -12 -1 126 151 Oct.............................. 311 184 20 -59 72 128 1 4 218 111 Nov............................. 418 457 65 -20 137 298 3 2 213 177 Dec............................. 383 1,266 56 -20 154 988 2 -17 171 315 1968—Jan.............................. 398 -479 135 -136 135 -231 -18 -53 146 -59 Feb.............................. 566 -140 211 76 140 -312 9 -25 206 121 Mar............................. 566 254 237 243 158 -93 1 -17 170 121 Apr............................ 542 764 178 386 195 110 14 13 155 255 May............................ 610 925 235 474 160 151 14 50 201 250 June............................ 632 1 ,093 237 534 181 223 11 28 203 308 July............................. 682 945 264 479 178 180 21 42 219 244 Aug............................. 853 1 ,147 327 431 251 281 22 54 253 381 Sept............................. 689 485 252 -7 179 212 16 26 242 254 1 Includes adjustments for differences in trading days. sales of instalment paper, and certain other transactions may increase 2 Net changes in credit outstanding are equal to extensions less repay- the amount of extensions and repayments without affecting the amount ments. outstanding. For back figures and description of the data, see “Consumer Credit, Note.—Estimates are based on accounting records and often include Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, financing charges. Renewals and refinancing of loans, purchases and and May 1966 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ CONSUMER CREDIT A-55 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p fi a n n a i n 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.’ N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1961........................................ 48,396 17,711 10,667 12,282 7,736 1962...................................... 55,126 20,474 11 999 13 525 9 128 1963....................................... 61,295 23,344 12,664 14 894 10,393 1964........................................ 67,505 25'950 14,020 16,251 11,284 1965........................................ 75,508 29^738 15,075 18 120 12,575 1966........................................ 78,896 31 J14 14,951 18,986 13,845 1967........................................ 81,263 32', 314 14,675 19 633 14,641 1967—Sept............................. 6.973 6.590 2,828 2,636 1,206 1,142 1 ,675 1 588 1,264 1,224 Oct................ 6,942 6,912 2,767 2,769 1 ,263 1 ’,284 1 686 1 606 1,226 1,253 Nov............................. 7.032 7,032 2,785 2,633 1,283 1 J 283 1 ^698 11707 1,266 1,409 Dec.............................. 7^035 7,829 2,814 2,'650 1,275 1,376 1 ,656 1,837 1,290 1 ^966 1968—Jan.............................. 7,089 6,363 2,884 2,710 1,264 1,141 1 ,668 1 463 1,273 1,049 Feb.............................. 7’245 6,372 2,967 2,725 1,309 1 157 1 732 1,535 1,237 ’955 Mar............................. 7’380 7,100 3,038 2,962 1 ,329 1 J 289 1 ,733 1 ,’680 1,280 1,169 Apr............................. 7^342 7,694 3,036 3,323 1 ,289 1 ’,336 1 ,708 1 ^795 1'309 1 ^240 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 3,157 1,292 1,350 1 ’846 I ,923 1’311 1 ,263 July............................. 7,683 8,206 3,149 3’479 1,393 1,504 1 ’844 1,970 1 ’297 1 253 Aug............................. 7,788 8,070 3,222 3,382 1,394 1 ,443 1 ,857 1 '948 1'315 1 '297 Sept............................. 8,023 7,330 3^404 3,078 1 ,375 1 ,264 1 ,881 1,726 1^363 1 ,262 Repayments 1961....................................... 47,700 18,294 10,943 11,715 6,749 1962........................ 50,620 18,468 11,434 12,593 8,125 1963........................................ 55,171 20,326 12,211 13,618 9,016 1964....................................... 61,121 22,971 13'161 14,825 10,164 1965. ............................ 67,495 25,663 13,699 16,443 11,690 1966....................................... 72,805 28,132 14,153 17,474 13,046 1967........................................ 77,973 30'477 14 760 18,677 14,059 1967—Sept............................. 6,689 6,440 2,616 2,535 1,252 1,196 1,615 1,532 1,206 I ,177 Oct................. 6,631 6,728 2,600 2,683 1,249 1,287 1 ’573 1,552 F209 1,206 Nov............................. 6,614 6,575 2,579 2,537 1,263 1,259 1,572 1,577 1.200 1,202 Dec.............................. 6,652 6,563 2,640 2,477 1'246 1,247 1,527 1'629 1,239 1 ^210 1968—Jan............................. 6,691 6,842 2,624 2,685 1.245 1 ,217 1,607 1 ,609 1 ,215 1,331 Feb............................ 6,679 6,512 2,665 2,587 1,225 1,226 1,580 I ,465 1,209 1,234 Mar............................. 6,814 6,846 2,720 2,706 1,232 1 ,295 1,607 1,575 1 '255 1,270 Apr.............................. 6,800 6,930 2,750 2,826 1 ,206 1 '246 1 ^592 1,620 l’,252 1,238 May............................ 6,869 6,958 2,751 2,828 1,252 1 '271 1 ,637 1,633 1 '229 1 ,226 June............................ 6,884 6,600 2,759 2,627 1 ;2io 1,147 1,656 1 ,615 1 ,259 1 ,211 July............................. 7,001 7,261 2,'807 2,938 1 ,302 1 ,334 1,657 1 ,754 1,235 1 ,235 Aug............................ 6,935 6,923 2’769 2,790 1’284 I ,254 1'669 1,666 1,213 1,213 Sept,............................ 7,334 6,845 2,984 2,810 I ,363 1 ,263 1^99 1,569 1,288 1 ,203 Net change in credit outstanding 2 1961....................................... 696 335 -199 578 -20 1962....................................... 4,506 1 ,997 921 932 656 1963. ............................. 6,124 3,018 1,329 1,276 501 1964....................................... 6,384 3; 065 11239 1,426 654 1965 ....................................... 8,013 4,075 I ,376 1,677 885 1966....................................... 6,091 2,982 798 1,512 799 1967. . 3,290 1,837 -85 956 582 1967—Sept............................. 284 150 212 101 -46 -54 60 56 58 47 Oct............................... 311 184 167 86 14 -3 113 54 17 47 Nov....................... ■. 418 457 206 96 20 24 126 130 66 207 Dec.......................... 383 1,266 174 173 29 129 129 208 51 756 1968—Jan,. ........................... 398 -479 260 25 19 -76 61 -146 58 -282 Feb............................ 566 -140 302 138 84 -69 152 70 28 -279 Mar........................ ■ • 566 254 318 256 97 -6 126 105 25 -101 Apr.............................. 542 764 286 497 83 90 116 175 57 2 May............................ 610 925 340 542 62 102 172 255 36 26 632 1,093 308 530 82 203 190 308 52 52 July............................. 682 945 342 541 91 170 187 216 62 18 Aug,............................ 853 1,147 453 592 110 189 188 282 102 84 Sept,......................... • 689 485 420 268 12 1 182 157 75 59 1 Includes adjustments for differences in trading days. payments for some particular holders do not equal the changes in their 2 Net changes in credit outstanding are equal to extensions less repay- outstanding credit. Such transfers do not affect total instalment credit ments, except in certain months when data for extensions and repayments extended, repaid, or outstanding. have been adjusted to eliminate duplication resulting from large transfers See also Note to previous table. of paper. In those months the differences between extensions and re- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-56 INDUSTRIAL PRODUCTION: S.A. □ NOVEMBER 1968 MARKET GROUPINGS (1957-59 = 100) 1957-59 1967 1967 1968 pro­ aver- Grouping por­ agc* tion Sept.r Oct.r Nov.r Dec.r Jan. Feb. Mar. Apr. May June Julyr Aug. Sept. Total index.................................... 100.00 158.1 156.8 157.2 159.8 162,1 161.2 162.0 163.0 162.5 164.2 165.4 165,6 163.9 164.4 Final products, total.......................... 47.35 158.3 156.9 157.0 160.1 162.1 160.8 162.0 163.5 161.7 ,63.0 164.9 164,2 164.2 164.9 Consumer goods................. 32.31 148.5 147.0 148,2 150.2 153.0 151.3 152.9 155.0 153.5 154.6 156,4 156,0 156,1 156,8 Equipment, including defense.... 15.04 179.4 178.1 176.0 181.5 181.5 181.4 181.6 181,8 179,4 181.1 183.0 181 .9 181.6 182,3 Materials.................................... 52.65 157.8 157.1 157.7 .160.1 162.0 161 .7 161 .8 162.8 163.1 165.2 166.2 166.9 163.5 164.3 Consumer goods Automotive products............................... 3.21 149. 1 142.1 145.2 152.4 170.0 164.2 162.7 173.4 168.7 178.1 180.7 180,4 177.1 175.3 Autos................................................ 1.82 145.7 133.4 135.3 144.5 175.1 163.2 158,0 172.7 166,8 182,3 183.5 183.7 182.4 177.4 Auto parts and allied products........ 1.39 153.6 153,6 158,2 162.9 163.3 165.4 168.8 174.4 171 .2 172.6 177.0 176.0 170,1 172.6 Home goods and apparel....................... 10.00 149.9 148.9 150.0 152.8 152.6 152.6 151.4 153.8 153.7 149.9 153.9 153.9 153.9 155.7 Home goods.................................... 4.59 166.0 164,4 166,4 170,8 168.3 169.1 171 .5 172.9 170.1 170.4 172.0 171.0 172,5 174,7 Appliances, TV, and radios.......... 1.81 159.6 155.9 162.9 168,4 158.7 159.3 162,6 164.8 156,8 156.7 161,2 161 .0 163.3 168.8 Appliances................................ 1.33 163.2 153.7 164,2 168,7 160.8 165.1 165.9 168.4 158.9 158.5 164.7 165,4 166.4 173,3 TV and home radios................. .47 149.2 162,0 159.2 167.6 152.7 142.7 153.1 154.8 151 .0 151 .7 151 .3 148.5 154.5 156.2 Furniture and rugs........................ 1.26 159.6 159.3 159.7 163.4 166.5 166.4 169.2 169.9 170.1 174.6 174.5 173,8 173.2 174.2 Miscellaneous home goods........... 1.52 178.9 178.9 176.1 179,6 181.3 182.9 184,0 I85.0 185.9 183,1 182.8 180,5 183.0 182.1 Apparel, knit goods, and shoes........ 5.41 136.2 135.8 136.1 137.5 139.2 136.5 137.3 I 40.3 139.9 139.5 140.8 139.4 138.2 Consumer staples..................................... 19.10 147.6 146.8 147.7 148.5 150.4 149.0 151.2 151.7 150.7 151.2 153.2 153.5 153.7 154.3 Processed foods................................ 8.43 130.0 129.6 129.3 129.5 130.4 129.5 130,6 131.3 131 .2 131 .0 132,2 132.9 132.5 132.5 Beverages and tobacco..................... 2.43 137.4 134.9 139,7 139.0 143.7 136.8 141.8 141 .7 139.4 136.6 142,9 139.6 144.7 Drugs, soap, and toiletries............. 2.97 182.7 179.8 181.6 183.1 184,3 184.2 185.9 187,5 186,1 190.0 192.0 192.6 190.6 193.2 Newspapers, magazines, and books. 1 .47 140.1 136.2 134.8 135.7 138.5 138.4 141.5 142.1 142.1 145.3 143,6 144.2 143.6 143,6 Consumer fuel and lighting.............. 3.67 168.9 171.1 172.1 174.9 177.5 176.9 179.6 179.4 177.3 177.0 180.8 180.8 181.6 Fuel oil and gasoline..................... 1.20 132.4 138.5 138.1 135.4 137.8 131.8 135.4 136.2 136.3 140.2 142.8 140.3 137.6 143.6 Residential utilities....................... 2.46 186.7 187.0 188.7 194.1 196.8 198,8 201.2 200.4 197.2 194.9 199.3 200.6 203,1 Electricity................................. 1 .72 199.9 199.5 201.4 209.1 213.0 215.4 218.4 217,3 212.5 209,0 218.0 219.0 222.0 ......... Gas............................................. .74 156.2 Equipment Business equipment.................................. 11.63 182.8 179.8 176.9 183.5 183.4 183.3 182.9 183.3 180.9 182.5 184.3 182,6 181.9 183.2 Industrial equipment................ 6.85 170.2 166.6 162.3 170.4 168.9 168.0 165.8 167,0 165.9 165.8 168.0 167.4 164.5 165.5 Commercial equipment..................... 2.42 200.9 200.3 199.0 200.9 204.7 204.2 206,1 205.4 204.4 203.6 204.5 201.0 204.2 204.8 Freight and passenger equipment. .. 1.76 215.4 210.4 209.9 222,9 228.4 226.4 230,1 227,8 220,8 231 .5 234.1 234.3 232.7 235.0 Farm equipment.............................. .61 158.7 158.5 157.5 147.2 131.2 148.3 146.4 150,6 140.3 145.1 144.2 139.6 141 .5 ......... Defense equipment.............................. 3.41 Materials Durable goods materials........... 26.73 151.9 148.6 148.6 152.4 155.1 154.9 155.4 156.7 157.1 159.4 159.7 159.7 152.9 152,6 Consumer durable............................ 3.43 143.9 131.7 130.0 143.8 159.4 162.3 162.2 160.1 154.6 163.0 166.2 167,5 153.4 164.7 Equipment.... .................................. 7.84 184.5 184.7 184.1 186,0 184.9 183.9 186.7 185.1 181.9 183.6 184,7 185,7 185.2 185.1 Construction..................................... 9.17 139.6 139.5 139.5 141.2 142.1 142.8 144.8 145.8 144,4 145.3 144.0 143.7 142.5 144.4 Metal materials n.e.c........................ 6.29 133.5 125.0 128.7 132.3 139.4 137.3 141.4 140,7 144.5 145.0 143.3 146,4 127,5 121.3 Nondurable materials............................. 25.92 163.9 166.0 167.0 168.1 169.2 168.7 168.3 169.1 169.3 171.2 172,9 174.9 174.4 176.4 Business supplies.............................. 9.11 152.9 155.0 155.0 154.7 154.7 154.1 154.1 150.1 152,0 154.5 159.3 156.9 157,4 161 .0 Containers..................................... 3.03 148.5 150.4 153.7 152.6 152.0 154.3 144.5 142.8 150.9 155,6 158.9 156.0 154.1 162.7 General business supplies............. 6.07 155.1 157.3 155.7 155.7 156.0 154.5 154.4 153.8 152.6 154.0 159.5 157.3 159.0 160.1 Nondurable materials n.e.c............... 7.40 202.2 203.0 206.7 210.8 216.2 213.5 213.9 215,7 214.9 216,4 215.8 223.8 220.9 224.8 Business fuel and power.................. 9.41 144.3 147.5 147.5 147.5 146.2 147.2 149.1 150.8 150.2 151 .7 152.8 153.9 154.2 153.3 Mineral fuels............................. 6.07 129.2 133.6 131.4 130.8 129.3 128.9 131,4 134,3 132.6 133,7 135.9 136.9 136.8 134.9 Nonresidential utilities.................. 2.86 183.3 184.4 188.7 189.3 188.9 193.4 194,4 193,6 194.6 197,0 196.4 197.6 199.4 Electricity.................................. 2.32 185.8 186.6 191.6 192.2 191.8 197,7 199,0 198.3 199.2 202.0 198.9 200,2 202,2 General industrial.................. 1 .03 182.6 185.5 186.6 187.7 188.0 192.0 193.0 191.8 195.4 197.4 193.7 195.1 197.0 Commercial and other........... 1.21 197.0 196.1 204.9 205.3 204,1 212.0 213.8 213.4 212.1 215.7 213,0 214.8 216.9 ......... Gas............................................. .54 172.4 Supplementary groups of consumer goods Automotive and home goods........... 7.80 159.0 155.3 157.7 163.2 169.0 167.0 167,9 173.1 169.5 173.6 175.6 174.8 174.4 175,0 Apparel and staples......................... 24.51 145.1 144.4 145.1 146.1 147.9 146.2 148,1 142,9 148,3 148.6 150.6 150.4 150,2 ........ For footnotes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ INDUSTRIAL PRODUCTION: S.A. A-57 INDUSTRY GROUPINGS (1957-59 = 100) 1957-59 1967 1968 Grouping p p r o o r ­ ­ a 1 v 9 e 67 r­ tion age Sept.r Oct. *’ Nov.r Dec.r Jan. Feb. Mar. Apr. May June July’’ Aug. Sept. Total index.................................... 100.00 158.1 156,8 157.2 159,8 162,1 161 .2 162.0 163.0 162,5 1 64.2 165.4 165,6 163.9 164.4 Manufacturing, total.............................. 86.45 159.7 158.1 158.5 161,3 164.1 162.7 163,6 164.6 163.7 165.8 167.1 166.9 164.9 165.6 Durable........................................ 48.07 163.7 161.0 160.7 164.1 168.1 167.2 167.6 168.2 167,2 169.8 170.8 170 3 167.0 167.6 Nondurable.................................. 38.38 154.6 154.5 155.8 157.7 159.0 157.1 158,6 160.0 159.5 160.8 162.4 162.6 162.3 163.0 Mining.............................................. 8.23 123.8 124.5 122.8 124.1 122,8 121.6 123 9 126.2 127,1 126.9 128.9 130.0 129.6 127.4 Utilities....................................... 5.32 184.9 185.6 188.7 191.5 192.6 196.7 199.0 198.0 196.5 196.1 197.7 199.0 201.1 203.0 Durable manufactures Primary and fabricated metals...... 12.32 145.3 141,7 143.3 145.8 150.3 148.3 150,8 151.7 151.2 155.7 156.2 154.4 140.9 139.8 Primary metals........................... 6.95 132,5 129.0 131 .7 134.9 140.9 136.3 139.3 140.2 143.3 148.5 148.6 1 45.6 122.9 1 19.9 Iron and steel................................ 5.45 126,8 125.6 127.7 133.3 140.9 134.2 137.8 140.8 1 34.1 146.4 148.4 146.4 113.1 106.9 Nonferrous metals and products.. 1.50 153.2 140.4 142.8 142.1 145.2 145,6 154.1 151 .3 145.5 150.4 161.2 153.6 153.7 164.2 Fabricated metal products.............. 5.37 161.9 158.1 158.2 159.8 162.4 163.9 165.7 166.6 161.4 165.0 166.0 165.8 164,2 165.6 Structural metal parts................... 2.86 158.1 156.0 156.4 158.8 160,0 159.4 160.9 162.7 156.9 159.8 161.6 1 59.2 158.3 159.8 Machinery and related products......... 27.98 177.5 174.7 173.3 177.8 181.7 181.6 181.5 182.3 179.2 181.4 183.1 183.3 183.8 184.7 Machinery....................................... 14.80 183.4 182.2 179.6 183.2 182.2 183.4 183 2 183 3 179 4 179.9 181.1 181.5 1 82.8 184.4 Nonelectrical machinery......... 8.43 183.4 182,1 177.2 180.9 179.5 180.7 1 80.6 180.2 176,6 176.9 1 77.7 177.8 179.1 180.3 Electrical machinery..................... 6.37 183.3 182,4 182.8 186.3 185.8 186.9 186,6 187.3 182.8 1 84.2 185.5 186.5 187,7 189.9 Transportation equipment........... 10.19 165,7 159.2 159.2 165.6 177,5 175.5 175.1 177.6 175.3 180.4 182.6 183.2 181 .6 180.9 Motor vehicles and parts.............. 4.68 146.5 129,4 128.6 141.4 166.9 162.2 161 .1 167.8 164,8 173,6 174.2 174,3 175.2 173.5 Aircraft and other equipment. ... 5.26 182,1 184,3 185.2 186.0 186.3 186.8 186.5 185.4 183,5 185.4 188,6 189.3 185.7 185.5 Instruments and related products... 1.71 184.8 183,1 183.2 185.4 186.3 186.7 184.7 183.8 181 .4 181 .2 181 .3 179,2 182.6 184.4 Ordnance and accessories................. 1.28 Clay, glass, and lumber.............. 4.72 130.7 129.6 131.4 132.4 137.0 132.5 130.7 128.8 138.0 137. 7 136.8 135.7 133.6 137.4 Clay’ glass, and stone products........ 2,99 138,7 138.4 139.7 139.2 143,6 140.8 137.3 131 .0 146.1 145.4 146.1 143.9 145.8 148.9 Lumber and products...................... 1 .73 116.9 114.3 117.0 120,6 125,7 118.1 119.3 125.0 123.9 122.7 122.5 121 .5 112,5 117.5 Furniture and miscellaneous......... 3.05 162.6 161,4 160.9 161,5 163.3 165.2 166.9 166.9 166.5 169.8 169.4 168,2 169.5 170.0 Furniture and fixtures..................... 1.54 167.7 166,3 166.6 167,8 170,7 171,3 173.0 173.7 174,1 178.9 177.7 175.3 177.5 178.2 Miscellaneous manufactures............. 1.51 157.3 156.4 155.0 155.1 155.7 158.9 160.7 159.9 158.8 160.6 160,9 161 .0 161 .3 161 .6 Nondurable manufactures Textiles, apparel, and leather.............. 7.60 139.4 138,8 140. 1 142.8 146.0 141.0 141.9 143.9 142.9 144.1 145.5 143.7 143.1 144.9 Textile mill products........................ 2.90 142.0 140.6 144.3 147.1 151.9 147.6 148.8 149.9 146.3 147.2 149.8 149.6 149,3 150.0 Apparel products............................. 3.59 147,6 146,8 146,2 148.6 150.9 145.2 146 4 148.5 148.9 149.6 151.3 150,4 148,6 Leather and products....................... 1.11 106.3 108.1 109.4 113.0 114.8 110.4 109.7 113.7 1 1 4.6 118.0 115.8 107.0 109.4 Paper and printing................ 8. 17 149.6 148.5 148.6 149.9 149.7 148.6 150,6 152.0 151.6 154.5 155.2 155.6 155.9 157.1 Paper and products*........................ 3.43 153.6 152.9 154.5 156.1 157,4 155.9 157 ! 159.2 159.5 161.1 162.9 164.1 162.5 165.5 Printing and publishing.................... 4.74 146. 8 145,4 144.3 145.5 144.1 143.3 1 45.9 146 8 145.8 149.8 149.6 149.5 151.1 151 .0 Newspapers................................... 1.53 134,2 135.7 1 34.0 134.4 129.9 129.9 131 4 1 33.7 1 30.8 1 34.4 134,7 1 34.7 137.7 140.9 Chemicals, petroleum, and rubber.... 11.54 190,0 192.9 195.3 197.6 199,5 197.7 200.2 201.6 200,9 203.1 205.3 207.3 206,3 207.4 Chemicals and products................. 7.58 203.8 202.8 206.4 209.2 211 .4 211.8 213.8 215 0 215,2 216.6 219.4 222.3 220.4 221.3 Industrial chemicals...................... 3.84 236.0 236.2 241.5 245.5 249.4 250.9 251 .8 252.7 256.2 255.5 258.1 264.3 261.6 Petroleum products................... 1.97 133.4 136.8 1 37.1 1 36.7 137.9 134,8 135.7 136.1 137.3 1 39.9 140.6 139.5 139.7 141.5 Rubber and plastics products........... 1.99 193.5 210.8 210.6 213.9 215.4 206.7 212.3 215.7 209.4 214.3 215.8 217.5 218.8 Foods, beverages, and tobacco............. 11.07 131.7 130.1 131.4 132.1 133.4 132.0 133,1 133.7 133.6 132.9 134.5 134.2 134.4 133.5 Foods and beverages............ 10.25 132,6 130.9 132.5 133.5 134.4 133.5 133,2 134,5 135,3 134.0 135.5 135.1 135,3 134.4 Food manufactures....................... 8.64 130.1 128.8 129.1 130.2 130.5 130.7 130.7 131.4 131.9 131.9 132.2 132,7 131.5 131 .5 Beverages....................................... 1.61 146.0 142.3 150.8 151.0 155.5 148.2 146.7 151.2 153.3 145,0 153,1 147.9 155.7 Tobacco products............................ .82 120.3 120.2 118 0 115.5 120.5 114.4 132.1 122.9 1 12.1 120.0 122,8 123.4 123.1 Mining Coal, oil, and gas..................................... 6.80 122.7 125.6 124.2 125.0 122.7 121.9 123,2 126,0 124.7 125.6 127.7 128.7 128.2 126.5 Coal’................................................ 1.16 120.4 116.6 115.3 1 17.2 119.2 113.4 1 16.8 126.0 124,4 120.4 126.7 126.6 121,8 121.2 Crude oil and natural gas................. 5.64 123.1 127 4 126.0 126.5 123.5 123.6 124.5 126.0 124.8 126.6 127.9 129.2 129.5 127.6 Oil and gas extraction................... 4.91 131.3 137,6 135.2 134.0 131 .7 132.5 134.8 136.2 134.5 136.8 138.1 139.3 140,4 138,1 Crude oil................................... 4.25 126.3 133.1 130,3 128.7 126.4 127.4 129.7 130.9 128.7 131.2 132.4 134.0 134,9 132.2 Gas and gas liquids........... 66 163,5 1 66 4 166.8 167.9 165.3 Oil and gas drilling....................... .73 67.9 585 63.4 76.1 68.0 66.5 55 0 56.7 59.1 57.7 59.1 60.7 55.9 Metal, stone, and earth minerals........ 1.43 128.9 119.3 116.4 120.1 123.3 120.3 127.0 127.4 138.3 133.5 134.3 135.8 136.2 131.5 Metal mining..................................... .61 120.3 96.2 94.1 94.6 97.1 100.0 102.8 108.7 139.9 131.4 130.8 134.1 134.5 124.9 Stone and earth minerals.................. .82 135.4 136.5 132.9 139,0 142.7 135.3 145.0 141.2 137.1 135.0 136.9 137.1 137.5 136.4 Utilities Electric......................................... 4.04 191.8 192.1 195 8 199.4 200.8 205,2 207.3 206.4 204.9 205.0 207.0 208.2 210.( G^s,................................................... 1 28 163.0 165.1 166^5 166.6 166.8 169.8 172.8 171,8 170.0 168.4 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. □ NOVEMBER 1968 MARKET GROUPINGS (1957-59 = 100) 1957-59 1967 1968 Grouping pro- 1967 p ti o o r n ­ a a v g e e r­ Sept.' Oct.' Nov,r Dec.r Jan. 1 Feb. Mar. Apr, May June Julyr Aug. Sept. Total index.................................... 100.00 158.1 161 .0 161.7 161.5 160.8 159,1 162.7 164,6 163.2 165,2 169.2 1 60.1 1 63. 1 169. 1 Final products^ total................... 47.33 158,3 163.1 162.3 161.3 161,1 159.1 162.4 164.8 160.8 162.6 168.8 159.1 162,1 171 5 Consumer goods........................... 32.31 148.5 155.7 155.7 152, 1 150.5 148.9 153.4 156.2 151,7 153.7 161.2 149,6 154.5 165*9 Equipment, including defense. ... 15.04 179.4 179.1 176.7 181.2 183.9 181,0 181.7 183,4 180.4 181.6 185.1 179.5 178.5 183.6 Materials........................................... 52.65 157.8 159.2 161.1 161.6 160.5 159.1 162 8 164.5 165.4 167.6 169.5 161 .0 164.1 167 0 Consumer goods Automotive products.............................. 3.21 149.1 i48.2 155.6 159.5 177.7 173.0 171.2 183.7 178.7 189.5 194.7 148. 4 101,0 170.5 Autos........................... 1.82 145.7 140.1 148.8 159 0 192.6 179.5 173.8 193.4 183,5 202.4 208.3 1 34.1 45.6 165 0 Auto parts and allied products........ 1.39 153.6 158.8 164.6 160.0 158.1 164.5 167,9 170.8 172,3 172,7 176.7 167.3 174.0 177^7 Home goods and apparel........... 10,00 149.9 155.0 159.7 157.9 148. 1 145.5 159.0 160,6 154.9 153.1 161.0 140.3 155,4 162, 7 Home goods.................................... 4.59 166.0 172,0 180.1 180.3 172.6 1 64.9 177.2 177.1 172.5 170.8 177.4 156.9 169.2 181 0 Appliances, TV, and radios.......... 1 .81 159.6 165.1 182.2 181,4 160.6 159.1 180.9 176.9 168.7 163.3 171 .7 139.7 150 5 174.6 Appliances................................. 1.33 163.2 160.4 180.1 178,2 163.4 168.7 187.9 185.3 180,3 167.4 180.3 149.4 146.3 175.6 TV and home radios................. .47 149.2 178.2 187.8 190.4 152.7 131 .9 161.1 153,1 135.9 151.7 147.5 112.4 162.2 171.8 Furniture and rugs........................ 1.26 159.6 163.8 168.0 169.4 172.7 162.7 167.2 167.9 165,3 168,0 174.5 165.5 177.2 179.1 Miscellaneous home goods....... 1 .52 178.9 187.0 187.7 187.9 186,7 173.8 181 2 184.8 183.1 182 0 186.4 170.2 184.8 190.3 Apparel, knit goods, and shoes........ 5.41 136.2 140.6 142.4 138.9 127.4 129.0 143.5 146.6 139.9 138.1 147.1 126.2 143,7 Consumer staples..................................... 19. ID 147.6 157.3 153.6 147.8 146.6 146.7 147.4 149.2 145.5 148. 1 155.8 154.6 163.0 166 7 Processed foods................................ 8.43 130.0 149.6 143.5 134.4 128.2 123,0 122.1 123.8 122.8 125,1 132.2 132.2 140,2 152.6 Beverages and tobacco.............. 2.43 137.4 138.3 143.8 131.8 124.3 120,1 129.8 138.5 141.0 1 46.7 163 7 146.4 156,7 Drugs, soap, and toiletries.............. 2.97 182.7 185.2 186.0 1 84.0 181.4 182.9 185.9 198.4 183.7 192.8 198.7 187.8 196.9 199.0 Newspapers,’ magazines, and books. 1.47 140.1 137.4 134.7 133.9 138.2 137.2 140.9 144,2 142,7 144.9 143.0 142.8 145,3 144.9 Consumer fuel and lighting............. 3.67 168.9 172,9 163.4 164.7 178.5 192.2 187.6 183.2 169.3 165.7 174.1 188.8 198,7 Fuel oil and gasoline.................... 1.20 132.4 138.5 134.5 134.6 141.0 137.5 139. 1 134.9 129.3 1 35.6 141.3 142.8 141 .7 143.6 Residential utilities.................... 2,46 186.7 Electricity.................................. 1.72 199.9 203.5 185,3 188,0 213.0 244.1 232.8 226.4 200.4 188.1 204.9 234.3 255,5 Gas........................................... .74 156,2 Equipment Business equipment................................ 11.63 182.8 181.1 177.3 182.2 184.9 182,1 183.0 185. 7 182.7 183.6 187.3 180. 1 178.5 184.9 Industrial equipment........................ 6.85 170.2 168.1 161.3 168.9 170.8 166.7 165.0 167.2 165.9 166.0 169.7 165.7 164.0 167 0 Commercial equipment.................... 2.42 200,9 203.3 202.4 205.9 209,2 204.4 204.7 203,6 200.5 201.2 205.1 198.2 204.2 207.9 Freight and passenger equipment. .. 1.76 215.4 212.5 215,1 218.4 226.1 22! .9 230,1 238. 1 232.9 238.4 243.5 229.6 218.7 237.3 Farm equipment............................... .61 158,7 148.6 147.9 132.6 128.0 151 .0 162.6 170,4 156.7 153.6 152.9 126.8 122.8 Defense equipment................................. 3.41 Materials Durable goods materials........................ 26.73 151.9 151.4 152,1 153.6 154.2 151.7 156.1 157.7 158.8 162.4 164. 7 155.0 152.8 156.6 Consumer durable............................ 3.43 143.9 130.4 132,0 148,1 167,4 168,0 164,6 164.9 159.2 167.9 169.5 153.3 145.7 163.1 Equipment......................................... 7.84 184.5 182.9 183,5 186.2 187,7 185.6 188.4 187.1 183.9 184.9 186.5 179.9 179.6 183.2 Construction..................................... 9.17 139.6 147.9 146.5 141.6 1 35.0 129.0 134,7 139,2 143.0 147.5 154.8 149.4 152.5 153.1 Metal materials n.e.c.................... 6.29 133,5 128,8 131.8 133.4 133.3 133.7 142.7 144.1 150.3 153.0 149.3 133,2 123.8 124.9 Nondurable materials............................. 25.92 163.9 167.2 170.4 169.8 167.0 166.7 169.7 171.5 172.2 173.0 174.4 167.2 175.7 177.8 Business supplies............................. 9.11 152.9 156,7 161.3 156.8 151 .6 149.0 150.6 152.9 156.4 1571 . 158.9 147.2 157.8 162.8 Containers..................................... 3.03 148.5 155.5 161.5 148,3 141.4 146.6 142.8 143.5 156.3 157.2 163.8 152.1 164.9 168.2 General business supplies............. 6.07 155,1 157.3 161.2 161.1 156,8 150.2 154.4 157.6 156.4 157.1 156.5 144.7 154,2 160.1 Nondurable materials n.e.c............... 7.40 202.2 203.0 210.8 215.0 211.9 212,4 218.2 220.0 221.3 221.8 222,9 211.0 220,9 224.8 Business fuel and power................... 9.41 144,3 149.0 147,5 146.8 146.4 147.9 150.1 151.2 148.9 150.1 151.2 152.2 157.6 155.4 Mineral fuels................................. 6.07 129.2 132.1 132.0 132.0 130.8 130,9 135.6 137,2 134.3 133.8 132,3 130.1 135,2 133.4 Nonresidential utilities................. 2.86 183.3 Electricity.......................... 2.32 185.8 197.2 190.2 186.3 187.8 194,4 190.8 191.8 189.8 195.3 202.9 212.2 220.7 General industrial................. 1 .03 1 82.6 1 88,3 187.0 1 87.7 186.1 191 .0 187.0 190,8 192.9 198,4 197.6 198.0 202.9 Commercial and other........... 1.21 197.0 214.1 202.0 194.0 198.0 206.7 203,1 201.9 196.2 202.1 217,3 235.2 247.3 Gas............................................ .54 172,4 Supplementary groups of consumer goods Automotive and home goods........... 7.80 J 59.0 162.2 170.0 171 .7 174.7 168,3 174.7 179,8 175,1 178.5 184,5 153.4 141.1 176,7 Apparel and staples.......................... 24,51 145.1 153.6 151.1 145,8 142.8 142.8 146.6 148,7 144,2 145.9 153,8 148.3 158.7 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ INDUSTRIAL PRODUCTION: N.S.A. A-59 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1967 1968 Grouping p p r o o r ­ ­ a 1 v 9 e 6 r 7 ­ tion age Sept.' Oct.r Nov.r Dec.' Jan. Feb. Mar. Apr. May June July' Aug. Sept. Total index.................................... 100.00 158.1 161.0 161.7 161,5 160 8 159.1 162,7 164.6 163.2 165.2 169,2 160.1 163 1 169.1 Manufacturing, total............... 86.45 159.7 162.5 163.9 163,7 162.6 160.1 164.2 166.4 165.1 167.4 171.4 160.2 162.7 170.0 Durable......................................... 48.07 163.7 163.4 164.1 167.0 169.3 166. 1 168.9 170.5 169.4 172.1 175.3 164.0 160,2 165.9 Nondurable................................... 38.38 154.6 161.5 163.5 159.5 154.3 152,5 158.3 161 ,2 159.8 161.6 166.6 155 5 165 9 170.6 Mining............................................. 8.23 123.8 125.8 125.1 124,6 122,0 120.2 123.7 125.3 127.3 128.6 128.5 127.1 130.9 129.0 Utilities............................................. 5.32 184.9 Durable manufactures Primary and fabricated metals............ 12.32 145.3 145.0 146.0 147.9 149.3 147.8 152.9 154.9 154.8 158.3 159.6 146.0 140.3 142.6 Primary metals.................................. 6.95 132.5 129.0 133.0 136,2 136 7 138.3 147.2 148.9 151.5 153,7 150.8 132.5 118.0 118.7 Iron and steel................................ 5.45 126.8 125,6 129.6 134.6 1 37 4 136.9 144.7 147.8 148.8 149,3 148.4 131 .0 108.6 105,8 Nonferrous metals and products.. 1.50 153.2 141 .4 145.5 142.1 134.2 143.1 156.4 153.0 161.3 169.7 159.7 138,2 152.2 165.3 Fabricated metal products............... 5.37 161.9 165.7 162.9 163 0 165.6 160.0 160,2 162,6 159.0 164,2 171 .0 163.3 169.1 173 5 Structural metal parts........... 2.86 158.1 162.2 161.1 161.2 161 .6 156.2 154.5 156.4 152.2 159.0 164.8 159.2 162.3 166.2 Machinery and related products..... 27.98 177.5 175.2 175.7 180.8 185.7 182.9 184.4 185.9 182.0 184.4 187.6 175.7 169.7 184.4 Machinery......................................... 14.80 183.4 182.6 181.4 185.2 184,1 182.7 185.6 185,8 182.4 182.4 185.8 175.9 177,7 185.1 Nonelectrical machinery......... 8.43 183.4 179.7 174.0 179.8 180.8 180.7 183.1 185 2 182,2 181 0 1 83.7 175.1 172.5 178.0 Electrical machinery..................... 6.37 183.3 186.4 191.3 192.3 188.3 185.3 188 8 186.6 182.6 184 1 188.5 176.9 184.7 194.3 Transportation equipment.......... 10.19 165.7 159.7 162.6 170.5 185.0 180.4 179.8 183 9 179,0 185,3 188.0 170.5 150.0 178.8 Motor vehicles and parts........ 4.68 146.5 131.6 134.8 149.1 176 1 117.1 168,6 178,1 17! 3 184.1 188.3 152.0 1 10.4 170.0 Aircraft and other equipment. . . . 5.26 182.1 183.6 186.1 188,8 192.8 188.7 189.3 188,2 184*4 184.7 186.0 184.8 182,4 184.8 Instruments and related products. .. 1 .71 184.8 185.1 185.2 186.9 188.5 184.5 183.8 182.9 178.7 179.4 183.1 177,4 184,1 186.4 Ordnance and accessories................. 1 .28 Clay, glass, and lumber......................... 4.72 130.7 138. 7 139.2 133.9 125.6 119.0 122.1 124.8 137.6 139.2 146.3 142.3 146.6 147.1 Clay, glass, and stone products........ 2.99 138.7 146.3 147.4 143,4 134.6 126.7 125.6 126.4 145.5 148.7 155,1 154.4 159.2 157.4 Lumber and products...................... 1 .73 116.9 125.7 125.2 117,6 110,0 105 7 116.3 1 21 .9 123.9 122.7 131 1 121.5 124.9 129. 3 Furniture and miscellaneous......... 3.05 162.6 167.4 169.4 169.3 167.3 158. 7 162.9 163.8 162. 2 165.9 170.4 163.7 174.4 176.3 Furniture and fixtures....................... 1 .54 167.7 171.3 172.9 172.5 177,2 167.9 171,3 171 .6 173 5 169 4 179.1 172.7 182.5 183.5 Miscellaneous manufactures............. 1.51 157.3 163.4 165.8 166.0 157.3 149.4 154.3 155.9 154.8 158.2 161.7 154.6 166, 1 168.9 Nondurable manufactures Textiles, apparel, and leather............. 7.60 139.4 142.3 146.7 144.6 136.3 137.9 149.7 152.4 145.8 144.3 151.1 129.0 146.7 149.3 Textile mill products......................... 2.90 142.0 143.4 151 5 150,8 144,3 146.9 152.5 155 1 149,2 151 .6 156.2 136.6 152.3 154.6 Apparel products, ............................ 3.59 147.6 151 .6 153 5 150.1 138 8 139.4 157,4 160.4 153,4 148.9 158.2 133,1 151.6 Leather and products................... 1.11 106,3 109.7 112.1 110.7 107.1 109.8 117.3 119.4 112.3 110 9 115.2 96.3 116.5 Paper and printing.................................. 8.17 149.6 150.5 156.3 153.1 146.3 146.3 151.2 155.4 156.0 156.4 156.3 146.3 155.1 159.2 Paper and products............... 3.43 153.6 155.2 166.5 156.9 144.8 155.1 161.0 164.0 165.9 163.5 166.6 151 .0 164.1 168.0 Printing and publishing.................... 4.74 146.8 147.2 149.0 150.3 147.3 139.9 144.2 149.2 148. 8 151 .2 148.8 142.9 148.6 152.9 Newspapers........................... 1.53 134.2 135 .0 143.8 147.8 133.1 119.5 126.1 137.0 139.3 143.3 135.4 117.2 128.8 140.2 Chemicals, petroleum, and rubber.... 11.54 190.0 196.1 199.0 198.2 196.4 195.1 201.9 203.7 203.5 206.8 210.5 199.1 207.6 212.4 Chemicals and products................... 7.58 203.8 206.1 208.7 211.1 209.5 208.2 215.4 217 .7 218.9 222.0 224.2 214,6 222.2 225.4 Industrial chemicals,......... 3.84 236.0 238.6 244.0 251 6 251 .9 247.1 255.6 255 2 261 3 260.7 259.4 253.7 260.3 Petroleum products................... 1.97 133.4 142.3 138.5 134.9 134.6 130.8 133.0 131 .3 131.8 139.9 144.8 146.9 147.1 147.2 Rubber and plastics products........... 1.99 193.5 211 .4 222.2 21 1,8 207.9 208.8 218.7 222.4 215.9 215.4 223.4 191.4 212.2 Foods, beverages, and tobacco....... 11.07 131.7 146.6 143.5 134.1 127.6 122. 7 124.2 J27.2 126.8 130.0 139. 1 135.1 143.4 150.1 Foods and beverages........................ 10.25 132.6 148.3 144.6 135.4 130.0 123.5 123.6 127,7 128.0 130.5 139.7 137.2 144.2 151.9 Food manufactures....................... 8.64 130.1 148.9 143.3 134.8 128.5 123.5 122.6 124,0 122.9 125.3 132.2 131.9 139.7 151.7 Beverages....................................... 1.61 146.0 145.1 151.6 138.9 137.6 123.6 129,1 147.4 1 55.8 158.1 180.1 165.3 168.6 Tobacco products............................ .82 120.3 124.9 128,5 117.8 98.1 113.1 131.4 121 J 111.9 124.3 131.4 109.2 133.2 Mining Coal, oil, and gas. .................................. 6.80 122.7 124.6 124.9 126.0 124.1 123.8 126.9 128.2 125.9 125.4 124.4 122.7 127.1 125.5 Coal’... \...\............................. 1.16 120.4 123.4 125.7 122.0 117.1 111.1 118.2 127.0 125.3 121.6 118.3 105.2 128.1 128.2 Crude oil and natural gas......... 5.64 123.1 124,8 124.7 126.8 125.6 126.4 128,7 128.5 126.0 126.2 125.6 126.3 126.9 125.0 Oil and gas extraction................... 4.91 131.3 134.1 133.5 134.4 134.1 135.6 139.8 139.5 136.4 136,6 135.7 136.0 136.9 134.6 Crude oil................................... 4.25 126.3 130,4 129.0 128.7 127.7 129.3 133.6 133.5 130.8 131.9 131.1 131.3 132,2 129.6 Gas and gas liquids,................. .66 163.5 Oil and gas drilling....................... .73 67.9 62.1 65.0 75.7 67.9 64.5 54.2 53.7 65.0 55.7 57.9 61.1 59.4 Metal, stone, and earth minerals......... 1.43 128.9 131.7 126.4 118.1 111.8 103.2 108.4 111.6 134.1 143.7 148.4 147.7 149.1 145.5 Metal mining.................................... .61 120.3 108.7 100.7 88.0 87.4 88.0 92.5 96.7 130. 1 144.5 147.8 143.5 145.3 141.1 Stone and earth minerals................. .82 135.4 148.8 145.5 140.4 129.9 114.5 120.2 122.6 137.1 143,1 148.8 150.9 151.9 148.7 Utilities Electric............................................ 4.04 191.8 199.9 188.1 187.0 198.5 215.6 208.7 206.6 194.3 192.3 203.7 221.6 235.5 Ggs.................................................... 1.28 163.0 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-60 BUSINESS ACTIVITY; CONSTRUCTION n NOVEMBER 1968 SELECTED BUSINESS INDEXES (1957-59 = 100, unless otherwise noted) Industrial production ” Manu­ Prices 4 facturing 2 Ca­ Nonag- Period Total M F a in jo a r l m pr a o r d k u e c t ts groupin M g a s te­ Ma g j r o o r u i p n i d ng u s stry i u p n ( t c t a p i i e o m l c e i n n z i r f t t a g y ) ­ . s C t t c t i r r o o a o u n n c n c ­ t ­ ­ T m r o p t i e u c e l t o m a u r n a y l l t ­ - — l ­ 1 m p E l m e o n y ­ t - P ro a l y ls ­ T s re a o t le a ta s il l 3 s C u o m n e ­ r W m c s o o h a m l o d e l i ­ e ty ­ Total g C s o u o o m n d e s ­ r E m q e u n ip t ­ rials Mfg. M in i g n­ U itie ti s l­ 1951 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 94.0 63 91.1 106.1 80.2 76 90.5 96.7 1952 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 91,3 67 93.0 106.1 84.5 79 92.5 94.0 1953 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 94.2 70 95.6 111.6 93.6 83 93.2 92.7 1954 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 83.5 76 93.3 101.8 85.4 82 93.6 92.9 1955 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 90.0 91 96.5 105.5 94.8 89 93.3 93.2 1956 99.9 98.1 95.5 103,7 101.6 100.2 104.8 87.9 87.7 92 99.8 106.7 100,2 92 94.7 96.2 1957 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 83.6 93 100.7 104.7 101.4 97 98.0 99.0 1958 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 74.0 102 97.8 95.2 93.5 98 100.7 100.4 1959 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 81.5 105 101.5 100.1 105.1 105 101.5 100.6 1960 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 80.6 105 103.3 99.9 106.7 106 103.1 100.7 1961 109.7 111.2 112.6 108,3 108.4 109.6 102.6 122.3 78.5 108 102.9 95.9 105.4 107 104.2 100.3 1962 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 82.1 120 105.9 99.1 113.8 115 105.4 100.6 1963. 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 83.3 132 108.0 99.7 117.9 120 106.7 100.3 1964. 132.3 131.8 131.7 132.0 132.8 133,1 111.5 151.3 85.7 137 111.1 101.5 124.3 127 108.1 100.5 1965. 143.4 142.5 140.3 147.0 144.2 145.0 114.8 160.9 88.5 143 115.8 106.7 136.6 138 109.9 102.5 1966 156,3 155,5 147.5 172.6 157.0 158.6 120.5 173.9 90.5 145 121.9 113.5 151.7 148 113.1 105.9 1967.................... 158.1 158.3 148.5 179.4 157.8 159.7 123.8 184.9 85.3 153 125.7 1 13.5 155.0 153 116.3 106.1 1967--Sept...... 156.8 156.9 147.0 178.1 157.1 158. 1 124.5 185.6 •^84.3 168 125.9 112.1 155.4 ’157 117,1 106.2 Oct........... 157.2 157,0 148.2 176.0 157.7 158.5 122.8 188.7 | 84.7 171 126.2 112.2 155.2 153 1 17.5 106.1 Nov...... 159.8 160.1 150.2 181 .5 160.1 161.3 124. 1 191.5 168 127.1 113.8 158.9 154 117.8 106.2 Dec.......... 162.1 162.1 153.0 181.5 162.0 164.1 122.8 192.6 166 127.7 114.3 161.2 H54 118.2 106.8 1968-—Jan........... 161.2 160.8 151.3 181.4 161.7 162.7 121,6 195.9 | >'84.9 166 127.7 114.4 161.2 158 118.6 107.2 Feb........... 162.0 162.0 152.9 181.6 161.8 163.6 123,9 197.5 152 128.7 114.3 (62.8 H61 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 ’165 119.5 108.2 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......... 164.2 163.0 154.6 181.1 165,2 165.8 126,9 196.1 ' >'84.8 172 129.1 114.7 166.1 H65 120.3 108.5 June......... 165.4 164.9 156.4 183,0 166,2 167.1 128,9 197.7 160 129.5 115.3 167.7 M67 120.9 108.7 July.......... 165.6 164.2 156.0 181.9 166.9 166.9 130.0 199.0 187 129.8 115.2 167.2 H69 121.5 109.1 Aug.......... 163.9 164.2 156.1 181.6 163.5 164.9 129.6 201.1 83.6 192 130,1 ’114.9 '167.8 M70 121.9 108.7 Sept.......... 164.4 164.9 156,8 182,3 164,3 165.6 127.4 203.0 183 H30.2 '114.9 M71 . 1 169 122,2 109.1 Oct."........ 165.0 165.8 157.9 182.8 163.9 166.8 121.8 202.2 .....1..3..0...5 115,3 171.6 168 ........... 109.1 1 Employees only; excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential. 2 Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 3 F.R. index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; 4 Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. 5 Figure is for 3rd quarter 1967. Prices: Bureau of Labor Statistics data, 6 1967 revised. Capacity utilization: Based on data from Federal Reserve, McGraw- Note.—Data are seasonally adjusted unless otherwise noted. Hill Economics Department, and Department of Commerce. Construction contracts: F. W. Dodge Co. monthly index of dollar CONSTRUCTION CONTRACTS (In millions of dollars) 1967 1968 Type of ownership and 1966 1967 type of construction Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total construction 1........................ 50,150 52,895 >4,838 5,053 4,258 3,996 3,714 3,704 5,417 4,878 6,170 5,589 5,956 6,318 5,170 By type of ownership: Public,......................................... 18,152 19,039 1,677 1,526 1 ,435 1,507 1,300 1 ,041 J ,698 J ,554 2,036 1,860 2,256 ) ,924 Private i....................................... 3G998 33,856’3,160 3327 2,823 2,490 2^14 2,664 3,719 3; 324 4,135 3,730 3; 700 4,394 By type of construction: Residential building1................... 17,827 19,536’1 ,883 1 ,887 1,717 1,404 1,462 1 ,495 2,220 2,312 2,543 2,243 2,287 2,295 2,125 Nonresidential building............... 19,393 20,139 1 '786 1 ,874 1'585 1,550 1,347 1 ,251 M35 1,522 2,227 2,030 2,414 2,128 I ,815 Nonbuilding................................ 12,930 13,220 1,169 1 ,'292 '956 1,042 905 958 1,362 1,044 1,400 1,316 1,255 1 ,895 1.230 1 Because of improved collection procedures, data for 1-family homes Note.—Dollar value of total contracts as reported by the F. W. Dodge beginning Jan. 1968 are not strictly comparable with those for earlier Co. does not include data for Alaska or Hawaii. Totals of monthly periods. To improve comparability, earlier levels may be raised by ap­ data exceed annual totals because adjustments—negative—are made to proximately 3 per cent for total and private construction, in each case accumulated monthly data after original figures have been published. and by 8 per cent for residential building. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ CONSTRUCTION A-61 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Period Total Total d N f e r a e n o r s m t n i i ­ a ­ l Total Indus­ Bu C il o d m in ­ gs Other Other Total M ta i r l y i­ H w ig a h y ­ d C v e m o a v n & t e e i s o n l e o n t r p ­ ­ Other 2 trial mercial b in u g i s ld 1 ­ 19593........................... 55,305 39,235 24,251 14,984 2,106 3,930 2,823 6,125 16,070 1,465 5,761 1,121 7,723 1960............................. 53,941 38 078 21,706 16,372 2,851 4,180 3,118 6,223 15,863 1,366 5,437 1,175 7,885 1961............................. 55^447 38 299 21’680 16,619 2,780 4,674 3,280 5,885 17,148 1,371 5,854 1 ,384 8,539 19624........................... 59^667 41 798 24,292 17,506 2,842 5,144 3,631 5,889 17,869 1,266 6,365 1,524 8,714 19635........................... 63,423 44 057 26,187 17,870 2,906 4,995 3,745 6,224 19,366 1,189 7,084 1 ,690 9,403 1964............................. 66,200 45 810 26,258 19,552 3,565 5,396 3,994 6,597 20,390 938 7,133 1,729 10,590 1965............................. 72^319 50 253 26,268 23,985 5,118 6,739 4,735 7,393 22,066 852 7,550 2,019 11,645 1966.............................. 75 J20 51’120 23,971 27,149 6,679 6,879 5,037 8,554 24,000 769 8,355 2,195 12,681 1967.............................. 76,160 50 587 23/736 26,851 6,131 6,982 4,993 8,745 25,573 721 8,538 2,196 14,118 1967—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.................... 82,873 55,316 c26,988 28,328 6,330 7,721 5,274 9,003 27,557 862 9,346 2,117 15,232 Feb................... 83,884 55’380 26,754 28,626 5,740 8,328 5,417 9,141 28,504 859 9,839 2,304 15,502 Mar.................. 83,572 56,055 27 ,'698 28.357 5,528 8,258 5,412 9,159 27,517 734 9,151 2,197 15,435 Apr................... 84'579 56,683 28'600 28,083 5,484 8,512 5,100 8,987 27,896 708 9,777 2,085 15,326 May.................. 84,651 56,’204 28,572 27,632 5,275 8,111 5,121 9,125 28,447 767 9,895 2,054 15,731 June................. 82,478 54,454 27'660 26,794 4,852 8,122 4,678 9,142 28 ,024 660 July................... 82,698 54,658 27'440 27,218 4,752 8,272 4,623 9,571 28 ,040 679 Aug................... 85,114 56,497 28'140 28,357 5,575 8,641 4,772 9,369 28,617 Sept?’............... 85,519 56,761 29,141 27,620 5,383 8,060 4,735 9,442 28,758 1 Includes religious, educational, hospital, institutional, and other build­ 5 Beginning 1963, reflects inclusion of new series under “Public” (for ings. , State and local govt, activity only). 2 Sewer and water, formerly shown separately, now included in “Other.” 3 Beginning with 1959, includes data for Alaska and Hawaii. 4 Beginning July 1962, reflects inclusion of new series affecting most Note,—Monthly data are at seasonally adjusted annual rates. Figures private nonresidential groups. for period shown are Census Bureau estimates. NEW HOUSING STARTS (In thousands of units) Annual rate, By area By type of ownership , S.A. Government, (private only) underwritten Period Total Non­ Private p M o e li t t r a o n ­ metro­ Public Total N fa o rm n­ politan Total fam 1- ily fa 2 m - ily M fam ul i t ly i­ Total FHA VA 1959 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 1960. 1,296 889 407 1,252 995 44 213 44 336 261 75 1961 11365 948 417 1,313 974 44 295 52 328 244 83 1962. 11492 1,054 439 1,463 991 49 422 30 339 261 78 1963 11642 1,152 490 1,610 1 ,021 53 536 32 292 221 71 1,562 1,093 470 1,529 972 54 505 32 264 205 59 1965............................. 1310 1,035 475 1,473 964 51 458 37 246 197 49 ............................. l',196 808 388 1,165 779 35 351 31 195 158 37 1967. 1,322 920 402 1,292 844 41 406 30 232 180 53 1967-—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.................. 1,590 1,567 120 85 35 118 69 3 46 2 20 15 4 Dec................... 1,250 1,235 83 64 20 80 47 3 30 3 19 16 4 1968-—Jan.................... 1,456 1,430 83 64 19 81 45 3 33 2 17 14 3 Feb................... 1 ,537 1,499 87 62 26 85 55 3 26 3 21 17 4 Mar............ 1 ,511 1,479 129 92 37 127 79 4 43 2 24 20 5 Apr., 1 '591 1,562 165 119 47 162 98 4 60 3 28 23 5 May.......... 1 '364 1,345 145 101 44 141 87 4 50 4 26 20 6 June <......... 1 '365 1 348 143 104 39 138 81 5 51 5 25 20 5 July................. 1 ’,531 1,507 143 101 42 140 86 4 50 3 24 19 5 Aug................. T1 314 i’l ,492 ”141 101 40 5’136 82 4 51 >’4 26 21 5 Sept................... i’l ,598 1’1,576 i’140 103 37 i’I35 79 4 52 3*6 23 18 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-62 EMPLOYMENT □ NOVEMBER 1968 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 S u la t . i A o ti . o n n a l la N b N o o t . r S i n . f A o t r . h c e e l f a S o b r .A c o e . r Total Employed 1 Unem­ (pe m ra r e t c e n e 2 t n t) Total In c n u o ltu na ra g l r i- In ployed S.A. agriculture industries 1962.......................... 122,981 49,539 73,442 70,614 66,702 61 759 4 944 3 911 5 5 1963.......................... 125,154 50,583 74371 71333 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 52 1965.......................... 129^236 52,058 77,178 74,455 71,088 66,726 4 361 3 366 4*5 1966.......................... 131,180 52^288 78,893 75J770 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 19673-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 7 5’,577 71 361 4 216 2 896 3.7 1968—Jan................ 134,576 54,765 81 ,386 77,923 75,167 71,164 4 003 2,756 3.5 Feb................ 134 ,'744 53,876 82,138 78,672 75 ,’731 71 ,’604 4,127 2,941 3.7 Mar............... 134,904 53,965 82,150 78,658 75,802 71 788 4 014 2 856 3.6 Apr................ 135,059 53,919 811849 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 Aug......... 135,839 52,047 82379 78,690 75,'929 72 ,’196 3,733 2,761 3.5 Sept............... 136^036 53^900 8 2 ,’422 78,831 751957 72355 3,602 2,874 3.6 Oct................. 136,221 53,744 82^407 78,804 75,952 72,471 3,481 2,852 3.6 1 Includes self-employed, unpaid family, and domestic service workers. Note.—Bureau of Labor Statistics. Information relating to persons 16 2 Per cent of civilian labor force. years of age and over is obtained on a sample basis. Monthly data relate 3 Beginning Jan. 1967 data not strictly comparable with previous data. to the calendar week that contains the 12th day; annual data are averages Description of changes available from Bureau of Labor Statistics. of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Contract Transporta­ Period Total M t a u n ri u n f g ac­ Mining con ti s o t n ruc­ ti l o ic n u & til i p tie u s b­ Trade Finance Service G m ov e e n r t n­ 1962........................................................ 55,596 16,853 650 2,902 3 ,906 11 ,566 2,800 8,028 8,890 1963........................................................ 56,702 16,995 635 2'963 3’903 11,778 2^877 8,325 9,225 1964........................................................ 58 332 17,274 634 3 '050 3,951 12,160 2’957 8 '709 9396 1965....................................................... 60 832 18,062 632 3,186 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 10,871 1967........................................................ 66,030 19,434 616 3,203 4; 271 13’,61 3 3,217 10,060 11,616 SEASONALLY ADJUSTED 1967—Oct............................................... 66,286 19,302 603 3,184 4,267 13,729 3.261 10,171 1 1 ,769 Nov............................................ 66,778 19^518 603 3,214 4397 13,791 3,273 10,270 11 ,812 Dec.......................... 67,060 19,593 603 3*275 4,302 13’793 3'289 10^316 11,889 1968—Jan.............................................. 67,058 19,612 604 3,107 4,317 13,818 3,291 10,331 11,978 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 12’053 Apr. ................................... 67,755 19 657 632 3313 4',331 14 309 3'323 10,402 12,088 May............................................. 67,792 19,693 631 3345 4,281 14’049 3'334 10'425 12,134 June........................................... 68,039 19,777 632 3'174 4*336 14,086 3'335 10’,467 12332 July........................................... 68,170 19,776 638 3,'189 4'346 14'117 3’350 10'498 12,256 Aug..................................... 68,314 19,748 638 3’195 4,358 14'181 3,376 10'548 12,270 Sept.5’......................................... 68,389 19,754 637 3'246 4,372 14,222 3,385 10,546 12,227 Oct.7’........................................... 68,525 19'806 592 3,261 4’368 14,269 3.398 10 369 12,262 NOT SEASONALLY ADJUSTED 1967—Oct.............................................. 66,858 19,491 605 3,391 4,293 (3,757 3,254 10,191 11,876 Nov.. 67’397 19,660 605 3,307 4,318 14,017 3,260 10,219 12,011 Dec.............................................. 67’903 19,609 602 3,134 4,311 14,618 3,269 10,223 12,137 1968—Jan.............................................. 66,017 19,398 590 2,771 4,252 13,602 3,252 10.124 12,028 Feb.............................................. 66,393 (9,425 591 2,893 4,264 13,585 3,271 10,228 12,136 Mar................................... 66'713 19'447 594 2,967 4,276 (3,658 3,288 (0,290 12,193 Apr............................................. 67,422 19,507 626 3 J 57 4,296 13,910 3,310 10,402 12,214 May............................................. 67'724 19369 631 3 355 4,268 13,959 3.327 10’488 12,227 68'724 19,897 647 3,387 4,375 14,139 3,365 10,634 12380 July............................................. 68;327 19,729 652 3'498 4,394 14,112 3 307 10,687 11,848 Aug............................. 68,508 19,884 653 3,553 4,410 (4,141 3,430 10,675 11,762 Sept.’’.......................................... 68'927 20,019 644 3,509 4,424 14,208 3,395 10,588 12,(40 Oct.”........................................... 69,116 20,000 594 3,473 4,394 14,299 3,391 10,590 12,375 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

NOVEMBER 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 Oct. Aug. Sept.’’ Oct.» Oct. Aug. Sept.” Oct.” Total.............................................................................. 14,138 14,474 14,479 14,524 14,327 14,561 14,740 14,719 Durable goods................................................................ 8 174 Q TOO 8 407 8 438 o OIK 2 4R5 r Km Ordnance and accessories...................................... ”'185 200 198 j yy 7AA Lumber and wood products................................. 517 5 1 8 517 517 525 <Q7 525 Furniture and fixtures........................................... 374 393 394 393 379 TOO Stone, clay, and glass products........................... 497 518 515 519 505 STR 531 577 Primary metal industries....................................... 1 023 1 023 1 000 1 007 1 OO6 1 029 1 008 991 Fabricated metal products................................... 1 034 1 066 1 074 1 *089 1 *040 1 *084 1 005 Machinery.............................................................. 1 ’325 1 331 1 32,8 1 332 1 *312 1 319 1 *321 1 318 Electrical equipment and supplies.............. 1 *294 1*313 1 316 1 *308 I *310 1 *306 1 *325 1 *333 Transportation equipment.................................... 1315 1415 1 438 1 457 1 327 1 *275 1 *447 J 470 Instruments and related products......................... ’277 278 277 *270 *278 *279 ' *270 280 Miscellaneous manufacturing industries......... 333 344 341 338 358 357 360 364 Nondurable goods.......................................................... 5 964 6 075 6 072 6 086 6 091 6 255 6 255 6 216 Food and kindred products................................ 1*186 1’187 1 ’ 182 1*191 1 *270 1310 1'310 I * 276 Tobacco manufactures.......................................... ’ 74 * 77 ’ 75 * 70 * 89 ’ 83 90 85 Textile-mill products.......................................... 851 878 874 874 858 885 881 881 Apparel and related products............................... 1 235 1 245 1 253 1 257 1 249 1 266 1 269 I 272 Paper and allied products........................... *529 *545 *543 *543 ’531 *551 *550 545 Printing, publishing, and allied industries........... 660 666 667 669 663 666 669 672 Chemicals and allied products............................ 600 614 615 617 596 620 616 614 Petroleum refining and related industries............ 116 118 118 117 117 122 121 118 Rubber and misc. plastic products......................... 410 438 438 441 415 438 441 446 Leather and leather products................................ 303 307 307 307 303 314 308 307 Note.—Bureau of Labor Statistics; data cover production and related workers only (full- and part-time) who worked during, or received pay for the pay period that includes the 12th of the month. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked Average weekly earnings Average hourly earnings (per week; S.A.) (dollars per hour; N.S.A.) (dollars per week; N.S.A.) Industry group 1967 1968 1967 1968 1967 1968 Oct. Aug, Sept.1’ Oct.” Oct. Aug. Sept.1’ Oct.” Oct. Aug. Sept.” Oct.” Total.................................................................. 40.7 40.7 41.1 41.0 116.28 121.69 125.25 125.36 2,85 2,99 3.04 3.05 Durable goods................................................... 41,2 41.1 41.7 41.6 125.44 130.29 135.01 135.43 3.03 3,17 3.23 3.24 Ordnance and accessories......................... 41 7 41 6 42 1 41 6 134 08 1 34 05 138 51 I 37 52 3.20 3 21 3 29 3 79 Lumber and wood products..................... 40J 40'7 4L0 40’9 98^25 107 .'12 108.36 107 .*94 2.42 2,60 2*63 2^62 Furniture and fixtures............................... 40 4 40 6 40 8 40 7 97 82 101 76 10^ 91 104 13 2 38 2 47 2 51 2 52 Stone, clay, and glass products............... 41 7 4^'9 42*1 42 1 12OR3 128 05 J 30 05 130*05 2 87 3 02 3 06 3 06 Primary metal industries........................... 41 * 3 40” 2 4I 3 41 6 1 37 50 142*36 149*09 148* 78 3'37 3* 55 1 61 3*62 Fabricated metal products........................ 41 "4 41 7 42 1 42 3 124 38 132 09 1 36 85 1 36 85 2 99 3 16 3*2? 3 22 Machinery................................................ 42^2 41 9 47 4 47 3 135'RR 139*44 143 R7 144*67 3 22 3 36 3 40 3 42 Electrical equipment and supplies............. 40 3 405 40 8 40 3 113 81 118*37 120 77 119 88 2 81 7 91 2 96 2 96 Transportation equipment........................ 41'7 4L9 42^7 42*4 146^86 150^70 159*59 159^59 3^48 3^64 3^72 3.72 Instruments and related products............. 41 2 40 5 40 6 40 7 119.23 121.20 123 22 123 93 2 88 3 00 3 02 3.03 Miscellaneous manufacturing industries... 39^4 39.2 39.7 39.5 93.93 97.71 99^50 100.15 2,36 2.48 2.50 2.51 Nondurable goods............................................. 39 7 39.9 40.1 39 9 104.14 110 55 112 03 111 48 2 61 2.75 2.78 2.78 Food and kindred products...................... 407 41.1 40 9 40 8 107 98 114 96 116 48 115 21 2 64 2.77 2.80 2.81 Tobacco manufactures.............................. 390 38.9 38.4 37.6 86.05 95.55 93.30 92.43 2.13 2.45 2.35 2,37 Textile-mill products................................ 41 2 41.1 41.7 41.1 88.19 92,51 94,24 94,21 2.12 2.24 2.26 2.27 Apparel and related products................... 35 9 36.0 36.5 36.5 73.95 81.40 82.26 82.49 2.06 2.23 2,26 2,26 Paper and allied products......................... 42 8 42.9 43 3 43.1 125.85 133.06 135.91 134.54 2.92 3.08 3.11 3,10 Printing, publishing, and allied industries. 38.1 38.4 38.5 38.6 127.25 135.49 137,74 137.03 3.34 3.51 3.55 3.55 Chemicals and allied products................. 41 .5 41 .7 42.0 41 .9 130.73 136.45 138.60 138,69 3.15 3.28 3.30 3.31 Petroleum refining and related industries . 42.8 42.1 42.4 42.7 154.44 157.78 162.11 159.22 3.60 3.73 3.77 3,72 Rubber and misc. plastic products........... 41 .8 41.4 41.6 41 .7 119.99 122.30 125.04 125.16 2.85 2.94 2.97 2,98 Leather and leather products.................... 38.7 37.8 38.3 38,4 80.43 85.41 85.05 85.88 2.10 2.23 2.25 2.26 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 □ NOVEMBER 1968 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period ite A m H s Food Total Rent H ow om ne e r - ­ F a o u n i e d l l e G a l n e a d c s ­ n F i a n is u n g h d r s ­ ­ A u 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 ic e a d l ­ s P o e n r a ­ l R a i e n n a g d d ­ g O a o t n o h d d e s r ship coal tricity opera­ care care recrea­ serv­ tion tion ices 1929......................... 59.7 55.6 85.4 1933......................... 45.1 35.3 60.8 1941......................... 51,3 44,2 61.4 64.3 45.2 88.3 51,2 50.6 47.6 57,3 58,2 1945......................... 62.7 58.4 67.5 66.1 53.6 86.4 55.4 57.5 63.6 75’0 67’3 1958......................... 100.7 101.9 100.2 100.1 100.4 99.0 100,3 99.9 99.8 99.7 100.3 100.1 100.4 100.8 99.8 1959......................... 101.5 100,3 101.3 101.6 101.4 100.2 102.8 100.7 100.6 103.8 102.8 104.4 102.4 102.4 101.8 1960........................ 103.1 101.4 103.1 103,1 103.7 99.5 107.0 101.5 102.2 103.8 105.4 108.1 104.1 104.9 103,8 1961........................ 104.2 102.6 103.9 104,4 104.4 101.6 107.9 101.4 103.0 105.0 107.3 111.3 104.6 107.2 104.6 1962......................... 105.4 103,6 104.8 105.7 105.6 102.1 107.9 101.5 103.6 107.2 109.4 114.2 106.5 109,6 105,3 1963......................... 106.7 105.1 106.0 106.8 107.0 104.0 107.8 102.4 104.8 107.8 111,4 117.0 107.9 111.5 107,1 1964........................ 108.1 106.4 107.2 107.8 109,1 103.5 107.9 102.8 105.7 109.3 113.6 119.4 109.2 114.1 108.8 1965 ........................ 109.9 108.8 108.5 108.9 111.4 105.6 107.8 103.1 106.8 111.1 115,6 122.3 109.9 115.2 111.4 1966......................... 113.1 114.2 111.1 110.4 115.7 108.3 108.1 105.0 109.6 112.7 119.0 127.7 112.2 117.1 114,9 1967........................ 116.3 115.2 114,3 112,4 120.2 111.6 108.5 108.2 114.0 115.9 123.8 136.7 115.5 120,1 118.2 1967—Sept.............. 117.1 115.9 115.0 112.8 121.1 112.3 108,9 108,8 115.1 116,8 124.9 138.5 116.4 120,5 119.7 Oct.......... 117.5 115.7 115.3 113.0 121.5 112.5 108.9 109.1 116.0 117,7 125.5 139,0 116.5 121.4 120.3 Nov.. 117.8 115.6 115.5 113,2 121.9 112.7 109.0 109.3 116.6 118,3 126.2 139.7 116.9 122.0 121,0 Dec............... 118.2 116,2 116,0 113,5 122.6 113.1 108.7 109.7 116.8 117.9 126.6 140,4 117.2 122.2 121.4 1968—Jan................ 118.6 117.0 116,4 113,7 122.9 113.7 108.9 110.6 115.9 118.7 127.1 141,2 117.6 122.7 121.9 Feb............... 119.0 117.4 116.9 113.9 123.5 113.8 109.3 111.2 116.6 118.6 127.5 141.9 117,6 123.0 122.1 119.5 117.9 117.2 114.2 123.8 113.9 109,3 111,8 1 17.6 119,0 128,3 142.9 118,4 124.2 122.4 Apr......... 119.9 118.3 117.5 114.4 124.0 114.0 109.5 112.2 118.4 119.0 128,8 143.5 119.0 124.9 122.5 May............. 120.3 118.8 117.8 114.6 124,3 115.3 109,5 112,5 119.5 119,1 129,2 144,0 119.6 125.3 122.6 June 120.9 119.1 118.7 114.9 126,1 115.4 109.4 1 12.9 1 19.9 119.7 129.7 144.4 120.1 125.6 123,5 July.............. 121.5 120.0 119.5 115,1 127.8 115,7 109.5 113,1 119,7 119.8 130.2 145.1 120.4 125.9 123.9 Aug............... 121.9 120.5 120.1 115,4 128.8 115.7 109.7 113.3 120.3 120.0 130.5 145.5 120.9 126.3 124,2 Sept.............. 122,2 120,4 120.4 115,7 129. 1 1 15.8 109,3 113,9 122.2 119.5 131.1 146,4 121.5 126.7 124,4 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 Period m c t o i o e m d s i ­ ­ p u r c o t d s ­ f f o e a o e n d d d s s Total t T e il e e tc x s . ­ , H e id tc e . s, F e u tc e . l, C ic e h a t e c ls m . , ­ R b e u e tc b r . , ­ L b e u e tc m r . , ­ P e a t p c e . r, M e a t l e c s . t , ­ e c a q e h n r u i y n d ip ­ ­ F t e u u t r r c e n . , i ­ N t m m a o l i e l n n i ­ c ­ - T e p t r q o i a o u r n n t i a p s ­ ­ ­ n c M e e o l i l s u a ­ s ­ ment erals ment 1958 100.4 103.6 102,5 99.5 98.9 96.0 98.7 100,4 100.1 97.4 100.1 99,1 100.0 100,2 99,9 n.a. 100.6 1959 100.6 97.2 99.9 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.1 100.4 101,2 n.a. 100.8 1960. 100.7 96,9 100.0 101.3 101.5 105.2 99,6 100.2 99,9 100,4 101.8 101.3 102.9 100,1 101,4 n.a. 101.7 1961 100,3 96.0 101.6 100.8 99.7 106.2 100,7 99.1 96,1 95.9 98,8 100.7 102,9 99,5 101,8 n.a. 102.0 1962. 100,6 97,7 102.7 100.8 100.6 107.4 100.2 97.5 93,3 96.5 100.0 100.0 102.9 98,8 101,8 n.a. 102.4 1963 100.3 95.7 103.3 100,7 100.5 104,2 99.8 96,3 93.8 98,6 99.2 100.1 103.1 98,1 101.3 n.a. 103.3 1964 100.5 94.3 103.1 101.2 101.2 104.6 97.1 96,7 92,5 100.6 99.0 102.8 103.8 98.5 101.5 n.a. 104.1 1965. 102.5 98.4 106.7 102.5 101.8 109.2 98.9 97.4 92.9 101.1 99.9 105.7 105.0 98.0 101,7 n.a. 104.8 1966...................1..0..5....9.. 105,6 113.0 104,7 102.1 119.7 101.3 97.8 94.8 105,6 102.6 108.3 108.2 99,1 102.6 n.a. 106.8 1967. 106,1 99.7 111.7 106.3 102.1 115.8 103.6 98.4 97.0 105,4 104.0 109.5 111.8 101,0 104.3 n.a. 109,2 1967-—Sept............ 106.2 98.4 112.7 106.5 102.0 114.4 104.5 97.9 98.2 108,7 104.1 r109.5 111.9 101.2 104.7 n.a. 110.2 Oct............ 106,1 97.1 111.7 106.8 102.2 114.8 103.0 98.2 98.8 107.3 104,3 d09.9 112.2 101.7 104.9 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 rill .0 112.6 102.0 105.1 n.a. 110,6 Dec.................. 106.8 98.9 111.5 107.4 103.8 116.0 102.6 98.4 99.2 107.6 104.8 nn .4 113.2 102.1 105.3 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 ’•112.2 113.9 103.0 106.0 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 rl 13.3 114,1 103,3 106.9 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 1 13.6 108.6 104.8 118.8 102.4 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 1 14.6 108.8 105,2 1 18.7 103.7 98.5 99.9 117.2 104.7 111.7 115.0 103.9 108.3 n.a. 111.8 July.................. 109.1 103.9 115.9 108.8 105.8 119.5 103.3 98.2 100.7 119.2 104.9 111.4 115.2 104.1 108.4 n.a. 111.5 Aug.................. 108.7 101.4 J 14.9 108.9 106.0 119.5 102.6 98.1 100.6 120.5 104.9 111.3 115.4 104.2 108.7 n.a. 111.6 Sept.................. 109,1 102,8 1 I5.3 109.2 106.5 120.7 102.5 97,9 100.7 122.6 105.1 1 12.2 115.8 104.4 108.7 n.a. 111.9 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ PRICES A-65 WHOLESALE PRICES: DETAIL (1957-59= 100) 1967 1968 1967 1968 Sept. July Aug. Sept. Sept, July Aug. Sept. Farm products: Pulp, paper, and allied products: Fresh and dried produce............... 92.2 108.2 97.4 97.6 Pulp, paper, and products, excluding Grains.................................................. 85.6 80 0 75.1 76 5 building paper and board... ...... 104 6 105 4 105 3 105 5 Livestock............................................. 103.5 109.5 106.2 106.0 Woodpulp........................................... 98 0 980 98 0 98 0 Live poultry........................................ 72.9 93 8 87 8 84 8 Wastepaper........................................ 75 4 110 5 112 8 112? Plpnt and animal fibers....................... 72 4 76 0 76 8 77 1 Paper................................................... IIO9 113 0 113 0 113 1 Fluid milk............................................ 123^7 1 30.7 1 307 131.1 Paperboard..................................... 97 3 90 6 90 6 90 9 Eggs.............................. 93.1 91.4 98.4 126.7 Converted paper and paperboard.... 104 8 105 3 105 0 105 * 3 Hay and seeds..................................... 109.0 113.2 113 0 109.5 Building paper and board................. 91 4 92^3 92*9 93^5 Other farm products............................ 97.7 101.8 103.1 104.1 Processed foods and feeds: Metals and metal products: Cereal and bakery products................ 116 6 118 4 119 3 119 0 Iron and steel...................................... 104 O 104 8 104 8 106 7 Meat, poultry and fish........................ 1086 1136 109 7 111.2 Steelmill products.......................... 106' 3 108 6 108 0 110 5 Dairy products.................................... 122'8 128 8 128'8 129 1 Nonferrous metals.............................. 11 9* 4 122*3 121'7 171 5 Processed fruits and vegetables........... 107 9 114.7 113 6 113.6 Metal containers................................ 1117 1168 1168 116 8 Sugar and confectionery. ................... 113 8 116 4 1162 117 6 Hardware............................................ 115*3 116 9 1169 117'1 Beverages and beverage materials.... 106^7 109.5 109^8 iio'o Plumbing equipment.......................... 110*2 114.1 114.2 114^4 Animal fats and oils............................ 79 6 64.2 64 2 65 5 Heating equipment............................. 92 7 95 3 95 4 95 5 Crude vegetable oils............................ 87.9 84.5 87.0 78.4 Fabricated structural metal products. 1056 107 6 107*9 1084 Refined vegetable oils.......................... 91.3 93 5 102.1 95 9 Miscellaneous metal products....... 114.1 115.7 115,8 116,7 Vegetable oil end products................. 102.0 100.2 100,6 100.6 Miscellaneous processed foods........... 112.5 114.7 114 8 116.9 Manufactured animal feeds................ 121.5 119.4 118.6 117.5 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip.... 122.2 126.8 127.0 127.7 Construction machinery and equip... 122.4 129.2 129.0 130.3 Cotton products.................................. 99.2 105.2 105.3 105.4 Metalworking machinery and equip.. 124.4 129.1 129,3 129.7 Wool products..................................... 102.7 103.9 104,1 104.1 General purpose machinery and Man-made fiber textile products........ 86.3 90.4 90,7 92,5 equipment........................................ 114.0 117.3 117,6 117.9 Silk yarns............................................. 175.7 182.5 175,1 177.5 Special industry machinery and Apparel............................................... 107 4 110 7 110 9 1110 equipment (Jan. 1961 = 100),...... 116 7 172 0 1 22 5 123 1 Textile housefurnishings.................... 106' 8 110 5 110 6 1106 Electrical machinery and equip.......... 101 5 102 7 102 9 103'1 Miscellaneous textile products........... 115 6 113 8 117,0 118^4 Miscellaneous machinery................... 109’7 114^3 114^6 114.5 Hides, skins, leather, and products: Furniture and household durables: Hides and skins,.................................. 93.2 101.5 102.8 106.6 Leather................................................. 105 3 113 8 113 6 114 1 Household furniture.......................... 113 0 117 2 117 5 117.8 Footwear............................................. 1218 127 3 1 27 2 1288 Commercial furniture......................... 112 0 115 9 116 0 116.1 Other leather products................ ... HL8 112^5 1 12^6 112.6 Floor coverings.................................. 93 4 95 0 95 3 94 8 Household appliances......................... 90 3 92 4 92.5 92 6 Home electronic equipment............... 816 80 7 80 7 80 7 Other household durable goods........ 118.2 124.5 125'0 125^3 Coal..................................................... 104.1 105.4 105.5 105.8 Coke................................................... 112.0 117.0 117.0 117.0 Gas fuels (Jan. 1958= 100)................. 132.6 120.8 120.6 120.8 Nonmetallic mineral products: Electric power (Jan. 1958= 100)......... 100.7 101.2 101.8 101.8 Crude petroleum , 99 0 99 4 99 7 99 7 Flat glass............................................. 106 9 110 5 110 5 110 1 Petroleum products refined , 103,9 102^8 10! ^0 100'9 Concrete ingredients........................... 106 1 109 4 109 6 109'6 Concrete products...................... 105 9 108*1 108^5 108'6 Chemicals and allied products: Structural clay products excluding refractories...................................... 110 7 112 5 113 7 113 7 Industrial chemicals . 97 1 98 2 98 4 97 9 Refractories........................................ 104*9 112 5 1 126 1126 Prepared paint.................................... 100'9 114 4 1144 115 2 Asphalt roofing.................................. 95 1 97 6 97.6 96.7 Paint materials... ............................ 90*6 92,3 92' 1 91.9 Gypsum products............................... 100 7 105 0 106,6 106,6 Drugs and pharmaceuticals ............... 935 93 4 93 2 93 0 Glass containers.................................. 101 1 109 8 109.8 109 8 Fats and oils, inedible......................... 77 J 69.1 71 2 68^5 Other nonmetallic minerals............... 101.7 105^2 105,8 105.8 Agricultural chemicals and products.. 101.2 101.3 99.4 98.7 Plastic resins and materials................. 87.7 81,1 80.9 80.6 Other chemicals and products....... 108.7 110,4 110.5 110.8 Transportation equipment: Rubber and products: Motor vehicles and equipment...... 101.5 104.2 104.4 104.1 Railroad equipment (Jan'. 1961= 100), 102.9 106.9 107.1 107.1 Crude rubber....................................... 83.9 85.0 85.3 85.0 Tires and tubes.................................... 98.7 100.9 99.5 99.5 Miscellaneous rubber products.......... 103,7 106.9 107.8 108.1 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition.................................... 106.1 108.7 108.9 109.0 Lumber................................................ 112,0 127.7 129.8 131.5 Tobacco products............................... 11 4.8 114.9 114.9 114.9 Millwork............................................ 113.1 118.3 118.8 120.3 Notions............................................... 100,8 101.0 101 .2 101 .2 Plywood.............................................. 95.7 101.3 102 3 106.7 Photographic equipment and supplies 111.6 112 8 112.8 112.8 Other wood products (Dec. 1966= 100) 101.3 106.6 106.7 107,5 Other miscellaneous products........... 108.7 110.7 110.9 111.7 Note.—Bureau of Labor Statistics indexes as revised in Mar. 1967 to classification changes. Back data not yet available for some new classiincorporatc (1) new weights beginning with Jan. 1967 data and (2) various fications. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-66 NATIONAL PRODUCT AND INCOME □ NOVEMBER 1968 GROSS NATIONAL PRODUCT (In billions of dollars) 1967 1968 Item 1929 1933 1941 1950 1963 1964 1965 1966 1967 in IV I .11 IIP’ Gross national product.................................... 103.1 55.6 124.5 284.8 590.5 632.4 684.9 747.6 789.7 795.3 811 0 831.2 870 8 Final purchases........................................................ J 01.4 57.2 120.1 278.0 584.6 626.6 675.3 732 8 783.6 789 9 802* 7 829 1 842 1 863 I Personal consumption expenditures,............... 77.2 45.8 80.6 191.0 375.0 401.2 432.8 465.5 492.2 495 5 502.2 519 4 527 9 541 3 Durable goods............................................. 9.2 3.5 9.6 30.5 53 9 59.2 66.3 70 5 72.6 73 1 * 74 2 *79 0 81 0 85 3 Nondurable goods...................................... 37.7 22.3 42.9 98.1 168.6 178.7 191.1 206.7 215.8 216 4 218 4 226- 5 228 2 232.7 Services........................................................ 30.3 20.1 28.1 62.4 152 4 163.3 175.5 188.3 203.8 205 9 209 6 213 9 218 7 223.3 Gross private domestic investment.................. 16.2 1.4 17.9 54.1 87.1 94.0 108.1 120.8 114.3 114 7 121 8 119 7 127 3 127 4 Fixed investment................................................. 14*5 3.0 13.4 47.3 81 3 88.2 98 5 106 I 108 2 109 ? 113 ^ 117 6 116 5 119 6 Nonresidential.................................................. 10.6 2.4 9.5 27.9 54.3 61.1 71 3 81.3 83.6 83'3 83 0 88 6 87 0 90 2 Structures............................................. 5.0 ,9 2.9 9.2 19.5 21.2 25.5 28 5 21 9 27 7 27 7 29 6 28'5 28 4 Producers’ durable equipment........ 5.6 1.5 6.6 18.7 34.8 39.9 45.8 52.8 55.7 55 6 57 3 59.0 58 5 61.8 Residential structures.............................. 4.0 .6 3.9 19.4 27.0 27.1 27.2 24.8 24.6 2.6 0 28 5 29 1 29 5 29 4 Nonfarm............................................. 3.8 .5 3.7 18.6 26 4 26.6 26.7 24.3 24.0 25 4 27 9 28.5 28 9 28 8 Change in business inventories.................. 1.7 -1.6 4.5 6.8 5 9 5.8 9.6 14.7 6 1 5 3 8.3 2 1 10 8 1 1 Nonfarm.................................................. 1.8 -1.4 4.0 6.0 5.1 6.4 8.6 14.9 5.6 48 7 1 1 6 10 4 7.6 Net exports of goods and services.................. 1.1 .4 1.3 1.8 5.9 8.5 6.9 5.1 4.8 5.4 3 4 1 5 2 0 2.6 Exports........................................................ 7.0 2.4 5.9 13.8 32.3 37.1 39.2 43.1 45 8 46.1 46 6 47 5 49 9 50 8 Imports........................................................ 5.9 2.0 4.6 12.0 26.4 28.6 32.3 38.1 41.0 40 6 42 6 46 0 47 9 48 2 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 122.5 128.7 137.0 156.2 178.4 179.6 183.5 190.5 195.7 199.5 Federal.................................................................... 1.3 2.0 16.9 18.4 64,2 65.2 66.9 77.4 90 6 91 3 93 5 97 1 100 0 101. 1 National defense..................................... 1 3.8 14.1 50.8 50.0 50.1 60.6 72.4 72.9 74 6 76 8 79'0 19-1 Other........................................................ 3.1 4.3 13.5 15.2 16.8 16.8 18.2 18 4 19 0 2-0 3 21 O 214 State and local............................................ 7.2 6.0 7.9 19.5 58.2 63.5 70.1 78.8 87.8 88.4 90.0 93'4 95.6 98.4 Gross national product in constant (1958) dollars......................................................... 203.6 141.5 263.7 355.3 551.0 581.1 617.8 657.1 673.1 675.6 681.8 692.7 703.4 712.0 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. For back data and explanation of series, see the Survey of Current Business, July 1968, and Supplement, Aug. 1966. NATIONAL INCOME (In billions of dollars) 1967 1968 Item 1929 1933 1941 1950 1963 1964 1965 1966 1967 III IV I 11 IIP’ National income.............................................. 86.8 40.3 104.2 241.1 481.9 518.1 564.3 620.8 652.9 656.9 670.9 688.1 705.4 Compensation of employees............................ 51.1 29.5 64.8 154.6 341.0 365.7 393.8 435.6 468.2 471.5 482.7 496.8 507.1 519 5 Wages and salaries.............................................. 50.4 29.0 62.1 146.8 311,1 333.7 358.9 394.6 423.4 426.3 436.4 448.3 457.6 468 6 Private..........■........................................... 45.5 23,9 51.9 124.4 251.6 269.4 289.6 316.9 337. 1 339.4 346.0 355.7 362.8 370 6 Military.................................................... .3 .3 1.9 5.0 10.8 11.7 12.1 14.6 16.3 16. 1 17.1 17.5 17.8 18 9 Government civilian................................ 4.6 4.9 8.3 17.4 48.6 52.6 57.1 63. I 70.0 70.8 73.3 75.2 77.0 79 I Supplements to wages and salaries................. .7 .5 2.7 7.8 29.9 32.0 35.0 41. 1 44.8 45.2 46.2 48.4 49.4 50 8 Employer contributions for social insurance................................................ .1 .1 2.0 4.0 15.0 15.4 16.2 20.2 21.5 21.6 22.1 23.5 23.7 24 3 Other labor income................................. .6 .4 .7 3.8 14.9 16.6 18.7 20.8 23.3 23.7 24.2 25.0 25.7 26 5 Proprietors’ income......................................... 15.1 5.9 17.5 37.5 51.0 52.3 57.3 60.7 60.7 61.2 61.1 61.8 62.6 63 4 Business and professional........................... 9.0 3.3 11.1 24.0 37.9 40.2 42.4 44.8 46.3 46.6 46.8 47.2 47.8 48 0 Farm............................................................ 6.2 2.6 6.4 13.5 13.1 12.1 14.8 15.9 14.4 14.6 14.3 14.6 14.8 15 4 Rental income of persons................................ 5.4 2.0 3.5 9.4 17.1 18.0 19.0 19,8 20.3 20.4 20.5 20.7 20.9 21 0 Corporate profits and inventory valuation adjustment.................................................... 10.5 -1.2 15.2 37.7 58.9 66.3 76.1 83.9 80.4 80.2 82.3 83.8 89.2 .... Profits before tax................................................ 10.0 1.0 17.7 42.6 59.4 66.8 77.8 85.6 81.6 80.8 85.4 88.9 91.8 Profits tax liability................................. 1.4 .5 7.6 17.8 26.3 28.3 31.3 34,6 33.5 33.2 35.1 39,8 41.1 Profits after tax............................................... 8.6 .4 10.1 24.9 33.1 38.4 46.5 51.0 48.1 47.6 50.3 49.1 50.7 Dividends............................................. 5.8 2.0 4.4 8.8 16.5 17.8 19.8 21.7 22.9 23.5 22.5 23.6 24.4 25 2 Undistributed profits........................... 2.8 — 1.6 5.7 16.0 16.6 20.6 26.7 29.3 25.2 24.1 27.9 25.5 26.3 .... Inventory valuation adjustment................. .5 -2.1 -2.5 -5.0 -.5 -.5 -1.7 -1.7 -1.2 -.6 -3.1 -5.1 -2.7 -1 1 Net interest..................................................... 4.7 4.1 3.2 2.0 13.8 15.8 18.2 20.8 23.3 23.6 24.3 25.0 25.8 2« 7 Note.—Dept, of Commerce estimates. Quarterly data arc seasonally adjusted totals at annual rates. See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ NATIONAL PRODUCT AND INCOME A-67 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1967 1968 Item 1929 1933 1941 1950 1963 1964 1965 1966 1967 III IV I II HI" Gross national product................................... 103.1 55.6 124.5 284.8 590.5 632.4 684.9 747.6 789.7 795.3 811.0 831.2 852.9 870.8 Less: Capital consumption allowances......... 7.9 7.0 8.2 18.3 52.6 56.1 59.8 64.1 69.2 70.0 71.1 72.3 73.7 74.9 Indirect business tax and nontax liability.................................................. 7.0 7.1 11.3 23.3 54.7 58.4 62.5 65.3 69.6 70.1 71.2 72.8 74.8 76.7 Business transfer payments................. .6 .7 .5 .8 2.3 2.5 2.7 3.0 3.1 3.2 3.2 3.2 3.3 3.3 Statistical discrepancy.......................... .7 .6 .4 1.5 -.3 -1.3 -3.1 -3.3 -3.5 -3.4 -4.2 -4.7 -3.6 Plus: Subsidies less current surplus of government enterprises.......................... -.1 ,1 .2 .8 1.3 1.3 2.3 1.6 1.5 1.3 .5 .7 .9 Equals: National income................................. 86.8 40.3 104.2 241.1 481.9 518.1 564.3 620.8 652.9 656.9 670.9 688.1 705.4 Less: Corporate profits and inventory valuation adjustment.............................. 10.5 -1.2 15.2 37.7 58.9 66.3 76.1 83.9 80.4 80.2 82.3 83.8 89.2 Contributions for social insurance.... .2 .3 2.8 6.9 26.9 27.9 29.6 38.0 41.9 42.1 43.0 45.8 46.5 47.6 Excess of wage accruals over disbursements................................................. Plus: Government transfer payments........... .9 1.5 2.6 14.3 33.0 34.2 37.2 41.0 48.6 48.9 49.7 52.5 55.0 56.3 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 23.5 24.2 24.9 25.7 26.2 Dividends............................................. 5.8 2.0 4.4 8.8 16.5 17.8 19.8 21.7 22.9 23.5 22.5 23.6 24.4 25.2 Business transfer payments.................. .6 .7 .5 .8 2.3 2.5 2.7 3.0 3.1 3.2 3.2 3.2 3.3 3.3 Equals: Personal income................................. 85.9 47.0 96.0 227.6 465.5 497.5 538.9 586.8 628.8 633.7 645.2 662.7 678.1 694.0 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.7 60.9 59.4 65.7 75.3 82.5 83.6 85.6 88.3 91.9 101.4 Equals: Disposable personal income............... 83.3 45.5 92.7 206.9 404,6 438.1 473.2 511.6 546.3 550.0 559.6 574.4 586.3 592.6 Less • Personal outlays.................................. 79.1 46.5 81.7 193.9 384.7 411.9 444.8 478.6 506.2 509.5 516.1 533.5 542.3 555.8 Personal consumption expenditures.. 77.2 45.8 80.6 191.0 375.0 401.2 432.8 465.5 492.2 495.5 502.2 519.4 527.9 541.3 Consumer interest payments........... 1.5 .5 .9 2.4 9.1 10.1 11.3 12.5 13.1 13.2 13.3 13.4 13.6 13.8 Personal transfer payments to foreigners........................................... .3 .2 .2 .5 .6 .6 .7 .6 .8 .8 .7 .7 .8 .7 Equals: Personal saving .................................. 4.2 -.9 11.0 13.1 19.9 26.2 28.4 32.9 40.2 40.5 43.4 40.8 44.0 36.8 Disposable personal income in constant (1958) 150.6 112.2 190.3 249.6 381.3 407.9 435.0 459.2 478.0 479.5 483.7 491.8 497.1 499.2 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted quarterly totals at annual rates. See also Note to table opposite. PERSONAL INCOME (In billions of dollars) 1967 1968 Item 1966 1967 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.” Total personal income......................... 586.8 628.8 637.0 638.0 644.9 652.6 654.9 663.0 670.0 672.6 678.2 683.7 689.2 694.1 698.6 Wage and salary disbursements.......... 394.6 423.4 428.8 429.6 435.4 444.2 443.0 449.7 452.2 453.2 457.5 462.2 465.4 468.7 471.8 Commodity-producing industries... 159.4 166.6 167.8 167.6 171.0 173.0 173.1 176.6 177.0 176.7 179.3 179.9 180.6 181.1 182.5 Manufacturing only......................... ]2S.O 134.1 135.1 134.8 137.5 139.1 140.0 141.6 142.2 141.6 144.3 145.6 146.0 146.3 147.1 Distributive industries.................... 93.9 100.5 102.1 102.4 103.1 103.8 104.5 105.9 106.5 106.9 107.4 109.7 109.9 111.2 111.8 Service industries............................ 63.6 70.0 71.3 71.6 72.3 73.2 73.6 74.6 75.2 75.5 76.1 77.0 77.5 78.2 79.0 Government.................................... 77.7 86.3 87.6 88.1 89.0 94.2 91.9 92.6 93.4 94.2 94.7 95.5 97.4 98.2 98.6 Other labor income............................ 20.8 23.3 23.9 24.0 24.2 24.4 24.7 25.0 25.2 25.5 25.7 26.0 26.3 26.5 26.8 Proprietors* income........................... 60.7 60.7 61.5 60.7 61.1 61.3 61.5 61.8 62.3 62.4 62.6 62.7 r63.1 63.4 63.7 Business and professional............... 44.8 46.3 46.7 46.5 46.8 47.0 47.1 47.2 47.5 47.6 47.8 47.9 48.0 48.0 48.0 Farm................................................ 15.9 14.4 14.8 14.2 14.3 14.3 14.4 14.6 14.8 14.8 14.8 14.8 ’15.1 15.4 15.7 Rental income..................................... 19.8 20.3 20.4 20.5 20.5 20.6 20.6 20.7 20.7 20.8 20.9 20.9 21.0 21.0 21.1 Dividends............................................ 21.7 22.9 23.4 23.2 23.1 21.1 23.2 23.6 23.9 24.3 24.7 24.3 25.0 25.2 25.3 Personal interest income.................... 43.1 46.8 47.6 48.0 48.5 49.0 49.4 49.8 50.2 50.8 51.3 51.9 r52.4 52.9 53.4 Transfer payments.............................. 43.9 51.7 51.9 52.6 53.0 53.2 54.5 54.9 57.8 58.1 58.2 58.5 59.1 59.6 59.9 Less: Personal contributions for social insurance...................................... 17.8 20.4 20.5 20.7 20.9 21.2 22.1 22.4 22.4 22.6 22.8 22.9 23.1 23.2 23.4 Nonagricultural income...................... 566.1 609.3 617.1 618.8 625.4 633.0 635.1 643.1 649.9 652.5 658.1 663.4 r668.7 673.3 677.5 Agriculture income.............................. 20.7 19.5 19.9 19.2 19.5 19.6 19.8 20.0 20.1 20.1 20.2 20.2 r20.5 20.8 21.1 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also Note to table opposite. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR SECOND 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 G IL o S v . t . Total Mo a n u e th ta . ry C ba o n m ks l. N f o in n a b n a c n e k w t o h r e ld se A ct l o l rs Di a s n c c re y p­ an s d N m a i v a e n i n v n tl e t g . s t­ Transaction category u s U S u s u s u s u s U S u s u s u s u s U 1 Gross saving........................... ........ 144.7 ........ 82.6 ........ —5.5 ........ 221.2 ........ -12.2 ........ 2.0 ...................1 ......... 2.7 ......... -.7 ...................8 ........ 211.9 .................... ...211.1. 1 2 Capital consumption......... ......... 74 9 ......... 62.8 ........ 137.7 ........ 1.3 ...................7 6 ......... 139.0 ....139.0.... 2 3 Net saving (1—2)............... ......... 69.8 ........ 19.1 ........ —5.5 ........ 83.5...........-12.2 ...................8 ...................1 ........ 2.0 ........ -1.3 ...................8 ......... 72.9 .......72.1 ... 3 4 Gross investment (5-^10).. — 141.8 ........ 79.5........ —5.5......... 215.8 ........ -12.4......... 1.8........ .1........ 2.6........ -.8......... 2.0........ 207.2 ........ .........4.7.... .206.1... 4 5 Private cap. expend., net....... 106.2 ........ 100.8 207.6 ...... 1.1........ .6......... 208.1 ......... a.ft . .208.1.... 5 6 Consumer durables............ 81 0 . . 81.0........ 81 0........ .......81.0.... 6 7 Residential constr............... 21.6........ 8 0 29.5........ 29 5 ........ .......29.5.... 7 8 Plant and equipment.......... 3 7... 82.2 . 85.9 ... 1 1........ .6........ 87 0 ........ .......87.0.... 8 9 Inventory change................ 10 6 10 6 10 6........ .......10.6.... 9 10 Net financial invest. (11—12). 35.5........ -21.3........ —5.5......... 8.8........ -12.4........ .7........ .1........ 2.1........ -1.4........ 2.0........ -.9......... ............9.... ..,.-2.0... 10 11 Financial uses, net.................. 67.0........ 20.7........ 6.0........ 93.7........ -10.2........ 55.3........ 17.4____ 37.9........ 7.2......... 146.1 ........ .........5,2.... 11 12 Financial sources.................... 31.5 42.0 11.5 84.9 . .. 2.2 ........ 54.6 -.1 ......... 15.3......... 39.3......... 5.2 ......... 147.0 .........7,2.... 12 13 Gold & off. U.S. fgn.exch.. 3.2......... -2.6........ —2.6........ .1 .6 .6 .6 .................... 13 14 Treasury currency............. 9 — .4 ... — 4 . -.4 .2 ............6.... .................... 14 15 Dem. dep. and currency... 5.2 . 3 5 ......... 1.7 3.6 5.2 16 Private domestic........ 21 4 .. — 40... — 1 4 ... 15.9......... 2.5 22.5 ........ 2.0 ......... 20.5 2.5........ 18.5 22.5.........4.0.... .................... 16 17 U.S. Govt........................ —16.8........ ........-19.2 . 1 8 ........-21.0 -16.8 -19.2 ... .-2.4.... .................... 17 18 Foreign.......................... ....... 1.9 , — 2 ........ 2.1 1 9................ 19 .................... 18 19 Time and svgs. accounts... 189 ... 16 9........ 1.0 17.4 1.0........ ........ 17 4 .................... 19 6 3 — 3 1 1 1 4 2......... * .2 4.0 ......... 4.0 .2......... — .4......... .... 40 .................... 20 21 At svgs. instit.................. 12.7 ... 12.7......... .8 13.5 .8 13.5 ........ 13.5 .................... 21 22 Life insur. reserves.............. 4 2 4.2 .. ........ 1 ........ 4.2 . 4.2 ....... 4.2 .................. 22 23 Pension fund reserves......... 16 1 4 4 16.1 4.4 . 1 9 ......... 9.8 ... • . 9.8 ... 16 1 .................... 23 24 Consol, bank items1...... -5.3 -5.3 -2.7 -2.6 -2.6 -2.7 -5.3 -5.3 . 24 25 Credit mkt. instr................. 10.3 26.5 6.2 37.6 5.9 7.0 22.4 71.0 8.2 1.7 55.5 8.4 5.7........ 21.6 .7 28.3 7.7 -2.3 2.5 83.8 83.7 .................... .................... 25 26 U.S. Govt, securities.... 10 5........ .7...... 11.6____ ........ 1.7 -4.7........ 5.5....-..8...2......... -2.0....-..5...2......... ........ 1.7 .................... 26 27 State and local oblig........ -1.6........ .7......... -.5 6.8 -1.4 6.8 8.2........ 6.3......... 1.9........ ........ 6.8 .................... 27 28 Corp, and foreign bonds. 7 3 13 7 5 3.. 12.5 13.7 2.2 .8 ...................7 2.2 .1 * .3 ... . 14.7 ............. 28 29 Corp, stocks.................... — .6 -5.0 -.6 7.4 4.9 7.4 4.9 2.1 .2 . 4.5 ........ 29 30 1- to 4-family mortgages. -.9 14.7 ........ -.7 -.2 14.0 3.4........ 11.2 .3 2.9........ 8.3 .3 ...... 14 3 .................... 30 31 Other mortgages............. ...................8 ........ 10.3 1 0........ 9.3____ 3.3......... 5.9........ ........ 16.3 .................... 31 32 Consumer credit............. ......... 8.0 1.2........ 1.2 8.0 6 7........ 3.8......... 2.9........ .. 8 0 . 32 33 Bank loans n.e.c.............. .. 13 ......... 13.3 ........ 14.7 13.8 -1.1 13.8......... ........ -1.1 ........1 ......... 13.8 .................... 33 34 Other loans..................... ........ 1.6 3.6 2.4 ...................2 3.6 4.2 3.8........ 1.4 3.5 .2........ -.4......... 1.6 3.5 .8 1.9 9.6 9.5 .......-.1.... .................... 34 35 Open market paper. .. 3.6 1.1 3.6 1.1 * 4.1 2 -.4........ .2 4.1 .8 -.8 . . 4 4 . 35 36 Federal loans.............. ...................1 .................... 14 9 ........ 1.7 3.8........ ........ -.6 ......... -.6 ........ 2.6 ........ 3.8 ...... 36 37 Security credit..................... 2.2 4.6 2.2 4.6 2.9 .5 -3.4......... 6.3 .5 .4 .4 ......... 5.5 .................... 37 38 To brkrs. and dealers.... 2.2........ ................... 2.2........ —2.1 .5 — 1.9........ -.2 .5 .4........ ..................5 ............ 38 39 To others......................... . . 4.6 ........ 4 6 5.0........ -1 5......... 6.5........ ..................4 5 0 39 40 Taxes payable................ ........ -4.5 4 .. .4 -4.5 —5.8................. —.8 * ......... -.1 -5.4 -5.3 40 41 Trade credit........................ ...................1 19.0 14.5 ...................1 19.0 14.7 .7 -.5 .3........ .3......... 20.0 14.2 . 41 42 Equity in noncorp, business. —7.8........ ......... -7.8 -7.8 -7.8 ........ -7.8 .. 42 43 Mise, financial trans........... 1.6 .3 2.7 2.2 4.3 2.5 .4 -1.2 1.4 15.2 ........ -1.0 1.8 12.3 .4 3.8 7.5 1.7 13.5 18.i 4 6.... ................... 43 44 Sector discrepancies (1 —4)... 3.0........ 2.4........ 5.4......... .3........ * .1........ .1........ -’■2........i 4.7........ ____L2___J .......5.0... 44 A-68 FLOW OF FUNDS a NOVEMBER 1968 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

NOVEMBER 1968 □ FLOW OF FUNDS A-69.1 2. SAVINGS, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) Transaction category, 1966 1967 1968 or sector 1963 1964 1965 1966 1967 II III IV I II III IV I 11 I. Saving and investment 1 Gross national saving........................ 144.5 160.3 181.6 196.7 192.1 195.2 196.7 202.5 188.2 185,8 193.2 200.2 202.4 211.1 1 2 Households..................... 85.8 98.3 108.9 118.6 129.6 114.2 118.5 125.3 125.3 125.4 129.6 137.1 138.1 144.7 2 3 Farm and noncorp, business........ 13.5 14.5 15.2 15.9 16.8 15.7 15.7 17.0 17.1 17.0 17.0 16.2 17.5 17.7 3 4 Corporate nonfin. business.......... 43.9 50.5 56.6 61.1 61.5 60. 1 61.0 63.9 60.2 60.6 61.8 63.5 60.2 64.3 4 5 U.S. Government......................... — .6 -4.3 -.1 -.6 -14.1 2.2 -1.4 -4.0 -12.7 -15.3 -14.1 -14.3 -9.5 -12,2 5 6 State and local govt..................... -1.5 -1.4 -2.4 -2.7 -5.6 -2.1 -2.3 -3.7 -5.7 -6,7 -5.3 -4.6 -6.0 -5.5 6 7 Financial sectors.......................... 3.5 2.7 3.5 4.5 3.8 5.1 5.1 4.1 4.0 4.7 4.3 2.2 2.2 2.0 7 8 Gross national investment................. 143.8 158.0 178.2 193.1 188.1 190.8 193.6 197.8 184.4 179.4 190.7 196.8 195.4 206.1 8 9 Consumer durable goods........... 53.9 59.2 66.3 70.5 72.6 68.2 71.0 71.1 69.8 72.4 73.1 74.2 79.0 81.0 9 10 Business inventories..................... 5.9 5.8 9.6 14.7 6.1 15.4 12.8 19.8 8.4 2.3 5.3 8.3 1.9 10.6 10 11 Gross pvt. fixed investment......... 81.3 88.2 98.5 106.1 108.2 105.6 107.0 105.9 104.6 105.4 109.3 113,5 117.6 116.5 11 12 Households.............................. 22.4 23.0 22.9 21.5 20.3 22.4 21.5 18.9 17.6 18.4 21.5 23.6 25.0 25.3 12 13 Nonfinan. business................... 57.9 64.3 74.8 83.6 87.0 82.2 84.6 86.0 86.2 86.1 86.7 88.9 91.6 90.2 13 14 Financial sectors...................... 1.0 .9 .8 1.0 .9 1.0 1.0 1.0 .8 .8 1.1 .9 1.1 1.1 14 15 Net financial investment.............. 2.8 4.7 3.7 1.8 1.2 1.6 2.8 1.0 1.6 -.6 2.9 .7 -3.2 -2.0 15 16 Discrepancy (1-8)............................. .6 2.3 3.5 3.6 4.0 4.5 3.0 4.7 3.8 6.4 2.5 3.4 7.0 5.0 16 H. Financial flows—Summary 1 1 1 8 9 7 N L L o o e a n t n g fu s -t n e a d r n s m d r a s s i e h s c o e u d r r t — - it t i e e N r s m o a n n f s i d n e a c m n u . t r g i s t s i e e . c . s . t . o . . . . r . . s . . . . 3 5 1 9 8 9 . . . 5 5 0 6 2 4 6 0 7 . . . 4 6 0 7 3 3 3 2 9 . . . 1 3 2 4 2 6 2 7 9 . . . 5 9 4 2 8 5 3 7 5 . . . 1 9 2 2 8 6 2 0 3 . . . 7 5 2 6 3 3 2 1 0 . . . 9 7 6 4 2 2 9 0 9. . . 8 9 0 7 4 3 0 4 3. . . 8 6 3 -1 4 6 6 0 4 . . . 1 4 3 1 4 5 0 6 7 4 . . . 8 8 6 1 4 6 0 4 4 8 . . . 7 9 2 1 4 5 0 9 1 1 . . . 9 4 3 6 7 1 3 5 1 . . . 9 3 3 1 1 1 9 8 7 By sector 20 U.S. Government............................. 5.0 7.1 3.6 6.3 12.7 6.7 4.9 2.9 8.0 -21.3 34.7 29.2 33.4 1.7 20 21 Short-term mkt. securities.......... 1.4 4.0 3.5 2.2 6.4 -7.3 7.6 10.1 9.9 -35.7 30.9 20.7 30.1 -17.5 21 22 Other securities............................. 3.6 3.0 .2 4.1 6.2 14.1 -2.7 -7.2 -1.9 14.5 3.9 8.5 3.3 19.3 22 23 Foreign borrowers............................ 3.3 4.4 2.6 1.5 4.0 2.5 -.4 1.2 5.5 3.7 3.9 2.8 4.3 2.5 23 24 Loans.......................................... 2.2 3.7 1.9 1.0 2.7 2.3 -.4 1.0 4.5 2.7 2.2 1.4 2.8 2.0 24 25 Securities...................................... 1.1 .7 .8 .5 1.3 .2 .2 1.0 1.0 1.6 1.4 1.5 .5 25 26 Pvt. domestic nonfin. sectors.......... 50.2 55.5 66.0 62.0 66.4 73.9 58.0 45.7 60.8 61.9 66.0 76.9 63.6 71.0 26 27 Loans..................................... 15.5 18.7 27.7 24.1 18.0 27.8 23.4 18.7 19.4 16.9 13.7 22.1 17.0 26.9 27 28 Consumer credit............................. 7.3 8.0 9.4 6.9 4.4 7.0 6.8 4.6 4.1 4.0 4.9 4.8 8.3 8.0 28 29 Bank loans n.e.c.............................. 5.4 6.5 13.6 9.8 9.1 15.5 9.0 5.2 6.7 11.7 3.8 14.4 2.1 14.7 29 30 Other loans...................................... 2.7 4.1 4.7 7.4 4.5 5.3 7.7 9.0 8.6 1.3 5.1 2.9 6.5 4.2 30 31 Securities and mortgages............. 34.7 36.9 38.3 37.9 48.4 46.1 34.6 21.0 41.4 44.9 52.3 54.8 46.6 44.2 31 32 State and local obligations.......... 6.7 5.9 7.3 6.0 10.1 6.9 4.6 6.1 10.3 11.5 7.5 11.2 10.0 6.8 32 33 Corporate securities...................... 3.6 5.4 5.4 11.4 17.4 15.5 11.3 6.6 14.3 15.8 21.4 18.1 12.5 13.1 33 34 1- to 4-family mortgages.............. 15.2 15.7 16.2 11.0 11.5 12.5 9.1 8.1 8.9 8.3 13.7 15.1 15.5 14.0 34 35 Other mortgages............................. 9.3 10,0 9.4 9.6 9.4 11.2 9.6 6.2 7.9 9.3 9.8 10.4 8.7 10.3 35 36 Net sources of credit (— line 17).. .. 58.5 67.0 72.3 69.9 83.1 83.2 62.6 49.9 74.3 44.3 104.6 108.9 101.3 75.3 36 37 Chg. in U.S. Govt, cash balance.. -.4 .2 -1.0 -.4 1.2 6.7 -6.2 1.2 -.5 -14.8 13.4 6.8 -5.9 -19.3 37 38 U.S. Govt, lending....................... 2.7 3.8 4.7 7.9 4.5 10.0 7.8 2.8 6.1 -.8 5.0 8.0 14.0 8.2 38 39 Foreign funds............................... 1.9 2.5 .8 -.9 5.4 4.4 -5.3 -1.2 1.4 8.3 2.4 9.4 -.4 -.8 39 40 Pvt. insur. & pension reserves... . 10.1 11.1 11.6 12.8 13.2 10.8 13.1 14.5 12.2 12.4 14.0 14.1 14.0 13.9 40 41 Sources n.e.c.................................. 4.7 5.7 7.2 7.7 5.8 6.1 14. 1 -.8 1.8 6.0 11.5 3.9 15.3 16.3 41 42 Pvt. domestic nonfin. sectors....... 39.5 43.8 49.0 42.8 53.0 45.2 39.0 33.5 53.3 33.1 58.5 66.9 64.3 56.9 42 43 Liquid assets............................. 37.4 33.0 43.4 23.9 49.1 21 .8 18.5 22.1 54.4 38.4 58.7 44.8 47.2 37.6 43 44 Deposits................................ 34.4 35.3 40.4 22.7 50.9 24.6 15.8 21.2 61.5 51.7 56.2 34.1 32.1 36.9 44 45 Demand dep. and currency 5.9 6.5 7.7 2.9 12.0 1 .6 -.5 6.5 10.8 10.6 15.2 11.1 -1.4 20.0 45 46 Time and svgs. accounts... 28.5 28.8 32.7 19.8 39.0 23.0 16.4 14.6 50.7 41.0 41.0 23.0 33.4 16.9 46 47 At commercial banks.... 13.4 13.0 19.5 12.5 22.4 18.1 11.1 5.4 33.8 20.4 23.0 12.3 20.8 4.2 47 48 At savings instil................. 15.1 15.8 13.2 7.3 16.6 4,9 5.3 9.3 16.9 20.6 18.0 10.7 12.6 12.7 48 49 Short-term U.S. Govt. sec... 3.0 -2.3 3.0 1.2 -1.8 -2.9 2.7 .9 -7.1 -13.3 2.5 10.6 15. 1 .7 49 50 Other U.S. Govt, securities... . 1.7 3.1 .1 6.8 -1.2 14.5 3.3 4.3 -11.2 -3.9 -3.3 13.7 -5.3 10.9 50 51 Pvt. credit mkt. instruments ,.. 2.3 7.5 5.8 11.9 7.2 10.5 15.4 6.5 9.6 1.2 6.2 11.9 20.4 10.8 51 52 Less security debt..................... 2.0 -.2 .3 -.2 2.2 1.5 -1.9 -.6 -.5 2.5 3.1 3.5 -2.1 2.3 52 III. Direct lending in credit markets 53 Total funds raised............................ 58.5 67.0 72.3 69.9 83.1 83.2 62.6 49.9 74.3 44.3 104.6 108.9 101.3 75.3 53 54 Less change in U.S. Govt, cash.... -.3 .2 -1.0 -.4 1.2 6.7 -6. 1 1.2 -.6-14.9 13.4 6.7 -6.2 -19.2 54 55 Total net of U.S. Govt, cash........... 58.8 66.8 73.3 70.3 81.9 76.4 68.7 48.7 74.9 59.1 91.2 102.2 107.5 94.5 55 56 Funds supplied directly to cr. mkts,. 58.8 66.8 73.3 70.3 81.9 76.4 68.7 48.7 74.9 59.1 91.2 102.2 107.5 94.5 56 57 Federal Reserve System............... 2.6 3.2 3.8 3.3 3.9 -.1 6.6 4.2 2.9 -.3 7.9 4.5 8.3 3.9 57 58 Total......................................... 2.9 3.4 3.8 3.5 4.8 2.1 5.0 4.3 5.2 2.9 3.7 6.9 5.3 5.7 58 59 Less change in U.S. Govt. cash. .3 .2 * .2 .9 2.1 -1.6 .1 2.4 3.2 -4.2 2.4 -3.0 1.8 59 60 Commercial banks, net................ 19.7 21.8 29.3 17.9 35.9 28.0 14.1 6.8 41.9 40.3 37.2 24.6 23.7 38.4 60 61 Total......................................... 19.4 22.4 29.1 17.4 36.4 32.9 9.6 7.9 39.7 22.3 54.8 28.9 20.6 18. 1 61 62 Less chg. in U.S. Govt. cash... -.6 -1.0 -.5 .2 4.6 -4.5 1. 1 -3.0 -18.1 17.6 4.4 -3.2 -21.0 62 63 Security issues....................... .3 .6 .8 .1 .2 .3 * * .8 .1 * .......... * .7 63 64 Nonbank finance, net................... 28.0 29.1 27.0 22.5 32.4 16.7 21.0 24.2 29.0 35.0 38.1 27.4 27.9 26.3 64 65 Total......................................... 34.4 33.5 32.9 25.8 33.6 18.8 21.7 27.2 30.9 19.3 51.0 33.0 28.0 29.6 65 66 Less credit raised...................... 6.4 4.4 5.9 3.3 1.2 2.0 .7 2.9 1.9 -15.7 12.9 5.7 .1 3.3 66 67 U.S. Government......................... 2.7 3.8 4.7 7.9 4.5 10.0 7.8 2.8 6.1 -.8 5.0 8.0 14.0 8.2 67 68 Foreign......................................... .9 .6 -.1 -1.4 3,2 1.2 -4. 1 -1.6 3.3 3.6 .9 5.1 1.3 -2.3 68 69 Pvt. domestic nonfin..................... 5.1 8.5 8.6 20.1 2.0 20.6 23.2 12.3 -8.1 -18.6 2.3 32.7 32.3 20.0 69 70 Households............................... .4 3.2 2.2 10.5 -4.0 15.3 11.0 1.9 -13.1 -18.1 -1.3 16.7 13.0 10.3 70 71 Business.................................... 3.1 1.5 1.0 3.2 .4 1.4 3.4 2.5 1.2 -5.6 .2 5.9 10.4 6.2 71 72 State and local govts................ 3.5 3.7 5.8 6.2 7.8 5.4 7.0 7.3 3.2 7.7 6.5 13.7 6.7 5.9 72 73 Less net security credit............ 2.0 -.2 .3 -.2 2.2 1.5 -1.9 -.6 -.5 2.5 3.1 3.5 -2.1 2.3 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. 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 □ NOVEMBER 1968 3. PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1966 1967 1968 Transa o c r t i s o e n c t c o a r tegory, 1963 1964 1965 1966 1967 II HI IV 1 II 111 IV I 11 I. Demand deposits and currency 1 Net incr. in banking system liability. . 5.8 7.4 7.6 2.6 14.7 10.1 -8.0 8.8 8.2 -.9 29.4 21.8 -9.0 5.2 1 2 U.S. Govt, deposits........................ -.3 .2 -1.0 -.4 1.2 6.7 -6.1 1.2 -.6 -14.9 13.4 6.7 -6.2 -19.2 2 3 Other.............................................. 6. 1 7.3 8.6 3.0 13.5 3.3 -1.9 7.6 8.8 14.0 16.0 15.0 -2.8 24.4 3 4 Domestic sectors........................ 6.0 6.8 8.3 3.3 12.7 2. 1 1 8.2 12.0 11.5 15.5 11.5 -1.8 22.5 4 5 Households.............................. 4.3 6.4 7.1 1.9 12.4 1.4 .5 8.1 13.6 14.2 7.3 14.5 -8.6 21.4 5 6 Nonfinancial business............. -.8 -2.1 -1.7 .7 -1.5 .2 1.5 — 1.3 -4.1 -3.9 4.2 -2.5 8.7 -4.0 6 7 State and local govts............... 2.4 1.2 -.2 .8 .3 (.3 -.7 -. 1 3.3 1.0 -2.9 .8 -1.4 7 8 Financial sectors.................... .2 .3 .7 .4 .7 .5 .5 1.6 1.3 .9 .4 .4 -.5 2.5 8 9 Mail float................................ -.1 .9 2.5 -.5 .8 -1.3 -1.8 -.2 -2.0 .4 2.6 2.1 -2.2 4.0 9 10 Rest of the world....................... .1 .5 .3 -.3 .8 1.2 -1.8 -.6 -3.2 2.4 .5 3.5 -1.0 1.9 10 II. Time and savings accounts 11 Net increase—Total............................ 29.5 30.4 33.0 20.3 40.8 24.5 16.7 15.5 52.3 45.4 42.0 23.5 32.9 17.4 11 12 At commercial banks—Total........ 14.3 14.5 20.0 13.3 23.8 20.1 11.6 6.2 35. 1 23.7 23.7 12.7 20.5 4.0 12 13 Corporate business..................... 3.9 3.2 3.9 -.7 4.1 1.7 -3.9 -4.6 10.0 -.9 3.7 3.7 .5 -3.1 13 14 State and local govts.................. 1.6 1.7 2.4 1.3 2.4 2.1 1.9 1.5 5.7 3.4 .6 . 1 1.5 1.1 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 -.4 15 16 Households............................... 7.9 8.2 13.3 11.9 15.8 14.3 13.0 8.5 18.0 17.9 18.7 8.5 18.8 6.3 16 17 At savings institutions................... 15.2 15.9 13.0 7.1 17.0 4.4 5. 1 9.3 17.2 21.7 18.3 10.7 12.4 13.5 17 18 Memo: Households total.............. 23.0 23.9 26.5 19.2 32.4 19.2 18.3 17.8 35.0 38.6 36.7 19.2 31.4 18.9 18 HI. U.S. Govt, securities 19 Total net issues................................... 5.0 7.1 3.6 6.3 12.7 6.7 4.9 2.9 8.0 -21.3 34.7 29.2 33.4 1.7 19 20 Short-term marketable................... 1.4 4.0 3.5 2.2 6.4 -7.3 7,6 10.1 9.9 -35.7 30.9 20.7 30. 1 -17.5 20 21 Other.............................................. 3.6 3.0 .2 4.1 6.2 14.1 -2.7 -7.2 -1.9 14.5 3.9 8.5 3.3 19.3 21 22 Net acquisitions, by sector................ 5.0 7.1 3.6 6.3 12.7 6.7 4.9 2.9 8.0 -21.3 34.7 29.2 33.4 1.7 22 23 Federal Reserve System................. 2.8 3.5 3.7 3.5 4.8 1.7 5.7 3.8 5.5 2.8 3.6 6.9 5.5 5.5 23 24 Short-term.................................. 4.9 2.1 3.7 5.4 1.9 -.3 6.7 12.4 -. 1 -4.2 2.3 9.3 1.4 -4.9 24 25 Commercial banks......................... -2.6 .4 -2.3 -3.5 8.8 -.3 -5.7 -4.8 17.9 -.3 23.6 -5.9 8.6 -8.2 25 26 Short-term marketable............... -3.5 3.9 -1.7 -4.5 4.6 -.5 -2.8 -4.4 10.2 -7.2 18.3 -2.7 4.9 -2.4 26 27 Other direct.............................. .5 -4.1 -1.4 1.1 1.4 -2.3 -.3 -.3 5.5 2.4 2.8 -5.2 2.7 -4.4 27 28 Nonguaranteed.......................... .3 .6 .8 2.8 2.6 -2.6 1 2.2 4.4 2.5 2.1 1.1 -1.3 28 29 Nonbank finance............................ -.5 2.0 -.8 .9 -4.6 3.4 .8 .2 -8.5 9.6 -1.4 9.8 -2.0 29 30 Short-term marketable................ -1.3 1.2 -.4 1.5 1.0 -2.6 3.8 1.4 4.6 -10.7 10.6 -.4 10.4 -3.2 30 31 Other direct................................ .6 .5 -.7 -1.0 -1.5 -2.4 -.5 -.9 -5.2 .9 -.7 -1.1 -2.7 .7 31 32 Nonguaranteed........................... .3 .3 .3 .4 .5 .4 . 1 .4 .8 1.4 -.3 2.1 .5 32 33 Foreign........................................... .6 .5 -.1 -2.6 2.1 -1.6 -4.4 -2.1 2.6 1.9 - 1.4 5.2 -.4 -5.2 33 34 Short-term.................................. -.6 -.4 -.8 1.6 -.3 -2.4 .7 3.1 ,7 -2.1 4.8 -1.5 -7.3 34 35 Pvt. domestic nonfinan. sector.... 4.7 .8 3.1 8.0 -3.0 11.6 6.0 5.2 -18.2 -17.2 -.8 24.4 9.8 11.6 35 36 Short-term marketable............... 1.8 -3.2 2.4 .7 -2.7 -3.5 2.3 -7.9 -14.4 1.8 9.7 14.9 .3 36 37 Other direct................................ 1.0 2.8 -1.2 2.2 -1.6 .2 1.8 5.8 -9.6 -3.0 -1.8 8.1 -7.8 1.2 37 38 Nonguaranteed........................... .7 .4 1.3 4.6 .4 14.3 1.5 -1.4 -1.5 -.9 -1.5 5.6 2.5 9.6 38 39 Savings bonds—Households .... 1.2 .9 .6 .6 .9 .7 .3 .9 .8 1.1 .7 .9 .2 .4 39 IV. Other securities 40 Total net issues, by sector................. 13.1 14.6 16.2 18.7 29.6 23.4 17.2 12.5 28.1 28.1 31.4 30.8 25.5 21.1 40 41 State and local govts...................... 6.7 5.9 7.3 6.0 10.1 6.9 4.6 6. 1 10.3 11.5 7.5 11.2 10.0 6.8 41 42 Nonfinancial corporations............. 3.6 5.4 5.4 11.4 17.4 15.5 11.3 6.6 14.3 15.8 21.4 18.1 12.5 13.1 42 43 Commercial banks......................... .3 .6 .8 . 1 .2 .3 .8 .7 43 44 Finance companies........................ 1.4 2.1 1.9 .8 .6 .5 1.2 -.4 1.7 -.3 1.0 . 1 1.5 .1 44 45 Rest of the world........................... 1.1 .7 .8 .5 1.3 .2 * .2 1.0 1.0 1.6 1.4 1.5 .5 45 46 Net purchases..................................... 13.1 14.6 16.2 18.7 29.6 23.4 17.2 12.5 28.1 28.1 31.4 30.8 25.5 21.1 46 47 Households..................................... -2.9 1.5 .1 2.9 -2.5 4.5 3.4 -3.5 -4.0 -6.6 -.9 1.3 9.9 .7 47 48 Nonfinancial corporations............. .9 .2 .7 .8 .7 .8 .7 .8 .7 .7 .8 .7 .8 .7 48 49 State and local govts...................... 2.5 2.8 2.8 4.1 6.0 2.4 5.6 5.0 7.0 6.9 4.8 5.5 5.4 4.8 49 50 Commercial banks......................... 5.2 3.7 5.0 2.4 9.8 7.6 -.1 -.7 9.6 14.5 4.8 10.3 4.7 6.3 50 51 Insurance and pension funds......... 7.6 7.5 9.5 9.5 13.5 8.3 9.5 8.6 13.9 11.0 14.6 14.4 14.8 12.3 51 52 Finance n.e.c................................. -.2 -.8 -1.6 -2.2 -1.1 -2.2 -2.8 1.5 -1.9 -2.8 2.1 -1.9 - 12.7 -7.0 52 53 Security brokers and dealers.... .2 -.1 .1 .1 -.3 1.0 2.6 -1.9 -2.9 2.6 2.5 -4.1 -5.9 53 54 Investment cos., net................... -.5 -.8 -1.5 — 2.4 —1.2 -1.9 -3.8 -1.2 -. 1 -.5 — 4.4 — 8.6 — 1.1 54 55 Portfolio purchases................. .8 1.1 1.6 1.3 1.6 .8 -1.1 2.5 3.0 1.3 3.1 — 1.1 — 1.4 3.8 55 56 Net issues of own shares........ 1.2 1.9 3.0 3.7 2.8 2.7 2.8 3.6 3. 1 1.3 3.6 3.3 7.3 4.9 56 57 Rest of the world........................... .3 -. 1 -.4 .9 1.0 2.1 .4 .4 .5 1.3 2.2 .7 2.1 57 V. Mortgages 58 Total net lending................................ 25.0 25.3 25.5 19.6 21.9 22.6 17.0 13.2 17.3 19.0 24.8 26.3 24.4 24.6 58 59 1-to 4-family.................................. 15.7 15.4 16.1 10.0 12.5 1 1.4 7.4 6.9 9.4 9.7 15.0 16.0 15.8 14.3 59 60 In process.................................. .5 -.3 -.9 1.0 “1.1 -1.7 -1.2 .5 1.4 1,3 .9 .3 .3 60 61 Disbursed.................................... 15.2 15.7 16.2 11.0 11.5 12.5 9.1 8.1 8.9 8.3 13.7 15.1 15.5 14.0 61 62 Other.............................................. 9.3 10.0 9.4 9.6 9.4 11.2 9.6 6.2 7.9 9.3 9.8 10,4 8.7 10.3 62 63 Not acquisitions................................. 25.0 25.3 25.5 19.6 21.9 22.6 17.0 13.2 17.3 19.0 24.8 26.3 24.4 24.6 63 64 Households..................................... -.3 -.2 -.9 -.4 — .6 -.2 .6 .5 -.5 -1.7 -.4 .2 . 6 — .9 64 65 U.S. Government.......................... -1.0 .2 1.0 3.4 2.7 4.1 3.1 1.8 2.4 1.6 3.1 3.7 4.6 4.4 65 66 Commercial banks......................... 4.9 4.5 5.6 4.6 4.6 5.3 4.3 3.6 2.0 3.5 6.0 6.7 5.8 6.2 66 67 Savings institutions........................ 16.1 14.8 13.1 6.6 10.8 7.3 3.7 3.7 6.8 10.3 13.1 12.9 10.8 11.1 67 68 Insurance........................................ 4.0 5.1 5.5 5.1 3.1 5.9 5.3 3.6 5.2 2.9 2.0 2.3 2.1 2.1 68 69 Mortgage companies...................... .8 .4 .5 -.6 .4 -.6 -.9 -1.1 .3 1.3 -.2 . 1 -.2 1.0 69 VI. Bank loans n.e.c. 70 Total net borrowing........................... 7.6 8.7 16.4 8.2 6.5 16.0 5.2 2.0 1.7 7.7 6.7 9.8 1.0 13.8 70 5.C 5.1 12.2 9.9 7.4 15.2 9.6 4.7 5.8 11.0 2.0 10.8 . 1 13.3 71 72 Nonbank finance............................ 1.7 .5 2.4 -1.4 -2.4 -.1 -3.5 -2.7 -4.3 -3.3 2.1 -4.0 -.8 -1.1 72 73 Households.................................. .4 1.4 1.3 -. 1 1.7 .3 -.7 .5 .9 .7 1.7 3.5 2.1 1.3 73 74 Rest of the world........................... .5 1.7 .4 -.2 -.3 .5 - .3 -.5 —. 6 -.8 . 8 - ■. 5 - .4 . ( 74 Note,-—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 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 income-and-product accounts plus consumer durables plus net foreign both in lending and funds raised and exclude investment company shares investment. Net foreign investment differs from corresponding income- on both sides; line 65 is lines 7 and 16 of Table 4(1), less line 5 of 4(1,8), and-product series by amount of errors and omissions in balance of pay­ and line 66 is line 22 of Table 4(1) plus line 5 of 4(1.7) less line 5 of 4(1.8). ments statement. Line 69 is the net sum of lines 49-52 in Table 2-IL 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 flows-Sutnmary. 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 (Jine 17) is borrowing through is difference between holder and bank record. credit markets (line 25 of Table 1) by households, nonfinancial business, III. U.S. Govt, securities. All holdings stated in par values; excludes govts., and foreigners. Credit market funds raised by all sectors consists special issues to International Monetary Fund and includes nonguaran­ of line 17 plus financial-sector borrowing (Table 4(H), 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 1 year plus part of those due in less than 2 years. than 1 year plus part of those due in less than 2 years. For further IV. Other securities. Total excludes open-end investment co. shares; detail see Table 4(E), lines 26-30. these are shown as a deduction on line 56, offsetting net purchases of Demand deposits on 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 ff. Foreign funds con­ banks not shown separately. sist of lines 9-12 of Table 4(J). Sources n.e.c. (line 41) is mainly financial V. Mortgages. Loans in process at savings and loan associations are institution net sources of funds other than deposits, insurance and pen­ included in totals outstanding and treated as savings and loan liability sion reserves, security credit, and credit mkt. funds. Line 63 includes holdings by State and local govts, not shown separately' Private domestic nonfinancial sectors (line 42) consists of acquisition 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (In billions of dollars) 1966 1967 1968 Category 1963 1964 1965 1966 1967 H HI IV I H 111 IV I 11 (A) Households 1 1 Personal income............................. 465.5 497.5 538.9 586.8 628.8 580.3 592.1 604.5 614.8 621.6 633.7 645.2 662.7 678.1 I 2 Less: Personal taxes & nontaxes.. 60.9 59.4 65.7 75.3 82.5 74.7 76.8 79.2 80.5 80.1 83.6 85.6 88.3 91.8 2 3 Personal outlays................. 384.6 411.9 444.8 478.6 506.2 474.2 482.5 487.3 494.6 504.5 509.5 516.1 533.5 542.3 3 4 Equals: Personal saving,................. 19.9 26.2 28.4 32.9 40.2 31.4 32.9 38.1 39.7 37.0 40.5 43.4 40.8 44.0 4 5 Plus: Credits from Govt, insur.2. 4.0 4.4 4.8 5.1 5.9 5.4 5.0 5.2 5.4 6.2 5.5 6.5 5.3 6.4 5 6 Other adjustments3........... .5 .6 .9 1.3 1.7 .7 .9 2.0 1.4 .7 1.2 3.6 3.4 3.7 6 7 Net durables in consumpt... 8.9 11.2 14.8 14.9 12. 1 13.3 15.0 13.7 11.2 12.5 12.0 11.7 15.1 15.7 7 8 Purchases............. 53.9 59.2 66.3 70.5 72.6 68.2 71.0 71.1 69.8 72.4 73.1 74.2 79.0 81.0 8 9 Less: Cap. consumpt...... 45.0 48.0 51.5 55.6 60.6 54.9 56.0 57.4 58.7 59.9 61.2 62.6 63.9 65.3 9 10 Equals: Net saving.......................... 33.3 42.4 49.0 54.3 59.8 50.7 53.7 59.1 57.6 56.4 59.1 65.2 64.6 69.8 10 11 Plus: Capital consumpt.4............ 52.4 55.9 59.9 64.3 69.8 63.5 64.8 66.2 67.6 69.0 70.4 72.0 73.5 74.9 11 12 Equals: Gross saving...................... 85.8 98.3 108.9 118.6 129.6 114.2 118.5 125.3 125.3 125.4 129.6 137.1 138.1 144.7 12 13 Gross investment (144-18)................ 87.2 97.8 107.3 112.9 124.7 109.4 114.6 115.1 116.8 120.4 126.1 134.4 125.0 141.8 13 14 Capital expend, (net of sales).... 76.3 82.2 89.2 92.0 93.0 90.5 92.5 90.0 87.4 90.8 94.7 97.9 104.0 106.2 14 15 Residential construction......... 19.0 19.3 19.1 18.7 16.6 19.5 19.1 16.6 14.7 14.8 17.7 19.4 21.5 21.6 15 16 Consumer durable goods......... 53.9 59.2 66.3 70.5 72.6 68.2 71.0 71.1 69.8 72.4 73. 1 74.2 79.0 81.0 16 17 Plant and equip, (nonprofit)... 3.4 3.7 3.8 2.8 3.7 2.9 2.4 2.2 2.9 3.7 3.8 4.2 3.5 3.7 17 18 Net finan. investment (19 — 37)......... 10.9 15.6 18.1 20.9 31.7 18.8 22.2 25.1 29.3 29.6 31.4 36.5 21.0 35.5 18 19 Net acquis, of finan. assets $............ 37.2 42.9 48.0 42.8' 54.2 43.0 41.] 43.1 47.2 47.0 56.6 66.0 47.1 67.0 19 20 Demand dep. and currency.... 4.3 6.4 7.1 1.9 12.4 1.4 .5 8.1 13.6 14.2 7.3 14.5 -8.6 21.4 20 21 Savings accounts....................... 23.0 23.9 26.5 19.2 32.4 19.2 18.3 17.8 35.0 38.6 36.7 19.2 31.4 18.9 21 22 At commercial banks........... 7.9 8.2 13.3 11.9 15.8 14.3 13.0 8.5 18.0 17.9 18.7 8.5 18.8 6.3 22 23 At savings institutions...... 15.1 15.8 13.2 7.3 16.6 4.9 5.3 9.3 16.9 20.6 18.0 10.7 12.6 12.7 23 24 Life insurance reserves........ 4.2 4.3 4.8 4.7 4.8 4.7 4.6 4.6 5.3 3.9 4.6 5.3 5.5 4.2 24 25 Pension fund reserves............... 9.9 11.2 11.7 13.3 14.3 1 1.5 13.5 15.1 12.4 14.7 14.9 15.2 13.8 16.1 25 26 Cr. market instr......................... .4 3.2 2.2 10.5 -4.0 15.3 11.0 1.9 -13.1 -18.1 -1.3 16.7 13.0 10.3 26 27 U.S. Govt, securities........ 3.5 1.9 2.9 8.0 - .9 1 1.0 7.0 4.9 -8.6 -9.9 * 15.1 2.5 10.5 27 28 Savings bonds............. 1.2 .9 .6 .6 .9 .7 .3 .9 .8 1.1 .7 .9 .2 .4 28 29 Short-term mkt.................. 2.8 -1.8 3.2 1.8 -3.5 1.4 2.9 -.3 -5.2 -5.2 -3.6 .1 5.8 .2 29 30 Other direct....................... -.9 2.0 -1.1 1.6 .6 -2.8 1.2 4.3 -4.2 -6.8 3.3 10.2 -3.5 3.3 30 31 Nonguaranteed................. .4 .8 .2 4.1 1.2 11.8 2.5 ♦ -.1 1.1 - .3 4.0 ♦ 6.5 31 32 State and local oblig........ .7 2.2 2.1 2.2 -3.1 4.4 4.8 -.5 -2.4 1.9 1.1 3.6 -1.6 32 33 Corporate and fgn. bonds... -1.0 -.8 -.3 1.2 1.6 3.4 .8 -2.8 -.7 .8 3.5 2.5 1.9 7.3 33 34 Corporate stock..................... -2.5 -1.7 -.5 -4.1 4.2 -1.8 -5.5 -2.8 -5.0 -6.3 -2.3 4.4 -5.0 34 35 Mortgages............................. -.3 -.2 -.9 -.4 -.6 -.2 .6 .5 -.5 -1.7 -.4 .2 .6 -.9 35 36 Net invest, in noncorp. bus.... -5.3 -7.2 -5.7 -7.9 -8.3 -9.2 -7.6 -6.3 -9.5 -8.1 -7.8 - 7.9 -8.9 -7.8 36 37 Net increase in liabilities.................. 26.3 27.3 29.9 21.9 22.5 24.2 18.9 18.0 17.8 17.4 25.2 29.5 26,2 31.7 37 38 Credit mkt. instruments........... 24.1 27.2 28.7 21.6 18.7 23. 1 20.8 17.6 15.7 14.1 21.0 24.0 28.3 26.5 38 39 1- to 4-family mtgs................ 14.8 16.0 16.0 11.9 10.4 13.0 11.1 9.5 8.2 7.2 12.4 13.7 15.7 14.7 39 40 Other mortgages................... .9 1.0 1.1 LI 1.0 1.1 1.1 1.1 1.1 1.1 1.0 1.0 .7 .8 40 41 Consumer credit. .................. 7.3 8.0 9.4 6.9 4.^ 7.0 6.8 4.6 4.1 4.0 4.9 4.8 8.3 8.0 41 42 Bank loans n.e.c.................... .4 1.4 1.3 -. 1 1.7 .3 -.7 .5 .9 .7 1.7 3.5 2. 1 1.3 42 43 Other loans 6........................ .6 .8 .8 1.8 1.2 1.7 2.5 2.0 1.5 1.2 1.0 1.0 1.5 1.6 43 44 Security credit........................... 2.0 -.2 .8 — .2 3.3 .8 -2.4 -.1 1.6 2.8 3.7 5.C -2.5 4.6 44 45 Discrepancy (12—13)....................... -1.5 .5 1.6 5.7 4.9 4.9 3.8 10.2 8.5 5.0 3.5 2.7 13.1 3.0 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 □ NOVEMBER 1968 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1966 1967 1968 Category 1963 1964 1965 1966 1967 II III IV I II III IV I 11 (B) Nonfinancial business—Total 1 1 Income before taxes 2...................... 106.9 J15.3 129.5 139.7 136.0 139.3 139.5 140.5 134.8 135.7 136.0 137.5 140.2 145.8 1 2 Gross saving,...... .............. 57.3 65.0 71.8 77.0 78.4 75.8 76.8 80.9 77.3 77.6 78.8 79.8 77.6 82.0 2 3 Gross investment............................ 57.2 59.5 70.8 74.6 74.9 72.4 74.8 80.8 77.2 75.9 73.3 73.3 73.5 79.5 3 4 Capital expenditures........... 63.8 70.2 84.4 98.3 93.1 97.6 97.4 105.8 94.6 88.4 92.0 97.2 93.4 100.8 4 5 Fixed investment.......................... 57.9 64.3 74.8 83.6 87.0 82.2 84.6 86.0 86.2 86.1 86.7 88.9 91.6 90.2 5 6 Business plant & equipment. .. 49.9 56.5 66.7 77.5 79.1 75.9 79.3 80.9 79.8 78.2 78.4 79.9 84.0 82.2 6 7 1-4 family residential const.3,.. 1.0 .1 .7 -.6 2.0 -.3 -1.5 -1.2 .4 2.6 2.6 2.4 .2 .4 7 8 Other residential....................... 7.0 7.7 7.4 6.7 5.9 6.6 6.7 6.3 6.0 5.3 5.7 6.7 7.4 7.6 8 9 Change in inventories 4............... 5.9 5.8 9.6 14.7 6.1 15.4 12.8 19.8 8.4 2.3 5.3 8.3 1.9 10.6 9 10 Net financial investment................... -6.5 -10.7 -13.6 -23.7 -18.1 -25.2 -22.6 -25.0 -17.3 -12.4 -18.7 -24.0 -19.9 -21.3 10 11 Net acquis, offinan. assets.............. 19.8 14.1 24.3 17,8 17.6 22.9 15.6 7.6 14.1 6.6 22.9 26.6 34.5 20.7 1 1 12 Net increase in liabilities 5........... 26.4 24.7 37.9 41.5 35.7 48.1 38.2 32.6 31.4 19.1 41.6 50.6 54.5 42.0 12 13 Credit mkt. instruments........... 19.1 22.1 29.5 33.6 37.2 43.3 31.0 21.2 34.5 35.9 37.0 41.5 24.9 37.6 13 14 Securities............................... 3.6 5.4 5.4 11.4 17.4 15.5 11.3 6.6 14.3 15.8 21.4 18.1 12.5 13.1 14 15 1-4 family mortgages............ .4 -.3 .2 -1.0 1 .1 -.4 -2.0 -1.5 .7 1.1 1.3 1.4 -.2 -.7 15 16 Other mortgages........... 8.4 9.0 8.3 8.5 8.4 10.0 8.4 5.1 6.9 8.3 8.8 9.4 8.0 9.5 16 17 Bank loans n.e.c.................... 5.0 5.1 12.2 9.9 7.4 15.2 9.6 4.7 5.8 11.0 2.0 10.8 . 1 13.3 17 18 Other loans 5........................ 1.8 3.0 3.4 4.8 3.0 3.0 3.6 6.2 6.9 -.2 3.5 1.7 4.6 2.4 18 19 Trade debt................................ 7.0 5.8 8.2 9.1 5.5 14.9 5.3 7.6 4.7 6.2 4.0 6.9 17.6 14.5 19 20 Other liabilities......................... .2 -3.2 .4 -1.1 -7.0 -10.2 1.9 3.9 -7.8 -23.1 .6 2.1 12.1 -10.0 20 21 Discrepancy..................................... . 1 5.5 1. 1 2.3 3.4 3.4 2.0 ♦ . 1 1.6 5.4 6.5 4. 1 2.4 21 (C) Farm and noncorporate nonfinancial business 6 1 Net income 2................................... 58.4 60.1 65.6 69.5 69.8 69.6 69.1 69.2 69.1 69.6 70.3 70.3 71.1 72.0 I 2 Gross saving 7.................................. 13.5 14.5 15.2 15.9 16.8 15.7 15.7 17.0 17.1 17.0 17.0 16.2 17.5 17.7 2 3 Gross investment............................ 13.5 14.5 15.2 15.9 16.8 15.7 15.7 17.0 17.1 17.0 17.0 16.2 17.5 17.7 3 4 Capital expenditures..................... 17.1 16.6 19.5 18.5 19.0 18.9 16.4 19.9 16.7 18.3 20.0 21.0 18.2 20.8 4 5 Fixed investment.......................... 15.6 16.6 17.8 17.8 18.4 17.5 17.2 18.3 17.8 18.5 18.4 19.0 18.6 19.1 5 6 Change in inventories 4............... 1.5 * 1.7 .7 .6 1.4 -.8 1.6 -1.1 -.2 1.6 2.0 -.4 1.7 6 7 Net financial investment................... -3.6 -2.1 -4.3 -2.6 -2.2 -3.2 -.7 -3.0 .4 — 1.3 -3.0 -4.8 -.7 -3.1 7 8 Net acquis, offinan. assets.............. .7 1.0 .9 .9 1.0 .8 .8 1.1 1.1 .5 1.6 .9 1.3 .7 8 9 Net increase in liabilities 5........... 4.3 3.2 5.2 3.5 3.2 4.0 1.5 4.1 .6 1.8 4.6 5.6 2.0 3.8 9 10 Credit mkt. instruments........... 8.6 8.6 10.5 10.1 9.1 9.9 7.3 10.2 6.0 8.5 9.3 12.7 9.7 10,5 10 11 Mortgages........................... 5.2 5.4 5.3 4.8 5.7 5.9 4.3 2.8 4.5 5.4 6.2 6.5 4.8 5.3 11 12 Bank loans n.e.c............... 2.1 1.5 3.1 3.0 2.2 2.4 1.4 4.6 -. 1 4.0 .7 4.1 3.1 3.6 12 13 Other loans 5f a........... 1.3 1.7 2. 1 2.3 1.3 1.6 1.6 2.8 1.6 -.9 2.4 2. 1 1.8 1.7 13 14 Trade debt, net........................ 1.1 1.8 .8 1.3 2.4 3.3 1.7 . 1 4.2 1.5 3. 1 .8 1.2 1.0 14 15 Proprietors’ net investment 9,.. -5.3 -7.2 -6.1 -7.9 -8.3 -9.2 -7.6 -6.3 -9.5 -8.1 -7.8 -7.9 -8.9 -7.8 15 (D) Corporate nonfinancial business 1 o 1 Profits + IVA.................................... 48.6 55.2 64.0 70.2 66.2 69.7 70.4 71.3 65.7 66.1 65.7 67.2 69.1 73.7 I 2 Profits tax accruals......................... 22.8 24.2 27.5 30.3 28.7 30.3 30.6 30.0 28.0 28.2 28.3 30.1 34.3 35.5 2 3 Net dividend payments n.............. 12.7 13.2 15.0 17.2 18.0 17.3 17.5 17.0 18.0 18.7 18.2 17.0 18.7 19.2 3 4 Net savings+IVA (1-2-3)................ 13.1 17.8 21.4 22.7 19.6 22. 1 22.2 24.3 19.7 19.1 19.2 20.2 16.0 19. 1 4 5 Capital consumption........................ 30.8 32.8 35.2 38.4 42.0 38.0 38.8 39.6 40.5 41.4 42.6 43.4 44. 1 45.2 5 6 Current surp.= gross saving (44-5).. 43.9 50.5 56.6 61.1 61.5 60. 1 61.0 63.9 60.2 60.6 61.8 63.5 60.2 64.3 6 7 Gross investment............................. 43.8 45.0 55.5 58.7 58. 1 56.7 59.0 63.9 60.1 58.9 56.3 57.0 56.0 61.9 7 8 Capital expenditures...................... 46.7 53.6 64.9 79.8 74.1 78.7 81.0 85.9 77.9 70.1 72.1 76.2 75.2 80.0 8 9 Fixed investment.......................... 42.3 47.7 57.0 65.8 68.6 64.7 67.4 67.7 68.4 67.6 68.3 69.9 72.9 71.1 9 10 Plant and equipment................ 38.6 44. 1 53.2 63.0 64.9 61.8 65.0 65.5 65.5 64.0 64.5 65.7 69.4 67.4 10 11 Residential construction,...... 3.7 3.6 3.8 2.8 3.7 2.9 2.4 2.2 2.9 3.7 3.8 4.2 3.5 3.7 11 12 Change in inventories 4............... 4.3 5.9 7.9 14.1 5,5 14.0 13.6 18.2 9.5 2.4 3.8 6.3 2.3 9.0 12 13 Net financial investment................... -2.9 -8.6 -9.4 -21.1 -15.9 -22.0 -21.9 -22.0 -17.8 -11.1 -15.7 -19.2 -19.2 -18,2 13 14 Net acquis, of finan. assets............. !9.1 13.0 23.3 16.9 16.5 22.1 14.8 6.S 73.0 6.1 21.3 25.8 33.3 20.0 14 15 Liquid assets............................ 4.3 .8 .8 1.0 .9 1.3 -.8 -4.7 4.4 -12.2 5.7 5.5 16.7 -2.9 15 16 Demand dep. and curr......... -.8 -2.3 -1.8 .7 -1.7 .2 1.5 -1.3 -4.1 -4.1 4.1 -2.6 8.7 -4.0 16 17 Time deposits........................ 3.9 3.2 3.9 -.7 4. 1 1.7 -3.9 -4.6 10.0 -.9 3.7 3.7 .5 -3.1 17 18 U.S. Govt, securities........ .5 - 1.5 -2.1 -1.2 -3.0 -1.6 -1.6 -1.1 -4.9 -7.1 -1.5 1.4 6.6 .7 18 19 Open market paper............... .7 1.4 .8 2.3 1.4 1.0 3.2 2.4 3.4 -. 1 - .7 3.0 .9 3.6 19 20 State and local oblig................. .9 .2 .7 .8 .7 .8 .7 .8 .7 .7 .8 .7 .8 .7 20 21 Consumer credit....................... .7 1.0 1.2 1.1 1.0 .9 .8 -. 1 1.6 1.1 . 6 .7 1.6 1.3 21 22 Trade credit.............................. 8.5 8.3 12.8 10.8 8.7 17.1 9.6 6.0 3.8 9.7 6.5 14.7 12.1 19.0 22 23 Other financial assets 12............ 4.8 2.8 7.9 3.3 5.3 2.1 4.5 4.5 2.5 6.8 7.7 4.2 2.1 2.0 23 24 Net increase in liabilities.................. 22.0 21.6 32.7 38.0 32.5 44.1 36.7 28.5 30.8 17.2 37,0 44.9 52.5 38.2 24 25 Credit mkt. instruments........... 10.5 13.5 19.1 23.5 28.1 33.4 23.7 11.0 28.6 27.5 27.7 28.8 15.1 27.1 25 26 Corporate bonds................... 3.9 4.0 5.4 10.2 15.1 9.6 10.5 8.1 13.3 13.9 18.6 14.5 11.2 13.7 26 27 Corporate stock.................... -.3 1.4 1.2 2.3 5.9 .9 -1.5 .9 1.9 2.8 3.7 1.3 —. 6 27 28 Mortgages............................. 3.5 3.3 3.1 2.7 3.8 3.7 2.1 .9 3.1 4.0 3.9 4.3 2.9 3.5 28 29 Bank loans n.e.c.................... 2.9 3.6 9.2 6.9 5.2 12.8 8.2 . 1 5.9 7.0 1.4 6.7 -3.0 9.8 29 30 Other loans13........................ .5 1.3 1.3 2.5 1.7 1.4 2.1 3.3 5.2 1. 1 — .4 2.8 .7 30 31 Profits tax liability 14............... 1.5 .7 1.9 -3.8 -6.7 2.7 1.8 1.5 -20.8 .3 3.8 14.1 — 4.5 31 32 Trade debt................................ 6.0 4.0 7.4 7.8 3.1 11.6 3.6 7.4 .5 4.8 .9 6.1 16.4 13.4 32 33 Other liabilities......................... 4.0 3.3 4.3 6.6 5.1 5.8 6.7 8.3 .2 5.8 8. 1 6.3 6.8 2.2 33 34 Discrepancy..................................... . 1 5.5 1. 1 2.3 3.4 3.4 2.0 . 1 1.6 5.4 6.5 4. 1 2.4 34 35 Memo: Net trade credit................... 2.5 4.3 5.3 3.0 5.6 5.4 6.0 -1.4 3.3 4.9 5.5 8.6 -4.2 5.6 35 36 Profits tax payments 14..................... 20.8 23.4 25.6 30.5 32.4 38.6 28.6 27.2 27.3 50.1 26.6 25.8 19.9 40.1 36 For notes see p. A-69.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ FLOW OF FUNDS A-69.5 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1966 1967 1968 Category 1963 1964 1965 1966 1967 n III IV I II HI IV 1 II (E) U.S. Government1 1 Tax receipts (net of refunds)........... 91.4 91.2 99.6 109.9 114.4 109.6 111.7 113.2 112.2 111.7 115.2 118.6 126.0 130.6 1 2 Individual income........................ 51.5 48.6 53.8 61.7 67.3 61.3 62.9 64.9 66.0 65.1 68.2 69.7 72.0 74.9 2 3 Corp, profits tax accruals............. 24.6 26.4 29.3 32.4 30.9 32.4 32.8 32.2 30.3 30.5 30.6 32.4 37.0 38.2 3 4 Other............................................ 15.3 16.1 16.5 15.8 16.2 15.9 16.0 16.1 15.9 16.1 16.3 16.4 17.0 17.5 4 Social insurance programs 2 5 Premiums received................... 21.0 21.6 22.8 30.6 34.1 29.9 31.2 31.9 33.1 33.9 34.3 35.1 37.4 38.1 5 6 Benefits paid................................. 18.2 18.7 20.3 22.6 27.8 21.2 22.9 25.0 26.6 27.9 28.3 28.5 28.7 29.2 6 Lifeinsur. & retirement programs 3 7 Premiums received....................... 2.1 2.2 2.3 2.5 2.7 2.5 2.6 2.6 2.7 2.6 2.7 2.7 3.1 3. 1 7 8 Benefits paid................................ 3.2 3.2 3.3 3.8 4.2 3.8 3.8 3.8 4.8 3.9 3.9 4.0 4.1 4,1 8 9 Net grants and donations paid 4,,,. 20.5 22.8 24.2 29.0 30.8 28.4 29.7 30.1 30.2 29.7 31.4 31.9 34,0 36.8 9 10 Net interest paid.............................. 7.7 8.3 8.7 9.5 10.3 9.3 9.5 10.0 10.2 9.9 10.2 10.7 11.3 1 1.8 10 11 Net purchases of goods & services.. 64.2 65.2 66.9 77.4 90.6 75.6 79.9 81.5 87.4 90.0 91.3 93.5 97.1 100.0 11 12 Net surplus...................................... .7 -3.0 1.2 .7 -12.4 3.8 -.3 -2.8 -11.4 -13.2 -12.9 -12.1 -8.6 -10.2 12 13 Insurance and retirement credits 5., 1.3 1.4 1.4 1.4 1.8 1.7 1.2 1.3 1.4 2.1 1.3 2.2 1.0 2.0 13 14 Gross saving..................................... -.6 -4.3 -.1 -.6 -14.1 2.2 -1.4 -4.0 -12.7 -15.3 -14.1 -14.3 -9.5 -12.2 14 15 Net finan. investment (16 — 23)......... -1.3 -2.5 -.8 -.1 -12.9 1.9 -.1 -2.5 -8.3 -18.2 -14.5 -10.6 -7.2 -12.4 15 16 Net acquis, of finan. assets.............. 4.7 5.6 4.9 8.7 3.] JO.9 7.2 4.6 5.2 -34.1 20.5 20.9 28.7 -10.2 16 17 Demand deposits & currency... -.4 .6 -1.4 -.1 1.0 9.1 -4.2 -2.7 -.9 -13.4 11.6 6.0 -5.7 -16.8 17 18 Credit market instruments....... 2.7 3.8 4.7 7.9 4.5 10.0 7.8 2.8 6.1 -.8 5.0 8.0 14.0 8.2 18 19 Mortgages............................. -1.0 .2 1.0 3.4 2.7 4.1 3.1 1.8 2.4 1.6 3. 1 3.7 4.6 4.4 19 20 Other Joans............................ 3.7 3.5 3.7 4.6 1.8 5.9 4.7 .9 3.7 -2.5 1.9 4.3 9.4 3.8 20 21 Excess of tax accruals over receipts.............................. 1.8 1.1 1.2 -.4 -4.2 -8.7 2.0 2.5 .9 -22.8 1.4 3.7 16.1 -5.8 21 22 Other financial assets 6............ .6 . 1 .5 1.3 1.8 .4 1.7 2.0 -1.0 3.0 2.5 2.6 4.2 4.2 22 23 Net increase in liabilities.................. 6.0 8.1 5.7 8.S J6.0 9.0 7.3 7.2 13.5 -15.9 35.0 31.6 35.9 ) 7 23 24 Life insurance and retirement reserves....................... 1.3 1.4 1.4 1.4 1.8 1.7 1.2 1.3 1.4 2.1 1.3 2.2 1.0 2.0 24 25 U.S. Govt, securities 7 ............. 5.0 7.1 3.6 6.3 12.7 6.7 4.9 2.9 8.0 -21.3 34.7 29.2 33.4 1.7 25 26 Svgs. bonds 8........................ 1.2 .9 .6 .6 .9 .7 .3 .9 .8 1.1 .7 .9 .2 .4 26 27 Short-term marketable 9. . . . 1.4 4.0 3.5 2.2 6.4 -7.3 7.6 10.1 9.9 -35.7 30.9 20.7 30. J - 17.5 27 28 Other direct.......................... 1.1 .9 -2.9 -1.4 1.6 -3.8 -2.0 -6.9 -4.2 8.5 2.5 -.3 -2.6 10.1 28 29 Nonguaranteed agency issues 1.5 .4 2.0 3.8 -.3 10.3 1.2 .2 -4.2 -2.2 .8 4.4 4.3 6. 1 29 30 Loan participations............... -.2 .8 .4 1.3 4.0 6.9 -2.2 -1.3 5.7 7.1 -.1 3.5 1.3 2.7 30 31 Other liabilities......................... -.3 -.4 .6 1.1 1.6 .5 1.2 2.9 4. 1 3.2 -1.0 .2 1.4 -1.5 31 32 Discrepancy (14-15)...................... .7 -1.8 .6 -.5 -1.2 .3 -1.3 — 1.5 -4.5 3.0 .5 -3.7 -2.3 .3 32 33 Memo: Corp, tax receipts, net........ 22.8 25.3 28.1 32.8 35.1 41.1 30.8 29.6 29.4 53.3 29.2 28.7 20.9 44.0 33 (F) State and local governments 1 o Tax receipts..................................... 50.5 54.9 59.8 65.4 71.1 64.6 66.1 67.9 69. 1 70.3 71.7 73.3 74.8 77.2 1 2 Social ins. and grants rec................. 12.9 14.5 15.6 19.2 20.7 19.0 19.8 20.0 20.1 19.7 21.0 22.2 22.9 23.6 2 3 Purch. of goods and services........... 58.2 63.5 70.1 78.8 87.8 77.4 79.7 82.7 85.8 87.2 88.3 90.0 93.4 95.6 3 4 Net interest & transfers paid 1 *.... 4.0 4.3 4.4 4.7 5.5 4.6 4.8 4.9 5.2 5.4 5.5 5.8 6.1 6.2 4 5 Net surplus.................................... 1.2 1.7 1.0 1.1 -1.4 1.6 1.5 .2 -1.7 -2.6 -1.1 -.4 - 1.7 -1.1 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 4.1 4.2 4.3 4.3 4.4 6 7 Equals: Gross saving....................... -1,5 -1.4 -2.4 -2.7 -5.6 -2.1 -2.3 -3.7 -5.7 -6.7 -5.3 -4.6 -6.0 -5.5 7 8 Net financial investment (9 —17).... -2.1 -2.6 -3.1 -2.2 -4.2 -2.2 -1.6 -2.2 -2.5 -5.1 -4.6 -4.6 -5.8 -5.5 8 9 Net acquis, of finan. assets.........7.7 6.9 8.1 8.5 10.5 9.1 8.4 8.8 12.1 10.9 7.8 11.1 9.0 6.0 9 10 Liquid assets............................. 4.1 2.4 3.3 2.4 4.0 2.8 1.9 1.4 9.0 .8 4.9 1.5 3.7 -4.0 10 11 Demand deposits and cur.... 2.4 1.2 -.2 .8 .3 1.3 -.7 -.1 3.3 * 1.0 -2.9 .8 -1.4 11 12 Time deposits........................ 1.6 1.7 2.4 1.3 2.4 2.1 1.9 1.5 5.7 3.4 .6 1.5 1.1 12 13 Short-term U.S. Govt. sec... . 1 -.5 1.1 .3 1.3 -.6 .7 .1 . 1 -2.6 3.3 4.3 1.4 -3.7 13 14 Other U.S. Govt, securities.... .6 1.0 1.2 .9 -.4 2.9 -.1 1.4 -4.8 2.4 -2.7 3.5 -.7 4.2 14 15 State and local obligations.......- .7 -.5 -.3 -.3 -.5 -.3 -.2 -.3 -.5 -.5 -.4 -.5 -.4 - .5 15 16 Other 12........3....5..........3....7.........3...8 5.2 7.4 3.5 6.7 6.2 8.4 8.4 6.2 6.4 6.5 5.9 16 17 Net increase in liabilities.................. 9.8 9.4 11.2 10.7 14.7 1J.3 10.0 10.9 14.6 16.0 12.4 15.8 14.8 11.5 17 18 Credit market borrowing...... 7.0 6.2 7.8 6.8 10.5 7.5 6.1 6.9 10.5 11.8 8.1 11.4 10.4 7.0 18 19 State and local obligations... 6.7 5.9 7.3 6.0 10.1 6.9 4.6 6.1 10.3 11.5 7.5 11.2 10.0 6.8 19 20 Short-term......................... .5 .5 1.3 .4 1.3 1.1 -.3 .3 1.8 2.2 1,6 -.3 .8 -2.0 20 21 Other................................. 6.2 5.4 6.1 5.5 8.8 5.8 4.9 5.8 8.5 9.3 5.9 11.5 9.2 8.8 21 22 U.S. Govt, loans................... .3 .4 .4 .8 .3 .6 1.6 .9 .2 .3 .6 .2 .4 .2 22 23 Employee retirement reserves.. 2.7 3.1 3.4 3.7 4.1 3.7 3.8 3.9 4.0 4.1 4.2 4.3 4.3 4.4 23 24 Trade debt................................ . 1 . 1 . 1 . 1 .1 .1 .1 . 1 . 1 . 1 . 1 .1 . 1 . 1 24 25 Discrepancy.......................... .6 1.1 .7 - .5 -1.4 .1 -.7 -1.5 -3.2 -1.5 -.7 -.2 * 25 26 Memo: Total U.S. Govt. sec. .7 ,5 2.3 1.3 .9 2.3 .6 1.5 -4.7 -.2 .6 7.8 ,7 .5 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 □ NOVEMBER 1968 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1966 1967 1968 Category 1963 1964 1965 1966 1967 II III IV 1 II III IV I II (G) Monetary authorities 1 Current surplus................................ .1 -.5 ♦ ♦ * ♦ * * * * * * ♦ . 1 1 2 Net acquis, of financial assets.......... 2.2 3.4 2.3 4.2 4.8 2.4 5.7 3.2 4.2 2.5 4.4 7.5 3.9 * 2 3 Gold'and foreign exchange 2....... -.4 -1.3 -.3 -.5 .2 .4 .1 -3.1 1.7 .4 -.8 -6.2 -2,6 3 4 Treasury currency......................... -.2 .2 .7 .5 1.0 .5 .8 .7 .5 .5 .2 .1 -.4 4 5 Credit mkt. instruments............... 2.9 3.4 3.8 3.5 4.8 2.1 5.0 4. 3 5.2 2.9 3.7 6.9 5.3 5 7 5 6 U.S. Govt, securities................ 2.8 3.5 3.7 3.5 4.8 1.7 5.7 3.8 5.5 2.8 3.6 6.9 5 5 5 5 6 7 Short-term marketable......... 4.9 2.1 3.7 5.4 1.9 — .3 6.7 12.4 —. 1 —4.2 2.3 9.3 1.4 — 4 9 7 8 Other..................................... “2.2 1.3 . 1 - 1.9 2.9 2.0 — 1.0 — 8.6 5.6 7.0 1.4 — 2.4 4’ 1 104 H 9 F.R. float...................................... - .3 - .4 . 3 — .5 - 1.7 — .4 1.9 — 2. 3 .4 —. 1 2.8 — 7 9 10 F.R. loans to domestic banks.... * .1 -.1 .1 * -.3 1.5 -1.7 -.5 -.4 -.6 1.3 2.0 -2^0 10 11 Net increase in liabilities................. 2.1 3.8 2.2 4.2 4.7 2.4 5.7 3.2 4.2 2.5 4.4 7.4 3.9 11 12 Member bank reserves................ ~ .4 1.0 .4 1.3 1.2 — .4 5.7 .2 — 1.0 — 1.5 6.4 1.7 — 1.7 12 13 Vault cash of coml. banks3......... .6 — .4 . 3 .6 . 5 — . 3 . 2 1.7 — . 5 — 1.0 9 1.9 — .8 — .9 13 Demand deposits and currency... 14 Due to U.S. Govt..................... .3 .2 .2 .9 2.1 - 1.6 . | 2.4 3.2 — 4.2 2.4 — 3.0 1 8 14 15 Due to rest of the world4..... -.1 -.1 .2 -.5 -. 1 . 1 -.1 .4 -.2 15 16 Currency outside banks........... 1.7 2.4 2.1 2.0 2.1 1.2 1 .1 3.3 1.5 I 2.1 4 2.0 16 17 Other............................................. ♦ .6 -.5 -.1 * -.1 -.2 . 1 .1 . 1 -.2 . 1 1.1 -1.0 17 (H) Commercial banks 5 1 Current surplus................................ 1.7 1.9 2.1 2.6 2.6 2.5 2.6 2.9 2.6 2. 5 2.5 2.7 2.7 2.7 I 2 Net acquisition of financial assets . .. 20.0 23.6 30.5 20.5 39.3 34.8 14.8 12.2 37.3 22.1 61.3 35.9 21.2 17.4 2 3 Member bank reserves $............... -.4 1.0 .4 1.3 1.2 -.4 5.7 .2 -1.0 -1.5 6.4 .9 1.7 - 1.7 3 4 Vault cash................................... .6 — .4 .3 .6 .5 —. 3 .2 1.7 — .5 -1.0 .9 1.9 — .8 — .9 4 5 Total loans and investments........ 19.4 22.4 29.1 17.4 36.4 32.9 9.6 7.9 39.7 22.3 54.8 28.9 20.6 18.1 5 6 Credit market instruments....... 18.8 21.9 29.0 16.9 34.8 32.3 8.1 7.0 37.6 28.9 45,8 27.2 24.8 21.6 6 7 U.S. Govt, securities?............ “2.6 .4 -2.3 -3.5 8.8 -.3 -5.7 -4.8 17.9 -.3 23.6 -5.9 8.6 -8.2 7 8 Short-term marketable.... -3.5 3.9 -1.7 “4.5 4.6 -.5 -2.8 -4.4 10.2 -7,2 18.3 -2.7 4.9 -2.4 8 9 Other direct...................... .5 -4.1 — 1 .4 1.1 1.4 -2.3 -.3 — .3 5.5 2.4 2.8 -5.2 2.7 -4.4 9 10 Agency issues.................... .5 1.1 .5 2. 1 -1.2 .8 - .9 .6 1.8 . 3 1.0 -1.0 10 11 Loan participations.......... -.2 .6 -.3 -. 1 2.3 .5 -1.5 -.9 3.1 3.8 .6 1.7 . 1 -.4 11 12 Other securities & mortgages. 10.1 8.2 10.6 7.1 14.3 12.9 4.2 2.9 11.6 18.0 10.8 17.0 10.5 12.5 12 13 State and local oblig......... 5.2 3.6 5.1 2.4 9.0 7.6 -.2 -.8 8.4 13.3 4.4 9.9 4.7 6.3 13 14 Corporate bonds............... ♦ “.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 3.0 1.9 1.9 1.0 1.4 3.4 4.0 2.9 2.9 15 16 Other mortgages............... 2.2 2.2 2.5 2.3 2.1 2.4 2.4 1.7 1.0 2.1 2.6 2.7 2.9 3.3 16 17 Other credit exc. security.... H.3 13.4 20.7 13.3 11.7 19.7 9.7 8.9 8.1 11.3 11.3 16.1 5.7 17.2 17 18 Consumer credit............... 3.5 3.8 4.7 3.1 2.2 3.1 3.4 2.4 1.3 2.0 3. 1 2.4 3.9 3.8 18 19 Bank loans n.e.c............... 7.6 8.7 16.4 8.2 6.5 16.0 5.2 2.0 1.7 7.6 6.7 9.8 .9 13.8 19 20 Other loans®...................... .2 .8 - .5 2.0 3.1 .5 1.1 4.5 5.1 1.7 1.5 3.9 .9 -.4 20 21 Security credit........................... .6 .5 .1 .5 1.5 .5 1.5 .9 2,1 -6.7 9.0 1.7 -4.2 -3.4 21 22 Mise, assets.................................. .4 .6 .7 1.1 1.2 2.7 -.8 2.4 -.9 2.3 -.8 4.2 -.3 1.8 22 23 Net increase in liabilities......... 19.3 22.0 29.2 19.3 37.5 33.4 13.3 11.0 35.9 20.6 60.2 33.0 20.1 15.3 23 24 Demand deposits, net........... 3.8 4.8 5.6 . 3 11.6 6.8 -7.9 7.5 2.6 -5.7 32,1 17.3 -11.0 1.7 24 25 U.S. Govt.9.. ’........................ -.6 * -1.0 -.5 .2 4.6 -4.5 1.1 -3.0 -18.1 17.6 4.4 -3.2 -21.0 25 26 Foreign' ®.................................. . 1 .4 .4 — .5 .8 1.2 -1.4 -.6 -3.1 2.3 .5 3.4 -1.3 2.1 26 27 Other, net11.............................. 4.3 4.4 6.2 1.3 10.6 1.0 “2.0 7.1 8.7 10.0 13.9 9.5 -6.5 20.5 27 28 Time deposits.............................. 14.3 14.5 20.0 13.3 23.8 20.1 11.6 6.2 35.1 23.7 23.7 12.7 20.5 4.0 28 29 F.R. float..................................... -.3 -.4 .3 -.5 -1.7 -.4 1.9 -2.3 .4 -.1 2.8 -.7 29 30 Borrowing at F.R. Banks............. . 1 -.1 . 1 -.3 1.5 -1.7 -.5 -.4 -.6 1.3 2.0 -2.0 30 31 Other liabilities............................. 1.4 2.5 4.0 5.4 2. 1 7.4 9.7 -.7 -3.2 5.3 4.6 1.8 5.7 12.4 31 32 Security issues............... . .3 .6 .8 .2 .3 * * .8 . 1 ♦ * .7 32 33 Discrepancy.................................... .5 * .4 .9 .5 .6 .7 1.2 1.0 .7 .8 -.7 1. 1 . 1 33 34 Memo: Total loans exc. mortgages.. 11.9 13.9 20.8 13.9 13.2 20.2 11.1 9.8 10.2 4.6 20.3 17.8 1.5 13.8 34 For notes see p. A-69.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 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 1967 II III IV I II III IV I II (I) Nonbank financial institutions1 1 Current surplus.................................. 1.7 1.2 1.4 1.9 1.2 2.5 2.4 1.2 1.4 2.2 1.8 -.6 -.5 -.7 1 2 Physical investment (Life ins.)........ .5 .5 .4 .5 .5 .5 .5 .5 .6 .6 .6 .4 .6 .6 2 3 Net acquis, of financial assets........... 37.0 37.2 37.7 31.0 39.3 23.1 26.5 33.6 40.7 25.1 54.5 36.7 36.5 37.9 3 4 Demand deposits and currency... .2 .3 .7 .4 .7 .5 .5 1.6 1.3 .9 .4 .4 -.5 2.5 4 5 Time deposits (Mut. svgs. bks.)... * ♦ -.1 -.1 * .8 -.3 -.3 .1 .2 5 6 Svgs. and loan shares (Cr. unions) * .1 — .2 -.2 .4 -.5 -.2 .3 1.1 .3 ♦ -.2 .8 6 7 Cr. mkt. instr............................... 33.7 35.9 35.8 29.6 33.5 21.2 26.4 30.1 32.5 18.9 51.3 31.5 38.0 28.3 7 8 U.S. Govt, securities................. -.5 2.0 -.8 .9 -4.6 3.4 .8 .2 -8.5 9.6 -1.4 9.8 -2.0 8 9 State and local obligations....... .6 .4 -.2 1.0 .9 2.0 -.1 1.7 2.2 .4 .8 .1 1.3 1.9 9 10 Corporate bonds....................... 4.4 4.4 5.7 4.9 8.2 2.5 4.7 4.6 8.2 4.6 11.3 8.5 5.9 2.2 10 11 Corporate stock........................ 3.4 3.7 5.4 5.4 8.4 4.4 5.2 7.9 7.1 7.5 11.2 7.7 4.1 7.4 11 12 1- to 4-family mortgages.......... 14.1 13.0 12.8 4.8 7.9 5.2 1.9 2.1 6.3 8.1 8.6 8.6 8.0 8.3 12 13 Other mortgages....................... 6.9 7.3 6.3 6.4 6.4 7.5 6.4 4.2 6.1 6.4 6.5 6.7 4.7 5.9 13 14 Consumer credit....................... 2.8 2.8 3.1 2.3 .9 2.6 2.3 1.7 .8 1.1 .3 1.6 2.3 2.9 14 15 Other loans............................... 2.1 2.4 3.3 4.0 .9 1.7 2.7 7.1 1.7 -.8 3.1 -.3 1.8 1.6 15 16 Security credit.............................. 1.9 -.5 .2 -.1 2.8 .4 -2.0 .7 1.5 1.7 3.3 4.8 -2.7 6.3 16 17 Trade credit................................. .2 .2 .2 .2 .3 .2 .3 .3 .3 .3 .3 .3 .3 .3 17 18 Miscellaneous assets..................... 1.1 1.2 1.2 1.1 1.5 1.3 1.6 1.0 5.0 1.5 -.6 * 1.6 -.4 18 19 Net increase in liabilities................... 35.5 36.3 36.3 29.7 39.0 21.4 24.3 33.2 40.9 23.3 53.1 38.8 38.1 39.3 19 20 Time and savings acct.................. 15.2 15.9 13.0 7.1 17.0 4.4 5.1 9.3 17.2 21.7 18.3 10.7 12.4 13.5 20 21 Ins. and pension reserves........ 10.1 11.1 11.6 12.8 13.2 10.8 13.1 14.5 12.2 12.4 14.0 14.1 14.0 13.9 21 22 Cr. mkt. instr.2............................ 7.1 6.2 9.0 6.4 1.9 5.5 2.1 4.2 1.0 -6.9 7.4 6.1 12.0 7.7 22 23 Finance company bonds.......... 1.4 2.1 1.9 .8 .6 .5 1.2 -.4 1.7 -.3 1.0 .1 1.5 .1 23 24 Investment company shares.... 1.2 1.9 3.0 3.7 2.8 2.7 2.8 3.6 3.1 1.3 3.6 3.3 7.3 4.9 24 25 Mtg. loans in process............... .5 -.3 -.9 1.0 -1.1 -1.7 -1.2 .5 1.4 1.3 .9 .3 .3 25 26 Bank loans n.e.c........................ 1.7 .5 2.4 -1.4 -2.4 -.1 -3.5 -2.7 -4.3 -3.3 2.1 -4.0 -.8 -1.1 26 27 Other loans............................... 2.3 2.0 1.7 4.3 -.2 3.4 3.3 4.9 -6.0 - .5 5.9 3.7 3.5 27 28 Finance co. paper................. 1.0 1.5 1.0 3.4 2.4 1.6 2.2 6.9 2.9 .3 .6 5.8 -.2 4.1 28 29 FHLB loans.......................... 1.3 .5 .7 .9 -2.5 1.8 1.1 -2.0 -2.8 -6.3 -1.1 .1 3.9 -.6 29 30 Security credit............................ .5 . 1 .6 2.1 -.7 1.3 2.3 4.1 -7.5 9.1 2.9 -4.6 .5 30 31 Taxes payable............................... .1 .1 .1 -.2 -.3 .2 * .2 -.9 .1 -.2 .4 -.1 31 32 Miscellaneous liabilities............. 2.5 3.1 2.6 2.8 5.1 1.7 2.6 2.8 6.3 4.6 4.3 5.2 4.0 3.8 32 33 Discrepancy...................................... -.3 -.2 -.4 ♦ .4 .3 -.3 .2 1.0 -.1 -.2 1.0 .5 . 1 33 (1.1) Savings and loan associations 1 Net acquis, of financial assets.......... 14.0 11.8 10.2 4.3 9.8 4.7 1.3 2.2 8.3 10.2 12.6 8.3 11.9 9.3 1 2 Demand deposits and currency 3. . 1 -.5 -.3 -.4 -1.0 -.1 .1 . 1 -.5 -1.0 -.2 -.1 2 3 Cr. mkt. instr. *............................ 13.3 11.1 9.6 4.3 9.3 4.5 1.5 1.8 4.2 9.5 14.0 9.6 11.4 10.0 3 4 U.S. Govt, securities................. 1.0 .6 .5 .5 1.7 -.8 .8 1.0 .6 2.2 4.2 -.3 2.9 1.1 4 5 1- to 4-family mortgages.......... 9.3 8.0 7.7 2.7 5.9 3.4 .1 .6 3.1 5.2 7.6 7.8 7.2 7.0 5 6 Other mortgages....................... 2.9 2.4 1.2 1.1 1.7 1.7 .7 .2 .5 1.9 2.2 2.1 1.3 1.8 6 7 Misc. financial transactions......... .5 .7 .6 .5 .8 .7 .9 .5 4.0 .6 -1.0 -.3 .6 -.5 7 8 Net increase in liabilities................... 13.3 11.1 9.4 3.7 9.3 4.1 .8 1.9 7.7 9.8 12.1 7.7 10.7 8.6 8 9 Savings shares.............................. 11.1 10.6 8.5 3.6 10.7 2.6 1.4 4.6 10.7 14.0 12.4 5.7 6.9 7.8 9 10 Mtg. loans in process................... .5 -.3 -.9 1.0 -1.1 -1.7 -1.2 .5 1.4 1.3 .9 .3 .3 10 11 Borrowing from FHLB............... 1.3 .5 .7 .9 -2.5 1.8 1.1 -2.0 -2.8 -6.3 -1.1 .1 3.9 - .6 11 12 Memo: FHLB loans less deposits... 1.4 .5 .8 .9 -2.9 1.8 1.3 -2.5 -5.3 -7.1 .3 .3 3.7 * 12 (1.2) Mutual savings banks 1 Net acquis, of financial assets 5........ 3.6 4.5 4.0 2.8 5.4 1.5 3.7 3.0 5.6 6.6 5.7 3.7 4.6 4.0 1 2 U.S. Govt, securities.................... -.2 -.3 -.5 -.3 -.9 -.1 -.3 -1.6 -.3 .5 -.4 .5 2 3 Corporate bonds.......................... -.3 -.2 -.1 .3 2.1 .1 .4 .4 2.2 2.8 2.8 .4 1.7 1.2 6 4 1- to 4-family mortgages.............. 2.6 2.7 2.7 1.6 1.8 1.1 1.8 1.7 1.9 1.9 1.7 1.6 1.0 1.2 4 5 Other mortgages.......................... 1.3 1.7 1.4 1.1 1.4 .9 1.2 1.1 1.2 1.2 1.7 1.4 1.2 1.1 5 6 Savings deposits............................... 3.3 4.2 3.6 2.6 5.1 1.0 3.0 3.5 5.5 6.1 4.9 4.0 4.6 4.1 6 (1.3) Life insurance companies 1 Current surplus................................. 1.1 1.1 1.0 1.1 .9 1.0 1.2 1.2 .9 .9 1.0 .9 1.0 1.0 1 2 Net acquis, of financial assets s....... 7.0 7.8 8.7 8.3 9.4 8.2 7.7 7.7 11.1 8.2 9.1 9.2 10.2 8.9 2 3 Cr. mkt. instr................................ 6.7 7.4 8.2 7.8 8.9 7.6 7.3 6.5 10.7 7.6 8.6 8.6 10.1 8.1 3 4 U.S. Govt, securities................. -.4 -.3 -.4 -.3 -.2 -.6 -.7 * -.1 -.4 -.1 1 .2 -.5 4 5 State and local obligations....... -.2 -.1 -.3 -.4 -.2 -.6 -.4 -.2 -.3 - . 1 -.4 .2 5 6 Corporate bonds....................... 2.8 2.3 2.8 2.2 4.3 1.8 2.0 .4 4.3 2.0 5.1 5.7 4.9 3.0 6 7 Corporate stock........................ .2 .5 .7 .2 1.0 . 1 .3 .4 .8 .9 1.2 1.4 1.3 1.5 7 8 1- to 4-family mortgages.......... .9 1.4 1.2 .5 -.4 .7 .4 -.1 .5 -.3 -.9 -.9 -.7 8 9 Other mortgages....................... 2.7 3.2 3.7 4.1 3.3 4.8 4.4 2.9 4.3 3.2 2.6 3.1 2.1 3.0 9 10 Other loans................................ .5 .4 .5 1.5 1.0 1.3 1.3 3. 1 1.2 2.4 1.1 -.7 1.5 1.7 10 11 Net increase in liabilities................... 6.4 7.1 7.9 7.2 8.2 7.1 7.0 6.4 10.0 6.8 7.5 8.3 9.5 8.2 11 12 Life insurance reserves................. 4.0 4.2 4.7 4.5 4.6 4.5 4.5 4.5 5.1 3.8 4.5 5.2 5.7 4.2 12 13 Pension fund reserves................... 1.7 2.0 2.1 2. 1 2.2 2.1 2.1 2.1 2.2 2.2 2.2 2.2 2.5 2.6 13 14 Other............................................. .7 .8 1.2 .4 1.4 .5 . 1 -.4 2.6 1.4 .8 .9 1.2 1.5 14 For notes see p. A—69.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-69.8 FLOW OF FUNDS □ NOVEMBER 1968 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1966 1967 1968 Category 1963 1964 1965 1966 1967 II HI IV I II III IV I II (1.4) Noninsured pension plans 1 Net acquis, of financial assets 5........ 4.4 4.9 4.9 6.2 6.3 4.2 6.5 7.9 5.0 6.4 7.3 6.6 5.7 7.2 I 2 Credit mkt. instr 6......................... 4.3 4.8 4.9 6.2 6.1 4.8 6. 8 7.1 4.9 6.2 7.0 6.1 6.2 6.6 2 3 U.S. Govt, securities.......... .4 .4 — .3 .2 — .2 — .8 ,7 ,4 ~ 1.8 .3 .6 —. 3 9 3 4 Corporate bonds...................... 1.5 1.6 1.5 1.9 1.0 1.4 1.8 1.9 1.7 .4 1.6 . 2 1.4 4 5 Corporate stock........................ 2.2 2.2 3.1 3.7 5.2 4.0 3.8 4.1 4.8 5.6 5.0 5.3 5.0 5.9 5 (1.5) Other insurance companies 1 Net acquis, of financial assets 5........ 1.4 1.1 1.8 1.9 1.8 1.7 1.9 1.8 1.6 1.9 2.0 1.7 2.0 2.1 1 2 Demand deposits and currency... * -.1 * * * 2 3 Credit mkt. instr, $........................ 1.3 1.0 1.7 1.6 1.5 1.4 1.6 1.6 1.3 1.6 1.7 1.4 1.8 1 8 3 4 U.S. Govt, securities................ .2 . 1 — .4 — .7 — .2 — .4 — .5 — 1.3 — .6 - .5 —. 3 —. 3 4 5 State and local obligations....... .8 .4 .4 1.4 1.0 1.5 1.6 1.3 .12 1.1 1.0 .7 1.3 1.0 5 6 Corporate bonds...................... .3 1.1 . 8 —. 3 —. 1 4 I 0 ,7 7 7 t 3 3 6 7 Corporate stock............ .2 .2 .2 .5 .5 .5 .6 .7 :4 .4 .4 .4 .4 7 (1.6) Finance companies 1 Net acquis, of financial assets 5........ 4.0 4.0 5.4 3.2 .7 1.4 .9 4.4 1.0 - 3.1 3.4 1.6 1.2 3.1 1 2 1- to 4-family mortgages............. .8 .4 .5 -.6 .4 -.6 -.9 -1.1 .3 1.3 -.2 . 1 -.2 1.0 2 3 Consumer credit........................... 1.8 1 .8 1.9 1.2 .2 1.3 1.5 .6 .2 .5 -.3 .6 1.2 2.2 3 4 Other loans................................... 1.6 1.8 2.7 2.3 -. 1 .4 . 1 4.7 .3 -5.1 3.7 .7 * -.2 4 5 Net increase in liabilities.................. 4.0 4.0 5.1 2.7 .7 1.3 .1 3.8 1.1 -3.2 3.7 1.5 .9 2.8 5 6 Corporate bonds.......................... 1.4 2. 1 1.9 .8 .6 .5 1.2 -.4 1.7 -.3 1.0 . 1 1.5 6 7 Bank loans n.e.c........................... 1.6 .4 2.2 -1.5 -2.3 -.8 -3.4 -2.7 -3.5 -3.2 2.1 -4.4 -.4 -1,3 7 8 Open mkt. paper.......................... 1.0 1.5 1.0 3.4 2.4 1.6 2.2 6.9 2.9 .3 .6 5.8 -.2 4. 1 8 (1.7) Security brokers and dealers 1 Net acquis, of financial assets.......... .6 .2 .1 .7 2.3 -.6 1.5 2.4 4.3 -7.5 9.3 3.0 -4.3 .6 1 2 U.S. Govt, securities.................... -1.3 .7 -.3 .7 -.8 -1.0 2.1 -.3 4.2 -6.4 3.2 -4.1 2.7 -1.1 2 3 Other securities............................ .2 ♦ -.1 .1 -.3 1.0 2.6 -1.9 -2.9 2.6 2.5 -4.1 -5.9 3 4 Security credit.............................. (.5 -.5 .5 -.2 2.8 .6 -1.8 -.1 1.8 1.7 3.3 4.4 -3.1 6.5 4 5 Net incr. in liab.—Security credit... .5 .1 .6 2,1 -.7 1.3 2.3 4.1 -7.5 9.1 2.9 -4.6 .5 5 6 From banks................................. .2 .2 -.3 .6 .9 .2 2. 1 1.0 2.2 -8.0 8.4 .9 -4.7 -1.9 6 7 From agencies of fgn. banks....... .4 * -.3 -.2 -.3 .8 — .3 * .4 .3 -.2 7 8 Customer credit balances............. * * .5 ♦ 1.2 -.7 -.6 .5 2.2 .5 .7 1.6 -.3 2.6 8 (1.8) Open-end investment companies Net financial investment.................... -.4 -.8 -1.1 -1.2 -1.6 -.5 -.7 -1.9 -1.3 -.5 -1.0 -3.4 -3.2 -3.5 I Net acquis, of financial assets 5... .8 1.1 2.0 2.5 1.2 2.2 2.0 1.8 1.9 .8 2.5 -.2 4.0 1.4 2 Credit mkt. instr....................... .8 1.1 1.6 1 .9 1.1 1.3 .3 2.1 2.2 2.7 — .3 3.6 1.0 3 Corporate stock.................... .6 .7 1.2 .9 1.4 .6 -.6 1.6 2.5 1.4 3.1 -1.2 -.9 2.8 4 Net stock issues?.......................... 1.2 1 .9 3. 1 3.7 2.8 2.7 2.8 3.6 3.1 1.3 3.6 3.3 7.3 4.9 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 5.2 4.5 4.5 5.2 5.1 5.4 3.4 1.5 2.0 1 2 Purch. of goods and services 1... 32.3 37.1 39.2 43.1 45.8 42.6 43.6 44.2 45.5 45.5 46.1 46.0 47.5 49.9 2 3 Sales of goods and services 1....... 26.4 28.6 32.3 38. 1 41.0 37.3 39. 1 39.7 40.3 40.4 40.6 42.6 46.0 47.9 3 4 Net unilateral receipts from Govt.1. 2.8 2.8 2.8 2.9 3.1 2.9 2.8 2.6 2.9 3.4 3.4 2.6 2.6 2.8 4 5 Current surplus (4-1) 2.................. -3.1 -5.7 -4.1 -2.2 - 1.7 -2.3 -1.7 - 1.9 -2.3 - 1.6 -2.1 -.8 1.1 .8 5 6 Net financial investment (7-14)........ -2.8 -4.7 -3.7 -1.8 -1.2 -1.6 -2.8 -1.0 -1.6 .6 -2.9 - .7 3.2 2.0 6 7 Net acquis, of finan. assets....... 3.4 3.4 2.J 3.9 7.8 6.2 2.6 4.7 2.7 8.4 7.9 J2. J 10.0 7.2 7 8 Gold.......................................... .5 .1 1.7 .6 1.2 .8 .7 .5 .2 . 1 .4 4.0 5.4 . 1 8 9 U.S. dem. dep. and currency... . 1 .5 .3 -.3 .8 1.2 -.18 -.6 -3.2 2.4 .5 3.5 -1.0 1.9 9 10 Time deposits............................ 1.0 1.4 .6 .8 1.3 2.0 ■ .6 1.0 1.2 2.3 1.1 .8 -.7 -.4 10 11 U.S. Govt, securities................. .6 .5 -. 1 -2.6 2.1 -1.6 -4.4 -2.1 2.6 1.9 -1.4 5.2 -.4 -5.2 11 12 Other credit market instr......... .3 . 1 ♦ 1.2 1.2 2.9 .4 .4 .8 1.6 2.3 * 1.4 2.9 12 13 Mise, financial assets................ 1. 1 .8 -.4 4.2 1.1 .8 7.2 5.5 1.1 -.2 4.9 -1.5 5.1 7.5 13 14 Net increase in liabilities.................. 6.2 8.2 5.8 5.7 8.9 7.8 5.4 5.7 4.3 7.7 JO.8 22.8 6.9 5.2 14 15 Official U.S. foreign exchange 3 . 1 .4 1.1 .6 .4 .5 -3.9 1.7 1.9 4.8 2.6 .6 15 16 Securities................................... 1.1 .7 .8 .5 1.3 .2 * .2 1.0 1.0 1.6 1.4 1.5 .5 16 17 Loans 4..................................... 2.2 3,7 1.9 1.0 2.7 2.3 -.4 1.0 4.5 2.7 2.2 1.4 2.8 2.0 17 18 Miscellaneous 5......................... 2.8 3.9 2.6 4.1 3.7 4.6 5.4 4.1 2.6 2.2 4.9 5.1 * 1.7 18 19 Discrepancy (5-6) 6....................... -.4 -.9 -.4 -.4 -.5 -.7 1.0 -.9 -.6 -2.3 .9 -. 1 -2.1 -1.2 19 U.S. gold and fgn. exchg. held by: 20 Monetary auth.............................. -.4 * -1.3 -.3 -.5 .2 .4 . 1 -3.1 1.7 .4 -.8 -6.2 -2.6 20 21 U.S. Treasury.............................. * -.2 . 1 -.2 .4 -.5 -.7 -.1 -1.0 ♦ 1.1 1.6 3.4 3.2 21 For notes see following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 a 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. 3 Imputed saving associated with growth of government life 6 Includes net free balances with security brokers and miscel­ insurance and retirement reserves. From Tables 4(E), line 13, laneous assets not shown separately. and 4(F), line 6. 0 Policy loans, hypothecated deposits, and U.S. Govt, loans 3 Capital-gains dividends from open-end investments cos. to nonprofit organizations. (B, C, D) Business 1 Sum of Tables 4(C) and 4(D); for detail see below. 8 Loans from U.S. Govt, and commercial Ioans from finance 3 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), (H), and (I). 3 Change in work in process. 4 After inventory valuation adjustment. 11 Includes branch profits paid to foreign parents less branch D 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 0 Includes corporate farms. unallocated current assets. 7 Noncorporate net income is treated as payment in full to proprietors in the household sector. Gross saving consists of 13 Mainly commercial paper and commercial loans from capital consumption allowances plus corporate farm retained finance companies. profits. 11 Includes State and local profit taxes. (E, F) Govts. 1 Lines 1 through 12 are derived from national-income data, G 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 line 25 less accrual of interest on savings bonds and guaranteed issues of Govt, agencies. Includes interest accruals Treasury bills. Cash surplus is closely indicated by line 17 less on savings bonds and Treasury bills; excludes special notes to net cash borrowing. Lines 18, 22, 30, and 31 are in cash outgo IMF, Loan participations consist of holdings by the domestic in cash budget except for small amounts in receipts. Lines 13 public of C.C.C.. FNMA, Export-Import Bank, and all other and 24 arc imputations reflected in neither national income nor certificates. In Table 3 they are grouped with nonguaranteed cash budget, issues. Net movements in inventory under C.C.C. guarantee are 2 OAST, 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 n Marketable issues due in Jess than 1 year plus part of those tirement funds. Line 7 excludes Govt, contributions to these funds. t 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. ” 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. 8 Includes consumer loans secured by hypothecated deposits 3 Includes vault cash of nonmember banks. through 11/1966, not show separately. 4 Includes deposits of international organizations other than 11 Includes deposits held outside Treasury. IMF; IMF deposits are net in line 3. 10 Bank and nonbank. 45 Based on balance sheet estimates for last day of quarter. 31 Net of F.R. float, shown separately in line 29. (I) Nonbank finance 1 In addition to types shown, includes credit unions, agencies laneous, line 7. of foreign banks, and banks in possessions. 4 Includes consumer credit, not shown separately. 2 Lines 10, 11 of LI; lines 6, 7, and 8 of 1.6; and line 5 5 Includes cash and other assets, not shown separately. of 1.8. 0 Includes mortgages, not shown separately. 3 Excludes deposits at FHLB, which are included in Miscel- 7 Includes retained capital-gains dividends. (J) Rest of the world 1 Lines 2, 3? and 4 are exports, imports, and transfers to 4 Bank loans, acceptances, loans from U.S. Govt., and secu­ foreigners in income and product accounts. rity credit. 2 Net foreign investment in national income accounts with opposite sign. 5 Direct investment abroad, foreign currencies held by other 3 Official foreign currency holdings and net IMF position of than in line 15, subscriptions to international organizations U.S. IMF position consists of U.S. capital subscription less except IMF, and unidentified liabilities. IMF holdings of special U.S. Govt, notes, deposits with Federal 0 Errors and omissions in U.S. balance of payments state­ Reserve, and letters of credit. ment. Note.—Quarterly data are seasonally adjusted totals at an­ nual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-70 U.S. BALANCE OF PAYMENTS □ NOVEMBER 1968 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1967 1968 Item 1965 1966 1967 I JI III IV I IP Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted Exports of goods and services—Total1..................... 39,196 43,142 45,756 11,371 11,377 11,513 11,496 11 860 12 478 Merchandise........................................................... 26,244 29 176 30,468 7 661 7 703 7 626 7 478 7 924 8’302 Military sales.......................................................... 830 829 1 ,240 ’335 '336 ’245 323 306 362 Transportation.................................... 2 413 2,608 2,701 670 670 680 681 709 703 Travel. .................................................................... 1 380 1 590 1 646 421 384 417 424 442 421 Investment income receipts, private...................... 5,384 5^659 6^235 1 443 1 ,391 1,671 1,729 1 544 1 699 Investment income receipts, Govt........................ 509 593 '624 151 165 156 153 198 217 Other services................................................... 2,436 2,687 2 843 690 728 718 708 737 774 Imports of goods and services—Total........................ — 32,295 -38,063 — 40,989 -10,078 -10,108 — 10,154 — 10,648 — 11 504 — 11 986 Merchandise.......................................................... -21,516 -25 541 —26 991 -6 686 — 6 605 -6 541 —7 159 7 837 — 8 293 Military expenditures.......... — 2,945 — 3,735 — 4 340 — 1,072 — 1,065 — 1 098 — 1 104 1’110 — 1 ’143 Transportation....................................................... -2,679 —2,923 — 2,982 —767 -745 -720 — 750 — 805 — 777 Travel..................................................................... — 2,438 — 2657 -3'195 — 704 -841 —925 — 725 — 773 —769 Investment income payments................................ — 1,729 — 2,074 -2,293 — 560 — 560 —575 — 598 — 660 — 695 Other services.................................................. -989 -1,132 -1,189 — 289 -292 -295 -312 — 319 -309 Balance on goods and services'................................. 6,901 5,080 4,768 1 293 1,269 1,359 848 356 492 Remittances and pensions.......................................... -1,027 -1,015 -1,276 -262 -392 -358 -263 -266 — 280 1. Balance on goods, services, remittances and pensions.............................................................. 5,874 4,065 3,492 1,031 877 1,001 585 90 212 2. U.S. Govt, grants and capital flow, net................. -3,370 -3,444 -4,210 -1,176 -1,039 -988 -1,008 -1,164 -1,101 Grants,2 loans, and net change in foreign currency holdings, and short-term claims.......... -4,242 -4,676 -5,191 -1,394 -1,305 -1,226 -1,266 -1,510 -1,413 Scheduled repayments on U.S. Govt, loans. . . '651 '803 '975 218 '266 233 '258 '304 '309 Nonschedulcd repayments and selloffs........ 221 429 6 * 5 * 42 3 3. U.S. private capital flow, net. ............... -3,794 —4,298 -5,504 —975 -1,104 -1,788 -1,638 —646 -1,230 Direct investments............................................ -3,468 -3'623 -3,020 — 653 — 651 -902 -815 -374 - 1,034 Foreign securities.............................................. -759 -481 -1,266 -259 — 199 -476 -332 -385 -81 Other long-term claims: Reported by banks......................................... -232 337 285 153 188 -72 16 199 53 Reported by others........................................ -88 -112 -289 — 68 —170 42 -93 45 -26 Short-term claims: Reported by banks......................................... 325 -84 -744 —74 -386 -363 79 165 151 Reported by others........................................ 428 -334 -470 —74 114 -17 -493 -296 -293 4. Foreign capital flow, net, excluding change in liquid assets in U.S......................................... 270 2,532 3,185 866 1,202 766 352 1,365 2,172 Long-term investments...................................... -68 2'156 2,344 693 '982 359 310 1,174 1,270 Short-term claims............................................. 149 '296 '388 94 80 174 40 -21 138 Nonliquid claims on U.S. Govt, associated with— Military contracts.................................... 306 346 64 95 147 -67 -111 -29 -3' U.S. Govt, grants and capital...................... -86 -205 -85 -38 -12 -23 -12 -5 1 Other specific transactions............................ -24 -12 5 22 5 -12 -10 -27 -6 Other nonconvertible, nonmarketable, medium-term U.S. Govt, securities \ ......... -7 -49 469 ♦ * 335 135 273 772 5. Errors and unrecorded transactions....................... -315 -210 -532 -250 -458 207 -34 -305 -222 Balances A. Balance on liquidity basis Seasonally adjusted (==14-24-34-4+5)... -1,335 -1,357 -3,571 -505 -522 -802 -1,742 -660 -170 Less; Net. seasonal adjustments............. — 267 -302 410 159 -411 -303 Before seasonal adjustment............................... -1,335 -1,357 -3,571 -238 -220 -1,212 -1,901 -249 133 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted.......... -1,335 -1,357 — 3,571 ■505 -522 -802 - 1,742 -660 -170 Plus: Seasonally adjusted change in liquid assets in the U.S. of: Commercial banks abroad..............1 .1..6..........2,697 1 ,262 -979 355 1,119 767 409 2,376 Other private residents of foreign countries.. 306 212 413 80 12 96 225 3 95 International and regional organizations other than IMF......................................... -291 -525 -218 -36 -78 -55 -49 71 -78 Less: Change in certain nonliquid liabilities to foreign central banks and govts......... 85 761 1,291 324 573 111 283 358 764 Balance B, seasonally adjusted......................... -1,289 266 -3,405 -1,764 -806 247 -1,082 -535 1,459 Less: Net seasonal adjustments...................... -485 -101 272 314 -629 -102 Before seasonal adjustment................................ -1,289 266 -3,405 -1,279 -705 -25 -1,396 94 1,561 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A-71 1. U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1967 1968 Item 1965 1966 1967 I II HI IV I IIP Transactions by which balances were settled—Not seasonally adjusted A. To settle balance on liquidity basis...................... 1,335 1,357 3,571 238 220 1,212 1,901 249 -133 Change in U.S, official reserve assets (in­ crease, —).................................................. 1,222 568 52 1,027 -419 -375 -181 904 -137 Gold.............................................................. 41,665 571 1,170 51 15 92 1 ,012 1,362 22 Convertible currencies.................................. -349 -540 -1,024 1 ,007 -424 -462 -1,145 -401 267 IMF gold tranche position.......................... 4-94 537 -94 -31 -10 -5 -48 -57 -426 Change In liquid liabilities to all foreign accounts 113 789 3,519 -789 639 1 ,587 2,082 -655 4 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities 5.............1.2..2...........-.9...4..5.............455 72 46 125 212 100 Marketable U.S. Govt, bonds and notes 5, -20 -245 48 5 52 -6 -3 -359 -3 Deposits, short-term U.S. Govt, securi­ ties, etc....................-..1..5..4.........-582 1,537 -174 441 162 1,108 -1,113 -2,181 IMF (gold deposits).................................... 34 177 22 17 5 * 8 — 11 Commercial banks abroad........................... 116 2,697 1 ,262 -753 161 1,265 589 635 2,182 Other private residents of foreign countries. 306 212 413 80 12 96 225 3 95 International and regional organizations other than IMF..................................... -291 -525 -218 -36 -78 -55 -49 71 -78 B. Official reserve transactions.................................. 1,289 -266 3,405 1,279 705 25 1,396 -94 -1,561 Change in U.S. official reserve assets (in­ crease, —)♦ .......................................... 1,222 568 52 1,027 -419 -375 -181 904 -137 Change in liquid liabilities to foreign central banks and govts, and IMF (see detail above under A.)................................................... -18 -1,595 2,062 -80 544 281 1 ,317 -1,364 -2,195 Change in certain nonliquid liabilities to foreign central banks and govts.: Of U.S. private organizations.................. -38 793 839 304 587 -212 160 119 144 Of U.S. Govt........................................ 123 -32 452 28 -7 331 100 247 627 1 Excludes transfers under military grants. 5 With original maturities over 1 year. 2 Excludes military grants. 3 Includes certificates sold abroad by Export-Import Bank. Note.—Dept, of Commerce data. Minus sign indicates net payments 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 1967r 1968 1965 1966 1967' 1968 r 1965 1966 1967 1968 Month: Jan................. 31,228 2,264 2,617 2,785 31,199 1,918 2,256 2,609 3 28 347 361 176 Feb.................... 31,623 2,376 2,605 2,773 31,606 2,024 2,229 2,602 3 17 352 376 171 Mar................... 3 2,739 2,554 2,549 32,455 3 1,861 2,080 2,200 2,612 3 878 474 349 -158 Apr.................... 3 2,406 2,354 2,653 3 2,889 31,811 2,113 2,226 2,641 3 595 241 427 248 May................... 3 2,299 2,416 2,547 2,720 3 1,797 2,082 2,137 2,752 3 503 334 410 -32 June.......... 3 2,235 2,487 2,577 2,759 31,848 2,142 2,227 2,839 3 386 346 350 -80 July.................... 2,300 2,455 2,585 2,803 4 1,742 2,178 2,209 2,664 4 558 277 376 139 Aug.................... 2,329 2,444 2,549 2,916 1,825 2,119 2,125 2,827 504 324 424 89 Sept.................... 2,291 2,540 2,638 3,246 1,858 2,295 2,209 2,964 433 244 429 282 Oct..................... 2,349 2,588 2,394 1,885 2,250 2,198 464 338 196 Nov................... 2,378 2,503 2,691 1,941 2,186 2,382 438 317 310 Dec.................... 2,362 2,409 2,603 1,911 2,225 2,525 451 184 78 Quarter: I. 3 5,589 7,195 7,770 8,012 3 4,666 6,021 6,684 7,823 3 923 1,173 1 ,086 189 JI....................... 3 6,940 7,257 7,777 8,368 35,456 6,336 6,590 8,232 31,484 921 1,187 136 Ill...................... 6,920 7,439 7,772 8,965 45,425 6,592 6,542 8,455 41 ,495 846 1 ,230 509 IV...................... 7,090 7,500 7,689 ............... 5,736 6,661 7,105 ..............1.,353 839 584 ............... Years.................... 26,700 29,379 31,007 ...........4..2.1.,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. Note.—Bureau of the Census data, Details may not add to totals because of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-72 U.S. GOLD TRANSACTIONS □ NOVEMBER 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) 1967 1968 Area and country 1959 1960 1961 1962 1963 1964 1965 1966 1967 II III IV II Western Europe: Austria............................... -83 -143 -82 -55 -100 -25 Belgium.............................. -39 -141 -144 -63 -40 -83 -25 -33 France............................... -266 -173 -456 -518 -405 -884 -601 220 Germany, Fed. Rep. of... -34 -23 -225 Ireland............................... -2 -2 -2 -12 -32 Italy................................... 100 200 -80 -60 -85 -85 -184 -25 Netherlands...................... -30 -249 -25 -60 -35 -49 30 Spain................................. -114 -156 -146 -130 -32 -180 Switzerland........................ 20 -324 -125 102 -81 -50 -2 -30 -30 -25 -25 United Kingdom............... -350 -550 -306 -387 329 618 150 80 -879 -34 -77 -771 -900 50 Bank for Inti. Settlements. -32 -36 -23 Other................................. -48 -96 -53 -12 -6 -35 -49 16 20 19 -6 -22 Total -827 -1,718 -754 -1,105 -399 -88 -1,299 -659 -980 -44 -58 -863 -1,195 163 Canada 190 200 150 50 100 50 Latin American republics: Argentina...................... -50 -90 85 -30 -39 -5 Brazil............................. -2 -2 57 72 54 25 -3 Colombia....................... -6 38 10 29 7 Venezuela...................... 65 -25 Other.............................. -35 -42 -17 -5 -11 -9 -13 -6 13 6 -7 -28 -7 Total 19 -100 -109 175 32 56 17 -41 9 12 6 -7 -28 -12 Asia: Iraq............. -30 -10 -4 -21 -21 -14 -28 Japan........... -157 -15 -56 Lebanon.... -21 -32 -74 -21 Malaysia.... -10 -24 Saudi Arabia -48 -13 -25 Singapore.. . -30 -23 Other........... -28 -57 -32 -47 12 14 -14 -15 -22 -15 -26 Total -186 -113 -101 -93 12 3 -24 -86 -44 -22 -143 -146 AH other. -5 -38 -6 -36 -7 -16 -22 1-166 -6 1-162 -15 Total foreign countries. -998 -1,969 -970 -833 -392 -36 -1,322 -608 -1,031 12 -53 -953 -1,317 -10 Inti. Monetary Fund 2 -44 3 300 150 4-225 5177 522 55 5 8 Grand total -1,041 -1,669 -820 -833 -392 -36 -1,547 -431 -1,009 17 -53 -953 -1,309 -22 1 Includes sale of $150 million to Algeria. repurchase; proceeds from these sales invested by IMF in U.S. Govt, 2 Payment to the IMF of $344 million increase in U.S. gold sub­ securities. scription, less sale by the IMF of $300 million (see note 3). 4 Payment to the IMF of $259 million increase in U.S. gold subscription, 3 IMF sold to the United States a total of $800 million of gold ($200 less gold deposits by the IMF. million in 1956, and $300 million in 1959 and in 1960) with the right of 5 Represents gold deposited by the IMF; see note 1(b) to Table 4. In June 1968 the IMF withdrew $17 million of these deposits. 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 IMF 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 (Table 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

NOVEMBER 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) Total Gold stock 1 ve C r o ti n b ­ le p R o e s s i e ti r o v n e Total Gold stock i ve C r o ti n b ­ le Reserve End of year re as s s e e r t v s e Total 2 Treasury cu fo rr r e e n ig c n ie s IM in F 3 End of month re as s s e e rv ts e Total 2 Treasury c fo c u i r e r e r s e i g n 5 n * p I o M s in i F t io 3 n 1958....................... 22,540 20,582 20,534 1,958 1967—Oct......1..4..,.9..2.7 13,039 12,905 1,509 379 1959....................... 21,504 19,507 19,456 1,997 Nov......1..5..,.4.38 12,965 12,908 2,092 381 Dec............. 14,830 12,065 11,982 2,345 420 1960....................... 19,359 17,804 17,767 1,555 1961....................... 18,753 16,947 16,889 116 1,690 1968—Jan.......1..4..,.6..20 12,003 11,984 2,176 441 Feb............. 14,790 11,900 11,882 2,235 655 1962....................... 17,220 16,057 15,978 99 1,064 Mar............ 13,926 10,703 10,484 2,746 477 1963....................... 16,843 15,596 15,513 212 1,035 Apr............. 13,840 10,547 10,484 2,804 489 May....... 14,348 10,468 10,384 3,386 494 1964....................... 16,672 15,471 15,388 432 769 June........... 14,063 10,681 10,367 2,479 903 1965....................... 15,450 413,806 *13,733 781 4863 July............ 14,366 10,676 10,367 2,773 917 Aug......1..4..,.4..27 10,681 10,367 2,817 929 1966....................... 14,882 13,235 13,159 1,321 326 Sept............ 14,634 10,755 10,367 2,953 926 1967....................... 14,830 12,065 11,982 2,345 420 Oct.......1.4..,.4..2.7 10,788 10,367 2,703 936 1 Includes (a) gold sold to the United States by the International Mon­ 4 Reserve position includes, and gold stock excludes, $259 million gold etary Fund with the right of repurchase, and (b) gold deposited by the subscription to the IMF in June 1965 for a U.S. quota increase which IMF to mitigate the impact on the U.S. gold stock of foreign purchases became effective on Feb. 23, 1966. In figures published by the IMF from for the purpose of making gold subscriptions to the IMF under quota June 1965 through Jan. 1966, this gold subscription was included in the increases. For corresponding liabilities, see Table 6. U.S. gold stock and excluded from the reserve position. 2 Includes gold in Exchange Stabilization Fund. 5 For holdings of F.R. Banks only, see pp. A-12 and A~13. 3 In accordance with IMF policies the United States has the right to draw foreign currencies equivalent to its reserve position in the IMF vir­ Note.—See Table 18 for gold held under earmark at F.R. Banks for tually automatically if needed. Under appropriate conditions the United foreign and international accounts. Gold under earmark is not included 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. transactions with IMF Transactions by U.S. other countries reserve position Period with IMF in IMF P s t a u io y b n m o s s c f e r i n i n p ts ­ s g N a o l e e ld t s D c f r o u a r r w o e re i f i g n n n g ­ s I i M nc F i o n m n e e t Draw of in gs R m e e p n a t y s ­ c T ha o n ta g l e Amount P q e U u r o . o c S f t e . a nt p ( e e r n io d d o ) f 3 dollars by IMF 1 cies 2 dollars dollars do i l n la rs 1946—1957............................ 2,063 4 594 —45 -2,664 827 775 775 28 1 975 1958—1963............................ U03I 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 5 863 1966............................ 776 680 15 -159 1 1 313 4,834 94 326 1967............................ 20 -114 -94 4,740 92 420 1967—Oct................. 3 — 10 —7 4,781 93 379 Nov.,........................ 2 — 4 —2 4,779 93 381 Dec............................. -39 -39 4,740 92 420 1968—Jan.............................. 3 -24 -21 4,719 91 441 Feb.............................. 2 -216 -214 4,505 87 655 Mar............................. 200 1 -23 178 4'683 91 477 Apr.............................. 2 -14 -12 4,671 91 489 May.............. 2 -7 —5 90 494 J une............................ -1 -408 -409 4,257 83 903 July............................. 4 -18 -14 4*243 82 917 Aug............................. -1 -11 -12 4,231 82 929 Sept............................. 3 3 4’234 82 926 2 — 12 — 10 4,224 82 936 1 Represents net IMF sales of gold to acquire U.S. dollars for use in 4 Represents a $600 million IMF gold sale to United States (1957), IMF operations. Does not include transactions in gold relating to gold less $6 million gold purchase by IMF from another member with U.S. deposit or gold investment (see Table 6). dollars (1948). _ . . 2 Represents purchases from the IMF of currencies of other members 5 Includes $259 million gold subscription to the IMF in June 1965 for for equivalent amounts of dollars. The United States has a commitment a U.S. quota increase, which became effective on Feb. 23, 1966. In figures to repay drawings within 3 to 5 years, but only to the extent that the published by the IMF from June 1965 through Jan. 1966, this gold sub­ holdings of dollars of the IMF exceed 75 per cent of the U.S. quota. scription was included in the U.S. gold stock and excluded from the Drawings of dollars by other countries reduce the U.S. commitment to reserve position. repay by an equivalent amount. 3 Represents the U.S. gold tranche position in the IMF (the U.S. Note.—The initial U.S. quota in the IMF was $2,750 million. The U.S. quota minus the holdings of dollars of the IMF), which is the amount quota was increased to $4,125 million in 1959 and to $5,160 million in that the United States could draw in foreign currencies virtually automati­ Feb. 1966. Under the Articles of Agreement, subscription payments equal cally if needed. Under appropriate conditions, the United States could to the quota have been made 25 per cent in gold and 75 per cent in dollars. draw additional amounts equal to its quota. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-74 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ NOVEMBER 1968 6. U.S. LIQUID LIABILITIES TO FOREIGNERS (In millions of dollars) Liabilities to Inti. Liabilities to foreign countries Liabilities to non­ Monetary Fund arising monetary inti, and from gold transactions Official institutions3 Banks and other foreigners regional organizations Non­ p E e o r n i f o d d Total Total p G o d o e s l ­ i d t1 i m n G v e o e n l s d t t 2 ­ Total i i p S t l b n i i t e o a a e h b U s r n b r o y t m k e . r i r S l s e t d ­ ­ . ­ M n b G o a U a o a o t b r n n . e k S v l d d s e e t . s , 4 t ­ c m T o b U a a a n o r i u b e b n n v r . r l S a k l y d e e d e s e . s r ­ t t ­ ­ Total i i p t n S b l i i t e o a a e h b s r U n r b o t y m k e . r r i S s l t e d ­ ­ . ­ M b n G o a a U o a n o b t n r . e k S d v l d e s e t . s , ' t 1 ­ Total i i n p t S b l i t i e o a a e h U b s r n r o b t y . m e k S r r il t s e d ­ ­ . ­ 6 M n b G o a U a a o o t b n r n . e S k v l d d e s e t . ' s , * t ­ notes 1957.....7..1.5..,.8..25 200 200 7,917 5,724 542 1958............. 716’845 200 200 8,665 5,'950 552 1959............. 19,428 500 500 10,120 9,154 966 7,618 7,077 541 1,190 530 660 19608.....1..2..0..,994 800 ............. 800 11,078 10,’212 866 7,591 7l 048 543 1,525 750 775 19618........... 1 1 2 2 2 2 , : 9 8 3 5 6 3 8 8 0 0 0 0 8 80 0 0 0 1 1 1 1 , , 8 8 3 30 0 1 1 0 0 ^ ,9 9 4 4 0 0 8 89 9 0 0 8 8 1 ,3 2 5 7 7 5 7 7 , , 8 7 4 5 1 9 5 5 1 1 6 6 1 1 ,9 9 4 4 8 9 7 7 0 03 4 1 1 , , 2 2 4 4 5 5 19628........... [24,068 800 ............. 800 12,748 11,997 751 8^59 7,911 448 2,161 1,250 911 124,068 800 800 12,714 11,963 751 8,359 7,911 448 2,195 1 284 911 19638....[ 1.2.2.6.6.,., 3.3 6 2 1 2 8 8 0 0 0 0 ............. 8 8 0 0 0 0 1 1 4 4 1 ,3 3 5 8 3 7 1 1 2 2 , , 4 4 6 6 7 7 1 1 , , 2 1 1 8 7 3 7 7 0 0 3 3 9 9 , , 2 2 1 0 4 4 8 8 , , 8 8 6 6 3 3 3 3 5 4 1 1 1 1, , 9 9 6 6 5 0 8 8 0 08 8 1 1 , , 1 1 5 5 2 7 19648........... 1 2 2 8 9 , , 9 0 5 0 1 2 8 8 0 0 0 0 ............. 8 8 0 0 0 0 1 15 5 , ^ 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 10 0 , , 6 6 2 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.....[.2..9..^.904 1,011 211 800 13^600 12,484 860 256 14;387 13,859 528 906 581 325 (29,779 1 ,011 211 800 13,655 12,539 860 256 14,208 13,680 528 905 580 325 1967—Aug... 30,834 1 ,033 233 800 14,067 12,707 911 449 14,948 14,400 548 786 579 207 Sept... 31,227 1 ,033 233 800 14,369 12,959 911 499 15,089 14,537 552 736 528 208 Oct.. . 32,467 1 ,033 233 800 14,897 13,385 911 601 15,811 15,250 561 726 519 207 Nov... 33,846 1 ,033 233 800 15,946 14,327 908 711 16,111 15,564 547 756 552 204 133,305 1 ,033 233 800 15,683 14,064 908 71 1 15,898 15,340 558 691 487 204 ] 33,169 1 ,033 233 800 15,677 14,058 908 711 15,773 15,215 558 686 482 204 1968—Jan.... 33,149 1 ,033 233 800 15,236 13,808 717 711 16,188 15,618 570 692 488 204 Feb... 33,352 1 ,033 233 800 15,356 13,993 652 711 16,327 15,734 593 636 431 205 Mar... 32,517 1 ,041 241 800 14,305 12,945 549 811 16,416 15,812 604 755 550 205 Apr... 33,022 1 ,045 245 800 14,402 13,042 549 811 16,752 16,140 612 823 618 205 May.. '33,175 1 ,047 247 800 13,635 12,278 546 811 '17,872 '17,262 610 '621 '454 167 June.. '32,578 1 ,030 230 800 12,108 10,751 546 811 '18,760 '18,147 613 680 514 166 July... 33,148 1 ,030 230 800 12,621 11,263 546 812 18,729 18,102 627 768 608 160 Aug.”. 33,610 1 ,030 230 800 12,454 11,183 509 762 19,361 18,725 636 765 605 160 1 Represents liability on gold deposited by the International Monetary 8 Data on the two lines shown for this date differ because of changes in Fund to mitigate the impact on the U.S. gold stock 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 are comparable creases. with those shown for the following date. 2 U.S. Govt, obligations at cost value and funds awaiting investment obtained from proceeds of sales of gold by the IMF to the United States Note.—Based on Treasury Dept, data and on data reported to the to acquire income-earning assets, Upon termination of investment, the Treasury Dept, by banks and brokers in the United States. Data correspond same quantity of gold can be reacquired by the IMF. to statistics following in this section, except for minor rounding differences. 3 Includes Bank for International Settlements and European Fund. Table excludes IMF “holdings of dollars,” and holdings of U.S. Treasury ** Derived by applying reported transactions to benchmark data; letters of credit and non-negotiable, non-intercst-bearing special United breakdown of transactions by type of holder estimated for 1960-63. States notes held by other international and regional organizations. Includes securities issued by corporations and other agencies of the U.S. The liabilities figures are used by the Dept, of Commerce in the statistics Govt, that arc guaranteed by the United States. measuring the U.S. balance of international payments on the liquidity 5 Principally the International Bank for Reconstruction and Develop­ basis; however, the balance of payments statistics include certain adjust­ ment and the Inter-American Development Bank. ments to Treasury data prior to 1963 and some rounding differences, and 6 Includes difference between cost value and face value of securities in they may differ because revisions of Treasury data have been incorporated IMF gold investment account. Liabilities data reported to the Treasury at varying times. The table does not include certain nonliquid liabilities include the face value of these securities, but in this table the cost value of to foreign official institutions that enter into the calculation of the official the securities is included under “Gold investment,” The difference, which reserve transactions balance by the Dept, of Commerce. amounted to $32 million at the end of 1966, is included in this column. 2 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

NOVEMBER 1968 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A-75 7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o n e t t i a r g i l e n s E W u e ro s p te e r n J 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* 020 160 170 1965...................................................................................... 15,372 8 608 11528 3*300 194 1966 3.................................................................................. J13,600 7’,488 1,189 1,134 3^284 277 228 (13,655 7,488 1,189 1,134 3,339 277 228 1967—Aug............................................................................ 14 067 8 357 912 1 186 3 118 253 241 Sept........................................................................... 14*369 8*649 903 1 *179 3*167 224 247 Oct,........................................................................ 14*897 9*065 968 1 214 3*166 228 256 Nov........................................................................... 15 *946 16*257 901 1 *261 3*048 224 255 Dec............................................................................ 15*677 9*872 996 1’131 3*173 246 259 1968—Jan............................................................................. 15 236 9 373 1 091 1 210 3 084 226 252 Feb............................................................................ 15 ’356 9*179 1 *403 1*170 3*115 969 770 Mar.......................................................................... 14 305 8*881 *851 1 174 2*956 227 216 Apr............................................................................ 14*402 8*624 1 040 1 * 371 2*889 244 234 May.......................................................................... 13 635 7*908 1 *035 1 * 380 2*823 248 241 June...................................................................... 12 108 7*034 *671 1 *197 2*761 256 189 July........................................................................... 12,621 7'041 709 1 *528 2 *874 284 185 Aug.”................................................................... 12,454 6*838 780 1 ’,432 2,957 242 205 1 Includes Bank for International Settlements and European Fund. with those shown for the preceding date; figures on the second line are 2 Includes countries in Oceania and Eastern Europe, and Western Euro­ comparable with those shown for the following date. pea 3 n D d a e ta pe o n n de t n h c e ie s tw in o L lin a e ti s n s A h m ow e n ri c f a o . r this date differ because of changes of N fo o re t i e g .— n c D o a u t n a t ri r e e s p , r e as s e re nt p o sh rt o e r d t - b te y r m ba n li k a s b i i l n it i t e h s e t U o n i t t h e e d o S f t f a ic te ia s l , i a n n s d t it f u o t r i e o i n gn s in reporting coverage. Figures on the first line are comparable in coverage official holdings of marketable and convertible nonmarketable U.S. Govt, securities with an original maturity of more than 1 year. 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional Foreign End of Grand Latin Other period total1 Total 1 Inti.1 Re­ Total Offi­ Other Europe Canada America Asia Africa c t o ri u e n s ­ gional2 cial3 1966......................... 27,599 1,380 1,270 110 26,219 12,539 13,680 13,933 2,502 3,883 5,250 385 266 1967—Sept............... 28,824 1 ,328 1 ,205 123 27,496 12,959 14,537 15,137 2,329 4,039 5,367 329 296 Oct................ 29,954 1 ,319 1 ,191 128 28,635 13,385 15,250 15,834 2,688 4,121 5,352 332 309 Nov............... 31,243 1 ,352 1 ,221 131 29,891 14,327 15,564 17,142 2,613 4,221 5 ,281 328 306 /30,691 1 ,287 1,181 106 29,404 14,064 15,340 16,378 2,706 4,140 5,521 349 310 Dec. 4........... \3O,555 1 ,282 1 ,181 101 29,273 14,058 15,215 16,199 2,709 4,137 5,570 349 310 1968—Jan................ 30,714 1 ,288 1 ,190 98 29,426 13,808 15,618 16,033 3,101 4,194 5,461 326 312 Feb............... 30,958 1 ,231 1,117 114 29,727 13,993 15,734 16,129 3,201 4,126 5,550 434 286 Mar............... 30,107 1 ,350 1,258 92 28,757 12,945 15,812 15,861 2,791 4,075 5,404 339 287 Apr............... 30,600 1 ,418 1 ,326 92 29,182 13,042 16,140 15,846 2,943 4,299 5,432 366 295 May............. GO, 794 rl ,254 1,166 '88 *•29,540 12,278 *17,262 *16,149 3,055 4,289 5,365 371 310 June............. ’'30,212 1 ,314 1,219 95 *28,898 10,751 *18,147 *15,857 2,842 4,174 5,394 370 261 July............... 30,773 1 ,408 1 ,302 106 29,365 11,263 18,102 15,800 2,894 4,486 5,542 397 247 Aug.”........... 31,313 1,405 1,297 108 29,908 11,183 18,725 16,075 3,140 4,403 5,670 356 264 Sept.”........... 31,389 1 ,430 1 ,318 112 29,959 10,787 19,172 16,557 2,747 4,263 5,706 405 280 8a. Europe E pe n r d io o d f Total Austria B L b e o u l u x g e r iu g m m 5 ­ - m De a n rk ­ l F an in d ­ France R m G F e a p e e n . d r y . ­ o , f Greece Italy N l e an th d e s r­ Norway Po g r a t l u­ Spain Sweden 1966............... 13 933 196 420 305 58 1,070 2,538 129 1 ,410 364 283 358 162 656 1967—Sept.... 15,137 188 586 242 102 1,048 2,294 148 1,916 403 370 378 187 663 Oct.... 15,834 176 625 211 98 1,083 2,221 161 2,002 497 379 409 158 640 Nov.... 17,142 184 612 201 99 1,434 2,276 161 2,001 545 389 414 130 498 Dec. 4.. f 16,378 231 601 243 99 1 ,326 2,218 170 1,948 589 449 437 150 492 t 16,199 231 632 243 99 1 ,330 2,217 170 1,948 589 449 437 150 492 1968—Jan.. .. 16,033 165 582 213 116 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 1,534 330 399 394 134 565 May .. *16,149 165 530 178 140 959 2,009 154 1 ,364 272 404 381 153 582 June... '15,857 164 420 185 150 1 ,262 1 ,705 152 988 245 411 338 144 510 July... 15,800 172 373 144 161 881 1 ,834 173 998 251 427 325 151 514 Aug.”.. 16,075 150 382 149 156 977 1 ,779 184 1,109 315 485 323 196 543 Sept.”.. 16,557 131 360 152 155 1 ,144 1,931 197 1 ,051 273 438 321 183 536 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-76 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ NOVEMBER 1968 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 8a. Europe—Continued 8b. Latin America E p n e d ri o o d f Sw la 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 6 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—Sept.. . . 1.701 29 4,226 26 592 5 32 4,039 601 216 224 166 9 693 Oct....... 1,630 27 4,868 25 585 6 33 4,121 576 263 222 151 10 685 Nov.. . . 1 ,653 38 5,948 26 491 4 37 4,221 589 273 230 158 9 703 Dec. 4.. ( f 1 l , , 7 7 3 3 2 2 3 3 3 3 4 4 , , 8 6 5 6 1 7 2 2 3 3 7 7 3 0 6 6 8 8 4 4 4 4 4 4 , , 1 1 4 3 0 7 4 4 7 8 9 0 2 23 3 7 7 2 2 5 5 2 2 1 1 6 6 9 9 9 9 7 7 2 2 3 0 1968—Jan....... 1,539 39 5,142 42 834 7 31 4,194 427 277 251 159 9 722 Feb....... 1 ,511 39 5,431 56 653 6 29 4,126 414 291 239 165 8 747 Mar.. .. 1,657 29 5,583 52 439 4 35 4,075 430 301 263 157 8 721 Apr.... 1 ,544 28 5,881 60 438 4 31 4,299 444 351 260 163 8 745 May.... 1 ,553 25 r6,841 59 350 4 26 4,289 473 310 241 190 8 813 June.... 1,741 25 r7,027 51 297 5 40 4,174 429 258 245 201 8 789 July.... 1,863 22 7,054 20 401 6 32 4,486 642 248 254 182 8 817 Aug.p... 1 ,745 18 7,092 29 405 6 34 4,403 502 301 304 186 8 776 Sept.”... 1 ,964 30 7,107 26 511 7 41 4,263 445 250 302 210 8 769 8b. Latin America—Continued 8c. Asia E p n e d ri o o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ O L re t . h A p e . . r B B a e h rm a & m u d a a s A S n N u ti r e l i l n e th a s . m & A O L m a t e h t r i e n ic r a Total M C la h a n in i d n a ­ H Ko o n ng g India n d I e n o s ­ i ­ a Israel 1966................. 150 249 161 707 522 177 104 17 5,250 36 142 179 54 115 1967—Sept...... 159 250 138 706 521 219 121 17 5,367 36 187 243 47 142 Oct....... 164 250 131 778 515 234 123 18 5,352 36 194 233 59 147 Nov...... 181 264 137 792 520 236 111 20 5,281 36 209 250 39 147 uec.*... 1 (1 1 7 7 0 0 2 2 7 7 4 4 1 1 4 47 7 7 7 9 93 3 5 5 2 2 3 3 2 2 3 3 3 3 1 1 1 11 1 1 1 8 8 5 5 , , 5 5 2 7 1 0 3 36 6 2 2 1 1 5 7 3 3 5 5 4 4 3 3 4 4 1 1 3 3 7 7 1968—Jan....... 160 281 143 851 512 276 108 18 5,461 37 228 329 40 125 Feb..... 153 267 152 770 559 252 89 17 5^550 36 226 351 42 146 Mar. . . . 137 259 143 730 579 242 86 19 5,404 37 228 319 39 122 Apr. . . . 136 276 140 814 603 242 90 25 5,432 36 221 342 46 131 May.... 142 272 144 780 579 226 86 25 5,365 36 238 368 41 140 June.... 150 278 138 742 592 220 100 25 5,394 36 243 384 74 139 July. 151 268 133 797 623 245 91 27 5,542 36 260 376 51 146 Aug.1’... 147 278 140 792 621 234 86 28 5,670 36 255 394 51 148 Sept.7’... 156 275 142 723 608 254 92 29 5,706 36 261 393 55 164 8c. Asia—Continued 8d. Africa 8c. Other countries E p n e d ri o o d f Japan Korea P p h in il e ip s ­ T w a an i­ T la h n a d i­ O A t s h i e a r Total C s ( h K o a n i s n g a ­ o ) ro M c o co ­ A S f o r u ic t a h ( 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—Sept......... 2,550 192 287 230 684 768 329 14 37 55 17 205 296 271 25 Oct.......... 2,519 193 273 229 663 805 332 16 32 59 15 210 309 284 25 Nov......... 2*458 203 286 220 629 802 328 13 26 63 17 209 306 276 30 Dec.4.... 1 (2 2 , , 5 6 6 1 3 2 1 1 7 7 6 6 2 2 9 91 1 2 2 2 2 6 2 6 6 3 3 0 0 8 85 5 8 9 3 3 4 4 9 9 3 33 3 1 1 8 8 6 6 1 1 1 1 6 6 2 2 2 2 1 1 3 31 1 0 0 2 2 8 8 3 3 2 2 7 7 1968—Jan.......... 2,508 195 299 216 655 830 326 30 17 61 18 201 312 285 27 Feb......... 2^559 181 293 211 661 843 434 30 22 53 15 315 286 254 33 Mar.. 2,551 174 292 209 669 764 339 28 22 57 17 215 287 258 29 Apr......... 2^55 185 288 196 692 740 366 27 14 54 19 252 295 270 25 May..... 2,482 178 267 197 690 729 371 25 10 60 20 257 310 285 25 June..... 2,537 172 268 196 689 655 370 21 21 47 19 261 261 232 29 July......... 2,661 178 269 206 687 671 397 22 20 51 19 284 247 221 25 Aug.1’.... 2^27 179 263 201 687 627 356 18 19 52 21 246 264 240 24 ScptT.... 2,860 168 258 188 686 637 405 16 18 51 20 300 280 255 25 1 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 Through the first line for Dec. 1967 Luxembourg was included in tions, except Bank for International Settlements and European Fund Other Western Europe. which are included in “Europe.” 6 Includes Bank for International Settlements and European Fund; 3 Foreign central banks and foreign central govts, and their agencies, beginning with the second line for Dec. 1967 excludes Luxembourg. and Bank for International Settlements and European Fund. 4 Data on the two lines shown for this date differ because of changes in For Note see end of Table 8. reporting coverage. Figures on the first line are comparable in coverage Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A-77 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 8f. Supplementary data 7 (end of period) 1966 1967 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 (’) 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 (inch 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 73.0 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, (inch Eritrea)............. 53.5 40.2 23.8 22.5 Nicaragua.................................... 72.8 62.7 45.6 57.9 Ghana........................................ 6.9 5.3 4.3 13.0 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: Nigeria....................................... 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: Tanzania.................................... 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.............................................. 36.6 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 7 Represent a partial breakdown of the amounts shown in the “other” their date of issue. Data exclude the “holdings of dollars” of the Interna­ categories (except “Other Eastern Europe*’) in Tables 8a-8e. tional Monetary Fund; for explanation see note following Table 3. Data 8 Included with Belgium. exclude also U.S. Treasury letters of credit and non-negotiable, non­ interest-bearing special U.S. notes held by the Inter-American Develop­ Note.—Short-term liabilities arc principally deposits (demand and ment Bank and the International Development Association. time) and U.S. Govt, securities maturing in not more than 1 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 for i e n i gn Deposits U.S. Deposits U.S. currencies Total T b r il e ls a s a u n r d y Other 3 Total T b r il e ls a s a u n r d y Other 3 Demand Time 2 certificates Demand Time 2 certificates 1966.............................. 27,599 23,266 8,371 4 050 7,464 3,381 3,744 1 ,513 1,819 83 329 589 1967—Sept................... 28,824 24,539 9,044 3,800 8,035 3,660 3,907 1,579 1,937 76 315 379 Oct..................... 29,954 25,690 9,846 3,956 8,117 3,771 3,983 1 '577 1,999 84 322 282 Nov................... 31'243 26,936 9,994 3 853 9,444 3,644 4'077 1.630 2.047 76 324 231 J30’691 26,334 10,054 3,764 9,093 423 4’128 1,693 2,052 81 302 229 Dec.4...................... )30,555 26,198 9,884 3,753 9,093 3,468 4,128 1 ,693 2,057 81 297 229 1968—-Jan..................... 30,714 26,376 10,148 3,678 8,867 3,682 4,046 1 ,576 2,083 103 283 291 Feb.................... 30'958 26,559 10,203 3,600 8'943 3,813 4,091 1 381 2,090 104 315 308 Mar.................. 30,107 25^699 10^487 3,459 8^098 3’654 4’085 1 ’585 2,055 101 344 323 Apr.................... 30',600 26,221 10,750 3,522 8,047 3,903 4',080 1 ’,607 2’,059 86 327 300 May........... *•30'794 *26,420 *11,963 3,415 7,082 3,960 4,055 1 '582 2’048 88 337 320 June.................. *30,212 *25’715 *12,313 3,340 6,067 3,995 4,174 1 ,694 2,050 88 342 323 July.................. 30,773 26’147 12 366 3,426 6’031 4'224 4'114 1 '613 2,070 79 352 512 Aug.p................ 31,313 26,676 12,941 3,484 6J71 4,080 4'129 1,581 2.071 82 395 509 Sept.*................ 31,389 26,635 12,925 3,490 6,1 11 4,110 4',203 1,641 2,116 78 368 55! 1 Data exclude “holdings of dollars” of the International Monetary 4 Data on the two lines shown for this date differ because of changes in Fund. reporting coverage. Figures on the first line are comparable in coverage 2 Excludes negotiable time certificates of deposit, which are included with those shown for the preceding date; figures on the second line are in “Other.” comparable with those shown for the following date. 3 Principally bankers* acceptances, commercial paper, and negotiable time certificates of deposit. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-78 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ NOVEMBER 1968 10. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. GOVERNMENT BONDS AND NOTES (End of period; in millions of dollars) 1967 1968 Area and country Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.* Sept J’ Europe: Austria........................... 3 3 3 3 3 3 3 3 3 3 3 3 3 3 Denmark........................ 13 12 12 12 12 12 12 12 12 11 11 11 11 It France............................ 7 6 7 7 7 7 7 7 7 7 7 7 7 7 Germany........................ 1 1 1 1 2 2 2 2 2 2 2 2 1 1 Italy............................... 2 9 9 9 9 9 6 6 6 6 6 6 6 6 Netherlands.................. 5 4 5 5 5 4 4 4 4 4 4 4 4 4 Norway.......................... 51 51 51 51 51 51 49 49 49 46 46 46 27 27 Spain.............................. 2 2 2 2 2 2 2 2 1 1 1 1 1 1 Sweden....................... 24 24 24 24 24 24 24 24 26 26 26 26 6 6 Switzerland................. 93 87 91 91 91 91 92 91 91 92 91 91 90 90 United Kingdom............... 348 379 383 371 380 390 415 423 431 427 432 445 455 449 Other Western Europe.... 49 51 51 51 51 51 51 38 38 39 38 38 38 38 Eastern Europe................. 7 7 7 7 7 7 7 7 7 7 7 7 6 6 Total 605 637 646 634 643 652 674 669 677 671 674 686 655 649 Canada 692 718 716 715 716 527 463 378 377 377 377 376 374 371 Latin America: Latin American republics.. 8 6 6 6 6 6 6 5 5 5 5 5 5 5 Other Latin America......... 19 18 18 18 18 20 20 20 19 19 19 22 24 24 Total 25 24 24 24 24 25 26 25 24 25 25 27 29 28 Asia: Japan.... 9 9 9 9 9 9 9 9 9 10 10 10 10 10 Other Asia 42 54 54 54 54 54 54 54 54 54 54 54 52 63 Total 50 63 63 63 63 63 62 63 63 63 63 63 62 73 Africa 15 22 22 19 19 19 19 19 19 19 19 19 24 24 Other countries Total foreign countries, 1,388 1,463 1,472 1,455 1,466 1,287 1,245 1,153 1,161 1,156 1,159 1,173 1,145 1 ,146 International and regional: International.................. 250 169 169 169 168 168 168 168 168 129 129 122 122 37 Latin American regional... 75 38 38 35 35 36 36 36 36 37 37 38 38 38 Other regional............... 1 1 1 1 1 1 1 1 1 1 1 1 1 Total 325 207 207 204 204 204 205 205 205 166 167 160 160 76 Grand total 1,713 1,671 1,679 1,659 1,670 1,491 1 ,450 1,358 1 ,366 1 ,323 1,325 1 ,333 1,305 1 ,222 Note,—Data represent estimated official and private holdings of mar­ monthly reports of securities transactions (see Table 15 for total trans­ ketable U.S. Govt, securities with an original maturity of more than 1 actions). year, and are based on a July 31, 1963, survey of holdings and regular 11. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) Payable in dollars Payable in foreign currencies End of period Total Bel­ Can­ Den­ Swe­ Tai­ Aus­ Bel­ Ger­ Swit­ Total gium ada 1 mark Italy2 Korea den wan Total tria gium many3 Italy zerland B.I.S. 1964......................................... 1 440 354 329 25 1 ,086 50 30 679 257 70 [965......................................... 1,692 484 299 160 25 1,208 101 30 602 125 257 93 1066........................................ 695 353 144 184 25 342 25 30 50 125 111 1967-—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 2tl Feb............................... 1,479 307 114 168 25 1'172 50 60 726 125 211 Mar.............................. 1,879 606 414 167 25 1 '272 50 60 726 125 311 Apr.............................. 2 002 604 414 165 25 1,398 50 60 852 125 311 May..................... 2 302 904 714 165 25 1 '398 50 60 852 125 311 June............................. 2,506 1 108 12 914 10 147 25 1,398 50 60 852 125 311 July.............................. 2,521 1 ’122 12 914 10 146 15 25 1 ,399 50 60 852 125 311 Aiip........................... 2,595 1 122 12 914 10 146 15 25 1 ,473 50 60 926 125 311 Sept............................ 2 865 I ^392 12 1 164 20 146 15 25 10 I ,473 50 60 926 125 311 Oct............................. 2,996 1,397 12 1,164 20 146 15 25 15 1 ,598 50 60 1.051 125 311 i 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 3 In addition, nonmarketable 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

NOVEMBER 1968 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A-79 12. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d I r n e t g i, io a n n a d l Europe Canada Am La e t r i i n c a Asia Africa co O un th tr e ie r s 1964............................................................................. 7,957 • 1,230 1 004 2,235 3 294 131 64 1965 1............................................................................ /7,632 * 1,201 593 2,288 3,343 139 67 17.734 1,208 669 2,293 3,358 139 67 1966 1............................................................................. /7,819 1 1,366 620 2,489 3,135 147 62 (7,853 1 1,374 611 2,453 3,206 147 62 1967—Sept................................................................... 8 349 1 317 574 2,579 3 692 115 71 Oct................................................................... 8 275 * 1 ’,268 572 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 2 7 0 * * 1 1 , , 2 2 3 3 8 4 6 6 1 1 1 1 2 2 , , 7 7 0 0 7 7 3 3 , J 8 8 9 7 4 5 1 1 0 0 2 2 6 67 7 1968—Jan...................................................................... 8,448 * 1 138 554 2,687 3 899 101 70 Feb...................................................................... 8.542 1 ’133 547 2^716 3 957 117 71 Mar..................................................................... 8,401 * 1,060 527 2,696 3 944 106 68 Apr..................................................................... 8,409 1 101 510 2,696 3 932 105 65 May................................................................... 8,342 1 156 490 2,699 3 813 116 68 June.................................................................... 8,241 1 1,101 476 2,705 3 776 120 63 July..................................................................... 8,182 1 1 ^019 501 2,738 3 735 124 64 Aug.3’............................................................... 8,232 j 1,007 490 2,814 3,731 120 70 Sept.”.................................................................. 8,314 • 1 ,103 480 2,833 3,708 119 72 12a. Europe Bel­ End of period Total A tr u ia s­ L b g u o iu x u e m rg m - 2 - D m e a n rk ­ l F a i n n d ­ France G Fe e d r o m . f R a e n p y . , Greece Italy N la e e n r t d ­ h s ­ N w o ay r­ t P u o g r a ­ l Spain S d w e e n ­ 1964.............................. 1,230 11 48 26 84 81 152 10 114 36 43 23 40 49 1965 1........................... /1,201 8 52 37 87 72 190 13 110 38 51 26 50 52 It,208 8 52 37 87 72 190 13 110 38 51 26 50 52 1966 1........................... £1,366 16 67 62 91 73 215 16 108 40 76 41 67 74 ll.374 16 67 62 91 74 227 16 110 40 76 41 67 75 1967—5ept,................. 1 317 24 66 33 90 79 189 18 57 36 52 26 53 65 Oct................... 1 *268 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. .............. JI,234 17 66 37 78 88 176 19 58 35 61 26 54 75 (1,238 16 83 37 78 88 179 19 58 35 61 26 54 75 1968—Jan................ 1 138 9 57 34 78 60 151 19 51 38 61 22 54 65 Feb.................... 1 ’133 9 64 12 77 74 140 19 55 37 55 19 53 58 A M p a r r . . .. .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 1 i , ’ 0 io 60 i 7 7 5 5 7 8 3 30 9 7 7 7 7 6 5 6 9 1 11 1 3 6 1 17 4 5 65 8 3 3 1 8 5 5 5 9 1 16 6 7 7 6 3 6 5 1 9 May........... 1 ’156 6 62 38 71 83 100 17 72 42 55 17 50 62 June.................. 1,101 7 61 30 70 58 126 17 87 37 44 15 52 56 July................... 1 019 6 54 31 68 50 108 15 77 35 45 16 50 57 AugJ’................ 1 ,’007 13 49 32 66 51 114 15 71 33 47 16 46 54 Sept.”................ 1,103 4 54 29 61 67 128 13 89 42 46 16 49 65 12a. Europe—Continued 12b. Latin America End of period S la w e n r it ­ d z­ T k u ey r­ U K d n i o n it m g ed ­ Y sl u a g vi o a ­ E W O u e r t o s h t p e e e r r n ^ U.S.S.R. E E O u as t 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 1965 1............................. £ (7 7 3 3 4 42 2 2 21 1 6 0 2 2 8 8 2 2 8 8 6 6 2 2 7 7 2 2 ,2 2 8 9 8 3 2 2 3 3 2 2 9 9 4 4 1 1 7 7 4 4 2 2 7 7 0 0 1 16 6 6 6 7 69 4 1966 L......................... £ (8 8 8 3 5 5 2 2 2 1 1 93 0 1 1 9 9 4 3 0 7 2 2 1 1 6 6 2 2 , , 4 4 5 8 3 9 1 1 9 8 3 7 1 11 1 2 4 1 1 5 5 9 8 3 3 0 0 8 5 1 1 6 6 7 7 6 5 7 7 1967—Sept..................... 111 49 290 23 36 2 20 2 579 189 118 170 244 16 944 Oct............. 118 34 250 19 33 19 2,554 199 124 172 227 16 929 Nov............ 110 23 232 19 34 19 2',603 208 136 175 227 16 910 Dec. 1................. (98 38 244 13 30 3 18 2’,707 221 173 177 217 16 960 (98 38 244 13 13 3 18 2,707 221 173 177 217 16 960 1968—Jan...................... 106 37 232 15 24 3 21 2,687 218 197 193 201 15 950 Feb...................... 106 37 249 15 11 2 20 2^716 227 221 182 193 15 991 Mar..................... 76 28 241 15 11 1 23 2’696 198 213 184 190 1 5 1 ,007 Apr..................... 93 33 238 17 12 3 25 2,696 208 233 176 188 15 983 May..................... 104 34 279 19 11 2 31 2,699 210 249 166 190 15 977 June................ 76 41 267 20 1 { * 26 2,705 195 238 166 202 14 972 July..................... 78 23 249 17 11 * 29 2^738 203 283 169 202 14 988 Aug.3’............ 78 28 241 15 12 1 23 2,814 206 347 174 195 14 971 Sept.3’.................. 93 30 267 17 11 1 20 2’833 211 339 177 195 14 957 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. □ NOVEMBER 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 io o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ re l L ic p . s A ub . ­ m B m u & e a d r s a ­ A S n n t a & u il m r l i e ­ s A L m a ic t a e in r­ Total M C la h a n in i d n a ­ K H o o n n g g India I n n e d s o ia ­ Israel 1964................. 49 108 78 168 224 65 18 21 3,294 2 28 21 7 47 1.........I 1 .3. 5 .9 9 ... 1 1 7 7 0 0 4 4 5 5 2 2 2 2 0 0 2 2 5 5 0 0 5 5 3 3 1 1 4 4 2 2 3 3 3 3 , , 3 34 5 3 8 1 1 2 2 9 9 1 1 7 7 2 2 8 8 6 6 19661............... ( ( 8 85 4 2 2 1 1 1 2 4 45 5 2 2 2 2 6 0 2 26 7 1 2 6 6 1 1 1 1 8 8 1 1 7 6 3 3 , , 1 2 3 0 5 6 1 1 3 3 1 1 1 16 6 6 6 9 9 8 8 1967-Sept...... 60 231 45 211 258 58 15 19 3,692 1 36 12 5 59 Oct....... 53 236 43 211 266 49 9 19 3,704 1 36 11 6 59 Nov...... 55 248 46 211 288 54 10 20 3,791 2 29 11 6 58 (47 249 42 226 289 63 10 18 3,875 1 28 10 5 57 147 249 42 226 289 63 10 18 3.894 1 30 10 5 57 1968—Jan........ 52 248 40 ’’225 266 53 10 19 3,899 1 28 14 5 50 Feb....... 52 246 38 228 252 46 10 18 3,957 1 30 12 9 46 Mar...... 53 233 40 221 254 62 9 18 3,944 I 30 12 9 47 Apr....... 52 230 35 215 261 71 10 19 3,932 1 27 15 10 51 May.... 50 229 30 211 265 77 11 19 3,813 1 30 12 10 54 June.,.. 52 220 31 212 263 109 13 17 3,776 1 33 14 24 56 July.. .. 50 205 36 212 276 73 13 15 3,735 1 29 20 20 54 Aug.3'. .. 50 199 45 211 278 93 14 16 3,731 1 27 13 22 56 Sept.1*,. 50 198 56 220 277 108 14 16 3,708 1 29 19 26 56 12c. Asia—Continued 12e. Other countries End of period Japan Korea P p h in il e ip s ­ T w a an i­ T la h n a d i­ O A t s h i e a r Total C s ( h K o a n i s n g a o ­ ) Mo c r o oc­ A S f o r u ic th a ( U E . g A y . p R t . ) A O f t r h ic e a r Total A t l r u i a a s ­ ­ o A th ll e r 1964....................... 2,810 21 203 9 65 82 131 1 2 20 42 67 64 48 1,6 19651.................... P 12 ,7 ,7 5 6 1 8 2 22 2 2 23 3 1 0 1 15 5 8 82 2 1 1 0 0 8 7 1 1 3 3 9 9 1 1 2 2 3 3 4 4 4 4 3 3 6 6 0 0 6 67 7 5 5 2 2 1 1 5 5 19661..................... ) ( 2 2 , , 5 5 0 7 2 2 3 3 1 1 2 2 2 2 0 0 1 15 4 8 8 1 1 1 13 3 5 4 1 1 4 47 7 1 1 2 2 5 5 0 0 2 2 5 5 6 6 9 9 6 6 2 2 5 5 2 2 1 1 0 0 1967—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 2 37 11 52 67 54 13 Dec.1.......... (3,154 59 303 37 100 138 102 1 2 37 11 52 67 54 13 1968—Jan.............. 3.181 48 298 41 106 127 101 1 2 37 12 49 70 58 13 Feb............. 3,213 52 313 44 107 129 117 3 39 11 64 71 59 12 Mar............. 3,213 54 313 44 92 130 106 1 2 37 11 55 68 55 13 Apr........ 3,223 54 291 42 91 128 105 2 3 39 14 46 65 53 12 May............ 3'105 51 290 41 93 127 116 4 5 40 16 51 68 54 14 June.......... 3,048 53 293 38 90 125 120 4 7 40 15 53 63 51 12 July............. 2,986 48 319 40 88 129 124 5 7 41 14 57 64 51 14 Aug.1'......... 3,007 51 291 40 95 130 120 3 4 42 13 58 70 57 14 Sept.’’.......... 2,966 59 300 36 93 123 119 2 3 44 12 59 72 57 15 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 Through the first line for Dec. 1967 Luxembourg was included in their own account or for account of their customers in the United States; Other Western Europe. and foreign currency balances held abroad by banks and bankers and 3 Beginning with the second line for Dec. 1967 excludes Luxembourg. their customers in the United States. Excludes foreign currencies held by U.S. monetary authorities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 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 a n c d c e e e p s t ­ Deposits g c F o u o v r r i t e t , i i e g s s e n , ­ Total Total O i t n io f s f n i t c it s i u a ! ­ l Banks Others s o t i a n u n g t d ­ ­ fo o e r i f 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 n a o d n m c f l e . i ­ Other paper 1964............................. 7.957 7 333 2,773 221 1,403 1 150 1 135 2 621 803 624 336 102 1965 2.......................... /7,632 7’,158 2,967 271 1 ,566 11130 1 J 268 2^501 422 474 325 54 95 (7,734 7,243 2,970 271 1,567 1.132 1 ,272 2.508 492 492 329 68 96 1966 2.......................... /7.819 7,399 3,138 256 1,739 1,143 1 ,367 2,450 443 420 240 70 HO \7,853 7,433 3,141 256 1 ,739 1 ,145 1 ,288 2,540 464 420 241 70 110 1967—Sept.................. 8,349 7 927 3 046 271 1 595 1 181 1 452 2 929 500 422 291 83 Oct.................. 8,275 7 842 2,977 270 1 ’556 1 ’152 1 *456 2*899 510 433 293 61 79 Nov.................. 8 360 7 *950 3 033 264 1 566 1 *204 1 *508 2*942 467 410 269 71 70 Dec.2 . .............. J8J597 8’172 3,151 306 i ,603 1^242 Mil 3’,013 498 425 287 74 63 \8,620 8,196 3,164 306 1,616 1 ,242 1 ,552 3,013 467 425 287 74 63 1968—Jan.................... 8 448 8 045 3 073 293 1 557 1 223 1 560 3 025 387 403 261 70 72 Feb................... 8*542 8*176 3,166 303 1,652 1 *212 1 *628 2*978 403 366 254 55 57 Mar............. 8 401 8 ,*076 3,045 306 1 527 1 *212 1 *630 2*991 410 325 219 50 56 Apr........... 8,409 8,062 3,036 278 1,563 1’194 1 *612 3,016 399 347 240 50 57 May.................. 8 342 8 021 3 090 268 1 621 1 201 1 *610 2,886 435 321 220 48 53 June................. 8,241 7*916 3,041 288 1,604 1 *149 1 *615 2,796 464 325 228 43 55 July................... 8 182 7 843 3,004 287 1 569 1 148 1 586 2 787 467 338 930 51 57 Aug?1............... 8,232 7*906 3,024 299 1 573 1 '152 1 *606 2,824 452 326 725 46 55 Sept.7'............... 8,314 7^968 3,190 302 1 ,729 1 J58 1 ^625 2,745 409 346 250 36 60 1 Includes central banks, with those shown for the preceding date; figures on the second line arc 2 Data on the two lines shown for this date differ because of changes in comparable with those shown for the following date. reporting coverage. Figures on the first line are comparable in coverage 14. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Liabilities Claims Type Country or area End of period Inter­ Total F c o o re un ig ­ n na a ti n o d n al Total Payable in dollars Payable tries regional Loans o A th l e l r f r o e c r n i e u n c i r i g e ­ s n 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 t c O r o ie th u s e n r ­ 1 1964............... 310 204 106 4 285 3 995 288 1 87 1,632 327 1 275 430 255 278 1965............... 513 203 311 4 517 4,211 297 9 86 1 506 358 1 *296 445 391 436 1966............... 1,494 988 506 4 180 3 915 247 18 70 1,143 326 1 *346 326 409 562 1967—Sept.. . 2,324 1,670 654 3,911 3,623 268 19 52 909 364 1 ,500 171 395 520 Oct.... 2,289 1,663 626 3,980 3,694 271 15 52 856 377 1 ,534 204 408 549 Nov.. . 2,351 1 ,691 660 3,961 3,677 267 17 51 825 377 1 ,555 193 416 545 Dec,... 2,507 1,819 689 3,911 3,621 274 15 56 720 413 1,556 180 449 537 1968—Jan.... 2,508 1 ,825 683 3,900 3,579 308 12 57 708 416 1 ,519 176 491 533 Feb,... 2,530 1,851 679 3,845 3,521 314 10 55 684 400 1 ,477 175 515 539 Mar.... 2,571 1,937 634 3,771 3,448 312 11 54 671 401 1 ,441 172 522 509 Apr.... 2,615 1,990 625 3,831 3,491 330 11 65 661 421 1 ,450 162 553 519 May... 2,712 2,032 680 3,773 3,414 348 11 65 632 415 1 ,442 151 553 514 June,.. 2,754 2,098 656 3,736 3,377 348 11 65 601 417 1,435 152 559 506 July. .. 2,585 1,960 625 3,624 3,267 346 11 65 552 414 1 ,408 145 545 495 Aug.7'.. 2,714 2,085 629 3,610 3,256 342 12 70 519 414 1 ,399 138 567 502 Sept.P.. 2,853 2,224 629 3,574 3,218 345 12 71 506 418 1 ,387 136 558 498 1 Includes Africa. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-82 INTL CAPITAL TRANSACTIONS OF THE U.S. □ NOVEMBER 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 Inti. Foreign chases Sales chases or chases Sales chases or chases Sales chases or Total and sales sales sales regional Total Official Other 1964............................ -338 -315 -23 -59 36 3,537 3,710 -173 915 1,843 -928 748 548 200 1965............................ -76 -151 75 -20 95 4,395 4,770 -375 1,198 2,440 -1,242 906 617 290 1966............................ -616 -427 -189 -245 56 6,318 5,616 703 1,778 2,692 -914 960 731 229 1967............................ -43 -121 78 45 33 10,272 9,205 I ,067 2,024 3,187 -1,163 880 1 ,037 -157 1967—Sept................. 5 ♦ 5 5 1,109 858 251 350 481 -131 81 125 -44 Oct................... 9 8 8 960 1,148 -188 195 326 -131 77 91 -14 Nov.......... -20 -4 -16 -3 -14 883 922 -39 112 142 -30 75 89 -14 Dec............ 10 * 10 ............. 10 1 ,034 795 240 120 262 -142 94 155 -61 1968—Jan.............. -178 I -179 -191 13 1,163 854 309 81 276 -196 68 79 -11 Feb.................. -42 * -42 -65 23 1,021 689 332 160 266 -105 70 80 -10 Mar................. -92 * -92 -103 11 1 ,089 809 279 320 415 -95 110 148 -38 Apr................. 8 ♦ 8 8 1 ,288 998 291 161 369 -207 73 79 -6 May................. -44 -39 -5 -3 -2 1,769 1 ,315 454 305 185 120 87 110 -22 June................ 3 * 2 -1 3 1,415 1,117 297 100 237 -136 94 113 -19 July.................. 8 -6 14 14 1,396 1,044 352 167 253 -86 81 81 -1 Aug.^............... -28 -28 -36 8 1 ,230 984 246 141 225 -84 100 179 -79 Sept.’’.............. -83 -85 2 11 -9 1 ,206 899 306 1 14 225 -111 97 189 -92 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to Also includes issues of new debt securities sold abroad by U.S. corporaofficial institutions of foreign countries see Table 11. tions organized to finance direct investments abroad. 2 Includes State and local govt, securities, and securities of U.S. Govt. Note.-—Statistics include transactions of international and regional agencies and corporations that are not guaranteed by the United States. 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—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 11 1 1 3 Dec... 240 158 82 12 87 13 29 141 32 44 23 ♦ 3 „4 1968—Jan.. . 309 167 141 18 104 11 74 207 62 17 5 3 1 14 Feb... 332 78 254 32 90 89 91 302 23 -6 5 * 8 Mar. . 279 247 32 10 34 7 268 319 29 -14 5 1 -59 Apr... 291 261 30 22 103 4 22 151 81 36 16 7 May.. 454 82 372 42 81 166 159 447 19 21 12 I -46 June.. 297 179 118 16 109 55 26 206 52 17 19 3 July.. 352 202 150 36 151 17 60 264 58 9 20 * 1 -1 Aug.’’. 246 72 173 32 67 50 76 225 7 -4 8 - 1 * 10 Sept.’’. 306 145 161 31 57 16 85 188 30 4 16 - 1 ♦ 69 Note.—Statistics include State and local govt, securities, and securities of U.S. Govt, agencies and corporations that are not guaranteed by the United States. Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investments abroad. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ INTL CAPITAL TRANSACTIONS OF THE U.S. A-83 17. NET PURCHASES OR SALES BY FOREIGNERS OF 18. DEPOSITS, U.S. GOVT. SECURITIES, LONG TERM FOREIGN SECURITIES, BY AREA AND GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Total Inti, Period Total g a i r o n e n d ­ a l c e t f o r o i i u g e r n n s ­ ­ r E op u e ­ C a a d n a ­ A L i m a c t a e in r ­ Asia r A ic f a ­ O c t o r t i h e u e s n r ­ E pe n r d i o o d f Deposits U.S A . s G s o e v ts t , in c E us a t r o m d a y rked securities 1 gold 1964. -728 -140 -588 163 -670 -36 -77 7 25 1 1 9 9 6 6 5 6 . . - - 9 6 5 8 3 5 - - 1 1 7 6 1 4 - - 7 5 8 1 8 4 2 1 1 08 4 - - 6 7 5 2 9 6 -5 _ 5 9 -13 -7 1 16 3 -5 -2 4 1 1 9 9 6 6 5 4 . . . . . . . . . . . . . . . . . . . . . . . . . .2 1 2 5 9 0 8 8 , , 3 2 8 7 9 2 1 1 2 2 , . 6 8 9 9 8 6 1967. -1,320 -393 -927 3 -768 38 -152 -20 -27 1966.............174 7,036 12,946 1967—Sept. -175 -72 -103 -4 -101 3 5 -8 2 1967—Oct.... 135 7,861 13,000 O N De o c c t v . , . - - 2 1 -4 0 4 3 4 4 -3 - 1 4 7 3 - - 2 1 - 0 5 7 0 7 -6 -4 2 7 -1 1 4 2 8 5 6 -6 2 - - 1 1 -9 1 4 -3 * ♦ 2 2 * N De o c v . . . . . . 1 13 6 5 8 9 9 , , 2 4 2 5 3 6 1 13 3 , , 2 0 5 3 3 2 1968—Jan.... 160 8,861 13,201 1968—Jan..... -206 64 -142 3 -132 -1 -12 -1 1 Feb... 192 8,922 13,232 Feb.......-115 10 -125 49 -112 -54 -3 -5 Mar... 197 8,418 13,466 Mar.... -133 -33 -99 -31 -9 -40 10 -31 2 Apr... 140 8,763 13,614 Apr.......-213 -54 -159 6 -158 -8 -2 2 May.. 422 8,328 13,645 May.... 97 137 -40 -13 -37 -6 18 -4 1 June.. 153 7,676 13,232 June.... -155 2 -157 8 -103 -27 -20 -17 2 July... 202 7,609 13,281 July.... -87 -14 -72 55 -56 -60 -7 -4 Aug... 127 7,590 13,357 S A e u p g t . . 1 1 ' ’ . . . . . - - 1 2 6 0 4 4 - - 1 1 3 8 - - 1 1 5 8 1 5 - - 5 6 3 9 - -6 9 1 0 -3 -2 4 -2 -8 1 * 2 * S O e c p t. t . . . . . . 1 1 9 0 2 0 7 7 , , 7 9 7 5 7 6 1 13 3 , , 1 1 5 8 1 7 1 U.S. Treasury bills, certificates of indebtedness, notes, and bonds; includes securities payable in foreign currencies. Note.—Excludes deposits and U.S. Govt, securities held for international organizations. Earmarked gold is gold held for foreign and international accounts and is not included in the gold stock of the United States. 19. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES (In millions of dollars) Wednesday Amount Wednesday Amount Wednesday Amount Wednesday Amount 1964 1966 1967 1968 Jan. 29.......................... 1 ,040 Jan. 26,................... 1,688 3,370 Mar. 6. . . . ........4.,.5..1..3.. ... Feb. 26.......................... i ,077 Feb. 23,......................... I ,902 9......................... 3,669 13........................... 4,805 Mar. 25.......................... 1 ,046 Mar. 30.......................... 1,879 16........................... 3,877 20........................... 4,430 23 ................... 4,031 27........................... 4,920 Apr. 29.......................... 1,146 Apr. 27........................... 1,909 30.......................... 3,976 May 27.......................... 1,132 May 25.......................... 2,003 4,768 917 1,951 3,848 ' 10........4..,.6..0..6.. .......... ' 13........................... 3,840 17........................... 4,845 July 29.......................... 1 ,008 July 27.......................... 2,786 20.......................... 3,930 24.......................... 5,020 Aug 26............. 1,166 Aug 31 3,134 27........................... 4,059 I ,166 Sept. 28........................... 3,472 4,047 4,784 11.......................... 4,293 ' 8........5..,.2..3..5.. ......... Oct. 28.......................... 1,198 Oct. 26........................... 3,671 18.......................... 4,235 15.......................... 5,426 Nov. 25......................... 1 ,380 Nov. 30........................ 3,786 25.......................... 4,322 22........................... 5,968 Dec. 30.......................... 1 ,183 Dec. 28.......................... 4,036 29........................... 5,888 Nov. 1................ 4,320 8........................... 4,560 6,053 1965 1967 15 ........................ 4,623 12........................... 6,285 22......................... 4,864 19.......................... 6,203 Jan. 27.......................... I ,358 3,653 29........................... 4,206 26.......................... 6,241 Feb. 24.......................... 1 ,592 Feb. 22 ......................... 3,396 1 ,431 Mar. 29................ 3,412 Dec. 6......................... 4,480 6,816 13.......................... 4,634 10.......................... 6,959 Apr. 28.......................... 1 ,433 3,047 20........................... 4,365 17........................... 6,678 M*ay 26.......................... 1 ,432 2,776 27........................... 4,241 24.......................... 6,681 1 ,436 31........................... 6,183 June 7......................... 3,059 1968 July 28.......................... 1 ,572 14.......................... 2,991 Jan. 3.......................... 4,157 6,688 Aug. 25.......................... 1,792 21........................... 3,215 31........................ 4,092 ~ 14.......................... 6,836 Sept. 29................. 1 ,611 28.......................... 3,166 10........................... 4,289 21.......................... 6,967 17.......................... 4,367 28.......................... 7,025 Oct. 27..................... 1 ,719 July 5.......................... 3,078 24........................... 4,516 Nov. 24......................... 1 ,697 ' 12........................... 3,304 31........................... 4,259 6,984 Dec. 29.......................... 1 ,345 19........................ 3,558 ’ 11........7..,.3..7..3.. ......... 26........................... 3,660 Feb. 7........................... 4,352 18........................... 7,599 14.......................... 4,474 181......................... 7,610 21.......................... 4,739 25.......................... 7,131 28.......................... 4,530 1 Break in series; see Note. have occurred that affect the comparability of the data. Where such changes are known to have been significant, two figures for the same date Note.—The data represent gross liabilities of reporting banks to their are given; the first is comparable with the data that precede it, and the branches in foreign countries. Certain changes in coverage and definitions second with the data that follow. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-84 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ NOVEMBER 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 Sept. Dec. Dec.1 Mar. June” Sept. Dec, Dec.1 Mar. June” Europe: Austria.............................................. 2 2 2 2 3 7 8 8 20 10 Belgium-Luxembourg2........................ 32 27 27 29 47 45 42 42 44 54 Denmark.............................................. 8 7 7 38 3 9 9 9 10 9 Finland................................................. 2 3 3 4 4 6 6 6 7 9 France.................................................. 61 64 64 68 92 99 1 1 1 111 128 136 Germany, Fed. Rep. of...................... 94 92 92 108 127 111 134 134 128 127 Greece.................................................. 3 8 1 1 12 15 20 20 20 20 24 Italy...................................................... 66 61 6! 59 59 93 103 103 111 118 Netherlands.......................................... 82 79 79 68 81 45 51 51 78 86 Norway................................................ 3 4 4 4 4 8 8 8 10 10 Portugal................................................ 6 6 6 4 6 6 7 7 6 8 Spain.................................................... 35 31 31 34 50 77 90 90 88 72 Sweden................................................. 24 24 24 17 24 20 24 24 26 26 Switzerland........................................... 84 86 86 63 70 24 29 29 31 33 Turkey.................................................. 2 3 3 3 3 7 9 9 9 9 United Kingdom................................. 312 306 306 251 270 542 690 774 1 ,095 1 ,482 Yugoslavia........................................... 1 1 3 4 4 6 6 Other Western Europe2....................... 3 4 4 4 6 13 14 14 12 13 Eastern Europe............................. 1 1 1 1 1 4 8 8 10 10 Total............................................. 820 807 810 771 865 1,138 1,367 1 ,451 1 ,841 2,240 Canada................................................... 190 200 205 191 199 461 545 545 499 559 Latin America: Argentina.......................................... 4 4 4 5 6 29 29 28 28 31 Brazil.................................................... 10 9 9 13 18 75 85 84 84 86 Chile.............................................. 7 8 8 10 12 26 34 34 31 30 Colombia............................................. 13 9 9 6 9 20 22 22 25 25 Cuba..................................................... * * 2 2 2 2 2 Mexico.................................................. 12 10 10 7 9 118 1 14 114 109 85 Panama................................................. 2 4 4 5 3 14 14 13 10 12 Peru...................................................... 7 6 6 6 5 32 29 29 28 28 Uruguay............................................... I I 1 2 1 6 5 5 4 5 Venezuela............................................. 36 33 33 35 35 54 59 57 63 59 Other L.A. republics............................ 19 24 24 15 18 59 60 64 59 63 Bahamas and Bermuda........................ 4 8 11 9 12 24 23 23 35 36 Neth. Antilles & Surinam.................... 5 5 5 5 4 5 7 7 5 6 Other Latin America............................ 1 1 1 2 2 7 10 10 9 8 Total. ........................................... 122 121 124 120 133 471 490 492 491 476 Asia: Hong Kong.......................................... 4 5 5 4 4 11 8 8 7 10 India..................................................... 12 12 12 13 14 39 43 42 42 37 Indonesia.............................................. 5 4 4 4 5 3 3 4 6 6 Israel..................................................... I 3 3 4 17 5 6 6 7 10 Japan.................................................... 44 62 63 75 78 195 212 184 197 174 Korea................................................... 1 1 1 1 8 8 8 12 13 Philippines............................................ 7 8 8 8 8 22 27 30 26 22 Taiwan.................................................. 1 5 5 6 4 10 11 9 10 12 Thailand............................................... 5 5 5 2 2 10 10 12 13 15 Other Asia............................................ 45 46 46 46 45 78 89 87 86 90 Total.............................................. 126 150 151 165 176 380 416 391 405 390 Africa: Congo (Kinshasa)................................ * 1 2 3 3 4 6 South Africa......................................... 7 8 8 7 6 14 14 14 1 7 1 6 U.A.R. (Egypt).................................... 3 3 4 4 6 7 7 7 5 6 Other Africa......................................... 1 1 12 12 16 12 31 34 34 37 38 Total............................................. 21 23 23 29 24 54 58 58 62 66 Other countries: Australia........................................... 61 58 58 47 39 44 57 58 54 57 Al! other............................................... 8 7 7 5 5 7 7 8 10 9 Total.............................................. 70 65 65 52 44 50 64 67 64 66 International and regional...................... * * * * * 1 * * * 1 Grand total................................... I ,349 1 ,367 1 ,378 1 ,328 1 ,442 2,555 2,941 3,002 3,363 3,798 1 Data differ from that shown for Dec. in preceding column because of Note.—Reported by exporters, importers, and industrial and com­ changes in reporting coverage. mercial concerns and other nonbanking institutions in the United States. 2 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. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A-85 21. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (In millions of dollars) Liabilities Claims Payable in foreign currencies End of period Total P d a o y i l n l a a b rs le c P u fo r a r r e y i e n a n ig b c n i l e e s Total P d a o y i l n l a a b r l s e D ba e n p k o s s i a ts b r w o i a th d Other in reporter’s name 1964—Dec.................................................................................. 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.1.............................................................................. 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 2’110 199 275 Sept................................................................................. 1.349 1,025 324 2'555 2J16 192 246 Dec................................................................ 1^367 1 ,023 343 2'941 2,523 201 216 Dec.1........................................................................... 1 ,378 1 '035 343 3 '002 2,585 201 216 1968—Mar................................................................................ 1 ,328 969 359 3,363 2,930 209 224 June*’............................................................................... 1 342 1 ,031 411 3^98 3; 344 209 245 i Data differ from that shown for Dec. in line above because of changes in reporting coverage. 22. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (In millions of dollars) Claims Country or area End of period Total liabilities Total K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico A O m La t e h t r i e n ic r a Japan O A t s h i e a r Africa o A th U e 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 1,169 31 112 233 209 69 196 98 114 89 17 Dec. 1.................... 147 1,139 31 112 236 209 65 198 98 87 85 18 1966—Mar....................... 176 1,156 27 124 239 208 61 206 98 87 87 19 June...................... 188 1’207 27 167 251 205 61 217 90 90 86 14 Sept....................... 249 1'235 23 174 267 202 64 207 102 91 90 14 Dec........................ 329 1'256 27 198 272 203 56 212 95 93 87 13 1967—Mar...................... 454 1 ,324 31 232 283 203 58 210 108 98 84 17 June....................... 430 1 ^488 27 257 303 214 88 290 110 98 85 15 Sept....................... 415 1,452 40 212 309 212 84 283 109 103 87 13 Dec........................ 418 1 '546 43 257 311 212 85 288 128 117 89 16 Dec.1..................... 431 1 ,562 43 257 312 212 89 284 128 132 89 16 1968—Mar................... 586 1 ,533 41 259 321 206 61 269 128 145 84 19 June’1..................... 762 1 ^56 27 283 336 207 64 259 131 134 83 32 1 Data differ from that shown for Dec. in line above because of changes in reporting coverage. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-86 GOLD RESERVES □ NOVEMBER 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 i 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 D525 45 84 1,046 45 1967--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.............. 2^82 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 i Jois 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 10,703 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............. 3-40,525 2,210 10,681 ^27,635 31 89 257 714 1 ,512 45 84 926 45 July............... 2,212 10,676 31 94 259 714 1 ;518 45 84 926 45 Aug......... 2'230 10,681 31 99 260 714 1 ^518 45 84 926 45 Sept.............. 2; 296 10,755 31 258 714 1 ;524 84 863 45 Ger­ E pe n r d i o o d f lo C m o b ­ ia D m e a n rk ­ l F a i n n d ­ France m F a e n d y . , Greece India Iran Iraq l I a r 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 2^87 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-—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............... 33 107 46 5,235 3,972 138 243 166 ’193 52 46 2,401 341 May.............. 33 107 46 5,235 3,973 141 243 166 H93 62 46 2,452 341 June............ 33 113 46 4,739 4,312 142 243 166 ’193 71 46 2,673 355 July............... 33 113 46 4',576 4,350 141 243 166 a 93 78 46 2,698 355 Aug............... 32 113 45 4,366 4,421 140 243 158 M93 81 46 2,730 355 Sept............... 32 113 45 4,166 4,456 141 243 158 193 46 2,784 355 E p n e d ri o 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 68 109 21 1 ,730 18 53 65 44 643 69 1967-—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 «9 May.............. 131 267 85 66 156 21 1,655 18 54 20 67 715 69 June............. 133 288 85 66 165 21 1^697 24 54 20 67 716 94 July............... 122 288 85 66 165 21 1,697 24 54 20 69 761 94 Aug............... 116 288 85 21 1 ,697 24 54 20 61 835 119 Sept 110 85 21 1 ,697 24 54 62 119 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1968 □ GOLD RESERVES AND PRODUCTION A-87 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d io o d f A So fr u ic th a Spain Sweden Sw la i n tz d er­ Taiwan T la h n a d i­ Turkey ( U E . g A y . p R t) . U K d n i o n it m 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 t t t r i le . ­ 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 iis 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 il6 139 2*265 155 401 19 558 1966............................. 637 785 203 2,842 62 92 102 93 1 940 146 401 21 424 1967—Sept.................. 489 785 203 2,841 81 92 97 93 1,831 146 401 22 — 364 Oct................... 518 785 203 2,840 81 92 97 93 147 401 22 358 Nov.................. 558 785 203 2,753 81 92 97 93 140 401 22 275 Dec................... 583 785 203 3'089 81 92 97 93 1,291 140 401 22 624 1968—Jan.................... 625 785 203 2,978 83 92 97 93 133 401 22 -529 Feb................... 691 785 203 2,793 83 92 97 93 1 33 401 21 406 Mar.................. 742 785 203 2,603 81 92 97 93 1,493 1 33 401 22 345 Apr.................. 847 785 203 2,603 81 91 97 93 133 401 22 — 331 May.................. 946 785 203 2,628 81 89 97 93 133 401 22 -326 June............. 975 785 225 2,656 81 89 97 93 1 474 1 33 403 23 — 333 July.................. 1 ,003 785 225 2,600 81 89 97 93 133 403 r33 —274 Aug.................. 1 ,016 785 225 2,629 81 89 97 93 403 32 — 269 Sept................. 1 ,069 225 2,628 92 97 93 403 -265 i Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas, except regional organizations, central banks and govts, of countries listed in those matched by gold mitigation deposits with the United States and this table and also of a number not shown separately here, and gold to be United Kingdom; adjustment is $270 million. distributed by the Tripartite Commission for the Restitution of Monetary 3 Excludes gold subscription payments made by some member countries Gold*, excludes holdings of the U.S.S.R., other Eastern European coun­ in anticipation of increase in Fund quotas: for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold the Bank’s gold assets net of gold deposit liabilities. This procedure assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual Note.—For back figures and description of the data in this and the countries. following tables on gold (except production), see “Gold,” Section 14 of 2 Adjusted to include gold subscription payments to the IMF made by Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period produc­ tion 1 A S f o r u ic th a R de h s o ia ­ Ghana C s ( h K o a n i s n g a ­ o ) U S n ta i t t e e s d C a a d n a ­ M ic e o x­ N ra 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 he ll r 1960............................ 1,175.0 748.4 19.6 30,8 11.1 58 8 162.0 10.5 7.0 15.2 5 6 14 4 38.0 53.6 1961............................ 1,215.0 803.0 20.1 29,2 8.1 54 8 156.6 9.4 7.9 14.0 5 5 14 8 37.7 53.9 1962............................ 1'295.0 892.2 19.4 31.1 7.1 54 5 146.2 8.3 7.8 13.9 5 7 14 8 37.4 56.6 1963............................ 1,355.0 960.1 19.8 32.2 7.5 51 4 139.0 8.3 7.2 11.4 4 8 13 2 35.8 64.3 1964............................ 1 ,’405.0 1,018.9 20.1 30.3 6.6 51 4 133.0 7.4 7.9 12.8 5 2 14 9 33.7 62.8 1965............................ 1 ',440.0 1,069.4 19.0 26.4 3.2 58 6 125.6 7.6 6.9 11.2 4 6 15 3 30.7 61.5 1966............................ 1445.0 1,080.8 19.3 24.0 5.6 63 1 114.6 7.5 . 7.0 9.8 4 2 15 8 32.1 61.2 1967............................ 1,410.0 1,068.7 18.0 26.7 5.4 53 4 103.7 6.4 6.2 9.0 3 4 17 5 28.4 63.2 1967—Aug. 90.5 8,3 .4 .8 2.1 Sept. 90.5 8.0 .7 .8 9 24 2 2.2 Oct.. 84.1 8.6 .5 .7 2.7 Nov. 90.0 8.2 .7 .8 5 2.4 Dec.. 88.5 8.7 .4 24 6 2.2 1968—Jan.. 90.3 7.7 r.6 .9 2.0 Feb.. 90.0 7.7 .5 .7 2.0 Mar. 91.8 8.3 .4 .7 2.8 Apr., 91.8 8.2 .7 2.5 May, 93.1 8.4 .7 June, 91.5 7.5 .6 July. 90.5 7.4 .8 Aug. 91.5 7.7 1 Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 Quarterly data. countries and Bureau of Mines. Data for the United States are from 3 Data for Oct.-Nov. the Bureau of the Mint. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-88 MONEY RATES □ NOVEMBER 1968 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Oct. 31, 1967 Rate Country 1967 1968 as of Oct. 31, Per Month 1968 cent effective Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Argentina............................. 6.0 Dec. 1957 6 0 Austria................................. 3.75 Oct. 1967 3*75 Belgium.............................. 4.00 Oct. 1967 3.75 3*75 Brazil................................... 12,0 Jan. 1965 120 Burma.................................. 4.0 Feb. 1962 4*0 Canada 1.............................. 5.0 Sept. 1967 6.0 7.0 7.5 26.5 6.0 6 0 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 30 Denmark.............................. 6.5 June 1964 7.5 7.0 6.5 6.0 6 0 Ecuador................................ 5.0 Nov. 1956 5 0 El Salvador.......................... 4.0 Aug. 1964 4 0 Finland......................... 7.0 Apr. 1962 7 0 France.................................. 3.5 Apr. 1965 5.0 5 0 Germany, Fed, Rep. of,.... 3.0 May 1967 3.0 Ghana.................1.............. 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 90 India..................................... 6.0 Feb. 1965 5.0 5 0 Indonesia.............................. 9.0 Aug. 1963 9 0 Iran....................................... 5.0 Aug. 1966 5.0 Ireland.................................. 5.94 Oct. 1967 7.75 7.78 7.69 7.62 7 39 7.38 7.31 7.44 7.25 6.86 6.86 Israel.................................... 6.0 Feb. 1955 6 0 Italy ..................................... 3.5 June 1958 3 5 Jamaica........................ 5.0 May 1967 6.0 5.0 50 Japan.................................... 5.84 Sept, 1967 6.21 5.84 5 84 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 5 5 5 5 Spain.................................. 4.0 4 0 Sweden................................. 5.0 6.0 5.5 5.0 5.0 Switzerland.......................... 3.0 July 1967 3 0 Taiwan 5.............................. 10.8 May 1967 11.9 119 Thailand.............................. 5.0 Oct. 1959 5 0 Tunisia................................. 5.0 Sept. 1966 5 0 Turkey................................ 7.5 May 1961 7.5 United Arab Rep, (Egypt).. 5.0 May 1962 5 0 United Kingdom.............\ . 6.0 Oct'. 1967 68.0 7.5 7.0 7.0 Venezuela..................... 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks Brazil—8 per cent for secured paper and 4 per cent for certain agricultural was fixed at 6 per cent. Rates on loans to money market dealers will paper; continue to be .25 of 1 per cent above latest weekly Treasury bill tender Colombia—5 per cent for warehouse receipts covering approved lists of average rate, but will not be more than the bank rate. products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent 2 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 Rica—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 are 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. Japa/t—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; 5 Rediscount rate for export and special production loans. Peru—8 per cent for agricultural, industrial, and mining paper; 6 Effective Nov. 9 the rate was 6.5 per cent. Philippines—4 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

NOVEMBER 1968 n MONEY RATES; ARBITRAGE A-89 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Germany, Netherlands Switzer­ Fed. Rep. of land Month 3 T m re b o a il n l s s t u h , r s y 1 m Da o d n y a e - y t y o 2 ­ 3 B a m a a c n n c o c k e n e e p s th r t , s ­ s ’ 3 T r m e b a o ill s n s u t , h ry s D m a d o y a n - y e t o y ­ a B d llo e a w p n o o k a n s e n i r t c s s e ’ D m a o d y n a - e y t y o ­ 3 Tr 6 d e b 0 a a i y l - l s 9 s s u 0 , 4 r y D m a o d y n a - e y t y o ­ 5 3 T r m b e i o a ll n s s u t , h r s y 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 4.67 4.29 3.47 3.00 1966—Dec............. 5.05 4.71 6.94 6.64 6.00 5.00 5.68 4.75 5.85 4.90 3.68 4.00 1967—Sept............ 4.50 4,24 5.54 5.34 4.58 3.50 4.34 2.75 3.12 4.48 3.69 4.00 Oct............. 4.91 4.82 5.79 5.60 4.81 3.71 4.48 2.75 2.06 4.50 4.60 3.75 Nov............ 5.15 4.69 6.88 6.55 5.80 4.90 4.67 2.75 2.16 4,50 3.23 3.75 Dec............. 5.80 5.67 7.78 7.52 6.83 6.00 4.76 2.75 2.77 4.51 4.05 3.75 1968—Jan............. 6.01 5.32 7.78 7.48 6.85 6.00 5.00 2.75 2.26 4.33 3.12 3.75 Feb............. 6.69 6.38 7.75 7.45 6.86 6.00 4.77 2.75 2.85 4.19 3.65 3,75 Mar............ 6.93 6.76 7.65 7,25 6.72 5.81 5.07 2.75 2.69 4.34 3,10 3.75 Apr............. 6.91 6.85 7.42 7.08 6.48 5.50 5.12 2.75 2.72 4.33 3.49 3.75 May........... 6.96 6.75 7.42 7.15 6.51 5.50 5.66 2.75 2.99 4.43 4.53 3.75 June........... 6.75 6.35 7.54 7.21 6.42 5.50 5.76 2.75 2.68 4.56 4.69 3.75 July............ 6.21 5.68 7.58 7.15 6.51 5.50 6.00 2.75 2.43 4.57 4.40 3.75 Aug............ 5.75 5.04 7.44 6.95 6.43 5.50 5.92 2.75 3.07 4.47 3.81 3.75 Sept........ 5.62 5.11 7.24 6.74 6.21 5.31 2.75 2.66 4.39 3.73 3.75 i Based on average yield of weekly tenders during month. 5 Beginning with Oct. 1968 Bulletin all data shown in this column 2 Based on weekly averages of daily closing rates. are monthly averages based on daily quotations. 4 3 R R a a t t e e s in h o e w ffe n c i t s a o t n e n p d ri v o a f t e m s o e n c th u . rities. Se N ct o io t n e .— 15 F o o f r S d u e p s p c l r e i m pt e io n n t a to n d B a b n a k c in k g d a a n ta d , M se o e n e “ ta In r t y e r S n ta a t t i io st n ic a s l , 1 F 9 in 6 a 2 n . ce,” ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Premium Date United d ( is + c ) o u o n r t inc N en e t t i ve Canada ( d + is ) c o o u r nt inc N en e t t i ve q K ( u i a b n o U d a g t . s a j d S . i t s o . t i o ) o m n U S n ta i t t e e s d L S ( o f p n a o r d v e f o o a d r n ) f ( o p - r o w ) u a n o r d n d Lo (f n a o d v f o o n r ) C q a u A n o in s a t e d d a q A u b o U d a t j . a . s S i t s t . i o o n U S n ta it te e s d C S ( a f p a n o r v e a f o a d d r a ) C f ( o d a - o r n w ) l a l a a d o r r i n s a d n C ( a fa n o v a f o d r a ) 1968 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 + .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 6.17 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 6.90 4.86 2.04 -2.04 .00 5.99 5 82 4.86 + .96 -1.52 — .56 “ 9.............. 6.78 4.94 1.84 -2.17 -.33 5.87 5’71 4.94 + .77 -1.54 -.77 16.............. 6.75 5.07 1.68 -2.42 - 74 5.83 5.67 5.07 + .60 -1.19 — .59 23. ... 6.72 5.10 1.62 -2.36 - .74 5 .73 5 57 5 io + .47 -1.15 - .68 30.............. 6.78 5,18 1.60 -2.60 -1.00 5.47 5.32 5.18 + 14 -1.02 - .88 6.78 5.20 1.58 -2.81 — 1.23 5,59 5 44 5.20 + .24 - .89 — .65 13............. 6.69 5.25 1.44 -2,46 -1.02 5.59 5,42 5.25 + .17 - .79 -.62 20............. 6.46 5,13 1.33 -2.03 - 70 5.58 5.43 5.13 + .30 - .97 — .67 27............ 6.49 5.06 1.43 -1.71 - .28 5.70 5,54 5.06 + .48 - .86 — .38 6.36 5.19 1.17 — 1.38 — .21 5.64 5.49 5 19 + .30 - .65 - .35 11............. 6.35 5.25 1. 10 -1.39 - .29 5.61 5 46 5.25 + .21 -.41 - .20 18............. 6.35 5.30 1 .05 -1.43 - .38 5.62 5.47 5,30 + .17 - .45 -.28 25............. 6.38 5.37 I .01 — 1.12 - J I 5.66 5.50 5.37 + .13 - .63 - .50 Nov. 1............. 6.43 5.42 1 .01 -.87 -.14 5.55 5.40 5.42 - .02 -.62 -.64 Note.—Treasury bills: All rates are on the latest issue of 91-day bills. All series: Based on quotations reported to F.R. Bank of New York U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K. by market sources. rates are Friday opening market offer rates in London. For description of series and for back figures, see Oct. 1964 Bulletin, Premium or discount on forward pound and on forward Canadian dollar: pp. 1241-60. For description of adjustments to U.K. and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1460, bid and offer) at 11 a.m. Friday in New York for both spot and forward Oct. 1964 Bulletin. pound sterling and for both spot and forward Canadian dollars. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-90 MONEY RATES □ NOVEMBER 1968 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia Period Argentina Austria Belgium Canada Ceylon Denmark Finland (peso) (schilling) (franc) (dollar) (rupee) (krone) (markka) (pound) (dollar) 1963. .72447 223.10 3.8690 2.0052 92.699 21.015 14.484 131.057 1964, .71786 222.48 3.8698 2.0099 92.689 20.988 14.460 31.067 1965. .59517 222.78 3.8704 2.0144 92.743 20.959 14.460 31.070 1966. .48690 2223.41 3111.22 3.8686 2.0067 92.811 20.946 14.475 31.061 1967. .30545 ...............1..11.25 3.8688 2.0125 92.689 20.501 14.325 429.553 1967-—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 M9.806 14.028 23.714 Dec................................................ .28449 111.85 3.8696 2.0138 92.559 16.660 13.404 23.716 1968-—Jan............................................... .28465 111.98 3.8648 2.0123 92.181 16.688 13.409 23.745 Feb.................................................. .28469 111.98 3.8645 2.0142 91.962 16.688 13.412 23.763 Mar................................................. .28468 6111.54 3.8635 2.0136 92.171 16.688 13.419 23.763 Apr................................................. .28469 111,64 3.8655 2.0105 92.568 16.688 13.413 23.763 May................................................ .28469 111.05 3.8670 2.0110 92.760 16.671 13.399 23.763 June............................................... .28470 110,84 3.8683 2.0058 92.846 16.662 13.373 23.763 July................................................. .28474 111.09 3.8706 2.0013 93.123 16.669 13.317 23.763 Aug................................................. .28469 111.14 3.8702 I.9982 93.213 16.673 13.302 23.763 Sept................................................ .28469 110.97 3.8702 1.9916 93,182 16.674 13.321 23.763 Oct.................................................. .28478 ...............1..11.08 3.8706 1.9864 93.202 16.678 13.321 23.763 Period F (f r r a a n n c c e ) ( G d m e eu r a m ts rk a c ) h n e y (r I u n p d e ia e ) ( I p re o l u a n n d d ) ( I l t i a ra ly ) J (y a e p n a ) n ( 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 25.007 816.596 279.30 .16014 .27598 32.538 8.0056 27.630 1967........................................................... 20.323 25.084 13.255 275.04 .16022 .27613 32.519 8.0056 27.759 1967--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 6239.97 .16023 .27620 32.630 8.0056 27.728 Apr................................................. 20.290 25.093 13.318 240.18 .16011 .27603 32.654 8.0056 27.632 May............................................... 20.212 25.119 13.268 238.92 .16059 .27604 32.556 8.0056 27.635 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 Aug................................................. 20.105 24.919 13.241 239.11 .16090 .27803 32.540 8.0056 27.566 Sept................................................ 20.106 25.166 13.233 238.74 .16069 .27839 32.518 8.0056 27.504 Oct................................................ 20.104 25.120 13.241 238.97 .16055 .27890 32.551 8.0056 27.484 New Zealand United Period (pound) (dollar) N (k o ro rw n a e y ) (e P s o g c a r u t l d u o ­ ) A ( S ra o fr n u ic t d h a ) (p S e p s a e i t n a) S (k w ro ed n e a n ) ( e S fr r a w la n i n t c z d ) ­ (p K d o i o u n m n g 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--Oct.................................................. 137.78 13.979 3.4736 138.64 1.6635 19.341 23.035 278.32 Nov................................................ 128.28 13.985 3.4654 139.05 91.5831 19.326 23.146 9266.18 Dec................................................. 111.95 13.996 3.4817 139.84 1.4236 19.341 23.158 240.63 1968--Jan............................................. 112.09 13.997 3.4861 140,00 1.4236 19.366 23.017 240.91 Feb................................................. 112,10 14.001 3.4866 140.01 1.4231 19.361 22.994 240.92 Mar................................................ <>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 138.89 1.4282 19.351 23.265 239.00 Aug................................................. 111.26 13.999 3.4863 138.96 1.4284 19,369 23.223 239.11 Sept................................................. 111.08 13.997 3.4846 138.74 1.4282 19.371 23.251 238.74 Oct................................................ 111,19 13.998 3.4844 138.88 1.4282 19.335 23.270 238.97 i A new markka, equal to 100 old markkaa, was introduced on Jan. 1, 9 Quotations not available Nov. 21, 1967. 1963. • o Quotations not available Nov. 21-27, 1967. 2 Based on quotations through Feb. 11, 1966. 11 Based on quotations through July 7, 1967. 3 Effective Feb, 14, 1966, Australia adopted the decimal currency 12 Effective July 10, 1967, New Zealand adopted the decimal currency system. The new unit, the dollar, replaces the pound and consists of 100 system. The new unit, the dollar, replaces the pound and consists of 100 cents, equivalent to 10 shillings or one-half the former pound. cents, equivalent to 10 shillings or one-half the former pound. 4 Effective Oct. 12, 1967, the Finnish markka was devalued from 3.2 to 4.2 markkaa per U. S. dollar. Quotation not available Oct. 12. Note.—After the devaluation of the pound sterling on Nov. 18, 1967, 5 Quotations not available Nov. 21-24, 1967. the following countries devalued their currency in relation to the U.S. fi Quotations not available Mar. 15, 1968. dollar: Ceylon, Denmark, Ireland, New Zealand, and Spain. The averages 7 Effective Jan. 1, 1963, the franc again became the French monetary for Nov. 1967 reflect the extent of the devaluation. unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, 1960. Averages of certified noon buying rates in New York for cable transfers. 8 Effective June 6, 1966, the Indian rupee was devalued from 4.76 to For description of rates and back data, see “International Finance,” 7.5 rupees per U.S. dollar. Section 15 of Supplement to Banking and Monetary Statistics, 1962. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

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 Robert E. Nichols, Special Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF FEDERAL RESERVE BANK Robert C. Holland, Secretary OPERATIONS 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 Lloyd M. Schaeffer, Chief Federal Reserve LEGAL DIVISION Fxaminer David B. Hexter, General Counsel Thomas J. O’Connell, Deputy General DIVISION OF SUPERVISION AND REGULATION Counsel 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 J. Charles Partee, Associate Director John N. Lyon, Assistant Director Stephen H. Axilrod, Adviser Thomas A. Sidman, Assistant Director Lyle E. Gramley, Adviser Tynan Smith, Actinp Assistant Director Kenneth B. Williams, Adviser Stanley J. Sigel, Associate Adviser DIVISION OF PERSONNEL ADMINISTRATION Tynan Smith, Associate Adviser Edwin J. Johnson, Director Murray S. Wernick, Associate Adviser John J. Hart, Assistant Director James B. Eckert, Assistant Adviser Peter M. Keir, Assistant Adviser DIVISION OF ADMINISTRATIVE SERVICES 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-91 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-92 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 FEDERAL OPEN MARKET COMMITTEE Wm. McC. Martin, Jr., Chairman Alfred Hayes. Vice Chairman Andrew F. Brimmer W. Braddock Hickman Frank E. Morris J. Dewey Daane Monroe Kimbrel J. L. Robertson Hugh D. Galusha, Jr. Sherman J. Maisel William W. Sherrill George W. Mitchell Robert C. Holland, Secretary Merritt Sherman, Assistant Secretary John H. Kareken, Associate Economist Kenneth A. Kenyon, Assistant Secretary Robert G. Link, Associate Economist Arthur L. Broida, Assistant Secretary Maurice Mann, Associate Economist Charles Molony, Assistant Secretary J. Charles Partee, Associate Economist Howard H. Hackley, General Counsel John E. Reynolds, Associate Economist David B. Hexter, Assistant General Counsel Daniel H. Brill, Economist Robert Solomon, Associate Economist Stephen H. Axilrod, Associate Economist Charles T. Taylor, Associate Economist A. B. Hersey, Associate Economist Parker B. Willis, Associate Economist Alan R. Holmes, Manager, System Open Market Account Charles A. Coombs, Special Manager, System Open Market Account FEDERAL ADVISORY COUNCIL John A. Mayer, fourth federal reserve district, President J. Harvie Wilkinson, Jr., fifth federal reserve district, Vice President John Simmen, first federal reserve John Fox, eighth federal DISTRICT RESERVE DISTRICT George S. Moore, second federal Philip H. Nason, ninth federal RESERVE DISTRICT RESERVE DISTRICT Harold F. Still, Jr., third federal Jack T. Conn, tenth federal RESERVE DISTRICT RESERVE DISTRICT George S. Craft, sixth federal Robert H. Stewart, III, eleventh federal RESERVE DISTRICT RESERVE DISTRICT David M. Kennedy, seventh federal Frederick G. Larkin, Jr., twelfth federal RESERVE DISTRICT RESERVE DISTRICT Herbert V. Prochnow, Secretary William J. Korsvik, Assistant Secretary Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-93 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President Ui uicuivu 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 J. T. Harris Jacksonville....... ...32201 Castle W. Jordan Edward C. Rainey 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 Halgrcn A. B. Merritt Los Angeles...... ...90054 J. L. Atwood Paul W. Cavan Portland............ ...97208 Robert F. Dwyer William M. Brown Salt Lake City......84110 Peter E. Marble Arthur L. Price Seattle............... ...98124 Robert D. O’Brien William R. Sandstrom Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 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 he 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 Related Items. 1962. 64 pp. $.50. Sec. 11. Cur­ FUNCTIONS. 1963. 298 pp. rency. 1963. I 1 pp. $.35. Sec. 12. Money Rates and Securities Markets. 1966. 182 pp. $.65. ANNUAL REPORT. Sec. 14. Gold. 1963. 24 pp. $.35. Sec. 15. Inter­ FEDERAL RESERVE BULLETIN. Monthly. $6.00 per national Finance. 1962. 92 pp. $.65. Sec. 16 annum or $.60 a copy in the United States and (New). Consumer Credit. 1965. 103 pp. $.65. its possessions, Bolivia, Canada, Chile, Colom­ BANK MERGERS & THE REGULATORY AGENCIES: bia, Costa Rica, Cuba, Dominican Republic, APPLICATION OF THE BANK MERGER ACT OF Ecuador, Guatemala, Haiti, Republic of Hon­ 1960. 1964. 260 pp. $1.00 a copy; 10 or more duras, Mexico, Nicaragua, Panama, Paraguay, sent to one address, $.85 each. Peru, El Salvador, Uruguay, and Venezuela; 10 or more of same issue sent to one address, $5.00 BANKING MARKET STRUCTURE & PERFORMANCE per annum or $.50 each. Elsewhere, $7.00 per IN METROPOLITAN AREAS: A STATISTICAL annum or $.70 a copy. STUDY OF FACTORS AFFECTING RATES ON BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or FEDERAL RESERVE CHART BOOK ON FINANCIAL more sent to one address, $.40 each. AND BUSINESS STATISTICS. Monthly. Annual subscription includes one issue of Historical FARM DEBT. Data from the 1960 Sample Survey Chart Book. $6.00 per annum or $.60 a copy in of Agriculture. 1964. 221 pp. $1.00 a copy; 10 the United States and the countries listed above; or more sent to one address, $.85 each. 10 or more of same issue sent to one address, MERCHANT AND DEALER CREDIT IN AGRICUL­ $.50 each. Elsewhere, $7.00 per annum or $.70 TURE. 1966. 109 pp. $1.00 a copy; 10 or more a copy. sent to one address, $.85 each. HISTORICAL CHART BOOK. Issued annually in Sept. MONETARY THEORY AND POLICY: A BIBLIOGRA­ Subscription to monthly chart book includes PHY. Part I—Domestic Aspects. 137 pp. $1.00 one issue. $.60 a copy in the United States and a copy; 10 or more sent to one address, $.85 countries listed above; 10 or more sent to one each. address, $.50 each. Elsewhere, $.70 a copy. REGULATIONS OF THE BOARD OF GOVERNORS OF FLOW OF FUNDS IN THE UNITED STATES, 1939­ THE FEDERAL RESERVE SYSTEM. 53. 1955. 390 pp. $2.75. RULES OF ORGANIZATION AND PROCEDURE­ DEBITS AND CLEARING STATISTICS AND THEIR BOARD OF GOVERNORS OF THE FEDERAL RE­ USE. 1959. 144 pp. $1.00 a copy; 10 or more SERVE SYSTEM. 1967. 16 pp. sent to one address, $.85 each. PUBLISHED INTERPRETATIONS OF THE BOARD OF THE FEDERAL FUNDS MARKET. 1959. Ill pp. GOVERNORS, as of June 30, 1968. $2.50. $1.00 a copy; 10 or more sent to one address, TRADING IN FEDERAL FUNDS. 1965. I 16 pp. $1.00 $.85 each. a copy; 10 or more sent to one address, $.85 INDUSTRIAL PRODUCTION—1957-59 BASE. 1962. each. 172 pp. $1.00 a copy; 10 or more sent to one U.S. TREASURY ADVANCE REFUNDING, JUNE address, $.85 each. 1960—JULY 1964. 1966. 65 pp. $.50 a copy; 10 THE FEDERAL RESERVE ACT, as amended through or more sent to one address, $.40 each. Nov. 5, 1966, with an appendix containing pro­ SURVEY OF FINANCIAL CHARACTERISTICS OF visions of certain other statutes affecting the CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 or Federal Reserve System. 353 pp. $1.25. more sent to one address, $.85 each. SUPPLEMENT TO BANKING AND MONETARY STA­ THE PERFORMANCE OF BANK HOLDING COM­ TISTICS. Sec. 1. Banks and the Monetary Sys­ PANIES. 1967. 29 pp. $.25 a copy; 10 or more tem. 1962. 35 pp. $.35. Sec. 2. Member Banks. sent to one address, $.20 each. 1967. 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36 pp. $.35. Sec. 6. Bank Income. 1966. 29 pp. BANK CREDIT-CARD AND CHECK-CREDIT PLANS. $.35. Sec. 9. Federal Reserve Banks. 1965. 36 July 1968. 102 pp. $1.00 a copy; 10 or more pp. $.35. Sec. 10. Member Bank Reserves and sent to one address, $.85 each. A-94 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-95 INTEREST RATE EXPECTATIONS: TESTS ON YIELD INTEREST RATES AND THE DEMAND FOR CON­ SPREADS AMONG SHORT-TERM GOVERNMENT SUMER DURABLE GOODS, by Michael J. Ham­ SECURITIES. 1968. 83 pp. $.50 a copy: 10 or burger. Dec. 1967. more sent to one address, $.40 each. THE LAGS BETWEEN INVESTMENT DECISIONS AND REAPPRAISAL OF THE FEDERAL RESERVE DIS­ THEIR CAUSES, by Shirley Almon. Feb. 1968. COUNT MECHANISM: EFFECTS OF MONEY ON INTEREST RATES, by Wil­ REPORT OF A SYSTEM COMMITTEE, 1968, 23 pp. liam E. Gibson. Mar. 1968. $.25 a copy; 10 or more sent to one address, A DISAGGREGATED MODEL OF THE U.S. BALANCE $.20 each. OF TRADE, by William H. Branson. May 1968. REPORT ON RESEARCH UNDERTAKEN IN CON­ THE LABOR MARKET AND POTENTIAL OUTPUT OF NECTION WITH A SYSTEM STUDY. 1968. 47 THE FEDERAL RESERVE-MIT ECONOMETRIC pp. $.25 a copy: 10 or more sent to one MODEL: A PRELIMINARY REPORT, by A. J. Telia address, $.20 each. and P. A. Tinsley. Aug. 1968. THE REGULATION OF SHORT TERM CAPITAL MOVE­ Limbed supply of the follow-ini' papers, in mimeo­ MENTS: WESTERN EUROPEAN TECHNIQUES IN graphed or similar form, available upon request THE 1960’s, by Rodney H. Mills, Jr. Sept. 1968. for single copies: A TECHNIQUE FOR FORECASTING DEFENSE EX­ EVOLUTION OF THE ROLE AND FUNCTIONING PENDITURES, by Harvey Galper and Edward OF THE DISCOUNT MECHANISM. 1968. 65 pp. Gramlich, Oct. 1968. A STUDY OF THE MARKET FOR FEDERAL FUNDS. Printed in full in the Bulletin. .1968. 47 pp. (Reprints available as shown in following list.) THE SECONDARY MARKET FOR NEGOTIABLE CERTIFICATES OF DEPOSIT. 1968, 89 pp. REPRINTS THE DISCOUNT MECHANISM IN LEADING IN­ (l-'rom Federal Reserve Bulletin unless preceded by an asterisk.) DUSTRIAL COUNTRIES SINCE WORLD WAR II. 1968. 216 pp. ADJUSTMENT FOR SEASONAL VARIATION. Descrip­ RESERVE ADJUSTMENTS OF THE EIGHT MAJOR tion of method used by Board in adjusting eco­ NEW YORK CITY BANKS DURING 1966. 1968. nomic data for seasonal variations. June 1941. H PP- 29 PP- SEASONAL FACTORS AFFECTING BANK RESERVES. DISCOUNT POLICY AND OPEN MARKET OPERA­ Feb. 1958. 12 pp. TIONS. 1968. 23 pp. LIQUIDITY AND PUBLIC POLICY, Staff Paper by THE REDESIGNED DISCOUNT MECHANISM AND Stephen H. Axilrod. Oct. 1961. 17 pp. THE MONEY MARKET. 1968. 29 pp. SEASONALLY ADJUSTED SERIES FOR BANK SUMMARY OF THE ISSUES RAISED AT THE ACA­ CREDIT. July 1962. 6 pp. DEMIC SEMINAR ON DISCOUNTING. 1968. INTEREST RATES AND MONETARY POLICY, Staff 16 pp. Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. A REVIEW OF RECENT ACADEMIC LITERATURE RECENT CHANGES IN LIQUIDITY, Staff Paper by ON THE DISCOUNT MECHANISM. 1968. Daniel H. Brill. June 1963. 10 pp. 40 pp. MEASURES OF MEMBER BANK RESERVES. July STAFF ECONOMIC STUDIES 1963. 14 pp. Studies and papers on economic and financial sub­ MEASURING AND ANALYZING ECONOMIC GROWTH, jects that are of general interest in the field of Staff Paper by Glayton Gehman. Aug. 1963. economic research. 14 pp. CHANGES IN BANKING STRUCTURE, 1953-62. Sept. Summaries only printed in the Bulletin. 1963. 8 pp. (Limited supply of mimeographed copies of full ECONOMIC CHANGE AND ECONOMIC ANALYSIS. text available upon request for single copies.) Staff Paper by Frank R. Garfield. Sept. 1963. MEASURES OF INDUSTRIAL PRODUCTION AND 17 pp- FINAL DEMAND, by Clayton Gehman and Cor­ THE OPEN MARKET POLICY PROCESS. Oct. 1963. nelia Motheral. Jan. 1967. 11 PP- A TEST OF THE DEPOSIT RELATIONSHIP HYPOTH­ NEW SERIES ON FEDERAL FUNDS. Aug. 1964. ESIS, by Neil B. Murphy. Sept. 1967. 31 PP- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-96 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 YIELD DIFFERENTIALS IN TREASURY BILLS, 1959­ THE FEDERAL RESERVE-MIT ECONOMETRIC 64, Staff Paper by Samuel T. Katz. Oct. 1964. MODEL, Staff Economic Study by Frank de 20 pp. Leeuw and Edward Gramlich. Jan. 1968. 30 pp. REVISION OF BANK DEBITS AND DEPOSIT TURN­ CHANGES IN TIME AND SAVINGS DEPOSITS, OVER SERIES. Mar. 1965. 4 pp. JULY-OCT. 1967. Jan. 1968. 20 pp. TIME DEPOSITS IN MONETARY ANALYSIS, Staff RECENT CREDIT AND MONETARY DEVELOPMENTS. Economic Study by Lyle E. Gramley and Sam­ Feb. 1968. 11 pp. uel B. Chase, Jr. Oct. 1965. 25 pp. THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. CYCLES AND CYCLICAL IMBALANCES IN A CHANG­ 1968. 7 pp. ING WORLD, Staff Paper by Frank R. Garfield. BALANCE OF PAYMENTS PROGRAM: REVISED Nov. 1965. 15 pp. GUIDELINES FOR BANKS AND NONBANK FINAN­ RESEARCH ON BANKING STRUCTURE AND PER­ CIAL INSTITUTIONS. Mar. 1968. 9 pp. FORMANCE, Staff Economic Study by Tynan U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN Smith. Apr. 1966. 11 pp. 1960-67. Apr. 1968. 23 pp. COMMERCIAL BANK LIQUIDITY, Staff Economic QUARTERLY SURVEY OF CHANGES IN BANK LEND­ Study by James Pierce. Aug. 1966. 9 pp. ING PRACTICES. Apr. 1968. 6 pp. TOWARD UNDERSTANDING OF THE WHOLE DE­ RECENT CAPITAL MARKET DEVELOPMENTS. May VELOPING ECONOMIC SITUATION, Staff Eco­ 1968. 11 pp. nomic Study by Frank R. Garfield. Nov. 1966, BANKING AND MONETARY STATISTICS, 1967. 14 pp. Selected series of banking and monetary statis­ A REVISED INDEX OF MANUFACTURING CAPACITY, tics for 1967 only. Mar. and May 1968. 20 pp. Staff Economic Study by Frank de Leeuw with CONSUMER INSTALMENT CREDIT. June 1968. Frank E. Hopkins and Michael D. Sherman. 13 pp. Nov. 1966. 11 pp. MARGIN ACCOUNT CREDIT. June 1968. 12 pp. THE ROLE OF FINANCIAL INTERMEDIARIES IN REVISION OF MONEY SUPPLY SERIES. June 1968. U.S. CAPITAL MARKETS, Staff Economic Study 6 PPby Daniel H. Brill, with Ann P. Ulrey. Jan. 1967. 14 pp. ' RECENT MONETARY AND CREDIT DEVELOP­ REVISED SERIES ON COMMERCIAL AND INDUS­ MENTS. July 1968. 11 pp. TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. MONETARY RESTRAINT AND BORROWING AND AUTO LOAN CHARACTERISTICS AT MAJOR SALES CAPITAL SPENDING BY LARGE STATE AND FINANCE COMPANIES. Feb. 1967. 5 pp. LOCAL GOVERNMENTS IN 1966. July 1968. 30 CONSUMER INSTALMENT CREDIT. Mar. 1967. 12 PP- RECENT CHANGES IN STRUCTURE OF TIME AND PP- SAVINGS DEPOSITS. July 1968. 20 pp. SURVEY OF FINANCE COMPANIES, MID-1965. Apr. 1967. 26 pp. REVISED SERIES ON BANK CREDIT. Aug. 1968. MONETARY POLICY AND ECONOMIC ACTIVITY: A 4 PP- POSTWAR REVIEW. May 1967. 22 pp. FEDERAL FISCAL POLICY IN THE 1960’s. Sept. MONETARY POLICY AND THE RESIDENTIAL MORT­ 1968. 18 pp. GAGE MARKET. May 1967. 13 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX­ BANK FINANCING OF AGRICULTURE. June 1967. CHANGE OPERATIONS. Sept. 1968. 22 pp. 23 pp. HOW DOES MONETARY POLICY AFFECT THE EVIDENCE ON CONCENTRATION IN BANKING ECONOMY? Staff Economic Study by Maurice MARKETS AND INTEREST RATES, Staff Eco­ Mann. Oct. 1968. 12 pp. nomic Study by Almarin Phillips. June 1967. BUSINESS FINANCING BY BUSINESS FINANCE 11 PP- COMPANIES. Oct. 1968. 13 pp. NEW BENCHMARK PRODUCTION MEASURES, 1958 ECONOMIC UPSWING IN WESTERN EUROPE. Nov. AND 1963. June 1967. 4 pp. 1968. 17 pp. REVISED INDEXES OF MANUFACTURING CAPACITY MANUFACTURING CAPACITY: A COMPARISON OF AND CAPACITY UTILIZATION. July 1967. 3 pp. TWO SOURCES OF INFORMATION, Staff Eco­ THE PUBLIC INFORMATION ACT—ITS EFFECT ON nomic Study by Jared L Enzler. Nov. 1968. MEMBER BANKS. July 1967. 6 pp. 5 PP- THE ECONOMIC PAUSE IN WESTERN EUROPE. FINANCIAL DEVELOPMENTS IN THE THIRD QUAR­ Oct. 1967. 17 pp. TER OF 1968. Nov. 1968. 5 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.) Acceptances, bankers’, 14, 31, 35 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 24, 26 Accumulated at commercial banks for payment Arbitrage, 89 of personal loans, 23 Assets and liabilities (See also Foreign liab. & claims): Adjusted, and currency, 18 Banks, by classes, 19, 24, 26, 35 Banks, by classes, 11, 19, 25, 28, 35 Banks and the monetary system, 18 Federal Reserve Banks, 12, 83 Corporate, current, 47 Postal savings, 18 Federal Reserve Banks, 12 Subject to reserve requirements, 17 Automobiles: Discount rates, 9, 88 Consumer instalment credit, 52, 53, 54 Discounts and advances by Reserve Banks, 4, 12, 15 Production index, 56, 57 Dividends, corporate, 46, 47 Dollar assets, foreign, 73, 78 Bankers’ balances, 25, 27 Earnings and hours, manufacturing industries, 63 (See also Foreign liabilities and claims) Employment, 60, 62, 63 Banks and the monetary system, 18 Banks for cooperatives, 37 Bonds (See also U.S. Govt, securities): Farm mortgage loans, 48, 49 New issues, 43, 44, 45 Federal finance: Yields and prices, 32, 33 Cash transactions, 38 Branch banks, liabilities of U.S. banks to their for­ Receipts and expenditures, 39 eign branches, 83 Treasurer’s balance, 38 Business expenditures on new plant and equipment, 47 Federal funds, 8, 24 Business indexes, 60 Federal home loan banks, 37, 49 Business loans (See Commercial and industrial loans) Federal Housing Administration, 48, 49, 50, 51 Federal intermediate credit banks, 37 Federal land banks, 37 Capacity utilization, 60 Federal National Mortgage Assn., 37, 51 Capital accounts: Federal Reserve Banks: Banks, by classes, 19, 25, 29 Condition statement, 12 Federal Reserve Banks, 12 U.S. Govt, securities held, 4, 12, 15, 40, 41 Central banks, foreign, 86, 88 Federal Reserve credit, 4, 12, 15 Certificates of deposit, 29 Federal Reserve notes, 12, 16 Coins, circulation, 16 Federally sponsored credit agencies, 37 Commercial and industrial loans: Finance company paper, 31, 35 Commercial banks, 24 Financial institutions, loans to, 24, 26 Weekly reporting banks, 26, 30 Float, 4 Commercial banks: Flow of funds, 68 Assets and liabilities, 19, 24, 26 Foreign currency operations, 12, 14, 73, 78 Consumer loans held, by type, 53 Foreign deposits in U.S. banks, 4, 12, 18, 25, 28, 83 Deposits at, for payment of personal loans, 23 Foreign exchange rates, 90 Number, by classes, 19 Foreign liabilities and claims: Real estate mortgages held, by type, 48 Banks, 74, 75, 77, 79, 81, 83 Commercial paper, 31, 35 Nonbanking concerns, 84 Condition statements (See Assets and liabilities) Foreign trade, 71 Construction, 60, 61 Consumer credit: Gold: Instalment credit, 52, 53, 54, 55 Certificates, 12, 16 Noninstalment credit, by holder, 53 Earmarked, 83 Consumer price indexes, 60, 64 Net purchases by U.S., 72 Consumption expenditures, 66, 67 Production, 87 Corporations: Reserves of central banks and govts., 86 Sales, profits, taxes, and dividends, 46, 47 Stock, 4, 18, 73 Security issues, 44, 45 Government National Mortgage Association, 51 Security yields and prices, 32, 33 Gross national product, 66, 67 Cost of living (See Consumer price indexes) Currency and coin, 4, 10, 25 Hours and earnings, manufacturing industries, 63 Currency in circulation, 4, 16, 17 Housing starts, 61 Customer credit, stock market, 34, 91 Income, national and personal, 66, 67 Debits to deposit accounts, 15 Industrial production index, 56, 60 Debt (See specific types of debt or securities) Instalment loans, 52, 53, 54, 55 Demand deposits: Insurance companies, 36, 40, 41, 49 Adjusted, banks and the monetary system, 18 Insured commercial banks, 21, 23, 24 Adjusted, commercial banks, 15, 17, 25 Interbank deposits, 11, 19, 25 Banks, by classes, 11, 19, 25, 28 Interest rates: Subject to reserve requirements, 17 Business loans by banks, 31 Turnover, 15 Federal Reserve Bank discount rates, 9 )xedni siht ni dettimo si”A“ xiferp eht hguohtla 09-A hguorht 4-A segap ot era secnerefeR( A-97 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-98 FEDERAL RESERVE BULLETIN □ NOVEMBER 1968 )xedni siht ni dettimo si ”A“ xiferp eht hguohtla 09-A hguorht 4-A segap ot era secnerefeR( 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, 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. 33. 48, 49, 50 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 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 (SeeTime 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, 3() 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, 51 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, 6(1 State member banks, 21, 23 Margin requirements, 10 Stock market credit, 34, 91 Member banks: Stocks: Assets and liabilities, by classes, 19, 24 New issues, 44, 45 Borrowings at Reserve Banks, 6, 12 Yields and prices. 32. 33 Deposits, by classes, 11 Number, by classes, 19 Tax receipts, Federal, 39 Reserve position, basic, 8 'Lime 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 Mutual funds (See Investment companies) Unemployment, 62 Mutual savings banks. 18, 19, 22, 35. 40, 41,48 U.S. balance of payments. 70 U.S. Govt, balances: Commercial bank holdings, 25, 28 National banks, 21. 23 Consolidated condition statement. 18 National income, 66, 67 Member bank, holdings. 17 National security expenditures, 39, 66 Treasury deposits at Federal Reserve Hanks, 4. Nonmember banks, 21, 23, 24, 25 12- 38 . . U.S. Govt, securities: Open market transactions, 14 Bank holdings, 18, 19, 24, 27, 35, 40, 41 Dealer transactions, positions, and financing, 42 Federal Reserve Bank holdings, 4, 12, 15, 40, 41 Payrolls, manufacturing, index, 60 Foreign and international holdings, 12, 78, 82, 83 Personal income, 67 International transactions, 78, 82 Postal Savings System, 18 New issues, gross proceeds, 44 Prices: Open market transactions, 14 Consumer and wholesale commodity, 60, 64 Outstanding, by type of security, 40. 41,43 Security, 33 Ownership of, 40, 41 Production, 56, 60 Yields and prices, 32, 33, 89 Profits, corporate. 46. 47 United States notes, 16 Utilities, production index, 57, 60 Real estate loans: Banks, by classes, 24, 26, 35, 48 Veterans Administration. 48. 49. 50, 5 I Delinquency rates on home mortgages, 50 Mortgage yields, 51 Weekly reporting banks, 26 Type of holder and property mortgaged, 48, 49, 50, 5 I ‘ Reserve position, basic, member banks, 8 Yields (See Interest rates) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES ☆ (p THE FEDERAL RESERVE SYSTEM p) ☆ Legend "— Boundaries of Federal Reserve Districts -----Boundaries of Federal Reserve Branch Territories O Board of Governors of the Federal Reserve System © Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis